Bloomberg Audio Studios, Podcasts, radio news.

Bloomberg Audio Studios, Podcasts, radio news.

This is the Bloomberg Surveillance Podcast. I'm Paul Sweeney along with Tom keen Join us each day for insight from the best in economics, geopolitics, finance, and investment. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten Eastern Remark Global Headquarters at New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business App. Jennifer Ryan, sitting in for Tom Keeney, is on holiday this week. We know not where. Search someplace exotic. I'm here in a Bloomberg Interactive Broker studio or also streaming live on YouTube's ahead over to YouTube dot com and search Bloomberg podcast here. A lot happening on economic calend, A lot happening on the Central Bank calendar this week. All us are gonna be on the Fed there. We're gonna hear from fitchairman j Pal on Wednesday. We'll send Michael McKee down there on the accella train and we'll send he'll have all the re reporting for us on Wednesday. Let's check out with Lori Calvasen ahead of US Equity Strategy RBC Capital Markets, Lourie, Is it all about the FED?

This is the Bloomberg Surveillance Podcast. I'm Paul Sweeney along with Tom keen Join us each day for insight from the best in economics, geopolitics, finance, and investment. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten Eastern Remark Global Headquarters at New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on Bloomberg Radio, the Bloomberg Terminal, and the Bloomberg Business App. Jennifer Ryan, sitting in for Tom Keeney, is on holiday this week. We know not where. Search someplace exotic. I'm here in a Bloomberg Interactive Broker studio or also streaming live on YouTube's ahead over to YouTube dot com and search Bloomberg podcast here. A lot happening on economic calend, A lot happening on the Central Bank calendar this week. All us are gonna be on the Fed there. We're gonna hear from fitchairman j Pal on Wednesday. We'll send Michael McKee down there on the accella train and we'll send he'll have all the re reporting for us on Wednesday. Let's check out with Lori Calvasen ahead of US Equity Strategy RBC Capital Markets, Lourie, Is it all about the FED?

Here?

Here?

I mean, do it earnings matter? Are we just kind of waiting on the FED to see if it's two cuts, three cuts? Maybe a hike in there somewhere? I don't know, how are you guys approaching the kind of the overview of this market.

I mean, do it earnings matter? Are we just kind of waiting on the FED to see if it's two cuts, three cuts? Maybe a hike in there somewhere? I don't know, how are you guys approaching the kind of the overview of this market.

It's a great question, and thanks as always for having me, by the way, But you know, I joke that as an equity strategist, we've all sort of had to become rape strategists these last few years. And thankfully I get along with my rate struggles very well. He does a great job. But look, I do think that to some extent, I wouldn't say maybe all about the FED, but I would say maybe mostly about the FED. So maybe, you know, like eighty ninety percent or so. And you know, I would say in my conversations the last few weeks at least, I feel like we've got a lot of the angst out of the way. So it's been the economy is hot, How can the Fed possibly cut Oh my gosh, there aren't going to be any March cuts, And we've been kind of pushing back saying, well, we never thought they were going to be March cuts to begin with. We've always been looking at June. Our guys have dialed down their expectations for cuts in the back half of the years, so we have you know, pivoted a little bit, but probably not as much as other folks. I would say. You know, we're watching as always the commentary this week as an equity person, I care what Powell says on inflation, the labor market, and kind of the overall characterization of the economy. But you know, it always does kind of come down to the dots. So we'll see what happens.

It's a great question, and thanks as always for having me, by the way, But you know, I joke that as an equity strategist, we've all sort of had to become rape strategists these last few years. And thankfully I get along with my rate struggles very well. He does a great job. But look, I do think that to some extent, I wouldn't say maybe all about the FED, but I would say maybe mostly about the FED. So maybe, you know, like eighty ninety percent or so. And you know, I would say in my conversations the last few weeks at least, I feel like we've got a lot of the angst out of the way. So it's been the economy is hot, How can the Fed possibly cut Oh my gosh, there aren't going to be any March cuts, And we've been kind of pushing back saying, well, we never thought they were going to be March cuts to begin with. We've always been looking at June. Our guys have dialed down their expectations for cuts in the back half of the years, so we have you know, pivoted a little bit, but probably not as much as other folks. I would say. You know, we're watching as always the commentary this week as an equity person, I care what Powell says on inflation, the labor market, and kind of the overall characterization of the economy. But you know, it always does kind of come down to the dots. So we'll see what happens.

So how are you recommending people play this? Do you like large caps or small caps? Are you big on tech? Souring on tech a bit? Tell us a little bit about what your pick seling.

So how are you recommending people play this? Do you like large caps or small caps? Are you big on tech? Souring on tech a bit? Tell us a little bit about what your pick seling.

Yes, so you know, we are kind of if we don't make a ton of sector changes all that frequently. Our last batch was back in January. That is very characteristic of us to kind of move slowly and not that often on the sector views. But we did downgrade tech, and part of what we thought was just that tech if you looked at the medians doock valuation six months, you know, kind of middle of twenty twenty three, still looked pretty reasonably valued. And by the time we got to the beginning of twenty twenty four, your medium tech stock was pretty darn expensive. So it wasn't just you know, sort of the big megacap growth names that we had sticker shock on valuation for. We've also thought, you know that frankly, we were never sort of headed toward an eminent recession the way a lot of folks were. So we've been in the rotation camp, and we said at the beginning of this year it's probably going to take a while for the rotation to happen. The thing that really needed to happen was that economic expectations needed to get reinvigorated. That's the why of this whole you know, Fed kerfuffle right now, right if the FED holds off on cutting or minimizes the cuts, it's because the economy is great. It's kind of twisted a lot of people's heads into a pretzel. But we've really been trying to position our sector views for that move kind of into cyclicality down the road.

Yes, so you know, we are kind of if we don't make a ton of sector changes all that frequently. Our last batch was back in January. That is very characteristic of us to kind of move slowly and not that often on the sector views. But we did downgrade tech, and part of what we thought was just that tech if you looked at the medians doock valuation six months, you know, kind of middle of twenty twenty three, still looked pretty reasonably valued. And by the time we got to the beginning of twenty twenty four, your medium tech stock was pretty darn expensive. So it wasn't just you know, sort of the big megacap growth names that we had sticker shock on valuation for. We've also thought, you know that frankly, we were never sort of headed toward an eminent recession the way a lot of folks were. So we've been in the rotation camp, and we said at the beginning of this year it's probably going to take a while for the rotation to happen. The thing that really needed to happen was that economic expectations needed to get reinvigorated. That's the why of this whole you know, Fed kerfuffle right now, right if the FED holds off on cutting or minimizes the cuts, it's because the economy is great. It's kind of twisted a lot of people's heads into a pretzel. But we've really been trying to position our sector views for that move kind of into cyclicality down the road.

Haylor, I know, is a head of strategy. A big part of your role is to travel really around the world and meeting with RBC's big institutional investor clients. As you've been doing that this year, what's the settim been out there and how has a change?

Haylor, I know, is a head of strategy. A big part of your role is to travel really around the world and meeting with RBC's big institutional investor clients. As you've been doing that this year, what's the settim been out there and how has a change?

Maybe it's a great question. You know, our sentiment indicators tell you there's a lot of froth out there. Specifically, if you look at CFTC where we've been around, you know, early twenty twenty pre COVID highs, early twenty eighteen highs. I would say things don't quite feel that frothy in the conversations. They feel more like the AAII indicator, which is about one standard deviation about the long term average, so that's at a problem point, but not at two standard deviations, which is when things have typically felt very you know, kind of silly over the course of time. So things don't feel silly. It feels like a begrudging bullishness, like like people have sort of been pulled into this fighting tooth and nail and they've sort of accepted, you know, that the economy is on a decent track, but they're not all that happy about it, and they're frustrated by the dominance of the big names, but they're you know, sort of confused about when that leadership is actually going to shift. So I would say it's kind of frustrated bulls out there would be my characterization.

Maybe it's a great question. You know, our sentiment indicators tell you there's a lot of froth out there. Specifically, if you look at CFTC where we've been around, you know, early twenty twenty pre COVID highs, early twenty eighteen highs. I would say things don't quite feel that frothy in the conversations. They feel more like the AAII indicator, which is about one standard deviation about the long term average, so that's at a problem point, but not at two standard deviations, which is when things have typically felt very you know, kind of silly over the course of time. So things don't feel silly. It feels like a begrudging bullishness, like like people have sort of been pulled into this fighting tooth and nail and they've sort of accepted, you know, that the economy is on a decent track, but they're not all that happy about it, and they're frustrated by the dominance of the big names, but they're you know, sort of confused about when that leadership is actually going to shift. So I would say it's kind of frustrated bulls out there would be my characterization.

Frustrated bulls. Another question of what you're getting asked is is anyone's starting to ask you questions about how to position for the US selection?

Frustrated bulls. Another question of what you're getting asked is is anyone's starting to ask you questions about how to position for the US selection?

Good, Yeah, it's a great question. It depends on where they live, is the honest answer. So European investors, Canadian investors. Obviously, I work at a Canadian bank, so I spend a lot of time with the Canadian investors. We have a franchise down in Australia as well, so I spent a decent amount of time talking to those folks. That has been, you know, kind of one of the top questions in my meetings since last summer, and really heated up in the fall, in December and January as well. In the US. It's really the interest has been sparked by the primaries and caucuses and it's you know, we've used this phrase in the past, staring at the sun, you know, ended up last year, people are like, I'll look, but let's talk about it really quick, and then let's look away. It's too painful. There's nothing to do.

Good, Yeah, it's a great question. It depends on where they live, is the honest answer. So European investors, Canadian investors. Obviously, I work at a Canadian bank, so I spend a lot of time with the Canadian investors. We have a franchise down in Australia as well, so I spent a decent amount of time talking to those folks. That has been, you know, kind of one of the top questions in my meetings since last summer, and really heated up in the fall, in December and January as well. In the US. It's really the interest has been sparked by the primaries and caucuses and it's you know, we've used this phrase in the past, staring at the sun, you know, ended up last year, people are like, I'll look, but let's talk about it really quick, and then let's look away. It's too painful. There's nothing to do.

Yet.

Yet.

Now they're opening their eyes, letting their gaze, you know, sort of stay there a little bit longer. It's still pretty painful though, so people are happy to get out of the conversation. I don't think people are doing a lot yet, but they're dusting off the historical playbook. You know, one stat we have we liked the financial sector, and everyone likes the stat that seven of the last eight presidential election years you've seen the financial sector outperform the.

Now they're opening their eyes, letting their gaze, you know, sort of stay there a little bit longer. It's still pretty painful though, so people are happy to get out of the conversation. I don't think people are doing a lot yet, but they're dusting off the historical playbook. You know, one stat we have we liked the financial sector, and everyone likes the stat that seven of the last eight presidential election years you've seen the financial sector outperform the.

S and P.

S and P.

The only time it didn't in the GFC. So that's sort of a good, you know, data point for people. I joke and say, there's safety in numbers. Right, It's such a difficult topic to talk about if you live in the US, but I say, you know, professionally, there's safety in numbers. So let's just talk about the numbers and what those represent.

The only time it didn't in the GFC. So that's sort of a good, you know, data point for people. I joke and say, there's safety in numbers. Right, It's such a difficult topic to talk about if you live in the US, but I say, you know, professionally, there's safety in numbers. So let's just talk about the numbers and what those represent.

All right? How about that you just mentioned the financials there? Why do you guys like the financials here? Given we may see the FED start to cut rates this year, So look.

All right? How about that you just mentioned the financials there? Why do you guys like the financials here? Given we may see the FED start to cut rates this year, So look.

I think if the fed cuts a little bit. The economic you know, the economic backdrop stays you know, decently strong, and you know, inflation is somewhat contained. You know, it's still heading in the right direction. That feels kind of like the sweet spot for the banks to me, you know, I think if we you know, and we really did do the financials as the plumbing of the economy, it's kind of become a boring sector. That wasn't you know, the case back in the you know, kind of two thousands, pre twenty ten, you know, back in you know, life cycles. But it is kind of a boring sector at this point in time. And if you think the economy is on the mend, it tends to do very well when consumer confidence is recovering, and that does seem to be the case since twenty twenty two. We're in this slow, kind of staggered halting up trends. But also it's just cheap, I will tell you. Gerard Cassidy and our bank's team, John Arshrom covers the regional banks. They have generally been more constructive than our analysts and other sectors, and Gerard in particular has really kept a cool head through a lot of the episodes that have happened over the last year and a half. And then frankly, you know, if you look at banks earnings revisions, they're midway through and earning's revision recovery. So we like that component. And then if you just go back to the rotation trade, you have to think about it in market cap terms. If we take a lot of the money out of big tech, or even a decent amount and roll it into other parts of the market, I really think that the financials ultimately have to participate. If value outperforms, financials tend to as well, and that's really just a function of their big market cap in that part of the market.

I think if the fed cuts a little bit. The economic you know, the economic backdrop stays you know, decently strong, and you know, inflation is somewhat contained. You know, it's still heading in the right direction. That feels kind of like the sweet spot for the banks to me, you know, I think if we you know, and we really did do the financials as the plumbing of the economy, it's kind of become a boring sector. That wasn't you know, the case back in the you know, kind of two thousands, pre twenty ten, you know, back in you know, life cycles. But it is kind of a boring sector at this point in time. And if you think the economy is on the mend, it tends to do very well when consumer confidence is recovering, and that does seem to be the case since twenty twenty two. We're in this slow, kind of staggered halting up trends. But also it's just cheap, I will tell you. Gerard Cassidy and our bank's team, John Arshrom covers the regional banks. They have generally been more constructive than our analysts and other sectors, and Gerard in particular has really kept a cool head through a lot of the episodes that have happened over the last year and a half. And then frankly, you know, if you look at banks earnings revisions, they're midway through and earning's revision recovery. So we like that component. And then if you just go back to the rotation trade, you have to think about it in market cap terms. If we take a lot of the money out of big tech, or even a decent amount and roll it into other parts of the market, I really think that the financials ultimately have to participate. If value outperforms, financials tend to as well, and that's really just a function of their big market cap in that part of the market.

Can you shift gears a little bit and talk to us about what your views are on energy? Doing enormously well so far this year, but we've got a potential for a slowing economy, potential for lower rates. What's the best way to think about energy going forward?

Can you shift gears a little bit and talk to us about what your views are on energy? Doing enormously well so far this year, but we've got a potential for a slowing economy, potential for lower rates. What's the best way to think about energy going forward?

So I would say on the economy, if you look at the data and we pull this off Bloomberg, just on the ECFC function. So I'll give you guys a little bit of a plug. But if you monitor how GDP forecasts are moving back last summer twenty twenty four real GDP on the year was expected to be point six percent, so just barely in positive territory the beginning of this year and it moved to above one. I forget exactly where it was as recently as mid February. It was one six and at the end of February it hit two point one percent, and that's still where I believe it is today. And so we've really been seeing the economic story improve. Multiple quarters for twenty twenty four are now seeing improvement. So I don't buy the idea that we're heading into a stagnant, you know, economic backdrop. I think that we're breaking out of the malaise that's characterized the last few years where people have said it's going to be sluggish forever. It's like, oh no, no, no. So that benefits energy, but frankly, you know, it's also an inflation hedge and it's cheap, and then you've got you at political risks, so we like a lot about it right now.

So I would say on the economy, if you look at the data and we pull this off Bloomberg, just on the ECFC function. So I'll give you guys a little bit of a plug. But if you monitor how GDP forecasts are moving back last summer twenty twenty four real GDP on the year was expected to be point six percent, so just barely in positive territory the beginning of this year and it moved to above one. I forget exactly where it was as recently as mid February. It was one six and at the end of February it hit two point one percent, and that's still where I believe it is today. And so we've really been seeing the economic story improve. Multiple quarters for twenty twenty four are now seeing improvement. So I don't buy the idea that we're heading into a stagnant, you know, economic backdrop. I think that we're breaking out of the malaise that's characterized the last few years where people have said it's going to be sluggish forever. It's like, oh no, no, no. So that benefits energy, but frankly, you know, it's also an inflation hedge and it's cheap, and then you've got you at political risks, so we like a lot about it right now.

All right, Lurie, thank you so much as always for joining us. Lori cavacin ahead of US equity strategy at RBC Capital Markets. Let's check in with David Katz, President and chief investment officer Matrix Asset Advisors. Hey, David, thanks so much for joining us here. I mean, we got a busy week here, a lot of central banks reporting, you know, with some of their comments and statements, and we're going to get some views from a lot of central banks here. When you step back and you think about our central Bank, our Federal Reserve, what do you think we're going to see? And you think the markets are accurately discounting what we might see.

All right, Lurie, thank you so much as always for joining us. Lori cavacin ahead of US equity strategy at RBC Capital Markets. Let's check in with David Katz, President and chief investment officer Matrix Asset Advisors. Hey, David, thanks so much for joining us here. I mean, we got a busy week here, a lot of central banks reporting, you know, with some of their comments and statements, and we're going to get some views from a lot of central banks here. When you step back and you think about our central Bank, our Federal Reserve, what do you think we're going to see? And you think the markets are accurately discounting what we might see.

You think the markets are coming to terms that the Fed is going to be less aggressive in lower and rates this year and probably starts a little bit later. We're not expecting any great news out of the Fed this week or any incrementally new news. We think they're going to talk about wanting to see better inflation numbers, but the idea that they will be lowering rates will happen. They're just not going to give a timeframe. So we don't think anything news is going to come out of the Fed. We think, of anything, it creates a little bit of a headwind for the market this week, but today the market seems to be ignoring that.

You think the markets are coming to terms that the Fed is going to be less aggressive in lower and rates this year and probably starts a little bit later. We're not expecting any great news out of the Fed this week or any incrementally new news. We think they're going to talk about wanting to see better inflation numbers, but the idea that they will be lowering rates will happen. They're just not going to give a timeframe. So we don't think anything news is going to come out of the Fed. We think, of anything, it creates a little bit of a headwind for the market this week, but today the market seems to be ignoring that.

But looking further ahead, I mean, we've got a whole bunch of other central bank decisions coming up this week. Do you feel like the vibe is going to be overall more hawkish than people are expecting or is it going to be like some signs of dubbishness coming through.

But looking further ahead, I mean, we've got a whole bunch of other central bank decisions coming up this week. Do you feel like the vibe is going to be overall more hawkish than people are expecting or is it going to be like some signs of dubbishness coming through.

We think there is going to be a balance of both of those. We think the critical thing for investors is not to get obsessed with the exceptionally near term. Understand that the FED and the other central banks are likely going to be more dubvish as the year progresses, and if you're investing today, the markets are going to discount that sooner rather than later. So we'd be looking to put your portfolio to work with the idea that the FED is going to be lowering the rates. We're generally optimistic about stocks this year. We do expect a lot more volatility than we've seen. You had a great fourth quarter and a very good first quarter, so there's going to be some volatility. There's going to be some pullbacks, but we think ultimately stocks end the year higher than they are now, probably in the low double digits.

We think there is going to be a balance of both of those. We think the critical thing for investors is not to get obsessed with the exceptionally near term. Understand that the FED and the other central banks are likely going to be more dubvish as the year progresses, and if you're investing today, the markets are going to discount that sooner rather than later. So we'd be looking to put your portfolio to work with the idea that the FED is going to be lowering the rates. We're generally optimistic about stocks this year. We do expect a lot more volatility than we've seen. You had a great fourth quarter and a very good first quarter, so there's going to be some volatility. There's going to be some pullbacks, but we think ultimately stocks end the year higher than they are now, probably in the low double digits.

All right, David, giving that background, what are some of the sectors you like here? Assuming you know I haven't been long the Magnificent seven, like Tom Keene has, what do you like sector wise?

All right, David, giving that background, what are some of the sectors you like here? Assuming you know I haven't been long the Magnificent seven, like Tom Keene has, what do you like sector wise?

So basically, we think there's going to be a rotation this year with some of the things that did not do as well last year starting to do better. We think that the things that did great last year are going to slow down. You're already starting to see technology slow down some. We think that's going to continue, so we wouldn't chase last year's winners. Healthcare and financials started this year off very good after a very poor.

So basically, we think there's going to be a rotation this year with some of the things that did not do as well last year starting to do better. We think that the things that did great last year are going to slow down. You're already starting to see technology slow down some. We think that's going to continue, so we wouldn't chase last year's winners. Healthcare and financials started this year off very good after a very poor.

Twenty twenty three.

Twenty twenty three.

We think that's going to continue, so we think there are lots of opportunities in that area to make money.

We think that's going to continue, so we think there are lots of opportunities in that area to make money.

On a go forward basis.

On a go forward basis.

Utilities had a very poor twenty twenty three and even a worse start to twenty twenty four, so we think if you have a six to twelve month time horizon, there are lots of it stocks in the utility sector, then we think are going to be good investments, especially if the economy slows down a little bit later in the year and the Fed starts the lower rates, We think utility is going to be a very good place to be, so nice place to make money with much lower risks.

Utilities had a very poor twenty twenty three and even a worse start to twenty twenty four, so we think if you have a six to twelve month time horizon, there are lots of it stocks in the utility sector, then we think are going to be good investments, especially if the economy slows down a little bit later in the year and the Fed starts the lower rates, We think utility is going to be a very good place to be, so nice place to make money with much lower risks.

Looking at the return so far. You're to date in different sectors of the SP five hundred. The one at the very bottom is real estate. What's your view there?

Looking at the return so far. You're to date in different sectors of the SP five hundred. The one at the very bottom is real estate. What's your view there?

So we don't have a great conviction on real estate.

So we don't have a great conviction on real estate.

We think that if rates start to go lower, as we expect, it probably gives.

We think that if rates start to go lower, as we expect, it probably gives.

Them a little bit of a tailwind.

Them a little bit of a tailwind.

But there's so many moving parts right now with real estate, we just think they're better places to make money. So that's a sector we don't have a great conviction on. We've been negative on it for the last eighteen months. I'd say we're probably neutral at this point, David.

But there's so many moving parts right now with real estate, we just think they're better places to make money. So that's a sector we don't have a great conviction on. We've been negative on it for the last eighteen months. I'd say we're probably neutral at this point, David.

One of the names on your list that jumps out of me is one we all know. Cisco. CSCO is the ticker symbol there, two hundred billion dollar market cap, but the stocks just kind of flat here. You're to date flat over the ear twelve months. It is certainly not you know, received any AI pop. What's your call on Cisco?

One of the names on your list that jumps out of me is one we all know. Cisco. CSCO is the ticker symbol there, two hundred billion dollar market cap, but the stocks just kind of flat here. You're to date flat over the ear twelve months. It is certainly not you know, received any AI pop. What's your call on Cisco?

Well, we do think it is a second derivative AI play as work communications take place, as computers and PCs are using more mainframes in the cloud to do AI, we think Cisco's going to have to lay out more cables. You had a problem last year because there was a lot of overordering because people weren't able to get as much as they wanted. When Cisco is able to fulfill all of their orders, a lot of those orders got canceled, so that's made a two or three quarter slow down in their revenues. We think it's going to pick up this year. We think the worst is behind them. Box to twelve thirteen times earning and pays it like a three and a half percent yield, So we think for investors that have a twelve to eighteen month time horizon, they're going to start to catch up. We're not expecting anything spectacular, but we easily think the stockcast fifteen to twenty percent upside with very low risks.

Well, we do think it is a second derivative AI play as work communications take place, as computers and PCs are using more mainframes in the cloud to do AI, we think Cisco's going to have to lay out more cables. You had a problem last year because there was a lot of overordering because people weren't able to get as much as they wanted. When Cisco is able to fulfill all of their orders, a lot of those orders got canceled, so that's made a two or three quarter slow down in their revenues. We think it's going to pick up this year. We think the worst is behind them. Box to twelve thirteen times earning and pays it like a three and a half percent yield, So we think for investors that have a twelve to eighteen month time horizon, they're going to start to catch up. We're not expecting anything spectacular, but we easily think the stockcast fifteen to twenty percent upside with very low risks.

Another name on your list which intrigues me quite a lot. Starbucks. The stock's not been doing particularly well over the last twelve months, but what's the play there?

Another name on your list which intrigues me quite a lot. Starbucks. The stock's not been doing particularly well over the last twelve months, but what's the play there?

So the great thing about Starbucks is they make an addictive product that generally is pretty safe for people and in fact, in some cases healthy for people. They've got a great footprint around the globe. The stock has done poorly in the last six months out of concerns that China is slowing down. China is slowing down, but China is going to start some stimulative packages in the next three to six months. And you're getting Starbucks at a great price that pays a good yield. We like the new CEO of the company. We think the company is very well positioned for the future. Gen Z likes their products. They like the ice and coffees, so we think that they are going to be a sports to be reckoned with for the long term, and you're getting it at a very good price.

So the great thing about Starbucks is they make an addictive product that generally is pretty safe for people and in fact, in some cases healthy for people. They've got a great footprint around the globe. The stock has done poorly in the last six months out of concerns that China is slowing down. China is slowing down, but China is going to start some stimulative packages in the next three to six months. And you're getting Starbucks at a great price that pays a good yield. We like the new CEO of the company. We think the company is very well positioned for the future. Gen Z likes their products. They like the ice and coffees, so we think that they are going to be a sports to be reckoned with for the long term, and you're getting it at a very good price.

David, here's a name. Like. We had the regional banking crisis starting a little bit more than a year ago, and I've always said, boy, I'd love to have I'd love to be able to kind of go into my PMF I'm at a hedge fund and say, hey, give me another couple hundred million bucks. I'm going along regional banks. I think this is the bottom. I'm not sure we're there yet, but P and C Bank is on your list, and this is I'm not really a region, it's kind of like a super regional, I guess, but it's I think kind of grouped with some of those regional banks. Is it safe to go into some of these names. Do you think.

David, here's a name. Like. We had the regional banking crisis starting a little bit more than a year ago, and I've always said, boy, I'd love to have I'd love to be able to kind of go into my PMF I'm at a hedge fund and say, hey, give me another couple hundred million bucks. I'm going along regional banks. I think this is the bottom. I'm not sure we're there yet, but P and C Bank is on your list, and this is I'm not really a region, it's kind of like a super regional, I guess, but it's I think kind of grouped with some of those regional banks. Is it safe to go into some of these names. Do you think.

It's safe to go into the best quality super regional? So the banking group has had a stealth rally since May of last year. They've done really well after the pain of last March April. But we really would want to focus on the best quality companies, best credit quality, good commercial real estate portfolios, and conservative financing. PNC meets that ticket US Bank or same thing Bank of New York. We would not delve into the lower quality companies just because we don't know the risk there, and you only find out the risk for the big problems after the fact.

It's safe to go into the best quality super regional? So the banking group has had a stealth rally since May of last year. They've done really well after the pain of last March April. But we really would want to focus on the best quality companies, best credit quality, good commercial real estate portfolios, and conservative financing. PNC meets that ticket US Bank or same thing Bank of New York. We would not delve into the lower quality companies just because we don't know the risk there, and you only find out the risk for the big problems after the fact.

Some of the ones that I mentioned.

Some of the ones that I mentioned.

Really good quality, very good valuations, very nice sealds. We think if the Fed starts lowering rates and we don't have a recession, which we're not forecasting, these companies should do quite well real quick.

Really good quality, very good valuations, very nice sealds. We think if the Fed starts lowering rates and we don't have a recession, which we're not forecasting, these companies should do quite well real quick.

We don't have a lot of time left. Apple, We've been talking about it a lot this morning. What's your view there, especially with the news that about the potential tie up with Google.

We don't have a lot of time left. Apple, We've been talking about it a lot this morning. What's your view there, especially with the news that about the potential tie up with Google.

So we own Apple. We went into this year when it was the one ninety to one ninety five level a little bit less enthusiastic. At the one to seventy level. We think it's a very good re entry point for new moneies. We think today's announcement or speculation is a positive. Apple is going to have AI on their new phones. Whether it's you know, with with Google or with someone else, there will be a new product cycle. We think the market has gotten overly negative over the last few weeks, so it's a pretty good entry point. It's it's about fairly valued, but we think we'll go higher.

So we own Apple. We went into this year when it was the one ninety to one ninety five level a little bit less enthusiastic. At the one to seventy level. We think it's a very good re entry point for new moneies. We think today's announcement or speculation is a positive. Apple is going to have AI on their new phones. Whether it's you know, with with Google or with someone else, there will be a new product cycle. We think the market has gotten overly negative over the last few weeks, so it's a pretty good entry point. It's it's about fairly valued, but we think we'll go higher.

All right, David, thanks so much for joining us again. David Cassie's a president and chief investment officer for Matrix Asset Advisors. Let's step back and take a big, big holistic look at these markets. So we can do that with our next guest, Dana Diyoria. She is co CIO of invest Net. Dana, thanks so much for joining us here. You know, I'd love to just start with asset allocation here. We kind of grew up with a sixty forty equity fixed income portfolio. Now a lot of folks are saying, hey, you need to have a meaningful presence in alternative investments, so let's step back in asset allocation. How do you guys think about it right here?

All right, David, thanks so much for joining us again. David Cassie's a president and chief investment officer for Matrix Asset Advisors. Let's step back and take a big, big holistic look at these markets. So we can do that with our next guest, Dana Diyoria. She is co CIO of invest Net. Dana, thanks so much for joining us here. You know, I'd love to just start with asset allocation here. We kind of grew up with a sixty forty equity fixed income portfolio. Now a lot of folks are saying, hey, you need to have a meaningful presence in alternative investments, so let's step back in asset allocation. How do you guys think about it right here?

Well, we definitely an investment you know, accommodate both right at a high level, I would say to balance, the sixty forty still dominates, you know, no surprise there, you know. And it's interesting because I'm sure you hear a lot of this, of course, because in the last few years we've just had, you know, several times where it just didn't seem like equities and fixed income we're hedging each other. I you know, the performance of fixed income, I think is the real issue that people are having and why you're hearing kind of more of a push for alternatives. You know, everybody expects equities to drop there. They're not as sanguine about seeing their fixed income losing, especially when it gets to double digits. But you know, so there's a I would say, a steady increase in interest and alternative. And I also think a lot of the big alternative players are looking to come down market to you know, sort of the retail advisory area where I fit. So I do expect, just because there's interest there as well, to see more of that.

Well, we definitely an investment you know, accommodate both right at a high level, I would say to balance, the sixty forty still dominates, you know, no surprise there, you know. And it's interesting because I'm sure you hear a lot of this, of course, because in the last few years we've just had, you know, several times where it just didn't seem like equities and fixed income we're hedging each other. I you know, the performance of fixed income, I think is the real issue that people are having and why you're hearing kind of more of a push for alternatives. You know, everybody expects equities to drop there. They're not as sanguine about seeing their fixed income losing, especially when it gets to double digits. But you know, so there's a I would say, a steady increase in interest and alternative. And I also think a lot of the big alternative players are looking to come down market to you know, sort of the retail advisory area where I fit. So I do expect, just because there's interest there as well, to see more of that.

What do your clients say to you about equities, because you know, we're looking at the futures this morning. There's a lot of green at the start of a week where there's a very strong expectation that the FED could wind up being more hawkish than anything we would have expected at the start of the year.

What do your clients say to you about equities, because you know, we're looking at the futures this morning. There's a lot of green at the start of a week where there's a very strong expectation that the FED could wind up being more hawkish than anything we would have expected at the start of the year.

Yeah, I think it's just it's price and at this point, you know, I think we started the year with such a high expectation of great cuts and it really didn't make a lot of sense with where the data was. Right, the FED had bet at the end of last year higher for longer. Obviously, the Fed's mandate is inflation and employment, and both of those point very strongly at this point to not cutting. So I don't think anybody's expecting a rate cut this week, and I think that's been you know, kind of fully priced in. You know, the question, of course, is what is Power going to say. I would expect that, you know, he does come out trying to thread the needle. But the reality is that if we don't see some cracks and employment and we do see inflation remain sticky. Obviously, PPI court inflation as well have been stickier than what we've wanted, and you know, things like initial jobless claims. I mean, yes, the unemployment rate picked up a bit, but initial jobless claims really are remaining strong, I wouldn't, I think too is certainly on the table all ELSEQL today.

Yeah, I think it's just it's price and at this point, you know, I think we started the year with such a high expectation of great cuts and it really didn't make a lot of sense with where the data was. Right, the FED had bet at the end of last year higher for longer. Obviously, the Fed's mandate is inflation and employment, and both of those point very strongly at this point to not cutting. So I don't think anybody's expecting a rate cut this week, and I think that's been you know, kind of fully priced in. You know, the question, of course, is what is Power going to say. I would expect that, you know, he does come out trying to thread the needle. But the reality is that if we don't see some cracks and employment and we do see inflation remain sticky. Obviously, PPI court inflation as well have been stickier than what we've wanted, and you know, things like initial jobless claims. I mean, yes, the unemployment rate picked up a bit, but initial jobless claims really are remaining strong, I wouldn't, I think too is certainly on the table all ELSEQL today.

All right, So given kind of that background, which you know, I guess from an industry perspective is kind of uncertain, where are you suggesting any equity markets and investors maybe put their focus these days?

All right, So given kind of that background, which you know, I guess from an industry perspective is kind of uncertain, where are you suggesting any equity markets and investors maybe put their focus these days?

Well, we look at it, of course from a long haul perspective, right, I mean, when you're thinking about just people's mess eggs and retirement planning and everything, and kind of the point I try to make is that if you're if you're invested in the index, or you're invested even in a typical active strategy, that's not going to want to take massive tracking air. We've seen a lot of active managers, you know, kind of struggle right obviously with the with the cap weighted indexes being so heavily weighted in the Magnificent seven and they just you know, the blowout performance there. It's really hard from active management perspective to take too much tracking err And what that means is that most people have their portfolios invested pretty heavily there. So till to the extent that you can away from that, I still do think makes sense. And I think depending on what your time frame in is and how you're looking at it. You can go about that differently. I'm a proponent of small and small value in particular, and again you're not you're not putting the whole thing there, but but a tilt there. It does outpaced inflation over time. It has return better than the market over the long haul. But you know what else we're seeing as well as a quality till if you if you think we haven't you know, kind of on the other side of the spectrum, I'll say, right, if you think that we haven't gotten past recession concerns, you look at how quality is performing so far this year, and of course you've got Nvidia in there meta you know, in the standard index there, so of course you know that's that's performing very well. But you know, a defensive position, whether it's fundamental kind of defensive position or volatility based defensive position, I think can make sense if you're worried about you want to stay in equity markets, but you're kind of looking at how things are developing and concerned that maybe the soft landing is not a guarantee.

Well, we look at it, of course from a long haul perspective, right, I mean, when you're thinking about just people's mess eggs and retirement planning and everything, and kind of the point I try to make is that if you're if you're invested in the index, or you're invested even in a typical active strategy, that's not going to want to take massive tracking air. We've seen a lot of active managers, you know, kind of struggle right obviously with the with the cap weighted indexes being so heavily weighted in the Magnificent seven and they just you know, the blowout performance there. It's really hard from active management perspective to take too much tracking err And what that means is that most people have their portfolios invested pretty heavily there. So till to the extent that you can away from that, I still do think makes sense. And I think depending on what your time frame in is and how you're looking at it. You can go about that differently. I'm a proponent of small and small value in particular, and again you're not you're not putting the whole thing there, but but a tilt there. It does outpaced inflation over time. It has return better than the market over the long haul. But you know what else we're seeing as well as a quality till if you if you think we haven't you know, kind of on the other side of the spectrum, I'll say, right, if you think that we haven't gotten past recession concerns, you look at how quality is performing so far this year, and of course you've got Nvidia in there meta you know, in the standard index there, so of course you know that's that's performing very well. But you know, a defensive position, whether it's fundamental kind of defensive position or volatility based defensive position, I think can make sense if you're worried about you want to stay in equity markets, but you're kind of looking at how things are developing and concerned that maybe the soft landing is not a guarantee.

Talk to me a little bit about what your expectations are for corporate earnings for the rest.

Talk to me a little bit about what your expectations are for corporate earnings for the rest.

Of the year.

Of the year.

Yeah.

Yeah.

I mean the question is I guess around, you know, have we again I'll use the word, have we become too sanguine about you know, the fact that corporate teams now are going to be rolling over debt in a higher for longer type of environment. It obviously the Magnificent seven. This is another place where they've really you know, shine because the expectation is very high. Already, the multiples there are very high. Uh, the earnings appear so far to support it, and then you kind of look at you know, so I segment it and say okay, and then I kind of look, you know, across the spectrum at smaller caps and and my you know, my aim there would be a longer haul kind of a investment because it is very possible that when you get to that side of things and you look at companies that can't necessarily self fund, they do have to go to capital markets, and they are facing interest rates that maybe aren't going to decrease as fast as they thought. You know, small taps tend to be more interest rate sensitive. So if you kind of split up, you know, with the corporate universe and large and or self funding I'll call it, right, which tends to be more large, not obviously entirely. And then you know, versus the part of the market that really does need to go to capital markets. I think that's going to have you know that that will play out differently. Now, of course, again, if you're in a standard index or if you're in an actively managed solution that you know has very not huge tracking error, you could probably live through, you know, whatever what comes out with corporate earnings, even if productivity uh doesn't necessarily kind of heal all wounds and you know, live through it, buy it, buy it. Maybe lower valuations for some of these companies that you know have to kind of get to the other side, and then when interest rates are decreasing, they do benefits.

I mean the question is I guess around, you know, have we again I'll use the word, have we become too sanguine about you know, the fact that corporate teams now are going to be rolling over debt in a higher for longer type of environment. It obviously the Magnificent seven. This is another place where they've really you know, shine because the expectation is very high. Already, the multiples there are very high. Uh, the earnings appear so far to support it, and then you kind of look at you know, so I segment it and say okay, and then I kind of look, you know, across the spectrum at smaller caps and and my you know, my aim there would be a longer haul kind of a investment because it is very possible that when you get to that side of things and you look at companies that can't necessarily self fund, they do have to go to capital markets, and they are facing interest rates that maybe aren't going to decrease as fast as they thought. You know, small taps tend to be more interest rate sensitive. So if you kind of split up, you know, with the corporate universe and large and or self funding I'll call it, right, which tends to be more large, not obviously entirely. And then you know, versus the part of the market that really does need to go to capital markets. I think that's going to have you know that that will play out differently. Now, of course, again, if you're in a standard index or if you're in an actively managed solution that you know has very not huge tracking error, you could probably live through, you know, whatever what comes out with corporate earnings, even if productivity uh doesn't necessarily kind of heal all wounds and you know, live through it, buy it, buy it. Maybe lower valuations for some of these companies that you know have to kind of get to the other side, and then when interest rates are decreasing, they do benefits.

All right, Danny, thanks so much for joining us. Really appreciate getting your thoughts as always. Dana Dyoria, co cio of invest Net. All right, your daily look at the front pages around the world. All right, Lisa, lots of stuff we could go here with the newspapers. Where do you want to start?

All right, Danny, thanks so much for joining us. Really appreciate getting your thoughts as always. Dana Dyoria, co cio of invest Net. All right, your daily look at the front pages around the world. All right, Lisa, lots of stuff we could go here with the newspapers. Where do you want to start?

All right, We're starting with Bloomberg. Mark, I'm gonna have the great article out about Apple CarPlay. You know, where you can listen to the Bloomberg Business hapf Yes. So car Play was originally designed to fend off Android, right, so Bloomberger's reporting. Since Apple nicks those plans for its own car, the car Play is like a bigger thing right now. So this new concept for CarPlay, how is it different? It's going to be fully integrated into the vehicles, so it would take over more screens as well as more features like the radio and air conditioning. Now, Paul, you have the car Play. So if the current one interface they say it's more focused on Apple services, doesn't handle most of the cars control. So that's why this one's going to be a little bit different. Okay, so it's supposed to be better this way response to Google's Android Automotive where the competition is because that one is installed to the car itself.

All right, We're starting with Bloomberg. Mark, I'm gonna have the great article out about Apple CarPlay. You know, where you can listen to the Bloomberg Business hapf Yes. So car Play was originally designed to fend off Android, right, so Bloomberger's reporting. Since Apple nicks those plans for its own car, the car Play is like a bigger thing right now. So this new concept for CarPlay, how is it different? It's going to be fully integrated into the vehicles, so it would take over more screens as well as more features like the radio and air conditioning. Now, Paul, you have the car Play. So if the current one interface they say it's more focused on Apple services, doesn't handle most of the cars control. So that's why this one's going to be a little bit different. Okay, so it's supposed to be better this way response to Google's Android Automotive where the competition is because that one is installed to the car itself.

So you see what I find it. I just got jennifer new car, so it comes with the big screen, which is all new for me because my car before it was ten years old, didn't have any of that kind of stuff here. So what I found is it's this screen is actually kind of your iPhone up on the screen, so it's got everything you use on your phone, like the Bloomberg Business app or like Google Maps for example, and boom it's just kind of up there. It's all integrated, and I think that's so for better or worse, Apple's more integrated into your driving experience.

So you see what I find it. I just got jennifer new car, so it comes with the big screen, which is all new for me because my car before it was ten years old, didn't have any of that kind of stuff here. So what I found is it's this screen is actually kind of your iPhone up on the screen, so it's got everything you use on your phone, like the Bloomberg Business app or like Google Maps for example, and boom it's just kind of up there. It's all integrated, and I think that's so for better or worse, Apple's more integrated into your driving experience.

So that's what they want to target. I know that's what they want to do because guess before you couldn't do some of the car controls with it. So now that they want to change that more competitive viata.

So that's what they want to target. I know that's what they want to do because guess before you couldn't do some of the car controls with it. So now that they want to change that more competitive viata.

It's a competitive market. Why kind of say that? You know, the Consumer Electronics show out in Vegas and January. Every area is basically now just an auto show with some you know, toys around it. So see what it's going. Yeah, fully integraate what else?

It's a competitive market. Why kind of say that? You know, the Consumer Electronics show out in Vegas and January. Every area is basically now just an auto show with some you know, toys around it. So see what it's going. Yeah, fully integraate what else?

Scott?

Scott?

All right, this is the Wall Street Journal. The hot the hottest ticket in American dining, they say, is Applebee's Weekly Pass. People went crazy for this. You paid two hundred dollars. Basically it's a date night pass. It's a subscription, and it's sold out in less than a minute. Here's why, because people are trying to save money, right, So with this pass you get thirty dollars off of each bill once a week for a year. So people only paid two hundred dollars for this. It sold out quickly. I mean prices to eat. You know, you've been out to eat, right, It's it's crazy.

All right, this is the Wall Street Journal. The hot the hottest ticket in American dining, they say, is Applebee's Weekly Pass. People went crazy for this. You paid two hundred dollars. Basically it's a date night pass. It's a subscription, and it's sold out in less than a minute. Here's why, because people are trying to save money, right, So with this pass you get thirty dollars off of each bill once a week for a year. So people only paid two hundred dollars for this. It sold out quickly. I mean prices to eat. You know, you've been out to eat, right, It's it's crazy.

In the city.

In the city.

It's we don't eat out anymore, right, which is like why are we living here? Yeah, but that is this gonna be a good thing for Applebee's because I feel like there's a lot of people who are saving a lot of thirty dollars here and yeah, it's gonna add up.

It's we don't eat out anymore, right, which is like why are we living here? Yeah, but that is this gonna be a good thing for Applebee's because I feel like there's a lot of people who are saving a lot of thirty dollars here and yeah, it's gonna add up.

They did.

They did.

They sold like a limited number.

They sold like a limited number.

Okay, okay.

Okay, okay.

But the thing is is like they talked to one couple on it, which was interesting because they won it. They say, it's like winning the apple Bee's you know, lottery, And they went out and when they travel they go to Applebee's now, so they save on their vacations wherever they go, they kind of do.

But the thing is is like they talked to one couple on it, which was interesting because they won it. They say, it's like winning the apple Bee's you know, lottery, And they went out and when they travel they go to Applebee's now, so they save on their vacations wherever they go, they kind of do.

The apple Bee's is in where Times Square. Oh okay, that's fun story. So I saw that. Yeah, there you go. I mean that's like the biggest Yeah. I think food inflation at least for me at the supermarket and then we go out a lot because we're empty nesters. It's man, is it real? I mean, and you can just see it. So I think a lot of consumers. Like what we've done is traded from name brands in the store to the store brand. Yes, you know, for a lot of things.

The apple Bee's is in where Times Square. Oh okay, that's fun story. So I saw that. Yeah, there you go. I mean that's like the biggest Yeah. I think food inflation at least for me at the supermarket and then we go out a lot because we're empty nesters. It's man, is it real? I mean, and you can just see it. So I think a lot of consumers. Like what we've done is traded from name brands in the store to the store brand. Yes, you know, for a lot of things.

Yeah, but we have a friend visiting in town from London now and his eyes are popping out of his head at the prices. And that's the guy coming from London.

Yeah, but we have a friend visiting in town from London now and his eyes are popping out of his head at the prices. And that's the guy coming from London.

You know, it's bad that it happens, and you under eighty nine dollars.

You know, it's bad that it happens, and you under eighty nine dollars.

Steak I heard, and yeah, and he saw that it was a great steak and it was at nine thousand feet so it took a while to get that cow up there. But I guess that's worth the eighty nine. But but man, that was ridiculous.

Steak I heard, and yeah, and he saw that it was a great steak and it was at nine thousand feet so it took a while to get that cow up there. But I guess that's worth the eighty nine. But but man, that was ridiculous.

Oh what's also ridiculous our home prices, because that is a link to our next story. Business Insider has this. It's a community of tiny home villages and they're selling out fast. It's South Park Cottages, just outside of Atlanta. So the whole thought behind it was to create this community where everybody could afford a home, right because they started one hundred and ninety thousand dollars. They're small, you know, the one and two bedroom units, raising him from like four hundred to six hundred fifty square feet. But the mortgage payment around fifteen hundred dollars, so it's equal to what they were paying in rent, but they get to own something, so that's a difference.

Oh what's also ridiculous our home prices, because that is a link to our next story. Business Insider has this. It's a community of tiny home villages and they're selling out fast. It's South Park Cottages, just outside of Atlanta. So the whole thought behind it was to create this community where everybody could afford a home, right because they started one hundred and ninety thousand dollars. They're small, you know, the one and two bedroom units, raising him from like four hundred to six hundred fifty square feet. But the mortgage payment around fifteen hundred dollars, so it's equal to what they were paying in rent, but they get to own something, so that's a difference.

And it worked.

And it worked.

All twenty nine units sold out in less than two months. They haven't even over a year before they were even started building it. So that developer now going to build another community in Georgia kind of with the same concept behind.

All twenty nine units sold out in less than two months. They haven't even over a year before they were even started building it. So that developer now going to build another community in Georgia kind of with the same concept behind.

You should bring that to New York.

You should bring that to New York.

Yeah, yeah, yeah, I'm leaving for an apartment right now, Like, can we please bring some of.

Yeah, yeah, yeah, I'm leaving for an apartment right now, Like, can we please bring some of.

The historia exactly?

The historia exactly?

But it's crazy.

But it's crazy.

I mean, I think in the city, I mean, the panacea would be here in New York, and I guess a lot of other big cities is take these vacant office buildings, convert them into residential sounds easy, but what I've been told by the real estate pros is it's a lot harder than that. And in some cases it is impossible structurally wise and so on and so forth, and other cases is just prohibitively expensive to make the changes that would be needed.

I mean, I think in the city, I mean, the panacea would be here in New York, and I guess a lot of other big cities is take these vacant office buildings, convert them into residential sounds easy, but what I've been told by the real estate pros is it's a lot harder than that. And in some cases it is impossible structurally wise and so on and so forth, and other cases is just prohibitively expensive to make the changes that would be needed.

But yeah, Blueberg has actually done some incredible stories on this, and like one of the things that you don't think of is, for example, all the windows are at the edge. So if you've got a place in the middle, you've gotten no drum lights.

But yeah, Blueberg has actually done some incredible stories on this, and like one of the things that you don't think of is, for example, all the windows are at the edge. So if you've got a place in the middle, you've gotten no drum lights.

Yeah, yes, so I don't know what's going to happen there, but all right, maybe well just buy these little microplaces, all right. And this next one I'm not sure I want to go to.

Yeah, yes, so I don't know what's going to happen there, but all right, maybe well just buy these little microplaces, all right. And this next one I'm not sure I want to go to.

But yeah, letter it's about your toes, and your feet need health. Forget the six pack ads. You need well spaced toes. This is the latest new fitness trend. Apparently healthy feet. They help with balance stability, right, they help build foot strength. So that's where this comes. Better spread, better balance, you get it. Okay, So toe spreaders, they are becoming popular. You've got them when you get a pedicure, you know, they put the little toe spreaders in your feet. Now it's a must have training tool. So people are buying these. You have models showing them off, you have these elite athletes showing them off. They cost about you know, ten bucks. You can pay for one, or you can go as high as like sixty five dollars.

But yeah, letter it's about your toes, and your feet need health. Forget the six pack ads. You need well spaced toes. This is the latest new fitness trend. Apparently healthy feet. They help with balance stability, right, they help build foot strength. So that's where this comes. Better spread, better balance, you get it. Okay, So toe spreaders, they are becoming popular. You've got them when you get a pedicure, you know, they put the little toe spreaders in your feet. Now it's a must have training tool. So people are buying these. You have models showing them off, you have these elite athletes showing them off. They cost about you know, ten bucks. You can pay for one, or you can go as high as like sixty five dollars.

And this is kind of like the Kim Kardashian brands skims. They've got the waist trainer. Oh oh, this is the toe trainer.

And this is kind of like the Kim Kardashian brands skims. They've got the waist trainer. Oh oh, this is the toe trainer.

The toe trainer. Yeah, but it's like the hot new thing they're made from, like fel foam, silicone gel, you name it. But it's about your foothealth. So you got to watch your feet, Paul, make sure they're spread nicely.

The toe trainer. Yeah, but it's like the hot new thing they're made from, like fel foam, silicone gel, you name it. But it's about your foothealth. So you got to watch your feet, Paul, make sure they're spread nicely.

Okay, you toes, well, I'm about the ones squeezing my foot into these crazy high hills that you guys are so, I mean, you don't look over.

Okay, you toes, well, I'm about the ones squeezing my foot into these crazy high hills that you guys are so, I mean, you don't look over.

The issue is a woman who has these tiny little shoes and you're walking around everywhere and your toes get all cramped up.

The issue is a woman who has these tiny little shoes and you're walking around everywhere and your toes get all cramped up.

All right, Lisa. That was the newspaper segment with Lis Miteo. Thank you so much, LUSA. We appreciate that. This is the Bloomberg Surveillance Podcast, bringing you the best in economics, geopolitics, finance, and investment. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on Bloomberg Radio, the Bloomberg Terminal, and The Bloomberg Business Apple

All right, Lisa. That was the newspaper segment with Lis Miteo. Thank you so much, LUSA. We appreciate that. This is the Bloomberg Surveillance Podcast, bringing you the best in economics, geopolitics, finance, and investment. You can also watch the show live on YouTube. Visit the Bloomberg Podcast channel on YouTube to see the show weekday mornings from seven to ten Eastern from our global headquarters in New York City. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on Bloomberg Radio, the Bloomberg Terminal, and The Bloomberg Business Apple