>> here are the top stories we're following finally there. the s&p 500 finally crosses 5,000. everyone cheers but what's next? we'll discuss. and x pushes into video the social media platform teaming up with wwe to launch a new weekly series. x is head of partnerships joins to discuss the strategy. and supply chain check. how is turmoil in the red sea spilling over to warehouses and trucking? oscar debock offers his perspective in just a bit.

>> welcome to "bloomberg markets." you take a look at these markets right now and there's a lot to celebrate. we're not talking about huge gains on the s&p 500, just about .3 but we are above 5,000. never have seen that level before until today. for a moment yesterday but we're not going to talk about that. let's talk about big tech. the nasdaq 100 up half a percent or so. big tech continuing to lead this market higher as volatility pretty much flat. you look at the vix right now. below 13. and we are in the heart of earning seasons. emily joins us now. >> hi, katie, i'm looking at expedia because the earnings weren't that great for that company and they're also facing

a c.e.o. switch they announced this morning that arian gordon will succeed peter kern as the c.e.o. and this came as a surprise to wal-mart. bloomberg intelligence said that activity signals a lack of strategic direction for the travel company. we also saw jefferies cutting their price target on expedia to $50 versus $160. overall when you look at the earnings, they were that bad. katie: it's interesting to try to weigh out what the bigger disappointment was here, whether it was the c.e.o. change or that bookings miss. a combination of both there. but i'm really excited to talk about pepsi and hermes. this is a tale of two different

levels of pricing power at this point. >> yeah, it absolutely is when you look at pepsi, that stock was hitting the worst move since october. and that's really an idea here of pepsi has been trying to raise their prices and for a while, it was working. the company seem to be proving that they had pricing power that consumers were able to kind of stomach the higher prices for a number of different consumer goods and packaged foods. but now it seems like that is starting to dissipate just a little bit with their growth forecast coming in worse than estimates. but then you look at hermes, a complete diactivity company that indicators to the ultra rich and they seem to weather this economic storm here. they replaced l'oreal today in french trade as the second most trading company up 7%. hermes has this model of scarcity. you can't just go in and buy

their ultra luxury handbags, you have to buy a lot of other products before you can actually get on the list to buy the bag. so this is different than pepsico. katie: it's interesting there. burkens, hard to get their hands on. you look at the details of the pepsi volume decrease. quaker foods, a 10% decline in volume. analysts have been looking for a 3.8% decline. guess people aren't buying oatmeal. and for more on these markets right now, i'm pleased to say we are joined by nancy tengler over at tengler investments. from a young age, we're told to worship at the alter of diversification you write that most portfolio managers overdiversify because they plaque conviction. some spice there. what is the optimum number of stocks that one should have in

their portfolio? >> i've been -- hi, katie can. thanks for having me. nancy: it allows you to get some diversification across sectors but our portfolio's called our 12 best ideas portfolio and asks comprised of the earnings that have the greatest earnings potential. and then we want to hold them until we think the secular narrative behind their growth is done. so we're looking for great management teams and it's worked out pretty well for our clients. katie: but does that outperformance come at the cost of underperformance in bad markets, for example a year like 2022, the s&p 500 was down 19%. how does that ultra

concentration fare? nancy: because we have a growth bias, it did worse than the s&p and better than the nasdac and last year, it was up better then s&p, not as good as the nasdaq. so it's more volatile but when looked over a long period of time, it pops up into the top of relevant care groups. but over the long term, it ends up better as long as you can analyst volatility. katie: where is your conviction right now? what names do you like? nancy: yeah. so we're overweight technology. the portfolio is 45% in technology. microsoft, broadcom, and we're

looking at adding another name in the coming weeks in the tech space. but then our over big overweight is consumer discretionary. and then we're sort of spread out between old economy names that we think are pivoting to digitization and those are in more conservative sectors. and that's really our investing theme across all of our strategies. we want managements that are pivoting. think spotify, you know, moving joe rogan's exclusivity and getting rid of it and then allowing the podcast to get as sale on other platforms. -- ad sale on other platforms. katie: i'm very curious to hear what that tech company that you're going to add? that's really interesting when it comes to old economy names that you're looking for those that are trying to tap into a.i.

because looking across the list that you shared with us, it really spans sectors but it sounds like that's the common thread. nancy: that is the thread, katie. and i think it's a very important one. you know, like you get a day like today with a company like pepsi which we own in our relative dividend and we bought that name because the company identified as a tech company that happens to sell benches and snacks. -- beverages and snacks. katie: that pricing power story. maybe we're at the limit when it comes to some of these names who have been raising prices for quite a while. an interesting feature is you look at the month of february. a lot of buybacks. "bloomberg markets" crunched the numbers and over $100 billion in

planned buybacks in the first seven days of february. that is more so than the full month tally in january. so it's also the strongest start to a february ever. what signal are you taking away that all of these companies are coming back with these big-time buybacks? nancy: they've got a lot of cash. what we learned from the fed is it benefited the big technology companies. i think of microsoft that started second quarter of last year with about $500 billion in cash on balance sheet but they were earning double and at the end of the third quarter, some of that was, you know, earnings growth went to the balance sheet or went to cash. but they're at one point $3 billion. i've drawn an analogy between this market and this economy to the 1990's when, you know, it's not only alive but i was managing billions of dollars of other people's money and what really set that in line was not

just that -- that was when shared buybacks was a thing. that phrase was coined by paul mcculley and what you have is large public funds and insurance companies that are -- have an insatiable appetite for debt. and now we've got a bill that was passed in congress and they were able to write up 100% in expense. and it will put a floor under the market. i'm not a big fan of buybacks but they do drive stock prices. i would rather see a company add dividends or increase their dividends. so we have been talking about this, that this is going to place the floor. so you buy the dips in this environment and at least for now. katie: i'm glad you brought up dividends because like you mentioned, meta coming out with its first ever quarterly dividends. and maybe this says more about me than anything else but some

of those old economy names that you were talking about, it seems like the profile of these dividends paying companies maybe starting to shift? nancy: i think so, katie. it happened in a previous wave with microsoft and apple and that's when we got into the names. it tended to be historically a signal that growth was over. and so when growth companies initiated a dividend, there was this general feeling that they couldn't grow anymore and they didn't have anything better to do with their cash. i don't think that's the case here. and i'm glad to see it. we saw an announcement from disney that after they reinitiated their dividend, they're going to raise it again very significantly in july. so i think that is a trend that will continue. i've been arguing or asking for a dividend for google for about two, three years and i haven't fallen on deaf ears. but i do think you want to pay attention to the free cash flow of these companies like an amazon that's going to be

generating $100 billion in free cash flow. they're going to have to buy back shares and homely -- hopefully enjoy the dividend. katie: that is nancy tengler. x is teaming up with the wwe for an exclusive weekly series. we speak to bret white's head of partnerships and talents next. this is bloomberg. ♪ personalized financial advice from ameriprise can do more than help you reach your goals. i can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real.

katie: x is getting into the ring with wwe. the exclusive series called wwe speed will debut on the social

media platform this spring. and i'm thrilled to say that joining us now is brett weitz, x head of partnerships and talent. >> this is the next step, right, in the x platform, becoming more video focused. and i think i understand the deal, right. wwe produces the content. you guys are the distribution platform. and then there's an element of revenue share. so i guess this is a starting point. have you started selling ads against the wwe product? brett: we couldn't be more excited about the new initiative that we're doing with wwe. we announce the partnership yesterday. we are in market here in the next five days with assets to start selling the show. we've got a lot of interests. x is the home for wrestling fans. we are going to go very big when it comes to what this offering

is. the idea of catering to an audience last year alone, we had 59 billion impressions when it came to wrestling alone. so the idea that we can have this incredible content to put an audience that is there, that is vibrant and waiting for it couldn't be more exciting for us. so ready to go in the market. katie: when does this turn profitable? how many types of these partnerships do you need to make money off of this? brett: that's a great question. it really is. we've worked with nick and his team, trying to figure out exactly what the mechanics are financially. we're going to be playing these episodes once or twice a week on x. they're going to be on platform for -- in pepper pewity, -- perpetuity, honestly and we'll see how the financials work out. but the investment that we're making really is -- at some

point, we'll being profitable in the next couple of years. >> there's been a lot of news this morning coming out of x. you also have the super bowl and bet-related stuff. but your job title is head of partnership and talent. what verticals do you expect to move into in your backgrounds in wrestling over at turner and other things. but there is a difference here between pure sport, live entertainment and then you're doing a lot of news as well. brett: we are. and so i got here four months ago, i went on a listening tour. and tried to figure out exactly what the audience was looking for, what consumers wanted. and it is news. it's entertainment. it's fashion. it is sports. and it is wrestling. so when we look at the portfolio, we have an incredible relationship with all of our sports partnerships, whether that be nfl, mlb, nba, a multitude of it, a thousand of publishers through our business. we have 80,000 content creators.

we're going to continue to build out a great content business but start to serve original contents. so when we went to don lemon and jim rome, as we build out of this content, this is what the audience and the consumers on x are looking for. katie: and how have these past partnerships that you've already signed up, how are they driven subscriber growth if is that translating already into advertising revenue? brett: so not yet. so we have ozzie tucker on platform. and he's been on for a while. and paris hilton's been there for the last few months. but we are in april, we'll start seeing jim rome piece original series. we'll start to premiere. and the next three weeks to a month, we will produce the don lemmon show on x. but once we start, once they hit the airwaves and we start see

some revenue trickling in. >> i think a criticism or a lack of understanding when it comes to x is the conversion rate of how many users see a video which is attached as a post and then how many people actually end up watching it. so let's take the tucker carlson and putin example. the "post" shows let's say 100 million views of that post. what proportion or ratio actually materializes as tangible views of a video and as you know, a view can be .01 seconds or you can retain a view for several minutes. explain the data and the science there. brett: yeah. so i can give you more about the data and the science would go to somebody who goes to that department but when it comes to the actual daytime and the engagement time, that's what we're seeing which is beyond -- it's incredible. and the putin interview from

yesterday has shown incredible engagement. we're seeing it continue to grow in numbers. we're seeing it -- there's the conversation, not only on x but on post replies and shares and on other platforms and that's what we're seeing. x becomes the hub of content creation and culture defining moments. and then they start to trickle out into other different platforms as well. so we're really starting to see through our live and original content offerings incredible attributions not only the x platform but how it trickles throughout other platforms as well. katie: as you continue to push into video and you bill out the content, how will this look on the app? if i open it up on my phone or on my desktop, will there will be a tab? how do i find all these videos? brett: last week, we announced there's going to be the creation of video tab on platform which is going to be our hub for original content. as of now, a lot of our stuff is

being posted but handles and through takeovers. but you're going to start to see a bigger push towards the media tab the video tab on x. that's going to be the true destination for our content strategy and that's going to be the transformative moment as people start to come to the -- sorry, as people start to come to the platform for videos first. so people used to tell stories up through text. we're seeing stories and conversations happening more in video. and you've seen that across all platforms. >> it's so interesting to compare what you've announced with wwe, which is a weekly short form series, right, relative to the super bowl, a live event. historically, that was twitter, their bread and butter. live event, people get talking. you're in vegas. i'm sure you're meeting with a lot of advertisers and partners. what are your expectations for the ad deals you can do around a

live event like super bowl? brett: oh, man, we are seeing incredible engagement around advertising on platform for x. we're seeing a huge increase from year-over-year engagement when it comes to the nfl. we're seeing incredible engagement when it comes the advertisers that are on. we have -- this is a completely new offering on x. don't think of this is legacy. this is a new business with new priorities. and so we're seeing kind of a 70% increase in spend when it comes to the advertisers that are there. we're seeing incredible attribution. i don't know for you guys but this is the first time in my life where my daughters have been engaged in the super bowl and care about the outcome and who's going to be there. so we're starting to see cultural moments which is what x is obviously the -- it is the central focus of when it comes to a global audience. it is about cultural moment. >> katie and i have been pretty

busy in pour roles. so we're moving from wrestling to super bowl. it will be a big focus for my show. let's go to the everything app. you have this betting arrangement that you announced this morning. where does that fit in in your work with partnerships? because as far as i can tell, again, you act as a distribution platform but the benefits to the partner is you're redirecting traffic to their site. is that correct? brett: it is. so think of us now as we build out this everything app. we're bringing people right into the action. i call light a virtual sportsbook whether that's in your pocket, in your home or in your garage, you're bringing people into the action in real-time. and we want people to have more and more at their fingerprints. whether that be video in voice calling, our content initiatives, whether that be payment, obviously as you know is a big initiative for us as we push forward. so these are just different verticals that we continue to

build on the app as we reiterate and innovate going forward. katie: all right. that's a good place to leave it. really enjoyed this conversation. brett weitz of x. we'll look at the companies making the most social buzz today that's social climbers up next. this is bloomberg. ♪

katie: a look at the stocks making leaks. l'oreal getting lashed after missing earnings estimates pointing to a decline by chinese travelers. next up, take two slashing below estimates thanks to a softening in mobile ads. and children place hiring an advicer to evaluate how it can boost cash reserves. they have been running out of

company. you can follow all this on tremgo. we'll get a read on the global supply chain with oscar debok. he joins us next. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

>> what is really unclear today is the situation is unfolding. it is still actually and an escalation phase, so we have re-jigged our network completely, selling everything south of the cape of good hope, and are going to do that until we have a safe passage opened in the red sea. so this could be with us for a while. alix: that was vincent clark, mirsky io -- mirsky ceo. let's get the boots on the

ground view of disruptions in global supply chains. it with us now we have oscar de bok, dhl supply chain ceo. it is great to have you with me. not commenting specifically on what is going on in ocean and air, which i know you are not involved in, what has this spillover been to your business? oscar: i think what has happened, the impact it has had, is we manage the supply chain for our customers. we need to help our customers find alternative ways to get the goods to market. on one hand you have obviously the delays because of the ships sailing, and on the other hand you need to find different modes of transport. some customers move to airfreight. some moved to intermodal ships. there is various modes we have to find. at the same time we also have to , together with our customers, look at how you store.

overall what is reconfirmed once more is what i call near-sourcing, which means when you look at global supply chains past three or four years, companies, many of our custom ease -- customers have to think about how you organize your supply chain. you cannot simple base it on one point of source for a strategic product. you have to have more source points. that is what you see happening at the moment in the overall supply chain market. katie: i went to get to that topic, adding multiple sources, like you say, but when it comes to the red sea you talk about the contingency plan customers are putting in place. how long are they preparing for when it comes to this turmoil? what is the base case they are breaking in for how long this could last? oscar: yeah, it is a lot of guesswork, but the main point, i

think, with managing supply chains in today's world is, you have to work with various scenarios and create an agile and flexible solution. because this will take for longer time, there are ways you can say, for a part i need to have alternative modes of transport, like i was mentioning earlier. and go for intermodal, air, etc.. as for how long this is going to take, many of our customers think this is for quite a while. and you have to plan accordingly in order not to fall short on stock in the upcoming seasons. because if you make a simple count it takes 10 days extra, as you know, with the present route around the cape. that means you have to up your stock levels in order to cope with that. so that is something you now need to plan ahead, or you say, if i take that part on the part of it i might use alternative rates of transport in order to

cover that. that depends very much on the type of products and type of sectors. i read this morning that even in the fashion sector from bangladesh you see more flights out now, actually, in order to cover the airfreight, which is obviously not a solution you would normally think of. you see there are various alternatives being used by our customers at the moment to find solutions, both for the very short-term, but also look at the mid and long term to have a sustainable solution that can also cover what is next to come in supply chain disruption. katie: like you said, a lot of guesswork there, but with important implications. let's talk more about near shoring, and of course that trend. a lot of companies looking for different points to which they can source from. a countries, what regions have been the biggest beneficiary of that? oscar: you see, i always call it

only-sourcing, because many of our customers would make sure they do not gamble on one point, but more than one point to offer themselves alternatives. to answer your question, which geographies do we see that most in? we very much see it in mexico. even yesterday we opened a large new facility. we broke ground on a large facility in mexico. it is one of many in which we see a lot of take. obviously, many investments go in that direction. apart from mexico you also see big investments in countries like malaysia, where you see specifically on the semiconductor industry, you see major investments going to that direction. we see a lot of things happening in vietnam. also a market like india is fast-changing. similar to what we see in brazil. katie: i do also want to talk about china. of course, china also looming large in this conversation around supply chains. so for this earnings asian --

this earnings season we heard l'oreal talking about sluggish demand from chinese consumers. how are you seeing china's recovery turning up in your business? oscar: i think china is obviously, for us it is very much about upping our customers to find a solution, but obviously you see that volumes are different from what they used to be. but on the other hand, the chinese economy remains a very important one. so therefore our customers remain very much focused on china, but there is a bit of guesswork on how fast will that catch up? we are going to see a little bit after chinese new year. how the volumes are going to be over there. it is also there. it is, you have to balance it between the midterm view and what is happening today and yesterday, and i think that is very much what is happening at the moment. because it remains a very important market. you need to be ready, you need to be there, you need to

continue to invest, and that is what you see our customers are doing. but it is a bit of patience on what is really happening on the short term there. katie: absolutely. that is a conversation companies across industries are having right now. i do want to talk about warehouses. i don't need to tell you that the real estate market for warehouse properties, he was extremely tight during the pandemic we did we stand now, both when it comes to prices and availability of those properties? oscar: you see an interesting development, because see that there is less volume being developed, at the moment, so, while at the same time complexities of supply chains continues to evolve. so, we are fast heading toward a scarcity of capacity also there still. and pretty soon. that is, for instance, why we continue to make our investments in specifically logistics real estate, and also because there is more and more requirements to

go closer to the end consumer, so therefore the whole profile of warehouses and fulfillment centers, whatever name you want to give it, where they need to be. they need to be closer to urban areas, so there is two trends. on the one hand, less development happening at the moment, which means there is an indication of scarcity coming up, and at the same time there is different locations where logistics centers are needed, because of specifically if you look at the u.s. market, because we need to be closer to the end consumer. katie: just quickly here, what about wages? our warehouse worker wages still going up? oscar: you have seen, obviously, i think we had the biggest part of that season, because over the past two years you had a major scarcity in labor. that is settling in at the moment, so that is sorta stabilizing more on that perspective. i think the biggest hurdle it

have seen already. but on the other hand it remains always a challenge with availability, and that is where you also see the balance between staffing and robotic solutions, digital, collaborative robotic solutions. if it take, for instance, ourselves, last high season we had investment in less number of people while we were doing similar volumes, but because of the investments in robotic solutions that we have done there. so, you see the collaborative robotics is also helping out on the scarcity of labor, and at the same time the labor market is sort of settling in so that pressure is getting less. katie: we are going to have to have a bigger conversation on the relationship, hopefully soon. that is oscar de bok of dhl supply chain. let's get a quick check on these markets. look at the s&p 500, we are green, up about .3%.

a tech leading the way, the nasdaq up about .7%. it is quite in the bond market. the vix, just for fun, it doesn't do much, but i like to look at it. currently below 13 right now. coming up, the history of presidential elections as told by the markets. scott besson says that u.s. equities are already seeing a trump rally. that wall street boats conversation up next. this is bloomberg. ♪

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katie: it is time now for our wall street boats conversation, we look at how the upcoming elections will affect investors.

an election rally is nothing new, but this time he could be up to an early start. david westin asked scott bessent why he thinks we are already seeing a trump field rally in u.s. equities. >> finance people are simple. in 2016 the market crashed on election eve and then took off for 3, 4 weeks after that, had a big run. so, you know, pablo behan, the investors are anchoring to november 5. the 2024 on what a trump win could mean, and there generally market-friendly policies. david: are we talking about taxes and regulation mainly? scott: the trump tax cuts expire in 2025, so presumably those would be reinstated and extended. light-touch regulation, energy independence, and i think the market thinks under trump two

that the international situation would calm down a little bit. david: one of the thing i think investors tend not to like his uncertainty. it was a lot of volatility in some of what donald trump says. are you concerned at all about increased volatility, uncertainty about what our policies will be? scott: we are a long way out from the election. we do know that it will be the trump tax cuts are back, lighter touch regulation, the energy. so, i think you correctly identified the wildcard will be tariffs and trade. and, i think, you know, you ask, are tariffs on europe good for the u.s.? we will see, but i think china probably is a different case. i'm not saying tariffs on china are good for the u.s., but i think market participants should think that there is china, and then there are the other 180,

whatever, countries, and the tariff policies could be different. david: you say the market is discounting the possibility that donald trump will come back, and we saw it work well the last time. but also is the economy getting a little bit of help from the current administration? scott: so, my thesis that this is a trump rally is two parts. so, market anchoring on trump is ahead in the polls, the victory november 5, but janet yellen is also looking at polls. since 1952 the market has never had a down year when an incumbent is running. never had a down year. why is that? because the economic apparatus in the white house is pumping away. so, providing a lot of liquidity, spending a lot of money, releasing a lot of the programs that were passed last year. maybe they have delayed. so, they are trying to reach

some kind of christian of this summer in the market like that. i would say right now this is their nirvana situation for the market. trump is ahead in the polls, markets anchoring on november 5, and janet yellen sees the same polls and she is pumping away as hard as she can. david: one of the things i found fascinating in your note is you have a chart in it. that basically attracts -- that basically tracks where the s&p 500 falls. it tends to say the more trump gets ahead in the polls the better the market does. and when biting gets ahead it is flat or down. scott: that is correct. i did put the normal disclaimers. there were not a lot of episode -- not a lot of observations. you know, there is a lot of serial correlation in there, but directionally i think it is correct. and the magnitude, as you said, is quite big. on. both -- where trump is up we have had a cumulative gain of 35%.

in biden's it is 3%. david: you also refer to the fed in your note. i wonder what role the fed may play. people speculate they don't want to do anything just before the election or they want to make sure they don't go to recession. what do you think? is the fed paying attention? we believe they are nonpolitical, right? scott: i don't believe that. look, everyone has -- the treasury has an explicit agenda. i think you could say the fed has an implicit bias. they are mostly based in d.c., 91% of the people in d.c. voted democrat. so, they do have an implicit bias, and, you know, jerome powell has made no mistake that he probably wants to be reappointed. donald trump has said he will not reappoint him. so there is a bias. it may not be as overt as treasury, but there is a bias. katie: that of course was scott

bessent of t-square capital with david westin, who joins me now. that last point, the conversation was interesting, but the politicization of the fed, i think it is just get -- just going to be all we are talking about of the next several month. david: it is not what you hear from other people on wall street , but scott bessent thinks there is an implicit bias because a lot of people in washington did vote for president biden. but it is fairly adventurous to say that the fed is actually trying to get biden reelected. i think that is a reach, personally. katie: once they did that pivot in december, and now of course embarking potentially on rate cuts, i mean, the economic data would suggest maybe it is time, but given where we are in the political cycle that will deafen a talking point. but to bring them back to the stock market, the idea of the trump rally starting early, again, he did go to pains to say, of course, there is a lot of different factors here, but it is an interesting thesis. david: it is, but it does assume that president trump would be

good for the markets, and he was -- it was not the first time, as he pointed out, after that initial selloff, that he was good. but some other people on wall street, people like steve brenner, says you should not assume the thing you saw the first time what donald trump is what you get the second time. because some of the things go far further. katie: haven't we heard that before? past performance is no guarantee? [laughter] additionally heard that one. in the conversation now about what he might do around tears. we will see if he wins how serious he is about some of the levels of terrors he is talking about, but that would be something the market has not necessarily seen before at least for very long time. david: it does strike me this is different. he has had time in mar-a-lago to plan what he wants to do. he has put a team around him, including robert highs are, was his trade representative, who has a book out on what we should do with tariffs said we should start at 10% across-the-board

and ratcheted up and to eliminate the trade surplus, which is radical. if you did that that would afflict -- affect global commerce. katie: a lot to impact there. i'm sure you will be doing that, but tell us what we have coming up on the show tonight. david: we take a look at alternatives. we have julia saulsberry of the 6th street. he explains why he thinks that is a general trend in the marketplace. we also have sheila bair, the former head of the ftse, given what you have reported on the new york community bank. where are the regional banks right now? by the way, is the fed making it better or worse? that is going to be coming up at 6:00 p.m. eastern time on wall street week. katie: looking for to that one. david westin, thank you. this is bloomberg. ♪

katie: the etf world, including

me, will convene in miami next week at the exchange conference, and last year the conversation was all about dividends and cash flows. nothing too exciting, but it was really a sign of the times. running us is eric bell tunis of bloomberg intelligence. if last year the discussion was tamed, what are we going to be talking about this year? eric: i would expect a lot of bitcoin talk, to be honest with you. every three or four years there is a shiny object that causes a lot of debate, and i remember back when smart data was that thing. then was esg. that has died down. i think the bitcoin etf and digital assets of the etf world will be a big topic. i know i'm moderating a panel on crypto and the title is, the gloves are off. so they got the right guy. i like to make these panels spicy if i can. i've got grayscale on there, bitwise, and galaxy, who does the invesco etf. there is also something called

real talk on esg. i wish i was moderating that. i'm not. there is also a lot of education. so these conferences are generally a mix of educating advisors and the industry sort of having debates on some of the top issues of the day. i also think the etf share class and regulation will be probably an interesting topic that she. that is a big deal. it is not as exciting as the bitcoin race, but that etf share class is approved by the sec. it is a big deal for the asset management industry. katie: i think it's interesting that you get the bitcoin panel and i'm doing the bonds panel. that speaks to our two interests. i'm really excited for your lineup of guests. i mean, grayscale, bitwise, what are you going to ask them? how are you going to get them in fisticuffs on stage? eric: my first question is, grayscale, one of the outflows going to stop? no, look, they are going to agree on a lot. there are going to be very excited about this, but i would

definitely ask, you know, why would you pick an etf that is 1.5% of the other ones are 25 basis points? that is a big question. they have to answer. then we are going to ask bitwise, how do you compete? we are going to ask about security. you're going to ask, how do you win over more conservative, boomer investors into this? the marketing war. you know, generally speaking where this goes from here? much spaghetti is going to be thrown out the ball? are we going to be getting into other coins? there is a lot to discuss. that is what makes the crypto thing so exciting. no offense to bonds, but that is a whole thing that has been talked about for decades. even centuries. crypto is new for the etf world and it is exciting. it is shiny, it is new, and that is why it will get a lot of attention. let's face it, 60/40 is the book of most people's portfolios. katie: i will see you down there. have a safe flight.

sure to tune into etf iq on monday at 12:00 p.m. eastern time. coming up, the ceo of a firm joins bloomberg technology. that is next. have a great weekend. this is bloomberg. ♪

>> from the heart of where innovation, money, and power collide, in silicon valley and beyond, this is "bloomberg technology," with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg's headquarters in new york. ed: and i'm ed ludlow in san francisco. caroline: coming up, we push ahead to the advertising event of the year and sit down with the head of the company shimming super bowl 58.