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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea and under crisis and with market.

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Speaker 2: It's an extraordinary day for the show. Not even mentioned here,

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Speaker 2: private credit is really starting to percolate. If there was

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Speaker 2: not a war, the top shelf idea for Global Wall

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Speaker 2: Street right now would be the rolling debacle that we

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Speaker 2: see in private credit. We had wonderful help on this today,

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Speaker 2: including from Charles Canter, Newburger Berman. What an honor to

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Speaker 2: have Edward Morse in with us today. He is the

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Speaker 2: dean of oil analysis. As he said in the interview,

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Speaker 2: he read the original manuscript of Daniel Jurgen's The Prize,

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Speaker 2: which was the required read a lifetime ago. I read

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Speaker 2: it cover to cover. Edward Morse at heartree properties. First

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Speaker 2: of all, on the moment at hand.

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Speaker 3: Look at what's happening. They're putting maybe four million barrels

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Speaker 3: a day into the market for a limited number of days,

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Speaker 3: and the world is already seeing two things happening. One

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Speaker 3: is that the upwards of sixteen eighteen million barrels a

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Speaker 3: day that was coming through the Strait of Hormuz is

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Speaker 3: now down to ten, so we're not replacing. And the

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Speaker 3: longer the time waits the less important that little drop

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Speaker 3: in the bucket made.

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Speaker 2: Edward Morris of Heartreet Partners. We continued, of course, with

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Speaker 2: the incredibly important question is mentioned by the Iotola today.

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Speaker 2: The closure of the Straits of Hormuz.

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Speaker 3: By permanent I meant something going forward. Where we already

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Speaker 3: know that the Iranians have restricted lanes of the Gulf

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Speaker 3: were transit. They're allowing a number of sanctioned vessels to

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Speaker 3: go through. They've increased their own exports. But given the

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Speaker 3: number of weapons they have on the coast, given the

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Speaker 3: nature of those weapons to intrude and interrupt transit through

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Speaker 3: the strait, this is a long term threat.

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Speaker 2: Edward Morris of Heartree Partners. What an honor to have

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Speaker 2: him in today. I should mention Geita Gopineth with us

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Speaker 2: too from Harvard University, talking to her about foreign exchange

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Speaker 2: and the idea of this resilient and ever stronger dollar.

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Speaker 2: Even during the show we got back to one hundred

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Speaker 2: dollars a barrel on Brent crude. There's every once in

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Speaker 2: a while where let's slips is the professionalism of the

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Speaker 2: pros that we talked to, They try to bring it

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Speaker 2: down into sensible terms, less math, clearer language, away from

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Speaker 2: all the jargon. Audrey Child Friedman, our expert on foreign exchange,

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Speaker 2: couldn't help herself today the relationships of the currencies of

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Speaker 2: Norway and Sweden. Audrey Child Friedman.

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Speaker 4: I see where you come from, Tom, and if you

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Speaker 4: still worried about the current context, And what I'm thinking

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Speaker 4: is that, okay, fine, don't don't think about it in

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Speaker 4: dollar knocki terms. Think about it in euronocky perish or

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Speaker 4: knocki stocky bullish terms, because the avenue there right now

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Speaker 4: is a lot clearer. The problem with dollar stocky going

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Speaker 4: lower is that if you are worried that, you know,

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Speaker 4: the risk environment gets a lot worse from here, and

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Speaker 4: we see a sharp equity market sell off, then dollar

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Speaker 4: stocky will go higher. So there's potential pain trade here,

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Speaker 4: whereas euronocky downside or knocky stocky upside. I kind of

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Speaker 4: feel it's clearer right now.

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Speaker 2: That was classic. She's a Lumberg intelligence Audrey Child Freedman

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Speaker 2: and podcasts at Apple, at Spotify and YouTube podcast a

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Speaker 2: single best idea