Wealth Tax Debate, Midterm Investing, AI Anxiety

[00:00:00] Speaker 1: Bloomberg Money? [00:00:30] Speaker 2: THANK YOU VERY MUCH. GOOD NOON, EVERYONE. BLOOMBERG MONEY ON PERSONAL FINANCE, RETIREMENT AND OILTH MANAGEMENT OF SOMEHOW GETTING THROUGH THE WEEK. I AGED YESTERDAY. [00:00:50] Speaker 3: ONCE AGAIN, TODAY IT SEEMS LIKE WE ARE HEALING A LITTLE BIT AS WE HAVE FOR THE LAST FIVE YEARS. IT FEELS LIKE WE ARE IN A NEW PHASE NOW WHERE THINGS ARE [00:00:56] Speaker 2: GETTING REALLY MESSY, REALLY VOLATILE. WE DON'T KNOW IF THERE IS A BUBBLE OR PEAKED ALREADY. WHAT DO WE HAVE? WE HAVE WHITNEY TILSON, EDITOR OF STANSBURY RESEARCH. WE WILL TALK HEDGE FUND TALK, MAG 7 TALK, BUT ALSO SCARLAND SINCE WE TALKED TO HIM ABOUT HIS PUBLIC SERVICE, A MAYORAL [00:01:14] Speaker 3: CANDIDATE AGO IN THE NEW YORK CITY. HE ALSO HELPED FOUND TEACH FOR AMERICA AS WELL. WE'VE GOT STEPHANIE GILL, THE CHIEF INVESTMENT OFFICER AT ROBIN HOOD ON HOW THE DIGITAL NATIVES, THAT IS GEN Z, ARE [00:01:27] Speaker 2: USING AI TO HELP MANAGE THEIR INVESTMENTS. WE WANT TO TALK ABOUT WHAT'S GOING ON IN THE OTHER ASSET CLASSES. IT'S BEEN ALL OVER THE PLACE WITH A NICE RECOVERY THIS MORNING. AT ONE POINT I SAW THE NASDAQ GREEN ON THE SCREEN. YOU STILL HAVE THAT RIGHT NOW UP A NICE 6/10 OF A PERCENT. THE VIC IS OUT OVER 20 EARLIER. [00:01:44] Speaker 3: 20 IS LIKE THE NEW 30. BELOW 20 RIGHT NOW. LET'S TALK ABOUT WHAT'S GOING ON IN THE OTHER ASSET CLASSES. AS STOCKS LOOK TO FALL FOR THE WEEK, THE 10-YEAR YIELD IS MOVING HIGHER. LOOK AT THAT. IT IS BELOW 5%. AND, OF COURSE, WE'RE DAYS AWAY FROM THE NEXT FED DECISION. THE DOLLAR MOVING UP MARGINALLY. IT PEAKED IN EARLY OCTOBER. IT HAS STALLED IN THE LAST TWO WEEKS. AND, WTI, CRUDE OIL, NOW 1:03 A BARREL OR JUST ABOUT. WE'RE LOOKING AT FOUR STRAIGHT WEEKS. [00:02:11] Speaker 2: AND, BRETT CRUDE WITH THAT 1:16 PRINT END OF THE WEEKEND. YOU KNOW, FROM ISTAMBUL DOWN TO DUBAI, WHAT OUR TEAM IS DOING ON IRAN AND THE PRISIAN GOLF WILL BE CRITICAL THIS WEEKEND AS WELL. WE NEED TO DRIVE A CONVERSATION FOR YOU ON THIS FRIDAY. WE DO THAT WITH JOE WEISENTHAL. HE'S CO-HOST OF ODD LOTS PODCATS WITH TRACY ALLOY. NIKKI WALLER HERE, ALWAYS DRIVING FORWARD OUR MONEY COVERAGE WORLDWIDE. AND, DAVID, MIDTERM, GERA IS HERE. ARE YOU GOING TO KANSAS? [00:02:41] Speaker 4: I WILL BE RIGHT HERE ANCHORING LATE IN THE EVENING AND PROVIDING UPDATES ON THE HOUSE RACES. [00:02:47] Speaker 2: SERIOUSLY, NOT A JOKE, LATE INTO THE EVENING IS REALLY GOING TO MATTER. [00:02:50] Speaker 4: MIDNIGHT TO TWO. STAY UP LATE, TOM. [00:02:52] Speaker 2: WE'LL HAVE TO SEE THAT. JOE WEISENTHAL IS WITH US. THIS IS HIS FIRST TIME WITH US. WE TALKED TO HIS PEOPLE. AND THEY SAID, YEAH, OKAY, WE'LL TRY IT. WHY IS JOE WEISENTHAL HERE? HEADLINES USED TO BE STOCKS ARE UP TODAY. AND THEN A KID DOWN IN TEXAS, A COUPLE YEARS OUT OF TEXAS SAID STOCKS GO GREEN. THAT'S WHAT JOE WEISENTHAL CHANGED IN BUSINESS JOURNALISM. TANKING MARKETS WAS AN ORIGINAL JOE WEISENTHAL HEADLINE. MY FIRST QUESTION TO YOU, I'VE NEVER SEEN A FIREHOSE OF DISTRACTION AND NEWS AND EMOTION AS WE HAVE RIGHT NOW HOUR TO HOUR, DAY TO DAY. HOW DO YOU ADAPT TO THE FIREHOSE OF NEWS THAT WE DIDN'T KNOW WHEN WE WERE YOUNGER? [00:03:31] Joe Weisenthal: I BUILD AN AI BOMB THAT SCANS IT ALL FOR ME AND TELLS ME WHAT ACTUALLY MATTERS. THIS IS -- CAN WE TALK ABOUT THE PHENOMENON OF THE FIREHOSE FOR A SECTION AND THEN MAYBE WE CAN ACTUALLY GET INTO SOME OF THESE HEADLINES AND WHAT ACTUALLY MATTERS. THE AI PHILOSOPHERS, THEY TALK ABOUT THIS IDEA OF THE SINGULARITY. AND WHAT THEY MEAN BY THAT IS THAT TIME IS SPEEDING UP, RIGHT? AND SO MILLIONS OF YEARS AGO, YOU KNOW, HUMANS LIKE WENT FOR A MILLION YEARS. THEY ONLY CAME UP WITH ONE. [00:04:02] Speaker 2: I THOUGHT YOU WOULD SAY CLEAN SHAVEN IN TEXAS. [00:04:05] Joe Weisenthal: A MILLION YEARS. THERE WAS A PERIOD OF TIME IN HISTORY ON EARTH WHERE THERE WAS ONLY ONE INVENTION AND THERE WAS THE HAND ACT. IT WENT THROUGH LIKE A MILLION YEARS. AND THEN IT'S LIKE, OH, MAYBE THEN A MILLION YEARS LATER THEY FOUND A SECOND INVENTION, RIGHT? THE SPREAD -- THE SPACE BETWEEN NOVEL DEVELOPMENTS KEEPS GETTING SHORTER AND SHORTER. THIS IS THE -- THIS EVEN PRE-AI. THE SPACE BETWEEN IMPORTANT THINGS THAT HAPPENED HERE ON EARTH KEEPS GETTING SHORTER. AND WHAT WE'RE SEEING, AGAIN, AI ASIDE, IS THAT IF YOU JUST COUNT THE NUMBER OF THINGS THAT MAYBE WE WOULD CALL RED HEADLINES THE THINGS THAT CATCH YOUR ATTENTION, THEY SAY WE SHOULD TALK ABOUT THIS, ARE HAPPENING SO FAST NOW THAT IN A GIVEN DAY -- AGAIN, WE WENT A MILLION YEARS. ABSOLUTELY OVERWHELMING. AND NOW ON A GIVEN DAY, WE MIGHT GET A HUNDRED HEADLINES THAT IF WE HAD THE MENTAL CAPACITY, WE WOULD [00:04:56] Speaker 2: TALK ABOUT IT. [00:05:06] Speaker 3: I ENVY NIKKI WALLER, WHO GETS TO DO A STORY AND PLAN IT FOR THREE WEEKS. WITH ALL THESE DEVELOPMENTS THAT YOU'RE REFERRING TO, THEY ALL COME BACK TO A HANDFUL OF COMPANIES. THEY'RE THE BIG TECH COMPANIES THAT WE'RE ALL AT THIS POINT OVEREXPOSED TO. NIKKI, I KNOW YOU'RE THINKING A LOT AND WRITING A LOT ABOUT CONCENTRATION TO TECH THAT WE ALL HAVE. [00:05:19] Speaker 6: YEAH, THIS IS SOMETHING THAT INSTITUTIONAL INVESTORS ARE LOOKING AT, BUT IT'S ALSO SOMETHING THAT INDIVIDUALS SHOULD BE THINKING ABOUT AS WELL. WE ALL THINK THAT WE'RE IN INDEX FUNDS. WE'RE DOING THE RIGHT THING. WE'RE DIVERSIFIED. BUT ACTUALLY, THOSE INDEX FUNDS ARE REALLY MAKING A BIG BET ON A SMALL NUMBER OF U.S. TECH COMPANIES. AND WE ARE PUTTING OUT A PODCAST CALLED THE PORTFOLIO RESET THAT HAS BEEN LOOKING AT THIS. IT'S A LITTLE BIT OF A HOW-TO WITH MARIN WEBB AND IS KIND OF DIVING IN USING THE SPACEX MOMENT AND OTHER THINGS. [00:05:49] Speaker 2: WHAT DO YOU RESET TO? WHAT DOES MARIN SUGGEST THAT WE RESET TO FROM A GIVEN 54% OF A PORTFOLIO IN SPACEX? [00:05:58] Speaker 6: WELL, WE ABSOLUTELY DO NOT GIVE INVESTMENT ADVICE HERE AT BLOOMBERG, BUT WE ARE TELLING PEOPLE TO UNDERSTAND WHAT THEY'RE HOLDING AND GET UNDER THE HOOD. AND WHAT YOU THINK MIGHT BE REALLY DIVERSIFIED IS LESS THAN YOU IMAGINE. [00:06:11] Speaker 2: SO YOU KNOW THAT I'VE BEEN RECOMMENDING THE TRIPLE LEVERSAL CASH FUNDS. [00:06:15] Speaker 4: I'M IN. I'VE BEEN IN FROM DAY ONE. [00:06:17] Speaker 6: ALSO YOU BUY THE BIKE RACKS AFTER WORK, TOM. [00:06:19] Speaker 3: SO, JOE, I LOOK AT WHAT'S HAPPENING IN THE MARKETS AND THE AI TRADE IS KIND OF WOBBLY, CERTAINLY. AND BONDS KIND OF SEEM TO BE WORKING AGAIN AS A HEDGE FOR NOW, RIGHT? THE FLIGHT TO SAFETY IS OVERWHELMING THE U.S. FISCAL CONCERNS. SO, IT FEELS LIKE TREASURIES COULD BE AN ANTI-AI TRADE. [00:06:36] Joe Weisenthal: THIS IS SO IMPORTANT. THINK ABOUT, LIKE, TWO MONTHS AGO OR A MONTH AGO WHEN, LIKE, RATES WERE SHOOTING UP. AND WHAT WERE PEOPLE SAYING? OH, WE'RE REALLY WORRIED ABOUT, LIKE, FISCAL DOMINANCE. WE'RE REALLY WORRIED ABOUT THE SIZE OF THE NATIONAL DEBT, ETC. DID SOMETHING CHANGE IN THE LAST TWO WEEKS THAT SUDDENLY THE NATIONAL DEBT WENT DOWN? NO. CLEARLY NOT. WHAT DOES THAT TELL US, THEREFORE, IN RETROSPECT, THAT ALL THOSE STORIES ABOUT HOW IT HAD TO DO WITH THE NATIONAL DEBT OR WHATEVER WERE WRONG? WHAT WAS CORRECT, WHAT I BELIEVE IS OBVIOUSLY CORRECT, IS THAT WE HAVE THIS EXTREMELY INTENSE INVESTMENT INTENSE CYCLE. THERE'S A LOT OF MONEY BEING SPENT. THAT CREATES AN INFLATIONARY IMPULSE. WHEN YOU HAVE AN INFLATIONARY IMPULSE, THAT ALL THINGS EQUAL MEANS THE FED HAS TO RAISE RATES. WHEN THESE STRUCTURAL DRIVERS OF SPENDING, AND AI IS JUST ONE OF THEM, ARE EXPECTED TO GO ON FOR A LONG TIME, RATES ARE GOING TO BE HIGH FOR A LONG TIME. [00:07:30] Speaker 2: HE THINKS IT'S A 52-MINUTE ODDLOT PODCAST, DOESN'T HE, HERE? LET ME JUMP IN. YOU MENTIONED FLIGHT TO SAFETY. WHAT'S THE GOP FLIGHT TO SAFETY GIVEN 11 DAYS TO THE ELECTION? [00:07:40] Speaker 4: I THINK THINGS ARE LOOKING PRETTY BLEAK. YOU HAD THE PRESIDENT IN IOWA LAST NIGHT. HE WON THAT STATE IN 2016, 2020, AND 2024. SO WILD TO SEE HIM THERE DELIVERING A STEM SPEECH FOR THE REPUBLICAN CANDIDATE. LOOK, THERE'S VERY LITTLE THAT HE CAN DO TO CHANGE THE NARRATIVE HERE 11 DAYS OUT FROM THE MIDTERM ELECTIONS. AND I THINK A LOT OF REPUBLICANS ARE TRYING TO PLOT A PATH FORWARD HERE. BUT YOU LOOK AT THE COOK POLITICAL REPORT, MOVING MORE DEMOCRATS INTO THE LIKELY CATEGORY IN THE HOUSE. THANK YOU. I WANT TO TALK ABOUT THAT. I'VE GOT TO TALK ABOUT THE FRUSTRATIONS OF THIS HOUSE SPEAKER DEALING WITH A VERY SLIM MAJORITY. WHERE IS THE HOUSE SPEAKER? WHERE IS THE HOUSE SPEAKER? HE IS MEETING WITH HIS CAUCUS, TRYING TO PLOT A PATH FORWARD HERE. [00:08:17] Speaker 3: AGAIN, TOM, IT'S NOT LOOKING LIKE THERE'S MUCH THAT THEY CAN DO HERE LESS THAN TWO WEEKS OUT. AND, OF COURSE, SOME STATES ARE ALSO GOING TO BE VOTING ON ONE-TIME BILLIONAIRES' TAXES, LIKE IN CALIFORNIA. IT'S KIND OF PICKING UP STEAM, ISN'T IT? OUR LISA BROMWITZ TALKED WITH THE CEO OF UNITED AIRLINES, WHO KIND OF GAVE HIS ENDORSEMENT TO THE IDEA THAT MAYBE A NATIONAL WEALTH TAX WOULDN'T BE A TERRIBLE IDEA. FASCINATING. [00:08:35] Speaker 4: BUILDING ON THE WORK OF OUR FORMER COLLEAGUE, JORDAN HOLLMAN, WHO SAT DOWN WITH SCOTT KERBY, LISA ASKING ABOUT THIS, AND HE FLOATED THE IDEA THAT HE WOULD BE FINE WITH IT. IT WOULD BE OKAY FOR HIM TO HAVE IT. HE SUGGESTED IT BE DONE AT A NATIONAL LEVEL, AND I THINK THAT'S THE MOST FASCINATING FACET OF WHAT HE SAID. I THINK HE'S IN PALO ALTO. MAYBE, INDEED, HE WOULD MOVE. THAT WOULDN'T HAPPEN IF WE WERE NATIONAL. [00:08:58] Speaker 2: YOU READ MY SCRIPT. JOE WEISENTHAL, MARK ZUCKERBERG, I'M HAVING A TANTRUM, I'M LEAVING CALIFORNIA. YEAH. WHAT DO WE LEARN FROM THIS RECAPITALIZATION OF FACEBOOK? I THINK -- WELL, YEAH. [00:09:08] Joe Weisenthal: SO, THE KEY THING HERE IS THAT -- WELL, TWO THINGS. THEY NEED MORE CASH. EVERYONE NEEDS MORE CASH. WE ALL KNEW THAT. WE ALL KNEW THAT. AND HE DOESN'T WANT TO DILUTE HIS VOTING POWER. THAT'S REALLY IMPORTANT FOR HIM. SO THOSE ARE THE TWO THINGS WE LEARNED. BUT ON THE SUBJECT OF THE WEALTH TAX, I WOULD SAY TWO THINGS. THERE IS NO DOUBT IN MY MIND THAT ACROSS THE "WESTERN WORLD," ET CETERA, THAT WE'RE GOING TO NEED TO FIND SOME WAY TO TAX WEALTH. OTHERWISE, THE ONLY PEOPLE WE'RE TRYING TO BUILD AN ENTIRE TAX BASE ON W-2 WORKERS. THAT'S NOT WORKING. THAT'S NOT SUSTAINABLE, OBVIOUSLY. BECAUSE WEALTH IS SUCH A DRIVER OF PEOPLE'S ABILITY TO CONSUME AND SO FORTH, WE'RE GOING TO DO IT. WE'RE GOING TO HAVE TO FIND A WAY TO DO IT. BUT CAPITAL MOBILITY IS A REAL THING. WE MIGHT COMPLAIN AND SAY, MARK, YOU'RE GREEDY. WHY YOU WOULD LEAVE FLORIDA? YOU WOULD LEAVE CALIFORNIA, ETC. CALL THEM GREEDY ALL YOU WANT. IT DOESN'T CHANGE THE REALITY. [00:10:01] Speaker 2: NOBODY CARES. WHAT WE CARE ABOUT IS THIS. YOUR FAMILY'S HERITAGE AT THE UNIVERSITY OF TEXAS. CAN YOU SEE MARK ZUCKERBERG IN TEXAS? IT'S REALLY HOT. [00:10:09] Joe Weisenthal: THIS IS WHAT PEOPLE DON'T GET ABOUT TEXAS. I LOVE TEXAS. BUT I THINK PEOPLE MOVE THERE FROM CALIFORNIA AND THOUGHT, OH, IT REALLY IS HOT HERE. IN OCTOBER. [00:10:19] Speaker 6: I WILL SAY, TOO, I THINK THESE ARE BOOM TIMES FOR STATE INVESTIGATORS WHO ARE TRYING TO FIGURE OUT RESIDENCY FOR EVERYBODY. THE TEDDY BEAR TEST. EXACTLY. THE WHAT? THE TEDDY BEAR TEST. [00:10:29] Speaker 3: WHERE IS YOUR TEDDY BEAR? AND THAT DETERMINES WHAT STATE YOU ACTUALLY LIVE IN. HOW DID YOU KNOW I'M A TEDDY BEAR? [00:10:33] Joe Weisenthal: THIS ASSUMES THAT THERE ARE LAWS. WE WERE IN CHICAGO LAST WEEK. AND THE FIRST QUESTION -- WE INTERVIEWED CME CHIEF TERRY DUFFY. THE FIRST QUESTION I ASKED HIM WAS, ARE THERE LAWS ANYMORE? DO WE LIVE IN A WORLD THAT ACTUALLY HAS FINANCIAL REGULATION? BECAUSE IT DOESN'T LOOK LIKE -- TO ME. [00:10:49] Speaker 2: HE SOUNDS LIKE IT'S A PHILOSOPHY CAT. [00:10:51] Joe Weisenthal: LOOK, THERE'S STILL LAWS, BUT THE STATE OF ANY SORT OF ENFORCEMENT OR REGULATION, IT'S SEEN BETTER TIMES FOR SURE. SO, YEAH, YOU CAN -- WHAT STATE DO YOU REALLY RELY ON? MAYBE THERE'S A LAW, BUT SOMEONE ACTUALLY HAS TO HAVE YOU TO ENFORCE IT. [00:11:08] Speaker 2: THANK YOU FOR IN A GREEN COLLAR MATCHING WITH THE SET. AND STYLING IT. GREAT STYLIST. [00:11:13] Speaker 3: JOE WISENTHAL GOING EXISTENTIAL. HE'S THE HOST OF THE ODLOTS PODCAST. AND, OF COURSE, NIKKI WALLER, MANAGING EDITOR FOR MONEY, COVERAGE OF BLOOMBERG NEWS, DAVID GOURA, CO-HOST OF BLOOMBERG THIS WEEKEND. COMING UP, WHITNEY TILSON, EDITOR AT STANSBURY RESEARCH, WHO JOINS US NEXT. [00:11:30] Speaker 2: TEXAS, WHO'S GOING TO WIN YOU? JOE, PLEASE. [00:11:35] Joe Weisenthal: IT'S A FALL. [00:11:40] Speaker 2: BLOOMBERG MONEY, WELCOME. WELCOME TO ALL OF YOU ON PERSONAL FINANCE, ON WEALTH MANAGEMENT, ON RETIREMENT AS WELL. IT'S GOOD TO SPEAK TO SOMEONE, PARTICULARLY AS WE COME UP CLOSE TO THESE ELECTIONS, WHO HAS CHOSEN TO RUN FOR OFFICE. WE'LL TALK TO WHITNEY TILSON ABOUT THAT WITH HIS LATEST RUN FOR MAYOR IN NEW YORK CITY. WHITNEY TILSON, EDITOR OF STANSBURY RESEARCH, WHITNEY, I WANT TO REALLY GET TO THIS WITH THE REGRET AND THE EMOTION THAT'S OUT THERE AT THIS TIME ON THE 12 STOCKS THAT EVERYBODY EITHER OWNS OR DOESN'T OWN. THREE STOCKS, CORE HOLDINGS, APRIL 17, OF 2019. SINCE THEN WITH WHITNEY TILSON, THEY ARE UP 168, 449, 297%. AN AVERAGE OF 305% ON AN ARC OF SIX YEARS, CALL IT. DOUBLE THE 164 OF THE S&P 500. THAT'S NOT BAD. WE'VE GOT THREE GROUPS, WHITNEY, IN THE GAME RIGHT NOW. THEY OWNED THEM AND THEY KEPT THEM LIKE YOU. THEY NEVER OWNED THEM. BUT I WANT YOU TO TALK ABOUT THE REGRET THAT'S OUT THERE IN THE INDUSTRY OF PEOPLE THAT OWN THOSE STOCKS. AND THEN THEY GOT SMART AND THEY GOT RID OF THEM. [00:13:01] Speaker 7: YEAH. WELL, THOSE HAVE BEEN FABULOUSLY PERFORMING STOCKS, AS YOU NOTE. AND I THINK THE KEY TO SUCCESSFUL LONG-TERM INVESTING IS FIND A HANDFUL OF GREAT COMPANIES AND THEN OWN THEM FOR A LONG PERIOD OF TIME. YOU KNOW, THE MARKET IS SO SHORT-TERM ORIENTED. I THINK THE ONLY WAY YOU CAN BEAT IT AS AN ACTIVE INVESTOR IS TO PLAY AN OPPOSITE GAME. LONG-TERM BUY AND HOLD OF QUALITY COMPANIES, LIKE WHAT WARREN BUFFETT HAS BEEN PREACHING. [00:13:25] Speaker 2: LIKE WARREN BUFFETT, AND I KNOW THAT WAS REALLY IMPORTANT TO YOU WITHIN YOUR VALUE, INVESTING. EXCEPT NOW, AS WE TALK TO JOE WISENTHAL, THERE'S A FIRE HOSE OF NOISE, DISTRACTION. YES. MY MORNING PROGRAM, SCARLET'S MORNING PROGRAM, THERE'S TOO MUCH INFORMATION. HOW DO YOU PROCESS IT AND YET HOLD ON TO A GIVEN AMAZON? YEAH. [00:13:44] Speaker 7: WELL, IT'S INTERESTING. WHEN I STARTED MY INVESTING CAREER MORE THAN A QUARTER CENTURY AGO, ONE OF THE CHALLENGES WAS GETTING ACCESS TO INFORMATION. YOU KNOW, LITERALLY GETTING COMPANIES' ANNUAL REPORTS TOOK EFFORT. TODAY, IT'S THE OPPOSITE. AS YOU POINT OUT, IT'S FILTERING. IT'S LIKE DRINKING FROM A FIRE HOSE AND FILTERING THE SIGNAL FROM THE NOISE. SO THAT'S A REAL CHALLENGE. ONE OF THE WAYS I HANDLE IT IS I INVEST WITH A LONG-TERM PERSPECTIVE, TRY AND GIVE LONG-TERM ADVICE, IGNORE THE SHORT-TERM NOISE OF, YOU KNOW, WHATEVER TRUMP'S TWEETING TODAY OR, YOU KNOW, WHAT'S HAPPENING TO OIL PRICES IN THE GULF OF HORMOOZ AND JUST TRY AND IDENTIFY QUALITY COMPANIES THAT I THINK THEIR EARNINGS WILL BE DOUBLE WHAT THEY ARE TODAY IN FIVE YEARS AND THOSE STOCKS ARE GOING UP. [00:14:26] Speaker 3: OKAY, SO STAY SLOW AND STEADY WHEN IT COMES TO YOUR INVESTMENTS. I WANT TO GO BACK TO WHAT TOM WAS SAYING AND YOUR POLITICAL AMBITIONS. YOU RAN FOR NEW YORK CITY MAYOR BACK IN 2025 AS A DEMOCRAT. AFFORDABILITY IS THE NUMBER ONE ISSUE FOR VOTERS THIS ELECTION CYCLE. THE DEMOCRATS SLAMMED PRESIDENT TRUMP'S POLICY DECISIONS SAYING THAT IT'S LED TO MUCH HIGHER PRICES. WHAT'S YOUR RESPONSE TO CRITICISM THAT YOUR DEMOCRATS HAVE NOT OFFERED UP ANY KIND OF DIRECT SOLUTION TO THE AFFORDABILITY CRISIS BEYOND PILING ON DOWN TRUMP? [00:14:56] Speaker 7: YEAH, WELL, I GUESS I WOULD SAY THAT YOUR POINT IS WELL TAKEN, THAT IT'S BEEN MORE CRITICIZING, YOU KNOW, TRUMP'S TARIFFS, THE WAR IN IRAN, BOTH OF WHICH HAVE JACK PRICES UP FOR CONSUMERS. DEMOCRATS HAVE, I THINK, STRUGGLED TO DEFINE A CLEAR MESSAGE. I THINK THAT'S A FAIR CRITIQUE OF THE DEMOCRATIC PARTY. I DON'T THINK IT'S UNREASONABLE TO JUST SAY WE'RE NOT GOING TO DO THESE CRAZY THINGS TRUMP IS DOING. YOU KNOW, BEING LESS BAD IS, I THINK, SOMETIMES IN POLITICS, THAT'S HOW YOU VOTE. I DO WISH DEMOCRATS MADE A MORE POSITIVE CASE. AND THAT'S WHAT I TRIED TO DO AS A CANDIDATE, YOU KNOW, TALKING ABOUT ECONOMIC GROWTH. AND, YOU KNOW, WE DEMOCRATS, I THINK, HAVE BECOME THE PARTY OF REGULATION AND SO FORTH, WHICH HAS, FOR EXAMPLE, CONSTRAINED HOUSING, BIG ISSUE, HOUSING AFFORDABILITY. AND I DO THINK THERE ARE ELEMENTS OF THE DEMOCRATIC PARTY THAT ARE, YOU KNOW, TRYING TO FIX THAT. AND, YOU KNOW, EASE REGULATIONS IN CITIES LIKE NEW YORK, IN STATES LIKE CALIFORNIA, WHERE HOUSING HAS BECOME, YOU KNOW, IMPOSSIBLY UNAFFORDABLE. [00:16:08] Speaker 3: YEAH, HOUSING IS TOP OF MIND FOR A LOT OF PEOPLE. THERE'S ALSO THE WEALTH TAX THAT PEOPLE ARE TALKING ABOUT AS WELL. UNITED CEO SCOTT KERBY IS SAYING THAT HE SUPPORTS A NATIONAL WEALTH TAX. I BELIEVE YOU'RE A MEMBER OF THE PATRIOTIC MILLIONAIRS GROUP. SO YOU BELIEVE IN RESTRUCTURING THE TAX SYSTEM SO THAT THE WEALTHY PAY A GREATER SHARE OF THEIR INCOME IN TAXES. WHAT DO YOU THINK OF A NATIONAL WEALTH TAX? IS THAT SOMETHING YOU ARE ON BOARD WITH? [00:16:29] Speaker 7: YEAH, WHAT I SUPPORTED PROBABLY 15 YEARS AGO, I WENT DOWN TO THE WHITE HOUSE WITH OBAMA, WAS THE SO-CALLED BUFFET RULE, WHICH WAS NOT A WEALTH TAX. BUT IT WAS SIMPLY SAYING WE'VE GOT TO MAKE -- IT WAS A GROUP OF US. I STOOD NEXT TO MY SECRETARY AND POINTED OUT THAT AS A MILLIONAIR HEDGE FUND MANAGER, I WAS PAYING A LOWER TAX RATE THAN MY SECRETARY. AND SO IT WAS A CALL FOR A MINIMUM TAX ON THE UBER WEALTHY. AND I STILL BELIEVE THAT'S THE CASE. I THINK CALIFORNIA'S WEALTH TAX, FOR EXAMPLE, IS A BAD IDEA. IF ONE STATE DOES IT, YOU JUST DRIVE PEOPLE OUT, RIGHT? AND YOU ALREADY SEE THAT HAPPENING. A NATIONAL WEALTH TAX, PROPERLY, PROPERLY CONSTRUCTED, THE DEVIL'S IN THE DETAILS, I THINK COULD WORK AS WELL. [00:17:19] Speaker 2: OH, GOOD LUCK WITH THAT. YEAH. I GOT TO ASK YOU THIS WITH THE HERITAGE OF YOUR FAMILY, THE ARK OF YOUR SERVICE TO NEW YORK CITY AND RUNNING FOR OFFICE, REALLY, WITH A STRONG EFFORT. THE DEMOCRATIC PARTY EXPERIMENT MAYBE COMES FROM 1972 WHEN GEORGE MCGOVERN, OR IT COMES FROM A MORE CONSERVATIVE DEMOCRATIC EXPERIMENT THAT BOUNCES OFF OBAMA AND CLINTON, BACK TO JFK. I MEAN, YOU LIVE THE JFK MODEL WITH TEACH AMERICA, WITH THE PEACE CORPS, AND ALL THAT. HOW DOES A DEMOCRATIC PARTY EXTRACT ITSELF FROM MAYBE 18% POPULARITY IN AMERICA, I THINK THAT FROM DAVE WASSERMAN AT COOK POLITICAL REPORT, AND GET BACK TO THE DEMOCRATIC PARTY POPULARITY THAT JFK AND THAT CREW, LBJ, KNEW? [00:18:03] Speaker 7: YEAH. WELL, LOOK, ONE OF THE REASONS I RAN FOR MAYOR IS I SAW A PARTY THAT HAD SWUNG TOO FAR TO THE LEFT. AND IN FACT, MY WORST FEARS WERE SORT OF MANIFESTED WHEN A FAR LEFT DEMOCRATIC SOCIALIST WAS ELECTED AS MAYOR. I WILL GIVE CREDIT TO MOM DONNY THAT HE HAS SORT OF TACKED TO THE CENTER, ACTUALLY NOW BEING THE DOG THAT CAUGHT THE CAR. HE'S LIKE, UH-OH, MAYBE I BETTER NOT FIRE JESSICA TISH AND HAVE CRIME SPIKE IN THE CITY. AND ONE AREA WE AGREE IS, IS HE'S TAKEN STEPS TO CONSTRUCT MORE HOUSING AND EASE THE HOUSING SHORTAGE IN THE CITY. SO, I HAVE DECIDED BASICALLY AS A LIFELONG DEMOCRAT THAT I'M GOING TO FOCUS ON DRAGGING MY PARTY BACK TO THE CENTER AND TRYING TO STOP TRUMP AND TRUMPISM SO THAT MOST OF MY EFFORTS HAVE BEEN TRYING TO FLIP THE HOUSE AND THE SENATE BACK TO DEMOCRATS AS A CHECK ON THE LAST TWO YEARS OF TRUMP. AND MOSTLY BITING MY TONGUE AND HOPING FOR THE SAKE OF MY CITY THAT MOM DONNY IS SUCCESSFUL AS MAYOR. [00:19:02] Speaker 3: YOU THINK WE'LL FLIP IT? NOT WILL, DEMOCRATS, YOUR DEMOCRATS? [00:19:05] Speaker 7: I THINK THE ODDS ON THE BETTING SITES RIGHT NOW OF ALMOST CERTAIN TO FLIP THE HOUSE AND MAYBE TWO TO ONE ODDS TO FLIP THE SENATE ARE PROBABLY ABOUT CORRECT. ALL RIGHT. [00:19:13] Speaker 3: WENDY TILSON IS GOING TO STICK AROUND. HE'S STAYING WITH US. AND COMING UP LATER IN THE PROGRAM, GEN Z MAKING CHANGES TO THEIR INVESTMENTS JUST BEFORE THE MIDTERM ELECTIONS. THIS IS BLOOMBERG MONEY. [00:19:33] Speaker 2: I WANT TO BRING UP TO DATE ON OIL AS YOU LOOK TO $5 A GALLON GAS COMING UP. THERE IT IS, $117 A BARREL ON THIS FRIDAY INTO A DIFFICULT WEEKEND. SCARLET. [00:19:44] Speaker 3: WE DIDN'T EVEN GET TO CALIFORNIA WHERE IT'S A LOT HIGHER THAN THAT. JOINING US RIGHT NOW IS WHITNEY TILSON, EDITOR AT SANDSBURY RESEARCH. AND WHITNEY, YOUR ROLE AT THIS NEWSLETTER PREVENTS YOU FROM BUYING THE INDIVIDUAL STOCKS THAT YOU RECOMMEND. BUT I KNOW YOU LIKE SOME OF THE BIG TECH NAMES. HOW DO YOU INVEST IN THE NAMES THAT YOU LIKE BUT YOU'RE NOT ALLOWED TO BUY DIRECTLY? I BUY INDEX FUNDS. [00:20:02] Speaker 7: SO THE DEFAULT, YOU KNOW, I TELL EVERYBODY, YOU KNOW, THE VAST MAJORITY OF PEOPLE SHOULD DO WHAT MY DAUGHTERS AND MY SISTER AND MY PARENTS DO, WHICH IS, YOU KNOW, HAVE MONEY HELD BACK FROM YOUR PAYCHECK INTO AN IRA OR 401K, SOMETHING LIKE THAT, AND THEN JUST HAVE IT DEFAULT AUTOMATICALLY PUT IN THE S&P 500, SPY. I HAVE -- I DON'T MANAGE OUTSIDE MONEY, BUT I DO TELL MY DAUGHTERS AND MY SISTER AND MY PARENTS, YOU KNOW, I ADVISE THEM ON WHAT THEY SHOULD DO WITH THEIR RETIREMENT ACCOUNTS. AND I'VE RECENTLY RECOMMENDED THAT THEY SHIFT FROM SPY, WHICH IS MARKET CAP WAITED, WHICH MEANS 40% OF WHAT YOU'RE BUYING IS THE TOP 10 STOCKS, MOSTLY TECH STOCKS, WHICH IS AN ALL-TIME HIGH. I WORRY THAT IT'S SORT OF GETTING TOP HEAVY. AND SO I'VE RECOMMENDED THAT THEY SHIFT PART OF THAT INTO RSP, WHICH IS AN EQUAL CAP, MARKET CAP WEIGHTED S&P 500 INDEX, AND A BIT OF WHAT -- AN INDEX FUND CALLED VXUS. IT'S A VANGUARD XUS. SO IT'S JUST AN INTERNATIONAL INDEX FUND. SO I'VE JUST DIVERSIFIED A LITTLE OUT OF THE SPY. [00:21:07] Speaker 3: ALL RIGHT, GOOD STUFF. WHITNEY, THANK YOU SO MUCH FOR SHARING THAT. WHITNEY TILSON IS EDITOR AT STANSBURY RESEARCH, FORMER HEDGE FUNDER AS WELL. COMING UP, A CONVERSATION WITH STEPHANIE GILD, CIO OF ROBIN HOOD, WITH A FOCUS ON PERSONAL FINANCE, RETIREMENT AND WEALTH MANAGEMENT. THIS IS BLOOMBERG MONEY. [00:21:26] Speaker 2: BLOOMBERG MONEY, THANK YOU FOR BEING WITH US. IT'S ON PERSONAL FINANCE, IT'S ON I'M NEVER GOING TO RETIRE, AND ALSO WEALTH MANAGEMENT AS WELL. I THOUGHT WHITNEY TILSON WAS GREAT THERE. [00:21:34] Speaker 3: JUST THE OPTIMISM ABOUT THE SYSTEM. AND THE IDEA THAT HE IS NOT GOING TO MAKE ANY CHANGES TO THE [00:21:43] Speaker 2: INDIVIDUAL STOCKS, BUT HE IS GOING TO TWEAK THINGS TO GO EQUAL WEIGHTED. THE WORLD IS COMING TO AN END BID. THE NASDAQ IS POSITIVE [00:21:54] Speaker 3: RIGHT NOW, COMPARED TO WHAT IT WAS YESTERDAY, CERTAINLY. THE DOW, HOWEVER, IS STILL NEGATIVE, AND THAT'S REALLY BECAUSE OF CATERPILLAR AND AMERICAN EXPRESS. IT LOOKS LIKE IT'S GOING TO END THE WEEK ON THE DOWNSIDE, CURRENTLY OFF BY ABOUT A QUARTER OF 1%. AND THERE'S YOUR VIX ALMOST AT 20. [00:22:09] Speaker 2: IT WAS A 20 AND IT'S COME IN A LITTLE BIT, BUT IT'S NOT 30. [00:22:13] Speaker 3: IT'S JUST AS SIMPLE AS THAT. [00:22:15] Speaker 2: 20 IS THE NEW 30, THAT'S WHAT YOU SAID? CROSS ACID, THAT'S AMERICAN OIL DOWN AT THE BOTTOM, $103. 6 CENTS A BARREL, THAT'S UP SPRITELY, 3.6%. BRENT IS UP 117, THAT SPEAKS VOLUMES INTO A FRACTIOUS WEEKEND FOR THE MIDDLE EAST AND MAYBE WITH A TINGER EUROPE IN THERE AS WELL. [00:22:32] Speaker 3: ALL RIGHT, LET'S TAKE A LOOK AT WHAT OUR MONEY TEAM HERE HAVE BEEN WORKING ON. AND ONE ARTICLE THAT CAUGHT MY EYE IS ON HOW DIFFERENT GENERATIONS ARE APPROACHING THE UPCOMING MIDTERM ELECTIONS AND HOW THEY'RE INVESTING AROUND IT. 27% OF GEN Z INVESTORS HAVE CONSULTED A FINANCIAL ADVISOR ABOUT ELECTION RELATED RISKS. THAT IS MORE THAN DOUBLE THAT OF BABY BOOMERS, WHICH ARE AT 12%. THIS IS ALL ACCORDING TO A RECENT SURVEY FROM THE NATIONWIDE RETIREMENT INSTITUTE. BLOOMBERG ZIJIA SONG WROTE THIS STORY AND SHE JOINS US NOW. ZIJIA, THEY'RE CONCERNED, GEN Z IS, ABOUT THIS ELECTION. AFFORDABILITY, OBVIOUSLY TOP OF MIND FOR THEM. ARE THEY MAKING CHANGES TO THEIR INVESTMENTS? [00:23:09] Speaker 8: ZIJIA SONG: THEY ARE. ACTUALLY, THIS RECENT SURVEY SHOWS THAT 72% OF GEN Z INVESTORS ARE MAKING CHANGES OR CONSIDERING DOING SO. AND THAT'S MORE THAN FOUR TIMES THE RATE OF BABY BOOMERS. AND PART OF THAT REASON IS BECAUSE THEIR ANXIETY IS SPILLING INTO ACTIONS. AND UNLIKE BABY BOOMERS, THEY HAVEN'T GONE THROUGH LIKE THE DOT COM BUBBLE OR FINANCIAL CRISIS. SO THEY DON'T REALLY KNOW HOW TO DEAL WITH THIS ANXIETY. AND THAT'S WHY THEY'RE MAKING MORE ACTIONS. LIKE 24% ARE ACTUALLY MOVING TO LOWER RISK CONSERVATIVE INVESTMENTS. AND SOME MORE ARE DIVERSIFYING INTO OTHER ASSETS. [00:23:42] Speaker 3: INTERESTING. SO WHAT ARE STRATEGISTS THAT YOU TALK TO SAYING ABOUT HOW BOOMERS VERSUS GEN Z VERSUS GEN X DEALING WITH PRE-ELECTION ANXIETY? [00:23:51] Speaker 8: YEAH. I ACTUALLY TALK TO A LOT OF FINANCIAL ADVISORS ABOUT HOW YOU CAN TRADE ELECTION OR HOW TO POSITION YOURSELF BEFORE THE MIDTERMS. AND A LOT OF BOOMERS HAVE WORKED WITH FINANCIAL ADVISORS A LOT. SO THEY ARE MORE INCLINED TO STAY THE COURSE, WHICH IS WHAT MAJORITY OF FINANCIAL ADVISORS ADVISORS TO DO. IT'S JUST TO DO NOTHING. AND HISTORICALLY WE'VE SEEN THAT. S&P 500 ACTUALLY HAD POSITIVE RETURNS IN THE FOLLOWING 12 MONTHS FOLLOWING EVERY MIDTERM ELECTION SINCE 1950. [00:24:20] Speaker 2: THIS IS GREAT. I FEEL ANCIENT SITTING NEXT TO YOU. YOU'RE KILLING ME HERE. IF WE GO DOWN 35%, WHICH DOES OCCUR, HOW WILL THE YOUNG TROOPS RESPOND? [00:24:30] Speaker 8: WELL, YOU HAVE TO KEEP IN MIND THAT THE YOUNGER FOLKS, THEY ALSO HAVE A LONGER INVESTMENT HORIZON. REALLY? YEAH. SO IF YOU STAY IN THE MARKET, THE LONG-TERM RETURN OF S&P, OF THE BROADER MARKETS, IS ALWAYS POSITIVE. THEY'LL BOUNCE BACK. BUT THAT ANXIETY IS REAL. AND THAT'S WHY A LOT OF GEN Zs ARE MORE INCLINED TO EVEN TRADE ELECTIONS OR TRY TO SEIZE ON THE MOMENT NOWADAYS. [00:24:53] Speaker 3: SOMETIMES TAKING ACTION MAY NOT BE THE BEST COURSE OF ACTION. BLOOMBERG'S SUJIA SONG, THANK YOU SO MUCH. YOU CAN, OF COURSE, READ HER WORK ON BLOOMBERG.COM. [00:25:01] Speaker 2: JOINING US NOW, HIGHLY ANTICIPATED. STEPHANIE GILD IS WITH US WITH HER YEARS AT J.P. MORGAN. SHE HAD THE HUGE CHALLENGE OF GOING HOME, GOING OVER TO THE YOUNGSTERS. ROBIN HOOD IS THEIR CHIEF INVESTMENT OFFICER AND HAS DONE ALL SORTS OF FABULOUS WORK THERE ON A HUGE BROKERAGE EXPERIMENT AS WELL. I WANT TO GET TO AN MMR IN A MINUTE, BUT I'VE GOT TO FIRST, STEPHANIE, JUST SAY THE LAST COUPLE OF DAYS, WHAT HAVE YOU OBSERVED AT THIS UNIQUE EXPERIMENT, ROBIN HOOD? [00:25:29] Speaker 9: WE'VE BEEN SEEING CUSTOMERS ACTUALLY TAKE ADVANTAGE OF THE PULLBACK AND CERTAIN NAMES IN THE AI SPACE. THEY ACTUALLY HAVE BEEN SELLING TESLA AND BUYING SPACEX IN PLACE OF THAT. BUT ALSO BUYING NAMES LIKE MICRON, INTEL, AND THEN SELLING ACTUALLY SOME OF THE MORE CONSUMER-ORIENTED NAMES, NIKE'S AND -- [00:25:50] Speaker 2: I FEATURED GENERAL MILLS THIS MORNING FOR THE FIRST TIME IN 15 YEARS. LET'S GET TO THE BLOOMBERG MONEY MUST READ HERE, BECAUSE IT'S FABULOUS FROM STEPHANIE ABOUT THE REAL WORLD OUT THERE. ROBIN HOOD, THEY LAUNCHED A.I. IS IT AGENTIC? AGENTIC, YES. AGENTIC TRADING ACCOUNTS ALLOWING RETAIL CUSTOMERS TO DIRECT A.I. TO BUILD AND MANAGE A PORTFOLIO ON THEIR BEHALF. WITH FUNDS RING-FENCED FROM THEIR MAIN ACCOUNT. I'VE NEVER SAID THAT IN MY LIFE. THAT IS ORIGINAL. WHAT DOES IT ACTUALLY MEAN? [00:26:21] Speaker 9: I MEAN IT MEANS THAT YOU CAN SET UP A SEPARATE ACCOUNT AND YOU CAN PLUG IN YOUR AGENT USING A VARIETY OF DIFFERENT AGENTIC PROVIDERS. AND THEN WE ALSO ARE PROVIDING DIFFERENT MCPs. WHAT'S AN MCP? SO I'M BAD WITH THIS, LIKE SOMETHING PROTOCOL, BUT ESSENTIALLY CONNECTS YOU TO DIFFERENT DATA POINTS THAT CAN GET YOU DATA THAT YOU NEED. AND WE'RE PROVIDING THAT AT A SUBSCRIPTION MODEL. SO YOU CAN SORT OF ALL IN THE APP, YOU CAN CONNECT TO OUTSIDE DATA AND HELP YOUR AGENT MAKE DECISIONS. WHAT'S THE TAKEUP OF THAT AMONG YOUNG PEOPLE AND AMONG TOM'S COHORT? WE JUST LAUNCHED IT SO IT'S STILL RELATIVELY NEW AND YOU'RE HAVING A LOT OF PEOPLE OPEN ACCOUNTS AND PLAY AROUND WITH IT. BUT IT'S STILL KIND OF A THING THAT PEOPLE ARE GETTING USED TO. [00:27:05] Speaker 2: WHAT IS YOUR MODEL PORTFOLIO TURNOVER RATE? TO ME THAT WOULD BE THE FIRST PLACE TO GO. THE KIDS WANT 100%, 200%, CHURN. WHAT DO YOU SEE? [00:27:14] Speaker 9: YOU'RE GOING TO HAVE THAT NO MATTER WHETHER IT'S AN AGENT ACCOUNT OR NOT. YOU'RE SEEING THE ACTIVE TRADERS ARE STAYING VERY ACTIVE IN THIS MARKET BECAUSE THERE'S A LOT OF MOVING PARTS UNDERNEATH DESPITE THE FACT THAT VIX HAS BEEN RELATIVELY CALM. AND YOU HAVE I THINK A LOT OF PEOPLE FIGURING OUT WHAT AGENTIC WILL MEAN FOR THEM. WE STILL SEE FROM OUR SURVEYS THAT PEOPLE WANT TO USE AGENTIC FOR WHEN THEY NEED IT. BUT THEY STILL CARE ABOUT GETTING LONG-TERM ADVICE WHEN THE BIG DECISIONS MATTER. AND THAT'S NOT NECESSARILY WHAT THEY'RE USING AI FOR. OKAY. [00:27:44] Speaker 3: SO YOU SAW A LOT OF PEOPLE BUY THE DIP THIS WEEK WHICH IS ENCOURAGING FOR THOSE WHO ARE ALONG THE MARKET WHICH IS BASICALLY EVERYONE AT THIS POINT. THERE'S ALMOST $8 TRILLION SITTING IN MONEY MARKET FUNDS. I BELIEVE THE NUMBER IS $7.94 TRILLION. DOES THAT EVER GET DEPLOYED, STEPHANIE? OR DO THE ACCOUNT HOLDERS CONSIDER THAT MONEY STASHED THERE AS ALREADY PUT TO USE? YOU KNOW, IT'S KIND OF ON STANDBY MODE. [00:28:06] Speaker 9: I MEAN, I DO THINK IT'S DIFFERENT THAN WE'VE SEEN OVER THE LAST COUPLE OF DECADES SIMPLY BECAUSE CASH IS AN ASSET CLASS NOW. AND THAT WASN'T THE CASE UP UNTIL 2024 OR 2025, WHEN RATES STARTED GOING UP. SO I DO THINK IT COULD END UP BEING THERE FOR LONGER THAN YOU MAY HAVE SEEN IN THE PAST. BUT, YOU KNOW, SAVINGS RATES AREN'T SUPER HIGH, HISTORICALLY SPEAKING, BECAUSE THINGS ARE COST MORE. SO I THINK IF YOU HAVE SOME CASH ON THE SIDE, IT PROBABLY ALLOWS YOU TO INVEST. AND THAT'S WHAT WE'VE BEEN TELLING OUR CUSTOMER BASES, THAT HAVE CASH ON THE SIDE TO INVEST. [00:28:39] Speaker 2: YOU ARE MORE QUALIFIED THAN ANYONE I KNOW ON THE ZEITGEIST SHIFT FROM A MAJOR BANK OVER TO ALL THAT ROBIN HOOD STANDS FOR. THE PRESSURE IS THEY ALL WANT TO GET RICH FAST. HOW DO YOU GET RICH FAST, LIKE I'M THINKING 2029. HOW DO YOU DEAL WITH THAT DAY TO DAY? [00:29:00] Speaker 9: I ACTUALLY DON'T KNOW IF THAT'S THE CASE. I THINK YOU MAY START OUT WANTING TO MAKE MONEY QUICK. BUT I DO THINK THAT WE'VE WITNESSED A KIND OF -- I DON'T KNOW IF IT'S MATURITY OR IF IT'S JUST KNOWLEDGE. BUT WE'VE SEEN OUR CUSTOMER BASE KIND OF SHIFT WHERE THEY STILL KEEP THEIR BUCKET BUT MAYBE THAT'S WHERE YOU CAN HIT IT BIG. THEY DO HAVE LONG-TERM ASSETS. WE'VE GOT 10% OF OUR ASSET BASE, LIKE OVER 34 BILLION IN RETIREMENT ACCOUNTS THAT ARE MORE LONG-TERM ORIENTED. WE'VE GOT ROBIN HOOD STRATEGIES WHERE WE'RE MANAGING THE MONEY FOR YOU AND THAT'S AT 2 BILLION. IT'S BEEN AROUND FOR A YEAR AND A HALF. SO WE DO ACTUALLY HAVE LIKE BUCKETS OF MONEY THAT PEOPLE ARE KIND OF INVESTING. [00:29:39] Speaker 2: I THINK, SCARLETTE, THE BEHAVIORAL IDEA FROM MY GRANDPARENTS AND MY PARENTS' DEPRESSION BABIES OVER TO THIS BULL MARKET BOOM IN A GENERATION THAT HAS NEVER ENJOYED DOWN 35%. YET THEY'VE HAD COVID, THEY'VE HAD THE GREAT FINANCIAL CRISIS. THE BEHAVIOR DAY TO DAY IS WITHIN RETIREMENT AND WEALTH MANAGEMENT, THE BEHAVIOR HAS CHANGED RADICALLY. [00:30:01] Speaker 3: IT HAS CHANGED A LOT. SO HOW DO THEY PROCEED MOVING FORWARD? DO THEY ASSUME THE INFLATION THAT WE SEE RIGHT NOW IS ALWAYS GOING TO BE AT THIS RATE AND THEREFORE THEY NEED TO MAKE DOUBLE-DIGIT -- SEE DOUBLE-DIGIT RETURNS TO KIND OF STAY AFLOAT? [00:30:12] Speaker 9: YEAH, I MEAN, I THINK SO. I THINK, LIKE, THEY ARE VERY SKEPTICAL OF THE WAY THINGS HAVE KIND OF HAPPENED OVER THE LAST -- THEY ARE AWARE OF THE HISTORY. SO I DO THINK THAT THEY WANT TO NOT NECESSARILY HAVE TO WORK A CORPORATE JOB FOR THE REST OF THEIR LIVES. I DO THINK THAT WE DO KNOW PEOPLE WHO HAVE LEARNED HOW TO INVEST AND THAT IS THEY'RE ONE OF A COUPLE AND THAT'S WHAT THEY DO. THEY INVEST LONG-TERM FOR THEIR FAMILY AND MAYBE SOMEONE ELSE IN THE FAMILY DOES WORK A REGULAR JOB. [00:30:39] Speaker 2: NIKKI WALTER IS WITH US EARLY IN THE SHOW TALKING ABOUT THIS PORTFOLIO CONCENTRATION, WHICH I WOULD SUGGEST THERE'S A LOT OF RESEARCH ON IS ALMOST NORMAL WITHIN THE BOOM AND BUST CYCLES OF CAPITALISM. ARE YOU WORRIED THAT THERE IS TOO MUCH OF A CONCENTRATION WITHIN ACCOUNTS? [00:30:55] Speaker 9: I AM. NOT NECESSARILY MAYBE IN ACCOUNTS. I MEAN, WHEN YOU LOOK AT OUR ROBIN HOOD INVESTOR INDEX, WE'RE ACTUALLY -- A LOT OF THE NAMES HAVEN'T CHANGED SO MUCH. IT'S A LOT OF THE MAG-7 AND SOME OF THE SMALLER POSITION SIZES CHANGE A LITTLE BIT MORE. BUT I THINK BROADLY, THE MARKET-WISE, I AM STILL WORRIED ABOUT THE CONCENTRATION AND ACTUALLY THE UPTAKE OF MARGIN ACROSS THE MARKET THAT HAS MOSTLY BEEN INVESTED IN THE AI TRADE THAT PROBABLY STILL HAS A LITTLE BIT OF UNWINDING TO DO. [00:31:22] Speaker 2: HAVE YOU EVER BOUGHT A MEME STOCK? [00:31:25] Speaker 9: I MEAN, YES, BECAUSE SOMETIMES A MEME STOCK IS REAL. YOU CAN CALL IT A MEME, BUT WHAT DOES THAT MEAN? IT JUST MEANS THAT THERE'S INVESTOR ENTHUSIASM BEHIND IT. AND IT DOESN'T MEAN THAT THE COMPANY ITSELF IS A BAD INVESTMENT. [00:31:37] Speaker 2: SHE FINESSED THAT BEAUTIFULLY. THAT WAS COMPLIANCE APPROVED. [00:31:40] Speaker 3: I'M SURE IT WAS. HAVE PEOPLE STARTED TO TAKE A BIGGER INTEREST IN TREASURIES GIVEN WHERE YIELDS ARE? [00:31:46] Speaker 9: THEY DO. AND JUST NOT SO MUCH IN LONG-TERM TREASURIES. I KNOW THAT THAT HAS BEEN A THING THAT, YOU KNOW, AND SURE, IF YOU BOUGHT AT 525 AND MAYBE YOU SELL TODAY, YOU'VE MADE A PROFIT. MORE IN THE SHORT-TERM SPACE. I MEAN, WE HAVE -- TO BUILD AND CHILL. YEAH, EXACTLY. WE HAVE A DECENT APY FOR OUR SWEEP PROGRAM. AND WE'VE SEEN A LOT OF PEOPLE USING THAT, WHICH IS EQUATED TO, YOU KNOW, FED FUNDS RATES. [00:32:11] Speaker 3: I THINK WE'RE GETTING A PICTURE OF WHAT'S HAPPENING HERE. IT'S JUST FASCINATING. [00:32:15] Speaker 2: I AM NONE. I MEAN, THAT'S SILENCE. THAT'S THE BLOOMBERG MONEY SILENCE YOU JUST HEARD. THAT SILENCE IS, IT'S FRIDAY, AND MY BRAIN IS FRIED FROM [00:32:24] Speaker 3: THE SEQUENCE OF EVENTS OF THE WEEK. [00:32:26] Speaker 2: IT'S JUST BEEN ABSOLUTELY NUTS. I KNOW. [00:32:29] Speaker 3: STEPHANIE, THANK YOU SO MUCH FOR JOINING US TODAY. STEPHANIE GILD IS THE CIO OF ROBIN HOOD. COMING UP, HEALTH CARE COSTS ARE CLIMBING EVEN FOR THOSE ON THEIR EMPLOYERS HEALTH CARE PLAN. WE'RE GOING TO LEARN WHAT'S DRIVING THE INCREASE IN 2027 AND BEYOND. THIS IS BLOOMBERG MONEY. [00:32:47] Speaker 2: THANK YOU SO MUCH FOR JOINING US TODAY. [00:32:57] Speaker ?: THANK YOU SO MUCH FOR JOINING US. [00:32:59] Speaker 3: THANK YOU SO MUCH FOR JOINING US. THIS IS A CROSS-PLATFORM EFFORT THAT EXTENDS BEYOND YOUR TELEVISION SCREEN. CHECK OUT OUR NEW DIGITAL HUB AT BLOOMBERG.COM/MONEY. THANK YOU SO MUCH FOR JOINING US. THANK YOU SO MUCH FOR JOINING US TODAY ON HOW THE ANNUAL COST OF A U.S. FAMILY'S EMPLOYER-PROVIDED HEALTH CARE [00:33:20] Speaker 2: PLAN HAS REACHED AN AVERAGE $20,303 THIS YEAR. I LOOKED UP THREE YEARS IN A ROW, ROUGHLY, 8%, 8%, 8%, 8%. [00:33:30] Speaker 3: I THINK THAT'S LIKE A 25%. YEAH, IT'S UP DEFINITELY VERSUS PREVIOUS YEARS. THE NUMBERS BEAR THAT OUT. BLOOMBERG'S U.S. HEALTH DEPUTY TEAM LEADER JOHN TASI JOINS US NOW WITH MORE. I THINK THAT'S A TREND WE'VE SEEN GOING ON FOR A LONG TIME. [00:33:47] Speaker 10: THE LATEST NUMBERS OUT FROM KFF THIS WEEK SAY THE COST OF A FAMILY PREMIUM TOTS $28,000 A YEAR. WHAT'S INTERESTING, TOO, IS THE SHARE OF THAT. THAT'S SPLIT BETWEEN WHAT THE EMPLOYER CONTRIBUTES AND WHAT THE WORKERS CONTRIBUTE. THE SHARE OF WORKERS CONTRIBUTE IS GOING UP EVEN FASTER THAN THE EMPLOYERS. I THINK THAT WAS ABOUT 9% THIS YEAR. [00:34:10] Speaker 3: WHICH IS EASILY DOUBLE THE RATE OF INFLATION. AND SMALL BUSINESSES ARE DOING THIS MORE THAN SOME OF THE BIG EMPLOYERS. AND MOST OF THIS COUNTRY IS MADE UP OF SMALL BUSINESSES. [00:34:19] Speaker 10: YEAH, I MEAN SMALL EMPLOYERS ALWAYS HAVE A LITTLE BIT KIND OF HARDER TIME PROVIDING HEALTH CARE FOR THEIR WORKERS. THEY DON'T HAVE THE SCALE AND BUYING LEVERAGE AND SOPHISTICATION THAT A BIG COMPANY DOES. SO IT'S ALWAYS AFFORDABILITY. [00:34:35] Speaker 2: JOHN, I REMEMBER THE DAY MARBORH CIGARETTS RAISED THE PRICE SEVEN CENTS OR WHATEVER AND THEY REACHED A TIP POINT WHERE AMERICA SAID NO. ARE WE ANYWHERE NEAR FROM 16,000 IN PRINCESTON YEARS AGO FROM YOUR COLUMBIA, THE GREAT WORK OF COLUMBIA UNIVERSITY AND OTHERS, ARE WE ANYWHERE NEAR LIKE IF WE TOP 30,000 WHERE AMERICA SAYS ENOUGH AND THERE'S LITERALLY A REVOLT? [00:34:57] Speaker 10: YEAH, I DON'T KNOW. I MEAN, I THINK WHEN YOU LOOK AT THIS, THIS IS SORT OF AT THE EMPLOYER SPACE WHERE, YOU KNOW, 160-Odd MILLION AMERICANS GET THEIR COVERAGE FROM EMPLOYERS. IT'S PART OF THEIR COMPENSATION, RIGHT? SO, YOU KNOW, RELATIVELY TIGHT JOB MARKET. YOU KNOW, THIS IS PART OF HOW COMPANIES ARE PAYING THEIR WORKERS. WHAT IT MEANS IS THAT THERE'S LESS CASH IN PEOPLE'S PAYCHECKS BECAUSE MORE AND MORE OF THAT MONEY IS GOING TO THE HEALTH BENEFIT. [00:35:24] Speaker 3: AND A LOT OF EMPLOYERS ARE ALSO OPTING NOT TO EVEN PARTICIPATE IN A GROUP HEALTH INSURANCE PLAN. THEY'RE JUST GIVING MONEY OVER TO THE EMPLOYEES AND SAY MANAGE IT YOURSELF. [00:35:31] Speaker 2: AND I THINK IT WAS LAST WEEK TOM PERCELLY AT WELLS FARGO SAYING THE BENEFIT WAGES MIX IS IN REAL-TIME CHANGES. JOHN, I LOOK AT THIS AND I GO BACK TO WHAT I HEAR FROM PEOPLE, WHICH IS FURY OVER HIGHER DEDUCTIBLES. WHERE ARE WE -- IF IT'S 28,000, WHAT'S THE AVERAGE DEDUCTIBLE THAT PEOPLE WILL SEE? [00:35:51] Speaker 10: YEAH, SO THE AVERAGE DEDUCTIBLE RIGHT NOW FOR A FAMILY PLAN IS AROUND $4,000. CASH AFTER TAX. YEAH, THAT'S WHAT YOU WOULD BE PAYING OUT BEFORE YOUR HEALTH PLAN STARTS KIND OF PICKING UP THE TAB FOR THE CARE THAT YOU NEED. NOW SOME THINGS ARE COVERED BEFORE THE DEDUCTIBLE. PREVENTIVE CARE SHOULD BE COVERED. BUT IT IS A LOT OF MONEY. WHEN YOU THINK ABOUT LOW-INCOME HOUSEHOLDS, YOU THINK ABOUT HOUSEHOLDS THAT DON'T HAVE A LOT OF SAVINGS, THAT IS A BIG -- [00:36:17] Speaker 2: YOU THINK ABOUT THAT. IT IS A BIGGER. LIKE SCARLETTE, MY MATH IN MY HEAD IS SIX GRAND PRE-TAX. [00:36:23] Speaker 3: THIS IS LIKE -- WE HAVE HIT A TIP POINT. WE HAVE HIT A TIP POINT. WE HAVE HIT A TIP POINT. WE HAVE HIT A TIP POINT. THIS IS SOMETHING WE WILL CONTINUE MONITORING. I KNOW YOUR TEAM IS ON TOP OF ALL OF THAT. [00:36:36] Speaker 2: JOHN, THANK YOU SO MUCH. JOHN TOZZI, BLOOMBERG'S U.S. HEALTH DEPUTY TEAM LEADER. WE ARE PLANNING OUT WEEKS AHEAD OF BOOKS HERE. AND SCAR GOT THIS GOING WITH YOUR BOOK. AND IT IS ONE OF MY FAVORITE PEOPLE. HE WAS MY BOOK OF THE YEAR YEARS AGO. THIS IS GALLOWAY, RIGHT? [00:36:49] Speaker 3: SCOTT GALLOWAY, THE FAMED NYU STEERN SCHOOL OF BUSINESS PROFESSOR. HE IS NOW IN THE U.K. BUT HE IS TALKING ABOUT YOUNG MEN. AND THIS BOOK NOTES ON BEING A MAN. IT IS PART MEMOIR, PART COMPILATION OF HIS WEEKLY NEWSLETTER WHERE HE SHARES PRACTICAL LESSONS. IT IS ALMOST LIKE A SELF-IMPROVEMENT THING. THEY ARE ALL AIMED AT ADDRESSING THE LONELINESS EPIDEMIC PLAGUING YOUNG MEN THAT MAKES THEM VULNERABLE TO ONLINE SUBCULTURES, ISOLATION. AND, OF COURSE, THIS IS RELEVANT RIGHT NOW AS WE HEAD TOWARDS THE MIDTERMS BECAUSE YOUNG MEN HAVE KIND OF CHECKED OUT. THEY WERE SUCH A BIG ROLE, SUCH A BIG PLAYER, SUCH A BIG INFLUENCE IN THE 2024 ELECTION. BUT THIS TIME AROUND, THEY FEEL LIKE THERE HAVE BEEN A LOT OF UNFULFILLED PROMISES. [00:37:28] Speaker 2: AND THEY HAVE TAKEN THE BLACK PILL AND DROPPED OUT OF THE POLITICAL SYSTEM. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:37:44] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:37:52] Speaker 2: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:29] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:34] Speaker 2: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:38] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:43] Speaker 2: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:46] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:50] Speaker 2: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:54] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:38:56] Speaker 2: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:39:00] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:39:19] Speaker 10: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:39:29] Speaker 3: THEY HAVE TAKEN THEIR LIFE. [00:39:30] Speaker ?: THEY HAVE TAKEN THEIR LIFE. [00:39:30] Speaker 3: THEY HAVE TAKEN THEIR LIFE. [00:39:31] Speaker ?: THEY HAVE TAKEN THEIR LIFE. [00:39:32] Speaker 3: THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. THEY HAVE TAKEN THEIR LIFE. [00:39:36] Speaker ?: THEY HAVE TAKEN THEIR LIFE. [00:39:37] Speaker 2: THEY HAVE TAKEN THEIR LIFE. BLOOMBERG MONEY, PERSONAL FINANCE, RETIREMENT, WEALTH MANAGEMENT. IT MEANS YOU SPEND ALL YOUR MONEY ON THE IPHONE. I DO THE MONTHLY PLAN. I'VE GOT THE NEW JEWEL HERE. I REALLY LIKE THE CHIPS. [00:39:56] Speaker 3: THIS HAS THE NEW WHIZ-BANGING CHIP. [00:39:58] Speaker 2: HOW FAST IS IT? IT'S WICKED FAST. THE BATTERY IS GREAT. I LIKE IT. THE MONTHLY PLAN IS NOT TOO PAINFUL. [00:40:03] Speaker 3: YOU DID THE LEASE? [00:40:04] Speaker 2: YEAH. I DO THE LEASE THING. THAT WAS MEANT FOR YOU. STOP. STOP THE SHOW. BECAUSE I KNOW DOESN'T. HOW MANY PHONES ARE YOU PAYING FOR RIGHT NOW? [00:40:13] Speaker 3: FOUR. FIVE. [00:40:15] Speaker ?: FIVE. [00:40:15] Speaker 2: FIVE. I'M AT FIVE. WE'VE GOT A TOP TICK SIX. IT'S NUTS. WHY ARE WE PAYING FOR OUR CHILDREN'S IPHONES? [00:40:21] Speaker 3: WE'LL BE PAYING FOR THOSE FOREVER, TOM. I KNOW THAT. THERE'S GOT TO BE AN AGE CUTOFF. I'M PAYING FOR MY MOM'S. THERE'S NO AGE CUTOFF. [00:40:27] Speaker 2: WHY DON'T YOU BRING IN OUR ESTEEMED GUESTS HERE WHO WASN'T LINED UP AT APPLE IN 5TH ADM. [00:40:34] Speaker 3: LISA MATEO, CO-HOST OF BLOOMBERG THIS WEEKEND. I KNOW YOU'RE ALL ABOUT THE APO DUO RIGHT NOW. THEY WENT ON SALE OVERNIGHT IN ASIA. [00:40:42] Speaker 1: AND THERE WERE LINES. LINES. OVERNIGHT. EVEN HERE IN NEW YORK CITY. YOU'RE DRIVING BY AT 5:00 A.M., THE LINE WAS DOWN THE BLOCK. IT WENT FOREVER AND EVER. PEOPLE WHO LINED UP, THEY'RE EXCITED ABOUT IT. EVEN THOUGH IT'S EXPENSIVE, RIGHT? BETWEEN $2,000 AND $3,000, THE TOP GRAND. UP TO $3,000? ABOUT $3,100 FOR THAT TOP, TOP OF THE LINE. YOU KNOW, IF YOU WANT ALL THE SPEED AND ALL THE THINGS. THAT'S WHAT YOU'RE GOING TO PAY. TOM'S FANCY CHIPS. TOM'S FANCY CHIPS, EXACTLY. TO MAKE THE BATTERY LAST A LITTLE BIT LONGER. BUT PEOPLE WANT IT SOMETHING NEW YOU HAVEN'T SEEN, YOU KNOW, FROM APPLE BEFORE. SO IT'S A DIFFERENT LOOK. SOME PEOPLE WANT TO BUY IT, RESELL IT ON THE MARKET. BECAUSE YOU CAN MAKE A LOT OF MONEY THAT WAY, TOO. AND THEN WHAT? BUT THE SUPPLY WAS NOT THERE. THAT'S A PROBLEM. AND THEN WHAT? [00:41:20] Speaker 2: AFTER THEY RESELL IT, AFTER THE SUPPLY, WHERE IS THE DUO, SAY, JUNE OF NEXT YEAR? [00:41:26] Speaker 1: OH, GOSH. THAT'S A GOOD QUESTION FOR ALL THESE PEOPLE WHO ARE WAITING OVERLIGHT. DO YOU NOT BUY AN I-PAD IF YOU GET THE DUO? LIKE, DOES IT TAKE OVER THE I-PAD? IT KIND OF DOES IN A WAY. I MEAN, IT'S A LITTLE BIT SMALLER THAN THE I-PAD. BUT THEY SAID IT'S SEAMLESS. LIKE, YOU CAN'T EVEN TELL. BECAUSE THAT'S WHAT THEY SAY. A LOT OF THE KIDS, THAT'S WHAT THEY'RE WATCHING NOW. PUT THAT IN YOUR HANDS. [00:41:43] Speaker 2: PUT THAT. BECAUSE, SEE, THAT'S LIKE THE BIG NON DUO. IT'S LIGHT, BUT IT'S BIG. LIKE, MRS. KEENE CAN'T USE THAT. IT'S TOO BIG. AND NICOLE NOYEN OVER AT THE WALL STREET JOURNAL SAYS THE DUO IS UNUSABLE. IT'S WIDER. LIKE, YOU CAN'T FIT IT IN YOUR POCKET JUST RIGHT. YOU CAN GET THE DUO AND ALL THE TEAM SWEETT'S LITTLE BAGS. [00:42:08] Speaker 1: YOU HAVE TO BE ABLE TO. BUT THE PROBLEM IS, CAN YOU GET ONE EVEN? BECAUSE IF YOU'RE ON THE WEBSITE TODAY AND YOU'RE TRYING TO ORDER, YOU WON'T GET IT UNTIL LIKE JANUARY. SO MUCH FOR THE HOLIDAYS. YEAH. SO THERE'S A LIMITED SUPPLY. SO, YES. IT WON'T BE IN THE CHRISTMAS STOCKING THEN, I GUESS. BUT, YOU KNOW, A LOT OF PEOPLE ARE TALKING ABOUT IT AND THEY WANT IT. [00:42:23] Speaker 2: CAN WE POINT OUT THAT THE STOCK REFUSES TO GO DOWN? [00:42:27] Speaker 3: WELL, IT'S SEEN AS AN ANTI-AI PLAY NOW, RIGHT? BECAUSE IT'S NOT AS UP TO SPEED ON THE OTHER GUYS. [00:42:32] Speaker 2: BLOOMBERG MONEY PROTEP, PERSONAL FINANCE, RETIREMENT, WEALTH MANAGEMENT. GO BACK AND LOOK AT THE BLOOMBERG NEWS, NEW YORK TIMES, AND FT ARTICLES IN APRIL OF THE TRADE UPSET AND TARIFF, AND EVERYBODY HAD DECIDED TIM COOK WAS A FAILURE, APPLE WAS A FAILURE IN CHINA, APPLE WASN'T GOING TO COME OUT WITH THIS TOY OR THAT TOY OR THE OTHERS, AND THEN LOOK AT THE STOCK, AND THE STOCK DID THE EXACT OPPOSITE OF ALL THOSE ARTICLES. [00:42:59] Speaker 3: WELL, TIM COOK FIGURED IT OUT AND HE'LL CONTINUE TO KIND OF LEAD THE WAY. HE'S THE CHIEF LIAISON BETWEEN APPLE AND THE GOVERNMENT. HE'S A POLICY GUY RIGHT NOW. [00:43:08] Speaker 1: HOW MANY PHONES ARE YOU PAYING FOR? I'M PAYING FOR FOUR, BUT I WAS WONDERING ABOUT THE AGE CUT OFF. I'VE GOT A 24-YEAR-OLD, CAN HE START PAYING FOR HIS SOME? NO, NO, NOT YET, NOT YET. WHY ARE WE DOING THIS? IT IS CHEAPER THE FAMILY WAY. IT FORCES THEM TO TALK TO YOU. [00:43:22] Speaker 2: NO, THEY ONLY TALK TO ME WHEN THEY WANT MONEY. THEY NEED MONEY. WHEN THEY NEED MONEY. [00:43:26] Speaker 3: THAT'S TRUE. I KNOW. THEY CALL AND YOU TRY TO HAVE A LONG CONVERSATION BEFORE THE INEVITABLE ASK COMES. OH, SEE, CAN I HAVE SOME MONEY? [00:43:36] Speaker 2: AFTER THOUGHT, I'D LOVE A DUO. OH, GREAT. [00:43:40] Speaker 3: THAT'S GOOD TO KNOW. AFTER THOUGHT AS A CHILD, BY THE WAY. LISA MATEO, THANK YOU SO MUCH. LISA, THANK YOU SO MUCH. LISA, THANK YOU SO MUCH. BLOOMBERG THIS WEEKEND EVERY SATURDAY AND SUNDAY MORNING STARTING AT 7:00 A.M. EASTERN TIME. THAT DOES IT FOR BLOOMBERG MONEY FROM TOM AND MYSELF. HAVE A GREAT WEEKEND, EVERYONE. KEEP IT HERE. BALANCE OF POWER IS UP NEXT. [00:43:55] Speaker ?: BALANCE OF POWER IS UP NEXT. BALANCE OF POWER IS UP NEXT.