WEBVTT - Single Best Idea with Tom Keene: Jamie Dimon & Constance Hunter

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, single best idea. It

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<v Speaker 1>seems like we've been you know, it's like we're ending

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<v Speaker 1>the year. I mean it May has been exhausting so

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<v Speaker 1>far in a good way. I just can't say enough

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<v Speaker 1>about the conversation day today. There's a lot of somebody

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<v Speaker 1>stopped me on the street the other day they said,

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<v Speaker 1>how do you do this? Like are you booking people?

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<v Speaker 1>And you know all that? And I can't say enough

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<v Speaker 1>how I learned years ago doing this when I invented

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<v Speaker 1>this with Emily. The basic idea here is massive delegation

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<v Speaker 1>of authority and I have no idea. It's six point

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<v Speaker 1>fifty nine who's on the show. That's when I learn

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<v Speaker 1>and that's why I want it. And you know, every

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<v Speaker 1>once in a while there's somebody who are like, why

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<v Speaker 1>are we doing this? But what you end up with

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<v Speaker 1>is this thickness of conversation bouncing around. And it's just

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<v Speaker 1>been so rich in May. It's just been you know,

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<v Speaker 1>the site selling May and go away mentally, go away

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<v Speaker 1>with an economics financial investment. I just don't get it

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<v Speaker 1>right now. Sweeney looks like a genius. Maybe we get

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<v Speaker 1>a forty thousand printed day on the doubt. We did

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<v Speaker 1>in the futures, but that doesn't count. We've got to

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<v Speaker 1>get it in a daily close. To be honest, there's

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<v Speaker 1>two technical ways you look at a close. There's the

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<v Speaker 1>daily close, which is gospel if you will. In a

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<v Speaker 1>lot of pros will take a longer time zone and

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<v Speaker 1>they look at a weekly close to Friday. This is ancient,

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<v Speaker 1>goes back before computers, frankly, so you look at a

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<v Speaker 1>weekly close. Can the Dow close at forty thousand on

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<v Speaker 1>a Friday? And that's a big deal as well. The

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<v Speaker 1>Bloomberg has a function called a roll roll where I

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<v Speaker 1>can pick a weekly close on a Tuesday or a

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<v Speaker 1>weekly close on a Thursday. I do that all the time,

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<v Speaker 1>sort of a blend of the two strategies. But can

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<v Speaker 1>we get the doubt forty thousand or SPX fifty three

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<v Speaker 1>hundred on a weekly close or a daily clothes We

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<v Speaker 1>did that with a record high in the SPX yesterday. Enough.

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<v Speaker 1>Sometimes there's just moments where you have to stop, what

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<v Speaker 1>a good time we've been having with David Solomon of

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<v Speaker 1>Golden Sex, Brian moynihan, Bank of American France, and Lacua

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<v Speaker 1>in Paris sort of a capitalism French Mclaus Sairey before

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<v Speaker 1>the Olympics in you know, Francy's talking to James Diamond

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<v Speaker 1>of JP Morgan and Jamie Diamond's going on, and she

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<v Speaker 1>drops the brick in the middle of the interview and says,

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<v Speaker 1>how about those lazy French people, Diamond finessing it like

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<v Speaker 1>only Jamie Diamond can do. Let's listen.

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<v Speaker 2>I hate total blank of Thames like that. I know

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<v Speaker 2>a lot of Europeans who work hard, but I think

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<v Speaker 2>when you see the thing about work hours, I think

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<v Speaker 2>it is somewhat true. Americans are hard working. Anywhere you

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<v Speaker 2>go around Americas is hard working. But I see that

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<v Speaker 2>here too, I don't think. And the innovation people you

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<v Speaker 2>meet through WILGHI just are of the innovation people in

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<v Speaker 2>the United States.

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<v Speaker 1>I heard one of his PR people offside mun Dieu

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<v Speaker 1>when Francine asks that here's the math on this, folks,

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<v Speaker 1>they actually looked it up once. And this goes back

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<v Speaker 1>to well Christine Legard as trade minister. I believe it

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<v Speaker 1>was for Sarcozzi or Terry Barton out of Orange and

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<v Speaker 1>Telecom was the I think the French finance minister goes

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<v Speaker 1>way back where I would reach researches. This is delicate topic. Obviously,

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<v Speaker 1>it's shocking how culturally they work less than we do,

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<v Speaker 1>but they get just as much done. Their productivity is

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<v Speaker 1>pretty much equal to what we do. And they're not

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<v Speaker 1>working like idiots like me, I mean Frankly and Francine

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<v Speaker 1>knows this. I mean Francine and I bust their chops

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<v Speaker 1>on this for years. But that was a great question.

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<v Speaker 1>It was great to hear Jamie Diamond finesse that answers.

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<v Speaker 1>He builds out a thousand employees in Paris, in France

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<v Speaker 1>as well. Huge conversation today. Of course, excuse me, all

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<v Speaker 1>of the markets off the FED. And I thought Constance

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<v Speaker 1>Hunter was particularly good at macro policy perspectives, working with

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<v Speaker 1>Juliet Cornado, and they're just looking at the back and

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<v Speaker 1>the fourth of the FED parlor game. We're gonna hear

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<v Speaker 1>a lot more of this to June twelfth, the next

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<v Speaker 1>FED meeting. Let's listen to Constance Hunter.

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<v Speaker 3>You would be surprised how many people thought that the

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<v Speaker 3>FED doesn't need to cut, that the economy is strong,

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<v Speaker 3>and it is this K shaped economy again, which makes

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<v Speaker 3>it very hard to interpret Right, If you're in the

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<v Speaker 3>top part of the K, you think, Wow, everything's great

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<v Speaker 3>that my stocks are up, I'm getting interest on my

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<v Speaker 3>savings in my with no risk, the economy is doing

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<v Speaker 3>really well, my house prices up. But if you're in

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<v Speaker 3>that bottom part of the K, you're like, Wow, my insurance,

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<v Speaker 3>my car insurance just went up, and I still need

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<v Speaker 3>my car to drive to work, and I don't have

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<v Speaker 3>the bandwidth to figure out how to push back on

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<v Speaker 3>this or shop for a different insurance carrier that's going

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<v Speaker 3>to give me the same coverage at a better rate. Right,

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<v Speaker 3>you're really under pressure if you're the bottom half of

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<v Speaker 3>that K.

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<v Speaker 1>That is the most accessible conversation of the week. You

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<v Speaker 1>know where I am on this, folks. I just I'm

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<v Speaker 1>sorry the lady Alan Meltzer. I can't aggregate in this

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<v Speaker 1>polarity of America. There was V shape blah blah blah,

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<v Speaker 1>and all the other jargon over the years. K shape

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<v Speaker 1>caps is that you go up the K to the halves.

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<v Speaker 1>The asset holders all doing well. They were all Walmart.

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<v Speaker 1>I guess it was. Well. Today there's a whole group

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<v Speaker 1>of people shopping at Walmart trying to figure out how

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<v Speaker 1>to stretch one hundred dollars. I mean, it's the polarity

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<v Speaker 1>in America to the election is extraordinary. I thought Constance

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<v Speaker 1>Hunter did a great job of explaining that we're on

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<v Speaker 1>Apple car Play on Android. We're building that out. Thank

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<v Speaker 1>you so much worldwide for choosing Apple car Play. It's

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<v Speaker 1>safer and better according to Apple. I guess it is.

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<v Speaker 1>I don't have it the Nash Rambler, just the voltage

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<v Speaker 1>or something off the battery and the what's the thing

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<v Speaker 1>called eric, the thing next to the battery, it's off

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<v Speaker 1>the engine. It's a cylinder shape. I can't remember what

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<v Speaker 1>it's called. Anyways, they told me I can't do here

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<v Speaker 1>Apple car playoff the mash, but you can and a

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<v Speaker 1>lot of new cars, and we say thank you for that.

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<v Speaker 1>best idea