WEBVTT - Single Best Idea with Tom Keene: Julian Emanuel & Jonathan Maxwell

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>The single best idea A quick one here on a Wednesday,

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<v Speaker 2>as we staggered a Thursday and Friday again into earning

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<v Speaker 2>season with big amount of earnings next week, and I'll

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<v Speaker 2>follow on to tech the end of the month. Of course,

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<v Speaker 2>we're looking at the meetings of the World Economic Forum

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<v Speaker 2>and DAMAS, but we did want to pay attention to

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<v Speaker 2>what's going on in and equities, bonds, currencies and commodities.

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<v Speaker 2>Julian Emmanuel stopped by with Evercore I Sight writes the

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<v Speaker 2>best day to day earning summary on the street, with

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<v Speaker 2>nine percent of SMP market cap reporting so far. Julian

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<v Speaker 2>Emmanuel on the worry over AI debt.

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<v Speaker 3>What's interesting now about the setup is that you had

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<v Speaker 3>all this angst around debt financing, around the AI build

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<v Speaker 3>out at the end of last year, credit defaultse markets

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<v Speaker 3>getting stressed, certain Hyperscaler's share prices getting stressed to the

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<v Speaker 3>point where there's enough skepticism around the AI story and

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<v Speaker 3>technology in general that in our mind it's almost sets

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<v Speaker 3>up as a contrarian play, and we're very excited by that.

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<v Speaker 2>It was good to have him in just with a

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<v Speaker 2>first look here Julian Emmanuel, really, you know, modeling out

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<v Speaker 2>somewhere towards low double digit earnings growth. Later in the interview,

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<v Speaker 2>he made very clear given a set of stimuli, that's

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<v Speaker 2>the word he used is Latin on surveillance, the stimuli

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<v Speaker 2>that is out there, Julian Emmanuel, he doesn't predict, he

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<v Speaker 2>doesn't forecast, but he's thinking about double digit earnings growth.

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<v Speaker 2>Q two and Q three of two thousand and twenty six.

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<v Speaker 2>An incredible conversation today with Jonathan Maxwell of Sustainable Capital.

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<v Speaker 2>This is over in the United Kingdom, and he's just

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<v Speaker 2>absolutely expert, like write a book called The Edge Expert

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<v Speaker 2>about all the stuff that's underground and underwater. He stopped

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<v Speaker 2>us with a discussion that we don't understand of the

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<v Speaker 2>Arctic Ocean. I promise you we will have Jonathan Maxwell

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<v Speaker 2>of Sustainable Development back to dive into our ignorance, my

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<v Speaker 2>ignorance of the Arctic Ocean, the different paths, including the

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<v Speaker 2>romance of the Northwest Passage and all that. Jonathan Maxwell

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<v Speaker 2>on the moment for commodities.

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<v Speaker 1>We've spent the last modern history spence the post a

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<v Speaker 1>Second World War, A lot of it has been about

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<v Speaker 1>competition for resources right, and particularly fossil fuels. What we're

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<v Speaker 1>seeing now is a different arena emerging for what that

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<v Speaker 1>competition is flowering up. And you know I've described it.

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<v Speaker 1>I read a book about this called the Age. I

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<v Speaker 1>think we're at a real age moment in history, right.

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<v Speaker 1>But there are separate edge moments. These are flashpoints. Geopolitical

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<v Speaker 1>flash is where you find energy and capital coming together

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<v Speaker 1>and flashing up. Arctic obviously is the big one.

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<v Speaker 2>And he went on absolutely stunningly competent about what lies

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<v Speaker 2>beneath the waters of Greenland and off to the east

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<v Speaker 2>to Iceland and up with Norway and Russia off to

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<v Speaker 2>the east. Just extraordinary. I'm learning so much about my

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<v Speaker 2>ignorance on the Arctic Ocean program. Note Elizabeth Economy, a

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<v Speaker 2>terrific essay in Foreign Affairs this month that will make

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<v Speaker 2>you more competent of understanding this ocean we don't know.

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<v Speaker 2>Jonathan Maxwell there Sustainable Development on podcasts on Spotify. Thank

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<v Speaker 2>you for your attention, particularly to the Pacific rim for

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<v Speaker 2>listening to us on Spotify on Apple as well on

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<v Speaker 2>YouTube podcasts. Single best Idea ins