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哈佛商学院高管教育为有志于变革和已有的变革者提供世界级的学习体验，激发其潜能。
Harvard Business School Executive Education delivers a world class learning experience to energize aspiring and established change makers.
为您的组织和自身做好迎接下一阶段提升的准备。
Prepare for the next elevation for your organization and yourself.
了解更多，请访问 hbs.me/breakthrough。
Learn more at hbs.me/breakthrough.
那就是 hbs.me/breakthrough。
That's hbs.me/breakthrough.
我是詹妮弗·扎巴萨贾，欢迎收听《下一个非洲》播客，这是彭博社每周推出的节目，聚焦塑造世界最年轻、增长最快大陆未来的故事。
I'm Jennifer Zabasaja, and this is the Next Africa podcast, Bloomberg's weekly show about the stories shaping the future of the world's youngest, fastest growing continent.
每周五，《下一个非洲》播客深入挖掘新闻头条背后的真相。
Every Friday, the next Africa podcast goes deeper than the headlines.
从埃塞俄比亚可能引发地区对峙的巨型水电大坝，到博茨瓦纳努力摆脱对钻石的依赖，再到音乐节如何重塑非洲创意经济。
From Ethiopia's giant hydroelectric dam that could spark a regional showdown to Botswana's struggle to move beyond diamonds to music festivals transforming Africa's creative economy.
我们揭示了推动整个大陆变革的思想、冲突与机遇。
We uncovered the ideas, conflicts, and opportunities driving change across the continent.
通过彭博社记者实地报道拉各斯、开罗、约翰内斯堡等地，您将获得其他地方无法提供的深度背景，了解13亿人如何重新定义全球市场、文化和权力。
With Bloomberg journalists on the ground in Lagos, Cairo, Johannesburg, and beyond, you'll get the context you won't find anywhere else, how 1,300,000,000 people are redefining global markets, culture, and power.
彭博社出品的《下一个非洲》播客。
The Next Africa podcast from Bloomberg.
权力、政策与繁荣，尽在一处。
Power, policy, and prosperity all in one place.
立即关注《下一个非洲》播客，每周五在Apple播客、Spotify或您收听播客的平台与我们相约。
Follow the Next Africa podcast now and join us every Friday on Apple Podcasts, Spotify, or wherever you listen.
彭博音频工作室。
Bloomberg Audio Studios.
播客。
Podcasts.
广播。
Radio.
新闻。
News.
这是我们今年最后一次播客录制。
Our last podcast recording of the year.
嗯。
Yeah.
这一年真有意思。
It's been an interesting year.
是吗？
Has it?
我从不做的一件事是
One thing I never do
嗯。
Yeah.
我知道你从不这么做。
I know you don't.
在媒体领域，我从不做任何年终总结或展望，这很好。
In media is any sort of year end wrap up or look forward, which is so good.
作为一名媒体人，我生活中最棒的部分之一就是从不这么做。
Among the best parts of my life as a media person is just not ever doing that.
但人们想要这些。
But people want that.
人们会说：‘你愿意为明年的20个主题贡献一点内容吗？’
People are like, oh, would you like to contribute to 20 themes for the year ahead?
我说：不。
And I say, no.
不。
No.
别跑。
Don't get away.
抱歉，我提到了一点反思。
I'm sorry for introducing a hint of reflection.
不。
No.
没关系。
It's okay.
没关系。
It's okay.
我们可以反思一下我缺乏反思的问题。
We can reflect about my lack of reflection.
嗯。
Yeah.
这样很好。
That's good.
你明年的主题是什么？
How about your themes for next year?
你期待什么？
What are you looking forward to?
期待多共享类的推出。
Looking forward to the, introduction of multi share classes.
天啊。
Boy.
看到了吧？
See?
嗯。
Yeah.
那将会
That'll be
挺大的。
pretty big.
幸好不用期待那个。
Glad not to be looking forward to that.
嘿。
Hey.
可能会很大。
Could be big.
你期待什么？
What are you looking forward to
明年？
next year?
哦，我不该问你这个问题的。
Oh, I wasn't supposed to ask you that.
但我每天都很期待上班，是的。
But I'm looking forward to coming in each day Yeah.
去发现一些奇怪的新闻并开心地写下来。
To find weird news and write about it delightedly.
如果我知道会是什么，那就不会那么奇怪了。
And if I knew what it would be, it wouldn't be that weird.
那就不会那么令人兴奋了。
It wouldn't be that exciting.
那就不会那么令人愉快了。
It wouldn't be delightful.
它不会是
It wouldn't be
它不会带来那么多欢乐。
It wouldn't be as much mirth.
它不会是我每天为工作带来的那种自发性和喜悦。
It wouldn't be the spontaneity and joy that I bring to my job every day.
说得对。
Fair.
这听起来不像
Doesn't it sound like
吗？
it?
你好，
Hello,
欢迎收听《金钱物语》播客，这是您每周了解与金钱相关话题的播客。
and welcome to the Money Stuff podcast, your weekly podcast where we talk about stuff related to money.
我是马特·莱文，为彭博观点撰写《金钱事务》专栏。
I'm Matt Levine, and I write the money stuff column for Bloomberg Opinion.
我是凯蒂·格雷菲尔德，彭博新闻的记者，同时也是彭博电视的主持人。
And I'm Katie Greifold, a reporter for Bloomberg News and an anchor for Bloomberg Television.
凯蒂，今天你想聊些什么？
What are you talking about today, Katie?
我的脚本上写着呢。
It says on my script.
说吧。
Shoot.
你先想聊什么？
What what do you wanna talk about first?
我们今天实际上有四个话题。
We actually have four topics today.
四个话题。
Four topics.
你和我谈谈华纳的情况？
You and I the Warner situation?
嗯。
Yeah.
挺顺利的。
It's pretty smooth.
是啊。
Yeah.
你还记得你之前不太愿意谈这个吗？
Remember you were reluctant to talk about that?
好吧。
Well, okay.
是这样的。
So here's the thing.
这件事最初是一个大型媒体并购，涉及很多复杂因素，人们关心很多方面，比如反垄断、好莱坞的创作方向、特朗普的介入、CNN的归属等等。
It went from being, like, a big media merger with, like, a lot of moving pieces and a lot of, like, stuff that people cared about in terms of, like, antitrust and, like, creative direction of Hollywood and, like, the Trump involvement and who owns CNN and all these things.
而它从那变成了一个关于交易确定性和并购协议的漫长争斗，这更符合我的兴趣领域。
And it went from that to being a really drawn out fight about closing certainty and merger agreements, which is much more my area of interest.
这有点不可思议，实际情况是，人们在争论谁出价更高，但派拉蒙非常确定自己出价更高。
And it's kind of wild, like, what is happening, which is that there's some debate about who has the higher bid, but Paramount are pretty sure they have the higher bid.
他们还认为自己有更好的监管路径。
They also think they have a better, regulatory path.
但奈飞出于多种原因拒绝了他们，包括出价估值。
But Netflix has said no to them for a number of reasons, including bid valuation.
但在他们最近的一次行动中，他们正式提交了文件，敦促华纳股东拒绝派拉蒙的收购要约。
But what they really leaned on in their most recent like, they made an official filing telling Warner shareholders to reject the Paramount tender offer.
华纳董事会则大力强调派拉蒙没有资金。
And the Warner board really leaned on the fact that Paramount's money Paramount I doesn't have money.
派拉蒙是一家比华纳小得多的公司。
Paramount's a much smaller company than Warner.
而且它的债务承诺是相当标准的债务安排。
And it has debt commitments, are fairly standard debt commitments.
而且它还获得了来自中东主权财富基金的股权承诺，但华纳对此表示质疑。
And it has some equity commitments from Middle Eastern sovereign wealth people that Warner is casting aspersions on.
但实际上，这笔股权由拉里·埃里森个人信托提供的400亿美元承诺作为后盾。
But really the equity is backstopped by a $40,000,000,000 commitment from Larry Ellison's personal trust.
拉里·埃里森是派拉蒙首席执行官大卫·埃里森的父亲。
Larry Ellison, the dad of Paramount CEO David Ellison.
他是全球第五大富豪，拥有价值202.5亿美元的甲骨文股票。
And you know, fifth ish richest person in the world, dollars $2.02 50,000,000,000 of Oracle stock.
但所有这些资产都放在这个信托中。
But it's all in this trust.
而这里发生的一个极其奇怪的事情是，所有承诺文件似乎都是由该信托签署的。
And the, like, incredibly weird thing that's happening here is that the commitment papers are all apparently being signed by the trust.
华纳表示：但你们可以把这些资产全部从信托中取出。
And Warner says, well, but you could take all this stuff out of the trust.
等到真正交割时，我们就直接找你。
And then when it comes time to close, we'll go to you.
我们会去找信托，然后说：好吧。
And we'll go to the trust and be like, alright.
我们需要这400亿美元。
We need the 40,000,000,000.
信托可以回答：我没钱。
And the trust can be like, I don't have any money.
我只是一个空壳。
I'm just like an empty shell.
我觉得这是对的。
And I think that's right.
我觉得从技术分析来看，这是正确的。
I think that as a technical analysis is right.
派拉蒙的人说：这太疯狂了。
And the Paramed people are like, this is crazy.
是的。
Yeah.
你知道拉里·埃里森在资金方面很靠谱。
You know Larry Ellison is good for the money.
他以信托名义签署过其他大型并购承诺。
He has signed other big merger commitments as the trust.
对吧？
Right?
比如，他承诺过埃隆·马斯克的推特交易和艺电交易。
Like, committed to Elon Musk's Twitter deal and to the electronic arts deal.
但他并不是那笔交易的主要负责人。
But he was not the principal there.
他并不是对整个交易负责的人。
He's not the person on the hook for the whole deal.
他只是说，嗯。
He's like, yeah.
他是在为埃隆的交易做承诺。
He's committing to Elon's deal.
所以，Paragon 的意思是：不行。
And so basically, Paragon is like, no.
听好了。
Look.
这没问题。
This is fine.
这纯粹是荒谬的技术细节，你这样说是误导了人们，让他们以为这很重要。
This is a crazy technicality, and you're misleading people by saying that this matters.
华纳也说：不行。
And Warner's like, no.
不行。
No.
不行。
No.
我们真的需要你承诺投入资金。
We really need you to commit your money.
这个问题的解决方案看起来如此简单，我不明白到底发生了什么。
And the solution to this seems so easy that I don't understand what is happening.
很简单，我认为华纳要求的是，在文件中不要写‘拉里·埃里森信托签署这笔交易’，而直接写‘拉里·埃里森签署这笔交易’。
It's so like, the easy solution, I think Warner has asked for this is in the piece of paper where, like, instead of saying, like, the Larry Ellison trust signs this deal, you just say Larry Ellison signs this deal.
对吧？
Right?
然后，他就要承担这笔债务。
And then, like, he owes the money.
如果他从信托或其他任何个人渠道拿出钱，他就必须完成这笔交易。
And if he takes it out of his trust or any other, you know, personal vehicle, he has to close the deal.
我不明白到底发生了什么，因为所有者们都说：‘直接以你个人名义签字担保就行了。’
And I don't understand what is happening because the owners are like, yeah, just sign it in your personal, you know, personal guarantee.
派拉蒙到目前为止，我不知道他们是否拒绝了，但他们也没有同意。
And Paramount so far, don't I know if they've said no, but they haven't said yes.
所以我们现在就卡在这里。
And so that's where we are.
嗯。
Yeah.
这太奇怪了。
It's very weird.
嗯。
Yeah.
我有一个相关的想法，你提到了拉里·埃里森，世界第五大富豪。
A tangential thought I had is that you mentioned Larry Ellison, the fifth wealthiest person in the world.
过去几周，甲骨文的股价一直很低迷。
Oracle stock has gotten pretty flattened over the past couple of weeks.
它简直被重创了。
It's just gotten rocked.
我不禁想知道这是否有关联。
I wonder how that factors in.
对。
Right.
所以，我认为沃纳不可能认为，这位拥有大约2500亿美元甲骨文股票的人——尽管几周前还更多——现在还能拿出这笔钱。
So, like, I don't think that it is reasonable for Warner to think this guy with, let's say, $250,000,000,000 of Oracle stock, less than it was a few weeks ago with, you know, $250,000,000,000.
我认为，他们认为他付不起400亿美元的支票是合理的。
I think it's reasonable for them to think he's not good for a $40,000,000,000 check.
嗯。
Mhmm.
对吧？
Right?
你知道，这确实是他财富中相当可观的一部分，但没错。
You know, it's a meaningful chunk of his wealth, but it's Yeah.
20%的贷款价值比。
20% LTV.
我在这里难以理解的是，嗯。
The thing that I'm struggling to understand here Mhmm.
如果你是沃纳，他们所描述的这种情况简直荒谬。
Is if you're Warner, the situation that they're positing is kind of absurd.
对吧？
Right?
他们所假设的情况是，派拉蒙或艾里森改变了主意，没有完成交易。
The situation they're positing is like Paramount or Ellison change their minds, and they don't close the deal.
然后华纳起诉他们。
And Warner sues them.
派拉蒙说：我们有钱。
And Paramount is like, we have money.
然后拉里·埃里森说：哦，不。
And then Larry Ellison's like, oh, no.
是信托基金。
It's the trust.
而这个信托基金已经没钱了。
And the trust doesn't have any money anymore.
对吧？
Right?
他们这么做真是太疯狂了。
It's a crazy thing for them to do.
我认为，派拉蒙在这里想表达的是，我们自己也不会做这种疯狂的事。
And I think, like, part of what Paramount is saying here is kind of like, that would be a crazy thing for us to do.
而且从声誉角度来看，根本不用担心这个问题。
And just like as a reputational matter, like, shouldn't worry about it.
没错。
Yeah.
但我认为他们只是在极其微妙地保留法律上的灵活性，以便在万不得已时采取行动。
But I think they're, like, ever so slightly maintaining the legal flexibility to do it if they really have to.
你可以想象这会成为这样一个故事的一部分：没错。
And you could imagine that being part of a story of Yeah.
甲骨文股价持平。
Oracle Stock Flatline.
你可以想象，如果情况真的恶化，我们会不会把信托里的股份抽走，让华纳吃个哑巴亏？
And you can imagine that being, like, if things get really bad, will we yoink the shares out of the trust and stiff Warner?
嗯。
Yeah.
也许吧。
Maybe.
对吧？
Right?
嗯。
Yeah.
而且你知道，如果你的股价表现强劲，那和你因为承担过多AI租赁义务而被市场猛烈打压的情况是不一样的。
And like that's a you know, if your stock is riding high, that's a different story than if you're like you're getting slammed in the market for having too much AI lease obligations.
更糟糕的是，你有没有注意到贾里德·库什纳的关联公司已经完全退出了这场博弈？
Well, to add insult to injury, did you also see that Jared Kushner's affinity partners is withdrawing from the battle altogether?
这有点意思。
And it's a little interesting.
对吧？
Right?
这确实有点意思。
It is a little bit interesting.
所以
So
一般来说，你会觉得，哇，这真是个绝佳的机会。
Like, generally, you're like, oh, this is such a great deal.
我们真的很想赢。
We really wanna win.
然后你就想，嗯，一个随机的股权合伙人。
And then you're like, you know, one random equity partner.
嗯。
Yeah.
不。
No.
这 somehow 是个坏兆头。
It's a bad sign somehow.
该公司的声明称，由于两家强劲的竞争对手争相争取这一独特美国资产的未来，Affinity已决定不再追求此次机会。
The statement from the firm was that with two strong competitors vying to secure the future of this unique American asset, Affinity has decided to no longer pursue the opportunity.
我们仍然认为派拉蒙的报价具有强大的战略合理性。
We continue to believe there is strong strategic rationale for Paramount's offer.
是的。
Yeah.
所以这真的很奇怪。
So It's just weird.
所以这就像是非常非常幸运。
So it's like a very very, like, good luck.
你知道吗？
You know?
关于Affinity早期参与，人们确实评论过一点，那就是交易环境高度政治化，派拉蒙出价的潜台词是Netflix不会获得反垄断批准。
One thing that people really commented on about the affinity involvement early was, you know, the deal environment is so politicized and like the sort of subtext that Paramount's bid was Netflix will not get antitrust approval.
第一，因为它引发了反垄断担忧。
One, because it raises antitrust concerns.
还有，因为我们和特朗普是朋友，他会告诉他们不要批准这笔交易。
And two, because we're friends with Trump and he'll tell them not to approve the deal.
对吧？
Right?
而且，派拉蒙这边有贾里德·库什纳，这进一步强化了这个论点。
And like with Jared Kushner on Paramount's side, there's some enhancement to that argument.
如果他走了，那就像是，哦，这个论点可能就不成立了。
And if him gone, it's like, oh, maybe that argument's off the table.
那么，这对派拉蒙意味着什么？
So where does this leave Paramount?
我觉得我上周已经说过这个了。
I feel like I said this last week.
他们应该提高报价，因为他们已经在电视上公开表示，他们的报价不是最终报价。
They should probably raise their bid because they have said in public on television that their bid is not best and final.
嗯。
Mhmm.
然后他们应该让拉里·埃里森为这笔交易提供个人担保，这似乎
And then they should probably have Larry Ellison sign a personal guarantee for the deal, which seems
签字吧，拉里。
Sign the paper, Larry.
这看起来非常简单。
It seems very easy.
我非常困惑，这件事对他来说并没有像我们以为的、像我认为的那样容易。
And I'm very puzzled that it's not as easy for him as we thought, as I think.
我可以谈谈关于华纳交易的另一件事吗？
Can I talk about one other thing about the Warner deal?
我真的很希望你谈一谈。
I really want you to.
《金融时报》有一篇很棒的文章，讲的是大型并购中的顾问，你知道的，任何大型并购，对吧？
There's a great Financial Times story about the advisors who you know, any big merger, right?
卖方顾问总是能拿到报酬。
It's like the sell side advisors are going get paid.
然后，买方顾问团队中有一方将获得巨额报酬，而另一方则一无所获。
Then one buy side team of advisors is going to get paid an ocean of money, and the other one is not.
这是一场激烈的较量。
It's a bitter battle.
但他们还引用了人们的话，说这笔交易是在感恩节期间基本谈妥的，现在嘛，嗯……
But they also quote people talking about how this is deal that, like, kinda got negotiated over Thanksgiving and is now Yeah.
到了圣诞节前夕，局势愈发紧张。
Heating up into Christmas.
他们引用其中一位顾问的话说，当NBA球员在圣诞节比赛时，没人会说我们的假期被毁了。
And they quote, like, one of the advisers saying, when the NBA players play on Christmas Day, nobody says our holidays are ruined.
人们反而会说，这太棒了。
They say, isn't it great?
你可是打NBA的。
You're in the NBA.
对投资银行家来说，这已经是最好的状态了。
This is as good as it gets for investment bankers.
这真是个完美的引述。
It's like a perfect quote.
这是个完美的引述。
It's a perfect quote.
而且这也太真实了。
It's also so true.
我对它没什么特别的看法。
I have nothing special of it.
比如，我每天都在高风险的环境中工作。
Like, I worked in, like, high stakes every day.
你知道这是高风险的一个方式就是，你在节假日通宵工作。
And, like, one way you know it's high stakes is you're, like, working all night on holidays.
对吧？
Right?
而且你会觉得这很酷。
And, like, it's like you feel cool about it.
对于投资银行家来说，这已经是最好的状态了，而这种情况就发生在我身上，而且是在圣诞节期间。
It's as good as it gets for investment bankers, and that happens to me and it happens over Christmas.
是的。
Yeah.
哈佛商学院高管教育为领导者提供突破性的学习体验，由各自领域前沿的教授授课，涵盖将定义商业未来的话题，引发思维与视角的转变，并让你接触全球最杰出的商业精英。
Harvard Business School Executive Education delivers breakthrough learning for leaders, stimulating classes led by faculty at the forefront of their fields, topics that will define the future of business, discussions that transform perspectives and ways of thinking, and access to the brightest business minds on the planet.
了解更多，请访问 hbs.me/breakthrough。
Learn more at hbs.me/breakthrough.
那就是 hbs.me/breakthrough。
That's hbs.me/breakthrough.
Bloomberg Daybreak 是你每天早上在播客频道中第一时间获取资讯的最佳方式。
Bloomberg Daybreak is your best way to get informed first thing in the morning right in your podcast feed.
嗨。
Hi.
我是凯伦·莫斯科。
I'm Karen Moscow.
我是内森·哈格。
And I'm Nathan Hager.
每天早上，我们都会早起制作《彭博早间新闻》美国版的最新一期节目。
Each morning, we're up early putting together the latest episode of Bloomberg Daybreak US edition.
这是您每日十五分钟的播客，为您带来全球新闻、政治和国际关系的最新动态。
It's your daily fifteen minute podcast on the latest in global news, politics, and international relations.
每天早上收听《彭博早间新闻》美国版播客，获取您所需背景信息的重要新闻。
Listen to the Bloomberg Daybreak US edition podcast each morning for the stories that matter with the context you need.
您可以在苹果、Spotify 或任何您收听播客的平台找到我们。
Find us on Apple, Spotify, or anywhere you listen.
你想聊聊Excel表格吗？
Do you wanna talk about the Excel sheets?
嗯。
Yeah.
所以是Tricolor？
So Tricolor?
特里科洛尔。
Tricolor.
我觉得是特里科洛尔，但我不确定。
I think it's Tricolor, but I don't know.
我们能直接叫它特里科洛尔吗？
Can we just call it Tricolor?
我就叫它特里科洛尔。
I'm gonna call it Tricolor.
我们在美国。
We're in America.
嗯。
Yeah.
它是一家次级汽车零售商和贷款机构。
It was a subprime auto retailer and lender.
嗯。
Mhmm.
所以你可以从Tricolor买车，然后他们借钱给你支付车款。
So you could, like, buy your car from Tricolor, and then they would lend you the money to pay for the car.
他们今年破产了，因为和债权人发生了些问题。
And they went bankrupt this year because had some trouble with their creditors.
债权人有一些投诉。
The creditors had some complaints.
当他们破产时，传言说他们重复抵押贷款，这说得通。
And when they went bankrupt, the story was kind of they were like double pledging loans, which makes sense.
他们发放了大量的汽车贷款。
They make a bunch of car loans.
他们把这些贷款全部放进一个Excel文件里。
They put them all in an Excel file.
然后把这份Excel文件发送给六家贷款机构中的一家。
They send the Excel file to one of six lenders.
如果你把同一份Excel文件发送给两家不同的贷款机构，就可以借到两倍的钱。
And if you send the same Excel file to two different lenders, then you can borrow twice as much money.
这就是人们谈论和假设的内容。
That's kind of what people were talking about and what they assumed.
但本周，Tricolor的首席执行官Daniel Chu被联邦检察官起诉。
But this week, the CEO of Tricolor, Daniel Chu, was indicted by federal prosecutors.
指控是，没错，确实存在大量双重抵押，嗯。
And the accusation is, yes, a lot of double pledging Mhmm.
但还有一些更荒谬的事情。
But also sillier stuff.
我认为大家都觉得有趣的是，他们做了大量次级汽车贷款。
The one that I think everyone really enjoyed is that so they made a lot of, like, subprime auto loans.
其中很多已经逾期。
A lot of them are not current.
人们没有还款。
People don't make payments.
因此，他们与贷款方的协议规定，不能对逾期超过六十天的贷款进行抵押借款。
And so the way that their deals with their lenders work is that you can't borrow against the loan that's more than sixty days delinquent.
如果人们两个月没有付款，你就不能把这些贷款作为抵押品向贷款方借款。
If people haven't paid in two months, then you can't use that as your borrowing base to borrow from your lenders.
他们有很多这样的贷款，而且急需资金。
And they had a lot of those loans and they needed money.
所以他们只是假装这些贷款都是正常的。
And so they're, we're just gonna pretend those loans are current.
于是他们把所有贷款都标记为正常状态，从而可以继续以这些贷款为抵押借更多钱。
So they marked them all as current and they could then borrow more money against them.
但他们犯了一个小错误，那就是如果贷款是正常的，那就意味着每个月都在还款，余额会减少。
But they made a little mistake, which is that if the loan is current, then it's getting paid every month, which means that it goes down.
每个月余额都会下降。
The balance goes down every month.
对吧？
Right?
因为每个月你都会为汽车贷款还一点钱，贷款余额就会相应减少。
Because each month, you make a little payment on your car loan, and your car loan goes down a bit.
他们并没有减少这些贷款的金额，因为它们并不是正常的。
And they didn't decrease the amount of these loans because they weren't current.
这些贷款没有得到偿还，但他们却谎称它们是正常的，以此欺骗贷款方。
They weren't getting paid, and they just marked them current to trick their lenders.
是的。
Yeah.
这种做法持续了一段时间。
And this worked for a while.
然后彭博社的报道指出，这是水瀑资本的一名初级分析师发现的。
And then the reporting from Bloomberg is that it's a junior analyst at Waterfall Capital.
他们是贷款方之一。
It's one of their lenders.
这个名字对这种情况来说真是再贴切不过了。
Very fitting name for this situation.
他看了看这些关联账户，说：为什么这些余额没有下降？
Looked at these associates and said, why are these balances not going down?
格雷戈里，于是贷款方给他们打了电话，联系了Tricolor公司。
GREGORY And so the lender called them, called Tricolor.
他们说：嘿，怎么了？
And they're like, hey, what's up?
于是那里发生了两件事。
And so two things happen there.
一是Tricolor公司和丹尼尔·楚急忙（或据称急忙）向贷款方编造一个说法。
One is that Tricolor and, like, Daniel Chu are, like, scrambling to or allegedly scrambling to tell the lender some story.
对。
Right.
但另一件事是，那些在电子表格上做标记的人说：哦，我需要找个律师。
But the other thing that's happening is that, like, the people who are marking the spreadsheet are like, oh, I need a lawyer.
因此，起诉书称，他们打了电话。
And so there are calls, the indictment says.
Tricolor的高管之间进行了多次通话，其中一次或多次通话被通话中的两个人分别录了下来。
There are calls among the Tricolor executives that one or more like, some of them are recorded by two different people on the call.
因为每个人都觉得，我得给检察官提供一些东西，这样我才能获得合作协议，不至于在这笔交易中成为那个进监狱的人，这真的就像是
Because everyone is like, I need to be able to bring something to prosecutors so that I get the cooperation agreement so I'm not the one who goes to prison on this deal, which is really like
嗯。
Yeah.
机智应对。
Quick thinking.
于是出现了许多被录音的通话，其中他们说了些离谱的话，包括据称Daniel Chiu曾与Waterfall进行过一次通话，当时他说道，哦，不。
So there are all these recorded calls where they say wild things, including Daniel Chiu allegedly had a call with Waterfall where he, you know, he was like, oh, no.
不。
No.
这是一些系统问题。
This is some sort of systems problem.
我不知道具体是什么，但我们能解决它。
I don't know what it is, but we'll fix it.
他还说：‘如果我们真想诈骗，就不会蠢到还保持这些相同的余额。’
And he said, quote, look, if we were trying to commit fraud, we wouldn't be so stupid as to keep the same balances on there.
没人会这么蠢，简直就像。
Nobody would be that stupid, which is just like.
完美。
It's perfect.
是的。
Yeah.
明目张胆地隐藏着。
It's hiding in plain sight.
对。
Right.
我在我的专栏里说过，没人会蠢到用这种方式搞欺诈。
I said in my column, like, nobody would be so stupid as to do fraud this way.
听起来很有吸引力，但这不是一个好论点，因为现实中有很多愚蠢的欺诈行为。
Was like, it sounds appealing, but it's not a good argument because, like, there are lot of stupid frauds out there.
我的意思是，辩护策略确实短暂地奏效了。
I mean, the defense did work for a little bit.
他在电话中说这招奏效了，但后来事情很快就败露了。
He says on the call that it worked, but, like, the thing unraveled pretty quickly afterwards.
我不觉得这招真的奏效了。
I don't think it worked worked.
对。
Yeah.
我也喜欢这个细节。
I also love this detail.
根据《彭博新闻》的报道，到八月下旬，朱某已与其他Tricolor高管，包括共同被告大卫·古德盖姆——另一个绝佳的名字——以及杰罗姆·科拉尔，密谋如何与摩根大通达成和解等事宜。
This is from the Bloomberg News story that by late August, Chu was plotting with other Tricolor executives, including codefendant David Goodgame, another great name, and Jerome Collar on how to settle with JPMorgan, etcetera.
在电话中，朱某将Tricolor的崩盘比作因会计欺诈而垮台的能源巨头安然公司。
During the call, Chu likened Tricolor's meltdown to Enron, the energy giant, felled by accounting fraud.
他甚至讨论了将责任推给银行、指责其忽视警示信号的想法，这是一种他们希望用作筹码的威胁。
He even discussed the idea of pinning the blame on banks for allegedly ignoring red flags, a threat they hope to wield as leverage.
对。
Right.
这简直太大胆了。
It's You're like It's bold.
嘿，各位。
Hey, guys.
如果我们是安然公司呢？
What if we were Enron?
嗯。
Yeah.
他确实说，'安然'听起来挺顺耳的。
Well, he did say Enron has a nice ring to it.
对吧？
Right?
朱说的。
Chu said.
他还补充说，当贷款方看到'安然'这个词时，血压都会升高。
Enron raises the blood pressure of lenders when they see that, he added.
是的。
Yeah.
是的。
Yeah.
真的像在走钢丝一样，我们自称是安然公司，但又不会进监狱。
Really a high wire act to be like, we're Enron, but we're not going to prison.
而且这也许是你自己的错。
And also perhaps this is your fault.
这真是个艰难的针尖。
It's a difficult needle nose.
‘这是你的错’这个说法是，我们明明在公然欺诈，我真不敢相信你没发现我们。
The the the the this is your fault argument is, like, we were so blatantly committing fraud that I can't believe you didn't catch us.
所以当你仔细想想，这其实是你的错。
So when you think about it, it's your fault.
是的。
Yeah.
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你需要提出这个论点，才能与银行达成和解，让他们不去报警。
Like, you gotta make that argument to then settle with the banks and have them not go to the police.
然后这就很难了。
And then it's tough.
这很难。
It's tough.
但在这里似乎没起作用。
Doesn't seem to have worked here.
不过还挺有魅力的。
Really charming, though.
这真是个不错的十二月读物。
This was a nice December read.
是的。
Yes.
是的。
Yes.
你知道还有什么吗？
You know what else was?
说吧。
Tell me.
你知道还有什么特别有年末氛围的吗？我本来想说年末，但其实更像文明末日的感觉。
You know what else has a real I was gonna say end of year vibe, but really more like end of civilization vibe.
天啊。
Oh god.
特朗普媒体，一家市值30亿美元的上市公司，运营着一个社交媒体平台，还搞了个ETF
Trump Media, the $3,000,000,000 public company that runs a social media site and also like a ETF
问题业务标志。
Question business mark.
某种类型的。
Of some kind.
嗯。
Mhmm.
我没法一本正经地说出来。
I can't say with a straight face.
他们收购了一家核聚变公司。
They bought a nuclear fusion company.
是啊。
Yeah.
确实如此。
They sure did.
为什么不呢？
Why not, really?
为什么不呢？
Why not?
是啊。
Yeah.
这真是时代的一个明显标志。
This was very sign of the times.
我不会假装自己真的、真的懂核聚变。
I'm not gonna pretend to really, really know what nuclear fusion is.
核裂变就是你把两个原子撞在一起，它们会飞散开来，并通过分裂产生能量。
Nuclear fission is when you, like, smash two atoms together and they go flying out and they produce energy from, like, breaking apart.
而核聚变就是你把两个原子撞在一起，它们会结合在一起，并通过结合产生更多的能量。
And nuclear fusion is when you smash two atoms together and they stay together and they produce even more energy from staying together.
对。
Yeah.
核聚变是太阳等著名能源的能量来源。
Nuclear fusion is what powers such notable sources of power as the sun.
当然了。
Oh, sure.
目前商业化的核聚变发电并不多。
And not a ton of commercial nuclear fusion generation currently.
但很多人一直在考虑这个问题，因为这会是一个相当不错的能源。
But a lot of people have thought about it because it would be a pretty good source of power.
而一些思考过这个问题的人就在这家名为Tay的公司工作，
And some of the people who thought about it work for this company called Tay,
这家公司
which
是一家成立于1998年的核聚变公司。
is a nuclear fusion company founded in 1998.
真实存在的公司，抱歉，我能看出来。
Real people, sorry I can tell.
根据他们的投资者演示材料，他们似乎已经从谷歌、雪佛龙等知名机构筹集了超过十亿美元的资金。
From their investor presentation, they seem to have, first of raised over a billion dollars in funding from, like, you know, people like Google and Chevron.
其次，还有反应堆的图片。
And secondly, to, you know, pictures of reactors.
对吧？
Right?
所以，是的。
So Yeah.
也许他们正在走向商业电网核聚变的路上。
Maybe they're on their way to commercial grid nuclear fusion.
但无论如何，是的。
But in any case Yeah.
他们与Truth Social合并了。
They merged with Truth Social.
描绘一下这个世界为何会合理的样子。
Paint me a picture of a world where this makes sense.
这里的逻辑可能是什么？
What could be the logic here?
我
I
我只是想确保我们别把我的笑声算进去，但不行。
wanna just make sure that we keep my laughing into but no.
我的意思是，好吧。
I mean, okay.
所以有一份新闻稿。
So there's a press release.
你可以阅读这份新闻稿。
You can read the press release.
是的。
Yeah.
新闻稿中提到一件事，他们说自己的使命是摆脱大型科技公司的审查，这挺酷的。
One thing in the press release is like, one thing they say about their mission is it's to like free with the world of big tech censorship, which Cool.
这可能不适用于核聚变。
Not applicable to nuclear fusion probably.
但另一件事是，哦，这是美国优先的战略，所有这些都以一种模糊的方式契合了某种战略。
But another thing is like, oh, it's America first strategic and like, it all kind of, like, fits in a vague, like, strategic.
这是美国的核能。
This is America's nuclear power.
是的。
Yeah.
当然。
Sure.
但这笔交易的另一个原因也在新闻稿中提到，他们称该交易旨在结合TMTG的大量资本渠道和Tae领先的核聚变技术。
But the other reason for the deal, which is also in the press release, is they say in the press release, the deal is to, quote, combine TMTG's access to significant capital and Tae's leading fusion technology.
所以，一种表达方式是
So, like, one way to put that
是的。
Yeah.
另一种说法是，是的。
One way to rephrase that Yeah.
特朗普媒体筹集了大量资金，股价很高。
Is Trump media has raised a lot of money, has a big stock price.
但它并没有充分利用这个股价吗？
Isn't, like, doing a ton with that stock price?
嗯。
Mhmm.
股价曾经更高。
Stock price was higher.
现在降低了，因为人们曾抱有很高的期望。
Now it's lower because people had high hopes.
他们买了股票，然后，嗯，就是这样。
They bought the stock, and then, like, yeah.
就是社交媒体、ETF之类的。
It's, like, social media, like, ETFs, whatever.
对吧？
Right?
而且，一直没什么令人兴奋的消息，股价也就慢慢下跌了。
And, like, there's not been a ton of exciting news, and the stock has drifted off.
但他们能获得大量资金。
But they have a lot of access to capital.
如果他们宣布重大消息，股价就会上涨。
And if they announce big news, the stock will go up.
周四股价大幅上涨。
The stock was up a lot on Thursday.
如果你拥有大量资本但业务盈利能力或收入生成能力不强，一个可能的做法是利用资本优势收购其他企业。
And one thing you might do if you have a lot of access to capital and not much of a profitable or revenue generating business is use your access to capital to buy other businesses.
因为到头来，你就拥有一家核聚变公司了。
Because then, at the end of the day, you have a nuclear fusion company.
你利用资本市场的融资能力收购了真实资产，对吧？
You've used your access to capital markets to acquire real assets, right?
像Truth Social这样的资产，虽然也算资产，但价值远不到30亿美元。
Which, like, truth social is an asset, but it's not $3,000,000,000 of assets.
从Tay的角度来看，如果你正在研发核聚变反应堆，那你对资本的需求会非常大。
And then from Tay's perspective, if you are building nuclear fusion reactors, you have a lot of need for capital.
如果有人拥有大量资本，那对你来说就是一笔不错的交易，对吧？
And if someone has a lot of access to capital, then that's a good trade for you, right?
所以，特朗普媒体提供融资能力，而Tay则带来核聚变的可能性。
So Trump media brings the stock raising ability and, Tay, brings the possibility of nuclear fusion.
但这是一种非常奇怪的组合，因为他们的业务介于运营社交媒体公司和与唐纳德·特朗普交朋友之间。
But it's a very strange combination because it's like people whose business is somewhere between running a social media company and being friends with Donald Trump.
是的。
Yeah.
而现在，他们却掌管起了核聚变。
And, like, now they're in charge of nuclear fusion.
这真是一个奇怪的转折。
It's just a strange pivot.
你提到了AMC收购了一座金矿。
You point to AMC buying a gold mine.
确实存在
There is
他们确实做了这件事。
They did do that thing.
这为这种情况提供了一些牵强的先例。
Some some tenuous precedent for this.
有没有先例表明迷因股票会进入不相关的业务领域？
Is there precedent for meme stocks getting into unrelated businesses?
因为你知道，迷因股票的特点就是股价很高，但 underlying 的业务根本不足以支撑这种估值。
Because, like, you know, the point of a meme stock is that your stock is really high without necessarily the underlying business justifying it.
所以你就想，好吧。
So you're like, well, okay.
我要利用高股价去收购一个能合理解释这种高估值的业务。
I'm gonna use the high stock price to go buy an underlying business that justifies it.
对吧？
Right?
这种做法完全有先例。
Like, there's totally precedent for that.
对，没错。
Like Yeah.
游戏驿站多年来一直在玩这个游戏，你知道的？
GameStop was playing that game for years, you know?
对啊。
Like Yeah.
确实有先例去尝试这样做。
There's definitely a precedent for trying that for trying it.
不过，GameStop从来没有去购买过什么特别酷的东西。
GameStop never went out and, like, bought anything super cool, though.
对吧？
Right?
没有。
No.
我刚刚透露了我觉得买个金矿特别酷，不过没关系。
I just revealed that I think buying a gold mine is super cool, but that's fine.
这无疑很酷。
It's kind of unarguably cool.
就是很酷。
Like, it's cool.
嗯。
Yeah.
比如，不管它是什么。
Like, whatever else it is.
嗯，那确实挺酷的，哦，对。
Like, that was a cool oh, yeah.
嗯。
Yeah.
我还没见过买金矿的。
I haven't seen buying a gold.
这很好。
That's good
在你身上。
on you.
嗯。
Yeah.
核聚变。
Nuclear fusion.
还有
Also
你得承认他们做得不错。
You gotta give it to them.
我能给
Can I give
没想到会这样，我当时就想，哦，对啊？
it not expecting that, and I was like, oh, yeah?
好吧。
Alright.
好吧。
Alright.
精彩的比赛。
Good game.
好比赛。
Good game.
当然，不是三色旗案中的共同被告。
Not, of course, the codefendant in the tricolor.
好比赛。
Good game.
这是汤姆·基恩邀请您收听彭博市场观察播客。
This is Tom Keene inviting you to join me for the Bloomberg Surveillance Podcast.
每天都会帮助您提升商业洞察力。
It's about making you smarter each and every business day.
我们将为您回顾欧洲和亚洲 overnight 的动态、当日的经济数据，以及美国市场开盘的全面报道。
We bring you a recap of what happened overnight in Europe and Asia, the day's economic data, and complete coverage of The US market open.
我们覆盖股票、债券、大宗商品、货币，甚至加密货币，提供您取得卓越表现所需的所有信息。
We cover stocks, bonds, commodities, currencies, even crypto, all the information you need to excel.
彭博市场观察还为您深入解读新闻背后的分析。
Bloomberg Surveillance also brings you the analysis behind the headlines.
我们通过与专家嘉宾进行深入对话来实现这一点，这些嘉宾是经济学、金融、投资和国际关系领域最杰出的人物。
We do that with lengthy conversations with our expert guests, the smartest names in economics, finance investment, and international relations.
我们每天工作日都会直播这些内容，为您带来每日播客中最优质的分析。
We do all this live each and every weekday that bring you the best analysis in our daily podcast.
在YouTube、Apple、Spotify或您收听的任何平台上搜索‘Bloomberg Surveillance’。
Search for Bloomberg Surveillance on YouTube, Apple, Spotify, or anywhere else you listen.
在东海岸，午餐时间收听；在西海岸，起床时收听。
On the East Coast, listen at lunch, and on the West Coast when you wake up.
这就是由我汤姆·基恩、保罗·斯威尼和丽莎·马特奥共同呈现的Bloomberg Surveillance播客。
That's the Bloomberg Surveillance Podcast with me, Tom Keene, along with Paul Sweeney and Lisa Mateo.
请在您收听播客的任何平台订阅我们。
Subscribe today wherever you get your podcasts.
我们来聊聊看视频的事吗？
Should we talk about watching videos?
好。
Yes.
跟我说说这个。
Tell me about this.
所以韩国人。
So South Koreans.
对吧？
Right?
韩国人。
South Koreans.
他们喜欢
They love
我最近才知道这个。
I didn't know this until recently.
他们喜欢热爱。
They love Love.
疯狂交易美国金融产品。
Crazy trading in American financial products.
是的。
Yeah.
可能也是韩国的金融产品，但比如说是
Probably also South Korean financial products, but, like, there's
尤其是ETF也是如此。
Especially ETFs too.
所以，比如杠杆ETF。
And so, like, levered ETFs.
很好。
Great.
回
Back
上去，还有
up the And
因此，韩国散户在杠杆ETF等产品上的投机活动出现了大繁荣，这一点我们已经讨论过。
so there's a big boom in South Korean retail speculation on stuff like levered ETFs, which we've talked about.
或者，你知道的，它们是一种有时会让人们亏钱的产品。
Or, you know, they're a product that sometimes loses people money.
这种产品的工作原理，并不是每个看到它的人都能直观理解的。
That like, how it works is not necessarily intuitive to everyone who looks at it.
对吧？
Right?
对。
Yeah.
特别是，杠杆ETF的工作方式是提供每日收益的两倍或三倍。
I mean, in particular, like, the way levered ETFs work is they provide two or three x the daily returns.
所以它们并不一定提供两年或三年收益的两到三倍。
So they don't provide necessarily two to three x the yearly returns.
如前所述。
As discussed.
对。
Yeah.
如果你买入并持有杠杆ETF，它可能会让你血本无归。
If you buy and hold a levered ETF, it might might rip your hand off.
可能会受伤。
Might hurt.
也可能不会。
Might not.
也可能表现极佳。
Might be great.
这些都是例子。
Are some examples.
不是投资建议。
Not investment advice.
但无论如何，韩国监管机构已经受够了这种做法。
But, anyways, the South Korean regulators are sick of this.
因此，他们表示，从本周起，经纪商将——这是来自《金融时报》的一篇报道。
And so they've said like, as of this week, brokerages will this is from a Financial Times story.
从本周起，经纪公司将自动阻止那些希望将资金投入杠杆或反向ETF且无法提供完成一小时在线培训后获得的认证编号的投资者。
As of this week, brokerages will automatically block investors wanting to put their funds into leveraged or inverse ETFs and who cannot provide the certification number given to those who have completed a one hour online training.
一小时？
One hour?
是的。
Yeah.
是的。
Yeah.
是的。
Yeah.
我没读过
I didn't read the
故事。
STORY.
通过一个在线的、时长一小时的视频。
Through an online like, an hour long online video.
就是那种在YouTube视频前播放的十几秒的小广告，看完后你可以点击跳过。
Thinking, like, the little video ad you get before a YouTube video where it's fifteen seconds, and then you can click through.
对。
Yeah.
没错。
Right.
美国的监管规定，简直就像期权交易一样。
US regulation has literally it's like with, like, options.
你知道的吧？
You know?
比如，你必须点击一些表格才能获得交易期权的资格。
Like, you have to, like, click some forms to be approved to trade options.
对吧？
Right?
而一个小时的要求，也太严格了。
And, like, an hour is aggressive.
是的。
Yeah.
有人给我发邮件说，这些代码会形成一个二级市场。
Someone emailed me to be like, there's going to be an aftermarket in those codes.
他看了视频，记下代码，然后把代码发给一些朋友换钱。
Like, he watched the video, you write down the code, you send it to some of your friends for money.
可以据此推出一个ETF。
Can make an ETF out of that.
是的。
Yeah.
再加几倍杠杆。
Lever it a few times.
但我要说，我非常喜欢这个点子。
But I will say, I love this.
是的。
Yeah.
因为你认为这些产品应该有准入限制
Because you think that there should be gated access to
这些产品吗？
these products?
当然。
Absolutely.
哇。
Wow.
是的。
Yeah.
我是个守门人。
I'm a gatekeeper.
哇。
Wow.
我认为应该设置准入限制。
I think there should be gated access.
我还觉得，如果你是证券监管机构，一个真正的困境是，当市场上涨时，如果你说我们不希望人们投资这些东西，人们会非常生气，因为你挡住了他们的财路。
I also think that, like, if you're a securities regulator, one real bind that you have is that when stuff is going up, if you are ever like, we don't want people to be able to invest in this stuff, like, people get really mad at you because you're standing in the way of the fund.
而当这些东西下跌时，人们又会说，哦，这真是个糟糕的产品。
And then when this stuff goes down, it's like, oh, this was a terrible product.
他们会来找监管机构，质问：你们当初为什么没有阻止这个糟糕的产品？
They come to the regulators, say, where were you on stopping this terrible product?
作为监管者，这种两难处境确实令人不快。
And as if you're the regulators, it's an unpleasant bind to be in.
是的。
Yeah.
你实际上只能尽量把决策权交给散户投资者，并尽可能多地提供信息。
You can't really do anything other than try to put the decision on the retail investors and try to give them as much information as you can.
而且，也要尽量让这不成为你的问题。
And also, like, make it not your problem.
嗯。
Mhmm.
这意味着，比如电影里的人，这些代码将会出现二级市场。
Which means, like, you know, people in the movie, like, there's gonna be an aftermarket in those codes.
对吧？
Right?
没错，人们会交易这些ETF，而根本不会看那个长达一小时的视频。
Like, yeah, People are going to trade these ETFs without watching the hour long video.
嗯。
Yeah.
但，这其实不是个问题。
But, like, that's not a problem.
因为从普通投资者的角度来看，这些人没什么好抱怨的。
Because from the regular's perspective, those people can't complain.
对吧？
Right?
如果你根本没看视频，然后买了这个ETF，再去问普通投资者：你为什么让我买这个ETF？
If you, like, didn't watch the video and then you buy the ETF and you go to the regular, why did you let me buy this ETF?
我根本就没看那个视频。
I didn't even watch the video.
监管机构会说：这是你的问题，老兄。
The regulator's like, your problem, man.
你本该看那个视频的。
You should've watched the video.
嗯。
Yeah.
我不知道。
I don't know.
我觉得这是个不错的举措。
Like, I think it's a good move.
我有一些实际的问题。
I have some, practical questions.
这是在你每次购买之前都要做，还是只是像
Is this before every single purchase that you make, or is it just like
这就像被引导去交易杠杆ETF。
It's like to get turned on to trade leveraged ETFs.
哦，有意思。
Oh, interesting.
不。
No.
他们确实认为，如果可行，你可以为各种产品制作独立的航空公司培训视频。
They do think that, like, if it works, you could have a separate airline training video for all sorts of products.
我真的很想录制一系列‘别买这些产品’的视频库。
I really wanna, like, record the library of, like, don't buy these product videos.
那样的话，人们真的会去看视频了。
People would actually watch the video then.
太好了。
So good.
那会很有趣。
That would be fun.
我应该
I should
把这个播客变成那样。
turn this podcast into that.
我们差不多做到了。
We almost have.
是的。
Yeah.
是的。
Yeah.
我们可以从中盈利。
We can monetize that.
这让我想起了
This reminded me of
把它卖给证交会。
Sell it to the SEC.
2022年的一期节目，当时美国金融业监管局（FINRA）似乎就是否应限制复杂交易所交易产品展开了咨询。
An episode in 2022 when FINRA apparently opened a consultation on whether complex exchange traded products should be basically curbed.
在他们看来，复杂性指的是杠杆和反向加密货币，以及某些加密基金。
So complex in their world means leverage and inverse crypto, certain crypto funds.
他们考虑的一些措施包括加强信息披露和对散户客户进行知识测试。
And some of the things that they were considering were enhanced disclosure and a knowledge check for retail customers.
换句话说，当时大家的理解是，会有一个小测验。
So basically, like, a little quiz was the understanding at the time.
我当时查看了那段时间的报道。
And I was taking a look at my reporting from the time.
据我所知，我在五月中旬撰写这篇文章时，FINRA已经收到了12000条关于这项提案的评论。
Apparently, when I wrote this in mid May, FINRA had received 12,000 comments on this proposal.
作为参考，通常FINRA的通知收到的评论不到20条。
And for context, usually, FINRA notices get fewer than 20 comments.
因此，这项提案遭到了强烈反对。是的。
So it met violent opposition Yeah.
在美国。
In The US.
对。
Right.
但我认为它
But I think it
没问题。
was fine.
假设这些评论主要不是来自经纪商，他们说：我想把产品卖给不懂这些的投资者。
Assume that's not, like, mostly from brokers being like, I wanna sell stuff to roofs who don't understand it.
我认为主要来自散户投资者说：我不想在买东西前看视频。
I think it's mostly from retail customers being like, I don't wanna watch a video before I buy stuff.
是的。
Yeah.
或者，我不想做个小测验。
Or, like, I don't wanna take a little quiz.
是的。
Yeah.
我不得不说，它遭到激烈反对并不令人意外。
I have to say not surprised that it met with violent opposition.
我只是
I just
我真的很想做那个测验。
like I would love I would love to take the quiz, though.
我觉得这听起来很有趣。
I think that sounds fun.
当然。
Sure.
是的。
Yeah.
如果有人，我不知道，搞了一个测验，我会感兴趣去做的。
If someone, I don't know, had one, I'd be interested in taking it.
有人可以测试一下我们的知识。
Someone could check our knowledge.
好游戏。
Good game.
好游戏。
Good game.
大家假期愉快。
Have a great holiday season, everyone.
我们在这里再见。
We'll see you back here.
嗯，他们会在1月2日见到我们。
Well, they'll see us on January 2.
嗯。
Yeah.
嗯。
Yeah.
我正想说，我们下周休息。
I was gonna say, we're off next week.
嗯。
Yeah.
但大概再下周会以一封邮件问答集回归。
But probably back the following week with a mailbag episode.
除非发生什么事。
Unless something happens.
出问题了。
Goes wrong.
除非被删了。
Unless it gets deleted.
哎呀。
Whoops.
那就是那个谈钱的播客。
And that was the money stuff podcast.
我是马特·莱文。
I'm Matt Levine.
我是凯蒂·格里菲尔德。
And I'm Katie Greifeld.
你可以通过在 bloomberg.com 订阅《金钱事务》通讯来阅读我的作品。
You can find my work by subscribing to the money stuff newsletter on bloomberg.com.
你每天可以在东部时间下午三点到五点的收盘时段在彭博电视台找到我。
And you can find me on Bloomberg TV every day on the close between three and 5PM eastern.
我们非常期待听到你的声音。
We'd love to hear from you.
你可以发送邮件至 moneypod@Bloomberg.net。
You can send an email to moneypod@Bloomberg.net.
向我们提问，我们可能会在节目中回答。
Ask us a question, and we might answer it on the air.
你也可以在你正在收听的平台订阅我们的节目，并给我们留下评价。
You can also subscribe to our show wherever you're listening right now and leave us a review.
这有助于更多人找到这个节目。
It helps more people find the show.
《Money Stuff》播客由安娜·马扎拉基斯和摩西·安达姆制作。
The Money Stuff Podcast is produced by Anna Mazarakis and Moses Andam.
我们的主题音乐由布莱克·马普尔斯创作。
Our theme music was composed by Blake Maples.
艾米·基恩是我们的执行制片人。
Amy Keane is our executive producer.
萨吉·鲍曼是彭博社播客主管。
And Sage Baumann is Bloomberg's head of podcasts.
感谢收听《Money Stuff》播客。
Thanks for listening to the Money Stuff podcast.
您可以通过彭博新闻即时获取您想要的新闻。
You can get the news whenever you want it with Bloomberg News Now.
我是艾米·莫里斯。
I'm Amy Morris.
我是凯伦·莫斯科，今天来向您介绍我们全新按需新闻报道，直接推送至您的播客订阅源。
And I'm Karen Moscow here to tell you about our new on demand news report delivered right to your podcast feed.
Bloomberg News Now 是一份简短的五分钟音频报道，涵盖当日最重要的新闻。
Bloomberg News Now is a short five minute audio report on the day's top stories.
节目全天多次更新，提供最新信息和数据，助您随时掌握动态。
Episodes are published throughout the day with the latest information and data to keep you informed.
是的。
Yes.
其他新闻机构也有类似产品，但它们通常只是全天重复播放其广播新闻。
There are other products like this from a variety of news organizations, but they usually rerun their radio newscasts throughout the day.
但我们并不这么做。
That's not what we do.
我们制作的是仅在 Bloomberg News Now 上才能收听的定制化节目。
We create customized episodes that can only be heard on Bloomberg News Now.
我们也不会等上一小时才发布突发新闻。
And we don't wait an hour to publish breaking news.
当新闻发生时，我们会在几分钟内将节目更新到您的播客订阅中，确保您始终获取最新的新闻和动态。
When news breaks, we'll have an episode up on your podcast feed within minutes, so you're always getting the latest stories and developments.
获取来自彭博社3000名记者和分析师的报道与背景分析。
Get the reporting and the context from Bloomberg's 3,000 journalists and analysts.
我们的记者遍布全球。
We're all over the world.
立即在Apple、Spotify或您收听播客的任何平台收听彭博新闻的最新内容。
Listen to the latest from Bloomberg News now on Apple, Spotify, or anywhere you listen.
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