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The Bank of Mom & Dad; College Sports Going Pro & The Return of the Suit · Bloomberg Intelligence

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  Speaker 5: Back from the summer, Scarlett Fu and Tom Keenan does
• 1:01
  Speaker 5: feel in New York City like we're back from the summer.
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  Speaker 1: Yeah, it's really crisp outside. And of course, next week,
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  Speaker 1: we've got a whole world descending upon our doorstep.
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  Speaker 5: We do. You can see it coming in right now
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  Speaker 5: in Fifth Avenue, all the security up right now. But
• 1:13
  Speaker 5: part of it is Wall Street, and to me, away
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  Speaker 5: from Bloomberg Money, do you want to trade stocks 23
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  Speaker 5: hours a day? I guess that's coming up. I don't
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  Speaker 5: buy it.
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  Speaker 1: I mean, the argument is that people outside of the U.S.
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  Speaker 1: want to trade our stocks 24-7.
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  Speaker 5: I guess so, but it's like Bitcoin. I mean, Bitcoin,
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  Speaker 5: I can trade Sunday.
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  Speaker 1: You almost said BitDog, didn't you?
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  Speaker 5: Yeah, I almost said BitDog. But the answer is this
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  Speaker 5: is a revolution like the market moving down to Texas, maybe.
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  Speaker 1: Oh, yeah. I mean, more companies moving in that direction.
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  Speaker 1: I think Dillard's was the latest one.
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  Speaker 5: Lots of it. And I learned today, Paul Sweeney told me,
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  Speaker 5: Dillard is from Arkansas.
• 1:43
  Speaker 1: Yes, Little Rock.
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  Speaker 5: Learn something every day. We say good morning and good
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  Speaker 5: noon to you as well. With us this noon, Henry
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  Speaker 5: McVeigh will join us, partner at KKR, a really important
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  Speaker 5: regime change essay out, head of global macro and asset allocation.
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  Speaker 1: And we'll be sitting down with Alicia Levine, BNY Wealth
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  Speaker 1: Chief Investment Officer, on what a set it and forget
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  Speaker 1: it investment strategy looks like when you're at the start
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  Speaker 1: of a new rate hiking cycle.
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  Speaker 5: Right to it with good conversation ahead. Let's get the
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  Speaker 5: stocks right now as we can. Sort of a Friday
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  Speaker 5: feel to it after this hellacious week that we've had. But,
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  Speaker 5: you know, all in all, holding on, I would say, Scarlett,
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  Speaker 5: more than anything, looking at bonds, looking at commodities, looking
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  Speaker 5: at foreign exchange, it's a miracle where that VIX is.
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  Speaker 1: Yeah, it's pretty subdued given what we've seen this week.
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  Speaker 1: The S & P 500 set for a second straight
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  Speaker 1: week of declines. You flip up the board and we
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  Speaker 1: look at the 10-year yield. We're right back at around
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  Speaker 1: that 5% level, just a hair below it. What does
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  Speaker 1: that mean for stocks?
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  Speaker 5: Not clear.
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  Speaker 1: The dollar modestly higher at the moment. It's pretty much
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  Speaker 1: at a seven-week high. And we're looking at New York
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  Speaker 1: crude at $ 101 a barrel. It is about to close
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  Speaker 1: out a third straight week of gains.
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  Speaker 5: Well, three weeks ago, we were 109, two cups of
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  Speaker 5: coffee ago, and we've come in nicely. That dovetailed right
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  Speaker 5: with the Fed.
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  Speaker 1: Well, before the war, we were at 65, so.
• 3:01
  Speaker 5: Well, there's big changes. Did you see diesel?
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  Speaker 1: Oh, more than $ 6.
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  Speaker 5: I figured out, like, what Gura drives, the F450, you know,
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  Speaker 5: the big thing, eight tons or whatever. $ 312 to fill
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  Speaker 5: it up.
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  Speaker 6: Eesh.
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  Speaker 1: Good thing he lives in Brooklyn.
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  Speaker 5: It's painful. We'll have to see on this. Speaking of painful,
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  Speaker 5: a great set of guests with us this morning to
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  Speaker 5: get us started. Always a wide-ranging conversation. Nikki Waller with us,
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  Speaker 5: driving all of our Bloomberg Money and personal finance reporting.
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  Speaker 5: Story after story that I'm forced to read. I never
• 3:30
  Speaker 5: read Janet Lorne because it's all about tuition. Nobody can
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  Speaker 5: afford driving all of our educational product. Janet Lorne with
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  Speaker 5: us this morning. as well in slipping in before a
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  Speaker 5: ginormous week ahead for Bloomberg this weekend. Sunday, you're at
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  Speaker 5: the Plaza, right?
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  Speaker 7: Yes, as I often am. No, it's the Qatar Economic Forum,
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  Speaker 7: powered by Bloomberg, and I'm going to be there hosting
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  Speaker 7: the show in the morning, and then a series of
• 3:52
  Speaker 7: panels to follow that will be on Bloomberg TV.
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  Speaker 5: You and I decided to go beyond that to a
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  Speaker 5: huge event this week, and the rumors, I believe Politico
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  Speaker 5: first reporting it, that the president of the United States,
• 4:03
  Speaker 5: like JFK and Adenauer, like JFK with de Gaulle, is
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  Speaker 5: going to go out to the airport to pick up
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  Speaker 5: the luggage for the president of China.
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  Speaker 7: Well, reportedly, he'll go to Joint Base Andrews to greet
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  Speaker 7: President Xi when he arrives. And I think that just
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  Speaker 7: underscores the importance of this summit. And as Ambassador Nick
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  Speaker 7: Burns has pointed out, this could be the first of
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  Speaker 7: three meetings these two leaders have here in the months ahead,
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  Speaker 7: but incredibly important, yes, because of trade, but also because
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  Speaker 7: of AI, the conversation that we've been having over the
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  Speaker 7: course of the week, really, front and center.
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  Speaker 1: I mean, that's on the agenda, but we don't know
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  Speaker 1: exactly how they're going to address it. Also, I wonder
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  Speaker 1: whether on the agenda is Chinese students and their visas
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  Speaker 1: and their ability to come to the U.S. Janet, I
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  Speaker 1: want to bring you into the conversation because the Trump administration,
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  Speaker 1: through its Department of Justice, is taking aim at a
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  Speaker 1: broader swath of colleges. It's not just Harvard that it's
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  Speaker 1: looking to punish anymore.
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  Speaker 8: Well, we met with Harmeet Dhillon from the Justice Department
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  Speaker 8: a few weeks ago in Washington, and she had a
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  Speaker 8: lot to say about universities. Yes, it's not just Harvard
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  Speaker 8: and Columbia, but we're starting to see more schools getting
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  Speaker 8: inquiries about their medical school, their law school.
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  Speaker 2: Duke was the top of that list as well.
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  Speaker 1: And foreign influence on schools, too.
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  Speaker 5: Yeah, this is a third rail for me. Basically, the
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  Speaker 5: Trump administration has blown up the graduate programs of education
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  Speaker 5: in America. Is that an exaggeration?
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  Speaker 9: No.
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  Speaker 8: Do you know that half the entire student loan portfolio
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  Speaker 8: is graduate school loans?
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  Speaker 2: You can borrow up until July 1st.
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  Speaker 8: You could borrow up to the cost of attendance.
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  Speaker 2: In some cases.
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  Speaker 8: $ 125, 000 per year times two or three years of your program,
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  Speaker 8: and the interest rates for those loans were 9%.
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  Speaker 5: So if a child decides to get a graduate degree
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  Speaker 5: in screenwriting, they go to the First National Bank of
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  Speaker 5: Mom and Dads and overlay it with a general loan?
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  Speaker 8: No, they go to the federal government, and that's all
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  Speaker 8: changed now.
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  Speaker 5: That didn't happen. Continue the show while I start crying.
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  Speaker 1: I know, exactly. Well, there are limits to those federal
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  Speaker 1: loans now. Nikki Waller, let's bring you in because Tom
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  Speaker 1: mentioned the Bank of Mom and Dad. Our reporting shows
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  Speaker 1: that more and more we're seeing baby boomers fund a
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  Speaker 1: lot of their grandkids' needs and the costs of living
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  Speaker 1: in a way that they hadn't had to before. And
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  Speaker 1: I'm guessing that must have an impact on how they live.
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  Speaker 1: safer their retirement. It has a huge impact.
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  Speaker 10: And what we're seeing these grandparents providing isn't just temporary help.
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  Speaker 10: I'm actually thinking of it kind of like the grandparent economy.
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  Speaker 10: The cost of raising a kid is $ 300, 000, not counting college.
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  Speaker 10: And I know for all of us in New York,
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  Speaker 10: that actually kind of feels like a deal. But families
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  Speaker 10: need more money to raise their family, raise the kids
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  Speaker 10: and the grandparents are stepping in.
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  Speaker 1: So in terms of what that means for retirement, they're
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  Speaker 1: just raiding their own retirement accounts then as a result,
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  Speaker 1: and they're picking up jobs on the side?
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  Speaker 10: In a lot of cases, we talk to some people
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  Speaker 10: in their 60s who are picking up extra jobs so
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  Speaker 10: that they can help their adult children, or they're picking
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  Speaker 10: up the job of taking care of kids, which is
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  Speaker 10: something historically that grandparents have done. But in other cases,
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  Speaker 10: the spending is cutting into their own retirement.
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  Speaker 1: Saving and cash flow.
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  Speaker 10: And that's something that financial advisors are saying, stop, put
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  Speaker 10: on your own oxygen mask before you host.
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  Speaker 5: Speaking of oxygen masks, I'm thinking of the summed number
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  Speaker 5: of summer camps that everybody went to sitting around the
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  Speaker 5: desk this year. Are we broke in asking mom and
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  Speaker 5: dad to help because we're asking too much of fancy childhoods?
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  Speaker 10: That is a great question, and I think it depends
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  Speaker 10: on what you see as a great childhood. You know,
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  Speaker 10: a lot of the grandparents don't want to see their
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  Speaker 10: grandkids missing out on the good things in life.
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  Speaker 5: Which are not a surveillance child expert. David Gurro with
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  Speaker 5: us here as well. Your childhood was a Martin, I
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  Speaker 5: think it was a D18 or D28 or whatever. Just
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  Speaker 5: shut up and practice. And nowadays, kids, my vintage kids,
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  Speaker 5: your vintage kids, We won't even talk about Janet Lauren's kids.
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  Speaker 5: I mean, off to a fancy school and all that.
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  Speaker 5: The answer is it's just gotten so much more complex
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  Speaker 5: in our ute.
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  Speaker 1: One moment.
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  Speaker 7: First, I have to note, you're taking on a second
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  Speaker 7: job here hosting this show. It makes me a little worried, Grandpa,
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  Speaker 7: about what's happening.
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  Speaker 1: It is.
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  Speaker 2: It is.
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  Speaker 5: I mean, no. The surveillance casket is, Nikki, you don't
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  Speaker 5: know this. The surveillance casket is right outside the radio. Oh,
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  Speaker 5: we're not allowed to talk.
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  Speaker 7: About the surveillance casket. No, you're absolutely right. And I
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  Speaker 7: think that there is a lot of tacit pressure. implied
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  Speaker 7: pressure among families, certainly in cities like New York, where
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  Speaker 7: you look at the summer and it can't just be
• 8:22
  Speaker 7: running around in the park or going to a day camp.
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  Speaker 7: There are all these other programs you can pick. And
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  Speaker 7: I think even what has been in vogue, these kind
• 8:27
  Speaker 7: of remote camps that are focused on old school being
• 8:30
  Speaker 7: in the wilderness are now out of vogue. It's time
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  Speaker 7: to start practicing for this test or that test or
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  Speaker 7: thinking about college.
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  Speaker 5: And all that costs money. We learn.
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  Speaker 1: You know what else costs money? Making sure that your
• 8:41
  Speaker 1: kid can play sports and getting to college.
• 8:44
  Speaker 5: Put the puck in the net.
• 8:44
  Speaker 1: Put the puck in the net, you know, hit the
• 8:46
  Speaker 1: ball over the fence. For schools with big basketball or
• 8:50
  Speaker 1: football programs, Janet, they're looking for new revenue sources because
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  Speaker 1: we're in this new era of paying college players. And
• 8:56
  Speaker 1: that's turned a lot of college campuses into districts that
• 8:59
  Speaker 1: look like professional sports stadiums, hasn't it?
• 9:02
  Speaker 8: They are borrowing a page from the professional sports, and
• 9:05
  Speaker 8: that's because they're paying players and they're generating revenue to
• 9:09
  Speaker 8: find money to pay them. The new trend is building
• 9:12
  Speaker 8: or renovating the sports arenas. You're seeing that at major colleges,
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  Speaker 8: including Kansas.
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  Speaker 2: We were just talking about this.
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  Speaker 8: Not a football powerhouse, but David Booth gave them $ 300
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  Speaker 8: million to try to make the stadium better.
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  Speaker 1: And what is the key? Premium seats.
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  Speaker 7: Yeah.
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  Speaker 8: Fancy experiences, things that charge a lot of money and
• 9:32
  Speaker 8: bring in more money to pay those players.
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  Speaker 5: We should mention that David Booth reinvented Bloomberg money, personal finance, retirement,
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  Speaker 5: wealth management. He was academically definitively dimensional of getting things done.
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  Speaker 1: Very well said.
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  Speaker 5: He's a real deal.
• 9:46
  Speaker 1: So when it comes to these new stadiums and these
• 9:49
  Speaker 1: new school, these new offerings, luxury amenities, where does the
• 9:53
  Speaker 1: school part of it fit in? I mean, because the
• 9:54
  Speaker 1: tuition keeps going up, doesn't it? Yes.
• 9:59
  Speaker 8: Well, in some cases that they're looking to private equity
• 10:02
  Speaker 8: at the University of Tennessee, they're building this new district
• 10:05
  Speaker 8: that will have hotels, apartments, you name it.
• 10:08
  Speaker 4: And they are the landlord. They own the land and
• 10:10
  Speaker 4: they will.
• 10:11
  Speaker 8: Be sharing revenue from whatever comes in for those developments.
• 10:14
  Speaker 5: Speaking of sharing revenue, is there a name, image, likeness
• 10:18
  Speaker 5: for the New York Mets?
• 10:20
  Speaker 1: Oh, I knew you were going there. Well, you know,
• 10:23
  Speaker 1: Pete Alonzo.
• 10:24
  Speaker 5: Took the name, image, likeness down to the land of Rubenstein.
• 10:28
  Speaker 1: 300th home run, and it....
• 10:32
  Speaker 8: At Baltimore, and he was here at Citi Field doing it.
• 10:35
  Speaker 8: It was kind of a nice honor for him, but yeah,
• 10:38
  Speaker 8: it's too bad.
• 10:39
  Speaker 2: It's too bad.
• 10:39
  Speaker 5: Have a Tito's and Tang on the way out the door.
• 10:41
  Speaker 1: That's the life of a New York Mets fan.
• 10:43
  Speaker 5: Yeah, Janet Lorne, thank you, thank you so much. Nikki Waller,
• 10:45
  Speaker 5: thank you and your team for great work on personal finance.
• 10:48
  Speaker 5: I don't know what to say to you. You've got
• 10:50
  Speaker 5: like a 24-hour Sunday, don't you?
• 10:52
  Speaker 7: 24-hour Sunday, big event, as I said, coming up. I'm
• 10:54
  Speaker 7: particularly looking forward to talking to Howard Marks. We're going
• 10:56
  Speaker 7: to talk about AI and the economy, so he'll be
• 10:58
  Speaker 7: our guest on the morning show.
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  Speaker 5: Looking forward to that.
• 11:00
  Speaker 2: All right.
• 11:01
  Speaker 1: That's fantastic. That's coming up this weekend on Bloomberg. Now,
• 11:04
  Speaker 1: coming up on Bloomberg Money, we're going to talk investing
• 11:07
  Speaker 1: regime change with Henry McVeigh, his partner at KKR. And
• 11:11
  Speaker 1: be sure, as we were just mentioning, to tune in
• 11:14
  Speaker 1: for the Qatari Economic Forum held in New York. Bloomberg
• 11:16
  Speaker 1: will be covering that live on Sunday, including conversations with
• 11:19
  Speaker 1: the IMF managing director and city chair and CEO, Shane Frazier.
• 11:23
  Speaker 1: This is Bloomberg Money.
• 11:25
  Speaker 5: You're listening to Bloomberg Money. Stay with us with more
• 11:28
  Speaker 5: to come after this. Bloomberg Money, and we say good
• 11:35
  Speaker 5: afternoon to you. Really the first show back after the
• 11:38
  Speaker 5: summer break. Scarlett Fu and Tom Keene. Again, there's a
• 11:43
  Speaker 5: bustle in the city more than to do with a
• 11:45
  Speaker 5: huge event Sunday.
• 11:46
  Speaker 4: Yes.
• 11:46
  Speaker 1: Well, the U.N. General Assembly begins this weekend. And of course,
• 11:50
  Speaker 1: we've got a lot of diplomats descending upon the city.
• 11:52
  Speaker 1: It's going to be super busy. Don't try to take
• 11:55
  Speaker 1: a cab across town.
• 11:56
  Speaker 5: Across town is worse than going downtown. Here's what we're
• 11:58
  Speaker 5: going to do right now. This is a joy. Henry
• 12:01
  Speaker 5: McVeigh held court at Morgan Stanley for years. To say
• 12:04
  Speaker 5: he's a partner at KKR barely describes his holistic view
• 12:09
  Speaker 5: of our economics, our finance, our investments. So you say, well,
• 12:12
  Speaker 5: what's it got to do with personal finance? What's it
• 12:14
  Speaker 5: got to do with retirement or wealth management? He and
• 12:17
  Speaker 5: his team have put out an absolutely definitive report, history-based,
• 12:22
  Speaker 5: as you'd expect for a guy from KKR. University of
• 12:24
  Speaker 5: Virginia as a history major years ago. Let's start with
• 12:28
  Speaker 5: the history of our regime change. What did we used
• 12:32
  Speaker 5: to do that's maybe dated right now?
• 12:35
  Speaker 11: So pre-COVID, if you think about it, coming out of
• 12:37
  Speaker 11: the GFC, we had secular stagnation, right? The central banks
• 12:42
  Speaker 11: could not engender inflation in the system.
• 12:45
  Speaker 5: So what would you do?
• 12:45
  Speaker 11: You'd lower rates, try to increase borrowing, and then that
• 12:48
  Speaker 11: would lead to consumption.
• 12:49
  Speaker 2: Right.
• 12:50
  Speaker 11: When COVID hit, you had a huge amount of fiscal
• 12:53
  Speaker 11: stimulus come in the system. The money multiplier started to work,
• 12:57
  Speaker 11: and we went into what we call a regime change.
• 13:00
  Speaker 11: Bigger deficits, governments are spending more.
• 13:02
  Speaker 2: Right.
• 13:02
  Speaker 11: More geopolitics, messy energy transition, and more things that are
• 13:06
  Speaker 11: going to bump into.
• 13:07
  Speaker 5: And into Bloomberg Money, a messy bond transition as well.
• 13:10
  Speaker 5: I want to go to this one quote. This is
• 13:12
  Speaker 5: a really sophisticated report, folks. Get it from KKR. I
• 13:16
  Speaker 5: can't say enough about it right now. And it's simple.
• 13:19
  Speaker 5: Productivity-driven growth and increasing economic choke points for political gains.
• 13:26
  Speaker 5: It reinforces Henry McVeigh's view. We are indeed in a
• 13:30
  Speaker 5: regime change, and it moves to private equity. Why does
• 13:34
  Speaker 5: Scarlett Fu need private equity? IRA?
• 13:38
  Speaker 11: Well, ultimately, I think if you believe in compounding, which
• 13:42
  Speaker 11: we think is the eighth wonder of the world, you
• 13:43
  Speaker 11: guys talk about it all the time. That's what private
• 13:45
  Speaker 11: equity does. The second big point is that it actually
• 13:49
  Speaker 11: lends itself to operational improvements and companies making them better.
• 13:53
  Speaker 5: So you're not buying beta of the market.
• 13:55
  Speaker 11: You're actually buying alpha that's generated by making companies better.
• 13:59
  Speaker 11: We typically own At any time, 200 companies, we're using
• 14:02
  Speaker 11: the network of what we're seeing across all those companies
• 14:05
  Speaker 11: to share best practices and to drive growth for our owners.
• 14:08
  Speaker 5: Does Mr. McVeigh know that if there's a third Greek
• 14:10
  Speaker 5: letter mentioned, the trap door opens? Oh, yeah, yeah.
• 14:13
  Speaker 1: It's a Friday, so we'll let him off easy. What
• 14:16
  Speaker 1: happens in a higher interest rate environment, though, for private equity?
• 14:19
  Speaker 1: Because they've had a hard time being able to exit
• 14:21
  Speaker 1: some of their investments with borrowing costs elevated, and it's
• 14:25
  Speaker 1: only going to get more elevated.
• 14:26
  Speaker 11: Look, I'd say there are a couple of things, which
• 14:28
  Speaker 11: is interest rates is not your only lever, right? Your
• 14:30
  Speaker 11: best thing is how you run the business. There's going
• 14:33
  Speaker 11: to be a vintage of private equity that came through 2021.
• 14:37
  Speaker 11: And you see this in some of the software deals
• 14:39
  Speaker 11: where you paid high prices. That will be a little
• 14:42
  Speaker 11: bit of a bump in the night. But that's ultimately
• 14:45
  Speaker 11: why you need to diversify where you invest. And ultimately,
• 14:48
  Speaker 11: I think we have not been seeing that. And I
• 14:51
  Speaker 11: know this catches the media's attention all the time. But
• 14:53
  Speaker 11: if you look at our exits and we're publicly traded,
• 14:56
  Speaker 11: you can see we've had pretty substantial.
• 14:58
  Speaker 5: Exits of late.
• 14:59
  Speaker 1: What's the most common mistake or misunderstanding that individual investors
• 15:02
  Speaker 1: have when they allocate to private markets? Because this idea
• 15:05
  Speaker 1: of getting some private assets into your portfolio is kind
• 15:08
  Speaker 1: of new for individuals.
• 15:09
  Speaker 5: Kind of new. Revolutionary. It's to be long term.
• 15:15
  Speaker 11: Private equity is predicated on an illiquidity premium.
• 15:18
  Speaker 1: What, is long-term five years, 10 years?
• 15:20
  Speaker 11: Somewhere between five and 10 years. If you're coming in
• 15:22
  Speaker 11: and you need the money in six months, that's not
• 15:24
  Speaker 11: the best.
• 15:24
  Speaker 5: Okay, this is the heart of the matter. Good morning, Blackstone.
• 15:27
  Speaker 5: Love you. Good morning. Is there any other companies besides
• 15:29
  Speaker 5: Blackstone or BlackRock? The heart of the matter, Henry, is
• 15:32
  Speaker 5: this liquidity issue. Do we need to set up sensible
• 15:36
  Speaker 5: guardrails within ERISA programs, retirement programs, to make it efficacious
• 15:42
  Speaker 5: to wait five years to get that gross up from
• 15:45
  Speaker 5: private equity.
• 15:46
  Speaker 11: I was around when we actually introduced the 401ks into
• 15:49
  Speaker 11: the public markets in the 1990s when we took a
• 15:52
  Speaker 11: lot of these asset managers public. If you think about
• 15:54
  Speaker 11: somebody who's 35, they're going to be in the workforce
• 15:57
  Speaker 11: for 25 to 30 years. Taking some small proportion of
• 16:00
  Speaker 11: your savings and having that compound over time where you
• 16:05
  Speaker 11: don't have a threat of illiquidity, that is in my view.
• 16:08
  Speaker 5: Totally agree. Have you seen evidence that people will be
• 16:10
  Speaker 5: adults and do that? Or do they sell or ask
• 16:13
  Speaker 5: to sell on the first stress?
• 16:15
  Speaker 11: I think a lot of this gets to investor education,
• 16:19
  Speaker 11: which is what's the right vehicle?
• 16:22
  Speaker 5: Where are you?
• 16:23
  Speaker 11: What is your long-term goal? And ultimately, what's the best
• 16:26
  Speaker 11: vehicle for getting you there?
• 16:28
  Speaker 1: Henry, Tom talked about your regime change framework, and that
• 16:31
  Speaker 1: goes back to the end of COVID. I think 2022
• 16:34
  Speaker 1: is when you really started talking about it. But a
• 16:36
  Speaker 1: lot has changed since 2022, right? NVIDIA kicked off the
• 16:39
  Speaker 1: AI boom. You have the return of a new president
• 16:42
  Speaker 1: or old president, Trump, and his many policies, which have
• 16:45
  Speaker 1: proven to be inflationary, whether it's tariffs, the war, or immigration,
• 16:49
  Speaker 1: or the one big, beautiful bill. So how do you
• 16:51
  Speaker 1: fold those developments into this framework? Yeah.
• 16:54
  Speaker 11: So a couple of things I'd say at the heart
• 16:56
  Speaker 11: of what we're talking about is that stocks and bonds
• 16:59
  Speaker 11: are now positively correlated. So if you think about Liberation Day,
• 17:02
  Speaker 11: what happened? The dollar went down, bonds sold off and
• 17:05
  Speaker 11: stocks sold off. For the prior 20 years, you had
• 17:09
  Speaker 11: when stocks sold off, bonds rallied. And that's how you
• 17:12
  Speaker 11: diversify yourself. Our view is that is a more sustainable trend.
• 17:16
  Speaker 11: What's happened, I would say probably geopolitics has accelerated. That
• 17:20
  Speaker 11: was one of our key foundations. The second is the
• 17:22
  Speaker 11: deficits have accelerated. We have not left the call that
• 17:26
  Speaker 11: you're in this higher resting heart rate for inflation. And
• 17:29
  Speaker 11: so if you think about what KKR has done, more
• 17:31
  Speaker 11: operational improvement in private equity, more real assets in the portfolio,
• 17:35
  Speaker 11: and then credit be up in the capital structure where
• 17:37
  Speaker 11: you're not stuck in just a fixed investment.
• 17:39
  Speaker 5: In your brilliant regime change report, There's a chart of
• 17:42
  Speaker 5: the Sharpe ratio. William Sharpe, Stanford, X beta. You learn
• 17:46
  Speaker 5: three risk with the CFA3. Sharpe, Treanor, Jensen. Let's go
• 17:51
  Speaker 5: to the very Sharpe ratio with Henry McVeigh. It's irrefutable
• 17:56
  Speaker 5: with private equity. You pick up an efficacious Sharpe ratio
• 18:00
  Speaker 5: that will benefit someone in wealth management. Why the struggle now?
• 18:06
  Speaker 5: In terms of, let me drill down. Selling it to
• 18:09
  Speaker 5: the public. Yeah.
• 18:10
  Speaker 11: Look, I think when you look at, I mean, I
• 18:12
  Speaker 11: don't think that anybody at KKR, I think we think
• 18:14
  Speaker 11: that it should go into the wealth business, individual investor business,
• 18:17
  Speaker 11: but it doesn't have to be accomplished overnight. Again, I
• 18:19
  Speaker 11: get back to, we want to be thoughtful stewards. We
• 18:22
  Speaker 11: want to think about education. But when you think about
• 18:25
  Speaker 11: long-term retirement savings, that's the business KKR is in. We're
• 18:29
  Speaker 11: in the retirement security business. And if you can extend
• 18:32
  Speaker 11: that beyond just pensions and sovereign wealth funds and family offices.
• 18:36
  Speaker 11: It makes sense for individuals to have some portion of
• 18:39
  Speaker 11: their portfolio in that. But I don't think you want
• 18:41
  Speaker 11: to do this irresponsibly.
• 18:42
  Speaker 5: And I think where you've seen you've.
• 18:43
  Speaker 11: Seen this go back to Janice in the 1999s, like
• 18:46
  Speaker 11: taking way too much money in way too quickly.
• 18:48
  Speaker 5: It's hard.
• 18:49
  Speaker 11: That happened in the dotcom era. Everybody learned a lesson.
• 18:51
  Speaker 11: We've seen that in different areas. And so just slow
• 18:54
  Speaker 11: and steady wins the race is our 50th year at KKR.
• 18:57
  Speaker 11: This isn't our first radio. We've been around, and I
• 19:00
  Speaker 11: think you know our founders. Ultimately, you've got to have
• 19:03
  Speaker 11: a long-term focus.
• 19:04
  Speaker 5: It's too much. Janice, he's throwing massive shade at Denver.
• 19:09
  Speaker 11: But ultimately, concentration, all the things that apply to the
• 19:13
  Speaker 11: public markets apply to the private markets, which is have
• 19:17
  Speaker 11: linear deployment, think about concentration, think about leverage.
• 19:20
  Speaker 1: What would surprise people about your personal investment strategy?
• 19:23
  Speaker 11: So, I mean, obviously, with all the guardrails that I
• 19:26
  Speaker 11: serve as the CIO of the balance sheet, look, what
• 19:29
  Speaker 11: I would extrapolate is we do a lot in Asia,
• 19:32
  Speaker 11: particularly in Japan. And I think there's a lot going
• 19:34
  Speaker 11: on in Japan and Korea around corporate reform.
• 19:37
  Speaker 5: Most investors, I.
• 19:38
  Speaker 11: Think when they look at their individual accounts, they're highly
• 19:41
  Speaker 11: concentrated in the U.S. So that would be one thing
• 19:43
  Speaker 11: that I would keep in mind. The second is when
• 19:47
  Speaker 11: I think about what's going on in the infrastructure around
• 19:49
  Speaker 11: the world, that's something that we think is a big
• 19:52
  Speaker 11: theme where the public sector is having to hand that
• 19:55
  Speaker 11: off to the private sector. So that's been a big
• 19:56
  Speaker 11: part of what we're doing at KKR. And then I
• 19:59
  Speaker 11: think we hit on this earlier. I'm much more inclined
• 20:02
  Speaker 11: to own stocks over bonds. If we're in this higher
• 20:04
  Speaker 11: resting heart rate for inflation, I probably will be trimming
• 20:07
  Speaker 11: down my government bond holdings.
• 20:10
  Speaker 1: To how small? Not going to comment specifically on that.
• 20:15
  Speaker 11: But to me, equities are a great inflation hedge. And
• 20:18
  Speaker 11: a lot of what we're doing on the private side
• 20:20
  Speaker 11: is doing that. but also in a way that you're
• 20:22
  Speaker 11: improving the outlook for the company.
• 20:24
  Speaker 1: How about housing? How about property and real assets?
• 20:27
  Speaker 11: I mean, look, I think the American dream, in my view,
• 20:30
  Speaker 11: is changing, which is I think home ownership is important,
• 20:34
  Speaker 11: but I also think having employee ownership is important. And
• 20:37
  Speaker 11: we've been doing that at KKR through our program.
• 20:39
  Speaker 5: So I think that's an important part of the story.
• 20:42
  Speaker 1: Thank you, Henry. Really appreciate it. Henry McVeigh, partner at KKR.
• 20:46
  Speaker 1: Coming up next, Alicia Levine over at BNY Wealth. This
• 20:49
  Speaker 1: is Bloomberg Money.
• 20:53
  Speaker 5: You're listening to Bloomberg Money. Stay with us with more
• 20:56
  Speaker 5: to come after this. Welcome back. Bluebird money on an afternoon,
• 21:06
  Speaker 5: a Friday. Busy end of the week we will go,
• 21:08
  Speaker 5: end of the weekend as well. Scarlett Fu and Tom Keene.
• 21:11
  Speaker 5: I'm sort of exhausted by the week. I know.
• 21:14
  Speaker 1: It's been a lot. There's been a lot. The AI panic,
• 21:16
  Speaker 1: the Fed rate hike.
• 21:17
  Speaker 5: The Fed meeting.
• 21:18
  Speaker 4: Yeah.
• 21:18
  Speaker 1: And we've turned things around since that Fed meeting. We
• 21:21
  Speaker 1: had recovery on Thursday, and now we're back to being
• 21:24
  Speaker 1: down again. You look at stocks on Friday, and all
• 21:27
  Speaker 1: arrows lower, red arrows, with all the industry groups down
• 21:31
  Speaker 1: on the day.
• 21:31
  Speaker 5: We need to do a data check here?
• 21:32
  Speaker 1: We do.
• 21:33
  Speaker 2: Damn.
• 21:34
  Speaker 1: Can't get away from it, Tom.
• 21:35
  Speaker 5: There it is. I'm stuck. What's a VIX doing right now? 15.
• 21:37
  Speaker 5: That's a bull market VIX. I mean, that's unbelievable. I
• 21:41
  Speaker 5: thought we'd have a VIX at 22 where it's coming
• 21:43
  Speaker 5: to an end.
• 21:44
  Speaker 1: And even that with a 5% yield on the 10-year.
• 21:46
  Speaker 5: You would think so. And when oil was 109 a barrel.
• 21:49
  Speaker 5: How about a cross-asset data check? We look at that
• 21:51
  Speaker 5: for these bonds, currencies, commodities. You do that. Alicia Levine
• 21:54
  Speaker 5: coming up. That's the way sheet rolls. Oil, the story. 107,
• 21:57
  Speaker 5: 109 earlier. Comes back a little bit during the week.
• 22:01
  Speaker 5: But to me, and we don't have to talk about
• 22:02
  Speaker 5: it on Bloomberg. Money, but the dollar strength this week
• 22:06
  Speaker 5: is really a back story.
• 22:07
  Speaker 1: Yeah, it might be a good time to go traveling
• 22:08
  Speaker 1: if you can afford it.
• 22:09
  Speaker 5: All right.
• 22:09
  Speaker 1: Bloomberg Money is your new destination for personal finance. It's
• 22:12
  Speaker 1: a cross-platform effort that extends beyond your television screen and
• 22:16
  Speaker 1: includes our new digital hub at Bloomberg.com slash money. And Tom,
• 22:19
  Speaker 1: one of the most widely read stories on the Bloomberg
• 22:21
  Speaker 1: this week. and on our website, is the cutthroat competition
• 22:25
  Speaker 1: to get an entry-level job on Wall Street. You have
• 22:27
  Speaker 1: college freshmen competing for spots in student-run finance and investing
• 22:31
  Speaker 1: clubs that then feed into recruiting opportunities at some of
• 22:35
  Speaker 1: these banks. Some students are seeking coaching services that could
• 22:38
  Speaker 1: cost thousands or tens of thousands of dollars. Bloomberg Finance
• 22:41
  Speaker 1: Editor Dan Taub is here to break down the story.
• 22:43
  Speaker 1: And Dan, I mean, these jobs have always been competitive,
• 22:46
  Speaker 1: but we have entered a new era. Yep, that's right. Yeah.
• 22:50
  Speaker 9: I mean, the banks want the best recruits and they
• 22:52
  Speaker 9: want them as early as possible. So students have to
• 22:56
  Speaker 9: prepare a lot earlier than they used to starting like
• 22:58
  Speaker 9: freshman year, basically.
• 23:00
  Speaker 1: Which is crazy. And the acceptance rate for some of
• 23:02
  Speaker 1: these jobs is lower than to get into Harvard, right?
• 23:05
  Speaker 1: It's like 0.01 percent. Talk a little bit about these
• 23:08
  Speaker 1: student run finance club and investing clubs, because we talk
• 23:10
  Speaker 1: to folks who are doing them and it's competitive to
• 23:13
  Speaker 1: get into those.
• 23:14
  Speaker 5: Correct.
• 23:14
  Speaker 9: Yeah, it's harder to get into those clubs than to
• 23:16
  Speaker 9: get into the school in the first place. And part
• 23:18
  Speaker 9: of the reason is because they learn the skills at
• 23:20
  Speaker 9: those clubs. They help them get the internships and then
• 23:23
  Speaker 9: help them get the jobs. So some of the things
• 23:26
  Speaker 9: they learn are how to read balance sheets, how to
• 23:28
  Speaker 9: look at cash flow statements, how to value deals and
• 23:32
  Speaker 9: also had him you.
• 23:33
  Speaker 5: Know this is brilliant the difference here is these kids
• 23:36
  Speaker 5: are really lumber terminal helping I'm talking our book lumber
• 23:39
  Speaker 5: terminal helping out these kids are looking at the four
• 23:41
  Speaker 5: accounting statements I was looking at the back of the
• 23:43
  Speaker 5: beer can to see if the beer was made in
• 23:45
  Speaker 5: Canada or the US right now are these kids too
• 23:48
  Speaker 5: smart is that why it's too competitive.
• 23:51
  Speaker 9: Well, I mean, the kids are smart. I mean, the
• 23:52
  Speaker 9: kids in these clubs who get into them are obviously
• 23:55
  Speaker 9: top to top. But, you know, it's also, you know,
• 23:58
  Speaker 9: the job market is competitive these days. And, you know,
• 24:01
  Speaker 9: if you're preparing for a field that they, you know,
• 24:04
  Speaker 9: have jobs. Coding is not what it used to be
• 24:06
  Speaker 9: in the age of AI. So if you want a
• 24:08
  Speaker 9: finance job and you know it's going to be like
• 24:10
  Speaker 9: less than 1% chance you'll get acceptance at J.P.
• 24:13
  Speaker 5: Morgan or Goldman Sachs.
• 24:14
  Speaker 1: You have to prepare. You have to prepare. And, you know,
• 24:16
  Speaker 1: these jobs pay well in a time when it's hard
• 24:19
  Speaker 1: to just get a paying job. Bloomberg Finance Editor Dan Taub,
• 24:22
  Speaker 1: thank you so much.
• 24:23
  Speaker 5: Right now, this is a joy. She was at Brown University.
• 24:27
  Speaker 5: She's doing okay. So she got her fourth, fifth, sixth internship,
• 24:31
  Speaker 5: and then she wandered over to Chicago and did brilliant mathematics.
• 24:35
  Speaker 5: Alicia Levine owns a high ground on linking mathematics into
• 24:38
  Speaker 5: all that we do within our personal finance, our retirement,
• 24:42
  Speaker 5: our wealth management, holding court as chief investment officer at
• 24:46
  Speaker 5: BNY Wealth. What's the biggest mistake you see in the
• 24:49
  Speaker 5: day-to-day grind of at BNY that people are doing on
• 24:52
  Speaker 5: their retirement?
• 24:54
  Speaker 6: I think the biggest mistake that we see, like we're
• 24:58
  Speaker 6: in the wealth business, is wanting to trade the allocations
• 25:02
  Speaker 6: or wanting to swap out all the time because of
• 25:05
  Speaker 6: headlines and essentially trying to pretend that building wealth is
• 25:10
  Speaker 6: the same thing as being a hedge fund manager. That
• 25:12
  Speaker 6: is the biggest mistake.
• 25:14
  Speaker 2: That we see.
• 25:15
  Speaker 6: And that is one of our messages that we always
• 25:16
  Speaker 6: talk about, which is wealth is built over decades and
• 25:21
  Speaker 6: that trading actually gives you worse returns than if you
• 25:25
  Speaker 6: did the hypothetical experiment and you missed the five best
• 25:30
  Speaker 6: days of the year or the 10 best days of
• 25:32
  Speaker 6: the year. You underperformed by 5% annualized returns. you know,
• 25:36
  Speaker 6: going forward over the next 20 years.
• 25:37
  Speaker 5: Do you blame Scarlett Fu and the media?
• 25:40
  Speaker 6: No, I don't blame the media because there are plenty
• 25:43
  Speaker 6: of businesses out there that are hedge funds, that are trading,
• 25:47
  Speaker 6: that are using derivatives, trying to hedge some near-term risk.
• 25:51
  Speaker 6: But the wealth, building wealth is very, very different. And
• 25:54
  Speaker 6: building a future where you feel confident is very different
• 25:58
  Speaker 6: than trading. And it's not day trading and it's not
• 26:00
  Speaker 6: even annual trading. And I think that's the biggest business
• 26:03
  Speaker 6: because We.
• 26:04
  Speaker 2: Hear scary stories. We hear tariffs. We hear war. We
• 26:07
  Speaker 2: hear oil at 105.
• 26:08
  Speaker 1: And you feel.
• 26:09
  Speaker 2: Like you have to get out. You have to do this.
• 26:11
  Speaker 6: And in the end, those typically, 100% of the time,
• 26:15
  Speaker 6: tend to be mistakes.
• 26:16
  Speaker 2: And look at 2008.
• 26:16
  Speaker 6: That was a mistake as well. When the markets started rallying,
• 26:20
  Speaker 6: it was like a... It was like a rocket to
• 26:23
  Speaker 6: the upside.
• 26:23
  Speaker 1: So I feel like I think about the investment products
• 26:26
  Speaker 1: that do really well, that get a lot of inflows.
• 26:28
  Speaker 1: And you could talk about buffer ETFs. You could talk
• 26:30
  Speaker 1: about these equity income ETFs using derivatives to generate high yields.
• 26:34
  Speaker 1: Is there a place for that kind of strategy, that
• 26:36
  Speaker 1: kind of thinking, that kind of approach in your retirement
• 26:38
  Speaker 1: account at all?
• 26:39
  Speaker 6: So there is a place for that. But I think
• 26:41
  Speaker 6: it's really I think you just go back to the
• 26:44
  Speaker 6: simple thing, which is what are you trying to do?
• 26:46
  Speaker 6: You're trying to grow your capital.
• 26:48
  Speaker 2: End of sentence.
• 26:50
  Speaker 6: So there's a really easy way to grow capital, and
• 26:53
  Speaker 6: that's equities, and that's being fully diversified globally in all sizes,
• 26:57
  Speaker 6: and you let it run.
• 26:59
  Speaker 2: And the question you have to ask yourself is, when
• 27:00
  Speaker 2: am I retiring? When do I think I'm retiring, and when.
• 27:04
  Speaker 6: Do I have to start transitioning towards protecting those gains
• 27:08
  Speaker 6: or something more conservative?
• 27:10
  Speaker 2: But if you're in the growth phase, it's pretty simple.
• 27:14
  Speaker 5: Alicia Levine with us writing 24-7. Let's look at the
• 27:16
  Speaker 5: latest note here. As we can, the earnings in CapEx backdrop, well,
• 27:20
  Speaker 5: it remains much stronger than in prior tightening cycles. That's
• 27:24
  Speaker 5: why Alicia Levine's seeing resilience. Inflation-sensitive assets deserve attention. Is
• 27:31
  Speaker 5: a general statement at BNY, are people too afraid? Are
• 27:34
  Speaker 5: they too much in cash, too much in bills, notes,
• 27:36
  Speaker 5: and bonds of lesser duration instead of, not the cliche
• 27:40
  Speaker 5: of owning Nvidia, but just being in the market?
• 27:43
  Speaker 6: So, I'd say people have been worried really since 2020, right?
• 27:48
  Speaker 6: People are just worried a lot because it's been a
• 27:50
  Speaker 6: very noisy period.
• 27:51
  Speaker 2: A lot of geopolitical events.
• 27:53
  Speaker 6: We see the fracturing of the world trade system and
• 27:56
  Speaker 6: we see the building of debt.
• 27:57
  Speaker 2: The $ 40 trillion. Again, these are the headlines. I'd say
• 28:00
  Speaker 2: people are worried all the time.
• 28:03
  Speaker 6: I wouldn't say that there's a lot of cash out
• 28:05
  Speaker 6: there because the cash tends to be pretty steady, right?
• 28:10
  Speaker 2: We talk about what's a money market account.
• 28:12
  Speaker 1: Yeah, $ 8 trillion.
• 28:13
  Speaker 6: Yeah, but as a percent of the S & P,
• 28:15
  Speaker 6: it's smaller than it was 15 years ago, even though
• 28:17
  Speaker 6: the absolute number is higher. We talk about the absolute number,
• 28:20
  Speaker 6: but as a percentage of the S & P, it's
• 28:22
  Speaker 6: actually smaller.
• 28:24
  Speaker 2: I think the issue is that.
• 28:26
  Speaker 6: There's more conversation about why you should not be trying
• 28:29
  Speaker 6: to trade this, why you should not be going to
• 28:31
  Speaker 6: cash over time. And one down year in the market
• 28:34
  Speaker 6: does not make it a reason to get out of
• 28:37
  Speaker 6: the market because we all know that there are downturns
• 28:40
  Speaker 6: in markets. And that's that's fairly normal.
• 28:42
  Speaker 1: Well, speaking of scary headlines, the $ 40 trillion in national
• 28:45
  Speaker 1: debt that we have out there, this idea has been
• 28:49
  Speaker 1: prominent for decades. But even the experts are now talking
• 28:52
  Speaker 1: about it with this new level of urgency that we
• 28:54
  Speaker 1: haven't heard before. We've, of course, yet to see a
• 28:56
  Speaker 1: policy response, and it's going to take a lot of
• 28:58
  Speaker 1: pain from either side. So that's why we probably haven't
• 29:02
  Speaker 1: seen anything. But is this idea of all this debt
• 29:05
  Speaker 1: actionable for individual investors, especially when it comes to people's
• 29:08
  Speaker 1: exposure to treasuries or to municipal bonds?
• 29:11
  Speaker 5: Yeah.
• 29:11
  Speaker 6: So I'd say the actual number, in a sense, is
• 29:14
  Speaker 6: part of the growing story of the growing debt.
• 29:17
  Speaker 2: I feel every few years we have a panic. It's
• 29:19
  Speaker 2: a big number. It's a round number. It's a zero number.
• 29:21
  Speaker 6: It's a five number, like birthdays, and it tends to
• 29:24
  Speaker 6: get people's attention. I'd say for now, what we're doing
• 29:27
  Speaker 6: in our client portfolios is really being in the belly
• 29:30
  Speaker 6: of the curve, intermediate to short-term duration, five.
• 29:33
  Speaker 2: To 10 year. I think there's risk any longer duration here.
• 29:37
  Speaker 2: There is concern that.
• 29:39
  Speaker 6: I think the Fed hiking right now into what is
• 29:45
  Speaker 6: the inflation that's being caused by the increase in oil
• 29:47
  Speaker 6: prices may not be that effective, actually. And so what
• 29:52
  Speaker 6: kind of inflation hedge can we have in portfolios? And
• 29:54
  Speaker 6: that's what we're doing in portfolios here. So it's not
• 29:57
  Speaker 6: just like short and intermediate bonds, but also looking at
• 30:00
  Speaker 6: real assets and infrastructure. You just had a previous conversation
• 30:03
  Speaker 6: about that as well, because we think we're just in
• 30:06
  Speaker 6: a higher inflationary world since COVID, the reshoring, the friend shoring,
• 30:12
  Speaker 6: the nationalizing of businesses for critical industries, whether it's you know,
• 30:18
  Speaker 6: pharmaceuticals or whether it's chips, manufacturing capacity, that's all coming
• 30:23
  Speaker 6: back to home countries.
• 30:25
  Speaker 2: It's happening in Europe as well. And that is inflationary.
• 30:29
  Speaker 6: And there is no central bank that's going to hike
• 30:31
  Speaker 6: high enough to squeeze it out to get to 2%.
• 30:33
  Speaker 1: Yeah, to address it.
• 30:34
  Speaker 2: I'm going to do it.
• 30:35
  Speaker 5: Can I do a Bloomberg Money Audible?
• 30:36
  Speaker 1: Do it.
• 30:37
  Speaker 5: We can do this with Alicia Levine. I think of
• 30:39
  Speaker 5: everyone I know in the game, and there's a few others.
• 30:42
  Speaker 5: I think of Anna Wong. out of Chicago as well
• 30:45
  Speaker 5: with Bloomberg, you have prodigious math abilities to move folks
• 30:51
  Speaker 5: to get fancy about it, to move not in the
• 30:53
  Speaker 5: XY space, but to move almost three-dimensionally through this act.
• 30:57
  Speaker 5: It's profound, and you do it every day. Alicia, when
• 31:00
  Speaker 5: did math happen for you? Math in girls is a really,
• 31:05
  Speaker 5: really delicate thing.
• 31:07
  Speaker 2: Not in my world.
• 31:07
  Speaker 5: Math in girls.
• 31:09
  Speaker 1: Love that answer.
• 31:10
  Speaker 5: What was the catalyst that got Alicia Levine math-ed? Go.
• 31:15
  Speaker 6: OK, this is so Matt, let me say it was
• 31:18
  Speaker 6: arithmetic and that was early and that was like second nature.
• 31:24
  Speaker 6: And I've never thought about arithmetic. It just happens. And
• 31:27
  Speaker 6: that was first or second grade. And then we had
• 31:31
  Speaker 6: a public school system, New York City public schools, second
• 31:34
  Speaker 6: grade in Queens. Our teacher decided that we all should
• 31:38
  Speaker 6: be doing fourth and fifth grade math, and she taught
• 31:40
  Speaker 6: it in second grade. And nobody ever complained, and no
• 31:43
  Speaker 6: one ever said girls couldn't do it. And my cohort,
• 31:46
  Speaker 6: girls were doing math. And there was no conversation around it.
• 31:50
  Speaker 2: We just did it.
• 31:51
  Speaker 1: How hard is it going to be to be a
• 31:52
  Speaker 1: math major and be able to find jobs in the
• 31:55
  Speaker 1: age of AI?
• 31:56
  Speaker 6: That's an interesting question. I think it's not just math.
• 31:58
  Speaker 6: I think it's a lot of it. I think you're
• 32:00
  Speaker 6: best up with a math major right now over many
• 32:02
  Speaker 6: other majors because the ability to think critically and to
• 32:07
  Speaker 6: reframe a question in a different way is very much
• 32:12
  Speaker 6: a mathematical way of thinking. If I change this variable,
• 32:15
  Speaker 6: if I change this input, I'm going to get a
• 32:17
  Speaker 6: different output. That's what math teaches you to do. It
• 32:19
  Speaker 6: teaches you to think.
• 32:20
  Speaker 5: You've been great about the bond market really not giving
• 32:24
  Speaker 5: us total return over X number of years, and yet
• 32:28
  Speaker 5: it's still bonds, bonds, bonds. Are you lesser bonds now?
• 32:32
  Speaker 6: So we are technically underweight bonds given our benchmark allocation,
• 32:37
  Speaker 6: but we do have an allocation to emerging market debt,
• 32:40
  Speaker 6: and we do have an allocation.
• 32:41
  Speaker 2: To high yield, which has been very additive.
• 32:43
  Speaker 6: It's been the core bond portfolio that's been more challenged
• 32:48
  Speaker 6: than the EM debt or the high yield. So we
• 32:50
  Speaker 6: do like fixed income. We're just not focused on, you.
• 32:54
  Speaker 2: Know, the treasuries.
• 32:55
  Speaker 1: You just see it playing a different role.
• 32:56
  Speaker 6: We see it playing a different role because if we're
• 32:59
  Speaker 6: going to be in fixed income, we want to know
• 33:01
  Speaker 6: why we're there.
• 33:02
  Speaker 2: So we have all kinds of clients, right?
• 33:03
  Speaker 6: Someone The keep me rich, the preservation, or I want
• 33:07
  Speaker 6: less risk in my portfolio. And there are ways of
• 33:09
  Speaker 6: doing that. And so we do different parts of the
• 33:11
  Speaker 6: fixed income market. So we still like fixed income. It's
• 33:14
  Speaker 6: just not as heavily weighted. And again, it's really where
• 33:17
  Speaker 6: you are in your life cycle. Are you in the
• 33:19
  Speaker 6: growth phase or are you in the consolidation? And I
• 33:23
  Speaker 6: want to keep what I have. And then we have
• 33:24
  Speaker 6: to allocate differently for that.
• 33:25
  Speaker 5: We're going to work from home. I got 30 seconds.
• 33:29
  Speaker 5: Is BNY saying let's go six days in the office?
• 33:32
  Speaker 2: We're back in the office.
• 33:33
  Speaker 5: You're back in the office.
• 33:33
  Speaker 2: It's not even a question.
• 33:34
  Speaker 5: Are the men wearing suits?
• 33:36
  Speaker 6: No.
• 33:37
  Speaker 5: They're not wearing suits. We're not there yet. They're wearing
• 33:39
  Speaker 5: like Damien Sassauer.
• 33:41
  Speaker 1: They're super casual into the office, and then when they
• 33:44
  Speaker 1: go out at night, that's when they wear their suits.
• 33:45
  Speaker 5: This is going to be great. Alicia Levine on the
• 33:47
  Speaker 5: cutting edge. She says suits. Thank you so much. With
• 33:50
  Speaker 5: BNY Wealth, Chief Investment Officer Alicia Levine. That's what we're
• 33:53
  Speaker 5: going to talk about here. Scarlett demanded that the well-clothed
• 33:58
  Speaker 5: in suits, not always bow ties.
• 34:00
  Speaker 1: No. I don't think the bow ties are back in.
• 34:03
  Speaker 1: Suits are back in for sure. Tailored suits.
• 34:05
  Speaker 5: Tailored suits.
• 34:06
  Speaker 2: Yeah.
• 34:06
  Speaker 1: And sometimes wide-legged pants, which I'm not sure I'm into.
• 34:09
  Speaker 1: The Emmys, they didn't look good on some of the people.
• 34:11
  Speaker 5: Who wore them. Why did I know you watched? Should
• 34:13
  Speaker 5: I watch Willow Bay, the show?
• 34:15
  Speaker 1: Widow's Bay?
• 34:16
  Speaker 5: Willow Bay. Yeah, I call it Willow Bay. Good morning, Mr. Iger.
• 34:19
  Speaker 1: Do you like horror? Do you like comedy? It's kind
• 34:22
  Speaker 1: of a mixture of both.
• 34:23
  Speaker 5: I don't know. I may watch Widow Bay. You're listening
• 34:31
  Speaker 5: to Bloomberg Money. Stay with us with more to come
• 34:35
  Speaker 5: after this.
• 34:45
  Speaker 1: Here in New York, we've all returned to the office.
• 34:47
  Speaker 1: Dress codes, though, are more relaxed than ever across industries,
• 34:50
  Speaker 1: not just on Wall Street. Chris Rauser, Bloomberg's editor for
• 34:53
  Speaker 1: Global Luxury Coverage, sees a new trend emerging. He writes,
• 34:56
  Speaker 1: the pandemic seemed as if it finally marked the death
• 34:59
  Speaker 1: knell of the suit, and yet something improbable has started
• 35:02
  Speaker 1: happening in recent years. The suit is making a comeback.
• 35:06
  Speaker 1: Chris joins us now to discuss, and he's in his
• 35:08
  Speaker 1: suit as well as his bow tie.
• 35:10
  Speaker 5: Yes.
• 35:11
  Speaker 1: Great to have you here, Chris.
• 35:12
  Speaker 5: What are you laughing at?
• 35:14
  Speaker 3: I did. I asked Scarlett for permission to wear the
• 35:16
  Speaker 3: bow tie on with you.
• 35:17
  Speaker 5: You didn't ask me. That's wonderful.
• 35:18
  Speaker 1: That's why it's funny.
• 35:19
  Speaker 5: Is it tie tie or is it fake-o-tie?
• 35:21
  Speaker 3: Tie tie.
• 35:22
  Speaker 5: Thank you.
• 35:22
  Speaker 3: I went to boarding school.
• 35:23
  Speaker 4: Come on.
• 35:25
  Speaker 1: You think about the companies that benefit from the return
• 35:28
  Speaker 1: of suits. Taylor Brands, which owns Men's Warehouse and Joseph A. Bank,
• 35:31
  Speaker 1: they filed for an IPO. This is a real thing.
• 35:33
  Speaker 3: They went bankrupt in 2020. And Brooks Brothers also went bankrupt.
• 35:38
  Speaker 3: The pandemic should have been an extinction-level event for suiting,
• 35:42
  Speaker 3: for tailors, especially mass suiting, because people came back to
• 35:45
  Speaker 3: the office and didn't dress up anymore. I used to
• 35:48
  Speaker 3: wear a lot of suits to this office, and then
• 35:49
  Speaker 3: I sort of stopped a few years after the pandemic.
• 35:53
  Speaker 3: And then When people started going to weddings again and
• 35:57
  Speaker 3: people started having events, they started buying suits again. People
• 36:00
  Speaker 3: lost a lot of weight because of GLP-1 and had
• 36:04
  Speaker 3: different shapes and sizes. And then a funny thing happened
• 36:08
  Speaker 3: in the past few years where, after that boom of
• 36:10
  Speaker 3: people coming back and having to buy suits because weddings
• 36:12
  Speaker 3: were happening again, People stopped having to wear suits, have
• 36:16
  Speaker 3: to wear suits to work and stuff, and they started
• 36:18
  Speaker 3: wearing suits for fun. So now the thing that's like
• 36:21
  Speaker 3: really hopping at Brooks Brothers, for example, is fashion suiting.
• 36:23
  Speaker 3: It's fun suits with fun colors and textures. Same thing
• 36:27
  Speaker 3: at Men's Wearhouse and all these other smaller independent brands.
• 36:30
  Speaker 1: And you went to visit a Japanese suit maker who
• 36:32
  Speaker 1: comes to New York twice a year to take orders.
• 36:35
  Speaker 1: And the getting to know you process between tailor and
• 36:37
  Speaker 1: customer was really fascinating because it wasn't like, where do
• 36:40
  Speaker 1: you work? What kind of office is it? It was
• 36:42
  Speaker 1: about like, what's your interest?
• 36:43
  Speaker 2: This is amazing.
• 36:44
  Speaker 6: Yeah.
• 36:44
  Speaker 3: Right when I started reporting this story, I went to
• 36:46
  Speaker 3: the Armory, which is a wonderful men's wear shop on
• 36:49
  Speaker 3: the Upper East Side. And this tailor, Taylor Cade, Yamamoto-san,
• 36:53
  Speaker 3: comes from Tokyo twice a year, doesn't speak English. And
• 36:56
  Speaker 3: he comes and he has these total fans that come
• 36:59
  Speaker 3: and they do orders with him. And working through interpreters,
• 37:02
  Speaker 3: he talks to them about what they like, how they live.
• 37:05
  Speaker 3: Do you like 70s rock and roll? Do you like sailing?
• 37:08
  Speaker 3: And so all these people, I talked to like a
• 37:10
  Speaker 3: guy who owns a saxophone shop in Boston. I talked
• 37:12
  Speaker 3: to a guy who is an engineer at Google who
• 37:15
  Speaker 3: wears three-piece suits to work at Google where everyone's wearing t-shirts.
• 37:18
  Speaker 5: Wow.
• 37:18
  Speaker 3: Like, there are people who, once they figured out that
• 37:22
  Speaker 3: suits can express you and something about you, it doesn't
• 37:25
  Speaker 3: have to be this uniform.
• 37:25
  Speaker 5: I miss all the time on this. This is Ralph Fitzgerald,
• 37:28
  Speaker 5: which is the same act. Like, a lot of people
• 37:30
  Speaker 5: are into it. I won't bore people with the huge
• 37:33
  Speaker 5: success he's having right now. But the answer is, he
• 37:35
  Speaker 5: says this is all about America. He's from England. He
• 37:38
  Speaker 5: cut cloth for Huntsman years ago. And he moved to
• 37:42
  Speaker 5: New York just because this is where the return of
• 37:45
  Speaker 5: the suit is.
• 37:46
  Speaker 3: Yeah, you're seeing a lot of new tailor shops here.
• 37:48
  Speaker 3: You're seeing a lot of tailors from London move their
• 37:51
  Speaker 3: cutters here. Dunhill's opening up a shop for the first
• 37:54
  Speaker 3: time here coming up later this year. So I think
• 37:58
  Speaker 3: it really is American.
• 37:59
  Speaker 5: We've got to bring it up. With Chris, folks, now
• 38:02
  Speaker 5: we can only do this because I don't have a
• 38:03
  Speaker 5: clue what I'm talking about. Oh, my gosh. Should I
• 38:06
  Speaker 5: be wearing white sneakers with my beautiful Fitzgerald suit? I mean,
• 38:10
  Speaker 5: this is like the new thing. I see it on TV,
• 38:12
  Speaker 5: like in Washington. It's not working for me, Chris. Is
• 38:15
  Speaker 5: it working for you?
• 38:16
  Speaker 3: I do it sometimes, I got to say, because I
• 38:18
  Speaker 3: have bad feet. So I do sometimes wear a sneaker for, yeah,
• 38:21
  Speaker 3: for like orthopedic reasons.
• 38:22
  Speaker 5: Roger Federer can get away with it. He's the only
• 38:24
  Speaker 5: guy in the world.
• 38:25
  Speaker 1: That can get away with it.
• 38:26
  Speaker 3: It's a very Silicon Valley thing too, right? To wear
• 38:29
  Speaker 3: a white sneaker.
• 38:29
  Speaker 1: They don't dress well, I'm sorry.
• 38:31
  Speaker 3: Yeah, well, fair enough. I think a lot of people
• 38:33
  Speaker 3: are doing it. I don't know that you need to
• 38:34
  Speaker 3: do it. I think you probably look better with a
• 38:36
  Speaker 3: dress shoe.
• 38:37
  Speaker 1: Or his Doc Martens. That's what you wear with your suits.
• 38:39
  Speaker 5: I have a bunch of things, but yeah, I think
• 38:41
  Speaker 5: Doc Martens, they're doing some different things. The ones I
• 38:43
  Speaker 5: wear are building their English factory, like the original factory
• 38:47
  Speaker 5: and all that. What's a suit cost? It really varies.
• 38:51
  Speaker 3: At Bloomingdale's, where they saw the suits go down and
• 38:54
  Speaker 3: then come up again, it was like a wild ride,
• 38:56
  Speaker 3: the men's guys in there. You can get a suit
• 38:59
  Speaker 3: for like $ 500, $ 600 from Hugo Boss and some of
• 39:01
  Speaker 3: their entry-level stuff, and they have all the way up
• 39:03
  Speaker 3: to like $ 7, 000 at Zenya.
• 39:05
  Speaker 5: OK, we do some books here right now. I had
• 39:08
  Speaker 5: to go to Alan Flusser. I mean, he dressed Michael
• 39:11
  Speaker 5: Douglas for Gordon Gekko.
• 39:12
  Speaker 1: Oh, really?
• 39:12
  Speaker 5: I mean, he's like absolutely definitive into the age. This
• 39:15
  Speaker 5: was the Bible. There was all these like dress for
• 39:17
  Speaker 5: success stuff. I see you get the preppy thing from
• 39:21
  Speaker 5: years ago. This is the book that changed the debate
• 39:24
  Speaker 5: in America, said subdued colors look like an adult act like,
• 39:29
  Speaker 5: you know, and there's different people. mike bloomberg gets his
• 39:31
  Speaker 5: suits made in brooklyn only one place mike bloomberg will
• 39:34
  Speaker 5: go i used.
• 39:34
  Speaker 3: To greenfield does he go to mark yeah that's where
• 39:36
  Speaker 3: this suit is from.
• 39:37
  Speaker 5: Oh that's very good no wonder you got a raise
• 39:39
  Speaker 5: this year and i didn't that's good guys but there's
• 39:42
  Speaker 5: my book alan flusser it's the bible it's still apt.
• 39:44
  Speaker 1: Today What about your book? What did you bring for us?
• 39:46
  Speaker 3: Oh, I brought the Preppy Handbook. Preppy is having a
• 39:49
  Speaker 3: real big moment in America and internationally, Spain, Japan. And
• 39:53
  Speaker 3: this is the original Bible here.
• 39:55
  Speaker 1: Which is meant to be tongue-in-cheek.
• 39:56
  Speaker 3: I mean, it is tongue-in-cheek, but it's hilarious. And then
• 39:59
  Speaker 3: after you and I talked before the show, I brought
• 40:00
  Speaker 3: Take Ivy, which is.
• 40:02
  Speaker 5: This is the guy that you talked about.
• 40:04
  Speaker 3: Yes, this is a photographer who went to a Japanese
• 40:06
  Speaker 3: photographer who went to the Ivy League in the 60s
• 40:09
  Speaker 3: and took all these photographs of American Ivy style and
• 40:11
  Speaker 3: brought them back to Japan and started the whole wave
• 40:13
  Speaker 3: of just obsession.
• 40:14
  Speaker 1: And it led to the creation of Uniqlo and the
• 40:16
  Speaker 1: look that we have there. So there's a legacy. Oh, no,
• 40:19
  Speaker 1: it's great. There's a good podcast on all this. It's
• 40:21
  Speaker 1: Articles of Interest by Avery Truffleman. So you should listen
• 40:24
  Speaker 1: to that. Anyway, Chris, thank you so much.
• 40:26
  Speaker 5: Thank you, guys.
• 40:27
  Speaker 1: Chris Rauser on the return, the comeback of Suits. He,
• 40:30
  Speaker 1: of course, heads up our Pursuits coverage, our global luxury coverage.
• 40:33
  Speaker 1: And for the latest recommendations and recommendations from Bloomberg, subscribe
• 40:36
  Speaker 1: to the On Books newsletter.
• 40:39
  Speaker 5: Good afternoon, everyone. Bloomberg Money on a Friday in New York,
• 40:41
  Speaker 5: the bustle of New York City. Lisa Mateo, of course,
• 40:44
  Speaker 5: will be with Bloomberg this weekend, the U.N. meetings and
• 40:47
  Speaker 5: all that. As you said, crosstown traffic.
• 40:50
  Speaker 1: Don't go across.
• 40:51
  Speaker 5: You need three cars.
• 40:52
  Speaker 1: Yeah, you have to walk the whole time.
• 40:54
  Speaker 5: Well, the Plaza Hotel on Sunday. Life is tough.
• 40:57
  Speaker 1: Life is tough for some people. But Lisa gets to
• 40:59
  Speaker 1: report from there because the Qatari Economic Forum is taking place.
• 41:02
  Speaker 1: And that's where Bloomberg this weekend will be. Yes. QEF.
• 41:04
  Speaker 4: We're going to be there on Sunday. And just the
• 41:07
  Speaker 4: magnificence of it. I mean, the history, the history behind
• 41:10
  Speaker 4: it as well. A lot going on.
• 41:12
  Speaker 2: You have QEF.
• 41:13
  Speaker 1: You have UNGA going on. The city is.
• 41:15
  Speaker 4: Just pumping the restaurants, the hotels, everything. But the plaza itself,
• 41:19
  Speaker 4: the history behind it, if you would like, just curious
• 41:22
  Speaker 4: about the Royal Suite, it'll cost you anywhere from $ 38, 000
• 41:25
  Speaker 4: to $ 50, 000 a night. So you get a lot for that.
• 41:29
  Speaker 1: I'm sure it's booked all week.
• 41:30
  Speaker 4: You get a lot. You get about three bedrooms. You
• 41:32
  Speaker 4: get a private elevator. You get 24-hour butler service, a
• 41:36
  Speaker 4: number of bathrooms, too, to accommodate people. A dining room
• 41:40
  Speaker 4: that seats 12 in case you want to have like
• 41:42
  Speaker 4: a whole big group there.
• 41:43
  Speaker 2: A chef's kitchen.
• 41:44
  Speaker 4: A private gym it has, too, in itself.
• 41:47
  Speaker 1: It's part of the room. Yes, and a library as well.
• 41:50
  Speaker 4: Overlooks Fifth Avenue. So that's just to give you an
• 41:52
  Speaker 4: idea of that.
• 41:53
  Speaker 1: Is that where you're going to be interviewing people?
• 41:55
  Speaker 4: That's where I'm staying the night when we do book readings.
• 41:58
  Speaker 5: The president wants two scoops.
• 42:00
  Speaker 1: Mr.
• 42:01
  Speaker 5: President, you and Lisa Mateo, 16 scoops of assorted ice cream,
• 42:06
  Speaker 5: whipped cream, M & M' s, chocolate caramel, raspberry. This is
• 42:10
  Speaker 5: popping $ 350 before the $ 77 service fee. But you know.
• 42:15
  Speaker 4: What made a cameo?
• 42:16
  Speaker 5: In-room service.
• 42:18
  Speaker 1: The Home Alone movie. The Home Alone scene. Yes. The
• 42:20
  Speaker 1: President was there in that movie. He made a cameo.
• 42:23
  Speaker 2: He did, right when he was walking through the hall.
• 42:25
  Speaker 1: Tim Curry also had a cameo in that movie. Or no,
• 42:27
  Speaker 1: it wasn't a cameo. It was an actual role.
• 42:30
  Speaker 4: But they have a whole Home Alone package that you
• 42:32
  Speaker 4: can have there.
• 42:32
  Speaker 2: Take you for the limo ride and everything.
• 42:33
  Speaker 5: You had some important conversations this weekend. I mean, within
• 42:36
  Speaker 5: the uproar that Scarlett and I have been reporting on
• 42:38
  Speaker 5: all week.
• 42:39
  Speaker 2: Oh, most definitely.
• 42:40
  Speaker 5: The backdrop is not a Home Alone Sunday. The backdrop
• 42:43
  Speaker 5: is some serious conversation.
• 42:45
  Speaker 2: Yes, some serious conversation. It's Christina Ruffini, David Gurra. They'll
• 42:48
  Speaker 2: be going.
• 42:48
  Speaker 1: We're starting at 7 a.m.
• 42:49
  Speaker 4: We're going all the way through till about 1 p.m.
• 42:52
  Speaker 4: So it's going to be a long day. A lot
• 42:53
  Speaker 4: of guests filled up within there. And they're excited for it.
• 42:56
  Speaker 4: We've been prepping for it for a long time. We
• 42:58
  Speaker 4: have a great team behind us.
• 43:00
  Speaker 2: For this.
• 43:01
  Speaker 1: And they're just excited about it. I see Jenny Johnson.
• 43:04
  Speaker 1: I see Howard Marks. You've got a gold star panel
• 43:08
  Speaker 1: here of guests coming up that'll kind of set the
• 43:10
  Speaker 1: tone for this new era of the economy and investing
• 43:14
  Speaker 1: that we have here upon us. Lisa, thank you so much.
• 43:16
  Speaker 1: Lisa Mateo of Bloomberg This Weekend. Be sure to watch
• 43:19
  Speaker 1: Bloomberg This Weekend every Saturday and Sunday morning, starting at
• 43:21
  Speaker 1: 7 a.m. Eastern time with that special coverage of QEF
• 43:25
  Speaker 1: on Sunday.
• 43:26
  Speaker 5: That's all. It is Bloomberg Money. It's been an extraordinary week.
• 43:30
  Speaker 5: I mean, I can't imagine staggering into October here.
• 43:34
  Speaker 1: I can't wait for next Friday. Can you imagine what's
• 43:36
  Speaker 1: going to happen?
• 43:36
  Speaker 5: Thank you to our team. It's so wonderful that Kieran
• 43:40
  Speaker 5: picked up a Home Alone Sunday for us all to
• 43:42
  Speaker 5: have here.
• 43:43
  Speaker 1: At the end.
• 43:44
  Speaker 5: Good afternoon. This is the Bloomberg Money Podcast, bringing you
• 43:53
  Speaker 5: a smart look at the forces shaping your financial life.
• 43:57
  Speaker 5: I'm Tom Keen with Scarlett Fu. You can watch the
• 44:00
  Speaker 5: show live on Bloomberg TV every Friday at noon Wall
• 44:04
  Speaker 5: Street time. Subscribe to the podcast on Apple, Spotify, or
• 44:09
  Speaker 5: wherever you listen. And as always, on the Bloomberg Terminal
• 44:13
  Speaker 5: and the Bloomberg Business app.