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This is Bloomberg Business Week Insight from the reporters and editors that bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Masser and Tim Stenovek on Bloomberg Radio.

This is Bloomberg Business Week Insight from the reporters and editors that bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Masser and Tim Stenovek on Bloomberg Radio.

Check your calendars, Mark your calendars.

Check your calendars, Mark your calendars.

We're just about one week away from what President Trump calls a Liberation Day tariff announcement, unveiling so called reciprocal tariffs he sees as retribution for tariffs and other barriers from other countries. This is including some of those longtime US allies.

We're just about one week away from what President Trump calls a Liberation Day tariff announcement, unveiling so called reciprocal tariffs he sees as retribution for tariffs and other barriers from other countries. This is including some of those longtime US allies.

Yeah.

Yeah.

Well, the announcement would remain a very significant expansion of US tariffs. It is shaping up as more focused than the sprawling, fully global effort that Trump has otherwise mused about. This is according to people familiar with the matter.

Well, the announcement would remain a very significant expansion of US tariffs. It is shaping up as more focused than the sprawling, fully global effort that Trump has otherwise mused about. This is according to people familiar with the matter.

Meantime, just about ninety minutes or so ago, at a White House Cabinet meetia being President, Trump also says he will be announcing tariffs on cars very shortly and on pharmaceuticals at some point in the not too distant future. Those time parameters were his words directly let's get more on the president's plans. We head to our Bloomberg News Washington DC bureau and to Bloomberg News senior White House correspondent Josh Wingrove. Josh, thank you for being with us. We know it's super busy just trying to keep track of all of the tariff news. President Trump talks about liberation day, What exactly does he mean liberation from what he thinks.

Meantime, just about ninety minutes or so ago, at a White House Cabinet meetia being President, Trump also says he will be announcing tariffs on cars very shortly and on pharmaceuticals at some point in the not too distant future. Those time parameters were his words directly let's get more on the president's plans. We head to our Bloomberg News Washington DC bureau and to Bloomberg News senior White House correspondent Josh Wingrove. Josh, thank you for being with us. We know it's super busy just trying to keep track of all of the tariff news. President Trump talks about liberation day, What exactly does he mean liberation from what he thinks.

The US is being ripped off and that the tariffs put in US exports by other countries exceed those, you know, the ones that are in place for the US for those countries to sell here. And in a lot of cases he's right, there is an imbalance of export or of tariff levels. But you know a lot of independent economists would say they're just simply a function of being the world's biggest economy, a consumer driven economy. So that's why you don't have a lot of those mainstream sort of economists on board with this. But the whole question has been you know, what is he going to do? And so if you're having trouble tracking the follow the ball on this one, I hear you join the club. Those stories of a couple of days ago that you alluded to. You know, that story is that we think that the plan coming on April second, as of now, is taking shape as a narrower plan than he's mused about in the past, chiefly because he's long since sort of moved off the plan for a global tariff, and now we'll do these reciprocal tariffs, but not necessarily in every country, and that the plan as of now does not firmly include, as we report a couple of days ago, those sectoral tariffs. Now, as you note, we're told today a couple of things. White is official telling us today that sectoral tariffs remain on the table, and Trump, of course himself alluding to a couple of them, autos and pharmaceuticals, not really saying the timeframe, and he's kind of been conflating autos and reciprocals as well. So these are a lot of tea leaves to read. Tariffs are coming. The exact sequencing, the scale of them, and on what day and whether they're broken into batches remains unclear, but the White House is obviously grappling with how wide to go. There are internal discussions around that. Ceah Steve Myron telling Slay Emosen on Bloomberg Television in the last hour that those discussions are ongoing. So it's all TVD.

The US is being ripped off and that the tariffs put in US exports by other countries exceed those, you know, the ones that are in place for the US for those countries to sell here. And in a lot of cases he's right, there is an imbalance of export or of tariff levels. But you know a lot of independent economists would say they're just simply a function of being the world's biggest economy, a consumer driven economy. So that's why you don't have a lot of those mainstream sort of economists on board with this. But the whole question has been you know, what is he going to do? And so if you're having trouble tracking the follow the ball on this one, I hear you join the club. Those stories of a couple of days ago that you alluded to. You know, that story is that we think that the plan coming on April second, as of now, is taking shape as a narrower plan than he's mused about in the past, chiefly because he's long since sort of moved off the plan for a global tariff, and now we'll do these reciprocal tariffs, but not necessarily in every country, and that the plan as of now does not firmly include, as we report a couple of days ago, those sectoral tariffs. Now, as you note, we're told today a couple of things. White is official telling us today that sectoral tariffs remain on the table, and Trump, of course himself alluding to a couple of them, autos and pharmaceuticals, not really saying the timeframe, and he's kind of been conflating autos and reciprocals as well. So these are a lot of tea leaves to read. Tariffs are coming. The exact sequencing, the scale of them, and on what day and whether they're broken into batches remains unclear, but the White House is obviously grappling with how wide to go. There are internal discussions around that. Ceah Steve Myron telling Slay Emosen on Bloomberg Television in the last hour that those discussions are ongoing. So it's all TVD.

Well, what is We know it's all TBD, and we know that, you know, Liberation Day, as the President calls it, is just about a little over a week out at this point. But what, Josh do we know about his thinking and why maybe he's making this more targeted push than he previously announced.

Well, what is We know it's all TBD, and we know that, you know, Liberation Day, as the President calls it, is just about a little over a week out at this point. But what, Josh do we know about his thinking and why maybe he's making this more targeted push than he previously announced.

The implication is, and we don't know for sure, but you know, markets have been reacting poorly to not only the tariff threat and the specter of even more tariffs, but the uncertainty around it, the whipsaw effect. Right He imposed, for instance, those tariffs on Canada and Mexico, then clawed them heavily back temporarily, I'd ad you know, a couple of days later. What happens to those remains very much in the air. That's the third leg of the stool, those fent null related tariffs. Remember, of course, he already has tariffs in place on China that twenty percent rate. Whether that's adjusted or added to by the reciprocal rate that presumably will include China to some extent, we don't know. But right now Trump himself is an avowed believer of tariffs. Markets have been sort of betting that he would use it more as a negotiating tool than a firm policy outcome. I think it's pretty clear that Donald Trump wants tariffs a big part of the equation, in part because they want to book the revenue from it, as they have these talks on Capitol Hill towards a reconciliation package to extend those Trump tax cuts and enact other tax cuts that he wants. So Trump wants to shift the revenue base partially to tariffs. He thinks that sounds better. He thinks he can sell it better. He thinks it prevents or prevents sort of industries from moving away and can help rekindle things like the auto sector and steel industry. The industry groups themselves are just much much more mixed, very nervous about this. Remember, of course, many American manufacturers, for instance, rely on important materials as part of their own supply chains. They'll be hit by this as well if these start going pretty widespread. And of course, the one thing we don't know is we just don't know what the number is going to be, right Like, if he comes out and says five percent or ten percent, you know, versus a twenty five on a bunch of countries, right, that's going to be such a big difference. We just have no indication right now what that sort of reciprocal number will be. But he's talked about sort of bigger numbers when he has he's about it. For instance, he's talked about a twenty percent viat tax in Europe that he's going to count as a tariff. Well, if he counts that dollar for dollar and we start looking at that twenty five percent or something like that in Europe, that's that's a big number. But we just simply don't know.

The implication is, and we don't know for sure, but you know, markets have been reacting poorly to not only the tariff threat and the specter of even more tariffs, but the uncertainty around it, the whipsaw effect. Right He imposed, for instance, those tariffs on Canada and Mexico, then clawed them heavily back temporarily, I'd ad you know, a couple of days later. What happens to those remains very much in the air. That's the third leg of the stool, those fent null related tariffs. Remember, of course, he already has tariffs in place on China that twenty percent rate. Whether that's adjusted or added to by the reciprocal rate that presumably will include China to some extent, we don't know. But right now Trump himself is an avowed believer of tariffs. Markets have been sort of betting that he would use it more as a negotiating tool than a firm policy outcome. I think it's pretty clear that Donald Trump wants tariffs a big part of the equation, in part because they want to book the revenue from it, as they have these talks on Capitol Hill towards a reconciliation package to extend those Trump tax cuts and enact other tax cuts that he wants. So Trump wants to shift the revenue base partially to tariffs. He thinks that sounds better. He thinks he can sell it better. He thinks it prevents or prevents sort of industries from moving away and can help rekindle things like the auto sector and steel industry. The industry groups themselves are just much much more mixed, very nervous about this. Remember, of course, many American manufacturers, for instance, rely on important materials as part of their own supply chains. They'll be hit by this as well if these start going pretty widespread. And of course, the one thing we don't know is we just don't know what the number is going to be, right Like, if he comes out and says five percent or ten percent, you know, versus a twenty five on a bunch of countries, right, that's going to be such a big difference. We just have no indication right now what that sort of reciprocal number will be. But he's talked about sort of bigger numbers when he has he's about it. For instance, he's talked about a twenty percent viat tax in Europe that he's going to count as a tariff. Well, if he counts that dollar for dollar and we start looking at that twenty five percent or something like that in Europe, that's that's a big number. But we just simply don't know.

I mean, well we ever know the math, Josh?

I mean, well we ever know the math, Josh?

And the only reason I ask is, as you note in your article, you know, what the president does around tariffs in particular, policy in general can be so fluid, So like, will we ever really know the math about tariffs versus tax revenue? I mean, obviously tax revenue would be something passed through Congress and they'll be rules and stuff. But when it comes to tariffs, I mean, he can impose more pull back like it's hard.

And the only reason I ask is, as you note in your article, you know, what the president does around tariffs in particular, policy in general can be so fluid, So like, will we ever really know the math about tariffs versus tax revenue? I mean, obviously tax revenue would be something passed through Congress and they'll be rules and stuff. But when it comes to tariffs, I mean, he can impose more pull back like it's hard.

Right totally, And they're making these numbers up essentially, right, like they're counting things that are terrorists as well as non tariff barriers. So there's an eye of the beholder factor to this. Whatever Trump decides to count in his math, they're going to count. So I think that's important to sort of keep in mind. He's also made clear that he can roll these things back, so you know, we saw that twice now with the Mexicans and Canadians, once a one month deferral and then another one a sort of clawback for a month. And so there's also the potential that some of these things could be enacted or announced on the second maybe enacted immediately and then rolled back potentially if other countries respond with lowering tariffs of their own, or we could have an announcement where they're announced but not immediately implemented, and then people can negotiate presumably in that interim period. You know, it's just we don't know. But that long leg time factor we have been there before was stealing aluminum and then resolved as they went in as scheduled. No one got an exemption, So people should not hold their breath necessarily. That a long implementation means that there's a window for some grand bargain.

Right totally, And they're making these numbers up essentially, right, like they're counting things that are terrorists as well as non tariff barriers. So there's an eye of the beholder factor to this. Whatever Trump decides to count in his math, they're going to count. So I think that's important to sort of keep in mind. He's also made clear that he can roll these things back, so you know, we saw that twice now with the Mexicans and Canadians, once a one month deferral and then another one a sort of clawback for a month. And so there's also the potential that some of these things could be enacted or announced on the second maybe enacted immediately and then rolled back potentially if other countries respond with lowering tariffs of their own, or we could have an announcement where they're announced but not immediately implemented, and then people can negotiate presumably in that interim period. You know, it's just we don't know. But that long leg time factor we have been there before was stealing aluminum and then resolved as they went in as scheduled. No one got an exemption, So people should not hold their breath necessarily. That a long implementation means that there's a window for some grand bargain.

Are there certain geographic regions that are more likely to be rolled back or could be more temporary. I mean Mexico in Canada the off ramp Josh for this is related to fentanyl. The other tariffs that the President has announced don't necessarily have those off ramps.

Are there certain geographic regions that are more likely to be rolled back or could be more temporary. I mean Mexico in Canada the off ramp Josh for this is related to fentanyl. The other tariffs that the President has announced don't necessarily have those off ramps.

Yeah. I think he wants countries to announce the lowering of their own tariffs, and we'll see whether they do that. Mexico has taken a much more sort of muted approach in their negotiations with that. There's been sort of positive signs that the administration likes that they've got a new prime minister in Canada. Of course, yesterday called a general election that could lead to yet another new prime minister in Canada in a month's time. So I think that you know TVD on that one. Whether the Europeans announced some sort of terror production deal in the EU, I think really remains the case. He keeps talking about the EU, but the countries that are really sort of on him are countries that trade a lot with the US, that have goods deficits in trade, or that the US as a trade deficit of goods. That's an important one because he doesn't tend to count services trade. It's only goods trade typically that he count. And so by definition, if you're hitting the people that you have big trade relationships with, you're hitting the countries that you tend to be on better terms with. Usually. Of course, there's big exceptions to that, chiefly China. But that's what's sort of rattling things right now is the ones that seem to be in the line of fire right include many allies like Canada, like the EU, like the Japanese, like the South Koreans.

Yeah. I think he wants countries to announce the lowering of their own tariffs, and we'll see whether they do that. Mexico has taken a much more sort of muted approach in their negotiations with that. There's been sort of positive signs that the administration likes that they've got a new prime minister in Canada. Of course, yesterday called a general election that could lead to yet another new prime minister in Canada in a month's time. So I think that you know TVD on that one. Whether the Europeans announced some sort of terror production deal in the EU, I think really remains the case. He keeps talking about the EU, but the countries that are really sort of on him are countries that trade a lot with the US, that have goods deficits in trade, or that the US as a trade deficit of goods. That's an important one because he doesn't tend to count services trade. It's only goods trade typically that he count. And so by definition, if you're hitting the people that you have big trade relationships with, you're hitting the countries that you tend to be on better terms with. Usually. Of course, there's big exceptions to that, chiefly China. But that's what's sort of rattling things right now is the ones that seem to be in the line of fire right include many allies like Canada, like the EU, like the Japanese, like the South Koreans.

Josh one last question and just about thirty seconds here, but the White Houses argue that tariffs will make the US more competitive a tract for an investment. We've seen some announcements from global companies around that pledges of money to be spent in the US. Pledges mean exactly what it's promises, but not necessarily reality. I mean, does tariffs lead to more investment into a country just quickly?

Josh one last question and just about thirty seconds here, but the White Houses argue that tariffs will make the US more competitive a tract for an investment. We've seen some announcements from global companies around that pledges of money to be spent in the US. Pledges mean exactly what it's promises, but not necessarily reality. I mean, does tariffs lead to more investment into a country just quickly?

So far, there have been announcements of investment that you could link to the threat of tariffs. Whether those investments materialize remains to be seen, and of course the other side of that coin also remains to be seen. In other words, companies might announce their coming, but other ones might not be able to survive the tariffs and they have to shop.

So far, there have been announcements of investment that you could link to the threat of tariffs. Whether those investments materialize remains to be seen, and of course the other side of that coin also remains to be seen. In other words, companies might announce their coming, but other ones might not be able to survive the tariffs and they have to shop.

All right, good stuff.

All right, good stuff.

Obviously one of our big stories, if not our big story. Certainly the markets are watching today. Josh, thank you so much, Josh wein Grove. He has senior White House correspondent Bloomberg News there in our DC bureau.

Obviously one of our big stories, if not our big story. Certainly the markets are watching today. Josh, thank you so much, Josh wein Grove. He has senior White House correspondent Bloomberg News there in our DC bureau.

You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.

You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from two to five pm Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.

At the beginning of the year, our Boomberg Opinions team featured a column and Tim noted crypto could go rogue. At twenty twenty five, again it was a bunch of opinion writers like weighing in. They noted that when Donald Trump returned to the White House, which of course we know he did, digital currencies may either go mainstream or till they could be brought down by a cast of villain.

At the beginning of the year, our Boomberg Opinions team featured a column and Tim noted crypto could go rogue. At twenty twenty five, again it was a bunch of opinion writers like weighing in. They noted that when Donald Trump returned to the White House, which of course we know he did, digital currencies may either go mainstream or till they could be brought down by a cast of villain.

We haven't seen him brought down yet. Our next guest company provides tools for ferreting out crypto related crimes. Joining us as Marianna Maria Haustova, chief operating officer at the Blockchain Analytics from Crystal Intelligence. She joins us from Dubai. Marina, good to have you on the program this afternoon. What are you seeing at Crystal Intelligence when it comes to analytics, who's using the platform and who in your view, is using crypto for illicit purposes?

We haven't seen him brought down yet. Our next guest company provides tools for ferreting out crypto related crimes. Joining us as Marianna Maria Haustova, chief operating officer at the Blockchain Analytics from Crystal Intelligence. She joins us from Dubai. Marina, good to have you on the program this afternoon. What are you seeing at Crystal Intelligence when it comes to analytics, who's using the platform and who in your view, is using crypto for illicit purposes?

Oh, thank you so much, heirs for having me today. I'm happy to be here.

Oh, thank you so much, heirs for having me today. I'm happy to be here.

Yeah.

Yeah.

Well, our customers are coming from two sides, from financial institutions and institutions care about what kind of assets do they accept as payments, so for compliance teams, and another cohort of our customers are governmental bodies and law enforcement agencies around the world, who, of course fight crime. And when we talk about who uses that, of course, right now, crypt steel stays as one of the avenues, you know. So one of the methods for money lounder is to try to hide money, and especially for those type of criminals who are trying to attack or hack particular financial institutions, steal their crypto funds and then try to go away with them. So yeah, this is the usual case that we're doing with.

Well, our customers are coming from two sides, from financial institutions and institutions care about what kind of assets do they accept as payments, so for compliance teams, and another cohort of our customers are governmental bodies and law enforcement agencies around the world, who, of course fight crime. And when we talk about who uses that, of course, right now, crypt steel stays as one of the avenues, you know. So one of the methods for money lounder is to try to hide money, and especially for those type of criminals who are trying to attack or hack particular financial institutions, steal their crypto funds and then try to go away with them. So yeah, this is the usual case that we're doing with.

Well, whatever I bring up to crypto folks that you know, the one criticism of cryptocurrency is that it can be used for illicted purposes. They always push back against me and say, hey, criminals have been using cash since cash was around for money laundering for illicit purposes. This is no different. It's actually more easy to track crypto because of the blockchain. Depending on what we're talking about. We should note not all crypto is the same. But in your view, how do you take that criticism?

Well, whatever I bring up to crypto folks that you know, the one criticism of cryptocurrency is that it can be used for illicted purposes. They always push back against me and say, hey, criminals have been using cash since cash was around for money laundering for illicit purposes. This is no different. It's actually more easy to track crypto because of the blockchain. Depending on what we're talking about. We should note not all crypto is the same. But in your view, how do you take that criticism?

Well, to me, cryptocurrency is transparent and vie DeVault and cash is not so much. So that's why I'm here in this industry. And yeah, that's what we've seen for many, many years. Basically, the blockchain technology enables us to track through all the movements to understand, you know, what actors are involved in the particular transactions. So to me, the transparency that we're bringing is just something incomparable to what is possible to achieve through traditional financial methods. And yeah, a lot of possibilities. We are, of course have to compete to the with the bad actress because they're also like very inventive. We work twenty for seven on like combating crime, and they work twenty for seven trying to you know, outrace us.

Well, to me, cryptocurrency is transparent and vie DeVault and cash is not so much. So that's why I'm here in this industry. And yeah, that's what we've seen for many, many years. Basically, the blockchain technology enables us to track through all the movements to understand, you know, what actors are involved in the particular transactions. So to me, the transparency that we're bringing is just something incomparable to what is possible to achieve through traditional financial methods. And yeah, a lot of possibilities. We are, of course have to compete to the with the bad actress because they're also like very inventive. We work twenty for seven on like combating crime, and they work twenty for seven trying to you know, outrace us.

You know, Marina, we have definitely talked about and covered a lot here at Bloomberg. You know, crypto crimes or crypto related crimes. What are the most common types of crypto related crimes and who happens to do them the most?

You know, Marina, we have definitely talked about and covered a lot here at Bloomberg. You know, crypto crimes or crypto related crimes. What are the most common types of crypto related crimes and who happens to do them the most?

I mean, what if Carol were to do a crime, what crime would you recommend for Carol to do?

I mean, what if Carol were to do a crime, what crime would you recommend for Carol to do?

I'm just.

I'm just.

I think hypothetical.

I think hypothetical.

Yeah, we can take the biggest heighst that happened recently, the bigger cryptocurrency exchange was hacked and the billions was still and the big, big team and we expect that these team is very much connected with North Korea, has been actually working on these cases to make it happen for many many months until they found the right moment for that. So then what we see is a huge team trying to launder these funds. So they are constantly trying to find locations through which these money can be digitalized, right, can be moved around so that they don't get frozen by financial institutions following regulations and having an ability, you know, to stop this fund or free this funds. So for the last like two or three weeks that we are actually tracking this particular case along with the rest of the industry. Yeah, it has been a very very yeah, a very dramatic case, taking a lot of resources from us, And yeah, I don't think it's the last case of such kind that we're going to see. So a lot of work for us to do and a lot more actually yet to come, and we don't know yet, you know what kind of new trends are there in development because changes so fast and the regulations are not so fast to define what actually, you know, where actually everyone should look at at this particular moment, We're.

Yeah, we can take the biggest heighst that happened recently, the bigger cryptocurrency exchange was hacked and the billions was still and the big, big team and we expect that these team is very much connected with North Korea, has been actually working on these cases to make it happen for many many months until they found the right moment for that. So then what we see is a huge team trying to launder these funds. So they are constantly trying to find locations through which these money can be digitalized, right, can be moved around so that they don't get frozen by financial institutions following regulations and having an ability, you know, to stop this fund or free this funds. So for the last like two or three weeks that we are actually tracking this particular case along with the rest of the industry. Yeah, it has been a very very yeah, a very dramatic case, taking a lot of resources from us, And yeah, I don't think it's the last case of such kind that we're going to see. So a lot of work for us to do and a lot more actually yet to come, and we don't know yet, you know what kind of new trends are there in development because changes so fast and the regulations are not so fast to define what actually, you know, where actually everyone should look at at this particular moment, We're.

Gonna have to leave it there. Marina Hastova, chief operating officer at the blockchain analytics firm Crystal Intelligence.

Gonna have to leave it there. Marina Hastova, chief operating officer at the blockchain analytics firm Crystal Intelligence.

This is the Bloomberg Business Week Podcast. Listen live each weekday starting at two pm Eastern up on Apple car Play and the Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just Say Alexa played Bloomberg eleven thirty.

This is the Bloomberg Business Week Podcast. Listen live each weekday starting at two pm Eastern up on Apple car Play and the Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just Say Alexa played Bloomberg eleven thirty.

News in the World of Weight Loss Today, Carol Masser no one nor This has agreed to pay United Laboratories International Holdings as much as two billion dollars for next gen OBCD drug. It's the Danish of ozembic maker's latest move to refill its pipeline of experimental treatments. Also last week, Eli Lilly again selling it's blockbuster weight loss and diabetes drug Munjaro in India. It's a country that has the world's third largest number of obese people.

News in the World of Weight Loss Today, Carol Masser no one nor This has agreed to pay United Laboratories International Holdings as much as two billion dollars for next gen OBCD drug. It's the Danish of ozembic maker's latest move to refill its pipeline of experimental treatments. Also last week, Eli Lilly again selling it's blockbuster weight loss and diabetes drug Munjaro in India. It's a country that has the world's third largest number of obese people.

We continue to see this marketplace grow expand, and we continue to see each of these major drug players look for their next offering. When it comes to GLP one. We do talk about these weight loss drugs an awful lot, especially from a business perspective. Investors have really sent shares of these companies higher than lower. There's some been some volatility, certainly over the past couple of years. Doctor Sue Dakotis is a New York based physician, a Board certified medical internist, and a weight loss specialist. She is an attending physician at NYU Medical Center, joining us right here in New York City.

We continue to see this marketplace grow expand, and we continue to see each of these major drug players look for their next offering. When it comes to GLP one. We do talk about these weight loss drugs an awful lot, especially from a business perspective. Investors have really sent shares of these companies higher than lower. There's some been some volatility, certainly over the past couple of years. Doctor Sue Dakotis is a New York based physician, a Board certified medical internist, and a weight loss specialist. She is an attending physician at NYU Medical Center, joining us right here in New York City.

Doctor Dakotas, good to have you here on BusinessWeek.

Doctor Dakotas, good to have you here on BusinessWeek.

This is something we are We've been covering NonStop, to be quite honest, over the last two years.

This is something we are We've been covering NonStop, to be quite honest, over the last two years.

We have a reporter that's devoted to it.

We have a reporter that's devoted to it.

To really understand the offerings, the nuances between the different drugs, and the expansion as we continue to see new offerings come out. Tell us about from your perspective what you've seen over the last couple of years in terms of the uptick in the usage and whether or not it really is a significant change when it comes to treating weight loss and actually making people healthier in the longer term.

To really understand the offerings, the nuances between the different drugs, and the expansion as we continue to see new offerings come out. Tell us about from your perspective what you've seen over the last couple of years in terms of the uptick in the usage and whether or not it really is a significant change when it comes to treating weight loss and actually making people healthier in the longer term.

Well, in my practice in New York City, I have had tremendous results in my patient population with using these new GLP one drugs, and I've used just about all of the ones that are available, and I'm really excited about the new drugs that are coming out. So, as you know, there's something called Cagrisima that Nova Nordisk is going to come out with, which is a new drug called cagrilinotide that they are combining with the ozepic. The semi glue tide and reddititruetide is coming out from Lily and that actually is a three receptor drug. So what we see is that these drugs get more sophisticated and affect more receptors, and I think more patients are going to have good results. The problems that we have is semiglue tied in the beginning before we had access to Manjarro trezepetide, is that many very overweight patients hit the wall, meaning they couldn't lose weight after a certain period of time, and that was very frustrating. And we found that we're trezepetite, being that we're hitting a second receptor, patients actually lost more fat and weight loss continued. And I look forward to that with some of the new drugs that we have, so I think we're going to be able to reach larger numbers of patients. But what I always hear is so many people are saying these are lifetime drugs, meaning you have to be on this for a lifetime. I really disagree. And my practice in New York City, I've been able to get most of my patients off these drugs if they're not diabetics. And I think a lot of times we're missing the point with these drugs. People know that they're appetite suppressants. They also know that they're great to stabilize insulin and that they're great to reverse insulin resistance, and that's all they're thinking about, and then the person loses weight and then they go off the drugs sometimes abruptly or they stay on it forever. What I do in my practice is I use a body composition skit. Okay, so I'm closely monitoring people's body fat and that's really the key. I think if we can get that body fat down into this sweet spot, I think that's where we get the long term health effects that everyone is talking about. So that's where we're getting the huge anti inflammatory effect. That's where we're having the appetite regulatory system really being rebooted on a permanent basis, so that person doesn't crave the foods they used to crave, and they.

Well, in my practice in New York City, I have had tremendous results in my patient population with using these new GLP one drugs, and I've used just about all of the ones that are available, and I'm really excited about the new drugs that are coming out. So, as you know, there's something called Cagrisima that Nova Nordisk is going to come out with, which is a new drug called cagrilinotide that they are combining with the ozepic. The semi glue tide and reddititruetide is coming out from Lily and that actually is a three receptor drug. So what we see is that these drugs get more sophisticated and affect more receptors, and I think more patients are going to have good results. The problems that we have is semiglue tied in the beginning before we had access to Manjarro trezepetide, is that many very overweight patients hit the wall, meaning they couldn't lose weight after a certain period of time, and that was very frustrating. And we found that we're trezepetite, being that we're hitting a second receptor, patients actually lost more fat and weight loss continued. And I look forward to that with some of the new drugs that we have, so I think we're going to be able to reach larger numbers of patients. But what I always hear is so many people are saying these are lifetime drugs, meaning you have to be on this for a lifetime. I really disagree. And my practice in New York City, I've been able to get most of my patients off these drugs if they're not diabetics. And I think a lot of times we're missing the point with these drugs. People know that they're appetite suppressants. They also know that they're great to stabilize insulin and that they're great to reverse insulin resistance, and that's all they're thinking about, and then the person loses weight and then they go off the drugs sometimes abruptly or they stay on it forever. What I do in my practice is I use a body composition skit. Okay, so I'm closely monitoring people's body fat and that's really the key. I think if we can get that body fat down into this sweet spot, I think that's where we get the long term health effects that everyone is talking about. So that's where we're getting the huge anti inflammatory effect. That's where we're having the appetite regulatory system really being rebooted on a permanent basis, so that person doesn't crave the foods they used to crave, and they.

Have a much.

Have a much.

They have a lesser appetite long term, it's really really important.

They have a lesser appetite long term, it's really really important.

Are you seeing this doctor in your office? Combined with other methods of losing weight, is important that your patients also remain active or get active.

Are you seeing this doctor in your office? Combined with other methods of losing weight, is important that your patients also remain active or get active.

Shot enough well, everyone, we always start out with them. We know our patients well, taking a really good history. Whatever you're eating, it's been what is your lifestyle like and being practicing in New York City. Many patients are pretty sophisticated, you know, they already have a pretty good lifestyle. They may not come into the office very very obese. They may be barely overweight, or their BMI, which you know is a heightened weight parameter, maybe normal, but their body fat is higher than they'd like it to be. And as they get older, you know, maybe their menopausal, they're getting into middle age, they find that their body has changed. They don't feel as good, They're clothes fit differently, they don't get as much out of exercise that they used to. So then we really we really help those people reach an optimal state of health by getting body fat down. But yes, of course diet and exercise is important. But when you're insulin resistant, when you have hormonal problems, there are other genetic and environmental issues that we're hearing about so much now, aren't we all these environmental things that were affecting our metabolism so many people you're already hearing to a good lifestyle. I just need that ex for help.

Shot enough well, everyone, we always start out with them. We know our patients well, taking a really good history. Whatever you're eating, it's been what is your lifestyle like and being practicing in New York City. Many patients are pretty sophisticated, you know, they already have a pretty good lifestyle. They may not come into the office very very obese. They may be barely overweight, or their BMI, which you know is a heightened weight parameter, maybe normal, but their body fat is higher than they'd like it to be. And as they get older, you know, maybe their menopausal, they're getting into middle age, they find that their body has changed. They don't feel as good, They're clothes fit differently, they don't get as much out of exercise that they used to. So then we really we really help those people reach an optimal state of health by getting body fat down. But yes, of course diet and exercise is important. But when you're insulin resistant, when you have hormonal problems, there are other genetic and environmental issues that we're hearing about so much now, aren't we all these environmental things that were affecting our metabolism so many people you're already hearing to a good lifestyle. I just need that ex for help.

I'm getting hungry, That's what I'm gonna say.

I'm getting hungry, That's what I'm gonna say.

I thought I sastomic and I'm like, I'm gurgling over here, and I'm kind of hungry.

I thought I sastomic and I'm like, I'm gurgling over here, and I'm kind of hungry.

Now.

Now.

What I want to ask you, though, is I've seen people who get on it lose a lot of weight, but they also lose a lot of muscle mass, and I'm kind of amazed by that. I've seen them where they their legs are very thin, like all their muscle is gone, which can't be a good thing.

What I want to ask you, though, is I've seen people who get on it lose a lot of weight, but they also lose a lot of muscle mass, and I'm kind of amazed by that. I've seen them where they their legs are very thin, like all their muscle is gone, which can't be a good thing.

Well, it gets back to that question that i'm you know, the issue here is what is their body fat? Is anybody monitoring that? So if the patient is not monitored carefully, so they're not really given diatritic nutritional support because as you know, this can these medications can really turn your appetite off, so sometimes you don't feel like eating anything, So we have to watch that carefully. Also, hydration is key. If people are not really well hydrated, they wind up burning muscle, you know, because the body is kind of protection and you're burning fat, you're losing a lot of water, so the body protects you from so it assumes that you're getting dehydrated. This could be very dangerous and then it can switch to burning muscle as a last resort, which is not a good thing. Not of my patients of lost muscle because I'm watching it, Yeah, very careful, so by weighing them and they're drinking a lot of water.

Well, it gets back to that question that i'm you know, the issue here is what is their body fat? Is anybody monitoring that? So if the patient is not monitored carefully, so they're not really given diatritic nutritional support because as you know, this can these medications can really turn your appetite off, so sometimes you don't feel like eating anything, So we have to watch that carefully. Also, hydration is key. If people are not really well hydrated, they wind up burning muscle, you know, because the body is kind of protection and you're burning fat, you're losing a lot of water, so the body protects you from so it assumes that you're getting dehydrated. This could be very dangerous and then it can switch to burning muscle as a last resort, which is not a good thing. Not of my patients of lost muscle because I'm watching it, Yeah, very careful, so by weighing them and they're drinking a lot of water.

As someone who's been practicing for a while, how do you think about this medicine? I think there's some that think, wow, is it just too good to be true? We kind of joke with our reporter who covers it, like, is this the drug that's going to, you know, kind of cover everything that ails us or fix everything that ails us? Or is it too early to know if there's going to be some kind of complications down the road from taking it.

As someone who's been practicing for a while, how do you think about this medicine? I think there's some that think, wow, is it just too good to be true? We kind of joke with our reporter who covers it, like, is this the drug that's going to, you know, kind of cover everything that ails us or fix everything that ails us? Or is it too early to know if there's going to be some kind of complications down the road from taking it.

Now.

Now.

That's a very good question. I mean, I've been using these drugs for about twelve years now, because you know, before ozepic, you know, made its big splash, there were other drugs that we used in the same family that weren't as effective. These drugs are peptides, and what peptides are are basically simple chains acids, So I think that there as far as the pharmacologic structure of the drug, it's simpler than aspirin. So I think that the body knows how the body. These are not complicated drugs in their structure, so therefore it's easy for the body to break them down. And we use peptides for a lot of things in anti aging medicine. I think they have a very high safety profile. But what concerns me is that so many people are accessing the wrong kind of care, you know. They're going on these online platforms, you know, and really just like having a meeting like we're having right now. They're not getting seen by the physician there, may not be in contact with the position at all, and if they are, it's probably not a weight loss position. They're not getting weighed by any matter or certainly not a body composition scale. So those, I think are the patients that are not having great results, and so many people are resorting to these online platforms and even Lily Now and No Honors. I understand they're going to have a place where somebody can get the drug directly from them. So they'll probably have a consult with a PA or a doctor via zoom maybe once every couple of months, and that's what they call getting medical care.

That's a very good question. I mean, I've been using these drugs for about twelve years now, because you know, before ozepic, you know, made its big splash, there were other drugs that we used in the same family that weren't as effective. These drugs are peptides, and what peptides are are basically simple chains acids, So I think that there as far as the pharmacologic structure of the drug, it's simpler than aspirin. So I think that the body knows how the body. These are not complicated drugs in their structure, so therefore it's easy for the body to break them down. And we use peptides for a lot of things in anti aging medicine. I think they have a very high safety profile. But what concerns me is that so many people are accessing the wrong kind of care, you know. They're going on these online platforms, you know, and really just like having a meeting like we're having right now. They're not getting seen by the physician there, may not be in contact with the position at all, and if they are, it's probably not a weight loss position. They're not getting weighed by any matter or certainly not a body composition scale. So those, I think are the patients that are not having great results, and so many people are resorting to these online platforms and even Lily Now and No Honors. I understand they're going to have a place where somebody can get the drug directly from them. So they'll probably have a consult with a PA or a doctor via zoom maybe once every couple of months, and that's what they call getting medical care.

So that's where I think we're going to have problems.

So that's where I think we're going to have problems.

It doesn't sound like you're a fan of that. Hey, we'll have a couple of minutes left, so I want to make sure to get in some last questions here.

It doesn't sound like you're a fan of that. Hey, we'll have a couple of minutes left, so I want to make sure to get in some last questions here.

Oh sure.

Oh sure.

Back in October, RFK Junior, who is leading the Department of Health and Human Services, He says that delivering healthy food He said this in October to the American public could quote solve the obesity and diabetic diabetes crisis for a fraction of the cost of obesity drugs. My understanding is he's since said different things about the GLP ones, but in general he's not a huge fan and thinks the stuff could be solved through diet and exercise.

Back in October, RFK Junior, who is leading the Department of Health and Human Services, He says that delivering healthy food He said this in October to the American public could quote solve the obesity and diabetic diabetes crisis for a fraction of the cost of obesity drugs. My understanding is he's since said different things about the GLP ones, but in general he's not a huge fan and thinks the stuff could be solved through diet and exercise.

How do you view that.

How do you view that.

I think that's incorrect. I mean, I think if you look at people that are markedly obese across the country, certainly food and lack of exercise has something to.

I think that's incorrect. I mean, I think if you look at people that are markedly obese across the country, certainly food and lack of exercise has something to.

Do with it.

Do with it.

And especially for future generations, If the young children today and children who will be born, if they're exposed to a really healthy food supply, I think that's going to be great. But for the young adults, adults and above who are obese, I don't think that just eating healthy is going to be the answer. Now, these drugs are expensive. So most patients that I see have tried diet exercise. You know, they've tried every keto and paleo and a vegan diet. And I think sometimes insulin resistance is more than just the food you eat. There are other chemicals in the environment, genetics, epigenetics, hormones. All of these things can affect the way your body body metabolizes nutrients. So I don't think it's that simple.

And especially for future generations, If the young children today and children who will be born, if they're exposed to a really healthy food supply, I think that's going to be great. But for the young adults, adults and above who are obese, I don't think that just eating healthy is going to be the answer. Now, these drugs are expensive. So most patients that I see have tried diet exercise. You know, they've tried every keto and paleo and a vegan diet. And I think sometimes insulin resistance is more than just the food you eat. There are other chemicals in the environment, genetics, epigenetics, hormones. All of these things can affect the way your body body metabolizes nutrients. So I don't think it's that simple.

I don't think that he.

I don't think that he.

Would be able to reverse obesity by just giving somebody a healthy diet.

Would be able to reverse obesity by just giving somebody a healthy diet.

Just got about forty five seconds left here, doctor Dakotas. I'm just curious how what percentage of your patients who look to lose weight use the GLP one drugs?

Just got about forty five seconds left here, doctor Dakotas. I'm just curious how what percentage of your patients who look to lose weight use the GLP one drugs?

And are GLP one drugs.

And are GLP one drugs.

For everyone who are looking to lose weight? And again, just got about thirty forty seconds.

For everyone who are looking to lose weight? And again, just got about thirty forty seconds.

Now, it's not for everyone. I mean, if somebody has a history of an eating disorder, or they have a lot of thyroid issues, panphreatic issues in the family, very sensitive gi track, if they're not that overweight or their body fat is not that high, they really should try a clean diet first. And it has to be assessed is this person really eating cleanly? Do they know what they're doing? What kind of exercise are they doing. Sometimes if they're doing too much cardio and their insulin resistant, that can cause them to actually gain weight. What they might need to do is do more resistance training. So every patient's an individual, But I think for the most part of someone cannot lose it with diet and exercise, and I've documented that their body fat is high relative to their weight, and I think they they would probably benefit from a golp one.

Now, it's not for everyone. I mean, if somebody has a history of an eating disorder, or they have a lot of thyroid issues, panphreatic issues in the family, very sensitive gi track, if they're not that overweight or their body fat is not that high, they really should try a clean diet first. And it has to be assessed is this person really eating cleanly? Do they know what they're doing? What kind of exercise are they doing. Sometimes if they're doing too much cardio and their insulin resistant, that can cause them to actually gain weight. What they might need to do is do more resistance training. So every patient's an individual, But I think for the most part of someone cannot lose it with diet and exercise, and I've documented that their body fat is high relative to their weight, and I think they they would probably benefit from a golp one.

All right, good to lead it there, Thanks so much for joining us.

All right, good to lead it there, Thanks so much for joining us.

Doctor su dakotis New York based physician, a Board certified medical internist, a weight loss specialist, attending physician at NYU Medical Center.

Doctor su dakotis New York based physician, a Board certified medical internist, a weight loss specialist, attending physician at NYU Medical Center.

Joining us right here in New York City. Interesting stuff.

Joining us right here in New York City. Interesting stuff.

I'll about you. Let me drive.

I'll about you. Let me drive.

Oh no, no, no no, this is not a toy, honey, please gravels.

Oh no, no, no no, this is not a toy, honey, please gravels.

Let's wait.

Let's wait.

I want to try.

I want to try.

It's a good question.

It's a good question.

This is the drive to the clothes that plunks to me to think.

This is the drive to the clothes that plunks to me to think.

Well, driver Jon and Don on Bloomberg Radio.

Well, driver Jon and Don on Bloomberg Radio.

Right, TikTok.

Right, TikTok.

Everybody just got about eighteen minutes to go until we wrap up the Monday trade. You know, just I would build maloney kind of off air, just fundamentally technically, an interesting day where futures were up a lot. We came up out of the gate with some gains, and then we just continued to move higher.

Everybody just got about eighteen minutes to go until we wrap up the Monday trade. You know, just I would build maloney kind of off air, just fundamentally technically, an interesting day where futures were up a lot. We came up out of the gate with some gains, and then we just continued to move higher.

That's what you talked about when I went to get a snack.

That's what you talked about when I went to get a snack.

Among other things, but I was like, what are you thinking?

Among other things, but I was like, what are you thinking?

You know, like where we're going, and that from a technical basis, that's a pretty strong side.

You know, like where we're going, and that from a technical basis, that's a pretty strong side.

We'll see what Sarah Ponzek has to say, though.

We'll see what Sarah Ponzek has to say, though.

What what do you think we brought?

What what do you think we brought?

I was hungry.

I was hungry.

I was hungry, Like she's talking about JLP one drugs, and all I could think about was like, I want to eat food.

I was hungry, Like she's talking about JLP one drugs, and all I could think about was like, I want to eat food.

Yeah, I hope that's the whole idea of the JLP one.

Yeah, I hope that's the whole idea of the JLP one.

I know, I know, I know.

I know, I know, I know.

All right, let's get into it with Sarah pon Sick. She's financial advisor at UBS Private Wealth Management. She joins us from Florida. Sarah, how are you.

All right, let's get into it with Sarah pon Sick. She's financial advisor at UBS Private Wealth Management. She joins us from Florida. Sarah, how are you.

I'm great, good to see or I guess hear from you, guys sing you're so considerate bringing Carol banana?

I'm great, good to see or I guess hear from you, guys sing you're so considerate bringing Carol banana?

What are you coming up to me bananas?

What are you coming up to me bananas?

We're actually we're actually hoping to come up in the next month or so. I will let you guys know when I will be up there, and hopefully I can make a ship to the office.

We're actually we're actually hoping to come up in the next month or so. I will let you guys know when I will be up there, and hopefully I can make a ship to the office.

Let us know if you need help finding the place. I know it's your old stomping ground, so you don't need any direction.

Let us know if you need help finding the place. I know it's your old stomping ground, so you don't need any direction.

I could still find it with my eyes closed.

I could still find it with my eyes closed.

Okay, good.

Okay, good.

Well in the meantime.

Well in the meantime.

In the meantime, maybe we'll get some clarity on tariffs before then, because April second, it's supposed to be Liberation Day. You are thinking a lot about tariffs when it comes to the uncertainty that is out there, though today's trade seems like it has a lot of certainty in.

In the meantime, maybe we'll get some clarity on tariffs before then, because April second, it's supposed to be Liberation Day. You are thinking a lot about tariffs when it comes to the uncertainty that is out there, though today's trade seems like it has a lot of certainty in.

It, Sarah, today's trade has been very forceful and strong to the upside. So it's nice to be on with the two of you on a day that's actually green and happy for stocks.

It, Sarah, today's trade has been very forceful and strong to the upside. So it's nice to be on with the two of you on a day that's actually green and happy for stocks.

But at the end of the day, tariff talk has been all over the place.

But at the end of the day, tariff talk has been all over the place.

The conversation has been very fluid, and although we have gotten multiple multiple calls and emails from clients over the past few weeks just asking what is going on, we've been stressing just this that the story or the narrative and the policy at the end of the day can really change on a dime. And that's what we're seeing today, and we're seeing the reaction in markets, and what I think is so interesting and I think important is to just put this all in perspective because if you look at the correction that we saw in the stock market at the end of.

The conversation has been very fluid, and although we have gotten multiple multiple calls and emails from clients over the past few weeks just asking what is going on, we've been stressing just this that the story or the narrative and the policy at the end of the day can really change on a dime. And that's what we're seeing today, and we're seeing the reaction in markets, and what I think is so interesting and I think important is to just put this all in perspective because if you look at the correction that we saw in the stock market at the end of.

The day, it was very normal, and frankly we were overdue for one.

The day, it was very normal, and frankly we were overdue for one.

We had two straight years in which the market was up more than twenty percent, and even in the last two years. A lot of people forget corrections in each of the last two years. Last year, the market was down eight percent at its an intra year low, and yet ended the year twenty five percent higher. In twenty twenty three, we also experienced the ten percent drawn down, yet the sm P five hundred was also at more than twenty percent this year. I think it just feels, and I think the technical term is it's more in your face. You can't you can't avoid it. It's in the news.

We had two straight years in which the market was up more than twenty percent, and even in the last two years. A lot of people forget corrections in each of the last two years. Last year, the market was down eight percent at its an intra year low, and yet ended the year twenty five percent higher. In twenty twenty three, we also experienced the ten percent drawn down, yet the sm P five hundred was also at more than twenty percent this year. I think it just feels, and I think the technical term is it's more in your face. You can't you can't avoid it. It's in the news.

We're hearing it every day.

We're hearing it every day.

We see it in tweets, we see it on truth social wherever you go to see Trump's tweets. But it's just more in your face now, which makes it harder to ignore as an investor.

We see it in tweets, we see it on truth social wherever you go to see Trump's tweets. But it's just more in your face now, which makes it harder to ignore as an investor.

But you know, Sarah to that point, yes, more in your face, and perhaps not exactly like the first term of President Trump. Having said that, we're having questions where people are wondering, you know, American exceptionalism, you know no more, you know, questioning folks whether or not the US is uninvestible and saying, yeah, maybe so because of different policies and pulling back kind of from the global market trade potentially. And I guess time will tell ultimately how much sticks and what this means for the US economy. But I look at you know, the WI function really well on the Bloomberg and the eurostocks fifty is still up almost eleven percent this year. I look at the S and P five hundred, it's down two percent. So money has been going overseas. Are your clients saying, wait a minute, you know, I got some concerns about really the US market until we see whether or not these policies, you know, kind of settle down. So give us some color around that, if you would.

But you know, Sarah to that point, yes, more in your face, and perhaps not exactly like the first term of President Trump. Having said that, we're having questions where people are wondering, you know, American exceptionalism, you know no more, you know, questioning folks whether or not the US is uninvestible and saying, yeah, maybe so because of different policies and pulling back kind of from the global market trade potentially. And I guess time will tell ultimately how much sticks and what this means for the US economy. But I look at you know, the WI function really well on the Bloomberg and the eurostocks fifty is still up almost eleven percent this year. I look at the S and P five hundred, it's down two percent. So money has been going overseas. Are your clients saying, wait a minute, you know, I got some concerns about really the US market until we see whether or not these policies, you know, kind of settle down. So give us some color around that, if you would.

Money has been going overseas. There's no doubt about that.

Money has been going overseas. There's no doubt about that.

As you mentioned, Carol, if you look at how the different global indices have performed your date, you look at China indicies, you look at emerging markets, you look at developed markets internationally, they're all out performing the United States.

As you mentioned, Carol, if you look at how the different global indices have performed your date, you look at China indicies, you look at emerging markets, you look at developed markets internationally, they're all out performing the United States.

But is it uninvestible?

But is it uninvestible?

I think that is much too harsh a term to use to describe the unit United States. And we're still very optimistic on US equities. Sure, we've seen a big hit to tech, which has really, at the end of the day, deriven the self that we've seen. I think a lot of people would be surprised if you looked at the sector breakdown of the S and P five hundred this year, only two sectors are actually down. The rest of them are positive. It's just that those sectors have the heaviest weights in the in depth right, so I do think. Look, it does highlight the importance of global diversification. We've always kept exposure to international in our client's portfolios.

I think that is much too harsh a term to use to describe the unit United States. And we're still very optimistic on US equities. Sure, we've seen a big hit to tech, which has really, at the end of the day, deriven the self that we've seen. I think a lot of people would be surprised if you looked at the sector breakdown of the S and P five hundred this year, only two sectors are actually down. The rest of them are positive. It's just that those sectors have the heaviest weights in the in depth right, so I do think. Look, it does highlight the importance of global diversification. We've always kept exposure to international in our client's portfolios.

We are now discussing possibly increasing that exposure a bit.

We are now discussing possibly increasing that exposure a bit.

But at the end of the day, if we look at where we still want to be invested over a longer period of time, it's still a lot of these US techniques.

But at the end of the day, if we look at where we still want to be invested over a longer period of time, it's still a lot of these US techniques.

Why Why is that, though, Sarah, Why do you want to stand Why?

Why Why is that, though, Sarah, Why do you want to stand Why?

What do you say?

What do you say?

Why is that?

Why is that?

Why do you want to stay invested in US tech companies right now? We talked to Peter Attwater last week, who has some serious concerns about the US market.

Why do you want to stay invested in US tech companies right now? We talked to Peter Attwater last week, who has some serious concerns about the US market.

We still when we look at future growth projections, and if you look at the amount of money that is being spent on artificial intelligence and productions, for what that is going to mean for revenues in the future. It's still very strong and we've seen I mean some of these tech names, we've seen some pretty high double digit corrections in.

We still when we look at future growth projections, and if you look at the amount of money that is being spent on artificial intelligence and productions, for what that is going to mean for revenues in the future. It's still very strong and we've seen I mean some of these tech names, we've seen some pretty high double digit corrections in.

Some of these names.

Some of these names.

So we're looking at this more as a potential buying opportunity. Even yes, you know, we could see more volatility, things could get a bit worse.

So we're looking at this more as a potential buying opportunity. Even yes, you know, we could see more volatility, things could get a bit worse.

I don't think this is it. I don't think Okay, we had a strong day, that's it. We're on the up. We're not going to see any volatility anymore.

I don't think this is it. I don't think Okay, we had a strong day, that's it. We're on the up. We're not going to see any volatility anymore.

But if I look at, you know, the United States growth potential versus that of you know, China or Europe or emerging markets over the next five years, for US, US is still the place.

But if I look at, you know, the United States growth potential versus that of you know, China or Europe or emerging markets over the next five years, for US, US is still the place.

We want to be, and it is largely because of that sector makeup.

We want to be, and it is largely because of that sector makeup.

But have you been advising clients to kind of be buying all the way back to mid February when we started to see the S and P go down.

But have you been advising clients to kind of be buying all the way back to mid February when we started to see the S and P go down.

No.

No.

So what's interesting is it actually seemed to me as those sentiment was the worst when the market was only down three percent or so.

So what's interesting is it actually seemed to me as those sentiment was the worst when the market was only down three percent or so.

Because headlines were just flying.

Because headlines were just flying.

We got a lot of calls from clients that you know, in those early weeks, and we kept saying, you know, we're due for our correction, this is likely going to get worse. Don't do anything quite yet. When we started to get towards the ten percent correction mark on the s and P. Five hundred, that's when we started to stay to clients who have a lot of cash on the sidelines, have been looking to nibble, say, look, you don't need to do this all at once, but you can start nibbling here, start.

We got a lot of calls from clients that you know, in those early weeks, and we kept saying, you know, we're due for our correction, this is likely going to get worse. Don't do anything quite yet. When we started to get towards the ten percent correction mark on the s and P. Five hundred, that's when we started to stay to clients who have a lot of cash on the sidelines, have been looking to nibble, say, look, you don't need to do this all at once, but you can start nibbling here, start.

Buying in, start buying the dip.

Buying in, start buying the dip.

And what's really interesting is that if you look at the data, you look at the numbers, if you look at corrections that occur within a bull market, and I know that's a caveat because I'm saying that the correction's not going to turn into a twenty plus percent correction. The reason I'm saying that, though, is bear markets are pretty uncommon. They happen on average once every seven years, and we just witnessed one three years ago, so that would be very soon to witness another full blown bear market. But if you look at corrections that don't then delve into a twenty plus percent correction, they tend to be good buying opportunities.

And what's really interesting is that if you look at the data, you look at the numbers, if you look at corrections that occur within a bull market, and I know that's a caveat because I'm saying that the correction's not going to turn into a twenty plus percent correction. The reason I'm saying that, though, is bear markets are pretty uncommon. They happen on average once every seven years, and we just witnessed one three years ago, so that would be very soon to witness another full blown bear market. But if you look at corrections that don't then delve into a twenty plus percent correction, they tend to be good buying opportunities.

So if you're an investor who bought in after stocks had fallen ten.

So if you're an investor who bought in after stocks had fallen ten.

Percent on average, you know the next three, six and twelve month returns are eight, thirteen and nineteen percent.

Percent on average, you know the next three, six and twelve month returns are eight, thirteen and nineteen percent.

It's not too bad, to be fair.

It's not too bad, to be fair.

We're only down about six percent from all time highs on the S and P five hundred right now after today's rally.

We're only down about six percent from all time highs on the S and P five hundred right now after today's rally.

It's not terrible. I mean, considering the run up that we've seen the last couple of years shift and we saw a week ago. The tone definitely feels different today. Hey, Sarah, thank you so much. Great to talk with you. Sarah Ponzek.

It's not terrible. I mean, considering the run up that we've seen the last couple of years shift and we saw a week ago. The tone definitely feels different today. Hey, Sarah, thank you so much. Great to talk with you. Sarah Ponzek.

She's financial advisor EBS Private Wealth Management out there in Florida.

She's financial advisor EBS Private Wealth Management out there in Florida.

This is Bloomberg.

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This is the Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from two to five pm Eastern on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.

This is the Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from two to five pm Eastern on Bloomberg dot Com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.

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