October 24, 2024 • 38 mins
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Bloomberg News Global Autos Editor Craig Trudell breaks down the Tesla outlook post-earnings. Olu Omodunbi, Chief Economist at Huntington Private Bank, shares his thoughts on the US economy ahead of the presidential election. Bloomberg News Senior Editor Dimitra Kessenides and Stefano Caselli, Dean at SDA Bocconi, discuss the future of the full time MBA. And we Drive to the Close with Sevasti Balafas, CEO at GoalVest Advisory.
Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.
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Episode Transcript
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Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2 (00:08):
This is Bloomberg Business Wait inside from the reporters and
editors who bring you America's most trusted business magazine, plus
global business, finance and tech news. The Bloomberg Business Week
podcast with Carol Messer and Tim Stenebek from Bloomberg Radio.
Speaker 3 (00:27):
We are watching Tesla, the stock surging more surging, the most,
I should say, in more than three and a half years.
The carmaker reported surprisingly strong earnings gave a juice up
forecast for growth in vehicle sales next year. Tesla CEO
Elon Musk highlighted it all on last night's earnings call.
Speaker 4 (00:43):
I do want to give some some rough estimate, which
I think twenty percent vehicle growth next year, you know,
notwithstanding negative external events.
Speaker 3 (00:56):
All right, so an upbeat outlooks some caveats, if you will.
That was Elon l s Goun last night's earnings call.
Keep in mind, while the stock is soaring today, as
we said, it's up about twenty percent, it is still
thirty seven percent lower from its high back in November
of twenty twenty one.
Speaker 5 (01:10):
With more on how Tesla's doing with us, We've got
a Bloomberg News Global Autos editor Craig Trudell joining us
from London. Craig before the call last night, at five
thirty New York time, Tesla shares were up just about
eight percent. What specifically did investor us here on the
call that cause shares to move higher in today's trade?
Speaker 6 (01:29):
I mean, Musk was in sort of rare form. I think,
you know, you often can sort of can count on
him being quite positive, and you know, sometimes he gives
people reasons reasons to bid the stock up. Other times,
you know, he's less careful. I think last night he
(01:52):
wasn't necessarily careful. He at one point SAIDs something about,
you know, I'm going to take a risk and offer
you know, this upbeat outlook for next year, as we
heard in the clip that you just played. I mean
he also, you know, sort of couched this. Later on
he talked about, you know, his forecast for how many
(02:15):
cyber cabs will make, you know, a couple of years
out as just his best guesses. So that being said,
you know, there was a lot to like about this
quarter in terms of, you know, sort of the breadth
of what went well. U you know, I think expectations
were quite low in terms of what revenue and earnings
were going to be. Uh, and they beat expectations on
(02:37):
a lot of metrics, and and it was kind of widespread.
It wasn't just the car business. They're doing well on
the energy side as well.
Speaker 7 (02:43):
Well.
Speaker 3 (02:44):
That's what I wondered, you know, Craig, is this a
report where we were all managed so well going into
it and had very low expectations, and so when Tesla
comes in stronger than forecast and above those low expectations,
we were all just like, WHOA really so prized? Or
is this a report where Tessa the business is actually
doing well?
Speaker 6 (03:05):
I think it's a little bit of all the above.
I mean, is it a is it a you know,
twenty one percent move up in the shares sort of report.
I'm I'm shocked by this, but you know what do
I know, I'm just a journalist. I think I think
it is it is, you know, the case that the
stock has has gotten, you know, roughed up a little
(03:27):
bit the last couple of weeks since the ROBOTAXI unveiling.
I think there was really high expectations going into that
because Musk, you know, had sort of spent months hyping
up you know, all the work that they've done on
AI and and you know, years now on on self driving,
and we don't actually have you know, necessarily clear indications
(03:49):
that you know, some of the promises he's made or
you know, predictions that he's made are close. You know,
you you do. You don't have to look very far
to see you know, people who use the product that
the company calls full self driving, you know, acting up
not working so well. You know, they recognize some revenue
(04:10):
this past quarter from from deferred revenue related to that business.
And you know, one of the features that they rolled
out actually smart summon, which is an interesting acronym. You know,
we're seeing reports of people trying to summon their cars
and parking lots and getting into scrapes, and so, you know,
(04:33):
there's there's still you know, a lot left to be
said about, you know, just how much longer this company,
you know, needs to work on this technology to get
it to where it's safe.
Speaker 5 (04:44):
Hey, Craig, there were a lot of questions ahead of
the earnings call yesterday about whether or not analysts would
ask any questions related to Elon Musk's political activities. The
seventy five million dollars he's given to the America pack
and support of foreign President Donald Trump during this election. Michael,
what did we hear from Musk on the call about
(05:04):
a potential second Trump administration? How did he weigh in
on politics?
Speaker 6 (05:09):
Yeah, it was it was interesting. I think, you know,
TESLA solicits investor questions, you know, going into these calls,
and there were a lot of questions submitted having to
do with politics and investors wanting to you know, hear
Musk address, you know, his support for Trump and just
how outspoken he's been. He didn't utter Trump's name at once,
(05:31):
which was a little surprising to me. But he did
allude to this idea of, you know, maybe if he
were to be appointed the head of the government efficiency
department that he and Trump talked about on x a
while back, and maybe he would work on on you know,
national rules for getting robotaxis on the road. So he
(05:53):
sort of gave investors a little bit of a taste
of how he would you know, potentially be able to
tip the scales have or after becoming such a huge
benefactor of Donald.
Speaker 3 (06:04):
Trump, investors who wanted something today got better than expected
profit and guidance for growth on deliveries and deliveries. That
was from Gene Mounster over a deep water asset management.
He said, the long term investors got the golden carrot.
So is the golden carrot on the delivery numbers?
Speaker 1 (06:19):
Is that what it is?
Speaker 6 (06:21):
I think that was a big one. I mean, you know,
there's I think real legitimate concern as to whether or
not the company will deliver more cars this year than
it did last year. You know, through the first three
quarters of the year that the deliveries are down and
they're going to need a real substantial jump in the
fourth quarter to get to where they're positive.
Speaker 4 (06:45):
I think the.
Speaker 6 (06:46):
Company surprised people by saying they do expect some slight
growth for this year, so they're really going to have
to finish strong and then twenty to thirty percent. I think,
you know, that sounds great. I didn't necessarily get a
strong sense of how exactly this company is going to
pull that off because they have not specified what sort
(07:07):
of product is coming that that could possibly you know,
paste that.
Speaker 5 (07:12):
What about the affordable more affordable car that was promised?
And yeah, what was the first half of twenty twenty five.
Speaker 1 (07:17):
Didn't we kind of say something about that.
Speaker 6 (07:20):
He's he's alluded generally to new vehicles, including more affordable models.
But what those models are, we have no idea. It's
not going to be a twenty five thousand dollars Tesla
with a steering wheel and pedals, because he was very
dismissive of a question.
Speaker 2 (07:35):
Posed about that.
Speaker 6 (07:36):
So, I, you know, I think I think it's pretty
clear at this point they're going to you know, refresh
the Model Y and you know, maybe offer some cheaper
versions of the Model Y and the Model three and
are counting on you know that that you know, getting
growth going again.
Speaker 5 (07:50):
And we know, Carol that steering wheels and pedals are
not the future.
Speaker 3 (07:54):
So I'm thinking it's a cheaper cyber truck like you
get into like discounted version.
Speaker 6 (07:58):
I don't know, no that's coming to it's got too.
Speaker 1 (08:01):
Yeah, good stuff.
Speaker 3 (08:03):
Craig Trudell, thank you so much, Global Autos editor at
Bloomberg News. Joining us from our bureau in London.
Speaker 2 (08:09):
You're listening to the Bloomberg Business Week podcast. Catch us
live weekday afternoons from two to five pm Eastern Listen
on Apple car Play and then brout Auto with a
Bloomberg Business app or want us live on YouTube, and.
Speaker 3 (08:23):
Right now we want to get I'm a little bit
deeper into what's going on in the United States and
this team. As we've seen US treasury yields risen along
with the odds of a Republican sweep at the November
federal elections, which could mean deficit funded growth and tier
of stoking inflation. It's something that Gigi Goopenav just talked
about that the importance of US debt, it's sustainable, but
(08:43):
she also said that they have that we should have less,
and that we need to be kind of ready for
the next crisis when the government might need to take
on more debt.
Speaker 5 (08:51):
Okay, this is something on our next guest radar, certainly
with a look at the US economy. Joining us here
in our studio, we got Olu Omandoon Bee, chief economists
over at Huntington Pride Bank. It's a division of the
publicly held Huntington Bank Shares based over in Ohio. The
bank has more than a twenty two billion dollar market cap.
It's up twenty two percent so far this year. Oh Lou,
welcome to Bloomberg. Good to have you with us. I
(09:12):
just want to get right into it on talk politics.
Are you guys at the bank setting up for a
Harris win or a Trump win?
Speaker 8 (09:18):
Thanks for having me so, I mean, election is top
of the mind for many businesses, consumers, investors, but we
tell clients to focus on policies now politics. So a
monetary policy, for example, what's the FAT going to do?
We expect the FEDS to cut the FEDS fund's right
by twenty five basis points, that's each of its maintenance
(09:38):
over the next couple of months, and we also expect
about four cuts in twenty twenty five, which we'll be
able to consumers and a broader economy.
Speaker 1 (09:46):
Oh, let's stay with that. Policies get you.
Speaker 3 (09:48):
But if you if it's a Harris in the White
House or it's a Trump in the White House, those
policies could be dramatically different. And when it comes to
the Federal Reserve, we've heard from former President Donald Trump
talking about interfering in what the FED might do or
not do, So that's really important. How do you strategize
around that. What's the smart conversation you must be having
(10:11):
as a bank around that?
Speaker 8 (10:13):
Absolutely, you know, we think the FED works best in
its current format, independence and being overseen by Congress. You know,
we hope you know, that's how it continues and after
we get election results, hopefully in two weeks.
Speaker 4 (10:27):
And but we do again tell clients is.
Speaker 8 (10:29):
Just you know, focus on you know, what's the FED
is going to do in terms of fiscal policy. You know,
that depends on what happens in the congressional elections. You know,
once we know the results for that, then we can
adjust our outlook. For now, we just tell clients to
focus on FED expectations again, which is for two twenty
five basis point cuts before the end of this year
(10:49):
and about four twenty five basis point cuts next.
Speaker 5 (10:52):
Year, because we don't know the outcome of the election.
Are you not even sharpening your pencils at this point?
Do you wait to do this analysis until we have
the results to the election. Because one thing we do
know is that these candidates want to spend and they
don't want to raise taxes on a wide scale. And
some of the analysis that we've seen from the CBO,
for example, show that Trump presidency would end up costing
(11:16):
just trillions of dollars and you know, there are concerns
about where that money is going to come from.
Speaker 8 (11:21):
Yeah, absolutely, so things like tariffs. You know, that's going
to be a tax on consumers. It's likely going to
lead to higher inflation, especially if we get brother tarifs
and what we got early on. But you know, again,
you know, we tell consumers to like just focus on
things like you know, what the fan is going to do.
And again our view is that we're going to get
(11:41):
to you twenty five business point cuts.
Speaker 4 (11:43):
Before the end of this year.
Speaker 3 (11:44):
All right, So git to Gopinath of the IMF Deputy
Managing Director, just talking with our Lisa A. Bromo, it said,
US economy is among the strongest of major economies. What
are you seeing at your bank and what you are
seeing with your team when you guys look at the economy,
what kind of economy do you see?
Speaker 1 (12:02):
And where are the strengths? Where are there some weaknesses.
Speaker 8 (12:05):
Yeah, we think it's a good economy. We think that
growth has been strong so far this year. Twenty twenty
four is actually shipping up to be very similar to
twenty twenty three. Twenty twenty three were supposed to be
the year of the recession, but we get three percent
growth GDP growth that was recently revised from.
Speaker 1 (12:22):
So what are you economists doing wrong that you all
keep calling for a recession? What is it that you
keep missing.
Speaker 4 (12:28):
We weren't calling for a recession last year. We're calling
for for year the year before.
Speaker 1 (12:32):
Because they've been calling for a recession for a while.
Speaker 8 (12:35):
I mean, there will be recession at some point, but
we don't think it's going to be in the next
twelve months. But twenty twenty four again, it's shipping up
to be a very good year for the year's economy.
Speaker 4 (12:43):
The libor market is solid.
Speaker 3 (12:44):
So good that we start to see inflation. We're it's
an uglyhead again.
Speaker 8 (12:47):
I mean, that's a risk, right, So I think if
the fact cuts rates more aggressively than what we're forecasting,
you know, we could see every acceleration of inflation. If
the geopolitical risks escalate further, you know, the Red Sea crisis,
if we see more disruptions.
Speaker 4 (13:04):
There, that could lead to.
Speaker 8 (13:07):
Inflation and goods and higher inflation again, and you know
that could make the federal start it's high king cycle.
But overall, it's a good economy. You know, inflation is
going down, the libor market is solid, consumer balance sheets
are good, upper income.
Speaker 3 (13:19):
Consumers, the unemployment rate has gone up a fair amount
in the last few months. We've watched that trend. We
know once it starts to go up, it can start
to go up a.
Speaker 4 (13:27):
Well, that's a great point.
Speaker 8 (13:28):
It's gone up, but on a historical basis, it's still
very low compared to you know, where it was in
twenty twenty for example, after the COVID recession.
Speaker 4 (13:36):
So it's a good labor market.
Speaker 1 (13:37):
Now the trend line is higher, it's not as.
Speaker 8 (13:39):
Strong as it was in twenty twenty one and twenty
twenty two, but that was unsustainable. Talking about unsustainable, I
also just want to give back to your points about
the debt levels. You know, I think we think that
it's unsustainable in the medium to long term.
Speaker 4 (13:55):
It's a good US economy.
Speaker 5 (13:56):
So what is the medium to long term and when
it's unsustainable, what are the repercussions of that?
Speaker 8 (14:03):
So you get what you call like a crowd anounce effects, right,
So that's when higher treasury yields crowd out private investment.
So if the budget deficey continues to increase an ul
sustainable pace, we can see higher long term rates, which
again call private investments and which will lead to a
slower growing US economy. You know, so we think and
(14:24):
we hope that's you know, the folksing convers areable to
fix that syndim later.
Speaker 1 (14:27):
At American voting public.
Speaker 3 (14:28):
Like, if you're going to have these major spending plans
and you got to fund them somehow, right, you're going
to crowd out eventually, especially in a higher rate environment.
If we're paying the interest on the debt, we're not
going to be able to do all these spending plans
that everybody is kind of touting. I am curious because
you're a part of a big, publicly traded bank. We
(14:50):
mentioned Huntington Bank Shares Bank has about a twenty two
billion dollar market cap. It's up more than twenty percent
year to date. We've talked a lot about the health
of the banking sector. What do you glean from that
side of the business in terms of lending and loans,
What you are seeing, whether it's on the consumer side
the corporate side, what is that showing you.
Speaker 8 (15:10):
Yeah, so we're headquartered in Columbus, Ohio. You know, we're
sprought to out of the Midwest, and you know, we
are a national bank, a growing bank which is expanded
in three states, you know, South Carolina and North Carolina
and Texas top twenty bank in the US, and we're
also the number one SBA lender by volumes in the
(15:30):
US and we have been in this position for about
seven years.
Speaker 4 (15:33):
So we get a very unique.
Speaker 8 (15:34):
View of the US economy, particularly from small businesses. Most
businesses are small businesses. And what we're saying is that
performance has been pretty steady.
Speaker 1 (15:44):
But does that mean performance what performance like?
Speaker 8 (15:47):
Just margins have been pretty good for small businesses despite
high interest rates and you know, inflation. Businesses are still
performing very well and they're looking forward to the rate
cuts as that will be able and activity over the
next couple of years.
Speaker 5 (16:03):
Any pockets of concern areas of concern that you see.
Speaker 8 (16:06):
So I think a risk is a FED misstep. If
the FED count rates too aggressively, we could get a
reaccelebration and inflation and we could get the FED re
starting as high kin cycle. Also, the geopolitical risks, you know,
you know that's also an area of concern.
Speaker 5 (16:23):
When you say geopolitical risks, I know you mentioned what's
happening in the Middle East, or you've mentioned more so
what's happening when it comes to shipping sure, yeah, that's
that's certainly top of mind for you.
Speaker 9 (16:34):
What about the Middle East though.
Speaker 8 (16:35):
You know that is a concern, like if that escalates
and if we see an increase in price.
Speaker 9 (16:41):
These are risks.
Speaker 5 (16:42):
These are not necessarily areas of weakness in the US
economy at this point, like exactly any areas of weakness
in the US economy.
Speaker 4 (16:48):
Housing.
Speaker 8 (16:49):
So activity has been weak in the housing sector, looking
at housing starts, housing pyramids exist in Holm. Sales data
just came out yesterday, So that's a weak sector of years.
Commy manufacturing also are is still weak. And you know,
but these are very right sensitive sexors, so lower interest
rates your helpless sectivity into sexes. And we expect activity
(17:11):
to improve in these sexors as Raycotts advance. So you know,
once the fat gets more advanced and it's ray cut
and cycle, well you see a better manufacturing and housing sexers.
Speaker 3 (17:21):
All right, good, good check on the US economy, So
appreciate it. Ulu Omandoombie He is chief economist at Huntington
Private Bank. Right here on Bloomberg business Week.
Speaker 2 (17:31):
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Speaker 10 (17:50):
Well.
Speaker 5 (17:50):
As you know, Bloomberg BusinessWeek has for years at ranked
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Speaker 3 (18:12):
As we shared with you last month, Stanford University once
again he'll down the top spot among full time NBA
programs at US schools, as it has for the past
five years. BusinessWeek also looks at the top schools around
the world. Number three in Europe this year is SDA Balcony.
I wanted to make sure I said it correctly, SDA Bekot.
Speaker 9 (18:34):
You can't go there unless you say it right.
Speaker 3 (18:35):
That's why I'd like to go there, which ranks ahead
of London Business School and INSID. We've got with us
Stefan o'casselli. He is dean at SDA Boconi, along with
a person who makes it all happen in terms of
the NBA rankings. We're talking about, Dimitra Cassanides. She's a
Bloomberg News senior editor, both joining us here in our
Bloomberg Interactive Brokers studio. Dimitro had a great question, and
(18:57):
I'm just going to give you props and credit for you.
Speaker 1 (18:59):
What brings you to New York City? Well, you're a
long way from home.
Speaker 4 (19:02):
No, it's great.
Speaker 7 (19:03):
So because in New York we have a lot of alumni,
We have a fantastic chapter. I have a very long
traditional relationship with the US market. So many students after
you know, Buconi program, decided to move to the United States.
It's quite important to have alumni for fundraising, for placement,
so it's quite important to stay here. So it's a
let me say, is the most important place in the world,
(19:25):
So it makes sense to stay here.
Speaker 3 (19:27):
Right, We're not going to important place in the world,
but there is something about tell us what makes your
business school unique?
Speaker 1 (19:35):
Business school within the world and people from all.
Speaker 7 (19:38):
Over let me say, is unique for the place in
which we stay. So Milanner is a unique platform in
the European playground, and you have a campus which is
fully sustainable, which is one of the reasons why some
rankings are flying this moment. And the other aspect is
related to the fact that Buconi is classified as a
business school. So for statistics, you ma, we are a
(20:00):
business school. But every time I pitch Doaboconni school of Management,
what I peach is a school and management, because management
is not just simply for business. Management is for all,
for any kind of organization, for profit, not for profit public.
I mean, and today in a world where geopolitics, connection
and interaction within different industries are becoming more and more relevant.
(20:24):
That's let me say the side which is most attractive
on my school.
Speaker 5 (20:29):
I do wonder Dean about geographic competition, because you know,
we classify them as international business schools versus US business schools,
and certainly you know INSIAD and London Business School our
competition to you. But how much competition comes from schools
based in the United States, Given that, especially over the
last few years, the US economy has absolutely roared back,
(20:52):
whereas Europe's has struggled.
Speaker 7 (20:56):
Let me say competition is great not because they have
to say that competition is great to raise the bar
of every business school. So the we raise the bar
thanks to competition today. Let me say, what is happening
is not just simply competition between European business school and
US or within the European playground. Competition today is based
(21:18):
on the capability to attract talent and we have to showcase,
you know, what is our unique selling proposition why it
makes sense to say Milano. And the other part of
the story is to help students to find the right job.
So all the business schools are struggling in you know,
ensuring the best placement today is the key element and
(21:41):
so we have, let me say, to find the right way,
the right chemistry to combine talent with placement, with the
network in which we stay and obviously united school schools.
You know, let me say, the competitive advantage to stay
in fantastic networks and to stay you know, in cities
that are apps to a talent. That's quite important. So
(22:02):
this is one of the reasons when I discussed with
my friends and competitors in Europe became a very relevant
to network. Let me say, in Europe to work as
a hub together because the students are attracted not only
by the brand name of the school, but you know,
by the network because the network made the placement for
the Stutke sense.
Speaker 11 (22:23):
So there's some of that that's going on with US
schools too, right, I think you were telling me. I
mean certainly the schools in the US to some degree
or competitors, but you have relationships with several of the
schools and programs that you've developed to open up opportunities
for your students.
Speaker 12 (22:39):
Can you speak to that a little bit.
Speaker 7 (22:41):
Yeah, we have a very long story of relationship with
at a school. I mentioned that Boconia has fifty three
agreements of exchange with the top US university and business schools.
So basically our student Spain as semester in US and
we host US students in Boconi for once a min
which is a greade on the two side, because it's
(23:03):
not only for the culture, the career and the content
of our students, but also to create a sense of
awareness of Boconni within the US market. And you have
also several joint program or double degree with US school.
We have a War Bachelor in Business, which is a
program we run together with Marshall at us A, University
(23:24):
of California and on Con University of Science and Technology.
So one program, three degrees for students, it's a great impact.
We have a double degree with Yale the School of Management,
so that's quite important not only for the reputation of Boconi,
but also to give opportunity to students because if they
have a two degrees or three degrees, they are eligible
(23:47):
for three different job markets. So that's quite important today.
Speaker 3 (23:51):
Do you have to do that because I do wonder
We've had lots of conversations right about demands for MBAs.
We've had stories, but maybe students aren't so interested in
getting an MBA anymore. What are you seeing in terms
of demand for degrees? Talk to us about admissions or
people who are applying applications.
Speaker 1 (24:07):
Has that gone up?
Speaker 7 (24:09):
If I consider the European playground, we need to have
in mind that basically in Europe we have two layers.
The layer number one is represented by Master of Sciences
and Master of Sciences are super large, so that means
a lot of students, a lot of pressure on placement
and MBA representing a certain sense, the jewel of the
crown that is on top of Master of science. Let
(24:32):
me say, the demand coming from students is not stuck,
is growing because there is an ambition of top students,
top talent to enter in a top business school and
to find a great job. What is happening is for
second tier business school, I say with a lot of respect,
is becoming very tough to stay in the market is
(24:52):
a market for top business school. But if I consider
top business school in Europe, the demand is not stuck,
is growing. Obviously became more complex, more challenging for us
because we are let me saying, landing in the war
where the placement is really one to one, is tail
or made. So if I want to attract talent, ye,
(25:14):
let me say to design the right career path for
the talent. So it means a lot of energy.
Speaker 9 (25:19):
Well, let's talk about that career path.
Speaker 5 (25:20):
Because here in the US, different schools are known for
having different specialties or not specialties, but attracting a student
who wants to do a certain thing. Stanford talks about
entrepreneurship a lot tech. You know Silicon Valley, right, Just
a DNA of that there here in New York, NYU
and Columbia lead to a lot of finance jobs. You
go there, you know, and you have a Columbia, you
have you know, the investing program gram Dot.
Speaker 1 (25:43):
It's our host of a show called But what are
you guys known for?
Speaker 5 (25:47):
I mean, if you go to Milan, what what do
you what's the career path that you're known for?
Speaker 9 (25:52):
What do you attract?
Speaker 7 (25:53):
Let me say, if I consider statistics, is just to simplify,
but I'm not simplifying. Is one third one third?
Speaker 4 (26:01):
One third?
Speaker 7 (26:01):
It's one thirty is a financial system which is in
the past was investment banking only and today is a
bit more complex because the investment banking asset managers I liquid.
We have to remember that in Europe we have a
massive amount of asset that need to be management, to
(26:22):
be managed. So the presence of asset managers or be
liquid fund is there, so they are very attractive. Let
me say for student The other one thirty is for
consulting company and advisory. Let me say it's an ever
green but however they continuously need the top talent because
the demand of their customers is becoming more and more complex.
And the other one third is represented by corporates, typically
(26:46):
large corporates, and we have some verticals. Let's think about
the Laxury system. It is quite attractive in Italy and France,
and so is not obviously the most important. But if
I consider corporate obviously Laxury system is the right combination
between Milan, the tradition of let me say, made in
Italy and the capabilities of Boccan University. So and then
(27:09):
the mix is evolving within these one third, one third
and one third.
Speaker 11 (27:13):
So like the LVMA, like luxury, they're going to the
big LVMH.
Speaker 1 (27:19):
Those I mean carrying.
Speaker 7 (27:21):
Obviously we have giants, but we have to consider that
these giants in Europe basically support an ecosystem of SMEs
that are jewels, because if I consider, let me say,
a Laxori product is the outcome of a process which
is the genius of the design. But it means a
(27:42):
lot of quality of SME is working within the network
to sustain. So and these companies, because they have to
be compliant with the quality of the giant of Laxory,
they really need top students exiting from business schools. So
and for us it is an opportunity.
Speaker 3 (28:01):
Think just one last question. Unfortunately we're running out of time,
just about forty seconds. I am curious though, are you
seeing more students come in from other parts of the
world and in particular the United States. We've heard a
lot of as the cost of education in the US
has gone up, that you have US students kind of
looking outside the US.
Speaker 1 (28:18):
Are you seeing an increase?
Speaker 7 (28:20):
I see an increase, and just case is typically if
I consider my students, one third come from Europe, France
or Germany, one third from Asia where Asia means India
and China, and one third from North America. And the
number of students coming from the East Coast is increasing
for many reasons, and one of the reasons is the
(28:41):
tuition fee, but not only because thanks to rankings, many
European business schools today are very visible and rankings are
a great proxy of the quality of what they.
Speaker 1 (28:53):
Can find interesting stuff. Come back soon.
Speaker 7 (28:56):
Thank you, great pleasing, Thank you.
Speaker 1 (28:57):
Thank you, Stephano Caselli.
Speaker 3 (28:59):
He's a of SDA Baconi and of course our Dimitro Cassanidi,
senior editor at Bloomberg News. Check out all our coverage
when it comes to NBA schools and rankings. You can
find that at Bloomberg dot com, slash business Week.
Speaker 1 (29:11):
Thank you both. This is Bloomberg.
Speaker 3 (29:17):
Um brother Marco.
Speaker 4 (29:20):
A journal.
Speaker 3 (29:22):
How about you let me drive?
Speaker 6 (29:23):
No, no, no, no, who's gone to drive home? Honey?
Speaker 4 (29:27):
Please, I'll do the riding gravel. Let's mate, I want
to drive.
Speaker 6 (29:30):
It's a good question time.
Speaker 9 (29:37):
This is the drive to the clothes dot com. Think
we'll buy around fold it.
Speaker 4 (29:42):
Don on Bloomberg Radio.
Speaker 3 (29:44):
All right, TikTok, everybody, about eighteen minutes left to go
until we close up the markets on this Thursday, October
twenty fourth.
Speaker 1 (29:51):
I'll bring the closing bell, Charlie, of course. Just talking
about the numbers.
Speaker 3 (29:54):
A little bit higher on the S and P five hundred,
Nasdaq one hundred out performance there, and a little bit
lower down about one third of one percent on the
Dow Jones Industrial average.
Speaker 1 (30:02):
Just feels like we're marking time a little bit.
Speaker 5 (30:04):
All you got to know about the bell today? Deckers
and sketchers do you wear them?
Speaker 2 (30:09):
Uh?
Speaker 4 (30:09):
Do not have?
Speaker 12 (30:10):
So?
Speaker 5 (30:11):
Deckers makes ugs? I don't have those? Oh they do? Yeah,
Sketchers Uh, I think Deckers does.
Speaker 9 (30:17):
Hokus too?
Speaker 6 (30:18):
Is all right?
Speaker 9 (30:18):
So yeah, we digress, We digress. Hey, let's drive to
the clothes. We got with us.
Speaker 5 (30:22):
Sevesti Balafas, CEO at Goalvest Advisory it's a boutique wealth
advisory firm. It serves high net worth clients. Golds has
about six hundred million dollars in assets under management. You
guys also launch this uh late stage VC fund. We're
gonna talk about that in just a few minutes. But
I want to get an understanding from you about what
you're hearing from clients right now, because a lot of
(30:43):
people we talk to you say there's a lot of
kind of stresses out there.
Speaker 10 (30:45):
There's stresses out there, there's a lot of election talk.
We're less than two weeks away from the election, so
certainly asking about the election.
Speaker 12 (30:53):
Should I do anything? What should I do?
Speaker 9 (30:55):
What are you telling them?
Speaker 12 (30:57):
We've got you covered, is what I'm telling them. We've
done all the things that we were supposed to do already.
Speaker 10 (31:02):
We've asked about your cash needs, We've diversified your portfolio.
We're positioned whether it's Kamala Harris or Donald Trump that wins.
We feel confident about what we have in clients' portfolios.
The main thing is about diversification, so we've done that
work already. So right now, we're not making any changes
that are going to cause any unnecessary tax implications. We're
(31:24):
staying the course with our diversified portfolios.
Speaker 3 (31:27):
So in other words, you're saying business as usual, So
you're not doing whether whatever the outcome is. Was there
some kind of positioning you did ahead of the elections,
just to kind of put everybody in a certain position, like,
was there some changes you did make and what were they?
Speaker 10 (31:43):
So we did do rebalancing. We have made those changes,
We have clients invested. We are doing rebalancing. Market, as
you know, was up over twenty percent last year.
Speaker 1 (31:53):
Calling out of anybody because of the run app exactly.
Speaker 10 (31:55):
So we're rebalancing back to our target weight positions, but
not making sudden changes. We are looking to diversify though
even further so out of stocks. You mentioned gold is up,
stocks are a Bitcoin is up. All the asset classes
seem to be up this year. What we're looking at
more so is in private markets alternative investments. So looking
(32:16):
a bit more on the alternative side.
Speaker 9 (32:18):
Are you playing in crypto bitcoin at all?
Speaker 4 (32:20):
No?
Speaker 12 (32:20):
Are your clients here there They talk about it, but no,
not really.
Speaker 9 (32:25):
Yeah, I'm not surprised to hear you say that.
Speaker 3 (32:27):
Yeah, yeah, so private markets dig a little bit deeper,
you know, I feel like we've gone out to milk
in a couple of years, and it feels like that's
all anybody ever wants to talk about is a private
It's private markets and increasingly private credit, not necessarily private equity.
Speaker 1 (32:41):
So what specifically, what kind of exposure can you give
your clients on that front and what do you do?
Speaker 10 (32:47):
Yeah, so we do have access to private credit, but
we are more interested a little bit more on the
private equity. We did launch fund recently. But the main
point on private equity and private markets that I like
to talk about and remind people of is that the
opportunity set is broader and wider on the private side.
So in the nineties there was about eight thousand public
(33:09):
securities that were available. Half of that number exists today.
Companies are staying private longer, right, so we have to
look at that exposure and diversify there as well.
Speaker 9 (33:20):
I think that's the big opporty.
Speaker 5 (33:21):
The challenge there though, is what it does for your
clients in terms of cash needs. You know, this is
this is and even with your VC fund, this is separate.
The privates are separate from your VC fund.
Speaker 12 (33:31):
Right, privates are part of the VC fund, but the.
Speaker 5 (33:34):
VC fund that you're launching age is new, whereas the
privates you've given access to you for years.
Speaker 10 (33:40):
Yet we have access to different private markets for years. Yes,
this is the late stage venture fund we recently launched
is a new fund for us.
Speaker 5 (33:49):
And that late stage venture fund you have a goal
of raising around fifty million dollars you can invest in
ai SaaS fintech.
Speaker 9 (33:55):
And they're like, who are you? How does this work?
Speaker 5 (33:58):
When it comes to like a wealth advisory firm, how
do you go out and sort of solicit money for this?
Speaker 10 (34:03):
It's well, it's a lot of work and I have
a great team behind me that helps me do it.
But first there's on the deal sourcing side. So that's
number one.
Speaker 12 (34:12):
Deal sourcing. What companies do we want to look at?
Speaker 10 (34:14):
So that takes a lot of work and there's a
lot of ways we look at that, and it's a
lot of communication, building out our network and talking to
people in the industry.
Speaker 5 (34:23):
And hearing what's going on, why why is this the
right move rather than just investing with venture capitalists. So
like you could as a wealth advisory you could say, okay,
we're going to invest in X fund from Sequoya or
from in recent horo Itz.
Speaker 9 (34:36):
Like you guys could do that.
Speaker 12 (34:38):
It's really hard to do that.
Speaker 10 (34:39):
Actually, if you're a three four five million dollar client,
to get an allocation that makes sense for your portfolio,
it has been hard. Companies like mine are making it easier,
but it has been very hard actually.
Speaker 12 (34:51):
To get that access.
Speaker 9 (34:52):
You could do a fund of funds.
Speaker 12 (34:54):
There are some fund of funds out there.
Speaker 10 (34:56):
I'd say, you don't get the same economics and return potential.
Speaker 12 (35:00):
There's there's another layer of fees.
Speaker 10 (35:02):
Yeah, there's fees upon fees, And what I've found is
those funds end up getting overly diversified and you end
up getting the illiquidity without enough of the potential return.
So our fund is a little bit different in that way.
And I think you know, going back to something that
you were asking earlier, illiquidity is a part of this.
So if you're investing in this, you have to know
your money is locked up. But our clients are investing
(35:24):
for the long term. So we've already talked about cash.
The clients that may need cash on a monthly basis
or over the next twelve months, eighteen months, we've taken
care of that. This piece is a longer term they're
not touching this part of their portfolio, so it absolutely
makes sense to look at that broad array of opportunities.
Speaker 1 (35:42):
So longer term three to five years that they're lacking
up years.
Speaker 12 (35:45):
Yeah, and late stage VC.
Speaker 3 (35:47):
So is the expectation that it's either a company that
goes public or more likely gets sold to somebody else.
Speaker 12 (35:52):
M and A some liquidity event. So it could be
going public. It's you know, there's been obviously not a
really yeah, it's been. There's been all in the IPO markets.
Speaker 10 (36:02):
So whether it be an IPO though, which we do
see more sites of next year, even some of the
companies that reported, like Blackstone or KKR A talking about that,
so I think next year is going to be a
bit better.
Speaker 12 (36:15):
But yeah, so it could be at M and A
or IPO event, strategic acquisition, SEVESTI Why do this now?
It's a great time for it.
Speaker 10 (36:23):
As I go back and I talk about diversifications. So
stocks are hitting all time highs, tech company stocks hitting
all time highs, all the asset classes are up. This
is a good time to diversify a little bit and
go into this market. Valuations are suppressed, but I think
that's going to turn around. So if we want to
buy low and sell high, this is a great time
(36:44):
to be looking at these assets.
Speaker 5 (36:46):
Who do you raise money from for this VC fund?
Is it from existing clients and you just allocate some
of their capital into it?
Speaker 12 (36:51):
Yeah, some existing clients.
Speaker 10 (36:53):
We work also with other financial advisors, so we do
have other financial advisors that use us for their investment management.
They're introducing it to their clients. That's been really exciting
for them because clients are asking about it. How do
I get access to Reddit before it goes ipo or
a number of the other names before they go ipo.
And so we're giving the financial we're giving other financial
(37:16):
advisors something to talk about with their clients and something
interesting to invest.
Speaker 1 (37:20):
And I would assume it's a credit investors or it's.
Speaker 12 (37:23):
Accredited investors and qualified qualified clients.
Speaker 1 (37:25):
All right, interesting stuff. Thank you so much, really appreciate it.
Sevesti Balafas.
Speaker 3 (37:29):
She is CEO at goal Vest Advisory, their boutique wealth
advisory firm serving the high net worth client world.
Speaker 1 (37:37):
They have about six hundred million dollars in assets under management.
Speaker 2 (37:40):
This is the Bloomberg Business Week podcast of a Little Apple,
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Speaker 7 (38:07):
Mm hmm
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Speaker 2 (00:08):
This is Bloomberg Business Wait inside from the reporters and
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global business, finance and tech news. The Bloomberg Business Week
podcast with Carol Messer and Tim Stenebek from Bloomberg Radio.
Speaker 3 (00:27):
We are watching Tesla, the stock surging more surging, the most,
I should say, in more than three and a half years.
The carmaker reported surprisingly strong earnings gave a juice up
forecast for growth in vehicle sales next year. Tesla CEO
Elon Musk highlighted it all on last night's earnings call.
Speaker 4 (00:43):
I do want to give some some rough estimate, which
I think twenty percent vehicle growth next year, you know,
notwithstanding negative external events.
Speaker 3 (00:56):
All right, so an upbeat outlooks some caveats, if you will.
That was Elon l s Goun last night's earnings call.
Keep in mind, while the stock is soaring today, as
we said, it's up about twenty percent, it is still
thirty seven percent lower from its high back in November
of twenty twenty one.
Speaker 5 (01:10):
With more on how Tesla's doing with us, We've got
a Bloomberg News Global Autos editor Craig Trudell joining us
from London. Craig before the call last night, at five
thirty New York time, Tesla shares were up just about
eight percent. What specifically did investor us here on the
call that cause shares to move higher in today's trade?
Speaker 6 (01:29):
I mean, Musk was in sort of rare form. I think,
you know, you often can sort of can count on
him being quite positive, and you know, sometimes he gives
people reasons reasons to bid the stock up. Other times,
you know, he's less careful. I think last night he
(01:52):
wasn't necessarily careful. He at one point SAIDs something about,
you know, I'm going to take a risk and offer
you know, this upbeat outlook for next year, as we
heard in the clip that you just played. I mean
he also, you know, sort of couched this. Later on
he talked about, you know, his forecast for how many
(02:15):
cyber cabs will make, you know, a couple of years
out as just his best guesses. So that being said,
you know, there was a lot to like about this
quarter in terms of, you know, sort of the breadth
of what went well. U you know, I think expectations
were quite low in terms of what revenue and earnings
were going to be. Uh, and they beat expectations on
(02:37):
a lot of metrics, and and it was kind of widespread.
It wasn't just the car business. They're doing well on
the energy side as well.
Speaker 7 (02:43):
Well.
Speaker 3 (02:44):
That's what I wondered, you know, Craig, is this a
report where we were all managed so well going into
it and had very low expectations, and so when Tesla
comes in stronger than forecast and above those low expectations,
we were all just like, WHOA really so prized? Or
is this a report where Tessa the business is actually
doing well?
Speaker 6 (03:05):
I think it's a little bit of all the above.
I mean, is it a is it a you know,
twenty one percent move up in the shares sort of report.
I'm I'm shocked by this, but you know what do
I know, I'm just a journalist. I think I think
it is it is, you know, the case that the
stock has has gotten, you know, roughed up a little
(03:27):
bit the last couple of weeks since the ROBOTAXI unveiling.
I think there was really high expectations going into that
because Musk, you know, had sort of spent months hyping
up you know, all the work that they've done on
AI and and you know, years now on on self driving,
and we don't actually have you know, necessarily clear indications
(03:49):
that you know, some of the promises he's made or
you know, predictions that he's made are close. You know,
you you do. You don't have to look very far
to see you know, people who use the product that
the company calls full self driving, you know, acting up
not working so well. You know, they recognize some revenue
(04:10):
this past quarter from from deferred revenue related to that business.
And you know, one of the features that they rolled
out actually smart summon, which is an interesting acronym. You know,
we're seeing reports of people trying to summon their cars
and parking lots and getting into scrapes, and so, you know,
(04:33):
there's there's still you know, a lot left to be
said about, you know, just how much longer this company,
you know, needs to work on this technology to get
it to where it's safe.
Speaker 5 (04:44):
Hey, Craig, there were a lot of questions ahead of
the earnings call yesterday about whether or not analysts would
ask any questions related to Elon Musk's political activities. The
seventy five million dollars he's given to the America pack
and support of foreign President Donald Trump during this election. Michael,
what did we hear from Musk on the call about
(05:04):
a potential second Trump administration? How did he weigh in
on politics?
Speaker 6 (05:09):
Yeah, it was it was interesting. I think, you know,
TESLA solicits investor questions, you know, going into these calls,
and there were a lot of questions submitted having to
do with politics and investors wanting to you know, hear
Musk address, you know, his support for Trump and just
how outspoken he's been. He didn't utter Trump's name at once,
(05:31):
which was a little surprising to me. But he did
allude to this idea of, you know, maybe if he
were to be appointed the head of the government efficiency
department that he and Trump talked about on x a
while back, and maybe he would work on on you know,
national rules for getting robotaxis on the road. So he
(05:53):
sort of gave investors a little bit of a taste
of how he would you know, potentially be able to
tip the scales have or after becoming such a huge
benefactor of Donald.
Speaker 3 (06:04):
Trump, investors who wanted something today got better than expected
profit and guidance for growth on deliveries and deliveries. That
was from Gene Mounster over a deep water asset management.
He said, the long term investors got the golden carrot.
So is the golden carrot on the delivery numbers?
Speaker 1 (06:19):
Is that what it is?
Speaker 6 (06:21):
I think that was a big one. I mean, you know,
there's I think real legitimate concern as to whether or
not the company will deliver more cars this year than
it did last year. You know, through the first three
quarters of the year that the deliveries are down and
they're going to need a real substantial jump in the
fourth quarter to get to where they're positive.
Speaker 4 (06:45):
I think the.
Speaker 6 (06:46):
Company surprised people by saying they do expect some slight
growth for this year, so they're really going to have
to finish strong and then twenty to thirty percent. I think,
you know, that sounds great. I didn't necessarily get a
strong sense of how exactly this company is going to
pull that off because they have not specified what sort
(07:07):
of product is coming that that could possibly you know,
paste that.
Speaker 5 (07:12):
What about the affordable more affordable car that was promised?
And yeah, what was the first half of twenty twenty five.
Speaker 1 (07:17):
Didn't we kind of say something about that.
Speaker 6 (07:20):
He's he's alluded generally to new vehicles, including more affordable models.
But what those models are, we have no idea. It's
not going to be a twenty five thousand dollars Tesla
with a steering wheel and pedals, because he was very
dismissive of a question.
Speaker 2 (07:35):
Posed about that.
Speaker 6 (07:36):
So, I, you know, I think I think it's pretty
clear at this point they're going to you know, refresh
the Model Y and you know, maybe offer some cheaper
versions of the Model Y and the Model three and
are counting on you know that that you know, getting
growth going again.
Speaker 5 (07:50):
And we know, Carol that steering wheels and pedals are
not the future.
Speaker 3 (07:54):
So I'm thinking it's a cheaper cyber truck like you
get into like discounted version.
Speaker 6 (07:58):
I don't know, no that's coming to it's got too.
Speaker 1 (08:01):
Yeah, good stuff.
Speaker 3 (08:03):
Craig Trudell, thank you so much, Global Autos editor at
Bloomberg News. Joining us from our bureau in London.
Speaker 2 (08:09):
You're listening to the Bloomberg Business Week podcast. Catch us
live weekday afternoons from two to five pm Eastern Listen
on Apple car Play and then brout Auto with a
Bloomberg Business app or want us live on YouTube, and.
Speaker 3 (08:23):
Right now we want to get I'm a little bit
deeper into what's going on in the United States and
this team. As we've seen US treasury yields risen along
with the odds of a Republican sweep at the November
federal elections, which could mean deficit funded growth and tier
of stoking inflation. It's something that Gigi Goopenav just talked
about that the importance of US debt, it's sustainable, but
(08:43):
she also said that they have that we should have less,
and that we need to be kind of ready for
the next crisis when the government might need to take
on more debt.
Speaker 5 (08:51):
Okay, this is something on our next guest radar, certainly
with a look at the US economy. Joining us here
in our studio, we got Olu Omandoon Bee, chief economists
over at Huntington Pride Bank. It's a division of the
publicly held Huntington Bank Shares based over in Ohio. The
bank has more than a twenty two billion dollar market cap.
It's up twenty two percent so far this year. Oh Lou,
welcome to Bloomberg. Good to have you with us. I
(09:12):
just want to get right into it on talk politics.
Are you guys at the bank setting up for a
Harris win or a Trump win?
Speaker 8 (09:18):
Thanks for having me so, I mean, election is top
of the mind for many businesses, consumers, investors, but we
tell clients to focus on policies now politics. So a
monetary policy, for example, what's the FAT going to do?
We expect the FEDS to cut the FEDS fund's right
by twenty five basis points, that's each of its maintenance
(09:38):
over the next couple of months, and we also expect
about four cuts in twenty twenty five, which we'll be
able to consumers and a broader economy.
Speaker 1 (09:46):
Oh, let's stay with that. Policies get you.
Speaker 3 (09:48):
But if you if it's a Harris in the White
House or it's a Trump in the White House, those
policies could be dramatically different. And when it comes to
the Federal Reserve, we've heard from former President Donald Trump
talking about interfering in what the FED might do or
not do, So that's really important. How do you strategize
around that. What's the smart conversation you must be having
(10:11):
as a bank around that?
Speaker 8 (10:13):
Absolutely, you know, we think the FED works best in
its current format, independence and being overseen by Congress. You know,
we hope you know, that's how it continues and after
we get election results, hopefully in two weeks.
Speaker 4 (10:27):
And but we do again tell clients is.
Speaker 8 (10:29):
Just you know, focus on you know, what's the FED
is going to do in terms of fiscal policy. You know,
that depends on what happens in the congressional elections. You know,
once we know the results for that, then we can
adjust our outlook. For now, we just tell clients to
focus on FED expectations again, which is for two twenty
five basis point cuts before the end of this year
(10:49):
and about four twenty five basis point cuts next.
Speaker 5 (10:52):
Year, because we don't know the outcome of the election.
Are you not even sharpening your pencils at this point?
Do you wait to do this analysis until we have
the results to the election. Because one thing we do
know is that these candidates want to spend and they
don't want to raise taxes on a wide scale. And
some of the analysis that we've seen from the CBO,
for example, show that Trump presidency would end up costing
(11:16):
just trillions of dollars and you know, there are concerns
about where that money is going to come from.
Speaker 8 (11:21):
Yeah, absolutely, so things like tariffs. You know, that's going
to be a tax on consumers. It's likely going to
lead to higher inflation, especially if we get brother tarifs
and what we got early on. But you know, again,
you know, we tell consumers to like just focus on
things like you know, what the fan is going to do.
And again our view is that we're going to get
(11:41):
to you twenty five business point cuts.
Speaker 4 (11:43):
Before the end of this year.
Speaker 3 (11:44):
All right, So git to Gopinath of the IMF Deputy
Managing Director, just talking with our Lisa A. Bromo, it said,
US economy is among the strongest of major economies. What
are you seeing at your bank and what you are
seeing with your team when you guys look at the economy,
what kind of economy do you see?
Speaker 1 (12:02):
And where are the strengths? Where are there some weaknesses.
Speaker 8 (12:05):
Yeah, we think it's a good economy. We think that
growth has been strong so far this year. Twenty twenty
four is actually shipping up to be very similar to
twenty twenty three. Twenty twenty three were supposed to be
the year of the recession, but we get three percent
growth GDP growth that was recently revised from.
Speaker 1 (12:22):
So what are you economists doing wrong that you all
keep calling for a recession? What is it that you
keep missing.
Speaker 4 (12:28):
We weren't calling for a recession last year. We're calling
for for year the year before.
Speaker 1 (12:32):
Because they've been calling for a recession for a while.
Speaker 8 (12:35):
I mean, there will be recession at some point, but
we don't think it's going to be in the next
twelve months. But twenty twenty four again, it's shipping up
to be a very good year for the year's economy.
Speaker 4 (12:43):
The libor market is solid.
Speaker 3 (12:44):
So good that we start to see inflation. We're it's
an uglyhead again.
Speaker 8 (12:47):
I mean, that's a risk, right, So I think if
the fact cuts rates more aggressively than what we're forecasting,
you know, we could see every acceleration of inflation. If
the geopolitical risks escalate further, you know, the Red Sea crisis,
if we see more disruptions.
Speaker 4 (13:04):
There, that could lead to.
Speaker 8 (13:07):
Inflation and goods and higher inflation again, and you know
that could make the federal start it's high king cycle.
But overall, it's a good economy. You know, inflation is
going down, the libor market is solid, consumer balance sheets
are good, upper income.
Speaker 3 (13:19):
Consumers, the unemployment rate has gone up a fair amount
in the last few months. We've watched that trend. We
know once it starts to go up, it can start
to go up a.
Speaker 4 (13:27):
Well, that's a great point.
Speaker 8 (13:28):
It's gone up, but on a historical basis, it's still
very low compared to you know, where it was in
twenty twenty for example, after the COVID recession.
Speaker 4 (13:36):
So it's a good labor market.
Speaker 1 (13:37):
Now the trend line is higher, it's not as.
Speaker 8 (13:39):
Strong as it was in twenty twenty one and twenty
twenty two, but that was unsustainable. Talking about unsustainable, I
also just want to give back to your points about
the debt levels. You know, I think we think that
it's unsustainable in the medium to long term.
Speaker 4 (13:55):
It's a good US economy.
Speaker 5 (13:56):
So what is the medium to long term and when
it's unsustainable, what are the repercussions of that?
Speaker 8 (14:03):
So you get what you call like a crowd anounce effects, right,
So that's when higher treasury yields crowd out private investment.
So if the budget deficey continues to increase an ul
sustainable pace, we can see higher long term rates, which
again call private investments and which will lead to a
slower growing US economy. You know, so we think and
(14:24):
we hope that's you know, the folksing convers areable to
fix that syndim later.
Speaker 1 (14:27):
At American voting public.
Speaker 3 (14:28):
Like, if you're going to have these major spending plans
and you got to fund them somehow, right, you're going
to crowd out eventually, especially in a higher rate environment.
If we're paying the interest on the debt, we're not
going to be able to do all these spending plans
that everybody is kind of touting. I am curious because
you're a part of a big, publicly traded bank. We
(14:50):
mentioned Huntington Bank Shares Bank has about a twenty two
billion dollar market cap. It's up more than twenty percent
year to date. We've talked a lot about the health
of the banking sector. What do you glean from that
side of the business in terms of lending and loans,
What you are seeing, whether it's on the consumer side
the corporate side, what is that showing you.
Speaker 8 (15:10):
Yeah, so we're headquartered in Columbus, Ohio. You know, we're
sprought to out of the Midwest, and you know, we
are a national bank, a growing bank which is expanded
in three states, you know, South Carolina and North Carolina
and Texas top twenty bank in the US, and we're
also the number one SBA lender by volumes in the
(15:30):
US and we have been in this position for about
seven years.
Speaker 4 (15:33):
So we get a very unique.
Speaker 8 (15:34):
View of the US economy, particularly from small businesses. Most
businesses are small businesses. And what we're saying is that
performance has been pretty steady.
Speaker 1 (15:44):
But does that mean performance what performance like?
Speaker 8 (15:47):
Just margins have been pretty good for small businesses despite
high interest rates and you know, inflation. Businesses are still
performing very well and they're looking forward to the rate
cuts as that will be able and activity over the
next couple of years.
Speaker 5 (16:03):
Any pockets of concern areas of concern that you see.
Speaker 8 (16:06):
So I think a risk is a FED misstep. If
the FED count rates too aggressively, we could get a
reaccelebration and inflation and we could get the FED re
starting as high kin cycle. Also, the geopolitical risks, you know,
you know that's also an area of concern.
Speaker 5 (16:23):
When you say geopolitical risks, I know you mentioned what's
happening in the Middle East, or you've mentioned more so
what's happening when it comes to shipping sure, yeah, that's
that's certainly top of mind for you.
Speaker 9 (16:34):
What about the Middle East though.
Speaker 8 (16:35):
You know that is a concern, like if that escalates
and if we see an increase in price.
Speaker 9 (16:41):
These are risks.
Speaker 5 (16:42):
These are not necessarily areas of weakness in the US
economy at this point, like exactly any areas of weakness
in the US economy.
Speaker 4 (16:48):
Housing.
Speaker 8 (16:49):
So activity has been weak in the housing sector, looking
at housing starts, housing pyramids exist in Holm. Sales data
just came out yesterday, So that's a weak sector of years.
Commy manufacturing also are is still weak. And you know,
but these are very right sensitive sexors, so lower interest
rates your helpless sectivity into sexes. And we expect activity
(17:11):
to improve in these sexors as Raycotts advance. So you know,
once the fat gets more advanced and it's ray cut
and cycle, well you see a better manufacturing and housing sexers.
Speaker 3 (17:21):
All right, good, good check on the US economy, So
appreciate it. Ulu Omandoombie He is chief economist at Huntington
Private Bank. Right here on Bloomberg business Week.
Speaker 2 (17:31):
You're listening to the Bloomberg Business Week podcast. Listen live
each weekday starting at two pm Eastern on Applecar Play
and and Royd Auto. With the Bloomberg Business app. You
can also listen live on Amazon Alexa from our flagship
New York station just say Alexa playing Bloomberg eleven thirty.
Speaker 10 (17:50):
Well.
Speaker 5 (17:50):
As you know, Bloomberg BusinessWeek has for years at ranked
the top business schools in the US and around the world.
And if you never want to miss a Bloomberg Business
Week story, become ranks Fiber Today.
Speaker 9 (17:59):
Or rank right.
Speaker 5 (18:01):
Because you all mocked deep reporting an analysis from reporters
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Check out our offers right now at Bloomberg dot com
slash subscribe now all right.
Speaker 3 (18:12):
As we shared with you last month, Stanford University once
again he'll down the top spot among full time NBA
programs at US schools, as it has for the past
five years. BusinessWeek also looks at the top schools around
the world. Number three in Europe this year is SDA Balcony.
I wanted to make sure I said it correctly, SDA Bekot.
Speaker 9 (18:34):
You can't go there unless you say it right.
Speaker 3 (18:35):
That's why I'd like to go there, which ranks ahead
of London Business School and INSID. We've got with us
Stefan o'casselli. He is dean at SDA Boconi, along with
a person who makes it all happen in terms of
the NBA rankings. We're talking about, Dimitra Cassanides. She's a
Bloomberg News senior editor, both joining us here in our
Bloomberg Interactive Brokers studio. Dimitro had a great question, and
(18:57):
I'm just going to give you props and credit for you.
Speaker 1 (18:59):
What brings you to New York City? Well, you're a
long way from home.
Speaker 4 (19:02):
No, it's great.
Speaker 7 (19:03):
So because in New York we have a lot of alumni,
We have a fantastic chapter. I have a very long
traditional relationship with the US market. So many students after
you know, Buconi program, decided to move to the United States.
It's quite important to have alumni for fundraising, for placement,
so it's quite important to stay here. So it's a
let me say, is the most important place in the world,
(19:25):
So it makes sense to stay here.
Speaker 3 (19:27):
Right, We're not going to important place in the world,
but there is something about tell us what makes your
business school unique?
Speaker 1 (19:35):
Business school within the world and people from all.
Speaker 7 (19:38):
Over let me say, is unique for the place in
which we stay. So Milanner is a unique platform in
the European playground, and you have a campus which is
fully sustainable, which is one of the reasons why some
rankings are flying this moment. And the other aspect is
related to the fact that Buconi is classified as a
business school. So for statistics, you ma, we are a
(20:00):
business school. But every time I pitch Doaboconni school of Management,
what I peach is a school and management, because management
is not just simply for business. Management is for all,
for any kind of organization, for profit, not for profit public.
I mean, and today in a world where geopolitics, connection
and interaction within different industries are becoming more and more relevant.
(20:24):
That's let me say the side which is most attractive
on my school.
Speaker 5 (20:29):
I do wonder Dean about geographic competition, because you know,
we classify them as international business schools versus US business schools,
and certainly you know INSIAD and London Business School our
competition to you. But how much competition comes from schools
based in the United States, Given that, especially over the
last few years, the US economy has absolutely roared back,
(20:52):
whereas Europe's has struggled.
Speaker 7 (20:56):
Let me say competition is great not because they have
to say that competition is great to raise the bar
of every business school. So the we raise the bar
thanks to competition today. Let me say, what is happening
is not just simply competition between European business school and
US or within the European playground. Competition today is based
(21:18):
on the capability to attract talent and we have to showcase,
you know, what is our unique selling proposition why it
makes sense to say Milano. And the other part of
the story is to help students to find the right job.
So all the business schools are struggling in you know,
ensuring the best placement today is the key element and
(21:41):
so we have, let me say, to find the right way,
the right chemistry to combine talent with placement, with the
network in which we stay and obviously united school schools.
You know, let me say, the competitive advantage to stay
in fantastic networks and to stay you know, in cities
that are apps to a talent. That's quite important. So
(22:02):
this is one of the reasons when I discussed with
my friends and competitors in Europe became a very relevant
to network. Let me say, in Europe to work as
a hub together because the students are attracted not only
by the brand name of the school, but you know,
by the network because the network made the placement for
the Stutke sense.
Speaker 11 (22:23):
So there's some of that that's going on with US
schools too, right, I think you were telling me. I
mean certainly the schools in the US to some degree
or competitors, but you have relationships with several of the
schools and programs that you've developed to open up opportunities
for your students.
Speaker 12 (22:39):
Can you speak to that a little bit.
Speaker 7 (22:41):
Yeah, we have a very long story of relationship with
at a school. I mentioned that Boconia has fifty three
agreements of exchange with the top US university and business schools.
So basically our student Spain as semester in US and
we host US students in Boconi for once a min
which is a greade on the two side, because it's
(23:03):
not only for the culture, the career and the content
of our students, but also to create a sense of
awareness of Boconni within the US market. And you have
also several joint program or double degree with US school.
We have a War Bachelor in Business, which is a
program we run together with Marshall at us A, University
(23:24):
of California and on Con University of Science and Technology.
So one program, three degrees for students, it's a great impact.
We have a double degree with Yale the School of Management,
so that's quite important not only for the reputation of Boconi,
but also to give opportunity to students because if they
have a two degrees or three degrees, they are eligible
(23:47):
for three different job markets. So that's quite important today.
Speaker 3 (23:51):
Do you have to do that because I do wonder
We've had lots of conversations right about demands for MBAs.
We've had stories, but maybe students aren't so interested in
getting an MBA anymore. What are you seeing in terms
of demand for degrees? Talk to us about admissions or
people who are applying applications.
Speaker 1 (24:07):
Has that gone up?
Speaker 7 (24:09):
If I consider the European playground, we need to have
in mind that basically in Europe we have two layers.
The layer number one is represented by Master of Sciences
and Master of Sciences are super large, so that means
a lot of students, a lot of pressure on placement
and MBA representing a certain sense, the jewel of the
crown that is on top of Master of science. Let
(24:32):
me say, the demand coming from students is not stuck,
is growing because there is an ambition of top students,
top talent to enter in a top business school and
to find a great job. What is happening is for
second tier business school, I say with a lot of respect,
is becoming very tough to stay in the market is
(24:52):
a market for top business school. But if I consider
top business school in Europe, the demand is not stuck,
is growing. Obviously became more complex, more challenging for us
because we are let me saying, landing in the war
where the placement is really one to one, is tail
or made. So if I want to attract talent, ye,
(25:14):
let me say to design the right career path for
the talent. So it means a lot of energy.
Speaker 9 (25:19):
Well, let's talk about that career path.
Speaker 5 (25:20):
Because here in the US, different schools are known for
having different specialties or not specialties, but attracting a student
who wants to do a certain thing. Stanford talks about
entrepreneurship a lot tech. You know Silicon Valley, right, Just
a DNA of that there here in New York, NYU
and Columbia lead to a lot of finance jobs. You
go there, you know, and you have a Columbia, you
have you know, the investing program gram Dot.
Speaker 1 (25:43):
It's our host of a show called But what are
you guys known for?
Speaker 5 (25:47):
I mean, if you go to Milan, what what do
you what's the career path that you're known for?
Speaker 9 (25:52):
What do you attract?
Speaker 7 (25:53):
Let me say, if I consider statistics, is just to simplify,
but I'm not simplifying. Is one third one third?
Speaker 4 (26:01):
One third?
Speaker 7 (26:01):
It's one thirty is a financial system which is in
the past was investment banking only and today is a
bit more complex because the investment banking asset managers I liquid.
We have to remember that in Europe we have a
massive amount of asset that need to be management, to
(26:22):
be managed. So the presence of asset managers or be
liquid fund is there, so they are very attractive. Let
me say for student The other one thirty is for
consulting company and advisory. Let me say it's an ever
green but however they continuously need the top talent because
the demand of their customers is becoming more and more complex.
And the other one third is represented by corporates, typically
(26:46):
large corporates, and we have some verticals. Let's think about
the Laxury system. It is quite attractive in Italy and France,
and so is not obviously the most important. But if
I consider corporate obviously Laxury system is the right combination
between Milan, the tradition of let me say, made in
Italy and the capabilities of Boccan University. So and then
(27:09):
the mix is evolving within these one third, one third
and one third.
Speaker 11 (27:13):
So like the LVMA, like luxury, they're going to the
big LVMH.
Speaker 1 (27:19):
Those I mean carrying.
Speaker 7 (27:21):
Obviously we have giants, but we have to consider that
these giants in Europe basically support an ecosystem of SMEs
that are jewels, because if I consider, let me say,
a Laxori product is the outcome of a process which
is the genius of the design. But it means a
(27:42):
lot of quality of SME is working within the network
to sustain. So and these companies, because they have to
be compliant with the quality of the giant of Laxory,
they really need top students exiting from business schools. So
and for us it is an opportunity.
Speaker 3 (28:01):
Think just one last question. Unfortunately we're running out of time,
just about forty seconds. I am curious though, are you
seeing more students come in from other parts of the
world and in particular the United States. We've heard a
lot of as the cost of education in the US
has gone up, that you have US students kind of
looking outside the US.
Speaker 1 (28:18):
Are you seeing an increase?
Speaker 7 (28:20):
I see an increase, and just case is typically if
I consider my students, one third come from Europe, France
or Germany, one third from Asia where Asia means India
and China, and one third from North America. And the
number of students coming from the East Coast is increasing
for many reasons, and one of the reasons is the
(28:41):
tuition fee, but not only because thanks to rankings, many
European business schools today are very visible and rankings are
a great proxy of the quality of what they.
Speaker 1 (28:53):
Can find interesting stuff. Come back soon.
Speaker 7 (28:56):
Thank you, great pleasing, Thank you.
Speaker 1 (28:57):
Thank you, Stephano Caselli.
Speaker 3 (28:59):
He's a of SDA Baconi and of course our Dimitro Cassanidi,
senior editor at Bloomberg News. Check out all our coverage
when it comes to NBA schools and rankings. You can
find that at Bloomberg dot com, slash business Week.
Speaker 1 (29:11):
Thank you both. This is Bloomberg.
Speaker 3 (29:17):
Um brother Marco.
Speaker 4 (29:20):
A journal.
Speaker 3 (29:22):
How about you let me drive?
Speaker 6 (29:23):
No, no, no, no, who's gone to drive home? Honey?
Speaker 4 (29:27):
Please, I'll do the riding gravel. Let's mate, I want
to drive.
Speaker 6 (29:30):
It's a good question time.
Speaker 9 (29:37):
This is the drive to the clothes dot com. Think
we'll buy around fold it.
Speaker 4 (29:42):
Don on Bloomberg Radio.
Speaker 3 (29:44):
All right, TikTok, everybody, about eighteen minutes left to go
until we close up the markets on this Thursday, October
twenty fourth.
Speaker 1 (29:51):
I'll bring the closing bell, Charlie, of course. Just talking
about the numbers.
Speaker 3 (29:54):
A little bit higher on the S and P five hundred,
Nasdaq one hundred out performance there, and a little bit
lower down about one third of one percent on the
Dow Jones Industrial average.
Speaker 1 (30:02):
Just feels like we're marking time a little bit.
Speaker 5 (30:04):
All you got to know about the bell today? Deckers
and sketchers do you wear them?
Speaker 2 (30:09):
Uh?
Speaker 4 (30:09):
Do not have?
Speaker 12 (30:10):
So?
Speaker 5 (30:11):
Deckers makes ugs? I don't have those? Oh they do? Yeah,
Sketchers Uh, I think Deckers does.
Speaker 9 (30:17):
Hokus too?
Speaker 6 (30:18):
Is all right?
Speaker 9 (30:18):
So yeah, we digress, We digress. Hey, let's drive to
the clothes. We got with us.
Speaker 5 (30:22):
Sevesti Balafas, CEO at Goalvest Advisory it's a boutique wealth
advisory firm. It serves high net worth clients. Golds has
about six hundred million dollars in assets under management. You
guys also launch this uh late stage VC fund. We're
gonna talk about that in just a few minutes. But
I want to get an understanding from you about what
you're hearing from clients right now, because a lot of
(30:43):
people we talk to you say there's a lot of
kind of stresses out there.
Speaker 10 (30:45):
There's stresses out there, there's a lot of election talk.
We're less than two weeks away from the election, so
certainly asking about the election.
Speaker 12 (30:53):
Should I do anything? What should I do?
Speaker 9 (30:55):
What are you telling them?
Speaker 12 (30:57):
We've got you covered, is what I'm telling them. We've
done all the things that we were supposed to do already.
Speaker 10 (31:02):
We've asked about your cash needs, We've diversified your portfolio.
We're positioned whether it's Kamala Harris or Donald Trump that wins.
We feel confident about what we have in clients' portfolios.
The main thing is about diversification, so we've done that
work already. So right now, we're not making any changes
that are going to cause any unnecessary tax implications. We're
(31:24):
staying the course with our diversified portfolios.
Speaker 3 (31:27):
So in other words, you're saying business as usual, So
you're not doing whether whatever the outcome is. Was there
some kind of positioning you did ahead of the elections,
just to kind of put everybody in a certain position, like,
was there some changes you did make and what were they?
Speaker 10 (31:43):
So we did do rebalancing. We have made those changes,
We have clients invested. We are doing rebalancing. Market, as
you know, was up over twenty percent last year.
Speaker 1 (31:53):
Calling out of anybody because of the run app exactly.
Speaker 10 (31:55):
So we're rebalancing back to our target weight positions, but
not making sudden changes. We are looking to diversify though
even further so out of stocks. You mentioned gold is up,
stocks are a Bitcoin is up. All the asset classes
seem to be up this year. What we're looking at
more so is in private markets alternative investments. So looking
(32:16):
a bit more on the alternative side.
Speaker 9 (32:18):
Are you playing in crypto bitcoin at all?
Speaker 4 (32:20):
No?
Speaker 12 (32:20):
Are your clients here there They talk about it, but no,
not really.
Speaker 9 (32:25):
Yeah, I'm not surprised to hear you say that.
Speaker 3 (32:27):
Yeah, yeah, so private markets dig a little bit deeper,
you know, I feel like we've gone out to milk
in a couple of years, and it feels like that's
all anybody ever wants to talk about is a private
It's private markets and increasingly private credit, not necessarily private equity.
Speaker 1 (32:41):
So what specifically, what kind of exposure can you give
your clients on that front and what do you do?
Speaker 10 (32:47):
Yeah, so we do have access to private credit, but
we are more interested a little bit more on the
private equity. We did launch fund recently. But the main
point on private equity and private markets that I like
to talk about and remind people of is that the
opportunity set is broader and wider on the private side.
So in the nineties there was about eight thousand public
(33:09):
securities that were available. Half of that number exists today.
Companies are staying private longer, right, so we have to
look at that exposure and diversify there as well.
Speaker 9 (33:20):
I think that's the big opporty.
Speaker 5 (33:21):
The challenge there though, is what it does for your
clients in terms of cash needs. You know, this is
this is and even with your VC fund, this is separate.
The privates are separate from your VC fund.
Speaker 12 (33:31):
Right, privates are part of the VC fund, but the.
Speaker 5 (33:34):
VC fund that you're launching age is new, whereas the
privates you've given access to you for years.
Speaker 10 (33:40):
Yet we have access to different private markets for years. Yes,
this is the late stage venture fund we recently launched
is a new fund for us.
Speaker 5 (33:49):
And that late stage venture fund you have a goal
of raising around fifty million dollars you can invest in
ai SaaS fintech.
Speaker 9 (33:55):
And they're like, who are you? How does this work?
Speaker 5 (33:58):
When it comes to like a wealth advisory firm, how
do you go out and sort of solicit money for this?
Speaker 10 (34:03):
It's well, it's a lot of work and I have
a great team behind me that helps me do it.
But first there's on the deal sourcing side. So that's
number one.
Speaker 12 (34:12):
Deal sourcing. What companies do we want to look at?
Speaker 10 (34:14):
So that takes a lot of work and there's a
lot of ways we look at that, and it's a
lot of communication, building out our network and talking to
people in the industry.
Speaker 5 (34:23):
And hearing what's going on, why why is this the
right move rather than just investing with venture capitalists. So
like you could as a wealth advisory you could say, okay,
we're going to invest in X fund from Sequoya or
from in recent horo Itz.
Speaker 9 (34:36):
Like you guys could do that.
Speaker 12 (34:38):
It's really hard to do that.
Speaker 10 (34:39):
Actually, if you're a three four five million dollar client,
to get an allocation that makes sense for your portfolio,
it has been hard. Companies like mine are making it easier,
but it has been very hard actually.
Speaker 12 (34:51):
To get that access.
Speaker 9 (34:52):
You could do a fund of funds.
Speaker 12 (34:54):
There are some fund of funds out there.
Speaker 10 (34:56):
I'd say, you don't get the same economics and return potential.
Speaker 12 (35:00):
There's there's another layer of fees.
Speaker 10 (35:02):
Yeah, there's fees upon fees, And what I've found is
those funds end up getting overly diversified and you end
up getting the illiquidity without enough of the potential return.
So our fund is a little bit different in that way.
And I think you know, going back to something that
you were asking earlier, illiquidity is a part of this.
So if you're investing in this, you have to know
your money is locked up. But our clients are investing
(35:24):
for the long term. So we've already talked about cash.
The clients that may need cash on a monthly basis
or over the next twelve months, eighteen months, we've taken
care of that. This piece is a longer term they're
not touching this part of their portfolio, so it absolutely
makes sense to look at that broad array of opportunities.
Speaker 1 (35:42):
So longer term three to five years that they're lacking
up years.
Speaker 12 (35:45):
Yeah, and late stage VC.
Speaker 3 (35:47):
So is the expectation that it's either a company that
goes public or more likely gets sold to somebody else.
Speaker 12 (35:52):
M and A some liquidity event. So it could be
going public. It's you know, there's been obviously not a
really yeah, it's been. There's been all in the IPO markets.
Speaker 10 (36:02):
So whether it be an IPO though, which we do
see more sites of next year, even some of the
companies that reported, like Blackstone or KKR A talking about that,
so I think next year is going to be a
bit better.
Speaker 12 (36:15):
But yeah, so it could be at M and A
or IPO event, strategic acquisition, SEVESTI Why do this now?
It's a great time for it.
Speaker 10 (36:23):
As I go back and I talk about diversifications. So
stocks are hitting all time highs, tech company stocks hitting
all time highs, all the asset classes are up. This
is a good time to diversify a little bit and
go into this market. Valuations are suppressed, but I think
that's going to turn around. So if we want to
buy low and sell high, this is a great time
(36:44):
to be looking at these assets.
Speaker 5 (36:46):
Who do you raise money from for this VC fund?
Is it from existing clients and you just allocate some
of their capital into it?
Speaker 12 (36:51):
Yeah, some existing clients.
Speaker 10 (36:53):
We work also with other financial advisors, so we do
have other financial advisors that use us for their investment management.
They're introducing it to their clients. That's been really exciting
for them because clients are asking about it. How do
I get access to Reddit before it goes ipo or
a number of the other names before they go ipo.
And so we're giving the financial we're giving other financial
(37:16):
advisors something to talk about with their clients and something
interesting to invest.
Speaker 1 (37:20):
And I would assume it's a credit investors or it's.
Speaker 12 (37:23):
Accredited investors and qualified qualified clients.
Speaker 1 (37:25):
All right, interesting stuff. Thank you so much, really appreciate it.
Sevesti Balafas.
Speaker 3 (37:29):
She is CEO at goal Vest Advisory, their boutique wealth
advisory firm serving the high net worth client world.
Speaker 1 (37:37):
They have about six hundred million dollars in assets under management.
Speaker 2 (37:40):
This is the Bloomberg Business Week podcast of a Little Apple,
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Speaker 7 (38:07):
Mm hmm
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Carol Massar
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