Bloomberg Audio Studios, Podcasts, radio news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at ten am Eastern on Applecarplay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

Bloomberg Audio Studios, Podcasts, radio news. You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at ten am Eastern on Applecarplay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

Get one of the really interesting stories out today on the Bloomberg terminals about the Boston Celtics. A consortium including STG Partners co founder Bill Chisholm, who was actually originally an investment banker Pain Weber my old shop, reached a deal to buy the Boston Celtics for six point one billion dollars.

Get one of the really interesting stories out today on the Bloomberg terminals about the Boston Celtics. A consortium including STG Partners co founder Bill Chisholm, who was actually originally an investment banker Pain Weber my old shop, reached a deal to buy the Boston Celtics for six point one billion dollars.

Just extraordinary. Anyone you want to.

Just extraordinary. Anyone you want to.

Talk about the valuation of sports franchises, there's one place you have to go, and that's Sportco. These folks do some outstanding work there. Eben Novi Williams and his partner Scott Sashnik.

Talk about the valuation of sports franchises, there's one place you have to go, and that's Sportco. These folks do some outstanding work there. Eben Novi Williams and his partner Scott Sashnik.

Scott Soshnik Joints is here. He is editor chief of Sportico.

Scott Soshnik Joints is here. He is editor chief of Sportico.

Hey, Scott, this is I'm a Nick's but I recognize value, and boy, this Boston Celtis.

Hey, Scott, this is I'm a Nick's but I recognize value, and boy, this Boston Celtis.

They're getting a rich valuation, aren't they.

They're getting a rich valuation, aren't they.

Yeah, they certainly are. It's the most ever paid for professional sports franchise, topping Josh Harris's six billion dollar purchase of the Commanders. And we all know the difference between the NFL and everybody else, so for this to happen in the NBA is quite extraordinary. And it's actually going to be a two tranch deal. So this first tranche, we understand, is at a six point one billion dollar valuation three years from now. The second tranch, I think the rest of the forty nine percent of the franchise that wasn't sold now is going to be a seven billion dollar valuation, so perhaps accounting for inflation, but at a blended six' six you can bet That Adam silver and the NBA's other owners are very happy with this. Transaction all, Right.

Yeah, they certainly are. It's the most ever paid for professional sports franchise, topping Josh Harris's six billion dollar purchase of the Commanders. And we all know the difference between the NFL and everybody else, so for this to happen in the NBA is quite extraordinary. And it's actually going to be a two tranch deal. So this first tranche, we understand, is at a six point one billion dollar valuation three years from now. The second tranch, I think the rest of the forty nine percent of the franchise that wasn't sold now is going to be a seven billion dollar valuation, so perhaps accounting for inflation, but at a blended six' six you can bet That Adam silver and the NBA's other owners are very happy with this. Transaction all, Right.

So done this one down for? Me? RIGHT i would assume you're, like, yeah, yeah, no please do all? Right you got football and you got, soccer which they call football In. Europe but, LIKE i didn't know that basketball was this valuable versus those other two.

So done this one down for? Me? RIGHT i would assume you're, like, yeah, yeah, no please do all? Right you got football and you got, soccer which they call football In. Europe but, LIKE i didn't know that basketball was this valuable versus those other two.

Sports, YEAH i, mean look at the media. Deal first of, all they just re up, with you, know With turner AND, espn a almost three x deal from the last. Time so The meteorites are incredibly. Valuable what you normally look at with these transactions are what's the media and what's the real. Estate what really is surprising about The celtics is all the ownership has is the, team albeit a tremendous. BRAND i, mean The celtics brand in sports is, premium, platinum top, TIER i get. It but they do not own the. Building they are tenants in the. Building it's owned by The jacobs and which owned the family that owns The Boston. Ruins so you're really just getting the. Team it's gonna be really interesting to. See, now how do you squeeze further value out of a roster, that, yes is a championship, team but is projected to lose about seventy million dollars this. Year so it's a high price to. Pay it remains to be seen how they can squeeze some more value out of.

Sports, YEAH i, mean look at the media. Deal first of, all they just re up, with you, know With turner AND, espn a almost three x deal from the last. Time so The meteorites are incredibly. Valuable what you normally look at with these transactions are what's the media and what's the real. Estate what really is surprising about The celtics is all the ownership has is the, team albeit a tremendous. BRAND i, mean The celtics brand in sports is, premium, platinum top, TIER i get. It but they do not own the. Building they are tenants in the. Building it's owned by The jacobs and which owned the family that owns The Boston. Ruins so you're really just getting the. Team it's gonna be really interesting to. See, now how do you squeeze further value out of a roster, that, yes is a championship, team but is projected to lose about seventy million dollars this. Year so it's a high price to. Pay it remains to be seen how they can squeeze some more value out of.

It, hey what do we know about This Bill. Chisholm what do we know about this new buyer?

It, hey what do we know about This Bill. Chisholm what do we know about this new buyer?

Here, yeah we don't know much About. CHISHOLM i, mean he grew up in the, area grew up A celtics, fan watched them put the band. Up Larry bird was his favorite, player went To. Dartmouth these are the things The grosspecks sort of pointed out in their letter that we saw that he sent out to the ownership group announcing the. Transaction but from a sports, perspective we don't have anything. Now he was one of four parties. Interested another one of the, parties of, course Was Steve, paluka who's a limited partner in the group NOW. PAGs you, know early on he had made it clear he thought what a fair valuation was AND i don't think over six billion dollars was. It so he did bid on the, franchise but he didn't approach this. Number thus he's he's happy to send it out at this.

Here, yeah we don't know much About. CHISHOLM i, mean he grew up in the, area grew up A celtics, fan watched them put the band. Up Larry bird was his favorite, player went To. Dartmouth these are the things The grosspecks sort of pointed out in their letter that we saw that he sent out to the ownership group announcing the. Transaction but from a sports, perspective we don't have anything. Now he was one of four parties. Interested another one of the, parties of, course Was Steve, paluka who's a limited partner in the group NOW. PAGs you, know early on he had made it clear he thought what a fair valuation was AND i don't think over six billion dollars was. It so he did bid on the, franchise but he didn't approach this. Number thus he's he's happy to send it out at this.

Point so no bidding, war we're going to resume it or anything like.

Point so no bidding, war we're going to resume it or anything like.

That once you got to. Six there was an early feeling during the transaction that THE nba really wanted this to begin with six. Twofold you always want the price to be going up your, franchise keep the owners. Happy but THE nba is also about to embark on an expansion, process whether it Be seattle And Las vegas and or. More this sets a very high number for those two new market so everybody happy across the. Board if you're interested IN nba valuations And.

That once you got to. Six there was an early feeling during the transaction that THE nba really wanted this to begin with six. Twofold you always want the price to be going up your, franchise keep the owners. Happy but THE nba is also about to embark on an expansion, process whether it Be seattle And Las vegas and or. More this sets a very high number for those two new market so everybody happy across the. Board if you're interested IN nba valuations And.

Scott we know that for a lot of these sports, teams the real value are much of the value is in their media. Rights and if you're a national sport like THE, nfl you're in a, great great.

Scott we know that for a lot of these sports, teams the real value are much of the value is in their media. Rights and if you're a national sport like THE, nfl you're in a, great great.

Shape if you're a regional.

Shape if you're a regional.

Sport like, baseball like, hockey those regional sports networks and the challenges they're facing because of cord.

Sport like, baseball like, hockey those regional sports networks and the challenges they're facing because of cord.

Cutting that's an.

Cutting that's an.

Issue how do you factor that in for some of these regional, sports you, know the kind of the weakness in the regional sports, business how do you factor that into?

Issue how do you factor that in for some of these regional, sports you, know the kind of the weakness in the regional sports, business how do you factor that into?

Evaluation certainly if you rank them top to, BOTTOM, NFL, nba and then hockey and, baseball hockey and, baseball certainly they really need that local, money that LOCAL tv money which has been disappearing on the regionable sports, networks which we refer to over here as melting.

Evaluation certainly if you rank them top to, BOTTOM, NFL, nba and then hockey and, baseball hockey and, baseball certainly they really need that local, money that LOCAL tv money which has been disappearing on the regionable sports, networks which we refer to over here as melting.

Glaciers so the national number is so high for THE, nfl and that's just, pooled so there is no local you, know you don't air it that. Way THE nba does rely some on local media, money but that national umber is also so, high and THE, nba if you've been paying attention over the last few, years you'll notice they've been doing some micro. Transactions you can buy the last five minutes of a, game you can buy pieces of. Games they are very strong on social they are very strong. Globally these are really dominant brands around the. World baseball just did a great job In. Japan, well THE nba has a great market In, China, europe so there might be something coming In europe from THE nba in the near. Future so if you look at the aggregation of, eyeballs it might not be people sitting down in front of THE tv watching quarters one through, four but you've got people's. Attentions, now the challenge For Adam silver and his owners, Is i've got the, eyeballs how DO i monetize it in a new media.

Glaciers so the national number is so high for THE, nfl and that's just, pooled so there is no local you, know you don't air it that. Way THE nba does rely some on local media, money but that national umber is also so, high and THE, nba if you've been paying attention over the last few, years you'll notice they've been doing some micro. Transactions you can buy the last five minutes of a, game you can buy pieces of. Games they are very strong on social they are very strong. Globally these are really dominant brands around the. World baseball just did a great job In. Japan, well THE nba has a great market In, China, europe so there might be something coming In europe from THE nba in the near. Future so if you look at the aggregation of, eyeballs it might not be people sitting down in front of THE tv watching quarters one through, four but you've got people's. Attentions, now the challenge For Adam silver and his owners, Is i've got the, eyeballs how DO i monetize it in a new media.

World actually that's a great question BECAUSE i was going to, wonder, like how do you squeeze? Value and you mentioned The celtics in terms of the real, estate and how do you then squeeze more? Value so in, general how do you do?

World actually that's a great question BECAUSE i was going to, wonder, like how do you squeeze? Value and you mentioned The celtics in terms of the real, estate and how do you then squeeze more? Value so in, general how do you do?

That excellent. QUESTION i can't answer that, question SO i know what the new ownership group is going to. DO i would say that a global audience would be the PLACE i would start for THE. Nba you have new markets in THE. Us we Mentioned vegas and we Mentioned seattle that will bring a high price. Point then you talk about maybe A european, league and then your eyeballs outside The United. States basketball unlike, football and you see THE nfl is trying awfully hard to broaden its fan base outside of THE us. Borders it is not happening as fast as THE. Nba that is a big. Advantage. Go i'm not one that looks at The twitter followers and The instagram so, much but if you go check out THE, nba they lead the sports leagues in global. Eyeballs that is certainly an area of focus for all basketball.

That excellent. QUESTION i can't answer that, question SO i know what the new ownership group is going to. DO i would say that a global audience would be the PLACE i would start for THE. Nba you have new markets in THE. Us we Mentioned vegas and we Mentioned seattle that will bring a high price. Point then you talk about maybe A european, league and then your eyeballs outside The United. States basketball unlike, football and you see THE nfl is trying awfully hard to broaden its fan base outside of THE us. Borders it is not happening as fast as THE. Nba that is a big. Advantage. Go i'm not one that looks at The twitter followers and The instagram so, much but if you go check out THE, nba they lead the sports leagues in global. Eyeballs that is certainly an area of focus for all basketball.

Teams, scott are you still a crazy hockey?

Teams, scott are you still a crazy hockey?

Dad oh you know about? This YES i. AM i am off To, Madison. Wisconsin thanks for. Asking i'm off To, Madison wisconsin in Early april for The, nationals my son's team. Qualified IF i am not sitting in this office what you see behind, ME i will be in a ring somewhere In North, america see.

Dad oh you know about? This YES i. AM i am off To, Madison. Wisconsin thanks for. Asking i'm off To, Madison wisconsin in Early april for The, nationals my son's team. Qualified IF i am not sitting in this office what you see behind, ME i will be in a ring somewhere In North, america see.

Folks scott and his Partner evan used to work here At bloomberg And i'd See scott in always and every.

Folks scott and his Partner evan used to work here At bloomberg And i'd See scott in always and every.

Weekend i'm, like where are you? Going do and it's like, serious easy as. LOW i, mean just come.

Weekend i'm, like where are you? Going do and it's like, serious easy as. LOW i, mean just come.

On and we should Do Josh harris And David, blitzer as you, know we're focused on investing in youth sports right now with their unrival Platform goode, right because the two PLACES i see people spending money irrationally up their.

On and we should Do Josh harris And David, blitzer as you, know we're focused on investing in youth sports right now with their unrival Platform goode, right because the two PLACES i see people spending money irrationally up their.

Pets, Exactly, Scott, scott we gotta, Go we got to.

Pets, Exactly, Scott, scott we gotta, Go we got to.

Go slastion like editor in chief sporticoat Former bloomberger talking about This celtics six point one billion.

Go slastion like editor in chief sporticoat Former bloomberger talking about This celtics six point one billion.

Dollars how about.

Dollars how about.

That you're listening to The Bloomberg intelligence. Podcast catch us live weekdays at ten Am eastern On applecarclay And Android otto with The Bloomberg Business. App listen on demand wherever you get your, podcasts or watch us live on.

That you're listening to The Bloomberg intelligence. Podcast catch us live weekdays at ten Am eastern On applecarclay And Android otto with The Bloomberg Business. App listen on demand wherever you get your, podcasts or watch us live on.

YouTube let's take a look at the market kind of what you do if we are going to be in a stagflationary environment for a little, bit if you believe, that how do you manage? It Sandy brager is chief client officer At. Espirien she joins us now From. California so if we kind of like flirt with this dig inflation, scenario a little lower, growth little higher, inflation how do you manage, That.

YouTube let's take a look at the market kind of what you do if we are going to be in a stagflationary environment for a little, bit if you believe, that how do you manage? It Sandy brager is chief client officer At. Espirien she joins us now From. California so if we kind of like flirt with this dig inflation, scenario a little lower, growth little higher, inflation how do you manage, That.

Alex we're not totally worried about seculation at this.

Alex we're not totally worried about seculation at this.

Point we think the economy has been very strong for the last couple of, years and sure it looks like it is going to slow in terms of its.

Point we think the economy has been very strong for the last couple of, years and sure it looks like it is going to slow in terms of its.

Growth so, far inflation has been.

Growth so, far inflation has been.

Stickier than anyone would, like but it should be in. Check but in terms of portfolios and how we're working with our clients who are corporate, executives, family family business owners and, entrepreneurs we're still thinking diversification is really. Important, volatility regardless of, stagflation are not we think is here to, stay and having a very diversified portfolio makes a lot of, sense not only for the near, term but for the years. Ahead and that's been a very different situation than what has worked best over the last fifteen.

Stickier than anyone would, like but it should be in. Check but in terms of portfolios and how we're working with our clients who are corporate, executives, family family business owners and, entrepreneurs we're still thinking diversification is really. Important, volatility regardless of, stagflation are not we think is here to, stay and having a very diversified portfolio makes a lot of, sense not only for the near, term but for the years. Ahead and that's been a very different situation than what has worked best over the last fifteen.

Years, actually if you go, back look back over your.

Years, actually if you go, back look back over your.

Shoulder, sandy what's a diversified portfolio? FOR i guess your typical.

Shoulder, sandy what's a diversified portfolio? FOR i guess your typical.

Client, stocks bond, is all.

Client, stocks bond, is all.

Alternatives are they a part of that diversification they?

Alternatives are they a part of that diversification they?

Are, Paul, yeah we have a fair mountain, stocks and within the stock, portfolio we're tilting toward stocks that haven't done that well over the last couple of. Years so we have a lot of value, stocks small cap, stocks and a large tilt toward, international which we think is. Important on the bond, side you, know that could be up to about a third of a client's. Portfolio we're looking on the shorter end there because our clients are in the highest tax. Brackets we like mini bonds a. Lot it makes sense from an after tax. Perspective and then we have anywhere from about ten to eighteen percent of client portfolios.

Are, Paul, yeah we have a fair mountain, stocks and within the stock, portfolio we're tilting toward stocks that haven't done that well over the last couple of. Years so we have a lot of value, stocks small cap, stocks and a large tilt toward, international which we think is. Important on the bond, side you, know that could be up to about a third of a client's. Portfolio we're looking on the shorter end there because our clients are in the highest tax. Brackets we like mini bonds a. Lot it makes sense from an after tax. Perspective and then we have anywhere from about ten to eighteen percent of client portfolios.

Mostly in alternative alternative.

Mostly in alternative alternative.

Investments and these are liquid alternatives and they might even include things like gold that have been doing really really well this.

Investments and these are liquid alternatives and they might even include things like gold that have been doing really really well this.

Year what About european equities is sort of expanding on. That does that rotation have?

Year what About european equities is sort of expanding on. That does that rotation have?

Legs we think, so you, know it does look Like europe is about to spend a lot of money on defaul. Events and you, know just like The United, states there are a lot of shocks that are kind of rippling through the global. Economy but we do Like europe evaluations are generally. Lower looks like some interesting things could be happening In. Germany, otherwise you, Know france And switzerland are looking good from our, perspective and they've been doing really well this year as THE us stocks have been correcting.

Legs we think, so you, know it does look Like europe is about to spend a lot of money on defaul. Events and you, know just like The United, states there are a lot of shocks that are kind of rippling through the global. Economy but we do Like europe evaluations are generally. Lower looks like some interesting things could be happening In. Germany, otherwise you, Know france And switzerland are looking good from our, perspective and they've been doing really well this year as THE us stocks have been correcting.

Down about on the fixed income, Side, sandy what are you advising your clients? Here we're looking at the two year treasury three point ninety five percent is certainly a lot better than we've had over the last you, know fifteen.

Down about on the fixed income, Side, sandy what are you advising your clients? Here we're looking at the two year treasury three point ninety five percent is certainly a lot better than we've had over the last you, know fifteen.

Years is that? Okay or do you take some credit?

Years is that? Okay or do you take some credit?

Risk we're not taking a lot of credit risks right, Now.

Risk we're not taking a lot of credit risks right, Now.

Paul we think that that staying on the, shorter shorter term side of the curve makes a lot of. Sense there's not a lot of extra return available on the longer term side of the curve at this, point but we do we do pay attention to the fixed income and we are a little you, know weary with clients reminding them that there is risk in fixed income just like there is in. Stock so as we've experienced the volatility so far this, quarter some clients have been asking if they should be rotating more to, bonds and.

Paul we think that that staying on the, shorter shorter term side of the curve makes a lot of. Sense there's not a lot of extra return available on the longer term side of the curve at this, point but we do we do pay attention to the fixed income and we are a little you, know weary with clients reminding them that there is risk in fixed income just like there is in. Stock so as we've experienced the volatility so far this, quarter some clients have been asking if they should be rotating more to, bonds and.

We think we don't think that's the.

We think we don't think that's the.

Case we think having a fair amount of bonds in the portfolio with some interest rate exposure makes a lot of, sense but not going too far out on that.

Case we think having a fair amount of bonds in the portfolio with some interest rate exposure makes a lot of, sense but not going too far out on that.

Curve, Sandy thank you so.

Curve, Sandy thank you so.

Much we appreciate That Sandy, Briger Chief Client officer For, Experience joining us via zoom From San.

Much we appreciate That Sandy, Briger Chief Client officer For, Experience joining us via zoom From San.

Francisco you're listening to The Bloomberg Intelligence. Podcast catch us live weekdays at ten Am eastern On, Apple cocklay And Android auto with The Bloomberg Business. App listen on demand wherever you get your, podcasts or watch us live on.

Francisco you're listening to The Bloomberg Intelligence. Podcast catch us live weekdays at ten Am eastern On, Apple cocklay And Android auto with The Bloomberg Business. App listen on demand wherever you get your, podcasts or watch us live on.

YouTube all, right.

YouTube all, right.

One story that we are watching Forses. Tesla that stock is lower today as the company recalls the cyberchuck after pieces of steel trim come. Loose all, Right joining us As Craig, Cudel Bloomberg Global Audios, editor All, right what happened?

One story that we are watching Forses. Tesla that stock is lower today as the company recalls the cyberchuck after pieces of steel trim come. Loose all, Right joining us As Craig, Cudel Bloomberg Global Audios, editor All, right what happened?

Here, yeah so this is actually the second time That tesla's had to do a recall for pieces of trim coming. Loose and so it's maybe a little bit of a source of embarrassment because it's one thing to have an issue pop up that that you, KNOW i think for for all, automakers even the best, ones you, know they occasionally will have recalls that are a tad. Embarrassing in this, case to have it happen, twice you, know granted it is a different part of the, vehicle but this this, truck of, course was was so sort of famous For Elon musk's decision to clad it all in stainless, steel and apparently they're having trouble with the adhesives to to keep that steel stuck to the.

Here, yeah so this is actually the second time That tesla's had to do a recall for pieces of trim coming. Loose and so it's maybe a little bit of a source of embarrassment because it's one thing to have an issue pop up that that you, KNOW i think for for all, automakers even the best, ones you, know they occasionally will have recalls that are a tad. Embarrassing in this, case to have it happen, twice you, know granted it is a different part of the, vehicle but this this, truck of, course was was so sort of famous For Elon musk's decision to clad it all in stainless, steel and apparently they're having trouble with the adhesives to to keep that steel stuck to the.

Vehicle craig generally, speaking what's the IF i we're going to go to consumer? Reports what's the general feeling out there in the auto world about the quality of a test the?

Vehicle craig generally, speaking what's the IF i we're going to go to consumer? Reports what's the general feeling out there in the auto world about the quality of a test the?

VEHICLE i, MEAN i THINK i think for the cyber, truck it's really interesting that this is the eighth call that they've, done you, know and and to be, fair you, know some of them have been you, know for minor. Issues my favorite one last year they violated a font size rule uh in THE us where, uh you, know when when you warn a driver, that, uh you, know of safety critical, data you've got to do it in a large enough. Font And tesla, uh you know violated. That so uh you know that of course is not a particularly you, KNOW i guess it's it's not, unseerious but it's you, know a relatively minor.

VEHICLE i, MEAN i THINK i think for the cyber, truck it's really interesting that this is the eighth call that they've, done you, know and and to be, fair you, know some of them have been you, know for minor. Issues my favorite one last year they violated a font size rule uh in THE us where, uh you, know when when you warn a driver, that, uh you, know of safety critical, data you've got to do it in a large enough. Font And tesla, uh you know violated. That so uh you know that of course is not a particularly you, KNOW i guess it's it's not, unseerious but it's you, know a relatively minor.

Thing.

Thing.

Uh some of these fixes that they've, made, uh they've been able to handle them via over the air software. Updates but, uh an issue like this trim. Defect you, know they they will have to uh you, know have have customers come into the stores or into the service, centers have a look at the vehicles and in some cases have to do some repairs that will cost the company some. Money and you, KNOW i think generally the. REPUTATION i think early on For, tesla there was a lot of you, know, uh you, know noise within the auto industry about how this you, know this company makes vehicles with you, know big panel. GAPS a lot of people didn't really necessarily care about. That AND i do think To tesla's, credit they've gotten better on, quality but, uh you, know recalls like this don't don't really help that. Reputation so it stop down almost two.

Uh some of these fixes that they've, made, uh they've been able to handle them via over the air software. Updates but, uh an issue like this trim. Defect you, know they they will have to uh you, know have have customers come into the stores or into the service, centers have a look at the vehicles and in some cases have to do some repairs that will cost the company some. Money and you, KNOW i think generally the. REPUTATION i think early on For, tesla there was a lot of you, know, uh you, know noise within the auto industry about how this you, know this company makes vehicles with you, know big panel. GAPS a lot of people didn't really necessarily care about. That AND i do think To tesla's, credit they've gotten better on, quality but, uh you, know recalls like this don't don't really help that. Reputation so it stop down almost two.

Percent but it's not like it's been. Smoothsale and it's been a really terrible few months For. Tesla what do you what provides a bottom for this?

Percent but it's not like it's been. Smoothsale and it's been a really terrible few months For. Tesla what do you what provides a bottom for this?

STOCK i, think you, know the the cyber, truck you, know has been something of a letdown for, them Right it's it's the one new vehicle that they've, had, uh you, know really since The MODEL y came out back in twenty, twenty and SO i think there were some hopes that this this would be a big, hit AND i think it's it's not really sort of. DELIVERED i think the thing to look forward to if you're an investor is is the redesign model why. That earlier this year the company sort of released a look at the model why it interestingly has on the front end it looks a little bit more like a cyber, truck and then it's got a light beam you, know running across across it the way the cyber truck.

STOCK i, think you, know the the cyber, truck you, know has been something of a letdown for, them Right it's it's the one new vehicle that they've, had, uh you, know really since The MODEL y came out back in twenty, twenty and SO i think there were some hopes that this this would be a big, hit AND i think it's it's not really sort of. DELIVERED i think the thing to look forward to if you're an investor is is the redesign model why. That earlier this year the company sort of released a look at the model why it interestingly has on the front end it looks a little bit more like a cyber, truck and then it's got a light beam you, know running across across it the way the cyber truck.

Does.

Does.

Uh there's some improvements on the, interior BUT i think there are some real questions, about you, know is this enough in terms of you, know real significant updates and upgrades to keep up with with a company like BY, d say In. China you, know they they made a lot of noise this week and turned a lot of heads with these claims about you, know being able to charge your ev in five. Minutes AND i think there's you, know a sort of, creeping, uh you know sense among investors that you, know if you want to see sort of innovation in, evs you really look To china and look to companies like BY d or sham as opposed to To, tesla and that in and of.

Uh there's some improvements on the, interior BUT i think there are some real questions, about you, know is this enough in terms of you, know real significant updates and upgrades to keep up with with a company like BY, d say In. China you, know they they made a lot of noise this week and turned a lot of heads with these claims about you, know being able to charge your ev in five. Minutes AND i think there's you, know a sort of, creeping, uh you know sense among investors that you, know if you want to see sort of innovation in, evs you really look To china and look to companies like BY d or sham as opposed to To, tesla and that in and of.

Itself craig is a subject to discussion here when you when you talk to The western auto companies that you speak, with whether it's A volkslagon or even A ford or, whatever are they prepared to seed THE ev market To?

Itself craig is a subject to discussion here when you when you talk to The western auto companies that you speak, with whether it's A volkslagon or even A ford or, whatever are they prepared to seed THE ev market To?

CHINA i, MEAN i think the the the you, know fact of the matter, is you, know it's already been. Seated you, know if you if you count you, know battery electric vehicles and plug in hybrid electric vehicles, together you, know it's roughly two and three electric vehicles that are sold are sold In. China and you, KNOW i Think, tesla to its credit is is you, know a player to be reckoned with in that. Market but you, know in terms of who's the, leader it's far and away by D i Think, Jaomi, uh you, know is really getting a lot of, attention you, know not just among media types like, me but you, Know FORD Ceo Jim farley has has really sung that company's praises and and he's not. Alone there are other executives in the industry WHO i know really are watching what they're up to. Closely it's sort of The apple car That apple you, know didn't manage to pull, off didn't manage to Make AND i think there's a lot of concern within the industry about you, know just how much of a Lead chinese, manufacturers and In johnny's case of Tech, company just how much of a lead they've.

CHINA i, MEAN i think the the the you, know fact of the matter, is you, know it's already been. Seated you, know if you if you count you, know battery electric vehicles and plug in hybrid electric vehicles, together you, know it's roughly two and three electric vehicles that are sold are sold In. China and you, KNOW i Think, tesla to its credit is is you, know a player to be reckoned with in that. Market but you, know in terms of who's the, leader it's far and away by D i Think, Jaomi, uh you, know is really getting a lot of, attention you, know not just among media types like, me but you, Know FORD Ceo Jim farley has has really sung that company's praises and and he's not. Alone there are other executives in the industry WHO i know really are watching what they're up to. Closely it's sort of The apple car That apple you, know didn't manage to pull, off didn't manage to Make AND i think there's a lot of concern within the industry about you, know just how much of a Lead chinese, manufacturers and In johnny's case of Tech, company just how much of a lead they've.

Built when we take a look quickly at the valuations for all these, automakers particularly an evie, market, like have we rerated enough for the decline and demand and for the tariff.

Built when we take a look quickly at the valuations for all these, automakers particularly an evie, market, like have we rerated enough for the decline and demand and for the tariff.

Risks it's a good. QUESTION i, think you, know a lot of a lot of the manufacturers have really been beaten down by the tariff, uncertainty and that's been a global. STORY i Think tesla is still after this you, know pretty significant decline since since Mid, december is still an anomaly in the industry where they are are valued at you, know many multiples of anybody. Else and, so you, KNOW i think there's still hope among some investors and a belief that there's a reason to treat this stock, differently That musk will eventually deliver on his claims about you, know self driving, vehicles and and he's ALSO i, think you, know emphasized the potential For tesla to become you, KNOW ai and robotics company even more so than a. Carmaker BUT i think you know in terms of what this company does in here now and what it makes its money on its, cars and that business is really slowing, down all, Right.

Risks it's a good. QUESTION i, think you, know a lot of a lot of the manufacturers have really been beaten down by the tariff, uncertainty and that's been a global. STORY i Think tesla is still after this you, know pretty significant decline since since Mid, december is still an anomaly in the industry where they are are valued at you, know many multiples of anybody. Else and, so you, KNOW i think there's still hope among some investors and a belief that there's a reason to treat this stock, differently That musk will eventually deliver on his claims about you, know self driving, vehicles and and he's ALSO i, think you, know emphasized the potential For tesla to become you, KNOW ai and robotics company even more so than a. Carmaker BUT i think you know in terms of what this company does in here now and what it makes its money on its, cars and that business is really slowing, down all, Right.

Greig thanks so much for joining.

Greig thanks so much for joining.

Us Cricketory Owl global audis editor For Bloomberg, news joining us From.

Us Cricketory Owl global audis editor For Bloomberg, news joining us From.

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