June 20, 2025 • 24 mins
Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney
June 20th, 2025
Featuring:
1) Dan Williams, Bloomberg News reporter, on President Donald Trump signaling he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent.
2) David Katz, President and CIO of Matrix Asset Advisors, on why he is hopeful there will be some clarity in the current conflict in the upcoming months. After that, however, we will then return to the week to week and month to month uncertainties with Tariff and the current tax and spending bill that’s making its way through congress.
3) Alisa Rusanoff, CEO at Eltech, on what risks lender are currently facing in the shipping space.
4) Lisa Mateo joins with the latest headlines in newspapers across the US, including a WSJ story on how side hustles nowadays are more about necessity than a passion. Plus, a Bloomberg report about Capital One's New JFK Lounge Makes a Play for Premium Travelers
See omnystudio.com/listener for privacy information.
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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.
Speaker 2 (00:27):
Let's talk about Israel. A lot of change, a lot.
It's a fluid situation.
Speaker 3 (00:31):
We all know.
Speaker 2 (00:31):
It seems like President Trump is now going to take
maybe up to two weeks to figure out what the
next move will be on the part of the United States.
Dan Williams joins his series reporter for Bloomberg News. He's
in Jerusalem right now. Dan, what's the word on the
ground in Israel right now?
Speaker 4 (00:47):
Well, as you noted, it's a waiting game. The Israelis
aren't waiting, nor the Iranians. The exchange of fire Israeli
as strikes and Iranian missiles continues arguably, However, the Ranian
attacks do appear to be tapering off. According to an interview.
In an interview he gave yesterday, the Israeli Prime Minister
Benjamin and Taniawe attributed this to Israel's shift, a shift
(01:11):
by the Israeli military to targeting launch systems for thee
that the launchers are actually more important than how many
missiles the Uranians have in hand, because if you can't
launch them, they're virtually useless. And he said yesterday that
half around half had been destroyed. That's an impressive pace,
given that that mission appears to have lasted something like
two three days. So at that current rate, if a
(01:33):
kin continues and succeeds, by the Israeli account, presumably the
Uranians may not have any launchers left by the end
of the weekend. So these Raeli seem fairly upbeat, despite
extraordinary damage to the home front from these missile strikes
so far, including one on a hospital in southern Israel.
Low casualty count relatively because many of the patients were
moved out in advance, but nonetheless quite jarring for Israelis
(01:57):
to see that hospital hit dan.
Speaker 5 (01:59):
What do we know about the timetable for President Trump
to decide whether or not to strike Iran?
Speaker 4 (02:04):
Well, as you wisely noted, the phrasing appeared to be
very deliberate, as given by our Press Secretary of the
White House yesterday, within two weeks, not two weeks from now,
Within two weeks which in theory could be two weeks
from now. It could also be two minutes from now.
So I think there's a degree of tactical operational hayze. Here.
It appears that the Americans to a degree assisted the
(02:26):
Israelis in the initial ruse that allowed the Israelis to
drop the Iranians guard and launch this attack a week ago. Precisely,
you'll note that right before that attack, President Trump was
speaking up the prospect of a diplomatic solution, saying he
wouldn't approve or wasn't looking to see Israeli military action,
and then as soon as that was launched, he appeared
(02:48):
to change his tune. Now, that could have been because
of the relative success, as reported to him, of the
Israeli action. It's very hard to know what to make
of these statements. Formally, the Israeli say they would welcome
American involvement. They're willing and able to continue this themselves.
The question is whether indeed the Israeli military has the
firepower to handle a specific nuclear site, one very deep
(03:09):
underground in a mountain in an area called foot Doh.
Many speculate that for all its aptitude, for all its virtuosity, operationally.
The Israeli military is too lean, too small. It simply
doesn't have the lift that the usfls would have to
bring in very heavy bombs and finish that job.
Speaker 2 (03:27):
So Dan, is that I mean, that's kind of been
the reporting here that you know, what is needed by
or from the Americans.
Speaker 3 (03:34):
Is this you know, kind of.
Speaker 2 (03:36):
Buster bomb that can really go deep underground and get
to this facility. Is that all that's left for the
Israelis visa VI the Iranian nuclear capabilities?
Speaker 4 (03:48):
Well, daily we hear of new nuclear sites that were hit.
Some of them are primary sites, some of them are
secondary sites to a nuclear program that may, indeed, and
the right Ranians for who said this have purely civilian components.
Although Israel and the international community have long bit suspicious
of the rate and the intensity of uranium enrichment, this
(04:08):
is a program that can produce bonds fuel for nuclear
weapons if enriched to beyond a certain point. So it
appears that the Israelis, absent and intervention by the Americans,
are demolishing everything they can in that nuclear program. While
also addressing Iran's missile program.
Speaker 5 (04:25):
Talk to us about how Israeli officials are warning that
iran Is hijacking security cameras to spine on them.
Speaker 4 (04:32):
Yes, it's a very interesting story by my colleague Marissa Newman.
I recommend it. It would appear that the Israelis, who
apparently had a foreshadowing of this with Hamas attacks from
the Gaza Strip. Hamass is a Palestinian group ally to Iran.
As we all know, these are ubiquitous to these security systems,
many of them linked up through Bluetooth. You can see
(04:52):
what your security camera sees on your phone sometimes if
you're away from your home, and that is not a
very secure system. So it appears these it is a
now warning that the Iranians have hacked into these systems,
which gives them a live view of certain key points
in Israel, certainly Israeli cities that they have been targeting
with their missiles, and gives them a real time targeting
(05:13):
set of information, something that might allow them to adjust
their aim or know if they've been successful in hitting
the targets. Obviously, as in any war, each side would
want to conceal from the other such information. It would
appear that the Iranians have used off the shelf, very
cheap technology to achieve that kind of critical information.
Speaker 3 (05:32):
Dan, thank you so much.
Speaker 2 (05:33):
We really appreciate your reporting on the ground from Jerusalem.
Dan Williams, reporter Bloomberg News, giving the latest on Israeli
Iranian situation.
Speaker 1 (05:46):
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 (05:59):
David Katz is an a Chief investment officer Matrix Asset Advisors. David,
what's the conversation you're having with your clients these days?
They've kind of been whipsaw, but then you kind of
look back and we're right where we started the year.
Speaker 6 (06:13):
That's a great summary. Basically, our expectation going into the
year was that it was going to be less lucrative
than twenty twenty three and twenty four, but with a
lot of volatility. So we're getting that. The key to
investment success this year is not to get overly obsessed
with the very short term. You've got a lot of
overhangs right now that could drive the market down five
or ten percent pretty quickly. But we do think the
(06:35):
general economy is Okay. Businesses are doing okay, and when
all is said and done, the market's going to have
an about average year. So the key is turned the
volume down, be patient, not get caught up in the
day to day volatility.
Speaker 5 (06:48):
Okay, David, So how do you treat this? What specific
stocks are you buying?
Speaker 6 (06:54):
So that's an interesting thing. Right now, the market is
at about twenty two times earnings, but there are many,
many pockets some stocks that are undervalued. So we're out there.
I'm very happy if you can buy something at ten
to fifteen, sixteen times z earned as you're going to
do real well. To give you just a big picture
list and then we can focus in on things things
like American Electric Power, Apple, five Serve, Qualcomm. We're all
(07:17):
really good businesses at very attractive prices. Pepsi is at
one of the best prices it's been at probably in
the last ten years, and you're getting a four and
a half percent yield while you're waiting. So lots of
things out there that are real good right now. You
just have to have some patients and use a six
to twelve month timeframe, not try to trade for the
very short term.
Speaker 2 (07:35):
You mentioned pepsi and the dividend yield is that something
dividends and yields is that something investors should be maybe
I guess paying more attention to, given that there are
so many crosswinds out there this year that this year
may be at best an average year for returns. Are
dividends something that I don't know, Maybe people historically haven't
paid attention to, but maybe they should.
Speaker 6 (07:55):
Well, they definitely haven't paid as much attention in the
last few years, and we think that they should. We
think that that's an area of the market that's got
great opportunity and interestingly and importantly, it tends to be
a lot more conservative and protect capital during difficult times.
So if you're worried about the ups and the downs
of the market, buying high dividends stocks as a way
to get a good absolute return and get paid while
(08:17):
you wait. So we think that's a really good approach
and think that's the place that you want to be
right now. And Pepsi has a great example of that.
Stock has done really poorly year to date, So if
you're getting in on it now, you're getting a very
good yield wall you wait. We think they're going to
fix the short term problems the stocks at sixteen and
a half times earnings, generally sales North at twenty times earnings. Interestingly,
if you look at PEPSI versus Coca cola, PEPSI is
(08:39):
three standard deviations cheaper than it normally is versus Coca cola.
Typically that's not going to last very long.
Speaker 5 (08:46):
How do you view more of the riskier corners of
the market, whether you're thinking about particular small cap stocks
or read balance sheet stocks, and even if you're thinking
about nonprofitable tech. Obviously they saw a big move from
those April lows, but are there any pockets there that
you're buying?
Speaker 6 (09:02):
So in terms of small cap stocks and aggregate, they've
underperformed the large cap stock market for the last three
to five to ten years, so we do think that
there is an opportunity there within that we would either
focus on buying a small cap index at Russell two
thousand or an s A P six hundred as a
place to go. And if you're buying individual small cap names,
(09:23):
it's very important to focus on strong balance sheets companies
that are profitable, because when you're buying small caps in
a economy that's going a little bit iffy in terms
of tariffs. You don't want to get the whold caught
holding something with a lot of debt that really could
get hurt very badly. So either strong balance sheets, or
focus on strong balance sheets profitable or focus on the indexes.
Speaker 2 (09:44):
You mentioned David Apple, and there's a name that everybody
probably owns, whether they know it or not. Yet stock
US down fifteen percent year today, which is we don't
typically see that kind of underperformance from Apple. What's what
do you think is the bowl case in the short
to meet a term for Apple.
Speaker 6 (10:01):
Well, the underperformance lies the opportunity. We've been liking some
of the Max seven that have not done well at
the beginning of the year, and all of a sudden
they've rebounded very nicely. Whether it's a Google or a
Microsoft or an Amazon. We think that Apple's in that
same situation. So short term, Apple has some issues. They
really have been very late to the game in terms
(10:22):
of AI and in terms of their last meeting. It's
going to take a lot longer than anybody would like. However,
they still have a dominant market share. They're going to
get AI right. Wall Street and the investment community likes
to own this stock, so we think it's in a
trading range of about one hundred and ninety to two
hundred and fifties. You're getting at the lower end of
that trading range. You just want to look out six
(10:42):
to twelve months. Something better will be happening in Apple
great balance sheet and they will get it right. This
is the time to get involved with it.
Speaker 3 (10:49):
David, thanks so much for joining us. Really appreciate it.
Speaker 2 (10:51):
David Kat's President, Chief Investment Officer, Matrix Asset Advisors.
Speaker 1 (10:54):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am 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 (11:11):
When else at the Chase Manhattan back we get a
big trade finance group.
Speaker 3 (11:14):
I never hung out with those.
Speaker 2 (11:15):
People really want make me some serious stuff, and some
people do it very well, like our next guest at
Lisa Russonov, CEO of l Tech, which is a technology
company that works with folks in the trade finance business.
Speaker 3 (11:28):
Global trade.
Speaker 2 (11:30):
I don't know, I guess all we know about global trade.
These days, is tariffs and how that's impacting global trade.
Speaker 3 (11:37):
How's that impacting your business?
Speaker 2 (11:38):
Talking to the people that actually provide credit for people
who trade goods and services around the world, just.
Speaker 7 (11:45):
Like, well, first of all, we're to be back, thanks
for having me back. First of all, I think it's
the same issue as all the other lenders, all the
other private credits providers and players in the markets. You're
kind of facing both sides. You're facing uncertainty and economy,
so you're basically facing the credit spread risks. The spreads
are going off, the banks have become a little bit
(12:05):
more conservative in terms of their credit box. But also
on the other side, productivity and AI automation the technology
that could streamline the entire process of credit underwriting. So
there's challenges and there's opportunities. So we're facing the same
kind of risk and trade finance, And honestly, the trade
finance space is usually booming in terms of volume just
(12:26):
because of there's a lot of liquidity to gaps in trade.
So as a customer, for example, you have to pay
your vendors in advance, so you needed money for that,
you needed liquidate for that, but also you're getting paid
by your customer actually on longer terms as well, so
day's DSO day sales outstanding is actually increasing in the
(12:46):
events of uncertainty. So this is where the lenders come in.
They underwrite the credit, they understand the liquidit and needs,
and they actually provided that credit.
Speaker 5 (12:55):
Private credit's been such a hot corner of the market.
I know, Paul, you've talked about how in another life, Yeah,
you were sure I could jump back in and be
in that quarter of the market. I'm curious when you're
looking at private credit because so many people have argued,
especially with rates being elevated since twenty twenty two, how
that would hurt that part. But it hasn't just yet.
What is the resiliency there in any sort of pockets
(13:17):
that you're seeing any red flags?
Speaker 7 (13:19):
I think we're not there yet. First of in terms
of inflation, we're still watching what's going to happen with
the economy, just like Ja Powis said this week, and
the raids haven't changed, so we're watching what's going to happen.
So we're not seeing a lot of write offs right now.
We're not seeing a lot of paid in kinds types
of arrangements with the borers, but we're just watching what's
going to happen in the market. And honestly, the specific
(13:40):
news that I'm in, which is trade finance, is a
little bit more specific in terms of its acid based collateral.
It's collateral based kind of lending. It's trade finance which
could be backed by inventory, by receivables. You can get
credit insurance wraps around the receivable, so there's a lot
of structured opportunities that could actually use in the mark market.
(14:00):
So it's not a leverage facility in a sense. It's
always backed by some sort of colado, which really helps.
Speaker 2 (14:06):
In the environment, like what we're in, Geopolitical tensions seem
to be higher now than they've been in a long
time in the Middle East, Russia, Ukraine. Does that impact
I'm guessing there's impacts on global trade, the cost of
global trade, ensuring global trade. Does that come into your
part of the market in terms of providing finance for
these flow of goods and services.
Speaker 7 (14:26):
Yes, absolutely. As a lender, first of all, we have
to be very mindful of various types of sanctions and
fraud risks that are very high in the industry. But
in addition to that, we have to understand the real risks.
So one of the risks is, for example, is trade fraud,
which basically means there is certain different terrorfs on different
(14:48):
countries and different jurisdictions.
Speaker 3 (14:50):
But it's really hard.
Speaker 7 (14:50):
Sometimes to go back in supply chain, to drill really
down and deep in supply chain and understand where the
goods are coming from.
Speaker 3 (14:57):
So a lot of.
Speaker 7 (14:57):
Lenders are seeing certain uptake in terms of trade fraud,
which really means if you're getting products from China, for example,
but they're actually coming from Vietnam with a different certificate
of goods, that's trade fraud.
Speaker 3 (15:11):
But at the end of the day, it's really hard.
Speaker 7 (15:12):
There are different rules of regulations, so it's really hard
to understand the supply chain because from Vietnam we're getting
a lot of textile, a lot of apparel and stuff
like that. So sixty percent of textile to Vietnam is
coming from China. So the supply chain could be various.
Speaker 5 (15:29):
Right, Who's most at risk of trade fraud other lenders.
Speaker 7 (15:33):
Absolutely. There have been quite a couple of cases in
the past, companies like Rensail and Standing a couple of
others that were defrauded by borrowers. So there is a
very high fraud risk. The positive part right now and
same with the economy, I think productivity AI aspiration is
lenders are really trying to get a good tax stack
(15:54):
for credit processes, for operations, for back office processes. Because
trade finding specifically has a lot of trade volume, which
basically means a lot of transactional volume, details, operational logistics,
and things of that nature. So AI can actually do
full stack analysis, full volume analysis of the entire transactional volume,
and do predictive analysis as well, which basically means understand
(16:17):
the patterns, and the patterns could be credit credit or
they could be fraud, that could be operational risks, that
could be terrorf risks, and other types of operational uncertainties.
Speaker 3 (16:27):
Who are the big trade lenders today?
Speaker 2 (16:29):
Is it the JP Morgan's of the world, the city
banks of the world. Who does that stuff now?
Speaker 7 (16:33):
Actually it's different in different economies. So in Europe it's
more about banks, and UK it's more about banks. In
the US it's a really interesting market. So twenty twenty
four last year, I'm actually seeing a lot of decrease
in terms of bank lender finance for trade finances specifically.
I believe in the numbers, you know, south of twenty
percent decrease, and for non bank lending sector, it's actually
(16:56):
an uptake of twenty.
Speaker 3 (16:58):
Five plus percent credit.
Speaker 7 (17:00):
It's private credit and straight it's factoring company is privately held,
it's not a regulated business. So there's a lot of
non bank lending groups and private credit funds and factoring
companies and supply chain finance companies and FinTechs that are
actually adding a lot of volume. So there's a lot
of money in the economy, a lot of hedge funds
like Millennium and Baliazi and now there is there raise
a lot of money for trade finance strategy, millions of dollars.
(17:25):
So at this point, actually the processing.
Speaker 3 (17:29):
So you can out more.
Speaker 5 (17:30):
We'll talk to us about near shoring, what it is
and some of the issues there.
Speaker 7 (17:35):
Absolutely, so a lot of lenders are actually paying a
lot of attention right now. First of all diversification of vendors,
but second of all is near shoring. So even with
government receivables.
Speaker 3 (17:47):
Sphere, we have to.
Speaker 7 (17:48):
Understand where the venor the supply the supplies are coming from.
We have to understand what the risks are. We have
to understand where the supplies are coming from. So for lenders,
it's actually an additional layer of underwright and manual processes that
have to be underwritten to understand the risks. Absolutely, just
like any other you know, public market investment professionals, we're
(18:11):
trying to understand the risks and trying to mitigate risks
because we have fiducial responsibility to our LPs and investors. Right,
So yeah, reassuring is what are the things a lot
of lenders are looking into when trying to lend the money.
Speaker 2 (18:23):
What's the biggest risks to the trade finance business? I
mean I could see a million of them. I mean fraud,
I mean because you're dealing with buyers and sellers all
over the world, crazy parts of the world. I mean,
what are the big risks I guess for the trade
finance business.
Speaker 7 (18:37):
If you decided to change professions exactly, you're pretty good
of that. And you're absolutely right. There's literally hundreds of
different types of risks in the in the lended space,
in the trade find space. First of all, it's KYC
and k KYB, no customer know your business and O
fact TEX and sanctions and understanding supply chains, understand diversification
(18:58):
of vendors, so you don't find yourself in this situation
like the COVID. You know, lockdown and shut down the
supply chains. But obviously credit risk are one of the risks, right.
The spreads are going up in this economy. There's a
lot of uncertainty, so that's why the non banking lending
sector is actually trying to capture that low middle market
(19:19):
that the banks are really not advancing against. I would
say probably the biggest risk is fraud by far, and
it could be so creative. It could be invoice driven,
and it is driven. Jurisdiction is driven, supply chain driven,
et cetera.
Speaker 2 (19:32):
All right, Atleasta, we learned something new every time you
come in here at liasa us Off, CEO of l Tech.
Speaker 1 (19:40):
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 (19:55):
It is time for the newspaper segment with Lisa Mataylors.
Speaker 3 (19:59):
So what do you have first today?
Speaker 8 (20:00):
Okay, this is a story about side hustles. We hear
a lot about it, right, So in the past it
was a way for people to kind of pursue your passion.
But now what the Wall Street Journal is saying is
that it's a lot more about necessity. People are doing
it because they have to do it, not because they
really love it and want to. So you had the
Labor Department data show that working Americans holding now multiple jobs.
It rose up to five point five percent during the
(20:21):
first five months of the year. And then you have
this report from Indeed that says more than half of
people said that they have side hustles just to make
ends meet. So you see like this shift that's going on.
The different kinds of jobs are working. They're either driving
for door Dash, maybe they're freelancing for Fiver, they're DJing,
they're being a nanny on like chickens and Nights, So
(20:43):
they're doing, you know, a lot of different things. I
personally always worked a second job until I got it.
Speaker 2 (20:47):
Yeah, so you got to say, so when you were
picked eleven another gig I.
Speaker 8 (20:52):
Did well, I alway said, like another TV show.
Speaker 6 (20:54):
So I was always like doing like.
Speaker 3 (20:56):
Multiple things at once.
Speaker 5 (20:57):
Yeah, those gigs are very demanding.
Speaker 2 (21:00):
You're going to any Starbucks in anywhere in USA. What
are all those people doing there on their laptops? I
don't know, but I think that's powering part of the economy.
Speaker 8 (21:08):
I think you know, no, most definitely, So a lot
of people don't because they have to understood.
Speaker 3 (21:13):
Have you been to a JFK recently?
Speaker 8 (21:16):
Because yesterday was another lounge that opened for premium travelers.
This one is from Capital one, right. The lounges are
all the thing now, right, So this one is thirteen thousand,
five hundred square feet. It's the lower level Terminal Force
retail area kind of has that New York theme because
it's at JFK. It doesn't have a restaurant, but it
has things like coffee bars, cheese stations, you know, expresso
(21:38):
area with hottails, you can order private bathrooms.
Speaker 3 (21:41):
Shout to the new JFK. I have a big chao.
I'm also not like the not the lounge.
Speaker 5 (21:48):
Well, I don't get there early enough to get to
a lounge. I'm the type of person that's like the
left straight is running through. If I didn't have that
pre check, I would have missed so many flights at
this point.
Speaker 3 (21:58):
So I mean I hear great things about that. JFK.
Speaker 2 (22:00):
Luncheon Capital One. I mean what I hear from the
banks is branches. They have like our Capital One done
in our building here on lexint Amnue.
Speaker 3 (22:07):
It's not so much a branch. It's basically a big billboard.
Speaker 2 (22:11):
It just said we're here, we're in the marketplace where
here's our It's instead of having a billboard, we have
a branch on the corner.
Speaker 3 (22:17):
That's kind of what I like.
Speaker 8 (22:18):
So that's why they have like coffee shops things like
that and just put the name out there. What said
this one apart though, what's different is that anyway, even
if you're not a Capital On card holder, you can go,
but you have to pay about ninety dollars each time
we go. So that's the thing. So there is a
big event reportedly happening next week. It's the wedding between
Jeff Bezos and Laurence Sanchez reportedly in Venice.
Speaker 3 (22:42):
Wow.
Speaker 8 (22:42):
They hired the wedding planner that planned George Clooney's wedding
right back in twenty fourteen. Solid there multi day celebration
taulty day, Yes, multi day, but the details are really
under wraps. So the wall Street Journal talks to some
experts because it's this trend of super weddings, right, people
going over the top with these ginormous weddings. They say
(23:04):
that a multi day luxury wedding with two hundred guests
can now cost them a couples about four million dollars
because they have like caterers that are hiring food stylists,
you have bartenders hiring mixologists, you have million dollar DJs.
Speaker 3 (23:17):
People can really crazy.
Speaker 7 (23:19):
We don't live these lifestyles.
Speaker 2 (23:21):
Jeff Bezos, he's living large. Boy, He's tell you he
stepped aside from that company and he's spending his money.
Speaker 3 (23:28):
Well, he's loving life. But what they're saying, I want
to see that invite list. Oh my gosh, this.
Speaker 4 (23:37):
Secretive.
Speaker 8 (23:37):
I know, it's funny, it's so secretive. And what they're
saying is that a wedding in Venice is more expensive
because all this stuff have to be like shit, go
from boat, so then you need more people to work it,
and then it's more expensive because of all that. So
it's they say it's a logistical nightmare. But I'm sure, Hey,
everything that's going to turn out just fine.
Speaker 2 (23:55):
All right, Well, I'm very happy for Jeff Bezos and
Lauren Sanchez.
Speaker 3 (23:58):
Hopefully they'll have.
Speaker 2 (23:59):
A lovely wedding there. Lisha Miteyo with the newspapers. Thank
you so much. We appreciate that.
Speaker 1 (24:05):
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 and
(24:26):
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.
Speaker 2 (00:27):
Let's talk about Israel. A lot of change, a lot.
It's a fluid situation.
Speaker 3 (00:31):
We all know.
Speaker 2 (00:31):
It seems like President Trump is now going to take
maybe up to two weeks to figure out what the
next move will be on the part of the United States.
Dan Williams joins his series reporter for Bloomberg News. He's
in Jerusalem right now. Dan, what's the word on the
ground in Israel right now?
Speaker 4 (00:47):
Well, as you noted, it's a waiting game. The Israelis
aren't waiting, nor the Iranians. The exchange of fire Israeli
as strikes and Iranian missiles continues arguably, However, the Ranian
attacks do appear to be tapering off. According to an interview.
In an interview he gave yesterday, the Israeli Prime Minister
Benjamin and Taniawe attributed this to Israel's shift, a shift
(01:11):
by the Israeli military to targeting launch systems for thee
that the launchers are actually more important than how many
missiles the Uranians have in hand, because if you can't
launch them, they're virtually useless. And he said yesterday that
half around half had been destroyed. That's an impressive pace,
given that that mission appears to have lasted something like
two three days. So at that current rate, if a
(01:33):
kin continues and succeeds, by the Israeli account, presumably the
Uranians may not have any launchers left by the end
of the weekend. So these Raeli seem fairly upbeat, despite
extraordinary damage to the home front from these missile strikes
so far, including one on a hospital in southern Israel.
Low casualty count relatively because many of the patients were
moved out in advance, but nonetheless quite jarring for Israelis
(01:57):
to see that hospital hit dan.
Speaker 5 (01:59):
What do we know about the timetable for President Trump
to decide whether or not to strike Iran?
Speaker 4 (02:04):
Well, as you wisely noted, the phrasing appeared to be
very deliberate, as given by our Press Secretary of the
White House yesterday, within two weeks, not two weeks from now,
Within two weeks which in theory could be two weeks
from now. It could also be two minutes from now.
So I think there's a degree of tactical operational hayze. Here.
It appears that the Americans to a degree assisted the
(02:26):
Israelis in the initial ruse that allowed the Israelis to
drop the Iranians guard and launch this attack a week ago. Precisely,
you'll note that right before that attack, President Trump was
speaking up the prospect of a diplomatic solution, saying he
wouldn't approve or wasn't looking to see Israeli military action,
and then as soon as that was launched, he appeared
(02:48):
to change his tune. Now, that could have been because
of the relative success, as reported to him, of the
Israeli action. It's very hard to know what to make
of these statements. Formally, the Israeli say they would welcome
American involvement. They're willing and able to continue this themselves.
The question is whether indeed the Israeli military has the
firepower to handle a specific nuclear site, one very deep
(03:09):
underground in a mountain in an area called foot Doh.
Many speculate that for all its aptitude, for all its virtuosity, operationally.
The Israeli military is too lean, too small. It simply
doesn't have the lift that the usfls would have to
bring in very heavy bombs and finish that job.
Speaker 2 (03:27):
So Dan, is that I mean, that's kind of been
the reporting here that you know, what is needed by
or from the Americans.
Speaker 3 (03:34):
Is this you know, kind of.
Speaker 2 (03:36):
Buster bomb that can really go deep underground and get
to this facility. Is that all that's left for the
Israelis visa VI the Iranian nuclear capabilities?
Speaker 4 (03:48):
Well, daily we hear of new nuclear sites that were hit.
Some of them are primary sites, some of them are
secondary sites to a nuclear program that may, indeed, and
the right Ranians for who said this have purely civilian components.
Although Israel and the international community have long bit suspicious
of the rate and the intensity of uranium enrichment, this
(04:08):
is a program that can produce bonds fuel for nuclear
weapons if enriched to beyond a certain point. So it
appears that the Israelis, absent and intervention by the Americans,
are demolishing everything they can in that nuclear program. While
also addressing Iran's missile program.
Speaker 5 (04:25):
Talk to us about how Israeli officials are warning that
iran Is hijacking security cameras to spine on them.
Speaker 4 (04:32):
Yes, it's a very interesting story by my colleague Marissa Newman.
I recommend it. It would appear that the Israelis, who
apparently had a foreshadowing of this with Hamas attacks from
the Gaza Strip. Hamass is a Palestinian group ally to Iran.
As we all know, these are ubiquitous to these security systems,
many of them linked up through Bluetooth. You can see
(04:52):
what your security camera sees on your phone sometimes if
you're away from your home, and that is not a
very secure system. So it appears these it is a
now warning that the Iranians have hacked into these systems,
which gives them a live view of certain key points
in Israel, certainly Israeli cities that they have been targeting
with their missiles, and gives them a real time targeting
(05:13):
set of information, something that might allow them to adjust
their aim or know if they've been successful in hitting
the targets. Obviously, as in any war, each side would
want to conceal from the other such information. It would
appear that the Iranians have used off the shelf, very
cheap technology to achieve that kind of critical information.
Speaker 3 (05:32):
Dan, thank you so much.
Speaker 2 (05:33):
We really appreciate your reporting on the ground from Jerusalem.
Dan Williams, reporter Bloomberg News, giving the latest on Israeli
Iranian situation.
Speaker 1 (05:46):
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 (05:59):
David Katz is an a Chief investment officer Matrix Asset Advisors. David,
what's the conversation you're having with your clients these days?
They've kind of been whipsaw, but then you kind of
look back and we're right where we started the year.
Speaker 6 (06:13):
That's a great summary. Basically, our expectation going into the
year was that it was going to be less lucrative
than twenty twenty three and twenty four, but with a
lot of volatility. So we're getting that. The key to
investment success this year is not to get overly obsessed
with the very short term. You've got a lot of
overhangs right now that could drive the market down five
or ten percent pretty quickly. But we do think the
(06:35):
general economy is Okay. Businesses are doing okay, and when
all is said and done, the market's going to have
an about average year. So the key is turned the
volume down, be patient, not get caught up in the
day to day volatility.
Speaker 5 (06:48):
Okay, David, So how do you treat this? What specific
stocks are you buying?
Speaker 6 (06:54):
So that's an interesting thing. Right now, the market is
at about twenty two times earnings, but there are many,
many pockets some stocks that are undervalued. So we're out there.
I'm very happy if you can buy something at ten
to fifteen, sixteen times z earned as you're going to
do real well. To give you just a big picture
list and then we can focus in on things things
like American Electric Power, Apple, five Serve, Qualcomm. We're all
(07:17):
really good businesses at very attractive prices. Pepsi is at
one of the best prices it's been at probably in
the last ten years, and you're getting a four and
a half percent yield while you're waiting. So lots of
things out there that are real good right now. You
just have to have some patients and use a six
to twelve month timeframe, not try to trade for the
very short term.
Speaker 2 (07:35):
You mentioned pepsi and the dividend yield is that something
dividends and yields is that something investors should be maybe
I guess paying more attention to, given that there are
so many crosswinds out there this year that this year
may be at best an average year for returns. Are
dividends something that I don't know, Maybe people historically haven't
paid attention to, but maybe they should.
Speaker 6 (07:55):
Well, they definitely haven't paid as much attention in the
last few years, and we think that they should. We
think that that's an area of the market that's got
great opportunity and interestingly and importantly, it tends to be
a lot more conservative and protect capital during difficult times.
So if you're worried about the ups and the downs
of the market, buying high dividends stocks as a way
to get a good absolute return and get paid while
(08:17):
you wait. So we think that's a really good approach
and think that's the place that you want to be
right now. And Pepsi has a great example of that.
Stock has done really poorly year to date, So if
you're getting in on it now, you're getting a very
good yield wall you wait. We think they're going to
fix the short term problems the stocks at sixteen and
a half times earnings, generally sales North at twenty times earnings. Interestingly,
if you look at PEPSI versus Coca cola, PEPSI is
(08:39):
three standard deviations cheaper than it normally is versus Coca cola.
Typically that's not going to last very long.
Speaker 5 (08:46):
How do you view more of the riskier corners of
the market, whether you're thinking about particular small cap stocks
or read balance sheet stocks, and even if you're thinking
about nonprofitable tech. Obviously they saw a big move from
those April lows, but are there any pockets there that
you're buying?
Speaker 6 (09:02):
So in terms of small cap stocks and aggregate, they've
underperformed the large cap stock market for the last three
to five to ten years, so we do think that
there is an opportunity there within that we would either
focus on buying a small cap index at Russell two
thousand or an s A P six hundred as a
place to go. And if you're buying individual small cap names,
(09:23):
it's very important to focus on strong balance sheets companies
that are profitable, because when you're buying small caps in
a economy that's going a little bit iffy in terms
of tariffs. You don't want to get the whold caught
holding something with a lot of debt that really could
get hurt very badly. So either strong balance sheets, or
focus on strong balance sheets profitable or focus on the indexes.
Speaker 2 (09:44):
You mentioned David Apple, and there's a name that everybody
probably owns, whether they know it or not. Yet stock
US down fifteen percent year today, which is we don't
typically see that kind of underperformance from Apple. What's what
do you think is the bowl case in the short
to meet a term for Apple.
Speaker 6 (10:01):
Well, the underperformance lies the opportunity. We've been liking some
of the Max seven that have not done well at
the beginning of the year, and all of a sudden
they've rebounded very nicely. Whether it's a Google or a
Microsoft or an Amazon. We think that Apple's in that
same situation. So short term, Apple has some issues. They
really have been very late to the game in terms
(10:22):
of AI and in terms of their last meeting. It's
going to take a lot longer than anybody would like. However,
they still have a dominant market share. They're going to
get AI right. Wall Street and the investment community likes
to own this stock, so we think it's in a
trading range of about one hundred and ninety to two
hundred and fifties. You're getting at the lower end of
that trading range. You just want to look out six
(10:42):
to twelve months. Something better will be happening in Apple
great balance sheet and they will get it right. This
is the time to get involved with it.
Speaker 3 (10:49):
David, thanks so much for joining us. Really appreciate it.
Speaker 2 (10:51):
David Kat's President, Chief Investment Officer, Matrix Asset Advisors.
Speaker 1 (10:54):
This is the Bloomberg Surveillance Podcast. Listen live each weekday
starting at seven am 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 (11:11):
When else at the Chase Manhattan back we get a
big trade finance group.
Speaker 3 (11:14):
I never hung out with those.
Speaker 2 (11:15):
People really want make me some serious stuff, and some
people do it very well, like our next guest at
Lisa Russonov, CEO of l Tech, which is a technology
company that works with folks in the trade finance business.
Speaker 3 (11:28):
Global trade.
Speaker 2 (11:30):
I don't know, I guess all we know about global trade.
These days, is tariffs and how that's impacting global trade.
Speaker 3 (11:37):
How's that impacting your business?
Speaker 2 (11:38):
Talking to the people that actually provide credit for people
who trade goods and services around the world, just.
Speaker 7 (11:45):
Like, well, first of all, we're to be back, thanks
for having me back. First of all, I think it's
the same issue as all the other lenders, all the
other private credits providers and players in the markets. You're
kind of facing both sides. You're facing uncertainty and economy,
so you're basically facing the credit spread risks. The spreads
are going off, the banks have become a little bit
(12:05):
more conservative in terms of their credit box. But also
on the other side, productivity and AI automation the technology
that could streamline the entire process of credit underwriting. So
there's challenges and there's opportunities. So we're facing the same
kind of risk and trade finance, And honestly, the trade
finance space is usually booming in terms of volume just
(12:26):
because of there's a lot of liquidity to gaps in trade.
So as a customer, for example, you have to pay
your vendors in advance, so you needed money for that,
you needed liquidate for that, but also you're getting paid
by your customer actually on longer terms as well, so
day's DSO day sales outstanding is actually increasing in the
(12:46):
events of uncertainty. So this is where the lenders come in.
They underwrite the credit, they understand the liquidit and needs,
and they actually provided that credit.
Speaker 5 (12:55):
Private credit's been such a hot corner of the market.
I know, Paul, you've talked about how in another life, Yeah,
you were sure I could jump back in and be
in that quarter of the market. I'm curious when you're
looking at private credit because so many people have argued,
especially with rates being elevated since twenty twenty two, how
that would hurt that part. But it hasn't just yet.
What is the resiliency there in any sort of pockets
(13:17):
that you're seeing any red flags?
Speaker 7 (13:19):
I think we're not there yet. First of in terms
of inflation, we're still watching what's going to happen with
the economy, just like Ja Powis said this week, and
the raids haven't changed, so we're watching what's going to happen.
So we're not seeing a lot of write offs right now.
We're not seeing a lot of paid in kinds types
of arrangements with the borers, but we're just watching what's
going to happen in the market. And honestly, the specific
(13:40):
news that I'm in, which is trade finance, is a
little bit more specific in terms of its acid based collateral.
It's collateral based kind of lending. It's trade finance which
could be backed by inventory, by receivables. You can get
credit insurance wraps around the receivable, so there's a lot
of structured opportunities that could actually use in the mark market.
(14:00):
So it's not a leverage facility in a sense. It's
always backed by some sort of colado, which really helps.
Speaker 2 (14:06):
In the environment, like what we're in, Geopolitical tensions seem
to be higher now than they've been in a long
time in the Middle East, Russia, Ukraine. Does that impact
I'm guessing there's impacts on global trade, the cost of
global trade, ensuring global trade. Does that come into your
part of the market in terms of providing finance for
these flow of goods and services.
Speaker 7 (14:26):
Yes, absolutely. As a lender, first of all, we have
to be very mindful of various types of sanctions and
fraud risks that are very high in the industry. But
in addition to that, we have to understand the real risks.
So one of the risks is, for example, is trade fraud,
which basically means there is certain different terrorfs on different
(14:48):
countries and different jurisdictions.
Speaker 3 (14:50):
But it's really hard.
Speaker 7 (14:50):
Sometimes to go back in supply chain, to drill really
down and deep in supply chain and understand where the
goods are coming from.
Speaker 3 (14:57):
So a lot of.
Speaker 7 (14:57):
Lenders are seeing certain uptake in terms of trade fraud,
which really means if you're getting products from China, for example,
but they're actually coming from Vietnam with a different certificate
of goods, that's trade fraud.
Speaker 3 (15:11):
But at the end of the day, it's really hard.
Speaker 7 (15:12):
There are different rules of regulations, so it's really hard
to understand the supply chain because from Vietnam we're getting
a lot of textile, a lot of apparel and stuff
like that. So sixty percent of textile to Vietnam is
coming from China. So the supply chain could be various.
Speaker 5 (15:29):
Right, Who's most at risk of trade fraud other lenders.
Speaker 7 (15:33):
Absolutely. There have been quite a couple of cases in
the past, companies like Rensail and Standing a couple of
others that were defrauded by borrowers. So there is a
very high fraud risk. The positive part right now and
same with the economy, I think productivity AI aspiration is
lenders are really trying to get a good tax stack
(15:54):
for credit processes, for operations, for back office processes. Because
trade finding specifically has a lot of trade volume, which
basically means a lot of transactional volume, details, operational logistics,
and things of that nature. So AI can actually do
full stack analysis, full volume analysis of the entire transactional volume,
and do predictive analysis as well, which basically means understand
(16:17):
the patterns, and the patterns could be credit credit or
they could be fraud, that could be operational risks, that
could be terrorf risks, and other types of operational uncertainties.
Speaker 3 (16:27):
Who are the big trade lenders today?
Speaker 2 (16:29):
Is it the JP Morgan's of the world, the city
banks of the world. Who does that stuff now?
Speaker 7 (16:33):
Actually it's different in different economies. So in Europe it's
more about banks, and UK it's more about banks. In
the US it's a really interesting market. So twenty twenty
four last year, I'm actually seeing a lot of decrease
in terms of bank lender finance for trade finances specifically.
I believe in the numbers, you know, south of twenty
percent decrease, and for non bank lending sector, it's actually
(16:56):
an uptake of twenty.
Speaker 3 (16:58):
Five plus percent credit.
Speaker 7 (17:00):
It's private credit and straight it's factoring company is privately held,
it's not a regulated business. So there's a lot of
non bank lending groups and private credit funds and factoring
companies and supply chain finance companies and FinTechs that are
actually adding a lot of volume. So there's a lot
of money in the economy, a lot of hedge funds
like Millennium and Baliazi and now there is there raise
a lot of money for trade finance strategy, millions of dollars.
(17:25):
So at this point, actually the processing.
Speaker 3 (17:29):
So you can out more.
Speaker 5 (17:30):
We'll talk to us about near shoring, what it is
and some of the issues there.
Speaker 7 (17:35):
Absolutely, so a lot of lenders are actually paying a
lot of attention right now. First of all diversification of vendors,
but second of all is near shoring. So even with
government receivables.
Speaker 3 (17:47):
Sphere, we have to.
Speaker 7 (17:48):
Understand where the venor the supply the supplies are coming from.
We have to understand what the risks are. We have
to understand where the supplies are coming from. So for lenders,
it's actually an additional layer of underwright and manual processes that
have to be underwritten to understand the risks. Absolutely, just
like any other you know, public market investment professionals, we're
(18:11):
trying to understand the risks and trying to mitigate risks
because we have fiducial responsibility to our LPs and investors. Right,
So yeah, reassuring is what are the things a lot
of lenders are looking into when trying to lend the money.
Speaker 2 (18:23):
What's the biggest risks to the trade finance business? I
mean I could see a million of them. I mean fraud,
I mean because you're dealing with buyers and sellers all
over the world, crazy parts of the world. I mean,
what are the big risks I guess for the trade
finance business.
Speaker 7 (18:37):
If you decided to change professions exactly, you're pretty good
of that. And you're absolutely right. There's literally hundreds of
different types of risks in the in the lended space,
in the trade find space. First of all, it's KYC
and k KYB, no customer know your business and O
fact TEX and sanctions and understanding supply chains, understand diversification
(18:58):
of vendors, so you don't find yourself in this situation
like the COVID. You know, lockdown and shut down the
supply chains. But obviously credit risk are one of the risks, right.
The spreads are going up in this economy. There's a
lot of uncertainty, so that's why the non banking lending
sector is actually trying to capture that low middle market
(19:19):
that the banks are really not advancing against. I would
say probably the biggest risk is fraud by far, and
it could be so creative. It could be invoice driven,
and it is driven. Jurisdiction is driven, supply chain driven,
et cetera.
Speaker 2 (19:32):
All right, Atleasta, we learned something new every time you
come in here at liasa us Off, CEO of l Tech.
Speaker 1 (19:40):
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 (19:55):
It is time for the newspaper segment with Lisa Mataylors.
Speaker 3 (19:59):
So what do you have first today?
Speaker 8 (20:00):
Okay, this is a story about side hustles. We hear
a lot about it, right, So in the past it
was a way for people to kind of pursue your passion.
But now what the Wall Street Journal is saying is
that it's a lot more about necessity. People are doing
it because they have to do it, not because they
really love it and want to. So you had the
Labor Department data show that working Americans holding now multiple jobs.
It rose up to five point five percent during the
(20:21):
first five months of the year. And then you have
this report from Indeed that says more than half of
people said that they have side hustles just to make
ends meet. So you see like this shift that's going on.
The different kinds of jobs are working. They're either driving
for door Dash, maybe they're freelancing for Fiver, they're DJing,
they're being a nanny on like chickens and Nights, So
(20:43):
they're doing, you know, a lot of different things. I
personally always worked a second job until I got it.
Speaker 2 (20:47):
Yeah, so you got to say, so when you were
picked eleven another gig I.
Speaker 8 (20:52):
Did well, I alway said, like another TV show.
Speaker 6 (20:54):
So I was always like doing like.
Speaker 3 (20:56):
Multiple things at once.
Speaker 5 (20:57):
Yeah, those gigs are very demanding.
Speaker 2 (21:00):
You're going to any Starbucks in anywhere in USA. What
are all those people doing there on their laptops? I
don't know, but I think that's powering part of the economy.
Speaker 8 (21:08):
I think you know, no, most definitely, So a lot
of people don't because they have to understood.
Speaker 3 (21:13):
Have you been to a JFK recently?
Speaker 8 (21:16):
Because yesterday was another lounge that opened for premium travelers.
This one is from Capital one, right. The lounges are
all the thing now, right, So this one is thirteen thousand,
five hundred square feet. It's the lower level Terminal Force
retail area kind of has that New York theme because
it's at JFK. It doesn't have a restaurant, but it
has things like coffee bars, cheese stations, you know, expresso
(21:38):
area with hottails, you can order private bathrooms.
Speaker 3 (21:41):
Shout to the new JFK. I have a big chao.
I'm also not like the not the lounge.
Speaker 5 (21:48):
Well, I don't get there early enough to get to
a lounge. I'm the type of person that's like the
left straight is running through. If I didn't have that
pre check, I would have missed so many flights at
this point.
Speaker 3 (21:58):
So I mean I hear great things about that. JFK.
Speaker 2 (22:00):
Luncheon Capital One. I mean what I hear from the
banks is branches. They have like our Capital One done
in our building here on lexint Amnue.
Speaker 3 (22:07):
It's not so much a branch. It's basically a big billboard.
Speaker 2 (22:11):
It just said we're here, we're in the marketplace where
here's our It's instead of having a billboard, we have
a branch on the corner.
Speaker 3 (22:17):
That's kind of what I like.
Speaker 8 (22:18):
So that's why they have like coffee shops things like
that and just put the name out there. What said
this one apart though, what's different is that anyway, even
if you're not a Capital On card holder, you can go,
but you have to pay about ninety dollars each time
we go. So that's the thing. So there is a
big event reportedly happening next week. It's the wedding between
Jeff Bezos and Laurence Sanchez reportedly in Venice.
Speaker 3 (22:42):
Wow.
Speaker 8 (22:42):
They hired the wedding planner that planned George Clooney's wedding
right back in twenty fourteen. Solid there multi day celebration
taulty day, Yes, multi day, but the details are really
under wraps. So the wall Street Journal talks to some
experts because it's this trend of super weddings, right, people
going over the top with these ginormous weddings. They say
(23:04):
that a multi day luxury wedding with two hundred guests
can now cost them a couples about four million dollars
because they have like caterers that are hiring food stylists,
you have bartenders hiring mixologists, you have million dollar DJs.
Speaker 3 (23:17):
People can really crazy.
Speaker 7 (23:19):
We don't live these lifestyles.
Speaker 2 (23:21):
Jeff Bezos, he's living large. Boy, He's tell you he
stepped aside from that company and he's spending his money.
Speaker 3 (23:28):
Well, he's loving life. But what they're saying, I want
to see that invite list. Oh my gosh, this.
Speaker 4 (23:37):
Secretive.
Speaker 8 (23:37):
I know, it's funny, it's so secretive. And what they're
saying is that a wedding in Venice is more expensive
because all this stuff have to be like shit, go
from boat, so then you need more people to work it,
and then it's more expensive because of all that. So
it's they say it's a logistical nightmare. But I'm sure, Hey,
everything that's going to turn out just fine.
Speaker 2 (23:55):
All right, Well, I'm very happy for Jeff Bezos and
Lauren Sanchez.
Speaker 3 (23:58):
Hopefully they'll have.
Speaker 2 (23:59):
A lovely wedding there. Lisha Miteyo with the newspapers. Thank
you so much. We appreciate that.
Speaker 1 (24:05):
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 and
(24:26):
always on the Bloomberg terminal
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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!
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