August 11, 2025 • 36 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul SweeneyAugust 11th, 2025
Featuring:
1) Julian Emanuel, Chief Equity & Quantitative Strategist at Evercore ISI, joins to talk about the AI rally and whether there will be more choppiness in equities to end 2025. Stocks erased gains as traders dialed back optimism that a summit between US President Trump and Russia’s Vladimir Putin would bring the war in Ukraine closer to a resolution. Traders are also awaiting US inflation data on Tuesday to gauge the impact of tariffs on prices.
2) Lauren Saidel-Baker, Economist at ITR Economics, previews tomorrow's CPI report and talks about a well-positioned consumer in spite of a weakening labor market. US consumers probably experienced a slight pickup in underlying inflation in July as retailers raised prices on items subject to higher import duties. Higher US tariffs have started to filter through to consumers in categories such as household furnishings and recreational goods, but a separate measure of core services inflation has so far remained tame.
3) Angela Stent, Senior Fellow at the Brookings Institute, previews the Trump-Putin summit in Alaska. Markets initially found some reassurance in renewed diplomatic efforts to end the war in Ukraine, with President Trump and Russian president Vladimir Putin set to meet in Alaska on Friday, even as Ukrainian President Volodymyr Zelenskiy continues to reject ceding land. However, optimism in markets began to dim.
4) Geoffrey Meacham, Global Head of Healthcare at Citi, discusses his price targets across health stocks and why he's signaling a rebound for Eli Lilly after last week's drop.
5) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on noise cameras becoming the new frontier in automated traffic enforcement and a Bloomberg News piece on sports entering its streaming era.
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
on Apple CarPlay or Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube right now.
Speaker 2 (00:27):
The most important essay every morning in the earning season
of Julian Emmanuel holding court at Evercore Isi with one
Edward Hyman. Ed Hyman and we're threwed he could join
us today, their chief equity quantitative strategists. Once again, you
have outlined how we got earnings wrong. Do you believe
(00:48):
we'll get earnings wrong quarter ending September thirty? We invariably do.
Speaker 3 (00:54):
So we came into this season believing and again, look
this is quite America. There is the baseline predicted earnings growth,
and there's the surprise. We almost always surprise positively. I
think in our view what happened was the market was
actually surprised by what, in retrospect, is not that surprising.
(01:18):
A surprise, tom So you're getting ten percent earnings growth.
But what's more interesting to us about this season is
the degree of the stock price response has been unlike
anything we've ever seen, both to the good and the bad,
and frankly, it isn't that entirely dependent on the scope
(01:40):
of what they report. A lot of this is positioning,
but you've had moves just incredibly dramatic in both directions,
and that points in our mind to a question about
where we're going in terms of earnings next year within
the context of the fact that bottoms up consensus is
(02:01):
looking for thirteen percent earnings in twenty twenty six. That's
a bit too high in our opinion.
Speaker 4 (02:08):
You don't bury the lead here with your most recent
note near term, we think stocks are overvalued seven to
fifteen percent pullback into an October low.
Speaker 5 (02:17):
That's not consensus.
Speaker 3 (02:20):
Well, so, I guess this goes back to the scars
that we've had by being excessively bullish coming into labor
day from time to time. That is almost always a
strategy that runs into difficulty. But again it goes back
to whether you think about it in the context of
(02:40):
earnings expectations for twenty twenty six or you think about
it in terms of valuation. And to be clear, we're
not at all time high valuations like the Y two
K dot com bubble, but we're not far away, and
in our mind, part of what's gone on this summer
is really a belief that because we haven't seen a
(03:05):
discrete drag in terms of growth to tariffs and discrete
underpinning inflation, which we do believe we're going to get
first evidence of this week with the CPI report, people
are just you know, don't worry, be happy.
Speaker 2 (03:21):
Let's go there right now. And bringing edheymen into it,
you have this huge advantage of ed heymen and your
economic apparatus at evercore is a are you modeling your
equity market for a sustained three percent or dare I
say a four figure inflation three percent? Three percent?
Speaker 3 (03:37):
And if you think about it, right, what we have
seen off of the trough in April, which I believe
I was on with you all. We were pounding the
table that you wanted to own it because we had
seen capitulation of a degree which we had only ever
seen at the trough of the financial crisis in nine.
(03:58):
Is that basically the difference between the recovery that we
saw then and the recovery that we saw actually during
the bear market that was briefly in nineteen ninety eight
in the midst of the Internet revolution versus the AI revolution.
Now the continued response where Nasdaq rose an additional over
(04:19):
one hundred percent into the y two k bubble, It's
not going to be like this this time because frankly,
the Fed doesn't have the leeway to be as accommodative.
Speaker 5 (04:29):
Even though we're expecting.
Speaker 2 (04:31):
Is this the gloomy Emmanuel this morning?
Speaker 5 (04:33):
It might be. It sounds realistic to me.
Speaker 4 (04:36):
It just you know, we got scolded last week for
calling it a melt up.
Speaker 5 (04:40):
Do you think we experienced a melt up.
Speaker 4 (04:42):
Over you know, this percent move off the bottom?
Speaker 5 (04:46):
Oh?
Speaker 3 (04:46):
Yeah, there's no question about the fact that if you
measure it in terms of nothing more than public participation,
the public has been driving this market in large degree.
And you see that in you know, sort of an
esoteric area of the world. Zero days the expiration option activity,
the positions go on at nine point thirty. They expired
(05:08):
four o'clock. That is accounting for upwards of sixty percent
of the option activity.
Speaker 2 (05:14):
So what are you doing now at the margin to
purchase equity shares? Are you in evercore ISI on hold?
Speaker 6 (05:20):
Now?
Speaker 3 (05:21):
So basically what we're saying is you have to think
long term. There's a certain slug investor that should just
ignore what we expect to be the volatility in the
next couple months. But if you're more active, what you're
thinking about is a right sizing your AI exposure to
(05:43):
accomplish long term. There's going to be continued our performance.
But you want to hedge. You want to hedge with
lower valuation stocks with higher earnings revision type names. It's
an element of safety that supportfolio and actually, if you
think about it, enables.
Speaker 5 (06:04):
You to be a buyer of Dipps.
Speaker 2 (06:06):
There you go, there you go, as simple as that, Julian,
Thank you so much. Julian McKiel. With this EVERCOREA, I
can't we protect the copyright, folks. I'm not going to
send out his three paragraph effort that he goes right
every morning. His team does it, folks, to be honest,
but it's exquisite on where are we in the earning season?
It is the industry benchmark. He does that. Julian does
(06:28):
that at Evercore is.
Speaker 1 (06:30):
A You're listening to the Bloomberg Surveillance podcast. Catch us
Live weekday afternoons from seven to ten am Eastern Listen
on Applecarplay and Android Auto with the Bloomberg Business app
or watch us live on YouTube.
Speaker 2 (06:47):
Joining us now deep in the summer, Lauren Seidelbaker, economist.
It a we lover work out of Wellesley and Boston University.
I'm going to audible right now. One of the greatest
views of Mount Washington, likes spiritual nineteenth century is from
the Conway North Conway area. Right, Yes, you go up
there a lot, can I get there's bar in the woods.
(07:09):
It's in the middle of nowhere. Right.
Speaker 7 (07:11):
We have to get away from fed talk sometime. That's
where I go.
Speaker 2 (07:15):
This is on the New Hampshire border with Maine.
Speaker 8 (07:18):
Correct, the White Mountains, the.
Speaker 2 (07:19):
White Mountain, But it's a different White mountains than driving
up the.
Speaker 8 (07:23):
Interstates, you know, Washington Presidential Range. Yeah, it's a lovely
place to hike.
Speaker 2 (07:28):
It's great. When's the snow pull back? June?
Speaker 8 (07:30):
Oh, there has been snow every month of the year, Washington.
Speaker 2 (07:34):
Yes, okay, Well, great to have you here. Welcome ninety
two nine FM up in Boston as well. We go
up to montcatad and mill Knocket. Good morning, Laurence Seidelbaker.
AI in its effect on our economy, do we understand
our productivity? Do we understand what's going on in technology.
Speaker 7 (07:52):
I don't think we have a full grasp yet. I
think there's a lot more to be done with AI
in productivity, we to date haven't really seen the games.
We see the need right. We have a very tight
labor market. We still have very critical skills gaps. But overall,
I think we're still looking for those fits. I see
a lot of companies doing the throw money at the
problem approach to AI. They're telling their employees just use
(08:14):
it somehow. I don't care how, but do something with AI.
It's not always the most effective. It's not always the
most cost conscious way to use AI.
Speaker 4 (08:22):
Lauren, I know in your research you work a lot
with small, mid sized companies.
Speaker 5 (08:27):
How are they.
Speaker 4 (08:28):
Dealing with tariffs, trade uncertainty, maybe a little bit of
inflation percolating out there, maybe a little bit of a
slowing economy.
Speaker 5 (08:37):
How are they seeing things?
Speaker 8 (08:38):
More than anything? They're in a weight and see mode.
Speaker 7 (08:41):
We see this just with uncertainty with tariffs, with every
new policy that no one saw coming even a week ago.
Everyone just wants to know what they're up against. But
I'm getting the sense lately that that tide is turning.
I think we almost have uncertainty fatigue. At some point
you just.
Speaker 2 (08:56):
Need to make for the show start there, Paul, So, Paul,
I think this is a really really important point. Golden
Sachs publishing this weekend with a three four five month rollout.
So do you buy the gradual roll into tariff angst
for our listeners and viewers or are you going to
(09:16):
be a Lauren Seidelbaker optimistic?
Speaker 8 (09:19):
I can't be an optimist. I am an economist. After all,
those two are mutually exclusive.
Speaker 7 (09:24):
But at the end of the day, we see businesses
really making decisions despite even something like tax implications, right
we talk about tax rates. We have found in our
analysis that does not materially change business profitability over the
long term, business investment over the long term. So it
seems like the business world they have a sense of what.
Speaker 8 (09:42):
They need to do.
Speaker 7 (09:43):
They've been through the NBA programs, right, they know the
theory behind it, and so it's just a matter of
doing it. At some point, we've had a multi month
uncertainty delay. We're starting to see the rubber meet the road.
Speaker 4 (09:54):
How do you think the Federal Reserve is going to
react to all this uncertainty? What are you guys thinking
about that.
Speaker 7 (09:59):
Really, I see inflation more than anything else being the
key to siding factor. Labor market, as I mentioned, still tight,
some cracks forming, but I still see general balance in
the labor side of things. It's really the inflation side
of the dual mandate where we are starting to get nervous.
I think tariffs are taking much more time to feed through.
So whether you believe tariffs are a one time step
(10:19):
up in prices, we see other fundamental pressures. I don't
think tariffs are really going to come through. The data
for between nine and eighteen months is on average how
long it takes.
Speaker 8 (10:27):
So we're not there yet.
Speaker 4 (10:28):
The consumer, the consumer seems to be kind of hanging
in there. I know there's a bifurcated sense of the consumer.
You know, the mid to high end doing quite well,
the lower and maybe struggling.
Speaker 5 (10:39):
How do you thinking about the consumer?
Speaker 7 (10:41):
All we can do is look at the median consumer.
So you're right, there's a lot going on beneath the surface.
If you own your home, if you're invested in equity
markets versus if you are really feeling this pinch of inflation.
Tariffs specifically they hit those lower income earners much more strongly.
Speaker 8 (10:55):
That's just how the math works out.
Speaker 7 (10:57):
But on median again, with a tight labor mark, more
folks can get jobs. Yes, there might need to be
some reskilling. There are some skills gaps that we still see,
but overall, more people making more money.
Speaker 8 (11:09):
Wages are still outpacing inflation.
Speaker 2 (11:10):
We go to eco go, they go to the lord's
sidele Baker. The CPI is a tickop. I mean basically
a CPIX food and energy month over month. McKee looks
at it. I don't point two to point three year
over year two point seven to two point eight regular
CPI two point nine to three point zero. I get
the nudge up. Do you look at that as a
(11:31):
linear function? Dare I say? Out there four percent top
line CPI?
Speaker 8 (11:38):
I think that is well within the range of possibility.
Speaker 2 (11:40):
What is the outcome of that? Forget double major Wellesley
Economics and religion. Yes, that means she went to Patriots,
stay red Sox baseball. Okay, you're religion major from Wellesley?
What is the political religion of this nation? The day
we print four percent?
Speaker 7 (11:57):
At that point, I think the Fed has their hands tied.
I think we might see a couple more rate increases,
call it twenty five maybe fifty basis points. I know
I've been hearing talk of three cuts this year. I
think that's going to be a tough reason.
Speaker 2 (12:09):
Some people out there are talking, say you're not listening
to show enough. Some people are talking seven rate cuts.
Speaker 8 (12:15):
I've heard seven, and you're going to wait with you.
Speaker 2 (12:17):
I love your optimism, seriously, folks. So she's here, But
if we get Lauren's Sidelbaker optimism, we get four percent
CPI what does that mean to our listeners and viewers? Besides,
a grocery store is expensive.
Speaker 7 (12:32):
I think you can't be waiting for rates to go
back to the lows that they were just a few
years ago. I see rates going up, not down, and
again maybe a couple bumps in the road to get there.
Speaker 8 (12:42):
But I really would be if.
Speaker 7 (12:44):
You need to be doing borrowing or refinancing, now is
the time to do it.
Speaker 8 (12:47):
I'm not waiting to time.
Speaker 7 (12:49):
The low for the sake unless you're very, very interest
rate sensitive. The sake of twenty five maybe fifty basis points,
what are you for going? What's the opportunity cost of
that to risk timing that exact LFE.
Speaker 8 (13:00):
I don't think it's worth it.
Speaker 4 (13:01):
What's an unemployment rate that you think gets the Fed's
attention here, because right.
Speaker 5 (13:06):
Now you mentioned you know, good question.
Speaker 4 (13:07):
The labor market's pretty solid, although it's maybe it's tougher
to get a job than it was a couple of
years ago, but generally most people who want jobs have
their jobs.
Speaker 5 (13:15):
Wages are growing three, four or five percent. What is
your view of the labor market.
Speaker 7 (13:20):
So one metric that I'm looking at even more than
the unemployment rate, that's the balance between unemployed workers and
job openings. That's one point zero four, so just a
hair over one worker per available job opening. Now that balance,
I think we are in balance.
Speaker 8 (13:37):
It's just that both of those numbers are lower. There
are relatively fewer job seekers right now.
Speaker 7 (13:41):
We'll see that trend continue with negative net migration this year.
Speaker 8 (13:45):
But we also have.
Speaker 7 (13:46):
Fewer job openings as businesses they're just holding back, they're waiting.
So that balance, I think on both sides we can
be in balanced, even at lower levels. It's just easier
to knock it out of balance.
Speaker 2 (13:56):
Out on YouTube, a brilliant live chat. Thank you so
much for this quote. The rich get richer, the poor
get poorer. I mean, that's really what this is about,
isn't it. The rich you know, don't care three point
eighty four percent, They're like whatever, just you know, by
the avocados, I mean, it's a partition of the country. Right.
Speaker 7 (14:16):
At some point, again, many more of the wage gains
in the past couple of years had been concentrated at
the lower end of the the real wage.
Speaker 2 (14:26):
Negative here with what Paul Swooney's talking about, right, you know,
higher inflation.
Speaker 8 (14:29):
That's the risk.
Speaker 7 (14:30):
We can only look at the media and I wish
we had more granular data across the board, but on
mediaan are our net consumers still doing better.
Speaker 2 (14:38):
This has been great. Thank you for coming in from
New Hampshire. Yeah really, you know, appreciate it.
Speaker 8 (14:43):
Thank you for having us.
Speaker 2 (14:44):
Well, they're up there, you know water When I was
a kid, Oh, come on, Cannon Mountain, it's like the
ice age. I almost lost a child. This is over
in Vermont, folks. I literally had to hold on to
the middle child at the top of Jpeak. It's like
one hundred miles. It's not west. You gotta understand, Lauren
Sweeney doesn't ski the east. Now he's so large, he's
(15:06):
only doing Rocky Mountain High exactly.
Speaker 4 (15:08):
I mean I grew up skiing all through New Hampshire, Vermont,
Ocono's you know, shout.
Speaker 2 (15:13):
Out No, that's where I saw my first I saw
you at the Wobbley barat It was a few years ago.
Speaker 4 (15:20):
Yep, got my first Wall Street Bonus check back in
the day. Haven't been back to you since.
Speaker 2 (15:24):
Lauren Seidelbaker, thank you so much. ITR Economics, New Hampshire.
Speaker 1 (15:28):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
on Amazon Alexa from our flagship New York station, Just
say Alexa play Bloomberg eleven thirty.
Speaker 2 (15:45):
Last night we had a meeting This is with Surveillance
Senior executive producer Eric Mallow, Herder of Interns. Yep, it's
his new title, Herder of Interns. And we had a
list of people and at the top of the list
on Putin Trump in Alaska was Angela's stent. Her book
Putin's World is absolutely definitive. We are beyond honored to
(16:07):
have a conversation this morning with Angela Stent. Angela, if
you were in Alaska for this meeting, what would you
listen for from the two?
Speaker 9 (16:20):
Well, I'm listening to see what it is that Putin
is proposing to President Trump. And so far it seems that,
you know, Ukraine is supposed to seed territory to Russia
that Russia doesn't even control and really not get very
much in return, maybe a freezing of the Catalines. And
(16:40):
with Trump, I'm listening to see does he really understand
that Putin isn't willing to stop this war that he's
being played. So those are the things that I would
be listening to.
Speaker 2 (16:51):
And I look, Angela at this, and of course in
the Zeitgeist this morning is the build article in Germany
that they got the translation run. Do we have the
process and apparatus to prepare for Friday's meeting? I mean,
do we have administration in place that can do this?
Speaker 9 (17:10):
So so far it doesn't appear that we do. I mean,
normally these kinds of summits are well prepared in advance,
their experienced diplomats or involved in them. This is the
result of, you know, a long conversation between Steve and Witkoff,
not a diplomat, not an expert on Russia and Vladimo Putin.
We don't know the contents of it, and so we
(17:31):
are really left in the dark about what the process
is in this. And the concern is that President Trump
will be there and then he doesn't have all the
backing he needs and the understanding going into this about
what prudent's actually trying to do.
Speaker 5 (17:45):
What is the role, if any, for President Zelenski.
Speaker 9 (17:51):
Well, so far, President Zelenski, of course, has been excluded
from this. The US and Russia are talking about his
own country. President Trump has spoken to him, He's in
He's Zelenski's in very close contact with the Europeans. The
Europeans are trying to impress on President Trump that he
has to go into this clear eye and realistic about.
Speaker 10 (18:11):
What Putin is trying to do.
Speaker 9 (18:13):
But to think about two countries trading away another country's
territory without that country being present, I think that theres
a lot of thinking about.
Speaker 4 (18:23):
Does President Putin have any intention to sign a ceasefire
on Friday or even discussing it?
Speaker 10 (18:29):
I very much doubt it.
Speaker 9 (18:30):
I think what he's trying to do is to probe
and see how much he can get from President Trump.
Speaker 10 (18:35):
So I would not hold your breath on.
Speaker 2 (18:37):
That, Angela. Get the drama. Max Putin writes it up
in the Washington Post and others, And we don't need
to do a history lesson in nineteen thirty eight Munich,
where Neville Chamberlain gave away a piece of Czechoslovakia and
look what happened. But do you see that moment here?
I mean, these two world leaders, do we, Angela? Do
we know where they're going to meet in Alaska? Yet?
Speaker 9 (18:59):
I don't know what they're going to meet in Alaska?
And it's interesting. So for Putin, all he has to
do is fly over Russia. If he were to meet
Trump in many other places, he probably couldn't because there
are a lot of countries he can't fly over.
Speaker 10 (19:11):
Because it's interesting. Interesting, So we.
Speaker 2 (19:14):
Don't know, Okay, So maybe they're going to meet on
those two islands. They can wave at each other across
the bearing straight Angela's stent discuss what's in the zeitgeist
this morning of illusions to two years before World War Two?
Speaker 10 (19:30):
Well, I think you know two years before World War two?
Speaker 9 (19:33):
If you think about Neville Chamberlain, I mean he was
trying to postpone a war because you know, he and
he believed that if he just gave Hitler what he wanted,
which was, you know, talking about what was happening to
the Zudatelane, then there wouldn't be a war.
Speaker 10 (19:50):
I think we may still be at that point.
Speaker 9 (19:52):
I think there's enough a full comprehension among the in
the Trump administration that you know that from Putin. The
subordination of Ukraine is the goal now, but it's the
first step towards really retaking influence and land in what
used to be the former Soviet Union. Putin has expansionist aims,
(20:13):
and I think maybe in nineteen thirty eight mister Chamberlain
didn't understand exactly what Hitler's expansionist aims were. So I
think people need to understand what this is about. And
I'm sure that that's not fully appreciated in the White House.
Speaker 10 (20:28):
Yet.
Speaker 4 (20:29):
It seems, Angela that most world leaders around the world
have bent their need to President Trump, whether it's on
tariffs or other issues. That's not the case with mister Putin.
Does he how do you think he've vieused President Trump
and the administration.
Speaker 10 (20:46):
Well, I think he.
Speaker 9 (20:47):
Believes that mister Trump really wants to have a better
relationship with Russia. Trump started out by saying we need
to reset and improve relations. I think the Russians understand
that there's inconsistency in the position of the Trump administration.
They're going to push as far as they can. This
is the old if you like Soviet style of negotiation.
What's mine is mine and what is what's us as negotiable.
(21:10):
So I think they still believe that they can get
President Trump to agree to terms that would be really
very unfavorable for Ukraine and would give Russia most of
what it wants.
Speaker 2 (21:21):
Angel Ston, the cover of your book, Putin's World, folks,
it was my book, I think I can't remember, Paul
if it was Book of the Year, Book of the
sor whatever. Read the book Putin's World, Angela Stent with
a new chapter out now. Bill Burns, who has a
little bit of experience at CIA, says Putin's World is
a definitive guide to understanding the tangled history of post
(21:42):
Cold War Russia and its place in the world. You
got a great photo on the cover, Angela. I'm sure
you picked it out of the forty seven foot table
with mister Putin sitting at one end, and I think
mister mccaran said at the other end. That's not going
to be Alaska. Is it going to be all smilies
and you know, arm patting and all that. I mean,
is it going to be touchy feely?
Speaker 10 (22:05):
It may well be.
Speaker 9 (22:06):
I mean, you've seen the pictures of mister Whitcoff and
put mister Whitcoff putting his hand on his heart, smiling,
shaking his hand. I don't know what President Trump will do,
but it's not going to be this long table. So
there will be smiles, at least for the public.
Speaker 2 (22:22):
Azo you're not old enough to remember this. I remember
when khrushchef took a shoe off and pounded in the UN.
Have we treated Khrushchev or Bresnem or Stylin or dare
I say Lenin? Have we treated them like the administration's
treating mister Putin. It's absolutely original, isn't it.
Speaker 9 (22:41):
Oh, it's completely original. No, we were very suspicious of them.
They were communists. We knew that they were at least
officially committed to taking over the world.
Speaker 10 (22:50):
We were very wary with them.
Speaker 9 (22:51):
Having said that, you know, Nixon and Brezhnev you know,
did shake each other's hand. We're all smiles. Bren have
visited the US, drove around in big cost so there
was some of that. But this is a very different
feel to what it was like impossible during the Cold War.
Speaker 2 (23:07):
This is just it's like the new season is slow horses.
I mean, mister Trump and mister Whitcoff and al should
just watch slow horses. I mean, that's what the that's
how they go prepared for.
Speaker 4 (23:18):
So, Angela, is there a scenario here where I don't know,
some kind of deal gets signed between Russia and President Trump,
and if I'm a Ukraine I'm just sitting on the
outside saying what do I do here?
Speaker 10 (23:29):
I mean that is that eveninitely a scenario?
Speaker 9 (23:32):
I mean the Russian goal is to sign and agree
with President Trump it's favorable toward Russia and then blame
the Ukrainians if it doesn't work out, because the Ukrainians
are not going to sign onto a deal that status
advantageous for them, and the Europeans are going to back
them in this. So that's definitely a scenario that some
deal is signed between the US and Russia, but in
(23:53):
fact the Ukrainians won't accept it.
Speaker 2 (23:55):
And just said one final serious question. Then this goes
back to mister Gates and Condaliza Rice. I believe in Belgrade.
I mean, I get it. There's territory in eastern Ukraine
and they've got four acres of Russia. It comes back
to the emotion of Crimea. Will that even be discussed
at this meeting about the sheer reality of Crimea on
(24:20):
the Black Sea?
Speaker 9 (24:22):
I don't know whether it'll be discussed, but it really
doesn't seem to be an issue. I mean, I think
the Trump administration is assuming that the Ukrainians can't do
anything about the annexation of Crimea, and that they will
at least day facto.
Speaker 2 (24:35):
I have to recognize, what do you need from Secretary Rubio?
Speaker 9 (24:40):
Well, I think Secretary Rubio needs to, you know, to
make sure that concessions are not made to Putin that
are not warranted. He seems to he I think, understands
the situation pretty well. He was previously at least a
hawk on Russia, so he needs to somehow be a
restraining factor in.
Speaker 2 (24:59):
This wonderful This was great. Paul Angelas Stin, thank you
so much. On Putin's World, we begin our coverage of
this historic summit meeting. It is scheduled for Friday. David
Girl will join us later in the show this morning
to provide further briefing. It is a story on a
move to say the least.
Speaker 1 (25:24):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also watch us
live every weekday on YouTube and always on the Bloomberg Terminal.
Speaker 2 (25:38):
Jeffrey Meacham joins now from City Group with an acclaimed career.
Counting the free cash flow of healthcare. How much in
a value trap is a healthcare sector right now? Jeffrey,
it's pretty bad.
Speaker 11 (25:52):
I would say, I think the main catalyst is getting
over this policy of worry. But for sure, though these
companies and large cap pharma, you know, devices, services, et cetera,
are generating a ton of cash. You're totally right, But
we just have to get through the you know, the
(26:13):
policy over hanks that you know that been prevalent pretty
much all year.
Speaker 2 (26:17):
Full disclosure, folks. They have a huge bias to Eli Lilly.
Some of the FAMI is from Indiana and we're original
shareholders back you know when the covered wagons were there.
ELI Lilly last ten years twenty six zero point ninety
seven five percent per year. What, Yes, Eli Lilly is
a mag seven performance Jeffrey Meacham. It's tanked the last
(26:41):
twelve months down whatever huge amount down? Is this the
by opportunity of a lifetime in the giant of Indianapolis.
I really do think so.
Speaker 11 (26:52):
I mean, honestly, if you look at the past week,
let's just let's just go back there. The second quarter was,
you know, was fantastic. We didn't see as much or
we really saw no resilience, but not as many issues
as Novo had for sure. In fact, you know they're
gaining share, you know, growth rate raising, guidance, growth rate higher.
(27:16):
I think the one you know, kind of negative surprise
was the orphiklepron data the oral GLP one and you
know that's what happens when you have a higher multiple stock,
you know, and people expect, you know, twelve fifteen percent
weight loss and it's literally only eleven. So that's a
massive overcorrection, right that I think is completely ridiculous. We're
(27:39):
going to look back in about a year from now
when this drug launches and you know it's several billion
in the first month.
Speaker 2 (27:46):
That laugh at this, I suspect, Paul, do you see
that for Bloomberg Radio? You're missing this moment On YouTube
you can observe it. Mister Meacham has the gold trim
behind him. Sure in his YouTube video shot. Just like
the isn't it? Just like it's like, you know, the whole,
the whole houses.
Speaker 5 (28:02):
Styles and new styles.
Speaker 4 (28:04):
Jeffrey, can you summarize what the regulatory or policy overhang
is for healthcare right at the moment and how you
think it might play out?
Speaker 11 (28:14):
Yeah, I think the first thing is m f N, Right,
So m f N is a situation where you know,
most favored nation where there has to be delineation of pricing,
how US compares the o U S pricing And it's complicated,
and I think at the end of the day, Trump
just wants to have a win where the US pharma
companies get higher prices from you know, from Europe. So
(28:39):
how that's going to take form, I think it's it's
really not clear at this point. The second thing is
pharma tariffs, and that's a lot more simple, and that
just is justifying you know, companies bringing on board new
manufacturing sites, et cetera. And that I think is you know,
more likely to be resolved I think by the end
(28:59):
of the year. And you know, and as Trump has
said in the past, it's been a bit of a
weight in right. You have like essentially, you know, twelve eighteen,
twenty four months to bring those manufacturing plants you know,
and facilities here to the US. And then the last
one it's a little bit more nebulous. I'm not sure
about PBM reform. That's that affects the industry indirectly. And
(29:25):
the other piece is just looking at things like you know,
vaccines and how that you know that policy is going
to play out. So it's mostly BARMA tariffs and MFN
has been the biggest overhang.
Speaker 4 (29:36):
Does any of that result in lower drug prices for
US consumers?
Speaker 2 (29:42):
I suspect it will.
Speaker 11 (29:43):
But the one so, the one angle in MFN is
is a consumer base, you know, and this is what
Trump has mentioned. It's actually pretty insightful if you look
at the you know, the US in drug industry, it's
mostly been just like Europe, it's been paid for by
medicare or you know, private insurance or corporate insurance. A
(30:06):
drug like Warford glipbarm for obesity is perfect for this,
right if you think about, you know, how much out
of pocket is it worth to you? You know, And
so that's something where Trump is trying to evolve the
consumer angle into this, and I think I think that's
a smart strategy. And every company we've talked to in
major pharma this quarter has talked about Yeah that we're
(30:27):
trying to figure out how that would play out, but
I think that would if you if you carve out
the PBM industry, you know, they you know, up charge
I don't know, eight ten, fifteen percent in some cases
maybe more. That could save the US you know, consumer
a ton.
Speaker 2 (30:44):
Jeffrey, do you have a single best buyke? We talked Lily,
but is there a Jeffrey Meacham single best buy right now?
I would say Lily.
Speaker 11 (30:52):
Lily in Vertex of the two that we've liked, and
both have been really shelled and asked stuff that was
a month or so. But Vertex is one where you know, look,
they have assistant Vibrosa's business which is you know, which
is legendary. I mean it's fifteen billion peak potential, you know,
very high margin, but they need an Encore and they've
(31:14):
struggled with that, and they have a pain franchise, they
have a sickle cell cell therapy.
Speaker 2 (31:20):
All that.
Speaker 11 (31:21):
It's all tracking, but no one's worried about the underlying
based business right and yet the multiple again has come
in a ton. But those two are the best growers
I think in large cat therapeutics.
Speaker 2 (31:33):
This has been a pleasure. Jeffrey Mentium, thank you so
much for City Group.
Speaker 1 (31:36):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
on Amazon Alexa from our flagship New York station, Just
say Alexa play Bloomberg eleven thirty.
Speaker 2 (31:53):
The newspapers is actually worked all weekend on this. I mean,
it's just amazing. I mean she goes twenty four to
seven to prepare for this. The newspapers would Lisa, and
the Monday edition.
Speaker 10 (32:03):
The Monday edition.
Speaker 6 (32:04):
Okay, so I'm not sure if either you ever received
a ticket in the mail for speeding or those red
light cameras I hacking.
Speaker 4 (32:10):
My vespa inappropriately at the beach, got it in the mail?
Speaker 5 (32:14):
What I the spot that was not a dedicated parking spot.
Boom spring lay hit me up for fifty five big ones.
Speaker 6 (32:23):
Oh my god, yeah, are you going to go to court?
Speaker 4 (32:26):
No, but a woman says she doesn't pay her tickets.
She says there's no sign. It says I can't pay.
I can't park here, so I'm not going to pay.
Speaker 6 (32:33):
Well, that's the thing. So people are getting mail tickets right.
I don't know if you get one for the Vesta
for the noise, because it's not a noisy. It's not
like a Harley or anything like that. But there are
some noise cameras that are giving people and sending them
in the mail, you know, just like the red light,
just like the speeding tickets that I've.
Speaker 8 (32:48):
Gotten to from that. So they're starting to go up.
Speaker 6 (32:53):
Tickets can range anywhere from fifty dollars all the way
to eight hundred dollars. People are getting tickets for these noises.
And we're talking about loud. Is it coming from it right?
The revving engines, the mufflers that people make on purpose
to beat.
Speaker 8 (33:05):
Up the sound.
Speaker 6 (33:07):
It comes from the municipality. So there are noise cameras
that are out there and they're tracking as cars go
by to see how loud their car is, and if
it's over a certain decipel you.
Speaker 5 (33:18):
Will get a ticket in the mail.
Speaker 8 (33:19):
And people are getting these.
Speaker 6 (33:21):
I mean especially Newport Rhode Island is a big spot
because people are saying, who live there. The tourists come
in and they're making all this racket and we don't
want it anymore. But New York City is actually the
number one noise camera at the center. I wasn't aware
of this, but they're fine. Started at eight hundred dollars,
they've already issued more than twenty five hundred tickets since
twenty twenty one, so they're really really sending this out.
But like you said, people aren't paid.
Speaker 4 (33:42):
I like the signs in New York City to say
don't honk your horn, and you hear it all the time.
Speaker 6 (33:47):
But that's another reason for the noise thing, is the
honking the horn. So this is becoming more of an issue. Okay,
So this one is in Lucashaw's screen Time newsletter. So
we've been talking about, Yeah, how a lot of more
sports are are entering the streaming market, right, So so
he took a look into why Amazon, Apple, Netflix, YouTube
are kind of capitalizing on it. He said, the problem
(34:09):
is that leagues are looking for these bigger paydays right
because they're the only kind of entertainment program that can
pull in these live audiences. But their partners, which are
broadcast in cable networks, traditional partners, they've shrunk, traditional media
companies like Disney, Paramount, Global, Warner Brothers, they can they
have a limit on how much they can spend. So
in order to get these big payouts that they want,
(34:30):
they're going to have to divide the rights among like
a different and a wider.
Speaker 2 (34:34):
I've read this too. Thank you Lisa for bringing this up, Paul.
If I'm watching the NFL, which folks, I don't do.
I don't do much NFL, but if I was at
a given game, I really don't. I got like, what
five places I have to look?
Speaker 5 (34:48):
Yeah, including Yeah, absolutely. But the big, big.
Speaker 4 (34:51):
Sea change will be when one of these Sunday afternoon
packages and ones that either go to Fox or CBS.
If one of those packages, which are national packages, go
to a streaming service, that's gonna be the sea change.
And it will happen absolutely absolutely because that's just where
the eyeballs are. So you know, so the nobody's better
than monetizing broadcast rights in the NFL. They create as
(35:14):
much demand as they cannot, cross as many bitters as
they can.
Speaker 2 (35:16):
Both prices go on quickly. Is this because of Pete Rosel?
Do we underestimate what Pete Rosel invented?
Speaker 5 (35:23):
Yeah? Yeah, he certainly was.
Speaker 4 (35:24):
But Roger Goodell, who gets paid a gajillion dollars here,
has just minted money for his employers, which are the
owners thirty second squeeze one more in lea.
Speaker 5 (35:33):
You got it. Okay.
Speaker 6 (35:34):
People use chat sjubyt for a lot of things, but
there's one thing that Sam Altman says he is not
very happy about. It's how people are using it as
a therapist or a life coach. He said that, you know,
they're they're tracking people's sense of attachment to AI because
the problem is people who are maybe lonely or whatever,
they go on chat shoobyt and they start interacting and
then the query start, query start, and so it becomes
(35:56):
like this therapist. And he says, that's not the right
way to to use it. So that's a little bit.
Speaker 5 (36:02):
Scary to me.
Speaker 2 (36:03):
It's a time bag. I mean, like the you know,
the chet dept. Stuff that's different than doing.
Speaker 6 (36:08):
Searches correct correct, because it keeps asking you what prompts
you maybe would you like to know more about this?
Speaker 5 (36:13):
Would you like?
Speaker 6 (36:14):
And it kind of keeps prompting you to ask, did you.
Speaker 2 (36:16):
Spend all day Sunday working on newspapers for today?
Speaker 5 (36:21):
Half the day, half the day?
Speaker 2 (36:22):
Lisa, let say thank you so much the newspapers on
a Monday. We promised Tuesday will be an improvement.
Speaker 1 (36:28):
This is the Bloomberg Surveillance podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday seven to ten am Eastern on Bloomberg dot Com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
(36:48):
and always on the Bloomberg terminal
Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg
Surveillance Podcast. Catch us live weekdays at seven am Eastern
on Apple CarPlay or Android Auto with the Bloomberg Business App.
Listen on demand wherever you get your podcasts, or watch
(00:25):
us live on YouTube right now.
Speaker 2 (00:27):
The most important essay every morning in the earning season
of Julian Emmanuel holding court at Evercore Isi with one
Edward Hyman. Ed Hyman and we're threwed he could join
us today, their chief equity quantitative strategists. Once again, you
have outlined how we got earnings wrong. Do you believe
(00:48):
we'll get earnings wrong quarter ending September thirty? We invariably do.
Speaker 3 (00:54):
So we came into this season believing and again, look
this is quite America. There is the baseline predicted earnings growth,
and there's the surprise. We almost always surprise positively. I
think in our view what happened was the market was
actually surprised by what, in retrospect, is not that surprising.
(01:18):
A surprise, tom So you're getting ten percent earnings growth.
But what's more interesting to us about this season is
the degree of the stock price response has been unlike
anything we've ever seen, both to the good and the bad,
and frankly, it isn't that entirely dependent on the scope
(01:40):
of what they report. A lot of this is positioning,
but you've had moves just incredibly dramatic in both directions,
and that points in our mind to a question about
where we're going in terms of earnings next year within
the context of the fact that bottoms up consensus is
(02:01):
looking for thirteen percent earnings in twenty twenty six. That's
a bit too high in our opinion.
Speaker 4 (02:08):
You don't bury the lead here with your most recent
note near term, we think stocks are overvalued seven to
fifteen percent pullback into an October low.
Speaker 5 (02:17):
That's not consensus.
Speaker 3 (02:20):
Well, so, I guess this goes back to the scars
that we've had by being excessively bullish coming into labor
day from time to time. That is almost always a
strategy that runs into difficulty. But again it goes back
to whether you think about it in the context of
(02:40):
earnings expectations for twenty twenty six or you think about
it in terms of valuation. And to be clear, we're
not at all time high valuations like the Y two
K dot com bubble, but we're not far away, and
in our mind, part of what's gone on this summer
is really a belief that because we haven't seen a
(03:05):
discrete drag in terms of growth to tariffs and discrete
underpinning inflation, which we do believe we're going to get
first evidence of this week with the CPI report, people
are just you know, don't worry, be happy.
Speaker 2 (03:21):
Let's go there right now. And bringing edheymen into it,
you have this huge advantage of ed heymen and your
economic apparatus at evercore is a are you modeling your
equity market for a sustained three percent or dare I
say a four figure inflation three percent? Three percent?
Speaker 3 (03:37):
And if you think about it, right, what we have
seen off of the trough in April, which I believe
I was on with you all. We were pounding the
table that you wanted to own it because we had
seen capitulation of a degree which we had only ever
seen at the trough of the financial crisis in nine.
(03:58):
Is that basically the difference between the recovery that we
saw then and the recovery that we saw actually during
the bear market that was briefly in nineteen ninety eight
in the midst of the Internet revolution versus the AI revolution.
Now the continued response where Nasdaq rose an additional over
(04:19):
one hundred percent into the y two k bubble, It's
not going to be like this this time because frankly,
the Fed doesn't have the leeway to be as accommodative.
Speaker 5 (04:29):
Even though we're expecting.
Speaker 2 (04:31):
Is this the gloomy Emmanuel this morning?
Speaker 5 (04:33):
It might be. It sounds realistic to me.
Speaker 4 (04:36):
It just you know, we got scolded last week for
calling it a melt up.
Speaker 5 (04:40):
Do you think we experienced a melt up.
Speaker 4 (04:42):
Over you know, this percent move off the bottom?
Speaker 5 (04:46):
Oh?
Speaker 3 (04:46):
Yeah, there's no question about the fact that if you
measure it in terms of nothing more than public participation,
the public has been driving this market in large degree.
And you see that in you know, sort of an
esoteric area of the world. Zero days the expiration option activity,
the positions go on at nine point thirty. They expired
(05:08):
four o'clock. That is accounting for upwards of sixty percent
of the option activity.
Speaker 2 (05:14):
So what are you doing now at the margin to
purchase equity shares? Are you in evercore ISI on hold?
Speaker 6 (05:20):
Now?
Speaker 3 (05:21):
So basically what we're saying is you have to think
long term. There's a certain slug investor that should just
ignore what we expect to be the volatility in the
next couple months. But if you're more active, what you're
thinking about is a right sizing your AI exposure to
(05:43):
accomplish long term. There's going to be continued our performance.
But you want to hedge. You want to hedge with
lower valuation stocks with higher earnings revision type names. It's
an element of safety that supportfolio and actually, if you
think about it, enables.
Speaker 5 (06:04):
You to be a buyer of Dipps.
Speaker 2 (06:06):
There you go, there you go, as simple as that, Julian,
Thank you so much. Julian McKiel. With this EVERCOREA, I
can't we protect the copyright, folks. I'm not going to
send out his three paragraph effort that he goes right
every morning. His team does it, folks, to be honest,
but it's exquisite on where are we in the earning season?
It is the industry benchmark. He does that. Julian does
(06:28):
that at Evercore is.
Speaker 1 (06:30):
A You're listening to the Bloomberg Surveillance podcast. Catch us
Live weekday afternoons from seven to ten am Eastern Listen
on Applecarplay and Android Auto with the Bloomberg Business app
or watch us live on YouTube.
Speaker 2 (06:47):
Joining us now deep in the summer, Lauren Seidelbaker, economist.
It a we lover work out of Wellesley and Boston University.
I'm going to audible right now. One of the greatest
views of Mount Washington, likes spiritual nineteenth century is from
the Conway North Conway area. Right, Yes, you go up
there a lot, can I get there's bar in the woods.
(07:09):
It's in the middle of nowhere. Right.
Speaker 7 (07:11):
We have to get away from fed talk sometime. That's
where I go.
Speaker 2 (07:15):
This is on the New Hampshire border with Maine.
Speaker 8 (07:18):
Correct, the White Mountains, the.
Speaker 2 (07:19):
White Mountain, But it's a different White mountains than driving
up the.
Speaker 8 (07:23):
Interstates, you know, Washington Presidential Range. Yeah, it's a lovely
place to hike.
Speaker 2 (07:28):
It's great. When's the snow pull back? June?
Speaker 8 (07:30):
Oh, there has been snow every month of the year, Washington.
Speaker 2 (07:34):
Yes, okay, Well, great to have you here. Welcome ninety
two nine FM up in Boston as well. We go
up to montcatad and mill Knocket. Good morning, Laurence Seidelbaker.
AI in its effect on our economy, do we understand
our productivity? Do we understand what's going on in technology.
Speaker 7 (07:52):
I don't think we have a full grasp yet. I
think there's a lot more to be done with AI
in productivity, we to date haven't really seen the games.
We see the need right. We have a very tight
labor market. We still have very critical skills gaps. But overall,
I think we're still looking for those fits. I see
a lot of companies doing the throw money at the
problem approach to AI. They're telling their employees just use
(08:14):
it somehow. I don't care how, but do something with AI.
It's not always the most effective. It's not always the
most cost conscious way to use AI.
Speaker 4 (08:22):
Lauren, I know in your research you work a lot
with small, mid sized companies.
Speaker 5 (08:27):
How are they.
Speaker 4 (08:28):
Dealing with tariffs, trade uncertainty, maybe a little bit of
inflation percolating out there, maybe a little bit of a
slowing economy.
Speaker 5 (08:37):
How are they seeing things?
Speaker 8 (08:38):
More than anything? They're in a weight and see mode.
Speaker 7 (08:41):
We see this just with uncertainty with tariffs, with every
new policy that no one saw coming even a week ago.
Everyone just wants to know what they're up against. But
I'm getting the sense lately that that tide is turning.
I think we almost have uncertainty fatigue. At some point
you just.
Speaker 2 (08:56):
Need to make for the show start there, Paul, So, Paul,
I think this is a really really important point. Golden
Sachs publishing this weekend with a three four five month rollout.
So do you buy the gradual roll into tariff angst
for our listeners and viewers or are you going to
(09:16):
be a Lauren Seidelbaker optimistic?
Speaker 8 (09:19):
I can't be an optimist. I am an economist. After all,
those two are mutually exclusive.
Speaker 7 (09:24):
But at the end of the day, we see businesses
really making decisions despite even something like tax implications, right
we talk about tax rates. We have found in our
analysis that does not materially change business profitability over the
long term, business investment over the long term. So it
seems like the business world they have a sense of what.
Speaker 8 (09:42):
They need to do.
Speaker 7 (09:43):
They've been through the NBA programs, right, they know the
theory behind it, and so it's just a matter of
doing it. At some point, we've had a multi month
uncertainty delay. We're starting to see the rubber meet the road.
Speaker 4 (09:54):
How do you think the Federal Reserve is going to
react to all this uncertainty? What are you guys thinking
about that.
Speaker 7 (09:59):
Really, I see inflation more than anything else being the
key to siding factor. Labor market, as I mentioned, still tight,
some cracks forming, but I still see general balance in
the labor side of things. It's really the inflation side
of the dual mandate where we are starting to get nervous.
I think tariffs are taking much more time to feed through.
So whether you believe tariffs are a one time step
(10:19):
up in prices, we see other fundamental pressures. I don't
think tariffs are really going to come through. The data
for between nine and eighteen months is on average how
long it takes.
Speaker 8 (10:27):
So we're not there yet.
Speaker 4 (10:28):
The consumer, the consumer seems to be kind of hanging
in there. I know there's a bifurcated sense of the consumer.
You know, the mid to high end doing quite well,
the lower and maybe struggling.
Speaker 5 (10:39):
How do you thinking about the consumer?
Speaker 7 (10:41):
All we can do is look at the median consumer.
So you're right, there's a lot going on beneath the surface.
If you own your home, if you're invested in equity
markets versus if you are really feeling this pinch of inflation.
Tariffs specifically they hit those lower income earners much more strongly.
Speaker 8 (10:55):
That's just how the math works out.
Speaker 7 (10:57):
But on median again, with a tight labor mark, more
folks can get jobs. Yes, there might need to be
some reskilling. There are some skills gaps that we still see,
but overall, more people making more money.
Speaker 8 (11:09):
Wages are still outpacing inflation.
Speaker 2 (11:10):
We go to eco go, they go to the lord's
sidele Baker. The CPI is a tickop. I mean basically
a CPIX food and energy month over month. McKee looks
at it. I don't point two to point three year
over year two point seven to two point eight regular
CPI two point nine to three point zero. I get
the nudge up. Do you look at that as a
(11:31):
linear function? Dare I say? Out there four percent top
line CPI?
Speaker 8 (11:38):
I think that is well within the range of possibility.
Speaker 2 (11:40):
What is the outcome of that? Forget double major Wellesley
Economics and religion. Yes, that means she went to Patriots,
stay red Sox baseball. Okay, you're religion major from Wellesley?
What is the political religion of this nation? The day
we print four percent?
Speaker 7 (11:57):
At that point, I think the Fed has their hands tied.
I think we might see a couple more rate increases,
call it twenty five maybe fifty basis points. I know
I've been hearing talk of three cuts this year. I
think that's going to be a tough reason.
Speaker 2 (12:09):
Some people out there are talking, say you're not listening
to show enough. Some people are talking seven rate cuts.
Speaker 8 (12:15):
I've heard seven, and you're going to wait with you.
Speaker 2 (12:17):
I love your optimism, seriously, folks. So she's here, But
if we get Lauren's Sidelbaker optimism, we get four percent
CPI what does that mean to our listeners and viewers? Besides,
a grocery store is expensive.
Speaker 7 (12:32):
I think you can't be waiting for rates to go
back to the lows that they were just a few
years ago. I see rates going up, not down, and
again maybe a couple bumps in the road to get there.
Speaker 8 (12:42):
But I really would be if.
Speaker 7 (12:44):
You need to be doing borrowing or refinancing, now is
the time to do it.
Speaker 8 (12:47):
I'm not waiting to time.
Speaker 7 (12:49):
The low for the sake unless you're very, very interest
rate sensitive. The sake of twenty five maybe fifty basis points,
what are you for going? What's the opportunity cost of
that to risk timing that exact LFE.
Speaker 8 (13:00):
I don't think it's worth it.
Speaker 4 (13:01):
What's an unemployment rate that you think gets the Fed's
attention here, because right.
Speaker 5 (13:06):
Now you mentioned you know, good question.
Speaker 4 (13:07):
The labor market's pretty solid, although it's maybe it's tougher
to get a job than it was a couple of
years ago, but generally most people who want jobs have
their jobs.
Speaker 5 (13:15):
Wages are growing three, four or five percent. What is
your view of the labor market.
Speaker 7 (13:20):
So one metric that I'm looking at even more than
the unemployment rate, that's the balance between unemployed workers and
job openings. That's one point zero four, so just a
hair over one worker per available job opening. Now that balance,
I think we are in balance.
Speaker 8 (13:37):
It's just that both of those numbers are lower. There
are relatively fewer job seekers right now.
Speaker 7 (13:41):
We'll see that trend continue with negative net migration this year.
Speaker 8 (13:45):
But we also have.
Speaker 7 (13:46):
Fewer job openings as businesses they're just holding back, they're waiting.
So that balance, I think on both sides we can
be in balanced, even at lower levels. It's just easier
to knock it out of balance.
Speaker 2 (13:56):
Out on YouTube, a brilliant live chat. Thank you so
much for this quote. The rich get richer, the poor
get poorer. I mean, that's really what this is about,
isn't it. The rich you know, don't care three point
eighty four percent, They're like whatever, just you know, by
the avocados, I mean, it's a partition of the country. Right.
Speaker 7 (14:16):
At some point, again, many more of the wage gains
in the past couple of years had been concentrated at
the lower end of the the real wage.
Speaker 2 (14:26):
Negative here with what Paul Swooney's talking about, right, you know,
higher inflation.
Speaker 8 (14:29):
That's the risk.
Speaker 7 (14:30):
We can only look at the media and I wish
we had more granular data across the board, but on
mediaan are our net consumers still doing better.
Speaker 2 (14:38):
This has been great. Thank you for coming in from
New Hampshire. Yeah really, you know, appreciate it.
Speaker 8 (14:43):
Thank you for having us.
Speaker 2 (14:44):
Well, they're up there, you know water When I was
a kid, Oh, come on, Cannon Mountain, it's like the
ice age. I almost lost a child. This is over
in Vermont, folks. I literally had to hold on to
the middle child at the top of Jpeak. It's like
one hundred miles. It's not west. You gotta understand, Lauren
Sweeney doesn't ski the east. Now he's so large, he's
(15:06):
only doing Rocky Mountain High exactly.
Speaker 4 (15:08):
I mean I grew up skiing all through New Hampshire, Vermont,
Ocono's you know, shout.
Speaker 2 (15:13):
Out No, that's where I saw my first I saw
you at the Wobbley barat It was a few years ago.
Speaker 4 (15:20):
Yep, got my first Wall Street Bonus check back in
the day. Haven't been back to you since.
Speaker 2 (15:24):
Lauren Seidelbaker, thank you so much. ITR Economics, New Hampshire.
Speaker 1 (15:28):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
on Amazon Alexa from our flagship New York station, Just
say Alexa play Bloomberg eleven thirty.
Speaker 2 (15:45):
Last night we had a meeting This is with Surveillance
Senior executive producer Eric Mallow, Herder of Interns. Yep, it's
his new title, Herder of Interns. And we had a
list of people and at the top of the list
on Putin Trump in Alaska was Angela's stent. Her book
Putin's World is absolutely definitive. We are beyond honored to
(16:07):
have a conversation this morning with Angela Stent. Angela, if
you were in Alaska for this meeting, what would you
listen for from the two?
Speaker 9 (16:20):
Well, I'm listening to see what it is that Putin
is proposing to President Trump. And so far it seems that,
you know, Ukraine is supposed to seed territory to Russia
that Russia doesn't even control and really not get very
much in return, maybe a freezing of the Catalines. And
(16:40):
with Trump, I'm listening to see does he really understand
that Putin isn't willing to stop this war that he's
being played. So those are the things that I would
be listening to.
Speaker 2 (16:51):
And I look, Angela at this, and of course in
the Zeitgeist this morning is the build article in Germany
that they got the translation run. Do we have the
process and apparatus to prepare for Friday's meeting? I mean,
do we have administration in place that can do this?
Speaker 9 (17:10):
So so far it doesn't appear that we do. I mean,
normally these kinds of summits are well prepared in advance,
their experienced diplomats or involved in them. This is the
result of, you know, a long conversation between Steve and Witkoff,
not a diplomat, not an expert on Russia and Vladimo Putin.
We don't know the contents of it, and so we
(17:31):
are really left in the dark about what the process
is in this. And the concern is that President Trump
will be there and then he doesn't have all the
backing he needs and the understanding going into this about
what prudent's actually trying to do.
Speaker 5 (17:45):
What is the role, if any, for President Zelenski.
Speaker 9 (17:51):
Well, so far, President Zelenski, of course, has been excluded
from this. The US and Russia are talking about his
own country. President Trump has spoken to him, He's in
He's Zelenski's in very close contact with the Europeans. The
Europeans are trying to impress on President Trump that he
has to go into this clear eye and realistic about.
Speaker 10 (18:11):
What Putin is trying to do.
Speaker 9 (18:13):
But to think about two countries trading away another country's
territory without that country being present, I think that theres
a lot of thinking about.
Speaker 4 (18:23):
Does President Putin have any intention to sign a ceasefire
on Friday or even discussing it?
Speaker 10 (18:29):
I very much doubt it.
Speaker 9 (18:30):
I think what he's trying to do is to probe
and see how much he can get from President Trump.
Speaker 10 (18:35):
So I would not hold your breath on.
Speaker 2 (18:37):
That, Angela. Get the drama. Max Putin writes it up
in the Washington Post and others, And we don't need
to do a history lesson in nineteen thirty eight Munich,
where Neville Chamberlain gave away a piece of Czechoslovakia and
look what happened. But do you see that moment here?
I mean, these two world leaders, do we, Angela? Do
we know where they're going to meet in Alaska? Yet?
Speaker 9 (18:59):
I don't know what they're going to meet in Alaska?
And it's interesting. So for Putin, all he has to
do is fly over Russia. If he were to meet
Trump in many other places, he probably couldn't because there
are a lot of countries he can't fly over.
Speaker 10 (19:11):
Because it's interesting. Interesting, So we.
Speaker 2 (19:14):
Don't know, Okay, So maybe they're going to meet on
those two islands. They can wave at each other across
the bearing straight Angela's stent discuss what's in the zeitgeist
this morning of illusions to two years before World War Two?
Speaker 10 (19:30):
Well, I think you know two years before World War two?
Speaker 9 (19:33):
If you think about Neville Chamberlain, I mean he was
trying to postpone a war because you know, he and
he believed that if he just gave Hitler what he wanted,
which was, you know, talking about what was happening to
the Zudatelane, then there wouldn't be a war.
Speaker 10 (19:50):
I think we may still be at that point.
Speaker 9 (19:52):
I think there's enough a full comprehension among the in
the Trump administration that you know that from Putin. The
subordination of Ukraine is the goal now, but it's the
first step towards really retaking influence and land in what
used to be the former Soviet Union. Putin has expansionist aims,
(20:13):
and I think maybe in nineteen thirty eight mister Chamberlain
didn't understand exactly what Hitler's expansionist aims were. So I
think people need to understand what this is about. And
I'm sure that that's not fully appreciated in the White House.
Speaker 10 (20:28):
Yet.
Speaker 4 (20:29):
It seems, Angela that most world leaders around the world
have bent their need to President Trump, whether it's on
tariffs or other issues. That's not the case with mister Putin.
Does he how do you think he've vieused President Trump
and the administration.
Speaker 10 (20:46):
Well, I think he.
Speaker 9 (20:47):
Believes that mister Trump really wants to have a better
relationship with Russia. Trump started out by saying we need
to reset and improve relations. I think the Russians understand
that there's inconsistency in the position of the Trump administration.
They're going to push as far as they can. This
is the old if you like Soviet style of negotiation.
What's mine is mine and what is what's us as negotiable.
(21:10):
So I think they still believe that they can get
President Trump to agree to terms that would be really
very unfavorable for Ukraine and would give Russia most of
what it wants.
Speaker 2 (21:21):
Angel Ston, the cover of your book, Putin's World, folks,
it was my book, I think I can't remember, Paul
if it was Book of the Year, Book of the
sor whatever. Read the book Putin's World, Angela Stent with
a new chapter out now. Bill Burns, who has a
little bit of experience at CIA, says Putin's World is
a definitive guide to understanding the tangled history of post
(21:42):
Cold War Russia and its place in the world. You
got a great photo on the cover, Angela. I'm sure
you picked it out of the forty seven foot table
with mister Putin sitting at one end, and I think
mister mccaran said at the other end. That's not going
to be Alaska. Is it going to be all smilies
and you know, arm patting and all that. I mean,
is it going to be touchy feely?
Speaker 10 (22:05):
It may well be.
Speaker 9 (22:06):
I mean, you've seen the pictures of mister Whitcoff and
put mister Whitcoff putting his hand on his heart, smiling,
shaking his hand. I don't know what President Trump will do,
but it's not going to be this long table. So
there will be smiles, at least for the public.
Speaker 2 (22:22):
Azo you're not old enough to remember this. I remember
when khrushchef took a shoe off and pounded in the UN.
Have we treated Khrushchev or Bresnem or Stylin or dare
I say Lenin? Have we treated them like the administration's
treating mister Putin. It's absolutely original, isn't it.
Speaker 9 (22:41):
Oh, it's completely original. No, we were very suspicious of them.
They were communists. We knew that they were at least
officially committed to taking over the world.
Speaker 10 (22:50):
We were very wary with them.
Speaker 9 (22:51):
Having said that, you know, Nixon and Brezhnev you know,
did shake each other's hand. We're all smiles. Bren have
visited the US, drove around in big cost so there
was some of that. But this is a very different
feel to what it was like impossible during the Cold War.
Speaker 2 (23:07):
This is just it's like the new season is slow horses.
I mean, mister Trump and mister Whitcoff and al should
just watch slow horses. I mean, that's what the that's
how they go prepared for.
Speaker 4 (23:18):
So, Angela, is there a scenario here where I don't know,
some kind of deal gets signed between Russia and President Trump,
and if I'm a Ukraine I'm just sitting on the
outside saying what do I do here?
Speaker 10 (23:29):
I mean that is that eveninitely a scenario?
Speaker 9 (23:32):
I mean the Russian goal is to sign and agree
with President Trump it's favorable toward Russia and then blame
the Ukrainians if it doesn't work out, because the Ukrainians
are not going to sign onto a deal that status
advantageous for them, and the Europeans are going to back
them in this. So that's definitely a scenario that some
deal is signed between the US and Russia, but in
(23:53):
fact the Ukrainians won't accept it.
Speaker 2 (23:55):
And just said one final serious question. Then this goes
back to mister Gates and Condaliza Rice. I believe in Belgrade.
I mean, I get it. There's territory in eastern Ukraine
and they've got four acres of Russia. It comes back
to the emotion of Crimea. Will that even be discussed
at this meeting about the sheer reality of Crimea on
(24:20):
the Black Sea?
Speaker 9 (24:22):
I don't know whether it'll be discussed, but it really
doesn't seem to be an issue. I mean, I think
the Trump administration is assuming that the Ukrainians can't do
anything about the annexation of Crimea, and that they will
at least day facto.
Speaker 2 (24:35):
I have to recognize, what do you need from Secretary Rubio?
Speaker 9 (24:40):
Well, I think Secretary Rubio needs to, you know, to
make sure that concessions are not made to Putin that
are not warranted. He seems to he I think, understands
the situation pretty well. He was previously at least a
hawk on Russia, so he needs to somehow be a
restraining factor in.
Speaker 2 (24:59):
This wonderful This was great. Paul Angelas Stin, thank you
so much. On Putin's World, we begin our coverage of
this historic summit meeting. It is scheduled for Friday. David
Girl will join us later in the show this morning
to provide further briefing. It is a story on a
move to say the least.
Speaker 1 (25:24):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also watch us
live every weekday on YouTube and always on the Bloomberg Terminal.
Speaker 2 (25:38):
Jeffrey Meacham joins now from City Group with an acclaimed career.
Counting the free cash flow of healthcare. How much in
a value trap is a healthcare sector right now? Jeffrey,
it's pretty bad.
Speaker 11 (25:52):
I would say, I think the main catalyst is getting
over this policy of worry. But for sure, though these
companies and large cap pharma, you know, devices, services, et cetera,
are generating a ton of cash. You're totally right, But
we just have to get through the you know, the
(26:13):
policy over hanks that you know that been prevalent pretty
much all year.
Speaker 2 (26:17):
Full disclosure, folks. They have a huge bias to Eli Lilly.
Some of the FAMI is from Indiana and we're original
shareholders back you know when the covered wagons were there.
ELI Lilly last ten years twenty six zero point ninety
seven five percent per year. What, Yes, Eli Lilly is
a mag seven performance Jeffrey Meacham. It's tanked the last
(26:41):
twelve months down whatever huge amount down? Is this the
by opportunity of a lifetime in the giant of Indianapolis.
I really do think so.
Speaker 11 (26:52):
I mean, honestly, if you look at the past week,
let's just let's just go back there. The second quarter was,
you know, was fantastic. We didn't see as much or
we really saw no resilience, but not as many issues
as Novo had for sure. In fact, you know they're
gaining share, you know, growth rate raising, guidance, growth rate higher.
(27:16):
I think the one you know, kind of negative surprise
was the orphiklepron data the oral GLP one and you
know that's what happens when you have a higher multiple stock,
you know, and people expect, you know, twelve fifteen percent
weight loss and it's literally only eleven. So that's a
massive overcorrection, right that I think is completely ridiculous. We're
(27:39):
going to look back in about a year from now
when this drug launches and you know it's several billion
in the first month.
Speaker 2 (27:46):
That laugh at this, I suspect, Paul, do you see
that for Bloomberg Radio? You're missing this moment On YouTube
you can observe it. Mister Meacham has the gold trim
behind him. Sure in his YouTube video shot. Just like
the isn't it? Just like it's like, you know, the whole,
the whole houses.
Speaker 5 (28:02):
Styles and new styles.
Speaker 4 (28:04):
Jeffrey, can you summarize what the regulatory or policy overhang
is for healthcare right at the moment and how you
think it might play out?
Speaker 11 (28:14):
Yeah, I think the first thing is m f N, Right,
So m f N is a situation where you know,
most favored nation where there has to be delineation of pricing,
how US compares the o U S pricing And it's complicated,
and I think at the end of the day, Trump
just wants to have a win where the US pharma
companies get higher prices from you know, from Europe. So
(28:39):
how that's going to take form, I think it's it's
really not clear at this point. The second thing is
pharma tariffs, and that's a lot more simple, and that
just is justifying you know, companies bringing on board new
manufacturing sites, et cetera. And that I think is you know,
more likely to be resolved I think by the end
(28:59):
of the year. And you know, and as Trump has
said in the past, it's been a bit of a
weight in right. You have like essentially, you know, twelve eighteen,
twenty four months to bring those manufacturing plants you know,
and facilities here to the US. And then the last
one it's a little bit more nebulous. I'm not sure
about PBM reform. That's that affects the industry indirectly. And
(29:25):
the other piece is just looking at things like you know,
vaccines and how that you know that policy is going
to play out. So it's mostly BARMA tariffs and MFN
has been the biggest overhang.
Speaker 4 (29:36):
Does any of that result in lower drug prices for
US consumers?
Speaker 2 (29:42):
I suspect it will.
Speaker 11 (29:43):
But the one so, the one angle in MFN is
is a consumer base, you know, and this is what
Trump has mentioned. It's actually pretty insightful if you look
at the you know, the US in drug industry, it's
mostly been just like Europe, it's been paid for by
medicare or you know, private insurance or corporate insurance. A
(30:06):
drug like Warford glipbarm for obesity is perfect for this,
right if you think about, you know, how much out
of pocket is it worth to you? You know, And
so that's something where Trump is trying to evolve the
consumer angle into this, and I think I think that's
a smart strategy. And every company we've talked to in
major pharma this quarter has talked about Yeah that we're
(30:27):
trying to figure out how that would play out, but
I think that would if you if you carve out
the PBM industry, you know, they you know, up charge
I don't know, eight ten, fifteen percent in some cases
maybe more. That could save the US you know, consumer
a ton.
Speaker 2 (30:44):
Jeffrey, do you have a single best buyke? We talked Lily,
but is there a Jeffrey Meacham single best buy right now?
I would say Lily.
Speaker 11 (30:52):
Lily in Vertex of the two that we've liked, and
both have been really shelled and asked stuff that was
a month or so. But Vertex is one where you know, look,
they have assistant Vibrosa's business which is you know, which
is legendary. I mean it's fifteen billion peak potential, you know,
very high margin, but they need an Encore and they've
(31:14):
struggled with that, and they have a pain franchise, they
have a sickle cell cell therapy.
Speaker 2 (31:20):
All that.
Speaker 11 (31:21):
It's all tracking, but no one's worried about the underlying
based business right and yet the multiple again has come
in a ton. But those two are the best growers
I think in large cat therapeutics.
Speaker 2 (31:33):
This has been a pleasure. Jeffrey Mentium, thank you so
much for City Group.
Speaker 1 (31:36):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am Eastern on Applecarplay and Android Auto
with the Bloomberg Business app. You can also listen live
on Amazon Alexa from our flagship New York station, Just
say Alexa play Bloomberg eleven thirty.
Speaker 2 (31:53):
The newspapers is actually worked all weekend on this. I mean,
it's just amazing. I mean she goes twenty four to
seven to prepare for this. The newspapers would Lisa, and
the Monday edition.
Speaker 10 (32:03):
The Monday edition.
Speaker 6 (32:04):
Okay, so I'm not sure if either you ever received
a ticket in the mail for speeding or those red
light cameras I hacking.
Speaker 4 (32:10):
My vespa inappropriately at the beach, got it in the mail?
Speaker 5 (32:14):
What I the spot that was not a dedicated parking spot.
Boom spring lay hit me up for fifty five big ones.
Speaker 6 (32:23):
Oh my god, yeah, are you going to go to court?
Speaker 4 (32:26):
No, but a woman says she doesn't pay her tickets.
She says there's no sign. It says I can't pay.
I can't park here, so I'm not going to pay.
Speaker 6 (32:33):
Well, that's the thing. So people are getting mail tickets right.
I don't know if you get one for the Vesta
for the noise, because it's not a noisy. It's not
like a Harley or anything like that. But there are
some noise cameras that are giving people and sending them
in the mail, you know, just like the red light,
just like the speeding tickets that I've.
Speaker 8 (32:48):
Gotten to from that. So they're starting to go up.
Speaker 6 (32:53):
Tickets can range anywhere from fifty dollars all the way
to eight hundred dollars. People are getting tickets for these noises.
And we're talking about loud. Is it coming from it right?
The revving engines, the mufflers that people make on purpose
to beat.
Speaker 8 (33:05):
Up the sound.
Speaker 6 (33:07):
It comes from the municipality. So there are noise cameras
that are out there and they're tracking as cars go
by to see how loud their car is, and if
it's over a certain decipel you.
Speaker 5 (33:18):
Will get a ticket in the mail.
Speaker 8 (33:19):
And people are getting these.
Speaker 6 (33:21):
I mean especially Newport Rhode Island is a big spot
because people are saying, who live there. The tourists come
in and they're making all this racket and we don't
want it anymore. But New York City is actually the
number one noise camera at the center. I wasn't aware
of this, but they're fine. Started at eight hundred dollars,
they've already issued more than twenty five hundred tickets since
twenty twenty one, so they're really really sending this out.
But like you said, people aren't paid.
Speaker 4 (33:42):
I like the signs in New York City to say
don't honk your horn, and you hear it all the time.
Speaker 6 (33:47):
But that's another reason for the noise thing, is the
honking the horn. So this is becoming more of an issue. Okay,
So this one is in Lucashaw's screen Time newsletter. So
we've been talking about, Yeah, how a lot of more
sports are are entering the streaming market, right, So so
he took a look into why Amazon, Apple, Netflix, YouTube
are kind of capitalizing on it. He said, the problem
(34:09):
is that leagues are looking for these bigger paydays right
because they're the only kind of entertainment program that can
pull in these live audiences. But their partners, which are
broadcast in cable networks, traditional partners, they've shrunk, traditional media
companies like Disney, Paramount, Global, Warner Brothers, they can they
have a limit on how much they can spend. So
in order to get these big payouts that they want,
(34:30):
they're going to have to divide the rights among like
a different and a wider.
Speaker 2 (34:34):
I've read this too. Thank you Lisa for bringing this up, Paul.
If I'm watching the NFL, which folks, I don't do.
I don't do much NFL, but if I was at
a given game, I really don't. I got like, what
five places I have to look?
Speaker 5 (34:48):
Yeah, including Yeah, absolutely. But the big, big.
Speaker 4 (34:51):
Sea change will be when one of these Sunday afternoon
packages and ones that either go to Fox or CBS.
If one of those packages, which are national packages, go
to a streaming service, that's gonna be the sea change.
And it will happen absolutely absolutely because that's just where
the eyeballs are. So you know, so the nobody's better
than monetizing broadcast rights in the NFL. They create as
(35:14):
much demand as they cannot, cross as many bitters as
they can.
Speaker 2 (35:16):
Both prices go on quickly. Is this because of Pete Rosel?
Do we underestimate what Pete Rosel invented?
Speaker 5 (35:23):
Yeah? Yeah, he certainly was.
Speaker 4 (35:24):
But Roger Goodell, who gets paid a gajillion dollars here,
has just minted money for his employers, which are the
owners thirty second squeeze one more in lea.
Speaker 5 (35:33):
You got it. Okay.
Speaker 6 (35:34):
People use chat sjubyt for a lot of things, but
there's one thing that Sam Altman says he is not
very happy about. It's how people are using it as
a therapist or a life coach. He said that, you know,
they're they're tracking people's sense of attachment to AI because
the problem is people who are maybe lonely or whatever,
they go on chat shoobyt and they start interacting and
then the query start, query start, and so it becomes
(35:56):
like this therapist. And he says, that's not the right
way to to use it. So that's a little bit.
Speaker 5 (36:02):
Scary to me.
Speaker 2 (36:03):
It's a time bag. I mean, like the you know,
the chet dept. Stuff that's different than doing.
Speaker 6 (36:08):
Searches correct correct, because it keeps asking you what prompts
you maybe would you like to know more about this?
Speaker 5 (36:13):
Would you like?
Speaker 6 (36:14):
And it kind of keeps prompting you to ask, did you.
Speaker 2 (36:16):
Spend all day Sunday working on newspapers for today?
Speaker 5 (36:21):
Half the day, half the day?
Speaker 2 (36:22):
Lisa, let say thank you so much the newspapers on
a Monday. We promised Tuesday will be an improvement.
Speaker 1 (36:28):
This is the Bloomberg Surveillance podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each
weekday seven to ten am Eastern on Bloomberg dot Com,
the iHeartRadio app, tune In, and the Bloomberg Business app.
You can also watch us live every weekday on YouTube
(36:48):
and always on the Bloomberg terminal
Popular Podcasts
New Heights with Jason & Travis Kelce
Football’s funniest family duo — Jason Kelce of the Philadelphia Eagles and Travis Kelce of the Kansas City Chiefs — team up to provide next-level access to life in the league as it unfolds. The two brothers and Super Bowl champions drop weekly insights about the weekly slate of games and share their INSIDE perspectives on trending NFL news and sports headlines. They also endlessly rag on each other as brothers do, chat the latest in pop culture and welcome some very popular and well-known friends to chat with them. Check out new episodes every Wednesday. Follow New Heights on the Wondery App, YouTube or wherever you get your podcasts. You can listen to new episodes early and ad-free, and get exclusive content on Wondery+. Join Wondery+ in the Wondery App, Apple Podcasts or Spotify. And join our new membership for a unique fan experience by going to the New Heights YouTube channel now!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!