>> we are in this new normal wear inflation is much higher than anyone expect it. >> this inflation is going to be a persistent. way above where the fed wants it to be. >> the market has raced ahead of

the fed. >> the fed is not going to back away because the market is tough. the fed is going to back away because inflation starts to slow later in the year. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. tom: good morning everyone. jon ferro, lisa abramowicz and dom -- tom keene. they two in davos. interesting meetings more different than anything i've seen in 18 or 19 years in may. i was speaking to w ef officials today and they don't want to say yes formally we are on for january. lisa: there's a difference between very nice weather that people don't want to miss and the fact that people are enjoying the fact that it's not snowing and icy to the fact that in january people are getting the agenda done.

people are coming together amid a sea of uncertainty for off the record conversations about how things really are because they cannot say it in public. tom: markets stable up and down fractionally. can you imagine what these meetings would be like if what we have seen the last few weeks had continued? lisa: a lot of people look at this as a short-term reprieve. that's what we were hearing from tony dwyer we have baked in a lot of fed tightening. suddenly people are reassessing to figure out where we go from here. tom: there is some adjustment here. lisa: christine lagarde has asserted they are going to avoid the negative rate policy by the end of september. but it's paired with raphael bostic of the atlantic fed coming out and saying he views

september as a good time to pause with rate hikes. so how much are we really pricing in a pause for the federal reserve. tom: i missed this from mr. bostic who is very measured in his language. that goes to the sequential meeting of lawn -- nonlinear. lisa: it feeds into the bull case that this fed will not be as aggressive as the market is currently pricing in. we are seeing a turn, but yesterday we saw a bit of a reprieve. today not so much. we are seeing back to what we saw over the past seven weeks. tom: tell us what we've got going on. lisa: the dollar strength does continue.

yields down 2.8 percent. what i really want to know is the incredible guests we have coming up including bob prince at bridgewater who was going to be with us in just a couple of minutes. pedro sanchez, prime minister of spain and the chief executive officer of marriott international. they have gotten some of the biggest benefits from all of the consumer spending. how long can that last given some of the concern people have about inflation? tom: mr. erdogan is not at davos today, but we did see turkish lira break through. it has been sustaining relatively stronger holding 16. dollar lire just a bit ago broke through decisively. it's off the radar, but it's something i'm looking at.

some of them have the means to invest in a happy valley and we are thrilled to show you something that ray dalio of bridgewater has done. something when you are as large as ray dalio and you can get a couple acres going and you've got the dalio goat farm. who owns the goats? they said we are going to get a shot you now. on radio it is the hills are alive with the sound of music. it's the goats. one of them said cash is trash. i don't know if they are lambs or goats. they can be both. this is the help we get from new york. are they goats or lambs. right now to save us is robert prince. you don't own any goats, do you? >> no good but my grandchildren have two little shape. -- sheep.

tom: bridgewater having a much better year with some solid returns. the backdrop is a bond market that only people with the gray hair have experienced. it is extraordinary price down yield up. what are the ramifications if this bond bear market continues? >> the way you have to look at the bond market is that there are really two bond markets according to what's priced in. there the front-end of the bond market which has priced in a tightening and there's the backend that has priced in that everything's going to be fine in the inflation rate is going to go back to 2.7. so the near-term has been priced in. that has passed through to equities and other assets.

the second round of tightening hasn't been priced in. it hasn't been priced to breakeven inflation. whether that's actually going to happen really depends on the underlying drivers of the inflation which i think would be good to go into. there's more to go. maybe in the near term we get a little pause because the fed will follow the forward curve up. even as they follow the forward curve, you are looking at a bond market that has not discounted. tom: how do we recover from bond losses like that? >> you've got to hold something besides bonds. or stocks for that matter. you've got to go to inflation assets. inflation index bonds would be better than nominal bonds. lisa: before we get into the

issues you talked about, i want to pick up on something you are pointing out dated the second round of tightening. you can figure out what's going to happen with the fed but perhaps people are not getting the response in markets correctly. if the bull case is that the fed pulls back, is that actually a bullish indicator for equities or will that actually be negative because it will only send treasury yields that much higher priced down? >> the key determinant of this is the nature of the inflation that we have right now. we figured this is a monetary inflation. we think we are in a monetary inflation which is a very different animal than the last couple of decades. a cyclical inflation is when you get a pop in the economy and inflation goes up. but money and credit are under control. this is a monetary inflation more like the 70's. it was triggered by the massive injection of money and credit by

policy which has now created a self reinforcing process. very high levels of nominal spending. 10% nominal gdp growth. it's a long time since we have seen high nominal gdp growth. there's things happening that people are not used too. we haven't seen these dynamics for a long time. the result of a monetary inflation is high nominal gdp growth and that gets absorbed by prices so you get low real growth. that produces stagflation. lisa: do you think the u.s. is facing stagflation? >> we are headed toward it. lisa: in the next 12 months? >> we are headed toward it. we are on the cusp of it how do you define stagflation, there are different ways. the way we look at stagflation is in terms of how it affects markets.

the way effect markets is it the inflation rate is higher than discounted and the growth rate is lower than discounted. we are in a situation where there's a very low inflation rate discounted. and we have a high growth rate discounted. relative to what's discounted, we could very easily be into this very quickly. tom: talk about the volatility of hedge funds. somebody gets pounded one year and comes back the volatility in alternative investments except or does it have to be a new paradigm to something involving more stable returns year to year? >> a lot of that comes from having a long bias. so it really paid to be long for a long time. so that gets embedded into the psyche. the money flows in that direction.

and longwood leverage is even worse. you see that kind of washout. tom: how do you do macro in the algebraic equation of davos? >> macro is finally interesting again. last time we talked it was wellsville in 2020. tom: i've got to buy a goat farm. >> this is interesting stuff. tom: does the macro call right now for you and mr. dalio? >> our whole team. tom: patterson as well. what's the call? >> that the markets are under discounting the inflation picture. the sustainability, the self reinforcing of the inflation is not discounted. the degree of tightening

overtime is not discounted. and within the stock market, even different types of companies and how they benefit or hurt by a high nominal gdp rising interest rate environment. it's a unique environment. you can't just take the average of the stock market. have to go inside it. lisa: how much has leverage been beaten out of the system and how much more is there to be unwound? >> i would imagine there is a lot more. lisa: traditional financial leverage. >> i don't really know. i would raise the opposite case as something that's important to register, which is not leverage in the banking system. as we think about the economic environment and the impact the tightening going forward, the banking system has not leveraged

high capital. they have the most low risk asset folio in ages because all that printed money and they put treasury bonds and cash. the loan to deposit ratio is multitech low. even if the fed tightens, the banking system can sustain the flow of the economy. tom: is there a macro call in the primaries? that's not an inside joke. the politics of bridgewater over to the politics of the great state of pennsylvania. why don't you to use the next guest because he is so damn gloomy. lisa: mike wilson is gloomy but

he's been right. and talk about how there is more relating to go. tom: welcome all of you here to the world economic meeting in davos. futures negative. good morning.

>> as much more about rates because there is more resiliency in the economy, the labor market and the consumer. the consumer is sitting on $3.4 trillion of deposits. coming into covid they were sitting on a trillion. so there is some buffer there. tom: the newly minted chief

executive at citi speaking to davos. what i noticed overnight was the 2 trillion figure tops in the repo market. she said there's a lot of cash laying around. lisa: this is one reason why there still hasn't been capitulation. as bearish as some people are, there still are a lot of bulls out there that see the potential upside. tom: welcome to the meetings. it's their 51st year. we are looking towards january. not official yet but getting there according to the people i have talked to this morning. lisa will be freezing here in seven months. markets a bit negative here.

this is an important discussion. lisa is going to dive into this. i'm going to greet ms. martin for every parent nationwide and worldwide watching. because there are those that talk and there's others that do and lynn martin along with sallie krawcheck and a few others is what we are all wishing and hoping for. what was the pixie dust in your household as a child that got you into computer science and mathematics? what was the magic that i'm a girl didn't happen? >> great question. thrilled to be doing this in person with you. it really came from my parents. my dad was an engineer. he actually designed fuel gauges

and company into computers as a child. my first computer was a commodore 64. i'm dating myself. tom: the reality that we face in so many listeners and viewers is the idea that you do math, geometry. that's the stereotype. how do we get beyond that? >> i just happened to be good at it and it was something that i absolutely loved doing. that's why when i went to undergrad i majored in computer science, minored in math. i pursued my masters in math. to me it was something that employed a lot of quantitative reasoning. lisa: the method of going public at a moment that is so tenuous for markets. how much are companies rethinking this idea as the public markets get overly

pummeled? >> the good news is the demand to go public has never been stronger. but we are waiting not at the moment is what's the right time. given all the volatility in the market, a lot of companies are trying to figure out at that moment in time is. our pipeline is incredibly strong across all sectors. energy companies come to market in the last couple of months on the new york stock exchange. it's really a question of when as opposed to if because they very much see the value inublic. lisa: there is a feeling of speed which is beneficial when it's one way up and really problematic when it's one way down. we were speaking with a number of private equity executives that said we haven't seen the selloff. has the speed hampered the reputation of the public market

given there is still so much in the private sphere? >> i don't think it has really tempered the reputation of the public market. public company gives you access to a deep liquid pool of capital. it allows you to reward your employees in a very different way. it allows you to find the capital to do mergers and acquisitions and investing your business in a much more meaningful fashion. tom: the difference is in the old days, you bought one share of generous electric and looked at the dow jones industrial average and it was very stodgy like the boardroom of the new york stock exchange up top of the building. things have changed. we have spac's. we have the whole gamestop thing. i was pilloried last week about robinhood and all this. what is the social mandate of the new york's doc exchange -- new york stock exchange?

>> that's a good question. the new york stock exchange is very focused on providing transparent liquid efficient markets. tom: is robinhood a responsible market? >> we are focused on the infrastructure that has been tried and true with multiple financial crises. tom: you're getting maximum transparency with you. what are you suggesting you're getting the modern route? >> the right way to address this is with standardization across trades. tom: who is the adult in the room on this? who is the adult in the room to combine the modern darkroom with a buy ticket year and sell ticket year?

>> i wouldn't say we are the ancient new york stock exchange. particularly since we are processing have a trillion messages. it's really around the sec to harmonize the rules between the markets. that's really what we are asking for. lisa: where does crypto fall into this? >> crypto is a market that in my opinion needs guardrails. it needs a proper regulatory structure. lisa: and that would be appropriate for your platform? >> we always look and talk to our customers about what they want to see. tom: you have a bunch of clowns up happy valley telling me that bitcoin is a currency. what does gensler need to do with crypto?

>> he is thinking about how to regulate this. my understanding is that he is working with his team to roll out appropriate regulation. he's got to also balance the future site of the business and other agencies because it is a unique animal how to regulate that. tom: are people spending too much time on computers today? >> technology is amazing and has enabled us to go to a work from home environment and to a hybrid environment and it has really enabled very efficient communication. lisa: when she was talking about the old computer, i was just thinking about that dial up unit she bought it used. she's too young to have a commodore 64. get us out. lisa: coming up, the prime minister of finland.

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tom: good morning, everyone. on radio, on television, lisa

abramowicz and tom keene with "surveillance." great conversations coming up. a really important conversation for anybody for the history of europe and america. we will do that in a moment. the data front, we go down yesterday. the turkish lira pricking through to new weakness today is idiosyncratic. tom: we are seeing -- lisa: we are seeing euro strength versus the dollar. christine lagarde doubles down on raising interest rates, but not too fast. tenure yields a little bit lower, but quiescent. crude bouncing around, but really it is the retracement in some of the social media stocks. i know you are wondering what the significance is of that, but i think that is at the forefront of today. tom: it was a very carefully phrased conversation with pressures to the ecb meeting. it is always pressure when we go to romaine bostick in new york, looking at individual securities. romaine: securities tied to the

macroeconomic conditions. yesterday the rally was all about that commentary we got out of jp morgan and jamie dimon, that birdseye view that maybe while things aren't completely all caps set, they weren't necessarily cause for complete concern that we would be heading towards a recession or even economic doldrums. that has now a flipped on its -- that has now all flipped on its head. snap shares down after it revised it's gotten slower. this is a company that just reported earnings four weeks ago, and there's a big question as to what has changed to cause evan spiegel to put out this morning to investors, to let them know that yes, ad spending user growth may be softer than month ago thought a month ago. -- may be softer than what people thought a month ago. i will bet shares down about 4% on the premarket.

amazon lower, roku lower as well. then you have some of the pure play advertising companies out there. trade desk chairs down 7.5%. i'm the economy -- on the con moving lower here. it really goes to the heart of what is going on with the consumer right now and whether that resiliency is going to be as resilient has some investors had priced in. it is not all gloom and doom out there. we did get earnings out of best buy. they were actually pretty good. there were a lot of categories with best buy that were negative in terms of year-over-year growth, but appliance sales were still strong, and some of the appliance sales when it comes to computers were also strong. those shares up 5.5%. in we have zoom, one of the pandemic darlings that had fallen out of favor. they are higher by about 4% in the premarket after reporting earnings shall and that their enterprise business, the business they used to sell to corporations, that is actually doing well and there may be enough growth there to sustain

this company for a little longer. albemarle shares up 1% in the premarket. big maker of lithium, and that company actually came up with a forecast that seemed to suggest the pricing power they have right now, as well as the demand, that that is going to persist for the near future. tom: romaine bostick, thank you so much. perhaps i am the ugly american, when i read all of patrick o'brien about the napoleonic wars. it was always a shock there was politics, battles, and wars up there. at the same thing happened in 1939. oh yeah, there's the baltic sea, wars, alex and battles up there. it is now the same, and a great mystery to americans that we don't study in school is three months, one week, and six days of the winter war of finland and the soviet union. 25,000 missing and dead for finland in three months. lisa: just a tragic, and what

does that mean going forward given the proximity of that region? tom: and as any of that was in the history of what america knows now, as we look at a new nato? the former prime minister of finland, honored to speak with him this morning. we are ignorant of the moment, and i would suggest, other than mr. stoltenberg here at davos, you are by far the most important part in -- important person in the nato community. how close are you to joining nato? >> we are very close, and things have gone very fast. i think the decision was taken in the morning on the 24th of february when putin attacked ukraine. that is when our opinion polls changed, and the latest one is now 80% in favor. on top of that, we have 188 in the parliament. tom: within the politics there's this collective memory of the winter war. with an 800 mile border, how

feasible could there be a winter war if russia attacks? alexander: for the finnish case, not very feasible. we expect some cyber and information wars, but the winter war lasted a long time, and no we are pretty much in today 90 in the war in ukraine. i just spoke to some ukrainian mps and we did some comparing and contrasting of the situation. of course, history never repeats itself, but in this particular case, it rhymes. lisa: how is finland able to be so bold with the consequence of the retracement of gas supplies from russia? how did finland get away from the resistance that many still has? alexander: we are pretty cool, calm and collected in these cases. on top of that, we are strategic. we have seen energy being weaponized. 100% of our gas used to come from russia, but it was only 5% of our overall energy consumption, so we were able to

switch grades like that, and it only went to industry. so we are very self sufficient on this. we are not dependent on russian energy. lisa: so i was this decision not made earlier? why is this an important moment if the concern is not that vladimir putin will love a nuke over tort -- will lob a nuke over towards finland? alexander: we expected that when we joined or applied to join nato, we will get these situations. we did not need to do it before, to be very frank. if i recall from my times in office from 2008, 2016, russian gas was pretty cheap, so it was an economical decision at the time. tom: this is a collective emory, and how essentially no one's on 39 coming. that is the arching plot. the fear that we have now, along with the fears, the memories of world war ii, is the reality

that we could have a world war iii. in every guest we have talked to, they said it is overdone. do you, as the leader of your nation or the scandinavian states, are you worried about a world war iii? alexander: no we are not. tom: why? alexander: i think we human beings have a tendency to over rationalize the past, over dramatize the present. tom: that is the americans. what does everyone else feel? [laughter] alexander: the starting point is that the war in ukraine, we did not think that conventional warfare would come back to the european borders because the cost is so high. but the reason we don't see this happening as a world war is that we will see a split europe. on one side you have russia which is aggressive, imperialist, and revisionist. on the other side, you have 40 european democracies. i think ukraine will grind this out and this will not spill over to her world war iii. lisa: how much can the u.s. be a leader if there is such a fisher within the nation -- a fisher

within the nation -- a fissure within the nation? alexander: the u.s. has done very well. the u.s. is able to bring nato together, but u.s. society as such is quite split. did my undergraduate work in greenville, south carolina. [laughter] lisa: that was an amazing accent. jonathan: so i follow american events -- alexander: so i follow american events very closely. we don't know whether joe biden or donald trump is going to be the footnote of history, and this is what a lot of europeans are preparing for. tom: respond to mr. erdogan's comments on sweden come on finland, and support of the kurds. alexander: i think what erdogan is asking for his three things. one is linked to the kurds and especially pkk. the finnish president has taken a very strong stance defending turkey on this. the second is the arms embargo in 2013, and the other is about american f 13's. i believe in clemency. finland and turkey have always

had very good relations, and i hope that will solve it. tom: this is critical. elliott cohen in foreign affairs talks about a return of statecraft. you have practiced statecraft. people watching going, how can this young guy from finland -- why are all politicians and finland young? what is this about? what is in the water? alexander: if i compare myself to the current prime minister, i feel old and decrepit. [laughter] she's 35. tom: in america, they are 95. that's where we are. seriously, when you look at where we are right now, the span from helsinki to istanbul is unimaginable to most people. how will we bring that span together across the eastern front? alexander: i have a few experiences with turkey. the first was as a young civil servant in 1999. we opened the door to turkish eu membership negotiations.

so that was point number one. point number two, actually established as foreign minister minister in 2008, 2009 the friends of peace mediation with the then president who became prime minister, and i am sure this will carry over, and i hope that the president of turkey will have a positive view. lisa: that sounds so finnish, the friends of peace mediation. which is not perhaps of some other nations. here in davos, people are defending globalization amid a surge in populism and anger at the globalized system. how have you heard that talked about near meetings with sony people, given that this is -- with so many people, given that this is a celebration of what so many are basic he trying to fight? alexander: i think it is sort of an end of an era. in 1989 we believed in the end

of global democracy, but that has turned topsy-turvy. the reason i say this is a lot of the value chains are now being brought back home. why? because of trump, because of covid, and because of the war in ukraine. tom: i was watching denmark and canada ice hockey last night. you have a heritage in ice hockey that is truly global, far beyond the excellence of finland. is the goal of hockey to be made bigger so we can get back to the games? alexander: you asked me this question last time around. tom: but no it matters because hockey is a mess. we need a bigger goal? alexander: they visited my home in 1981, 19 82 during the world championships, and i was very sad to see him pass away. i'm actually going to montreal for the draft because it will be my dad's 40th draft. he's been a chief scout of the nhl for the past 40 years here in europe. tom: that was a political answer

if i've ever heard from the former prime minister of finland. thank you for the important conversation, the historic moment for finland and the country to the west. what is it called? sweden. i got it. [laughter] lisa: good job. that was ace. did really well. really interesting, especially given the foresight to remove the reliance on gas, allowing them to have the flex ability -- the flexibility. tom: did not screw up like the germans. lisa: that was the subtext there. you said it. basically it was an economic decision that turned out to be a national security disaster. tom: data check futures at -40, the dow a couple hundred down as well. in davos, the idea of yields up nicely yesterday, coming right back down, 2.81%. on the dollar in davos, it is a

point in the -- a point of discussion. lisa: will it remain strong, or will this be the tipping point over the next few trading sessions? tom: the word is resilient. everything is resilient. lisa: i will make sure to use it as much as possible. tom: coming up, and annual visit. the leadership of marriott international, anthony capuano. this is bloomberg. good morning. ♪

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>> rates getting into better positive territory is a good thing in my view. we can make bigger steps there. real rates are still negative, so therefore i think from a policy perspective, it may not be as bad to make those moves, and it builds ammunition for when you need it again. tom: ubs' ceo speaking to

bloomberg here at davos in switzerland. lisa abramowicz and tom keene. john -- jon ferro is off this week. the fog has said in, which is difficult because every photo on the marriott website is of clear, sunny skies. lisa: it's true. tom: there chief executive officer. how many hotels is it? anthony: a little over 8000. tom: tony capuano with us this morning. the wage war. eight dollars an hour, $10 an hour, $22 an hour. we will speak to brian moynihan, a couple of hours out. what are you and your franchise is doing about the wage war? anthony: our total vacant positions of about 8000 is almost exactly what our steady run rate was re-pandemic. the difference is pre-pandemic,

they were relatively evenly distributed. now they are concentrated in the markets that have recovered most quickly. obviously we need to be competitive on wage. we've got to identify folks that want hospitality as a career. one in five jobs that were lost came out of travel and tourism. lisa: do you get the sense that there is a bigger pool of applicants for each job? that the labor market is starting to get a little easier? anthony: it is, but the challenge for us is many of those applicants have no experience in travel and tourism , so we are getting increased applicant flow, but the training curve is a lot steeper than we have been accustomed to. lisa: when it comes to the demand side, there's an issue now where we have seen an incredible boom in travel and experiences. everyone wants to get back out there. but we are starting to hear on the margins people are getting concerned that the ability to pass along costs is starting to get more difficult. where are you on that? anthony: you hear those rumblings, but we do not see it in our data.

we had a little step back because of the omicron variant, but march global revenue per available room was only down 9% versus where we were in 2019. in april in the u.s., we were back to 2019 levels. so we are just not seeing it yet. tom: in venice, italy there is a marriott that is an image that is shocking. you have your wonderful, almost separate island property, and then you go by the hotel which is, like in every other movie. i think cary grant, like 12 of his movies were shot in front of the place. how do you get the romance of your venice, italy into the rest of the marriott system? anthony: well, i think we expose our customers to the program, share that imagery, and encourage them to export those destinations. tom: which price point do you want to be in? anthony: all of them. that is one of the benefits. tom: you think you can succeed

on a profit margin basis by meeting every category of property? anthony: we do. during the pandemic, or limited service hotels with the ones that recovered most quickly. lisa: how are you able to raise prices? anthony: pricing power has been extorting every. when we look back at the pace and trajectory of this recovery, the speed with which pricing power returned to be the most notable issue. if you look that post 9/11, post-great recession, it took the industry for five years to get its pricing power back. it took less than two this time. lisa: has it decelerated at all or have you seen any resistance? anthony: really not. tom asked across the price tears. in the first quarter, luxury average rate was 27% ahead of where we were in 2019. lisa: what about below that? anthony: we continue to see pricing power across all segments. tom: you mentioned limited service. michael mckee lived on your concierge system, which i guess went away with the pandemic.

mckey ones -- mckee wants full-service. he's very demanding. the bottom line is a lot of people want services, and what you're telling me is that people want limited service. comment on that. anthony: certain customers at certain price points for certain trick purposes. tom: they don't want room services? anthony: if you arrive at the clock p.m. and you are out the next morning, you want a clean bed, a hot shower, and great wi-fi. that same traveler nice been 100 nights a year and that select service hotel and then take their family to a luxury resort where they want spa, full capacity, all the restaurants open, room service. lisa: that is tom keene and his family. going forward, where do you see the greatest growth? is it in some of those urban centers let new york city and san francisco, or will it continue to be in some of the tertiary cities? anthony: i think both. certainly in pace of recovery,

we have seen leisure destinations and secondary markets recover most quickly. some of the urban markets have been a bit slower to recover. so we see lots of opportunity for continued growth there. but we will continue to grow our brands locally. one of the things that was most notable to me, we talked about this on the earnings call, we approved and signed more deals for new hotels in the first quarter than in any first quarter in our history. lisa: we talked about this the last time you were on, talking about how the demand has come from vacation and not as much from travel for work. has that shifted? anthony: what we are really seeing a shift towards is blended trip purpose. it has been interesting the last couple of days in dollars, i think everybody spoke to spent a couple of days in davos -- in davos, i think everybody i spoke to spent a couple of days in paris first. this desire to pair business and leisure travel we think will endure beyond the end of the pandemic. tom: so many people have to mortgage the middle child to pay

for the airfares to paris now. when you look at the surge we have seen in airfares to paris, hugely popular, what does that do to your reservations in paris? anthony: our forward bookings into the summer season into europe are as strong as they have ever been, so i think what that suggests is the breadth of our portfolio allows those that have more disposable income to take on those costs, and at the other end of the income spectrum, we expect to see drive to destinations, particularly domestic destinations, continue to thrive. tom: what do you do with use of cash 12 months forward? anthony: you may have seen in the first quarter earnings call, we reinstated our dividend. i think we talk a little bit in the earnings call about considering share repurchase. tom: i've got to make some news here. i am making no news with politicians. are we going to see some repurchase? anthony: i think you likely will. we have set some targets around

where we want to get in terms of our debt ratios, but we will continue to look. and if you look at the way we have come out of other downturns, we started with the dividend and then pivoted to share repurchase. tom: what you have done in memory of --, fabulous. you have killed it. anthony: thank you. tom: take us out of here. arne sorenson died tragically of cancer, and you picked up the pieces like no one. lisa: tony, thank you so much for being with us. and i've got to say, the pricing power, just amazing. tom: you call it pricing power. i call it say what? [laughter] lisa: coming up, mike wilson, chief u.s. equity strategist at morgan stanley. perhaps does not have the same optimism, i think is important. tom: you said at the atlanta airport for 15 hours. lisa: i don't want to deal with that again. [laughter] from davos, this is bloomberg.

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