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

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Speaker 2: Single best idea. It has been an extraordinary twenty four hours,

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Speaker 2: and dare I say the effort since I believe it

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Speaker 2: was Saturday at five pm six pm Eastern time, has

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Speaker 2: been just extraordinary of staying with the markets, staying with

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Speaker 2: what we do, and also this arch political moment for

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Speaker 2: the nation, and today was no exception, just wonderful conversations here.

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Speaker 2: I really would emphasize our conversation with David Gerrow, the

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Speaker 2: host of The Big Take, and his perception of the

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Speaker 2: Midwest theology that Donald Trump and Senator Vance are trying

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Speaker 2: to capture in Milwaukee. That was really a high point

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Speaker 2: for us today. There are friends of surveillance that you

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Speaker 2: lose touch with over the years and then they come

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Speaker 2: back in our studios today from Zurich via Munich was

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Speaker 2: Andreas Uderman, who was profound at Mercury Asset Management years

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Speaker 2: ago and then at Alians in Munich and not a

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Speaker 2: vulnerable in Zurich in asset management. We had a piercing

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Speaker 2: conversation on the future of active management mutual funds in ETFs.

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Speaker 2: He's migrated to Switzerland. We got an update. Here's Andreas

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Speaker 2: Uderman on the state.

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Speaker 3: Of Switzerland economy is doing really well. I think part

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Speaker 3: of the reason is that the level of trust by

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Speaker 3: corporations that operate in Switzerland in terms of the institutional

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Speaker 3: stability of the country is very, very high. Foreign direct

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Speaker 3: investment into Switzerland knows that as well. It's one of

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Speaker 3: the few countries in the world it was really stable

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Speaker 3: from an institutional framework perspective. Interestingly, and that's really to

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Speaker 3: the great credit of many Swiss corporations. The strength of

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Speaker 3: the Swiss frank, which is multi day long and continues,

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Speaker 3: is being absorbed by increasing productivity in many stress corporations,

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Speaker 3: and that means that they can continue to exports efficiently.

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Speaker 2: Andrea Suderman Avantevelle of Zurich, Switzerland. Chris Whalen dark in

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Speaker 2: the door today. He's been at work on an update

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Speaker 2: of his magisterial book, Inflated. I can't say enough about

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Speaker 2: not three hundred the four hundred, four hundred and fifty

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Speaker 2: pages of Chris Whalen's Inflated. It is a waltz through

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Speaker 2: American finance from the beginning through the nineteenth century into

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Speaker 2: the twentieth century. It ought to be a required read

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Speaker 2: for every finance brat freshman in every college, and he's

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Speaker 2: doing a redo of it off of rather what he

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Speaker 2: did fifteen years ago. It's great to talk to him

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Speaker 2: about the analog back to the pandemic of nineteen nineteen

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Speaker 2: in the roaring twenties. He does agree this is a

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Speaker 2: roaring twenties that we're living right now. Near the end

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Speaker 2: of our conversation, I looked at the big banks, four

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Speaker 2: big banks in Golden Sachs and Morgan Stanley, and I said,

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Speaker 2: with their City Group.

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Speaker 1: Well, they're a top five money center bank because of

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Speaker 1: the payments platform. But you're right, they have pulled back.

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Speaker 1: There was a time when City was the biggest derivative

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Speaker 1: shop in the industry. You know who it is now,

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Speaker 1: Morgan Stanley, Morgan Stanley and Goldman.

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Speaker 2: Now where do you perceive City Group in five.

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Speaker 1: Years merged with somebody else, maybe with a big asset

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Speaker 1: management business, maybe Schwab. But that's what they're missing right now.

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Speaker 1: They sold out the Morgan Stanley with the Smith's Barney transaction.

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Speaker 1: They don't have the asset manager to make them look

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Speaker 1: like everybody else, and they're still you know, Jane Frasier's

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Speaker 1: an enormous work there in terms of getting their expenses

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Speaker 1: in line, but she still has to cut five points

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Speaker 1: out of their efficiency ratio before she could even talk

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Speaker 1: about Jamie Donoman. You know that's the high bar he

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Speaker 1: is set ten seconds.

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Speaker 2: Who would buy them? Who's lined up to be the

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Speaker 2: one to Folden's group in their international I.

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Speaker 1: Keep saying they should merge with Goldman, Let the City

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Speaker 1: Bank run credit, Let the Goldman boys run deals, because

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Speaker 1: Goldman cannot run credit. To save their lives. They're getting

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Speaker 1: a kicking every quarter in credit.

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Speaker 2: Chris Whyland just definitive, and again his note that he

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Speaker 2: does is really a required read on Wall Street. We

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Speaker 2: have much more coming up from Milwaukee. Joe Matthew and

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Speaker 2: Kayley Lines leading our coverage here of the Republican National

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Speaker 2: Convention for Bloomberg's surveillance. It's simple, We're out on YouTube.

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Speaker 2: Go to Bloomberg Podcasts search for that. Subscribe to Bloomberg

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Speaker 2: Podcasts for all of our different radio product including what Joe,

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Speaker 2: Matthew and Kayley Are you doing on Apple car Play

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Speaker 2: and Android Auto as well? And this on Apple Podcasts.

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Speaker 2: Single Best Idea