Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea and under crisis and with market.
Speaker 2: It's an extraordinary day for the show. Not even mentioned here,
Speaker 2: private credit is really starting to percolate. If there was
Speaker 2: not a war, the top shelf idea for Global Wall
Speaker 2: Street right now would be the rolling debacle that we
Speaker 2: see in private credit. We had wonderful help on this today,
Speaker 2: including from Charles Canter, Newburger Berman. What an honor to
Speaker 2: have Edward Morse in with us today. He is the
Speaker 2: dean of oil analysis. As he said in the interview,
Speaker 2: he read the original manuscript of Daniel Jurgen's The Prize,
Speaker 2: which was the required read a lifetime ago. I read
Speaker 2: it cover to cover. Edward Morse at heartree properties. First
Speaker 2: of all, on the moment at hand.
Speaker 3: Look at what's happening. They're putting maybe four million barrels
Speaker 3: a day into the market for a limited number of days,
Speaker 3: and the world is already seeing two things happening. One
Speaker 3: is that the upwards of sixteen eighteen million barrels a
Speaker 3: day that was coming through the Strait of Hormuz is
Speaker 3: now down to ten, so we're not replacing. And the
Speaker 3: longer the time waits the less important that little drop
Speaker 3: in the bucket made.
Speaker 2: Edward Morris of Heartreet Partners. We continued, of course, with
Speaker 2: the incredibly important question is mentioned by the Iotola today.
Speaker 2: The closure of the Straits of Hormuz.
Speaker 3: By permanent I meant something going forward. Where we already
Speaker 3: know that the Iranians have restricted lanes of the Gulf
Speaker 3: were transit. They're allowing a number of sanctioned vessels to
Speaker 3: go through. They've increased their own exports. But given the
Speaker 3: number of weapons they have on the coast, given the
Speaker 3: nature of those weapons to intrude and interrupt transit through
Speaker 3: the strait, this is a long term threat.
Speaker 2: Edward Morris of Heartree Partners. What an honor to have
Speaker 2: him in today. I should mention Geita Gopineth with us
Speaker 2: too from Harvard University, talking to her about foreign exchange
Speaker 2: and the idea of this resilient and ever stronger dollar.
Speaker 2: Even during the show we got back to one hundred
Speaker 2: dollars a barrel on Brent crude. There's every once in
Speaker 2: a while where let's slips is the professionalism of the
Speaker 2: pros that we talked to, They try to bring it
Speaker 2: down into sensible terms, less math, clearer language, away from
Speaker 2: all the jargon. Audrey Child Friedman, our expert on foreign exchange,
Speaker 2: couldn't help herself today the relationships of the currencies of
Speaker 2: Norway and Sweden. Audrey Child Friedman.
Speaker 4: I see where you come from, Tom, and if you
Speaker 4: still worried about the current context, And what I'm thinking
Speaker 4: is that, okay, fine, don't don't think about it in
Speaker 4: dollar knocki terms. Think about it in euronocky perish or
Speaker 4: knocki stocky bullish terms, because the avenue there right now
Speaker 4: is a lot clearer. The problem with dollar stocky going
Speaker 4: lower is that if you are worried that, you know,
Speaker 4: the risk environment gets a lot worse from here, and
Speaker 4: we see a sharp equity market sell off, then dollar
Speaker 4: stocky will go higher. So there's potential pain trade here,
Speaker 4: whereas euronocky downside or knocky stocky upside. I kind of
Speaker 4: feel it's clearer right now.
Speaker 2: That was classic. She's a Lumberg intelligence Audrey Child Freedman
Speaker 2: and podcasts at Apple, at Spotify and YouTube podcast a
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