Chapter 1: What is the main topic discussed in this episode?
I'm Barry Ritholtz, inviting you to join me for the Masters in Business podcast. Every week, we bring you fascinating conversations with the people who shape markets, investing, and business.
CEOs, fund managers, billionaires, Nobel laureates, traders, analysts, economists, everybody that affects what's going on in the market, whether you own stocks, bonds, real estate, commodities, crypto, you really need... hear these conversations. Sometimes it's behaviorists like Dick Thaler or Bob Schiller. Sometimes it's fund managers like Peter Lynch, Bill Miller, Ray Dalio.
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Karen, we begin this morning in Minneapolis. That's where an immigration and customs enforcement officer fatally shot a woman during a confrontation. Bloomberg's John Tucker joins us with the latest. John. And Nathan, the shooting caught on video and shared widely on social media happened during what federal officials describe as a targeted operation.
It shows a Honda pilot blocking part of the road as two federal agents approached. As one of them tried to open the door, the SUV backed up slightly. A third agent then appeared in front of the vehicle. and fired at the driver as it began to turn and move forward. Homeland Security Secretary Kristi Noem calls it self-defense and domestic terrorism.
The ICE officer fearing for his life and the other officers around him and the safety of the public fired defensive shots. He used his training to save his own life and that of his colleagues. The claim of self-defense drew this response from Minneapolis Mayor Jacob Fry. That is bull. Get the **** out of Minneapolis. We do not want you here. The driver was shot in the head.
She's identified as 37-year-old Renee Good. Minnesota Governor Tim Walz places the blame squarely at the feet of the Trump administration. It's governing by reality TV. And today that recklessness cost someone their life. President Trump described the video as a horrible thing to watch.
He accused the woman driving the car of resisting and claimed she violently, willfully, and viciously ran over the ICE officer. Within hours, the Minneapolis killing ignited protests as far away as New York City. In New York, I'm John Tucker, Bloomberg Radio. All right, John, thank you. We want to get the latest now on Venezuela.
Oil traders and refiners are rushing to position after President Trump said the U.S. will take control of up to 50 million barrels of Venezuelan oil. In an interview with The New York Times, the president said only time will tell how long the U.S. will maintain oversight of the country. But when pressed, he said it could be much longer than a year. Bloomberg's Rosalind Matheson reports the U.S.
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Chapter 2: What happened during the ICE shooting incident in Minneapolis?
Palmer Luckey is the founder of defense technology company Anduril and says he does not have a problem with it. If I am getting paid by taxpayers, they should have the ability to elect people, elect representatives, elect who will then nominate people who can hold me to account in any way they wish.
If they want to say that I only pay myself $5 million until I'm caught up with my schedules, they should be allowed to do that. And Palmer Luckey tells Bloomberg he only pays himself $100,000 a year. Now, shares in legacy defense contractors took a hit after the president's moves. But this morning, they're bouncing back. And Northrop Grumman, it's up 7.5% this morning.
Lockheed Martin, it's up 7.5% as well. And RTX is up nearly 5%. Okay, and the White House is reportedly drafting an executive order on affordability. That's according to a report from Politico. After President Trump posted on social media, he will immediately take action to ban large institutional investors from buying more single-family homes, and he'll ask Congress to codify that.
Bloomberg Intelligence real estate analyst Jeffrey Langbaum explains how this impacts Wall Street. If at the end of the day, these companies that largely grow by buying new rental homes, if they're prohibited from doing that, that takes away a big part of their growth engine.
And then, you know, it raises the question of whether there's a viable business model there if the government is anti-institutional ownership of rental homes. Bloomberg intelligence analyst Jeffrey Langbaum, the president's post sent the S&P 1500 home building index down 2.6%.
Well, Nathan, on Capitol Hill, swing district Republicans divide party leaders to join Democrats in advancing legislation to revive expired Obamacare subsidies for three years. The procedural vote tees up floor consideration of a clean three-year subsidy extension later this week, which is expected to achieve similar levels of support.
House passage would increase pressure on the White House and Senate lawmakers to reach a bipartisan deal to revive the enhanced tax credits that lowered out-of-pocket premiums. Turning to markets, Karen, futures are lower once again after a mostly down day on Wall Street following a strong start to the equity markets in 2026. Cameron Dawson is Chief Investment Officer at New Edge Wealth.
We think that we'll have volatility along the way, but that there's still room for the markets to press higher. Key point is that in the fourth year of the bull market, we've had 23 bull markets that have been three years over the last 50 years, 50, 60 years or so. And the conclusion is about 50% of the time, they're able to get to that fourth year of positive returns.
So we have a 50-50 chance of being able to deliver positive returns in 2026. New Edge Wealth's Cameron Dawson says the next big event for the market is tomorrow when the Labor Department releases the December jobs report. Time now for the Bloomberg Sports Update, and we bring in John Staschauer. John. Thanks, Karen. A trade in the NBA.
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Chapter 3: What are the reactions from local officials regarding the Minneapolis shooting?
Ole Miss has two playoff wins since its coach Lane Kiffin left for LSU. That's the Bloomberg Sports Update. Thanks, John. And that's news when you want it with Bloomberg News Now. I'm Karen Moscow. I'm Nathan Hager. And this is Bloomberg. Bloomberg Daybreak is your best way to get informed first thing in the morning, right in your podcast feed. Hi, I'm Karen Moscow. And I'm Nathan Hager.
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