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

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Speaker 2: Single best idea in Apple podcasts and at that a

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Speaker 2: unique and wonderful single best idea. Ammy Joseph Cohen, heut

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Speaker 2: Court at Golden Sachs so visible and on the up

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Speaker 2: and downs of the market, always Opinionata, particularly for the Bears,

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Speaker 2: in her belief in investing in it is. The chart

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Speaker 2: would go from the lower left to the upper right.

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Speaker 2: She is now adding massive value at the Columbia Business

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Speaker 2: School with her prodigious mathematic chops or CFA Institute work,

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Speaker 2: just really really wonderfully moving on from Golden Sachs too

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Speaker 2: at the Columbia Business School, she gave us a generous

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Speaker 2: amount of time today amby Joseph Cohen on a solid economy.

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Speaker 1: On a it seems to me that we do have

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Speaker 1: an economy right now that is extremely solid. We have

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Speaker 1: never seen in recent decades as strong a labor market

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Speaker 1: as we have now. Wages are rising at a rate

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Speaker 1: that now exceeds inflation, which is helpful particularly for middle

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Speaker 1: income and lower middle income families that have been having trouble.

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Speaker 1: We have enormously strong profits. Return on equity for the

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Speaker 1: S and P five hundred is at an extremely high level.

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Speaker 1: In fact, it might be the highest ever. So things

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Speaker 1: are in fact solid. What I worry about always is

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Speaker 1: is that already priced into the market number one and

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Speaker 1: number two, the policies that helped get us to this

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Speaker 1: are they potentially in danger. So this is obviously a

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Speaker 1: big political point in the United States right now. Policies

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Speaker 1: may be changing, and among the things that I worry about,

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Speaker 1: for example Apple, would be a movement towards more significant tariffs.

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Speaker 2: Abby Joseph Cohen and we devote the single best idea

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Speaker 2: to a wide ranging discussion. Background. A couple of ten

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Speaker 2: days ago, two weeks ago, a small firm downtown named

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Speaker 2: Golben Sachs put out a really learned report saying hello,

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Speaker 2: usually when we apply technology and innovation to a system,

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Speaker 2: costs go down, cap BAX goes down, et cetera, et cetera.

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Speaker 2: And somehow with AI, we're going to apply AI and

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Speaker 2: it's going to be expensive. Costs could even go up.

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Speaker 2: Big statement got a huge splash within the investment zeitgeist.

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Speaker 2: Abby Joseph Cohne has been thinking about this. Of course,

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Speaker 2: her tilt always is to find the value, and she'll

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Speaker 2: look at the four hundred and eighty three other stocks

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Speaker 2: out there. She was collegial about the team she knows

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Speaker 2: at her old Golben Sachs. But the view from Columbia

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Speaker 2: Business School on AI is interesting.

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Speaker 1: What many have been hearing for the past six months

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Speaker 1: in particular, has been that companies that have been investing

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Speaker 1: heavily in AI are saying they're not yet seeing the return.

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Speaker 1: Economists throughout the country are saying they're not really seeing

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Speaker 1: the productivity enhancements yet from AI. Now. It could be

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Speaker 1: that the analyses are looking at data in a premature stage.

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Speaker 1: Maybe things will improve, but clearly AI has been quite

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Speaker 1: expensive at this point. There was a race in many

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Speaker 1: industries to take on as much AI investment as possible,

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Speaker 1: and it might take a little while to digest.

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Speaker 2: And I should point out off camera she really emphasized

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Speaker 2: the mystery about the electricity, the power almost the thermodynamics

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Speaker 2: of what we do with our AI future. A week

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Speaker 2: ago it was another Friday, and then we have had

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Speaker 2: horrific politics, an assassination attempt, all that we saw in

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Speaker 2: Milwaukee on our way to Chicago. Emory Hoarder today was

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Speaker 2: particularly brilliant on saying lose the speculation, lose a rumor

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Speaker 2: just one of the actual reportable facts we can report.

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Speaker 2: She was very very strong in that today there also

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Speaker 2: can be moments of lightness. Web Bush is a wonderful firm,

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Speaker 2: and of course they've got value, adds Michael Pactor, there

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Speaker 2: is iconic and technology analysis. For some reason in a

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Speaker 2: week moment, he hired Dan Ives, who's made a huge

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Speaker 2: splash in technology, not only with a by on Apple

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Speaker 2: and others, but also in his global wardrobe that he wears.

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Speaker 2: He inflicts that upon me as he can. We had

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Speaker 2: Alicia reeson with us today. They're wonderful analyst on Netflix.

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Speaker 2: We talked about Netflix and you know, the streaming and

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Speaker 2: all that, and then we asked miss Reese the question

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Speaker 2: all of you wanted to know.

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Speaker 3: Well, we certainly do get a kick out of his outfits.

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Speaker 3: I mean, he goes. He's very bright and colorful, and

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Speaker 3: it's and it's exciting, and he's just the nicest guy.

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Speaker 3: He's really really sweet and fun and lively. So he's

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Speaker 3: his personality is genuine. As you see him on TV.

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Speaker 2: I can assume the senior management of web Bush Securities

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Speaker 2: could care less if he's light and cheerful. They just

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Speaker 2: want him to get to buy the whole the cell, right.

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Speaker 2: Webbush really doing well this year with the technology lift,

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Speaker 2: at least up until the last ten days. At least

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Speaker 2: he's there. And of course Eric are we scheduled to

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Speaker 2: speak to Dan Ies sometime in the rest of the year.

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Speaker 2: We think so, okay, Dan, I's scheduled to be with us.

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Speaker 2: Of course tech Earning season coming up. We're out on

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Speaker 2: YouTube and I just if you want to help on that,

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Speaker 2: subscribe to Bloomberg Podcasts on YouTube you get all of

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Speaker 2: our efforts, including Joe Matthew and Kaylie Line's Balance of Power,

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Speaker 2: and then of course on Apple car Play, Android Auto

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Speaker 2: as well and on Apple Podcasts Single Best Idea