Bloomberg Radio, NFC, Bytedance discussed on Bloomberg Daybreak Europe


Highly addictive and destructive and we're seeing troubling data about the corrosive impact of constant social media use. Appearing on NBC's meet the press Wisconsin representative Mike Gallagher said the banning of TikTok on government devices should be taken nationally if a workable solution wasn't found with its parent company ByteDance. The Republican lawmaker says he supports a sail to an American company, but was concerned about the app's data tracking and lack of transparency surrounding its algorithm. Former president Trump is blaming the issue of abortion for Republicans falling short of expectations in November's midterm elections. In a post on truth social Sunday, Trump noted that many in the GOP handled the issue poorly, especially those who firmly insisted on no exceptions the bans on the procedure. He also defended himself, saying he was not to blame for the party's performance. Exit polls showed abortion was among the most important issues for voters in the midterms, along with inflation. The 19 year old man accused of attacking three NYPD cops with a machete near Times Square a New Year's Eve reportedly had penned a manifesto that urged his family to repent to Allah and accept Islam. The New York Post reports the suspect traveled to the city from Maine on an Amtrak train last week and carried a handwritten note in his backpack. It's believed he may have become a radicalized Muslim in recent years following the death of his father in 2018. The injured officers are all expected to recover, the suspect was shot in the shoulder during the attack. I'm Chris Karachi. And prince Harry is losing support among the British following the release of his Netflix docuseries, Harry and Meghan, a recent poll conducted by YouGov in the UK, found that almost half of the respondents think the Duke of Sussex should have his royal title taken away. According to the poll, 44% of the respondents said it should be removed while 32% thought he should retain his title. A public's opinion of Harry and Meghan slumped after the docuseries was released with 23% now saying they think worse of the couple. I'm Mark Lee field. This is a Bloomberg money minute. Professional video game competitions or eSports have fallen on hard times. Bloomberg reported Cecilia down a stasio, says funding his dwindled amid disappointing earnings. 4.5 billion was invested in eSports in 2018, but over the last couple of years, eSports organizations have had trouble becoming as profitable as many had hoped. eSports revenue is far lower than in traditional sports. Ticket prices are lower and fans spend far less on merchandise and digital goods. eSports fans, on average, spend just about $5 and 30 cents a year on their eSports fandom, which is tiny compared to sports fandom. The disappointing results have caused many eSports organizations to pull back. However, some money is still being made. 6 and 7 figures are going to top eSports players. Gaming publishers are also earning some amount of money through franchise fees. One eSports executive says publishers need to help create revenue opportunities for the eSports ecosystem, Larry kofsky, Bloomberg radio. Now this Bloomberg sports update, the jets played themselves completely out of the ASC playoff picture on Sunday with a rather unsettling road loss in Seattle, Mike white returned at quarterback, but he could not spark any tangible offense. The only points that the jets would get in Seattle were on Greg Sur lines two 44 yard field goals, Seattle wins comfortably 23 to 6. The Seahawks are still in the NFC playoff picture, but for the jets, it's basically season over. They go to Miami next weekend and close out this season. The Giants, they know they're in the postseason. They handle their business on Sunday with a 38 to ten win over the Indianapolis Colts, no doubt about it because the colts are not good and the Giants have bigger fish to fry. The Giants will get the eagles next weekend in Philadelphia before they move on to the playoffs. Teams that are still alive in the NFC playoff race include the packers they rip the Vikings 41 17. That leaves the lions the seahawks and Green Bay all competing for the final NFC wild card birth, the commanders and the saints are out as a result of the Green Bay win. Packers beat the Lions sorry beat the bears 41 to ten and it was Tom Brady in the Buccaneers winning the NFC south as they beat Carolina 30 to 24 NHL scores from Sunday the hurricanes beat the Devils in a shootout 5 to four. The rangers in Florida beat the Panthers 5 three and it's the islanders on the road losing in Seattle to the kraken four to one basketball Monday for the next they'll tip at 3 o'clock against the Phoenix Suns at MSG. That's your Bloomberg sports update. I'm Dan gotta ski. This is masters in business with Barry red holes on Bloomberg radio. I'm Barry rid holtz, you're listening to masters and business on Bloomberg radio, my special guest this week is Robert konigsberger. He is the managing partner chief investment officer and founder of gramercy fund management. He has decades of experience in emerging market and distressed opportunistic credit strategies, the firm has 61 employees and manages over $5 billion in assets, Robert Conan's burger, welcome to Bloomberg. Thank you very much. Let's talk a little bit about your background. You get an MBA in Wharton and then a master's in international studies in Latin America. You're graduate thesis was on the origins and implications of the Latin American debt crises. It seems like you were built to trade distressed EM debt built and lucky quite frankly. I actually go back to undergrad where I did political science and history of Latin America. And I was asked to do a similar thesis on to do a thesis. And my parents told me I had to find a job at the same time. And so I try to put the thesis and the job search together. And the only issue in Latin America, which was my major back in 86 87 was the Latin American debt crisis. So I did my study on that and I got fortunate enough to meet a gentleman who had been the finance minister of Peru. He'd been ahead of Wells Fargo international. He lent it. He borrowed it. He defaulted on it. And he had this great boutique out in California. So I feel really fortunate to have spent 35 years doing the same thing in emerging markets. And the gentleman I worked with was just a great professional. So late 80s, early 90s or a VP for an advisory firm that leads some sovereign debt restructurings and transactions in both South America and Central America tell us what that experience was like during that period. Emerging markets in the late 80s was very different than the emerging markets of 2022. I think it's fair to say it was a bit of the wild west. You know, go back, you know, the entire, it was the lost decade, right? The 1980s was the lost decade in Latin America. Mexico defaults in 82, virtually the entire regions in default by the end of the decade. So what it was like was putting humpty dumpty back together again and dealing with countries that had defaulted debt and taking them through what's now known as the Brady debt restructuring and having these bonds that nobody really understood come out of it. And that quite frankly was the beginning of the asset class. And I remember like, you know, even like we were doing, you'd have countries that were shared borders that couldn't talk to each other that one of the other and you could get in the middle and do some sort of debt swap or a buyback or what have you. And so on one of my fond memories was like Guatemala, I think it was 1989 and I didn't know what FX was. I didn't know what letters of credit were. And I had to go get a letter of credit. I had to go to Guatemala. I had to present it. And then we did a buyback, but we got paid in consoles, which was the local currency, and so my job for basically two weeks was to get up, go sell as much FX or buy as many dollars as I could and then go back to the hotel to sit by the pool. That's not a bad gig. No, it was great. So you go from that on to mother Meryl for three years where you traded distress DM, then your VP of Lehman Brothers, and this was late 90s, not the Lehman Brothers. We kind of are familiar with from the financial crisis. What was it like at those big shops, Merrill Lynch and Lehman Brothers doing distressed EM debt? Sure, I mean, first of all, they were great experiences because, you know, I started at a very small boutique boutique environment. And again, I'm political science and history major prior to graduate school, so to actually get experience in finance to lead the bank's efforts in investing in sovereign debt restructurings and to bring our clients along was a great experience. You know, I got to learn a lot about how markets function or not. And I got

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