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This is Bloomberg BusinessWeek with Carol Messer and Tim Steneveek on Bloomberg Radio. While Republicans are poised to pave the way to expand fossil fuel development, roll back Biden era environmental regulations in kurtail President Joe Biden's signature climate law after securing unified control of Congress and the White House.

This is Bloomberg BusinessWeek with Carol Messer and Tim Steneveek on Bloomberg Radio. While Republicans are poised to pave the way to expand fossil fuel development, roll back Biden era environmental regulations in kurtail President Joe Biden's signature climate law after securing unified control of Congress and the White House.

All right, Well, House Speaker of Mike Johnson and other Republican lawmakers have said they will press to expand oil and gas leases on federal lands. Johnson would also like to allow more drilling in Alaska's National Petroleum Reserve, and this is coming after the Biden administration enacted regulations to thwart drilling in more than half that area.

All right, Well, House Speaker of Mike Johnson and other Republican lawmakers have said they will press to expand oil and gas leases on federal lands. Johnson would also like to allow more drilling in Alaska's National Petroleum Reserve, and this is coming after the Biden administration enacted regulations to thwart drilling in more than half that area.

For more on what energy policy looks like under the next Trump administration, we bring in Gabriella Hoffman. She's director of the Center for Energy and Conservation at the Independent Women's Forum. It's a conservative nonprofit based in Virginia. Gabriella, welcome. What does the Trump vance administration mean for energy product in the US.

For more on what energy policy looks like under the next Trump administration, we bring in Gabriella Hoffman. She's director of the Center for Energy and Conservation at the Independent Women's Forum. It's a conservative nonprofit based in Virginia. Gabriella, welcome. What does the Trump vance administration mean for energy product in the US.

Well, it means you're going.

Well, it means you're going.

To see more domestic energy production, not only of conventional energy like oil, coal, and natural gas, but also a shoring up of nuclear energy. It's a bipartisan thing, and nuclear is also top of mind. But after four years of regulations that were very onerous discouraging oil and gas and coal production, you're going to see a reversal of that going into this new administration. And as you mentioned, onshore and offsh releases are going to become more prominent and open, and you're going to see not only the scaling up of energy, but also this corresponding protection of the environment, because when you're producing here at home under an energy abundance mindset, you're not going to be relying on countries with worse environmental practices. You're going to be sourcing things very safely and productively here.

To see more domestic energy production, not only of conventional energy like oil, coal, and natural gas, but also a shoring up of nuclear energy. It's a bipartisan thing, and nuclear is also top of mind. But after four years of regulations that were very onerous discouraging oil and gas and coal production, you're going to see a reversal of that going into this new administration. And as you mentioned, onshore and offsh releases are going to become more prominent and open, and you're going to see not only the scaling up of energy, but also this corresponding protection of the environment, because when you're producing here at home under an energy abundance mindset, you're not going to be relying on countries with worse environmental practices. You're going to be sourcing things very safely and productively here.

So it's going to be not only for the economy, but also for the environment too.

So it's going to be not only for the economy, but also for the environment too.

I'm curious though, it's interesting because domestic crude output actually climbed to a record under President Biden's administration, production average twelve point nine million barrels a day last year, to clips to previous annual high Senator Trump back in twenty nineteen. That's a coin to the US Energy Information administration, And just to layer on.

I'm curious though, it's interesting because domestic crude output actually climbed to a record under President Biden's administration, production average twelve point nine million barrels a day last year, to clips to previous annual high Senator Trump back in twenty nineteen. That's a coin to the US Energy Information administration, And just to layer on.

Top of that, Gabriella, I mean, the US has been the world's top oil producer for six years straight, stretching from Donald Trump's first time in office through the tenure of President Biden. So I mean, how much more do we really need to do?

Top of that, Gabriella, I mean, the US has been the world's top oil producer for six years straight, stretching from Donald Trump's first time in office through the tenure of President Biden. So I mean, how much more do we really need to do?

Well?

Well?

Supply and demand really dictated why we saw a surgeon oil and gas production, not because it was a favorable regulatory environment, because supply and demand, as your listeners and viewers know, will sometimes supersede the regulatory environment. And a lot of people responded very negatively earlier this year to the LNG export ban, and Europe in wake of several days of Trump being re elected to office, responded very positively to saying that we're going to rely on the United States for LG a country that my parents are from, Lithuania, one of the top top putent critics, is very excited to get more LNG from US, and so our European allies are very excited for US to short product.

Supply and demand really dictated why we saw a surgeon oil and gas production, not because it was a favorable regulatory environment, because supply and demand, as your listeners and viewers know, will sometimes supersede the regulatory environment. And a lot of people responded very negatively earlier this year to the LNG export ban, and Europe in wake of several days of Trump being re elected to office, responded very positively to saying that we're going to rely on the United States for LG a country that my parents are from, Lithuania, one of the top top putent critics, is very excited to get more LNG from US, and so our European allies are very excited for US to short product.

But that was in spite.

But that was in spite.

Of you see, the reason why we saw more oil and gas production wasn't because the Biden Harrison administration created a favorable environment.

Of you see, the reason why we saw more oil and gas production wasn't because the Biden Harrison administration created a favorable environment.

It was actually quite the opposite.

It was actually quite the opposite.

Well, just on oil. We'll get to LNG and nuclear in a minute, but I do want to go back because there was big news in the commodities world today with an oversupply warning for oil. The IEA actually saying that the global oil markets face a surplus of more than a million barrels a day next year as Chinese demand continues to falter. Are oil producers in the US actually going to want to drill new wells with US output already at a record high and investors previously burned over oversupply in the.

Well, just on oil. We'll get to LNG and nuclear in a minute, but I do want to go back because there was big news in the commodities world today with an oversupply warning for oil. The IEA actually saying that the global oil markets face a surplus of more than a million barrels a day next year as Chinese demand continues to falter. Are oil producers in the US actually going to want to drill new wells with US output already at a record high and investors previously burned over oversupply in the.

Market, I think you'll see an appetite for it, and maybe they'll disperse their attention to other areas of oil and gas. Companies are also looking to look into different enterprises that perhaps some will get into the nuclear game natural gas game more so because natural gas and nuclear will be very much in demand for AI powered data centers. But you have seen the American Petroleum Institute, Shell, all these different companies saying they're pivoting away from a net zero kind of I'm at focused with actually shoring up their traditional kind of output in functions. You've seen different headlines across the recent months, so I'm confident they'll know what to do with that, and we will I think see a perhaps a continued growth and a continued insistence of more oil or new potential oil and gas drilling opportunities, especially in the Gulf of Alaska, the Gulf of Mexico areas where it was very restricted these past four years.

Market, I think you'll see an appetite for it, and maybe they'll disperse their attention to other areas of oil and gas. Companies are also looking to look into different enterprises that perhaps some will get into the nuclear game natural gas game more so because natural gas and nuclear will be very much in demand for AI powered data centers. But you have seen the American Petroleum Institute, Shell, all these different companies saying they're pivoting away from a net zero kind of I'm at focused with actually shoring up their traditional kind of output in functions. You've seen different headlines across the recent months, so I'm confident they'll know what to do with that, and we will I think see a perhaps a continued growth and a continued insistence of more oil or new potential oil and gas drilling opportunities, especially in the Gulf of Alaska, the Gulf of Mexico areas where it was very restricted these past four years.

I got to ask you, you know, we're looking at fires in and around the New York metro area. This is unusual. We've certainly seen them out on the West Coast. And you know, this all plays into concerns around climate change, and this then ties back to certainly.

I got to ask you, you know, we're looking at fires in and around the New York metro area. This is unusual. We've certainly seen them out on the West Coast. And you know, this all plays into concerns around climate change, and this then ties back to certainly.

Fossil fuel production.

Fossil fuel production.

You know, you guys are committed to a lot of things enhancing people's freedom, opportunities.

You know, you guys are committed to a lot of things enhancing people's freedom, opportunities.

And well being.

And well being.

We're here, you know, smelling in smoke, and you can talk to a lot of people around the country who've had to deal with this. You know, what is the right smart balance in terms of being energy independent, which includes embracing alternative fuels as well as making sure that we actually have a future for our kids and our grandkids here on earth.

We're here, you know, smelling in smoke, and you can talk to a lot of people around the country who've had to deal with this. You know, what is the right smart balance in terms of being energy independent, which includes embracing alternative fuels as well as making sure that we actually have a future for our kids and our grandkids here on earth.

Well, the two are not at odds with one another.

Well, the two are not at odds with one another.

I'm a hunter and angler, and hunters and anglers are probably the largest conservationists in the United States.

I'm a hunter and angler, and hunters and anglers are probably the largest conservationists in the United States.

The proof is in the pudding with in terms of how.

The proof is in the pudding with in terms of how.

Much we spend on excise taxes that go back to helping replenish wildlife and such, and the question of forest management when you have, you know, good practices in place, mechanical thinning and other practices. And unfortunately, a lot of the times these high intensity wildfires, which are largely concentrated out west but sometimes do happen here on the East Coast, they're largely started by individuals with malicious intent or even sometimes by accident.

Much we spend on excise taxes that go back to helping replenish wildlife and such, and the question of forest management when you have, you know, good practices in place, mechanical thinning and other practices. And unfortunately, a lot of the times these high intensity wildfires, which are largely concentrated out west but sometimes do happen here on the East Coast, they're largely started by individuals with malicious intent or even sometimes by accident.

So it's not just spontaneous combustion where you see this. But as we try to stress at our Center for Energy and Conservation.

So it's not just spontaneous combustion where you see this. But as we try to stress at our Center for Energy and Conservation.

A lot of it at least here in New York in the metro area. As we've talked with our climate reporters, you know, is that it's been dry, we haven't had rain in a month, and just you know that it's not necessar necessarily someone out there setting fires.

A lot of it at least here in New York in the metro area. As we've talked with our climate reporters, you know, is that it's been dry, we haven't had rain in a month, and just you know that it's not necessar necessarily someone out there setting fires.

Certainly there's been a draw all across the East Coast, but I'm not sure about New Jersey. I live in Virginia, where we do have a very active forest management program. A lot of states where there are privately held lands, we tend to do forest management a little better. I'm not sure what New Jersey in New York situation is, but perhaps it's maybe a question to the Environmental Department perhaps why they're not They were not prepared for that. And so, like I was mentioning earlier, energy development can be very safely balanced out by conservation, we did actually see this under the previous administration. I am encouraged that it's going to be back in this second Trump administration as well, where the Department of Interior everyone thinks it's just for energy production, but they manage the National Park's Bureau of Land Management, Lands, Fish and Wildlife Service, and President Trump signed in the Great American Outdoors Act, which permanently funded the Land of Water Conservation Fund, which comes from offshore oil and gas royalties, and also helped to permanently fund maintenance backlog, which we saw go up nine billion dollars under the Trump Harris administration across the last couple of years.

Certainly there's been a draw all across the East Coast, but I'm not sure about New Jersey. I live in Virginia, where we do have a very active forest management program. A lot of states where there are privately held lands, we tend to do forest management a little better. I'm not sure what New Jersey in New York situation is, but perhaps it's maybe a question to the Environmental Department perhaps why they're not They were not prepared for that. And so, like I was mentioning earlier, energy development can be very safely balanced out by conservation, we did actually see this under the previous administration. I am encouraged that it's going to be back in this second Trump administration as well, where the Department of Interior everyone thinks it's just for energy production, but they manage the National Park's Bureau of Land Management, Lands, Fish and Wildlife Service, and President Trump signed in the Great American Outdoors Act, which permanently funded the Land of Water Conservation Fund, which comes from offshore oil and gas royalties, and also helped to permanently fund maintenance backlog, which we saw go up nine billion dollars under the Trump Harris administration across the last couple of years.

So there is a lot of.

So there is a lot of.

Conservation that is practiced even against this energy abundant agenda. So we have to look at kind of what has happened in the past to kind of foretell what's going to happen in the future. And I'm encouraged and I think people will hold this administration's feet to the vira but they are cognizantive conservation and I don't think you can dismiss that here.

Conservation that is practiced even against this energy abundant agenda. So we have to look at kind of what has happened in the past to kind of foretell what's going to happen in the future. And I'm encouraged and I think people will hold this administration's feet to the vira but they are cognizantive conservation and I don't think you can dismiss that here.

How do you view wind power? Because Donald Trump hates it, Senator John Thune really likes it, and he's elected Senate majority leader, how do you view it?

How do you view wind power? Because Donald Trump hates it, Senator John Thune really likes it, and he's elected Senate majority leader, how do you view it?

Well, I'm quite skeptical of it.

Well, I'm quite skeptical of it.

As someone who likes and tries to teut reliable energy. Wind doesn't really leave me optimistic. I've been very critical of the offshore wind agenda onshore, what it does to wildlife, how it's very intermittent. I think a more feasible alternative, you know, And some Republicans have this all of the above approach, or maybe some disagreements about wind. Wind is not going to be prioritized just because of a lot of the shortcomings, very similar to solar.

As someone who likes and tries to teut reliable energy. Wind doesn't really leave me optimistic. I've been very critical of the offshore wind agenda onshore, what it does to wildlife, how it's very intermittent. I think a more feasible alternative, you know, And some Republicans have this all of the above approach, or maybe some disagreements about wind. Wind is not going to be prioritized just because of a lot of the shortcomings, very similar to solar.

That's why I mentioned earlier that nuclear.

That's why I mentioned earlier that nuclear.

Is actually going to be something perhaps the true clean energy source that everyone gets behind, especially Republicans, because it's very land non intensive, it powers almost twenty four to seven, It has a ninety three percent capacity factor, and it's going to be able to meet the need of this electricity demand that we're seeing that's going to be nine percent within the next five or so years. So nuclear energies where I think the Centate majority leader and perhaps the Trump administration should look to if they feel that oil and gas will not be sufficient. But I think all of them will work in kind of sync together. But nuclear is where I think Republicans ought to go versus unreliable wind and solar.

Is actually going to be something perhaps the true clean energy source that everyone gets behind, especially Republicans, because it's very land non intensive, it powers almost twenty four to seven, It has a ninety three percent capacity factor, and it's going to be able to meet the need of this electricity demand that we're seeing that's going to be nine percent within the next five or so years. So nuclear energies where I think the Centate majority leader and perhaps the Trump administration should look to if they feel that oil and gas will not be sufficient. But I think all of them will work in kind of sync together. But nuclear is where I think Republicans ought to go versus unreliable wind and solar.

But what do we do with the waste that you know can remain radioactive for thousands of years?

But what do we do with the waste that you know can remain radioactive for thousands of years?

I mean, I get it. We've done a lot of reporting and.

I mean, I get it. We've done a lot of reporting and.

It certainly is interesting to see when it comes to how do we you know, how do we fuel our energy in the future that nuclear needs to be a part of it. Go outside the United States and you're certainly seeing it as well, But what do we do with the waste.

It certainly is interesting to see when it comes to how do we you know, how do we fuel our energy in the future that nuclear needs to be a part of it. Go outside the United States and you're certainly seeing it as well, But what do we do with the waste.

I've been to a nuclear site.

I've been to a nuclear site.

I've seen the waste. You know, this is not stuff that just goes away quickly.

I've seen the waste. You know, this is not stuff that just goes away quickly.

Certainly, well, our country has gotten a lot better with waste disposal methods, And I don't know if you're familiar with Oaklow the nuclear small modular reaction.

Certainly, well, our country has gotten a lot better with waste disposal methods, And I don't know if you're familiar with Oaklow the nuclear small modular reaction.

Yeah, they report earnings today.

Yeah, they report earnings today.

Yeah, yeah, absolutely so.

Yeah, yeah, absolutely so.

Oaklow had and a lot of small modular reactors and even microreactors can take waste from these larger nuclear facilities and actually repurpose it, so you have the storage.

Oaklow had and a lot of small modular reactors and even microreactors can take waste from these larger nuclear facilities and actually repurpose it, so you have the storage.

Component which can be easily addressed.

Component which can be easily addressed.

I know that's a lot of concern for people who might be a little timid or afraid about nuclear being supercharged going forward, But.

I know that's a lot of concern for people who might be a little timid or afraid about nuclear being supercharged going forward, But.

There are ways to even disperse.

There are ways to even disperse.

That nuclear waste and repurpose it through and Oaklo and other companies are trying to do that.

That nuclear waste and repurpose it through and Oaklo and other companies are trying to do that.

So that's one way to caull fears about nuclear I'm wondering.

So that's one way to caull fears about nuclear I'm wondering.

You know, we've done a lot of reporting. As Carol mentioned, our colleague Will Wade was actually down at the Vogel plant. It's the first plant nuclear power plant to open in a very long time in the US. It pushed it. It's seven years behind schedule, more than twenty billion dollars over budget. Will Wade writes that no one is rushing to sign up for the next one in the U. The small modular reactors right now at this point, this is sort of an unproven technology. None of those have been built successfully in the US. How does the US do this for less money?

You know, we've done a lot of reporting. As Carol mentioned, our colleague Will Wade was actually down at the Vogel plant. It's the first plant nuclear power plant to open in a very long time in the US. It pushed it. It's seven years behind schedule, more than twenty billion dollars over budget. Will Wade writes that no one is rushing to sign up for the next one in the U. The small modular reactors right now at this point, this is sort of an unproven technology. None of those have been built successfully in the US. How does the US do this for less money?

Well, you have to cut regulatory bloat. You have to have permitting reform.

Well, you have to cut regulatory bloat. You have to have permitting reform.

That's been a problem under the Biden Harris administration with some of their rulemaking, and then also pushback from environmentalists who have been very reticent to have any kind of permitting reform because they believe it's going to hurt and infringe on the environmental condition. So if you have some semblance of permitting reform and then you really allow the market to embrace this technology. As you all have reported it and everyone has reported the financial sector is actually.

That's been a problem under the Biden Harris administration with some of their rulemaking, and then also pushback from environmentalists who have been very reticent to have any kind of permitting reform because they believe it's going to hurt and infringe on the environmental condition. So if you have some semblance of permitting reform and then you really allow the market to embrace this technology. As you all have reported it and everyone has reported the financial sector is actually.

Very enthusiastic about nuclear. They thought it was a gamble in the past.

Very enthusiastic about nuclear. They thought it was a gamble in the past.

But if the private sector is kind of warming up to nuclear, I think you're going to see this kind of deregulation of nuclear while still being of course monitored. You know, everything is subject to federal rules, regulations, et cetera, et cetera. But even the private sector is kind of warming up to nuclear. So I think our country is willing to take the risk. Although we do this technology a lot better now. Nuclear can be catalyzed and scalable a lot.

But if the private sector is kind of warming up to nuclear, I think you're going to see this kind of deregulation of nuclear while still being of course monitored. You know, everything is subject to federal rules, regulations, et cetera, et cetera. But even the private sector is kind of warming up to nuclear. So I think our country is willing to take the risk. Although we do this technology a lot better now. Nuclear can be catalyzed and scalable a lot.

Better now because the fears have been kind of tempered.

Better now because the fears have been kind of tempered.

Down, but I think Gabrielle, we gotta run.

Down, but I think Gabrielle, we gotta run.

Gabriella Hoffman, director of the Center for Energy and Conservation at the Independent Women's Forum, joining us from.

Gabriella Hoffman, director of the Center for Energy and Conservation at the Independent Women's Forum, joining us from.

The Nation's Capital.

The Nation's Capital.

You are listening and watching Bloomberg BusinessWeek, Carol Master, Tim Stanevik.

You are listening and watching Bloomberg BusinessWeek, Carol Master, Tim Stanevik.

This is Bloomberg.

This is Bloomberg.

Well, we are getting Carol to the tail end of earning season. It means one thing.

Well, we are getting Carol to the tail end of earning season. It means one thing.

Retailers.

Retailers.

Yeah, retailers. Next week we're gonna hear from Walmart, Rose, Target, Williams Sonoma, TJX Company's American Eagle, among others.

Yeah, retailers. Next week we're gonna hear from Walmart, Rose, Target, Williams Sonoma, TJX Company's American Eagle, among others.

Yeah, we know.

Yeah, we know.

Abby Roach will be watching all of this so closely. She's portfolio analyst for the Empiric lt Equity team at all Spring Global Investments. She covers the consumer staples, the consumer discretionary sectors, and she's joining us from Washington, DC.

Abby Roach will be watching all of this so closely. She's portfolio analyst for the Empiric lt Equity team at all Spring Global Investments. She covers the consumer staples, the consumer discretionary sectors, and she's joining us from Washington, DC.

Abby, good to have you here with us.

Abby, good to have you here with us.

We do want to start though with tariffs, because we spoke to Erica Yorke, a senior economist over the Tax Foundation.

We do want to start though with tariffs, because we spoke to Erica Yorke, a senior economist over the Tax Foundation.

That was earlier this week.

That was earlier this week.

They've got a new study at that says, if implemented in twenty twenty five, tariffs could lead to thousands of dollars of increased costs for US households.

They've got a new study at that says, if implemented in twenty twenty five, tariffs could lead to thousands of dollars of increased costs for US households.

How are you looking at it?

How are you looking at it?

Yeah, thank you for having me. I think you know, we've been watching it from two ways, both the potential impact for consumers and also the potential impact for retailers. And I think it's been really interesting thus far for the couple of retailers that have reported just hearing the plans to be able to help minimize the impact of the potential tariffs. And it remains to be seen whether the bark is worse than the bite, but companies are definitely preparing right now to be able to and they have been the last during the last administration to be able to diversify the supply chain, to be able to use their scale to help to mitigate the cost for the end consumer.

Yeah, thank you for having me. I think you know, we've been watching it from two ways, both the potential impact for consumers and also the potential impact for retailers. And I think it's been really interesting thus far for the couple of retailers that have reported just hearing the plans to be able to help minimize the impact of the potential tariffs. And it remains to be seen whether the bark is worse than the bite, but companies are definitely preparing right now to be able to and they have been the last during the last administration to be able to diversify the supply chain, to be able to use their scale to help to mitigate the cost for the end consumer.

Ultimately, how does it affect the companies that you cover so closely? I mean, how does it affec the retailers that we're going to hear from next week. A lot of these companies are selling a lot of stuff made in China.

Ultimately, how does it affect the companies that you cover so closely? I mean, how does it affec the retailers that we're going to hear from next week. A lot of these companies are selling a lot of stuff made in China.

They are, and you know, the great thing is they have experienced they were able to diversify the supply chain previously to be able to move some of those goods through different countries. And what we heard from retailers prior to earnings and then throughout earnings is just that work isn't just starting, you know, post the election. They were preparing for it prior to the election, looking for different ways to be able to diversify where they're getting goods from. And they're continuing to do a lot of that work. And you know, we heard from Home Depot earlier this week, you know, just talk out the fact that they can use their scale to their advantage. And we think we'll continue to see retailers.

They are, and you know, the great thing is they have experienced they were able to diversify the supply chain previously to be able to move some of those goods through different countries. And what we heard from retailers prior to earnings and then throughout earnings is just that work isn't just starting, you know, post the election. They were preparing for it prior to the election, looking for different ways to be able to diversify where they're getting goods from. And they're continuing to do a lot of that work. And you know, we heard from Home Depot earlier this week, you know, just talk out the fact that they can use their scale to their advantage. And we think we'll continue to see retailers.

Do that tell us about the global supply chains. I feel like, you know, we have been talking to a lot of guests over the last few months about more near shoring unshoring, But what are we really seeing in terms of how global supply chains are changing?

Do that tell us about the global supply chains. I feel like, you know, we have been talking to a lot of guests over the last few months about more near shoring unshoring, But what are we really seeing in terms of how global supply chains are changing?

Yeah, I think you know, they continue to be diversified, and I think what does.

Yeah, I think you know, they continue to be diversified, and I think what does.

That mean though?

That mean though?

Is it is it different lower cost markets overseas rather than China specifically, which we've been seeing a movement away, or is it actually bringing it back home.

Is it is it different lower cost markets overseas rather than China specifically, which we've been seeing a movement away, or is it actually bringing it back home.

It's a little bit of both.

It's a little bit of both.

I think what we've heard thus far, I mean, Vietnam has been an area that's been highlighted of moving goods through Vietnam instead of through China. So I think certainly we have heard some of that for companies that are more exposed to China, but also the US piece of it too for those companies that are able to do so. So I think it's a little bit of both for right now. But what we've heard is companies are looking at all the different options out there to be able to lower their cost and be able to create more different areas where they're getting goods from.

I think what we've heard thus far, I mean, Vietnam has been an area that's been highlighted of moving goods through Vietnam instead of through China. So I think certainly we have heard some of that for companies that are more exposed to China, but also the US piece of it too for those companies that are able to do so. So I think it's a little bit of both for right now. But what we've heard is companies are looking at all the different options out there to be able to lower their cost and be able to create more different areas where they're getting goods from.

Are they going to successfully be able to do that in a short period of time? Did they make these changes fast enough during the last Trump administration? Are they doing near shoring enough? I mean, one thing we learned is it's pretty unpredictable what the president elect had done in the past, and it caught a lot of companies off their toes.

Are they going to successfully be able to do that in a short period of time? Did they make these changes fast enough during the last Trump administration? Are they doing near shoring enough? I mean, one thing we learned is it's pretty unpredictable what the president elect had done in the past, and it caught a lot of companies off their toes.

It did no I agree, And I think it seems like now relative to four years ago, I think, or to eight years ago, excuse me, it seems like there's more planning that's been going on, and I think there's a lot more situational analysis that's been going on. I think a lot of the comments that we've heard from the different companies are more higher level really versus anything maybe specific details that they're giving to us. But from what I've heard previously, I think they've done a better job of looking at different ways to be able to best benefit versus just with status quo and hoping that this won't come to fruition.

It did no I agree, And I think it seems like now relative to four years ago, I think, or to eight years ago, excuse me, it seems like there's more planning that's been going on, and I think there's a lot more situational analysis that's been going on. I think a lot of the comments that we've heard from the different companies are more higher level really versus anything maybe specific details that they're giving to us. But from what I've heard previously, I think they've done a better job of looking at different ways to be able to best benefit versus just with status quo and hoping that this won't come to fruition.

So let's talk about some of the earnings that you might be watching out for next week, or that you think our audience should be watching very closely.

So let's talk about some of the earnings that you might be watching out for next week, or that you think our audience should be watching very closely.

And why.

And why.

Yeah, I think one of the ones, you know, a number of the big names reporting next week, one that we're definitely going to be watching for both Walmart and Target. I think it will be interesting to see both of those names report, particularly from a target standpoint. Is the name that we're excited to see too. I think is a name that will benefit if we get a more risk on en fire, given they're more exposed from a discretionary standpoint, whereas Walmart obviously more exposed to you know, needs based stables items. So watching those two names closely to get a read on the consumer, just to hear how the consumer is holding up, and particularly from a margin standpoint too, on the target side of things, but also just the continued discussion from companies about their supply chains and any incremental color that we can get in terms of specific actions that they're taking, as well as anything they're seeing from the consumer standpoint with respect to the health of the consumer.

Yeah, I think one of the ones, you know, a number of the big names reporting next week, one that we're definitely going to be watching for both Walmart and Target. I think it will be interesting to see both of those names report, particularly from a target standpoint. Is the name that we're excited to see too. I think is a name that will benefit if we get a more risk on en fire, given they're more exposed from a discretionary standpoint, whereas Walmart obviously more exposed to you know, needs based stables items. So watching those two names closely to get a read on the consumer, just to hear how the consumer is holding up, and particularly from a margin standpoint too, on the target side of things, but also just the continued discussion from companies about their supply chains and any incremental color that we can get in terms of specific actions that they're taking, as well as anything they're seeing from the consumer standpoint with respect to the health of the consumer.

Yeah, absolutely crucial.

Yeah, absolutely crucial.

I just got to point out Walmart's up sixty percent here in twenty twenty four. We're looking at a forward looking pe of about thirty four. Target is up just shy of eight percent, and it's got a forward looking pe of about sixteen. It feels like Walmart, though from an investment perspective, is getting a bit oversold, if not already over sold, just pulling up RSI on it.

I just got to point out Walmart's up sixty percent here in twenty twenty four. We're looking at a forward looking pe of about thirty four. Target is up just shy of eight percent, and it's got a forward looking pe of about sixteen. It feels like Walmart, though from an investment perspective, is getting a bit oversold, if not already over sold, just pulling up RSI on it.

Yeah, it's definitely an over sold position.

Yeah, it's definitely an over sold position.

So is there a possibility that even if it comes in line, that there could be some disappointment just considering the run up that we've seen in this name.

So is there a possibility that even if it comes in line, that there could be some disappointment just considering the run up that we've seen in this name.

Absolutely, I think that's always a risk, and particularly as you pointed out the strength that stock has seen this year. I think some of the you know, will be interesting, anything that they have to say around the consumer, particularly anything more cautious that they have to say around the consumer. But in terms of the upside, I think everything that they've been doing with respect to the digital platform and some of the gains that they've been able to get from some of those middle to higher income consumers. I think that could be a catalyst to the upside for the name, given that's been a strength that they've seen this year.

Absolutely, I think that's always a risk, and particularly as you pointed out the strength that stock has seen this year. I think some of the you know, will be interesting, anything that they have to say around the consumer, particularly anything more cautious that they have to say around the consumer. But in terms of the upside, I think everything that they've been doing with respect to the digital platform and some of the gains that they've been able to get from some of those middle to higher income consumers. I think that could be a catalyst to the upside for the name, given that's been a strength that they've seen this year.

Hey, I just want to end asking about you about McDonald's, but specifically in the context that RFK Junior has been announced as Secretary of Health and Human Services, at least as a nomination the President lex saying that the HHS will play a big role in helping sure that everybody will be protected from pharmaceutical products and food additives that have contributed to the overwhelming health crisis in this country. It's kind of strange because we know Trump loves McDonald's, RFK Junior does not like processed food. How should we look at this if you're an investor in McDonald's, Yeah, we.

Hey, I just want to end asking about you about McDonald's, but specifically in the context that RFK Junior has been announced as Secretary of Health and Human Services, at least as a nomination the President lex saying that the HHS will play a big role in helping sure that everybody will be protected from pharmaceutical products and food additives that have contributed to the overwhelming health crisis in this country. It's kind of strange because we know Trump loves McDonald's, RFK Junior does not like processed food. How should we look at this if you're an investor in McDonald's, Yeah, we.

Think you know, it's certainly something to watch short term, but we think it's more short term noise versus anything that impacts the longer term fundamentals for McDonald's. And it's certainly a risk in any commentary that comes out of that. But one of the things that we look for and we include McDonald's and this is like truly high quality companies that generate excess free cash flow relative to their peers. And we don't think that this headline is going to impact McDonald's ability to do that, and we think that they can look through and then other investors can look through some of the short term noise because we don't think it changes the fundamentals or their ability to continue to grow free cash flow over the long term.

Think you know, it's certainly something to watch short term, but we think it's more short term noise versus anything that impacts the longer term fundamentals for McDonald's. And it's certainly a risk in any commentary that comes out of that. But one of the things that we look for and we include McDonald's and this is like truly high quality companies that generate excess free cash flow relative to their peers. And we don't think that this headline is going to impact McDonald's ability to do that, and we think that they can look through and then other investors can look through some of the short term noise because we don't think it changes the fundamentals or their ability to continue to grow free cash flow over the long term.

Abby, thanks so much. We're going to leave it there, Abby Roach. She's portfolio analysts for the Empiric lt Equity team over at all Spring Global Investments. Join us from Washington, DC. Remember a few weeks ago Trump was in a McDonald's serve French fries and now rf K Junior is secretary, is nominated to be secretary of HHO.

Abby, thanks so much. We're going to leave it there, Abby Roach. She's portfolio analysts for the Empiric lt Equity team over at all Spring Global Investments. Join us from Washington, DC. Remember a few weeks ago Trump was in a McDonald's serve French fries and now rf K Junior is secretary, is nominated to be secretary of HHO.

One of those instances where Oh, to be a fly on the wall in the White House just saying.

One of those instances where Oh, to be a fly on the wall in the White House just saying.

I think we'll have a few of those over the next four years.

I think we'll have a few of those over the next four years.

I do. Indeed, this is Bloomberg.

I do. Indeed, this is Bloomberg.

Hey, you know who's really kind of hip is Martha Stewart. Her new documentary showcases her rise, fall and redemption, and that is inspiring viewers to take action and appreciate the value of doing it and mastering skills. And I'm curious if that's what's happened for our own Amanda Mole who watched Martha, the new Netflix documentary on the famed and really iconic domestic Diane Martha Stewart. Amanda is Bloomberg's senior reporter for Bloomberg Business Weeks. She joins us from New York.

Hey, you know who's really kind of hip is Martha Stewart. Her new documentary showcases her rise, fall and redemption, and that is inspiring viewers to take action and appreciate the value of doing it and mastering skills. And I'm curious if that's what's happened for our own Amanda Mole who watched Martha, the new Netflix documentary on the famed and really iconic domestic Diane Martha Stewart. Amanda is Bloomberg's senior reporter for Bloomberg Business Weeks. She joins us from New York.

So was the documentary a good thing? I had to.

So was the documentary a good thing? I had to.

Ask, Yes, absolutely.

Ask, Yes, absolutely.

I am not always a huge fan of streaming service documentary Some of them can be kind of duds, and I was nervous this one might be kind of a dud. But it's fantastic. I loved it.

I am not always a huge fan of streaming service documentary Some of them can be kind of duds, and I was nervous this one might be kind of a dud. But it's fantastic. I loved it.

Okay, tell us, why.

Okay, tell us, why.

Well, you got a.

Well, you got a.

Really rare thing in this documentary, I think, which is a celebrity that gave a documentary film crew like full access? R J. Cutler got full access to her archives. She provided a bunch of photos, She sat for extensive interviews, but she didn't have final cut. The filmmakers themselves got to decide what would happen. She was a collaborator, She was a contributor on the documentary. She provided copious feedback to the film crew, but then the director got to decide ultimately what happened with it. And Martha hasn't been overly thrilled with the results. She's given some interviews about the documentary, but the end product itself is very very good, and it's very very also on brand for Martha not to like the documentary itself.

Really rare thing in this documentary, I think, which is a celebrity that gave a documentary film crew like full access? R J. Cutler got full access to her archives. She provided a bunch of photos, She sat for extensive interviews, but she didn't have final cut. The filmmakers themselves got to decide what would happen. She was a collaborator, She was a contributor on the documentary. She provided copious feedback to the film crew, but then the director got to decide ultimately what happened with it. And Martha hasn't been overly thrilled with the results. She's given some interviews about the documentary, but the end product itself is very very good, and it's very very also on brand for Martha not to like the documentary itself.

So can you explain that tension, Like the tension with her giving full access and full you know, control of the final cut, but still participating and then at the same time not being so happy with the result. What's the tension there?

So can you explain that tension, Like the tension with her giving full access and full you know, control of the final cut, but still participating and then at the same time not being so happy with the result. What's the tension there?

I think there's enormous tension. And I came out of the documentary respecting Martha Moore because obviously she even before you've watched the documentary, if you've followed anything about her career, you know that she is a perfectionist. You know that she cares a great deal about details about how things are presented, about how she presents herself. And to go into a project where she is like explicitly and legally giving up control over how she's portrayed and how her story is told to a third party, where she can't stop the results from being broadcast I think is I think that that is like a part of her personality that her audience respects a lot, because clearly she understands that, like documentary filmmakers and journalists and whoever, are also trying to do a job that they care about the details of and may have different ideas. And it is clearly not not thrilled her with how things came out. But I think that going into it and giving someone else control was probably a pretty big deal and probably made for a much better documentary.

I think there's enormous tension. And I came out of the documentary respecting Martha Moore because obviously she even before you've watched the documentary, if you've followed anything about her career, you know that she is a perfectionist. You know that she cares a great deal about details about how things are presented, about how she presents herself. And to go into a project where she is like explicitly and legally giving up control over how she's portrayed and how her story is told to a third party, where she can't stop the results from being broadcast I think is I think that that is like a part of her personality that her audience respects a lot, because clearly she understands that, like documentary filmmakers and journalists and whoever, are also trying to do a job that they care about the details of and may have different ideas. And it is clearly not not thrilled her with how things came out. But I think that going into it and giving someone else control was probably a pretty big deal and probably made for a much better documentary.

In me, you know, I kind of agree.

In me, you know, I kind of agree.

I've done two different moderated conversations, just one on one with her, and I have to say there were a lot of fun.

I've done two different moderated conversations, just one on one with her, and I have to say there were a lot of fun.

But she's.

But she's.

Used to be in control, you know what I mean, And so there is that awareness. But you know, if you've seen anything she's been involved with, she's very very much in control.

Used to be in control, you know what I mean, And so there is that awareness. But you know, if you've seen anything she's been involved with, she's very very much in control.

Having said that, you know, it's a wild Amanda.

Having said that, you know, it's a wild Amanda.

I think about this a lot because she used to have a show on CBS years ago, over twenty twenty five thirty years ago that was closely watched. She had a magazine. You could buy her products. I've bought things, my mom had bought things. But what's interesting is that you think about the influencers that are out there. She was kind of like early in on that right. In terms of creating a lifestyle.

I think about this a lot because she used to have a show on CBS years ago, over twenty twenty five thirty years ago that was closely watched. She had a magazine. You could buy her products. I've bought things, my mom had bought things. But what's interesting is that you think about the influencers that are out there. She was kind of like early in on that right. In terms of creating a lifestyle.

She definitely I think the best way to phrase it would be that today's influencers owe her a debt because she really created the bluept print for how you present like a fully realized vision of a lifestyle and a way of living, in a way of being to the general public in a way that you know, you're not just a food star, You're not just a you know, you don't just know about gardening or cleaning or whatever else. You have this fully realized and fully diversified brand, and I think that a lot of today's influencers aspire towards that and what that for themselves. I think that largely, though, what is so impressive about Martha is that she was actually exceptional enough and is exceptional enough to.

She definitely I think the best way to phrase it would be that today's influencers owe her a debt because she really created the bluept print for how you present like a fully realized vision of a lifestyle and a way of living, in a way of being to the general public in a way that you know, you're not just a food star, You're not just a you know, you don't just know about gardening or cleaning or whatever else. You have this fully realized and fully diversified brand, and I think that a lot of today's influencers aspire towards that and what that for themselves. I think that largely, though, what is so impressive about Martha is that she was actually exceptional enough and is exceptional enough to.

Pull all of that off.

Pull all of that off.

I think a lot of people do not have quite the juice for that, even if they want to do it, and so she I really came away from the documentary reminded of Michael Jordan in the Last Dance and his sort of like obsessive perfectionism, his competitive drive his.

I think a lot of people do not have quite the juice for that, even if they want to do it, and so she I really came away from the documentary reminded of Michael Jordan in the Last Dance and his sort of like obsessive perfectionism, his competitive drive his.

We'll see Desire, We'll see if we get the memes. We'll see if we get the memes from this one too. Amanda, Hey, really appreciate you joining us. That's Amanda Mule, Bloomberg, senior reporter for Bloomberg BusinessWeek, joining us from New York

We'll see Desire, We'll see if we get the memes. We'll see if we get the memes from this one too. Amanda, Hey, really appreciate you joining us. That's Amanda Mule, Bloomberg, senior reporter for Bloomberg BusinessWeek, joining us from New York