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Trump Cabinet Picks, Disney Earnings · Bloomberg Intelligence

• 0:00
  Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
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  Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
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  Speaker 2: wherever you get your podcasts, or watch us live on YouTube.
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  Speaker 3: Boy, the appointments John are coming fast and furious from
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  Speaker 3: the Trump group here in terms of his appointments to
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  Speaker 3: his cabinet naming some I guess zar is the term
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  Speaker 3: for some of these people. But he's certainly wasting no
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  Speaker 3: time this time around to setting things up for his team.
• 0:39
  Speaker 3: And if you want to get the inside skinny on
• 0:41
  Speaker 3: kind of what's happening with the Trump group, mister Trump himself,
• 0:45
  Speaker 3: President Like Trump. Tim O'Brien's the best guy, right, I mean,
• 0:49
  Speaker 3: he's senior executive editor Bloomberg Opinion.
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  Speaker 4: He has a very long history with Donald Trump.
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  Speaker 3: You can google that and see the history there, so
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  Speaker 3: he knows what he's talking about. President Like Trump has
• 1:01
  Speaker 3: been very busy for the last three or four days
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  Speaker 3: filling out his cabinet. What's your takeaway because there's some
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  Speaker 3: unusual choices.
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  Speaker 5: Well, you know, the thinking had been during his first
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  Speaker 5: visit in the White House that he had this mix
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  Speaker 5: of advisors that were people there who were loyalists. There
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  Speaker 5: were people there who were public servants who wanted to
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  Speaker 5: just fill portin rolls, people like Mattis, for example, and
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  Speaker 5: then there were other people who were like hangars on
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  Speaker 5: and in there running their own agenda. But it was
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  Speaker 5: a mixed bag, and I think from his view, I
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  Speaker 5: think he walked away from his first experience in the
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  Speaker 5: Oval Office feeling like not everybody was on board with
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  Speaker 5: his agenda. He wasn't sure everyone was loyal to him,
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  Speaker 5: and the thinking was coming into this round he would
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  Speaker 5: appoint more loyalists and people who were more deft at
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  Speaker 5: sort of manipulating the wheels of government in order to
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  Speaker 5: help him push his agenda through. And I think what
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  Speaker 5: you've found in this recent spurt of appointments is you
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  Speaker 5: certainly have loyalists, there's no doubt. But whether or not
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  Speaker 5: they're competent is another matter, and they're certainly controversial. Matt
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  Speaker 5: Gates is sort of front and center as an exhibit
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  Speaker 5: of he's been named Attorney General. He's someone who has
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  Speaker 5: been under investigation by the FBI and the DOJ for
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  Speaker 5: sex trafficking by the House Ethics Committee for a similar
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  Speaker 5: range of charges. He is the most unlikely person imaginable
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  Speaker 5: for a role like this. Republicans came out strongly against him.
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  Speaker 5: Susan Collins said she was shocked by it. He has
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  Speaker 5: to go through the vetting process with the Senate, so
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  Speaker 5: we may not make it through. But he's not necessarily
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  Speaker 5: someone you would put in the Justice Department because he
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  Speaker 5: is technically proficient, you know. On the other hand, Marco
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  Speaker 5: Rubio got appointed to be Secretary of State. He has
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  Speaker 5: very strong national security credentials, He's got a diplomatic experience.
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  Speaker 5: He is a serious person for a role like this.
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  Speaker 5: And so you know this array of people, you know,
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  Speaker 5: Christy Nomant Homeland Security, Tulsea Gabbard at DNI. Neither of
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  Speaker 5: them have any experience that would recommend them to those jobs,
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  Speaker 5: particularly management or subject expertise. But the common thread binding
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  Speaker 5: all of these people's loyalty to Trump.
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  Speaker 1: Now Congress of course is now Republican controlled, or will
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  Speaker 1: be under President Trump. Does anybody there can they still
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  Speaker 1: get through the process having Do they still face hurdles
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  Speaker 1: in the process?
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  Speaker 5: Yes, I think they do, and I think you know,
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  Speaker 5: the interesting sort of barometer of that was the battle
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  Speaker 5: to be Senate majority leader. There was a lot of
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  Speaker 5: push from the Maga wing of the party to have
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  Speaker 5: Rick Scott appointed his majority leader, and it ended up
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  Speaker 5: being John Thune, Senator John Thune, and I think he
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  Speaker 5: represents the wing of the Senate that prizes the institutional
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  Speaker 5: independence of the Senate and the role it plays as
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  Speaker 5: a as a check on presidential power. And there was
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  Speaker 5: a big push from Tucker Carlson in that wing of
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  Speaker 5: people you have to name Rick Scott the Senate, and
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  Speaker 5: it asserted itself. John Thune is in there. And I
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  Speaker 5: think some of the commentary you got from Republican members
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  Speaker 5: of the Senate yesterday about Matt Gates's appointment, you know,
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  Speaker 5: they all said he's still got to get through the
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  Speaker 5: nomination process, and so I do think you're going to
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  Speaker 5: see some of that.
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  Speaker 3: Tracy Alloway from Bloomberg News just mentioned from some of
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  Speaker 3: her sources that maybe one of the strategies of nominating
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  Speaker 3: Matt Gates is it will allow President look Trump to
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  Speaker 3: see who's with him and who's not with them in
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  Speaker 3: the Senate by just looking at the votes.
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  Speaker 4: It's gonna be pup public votes. That kind of makes
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  Speaker 4: some sense to me.
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  Speaker 5: It does, and he may get a lesson that even
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  Speaker 5: though he got elected president by a healthy margin, not
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  Speaker 5: everyone in his party is one hundred percent with him
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  Speaker 5: on his agenda, even within his own party. The other
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  Speaker 5: way to interpret what might be going on with Gates
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  Speaker 5: is Gates is just sort of a sacrificial lamb, and
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  Speaker 5: Trump will put him in there, it will soften the
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  Speaker 5: Senate up, and then he'll come back with someone else
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  Speaker 5: who maybe even more extreme or more capable, or whatever
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  Speaker 5: you want to define it, which is a comment has
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  Speaker 5: been a Supreme Court nominee strategy at different times in
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  Speaker 5: the past.
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  Speaker 1: There was a movie years ago, I don't know if
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  Speaker 1: you remember, with Albert Brooks Broadcast News, and there was
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  Speaker 1: a great scene in there where he's talking about his rival.
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  Speaker 1: I think he's the devil, not really, but you know,
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  Speaker 1: nobody's going to follow somebody with horns and goes. He says,
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  Speaker 1: just little by little, that person is somebody who is
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  Speaker 1: going to lower our standards. Where are our standards right
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  Speaker 1: now with these nominees.
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  Speaker 5: Well, they're Donald Trump's standards right now. And I think
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  Speaker 5: I think the moment that we're in now is where
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  Speaker 5: is that balance between the thing he wants as an
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  Speaker 5: individual and what our institutions and our laws and our
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  Speaker 5: democracy needs in a nonpartisan way to simply function in
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  Speaker 5: a healthy and constructive way. And I think it's really
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  Speaker 5: you know, the Republicans control Congress. Now, Trump has a
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  Speaker 5: tri fact that he has an unusual amount of power.
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  Speaker 6: And.
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  Speaker 5: I think it's really going to be on the members
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  Speaker 5: of his own party to check his behavior for the
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  Speaker 5: time being. If it goes beyond that, it may go
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  Speaker 5: to the courts. But right now it's really in Congress's hands,
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  Speaker 5: and we'll have to see. I'm you know, I don't
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  Speaker 5: have a crystal ball, so I'm not sure how that's
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  Speaker 5: going to play out. I do think there's going to
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  Speaker 5: be pushback against Gates, for example. I think there will
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  Speaker 5: be pushed back against Christino. I think they will be
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  Speaker 5: pushed back against Tulsey Gabbert, like she has no intelligence experience.
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  Speaker 5: She was a member of the Waiian National Guard. And
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  Speaker 5: you know, the thing to remember though, is Trump thinks
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  Speaker 5: cinematically about himself and he likes surrounding himself with people
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  Speaker 5: he as he's always said, look like they're out of
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  Speaker 5: central casting and they look like they play the part.
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  Speaker 5: Square chins, flowing locks. They look good on the poster.
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  Speaker 5: That doesn't necessarily mean they're good at management. As we
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  Speaker 5: all know from any organizations we've been in over the years,
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  Speaker 5: good looking people often that doesn't equate with great management
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  Speaker 5: or great expertise.
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  Speaker 1: We were talking about Elon must before, and I think
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  Speaker 1: you mentioned in your column is he getting too taking
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  Speaker 1: too much attention away from Donald Trump? And how's that
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  Speaker 1: going to play out?
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  Speaker 5: Well, that's a really interesting observation because it's injuring to
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  Speaker 5: watch jd Vance, I think, who has very much presented
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  Speaker 5: himself as the number two following mister Trump's lead. He
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  Speaker 5: phrases everything that way. Elon is a force of nature
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  Speaker 5: and and loves the spotlight as much as Trump does.
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  Speaker 5: And historically Trump doesn't share the spotlight very long with anyone.
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  Speaker 5: You may remember the first term, I don't know how
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  Speaker 5: many weeks, and I think it was weeks after Steve
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  Speaker 5: Bannon appeared on the cover of Time magazine, as you know,
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  Speaker 5: the sort of wise man puppeteer guiding Trump along, and boom,
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  Speaker 5: in short order, he was gone. You know, Trump understands
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  Speaker 5: the value of having Elon Musk the world's richest man
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  Speaker 5: with him. You know, that was a big factor I
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  Speaker 5: think in how his candidacy was perceived. You Knowltra ultra mail,
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  Speaker 5: ultra successful, ultra capable, and Trump likes to live in
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  Speaker 5: that glow. But the second people start saying that Elon
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  Speaker 5: Musk is telling Donald Trump what to do, Alon is
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  Speaker 5: probably have to pack up and go back to Austin.
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  Speaker 4: Is president? Like Trump? Is he a lane duck president today?
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  Speaker 5: Like that's like, why do you ask that? That's an
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  Speaker 5: interesting question, Like what suggests that to you? I mean,
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  Speaker 5: you know it's I would say no, but I don't.
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  Speaker 5: I don't know.
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  Speaker 4: I kind of feel like he can't run for another term.
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  Speaker 3: So I kind of feel like, unless he repeals the
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  Speaker 3: twenty second Amendment, well okay, and maybe you can factor
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  Speaker 3: that in.
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  Speaker 4: But if I'm a senator, I'm like, do I have
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  Speaker 4: to really worry about this guy? I know it's four years,
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  Speaker 4: but it's just four years.
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  Speaker 5: Yeah, I mean, I do think there's a strong faction
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  Speaker 5: in the Senate that's that are They are traditional conservative Republicans,
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  Speaker 5: they're not maga, and they're worried about the own future
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  Speaker 5: of the party. It's it's character, what it stands for,
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  Speaker 5: what kind of a force it is in US politics?
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  Speaker 5: And I think they see Trump as a useful blunt
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  Speaker 5: force to win an election, to dismantle parts of the
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  Speaker 5: administrative state, bring taxes down, uh, you know, revisit some
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  Speaker 5: other Republican policies that are familiar from years and while
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  Speaker 5: also dispensing with all of the cartoonish, buffoonish and dangerous things.
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  Speaker 5: Trump also likes to stick his feet in more often than.
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  Speaker 1: Not in the election, sort of the post mortem. One aspect,
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  Speaker 1: I was thinking, did people go into the polls and say,
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  Speaker 1: I can vote number one on the economy and number two,
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  Speaker 1: there's a state ballot initiative on reproductive rights, and I
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  Speaker 1: can vote on that. Separate, Keep those two things separate.
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  Speaker 1: Is that kind of what happened in some cases?
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  Speaker 5: Well, I certainly think that was truth. With white women. Yeah,
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  Speaker 5: you know, the three cohorts that you see in exit polls,
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  Speaker 5: and we got to wait for more data to come in.
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  Speaker 5: These are not highly exact, but I think I think
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  Speaker 5: I think he moved Trump moved up like four or
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  Speaker 5: five percentage points with white women between twenty sixteen and
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  Speaker 5: twenty twenty four. He moved up something like I think
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  Speaker 5: eight points with black men, and with Latino men it
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  Speaker 5: was more than twenty points, and with Latino women it
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  Speaker 5: was substantial. I think Latino men there's a huge Catholic
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  Speaker 5: cohort there. They are anti abortion. I think that informed
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  Speaker 5: their vote. I think you know what you're asking, Michael
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  Speaker 5: about the splitting the abortion ballot. I do think there
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  Speaker 5: was a number of women who were turned up by
• 10:26
  Speaker 5: Trump's history as a sexual predator. He had been convicted
• 10:29
  Speaker 5: of sexual assault, were found liabel for sexual assault, and
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  Speaker 5: it was anti abortion. But they felt they were traditional
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  Speaker 5: Republicans and they wanted to stay in the party, and
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  Speaker 5: ballot measures gave their ability to split their vote.
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  Speaker 3: YEP, fascinating, fascinating days we live in here again to
• 10:44
  Speaker 3: President elect Trump nominating or putting up a lot of
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  Speaker 3: folks for to fill out his cabinets. So we'll see
• 10:49
  Speaker 3: how that plays out over the next couple of days.
• 10:50
  Speaker 3: Tim O'Brien's senior executive editor for Bloomberg Opinion.
• 10:54
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  Speaker 3: All right, we got John Tucker here in for Alex
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  Speaker 3: steel On. Paul Sweeney. You're live here in our Bloomberg
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  Speaker 3: Interactive Brokers studio. We're streaming live on YouTube as well.
• 11:20
  Speaker 3: YouTube dot Com. Just search Bloomberg Podcast and that's where
• 11:23
  Speaker 3: you'll find us. That's where the advertisers going. Advertisers are
• 11:26
  Speaker 3: going to advertise. The digital media. Think Facebook, think, you know, Google,
• 11:32
  Speaker 3: think even YouTube is huge business in terms of advertising spend.
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  Speaker 3: And we're there, which is good things.
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  Speaker 1: So let's just daring to know. What counts as innovation
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  Speaker 1: in the airs space these days is the short term
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  Speaker 1: videos that the videos that I see.
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  Speaker 3: I think that better targeting. That's kind of always the
• 11:50
  Speaker 3: holy grail. So you want to be you want somebody
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  Speaker 3: advertising grills to a guy like you, right, you're the
• 11:56
  Speaker 3: grill guy.
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  Speaker 1: And or videos where the most effect for me the
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  Speaker 1: things that I'm interested like woodworking, where it's a show
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  Speaker 1: and they're using a piece of equipment and giving it
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  Speaker 1: the run through, and I'm like.
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  Speaker 4: You know what, I gotta have that I gotta have that.
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  Speaker 4: That's how it works.
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  Speaker 3: Marked August, president and CEO of Mountain. He joins us
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  Speaker 3: from Miami via zoom thing. Hey, Mark, we actually had
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  Speaker 3: a really interesting data point on the global media, global
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  Speaker 3: advertising space today last night with Disney. Their streaming business
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  Speaker 3: is turning profitable and like really profitable. What do you
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  Speaker 3: take away from the Disney numbers.
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  Speaker 7: Well, I'm not surprised. I think what you're seeing happen
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  Speaker 7: is the second half of twenty twenty four and now
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  Speaker 7: going into twenty twenty five, essentially all of the streaming
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  Speaker 7: networks have reached the largely reached the tipping point of
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  Speaker 7: being like streaming first, Like that's where they're all a
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  Speaker 7: sales effort is focused, they're focused and advertising as you
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  Speaker 7: guys were mentioning the innovation and things like that, And
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  Speaker 7: I think Disney is right there at the you know,
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  Speaker 7: head of that pack, really focusing a business on streaming
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  Speaker 7: and advertisers are responding and basically the growth and profitability
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  Speaker 7: that's resulting from it is a direct result of that.
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  Speaker 7: So they're at the head of the pack right now
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  Speaker 7: in terms of that kind of growth.
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  Speaker 1: Mark, are they hanging on to linear TV? To satisfy
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  Speaker 1: old people like me.
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  Speaker 7: Yeah, I mean, obviously they still own the assets. But
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  Speaker 7: I every conversation I have with every streaming network, they
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  Speaker 7: just want to talk about streaming. I think they see
• 13:35
  Speaker 7: linear is obviously it's a revenue stream for it, but
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  Speaker 7: it's not it's not the meetings they're having as to
• 13:42
  Speaker 7: how do they better monetize linear. It's all about, you know,
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  Speaker 7: audience first, which you know, the what we're taking AI
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  Speaker 7: to help identify the right consumers and making all of
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  Speaker 7: that available to brands and doing it on the biggest screen,
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  Speaker 7: on fifty five in screen, sixty five in screen as
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  Speaker 7: opposed to a phone, which is like a five point
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  Speaker 7: five industry.
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  Speaker 4: You know, it's interesting.
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  Speaker 3: I was reading some research on the Walt Disney Company
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  Speaker 3: this morning from Lar Martinette Needham and Company. What she does,
• 14:10
  Speaker 3: and she says, investors just think this way. It's just
• 14:11
  Speaker 3: kind of mushed together the digital streaming UH business as
• 14:16
  Speaker 3: with their linear And what's going to happen over time
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  Speaker 3: is the digital business is going become a bigger, bigger,
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  Speaker 3: bigger percentage of that you know, streaming of that business
• 14:25
  Speaker 3: of the video business. And you can see the growth
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  Speaker 3: rates just accelerate over time as linear gets smaller and smaller.
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  Speaker 3: Who else out there, Mark, do you think is going
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  Speaker 3: to be a really viable player out there? I'm not
• 14:35
  Speaker 3: sure everybody who's out there in the marketplace can survive here.
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  Speaker 3: How do you think it's going to shake out in
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  Speaker 3: the streaming wars?
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  Speaker 7: Yeah, I mean we've talked about this before. I mean
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  Speaker 7: it's really easy to figure out who's gonna survive and thrive,
• 14:49
  Speaker 7: which is you just play a game where you know,
• 14:51
  Speaker 7: one person names the network and another person tells you
• 14:54
  Speaker 7: why they would go there and watch. So I say
• 14:57
  Speaker 7: ESPN and you say sports. If I say Netflix, you
• 15:00
  Speaker 7: would say, you know, comedy documentaries, new shows every Tuesday.
• 15:05
  Speaker 7: If you know, if I say CBS, there's probably applause
• 15:08
  Speaker 7: in the conversation. Doesn't mean CBS is going to go away,
• 15:11
  Speaker 7: but it's certainly going to be more challenging for them
• 15:13
  Speaker 7: and their number of networks like that. And so I mean,
• 15:17
  Speaker 7: the people with a brand with a clear reason to
• 15:19
  Speaker 7: want to go and watch content there and be entertained
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  Speaker 7: there are going to thrive, and the others are going
• 15:25
  Speaker 7: to be challenged and probably ultimately become part of some
• 15:29
  Speaker 7: of those other brands, and I think in terms of
• 15:32
  Speaker 7: the advertise and extend the question there. I think Netflix
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  Speaker 7: is I don't think people fully realize how big a
• 15:39
  Speaker 7: backlog they're building right now. So half of all new
• 15:41
  Speaker 7: subs are for their cheapest package, which is ad supported,
• 15:46
  Speaker 7: but in they're not really serving that many ads relative
• 15:50
  Speaker 7: to the number of subscribers. So they're building a huge
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  Speaker 7: revenue backlog that's going to get unlocked as they get
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  Speaker 7: as good as everyone else and monetizing, and I think
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  Speaker 7: that's going to you know, like like I'm super long
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  Speaker 7: on Netflix right now, meaning like if there was any
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  Speaker 7: stock I would want to invest in, it would be Netflix.
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  Speaker 7: And I'm not that far behind on Disney, although you know,
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  Speaker 7: Disney has parks and other things that make it a
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  Speaker 7: bit harder to you know, bet on the future.
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  Speaker 1: Can you close out real quick? What is the state
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  Speaker 1: of the digital ad business right now for your perspective.
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  Speaker 7: Yeah, it's very healthy. I think overall the best part
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  Speaker 7: of digital advertising is the long tail, mid size and
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  Speaker 7: small companies that you know my own company, that's what
• 16:32
  Speaker 7: we focus on is bringing long those small, mid sized
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  Speaker 7: advertisers into the streaming television world. Advertising for the first time,
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  Speaker 7: I think all these streaming networks have really woken up
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  Speaker 7: to how that's an opportunity. I always like to say,
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  Speaker 7: it's really easy. The two ways to grow a business.
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  Speaker 7: You can grow the number of customers or the revenue
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  Speaker 7: per customer, and the TV industry for a lot of
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  Speaker 7: years in neither of those things. And so now I
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  Speaker 7: think they're waking up. They've woken up to we need
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  Speaker 7: to grow the number of customers, and in streaming there
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  Speaker 7: actually are some ways to grow the revenue for customers.
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  Speaker 7: So that's why I think it's media world is actually
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  Speaker 7: getting reinvigorated with growth right now.
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  Speaker 3: Mark, thanks so much for joining us. Always appreciate getting
• 17:11
  Speaker 3: a few minutes of your time. Mark Douglas, President and
• 17:13
  Speaker 3: CEO of Mountain. He's based in California, but he's done
• 17:16
  Speaker 3: in Miami. How come all the smart young folks are
• 17:18
  Speaker 3: down in Miami, John and they're not in Sheboygan.
• 17:21
  Speaker 4: They're in Miami. Either in LA and He'll.
• 17:23
  Speaker 1: Be are stuck in a hermetically sealed both with each other.
• 17:26
  Speaker 4: Exactly right.
• 17:27
  Speaker 3: That's what the smart people do, Mike mclowan. They're all done.
• 17:30
  Speaker 3: And I guess Florida that's where the smart kids are. John,
• 17:32
  Speaker 3: thank you so much for sitting yesterday.
• 17:36
  Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
• 17:40
  Speaker 2: weekdays at ten am Eastern on Apple car Playing and
• 17:43
  Speaker 2: Broun Auto with the Bloomberg Business App. Listen on demand
• 17:46
  Speaker 2: wherever you get your podcasts, or watch us live on YouTube.
• 17:51
  Speaker 3: John Tucker sitting in for Alex Steel on Paul Sweeney
• 17:53
  Speaker 3: We live here on our Bloomberg Interactive Broker Studio, or
• 17:55
  Speaker 3: streaming live on YouTube as well. John Lisa was just
• 17:59
  Speaker 3: talking about, you know, some technicals on yes ANDP five hundred,
• 18:02
  Speaker 3: So I type in S and P five hundred, you know,
• 18:04
  Speaker 3: SPX index, and then it hit our SI for relative
• 18:07
  Speaker 3: Strength index, and it kind of says, you know, it
• 18:09
  Speaker 3: got a nice little chart there, and it shows you,
• 18:11
  Speaker 3: you know, when you're at an indext level of seventy,
• 18:13
  Speaker 3: maybe it's a little overbought, and if it's down at thirty,
• 18:16
  Speaker 3: maybe a little bit over sold. We're sitting here at
• 18:18
  Speaker 3: sixty four point five and we bounced or it came
• 18:21
  Speaker 3: off of that seventy level just a few days ago.
• 18:23
  Speaker 3: So from a technical perspective, maybe a little bit in
• 18:26
  Speaker 3: the short term, a little bit expensive.
• 18:27
  Speaker 1: But also twenty three times projected earnings at this point.
• 18:31
  Speaker 3: Maybe that's the photography sold out that Magne it was
• 18:34
  Speaker 3: in seven it's only you know, eighteen times.
• 18:36
  Speaker 4: So let's see what the professionals are doing there.
• 18:38
  Speaker 3: Margie Pttel joins that she's the senior portfolio manager at
• 18:41
  Speaker 3: All Spring Global Investments. She's up there in Boston. Margie,
• 18:45
  Speaker 3: you woke up a week ago today a Republican in
• 18:50
  Speaker 3: the White House, Republican in the Senate, and now we
• 18:52
  Speaker 3: learned today Republican control of the house. Here, your folks
• 18:57
  Speaker 3: at All Springs, you change your outlook at all for
• 19:00
  Speaker 3: think about allocating capital?
• 19:03
  Speaker 8: No, I think we're still looking for continued economic growth,
• 19:07
  Speaker 8: maybe more modest, say one and a half to two
• 19:09
  Speaker 8: and a half percent in real growth. And we'll have
• 19:12
  Speaker 8: to see if any of these plans Republicans have announced,
• 19:16
  Speaker 8: how soon they will actually be enacted, how much of
• 19:19
  Speaker 8: a positive they'll go to the real economy. The market's
• 19:22
  Speaker 8: like it so far, but we'll have to see. So
• 19:23
  Speaker 8: we're leaking more towards modest growth, same themes as we've
• 19:28
  Speaker 8: had all year.
• 19:29
  Speaker 1: Well, stocks don't operate in a bubble. How closely should
• 19:33
  Speaker 1: we follow what's happening in the bond market as we
• 19:35
  Speaker 1: look at equities.
• 19:37
  Speaker 8: Well, I think it's interesting because you've actually had the
• 19:42
  Speaker 8: bond market, looking at treasuries actually move up. You know,
• 19:45
  Speaker 8: the FED made a cut of fifty basis points in
• 19:47
  Speaker 8: the funds er eate and instead of bringing yields down,
• 19:50
  Speaker 8: we had the ten year treasury actually go up by
• 19:52
  Speaker 8: six to five basis points. Today is even higher, say
• 19:55
  Speaker 8: around four point four percent. But I think with inflation,
• 19:59
  Speaker 8: say two and a half three percent, I don't think
• 20:01
  Speaker 8: a four and a half is percent yield on treasuries
• 20:04
  Speaker 8: is really enough to be a negative or slow down
• 20:07
  Speaker 8: economic growth. I think it's really a neutral factor. And
• 20:10
  Speaker 8: maybe it says more we have a huge supply of treasuries,
• 20:13
  Speaker 8: and so that is really dragging down the relative relationships
• 20:17
  Speaker 8: between say treasuries and stocks or high yield bonds or
• 20:20
  Speaker 8: corporate bonds, making traderes look relatively cheap just because there's
• 20:25
  Speaker 8: too much supply.
• 20:27
  Speaker 3: Argue on in the equity side of the business here,
• 20:30
  Speaker 3: if you believe the Republicans they are going to be
• 20:31
  Speaker 3: pro growth, pro economy, do I does that suggest I
• 20:36
  Speaker 3: can invest along those lines? Maybe think about more economically
• 20:39
  Speaker 3: sensitive stock speed industrials or maybe even energy yea.
• 20:44
  Speaker 8: And actually industrials have been leading the market all year,
• 20:47
  Speaker 8: which to me has been telegraphing that the market is
• 20:50
  Speaker 8: not worried about economic growth or even the scene. A
• 20:52
  Speaker 8: sector like industrials besides tech, be so strong. And we've
• 20:56
  Speaker 8: actually seen an energy look like it says it's filing
• 20:58
  Speaker 8: on a little bit of life here. Whether that's in
• 21:00
  Speaker 8: reaction to growth or prospective new rules relating to US
• 21:05
  Speaker 8: exploration and development left to see, but I think those
• 21:08
  Speaker 8: are continuations. Industrials are one of the best sectors year
• 21:10
  Speaker 8: to date. They look like that's going to continue next year.
• 21:14
  Speaker 1: Is any of this priced in right now, like a
• 21:16
  Speaker 1: proposed fifteen percent corporate tax rate.
• 21:20
  Speaker 6: No.
• 21:21
  Speaker 8: I just think that if you look at how much
• 21:22
  Speaker 8: the market has moved since the election, maybe we really
• 21:26
  Speaker 8: need a breather. Plus, we pretty much finished with third
• 21:28
  Speaker 8: quarter earnings, which once again we're pretty good say earnings
• 21:32
  Speaker 8: or up say average average about nine percent, So that
• 21:35
  Speaker 8: certainly supports higher stock levels through the fourth quarter. And
• 21:39
  Speaker 8: really December is always a good month for stock so
• 21:42
  Speaker 8: it looks like we may have some short term modeling
• 21:44
  Speaker 8: here and then have a strong finish to the year.
• 21:47
  Speaker 3: Fixing comes actually back in the green here, just broadly
• 21:50
  Speaker 3: defined MARGIE and best performing sector and fixed that come
• 21:54
  Speaker 3: has been US corporate high yield like really outperforming. Where
• 21:58
  Speaker 3: do you see opportunities in the credit markets.
• 22:01
  Speaker 8: Well, you know that's been the trend. High yield was
• 22:03
  Speaker 8: the best performer in twenty two when the had began
• 22:06
  Speaker 8: grates twenty three and so far year to date, and
• 22:10
  Speaker 8: in fact, the yield spreads have actually narrowed as treasures
• 22:13
  Speaker 8: have backed up, so highield bond prices have held firm,
• 22:17
  Speaker 8: yields have held firm while treasuries went up. So that's
• 22:20
  Speaker 8: for example, double bs now yield less than two percentage
• 22:23
  Speaker 8: points over the same maturity treasury. So that says to
• 22:26
  Speaker 8: me the market is not worried about defaults. In fact,
• 22:29
  Speaker 8: corporate defaults in high yield next year twenty five should
• 22:33
  Speaker 8: probably be under two percent. So basically you actually could
• 22:36
  Speaker 8: see yield spreads narrow even from these historic narrow levels.
• 22:41
  Speaker 1: And what's the panther head for the FED twenty five
• 22:43
  Speaker 1: at the December meeting and maybe appalls in January.
• 22:48
  Speaker 8: Well that's what's priced in, but you know you can
• 22:50
  Speaker 8: see it really the Fed's actions at the margin, haven't
• 22:53
  Speaker 8: had a lot of influence on the equity markets or
• 22:55
  Speaker 8: frankly on the economy as a whole. The economy is
• 22:58
  Speaker 8: chugged along, and so I don't think the market will
• 23:01
  Speaker 8: react to another twenty five basis point. It's pretty much
• 23:04
  Speaker 8: a big deal, I think for the outlook. And then
• 23:06
  Speaker 8: and then said, taking a.
• 23:07
  Speaker 3: Pause, MARKI thank you so much for joining us. Really
• 23:10
  Speaker 3: appreciate it, always getting a chance to chat with you.
• 23:12
  Speaker 3: Margy Pateel, She's a senior portfolio managered all Spring Global
• 23:15
  Speaker 3: Investments up there in Boston.
• 23:19
  Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
• 23:23
  Speaker 2: weekdays at ten am Eastern on applecar Play and Android
• 23:26
  Speaker 2: Auto with the Bloomberg Business app. You can also listen
• 23:29
  Speaker 2: live on Amazon Alexa from our flagship New York station
• 23:33
  Speaker 2: Just Say Alexa playing Bloomberg eleven thirty.
• 23:37
  Speaker 3: Our good friends Meta find seven hundred and ninety eight
• 23:41
  Speaker 3: million euros eight hundred and forty million US dollars by
• 23:45
  Speaker 3: the European Union over classified ads dominance.
• 23:48
  Speaker 4: I look at the stock unched on the day, no
• 23:51
  Speaker 4: real change.
• 23:52
  Speaker 3: It's up sixty percent year to date, so I'm kind
• 23:54
  Speaker 3: of thinking it's not that big a deal. But let's
• 23:56
  Speaker 3: go to an expert on that, Man Deep saying, senior
• 23:58
  Speaker 3: tech analysts for Bloomberg Intelligence Joints is here in our
• 24:00
  Speaker 3: Bloomberg Interactive Broker studio because he remembers the way to
• 24:03
  Speaker 3: New York City, unlike his managers. Man Deep, thank you
• 24:06
  Speaker 3: so much for joining us here. What does it mean
• 24:09
  Speaker 3: for Meta here?
• 24:11
  Speaker 6: I mean this could be a harbinger of more fines
• 24:15
  Speaker 6: simply because even though this particular fine is like a
• 24:19
  Speaker 6: zero point five percent of their total revenue, so really
• 24:22
  Speaker 6: not a big deal. But in the grand scheme of things,
• 24:25
  Speaker 6: what the EU is doing is saying their Digital Markets Act,
• 24:29
  Speaker 6: which really prevents the gatekeeper companies, and Meta is deemed
• 24:33
  Speaker 6: as a gatekeeper along with Alphabet and Microsoft and Amazon
• 24:37
  Speaker 6: and Apple. These companies can give preferential treatment to their services.
• 24:43
  Speaker 6: So in this case, Meta was fine because they show
• 24:46
  Speaker 6: you ads on Facebook marketplace when people are browsing their
• 24:50
  Speaker 6: social media platform. And one could argue, you know, I mean,
• 24:55
  Speaker 6: they do it because they have this marketplace. It fits well,
• 24:58
  Speaker 6: it improves the user experience. But clearly EU doesn't want
• 25:04
  Speaker 6: that to happen, especially with these gatekeeper platforms and the
• 25:07
  Speaker 6: same logic applies, you know, with Apple giving preference to
• 25:11
  Speaker 6: their Safari browser or their maps, or Alphabet giving preference
• 25:16
  Speaker 6: to their maps or flights product. So that's the kind
• 25:19
  Speaker 6: of the really the focus that EU regulations have when
• 25:24
  Speaker 6: it comes to these gatekeeper companies. And we'll probably see
• 25:27
  Speaker 6: more finds in our view.
• 25:28
  Speaker 1: How many regulatory speed bumps are there out there for
• 25:32
  Speaker 1: this the digital ad business. It just seems to generate
• 25:36
  Speaker 1: all this work for regulators.
• 25:39
  Speaker 6: I mean, there are two ways to look at it.
• 25:40
  Speaker 6: One is clearly there are you know, so many kind
• 25:45
  Speaker 6: of regulations that are focused on these companies the ad
• 25:49
  Speaker 6: businesses that generates you know, one hundred and fifty billion
• 25:52
  Speaker 6: dollars plus in the case of Meta, in the case
• 25:55
  Speaker 6: of Alphabet over two hundred billion dollars. So clearly the
• 25:58
  Speaker 6: focus is on the scale here. But the other side
• 26:02
  Speaker 6: of it is it actually prevents more competition because why
• 26:06
  Speaker 6: would an Oracle or some other tech company get into
• 26:10
  Speaker 6: an ads business where you are at the risk of
• 26:13
  Speaker 6: paying over a billion dollar fines, Like, it's just not
• 26:15
  Speaker 6: worth it anymore, you know, because of the scale of fines,
• 26:18
  Speaker 6: I mean eight hundred and forty million dollars. It's it's
• 26:22
  Speaker 6: a lot of money, but it's an It's not a
• 26:24
  Speaker 6: lot for a company that's generating over one hundred and
• 26:27
  Speaker 6: fifty billion dollars in revenue. So that's where I do
• 26:30
  Speaker 6: think it has an unintended consequence in terms of limiting competition.
• 26:35
  Speaker 6: But at the same time, I mean, it's very clear
• 26:37
  Speaker 6: what the EU wants to do is they want more
• 26:40
  Speaker 6: third party products. Apple can't just say you have to
• 26:43
  Speaker 6: use Safari browser. They want more choice screens. So that's
• 26:47
  Speaker 6: the same concept that's applicable to all these gatekeeper companies.
• 26:52
  Speaker 2: I don't know.
• 26:52
  Speaker 3: I was back in the day when Microsoft is getting
• 26:55
  Speaker 3: fined by the opinion twenty five years ago.
• 26:58
  Speaker 4: How did that work out?
• 26:59
  Speaker 6: I mean beast Yeah, Well, all these companies have to
• 27:04
  Speaker 6: make some remedies. That's what Microsoft did. Is you can't
• 27:07
  Speaker 6: just bundle, you know, Internet Explorer with everything and be
• 27:10
  Speaker 6: able to get away with it. So I think there
• 27:14
  Speaker 6: are some things that they can do on their own,
• 27:17
  Speaker 6: but clearly when it comes to paying these fines, and
• 27:20
  Speaker 6: the finds could range anywhere from you know, low single
• 27:24
  Speaker 6: digit to high single digit off their global revenue. So
• 27:27
  Speaker 6: in the case of Meta, the finds could be as
• 27:30
  Speaker 6: big as you know, ten billion dollars. I wouldn't be
• 27:33
  Speaker 6: surprised if if it keeps happening and EU thinks they're
• 27:37
  Speaker 6: not in compliance, we're talking about potentially a ten billion
• 27:41
  Speaker 6: dollar fine here.
• 27:41
  Speaker 1: The regulatory lineup is changing in your rank the faces
• 27:46
  Speaker 1: and in the United States, does it matter that we're
• 27:49
  Speaker 1: going might be going toward regulatory light.
• 27:53
  Speaker 6: I don't know for Meta and Alphabet it will be
• 27:55
  Speaker 6: regulatory light given a lot of these anti trust cases
• 28:00
  Speaker 6: were started in Trump's first term, so and there is
• 28:04
  Speaker 6: no indication whatsoever that says you know, these companies are
• 28:09
  Speaker 6: likely to get away with it. I mean, we know
• 28:11
  Speaker 6: the stance of Vice President Electate events in terms of
• 28:15
  Speaker 6: what he thinks about the big tech companies. So I
• 28:18
  Speaker 6: don't think the regulatory scrutiny is going away anytime.
• 28:21
  Speaker 3: But here's the big wildcard I think, which is Elon Musk.
• 28:24
  Speaker 3: We had Dan I haves on from what bust security
• 28:26
  Speaker 3: is on and he says as rites to electric vehicles,
• 28:31
  Speaker 3: he thinks this could really accelerate electric vehicles adoption.
• 28:37
  Speaker 4: But it's you know, the conflict of interests. Who knows
• 28:39
  Speaker 4: they'll figure it out a guess, but he could be
• 28:43
  Speaker 4: positive for big tech.
• 28:44
  Speaker 6: It could be I think on the electric vehicle side
• 28:48
  Speaker 6: or robotaxis, probably lesser regulation. But when it comes to
• 28:51
  Speaker 6: these giant AD businesses, I think that's where every regulator
• 28:57
  Speaker 6: kind of agrees upon the fact that these companies have
• 29:00
  Speaker 6: too much power when it comes to the AD revenue
• 29:02
  Speaker 6: and the dollars they generate.
• 29:04
  Speaker 1: I know this is just tangential, but Tim O'Brien's coming up,
• 29:06
  Speaker 1: and I want to ask him that question about Elon Musk.
• 29:09
  Speaker 1: Elon generates right now a little more attention than is good,
• 29:14
  Speaker 1: buddy the president of the elect and you've got to
• 29:16
  Speaker 1: wonder how that's going to play into the dynamics go.
• 29:19
  Speaker 4: That it's going to be amazing.
• 29:20
  Speaker 3: What are the tech Have the tech companies said anything
• 29:23
  Speaker 3: about this election? Here? Have you heard anything from the
• 29:25
  Speaker 3: tim Cooks of the world or anybody else there about
• 29:28
  Speaker 3: this election?
• 29:29
  Speaker 6: I think again our view is out of the mag seven.
• 29:33
  Speaker 6: Probably Alphabet and Meta will have to contend with more
• 29:38
  Speaker 6: scrutiny than the rest of the mag seven, simply because
• 29:41
  Speaker 6: I think Apple has done a good job and it
• 29:44
  Speaker 6: comes to building the relationship with Trump and Amazon as well.
• 29:48
  Speaker 6: So in this case, clearly you're going to see more
• 29:53
  Speaker 6: pressure on alphabet and Meta.
• 29:55
  Speaker 1: What's the big story that you're following right now? What
• 29:58
  Speaker 1: really captures your attention?
• 30:00
  Speaker 6: I've spoke you know when it comes to the Trump administration.
• 30:04
  Speaker 4: Tariffs is a big deal.
• 30:06
  Speaker 6: You know of what sort of export restrictions will come
• 30:10
  Speaker 6: into play given everyone is so focused on AI and
• 30:13
  Speaker 6: what impact does that have on the development and the
• 30:18
  Speaker 6: pace of AI. That to me is the biggest thing
• 30:20
  Speaker 6: out there.
• 30:21
  Speaker 4: Man Deep sing one of the best. We appreciated man
• 30:23
  Speaker 4: Deep Singh. He's a senior technology analyst.
• 30:25
  Speaker 3: He kind of runs all of our technology research on
• 30:27
  Speaker 3: a global scale because technology is a global business. Obviously,
• 30:30
  Speaker 3: Asia is a huge part of that, and we have
• 30:32
  Speaker 3: a big team in Asia covering the companies there. We've
• 30:36
  Speaker 3: got folks in Europe as well, but it's kind of
• 30:39
  Speaker 3: run right out of here from New York with Mandeep
• 30:42
  Speaker 3: Singh anarag Rana doing it all. And so technology big
• 30:46
  Speaker 3: big issue here again. Meta fined by the European Union
• 30:49
  Speaker 3: seven hundred ninety eight million euros about eight hundred and
• 30:52
  Speaker 3: forty million US dollars over the classified ADS dominance that
• 30:57
  Speaker 3: it has. So I have to see how these companies navigated.
• 31:02
  Speaker 2: You're listening to the Bloomberg Intelligence Podcast. Catch us live
• 31:06
  Speaker 2: weekdays at ten am Eastern on applecar Play and Android
• 31:09
  Speaker 2: Auto with the Bloomberg Business app. You can also listen
• 31:12
  Speaker 2: live on Amazon Alexa from our flagship New York station
• 31:16
  Speaker 2: Just Say Alexa playing Bloomberg eleven thirty.
• 31:20
  Speaker 3: All right, we got John Tucker sitting at Fralex Steel
• 31:22
  Speaker 3: on Paul Swhen. You're live here in our Bloomberg Interactive
• 31:24
  Speaker 3: Broker studio or streaming live on YouTube as well ashead
• 31:26
  Speaker 3: over YouTube dot com search Bloomberg Podcast and that's where
• 31:29
  Speaker 3: you find us Joe Wisenthal, Tracy Alloway, Odd Lots podcast
• 31:32
  Speaker 3: host there in our studio. John, you should talk with
• 31:35
  Speaker 3: Joe and Tracy. Big, big weighty issues today. This is
• 31:42
  Speaker 3: this could be big waity chickens the chicken industry. Do
• 31:46
  Speaker 3: you think of the chicken industry often?
• 31:47
  Speaker 2: John?
• 31:48
  Speaker 1: I love chicken.
• 31:49
  Speaker 4: I love chicken.
• 31:50
  Speaker 9: Everyone loves chicken. It's so good.
• 31:52
  Speaker 1: But I give the chicken roasters at the food town.
• 31:54
  Speaker 5: Do you there?
• 31:56
  Speaker 8: You go?
• 31:56
  Speaker 1: You know what? It ain't cheap.
• 31:58
  Speaker 4: It ain't cheap.
• 31:59
  Speaker 3: Didn't you know it's a big business behind here, Tracy Jia,
• 32:01
  Speaker 3: thanks so much for joining us here in our studio,
• 32:03
  Speaker 3: Tracy talk to us about how you guys look at
• 32:06
  Speaker 3: the US economy through the medium of chicken.
• 32:09
  Speaker 10: Yeah, that's right. So we're releasing a three part series
• 32:12
  Speaker 10: called Beat Capitalism, and it's all about chicken and what
• 32:15
  Speaker 10: it says about the structure and nature of the US
• 32:18
  Speaker 10: economy and things like consumer demand and inflation, also the
• 32:22
  Speaker 10: labor market and how we structure that, and then finally
• 32:26
  Speaker 10: how we think about the power of companies more broadly.
• 32:29
  Speaker 10: And the weird thing about this series is, I guess
• 32:32
  Speaker 10: it sounds a little bit random for us to be
• 32:34
  Speaker 10: doing a whole thing on chicken, but like eighty percent
• 32:38
  Speaker 10: of the guests that we have on in this series
• 32:40
  Speaker 10: have already been on all blots before talking, so it
• 32:43
  Speaker 10: seemed like a natural fit for us to do.
• 32:45
  Speaker 9: There's so much there in terms of looking at one
• 32:48
  Speaker 9: thing that people consume in myriad ways, chicken, and then
• 32:52
  Speaker 9: going back and figuring out how many interesting I guess
• 32:55
  Speaker 9: I would say macro questions that you can start to
• 32:59
  Speaker 9: pick at from looking at how you get from an
• 33:01
  Speaker 9: egg to a bird. So you know, there's the question
• 33:03
  Speaker 9: of just how pricing power works at the retail level.
• 33:07
  Speaker 9: There's obviously, as tracers talk about market competition and the
• 33:12
  Speaker 9: degree to which a handful of large, massive poultry companies
• 33:17
  Speaker 9: are this huge, you know, dominant player in the supply chain.
• 33:20
  Speaker 9: There's labor issues, which is, you know, we think of
• 33:24
  Speaker 9: like uber and we think about gig workers. A lot
• 33:27
  Speaker 9: of chicken is essentially grown the same way technically independent
• 33:29
  Speaker 9: contractors growing birds in their own farms, et cetera. There's
• 33:33
  Speaker 9: the pandemic and the health related issues when thinking about
• 33:36
  Speaker 9: bird flu and the effect that that had on egg
• 33:38
  Speaker 9: prices which were so salient, and then egg prices had
• 33:41
  Speaker 9: a effect on how people perceived inflation. So there's almost
• 33:44
  Speaker 9: no topic in the US economy over the last several
• 33:47
  Speaker 9: years that on some level can't be understood by this
• 33:51
  Speaker 9: one specific supply chain.
• 33:53
  Speaker 1: And it's not that the small producers were taken over
• 33:55
  Speaker 1: by the big guys. They just couldn't afford to compete
• 33:59
  Speaker 1: all anymore.
• 34:01
  Speaker 10: Yeah, what it is, it's actually really interesting the chicken
• 34:04
  Speaker 10: labor market. So you have these sort of small scale
• 34:07
  Speaker 10: chicken producers, but they're all contracted out to big they
• 34:11
  Speaker 10: call them integrators. So think about companies like Tyson or Purdue,
• 34:15
  Speaker 10: and Tyson will give you the baby chicks, then you
• 34:18
  Speaker 10: are responsible for raising them. But Tyson also gives you
• 34:21
  Speaker 10: the food, they give you the medicines, They tell you
• 34:24
  Speaker 10: exactly how you have to raise your chickens, but you,
• 34:28
  Speaker 10: as the farmer, are taking on basically all the risk
• 34:30
  Speaker 10: of actually doing that. So if Tyson says we want
• 34:33
  Speaker 10: a better barn for those chickens, you have to build it,
• 34:37
  Speaker 10: and that's pretty costly. And it kind of fits into
• 34:39
  Speaker 10: a broader criticism of the economy right now, which is
• 34:43
  Speaker 10: we have these really large, powerful companies that are dictating
• 34:46
  Speaker 10: terms not just on the pricing side, but potentially on
• 34:49
  Speaker 10: the labor side as well. And we also have more
• 34:53
  Speaker 10: and more money being made by intermediaries. And we spoke
• 34:57
  Speaker 10: to one person from the DOJ. She calls it the
• 34:59
  Speaker 10: tear any of the intermediary in this economy.
• 35:03
  Speaker 3: I'm going at Tyson's the stock. This is a big company.
• 35:06
  Speaker 3: It's twenty three billion dollars a market cap, nearly stocks
• 35:08
  Speaker 3: up eighteen percent a year to date. Joe, is the
• 35:13
  Speaker 3: chicken business a good business?
• 35:15
  Speaker 4: Yeah?
• 35:16
  Speaker 9: I mean, so you look at Tyson, but you know,
• 35:18
  Speaker 9: look at a stock like Wingstop, Okay, and that's I
• 35:21
  Speaker 9: don't know, what it's done over the last few months.
• 35:23
  Speaker 9: I haven't pulled it up in a while, but I mean,
• 35:25
  Speaker 9: that's one of the most extraordinary long term stocks you'll
• 35:29
  Speaker 9: see on the market. It's a it's a fantastic business.
• 35:33
  Speaker 6: You know.
• 35:33
  Speaker 9: One of the things that we get into as well
• 35:35
  Speaker 9: on this episode is you know the McNugget, Right, it's
• 35:38
  Speaker 9: just this like chunk. They're delicious. They are various versions
• 35:42
  Speaker 9: of some sort of part of the chicken meat than
• 35:45
  Speaker 9: deep fried everybody loves it and sandwiches, but like, this
• 35:48
  Speaker 9: is the emergence of an industrial process that emerged over time,
• 35:52
  Speaker 9: right because at some point, as you know, chickens were
• 35:55
  Speaker 9: grown in the backyard and the meat wasn't really that good,
• 35:58
  Speaker 9: et cetera. And then signs came to the rescue, made
• 36:01
  Speaker 9: the big birds bigger, made them fatter, made them juicier,
• 36:05
  Speaker 9: made them tastier. It found ways to process that meat
• 36:09
  Speaker 9: such that we can get a chicken tender or a
• 36:11
  Speaker 9: chicken finger or a McNugget, et cetera. So there's also
• 36:14
  Speaker 9: this sort of long term march of science story as
• 36:18
  Speaker 9: the chicken has become a more wonderful food to eat
• 36:21
  Speaker 9: in various forms and flavors a real quick trace.
• 36:23
  Speaker 1: I thought we had regulators who watched over this thing
• 36:26
  Speaker 1: and made sure there's competition. Especially, but the small business
• 36:29
  Speaker 1: owner guy raised with chickens wasn't going to get crushed.
• 36:32
  Speaker 10: That's an excellent point. They've done some stuff. So they
• 36:35
  Speaker 10: have done some things to sort of crack down on
• 36:37
  Speaker 10: the integrators and the terms that they can dictate to
• 36:41
  Speaker 10: small scale farmers. So, for instance, if you are a
• 36:44
  Speaker 10: small scale farmer and you want to switch your integrator,
• 36:47
  Speaker 10: you want to work with another big company, they used
• 36:49
  Speaker 10: to punish you. They could penalize you for doing that,
• 36:51
  Speaker 10: you know, charge you money. The DJ has cracked down
• 36:54
  Speaker 10: on that. But you know, there's clearly a lot more
• 36:57
  Speaker 10: to do here, and it's interesting one of the approaches
• 37:00
  Speaker 10: the DOJ is taking now again going back to that
• 37:03
  Speaker 10: intermediary point, they're not necessarily looking at Tyson and Purdue,
• 37:07
  Speaker 10: although they tried previously, but they're looking at a company
• 37:10
  Speaker 10: like Agrostats. Have you ever heard of that one?
• 37:13
  Speaker 2: Never?
• 37:13
  Speaker 1: But I'm sure it controls my life and.
• 37:15
  Speaker 6: Some Yeah, yeah, yes.
• 37:16
  Speaker 10: It's a pricing database for groceries basically, so if you
• 37:20
  Speaker 10: are selling a grocery product, this company will tell you
• 37:23
  Speaker 10: what it thinks you can sell that for and you
• 37:27
  Speaker 10: can guess what effect that has on the market. So
• 37:29
  Speaker 10: there's currently a suit going through on agrostats.
• 37:32
  Speaker 3: Hi Tracy Great Stuff, Great Story, Tracy Alloy, Joe Wisenthal,
• 37:36
  Speaker 3: Odd Lots podcast host.
• 37:38
  Speaker 4: Joining us here in our Bloomberg and Active Broker.
• 37:41
  Speaker 3: They've got a three part podcast coming out, Beak b
• 37:44
  Speaker 3: Eak Beak Capitalism, talking about the looking at some of
• 37:48
  Speaker 3: the issues in the US economy through the medium of
• 37:52
  Speaker 3: chicken and who doesn't like a good chicken sandwich.
• 37:55
  Speaker 2: This is the Bloomberg Intelligence Podcast, available on apples, Spotify,
• 38:00
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• 38:03
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• 38:06
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• 38:10
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