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Without question, our interview today, Jean Bovin, out of Princeton, all of his good work at BlackRock, and of course, with his Montreal heritage, with a real understanding of Canada. We're doing Canada in this half hour. Stay with us, folks. It's going to be interesting. Jean, let's get away from Canada first to the moment at hand. What I love about your note is you talk about time. You talk about the x-axis. President Trump's x-axis is
is a little different than the leader of China's ex-exes, isn't it?
Yeah, I think totally. I mean, there's a speed at which things are happening right now that is, you know, unprecedented. Lots to figure out. 90 days is a short period of time. And, you know, it doesn't seem that China for sure is on the same time frame right now. So there's a bit of a gap there. We'll see how that gets resolved. With all the resources that BlackRock has, when you hear the word negotiation,
The president loves to say this, negotiation. We're working towards a deal. Are they, Jean Bovin?
I think, you know, one of the key things that we've come to a conclusion now is, you know, trying negotiation, trying to understand what will be the tit and tat steps along the way is probably like a futile exercise. I think we need to think more about like what are the kind of, you know, the forces that will be at play that will shape the outcome, no matter what the intent or the negotiation tactics are. So we think there are some immutable laws at play here that, you know, you cannot break. And so that's what we're trying to focus on.
One is on the trade supply chain warring that cannot be kind of unwind overnight or very quickly. So that's going to play into the shaping the outcome in the near term. And the other is the debt level in the U.S. That's going to be a constraint as well. Jean, I think, you know, most of our viewers and listeners grew up in a world where globalization was the backdrop for global trade, global free trade. Is that over?
Well, it's going to be evolving for sure. It pays on what is being contemplated here. I think, again, these are decades in the making and it can evolve. I don't think it's going to feel very different a year from now. We're very linked, we're very intertwined. And again, there are these immutable laws, right? So, I mean, we've built this international trade framework for many decades.
And there's no way to flip and close current account deficit, and at the same time rely on foreign investors to finance 30% of the debt, right? So those two things, you cannot have one and not the other. And so that's kind of these forces that will be there, I think. So globalization is being rewired. It's gonna look different, but I think there's gonna be a version of globalization that's gonna still be very much there.
And I guess, Jean, as recently as the beginning of this year, I think the discussion among most investors was about the U.S. economic exceptionalism vis-a-vis the rest of the world. Is that now over?
Yeah, well, that is certainly the big question in every compliant conversation. I spent a week in Europe last week, and that's the starting point of our conversation, especially since we subscribe to this idea that European equities would be outperforming for fundamental reasons. That is being tested, shaken, certainly, and that's not a given for global investors.
I do think for us, we focus on what we call mega forces like AI and think about where they're more likely to play out and quickly and generate profit. And that still leads us to see the US as a place where we're going to see return over like a one, two year horizon.
but clearly there's more uncertainty now emanating from the U.S., and that is denting that thesis, that exceptional thesis. Can I go nerd with Jean Bovin? Sure. Okay, we're going to go nerd right now, folks, for Global Wall Street. You can do this with Dr. Bovin of BlackRock. Jean, what I find fascinating here is the media's fixation on OMG, it's all over, we're all going to die, and the other side of the coin is somehow we're going to get back to what we did pre-Trump.
And what I'm thinking of here out of Princeton, and there was all sorts of great work there, is we get almost a dampening function to an in-betweenness. A sinusoidal dampening function of this complex real GDP trade and all, where
where we just moderate over time out to some new middle tendency between doom and gloom and the American exceptionalism we do. Is that where we're heading, is to some middle tendency out there somewhere?
Yeah, well, I think that's another way to talk about these, what I've been talking about, these immutable forces. I think we, you know, it's very easy to get stuck on the fact that uncertainty is high. I think this is the word that is, I still cannot pronounce it properly, but that's the word that is the most often mentioned these days, uncertainty. And I think this is easy to stop there. I think, you know, it might not be the outcome that people would have liked that's going to come, but I think we're going to get more clarity. The smoke's going to come out.
There are forces that will shape what's going to happen independently of like the opening gambits we're going to hear. And I think this is what we need to focus on. And it's kind of a middle ground that we will discover over the course of the next few months. Jean-Paul Van with us with BlackRock on this moment that we're all living, futures negative 7.
The VIX, Paul noted under 28 yesterday at 28.36. All right, now we welcome all of you on your commute across North America. Good morning in Mexico City. Good morning in Canada. And of course on YouTube growing each and every day. Subscribe to Bloomberg Podcast. Lisa Mateo humbled by the growth there. It's absolutely, it's because of her newspaper segment. - Newspaper segment. - Yeah, yeah. - Absolutely, no question. - Sean, let us switch to Canada. I was supposed to do a seminar with you in Toronto.
You couldn't make it. You were with Martin Saint-Louis trying to get the Canadians into the playoffs. And, John, I look at this moment in Canada, and I think we can look at it as the liberal tradition of Quebec and Lower Canada, Upper Canada, and then out to the West, a far more conservative tradition, some would say almost Trump-like in its nature. How will Canada move forward after this election?
Well, you know, I think the Canadian experience over the last two months is another kind of testimony of the unprecedented world we live in. Things have been completely upended compared to where they stood, you know, in January.
And this is entirely driven by, you know, what's happening south of the border. So that has completely changed the political calculus in Canada. And we see that elsewhere in Canada.
in the world, right? So I think this is, we'll see what happens on Monday, but clearly this is about how Canada will deal with the US going forward. It's about how it's gonna kind of rewire itself given the evolution. And one of the big question will be on how internally
they are able to increase competitiveness between and across provinces because we know that trade barriers between provinces are higher than with the US. So there's an opportunity there, I guess, to explore. Are you optimistic that Canada can find a new productivity as America has? I've been working on commissions and things like that for the last 30 years in Canada trying to think about how we increase the productivity, the Canadian productivity, which still is not resolved.
But I do think that increasing trade across provinces and reducing those barriers is one way to do it. I think that might also give an impetus to spend on things that we were relying on other partners to supply. And so that could create as well some opportunities in Canada. So I'm going to be skeptical until I see it, but there are opportunities.
John, you mentioned you're over in Europe speaking with BlackRock clients recently. What are they viewing? How are they thinking about the U.S., the U.S. markets, the safe haven nature of the U.S.? How are they viewing the U.S. these days?
Well, I was exactly there during the week where this kind of came to an end, right? When we saw the 10-year and 30-year move very aggressively up over the course of hours and days. And I think that certainly caught the attention.
And I think what's happening here is like, and it's a natural tendency, right? When you're facing something you don't understand and it's out there, I think you tend to go back home and stay closer to the home base. I think this is exacerbating a bit of the home bias that is a natural, you know, we've been...
talking to clients globally for years about like you need to reduce your home bias, you need to diversify internationally. Well, in an environment like this, it kind of goes in the opposite direction and reinforces it. So that's certainly something you could pick up. I think at the same time, and I do think that, you know, people understand that like treasuries are
has been taken as the safest asset in the world unquestionably. And now, you know, people ask questions about this. So I think this is, you know, this is at the margin and, you know, this is an immutable force that we, it's a fragile equilibrium, but we, the US cannot afford to have a term premium that blows out because the debt will become, you know, unmanageable and so on. So I think they'll, at the end of the day, that's going to be contained. But the fact that people are asking those questions is certainly notable.
Jean, thank you so much. Dr. Bovan with BlackRock. Thrilled that you could be with us today. Financial professionals, did you know MassMutual is more than just insurance, more than protecting what's important today? They have a full suite of wealth management solutions designed to help your clients build and grow for the future.
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You're listening to the Bloomberg Surveillance Podcast. Catch us live weekday afternoons from 7 to 10 a.m. Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app or watch us live on YouTube. Brian Kingston is hugely qualified. He's got a fancy title with the Canadian Vehicle Manufacturers Association, but he's also got Bulletproof Academics led by Carleton University on trade.
and on what it means for auto manufacturers. What is the biggest conceit, myth, thing we get wrong, Brian, about that bridge between Windsor and Detroit?
Well, look, I think the biggest myth that we see there is that this bridge and the bilateral relationship in auto between Canada and the U.S. primarily benefits Canada when the fact is we're so deeply integrated over 60 years and now the United States actually has an automotive surplus with Canada. And what many people don't realize is that Canada is the largest export destination for U.S. manufactured vehicles by far.
The Americans send more cars to Canada than they do to China, Germany and Mexico combined. So we're deeply integrated and we effectively build vehicles together. What is the tone of the layoffs right now? Over a beverage of my choice, I'm noting Volvo laying off, I believe it was 900 people. But give us the immediate Thursday morning state of the labor economy in this trade war.
Well, look, it's all about uncertainty at the moment. Automotive is a huge sector in Canada. We've got over 130,000 Canadians directly employed in manufacturing. But if you look at the broader industry impact, it's closer to half a million. And there's just no clarity on what the path forward is right now. I mean, the tariffs are on, then they're off. The
The interpretation of the tariffs changes consistently. So for anybody in this industry, it's just so difficult to plan right now. And of course, that has a huge impact on the labor market. Okay, 1,000 Henry Ford Center Drive. Yep. And Google misspelled it. Oh.
It's center. They misspelled center. I don't understand that. This is in Windsor. Ford Motor Company, Windsor Engine Plant. Paul, imagine the conversation there this morning. So, Brian, when you talk to the Canadian manufacturers, what are they doing today? How are they planning? How are they just kind of... How are they just going day to day? Well, what we're seeing is...
Because of the uncertainty, it makes it very difficult for companies to move forward with investments to deploy new capital, of course. And Canada has received over $40 billion in new auto investments since 2020. Huge reinvestment into the industry. A lot of that's related to electric vehicle production. So there are some big, big projects underway or on the books.
But until we have clarity on the tariff situation, it's very difficult to proceed. And just to give you a sense of how expensive these tariffs are, we're estimating that U.S.-based manufacturers are going to incur about $107.7 billion in cost if they remain in place. So it makes it hard to move forward with any project. We're talking with Jean Bovin, BlackRock. You know Montreal, Brian. It's a city up to the right there. It's up the St. Lawrence Seaway. I know it well. We're talking with Jean Bovin.
And to me, the basic idea is this word negotiation. I don't know what it means. What if whoever the new prime minister of Canada, what if they just say no to President Trump? We're not going to participate in this trade war. What are the consequences for lower Canada and upper Canada?
Well, the consequences are massive. I mean, the Canadian economy is so highly dependent and integrated with the US, you know, and that goes back to we had a bilateral trade agreement initially, then NAFTA, and of course, now the USMCA. And because of that, all of our supply chains are on a north-south basis. So it's not as though Canada has the ability to diversify
do it quickly pivot to Asia, Europe. We are truly connected with the American economy. So I think negotiating with the US day one for the incoming prime minister has got to be the top priority. And for Otto, over 90% of what we build in Canada goes to the United States. That's how the industry has been founded. 9-0. Amazing. Brian, what is...
All this uncertainty within the auto industry mean for the transition to electric vehicles? It seems like it was kind of sputtering anyway. People were unsure about the demand. I can't charge, so on and so forth. The prices are too high. Does this make the transition to EVs even more difficult? Is that what you're hearing from some of your manufacturers?
Yeah, it definitely does. I mean, first of all, we're anticipating because of the tariffs that vehicle prices could go up by as little as $4,700 US dollars, but could increase up to over $10,000 US dollars. And for EV adoption, that's particularly problematic because EVs are more expensive. It's still a new technology. And so we see a price gap in Canada of about
$14,000 between a gas powered vehicle and an electric vehicle. So now you throw in the economic uncertainty that these tariffs are creating, the potential for a downturn, which obviously has an impact on new vehicle sales, plus a price gap that could even widen because a lot of the battery components come from other parts of the world, which will be impacted by the US reciprocal tariffs.
And it doesn't add up to a great situation for EV adoption. This is brilliant. Brian, I got one final question. Whether the Canadians are going to Myrtle Beach or Palm Beach, it's over, isn't it? Nobody's traveling, right? Good point.
No, I mean, the numbers that we're seeing are just phenomenal. Some of our major border crossings, you're seeing travel down in some instances over 40%. And so Canadians have really taken this personally. We're so closely tied to America and it's been such a strong relationship that...
a lot of Canadians just feel really kind of saddened by what's going on. And so they're canceling trips. So it is having a big impact on the tourism industry. We look forward to speaking to you again. Brian Kingston's president, the chief executive officer, the Canadian Vehicle Manufacturers Association, and is closely affiliated with the BAMF Forum, which is a wonderful economic effort up in Canada. ♪
This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at 7 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say, Alexa, play Bloomberg 1130.
Hugh von Steenis with the Yesterday with Oliver Wyman. When Hugh von Steenis wants to understand sanctions, there's one person he turns to. Joining us now from Oliver Wyman in Washington, Daniel Tannenbaum. He's been a huge support for all of our efforts here. Just, you know, Tannenbaum 101. Dan Tannenbaum, has sanctions against Russia been successful?
Well, Tom, thank you for the intro. And it was good to see you on yesterday. I think sanctions on Russia have played a role. But I think the challenge we've seen, particularly since Trump has taken office again, is the U.S. really hasn't been driving on sanctions policy much at all. When I talk to my clients in the European Union, in the U.K. government,
they're really not getting the same level of engagement. So without the continued usage of sanctions and then the enforcement of them for those who would violate them, it is hard to say that they're actually effective. So Daniel, you're down in Washington, D.C., the IMF meetings here. What are our trading partners telling you about kind of where they think the next hours will be, days will be, and weeks and months?
Well, I mean, we talked about this at Davos. Cautious optimism, I think, has shifted into just pure fatigue at this point. I think we saw the market spikes over the last few days with the announcements related to China. But my anticipation last night was we hadn't heard from China. And obviously we did overnight. And their reaction was we're not actually talking China.
So everyone's really looking for smooth air for some degree of a clear path forward. And I just don't think we're seeing that yet. Dan, at George Washington University a few years ago, you took the course. This is brutal. You think you're going to go in and get an A? Tannenbaum was lucky, got out with a C plus. Negotiation 302. Dan Tannenbaum, when President Trump says he's negotiating, is he negotiating? No.
Well, that's the question. I mean, there are certainly some talks going on bilaterally with different trading partners post-Liberation Day. But China's made very clear, we don't know what you're talking about. And that is a bit of the question right now of where is this discussion happening? Some countries are certainly having them. But remember, all of these deals in 90 days was always going to be a tall order. And China's the one that probably requires the most attention more so than anyone.
So, Daniel, are we literally going to be trying to negotiate 70 odd trading negotiations and deals and all that kind of stuff? Is that what we're is that our strategy? If you're to listen to people like Peter Navarro, yes, because we're not doing this in any sort of block form.
These are really one-off trade deals where we had kind of broader alliances where you could impose trade on a broader scale. So that does seem like what may happen. I hope there'll be broader blocks that come in for some of the discussions with USTR and other parts of the government.
But that is a bit of the question at this point of how they're going to navigate all of these. Dan Tannenbaum, I want to come back to that, the discussion of Dr. Navarro with some real criticism, I would say, within the zeitgeist of Dr. Navarro. And, Paul, would you say he's been sidelined the last week or two? Yeah, I certainly have not seen him as much as we had it.
I could never see Dan Tannenbaum sidelined. No, of course not. Mr. Tannenbaum is going to stay with us with Oliver Wyman here as we get his key claims data out here. We say good morning to all of you across the nation on your commute. The kept goods orders and non-defense acts, they come in and they're a little, I'm going to call them a little shaky as well. And claims are spot on survey. Once again, Michael McKee absolutely nailing it.
that Doge doesn't have much to do with claims because claims come in post-severance. We have a 222,000 statistic, a non-revision as well. So pretty much quiescent claims here is somebody waits the cracking of the job economy. All of our economic data, our study of it, including Michigan sentiment tomorrow, up on a lot of housing data next week. It's brought to you by Commonwealth.
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Go to commonwealth.com to learn how. We're going to jump back to Dan Tannenbaum with Oliver Wyman. His claims came in quietly, a non-event. Dan Tannenbaum, just the summation of all the corporate officers you talked to, they're talking to you about sanctions. What are you listening for from corporate America?
Well, they're not just talking to me about sanctions. We're spending a lot of time talking about broader trade policy. And right now, the question that people are asking, even though they know the answer they're going to get, is where do we go from here? And I think that is the real question. People are craving, the market is craving some degree of a clear path forward, whether it's more broadly on trade. I mean, the topic of Russia-Ukraine, admittedly, it's been very quiet here in Washington this week on the topic, despite the fact
that there were nine more people killed in an attack on Kyiv last night. And the U.S. is busy trying to put pressure on the Ukrainians for a deal and not the Russians, who are the one firing the missiles into Ukraine. So it is a bit of an odd time at the moment. But I think a lot of companies are standing by waiting for some degree of a clear path forward. We're going back and forth so quickly now.
I mean, this is really, really interesting. And of course, here's the tweet from President Trump as he listens to Dan Tannenbaum. I am not happy with the Russian strikes on Kyiv. Not necessary and very bad timing. Vladimir, all caps, stop! Exclamation point. 5,000 soldiers a week are dying. Let's get the peace deal done. Dan, that wasn't in your textbooks at George Washington.
I mean, this, you know, I'm going to go back to Angry Beavers. I mean, that's where I learned my international relations. Dan Tannenbaum, this is nuts. We had a Palm Sunday set of murders. We had the missile attacks last night in the heart of Kiev. Why are we doing this, Dan Tannenbaum? Well, and, you know, it's wonderful. The president was pissed at Putin a few weeks ago. I think we saw that on one of the Sunday morning shows. But
He needs to actually take action against Russia. There have been two major moves that the U.S. has made on Russia since Trump has taken office again. One was by quietly extending Biden-era Russia sanctions a week and a half ago with little fanfare. The other was actually by not doing something and letting an energy waiver expire
to ban the trading or financing of Russian energy. But the president needs to be more active on actually using the considerable power that the U.S. government has to put more pressure on Russia and those supporting it. Mr. Tannenbaum, I'm really honored to have you here as we get that tweet from the president of the United States. Daniel Tannenbaum is with Oliver Wyman. Financial professionals, did you know MassMutual is more than just insurance?
More than protecting what's important today, they have a full suite of wealth management solutions designed to help your clients build and grow for the future. Their unique open architecture gives you the freedom to offer a range of products that best serve your clients' needs while still offering a feeling of independence.
and autonomy that comes with a full support of MassMutual resources, technology, and guidance so you don't have to do everything on your own. MassMutual's compensation often outperforms the wirehouses so you can keep more of what you earn. It's a feeling that you can build a business that's flexible, rewarding, and truly focused on your clients' success.
It's a feeling you won't find just anywhere. The feeling is MassMutual. Learn more at massmutual.com slash wealth management. ThriveVent can help you plan your finances for the people, causes, and community you love. What
What makes Thrivent different? A combination of financial services and generosity programs. Thrivent offers advice, investments, insurance, banking, and generosity, as well as resources to fund service projects or direct dollars to causes you care about. With more than 120 years serving clients, you can plan your finances with confidence. Visit Thrivent.com to learn more. Thrivent, where money means more.
Tina Fordham joins us now with Fordham Global Foresight. When she was in school a few years ago, there was no course on how to interpret tweets.
Tina Fordham, Vladimir, comma, all caps, stop, exclamation point. That's what we got from the president of the United States today. How does this move forward? Do we move our foreign diplomacy of Kissingerian real politic of those against Henry Kissinger? Do we move it forward by tweet?
You have no idea how painful your words are to someone. I mean, I've had the immense privilege of interviewing Henry Kissinger a couple of times before he left us and I'm a great admirer of his colleagues, Madeleine Albright and others.
You know, yes, we are. This is the TikTokification of global politics. And it's definitely not helping investors and business leaders or global leaders work out how to deal with the United States, although it will cause jubilation in some quarters. So, I don't know, Tina, is it as simple as to say that the era of U.S. economic exceptionalism, is that at risk here?
So, I mean, that expression, which has become part of Investor Parlance, U.S. exceptionalism, of course, predates this period by a very long time. The U.S. is the exceptional nation, you know, so that goes back to Manifest Destiny and this idea of the U.S. as having this, you know, all of these special privileges before we got to the dollar having exorbitant privilege.
It is hard to see how this trend can be reversed in an enduring way quickly. That's me being diplomatic. I think Ken Griffin said something with a bit more alarm in his remarks. But as we're talking about, sorry, secretaries of state, I was thinking about Madeleine Albright and the U.S. as the indispensable nation.
We're seeing the consequences now of the U.S. deciding it doesn't want that job anymore. Tina, what's so interesting here is in the business world, somebody will comment on Jerome Powell. And I guess we have adults within the administration counseling the president, according to reports, including Josh Wingrove. Sir, maybe you don't want to say that. Maybe you want to back up.
In the Tina Fordham world, are there adults within our diplomacy or, frankly, at the Pentagon advising the president, for example, on Ukraine? Sir, maybe you don't want to say that. Back up. Where's Rubio on this?
It certainly appears, I mean, experts were not in the room a long time ago and serious people are marginalized. And when you have these, what can only be, I guess, leaks about Scott Besant having to wait until Howard Lutnick was in a different part of the White House to get the president to write out a tweet, this is where the CEOs that we talk to are starting to say,
OK, this is not three dimensional chess, if it ever was. This is this is haphazard. So what do you advise your clients here? Is it I mean, I'm just looking at the markets. It's been selling stocks. It's been selling the U.S. dollar. It's been buying gold, I guess. But I mean, what what are your discussions with your clients like these days?
I mean, in practical terms, this is an extremely difficult time to be the CEO of a company that has to get any goods from anywhere else. You know, there is no question that it's complex.
We are seeing is the, you know, the natural impulse is to say, let's wait and see. Let's wait for a bit more clarity to emerge, for the dust to settle. And there's always this temptation, isn't there, to say, you know, right, Musk is up or out or so-and-so's down. This is noise. I think we're moving out of the era of trying to read the president's mind and get in his good graces and
We saw some side deals whether it's Columbia University my alma mater or some US law firms But we're starting to see more Assertive pushback not across the board Harvard can do this perhaps some other companies are you know in a position and feel they have influence on on the discussion, but the pushback is starting and
Tina, thank you so much. Too short a visit. Tina Fordham. This is Fordham Blue with Foresight. This is the Bloomberg Surveillance Podcast. Listen live each weekday starting at 7 a.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. You can also listen live on Amazon Alexa from our flagship New York station. Just say, Alexa, play Bloomberg 1130.
Right to it with the newspapers. Here's Lisa Mateo. Okay, we all know, right, the gold market's surging. Remember, it topped about $3,500 an ounce on Tuesday. So one hot spot for precious metal collectors. Can you guess where it is, Tom? I can't imagine. Yes, Costco. The egg aisle at Costco. I'm telling you. Gold bars, coins. They sell them online, some of the stores. But here's the thing that's different now. It's shoppers. They are cashing in on the company's rewards for gold purchases. Yes.
So you have the Costco executive members using the Costco City credit card who could see a net reward of about 1 to 2% of the purchase price. So they're buying thousands of dollars in these gold coins or bars, and they're getting that little incentive, that little cake back. Does she have a deal we don't know about? I mean, zipping down those aisles. Did she name her new cat Kirkland? Next. Okay.
For those of you out there who have a child who's graduating the class of 2025, some pretty bad news. The job market not looking so bright. The Wall Street Journal kind of looks into this with a couple studies. Employers are now expecting to hire the same number of graduates and they did last year.
And that's really down because it was supposed to be a 7.3% increase. Another report showing consulting firms are actually planning to hire fewer graduates. And those are the ones like the potential first employer for a lot of college grads. So that's another thing that's falling back. So they're just saying that the future out there is not so bright right now as of this current situation. The history of this, folks, is when it goes, it goes. When you get more difficult...
unemployment numbers it's not some glide path it's like suddenly boom you wonder if that's where we are in 33 minutes next yes yes and we missed this yesterday but a big milestone for YouTube uh 20 years old yesterday so it hit this milestone celebration um it's really taken off the first video upload was yes April 23 2005
It wasn't really exciting. It was just this man standing in front of an elephant excursion at the San Diego Zoo. Take a listen to it. So here we are in front of the elephants. The cool thing about these guys is that they have really, really, really long trunks.
See, I told you, not that exciting. But the guy was actually one of the platform's founders who left the company in 2006. But it just shows how it's grown. Like it has, you know, it's given TV a run for its money, right? The platform has rising stars. People go there for reviews. I know people will check out vacations, hotels, restaurants, things like that. Even music videos, especially guys, this one, it was the first music video on the internet to reach
1 billion views.
It was incredible. The first to hit one billion views on YouTube. Is this newspaper today because you had a sugared gelato? Is that what this is about? It's incredible. That's going to be in my head all day. Not just news, but a great answer. They came to me just over 15 months ago and they said, Tom, we want to do YouTube internationally. And I said, yeah, whatever. And I've been absolutely humbled. Yes.
by the international growth of what we're doing. We say good evening to all of you in Asia. Gangnam Style, remember that? Gangnam Style. Where did that come from? Korea? South Korea, yes. South Korea. Good morning in South Korea. Why did you give us that song?
We say good morning. Incredible. That's wonderful, Lisa Mateo. Thank you so much to newspapers. This is the Bloomberg Surveillance Podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live each weekday, 7 to 10 a.m. Eastern, on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.
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