Bloomberg Businessweek Weekend: March 6th, 2026

Summary

Bloomberg Businessweek Weekend: March 6th, 2026
Hosts: Carol Massar & Tim Stenovec
Date: March 7, 2026

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Episode Overview

This episode of Bloomberg Businessweek Weekend dives into the biggest issues shaping global business, finance, and policy from the past week. Focus centers on the first week of the U.S. war against Iran—why it began, the new "kill the bad guys" doctrine, impacts on alliances, and what this means for global order. The episode also explores persistent anxieties about private credit, the transformation of markets via artificial intelligence, and the evolving landscape of sports investment. Featured interviews include Ed Price (NYU, ex-UK trade official), Danny Moses (of "The Big Short" fame), Leanne Russell (BNY's CIO), and MLB legend and Minnesota Timberwolves owner Alex Rodriguez.

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1. War with Iran: The U.S. Doctrine Shift and Global Consequences

(02:07–14:11)

Key Themes

• Why did the U.S.—under a self-proclaimed peace president—initiate war with Iran?
• New American doctrine: Target enemy leaders directly, abandon large-scale nation building.
• The perceived lack of support from traditional allies (notably the UK).
• Broader message sent to adversaries like Russia and China.

Major Discussion Points & Insights

• Doctrine Change: "The model this time is kill the bad guys and keep killing the bad guys until they do what they're told. If that sounds brutal, that's a model called terrorism which is a model that Iran perfected over the last fifty or so years—so they're getting a taste of their own medicine." — Ed Price (05:01)

• On Allies:
  "It would be wonderful if there had been a real coalition of the willing this time as we were promised last time and it's disappointing to me as a British American that the United Kingdom is not full square behind this." — Ed Price (06:01)
  Response to UK's refusal to allow use of bases for air support: “That was painful. That was embarrassing.” — Ed Price (06:18)

• On Deterrence and Signaling:
  “We want our adversaries to wonder in the back of their minds if they're safe. We want them on edge. … Iran and Russia have been in a covert war, undeclared, with us for years since Putin's been in power.” — Ed Price (06:58, 07:18)

• On Obama-era Caution:
  “Ask former president Barack Obama. The Russians walked into Crimea in 2014. We did nothing.” — Ed Price (08:03)

• Moral Calculus and Domestic Contradictions:
  "I am an opponent of the president and his domestic agenda and we should be a little nastier and a little cruder with our enemies." — Ed Price (08:40)

• On Human Rights and U.S. Role:
  “If the Iranian government is blinding women for daring to stand on a street corner that is the American business and that is what we should be in the world to prevent.” — Ed Price (12:06)

Notable Quotes

• “I will go to my grave wondering why after 2001 we went into Iraq ... and not Iran. Iran has been behind all of this and if we had done it differently 25 years ago we would be living in a completely different reality.” — Ed Price (13:06)

Memorable Moment

• The uncomfortable overlap between being a liberal and supporting tough intervention:
  “I’ve said this before small l liberal who is a voracious critic of the president...at the same time...the funding of terror...that is a bread and butter enemy.” — Ed Price (13:06)

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2. Private Credit & Systemic Risk: Interview with Danny Moses

(16:36–36:35)

Key Themes

• The underestimated risk lurking in the $2 trillion private credit market.
• Parallels to past financial cycles and how this time is and is not different.

Major Discussion Points & Insights

• Parallels to 2008 Crisis:
  "The similarities are that the banks are lending to the private equity and private capital firms...They did the same to the mortgage companies in 2004, 5, and 6. ... As soon as Wall Street sees credit turn a little bit, they'll tweak it, pull some [credit] back, and then what happens? The real marks start happening when liquidity starts to dry up and it exposes the leverage." — Danny Moses (18:02)

• Asset Liquidity & Retail Exposure:
  "When retail investors get the opportunity all of a sudden to buy something...if I were a retail investor I would be buying Blackstone, KKR, Apollo...I can buy it and sell it in the same day...I wouldn’t be putting private credit funds in your 401(k)." — Danny Moses (21:40)

• Prediction Markets:
  Prediction markets are growing in popularity and influence institutional research: "I actually use them as a way to follow the news…Goldman Sachs, JP Morgan, a lot of institutional firms [are] citing prediction markets in their research notes." — Danny Moses (22:30)

• On 'Bailing Out' Private Credit:
  “I believe it’s in the back of people’s minds—if private credit goes, the Fed is going to have no choice but to bail it out. And they’re probably right.” — Danny Moses (25:03)

• Inflation vs. Downturn: “If the Fed starts cutting in the face of inflation...the yields will start to move higher on the longer end...You cannot ignore right now that inflation has stopped going down and it's ticking back up.” — Danny Moses (26:07, 26:39)

Notable Quotes

• "Whenever liquidity dries up in any asset class, it exposes the leverage. And no good asset goes unlevered." — Danny Moses (18:02)
• On AI and Employment: "If you see the opportunity to do it [AI-driven layoffs], you’re not a non-for-profit, you’re going to do it…that’s even Jamie said it—they use it now." — Danny Moses (27:41)

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3. Artificial Intelligence in Financial Services: BNY’s Digital Overhaul

(39:29–45:29)

Key Themes

• BNY's transformation: from chatbots to a platform of over 170 autonomous agents.
• Human+AI collaboration: AI augments, not necessarily replaces, knowledge workers.

Major Discussion Points & Insights

• BNY’s AI Platform ‘Eliza’:
  Internal platform named after Alexander Hamilton's wife, now a model-agnostic system powering 170 production use cases.
  "We have taken our KYC process...that would have taken a number of weeks down to 20 minutes." — Leanne Russell (41:07)

• Digital Workers as Force Multipliers:
  "We actually have digital employees—employees who are not human—who have a human manager, their own login, work in the ecosystem, and are doing tasks that are quite mundane and freeing up our employees to do much more interesting work." — Leanne Russell (43:34)

• Cultural Buy-in:
  Massive AI training push led by a tech-savvy CEO: "Almost everyone at the bank now uses Eliza. We did training last year...we gamified it...when people can see how to use this technology as a superpower, they're much more inclined to use it." — Leanne Russell (44:33)

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4. Sports as an Asset Class: Alex Rodriguez on Investing in Teams

(45:35–52:02)

Key Themes

• The shift from family-owned teams to private equity and institutional investment.
• Why baseball might be today's best value bet in pro sports.
• Importance of global growth and media rights.

Major Discussion Points & Insights

• Why Now for Baseball?
  “I think baseball is the best opportunity to invest today. ... You can buy at very very attractive multiples...one that the CBA will get better not worse, and...baseball consolidates regional sports rights into national rights—then you get a multiple expansion.” — Alex Rodriguez (47:06)

• Labor Relations:
  On prospects of a labor stoppage: “I hope not...they are both dug in pretty strong. But if you can buy a baseball team at 4–5x multiples versus other sports in mid teens—I think that’s an opportunity.” — Alex Rodriguez (48:09, 48:27)

• Global Expansion, Scarcity Value:
  “If you’re a real estate investor and there’s only thirty beachfront properties in the world—you would do anything to own one. So scarcity is a big deal. ... The NBA’s global growth…twenty years ago less than 3% of the league were global athletes...today it's ballooned to 34–35%.” — Alex Rodriguez (51:01)

Notable Quotes

• “There’s [also] a lot of opportunity when there’s a lot of noise.” — Alex Rodriguez (50:16)
• “When you have the right product, the right market, the right superstars...baseball still works.” — Alex Rodriguez (50:50)

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5. Memorable Quotes and Key Timestamps

• “We want our adversaries to wonder in the back of their minds if they're safe. We want them on edge.” — Ed Price (06:58)
• “No good asset goes unlevered.” — Danny Moses (18:02)
• “You can't even get on 47th Street—there's a line out the door.” — Danny Moses, on retail demand for gold (33:19)
• “Almost everyone at the bank now uses Eliza.” — Leanne Russell (44:33)
• “NBA's global growth...twenty years ago less than 3% global athletes, today 34–35%.” — Alex Rodriguez (51:01)

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6. Episode Structure & Flow

• 02:07–14:11 — Iran conflict and the new U.S. foreign policy doctrine (Ed Price)
• 16:36–36:35 — Private credit market risk, AI's economic effects, prediction markets (Danny Moses)
• 39:29–45:29 — AI/deployment in financial services at BNY (Leanne Russell)
• 45:35–52:02 — Sports as investment, current and future trends (Alex Rodriguez)

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This summary captures the core conversations, actionable insights, tone, and relevant timestamped highlights from Bloomberg Businessweek Weekend’s March 6th, 2026 episode, summarizing the content-rich discussions on geopolitics, credit risk, AI-driven transformation, and modern sports investing.

Transcript

[Carol Massar]

they told us to expect change they warned us about the transition but honestly they forgot the best part this is the chapter where we finally focus on us lifemd delivers expert menopause and midlife care right from your home from hormone health to holistic wellness lifemd helps you feel your best for the best years of your life lifemd it's just getting good visit lifemd dot com slash goodlife so there's a lot of noise about

[Danny Moses]

ai but time's too tight for more promises so let's talk about results at ibm we work with our employees to

[Carol Massar]

integrate technology right into the systems they

[Danny Moses]

need now a global workforce of three

[Tim Stank]

hundred thousand can use ai to fill

[Danny Moses]

their hr questions resolving ninety four percent of common questions not noise proof of how we can help companies get smarter

[Ed Price]

by putting ai where it actually pays

[Carol Massar]

off deep in the work that moves

[Danny Moses]

the business let's create smarter business ibm

[Carol Massar]

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[Tim Stank]

this is bloomberg business week daily reporting from the magazine that helps global leaders stay ahead with insight on the people companies and trends shaping today's complex economy plus global business business finance and tech news as it happens the bloomberg business week daily podcast with carol massar and tim stanvak on bloomberg radio hi everyone

[Carol Massar]

welcome to the bloomberg businessweek week weekend podcast this week clear themes and actions to address including non stop conversations around the now one week old us war against iran questions around the objectives the timeline and still the reason behind why the us got into a war in the first place by a leader who calls himself the peace president we'll hear one view on why the was long

[Tim Stank]

overdue also this week persistent private credit concerns and worries about the ai spend and impact those were certainly two of the main topics at this week's bloomberg invest it's an annual gathering of the top names in investing deal making and more to talk about the trends tech and top macro topics that shape public and private global markets we'll hear from a few of them including one person who's central to bny's digital transformation and

[Carol Massar]

someone who gained notoriety thanks to michael lewis's the big short and why he thinks the next systemic crack isn't in ai but in the two trillion dollars

[Tim Stank]

private credit market and then baseball edge intern broadcaster investor and team owner and kind of our bloomberg colleague i think that's fair he definitely is yeah yeah he certainly is like a bloomberg colleague now with his addiction to the bloomberg

[Carol Massar]

terminal he said he was he said he watches he's addicted to the terminal but now he also does a program of course with our own jason kelly

[Tim Stank]

we're talking about alex rodriguez on scoring home runs in his portfolio and what's on his playlist all of that to

[Carol Massar]

come we begin with the conflict in iran and what it means for the us role around the world and for stability in the middle east the president

[Tim Stank]

has long said the us is done with nation building now he's embraced a form of intervention that harkens back to an earlier american era openly targeting adversaries leaders for death or arrest while offering few details about how the us intends to manage the aftermath we're talking not just about iran but also what happened a few weeks ago in venezuela for more we're joined by ed price a former british trade official he's now senior non resident fellow at new york university and this is something that you have thought that the us should do for a long period of time would you have chosen the us do it this

[Ed Price]

way i would have preferred the us do it in two thousand one twenty five years ago but i'd also like to begin by saying i'm very sorry that american servicemen service person now have lost their lives so i don't celebrate it on the other hand we've built our civilization on a bible verse matthew seven twelve do unto others as you would have them do unto you and we've assumed that others in the world agree with that somehow implicitly or explicitly and they don't so now we're facing a war with iran particularly after october seventh they started something that they can't finish and we're hitting back and we have hand wringing about that i think it's frankly absurd we are at war

[Carol Massar]

yes is it a quick war is it a long war how do we

[Ed Price]

know well as tim was saying the doctrine has changed right previously unless things change it was a case of go in with boots on the ground and try and build a democracy i think the model this time is kill the bad guys and keep killing the bad guys until they do what they're told if that sounds brutal that's a model called terrorism which is a model that iran perfected over the last fifty or so years so they're getting a taste of their own medicine doesn't make it right it doesn't make it right no but again we have to get the hierarchy right it doesn't make it's not right for the west to sit around having its throat cut because of some abstract principle that i just mentioned from the good book now and again you do have to go out of your way to find and kill the bad

[Carol Massar]

guys period would it have been better if some of the us's and we don't actually know what has gone on i guess totally behind the scenes or maybe we do as we read the tea leaves but would it have been better if the us had some of its normal allies along for the ride

[Ed Price]

it would be wonderful if there had been a real coalition of the willing this time as we were promised last time and it's disappointing to me as a british american that the united kingdom is not full square behind this but

[Tim Stank]

i think that yeah they said you couldn't use the us couldn't use bases for certain air support i mean that

[Ed Price]

was painful that was embarrassing if we are at war with our ally we should get full square behind the americans and the americans should be full square behind us i mean the chinese are watching that the russians are watching that so i think the prime minister has really gone off the rails here but i mean that's to one side because if the uk is holding back it's irrelevant the united states and israel have decided that isn't enough is enough and they've decided to take out the supreme

[Tim Stank]

leader so here we are barely in the third month of the year and already nicolas maduro has been taken out in venezuela the ayatollah has been taken out in iran who would this administration

[Ed Price]

target next if anyone putin cuba anyone this is the whole point we want our adversaries to wonder in the back of their minds if they're safe we want them on edge i think this is so confusing for a western audience because we've we've grown up with the story of the second world war right

[Tim Stank]

so if you're the end of history

[Ed Price]

well i mean first of all we i mean all of us are of an age that we had grandparents or parents involved in world war two and they came back and said basically if you if you're the first mover if you cross a frontier if you kill someone you you are the bad guy and that was true of adolf hitler but it's not always and everywhere true and actually iran and russia have been in a covert war undeclared with us four years since putin's been in power and because it wasn't declared and because it's indiscreet and it's online and it's cyber and that kind of thing it's very very hard for us to turn around and point at it in our the way we think morally and say you've done something wrong you've broken matthew seven twelve therefore we'll go to war so frankly it's quite refreshing is it

[Carol Massar]

really that hard to do that with the russia invasion into ukraine for a

[Ed Price]

second time ask former president barack obama okay i mean the russians walked into crimea in twenty fourteen we did nothing

[Tim Stank]

at the risk of labeling you something you're not if somebody didn't know you and they were just tuning into this right now maybe somebody who supports president trump would hear what you're saying and say you sound like an old school neocon somebody from the john bolton school of international relations or dick cheney is that it seems to be what the view you're embracing right now it's worse that seems to be a view that the president has tried to move away

[Ed Price]

from yes it's worse than that they would rightly accuse me of being a chicken hawk because i didn't serve in the military i served in a civilian government role so here i am you know talking up a war and i should be careful about that and if anyone wants to criticize me for that they should but we are where we are we are in the context that we're in and as a red blooded american as a westerner i look at the way the world is going and frankly i'm scared you know the russians have moved to a permanent war footing the chinese have been planning for taiwan for years and the aforementioned president barack obama and the afore president biden was weak they were weak in foreign affairs so again what i'd like to do is see the west flip how we behave we should have more matthew seven twelve at home and be kinder to each other here because i am an opponent of the president and his domestic agenda and we should be a little nastier and a little cruder with our

[Carol Massar]

enemies is this also you mentioned that president putin should be scared what about president xi of china and just this as president trump gets ready to go over and visit china there is a

[Ed Price]

school of thought that taking out venezuela taking out iran is effectively pointing towards china and you might look at president trump's behavior towards putin and say actually what we're trying to do is take the russians out of the chinese orbit long term because the russian energy supply side could actually help the chinese if we close the malacca strait and so on but why shouldn't foreign leaders be afraid that there is something that can go wrong why should we hand the world to authoritarians drip by drip so

[Carol Massar]

is it a message to president xi

[Ed Price]

also it might not be a message to president xi because i think that you know china's a much more serious player but i think it's a good strong message to the people who backed and planned october seventh that there are

[Tim Stank]

consequences we're speaking with ed price a senior fellow at new york university also a former british trade official he joins us here in the bloomberg interactive broker's studio what do you think the role of the us should be when the missiles stop when the bombs stop the

[Ed Price]

examples in history where the united states has done best in these kinds of interventions is that in period one we

[Tim Stank]

go all out ok like what for example like when did we when did we do well in nation building hiroshima

[Ed Price]

nagasaki and then eighty years of growth and peace in japan the reason we went wrong in vietnam is that we didn't use our force we were mealy mouthed about it again back to matthew seven twelve you need to know when to apply the test of treating others as you would like to be treated versus when you are facing an adversary an obnoxious regime which has oppressed women and funded terror in iran and thereafter provide the funding for whatever the best alternative is that's how it's always worked you go all out with force when you need to and then afterwards you hang back and you fund the democrats if you can find them listen i'm

[Carol Massar]

probably going to get a lot of hate mail but what a country or government chooses to do in terms of its culture i'm not agreeing as you would guess but i mean is that the role of the united states we don't we've gotten into trouble trying to impose kind of our way different parts of the world and so i understand terrorism not a good thing and we know the cost of that but i'm just wondering like is that our role

[Ed Price]

if women around the world choose to dress a certain way in accordance with their religion that's none of our business if the iranian government is blinding women for daring to stand on a street corner that is the american business and that is what we should be in the world to to prevent but at

[Carol Massar]

the same time you've got a president okay so who maybe feels that way but then when it comes to the importance of soft power in helping that's

[Tim Stank]

not how the president feels though is that why the president yeah i don't

[Carol Massar]

think i don't think it has anything

[Tim Stank]

to do with that that's why the us struck iran sure i don't think that's that at all again this is

[Ed Price]

this is when i stopped and that's

[Tim Stank]

very anti maga too the whole idea of make america great again is it doesn't matter what these other countries are doing as long as they're doing it within their that's not in america's interest

[Carol Massar]

like i'm trying to understand why like i understand the history like why now why you know you go into war sometimes there's an imminent threat or sometimes you make a choice because it could be an imminent threat in the future and i get that i just try to understand why now so this is

[Ed Price]

when someone like me gets very confused and i've said this before small l liberal who is a a voracious critic of the president i mean i really i've got to the point where i'm biased i can't stand the sight of the guy because i think he is a direct threat to domestic rule of law and i'll say that until i'm blue in the face at the same time i don't understand how small l liberals or progressives or traditional conservatives or neocons or any part of the original pantheon of american politics can look at the oppression of women and the funding of terror and not say that is a bread and and butter enemy there's no way that this should be allowed and i will go to my grave wondering why after two thousand one we went into iraq which seems to me wholly pointless other than for some sort of twenty year training exercise with live fire okay and not iran iran has been behind all of this and if we had done it differently twenty five years ago we would be living in a completely different reality now and probably wouldn't have president donald trump in the white house at all because we wouldn't have had those forever wars our thanks

[Tim Stank]

to ed price he's a former british trade official now senior non resident fellow at new york university that conversation with ed we spoke to him early in the week this was as the war with iran continued to unfold catch up on all of the headlines by going over to bloomberg dot com and of course on the bloomberg terminal you can also watch and listen to bloomberg this weekend seven am wall street time on bloomberg radio and tv youtube and bloomberg

[Carol Massar]

originals coming up from the front lines of war to the fault lines of the markets we talk private credit and

[Tim Stank]

more the big shorts danny moses joins us next you're listening to bloomberg businessweek this is bloomberg

[Carol Massar]

they told us to expect change they warned us about the transition but honestly they forgot the best part this is the chapter where we finally focus on on us lifemd delivers expert menopause and midlife care right from your home from hormone health to holistic wellness lifemd helps you feel your best for the best years of your life lifemd it's just getting good visit lifemd dot com goodlife so there's a lot

[Danny Moses]

of noise about ai but time's too tight for more promises so let's talk

[Tim Stank]

about results at ibm we work with

[Carol Massar]

our employees to integrate technology right into

[Danny Moses]

the systems they need now a global workforce of three hundred thousand can use

[Tim Stank]

ai to fill their hr questions resolving

[Danny Moses]

ninety four percent of common questions not noise proof of how we can help companies get smarter by putting ai where it actually pays off deep in the work that moves the business let's create

[Tim Stank]

smarter business ibm adobe acrobat studio your

[Danny Moses]

new foundation use pdf spaces to generate

[Public Holdings Representative]

a presentation grab your docs your permits your moves ai levels up your pitch gets it in a groove choose a template with your timeless cool come on now let's flex those tunes draft design

[Danny Moses]

deliver make it sing ai builds the

[Public Holdings Representative]

deck so you can build that thing

[Danny Moses]

do that do that do that with

[Tim Stank]

acrobat learn more at adobe dot com

[Danny Moses]

do that with acrobat you're listening to

[Tim Stank]

the bloomberg business week daily podcast catch us live weekday afternoons from two to five pm eastern listen on apple carplay

[Danny Moses]

and android auto with the bloomberg business

[Tim Stank]

app or watch us live on youtube

[Carol Massar]

this year at bloomberg invest the buzz was about adaptation investors navigating ai disruption geopolitical shifts and the high speed convergence of public and private markets yet as the cost of capital remains somewhat elevated that convergence could be creating some visible

[Tim Stank]

friction we all remember those comments last fall jp morgan ceo jamie dimon what he said about private credit warning that quote when you see one cockroach there are probably more and just this past week jamie dimon spoke with our own lisa abramowicz he cautioned that there's quote a lot of complacency in the market and that inflation is one of the risks referring to it as the skunk

[Carol Massar]

at the party he's always he's always colorful gives us phrases he's got a

[Tim Stank]

great turn of phrase as he does

[Carol Massar]

indeed hey someone also with a strong view on the market environment danny moses he is founder of moses ventures he was a key protagonist in the big short and remains a leading skeptic of private credit danny joined us alongside bloomberg news equities reporter alexandra semenova you can't

[Danny Moses]

predict when we're going to have a downturn but what might cause it i'm in the camp that actually the stock market has added such a wealth effect to the economy that it actually could be the stock market selling off that actually slows the economy so they're all kind of intermixed here and the stuff we can talk about what i said down there about private credit how i think it rhymes with previous cycles but

[Tim Stank]

every cycle is different so let's go there and talk a little bit about how it rhymes with previous cycles where does it rhyme specifically and what concerns

[Danny Moses]

you so the whole thing about this cycle is that it's not systemic we don't have the risk the banks aren't there so we don't have to worry about depositors being at risk the similarities are that the banks are lending to the private equity and private capital firms right that's going on they did the same thing to the mortgage companies in two thousand four five and six leading up to the crisis what did they do they provided warehouse lines to new century or credit home lenders countrywide so they went out produced the mortgages what did wall street do they bought those mortgages packaged them and sent them out to cdo's and everyone bought them great old cycle right same cycle the same institutions that are now buying all this credit and so as soon as wall street sees credit turn a little bit what they'll do is the credit lines that they're now providing into that sector they'll tweak it a little bit they'll pull some back then what happens you get left the reason these mortgage companies went out of business was because they couldn't sell it anymore and it got stuck on their balance sheet chair got pulled so then the real marks start happening when liquidity starts to dry up and it exposes the leverage so whenever liquidity dries up in any asset class exposed leverage and no good asset goes unlevered is basically how it goes so

[Carol Massar]

it's been incredible danny to see that stocks haven't been toppled by anything that has happened this year we have so much geopolitical risk we have ai concerns private credit what is going to be the headwind that actually sends us into a correction or worse i think it's

[Danny Moses]

employment unemployment so earnings have been strong enough i think to carry the market i think we've had a broadening out within the market which has been healthy into other sectors other than tech which is which is great but i think you're starting to see trends potentially in employment now this memo that came out last week that you guys were talking about all week this trini memo about what i could look like in twenty twenty at the apocalypse so to speak there's some truth to it and you have to imagine what can happen so you get all the benefits of being efficient as a company and your margins improve so you get that now but we saw already from block what was said you know firing you know forty percent of their staff you know one note literally took pages it felt like out of the memo and said this is what we think we can do now be more efficient so those are white collar jobs and so that's in

[Carol Massar]

the economy well to be fair i think we're all trying to figure out is that a jack dorsey figuring out the future of that company right in terms of management and whether or not that is an indicator of what's to

[Tim Stank]

come and there are a lot of people who say that's you know not something that it's you know reduction in force that's sort of camouflaged as an ai like this is bloating we're going to be speaking about this a little

[Danny Moses]

later i mean i mean he's certainly over hired probably post pandemic but what he said was irrefutable in terms of why he believes there'll be more efficiency and that he doesn't need humans to do all the job that they were

[Carol Massar]

doing i want to go back though to over leverage because i always think about who's exposed ultimately like what happens when the tide rolls out and i'm just curious how you see potentially a crisis akin to the gfc happening because

[Danny Moses]

of private credit so i think in terms of it fueling the economy and economic growth companies being able to access credit is great for employment it's great for companies but maybe they otherwise wouldn't have gotten it or maybe the leverage is too high or maybe maybe the covenants are too light that allow these companies to keep borrowing modifying loans as soon as the money stopped coming in or slowed down i should say on the institutional side what did we see we saw private credit get offered on the retail channels well some of these banks and brokers are incented to get it onto those channels and that's my point when retail investors get the opportunity all of a sudden to buy something

[Carol Massar]

right you know listen we we talk about this a lot yeah we just

[Tim Stank]

talked about mike and top i mean the idea that it's a signal of something that the market becomes more available or what he said is it becomes more democratized so in your view not a good idea for the everyday investor to have access to these products if

[Danny Moses]

i were a retail investor right now looking to get myself exposure i would be buying blackstone kkr and apollo i'd be buying the parent companies the large pe firms that have permanent capital that have a huge fee income stream that's how i would expose myself and guess what i can buy it and sell it in the same day you wouldn't

[Tim Stank]

be putting private credit i wouldn't be private credit you know funds in your

[Danny Moses]

four hundred one k if i had a retail broker that called me and offered me that i don't think he'd

[Carol Massar]

be my broker anymore buying those names are liquid as you know like recover right these firms you can sell and buy easily but come on in alex because i know you're listening yeah we're talking about retail investors and i actually wanted to ask you danny one new segment of finance that they're actually foraying into is prediction markets with kind of the excess cash that they have to spend what do you think that will look like later this year as prediction

[Danny Moses]

markets continue to grow well they're regulated by the cftc they've taken extreme amount of market share from the traditional online sports books that we've seen but it's really interesting because i actually use them as a way to follow the news not that you guys don't provide all the news that i need here but you want to know what's going on in the election in brazil and you know that you want to either buy or sell brazilian equities as a result watch those watch what's happening there so you don't have to trade those markets but you need to watch it it's really interesting one pops up you're like i never even thought of that you

[Carol Massar]

know i mean i've seen like goldman sachs jp morgan a lot of big institutional firms citing prediction markets in their research notes really often now right and

[Danny Moses]

they're partnering in the media they want to get it out the more i get it and listen it's growing it's a sector evolving but you know sorry well no no no it's it's all

[Carol Massar]

about we talked regulation the elections right

[Danny Moses]

go ahead no it's no it's where the regulator lies it's not at the state level it's at the federal level

[Tim Stank]

so that use case i think to a lot of people makes a lot of sense but the question and this is a real question that is available on some prediction markets will jesus return in twenty twenty six yes or no doesn't necessarily carry the same weight i think with someone like you that's a

[Danny Moses]

sign of something yeah well you know i think there's an entertainment value but i want to say like let me give an example of of something that i just talked about on my show the other day which is will the us debt exceed fifty trillion dollars by the end of twenty twenty eight even the cbo which is nonpartisan has literally forty four trillion forty i'm negative on us debt that's a whole nother topic we can go into some other time but if it hits fifty trillion to your point i say you take no you trade no on that because if it's yes we have a lot bigger issues what do we have another pandemic another financial crisis we bailed out private credit in the tune of three to four trillion how do we get to fifty trillion so when i see stuff like that and it's trading at fifty cents so it's trading at a fifty percent chance right now i watch stuff like that to tell me if it starts to move then i start to dig deeper what am i missing you

[Tim Stank]

watch it but you don't participate oh i participate okay how do you participate

[Danny Moses]

i trade on cowshi i mean i trade these markets you know will the s and p close below seven thousand eight hundred i trade yes it will trade below seventy when at the end of the year will gold outperform bitcoin right yes i believe it will and it's interesting to see how they trade will the fed you know cme fed fund futures will match up directly what you will see on kalshi in terms of but i don't want to set up an account and trade fed fund futures but i can just trade yes or no the four percent chance that they're going to cut in march maybe so it's just how much do you

[Carol Massar]

allocate to a platform like that not

[Danny Moses]

a ton but enough that it's entertaining yeah so i do my nfl there now you know certain football season i'm going to do my masters there during the golf tournament so use it all

[Carol Massar]

but yeah i want to ask you you said bail out of private credit do you think we get to that

[Danny Moses]

point i would you said it yes no if we got to that point so me if we got to if we got to that point jamie dimon just mentioned that you know things are okay my issue is that things are okay because the fed keeps bailing us out there's a moral hazard yeah and i believe it's in the back of people's minds that actually believe you know what if private credit goes the fed's going to have no choice but to bail it out and they're probably right it will have an impact on everything impact on the banking system right it won't bring it down so i'm half kidding but i'm not so what did the talf go again whole nother segment but post financial crisis the tarp the talf the ppip we ran out of acronyms right so we're going to have we're going to come up with another one it could be a vehicle the government subsidizes a period of time what did they do during COVID they bought the hyg but people forget pre covid we were already going through an economic downturn and it's kind of resurrected companies otherwise shouldn't have been saved so if

[Carol Massar]

president trump brings in a new fed chair who is more comfortable with cutting rates does this just fuel the problem or make it even bigger you hope

[Danny Moses]

wash will maintain some form of independence

[Carol Massar]

do you think he will i hope

[Danny Moses]

he does i don't know because if he doesn't yes well then you're starting to see what will creep in yields will start to move higher on the longer end anticipating that whatever they do to move short term rates will fuel long term rates potentially higher and you start to ignore inflation you cannot ignore right now that inflation has stopped going down yeah and it's taking back up is it is it is it just for a period of time we don't know yet but with oil now moving higher it seems so it's something really to think about the fed's ability to

[Carol Massar]

cut rates from here so danny lisa asked jamie dimon this question i thought it was a great one are you worried more about inflation or about an

[Danny Moses]

economic downturn he kind of said both go to that i'm probably more i'm not that concerned about inflation i'm worried about the question you just asked if the fed starts cutting in the face of inflation what that would look like i think the economy is fine but i think that we've got to watch employment really carefully and i think that's what everyone's spooked by this memo that kind of came out we're already seeing signs of that of white collar jobs getting lost so yeah we're speaking with

[Tim Stank]

danny moses the founder of moses ventures financial computer host of a new weekly series the danny moses show on scripps news he joins us here in the bloomberg businessweek studio so let's go back to what you were saying about ai and the economic effects of that and what that is on the labor market and dig into the citrini report a little bit because you did mention there are parts of it that that ring true and other parts not necessarily the jack and we'll use the jack dorsey block news as sort of a jumping off point those are white collar jobs the message was received and has been received is that something you see other companies doing over the next eighteen months reduction in force of forty percent and

[Danny Moses]

more the same way no one was allowed to say tariffs a couple you know a year ago on their calls like don't blame tariffs so they're not going to say it but why wouldn't you as a company you're a publicly traded company you have shareholders your job is for margin expansion and to produce earnings if you see the opportunity to do it it's not a non for profit you're going to do it and so there's no question that these tools if you believe the secular trade is real which obviously it is it's kind of an impact and you're pro nvidia and you're pro all the stuff then you have to believe there's an end user case for it both in the consumer and company wise and so that's the case by definition it will be you'll be more efficient i think my takeaway would be we always the us consumer finds a way to make jobs around it you know it could be something that helps guide that technology so there's always going to be movement in that and we've all we've seen massive changes occur the dot com in two thousand right we'd heard there'd be no more wall street jobs in two thousand eight after that after that it's over finds a way to reinvent itself so i do think i just think it's a think piece to think about okay but there's not a ceo competent one that's not already thinking how do i be more that's even jamie said it that they use it now he didn't want to say they're firing people but

[Carol Massar]

i mean everybody's using it and everyone is telling us that if you're not using it you're falling behind and i we are planning a bloomberg not me but our team a bloomberg invest event that comes tomorrow there's a big thing that you and i are both involved in and it's interesting i've had some conversations about you know people say what you should do right now is talk to a twenty five year old they get how you can use these tools and the idea is that there will be a dislocation whether it's five years or seven years or maybe a little bit longer between maybe an older workforce who's not going to embrace the these tools and then a younger workforce who will and that will create free them up from some kind of tedious tasks but create new opportunities do you not buy that argument at all that that's ultimately where we end and it's going to be uncomfortable perhaps because education's maybe going to have to shift around a little bit and teach things that people maybe lose you know or would learn on entry jobs that they're not going to so there's a shift so you

[Danny Moses]

have lawyers you have accountants and now you're going to have ai tutors so there you go there's a whole new industry that can happen no but you know in all seriousness no but there are huge positives to it in terms of making every company more efficient making us consumers more efficient so that comes with more productivity for everybody so maybe there's an offset there i think again back to this moment we don't spend a lot of time on it if you people that are that that are saying yes yay or nay on it you got to read it because i guarantee it took it's a long read i mean it's a thirty minute what

[Carol Massar]

is everybody missing just that it's a

[Danny Moses]

think piece to get and it's logic you can't refute that that could happen and it will happen in pieces and like i said yes dorsey example maybe is just a one off or whatever it might be but i do think you talk to any ceo they're not going to tell you that necessarily but yeah so somebody's spending capex for a reason somebody's plowing money into these privates for a reason somebody believes you wouldn't be doing that unless you thought there was an economic benefit well it's a zero sum game to a degree you know just increase productivity and everybody wins i think there's winners and losers here

[Carol Massar]

so it was amazing danny just a couple of weeks ago we saw entire sectors being sold off in tandem just being dumped because some ai startup said that you know it was going to replace jobs have you ever seen anything like that in past crises and if that happens again how do traders navigate

[Danny Moses]

well i mean so that's software companies saas companies that always thought that was the best model ever yeah i saw it your bank's going to close down so go get your money out and line up around the block right so what did that take the fdic to come in and say no we're okay tarp the banks are going to be fine so yes you see that panic happen you saw stocks you saw bear stearns go you saw lehman go things actually did happen that even shocked us to a degree so so yes you will always have whatever the kind of sector trade of the of the time is and you will always get an overreaction and creates opportunity potential to buy

[Carol Massar]

well did you trade on any of

[Danny Moses]

that which on the software stuff yeah no i'm i'm too negative no i'm kidding no i did but but there are names like there's always one offs and i and i think i will end with this we're focused on ai and and all these these sectors there's so much going on outside of just the technology trades you guys talk about and all of a sudden everybody's energy playbooks out in the last week or so like oh wow these stocks are cheap if oil were to even stay at sixty five these stocks are and it's three percent of the s and p four percent of the s and p right could be seven so i just think there's always opportunity to to move around and there's certain sectors which will not get aided away and so as a wall street participant i think you need to focus we want to

[Carol Massar]

go back to risks but what do you think what what do you find most interesting in the marketplace today gold

[Danny Moses]

and you know things that no one was now everyone's on gold but things

[Carol Massar]

and you're still on gold oh yeah

[Danny Moses]

still on gold gold long the gold miners think it's a trade yeah when

[Tim Stank]

do you stop yeah listen it's a

[Danny Moses]

thirty five trillion dollars asset now no one talks about this size of it but it's really big but geopolitics just reared its head again debasement inflation it works in a lot of different ways and it's really a play that central banks are incompetent to a degree and they're going to do whatever they need to do so if you think the way out of this potentially i just mentioned is the end game of this bailing out private credit at some point i don't know but gold kind of prices all that in but to your point these stocks move the gold miners are up you know one hundred percent whatever they are of course you have to take some off the table so

[Tim Stank]

what about spot gold at five thousand

[Danny Moses]

three hundred i like it but i play it through phys which is a physical okay but yes there's ways to express it but just i kind of watch the flows watch what's going on and you got to be smart with it so i'm not giving advice here

[Carol Massar]

but retail also big participants in metals

[Danny Moses]

markets right now yeah metals silver specifically i think every metals market's a little bit different i think the commodity trade is here to stay i really do and so we're all pulling out our

[Carol Massar]

old jewelry exactly right i'm not jewelry

[Danny Moses]

you can't even get on forty seventh street there's a line out the door

[Carol Massar]

so i'm not joking having said that back to risks whether it's private credit whether it's geopolitics what do you see as especially as we continue to see a president who seems to kind of do what he wants around the globe in terms of either taking out leaders for lack of a better word so how do you factor in geopolitics because i'm kind of shocked at the trade today i expected something much worse and it was much worse overseas but maybe that makes sense alex and i were

[Danny Moses]

just talking about that before we came in and i think a lot of this was priced in so what do we see at the end of last week oil started to move higher but not to the mid seventies but you know west texas moved up to call it sixty eight then you had treasury yields lower and it's kind of odd treasury yields were moving lower in the face of higher inflation prints you're like well is the economy slowing what's happening and gold was moving higher and metals so you kind of got some so today is more of a buy on the news type of event so what happened today the microcosm looking at today is us dollar rebounded yeah the belief that the us is still the ultimate power the belief that we haven't hurt all our relationships so we can be a trusted partner we got a little glimpse of what that could be because war always rallies the dollar i think it's short lived so to the point you're making i think this is a kind of a false bounce we forgot all of a sudden about the ai trade you have this mfs in the uk blowing up which would have been front page news on friday and today if that if there's other stuff so that's page two right now but here's another you know mortgage lending type again not systemic but also just a sign that money has been circling around the globe trying to find a place to go and sometimes it's too easy it's too free so i just think in general and the last thing i'll say is i am very concerned about us debt and debt to gdp that's my big i know it doesn't matter no one cares no but it should it matters because one misstep here yeah yeah

[Tim Stank]

well when does it matter when does

[Danny Moses]

it matter matter well again i'm not going to call a failed auction in the ten year yield but when you start to issue more t bills instead of ten year notes right when you start to do those things you by definition create refinancing and repricing risk down the road so inflation does come up and the fed's hands are tied all of a sudden these t bills which you're issuing instead of ten year because you want to put pressure on ten year bonds just doesn't work and so we just all we did from two thousand eight on was just move the risk to the government balance sheet but you're not going to outgrow it you cannot we're going to have we are not going to run a surplus in this country we're going to run a deficit is it one trillion two trillion or three trillion a year i don't know back to the cash at fifty trillion and into twenty twenty eight we're under thirty nine trillion right now that's almost twelve trillion from here so that's a big concern because if our rates start to move higher there's so much to so maybe so much to worry about just buy us i guess just buy stocks honestly i don't even know

[Carol Massar]

so get cash yeah exactly just got to i'm going to because you brought us all together got thirty seconds you want to do the last question we've got a minute left i guess danny wall street retail investors have this penchant to buy the dip over and over again and at what point does that backfire on them because it's it's worked so far over the last few years just got about thirty i think it's

[Danny Moses]

self fulfilling i think that even through the tariff crisis of last year ongoing tariff crisis of last year etf flows remain positive so passive has still been positive but that comes down to one thing employment if people start to lose their jobs they're not putting in monthly into four hundred one k so that would be where i see the risk

[Tim Stank]

our thanks to danny moses founder of moses ventures also a big thank you to bloomberg news equities reporter alexandra semenova you can catch the full conversation with danny on our podcast feed still ahead

[Carol Massar]

on bloomberg businessweek coverage from bloomberg invest including bny's digital employees and a former

[Tim Stank]

mvp turned business operator and team owner on capital play in sports a rod joins us next this is bloomberg

[Danny Moses]

the thing about ai for business it may not automatically fit the way your business works at ibm we've seen this firsthand but by embedding ai across hr it and procurement processes we've reduced cost by millions slash repetitive tasks and freed thousands of hours for strategic work now we're helping companies get smarter by putting ai where it actually pays off deep in the work that moves the business let's

[Carol Massar]

create smarter business ibm adobe acrobat studio your team's home base collaborate within a

[Tim Stank]

shared pdf space you've got your docs

[Danny Moses]

your plans your specs and then invite

[Carol Massar]

the crew to build what's next to

[Tim Stank]

talk up the team words they think

[Carol Massar]

that this design could be a contender when somebody wonders what's the next steps

[Tim Stank]

ai helps you finish the rest bolts are tight now your plan's refined run

[Carol Massar]

a smoother business when you're on the

[Tim Stank]

line do that with acrobat learn more at adobe dot com do that with

[Danny Moses]

acrobat support for the show comes from public public is an investing platform that

[Public Holdings Representative]

offers access to stocks options bonds and crypto and they've also integrated ai with tools that can assist investors in building

[Danny Moses]

customized portfolios one of these tools is

[Public Holdings Representative]

called generated assets it allows you to turn your ideas into investable indexes so let's say you're interested in something specific like biotech companies with high r and d spend small cap stocks with improving operating margins or the s and p

[Danny Moses]

five hundred minus high debt companies chances are there isn't an etf that fits

[Public Holdings Representative]

your exact criteria but on public you just type in a prompt and their ai screens thousands of stocks and builds

[Danny Moses]

a one of a kind index you

[Public Holdings Representative]

can even backtest it against the s

[Danny Moses]

and p five hundred then you can

[Carol Massar]

invest in a few clicks go to

[Public Holdings Representative]

public dot com market and earn an

[Danny Moses]

uncapped one percent bonus when you transfer

[Public Holdings Representative]

your portfolio that's public dot com market

[Danny Moses]

ad paid for by public holdings brokerage

[Ed Price]

services by public investing member finra sipc advisory services by public advisors sec registered advisor crypto services by zerohash sample prompts are for illustrative purposes only investment advice all investing involves risk of loss see complete disclosures at public dot com disclosures

[Tim Stank]

you're listening to the bloomberg businessweek daily podcast catch us live weekday afternoons from two to five pm eastern listen on apple carplay and android auto with the bloomberg business app or watch us live

[Carol Massar]

on youtube so far we've spent the hour talking about macro shocks and credit risks now we get to the actual plumbing of the financial system and the autonomous digital employees now running it well

[Tim Stank]

bny is moving beyond the chatbot as the world's largest custodian the firm is deploying over one hundred autonomous agents that don't just suggest code but also execute high stakes workflows it allows the human to really focus on other tasks leanne

[Carol Massar]

russell is bny's global head of engineering and chief information officer she joined us from this week's bloomberg invest event in the heart of the financial district well

[Leanne Russell]

bmy is at the heart of financial services markets two hundred forty one year old company so i have my foot in many camps across technology of course cyber and resiliency is really important to a bank like bny but obviously ai is becoming increasingly part of everything that we do at bmy and really helping us shape financial services for the future

[Carol Massar]

how much of it is internal in terms of the processes and the workforce flows that you guys are doing you're you know a major custodian for like so many so much so is it also from what clients want in terms when it comes to ai they're looking

[Leanne Russell]

for functionality so in terms of what we've built we have built our own platform and it's called eliza named after the wife of alexander hamilton who built bmy and a philanthropist in her own right and we've built that ourselves and it is a platform and we are a platforms company and eliza is a platform itself so we have built that it's model agnostic we use all the alarm providers and multi agent and that is an internal platform but it's also something that we use to interact with our clients and help our clients perform

[Tim Stank]

better so give us a concrete example of what it can actually do we

[Leanne Russell]

have one hundred seventy concrete examples we are way beyond the use case scenarios and very much into production so one hundred seventy different versions of eliza that touches every everything that we do so some great examples kyc know your customer onboarding customers onto the platform we have a lot of customers and fifty nine trillion dollars of assets under custody and so we have taken our kyc process that would have taken a number of weeks down to twenty minutes how do

[Tim Stank]

you so how does it how does that work you type the person's name into this model and and and it tells you whether or not this person is who they actually say they are

[Leanne Russell]

well eliza at this case for kyc is a multi agentic model so you have like twenty different agents who talk to each other so there's multi steps in that process from knowing who the client is to like linking them to their different accounts across bny so it's not just one single agent it's agentic

[Carol Massar]

ai like on this is it in

[Leanne Russell]

action in action and we have like i said one hundred seventy versions of that across the bank it sounds like

[Carol Massar]

you guys really kicked into high gear like over the last year in terms of ai my understanding is one hundred percent across the across your your team like everybody's in it yes how did you quickly ramp up how difficult was it in terms of the process and the build and getting everybody on board and everybody functional in it well three

[Leanne Russell]

things i say was the silver bullet and in terms of our adoption first of all we have a ceo who's very very ai savvy robin versus he comes from a background in banking but he you know is hands on in the technology he vibe codes he uses it in his personal and professional life so i think when you're ceo led i think that's a really foundational part of our platform then having our own platform so our employees don't need you

[Carol Massar]

have to have your own yeah they

[Leanne Russell]

don't need to go into this different technology everything is an eliza it's our tech platform but it's also our governance framework it encompasses everything end to end and then we really led with enablement so instead of thinking about engineering gatekeeping the technology we said we are going to get all our employees trained and using eliza almost everyone at the bank now uses eliza we did training last year we had to reinvent the training program to get everyone to go deep

[Carol Massar]

do you need less workers because of it and i'm not trying to be like but we're trying to understand like what is is it replacing workers or is it freeing up workers to do other stuff which is helpful to an

[Leanne Russell]

institution so we actually have two different versions of eliza when it comes to agentix so we had the solutions that we talked about but we actually have digital employees so employees who are not human who have a human manager who have their own login and work in the ecosystem now that sounds like counter to what you just asked but the fact is these help our employees pay become superhuman and they're doing tasks that quite frankly are quite mundane and freeing up our employees to do much more interesting work for example vulnerability management no software engineer likes to do vulnerability management they want to code new skills and new tools into the environment so our digital employees take that part of their work away and then that frees up our software engineers to work on the stuff that they quite frankly went to

[Tim Stank]

school to learn at a large organization and to carol's point like the ny mellon how do you do this in a way that provides an incentive for people who don't actually want to adopt these they think to themselves wait a second i don't want this to to take away my job i don't want this to make me obsolete well i

[Leanne Russell]

think the thing you have to do is like i totally understand why people feel like that but when when you train people to use the technology i think it become people fear it less so that's why we led on enablement making sure that that everyone had access to the best training we did one hundred percent by the middle of last year we reinvented the whole training program we gamified it and when people can see how to use this technology as a superpower they're much more inclined to use it to help them in their work than have the kind of reaction that you talked about was it really

[Carol Massar]

easy to treat everybody or how long

[Leanne Russell]

did it take so we had a goal sixty five percent and twenty five was our goal we made ninety nine by june so i think the adoption we talk about it a lot robin talks about it a lot our ec handshaked on having ai for everyone for everything everywhere which was our mantra and i would say it was just amazing how our employees really really embraced eliza as a as a technology that can

[Tim Stank]

help that was leigh ann russell chief information officer and global head of engineering at bny as we wrap up this

[Carol Massar]

hour increasingly when we talk about asset classes we need to include sports in the conversation what used to be a world of family owned teams has been transformed into a sophisticated landscape of private equity massive media rights deals and skyrocketing

[Tim Stank]

valuations someone who sits at the intersection of all of this is alex rodriguez he's chairman of a rod corp he's co owner of the minnesota timberwolves and the links alex is also the co host of the bloomberg podcast and bloomberg originals show the deal with jason kelly and alex rodriguez and we kicked off the conversation by reflecting on the live taping that he and jason had just done at bloomberg invest that was with the ceo of sixth street alan waxman

[Public Holdings Representative]

incredible story i mean his background and he spent ten years at goldman sachs and he basically ran a thirty billion dollars fund in which they can invest in any asset class which really gave him a competitive advantage he's now brought that over when he co founded sixth street two thousand nine they have over one hundred billion dollars the aum and he's really deep in sports he's done investments with the with all major leagues he's done the san francisco giants baseball he's done the celtics and san antonio spurs in basketball and he just bought a minority stake with jonathan and robert kraft with the new england patriots fascinating and great great conversation i'm curious about

[Tim Stank]

the opportunities that he sees right now and you know obviously he's he's taking advantage of the new rules about being able to buy into different leagues which is a whole conversation that that we could have but what really excites him when he looks forward i think a

[Public Holdings Representative]

few things i think markets depending on what team what leagues what league the leadership of the three leagues fortunately for us we have you know adam silver roger goodell in football and rob manford all very established very top tier commissioner so all that's good for him and i think when you look at the nfl the combination of appreciation and cash flow is something that's very very unique in sports you don't have usually both of those so aggressively so baseball's an interesting situation i think baseball is the best opportunity to invest today i'm a contrarian by nature so i would invest right into the teeth of this collective bargaining agreement why why because i think you can buy at very very attractive multiples and you're making i think two very safe bet bets one that the cba will get better not worse right and the second one is that rob manford would take a page from roger goodell and consolidate all the regional sports rights yeah and make it more into national rights and you get a expansion

[Tim Stank]

in multiples so will there be a labor stoppage after this season i hope

[Public Holdings Representative]

not i don't know but i've talked to members of both sides of the aisle and they have said meaning owners and players and they're both dug in pretty pretty strong so so maybe is what you're saying so i don't know

[Tim Stank]

would that change your view on where on on investing in baseball no i

[Public Holdings Representative]

would invest even heavily into it because as you have more noise as we've seen in the public markets the last couple days you have volatility yeah where you have apprehension i think you have opportunity and the most multiples if you can buy a baseball team at four or five multiple versus other sports that are trading in mid teens i think that's an opportunity would the players ever

[Carol Massar]

agree to a salary cap you think

[Public Holdings Representative]

i don't think so i don't think

[Carol Massar]

so should they or no i think

[Public Holdings Representative]

i don't want to comment into that because i have friends on both sides but here's what i would say it should be a mentality about grow the pie as big as possible how you guys divide it that's a separate conversation yeah but you know going back to marvin miller when he started the union for major league baseball which has always been very very strong and highly regarded yeah and the owners there's been a lot of conflict over the last five decades so how do you bring it together to say let's work together to grow the pie as big as possible

[Tim Stank]

why does it seem like baseball has the most issues with labor i think it has a lot right with that

[Public Holdings Representative]

oh yeah yeah i mean the history is very strong marvin miller was the head of the union he started it the then that went to don fear for many years who's a great great leader and then michael weiner tony clark and now they have a different situation right now but it's been that way tim since i was involved i remember that every time cba came it was it was a battle and somehow or another you figured out but i will say that this is the most important year for baseball and labor talks in the history of the sport because of how many attractions we have out there between netflix youtube bloomberg you name it there's just more assets that everyone's fighting

[Tim Stank]

for the consumer so do you think about do you think about the collective bargaining differently now that you're an owner of a sports team that's a great

[Public Holdings Representative]

question i think overall like ninety percent of my thoughts still the same is you want the sport to be healthy you want it to grow yeah you want it to collect more fan base and you want millions of people watching every day because it is a great sport and the world series this year showed us that when you have the right product you have the right market you have the right superstars in vladimir guerrero junior and shohei ohtani that you had fifty three million people watching when you include the us canada and japan which is baseball still works yeah and when there's a lot of noise there's a lot of opportunity so when you

[Carol Massar]

know you talked about you're right sports is vying for all of our attention with so many other things so when you think about investing how do you think about like how does that play into where you want to commit some

[Public Holdings Representative]

some money well you want to moat right think about this take the nba if you're a real estate investor and there's only thirty beachfront properties in the entire world yeah boy you would do anything to own one of those so scarcity is a big deal when you look at the tv deal that just was signed eleven years won the first year of eleven years for seventy seven billion that's something that is easy to underwrite easy to understand so you like to invest into that you know and then when you think about the global growth in the nba you know twenty years ago there's probably less than three percent of the league was global athletes meaning born outside of the us today that numbers ballooned to thirty four five percent right when you look at europe second most popular sport in europe the nba basketball and is a forty five billion annual business and we only own one percent of that at the same time you have four hundred million people playing basketball in china yeah three hundred million playing in india so the global scope you can say from the american sports nba could be number one our

[Tim Stank]

thanks to alex rodriguez he's chairman and ceo of a rod corp he's the co host of the bloomberg podcast the deal i guess he was also a very good baseball player i'm told like

[Carol Massar]

you know i don't know if you google a few articles come up here yeah all right be sure to catch all of our conversations from bloomberg invest you can find it on our podcast page or by going to bloomberg dot com and that wraps up the weekend edition of bloomberg business week from bloomberg radio thank you so much for joining

[Tim Stank]

us be sure to tune into bloomberg business week daily monday through friday it starts at two pm wall street time on bloomberg radio bloomberg tv and on sirius xm channel one hundred twenty one

[Carol Massar]

you can also catch our daily broadcast on youtube just search bloomberg podcasts we're simulcast on bloomberg originals available on bloomberg dot com originals and streaming platforms including roku amazon fire tv samsung tv plus

[Tim Stank]

and more find our bloomberg businessweek podcast at bloomberg dot com comma apple or wherever you get your podcasts and the latest edition of the magazine it's available on newsstands now at bloomberg dot com and always on bloomberg terminal i'm tim

[Carol Massar]

stack and i'm carol massar have a good and safe weekend everyone don't forget to change your clocks stay with us today's top stories and global business headlines are coming up right now this is

[Tim Stank]

the bloomberg business week daily podcast available on apple spotify and anywhere else you get your podcasts listen live weekday afternoons from two to five pm eastern on bloomberg dot com comma the iheartradio app tune in and the bloomberg business app you can also watch us live every weekday on youtube and always on the bloomberg terminal here's a paradox we buy insurance for peace of mind yet the very policies we trust can deliver the biggest financial shocks across america millions of claims are denied every year not because people did anything wrong but because policies quietly excluded the things that happened the psychology of trust tells us we assume the contract is fair but in insurance the information gap is massive the insurer knows every detail of what's covered the policyholder rarely does that's where my policy advocate comes in for just twenty seven cents a day their platform reads your policies and shows you in plain language where you're vulnerable they're not selling insurance they don't do that it's about transparency giving ordinary people the same understanding insurance companies have had for decades because when you know what's really in your policy you can plan retain protect and avoid surprises before you trust your policy to protect you let my policy advocate tell you what it really says visit mypolicyadvocate dot com today peace of mind starts with knowing the truth mypolicyadvocate dot com with volley from ishares you get access to both monthly income and growth potential in one simple etf it's the the

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