17 Burst results for "Director Of Research"
"director research" Discussed on Coin Stories with Natalie Brunell
"So these trends that we're seeing like work from home and some of the other trends we were going to do that anyway. We're just doing it faster. It's not that it created it. It just sped it up. No, that's such a good point. And I've heard also Lynn Alden compared this current time period to the 1940s because of the debt levels because we really didn't have that much debt back in the 1970s and 80s, but in the 40s we did. Is that something that you looked at as well? Yes, yes. You know, you had the all time high debt to GDP for the United States was 1945. It's not now. It's very close now to being at that 1945 high. And that's because you were financing the war. We financed the war through war bonds, and we took out a lot of debt in order to finance war. And not surprisingly coming out of that period, a period of an epic period of change, a period of high debt, and a period of microscopically low interest rates. Because prior to the last three or four years, the lowest interest rate seen in 200 years of data in the United States was 1946 when we hit a 2% on the ten year yield. And we got to nearly zero nearly zero not quite on short term interest rates. So there was a lot more comparisons to that period than we see now. Then just debt levels. I saw you take out that interest rate book in one of your interviews that you did recently. And so before we get back into macro, I'm just kind of curious, how did you build your career? Because you have your research firm now. You graduated from school. I think you have your MBA, right? How did you build this expertise that you have? Because you do look at things from a different angle and you don't always have the same perspective that Wall Street does. Yeah, so I got my MBA in the 80s as well too. And I worked on Wall Street. I worked at the, in the equity research department at first Boston, which is Credit Suisse now, which might actually go back to being called first Boston again. If you have seen some of the recent stories with them. So I was there during the 87 crash in the aftermath of the crash, and then I went to UBS securities right after that. 1990, I left New York, came back to Chicago, and I started working as the director of research for arbor research and trading a fixed income brokerage firm located in sperber Chicago, in actually Barrington, Illinois. And I was like I said, I was director research. I was also the only person in the research department. So I got to call myself the director. From 1990 to 1998, and then in 98, with arbor, I spun myself off into Bianco research.
"director research" Discussed on Bloomberg Radio New York
"We appreciate that. Green on the screen. Let's get a macro minute. We can do that with a pretty good Bloomberg markets correspondent. She joined us live in the Bloomberg interactive broker studio. What do you have? Well, I have to put an extra emphasis on the stock market rally because it's pretty strong, up 2.4% at session and I face ripping. 3%. Maybe. The question is is it sustainable? And I think for a macro minute I actually want to kind of put this shot spotlight on John stolfa actually over at Oppenheimer. This is a man who's a permeable. He just downgraded his yearend price target from 4800 to 4000. John farrow earlier kind of dug into the details with him. And he said, look, we're still bullish on equities. We just don't think that the fed is going to be able to curb inflation fast enough. So he's saying instead of 33% upside by the end of the year, he's going down to 12%, but he says, look, I've been right for the last ten years or so for most of the years, except for on the down day down years. And the Federal Reserve is just taking longer. And I think that's really worth saying on a day where you have almost 3% gains on the S&P 500. It's good stuff. We'll take it. We had some weakness Friday, so we'll just make up some of that. That's good stuff. The meaning of the name stilts, go for it. Proud foot, proud foot. Really? The literal translation in German. And I think that's actually something you could say someone is a proud foot or no, I don't get it. Yeah, it means they kind of walk with a haughty gate, you know? Haughty gate. Boy, this devolved quickly. So many big words from that moment this morning. Exactly. And he's wearing potentially the ugly shirt in the example. This is what happens when Matt Miller takes a nap and doesn't go play squash. Exactly. All right, ready to go, dad. Thank you so much. All right, Tim Craig. He's director, research, senior European strategist Bloomberg intelligence. He is one of the cofounders and the builders of Bloomberg intelligence, and he's built our business in the U.S.. And in haka, we banish them to Hong Kong for four or 5 years and he built that business over there in Hong Kong and now we got like 75 analysts just covering all of his escape. Hong Kong and now he's in London and he did a prior term at London when he was with Goldman Sachs for like 20 years. So he's been around the horn. Nobody wants to work with him, so we just keep sending him around the world. And he does great and be sound really old. That's right. Tim talked to us about the UK. You're based in London. What are clients saying over there? What are you telling clients about kind of how to invest in UK and Europe? So if you read the headlines, I assume in particular from here. Yes. It must sound like all of Europe and in particular the UK is like on fire. Right. In a bad sort of way. Boots on the ground, it feels a lot less bad. People are still out. They're still about. They're still doing their daily activity. But the politics make for all sorts of big headlines. No doubt the energy crisis is a big deal this winter is going to be hard. And it depends on how harsh the winter is, much different than what you would find here. But interesting enough. You've got third quarter earnings in the thick of things here right now. Our starts over there over the course of the next week. Earnings expectations are flat ish in the U.S. for third quarter earnings. Europe, 29%, thank you very much. Okay. A drop of 29%. Gross. Gross. Really? Gross. And if by chance, you take energy up because that is a bigger deal in Europe than it is here. It's 12%. It's still 12% positive. I think that there is still, that's the big question. Is there earnings risk to come? The valuation is cheap. Earnings are much better supported than what you've seen here. It's just a really interesting compare and contrast. Well, you do have big commodities companies, big energy companies, as you pointed out here where what very tech heavy in the U.S. totally different dynamic in a and Tim, you always point this out to me. I mean, the FTSE, year to date, rolling down 6%, whereas the S&P is down 24 25%. So it's the haven in terms of if you've got sustained elevated energy prices inflation, you want to be in value, you want to be in commodity producers as opposed to commodity buyers. And the FTSE happens to have a chunk of that. Well, you're only down 6% on the footsie. If you happened to have pounds previously invested in pounds and you're looking at that investment down pounds. Paul Sweeney had bought the FTSE in dollars. You'd be down 21%. Let me give you a, for instance, on this really quick. You know how currency here obviously is super strong. That's a headwind for U.S. or any part of the reason why earnings this period are so bad. Sandwich, a lot of people wouldn't have heard of it. But it's a military school, right? At sandhurst. Sandwich is a Swedish machinery company. They make machine tools. And they're used globally. It's a bell whether it's a substantial company. They reported their earnings today. If anybody should be susceptible to global economic weakness, it's them. They're the canary in the proverbial coal mine. If you look X FX, X currency, no currency issue, and a Swedish Corona has gotten pummeled more so than the pound. Revenue was up 8%. Ebit operating profit up 5%. Margin compression in there. But still at elevated, I think record operating margins. Amazing. Put in the currency. 18% revenue growth, more than 8. And operating earnings up 25%. That shows you the weak currency how it's a benefit in Europe versus it's a real headwind here in the U.S.. Are you sensing that people of allocated maybe more capital to the UK and Europe? Visa other parts of the world. Frankly, it's hard to tell that if you look at ETF flow, for example, is a finger on the pulse of this. There is no doubt that let's say in the UK, UK ETF buyers have been putting money in the market. One of the big two U.S. U.S. based UK ETFs has seen a little bit of outflow. The other one's been in flow. So I think it's a mixed picture globally, but local markets are putting money to work. So the bottom line is earnings doesn't look so bad right now, but wait till this winter when the weather and increased financing costs start to hit. That's part of it. The other thing I would have to say is, you know, you can only put so much on the currency. But once there is more of a risk on appetite back in global markets, the dollar is going to come down. European currencies are going to go up and that headwind tailwind relationship is going to change. Bottom line, we think global markets are well priced in for recession. All right, good stuff. Tim karke, director of research senior European strategist for Bloomberg intelligence. Right now, let's
"director research" Discussed on New Media Show
"Cover up, it's an option. They don't have to, even. Oh boy. The Red Sea starts with an L, I'll have to look at a map. But anyway, there's one part of the country that's gotten really, I wouldn't say liberal, but it's more open, Riyadh is a little more conservative. There's still no alcohol. Obviously. But I watched a series of YouTube videos and literally was astonished. About how open it's become, the there's a ban on the religious police, they can not, they're not allowed to do what they used to do. I mean, it's a huge and it's like two years. Huge transformation over the past two to three years. And an interview they're sitting there doubtful will meet too. I was too, so I recommend that you go and just get on YouTube and search for Riyadh or Jetta, Jetta is where it's the most open. And you're seeing interviews with women with, I mean, boyfriend and girlfriends walking around in Riyadh holding hands, not married. Those unheard of. I was in Bahrain post 9 11 in Oman and you're going to that would have been the end. Right? Now, I'm just I'm just shocked. So the ministry of communications and other organizations over there are having a summit. And I'm going to tell you, I think there is a huge opportunity for creators now in Saudi Arabia to let your voice be heard. And again, politics aside, the change is dramatic. I would, I would have never imagined that I would go be going to Saudi Arabia to talk about podcasting. And openness. Most people would have that. I think now most people, I tell people I'm going there and they're like, what? No, I told people that I was thinking about going and they told me, don't go, don't go. It's too dangerous. And I'm like, things have changed. Things have things have changed. So. Of course I agreed before having doing the research because I was like, this is an opportunity if nothing else to talk about podcasting and try if you can help move the spear, right? And I have seen YouTube videos from LGBTQ couples who have went to Riyadh and other places in Saudi Arabia, they never thought they would ever be able to go there. Because of the prosecution before, and they had an amazing trip. So that, in itself, to me, because I didn't find any of this out until after I agreed to go, because I'm starting to do the research thinking about how my responses are going to be to any questions that are asked, considering, I want to figure out where the country was at. And. I'm just literally, there is a, how do we want to put it? I just think it's amazing what has happened. And again, let's go and talk to creators, share about podcasting, talk about and I'm not going to change my tune based on where I'm at. So I'm really, really excited about going and talking about the openness of podcasting. Did you get a sense at all that I didn't talk to talk to them in detail about this about whether or not that event is going to attract people from outside of Saudi Arabia? I'm not sure they're expecting 15,000. I know, I know. It's huge. Huge. And this is the first of many events that are going to have. So I don't know what the next segment of events are, I asked for the, I'd love to go if they're doing another one in the next 6 months. I asked for the agenda. I wanted to read through the program. The program is largely an Arabic. So I was reading through what I could. There is parts of it that are English, but so there's going to be someone there from Spotify Asia, someone there from. 8 there's going to be a podcasting group from Asia, Edison, Dan, Dan Rosen, is going to be there. So there's some names in there that I saw that I recognized. So it's kind of I'm kind of thrilled to see what's going to happen. Now they paid for just as a disclosure. They paid for airfare and hotel for me to go. So that offset significant costs getting in there. They process the Visa, which is not a big deal. But yeah, fly out of lunch, go into Frankfurt, Germany, have a layover. If you're in Frankfurt, let me know, meet me at the airport. I got a 7 hour layover early in the morning. And then on to rehab. And get in about 8 o'clock at night. It's not as bad of a flight as it's going to Asia. It's like 21 hours or something like that total travel time. But I was just, you know, and I was pretty, because, you know, I'm just like getting digging in here. Let me see if I can. I've got the program, and I don't know if I'm allowed to show this now or not. Let me bring it up. They have a website up. It's called ignite, but the ignite website is really, it looks like a work in the process. So they've got a list of the speakers, and so let's see here, who is a name. So we've got a Martha little senior director creative development audible is one. Someone from storytell, what's some other names? Okay, there's Larry Rosen. It wasn't Dan. Larry Rosen from medicine research is going to be there. Gabriel Soto, another director research is going to be there from Edison research. Let me scroll down then. James crittenden is going to be there from pod news. Let's see here. Manage director of 8 cast is going to be there. A senior manager of megaphone publisher at Spotify actually found out Rey is not going to be there. She just had to cancel. So ray's not going to be there. Who else? And a lot of names I am not at all familiar with. Some Saudi podcasters already. And I'm going to be looking them up,
"director research" Discussed on Stansberry Investor Hour
"And you've got Dan, you've got a long history in the markets. So, you know, you always want to seek any educated opinion to be able to look at it. The difference for us is just we've got data that the rest of the world doesn't have. We spent 20 plus years building this database that includes 32,000 companies. We do our own credit research. We don't rely on S&P booties and Fitch because I don't trust those firms. We don't rely on Wall Street earnings or earnings numbers because I don't trust any Wall Street analysts, particularly not their buy cell opinion. And because we're doing that in-house on such a massive scale, we put it together and we just have a different perspective because we've got data that's different than every other firm has because it's not just me and our director research and what have you. This is a 150 people in this firm at ultimate. So you have you have data that other people don't have or do you have the same data that you're looking at differently? So one, we get raw financial statement data from companies as they file it. And then what we found, we have raw financial statement data from companies, 32,000 plus companies around the world. But we found is even the database providers get the data wrong. So we've picked the best database providers of these 32,000 companies globally, more than 5, 6000 companies in the U.S. alone. And then we fix the raw data. We actually have algorithms that tell us, all right, there's something wrong. Reuters or Bloomberg or fact set or S&P has picked up bad data from the ten K or the ten Q. So we fixed that data. I'm going to tell you right now that's more than a couple thousand fixes every month. So think of that cumulative over years. And you have a different raw financial statement dataset on the planet has. Then we take that and we change the accounting to get to uniform accounting. We don't allow companies to make electives where one is on the lifo method of accounting of inventory. And one is on fifo. How can you have two companies with two different accounting and then compare the earnings numbers when the earnings is being calculated differently. So we do that across the world. Chinese accounting standards, by the way, don't follow exactly international accounting standards. So we have to adjust China. U.S. gap allows for way too many electives between companies. So one company will be using fair value accounting and another one will be using historic accounting. And they're in the same industry and their peers. Or one company will be capitalizing leases. FedEx and UPS totally incomparable financial statements.
"director research" Discussed on Bloomberg Radio New York
"Lot going on in the UK, potential recession, surging inflation, and energy crisis. And now, a change in the prime minister, how are markets reacting to that? Well, of course, we need a voice on the UK. We go to somebody who was born and raised outside of Roanoke, Virginia, and literally the middle of nowhere. But he's now in London. Tim Craig had director of research, senior European strategist for Bloomberg intelligence. He's been in London. We had him in Hong Kong running our business there for years. New York, the guy's been everywhere. Tim a lot going on. You're on holiday because I follow you on social media and you're biking all over that island of England, but you were trained to Goldman Sachs. That means you're on call 24/7. So we need a voice on the European markets. We go to Tim cricket. Tim, what's going on in the investing markets? They're just a lot of crosscurrents. There are and thanks for having me on from the sunny coast of south Devon. But. The cross currents are crazy. Looking at things this afternoon, you've got oil down $3 a barrel if you look at Brent crude. You've got interest rates to continue to trade up, you've got economic stats that are waning new lockdowns across China with a tumbling currency there. And on the currency front, every currency it seems under The Shining sun is weak against the dollar. So bring all that to bear in the UK here, we announced a new prime minister and Liz truss comes into comes into office post her for meeting with the queen today. And she faces a storm. Interesting with all of that in context, the UK market is essentially flat. So kind of tells you something right there from the standpoint of what's discounted in the market at this point. Well, and right now I see a pound trading for a dollar 15, I'm not sure that has as much to do with Liz truss as it has to do with everything else that's going on there from inflation. I think Goldman Sachs put out a report saying it could go to 22% to concerns about an IMF bailout. Tell us about that. Yeah, so IMF bailout, I think it's a bit on the extreme side. One thing that was key today with trust coming into office is there's been a void from the standpoint of what government policy would be given the energy crisis here in the UK and more broadly across Europe. And ongoing growing list of big economies, big government has been announcing policies to help get businesses and consumers through the winter. And indeed, there was fear in the UK that Liz trust would come in with an ultra right wing conservative approach of cutting taxes and not offering handouts as she likes to call them. But before she's in and then the office, Bloomberg news actually found today the draft of a proposal to offer upwards of 40 billion in support to business and a 130 billion in potential support for consumers to get through energy crisis by essentially capping energy prices now so that 22% inflation rate would have essentially been driven in large part by huge escalations and energy prices. By the way, I love when politicians do. I love when politicians do massive U turns on campaign promises. The day they come into office, you know? There you go. Politics. Remember read my lips, no new taxes. Sure. Yeah. At least that took him like a year or two, right? Right. So Tim, go ahead, go ahead, Tim. Now, as you can say, part of that part of that pound weakness was a lot of the concern that you'd have all sorts of havoc with a lower tax rate in the middle of a crazy period in the economy. And in fact, the first thing we're seeing some support is for the domestic economy. It doesn't really matter because as we've talked before, it's a mostly globally oriented big international brand franchises and consumer and healthcare, et cetera, the weak pounds actually a boon to those guys. So Tim, Matt and I were discussing, it's been a few years since we've been in the UK. What's your favorite pint cost you in Devin today? That's a critical question on holiday. As I say, holiday vacation. And I noticed two weeks in a row, by the way, see, he's definitely getting used to his European thing. There you go. So somewhere around 7 or 8 pounds that you could find them in London north at ten right now. If you go to the wrong pub. Really? I've got inflation, dude. Yeah. I have a list, by the way, if you ever are down in Chelsea or Fulham, I like the Hollywood arms a lot. I'm a big fan of the builders arms. I like the duke of clarence. I like the duke on the green. And I love the anglesey arms if you really want to hang with kind of the eurotrash there, but there's so many. The right place is the Washington and Delphi's park. And that's named after George, by the way. Really? Wow. Yeah, exactly. All right, Tim, enjoy the holiday biking around Southern England. He's into this biking thing. There's a whole family. It's kind of always. My dad's into it too. He's very peloton guy, so you're also all about it. He also rock climbs, too. So I mean, I don't know what's going on. Very cool. Tim Craig had he's a director research. Senior European strategist for Bloomberg intelligence is based in London. Give us a views there a lot going on there in the UK, certainly
"director research" Discussed on Bloomberg Radio New York
"Paul Sweeney and pretty Gupta. All right, Nathan, thanks so much for your appreciate it. You know, the S&P 500 still down almost 14% on a year to date basis. And then I looked at the FTSE 100, our good friends over in the UK. It's up 1.3%. I did not know that. So I said, we need to check in with Tim Craig, he's a director research senior European strategist for Bloomberg intelligence and the pride of southwest Virginia. Tim, thanks for joining us. What do you guys get right over there that we're not doing over here? So pretty good relative performance for the FTSE. Paul, thanks for having me on. Look, I think there are a couple of things to consider. One is the makeup of the FTSE, remember it doesn't have any tech, which has gotten tumbled in the U.S., notwithstanding the balance that we've had back over the last 6 weeks. It's got a big chunk of it is consumer global brands that are also benefiting from a weak pound because they get to translate back strong dollars into the UK. And it's got a big chunk of energy with high energy prices and a big chunk of financials with rising interest rates and all this coalesces to a FTSE that's doing really well by treading water. Now, the caveat in the offset is it all depends on your currency reference point. If you look at the S&P 500 in pounds where I'm sitting, it's down a half a percent. You got to keep that one in mind too. Give us a sense Tim just kind of I'd love to just get your thoughts of kind of what you're seeing and hearing from companies over in Europe. How tough is it from an economic perspective and boy, how tough could it be if you guys really are going to have this really challenging winter from an energy perspective? Yeah, well, fingers crossed for a mild winter. That's for sure. And it's interesting because inflation being the bugbear that it is for all markets right now. It's different in different places in Europe, the key issue is energy. In terms of driving inflation and it's also a key risk factor from the standpoint of economic growth. Our calculations are fresh it does cut off the gas and industry is what's going to be affected from the standpoint of potential shutdowns in terms of energy consumption. You've got to keep people's houses warm. You could see for example the Dax, the main Europe, the main German index with consensus expectations cut by something on the order of 25% from where we are right now for 2023. So the profit impact could be quite significant relative to what baked in at this point. And Germany is definitely the poster child from the standpoint of where the most impact is. And to your point, Tim, as we look at what the Dax is doing particular, the negative correlation between the Dax and natural gas prices is just building. It's getting stronger and stronger. It really shows you that even on an intraday basis, you do start to see that reaction to the energy prices you're speaking about. I'm curious though about what changes it is the idea of a recession, kind of this inevitability that investors have to kind of get past to really be bullish on Europe again. Yeah, I think that's probably accurate, frankly, in ways I think it's true globally. Valuations are now down into the low teens. You're looking at the Euro stocks 50, which is kind of our equivalent of the Dow Jones index, right? And it's now at 11 times forward earnings. The S&P sitting at 18 and change. So valuation is such to where a lot is already baked in from the standpoint of the expectations of risk. I think the biggest issue is when do we see peak inflation and the peak in monetary policy tightening? And the bad news is going to continue in terms of economic growth for a while, but when we when we sense that we're at that inflection and we don't see it yet. That's when you can start to think ahead from the standpoint of when valuation will be more important right now. We think earnings for the rest of the year are going to be the big thing and we see earnings risk right now. So a sloppy market outlook. Tim, Marcus ashworth from Bloomberg opinion based in London. We have him on pretty often. He is not afraid to show his disdain for the ECB and its approach here. What's the market feel like in terms of or what's the market discounting in terms of the ECB and its ability to flight to fight inflation going forward? Yeah, it's a good question, Paul and Marcus, please views. Central banks, regardless of where they are, they're between a rock and a rock and a hard place. They can't ease the energy crisis by. Supplying more oil. The only thing they can do is accelerate or decelerate economic growth. And so it's a best in indirect sort of tool. And maybe they are late to the game. We can talk about that all day long. But if they want to have an impact on what's going on with inflation, their only option is to slow economic growth by raising interest rates and lord knows whether they're late to it or not, that's where they're headed now and they seem to be getting on that bus. And certainly the BOE is and if you're in England and obviously the fed is and we'll hear more on this as you guys said, Jackson Holmes. Tim give us a sense. You've been in London now a long time and you're born and raised in southwestern Virginia, but you in your career on Wall Street and a Bloomberg you've been all over the world. You're run business businesses for Bloomberg in Hong Kong and New York and now London. What's it like in England these days in the UK? How are consumers feeling I guess I'm sure there's this tremendous concern about energy security this winter, but I also consumer over there in the UK and Europe. It's an interesting sort of juxtaposition. If I go to the local restaurants, there's plenty of people there. There's still crowds in the pubs. You know, lord knows on a nice sunny afternoon, especially a Wednesday or Thursday, Thursday, now be in the new Friday. The pods are packed outside, as you know, we do here. And if you go to regent street, there's plenty of activity. That said, that's only one element and clearly there's an awful lot of press reports about, especially those on lower income. They're really struggling. And so I think that there's a real dichotomy right now, but boots on the ground actually things feel pretty normal. Retail sales look pretty good. Yep. Yep, good stuff. All right, Tim Craig had always appreciate getting the Euro perspective
"director research" Discussed on CNBC's Fast Money
"Welcome back to fast money stocks finishing sharply lower than NASDAQ down more than 3%. But in the middle of all the selling, there is a growing wave of insider buying going on. Uber's CEO Dara khosrowshahi banks $5.3 million worth of shares, Charles Schwab's CEO, Walter bettinger, grabbing $9.5 million in stock, Shopify CEO, tobi, lutke, a $10 million buy and Spotify CEO Daniel ek, $50 million. All of these pickups come in just the last couple of weeks. Here to take us inside these moves and give us some insight into some of the well timed buys has been silverman director research at verity data. Ben great to have you with us. Thanks for having me, Melissa, pleasure to be here. Is it surprising to you that we've seen this wave of insider buying and is it too much to jump to the conclusion that perhaps this is a good sign overall for markets? I mean, it's not surprising when stocks sell off like they have been historically insiders well by. I would say right now we're seeing some encouraging signs, earnings season is wrapping up over the next week or so. And that's going to free insiders at virtually every company to be able to buy stocks. So right now, the early signs are encouraging. It seems like when you parse through who is buying and why they're buying it's important to keep in mind that CEOs and C suite execs are like any other investor sometimes they buy well and sometimes they don't. So who has a good track record in terms of buying well? Buying well timed purchases of stock. So that's an excellent point. So when looking out at the recent buying, some people stand out on chairman and western night, he just bought $4 million in shares. He's got a strong buying track record stretching back over ten years. And he's bought him a $50 million of stock in that period. And he's just got a real knack for recognizing when the stock is oversold. And he does a good job of buying stock and really sending a strong signal. Another interesting one is General Motors, CFO, Paul Jacobson. Now, he joined the company in December of 2020 and this is his first buy. But he was the CFO at Delta airlines part of that, and he had a really good buying track record there. So he just bought $1.4 million in shares. And so we like a finance executive sent undervaluing signals. Yeah, another sort of signal is a reversal of sentiment ban. And this was sort of interesting because Dara khosrowshahi falls into this sort of bucket. Noted Charles Schwab Walt bender as well. Even Toby litke at Shopify now. I will say $10 million bodies a great buy. But people should be aware that he sold a $150 million in shares during the back half of last year. So it's a small reinvestment for him. So you do want to look for people who are changing their sentiment and when the stock comes in and the truth is insider buying is a management action versus management words that happen on conference calls. And just to be clear, just underscore the point that these are buys that are being made outside of just designated plans. Correct? Correct. These are open market in here and now buys. They're seeing what the stock price is. It's typically obviously coming right after earnings, there's the material non public information is out there. And they're choosing to buy. All right, Ben, great to get your perspective. Thanks so much. Thank you. Ben silverman. Karen, do you look at insider buying as any sort of signal? I do, I mean, I remember very well when Jamie Dimon bought, I think it was almost $50 million with the JPMorgan, and that was the bottom. It's not like I remember everything Jamie Dimon does, but that very much turned the sentiment here. To me, that Spotify, the $50 million, that's a big buy. That's worth looking at. Yeah, any of those companies Steve Grasso peak your interest. Well, when you look at I think you nailed it, do they have a track record, a and B, when you look at Spotify, it's down 76% year to date. Uber is down 46% year to date. So I wouldn't be peaked on either of these. I do think it's odd that Lyft is trading right at the pandemic low. Uber is still trading above that. So if you think about the economy opening up again, you would probably maybe dabble in Uber, but I really don't feel inspired. One more thing. There's reasons a hundred reasons why people sell stocks. They can diversify. They could be going through a divorce. They could be doing any one of a number of things. There's only one reason why insiders buy is, I don't care what they're hold, they think the stock is going higher. Yeah, and so to follow on what she was saying in Uber, you think about what just happened. They released some relatively bad news, right? And Uber's trading back to basically pandemic or pre-pandemic levels. And so you've got a CEO there that basically put up $5 million and said, you know what, I'm going to turn these things around and I'm putting my money where my mouth is. So in and of itself, it's not enough to get me to buy, but it's a great signal from the Uber. All right. Alphabet chair is sitting at Lowe's for the year down more than 21% as they kicked off their annual developers conference today. Deirdre Bosa had a chance to sit down with the CEO Sundar Pichai for an exclusive interview, a short time ago, debo joins us now with the taste of what was said, debo. So Melissa, as we were sitting down, we were both watching the market close the NASDAQ down another 3% subway ass under Pichai. How vulnerable is alphabet to more selling pressures to a potential recession? He said that like everyone, he's watching, it's uncertain right now, but he said he's not going to scale back investments. They're going to remain nimble. Have a lesson. So we are continuing to invest, but we'll obviously given the uncertainty pay close attention to it. And to the extent, as a company we need to do something differently, like we have always done. We do this responsibly. You know, I did ask about specific plans alphabet is planning to hire 12,000 more employees this year. It's also spending nearly $10 billion on infrastructure for that hybrid work strategy. So I asked him to, what made him different? What made him more confident than other tech companies right now like meta that is scaling back their hiring plans, whether that be a freeze or maybe some other companies that are looking at layoffs. And he really said it came down to diversification..
"director research" Discussed on Bloomberg Radio New York
"A Bloomberg business flash I think it's fair to say tension over Ukraine was basically front and center and Ukrainian president zelensky rattled nerves a bit as he was talking about a potential Russian invasion He sarcastically told an audience it will happen February 16th Now it wasn't clear that he was joking until the market had a chance to react and move lower and on top of those geopolitical concerns markets fretted over the possibility of a policy mistake from the fed today we heard from St. Louis fed bank president Jim bullard He told CNBC the fed needs to front load more of its planned removal of accommodation than it would have previously so this push does shorter term yields much higher with the ten year treasury I'm sorry a two year one 57 at ten year at one 98 so what is that 42 basis points in the two to ten spread The equity market in turn ended lower for a third straight session We had the Dow down about a half of 1% NASDAQ comp was flat but in the broader market we had the S&P down about four tenths of 1% Crude oil back above $95 a barrel We haven't been here since 2014 Right now we're a bit below that level 94 87 in the electronic session Intel is close to a deal to buy the Israeli chip company tower semiconductor We are told the prices roughly 5 billion looking at a little bit of dollar strength as we get set for trading in Asia also a weaker yen and the PBOC is set for perhaps an easing of a policy the one year loan prime rate probably going to be adjusted later today in Beijing we'll talk more about that as we continue here on daybreak Asia News next Ed Baxter is in the Bloomberg 9 16 user in San Francisco Eddie All right Douglas Canada has put in place a state of emergency to help police deal with protests and blockades Meanwhile prime minister Justin Trudeau says it will not take away any public freedoms but will help police ensure safety and freedom of commerce Hong Kong's daily virus cases have topped 2000 for the first time with 4500 preliminary infections also reported out The U.S. has closed its Ukrainian embassy in Kyiv and moved essential staff near the border with Poland U.S. says Russia now has troops enough to complete an invasion plan at any time and Vladimir Putin says he's interested in diplomacy the U.S. says it sees no signs of that In San Francisco I'm Ed Baxter This is Bloomberg All right thanks very much indeed for that Ed lets us get back to our guests with a half hour with Cameron Brandt director research at EPFL discussing the latest on the markets That Cameron give me a sense of why you suggesting that institutional investors are treating China as a safe haven play A variety of reasons but I think the basic one is that looking at the year ahead which is bookended by the current Winter Olympics and will end at some point in the fourth quarter With a major.
"director research" Discussed on AvTalk - Aviation Podcast
"Are in existence. I think we own most all of them left in the world. So parts for the readout of these devices is becoming a challenge. So I was going to kind of take a step back and at the top of the interview, we mentioned that you're a mechanical engineer. But then you're also working with the recording, the recording equipment, or the actual investigation of listening to these things. So how much of your job is problem solving the memory units and saying, okay, I need to put on my mechanical engineer hat or I need to talk to my electrical engineer colleague to figure out this out versus understanding what happened to the aircraft. Yeah, I'll start by saying in the lab were strictly factual. So we're dealing with basically getting the data off the unit validating the data as true data. And then presenting it in a way that's helpful to investigators. So I think maybe people think that I'm not solely investigating the aircraft accident on one part of the NTSB and my job is to be precise with factual data and ensure it's validity for use in further studies. I'll start there. But what you said, I think there is no manual for this job as you can imagine. There's no, how do you download this kind of damage black box? The manufacturers do provide some help. But a lot of it's based off our previous experience and other investigation boards around the world. They're experienced. So within the lab, I'm a mechanical engineer. As it applies to tape recorders, you can certainly dig into the mechanical investigations of what went wrong with that widget, which is quite interesting. But the lab itself were made up of four mechanical engineers, three arrow engineers, four electrical engineers, and one computer scientist. So we have people with different niche areas of specialty and certainly I'll cross reference with them or we'll be working together over each other's shoulders to kind of ensure that a best practice is happening. Let's talk a bit about the actual process of listening to the recorder. Let's imagine it came to the lab in perfect condition where it was repaired. First off, who's listening to it and what are you listening for? Sure. So I'll start with, you know, I'll just go through our workflow here. I think the first thing you ought to know is there's really no guarantee to me as a specialist having done over 500 investigations that the event was even recorded to begin with. Typically flight recorders are somewhat of an afterthought as you go up the chain and regulation. So a part one 21 operator. If I see there's a part one 21 accident, I can be pretty confident that the operator had a working recorder. Do the federal regulations. But as we start to go down the chain one 35, 91, not that they're particularly less safe, but they don't have regulations in place as much so as one 21 does to ensure the recorder works. So just figuring out if the accidents on their step one. So I get this thing all repaired. Plug it in as specialists in the lab, we have the responsibility of being the first to hear it. And I think quite opposite of what you might see is what we're doing is I'm just trying to see if the event was captured. Really not interested in trying to figure out what happened in that first playback, but just did we capture the accident? Can we use this? I just want to, I just want to take one second to kind of not clarify, but explain the difference between one 21, 91 and one 35. So one 21 we're talking about for everyone who does commercial aviation. What we think of airlines going online buying a ticket flying to go see your grandma, those types of airlines. 91 we're talking about more general aviation and one 35 we're talking about charter and on demand aviation. So different different regulations govern different types of flying. Is kind of the most general overview I can give. And whether or not I'll interject here and say, and whether or not the aircraft needs to be outfitted with the CVR FDR to begin with. So yeah, sorry, I'm good. Making your job all the much more difficult, which we will save for the second half of our conversation. So you've got the recorder and you're listening to it and what are we listening for? Sure. So let's assume the event is captured, which I said as long as guaranteed will then we will bring in immediately the director of aviation safety, the top person. And the director of research and engineering, my boss's boss. And we do what's called a CVR audition. So once I ensure that the event was captured on the CVR, those they'll be making their way to the laboratory at that point I am preparing it for an audition. So I may be using digital filters or analog filters to try to get the recording to sound as good as possible. It's not the final pass of trying to get as good as possible, but something good enough to present to the office directors. The off stretchers will come in and then we'll listen to the entire recording. So the two directors, the director of aviation safety director research engineering. And in.
"director research" Discussed on Bloomberg Radio New York
"Right great Jerry Thank you so much we appreciate that Well it Bloomberg we are truly global here I've worked in many investment banks around the world but Bloomberg is the most global firm I've ever worked for And so when we were building Bloomberg intelligence our research a business here starting about 12 years ago we had the mandate to be global from a research perspective and we certainly are of the 300 analyst at Bloomberg intelligence roughly 150 in the U.S. but 75 in Europe 75 in Asia for a complete global call Tim Craig had he's a director research and senior European strategist He's based in London but he's in New York this week and joins us here in a Bloomberg interactive broker studio This dude has been everywhere We sent him to Asia to start our Asia BI business He did that Then we sent him to London to kind of be the strategist there before that he was a Goldman Sachs And again Goldman Sachs did the same thing that they sent this dude everywhere London Philadelphia everywhere in New York but he joins us here Tim thanks so much for taking the time We're glad to see you here in New York Talk to us about what clients your institutional investor clients are asking you about investing in Europe these days Great to be here It's actually great to be back in New York Yes First time in two years essentially Look I think the crux of the issue with Europe is growth It's perennially viewed as cheap versus the U.S. and we can talk about that Keep in getting cheaper right Yeah well especially some markets like the UK for example But there's been a growth obstacle And there's a debate if you wanted to go negative of a japanification More reasonable I think is just that it doesn't have the same drivers like overwhelming technology like you have here that are really pushing the economy along And that then parlays into earnings growth and yes it might be cheaper but is it cheap enough given lower earnings growth Now in various environments you can think that in fact we could see some relative gains in Europe If you combine some acceleration in growth and the European recovery fund starts to flow that's a good thing Business comes back There is a global exposure to things like China if it doesn't fall out of bed And then the valuation comes into play But Right I actually I'm laughing a little because we had an analyst on the other day who was saying man Europe is so cheap in comparison to the U.S. and it's just getting cheaper and cheaper and it's going to take off And I had a listener right in I saved his quote He said lull perpetual sub optimal growth will do that Ari suckiness of European equities Well look you know if you go to the I think the poster child of cheap you know that is the footy which I tend to spend a chunk of time on Look it's cheap for a reason You know you've got big oil You've got big mining You've got big banks and it's UK banks and China Hong Kong banks and that's not a good thing right now That's the core of it Plus if you get into consumer land they don't have media companies that you have here that amazons of the world and whatnot They have BAT in British American tobacco You know that's cheap stuff That's not gonna give you a high multiple on the market So you know we just got through with a really stellar third quarter earnings period here in the U.S. as Gina Martin Adams counterpart here in the U.S. was talking about so long that we have a good earnings story here What's the earnings story like in the UK and Europe Is that a support for equities Well quick answer is it's getting there So three Q was pretty interesting 13% revenue growth was a little better than what was expected 50% earnings growth which was far better than the 35% initially expected going into the end of the results Yes costs are rising like they are everywhere the same supply chain inflation cost issues are pervasive But the restructuring that has taken place over the COVID period is still giving benefits and paying off I think the key from here Europe many European markets many European sectors are at record margins And can record margins sustained from here I feel a little bit like there's the risk of the boy that cried wolf We are concerned about margins And we thought margins might falter in three Q it was too early There's still too much benefit from restructuring too much hedges in place for costs But by the time you get to one two Q two of next year those things fade if cost are still elevated that's when there's margin risk of it We're setting it aside we're constructive We think we have 7 8% earnings growth next year but if there's a risk it's the margin issue and if margins go stocks go So that's the downside What's the most promising What are the most promising industry groups I hear all the time about how the U.S. S&P is tech heavy and I get that Europe has SAP but not much beyond that right There are some big healthcare businesses there On the footsie you've got Astra and glaxo and then in Switzerland they have Roche Novartis And Novartis These are huge Those are huge weights on the.
"director research" Discussed on The Charlie Kirk Show
"Charlie your antibodies are probably better than the vaccination pfizer scientists from project veritas. They expose said. But then there was more project veritas continues to hit. Homerun after homerun as they had undercover footage from johnson and johnson. From an fda official who said we are going to go door to door. And tell people that. It's not the vaccine from the federal government whistle blower. Who went public with the secret recordings. So the government doesn't want to show you that they believe that the vaccine is full of brandon. Full of nonsense. If you don't get the reference and a let's go brandon and now this latest whistle blower goes on the record and reveals internal emails from chief scientific officer and senior director of worldwide research. Discussing the chinese corona virus vaccine were in the pfizer emails. They were saying that quote from the perspective of corporate affairs. We want to avoid having the information on fetal cells floating out there the risk of communicating. This right now outweighs any potential benefit that we could see. That pfizer was using fetal cells in the development of vaccine. They said they weren't how many people of faith were lied to. How many religious institutions were lied to. Because of this we have james. O'keefe from project veritas here himself to walk us through this bombshell revelation and the others. James james how're you doing charlie. Hey how are you. Congratulations on another incredible and honestly breathtaking bombshell. Walk us through this one that you broke last. Night project veritas. Project dot com with the visor whistleblower and leaked. Emails will thank you charlie. This is a visor employees on a kansas plan. And i have email in front of me and quote them This is from the vice president of pfizer and their Their top executives woman. Vanessa gilman senior director of research. And they're talking about hiding things from a consumer they save. You wanna avoid. Having the information on the fetal cells floating out there general members of the public who may take the situation and use it in ways. We may not want out there quote. I just want to make sure we are responsible. A generic west not that would ignite a facebook campaign and they say do not do not use the language that fetal cells are it with an origin can be traced back with laboratory tests associated with the vaccine programs these executives adviser are bidding to deceiving the consumer about how the vaccine is made regardless of what you think about the vaccine or think about abortion fetal cells. What titian about these emails. They show executives at the top pharmaceutical company. Lying to the public would not know this but not for a brave whistleblower in real devour inside through. Came to project veritas james. I joked around earlier. I said here's how you know. What a real whistleblower is. Their life gets worse. After they blow the whistle unlike the facebook whistle blower whose life gets infinitely better after. They blow the whistle. So james i just wanna make sure that i'm understanding this. Because there was a lot of confusion around it. I know some people that took the pfizer vaccine. And i challenged them. I said well wasn't the vaccine used with fetal cells and dead children in the development of vaccine and they said oh. No no no. That's a conspiracy theory. The catholic ethics board medical ethics board says that this vaccine was done without that but these emails show. That pfizer lied about that. Is that true. Yes charlie in the emails from from sarah with wiser phil dormitory. These are not little people. These are the vice presidents and top executives visor. It says quote one or more cells with origin can be traced back to human field. Tissue has been used in tests associated with the vaccine program. That is not my claim or a conspiratorial. I'm quoting executives. Advisors is a big story a story and some people say well we already know that not the fetal assume that it is that that that fetal cells are using the development of many products like tylenol were kept obama. Mall the interesting thing to me. Is that vanessa. Gilman pfizer's senior director research is saying to all the people eiser. Please don't tell the american consumer this which is effectively a form of a camera or a fraud in terms of your consumer app. So that's what's interesting to me. The story is always in the cover as much as is the actual action that they're taking so again this is not the jaba. See the checkup. Be censoring messaging. This is dangerous information again. It's true information and it's remarkable as they didn't want the emails vanessa's please. I would prefer we do not use this language so We have confronted executives in the street. Like you know. Project veritas always does a kindred sixty minutes of frog forty years ago and we putting that video out today really wanna hold these people accountable and ask them. Why do you feel the need to lie to the american. Well it's because telling the truth would hurt their profit margins. Let me read you an article here. That might be helpful for you. James from the catholic catholic news dot com. This was on november twenty four. Th of last year quote. Neither the pfizer. Norma dern of vaccine involved the use of cell lines that originated in fetal tissue taken from the body of an aborted baby at any level of design development or production. The catholic news agencies continue. They are not completely free from any connection however as both pfizer maderno made use of tainted cell line from one of the confirmatory lab tests further products. But you're saying is that there was a suppression campaign from pfizer to make. It seem as if this was not at all the case. and so. Just just this more bluntly so many people were denied religious exemptions because we were told by their employers that auvinen pfizer was done without this and yet pfizer internally said look. We know that we're gonna make less money. If americans knew that dead children were actually used to help develop these vaccines is that right. That's that's correct and again not my claim that's the quoting the executives in emails and this is another This is from los angeles county quote the golden nineteen produced by pfizer. Do not require you. Spend fetal cells in order to manufacture the vaccine. But if you go to the actual emails again. I'm quoting the emails here. And what's interesting. Charlie about these emails. All of the executive pfizer key. E-mailing this vanessa individual yes asking. I use sure that we don't want to include in fact a lot of people adviser r. r. a. beside themselves in these emails because they keep having to clarify wait a second. But that's what we're doing and they say please don't say that's what we're doing And finally In they say here's our official statement that quote couches. the answer The vatican doctrinal committee has confirmed that they considered acceptable for believers be immunized all of these organizations and outside groups don't know what's empties emails until today so obviously there's a staggering for society because of what pointed out religious was well and so and we were told again. I'm not taking the vaccine of made that publicly. But i know a lot of people that have and they again. I'm not. I don't judge people's medical decisions. I just don't like doing that. It's not my role and it shouldn't be really anyone's role. But i know people that took the vaccine because i thought it was the right choice for them and they said i want to take the vaccine that is consistent with deeply held religious views so they were located. Don't take johnson and johnson. Because johnson johnson admitted that they were using fetal cells in the development. Just take pfizer now. This is interesting. James fi was the only vaccine. I believe that was used in israel a deeply religious country. That's very heavily. Secular in certain parts we're orthodox jews lied to by pfizer or at least a cover up campaign here and then. Here's the other question that i don't quite understand. James is why is it. I know the answer but it's just frustrates. Me why is it. The activists press is ignoring the fact that corporations are lying to the american people. Why is that yeah. This is a reminds you the jeffrey y gan whistleblower in the nineteen nineties with big tobacco. And this was back in the day when mike wallace and and people a. Cbs actually had a pair and they put white you again on. The air eventually was the one of the largest public health issues in generation. Why is it. Those are profoundly existential questions. You're asking that would require hours to discuss. But why is the press so Has such a symbiotic relationship with people who are supposed to be investigating and the bottom line..
"director research" Discussed on Capital Allocators
"Great to see you you too. I know there's a history of morning star trained analysts somehow finding their way to wcm if it right ended up. But why don't you tell a little bit of your story and how you got w seven the first place. Yeah absolutely has quite certain deputies. I will say i joined morning star. Right out of undergrad. In two thousand and six that was very fortunate to land there. At that point the morningstar equity research department was still very very new. There were just really trying to figure it out and it was very good because young analyst. I didn't have a senior analyst report to. I was giving a ton of responsibilities right off the bat. Essentially which is insane for like a twenty one year old i was basically the primary coverage on a number of different companies and the best thing about morningstar is that they gave you a very nice framework to think about things and they looked at the university of very consistent way of course number one is the moat and had a very. I still think to this day of very very good way of looking at that. That is actually applicable to virtually all the companies that are out there regardless of industry. How the divided up the most sources and things of that nature how to characterize companies wide moat near a moat no moat that mental framework. That way of looking at the world is awesome. So i joined. Morningstar is a fresh green analyst. And i was actually on the natural resources team which is ridiculous. Because it's the first thing from anything i do now of course so i used the cover believe it or not coal companies and like ethanol companies and these weird little alternative energy companies oil pipelines refineries things of that nature. It wasn't the best coverage list. I just put it that way. In fact the majority of companies. I cover at that point or bankrupt today. So that kind of gives you some idea but morningstar is also really good because it gives you if you wanted to take responsibility for things. He was a very open company to that sort of thing. And my interests were. I was quite far ranging way outside of just natural resources and is actually a very collegial atmosphere as well. There's a lot of analysts. Everyone's on the same page thought by companies in the same way. So you're encouraged to all of your colleagues. There's almost one hundred equity analyst covering god knows how many companies over twelve thousand companies. So i was learning a lot and one of the things kind of moved into as it became apparent to me. I guess that my coverage wasn't going anywhere investment newsletter. in fact it's the same investment letter. Mike trig the director research essentially. Wcm used to run years ago when he was at morningstar so i learned a lot doing that and at the same time. Another thing i did is i was what they will call an equity strategist as part of that role. I was doing a lot of work on s. postmortem moat trend. Which is a very very similar thing to what. Wcm doing as far as mlk. Trajectory is concerned is kind of looking at the evolution of a company's melt words going and i was one of the people primarily responsible for driving that research methodology as oppose with the full benefit. Hindsight met a lot of stakes. And kind of formulating the original concept and carrying out as well but either case super interesting learning experience and really through the work i was doing on the newsletter as well as on motor trend that came to the attention of wcm were morningstar clients. So if talked a couple of years ago with paul and then last year with mike about the concept of trajectory. And how you think about it. I'm curious how do you start by thinking about what the sources of moats are we. Think of economic modes is having the following sources. So number one will be call intangible assets which is really a catchall for number of different things could be brand trademark marshall relationships customer relationships even regulatory protection. And all that. So that's number number two will be some sort of a cost advantage driven by scale or something else. He doesn't have to be scaled by something that causes you to produce something at a lower cost than somebody else. Number three will be switching costs fairly self. Explanatory number four will be network effects and number five which is really the least important. Mo- source of think is efficient scale. And that's the idea that you have a very niche market. That perhaps can only support one player. And if somebody else were to get into it you will destroy the economics for both therefore nobody wanna get in there. But the reason. That doesn't really work that well because you have to rely on other people to be quote unquote rational. Which doesn't always happen in the real world but either ks. We found that almost all the competitive in the world is some manifestation of a combination of some of these five. And as you walk through those a big part of what. I've heard about w sam this concept of not having a moat but a growing mode and expanding moat. How do you think through when you're looking at a company. What of those factors are the things that are driving that moat to be growing over time. This is actually a really complex question. Because it's one of the things that's easy to think from a very high level but put into practice is a bit difficult so i'll give you a very very high level litmus test and this way i think about it so if you can imagine a business that is today and then you closed your eyes and you think about what the business looks like. Let's say three years from now a decent length of time from now and the question to ask yourself is like all right in the future is at a better or worse business than it is today. That's a very high level question to ask yourself and it tends to reasonably guide you in the right direction but in practice when you get down to the nitty gritty. There's also many other ways to look at the problem. So for example you can start with the most sources themselves if you want. Let's say that your a network of company. Are you constantly adding knows tuna network or getting becoming more measures are ecosystem growing denser better however you wanna put it. That's one way if you're looking at switching costs are you getting more embedded into your customers your customers more and more relied upon you..
"director research" Discussed on Arms Control Wonk
"Jeffrey lewis the founding publisher of the arms control junk log at a professor at the middlebury institute of international studies at monterey. I imagine stein director research at the foreign policy research institute. Doing erin i'm okay. How are you yeah not bad. Got to check out our new dorm. The institute is building. Would you have liked to have had a dorm. You're a student here. No actually i would. Dorm days for over i might university. We had to spend two years in the dorms. And that was enough for me. I think i would have said that. But you know housing prices here have gotten so crazy and it is so hard to find a short term rental That i think a dorm is going to be a really nice solution for students. Plus it's next to the finest french bakery in the entire world. Is that the one trader. Joe's yeah parker lucielle. Their actual bakery bakery is located right next to the dorm. And there's a mountain bikes in case. You want some pizza. Oh that says okay all right so all right. I remember that the apartments i was looking were not very nice and very expensive. So maybe i'll recalibrate my thinking taking myself back decade. I mean the other advantage of having the dorm is that we can recruit Bright young things who have gps skills and can play around with who will stuff like synthetic aperture radar. That's a great segue to what we want to talk about today. Which is the case. Study of auto center open source intelligence and looking at the story of russia's cruise missile. And all the fun stuff that you guys are doing with synthetic aperture radar or sar. Yeah man this was pretty wild So i don't know the whole story. This is one of those pods. Where i'm kind of going to be surprised on air here as you walk us through this case study because there were reports that they were going to test fire sky fall again right and where the source of those reports although the russians you know. Put down a lot of breadcrumbs themselves. So it isn't. It isn't appear act of open source. Luther but russia has this nuclear powered cruise missile which several people have dubbed a flying chernobyl. Which is a really crazy idea. I mean it uses a standard rocket booster to accelerate the cruise missile up to speed but then in theory You use the heat from the reactor In the same way that you would use the fuel to make combustion in order to You know suck in the air combusted and then propel the cruise missile so like if that works that's a cruise missile with infinite range The us looked at doing this in the fifties. The us decided not to do this. Because at least our design you don't exactly know what their designers but at least our design your blowing air through an open nuclear reactor which seems undesirable from a environmental and human health perspective. That's right but this few humans up where the russians are testing this right. So they tested up at nevada's emily a- right which is this Arctic archipelago Which has a lot of interesting qualities..
"director research" Discussed on Animal Spirits Podcast
"It's because you don't have time or the ability to teach eighty million people how to do app configuration. That's why people like us. That are probably mid thirties and older. We have trouble using some of the new social media apps because they're not following the convention that we're used to michael and i have made some small investments in some startups in the past year. Okay not a huge push more capital. This would be a way for us to do this. Tax sheltered manner. We sent money to sweden. How's that started investment doing. It's probably a scam. But now i'm glad it's a ponzi scheme. It's hopefully going to do well but yeah we've always thought you could only do it through a platform like that or we just hadn't figured it out yet so this makes a lot of sense to us. You ask the question at the beginning of this show about why has no custodian gotten big and become. Let's say this fidelity or schwab or this full-service company like merrill lynch and morgan stanley in this particular space. And i just think that no one's really ever thought about it from the standpoint of why don't we just try to take the position of what the consumer wants the consumer now pretty much needs to diversify outside of sixty forty. I mean you guys are the directors research mean. You don't really go until these clients that hey look sixty forty balanced fund your good call us twenty five years later and you should be finding. You'll look just like the people on the front of those brochures for newly products. That's not really world. We live in anymore so the stance we take is that hey we should put it on ourselves to make it easy for people to diversify into alternatives and maintain the ira account structure which has existed for decades. So people can do this. Because when peter thiel and mitt romney and others were doing this they probably had the us very specialized custodians in very unusual friendly platforms with an army of accountants and attorneys. Yes so they probably have to pay an arm and a life for that service. So what are your physical like for all of this. We go flat fee structure so we have a one time. Sign up fee of three hundred sixty dollars that we take right at sign up. And then ongoing. It's fifteen dollars a month for us to do the compliance reporting and the maintenance of the platform in that account structure. And then we think that. Hey at three sixty and fifteen ongoing the amount of money that you would pay us is actually less than what you would otherwise pay taxes if you dollar for dollar did that same investment and it was one hundred beggar outside of this account. Does that three sixty come from inside of your account. Do you have to pay with a credit card or something like that right now. We charge it outside in credit card. So we want our customers kind of maximize their ability to deploy dollars into their deal. These some rewards for that. Yeah and as a matter of fact not even know that we have bonuses for rewards if like american express whether it's right now because we're small. He's like a subscription product like most other things days. Yeah and that's what we're saying. Is that look what's happened now is that the whole market has now been enhanced because there's a whole bunch of new investment products that people never even thought were investments in the past. So what we're trying to do is we're bringing this sort of ira as a service infrastructure to this particular new generation of investment platforms. Very interesting is this for credit investors. Only so that's the beauty of it so our qualifications were an ira provider. So you only have to qualify to open an ira and a bank account in the united states to be our customer but the way that customers are gated is sometimes they might wanna do investments like a startup investment sweden. You probably had to test that. You're in a credited investor for that particular one but if you just want to use our account. Basically invest on crypto exchange platform or buy rental. Property would not have to testify in credit. And you could do that with our account. So the gaining of being credit or not is dependent on what you invest in outside of us as a provider to who are some of your most partners that people tend to put their money in. I think just the landscape obviously changes based on time but equities in is a big one block by. We get a lot of customers that of come through us and go to block fi but again the majority of them are these deals that are never going to show up on a platform. They're very very hyper localised. And the beauty of. I think what we created. Rockefeller was that people depending on where you guys are. You guys are physically in two different locations during the show so one or the other of you are going to give each other maybe advice or have knowledge about particular real estate investments or a small business investment. Start up investments at a local to your community and maybe calibrated to your area personal expertise for example everything legals. I know everything. Bagel landscape and ben is pretty keen on sherry farms. Okay that's exactly. And then i live in texas so we have customers that literally have everything from race. Horses and cattle to crypto and start up investments in sweden otherwise from your perch. You must have a really neat look on. Some of the deals that are going on that aren't public. Are you seeing some things like raising your eyebrows. I'm always amazed at what people are able to invest in. But i give a lot more credit to the people that you have on this show that actually take the plunge and create their own platform. You know. I've heard once for art in for wine. And for securitising the goals and shopping up real estate loan portfolios for example. And i think those people do a great job of being creative and creating the investment products all. I'm trying to help and say look. I have a chance to bring trillions of dollars of long-term very good.
"director research" Discussed on CFR On the Record
"Itunes podcast channel religion important halsey as always takes no institutional position on matters of policy. We're delighted to have dwight bashir and elizabeth cassidy with us today to talk about the two thousand twenty one report on international religious freedom. Dwight bashir is director of outreach. And policy you serve the. Us commission on international religious freedom where he oversees congressional communications and outreach efforts while it used for sheer has led or participated in numerous fact-finding missions internationally as traveled widely throughout the middle east africa asia and europe before joining usurp you work with the united nations and the institute for multi track diplomacy on conflict prevention With the us department of state advisory body on religious freedom and tolerance and reconciliation and with the behind the united states and other non-governmental organizations advocating international human rights elizabeth kathy director research and policy at usurp where she oversees research and publications development and promotion of usurps policy recommendations. She conducts periodic training sessions for officials from the state department homeland security and justice departments and served on the state's department religion and foreign policy working group in two thousand fourteen to two thousand fifteen on. She's also worked as a legal consultant to human rights. Ngos nambia and talk harasses at the university of nam nam namibia and princeton university and seeing hall university school of law so dwight elizabeth thanks very much for being with us. You have just issued this report on religious freedom It would be great if you could take us through your your findings and recommendations said dwight when we first turn to you good afternoon. Thank you uranium. Thanks to the council on foreign relations for providing this opportunity to discuss The commission's key findings and recommendations from our twenty second annual report The report released just over a month ago. Provides a snapshot of where religious freedom is improving or endanger and what the us government can do to encourage positive change key findings recommendations and analysis for each chapter represent insights and information gain through numerous areas including use of hearings fact-finding trips research meetings with government officials both in the us end abroad Human rights advocates in religious leaders. The annual reports main focus is on two groups of countries. Those that you surf recommends the state department designate. As countries of particular concern or cpc's and those of the use recommends the state of bahrain. Place on its special watchlists under the international religious freedom act of nineteen ninety eight which created us and the state department office. Cpc's are countries whose governments engaging or tolerate systematic ongoing an egregious violations of religious. Freedom especially watch list is for countries where the violations me too but not all three of the systematic ongoing egregious tests For cbc status this year our report covers twenty six countries based on twenty twenty conditions. We recommend fourteen of these countries for safety status and this includes the ten countries that the state department has already designated c b c's most recently in december. These are burma china. Eritrea iran nigeria north korea pakistan. Saudi arabia tajikistan and turkmenistan. In you serve believes the state department designated four other countries be seats. Those are india russia syria. And we recommend that. The state of our maintain on the special watchlist two countries cuba nicaragua and add ten other countries to that lists afghanistan algeria as her by john egypt indonesia iraq kazakhstan malaysia turkey. And.
"director research" Discussed on Eye On A.I.
"Could we start by having you each introduce yourself to listeners. And then i'll ask some questions craig. Thanks for the opportunity. My name's dave kushiro. I m in line of effort to which is the application of ai in national security missions in defense and so we're really focused on the dod portfolio as well as the applications in terms of warfighting concepts. Now comes the really heavy lift. Not just the rule out of the report in the contents but the implementation and the execution of the plans. I'm a relatively late. Add to nsca. I joined in september of last year. As i was retiring from the air force after twenty eight and a half years prior to that i had been working are at sea to portfolio. That's the joint all domain command and control portfolio literally the military internet of things. In in. how you kind of build that together. I'm a pilot by trade. Mainly airlift aircraft but also did a stint in predator. That's the remotely piloted aircraft that the air force used to fly no longer flies with that alternative over to courtney thanks to crack. It's a pleasure to be on with you again. New barna director research and analysis at sei with commode really been focused on applying ai for national security emissions across dod. So what that's meant for the year been on the commission at least is that we're really looking to bubble up with the biggest road. Blocks are to a adoption be organisational structural allows them technical or process where blocks in try to figure out how to make recommendations really to start burning those down in ensured that we create environment in dod that is friendly to the attributes of artificial intelligence made more broadly digital technologies into. That's really where our focus has been prior to joining the commission. I spent some time with the defense innovation. Board in the pentagon very very fortunate to work with the likes of a dr schmidt and others who really led a first wave efforts in the department to really reform the acquisition process for software in particular. Who is a part of the safra. Acquisition practices study that the defense innovation ranan came over after that to the commission was excited to continue forward with similar reforms. Really kind of reorienting the department towards a a digital future okay. so we're talking about democratizing. A i for the warfighter. Can you explain what you mean by democratizing in this context. Yeah it's a good question correct in reading our final report. What some will see his attention that existed recommendations in. That's this tension between the need for top down strategic leadership in direction guidance as well as bottom up distributed innovation bottom up development a key finding in our was that the commission thinks that there's a need for greater direction in the dod top down direction that drives a lineman coordination in terms of what technologies including a applications the department of pursuing and for what purpose but were quite clear that that top down direction and strategic guidance really isn't going to be effective unless it's complemented by bottom up innovation and a commitment to enabling the innovation and so we make a variety of recommendations in the report around how you enable that bottom of innovation and so i think you kind of bucket those recommendations in terms of enabling that bottom up innovation into a few categories. The first is really technical piece. We have to ensure that developers users researchers across the department of defense have access to modern infrastructure. Whether that's cloud computing networks. We have to ensure that they have access to the software in the data to actually a train a algorithms and we have to ensure that beyond the technical piece. they also have access to the right talent to do this development so we make recommendations to ensure that. We're getting talent where it's most needed in where it's most needed. We found is forward with operators on the front lines. Actually doing these missions day in and day out so one of the primary recommendations we make not space is that each combatant command should have an ai. Delivery team and so the purpose of that team would be to push that technical expertise ford in get were fighters operators really sitting side-by-side trying to solve issues and challenges that impact their ability to carry out their day to day missions. Thanks gordon great. Rundown in terms of the criticality of innovation and it was something that our commissioners particularly those from industry really really hit on hard in point that innovation will not be top down. It will really come from the bottom up with that being said having worked over twelve years in the pentagon and five separate assignments at very much. Appreciate the need for top down leadership in a bureaucracy and hierarchy like dod very similar to the conclusions that are commissioners came to in terms of the structure of dod needing that top down level strategic guidance and direction and oversight to make sure that the department is actually executing this digital transformation into a enable warfare so without in terms of the recommendations on the top down. Leadership was this focus on the steering committee on emerging technology. That's tried chaired. By the deputy secretary of defense the vice chairman of the joint chiefs of staff and the principal deputy for the director of national intelligence. Though this body would not only help a proven developed the technical annex that accompanies the national defense strategy but would also provide oversight on numerous other lines of effort with respect to the report recommendations including the digital ecosystem including experimentation in war gaming and where we're applying some of the resources into a enabled technologies as well as the prioritization of of different efforts. Second was elevating the director of the joint artificial intelligence center in the department of defense to the deputy secretary of defense. We're very fortunate that congress took that recommendation or replace it into legislation so that effort is actually ongoing within dod right now third in the department of defense undersecretary of defense for research and engineering is already designated the chief technology officer for the department of defense. The commission came to the conclusion that in order to better synchronize the warfighter in technologists warfighting requirements with technology. It was imperative that you had technologists in the warfighting requirements forum particularly the senior oversight requirements. For which is the joint requirements oversight council that is currently chaired by the vice chairman of the joint chiefs of staff and has membership of all of the service vice chiefs. The commission came to the recommendation. That the cto the chief technology officer or in this case the under secretary of defense for research and engineering should be a co chair of that oversight body as well as the chief science advisor really again making sure that the jay rock itself has good visibility on where tech is going number one and that the technologists can ensure that the warfighting requirements are informed by the latest. That technology has to offer so those three leadership recommendations are really critical in the commissions is to drive the stopdown leadership within.
"director research" Discussed on Sound in Marketing
"Dying to find projects that actually do this sort of thing so close to a a fully censorial experience in. It's just fascinating. The way that you guys came about this and I just. I really wanted the audience to listen to your story and how this came about and can you kind of just walk us through how this partnership came about if had some pain points than intention care. Yeah i did do that. We've always been really interested in working with them. Because of their purpose driven campaigns we have really a lot of admiration and respect for all the work that they do in terms of like empowering females changing perception of beauty You know just all the great work. So the brand. We've had our eye on and like what can we do as studio resonated in audio first creative consultancy. We really look at opportunities to help brands. do really and special things with audio specifically so we're you know we're like thinking ating wecker we do have For audio so this opportunity came up. We knew this you know we. We actually did some practice work with them. Conversations about like you know what a perfect way to for a brand that evangelism is the fact that beauty is not all visual. You know what a perfect match for an audio campaign So we had worked with them actually pre cova on an idea and then that ended up. You know i mean everything. Just kind of halted. They switched switch gears but they eventually came back and we learned the wanted to focus on this mango Mango product of body wash. And you know different like body products and they wanted to also to target to Lack and latinos female audiences. So we're like okay. This is cool you know. What can we do. That's a great idea for audio specifically for this product and for this target audience. So the idea definitely for the soundscape was inspired by Steve keller are sonic strategy directors. Research work About multi sensory. You know advertising And the definitely was just about channeling like you said all those different dimensions of spices So you know we thought how cool would it be to connect sense sound touch. You know with a shower bath experienced as well as a little bit of visual. You know while. You're meditating that kind of thing so my came out. I remember that moment when we were just talking about it and she just like. Oh my gosh this love you need to do you know. And she's like. Let's do like a guided meditation and we knew that also with this product during covid wanted to transport People to paradise so he knew that with this mango products that wanted. What are the key. Goals was to transport people during kovic to a better place. A tropical island a tropical getaway which we weren't able to do at the time. So that's where you know where the idea came from to build this soundscape sound. Abe actually ended up being the tidal shoe. You know where the listener could listen to a meditation. Take a bath listened to tropical music and the float away float away into you know this wonderful happy place so yes so then. We put together A pitch got a call with them presented to them and they loved it and were on board and what was really interesting about it. Was it was a proactive pitch and You know so. The idea came from us from studio resume and it was as far as an points for concern. I don't think we really ran into too much other than there was a little bit of change over at dove For people who are actually approving the project. But it was. Yeah pretty pretty seamless. Collaboration so they really they really crested you guys to come up with a project or come up with a solution for this wonderful and i didn't even make the connection between soundscape and sound escape. I love it. It's a wonderful do you have any results for it. Thus farley have. I mean i'm sure that you have Dubs opinion on what they thought of the projects. But do they have any reports back from the consumer. Fortunately like you mentioned we're able to get some press out of it. earned media and blog posts articles. Which was great Emanated poulsen stats. And you're going to be talking you and so one point. Four million million unique reached With the traffic driving media and then we had about seven thousand listener unique listeners. Twenty three thousand Over twenty three thousand total minutes listens so this was fooled actually in december. So probably more. Now oh yeah then it probably holding been running for a couple months at that point. Yeah yeah Airy nice yeah. I can definitely see like trying to escape somewhere else. Because the four walls in my apartment have gotten very small past year. I know that you have a process. And they don't want to give away. You know your secrets and all that stuff. But was it the intention to to touch on so many sensory points. Because i even think smell is associated because usually bath things or smelly so i was kind of assuming that it had a smell. Maybe mangoes maller something that the fact that you've got everything except for taste which maybe tastes is involved with the accident. Roller by thought. The probably don't try to either probably don't know but was that the original intention or did it just kind of work out that way. Yes for sure. It was definitely something that my had sues watching. Ted talks face. Steve and you know we. We also collaborate with him a lot and work with him a lot. It was definitely inspired by his work To do this multi sensory in the fact that it's an opportunity for brands to do something really different to. It's not very common for brands to create this multi experience for the listener. Now we serve advertising or you know we make contents. But i something to give the the consumer is something that they can actually your. Am with the product that taps into so many fences on so like dimensions We're really excited. And this is also what davos was looking for from us as well. It's like how do we do something that's like just brakes. Mauled is different from anything else. That's what we want to hear about. That's what we're interested in. Add to that Mea the The other idea that we all came up with my Actually came up with the initial idea which was to experience this in the bath with the dove product and the length of the soundscape. We tried to keep it to the average length of a bath so that the listener can experience the whole sound escape and hopefully one sitting and just relaxing environment l. That's a very good point. Yeah 'cause i mean you're not going to be in there for an hour and a half. I don't recommend that really saw that the other maya couldn't join us because this sounds like a wonderful concept that she came up with it this potentially leading to any other partnerships that you'd be working with dove or maybe another and you don't have to name names but another company that might be interested in more multi sensory perceptions.