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Bloomberg Surveillance hosted by Paul Sweeney & Damian SassowerDecember 3rd, 2024
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This is the Bloomberg Surveillance Podcast. Catch us live weekdays at seven am Eastern on Apple car Player, Android Auto with the Bloomberg Business App, Listen on demand wherever you get your podcasts, or watch us live on YouTube.
We talk to a lot of folks at Charles Schwab.
You know, a lot of smart people there helping us out thinking about these markets.
One of them on the global space is Jeff Clientop.
He's chief Global investment strategist, a Charles Schwab joints us here in a Bloomberg Interactive studio.
Where's he in Florida?
Or yeah, but he's a Nitney Lion's Florida, or he's all over the place.
Jeff, thanks so much for joining us here in our studio. Hey, Jeff, we've been talking a lot about France today. You got some political issues over there that they're all trying to figure out here. You think about investment opportunities from a global perspective. When you talk to your Schwab clients these days, where do you tell them some of the best opportunities are globally.
You know, I really like what I'm seeing in Europe. I like outside the US for twenty twenty five, And I know you see headlines that say what's going on in Europe and you think, wow, how could you like this? But look, we're likely to see accelerating global economic growth outside the US in China, and that means countries like France better economic growth next year than we saw last year. We've seen rolling recessions through many of these major economies over the last six quarters and earnings recessions as well. That's likely to change in twenty twenty five. So rising economic and earnings growth points me in the direction of some of these economies that are rebounding, like what we're seeing in Europe.
Jueff.
You know, if we're not going to find growth in the US where China and we know Europe is on it, you know what talk to us about emerging markets. I mean that's right in my wheelhouse. You know, I'm the Beichief emerging market strategist. Is that where you're looking for opportunities.
Emerging markets may be a bright spot next year. A lot will depend on China, whether they get their act together on the right amount of stimulus and directed in the right areas. But one thing I'm interested in is if you take a look back to twenty sixteen, after Trump won the f time, what do we see performing well well US small cap stocks. Of course, obviously America first policies what performed the worst emerging markets. But what happened in the first year of Trump's term twenty seventeen the complete opposite. Chinese stocks were up fifty six percent in twenty seventeen, leading emerging markets to be up forty percent or so, and the worst performers were US small caps. So the reason that happened, Sure we got tariff' sure we got a lot of uncertainty around US economic policy, but what we got was better global economic growth, the same recipe WEC for twenty twenty five.
So when we think about Europe, I guess, at least when I look at it, I see value, big discount evaluation relative to the S and P five hundred and the US. But I also see the risks of a value trap. They're cheap for a reason, they've got no technology, they're slower growth. So put that value trap risk into perspective for Europe.
Yeah, if we continue to see the tech sector lead AI names lead over the course of the next year, then it's hard to see Europe really getting the benefit of those that valuation differential. But I think we're actually starting to see a shift towards leadership in other areas, like financials, the classic Great Cup beneficiary. In fact, in the second half of this year, financials have been outperforming tech in Europe and that's good to see, and I think that's critical. Getting that rotation is really important. And you know, when I think about different factors that I want to focus on next year, values one of those. Cash flow is one of those, and I just see that showing up better and better on my screens as I look at Europe.
I mean, Jeff, you're mentioning financials, you're mentioning small caps. I mean, some of these sectors are up twenty twenty plus percent year tod eight, you know, so it's all about entry point right now. I love that you're focusing on factors because for me, it's been a carry story in a lot of our markets. You know, you're talking about a shift here though, from growth to value, a shift from growth to maybe quality. So what factors you're looking for? I mean, there is a difference between the two.
Now, Yeah, there is and so you know, I think so I guess one of the examples I might give, and just looking at some of the differentials here when we talk about value, it isn't just sectors. I'd look at let's say Coke versus Nestle. This is just an example. I don't a recommendation on either, but Coke US company, Nestlee is Swiss company. They both sell the same products to the same people around the world, snacks and beverages, geographic footprints, about the same. Coke trades at a four pe premium to the Swiss Nestle, only because US investors, which make up the bulk of coke investors, are just more optimistic about everything than the Swiss investor, who's you know, just gone through a recession in Europe and a war on their border.
Fixed income Where does how does that fit into your world?
You know?
Kathy Jones covers that primarily for US, but we see, you know, shorter durations makes some sense in the US. Outside the US, with accelerating global growth, expect to see steeper curves as those central banks continue to cut rates. I'd see maybe another five rate cuts by the European Central Bank, which historically has led to a rise in the price to earnings ratio, and that's maybe another way we get around that value trap.
Jeff put on your options hat for me. I mean, we're looking at a VIX here at thirteen handle. I mean, come on, the markets are pricing in zero risk into the year end turn. I mean, what's up with that?
Yeah, so you know the markets are playing that post election scenario rally, right. Every time we see a new administration come in, from election day to inauguration day, we see this low volatility almost surprisingly and arise in the markets. I think that's a different story as we get closer to January twentieth than inauguration day, where you've got the president with potential day one policies that could really stir things up a little bit. So I think as you look at options volatility, expect that to start baking in higher volatilities we get.
Do you think it makes sense maybe to write some calls here, buy some puts, buy some protection taken what the market gives you.
It might yeah, I mean, with the price of insuring against that somewhat low, I think it's probably something to look at in portfolios. If you've got a lot of exposure.
Jeff, were just about a month removed from the US election here, did you and your team did you wake up the day after the election saying we need to change some of our outlooks.
Are just some of our outlooks here? In terms of our global call, we did not.
And one of the reasons was we were expecting to shift to greater global tariffs almost matter who won next year. One of the things I think that's interesting is if you look at all the tariffs that Trump has proposed, you could get a weighted average tariff right in the US of twenty six percent, up from two point six percent. Now, that's rivaling the smooth Haully tariffs of nineteen thirty and the Great Depression. But a more realistic scenario, I think the bite is probably not as bad as the bark. Maybe a rise of two and a half percent to ten percent weighted average tariffs in the US. The IMF and the recent World Economic outlook looked at that scenario, what would be a move to a ten percent across the board tariff mean it would only shave zero point one percent off of global growth next year, so still seeing intact a return to better economic performance and eernings performance outside the US.
Jeff, you know, you gave that example of Neslie versus Coke a little bit earlier, and your head went to, you know, positioning in the underlying investor base. Mine goes to, you know, those businesses themselves and where they located, right and the actual currency risk there. And so I look at the Bloomberg Spot Dollar Index and I see it up five and a half percent year today, and I think to myself, just how much runway is left for dollar strength?
Are you focused on that at all?
We are, so we're looking at the dollars. So we had a view. This maybe is one way our view change. We were looking for a weeker dollar in twenty five and now maybe seeing the dollar retaining its strength in twenty twenty five on the back of these potential tariff threats. I mean that's the textbook reaction company. Put a country puts on a tariff, the currency tends to rise by the amount of that tariff. So that could be a factor already in the market. Pricing in a five percent rise in tariffs. I think that's probably realistic. Maybe we don't see much more beyond that, but maybe a more stable dollar next year in.
Your global remit, Jeff, how do you think about Latin America.
You know, Latin America is still primarily a commodity based part of the world, and so if we do see a rise in manufacturing activity, we're starting to see some signs of that. China's PMI ticked up a little bit here. Maybe more commodity demand helps to support those Latin American economies, but that's really crucial there.
What do you think about Japan?
I mean, let's go around the world here, right, I mean, we saw a pretty big stimulus package last week, we got the nineteenth coming up. I think the boj is expected to hike rates. I mean, what do you think about, you know, investing in Japan Japanese equity specifically.
I really like it. I think capital could start coming back to Japan in a significant way as you start to see the currency now beginning to appreciate a little bit more. I think, you know, as we got through this little bubble here around the election, I think you start to see the end go up, the cost of borrowing in yen going up, and that's critical to the rest of the carry trade. Yeah, yeah, moving that back in. Remember part of that carriy trade on winding was really around futures that unwound for the most part. But all the borrowing in yend from Japanese banks there's a trillion of it according to the Bank for International Settlements. That's probably still going to get repatriated at least some of it over the course of the next year. So consider that a rising tide for Japanese equities as well.
Where are you telling your clients to stay away? Where are some aspects that you just don't like it.
I'm still worried about China not delivering enough, over promising and under delivering on stimulus. So while valuations are very low and we know they can bounce whenever there's a new stimulus announcement, I'm still more attracted to other emerging and developed markets than I am in the Chinese equity market.
Now, are you on up to two point six percent this year? Stage a pretty sharp post election rally that means weaker ran Nimbi talk to us a little bit about property structor weakness there about more importantly Chinese deflation, whether you expect it to persist as we head into the new year.
Oh yeah, this is this is the biggest problem there and I don't see that turning ground anytime soon. Again, just not delivering stimulus. President she is still focused on strategic initiatives, semiconductor self sufficiency, a green tech self sufficiency, and not really focusing on delivering stimulus to the consumer or a housing doesn't want to see capital go back in as it investible. I think with a long enough time horizon it is. But watch out, twenty twenty five made up rule the China investor.
So what's the if you guys, you're sitting down with your team here these days, what's kind of ther you think your best, your smartest idea maybe a little non consensus kind of thing.
Well, I mean, I have to say Europe, I mean, you know, I mean, in the face of what's been going on, particularly post election, looking at the idea that Europe could accelerate next year. You know, in Q three that just reported Q three earnings for European companies exceeded those for US companies, first time we saw that in five quarters. So I think that's a sign of things to come. This rotation to financials, which make up much larger share of the European equity market than in the US. All these things I think, pointing to a surprise outperformance by international particularly European equities there.
Yeah, but Jeff, you know I got to say this. You know, the biggest conviction trade in FX land is a short euro, right. I mean, so talk to me about how you invest in Europe? Do you do it on an FX hedge basis? I mean, do you have to worry about the currency there?
I think you have to worry a little bit about the currency there. But again, our outlook is more stability in the dollar rather than an ongoing rise. But you know, if you look back to twenty seventeen, widely expected to hear the dollar would rally, it actually fell in twenty seventeen. And maybe the Trump administration's policy is for a weaker dollar to support you as manufacturing. So we'll have to see.
What do you think, Damian, where do you think the euro goes? What's the call in your.
I think you got to watch euro yen here, I mean, I think, I mean everything I'm reading from all the experts who are far smarter than I am, are talking weaker euro yen meaning weaker euro, stronger Japanese yen. And you know it makes sense fundamentally. Whether or not the market's agree is a whole different story. But I mean, Jeff, I just have to thank you. I mean, we've been pitching you fastballs here. I mean, these are not softball questions, and I am loving this. I mean, we could do this all day ball.
But I mean, when I started in All Wall Street in the mid eighties, you had to do.
A tour of duty and Jap and had to. Now for a generation, we've forgotten about Japan, but now it's coming back.
It's finally back. Hey, finally last year, you know, across in sineteen eighty nine peak again. So yeah, what's old is new again?
Yeah, what's old is new again?
Absolutely right, Jeff, Jeff Client, top chief Global investment strategist, Charles Schwap, thanks so much for joining us.
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from seven to ten am. Easter Listen on Apple car Play and Android Auto with a Bloomberg Business app, or watch us live on YouTube.
A lot of.
News flow coming out of Washington, DC, coming out of Marrow Lago. Ye kind of the I guess the for the president like Trump has been very active here. Let's get kind of a lowdown on what's happening down there on the political front here domestically. Heidi Krebo Redicker, Adjunct Senior Fellow for the Council of Foreign Relations, How do you think so much for joining us here?
You know, I love to just get your thoughts on.
I think that one of the bigger news items over the past twenty four hours coming out of Washington was the pardon of by President Biden of his son here A. What did you make of that and what might be the political fallout I guess going forward.
So I think you're seeing you're seeing it come out in the news that and both Republicans and Democrats have been have been quite critical of the move that President Biden made. I think they are those who are are very sympathetic to him, particularly his own family members. But you know, this will we're it's early. We have to see what the implications are for how some of the personnel and implementation in the Justice in the Justice Department, with the FBI and with some of the some of the important I guess accusations of politicization of the legal system are actually used as an excuse by President incoming President Trump to actually take a harder line.
You know, Heidie, I don't have a Trump a truth social account. But you know, last night I heard that Trump was warning of all hell to pay of hamas doesn't release hostages by January twentieth. I mean, do I need a true social account. I mean, talk to me about like how the newsflow out of the White House is going to emanate for the better part of the next four years.
So I mean with both foreign policy and domestic policy, certainly for trade policy. It's a buckle your seat belt time right now, because I think we're going to have a bumpy ride at the incoming president and his new cabinet and personnel are dealing with the world that is much different than it was in Trump one point zero. And this includes what you were talking about earlier, in some instability both political and economic in the core of Europe. At the same time, where you have Russia Ukraine, you have you have the unraveling of the situation in the Middle East, all eyes on whether or not the peace between between Lebanon and his Bola and Israel actually managed to manages to you know, to stay just below the line of exploding and now you have Syria that you're throwing into the mix on top of what is the larger picture of the US competition with China. So it's a big complicated world. And I think we have some inexperienced government hands coming coming into the new administration.
So let's go to that point, Heidi, kind of let's step back and take a look at some of the cabinet nominees that.
Put forward by President Elect Trump.
What are your views on some of the ones that presumably might have some challenges getting through Senate confirmation. How do you think that how do you think the Senate's going to really act here in terms of confirmation.
So there are definitely some challenging names out there, and I think the the the background investigations that we all are you used to in the context of going into government were not actually done for some of some of the ones that the press is going to be coming out with stories over over the coming days and weeks that will likely be pretty unflattering for a couple a couple of the nominees, particularly for Defense and for Attorney General and uh and I think, you know, Telsea Gabbard in particular, is one that I would I would keep an eye on because she's been criticized by her own party as being treasonous. That were being used by by some Republicans in the past about her to take over an important role at d and I dealing with all the intelligence agencies. On the economic side, I think you have a much better story with with Treasury and with with Kevin Hassett coming into the CEA role. The big question mark and the topic for lots of Washington gossip is sort of what happened to Bob Leithheiser, because the rumors are that he's too scared to go big, and that's you know, that set off all sorts of conversations about is what is too big and why would Bob be scared?
Right, Heidi, you know, I let's talk about Scott Besont, you know, Trump's nominee for Treasury secretary. Let's talk about the three three three Plan. I mean, the most important part of which is reducing the federal budgets to three percent of GDP.
Talk to us about fiscal discipline under a Trump administration.
It's going to be hard.
I think that there are a lot of contradictory ambitions that President Elect Trump has coming into his second term, and you know, the issue with the fiscal discipline and anything that requires congressional you know, congressional action, is that you have a very thin, very thin majority in the House and you have a very very slim majority in the Senate as well. So to get everybody on board for the type of massive you know, the the renegotiation of the of the Trump tax cuts from the last administration, and and then some of the spending plans, where is he going to get the funds to actually offset some of the big the big you know, the big tax extension of the tax cuts that he actually wants.
Heidi, what's your sense as to how the rest of the world is planning on dealing with a second Trump administration, whether it's our the folks we have some challenges with like China as.
Well as our our allies around the world. What's the approach you think they're going to take this time around.
So you've already seen early days, you've had a lot of outreach from leaders around the world, not only congratulating and coming President Trump, but also you going to spend some time with him, particularly on the back of the of the the rally, you know, the the throwing around of the of the tariff threat to our closest allies and trading partners to the north and south of US, and so I think you're going to have You're going to have a sit and wait and see with many countries about what, you know, what it is they're going to be able to to trade in order to have tariff relief. But you know, taking a step even further back Trump, I'm not sure if he understands exactly what he wants to use tariffs for. So that is a big question for for both allies. And you know, for China, I think the the EU is probably going to deal unless Chump overreaches, which he's always at a risk of doing. I think Japan as well. China, I think is waiting to see, but they'll push Backack.
Heidi Kriber Hticker, Adjunct Senior Fellow, Council Farm Relations, Thanks so much for giving us some of your time. Here is again the rest of the world resets for a second at Trump administration.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty.
Ifan Devit joins US senior Family Office strategist for Monetta Group, It's been a.
While since we've chatted here.
I'd love to get your thoughts on if your views over there at Medeta have changed in the last month, say, since the US presidential election. We now have a much different looking administration coming in a little bit different look to the US Congress and what that means for policy. Has that had any impact on kind of how you guys look at the markets.
It's interesting. I'd say it's led to a hardening of conviction around some of the trends that were really already in place. We've been mapping the Trump trade since May. It wasn't saying that we had certainty around the election outcome, but I think it was pretty clear which sectors were going to benefit. There was no surprise in the tariff rhetoric, in any of the discussion around tax cuts. We know about the America First foreign policy preference, so all of that was very much something that we were stacking up for. And now I'd say with the administration now pending. We know that that's likely to harden, and I'd say, what we are starting to change a point of view around is exactly the point of your previous discussion. Looking at outside the US, the US now represents seventy five percent of the MSCI world. Any global allocation is US dominant. It is this economic jugg or not that shows no signs of stopping, and the fundamentals look very weak outside the US. So we generally have a well diversified international portfolio. When it comes to equities, it's getting increasingly more difficult to justify some of those non US holdings. We talked about Europe, but I'd say in emerging markets, you can't see that area because the pile of towels that are covering it. Everyone has thrown in the talel at this point on emerging.
Markets, well, ifan, I'd love to talk to you about emerging markets, but I can't take this, can't relinquish this opportunity to really ask you. I mean, look, let's talk about what family offices do You have really big ones that can invest themselves directly into the markets, but most of them they invest with other managers. So talk to us about manager's skill. Talk to us about what strategies, what sectors, where the racing manager depth. We're family offices allocating their wealth today, very interesting question.
Certainly, manager's skill is what we're looking for because we know that the beta, we know that the markets. We're looking for that differentiated edge.
Now.
I will say that in the public markets arena, that has been very much a pinning commodity right now, manager's skilled to perform. Most most of family offices will choose to get their public equity exposure in just through indoicays and beta because it's increasingly hard to get that active management. What we're seeing is a lot more focus on the alternatives, private credit. You spoke earlier about the deal and HPS and how that is really that the hottest spot now in alternatives is private credit. That's very interesting for families. Contractual cash flows that are not related to market movements. We've seen a long interest in real assets, real estate, some individual deals, private equity, venture capital, very kind of very much specific to that family's own set of values and their preferences and maybe their geographic location as well.
And what about capacity with these managers? I mean, are we just talking cit adel point seventy two millennium. Elliott, I mean, are there plenty of managers out there that you can get capacity with for your smaller midsized family offices.
It's a really good question, and i'd say that actually, what's improved with the recent wave of democratization of alternatives we have a lot more platforms out there now, is actually the entry level the bite size is getting a lot smaller. In some cases that would have been a ten five or ten million minimum, And even though family offices can be substantial, they are not at that kind of endowment size whereby a single manager could get five million. But now that those ticket sizes are coming down, that's become very interesting. But actually capacities, particularly the hedge fund arena, is much less of an issue than it used to be before. I'd say private capital. There is a desire to diversify a client base, so family offices are really attractive for that reason. So a lot more movement into having this multiple tickets.
Even we've had here in the US markets twenty percent plus gains over the each of the past two years. How are you kind of positioning twenty twenty five for your clients?
Well, I think it sounds a little bit uninteresting, but more of the same in the sense that we are Our conviction, as I said, has been tested around thinking like non US investing, but when it comes to US investing, we do believe in a broad based portfolio. We've been aware that the tech team has dominated, and certainly the momentum has been there, but we also feel that having this exposure across small and mid cap that's going to come into play when tariffs come into effect. We think that that will benefit from if there are tariffs on imports, less reliance in imports. So all of that's pretty much the same. I'd say in terms of the cash as interest rates come down, which we expect them to do, it won't be as attractive to whole cash bombs. We're going to have to be a lot more selective there and otherwise focusing on these alternatives kind of one at a time, looking at what comes up, be having an open door approach, which we always do to new ideas.
Ethan, thank you so much for joining us.
Ethan Devitch, She's a senior family office strategist for a Meneta Group.
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at seven am Eastern on applecar Play and Android Auto with the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg terminal.
All right, folks, your daily look at their front pages from around the world and Lisa Mittel newspapers, what do you have for us?
All right, since you were talking sports, I want to start there.
Okay.
The president of TKO Group, that's the one who owns Ultimate Fighting, World Wrestling Entertainment. So he tells the Financial Times that sports fans want more. They want super access.
Okay.
They don't just want to sit there like Damien with a hot dog and that's it.
Okay, they want more.
They want special treatment, they want to take pictures with the athletes, they want exclusive access experiences. So because of that, the president was telling the Financial Times they have to do different things. But you remember back in October, Tikyo said they were buying sports agency IMG hospitality business on locations, which is key to give them those experiences. So they're making all these changes. They're also seeing that potential for live events. Of course, Netflix WWE's flash of Weekly Show Raw it's going to be in January in the US, So you're starting to see these changes.
But I don't know, Damon, do you have that?
You know?
Do you want more as a sports fan?
Well, I'm gonna tell Mark Shapaire with the UFC and what fighting championships need they need body cameras. When I'm watching from home, I want to be right in there grappling. I want to when you sweep the leg. I need to be a part of it. Of course, of course, now, but I get it. You know, it's all about keeping all of the fans and the audiences at these arenas, at these ballparks, at these stadiums from six in the morning.
Till eleven at night. You know, you don't want them to leave. So so I get it.
I got it.
TKO Group Holdings publicly traded company. TKO is a ticker twenty three billion dollar market cap. Stocks up sixty five percent today. I mean, just extraordinary. That's where that's where the growth is. So uh And they say, you know, the Shapiro guy, the head who runs this thing. Half of our fan base is in the demo of eighteen to thirty four.
Yeah, I believe it. Got to get them. On Bloomberg Business Sports with Michael Barr exactly.
Yeah, I'm not in that demo, but I'll take your word for Financial Times.
What else you got, Okay, I'm not sure if you've been to a Subway location lately, but there's a lot of controversy. A lot of its franchise owners. They're fed up, they've had it. You had a lawyer for a few of those franchise owners who spoke with The New York Post, and they say that the subway has really ignored their screams for help.
They say they're at risk of being gobbled up by Jersey Mikes. They're they're worried about it.
You think about it, Jersey Mike's has about three loud three thousand locations. Subway has about twenty thousand.
And by the way, Subway is the most.
They have the most locations of any fast food place, more than an okay, of any fast food They're everywhere.
I mean, you go everywhere around the world, there's a Subway there.
And it's true.
But if you notice recently, they've been shrinking, like they shrunk about fifteen percent over the past four years. And the lawyer for these for these Subway franchising not it's they're being asked for other things. They're being forced to remodel restaurants, they're being forced to, you know, pay these technology fees and all these things are adding up and they're just not making the money that they want.
Two words for you, Danny de Vito, I mean I wonder what he alone is responsible for Jersey Mike Sales. I mean he is the face of that franchise. And that's what Subway needs. They need a Danny de Vito.
Because he is a Jersey guy.
He's a Jersey Jersey and the you know, the Jersey Mike's found it Point Pleasant, New Jersey. Now it's headquartered in Manasquan, New Jersey.
But it's fast, yeah, it is. It's it is amazing.
But this I do go to Subway occasionally. There's one on Electionton Avenue, but it's it's grim when you walk in.
It's just not a great environment. And I think that's representative of.
It's not the freshly sliced No.
No, it is not so.
But it's got a you know, if your franchise owner, you need some help there.
It's a tough time, it is, all right, So we go from fast food to fine dining. Okay, so a lot more restaurants.
I'm not sure if you've noticed this.
They're starting to, you know, fatten your check totals with these tiny little appetizer. They're like bite size, like this big if you're on YouTube, okay, no smaller than top us. It takes you just pick it and your stuff it in your mouth and it's done, and that's the end of it.
But the thing is, it costs like twenty to thirty dollars each for these little bite sized things. I mean it's topped with caviaar.
Maybe they use yub from but one restaurant, okay, a single chicken nugget top with truffle will run you thirty dollars.
So that's to give you an example.
The reason why, as they're saying, diners like the novelty, it's a social media hype behind it, you know, all these influencers posting about it, but also o zembic weight loss drugs, people are eating less, they want to eat less, so they want these smaller portions and they still want the restaurant experience, so they're willing to pay for it. But it's kind of paying off for these restaurants because the check totals are starting to add up. You know, you add one, two, three for of these little tiny bites and you know, before you know it, your check tonal is a little bit more than your thought.
Yeah, this is epic.
Thing is real, it is.
I mean, the ladies in my town look fantastic.
I'm not kidding you. I mean they've lost so much weight, and I mean I get it. You know, they just you know, the drug you just you can't eat, you can't keep it down.
Well, I mean the side effect is nausea constant.
So if they can fix that, Yeah, when they get the oral application of some of these weight lostrucks, then they're going to have something.
That's another drug to take care of the nausea. That way, that's two for one exactly.
All right.
Lastly, this is the season, right, you're getting all these packages on your porch, but the problem is that thieves are going on your porch and they're taking them. You got the porch pirates right in full effect. So now what some companies are doing, like people have tried. You try the high tech gadgets, right, you do the ring cameras, and you try to do that.
So I can watch somebody still you can watch it exactly.
You can buy four hundred dollars lockers and the person can put the you know in the locker. Some actually tailors will reimburse you, like Amazon does that. I know that if something stolen they'll replace it.
But now you can buy insurance for it. So this is the new thing.
Is this company called porch Pal, subscription based startup. It'll cover the cost of your stolen packages. How much will it cost. It's going to cost you one hundred and twenty dollars a year. It'll cover up to two thousand dollars of deliveries or up to three claims a year. So basically, you get this credit card, it's linked to the account and all deliveries that are paid with that card, including groceries and takeout are covered under that. So it's will Are you willing to pay that in order to have your packages secured?
I guess is a way to think about it.
But I'm at your location in geography has a lot of yeah with it, and you know I would never pay that, right, you know, I mean probably for me. The cost of the time, the timehead of trying to clean a lost package with the whippery is enough, right, So so for me, I guess you know, I wouldn't. It doesn't make sense, but I get it. If you're in a not so nice neighborhood, you know, and people steal from your front door, then yeah maybe.
Wall Street Journal reporting nearly half of buyers can expect to be hit at least once by porch pirates during this holiday season.
Lisa Mitteo, Thank you so much. Newspapers with Lisa Mittello.
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