Loading summary
Transcript91 lines
- [00:00]
A
Looking for more investing options? Meet cboe, the exchange that pioneered options trading. With exclusive trading products like VIX and SPX Options, CBO can help you trade in any market environment. There are risks associated with CBOE Company products. Review the disclosures and disclaimers at cboe.com
- [00:14]
B
usdisclaimers 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's and procurement processes, we've reduced costs by millions, slashed 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 create smarter business.
- [00:44]
A
IBM when you're running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn more@theheartford.com riskmitigation risk policies provided by Hartford Fire Insurance Company and its property and casualty affiliates Hartford, Connecticut
- [01:28]
C
Bloomberg Audio Studios Podcasts Radio News. This is the Bloomberg Surveillance Podcast. Catch us live weekdays at 7am Eastern on Apple CarPlay or Android Auto with the Bloomberg Business app. Listen on demand wherever you get your podcasts or watch us live on YouTube and technology.
- [01:54]
D
Ivan finds that joins us with Tigris this morning. He survived Boston University Finance and accounting, one of the great grinds of college academics. Ivan, I'm going to cut to the chase. You've got a very, very constructive note on a quote, classic shakeout of crowded AI trades. Do you load the boat on Microsoft? What's the character of your enthusiasm to acquire shares?
- [02:22]
E
Well, first of all, I think this negative view of the software stocks is just way overdone. Even Jensen Huang has said that software drives the functionality of hardware. But look, it's still AI is a powerful investment theme and we're going to see things get ahead of themselves. Like we saw this run up in aam, the run up in Micron, run up in sandisk. But yet this is a very powerful theme that I think has still long to run and the next next phase is going to be the evolution of smart devices that just have an AI operating system and your Phone using different apps to do different functions. You're going to have an overall AI interactive operating system that then will drive agents to use different apps to accomplish what you want. Like for example, if you're interested in, you know, you want to eat Italian food, where's the best place to go to where I am. It'll give you some suggestions and all you have to do is say all right, book me a table at 7:30 for four people at this restaurant and it will do that rather than you having to go to Resi or to one of the other apps to book it. So you're going to get interaction and this is what Qualcomm. In fact, I'm going to be attending Qualcomm yesterday, today. Right, but Qualcomm is, is using their strap, their processors, data centers and most important, the power of this is computing at the edge.
- [03:49]
D
Okay now, yeah, but hold on. Paul helped I get me a table at Rouse.
- [03:55]
A
I don't there. Ivan though.
- [03:59]
E
Yes, doesn't have that much juice at least right now.
- [04:03]
A
Ivan, frame out kind of your conversations with your clients about software broadly defined because again we've had a sell off in this sector, particularly for the SAS names that a lot of people did not see coming. And it's been such a strong, strong sector to be in for decades because of recurring revenue and the free cash flow. What's your view of software broadly defined these days?
- [04:24]
E
I think there's a lot of opportunity in the database software companies like mongodb and like Monday.com I think the software, the infrastructure providers like Oracle as well as the processor providers like Nvidia and memory, look, there's a tremendous shortage of memory because of the huge demand to build out these data centers and memory prices have tripled and quadrupled over the past year and that's what's been driving things like Micron and sandisk. So but this is a powerful theme that will go on for some time.
- [05:02]
A
Microsoft down 23% year to date. You don't see that very often here. What's your view there of just kind of Microsoft and some of these software names?
- [05:12]
E
I think Microsoft is a tremendous buy here. We've seen this trend before where all of a sudden the market turns negative on Microsoft because years ago they weren't in the cloud, they are a cloud leader, they weren't in AI, they are an AI leader and they still command 90% of all computer desktops. So this is a huge infrastructure provider and I think a tremendous buy here.
- [05:37]
D
I look at the state of this and the catalyst of it, what is the earnings season going to look like? Is it going to convey that all these companies, these beleaguered tech companies, are still thriving?
- [05:51]
E
Absolutely. And with each report, an increase in capital investment in AI. We saw it. So with the, you know, Q4 and full year results of all the big tech companies, the five or six major tech companies have committed over 600 close to $700 billion in capital investment for this year, up close to 50% from last year. So capital investment in AI infrastructure and data centers and in all the different factors or cloud computing, edge computing and the access to this. Now I bring up Qualcomm because they recently announced where they're working with OpenAI. Last year, OpenAI hired Jony Ives from Apple to lead device creation. Johnny Ives was the developer of the original iPhone. So you're going to see devices from all of these companies. It's going to be handheld, it's going to be desktop connected devices. Meta just announced a new line of smart glasses. It's going to be all these different devices that help you interact right and get your questions answered by using an AI agent.
- [07:06]
D
Ivan finds it wonderful in technology at Tigris. Stay with us. More from Bloomberg Surveillance coming up after this.
- [07:16]
A
When your options are limited, so are your opportunities. At ciboe, the global exchange that pioneered options trading, we offer more ways to move with the market. From VIX and SPX options to global market data solutions. CBOE helps investors diversify, manage risk and stay ahead of whatever the market does next. CBOE life is better with options. Your investments could be too. There are risks associated with CBO company products. Review the disclosures and disclaimers@cboe.com USDisclaimers so
- [07:46]
B
there's a lot noise about AI. But time's too tight for more promises, so let's talk about results. At IBM, we work with our employees to integrate technology right into the systems they need. Now a Global workforce of 300,000 can use AI to fill their HR questions. Resolving 94% 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 smarter business.
- [08:15]
A
IBM support for this show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge on public. You can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English, like if the Vix hits 25. Buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my Direct Index. You approve of the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, LLC. SEC registered advisor. Complete disclosures available@public.com disclosures.
- [09:30]
C
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10am Eastern. Listen on Apple CarPlay and Android Auto with the broadcast Bloomberg Business app or watch us live on YouTube.
- [09:42]
D
We are just thrilled to have chadwing with us with Vanguard. The academic path is her Beijing University in China that she stumbled onto Duke,
- [09:53]
A
peaked at Duke University Duke and then
- [09:55]
D
wandered by Stanford to pick up the what was your first day like at Duke to come from China? You show did you know who UNC was? Did you have any idea Duke Unc when you walked in the door?
- [10:06]
F
Well, my memory is still vivid when I actually come to North Carolina Blue Devil, you know, basketball is the number one thing. And I still remember oil price was 99 cents at that moment. That was back in 1997.
- [10:21]
D
It's just too short a visit today. But it's got to cut to the chase. The state of Hong Kong. We have a huge platform. There are Stephen Engle, Yvonne and Dan and all the the team at Bloomberg there. The state of government in Hong Kong right now.
- [10:37]
F
Yeah, I think Hong Kong actually is, you know, stabilizing right after quite a few years of, you know, uncertainty, right? You know, this kind of uncertainty about the political landscape there. Hong Kong actually, I think the economy, the market is finally coming back. So some of the regulatory uncertainty is actually fading. We do see the finance industry and the labor market is actually starting coming back, especially with this story.
- [11:05]
D
What is it? My great mentor Michael Elliott, who he lost way too early from Time magazine. Up the mountain, up the hill. Is the capitalistic spirit still in Hong Kong?
- [11:17]
F
I think this is where what you would see in Hong Kong is more this kind of a socialist style, right? You know, market economy. Right. That's where I think to a certain extent Hong Kong is so unique to China. Right it still remains the window, you know, for China to connect to the rest of the world. Right. So that's where I would. You would continue to see this kind of free capital flow, free, you know, market economy. That will remain to be the uniqueness about Hong Kong that is actually different from the mainland China.
- [11:49]
A
Talk to us about the economy on mainland China. How do you see it today and what are the key drivers going forward, do you think?
- [11:56]
F
Well, I think when you look at the Chinese economy, I think on the headline you see that the real economic growth seems to be pretty good. Right. You know, they are able to achieve their growth target last year and this year 4.5 to 5% is not that difficult to achieve either. But I think underlying the headline you see significant divergence between supply and demand. At this moment, most of the economy driver is really exports. Right. Is that a sustainable. I don't think so. Right. Because that's going to create a lot of global friction. Right. Protectionism from us, Europe, even other emerging markets. Well, on the other hand, if you look at the domestic demand, consumer retail sale just contracted last month. Right. And then, you know, fixed investment housing is in this persistent downturn. I don't see a decisive turn yet at this moment without, you know, significant government intervention or leveraging central government balance sheet. So housing market hasn't bottomed yet.
- [12:57]
A
How does China view the US in terms of these trade negotiations? I kind of, it just feels like to me as an outsider, both sides kind of need each other, it seems like. And how does China view it?
- [13:09]
F
Yeah, I think that's one thing especially I think with President Trump's visit to China, they talk about this kind of strategic stability and to me it's more of a transactional relationship. Right. That's where the world and the US realize that. Yeah, we still need China, especially at this moment when we are doing all those build out, right. AI and the rest were green transition and you still need that kind of manufacturing capacity from China.
- [13:37]
D
Ching. We help us with the dollar. The basics in vanguard of course is front and center on this. We need a weak dollar to have international equity investment go. That's been disproven here recently. Do we need a weak dollar? Do we need a strong yuan?
- [13:56]
F
Yeah, I think, I definitely think one actually is somewhat undervalued. You know, if you look at the fundamental, the purchasing power, the record high, you know, current account surplus, right. You know, 1.2 trillion last year and then this year is likely to remain elevated. I do think, you know, there's room for renminbi yuan to appreciate. And to a certain extent, I think that aligns with the strategic goal of the Chinese government. Right. They want to push the MINBI internationalization. They want to boost up people's confidence in the Chinese economy and assets. A stronger yen will actually help them. But I think the question is really about the pace of appreciation. I don't think China will ever let the pace of appreciation or depreciation to be that fast. Right. So anything is in a controlled managed pace by the central bank and government
- [14:48]
A
tariffs were however long we're into the whole tariff regime here of President Trump here. What's the view in China? What's the impact been on China? How are they viewing this tariff environment?
- [14:59]
F
Yeah, I mean, that's the interesting part because I've been, you know, visiting, you know, China manufacturing sector, you know, in Guangdong, in Shujiang, you know, every year. Right. And you know, last year at the peak of the tariff, when I was talking to a lot of manufacturers, I think, you know, many of them feel like, you know what we see this coming, right? Like the trade war actually started in 2018. And Chinese factories, manufacturing has been preparing for this for quite a few years. They've been diversifying their, you know, export market and moving their factories right out of China. And also, China is so competitive, right? The cost is so low so they can bear the tariffs.
- [15:41]
D
Look at you like Weili of blackrock. There's just such an authentic reality of China away from the media myths in America. What's the number one thing Americans get wrong about the state of China right now?
- [15:59]
F
Well, I think, you know, for a long time we as economists has been arguing that, you know, does China's model work, right? The kind of, you know, government plant or, you know, socialist style of market economy. Does that work at all? I mean, including industry policy? Right. I mean, you know, at some point people start to realize, yeah, it'll work to certain extent, right. It's. So at some point it need to be a combination, right? Maybe the government need to help, need to support the economy to a certain extent. But at the same time they also need to let the market economy to play their role in areas that, you know, otherwise you could end up with overcapacity as we are seeing today. And you kind of distort, you know, the economy which is not sustainable.
- [16:48]
D
This has been wonderful. Thank you so much. The effort to get here. Long travels. Cheng Wang is with his chief Asia Pacific economist at Vanguard, driving all of their economics worldwide. Stay with us. More from Bloomberg Surveillance coming up after this.
- [17:08]
G
With LPL Financial, we provide the services to help push you forward when it comes to your finances, your business, your future. The only question should be what if
- [17:16]
H
you could Paid Advertisement Anna Kendrick is
- [17:17]
C
not a client of LPL Financial LLC
- [17:18]
A
and receives compensation to promote lpl.
- [17:20]
C
Investing involves risk, including potential loss of principal.
- [17:21]
F
LPL Financial LLC member Finras IPC support
- [17:23]
A
for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually, sweeping idle cash, putting on a hedge on Public. You can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors LLC SEC registered advisor complete disclosures available@public.com disclosures when you own your
- [18:33]
G
own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business Card brings the best Sapphire Reserve benefits to business owners who expect hardworking rewards. Designed to meet the needs of business owners at scale, this Pay in Full card elevates your travel experience and offers premium benefits and value toward business services that will take your business to the next level, fuel your business and maximize rewards. With 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, annual partnership credits and more. Make every journey more rewarding with a $300 annual travel credit and access to a network of airport lounges. Whether you're looking for pre flight productivity or time to rest and recharge. Chase Sapphire Reserve for Business it's the card that gives back all you put in. Learn more@chase.com ReserveBusiness Chase for Business make more of what's yours. Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank NA member FDIC.
- [19:42]
C
You're listening to the Bloomberg Surveillance Podcast. Catch us Live weekday afternoons from 7 to 10am Eastern listen on Apple CarPlay and Android Auto with the Bloomberg business app or watch us live on YouTube.
- [19:54]
D
Massive rip up the script. And we can do this with Libby Cantrell of Pimco as well. The Secretary of Treasury is over on a death star given the Republican line off the elections last night. This is Besant. Last night we saw Mamdani is leader of Democrats. Laura Nemias picks that up for Bloomberg with Naka Katon and Samuel Church this morning talking about anti establishment anger is the Progressive Democrats, the Social Democrats, the new Mamdani Engle. This is not Jacob Javits. This is not, this is not Hubert Humphrey. This isn't even John Lindsay, is it?
- [20:34]
H
No, I mean this. So I think a couple of things. One is that just remember politics are local, so we're talking about one of, if not the most liberal city in America. But what this does show you what sort of the, what the primary results show you last night is one, Mamdani has incredible star power. He went three for three in terms of endorsing folks who ended up winning. But two, there is a lot of anti incumbent anger. And you saw this, you've seen this on the Republican side just as a reminder and now you're seeing it on the Democratic side as well. And then number three is that the Democratic socialists, at least here in New York City, are much better organized than the party. So grassroots outreach, that all that stuff still matters. I think this is very much expected that the Republicans will sort of demagogue this. They'll make this sort of the, the face of the Democratic Party. I think it is also important just to remember that other folks, more moderate candidates actually won last night and the Democratic side in Utah, in upstate New York, down in Maryland. So I'm not sure that we should be extrapolating massive themes about kind of the future of the Democratic Party. But what is clear from on the Republican side and Democratic side, people are angry and they're mad at incumbents and they're taking them out on the sort of the political class, if you will, Democratic Socialists.
- [21:52]
A
I'm not really even sure what that is. But is that a national thing?
- [21:56]
H
Well, again, I think, I mean it's definitely a thing in the urban cities. So what you've seen in LA, what you're seeing in Washington D.C. and here in New York. So and again, what do Democratic Socialists stand for? I think it is pretty amorphous, honestly. But their, their outreach, their grassroots, their organizing, I mean, has been, you know, stellar. And as a result they are doing well in these cities, again, I would just be where I would not extrapolate necessarily to national politics. New York City, Louisiana, Washington, D.C. obviously very, you know, very different. The other thing I think just to remember is that, like, we haven't gotten the final voter turnout figures, but it's like 10% of voters voted last night, if that.
- [22:41]
D
Okay, I get it. That 42 people voted.
- [22:44]
H
Were you one of them?
- [22:45]
D
Okay. But here's a sub headline in the Washington Post. Hakeem Jeffries Back Candidates Lose key primary races. How do the Jeffries. How does a mainstream Democrat in Michigan adapt and adjust to this anger? This is, Laura says, this anti establishment anger.
- [23:06]
H
Well, so again, I mean, I think they'll try to tap into this. I mean, this is a theme. We're just seeing this or whatever your labels you put on it. You're seeing that voters are angry about gas and groceries and housing and health care. And now AI is the new boogeyman. And so, you know, I think that what Democrats who are moderate, who are needed, winning and need to win and kind of purple, if not reddish districts, they'll try to kind of tap into the bigger themes and try to stay away from the labels. Now, of course, question if they can do that. Think Republicans are going to try to be smart about pinning Mamdani on the entire Democratic Party? As we know, Democrats are a big tent. So I think they'll try to try to use that as their kind of rationalization.
- [23:44]
D
Please.
- [23:44]
A
So most of our viewers and listeners were just enjoying the early, early days of summer. But, boy, the midterms are right around the corner. What's the feeling these days about how this might play out? Midterms?
- [23:56]
H
Well, look, I think that, well, again, anti incumbency, I think this. And so I would argue the Democrats were a casualty of this in 2024. Voters were angry then they put President Trump, obviously, pretty unequivocally into the White House. Republicans won both chambers. I think you're going to see a little bit of a reversal of that. Now the Democrats are Democrats probably winning the House. I think Republicans will still keep the Senate. But again, I think that the, the overall theme is that the political establishment is not working for voters and voters will take that out on either party.
- [24:32]
D
With all parties, with all your connections, with all your heritage to Washington, if there's a four box, four box dilemma, the basic idea that if the Democrats mess this up Midterm and Presidential 28, that the Republicans will win again, can the Democrats get their act together and coalesce into a winning message.
- [24:54]
H
They have to be something other than just anti Trump. And because they are kind of a bunch of cats and dogs, a big umbrella party, if you will.
- [25:02]
D
That's the history. That's the history.
- [25:03]
H
That's the history. Of course it's a big tent. You know, this is sort of the heritage of the Democratic Party, as you know very well, Tom. So, you know, can they, though, coalesce around several key themes or key messages that are not just anti Trump that has the glue for the party since 2016. I think it's a, it's a pretty fragile base in order to win elections.
- [25:25]
D
Can you come back tomorrow? Well, I promise we'll talk policy tomorrow. Libby Cantrell, thank you so much for that. Stay with us. More from Bloomberg Surveillance coming up after this.
- [25:41]
A
Support for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve of the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors LLC. SEC registered advisor complete disclosures available@public.com disclosures
- [26:50]
G
when you own your own business, you own every decision. Now own the card that rewards you for it. The Chase Sapphire Reserve for Business Card brings the best Sapphire Reserve benefits to business owners who expect hard working rewards. Designed to meet the needs of business owners at scale, this Pay in Full card elevates your travel experience and offers premium benefits and value toward business services that will take your business to the next level, fuel your business and maximize rewards. With 8x points on all purchases through Chase Travel, 3x points on social media and search engine advertising, annual partnership credits and more. Make every journey more rewarding with a $300 annual travel credit and access to a network of airport lounges. Whether you're looking for pre flight, productivity or time to rest and recharge. Chase Sapphire Reserved for business. It's the car that gives back all you put in. Learn more@chase.com reserve business chase for business make more of what's yours. Accounts subject to credit approval restrictions and limitations apply. Cards are issued by JPMorgan Chase Bank. NA member FDIC Coffee Genius here.
- [27:57]
A
Most people see a busy cafe, but I see precision at every step thanks to Genius. From global payments transactions, instant inventory, product precise operations in sync, Absolutely genius. From sold out crowds worldwide to managing the morning rush, genius keeps operations running smoothly.
- [28:17]
F
One Tortado.
- [28:18]
A
Flawless pour, perfectly timed. Just beautiful big league reliability for any business. That's genius.
- [28:30]
C
You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10am Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app or watch us live on YouTube.
- [28:42]
D
Our guest here on Detroit, but also on his Cleveland Cavaliers. Jared Fleischer joins us right now to pet and Boggs with Bedrock Detroit. I want to talk about Detroit, but what I really want to talk about is Dan Gilbert, like his father or grandfather, literally washed cars.
- [29:01]
I
Yes.
- [29:02]
D
They started out classically with next to nothing. How does that, how does that affect you every day that the big guy owns the Cleveland Cavaliers and others? They there's an internal energy there like no other.
- [29:16]
I
I think Dan Gilbert represents the American dream, but also the best of America, you know, came from nothing. His parents owned a bar in a rough area of Detroit. That's how he grew up. Lifted himself up by the bootstraps, you know, went to Michigan State University, ran a little gambling room out of his dorm, gambling ring out of his dorm room to make some money when he was at msu. This is, this is a guy who's a hustler. Started a little brick and mortar mortgage company and was the first to see the vision of bringing mortgages national and online. And really basically, you know, from basically is his basement built the largest mortgage lender in the United States of America, bigger than the big banks and took the profits from that and turned around Detroit and turned around Cleveland.
- [29:58]
D
Ross family in Miami from day one. He gave it back. Population growth in Detroit in 2025. What's the final catalyst to get people in Grosse Pointe to move back into Detroit?
- [30:10]
I
Before Dan, the last time Detroit grew was 1957. Detroit's peak population is 1.9 million. It shrunk all the way to 630,000 with Dan's Investments in the city, it's growing for the first time starting in 2024. It's leading the state of Michigan in growth. And Dan's whole thesis is if we invest in place and we turn Detroit into a cool city. We were talking earlier, making it like Williamsburg and Brooklyn, where the young people want to be. It works. You create that kind of place, the young people come. When you have talented young people, then you get business and you create a virtuous cycle. That's what we're seeing in Detroit and Cleveland.
- [30:48]
A
Talk to us about just the economic drivers of Detroit as many of our listeners and viewers. They'll think auto industry much like they think Texas energy. But it's different now. Talk to us about the economic drivers in Detroit.
- [31:00]
I
Yeah, so you know, the auto industry still dominates our state. You know, the home of the big three and the whole. And the supply chains. You know, our region is still a big economic region, 4.1 million people. But what you saw, you know, over a generation was all that economic activity leave Detroit. And as you saw kind of broader de. Industrialization and the globalization of the auto industry, you saw, you know, the whole economic footprint in Michigan shrink. And so what we're trying to do is diversify our economy. Mortgage is a big part of our economy in Michigan. Increasingly tech is a big part of our economy. Eds and meds, you know, with innovation in healthcare is a big part of our economy. But Dan's whole thesis is it starts with plates. If we turn Detroit, which has got great bones, such history on the river, all four sports teams downtown, great bars, restaurants, if we build the kind of Williamsburg like environment that attracts young people, that's how you stay. Start the engine.
- [31:53]
D
Okay, you're tanned and arrested from working in patent Boggs in Washington. You go out to the war zone there. Can you explain to Detroit into Michigan that the Gordie Howe Bridge is not open? Can you help me here?
- [32:06]
I
You know the Gordie Howe Bridge, which is a connection between Detroit and Windsor, Canada, the busiest overland trade corridor in the country or the second busiest. Canada financed the construction of the bridge 100%. Canada even built the toll plaza on the US side. And the deal is so that since they put up all the money, they get the tolls from it.
- [32:31]
D
Until Dylan Larkin goes to Montreal.
- [32:33]
I
Exactly. That was the deal. Until they get paid back. And there's some people, you know, at 1600 Pennsylvania Avenue who think that was not a good deal and are holding up the opening of the bridge. Not quite sure you can get a better deal than somebody paying for something 100%.
- [32:48]
D
Yeah.
- [32:49]
A
So what's next for Detroit here. Talk to us about kind of how you guys are thinking about the next five years, 10 years.
- [32:56]
D
Yeah.
- [32:57]
I
So the last 10 years, Dan's focus in Detroit was on our north south corridor, which is, we call it Woodward Avenue. Think about it like Fifth Avenue here, your main avenue. And then for the next 10 to 15 years, it's on our riverfront. On our riverfront, which is our east west axis. The big anchor of our riverfront is the Renaissance center, which to give you a sense how big this building is, it's twice the size of the Empire State Building, built by Henry Ford ii, former home of the General Motors Corporation. Big, empty, empty office complex looming over the riverfront. We're going to do the most ambitious and complex adaptive reuse project in the country, bring that thing back to life and redevelop our whole riverfront in Detroit. You know, there's a lot of models of how New York has brought back its riverfront. We're going to try to do the same in Detroit.
- [33:41]
D
Jared Fletcher, thank you. So this is don't be a stranger Bedrock Detroit, right on one of the great, great comebacks in America.
- [33:49]
C
This is the Bloomberg Surveillance podcast, available on Apple, Spotify and anywhere else you get. Your podcasts listen live each weekday 7 to 10am Eastern on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live Every weekday on YouTube and always on the Bloomberg terminal.
- [34:19]
A
Wise is the smart way to manage the currencies you need around the globe. When you send money abroad using your bank, you could get hit with hidden fees and exchange rate markups. There's a better way. Try Wise. Wise uses the exchange rate you'd usually find on Google, with no unwelcome surprises. Plus, most transfers happen in under 20 seconds, which means your money arrives in less time than you've been listening to me. It's simple and free to sign up when you download the WISE app. Be smart, get WISE Ts and Cs apply whatever your goal, trade show giveaways,
- [34:51]
I
client gifts, or team gear, 4imprint has the promo products to match. With thousands of options, from apparel and drinkware to tech and totes, it's easy to find the right fit for your brand and budget. With standout choices at every price point and with their 360 degree guarantee, you can be four imprint certain your order will show up just right, right on time. Explore more@4imprint.com forimprint for certain, when you're
- [35:17]
A
running a business, the best days are the ones where priorities stay on track. For midsize and large companies, risk can affect multiple parts of the organization at once, from property and liability to cyber and regulatory challenges. At that level, managing risk becomes an ongoing discipline. At the Hartford, the focus is on helping businesses manage risk before it turns into something more disruptive. And when losses do happen, that work is paired with insurance coverage shaped by years of underwriting, risk engineering and claims experience. Learn more@the Hartford.com riskmitigation policies provided by Hartford Fire Insurance Company and its property and casualty affiliates, Hartford, Connecticut.