it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to have a better life, then you don't stop. the idea that we have saved five million people's lives, it's overwhelming. it's everything. ♪ dani: good morning. this is "bloomberg daybreak: europe." these are the stories that set your agenda. investors look ahead to a u.s.

inflation report expected to show headline and corporate cpi easing in june. stocks are mostly higher while the dollar hits its lowest since february. summit day two. joe biden meets volodymyr zelenskyy and will address the nato gathering in lithuania as the alliance outlines plans for ukraine's. future membership. microsoft moves closer to finalizing its bid for activision, winning a u.s. court fight an unprecedented review in the u.k. happy wednesday to everyone out there. this is a market that is undoing some of that bear steepening that was put on last week. we have seen a flatter yield curve. we have seen yields move lower on the 10 year yield. we are back easily below 4%. it seems to be a market that is setting up for a cooler cpi report. we had a five year treasury, three year, excuse me, treasury

option yesterday with record demand. we are still buying bonds this morning. that has allowed equities to rally. yesterday, we saw the cash equity session in the u.s. end higher. we are moving higher yet again today. it is held up by some of those easing inflation expectations and deal news. we will talk about it in just a moment. that deal news over microsoft-activision has aided this future session. over the past today's, we are higher. definitely different stories going on in asia this morning. let's get over to yousef gamal el-din. you got a lot of ground to cover from new zealand to japan. what are you looking at? yousef: i am going to take you on a whirlwind tour of asia and i will start off with china specifically. we were trying to see whether the chinese government was going to come through with any actual accommodations.

we are getting more signals of that. at a ministry meeting, there is speculation that they are going to try to move on some of this in terms of execution. there is praise from the authorities about the economic contributions of tech. as a result, you see gains driving the brought msci- asia-pacific index higher, the hang seng up by 1.1% card dollar-yen eyeing -- 1.1%. let's get to some of the stock specific calls. sony is front and center after the news around the microsoft court win. shares dropped as much as 2.7%. we are now down 3.1%. the playstation maker has been a vocal opponent of the deal. they argued that it gives microsoft excessive market power with "call of duty" franchise. let's get to the rates decision in asia. the new zealand specifically,

rbnz, they decided to hold rates. this is the cross asset board for new zealand where we see the key we reprice that kiwi -- we see the kiwi reprice. kiwi 10 year yields. at 4.7%. i want to get to a chart to expand on what's been happening with the qe cpi that kiwi -- kiwi cpi. policy must remain restrictive for some time. the full impact of hikes is still going to be felt as mortgages reprice. there is going to be thinking that they are going to have to deliver more rate increases later in the year. now, the decision is a no-brainer, versus the real tough decisions, those will come q4 2023, according to the initial reaction piece by the great people at bloomberg intelligence. dani: thank you so much for that.

you really did take us on a whirlwind tour. bloomberg's yousef gamal el-din. let's get to our morning roundtable, what you need to know to get your day started. joining me is bloomberg's valerie tytel. i feel like we can exhort literally every topic except cpi today. valerie: it's going to be a big one, dani. my i will be on that month on month print. the consensus is going for a softer number on that core cpi. we need to get to a 0.2% month on month pace for the fed to feel comfortable about the inflation fight has been won. we hear from not one, not two, but three fed speakers, we have neel kashkari, raphael bostic, and loretta mester. the market will be listening to any change in direction. dani: when we got the fed minutes last week, we saw the

pause narrative was not as agreed-upon as we originally thought. what i was looking at earlier in the week, used car prices coming in. the new york fed's one-year inflation expectation also came in. that seems like it would lend itself to a cooler print this time, but the market is shaping up that way, which makes it a dangerous play if it goes the other way. >> the key concern out there is we are now passed of the easy part of disinflation. getting from 4% to 2% is where the bumpy ride really is. it is pretty much,, you know a view out there that we would get a soft print today but questions still arise over with this rebound we are seeing in the housing market with still the strength in the labor market, strength in wages running at 4.1%. is going from 4% cpi 22% going to be as easy as we think -- cpi to 2% going to be as easy as we

think? dani: a bloomberg scoop over money market funds, the amount of cash these things are attracting. 5.5 trillion. to get into the details, the sec at one point had been floating this idea of swing pricing, basically the idea is that if you take your money out of a money market fund, you would pay the transaction cost through an nav change associated with this. if other people are left holding the bag, they are not going to be paying the cost of that. you as someone taking money out are going to. jp morgan said it would prevent people from investing in it. the bloomberg scoop is the sec no longer considering this. it still does not fix the problem, what happens if there is a flood of money out of this? >> no longer considering the swing pricing vote. there's still a lot of question marks on what kind of regulation is going to be passed. it is part of the biggest to money markets have seen in years. there's a lot of questions -- biggest revamp that money

markets have seen in years. there's a lot of questions. yet another taxpayer bailout during these covid-19 times during this rush to raise cash. when investors think i would actually rather be holding my cash, there is a big move to exit them. we have even more money parked in these money market funds, 5.5 trillion, hit a record earlier this year. if we do get some sort of risk off move, could we see an even bigger rush into cash? that is really why the sec's eye has been on this money market industry for regulations. dani: history has told us, like you said, in 2020, when people pulled money out, the fed had to step in because of financially stability issues. while we are talking about u.s. regulators, the ftc is probably not happy today. we saw a big rally off the back of this news that a u.s. judge has denied ftc's attempt to

block their activision deal. in the u.k., the cma has also paused their appeal of that merger between microsoft and activision. >> it lead to a nice rally in the equity markets yesterday, getting some boost from this possible biggest ever deal in the gaming industry coming to a close. the deal closure deadline is actually next tuesday, it is on the 18th. we have seen deals be closed while there are still some ongoing investigations. some are saying this morning that the ftc still could pursue an appeal in the u.s. we also have what is going on in the u.k. with the cma. it is possibly a bigger hurdle than the ftc challenge. yes, they have delayed litigation, but has not necessarily wrapped up. there is a 3 billion breakup fee that microsoft owes activision if the deal does not close by next tuesday, so it's going to be a close call. president shows us that deals can be closed while ongoing

investigations are ongoing. dani: while we are talking about microsoft, worth flagging, microsoft has issued a report saying that a china-based hacker group has breached a series of emails tied to government agencies in western europe. in a release, this is what the executive vice president at microsoft said, we assessed this adversary is focused on espionage, such as gaining access to email systems for intelligence collection. microsoft says they are working with the department of homeland security on this breach. also, in terms of what we are watching today, let me run you through that. first we are going to beginning the boe financial stability report in less than an hour. the financial stability of the u.k. has been in focus, with rising interest rates. we will also get the results of their stress test. we are also going to be monitoring the nato summit throughout the day. biden is going to be addressing

the nato summit on ukraine specifically at 5:45 p.m. u.k. time and will be meeting with zelenskyy around midday today. we will get the cpi report. don't need to harp on it too much, but just a reminder, it's at 1:30 p.m. u.k. time. at 3:00 p.m. u.k., we will get the bank of canada decision. the rba has held, the rbnz has held. canada is a useful study of a slower pace of tightening when inflation is already starting to fall. what do they do this time around? do they wait for more lags or keep going with another 25 basis point hike? >> do they keep this threat of more rate hikes on the table, alongside a possible hike today? that will be what markets are watching out for. i am interested in what we hear from bailey today. we hear from him at 9:00. a lot of attention on the u.k.'s. the u.k. -- the u.k.'s

situation. the u.k.'s situation is the closest we have seen to a fiscal dominant story. i almost wish they did a stability report on government spending. right? the amount of gilts the u.k. government has to issue in the next few years, the amount of spending that they opened up over covid, and they have not necessarily drawn back on it. we get all these comments that tax cuts might be on the table and it comes to the budget later this year. a lot of speculation over whether the sustainability of interest rate payments of the u.k. government might cause some problems soon. dani: rishi sunak has been on the campaign trail basically saying no, no, no, taxes are not my priority, tax cuts, it's this inflation battle. certainly top of mind for everyone. that is valerie tytel. for more of the top stories that you need to know, and go dayb on your bloomberg terminal. that is the daybreak page,

leading with that cyberattack i mentioned today. coming up on the program, the strengthens through 1.40 as bulls bet on a boj pivot later this month. we will talk about that, next. this is bloomberg. ♪

♪ dani: welcome back to "bloomberg daybreak: europe." it is time for your weekly dose of boj speculation. let me show you what the yen has been doing over the past few days. dollar versus the yen. this thing has been beat up this year, but look at the very end of the chart. yan strengthening -- yen strengthening through 140 per dollar, its 50 day of strengthening. what is driving this -- it's

fifth day of strengthening. what is driving this? isn't preparing for what may be a live boj -- is it preparing for what may be a live boj session? what do you make of the yen strength now? >> we've got over two weeks to go and the speculation is reaching fever pitch already so it's going to be a fun time over the next few days. people were already getting a little bit excited when we saw a couple of pieces of data, i think we were talking about it this week on the show already. we've had the wages moving in the right direction. yesterday the tipping point seems to be the latest jgb option. traders have been talking for a while suggesting that if the bank of japan is going to change yield curve control, they will not dispense with a completely. they will just change the pivot point. they may shifted to the five years sector. they allow the longer end of the

yield curve to float around freely, but they fix the shorter and around five your point. what happened yesterday? we had a blowout five-year auction. why would a five-year auction be the strongest for three years when the yield is only 0.13%? that has just added fuel to the fire, because traders are really speculating that the five-year is where they are going to fix the new yield curve control. you can see today, the long end of the jgb has sold off heavily, and the yen is going through the roof. dani: we saw the yield curve between the fives, tens on jgb, as you mentioned. i was talking to valerie about this, if they change ycc, do you think they will in tandem hint at the start of a hiking cycle? >> they probably would not do it so quickly. they have been cautious so far.

you can tell mr. ueda does not want to rush anything so it's going to be a gradual process. for them to make a significant change to yield curve control would be a big step. i don't think you can expect them, if they do that on the 20th of july, i do not think you can expect too much more. but then at the following meeting, they will probably have something to say about future direction of policy, and may be by the first quarter of next year, we actually get something like a normalization where they dispense with the yield curve control completely and actually raise interest rates. it is going to be a gradual process. that's how the bank of japan works. so far, mr. ueda has not shown he's ready to change the situation. dani: didn't we see last time around when his predecessor to yield curve control that it ended up being so expensive that they had to defend this new bound, this new range. because of that, there's been a

lot of commentary that they will not tweak ycc, they've just got to disbanded altogether at once. i understand what you said about ueda being more cautious but what about the fact that it is key for them to keep making tricks? >> if they do remove it completely, they would then have to do something to support the bond market because it would be just chaos. if they walk away completely from yield curve control, everybody, there is three big macro bets which people cannot wait to make for the second half of this year. one is selling the u.s. dollar, one is a general trend lower for g10 yields, except for japan, where long-term yields are surely going to go up at some stage. there is some new traders cannot wait to make that bet. if the bank of japan does not stick around to smooth the bond market after removing yield curve control, it would be chaotic. dani: i mean, i know this is

bad, but i kind of want to see that chaos. i do want to see it. does that unleash then these bets of a weaker dollar on the sidelines of lower yields? can you walk me through that world of what happens? how much that sort of action would shakeup markets? mark: yeah, i mean, you could have a very powerful situation. can you imagine if we get a signal from the fed that they are done with hiking, they might be holding rates where they are, but they are done with the hiking process at the same time as the bank of japan hints that they are ready to tighten monetary policy? you have the dollar and yan going in opposite directions. dollar-yen is currently trading below 140, we could be at 120 in a couple of weeks if the bank of japan is tightening while the fed is finished. it's going to be dramatic. the foreign exchange market cannot wait for a big chance to buy the yen.

the bond traders cannot wait for a chance to start pushing treasury yields lower in a significant way so you can have a double whammy. it will spill over to the rest of the g10 currencies, asian currencies, it would be one of the huge macro themes for months. dani: i am loving the drama, but fearing it. bloomberg mliv strategist mark cranfield, thank you so much for joining this morning. coming up on the shelf, the saudi back pga liv golf merger comes under fire in a u.s. senate hearing. the latest performance of the pif. this is bloomberg. ♪

♪ dani: paying for the pif as it emerges that saudi arabia's

sovereign wealth fund lost at least $11 billion on investments last year. let's get the latest. what were their drivers behind this loss for the sovereign wealth fund? >> good morning. yeah, as you said, the pif reported an almost $11 billion loss on investment activities last year. a big part of that is for fair value adjustments for market securities. you will remember last year, of course, ended with a pretty torrid time for global markets. that's fed through to impact the pif. that's in contrast to the previous year where they reported 85% return on assets. -- reported a 25% return on assets. this latest figure clearly show the impact of this burgeoning asset portfolio they have been

building up for the past few years. they revealed that the assets have ballooned to a total of almost $780 billion, so they are rapidly closing in on this target of getting $1 trillion of assets under management by 2025. dani: now, the other drama for the pif, for the saudi's that is simmering in the background is the pga liv tie up. they've had a lot of questions from congress. i want to quickly take us to richard blumenthal, what he said yesterday about this. take a listen, matthew. richard: americans very simply deserve to know what this agreement means for the future of golf as well as for the future of the saudi arabia government's investment in sports and other autocratic regimes that may choose to do the same. dani: the gentleman from connecticut there. matthew, that is not exactly a ringing endorsement of this tie up. matthew: yeah, absolutely. as you say.

i guess what's interesting is that over the past few years, we have seen saudi investing more and more internationally. it has not really raised many had goes around political leaders as this saudi money has come into their countries. it's only now as they seem to be touching the realm of sport that it's becoming very controversial, where you can see from this probe, this hearing yesterday that the saudis still have quite a bit of work to do to try and win over the support of the u.s. politicians to get their backing. i mean, i think the -- as much as this is still a very, very early stage of this deal and there is no concrete proposals to be weighed in the u.s., i think, you know, this is a really clear indication that this deal has got a long way to go in terms of getting the sort of political support that it will need to get through, given

how much scrutiny and how much attention that this has got over the past few months since it's been announced. dani: matthew, thank you very much. matthew martin bringing us the latest from saudi. i want to quickly show you oil prices. they are holding onto the very large gains they posted yesterday, some 2% for crude. driving this, driving oil just under $80 a barrel is data from russia showing that shipments through the russia western ports dropped substantially in the four weeks since july 9. that is more than four month the opec-plus producer was due to slash output. we heard they are restricting exports before that opec meeting, the symposium, the seminar, whatever it was called, last week. the tigers supply has had this effect on the oil markets -- the tiger supply has had this effect -- tighter supply has had effect on the oil markets. meme stocks have been having a

comeback over the past two weeks. let me show you those boards. meme index, which includes a lot of those suspect meme stocks which we know so well, is up some 7%. consumer staples are down 1.5%. btig says this typical action is a red flag, this type of risk-taking, and it could mean more losses to come for this market. this is bloomberg. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into family life, i can make meals that the whole family will enjoy. it just works in everyday life as a mom.

dani: good morning and welcome to "bloomberg daybreak: europe:

europe." core cpi expected to show to be easing in june. it sucks mostly higher. the dollar hits its lowest since february. summit day two. joe biden meets volodymyr zelenskyy and will address ukraine's future nato membership. closer to finalizing a bid for activision. an unprecedented review and u.k. let me show you how we are gearing up. they have a -- outdone themselves to a large extent. tenured's have been moving lower. we also have huge demand for the treasury. perhaps has to do with what's happening in japan. we are looking at a flatter yield curve. steadily below 4%.

given the data we have seen over the past week, bets are stacking up for cooler inflation. jp morgan says it is wise to bet for a cooler inflation. that has also helped risk on. it has helped stocks. the rally continues into today's future session. one of the big goose, i should say for the s&p 500, was the microsoft deal. the fact that they blocked the appeal of the deal, of activision being bought by microsoft, that really helped out the equity market trade. along with a lot of other crosscurrents. let's check in and see how asian markets are faring. yousef: always on the pursuit of capital flows through all quarters of asia. front and center is a commentary coming in from china. the government has had a meeting

with executives. best all speculation about a different environment. china tech shares rising on the optimism. hang seng is up .9%. iron yen at 140. rally for the fourth day. specific stock levels, specifically around softbank. they are considering a u.s. listing for the payment business. they have cited three people familiar with the matter. the timing of the listing was still unclear. basically they need to demonstrate a clear path to profitability. representatives were unavailable. analysts, broadly on the soft bank play have been for the most part bullish. monetary policy decision. want to switch gears to that.

this is after they decided to hold the cash rate. mortgages have yet to reprice. that is the impact we have been talking about for some time. you see kiwi is off. an adjustment happens on kiwi government bond. sox pre-much flat. i want to show you this chart. if you want some additional perspective on cpi. it was one of the first central banks and began raising rates. some economists think the real decision makers will be later in the year. it is going to get rough in the fourth quarter. that is with the latest report from bloomberg intelligence suggests. dani: what we have you. the microsoft -- yousef: you get me for two minutes.

[laughter] dani: i want to talk about video. come on, i know you have the asia track. i know you have more in you. [laughter] yousef: on the deal, we saw sony under pressure. business off the back of broader thinking that the deal is going to lead to a quasi-monopoly around the call of duty franchise. sony is one of the biggest losers in this. they were off quite a bit. there are some potential beneficiaries outside of sony. we will wait to see what kind of reaction we get as we wait to see what kind of response we get. how is that? dani: that was beautiful. iou a lunch or something next time i am out there. for that wonderful extra minute of your time. thank you. that is bloomberg's yousef gamal el-din.

let's look at what is ahead today, what to watch out for. inc. of england's stability report. comments from andrew bailey. also, boe banking stress test. so much concentration is on the u.k. right now. state of markets. we will talk to jim mellon shortly. the market seems to be gearing up for a cooler prince. that is what is expected. he was about 4% last month. the fed speak continues. we will have cleveland presidents and atlanta fed president raphael bostic there blackout period will walk starts at the end of the loan. you have to get over your fed

talk. we also get the bank of canada decision. what will they pause, will he keep going? an interesting case study for monetary policy. going up, we will speak to chairman of the burbank group, jim mellon. also, ftse 100 trading at a deep discount. what are the opportunities? that conversation, next. this is bloomberg. ♪

dani: nato leaders are continuing their meeting in lithuania today. this is after they agreed to offer ukraine a faster path to the alliance. "when allies agree and conditions are met." bloomberg spoke schools hubley to the --

minister about this. >> these decisions make our path shorter and could make it faster. if there is a clear indication on when it would be extended. we proceeded from the assumption that all conditions are already in place for it to be extended here. while the membership itself would take place when conditions allow. dani: let's get from bloomberg's maria tadeo who is there. that agreement, to extent does it fulfill ukraine's wishes. -- ukraine's wishes? maria: yes. ukrainian foreign minister speaking with our very own annmarie hordern. he was very diplomatic. you would expect that from a foreign minister.

we talked to ukraine officials. this kenya case and, which says, yes, ukraine will get an invitation when "allies decide -- allies agree and conditions allow." it does not say when this path will open for ukraine. we knew it will be about linguistics, semantics they go into this. there is always a double condition in the sentence. ukraine's are hoping for something that would be immediate, direct. they did not get that yesterday and there is a level of disappointment. that brings up the question, was there a mismatch in the level of expectations? a number of allies suggested that the country was simply not ready for that step. they are fighting a war, there is a real risk of escalation. you can really sense the frustration, especially by that sweet put out by president

zelenskyy. he said, these arguments we have heard for years. have gone in a loop. this is absurd. he also said that ukraine is a country that respects allies but wants to be respected. today, having said that, moving beyond that, zielinski will be here. it will be interesting to see whether he is able to contour the details of this commute occasion. dani: -- this communication. dani: it does stand in sharp contrast. clearly, there are still a lot of things to be worked on when it comes to ukraine. what is the rest of this final day of the summit going to hold? maria: that is a very good point. ukrainians have seen what a fast track looks like. they sell the and sweden. they saw the in finland.

they know they can get done. the problem is that they go back to this idea of the tensions with russia, it is a source of frustration. they see that it can get done fast. the other thing i would point out, perhaps to balance out the language, the country does not need what is known as a map, a membership action plan. a step-by-step guide before you formally join. farmers linsky says that is common sense. in terms of today, we are expecting president zelenskyy to participate in a new format that is the nato ukraine summit. it could be important in the future. the security guarantees that may be provided by individual

countries, yesterday i spoke with you -- u.k. foreign secretary and he said they will participate but the kind of question is, what can they provide on the medium to long-term? that is the focus. dani: thank you very much. bloomberg's maria tadeo with the latest. more ahead on bloomberg. ♪

>> i would love it if basically what you saw is -- some people have gone the university route, that is ok. you have others gone the applied learning route and have on the apprenticeship ship -- have gone on the apprenticeship route.

they have come in at the same time. the degree is not a signifier of anything meaningful. puppies don't care about what you know, companies care about we can do, particularly what he can do in a work environment. we spent time -- spend time on apprenticeships, will kind of skills they have and what they can do. >> you have a number of degrees. you went to gail. he started out in investment banking, shirley that helped you -- surely, that helped you? >>. i was surrounded by people who were nearly all white, men, all basically from privileged backgrounds. we have no divine right to be there. i learned everything i know on the job because my ancient

history masters did not teach me about markets or how companies raise financing or anything else. we are moving -- we are moving beyond that and learning the progressive move. >> you also have the privilege of being the son of britain's most successful living private investor. surely that helped you? >> it is obviously not an unhelpful thing. i grew up in a very privileged environment. it has help me with the fact that we have a real problem if your background turns into your destination. one of the most concerning things about college education, we are expanding in the u.s. -- in america, your income determines -- less we do something to actually ensure that people have access to opportunities and distribute these more evenly, we will continue have -- having very

talented people locked out of the best jobs. so you -- >> so you want to achieve sociability through apprenticeships and jobs, your father wanted to do it through -- when did you believe that his means were somewhat flawed? >> we talked about it. there was a belief. higher education can be an unlock or people in their careers. the more people we give access to higher education, the more we can give people access to great jobs. it has not work like that. there is no correlation between academics and job performance. there's something misguided about that. it will always be inadequate for people who have careers over 50 years who need to constantly train and reskill. we are very underweight in our formal education system.

in the way of applied learning. athletes don't make the best breakthroughs in the classroom, they make them on the track. we recently revealed people learning how to write a bike, intellectually. no surprise, they fell off the bike. some things you by doing. we have seen an increase focus from employers on practical skills. >> i interviewed your dad and he said an ipo for the multi-verse is some ways off. >> he would not really know, he is not directly involved. dani: that was the multi-verse ceo and cofounder blair speaking with bloomberg's lizzy burden. let's go back to the u.k. and the question on everyone's mind when it comes to the stock market, already k stocks a bargain -- are you k stocks a

bargain? about a 50% discount. in the all country world index as well. this is the widest difference in valuations since at least 2005. that is when the data begins. my next guest is a well-known veteran in the world of investing. jim mellon, the chairman of burn bank and agronomic's. a lot of ground to cover considering your knowledge of very different markets. i want to start with the u.k. stock market. u.k. valuation is more attractive than the u.s.. where are the bargains here? how do you make sure you do not get stuck in a bargain trap? jim: great question.

there is no withholding tax on dividends, especially when you have high dividend yields. for investors that do not have a double text, that is quite an attractive draw. the second, the u.k. is quite open to take -- [indiscernible] we will see any chelation of u.k. assets that are public being taken private over the next year or so. dani: on that point, quickly. i think about the microsoft-activision deal. the cma moved to appeal it. they have taken a pause on that. is it getting tougher on takeovers? jim: i would say not. i think it was just a specific case. the u.s. is taking the same view. i think that was a specific and

unusual case. i think the financial services companies look very cheap. some of them have very good dividends. despite all the talk about mortgage interest rates and so forth, the banks look good. hsbc i like, which should return .33 of its capital. over the next two years. no dividend withholding tax. all of those look attractive to me. they are big companies. i don't think any of those will necessarily be taken over but there are some that may be taken over in the u.k. and provide a fall. sterling has moved to 130 today on the u.s. dollar and has some further upside. the u.s. economy will do better than most economies this year, despite all the predictions of next year. it will be the lowest, i think in the middle or towards the top of the growth lead.

germany is the stigma of europe, not the u.k. dani: the mood around the u.k. does feel dour. there is fear of continued inflation, central bank policy mistakes. for those who say it is not the u.k., it is europe, what are they getting wrong? jim: the consumer still has substantial cash assets. the fact that the u.k. is not an analog economy like germany is and not so exposed to china like germany is. i would much prefer to buy the u.k., even though much of my assets are in germany. i would much more prefer to buy the u.k. than germany. dani: lock me through your call on german reads? jim: i sold all of my berlin flats, it was a feeding frenzy

for berlin. today, all of the companies that invest in berlin are down at around 60% discounts, 10% yield. there is a view that they will all go bust, too much leverage. we paid off all of our debts. we want to look for is a read that is selling at a substantial discount, a smaller one. that is my opportunity at the moment. there are big reads to anyone could buy that i think look attractive. nearly 10% dividend yield. 600,000 apartments in germany. it is not overleveraged. that might be one thing that is interesting for investors. dani: there has been this question, publicly traded stocks , the reads, they are trading at a steep discount to the private market. do the reads catch up to the private market, does the private

market go down to reads? jim: somewhere in the middle. i think the private market is overvalued. things will be marked down. in the public markets, there are some bargains to be had. some of them all go bust. dani: we cannot let you go without asking about agro tech. this gives viewers an idea of how wide your investing is. when it comes to these technology investments -- advancements, what are you excited about? jim: growing food in laboratory conditions. that is happening now. making dairy products and egg products, happening in the united states right now. there is a limit on capacity, so we are trying to do something about that. cell agriculture, we take stem cells as an exact replica of the

food you want to have will be longer taking but it is happening. the dog food products at the end of this year. i'm very keen on dogs, as you may know. [laughter] it is happening now. i believe it is completely different to the plant faced -- plant-based food business. it has the ability to really change the impact. dani: thank you so much. that is jim mellon. this is bloomberg. ♪

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