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

Let's go from equities to the bond market. We got that revision of CPI. We got a lot of bond auctions this week. Everything seemed to be okay.

Let's go from equities to the bond market. We got that revision of CPI. We got a lot of bond auctions this week. Everything seemed to be okay.

We are though at you're to date highs with some of yields across the curve.

We are though at you're to date highs with some of yields across the curve.

So Ira Jersey, Bloomberg Intelligence Chief US interest rate strategist, joins us. Now, Okay, Ira, if you were to describe this week so far, how would you describe it choppy?

So Ira Jersey, Bloomberg Intelligence Chief US interest rate strategist, joins us. Now, Okay, Ira, if you were to describe this week so far, how would you describe it choppy?

Certainly we see somewhat higher yields, you know, from the beginning of the week to now. But when you look at the preponderance of the data that we've received, plus plus how the auctions went, and you so other things, we're pretty decent in terms of demand. So these higher yields are starting to draw in some investors, which leads us to believe that we're probably trying to find a range here for a lot of places along the curve, you know, the ten years somewhere broadly speaking, between three eighty and four and a quarter. You know, I suspect that until we get to at least the March FMC meeting, that we might stay in that range. So you have another month basically of just choppy trading.

Certainly we see somewhat higher yields, you know, from the beginning of the week to now. But when you look at the preponderance of the data that we've received, plus plus how the auctions went, and you so other things, we're pretty decent in terms of demand. So these higher yields are starting to draw in some investors, which leads us to believe that we're probably trying to find a range here for a lot of places along the curve, you know, the ten years somewhere broadly speaking, between three eighty and four and a quarter. You know, I suspect that until we get to at least the March FMC meeting, that we might stay in that range. So you have another month basically of just choppy trading.

So where are we when you kind of talk to clients out there in terms of timing of a rate cut March off the table? It seems like I hear now there's waffling on May that maybe people are pushing out to June.

So where are we when you kind of talk to clients out there in terms of timing of a rate cut March off the table? It seems like I hear now there's waffling on May that maybe people are pushing out to June.

What do you see?

What do you see?

Yeah, that's true. And then there's but there's another camp also that that suggests that maybe if the Federal Reserve doesn't cut in March, which you know, like you said, is certainly not priced in the market anymore as it used to be, that maybe the Federal Reserve will need to cut by fifty in May if they start. So there's a lot of different camps right now. It doesn't seem to be a whole lot of consensus, which of course is what makes markets of course, but a lot of times there's certainly people leaning one way or the other as to you know, whether or not they'll be a cut in May, whether or not, and then the magnitude of that cut now is a discussion point among investors, and there's just feeling that the longer the Fed weights, the more that they may have to cut later, or that they might cut faster. So the idea being that if they don't maybe go in cut in either March or May, that maybe in June they have to cut fifty basis points as a starting point. I'm skeptical of that, and I actually think that the Federal Reserve would do well to give themselves optionality by cutting in May and then not maybe cutting in June, and that way thereafter they can make a decision meeting by meeting. The problem is is that markets always interpolate and say, okay, well, if they're cutting in May, that means they're cutting every single meeting after that, and that's certainly not what the Federals or would like to be priced into the market at this point.

Yeah, that's true. And then there's but there's another camp also that that suggests that maybe if the Federal Reserve doesn't cut in March, which you know, like you said, is certainly not priced in the market anymore as it used to be, that maybe the Federal Reserve will need to cut by fifty in May if they start. So there's a lot of different camps right now. It doesn't seem to be a whole lot of consensus, which of course is what makes markets of course, but a lot of times there's certainly people leaning one way or the other as to you know, whether or not they'll be a cut in May, whether or not, and then the magnitude of that cut now is a discussion point among investors, and there's just feeling that the longer the Fed weights, the more that they may have to cut later, or that they might cut faster. So the idea being that if they don't maybe go in cut in either March or May, that maybe in June they have to cut fifty basis points as a starting point. I'm skeptical of that, and I actually think that the Federal Reserve would do well to give themselves optionality by cutting in May and then not maybe cutting in June, and that way thereafter they can make a decision meeting by meeting. The problem is is that markets always interpolate and say, okay, well, if they're cutting in May, that means they're cutting every single meeting after that, and that's certainly not what the Federals or would like to be priced into the market at this point.

So we got choppy yields based on what you've seen today in the bond market. For the setup, does it make sense that you have equities at all time highs? I appreciate your the bond guy, but I bet you have a view.

So we got choppy yields based on what you've seen today in the bond market. For the setup, does it make sense that you have equities at all time highs? I appreciate your the bond guy, but I bet you have a view.

On this, well, you know, risk assets. I think you know, there's evaluation metric and then also a growth metric, right, so so you have you know, top line, bottom line, and then what people are willing to pay for their asset. I think that that there's a lot of people. It seems like, at least to us, that there's still significant flows into into into equities, and part of that is just you know, fear of missing out, just people who think that they have to be invested. There's still you know, there's this idea that hey, savings is has been exhausted, and that that means a consumer is not going to be spending much as much. But at the same time, when you look at the savings rate of the country, we're still saving hundreds of billions of dollars a year, right, and that money has to go somewhere. Some of that's going to be invested in stocks, some will go into savings and money market accounts, and some will go into bonds obviously, so but so the mix of that savings and where it goes I think matters, and just you know, people are return chasers, right, particularly retail investors, so you know, they open their year end statement and say, hey, stocks did great last year. I better buy stocks.

On this, well, you know, risk assets. I think you know, there's evaluation metric and then also a growth metric, right, so so you have you know, top line, bottom line, and then what people are willing to pay for their asset. I think that that there's a lot of people. It seems like, at least to us, that there's still significant flows into into into equities, and part of that is just you know, fear of missing out, just people who think that they have to be invested. There's still you know, there's this idea that hey, savings is has been exhausted, and that that means a consumer is not going to be spending much as much. But at the same time, when you look at the savings rate of the country, we're still saving hundreds of billions of dollars a year, right, and that money has to go somewhere. Some of that's going to be invested in stocks, some will go into savings and money market accounts, and some will go into bonds obviously, so but so the mix of that savings and where it goes I think matters, and just you know, people are return chasers, right, particularly retail investors, so you know, they open their year end statement and say, hey, stocks did great last year. I better buy stocks.

Now.

Now.

That's not always the best decision, right, but that nonetheless that does create these meaningful flows. And then on the bond side of things, you know, with with the Fed Reserve maybe not cutting as aggressively, there has certainly been people rotating out of out of some fixed income assets, particularly the front end of the yield curve, and you know, maybe going the other direction now and not necessarily being short but basically finding other alternatives. And you look at money market funds. Money market money market funds continue to have massive inflows, and now their assets under management are the highest ever once Agallion like.

That's not always the best decision, right, but that nonetheless that does create these meaningful flows. And then on the bond side of things, you know, with with the Fed Reserve maybe not cutting as aggressively, there has certainly been people rotating out of out of some fixed income assets, particularly the front end of the yield curve, and you know, maybe going the other direction now and not necessarily being short but basically finding other alternatives. And you look at money market funds. Money market money market funds continue to have massive inflows, and now their assets under management are the highest ever once Agallion like.

You look at the chart, it's so hard to see all the zeros because you're like, wait a second, what's that?

You look at the chart, it's so hard to see all the zeros because you're like, wait a second, what's that?

I mean, that's you and six billion six.

I mean, that's you and six billion six.

All right, So people keep people keep asking Alex, you know, how is the government funding all of these deficits? Well it's right there, because people putting money into money market funds just means that the government issues T bills and money market funds buy them.

All right, So people keep people keep asking Alex, you know, how is the government funding all of these deficits? Well it's right there, because people putting money into money market funds just means that the government issues T bills and money market funds buy them.

All right.

All right.

Lisa from Upper Manhattan writes in and says, I have to ask about the auctions this week.

Lisa from Upper Manhattan writes in and says, I have to ask about the auctions this week.

How did they go? What did you learn?

How did they go? What did you learn?

They went very well? Surprisingly well. Actually, what we've seen the last few months was you'd have one auction that would do well and then another auction would do poorly. And you know where people basically pick their spots in you know where to invest in auctions. But this week's auction is a three year note, the ten year note, and the thirty year bond. They all went fine, and these were also larger auction sizes. The one that I was really worried about was the three year auction because that was two billion dollars larger than the month before, and that was probably the weakest of the three. But people still wanted to buy duration, and I think part of that is endemic of the fact that we have higher yields now than we did a couple of weeks ago, So it was an easier way for people to start taking market risk instead of going into the open market and paying a bid offer. Because at the auctions, you're basically buying on the bid side. So that's attractive for some investors, and it does seem like you know what we call indirect investors, So those are end users, those are foreign portfolio investors or central banks or domestic investment funds. They were big participants in this. So this wasn't driven by primary dealers. This was really driven by end user investors having pretty good demand.

They went very well? Surprisingly well. Actually, what we've seen the last few months was you'd have one auction that would do well and then another auction would do poorly. And you know where people basically pick their spots in you know where to invest in auctions. But this week's auction is a three year note, the ten year note, and the thirty year bond. They all went fine, and these were also larger auction sizes. The one that I was really worried about was the three year auction because that was two billion dollars larger than the month before, and that was probably the weakest of the three. But people still wanted to buy duration, and I think part of that is endemic of the fact that we have higher yields now than we did a couple of weeks ago, So it was an easier way for people to start taking market risk instead of going into the open market and paying a bid offer. Because at the auctions, you're basically buying on the bid side. So that's attractive for some investors, and it does seem like you know what we call indirect investors, So those are end users, those are foreign portfolio investors or central banks or domestic investment funds. They were big participants in this. So this wasn't driven by primary dealers. This was really driven by end user investors having pretty good demand.

IIRA next week, you get CPI Tuesday, retail sales Thursday. Do you think any of this are really going to move the needle for you?

IIRA next week, you get CPI Tuesday, retail sales Thursday. Do you think any of this are really going to move the needle for you?

Well, maybe not in terms of the Federal Reserve, but I think it will give some new information obviously as to maybe what the future path is. Again, like you know, now we're talking about May or June, and we're talking about you know, twenty five or fifty whenever the federal Reserve does go. So these are always important numbers. And CPI is next to payrolls is now the number one. So it's payrolls and then CPI, then retail sales in that order that the bond market cares about. And when you look at the knee jerk reactions after the after those those news releases, that's when you see tenure yields move the most one way or the other if you get a big surprise. So you know, again next to payrolls, next week's two numbers are really the key for the market and maybe the market direction and the medium Durm.

Well, maybe not in terms of the Federal Reserve, but I think it will give some new information obviously as to maybe what the future path is. Again, like you know, now we're talking about May or June, and we're talking about you know, twenty five or fifty whenever the federal Reserve does go. So these are always important numbers. And CPI is next to payrolls is now the number one. So it's payrolls and then CPI, then retail sales in that order that the bond market cares about. And when you look at the knee jerk reactions after the after those those news releases, that's when you see tenure yields move the most one way or the other if you get a big surprise. So you know, again next to payrolls, next week's two numbers are really the key for the market and maybe the market direction and the medium Durm.

All right, Ira, thanks so much, as always appreciate it. Ira Jersey chief us in straight strategies for Bloomberg Intelligence, kind of getting a sense your rest some more data as you mentioned alex Net next week. But I'm just going to at the WORP function. It's kind of fifty to fifty for a May price cut, and that you know, it's been well over one hundred percent chance that there would be a May cut. You know, back in January, the market was discounting, Hey, it's going to happen in May now not a little bit less.

All right, Ira, thanks so much, as always appreciate it. Ira Jersey chief us in straight strategies for Bloomberg Intelligence, kind of getting a sense your rest some more data as you mentioned alex Net next week. But I'm just going to at the WORP function. It's kind of fifty to fifty for a May price cut, and that you know, it's been well over one hundred percent chance that there would be a May cut. You know, back in January, the market was discounting, Hey, it's going to happen in May now not a little bit less.

So you're listening to the Bloomberg Intelligence Podcast. Don't catch us live weekdays at ten am Eastern on Apple car Play and Android Auto with the Bloomberg Business. You can also listen live on Amazon Alexa from our flagship New York station just say Alexa playing Bloomberg eleven thirty.

So you're listening to the Bloomberg Intelligence Podcast. Don't catch us live weekdays at ten am Eastern on Apple car Play and Android Auto with the Bloomberg Business. You can also listen live on Amazon Alexa from our flagship New York station just say Alexa playing Bloomberg eleven thirty.

Here's my question. Are you guys watching the Super Bowl? How we confirmed the horse? Yes here, well obviously, Paul, Yeah, yeah, I.

Here's my question. Are you guys watching the Super Bowl? How we confirmed the horse? Yes here, well obviously, Paul, Yeah, yeah, I.

Guess I feel like I have to I have to go to bed at like six thirty seven.

Guess I feel like I have to I have to go to bed at like six thirty seven.

You're going to get to be here.

You're going to get to be here.

I'll just I'll record it on my VCR.

I'll just I'll record it on my VCR.

I think I have to watch CR.

I think I have to watch CR.

Oh wow, he's got his bait it.

Oh wow, he's got his bait it.

Yeah, next, that's not even a thing I like. I have to watch it to be able to have this conversation with you guys on socially relevant well sure, I mean socially relevant.

Yeah, next, that's not even a thing I like. I have to watch it to be able to have this conversation with you guys on socially relevant well sure, I mean socially relevant.

I don't know.

I don't know.

Do you have a do you have a pick?

Do you have a do you have a pick?

No?

No?

No, you know who's playing?

No, you know who's playing?

Yes, the forty nine ers and the Cheeks.

Yes, the forty nine ers and the Cheeks.

Very good, thank you.

Very good, thank you.

I think I have to go with the Chiefs because my daughter likes tailors.

I think I have to go with the Chiefs because my daughter likes tailors.

But this leads me into the question and of snacks, because I'm not going to as we know, I don't need junk food, so I'm not going to be eating chicken tail.

But this leads me into the question and of snacks, because I'm not going to as we know, I don't need junk food, so I'm not going to be eating chicken tail.

This is just not I'm not going to drink beer. I'm not going to do those things. So maybe if we had.

This is just not I'm not going to drink beer. I'm not going to do those things. So maybe if we had.

We had some prosecco and some hummus, okay, and some pita and maybe some cucumbers and carrots.

We had some prosecco and some hummus, okay, and some pita and maybe some cucumbers and carrots.

That's the food. That's the that's the food for the Oscar party, not the super Bowl.

That's the food. That's the that's the food for the Oscar party, not the super Bowl.

But I bet you I'm not the only one who's going to have to be doing this, which leads I into gembar task okay, senior retail staples and packaged food analysts Jen Usually this conversation is chicken, wings and beer and pizza and stuff.

But I bet you I'm not the only one who's going to have to be doing this, which leads I into gembar task okay, senior retail staples and packaged food analysts Jen Usually this conversation is chicken, wings and beer and pizza and stuff.

Is the conversation different this year?

Is the conversation different this year?

Well, it's it's a little bit different. And that snack is. Snacks are still a huge part of the Super Bowl, but because the viewership is going to be changing a little bit for this game, mostly due to that Taylor Swift impact that we were talking about, we may see a little bit of edging into slightly healthier snacks like popcorn or things like that versus just the pizza, you know, wings and things like that. How big?

Well, it's it's a little bit different. And that snack is. Snacks are still a huge part of the Super Bowl, but because the viewership is going to be changing a little bit for this game, mostly due to that Taylor Swift impact that we were talking about, we may see a little bit of edging into slightly healthier snacks like popcorn or things like that versus just the pizza, you know, wings and things like that. How big?

I mean, it's just it's this weekend, the two weeks has become so big.

I mean, it's just it's this weekend, the two weeks has become so big.

And if I'm the package goods companies, is it an important day for them to know, push their product, promote their products, have people buy their product.

And if I'm the package goods companies, is it an important day for them to know, push their product, promote their products, have people buy their product.

Yeah, it's it's important in two respects. The first is that the Super Bowl is the second biggest food holiday in the United States, So in the week up to the Super Bowl, people will spend, according to our estimates, nine hundred and six million dollars in one week just on snacks. When it comes to food and beverage, is as a whole for the one week before the super Bowl eight point eight billion dollars, So it is a meaningful unofficial holiday for beverage and food companies. For sure, this might be.

Yeah, it's it's important in two respects. The first is that the Super Bowl is the second biggest food holiday in the United States, So in the week up to the Super Bowl, people will spend, according to our estimates, nine hundred and six million dollars in one week just on snacks. When it comes to food and beverage, is as a whole for the one week before the super Bowl eight point eight billion dollars, So it is a meaningful unofficial holiday for beverage and food companies. For sure, this might be.

Really off, but it's also the Lunar New Year, and I'm actually going to two parties over the weekend, which I don't go to parties, So this is actually a moment for me.

Really off, but it's also the Lunar New Year, and I'm actually going to two parties over the weekend, which I don't go to parties, So this is actually a moment for me.

No parties, no beer, no wings.

No parties, no beer, no wings.

I'm really not selling myself days of time spend an Expedia dot com. But Jen, is there like an overlap here. I mean, I appreciate that the food you might have for Lunar New Year is going to be different than the snacking you do for the Super Bowl, but it is just like a moment for someone that's more, i don't know, diversified to really capitalize.

I'm really not selling myself days of time spend an Expedia dot com. But Jen, is there like an overlap here. I mean, I appreciate that the food you might have for Lunar New Year is going to be different than the snacking you do for the Super Bowl, but it is just like a moment for someone that's more, i don't know, diversified to really capitalize.

Absolutely. When you look at some of the package food companies, especially those that play in the confectionery space like Mandali's or Hershey, they actually tend to see a sales bump around Lunar New Year, so you've got complimentary things happening. So between the super Bowl and between the New Year, it could be a very very nice little period for the package food companies and the retailers that sell those products. But just remember, as we're going into earning season, all of this is going to impact first quarter earnings, not fourth quarter earnings.

Absolutely. When you look at some of the package food companies, especially those that play in the confectionery space like Mandali's or Hershey, they actually tend to see a sales bump around Lunar New Year, so you've got complimentary things happening. So between the super Bowl and between the New Year, it could be a very very nice little period for the package food companies and the retailers that sell those products. But just remember, as we're going into earning season, all of this is going to impact first quarter earnings, not fourth quarter earnings.

Jen has got inner research. Note here, Jen has got some data that just blows me away.

Jen has got inner research. Note here, Jen has got some data that just blows me away.

I had no idea.

I had no idea.

The dollar share in the salty snacks category. PepsiCo leads the way with sixty point eight percent. Number two the private label group as a whole six.

The dollar share in the salty snacks category. PepsiCo leads the way with sixty point eight percent. Number two the private label group as a whole six.

Point nine percent. Jen, what's good?

Point nine percent. Jen, what's good?

I mean, the salty snack business is PepsiCo.

I mean, the salty snack business is PepsiCo.

PepsiCo is the salty snack business.

PepsiCo is the salty snack business.

It really is. I mean, and if you have to remember, PepsiCo owns Freedo lay right, So all of those, you know, all you know, whether it's your lace, potato chips or Gerrita's, you know, all of those salty things are all part of that Pepsi PepsiCo portfolio. Other players in the salty snacks category can also win. Kelenova owns springles, you know, that's also a popular kind of game day, pop it and eat it kind of thing. Hershey has popcorn brands, so you know, but by far the dominant player is PepsiCo.

It really is. I mean, and if you have to remember, PepsiCo owns Freedo lay right, So all of those, you know, all you know, whether it's your lace, potato chips or Gerrita's, you know, all of those salty things are all part of that Pepsi PepsiCo portfolio. Other players in the salty snacks category can also win. Kelenova owns springles, you know, that's also a popular kind of game day, pop it and eat it kind of thing. Hershey has popcorn brands, so you know, but by far the dominant player is PepsiCo.

What's what's their growth rate, because didn't they disappoint with earnings?

What's what's their growth rate, because didn't they disappoint with earnings?

They did, but they disappointed in earnings. On the beverage side of the business, volumes were down, and you know part of that was is just elevated and put costs, especially in sweeteners.

They did, but they disappointed in earnings. On the beverage side of the business, volumes were down, and you know part of that was is just elevated and put costs, especially in sweeteners.

So top to us, let's step back, all right, So super Bowl is going to be big. People are going to go crazy.

So top to us, let's step back, all right, So super Bowl is going to be big. People are going to go crazy.

Talk to us about the you know, the supermarket business. What's what's going on there in these days?

Talk to us about the you know, the supermarket business. What's what's going on there in these days?

Well, you know, with regards to grocery, there's there's a couple of things that are happening. So first is we've started to see food inflation come down. So that's actually good news for the consumer, and that's really being led by the grocers. And so when the US goes through an inflationary period, the grocers are one of the first retailer types that will actually bring prices down for consumers. And so although there's been a lot of political buzz about food prices still being too high, you know, the inflation rate is coming down. We are starting to see prices come back down. But that's going to present a unique challenge as the year goes on, because if things cost less, if you're going to maintain your top line growth, that means you have to sell more volume, and so that dynamic between that price and volume is going to really be exacerbated this year as inflation starts to recede.

Well, you know, with regards to grocery, there's there's a couple of things that are happening. So first is we've started to see food inflation come down. So that's actually good news for the consumer, and that's really being led by the grocers. And so when the US goes through an inflationary period, the grocers are one of the first retailer types that will actually bring prices down for consumers. And so although there's been a lot of political buzz about food prices still being too high, you know, the inflation rate is coming down. We are starting to see prices come back down. But that's going to present a unique challenge as the year goes on, because if things cost less, if you're going to maintain your top line growth, that means you have to sell more volume, and so that dynamic between that price and volume is going to really be exacerbated this year as inflation starts to recede.

Can we go to Super Bowl ads? I know you went away from it for a second, but let's go back to the ads. So bud Light, I mean, was that the was the Super Bowl last year, the one that had the disastrous ad?

Can we go to Super Bowl ads? I know you went away from it for a second, but let's go back to the ads. So bud Light, I mean, was that the was the Super Bowl last year, the one that had the disastrous ad?

Well, it was, I don't I honestly, I don't know if it was part of the Super Bowl, but it was.

Well, it was, I don't I honestly, I don't know if it was part of the Super Bowl, but it was.

It was.

It was.

It was it, you know where they they kind of had that.

It was it, you know where they they kind of had that.

The transgender transgender influencer.

The transgender transgender influencer.

Yeah, and then I just really disrupted sales, had a meaningful impact. What are we going to expect from like the retailers and the snack guys with the ads? Like, how kind of cautious are we going to see?

Yeah, and then I just really disrupted sales, had a meaningful impact. What are we going to expect from like the retailers and the snack guys with the ads? Like, how kind of cautious are we going to see?

My guess is, you know they'll probably a little be a little bit more conservative in terms of broad appeal, right, And so at the end of the day, you know, you pay a lot of money for a Super Bowl ad, and so you wanted to resonate with as many people as possible and spurs need people to action to buy your goods and services, and so I think it's a reasonable assumption that they'll be kind of mainstream type of messages. But of course, you know, forty four percent of people who tune into the Super Bowl do it for the ads, So it's it's it's a form of entertainment, and so I wouldn't expect anything too serious or too heavy as we look at the advertisements this year.

My guess is, you know they'll probably a little be a little bit more conservative in terms of broad appeal, right, And so at the end of the day, you know, you pay a lot of money for a Super Bowl ad, and so you wanted to resonate with as many people as possible and spurs need people to action to buy your goods and services, and so I think it's a reasonable assumption that they'll be kind of mainstream type of messages. But of course, you know, forty four percent of people who tune into the Super Bowl do it for the ads, So it's it's it's a form of entertainment, and so I wouldn't expect anything too serious or too heavy as we look at the advertisements this year.

Yeah, and Bloomberg News had a story out today just you know, saying how it's you know, it's gonna be right down.

Yeah, and Bloomberg News had a story out today just you know, saying how it's you know, it's gonna be right down.

The middle of the fairway.

The middle of the fairway.

Try not to get anybody up set, try to make people feel good, try to bridge some gaps. Maybe, so we'll see how that plays out. But again, seven million dollars for a thirty second spot.

Try not to get anybody up set, try to make people feel good, try to bridge some gaps. Maybe, so we'll see how that plays out. But again, seven million dollars for a thirty second spot.

Is what's seven million dollars for thirty second spot?

Is what's seven million dollars for thirty second spot?

Yes?

Yes?

Whow now? Actually it's little to no growth from last year.

Whow now? Actually it's little to no growth from last year.

And I actually think people are going to get a great buy for that seven million dollars because it is going to have a better audience I think, better demographics, more women than too typical, and that makes it more valuable in my opinion. I know exactly, I am point with the case in point right.

And I actually think people are going to get a great buy for that seven million dollars because it is going to have a better audience I think, better demographics, more women than too typical, and that makes it more valuable in my opinion. I know exactly, I am point with the case in point right.

Just get me some homicides.

Just get me some homicides.

We're good, exactly, Thanks so much for joining us.

We're good, exactly, Thanks so much for joining us.

Jen Bartashic just covers all the consumer space for Bloomberger Intelligence, doing a great job taking a look here at some of the package goods companies and kind of how they play. How important this Super Bowl Sunday is and it's some big, big dollars out there.

Jen Bartashic just covers all the consumer space for Bloomberger Intelligence, doing a great job taking a look here at some of the package goods companies and kind of how they play. How important this Super Bowl Sunday is and it's some big, big dollars out there.

But again, I was just.

But again, I was just.

Blown away by the fact that in the salty snacks category, PepsiCo sixty percent of the market.

Blown away by the fact that in the salty snacks category, PepsiCo sixty percent of the market.

Are we all Freedo lovers here?

Are we all Freedo lovers here?

Like?

Like?

Is this an takeaway from you guys? Like straight up?

Is this an takeaway from you guys? Like straight up?

Like yeah, straight up, fres that's the go to dude.

Like yeah, straight up, fres that's the go to dude.

Can you you can dip Freedo's.

Can you you can dip Freedo's.

I mean they're already made of garbage, right, so you can just dip them in anything.

I mean they're already made of garbage, right, so you can just dip them in anything.

Yeah, exactly exactly.

Yeah, exactly exactly.

I mean.

I mean.

Somebody around here likes the cheese its and that's a solid snack. But I have to go Frito's over Jesus, what do you watch it down with? Budweiser in cans really nice.

Somebody around here likes the cheese its and that's a solid snack. But I have to go Frito's over Jesus, what do you watch it down with? Budweiser in cans really nice.

Red wine.

Red wine.

With freedom. It's a great peering.

With freedom. It's a great peering.

No, the house brew in the sweetiest state is Budweiser in Cans has to be.

No, the house brew in the sweetiest state is Budweiser in Cans has to be.

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at ten am Eastern on Apple car Playing and broud Otto with the Bloomberg Business app. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

You're listening to the Bloomberg Intelligence Podcast. Catch us live weekdays at ten am Eastern on Apple car Playing and broud Otto with the Bloomberg Business app. Listen on demand wherever you get your podcasts, or watch us live on YouTube.

God retail sales next week, and then we'll also start hearing getting the earnings reports from some of the big retillers. So we just heard from Gen bartash Is that consumers are can spend you know, up to a billion dollars on salty snacks and stuff for the Super Bowl. I don't know how the consumers do, and I think it's pretty good shape. It's checking with Joe Blancharchie is the president of Enterprises Client Solutions. I'm sorry, her title president of Enterprise Client Solutions and the name of the firm is Advantage Solutions. Jill, thanks so much for joining us here, give us a sense of I know, we come to the Super Bowl week and I guess consumers are buying stuff. But how's the consumer doing out there generally in terms of you know, going out there and buying stuff versus maybe buying experiences.

God retail sales next week, and then we'll also start hearing getting the earnings reports from some of the big retillers. So we just heard from Gen bartash Is that consumers are can spend you know, up to a billion dollars on salty snacks and stuff for the Super Bowl. I don't know how the consumers do, and I think it's pretty good shape. It's checking with Joe Blancharchie is the president of Enterprises Client Solutions. I'm sorry, her title president of Enterprise Client Solutions and the name of the firm is Advantage Solutions. Jill, thanks so much for joining us here, give us a sense of I know, we come to the Super Bowl week and I guess consumers are buying stuff. But how's the consumer doing out there generally in terms of you know, going out there and buying stuff versus maybe buying experiences.

Yes, So, first of all, hello and thank you for having me back, and really good question, because we're really seeing a dichotomy out there.

Yes, So, first of all, hello and thank you for having me back, and really good question, because we're really seeing a dichotomy out there.

It's definitely tough for consumers.

It's definitely tough for consumers.

I heard Jen say that food inflation has cooled, which it has, but it's still up twenty five percent since twenty nineteen, and that's six points higher than the average inflation. So consumers are both pairing down to spend less and find things that are more of more value, but at the same time looking for affordable indulgences.

I heard Jen say that food inflation has cooled, which it has, but it's still up twenty five percent since twenty nineteen, and that's six points higher than the average inflation. So consumers are both pairing down to spend less and find things that are more of more value, but at the same time looking for affordable indulgences.

The Super Bowl is one of those.

The Super Bowl is one of those.

It is akin to the next Thanksgiving, where you've got herds of people that gather inside the home to do food, family fun, football. I think that we saw that the NRF Super Bowl surveys predicting a record number of Super Bowl sales. About eighty percent of that is food and beverage. So if you're selling those products, this could be a really good season.

It is akin to the next Thanksgiving, where you've got herds of people that gather inside the home to do food, family fun, football. I think that we saw that the NRF Super Bowl surveys predicting a record number of Super Bowl sales. About eighty percent of that is food and beverage. So if you're selling those products, this could be a really good season.

And just for our audience.

And just for our audience.

Advantaged solutions you basically talk to retailers and help them understand, say inventory, if they have the right products on the shelves, even if they're in store or online, et cetera.

Advantaged solutions you basically talk to retailers and help them understand, say inventory, if they have the right products on the shelves, even if they're in store or online, et cetera.

What did you tell people before the Super Bowl to stop up on?

What did you tell people before the Super Bowl to stop up on?

Oh great question.

Oh great question.

So a couple of pieces of advice that we put out there to Bold our manufacturer as well as our retail our clients. One is the recent trend that we saw and talked about last month, sorry, which is the disproportionate spend that we're seeing in the two to three days that are leading up to key events. So for the Super Bowl, think today and tomorrow, so the retailers have to make sure that they have that inventory.

So a couple of pieces of advice that we put out there to Bold our manufacturer as well as our retail our clients. One is the recent trend that we saw and talked about last month, sorry, which is the disproportionate spend that we're seeing in the two to three days that are leading up to key events. So for the Super Bowl, think today and tomorrow, so the retailers have to make sure that they have that inventory.

The second thing is look for consumers to pare down to find value.

The second thing is look for consumers to pare down to find value.

So as it relates to Super Bowl, that's going to mean different things to different consumers. So that may be pairing down from like a Wagoo beef to a prime rib. It could be from a prepared charcoutering player to one that you make yourself a big brand to a national brand. And of course always looking for things on sale. And then let's talk products. Here are what we think are going to be Two of the surprises for super Bowl. One is not alcoholic. Beer in my tails are having a really good day.

So as it relates to Super Bowl, that's going to mean different things to different consumers. So that may be pairing down from like a Wagoo beef to a prime rib. It could be from a prepared charcoutering player to one that you make yourself a big brand to a national brand. And of course always looking for things on sale. And then let's talk products. Here are what we think are going to be Two of the surprises for super Bowl. One is not alcoholic. Beer in my tails are having a really good day.

For I See You, I See you the lot use these two guys on this one.

For I See You, I See you the lot use these two guys on this one.

I heard the previous discussion about red wine beer and prosecco, but a beer in my tails are having a pretty good day.

I heard the previous discussion about red wine beer and prosecco, but a beer in my tails are having a pretty good day.

So we see those both cannibalizing some of the alcohol.

So we see those both cannibalizing some of the alcohol.

Sales but also adding to overall beverage sales. And then another contender, this year's private brand. Ninety two percent of consumers trust a private brand as much as a national brand, and it's a great way for consumers to pare down and get that value. So think snacks, ingredients, appetizers.

Sales but also adding to overall beverage sales. And then another contender, this year's private brand. Ninety two percent of consumers trust a private brand as much as a national brand, and it's a great way for consumers to pare down and get that value. So think snacks, ingredients, appetizers.

That's what I have to admit.

That's what I have to admit.

I'm not a big shopper, but I noticed a changing my shopping habits for groceries during the pandemic when we were buying more stuff and prices were going up. I now go store brand, probably way more than half. Now you know, it's only a few and.

I'm not a big shopper, but I noticed a changing my shopping habits for groceries during the pandemic when we were buying more stuff and prices were going up. I now go store brand, probably way more than half. Now you know, it's only a few and.

Is it rise?

Is it rise?

I just figured it's this cost. I mean it's materurely lower. It is like thirty forty.

I just figured it's this cost. I mean it's materurely lower. It is like thirty forty.

Percent lower on some of these things. So I don't know, but it's a change in behavior. So I guess the question here is we're going to get retail sales next week and we're going to start hearing from some of the retailers.

Percent lower on some of these things. So I don't know, but it's a change in behavior. So I guess the question here is we're going to get retail sales next week and we're going to start hearing from some of the retailers.

But it appears, you know that the consumers.

But it appears, you know that the consumers.

They have a job, if they want them wages you're going up.

They have a job, if they want them wages you're going up.

Is it fair?

Is it fair?

To say that the consumer we should we should expect the consumer to continue to be fairly strong.

To say that the consumer we should we should expect the consumer to continue to be fairly strong.

Oh boy, I think in the consumer package goods world, we're probably looking at flat four twenty twenty four.

Oh boy, I think in the consumer package goods world, we're probably looking at flat four twenty twenty four.

This is what most of the industry experts are saying.

This is what most of the industry experts are saying.

Manufacturers, though, and the recent survey that we just did at advantage, eighty percent of manufacturers are predicting growth based on new products and expanded distribution of current products.

Manufacturers, though, and the recent survey that we just did at advantage, eighty percent of manufacturers are predicting growth based on new products and expanded distribution of current products.

That could be a little too confident.

That could be a little too confident.

They were also overconfident in their holiday sales predictions. Retailers are less confident, with about half of retailers predicting mild growth both, so we'll see how it plays out. Consumers, you know, as I said before, are still in a pretty tough place. The overall confidence in their ability to afford everyday life has gone down twenty points from sixty percent of forty percent since such twenty nineteen, So this will definitely have an effect on twenty four sales and volume.

They were also overconfident in their holiday sales predictions. Retailers are less confident, with about half of retailers predicting mild growth both, so we'll see how it plays out. Consumers, you know, as I said before, are still in a pretty tough place. The overall confidence in their ability to afford everyday life has gone down twenty points from sixty percent of forty percent since such twenty nineteen, So this will definitely have an effect on twenty four sales and volume.

What are you telling them about inventories? Are we going to be in a world where I guess I'm talking more with say, clothing electronics maybe rather than food.

What are you telling them about inventories? Are we going to be in a world where I guess I'm talking more with say, clothing electronics maybe rather than food.

Is it gonna be like a just in time inventory or what are you telling them?

Is it gonna be like a just in time inventory or what are you telling them?

Inventory is a really tricky proposition right now. You've got a lot of retailers trying to reduce inventory, which is a risky game to play. There are benefits to doing that, but there are also challenges in that if there's i mean take the recent social media runs. I mean, don't get me going on the Stanley Cup, but there are there are runs on products which could be driven by social media, could be driven by a strong marketing program and often times, and also don't forget the disproportioned of sales.

Inventory is a really tricky proposition right now. You've got a lot of retailers trying to reduce inventory, which is a risky game to play. There are benefits to doing that, but there are also challenges in that if there's i mean take the recent social media runs. I mean, don't get me going on the Stanley Cup, but there are there are runs on products which could be driven by social media, could be driven by a strong marketing program and often times, and also don't forget the disproportioned of sales.

The two to three days before the key events.

The two to three days before the key events.

Many retailers got caught in Thanksgiving and had to adjust for a Christmas because they didn't have the inventory.

Many retailers got caught in Thanksgiving and had to adjust for a Christmas because they didn't have the inventory.

So it's a bit of a it's a bit of a risk. It's got upside, it's got downside.

So it's a bit of a it's a bit of a risk. It's got upside, it's got downside.

Are there enough chickens out there for the chicken wing demand?

Are there enough chickens out there for the chicken wing demand?

Oh no, A good question, did you guys?

Oh no, A good question, did you guys?

Did you see that?

Did you see that?

The National Chicken Council last year said that there were enough chicken wings consumed last year during Super Bowl for every person in the country to have four. So I'm not sure who had my four, but somebody is having a lot of wings.

The National Chicken Council last year said that there were enough chicken wings consumed last year during Super Bowl for every person in the country to have four. So I'm not sure who had my four, but somebody is having a lot of wings.

And I remember, I mean there was a time I can't remember it was last year the year before where it was kind of kind of in the pandemic area that there weren't enough chickens because they had some diseases and something like that.

And I remember, I mean there was a time I can't remember it was last year the year before where it was kind of kind of in the pandemic area that there weren't enough chickens because they had some diseases and something like that.

So there's the price of chicken wings were higher.

So there's the price of chicken wings were higher.

Yeah, that flew. It's a real thing. I have to have a confession.

Yeah, that flew. It's a real thing. I have to have a confession.

Hummus wings.

Hummus wings.

I don't like chicken wing. I like the sauces on chicken wings.

I don't like chicken wing. I like the sauces on chicken wings.

Okay, just.

Okay, just.

Doesn't somebody has.

Doesn't somebody has.

Somebody's having both our wings because four wings per person is my modeling.

Somebody's having both our wings because four wings per person is my modeling.

Very good, all right, Jill, thank you so much for joining us. Really appreciate it.

Very good, all right, Jill, thank you so much for joining us. Really appreciate it.

Jill Blanchard, president of Enterprise Client Solutions. The name of the firm is Advantage Solutions. We're learning so much, aren't we, John.

Jill Blanchard, president of Enterprise Client Solutions. The name of the firm is Advantage Solutions. We're learning so much, aren't we, John.

I know, and I'm just like pouring it out.

I know, and I'm just like pouring it out.

We know not to go to her house party or bring our own. I think bake.

We know not to go to her house party or bring our own. I think bake.

I bake with like real fat and stuff, okay, but no sugar, with real sugar. Like I actually tried to bake without sugar and do like some big paste instead.

I bake with like real fat and stuff, okay, but no sugar, with real sugar. Like I actually tried to bake without sugar and do like some big paste instead.

It didn't work out. So I cook with lard and with you know, I'll bring something in and it'll be a nice moment for us.

It didn't work out. So I cook with lard and with you know, I'll bring something in and it'll be a nice moment for us.

All right, Well, be looking forward to that.

All right, Well, be looking forward to that.

You're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at ten am Eastern on Apple car Play and Android Auto with the Bloomberg Business. You can also listen live on Amazon Alexi from our flagship New York station, Just Say Alexa playing Bloomberg eleven thirty.

You're listening to the Bloomberg Intelligence podcast. Catch us live weekdays at ten am Eastern on Apple car Play and Android Auto with the Bloomberg Business. You can also listen live on Amazon Alexi from our flagship New York station, Just Say Alexa playing Bloomberg eleven thirty.

All right, it is Super Bowl Sunday.

All right, it is Super Bowl Sunday.

We cover the story from the business perspective. And you know why we do that because we have a podcast, Business of Sports, hosted by the Scarlett Foo of Bloomberg News, Michael Barr and Damien sasas Hower. Damien Sasawa Bloomberg Intelligence. Michael bar Bloomberg News as well. Michael Barr and Damien Sashira join us here in the studio.

We cover the story from the business perspective. And you know why we do that because we have a podcast, Business of Sports, hosted by the Scarlett Foo of Bloomberg News, Michael Barr and Damien sasas Hower. Damien Sasawa Bloomberg Intelligence. Michael bar Bloomberg News as well. Michael Barr and Damien Sashira join us here in the studio.

I mean this, hold on, this is my first moment with Michael Barr.

I mean this, hold on, this is my first moment with Michael Barr.

Ever, Oh really, yeah real, this is.

Ever, Oh really, yeah real, this is.

Michael Barr talking is my most favorite thing.

Michael Barr talking is my most favorite thing.

There you go, this is.

There you go, this is.

This feels really exciting for me.

This feels really exciting for me.

Damien.

Damien.

How big is the business of the Super Bowl.

How big is the business of the Super Bowl.

It's only as big as Michael Barr's voice will allow it to be Man. That baritone voice. It draws in all the greatest guests. We had on our show this week, the presidents for the San Francisco forty nine ers and the Kansas City Chiefs, and we had the CEO of bet MGM.

It's only as big as Michael Barr's voice will allow it to be Man. That baritone voice. It draws in all the greatest guests. We had on our show this week, the presidents for the San Francisco forty nine ers and the Kansas City Chiefs, and we had the CEO of bet MGM.

You know what.

You know what.

They all said, It's gonna be a huge super Bowl. I'm talking like the mount bet. The mount being bet on this super Bowl is going to be something on the order of twenty four billion dollars. That's a thirty three percent increase over last year alone, Isn't that right? Michael Buber?

They all said, It's gonna be a huge super Bowl. I'm talking like the mount bet. The mount being bet on this super Bowl is going to be something on the order of twenty four billion dollars. That's a thirty three percent increase over last year alone, Isn't that right? Michael Buber?

And they're betting on everything, the color of the gatorade, the length of the national anthem, how many Yeah, but you got to see how many times Taylor Swift is going to be on TV?

And they're betting on everything, the color of the gatorade, the length of the national anthem, how many Yeah, but you got to see how many times Taylor Swift is going to be on TV?

I mean, no, you can bet on everything, can't you bet somewhere about if Taylor's foot will cry like.

I mean, no, you can bet on everything, can't you bet somewhere about if Taylor's foot will cry like.

It's is that legal or not?

It's is that legal or not?

The tear has to drip below the halfway point of her cheek? And no, I'm kidding. I don't know how do you say? How can you tell?

The tear has to drip below the halfway point of her cheek? And no, I'm kidding. I don't know how do you say? How can you tell?

But I think there are prop bets like that, yeah, called prop bets, and the prop bets are on you can find them in any sports book.

But I think there are prop bets like that, yeah, called prop bets, and the prop bets are on you can find them in any sports book.

You can find them at the online online gambling.

You can find them at the online online gambling.

Absolutely fangual, DraftKings bet, MGM, Caesars, you name it, they're all carrying it. But I think most of their prop bets are the ones that you find are related to the actual outcome of the game. Some of the things we're talking about are I think you have to bet through it. Oh yeah, like some Panamanian you know, website that will take your bet and never pay you out. No, I'm just kidding, but I mean, look they've got I mean, the real story this year is going to be the comeback for advertising, right because you know, we don't have cryptocurrencies anymore, you know, you know, apparently the biggest sector that's going to be kind of you know, advertising during this Super but at least in terms of an increase, is going to be candy, sweets and cookies. Oreo, you know you're very interested in them.

Absolutely fangual, DraftKings bet, MGM, Caesars, you name it, they're all carrying it. But I think most of their prop bets are the ones that you find are related to the actual outcome of the game. Some of the things we're talking about are I think you have to bet through it. Oh yeah, like some Panamanian you know, website that will take your bet and never pay you out. No, I'm just kidding, but I mean, look they've got I mean, the real story this year is going to be the comeback for advertising, right because you know, we don't have cryptocurrencies anymore, you know, you know, apparently the biggest sector that's going to be kind of you know, advertising during this Super but at least in terms of an increase, is going to be candy, sweets and cookies. Oreo, you know you're very interested in them.

I want to see that I missed the Clydesdale the Budweiser. They to me, they have always had the most iconic commercials and I want to see that. By the way, just a heads up, Uh, they're also a bet if Travis Kelcey will propose to Taylor Swift. Oh they went. And then there's a little I think the chapel or the flowers or whatever it is on the strip says, look, if they do it, you can come in for free for the wedding. And then they said, well, you know, if you pass anybody named Travis and Taylor coming in, you'll get a free wedding.

I want to see that I missed the Clydesdale the Budweiser. They to me, they have always had the most iconic commercials and I want to see that. By the way, just a heads up, Uh, they're also a bet if Travis Kelcey will propose to Taylor Swift. Oh they went. And then there's a little I think the chapel or the flowers or whatever it is on the strip says, look, if they do it, you can come in for free for the wedding. And then they said, well, you know, if you pass anybody named Travis and Taylor coming in, you'll get a free wedding.

What are the experts saying about the game? I mean, it's only one and a half point spread, so.

What are the experts saying about the game? I mean, it's only one and a half point spread, so.

I guess everybody's expecting to be a competitive game.

I guess everybody's expecting to be a competitive game.

Well, I mean, I think from that perspective, you know, it comes down to defense. But you know, both defenses are overshadowed by their incredible offenses this year, so it's difficult to tell. I think, you know, it's very difficult. Even though the Chiefs are getting a point and a half call to two points. I mean, to bet against Patrick Mahomes and I mean to actually get points and do it's pretty unbelievable. I mean, I think, I think, really, you know, it's about you know, stopping it's going to be about stopping you know, the San Francisco run game. I mean, if they can manage to stop that run game and forced Brock pretty to pass. I think the forty nine ers have a legitimate chancer, Alex. I'm sorry, Kenny.

Well, I mean, I think from that perspective, you know, it comes down to defense. But you know, both defenses are overshadowed by their incredible offenses this year, so it's difficult to tell. I think, you know, it's very difficult. Even though the Chiefs are getting a point and a half call to two points. I mean, to bet against Patrick Mahomes and I mean to actually get points and do it's pretty unbelievable. I mean, I think, I think, really, you know, it's about you know, stopping it's going to be about stopping you know, the San Francisco run game. I mean, if they can manage to stop that run game and forced Brock pretty to pass. I think the forty nine ers have a legitimate chancer, Alex. I'm sorry, Kenny.

I talked to me one day, little Birdie in the degenerate newsman's ear forty seven and a half, the last time I had seen the over and under. And we also had an interview with Amy Transk who is within the front office with the then Oakland Raiders. And I thought this was going to be a high scoring, high faluting game. No, she said, this is going to be a defense of struggles, so don't be surprised if it goes under.

I talked to me one day, little Birdie in the degenerate newsman's ear forty seven and a half, the last time I had seen the over and under. And we also had an interview with Amy Transk who is within the front office with the then Oakland Raiders. And I thought this was going to be a high scoring, high faluting game. No, she said, this is going to be a defense of struggles, so don't be surprised if it goes under.

So, Scarlett fo and I are very similar, Okay, we're kind of both really anal.

So, Scarlett fo and I are very similar, Okay, we're kind of both really anal.

We like prepping.

We like prepping.

We have a similar taste in most everything except for sports because I know nothing about So let's pretend to go to a Super Bowl party.

We have a similar taste in most everything except for sports because I know nothing about So let's pretend to go to a Super Bowl party.

Okay, and I have to say smart things. What am I saying?

Okay, and I have to say smart things. What am I saying?

You want me to take this one on, Michael Bla. You want to here's what you want to talk about. You want to talk about Halo Glow, liquid filter else and is going to take over during some of the commercials. I think also this is an important point. You know, Paul and I were talking about this the female audience, not just due to Taylor Swift, but just generally speaking. For the Super Bowl last year alone was forty seven percent female. Now you've got Taylor's swift. So you have advertisers me does Yeah, you're talking to you, Alex. They want I mean they want you to, you know, basically buy the ice Cript brand, you know, drumstick.

You want me to take this one on, Michael Bla. You want to here's what you want to talk about. You want to talk about Halo Glow, liquid filter else and is going to take over during some of the commercials. I think also this is an important point. You know, Paul and I were talking about this the female audience, not just due to Taylor Swift, but just generally speaking. For the Super Bowl last year alone was forty seven percent female. Now you've got Taylor's swift. So you have advertisers me does Yeah, you're talking to you, Alex. They want I mean they want you to, you know, basically buy the ice Cript brand, you know, drumstick.

You know.

You know.

They want you to shop at Etsy and eat Link chocolates, you know, like Kelsey's wife does. I don't know, so, I mean people do that. I mean, that's that's kind of what they want from you.

They want you to shop at Etsy and eat Link chocolates, you know, like Kelsey's wife does. I don't know, so, I mean people do that. I mean, that's that's kind of what they want from you.

I know we're running out of time soon, but I just to get pump up for this. I had to watch some old clips of the San Francisco forty nine ers, and this was on the old Monday Night Football. This is nineteen seventy six. I don't want to give away my age that I was twelve years old, man, but I just did.

I know we're running out of time soon, but I just to get pump up for this. I had to watch some old clips of the San Francisco forty nine ers, and this was on the old Monday Night Football. This is nineteen seventy six. I don't want to give away my age that I was twelve years old, man, but I just did.

And here it is.

And here it is.

Here's Alex Karis in the opening and he's smoking a cigar as he's talking to Howard Cosell, And I'm like, oh man, what happened to this era?

Here's Alex Karis in the opening and he's smoking a cigar as he's talking to Howard Cosell, And I'm like, oh man, what happened to this era?

Man?

Man?

This is great.

This is great.

Now.

Now.

Sportico dot Com, which is some Bloomberg News alumni. They have a good story out party, the CE the QB for San Francisco.

Sportico dot Com, which is some Bloomberg News alumni. They have a good story out party, the CE the QB for San Francisco.

He may be the cheapest yes to ever absolutly.

He may be the cheapest yes to ever absolutly.

Now right, but for now, for now, exactly right, wait tomorrow Monday.

Now right, but for now, for now, exactly right, wait tomorrow Monday.

They're not paying well. I mean, I mean, let's I mean, I mean, that's a great stand. I mean, let's just think about the numbers. Mahomes makes thirty six million dollars, He's seventeen percent of Kansas City salary cap. Rock Party is only zero point three seven percent of the forty nine er salary cap.

They're not paying well. I mean, I mean, let's I mean, I mean, that's a great stand. I mean, let's just think about the numbers. Mahomes makes thirty six million dollars, He's seventeen percent of Kansas City salary cap. Rock Party is only zero point three seven percent of the forty nine er salary cap.

What an investment, mister irrelevant? I mean, that's to me, that is the biggest story of this one. Pick he was the last one pick.

What an investment, mister irrelevant? I mean, that's to me, that is the biggest story of this one. Pick he was the last one pick.

Really good.

Really good.

That's what you go.

That's what you go.

You take to the party.

You take to the party.

Now, Paul Sweeney, some trivia for you. Who was the previous cheapest quarterback to play in the Super Bowl and win? Oh, it's a good one. It's an easy one. It's right there in front of you. Oh, Tom Brady two thousand and two, right, Yeah, that of the year zero point four to six percent of the salary. That was his first year when the Jets knocked out Bledsoe And.

Now, Paul Sweeney, some trivia for you. Who was the previous cheapest quarterback to play in the Super Bowl and win? Oh, it's a good one. It's an easy one. It's right there in front of you. Oh, Tom Brady two thousand and two, right, Yeah, that of the year zero point four to six percent of the salary. That was his first year when the Jets knocked out Bledsoe And.

All right, so you guys are the experts. Michael Barr, what is your pick here?

All right, so you guys are the experts. Michael Barr, what is your pick here?

I am pick because my wife is listening and is a die hard forty nine ers fan. Would I think it's going to be San Francisco twenty one and I think it's going to be the Chief seventeen?

I am pick because my wife is listening and is a die hard forty nine ers fan. Would I think it's going to be San Francisco twenty one and I think it's going to be the Chief seventeen?

Caressing Okay, I mean, I look, I'm going to be rooting for San Francisco. But if I were a betting man, I would not be betting against Andy Reid and Patrick Mahomes and the Kansas City Chief. So I'd probably take the points and probably take the over there, maybe parlayed a little bit. Maybe you know a player.

Caressing Okay, I mean, I look, I'm going to be rooting for San Francisco. But if I were a betting man, I would not be betting against Andy Reid and Patrick Mahomes and the Kansas City Chief. So I'd probably take the points and probably take the over there, maybe parlayed a little bit. Maybe you know a player.

Are you going to have a little app on your phone that will allow you to do just then?

Are you going to have a little app on your phone that will allow you to do just then?

I mean, I don't gamble, Paul. You know, I'm an investor. I am a risk adjustin investor. You me emerging markets, fixed incomes. Say, you know, I'm not really a big gambler, but I'm sure I'll get a box or two at the Super Bowl party on Sunday.

I mean, I don't gamble, Paul. You know, I'm an investor. I am a risk adjustin investor. You me emerging markets, fixed incomes. Say, you know, I'm not really a big gambler, but I'm sure I'll get a box or two at the Super Bowl party on Sunday.

I have to go to your app if you want to make this bet.

I have to go to your app if you want to make this bet.

We got a market here, We got it right in front of us.

We got a market here, We got it right in front of us.

He's still upset because he's still upset because they beat him in fantasy and he beat the stew out of here.

He's still upset because he's still upset because they beat him in fantasy and he beat the stew out of here.

All right, folks, check out the podcast Business of Sports, hosted by Scarlett flu Bloomberg Television, Michael Barr Bloomberg News, and Damon Sasa our Bloomberg Intelligence. They host that is it come out weekly, gents, Yeah, that's a weekly and they get.

All right, folks, check out the podcast Business of Sports, hosted by Scarlett flu Bloomberg Television, Michael Barr Bloomberg News, and Damon Sasa our Bloomberg Intelligence. They host that is it come out weekly, gents, Yeah, that's a weekly and they get.

Some great guests.

Some great guests.

You had to just heard here some of the leaders in the NFL this week. So they get some great guests and the Business of Sports is that's how we do it here.

You had to just heard here some of the leaders in the NFL this week. So they get some great guests and the Business of Sports is that's how we do it here.

This is the Bloomberg Intelligence podcast, available on apples, Spotify, and anywhere else you will get your podcasts. Listen live each weekday ten am to noon Eastern on Bloomberg dot Com, the iHeart Radio app, tune In, and the Bloomberg Business app. You can also watch us a long I have every weekday on YouTube and always on the Bloomberg Journal

This is the Bloomberg Intelligence podcast, available on apples, Spotify, and anywhere else you will get your podcasts. Listen live each weekday ten am to noon Eastern on Bloomberg dot Com, the iHeart Radio app, tune In, and the Bloomberg Business app. You can also watch us a long I have every weekday on YouTube and always on the Bloomberg Journal

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