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The dollar the yen is at one OO eight point six three and that's a Bloomberg business flashed on the job thank you so much as a special moment in that Mister Ferrell cut his teeth the Bloomberg in Frankford with the ECB and I say this and maybe is listening laureate Robert Shiller a Yale University in the John we look at these people and then the racket we look at their pedigree it matters how they got there Mario Draghi has one of the most magical pedigrees of any goose bumps I remember the first time I interviewed the laureate Robert solo the king of girls who read to find out we look it grows in the late nineteen fifties think of Steely Dan I. G. Y. you know all that nineteen fifty seven and then another magical name the professor shoulder would go and that is Franco Modigliani tried he is a direct descendant of the excellence of Italian economics from another time and surrounded some by the work of the likes of Stanley Fischer the the godfather of modern again motor cycle banking might say look I think he will go down as the greatest communicator central bank policy that we've ever had I don't know if anyone can ever fill those shoes if you think about what he inherited at that moment at the end the twenty eleven remind us because American listeners don't know that the eurozone economy was on its knees unemployment was through the roof and the bond market was totally totally out of control and it was a chance the axle vapor the Bundes bank of Germany got the job at the top and ended up being married okay Maria truck he walked in the first thing he had to do was unwind the two right hikes the Tricia had to live with that yet twenty eleven by higher rates twice in twenty eleven to get sick cut twice almost immediately and then he managed to address the debt crisis without buying a single bond and I think when people talk about whatever it takes in a speech in July twenty twelve whatever it takes I think we've become desensitized to those words the promise the commitment of a modern central bank to be that to pack things up to make sure that re denomination risk diminished that was something the sea beyond the tree so I could not do and president druggy took home the Bundes bank Tom anyone and I think that'll be his lasting legacy of the really well said is well and I would also suggest he did it with the template absolutely original for Americans to understand the fractious linkage of monetary and fiscal economics in Europe makes it original when he was doing this it was not like was for chairman Bernanke will have much more on this were an hour and fifteen minutes away from the druggie conference right now you either love him or hate him Gordon Johnson with this for two brief few minutes here I'm tell slow the market is the mop Mr Johnson of G. L. J. research is less than four months Gordon just because of time is so short what is a single distinctive accounting feature that still gives you pause about fortress mosque yeah I think you know with respect to accounting I think it's the cash flow and specifically just under four hundred million in free cash flow but you know accounts payable up three hundred and thirty four million and also be cap backs right if you look at their guidance they just about a month or two right for cap ex they were guiding them roughly six hundred million they came at two hundred million four hundred million a cat cap backs free cash flow if you can adjust that to what mere mortals would report how what how far down would free cash flow come it would be negative I think you know would be roughly you know a hundred to two hundred million negative and free cash flow so yeah that that's where we'd be going to miss a similar story twelve months ago I'm sorry what did we see a similar story which has the twelve months ago that is a great point we saw the exact same thing but here's the thing their earnings this time around right it's it's roughly half of what they did in Q. three of two thousand eighteen and also guys keep in mind they cut their for your guys right there for your guys is three hundred sixty four hundred thousand cars they're now saying they're aiming to do about three hundred sixty thousand revenue growth down roughly eight percent and yet they're trading at four hundred times next year's earnings that this isn't these are good numbers this is euphoria so you'd sell this golden I know you'd sound this you had a selling the stock forever since I've known you talk to me about when this starts to go wrong again and what you're looking for in the coming few months yeah that's a good question so what we're looking for the coming few months is you know China sells right so they're they're big growth opportunity based on what they're saying is in China right China easy cells were down roughly twenty seven percent in September after falling sixteen percent in all this test was looking to sell a hundred and fifty thousand cars per year right now the man for the car there's roughly forty to fifty thousand cars for years so we're looking to see trends in China I think that's going to determine the way this thing goes I think that'll be the catalyst to sort of this that we got to get you in the studio according to give us a much longer view thanks go Dancin G. O. J. research and the yeah yeah I I he was he was the starting tomorrow here and he's just the fault of the dynamic numbers he's got the accounting or something stocks flyin out this morning five three oh one three or the mother of all short squeezes right now up eighteen percent yeah I I would I would guess that what I would say is there's massive support if two hundred dollars and we're nowhere near that this morning futures of six down for ages of.

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