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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea and

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Speaker 1: arguably the single busiest day of the year, the FED meeting. Ernie,

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Speaker 1: It's Microsoft Meta, it's Facebook out later this afternoon. All

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Speaker 1: that's going on with mister Trump active today, tweeting out

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Speaker 1: including a twenty five percent plus an overlay tariff on

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Speaker 1: top of that to India. I'm not sure if that's

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Speaker 1: going to go through with that was the tweet, if

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Speaker 1: you will, from Truth Social. Maybe it's called a truth

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Speaker 1: for the truth from Truth Social. As a president was

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Speaker 1: very active this morning. We just tried to have good

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Speaker 1: conversation on economics, finance, investment, and international relations. Abby Joseph

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Speaker 1: Cohen with US now teaching at Columbia Business School. Abby

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Speaker 1: Joseph Cohen, of course, with Golden Sachs. My first question

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Speaker 1: a good topic of hers productivity, Abby Joseph Cohen, on

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Speaker 1: the efficiency of America.

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Speaker 2: Long term economic growth and long term wealth creation. And

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Speaker 2: I'm talking about national wealth, personal wealth rather than stock

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Speaker 2: market erratic wealth is very much related to productivity. And

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Speaker 2: I do think that some decisions that have been made

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Speaker 2: and continue to be made right now will be damaging

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Speaker 2: the nation's long term productivity growth. I'll give you a

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Speaker 2: few examples. First of all, even during prior administrations, we

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Speaker 2: were seeing that our national investment in science and technology

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Speaker 2: as a percentage of GDP had gone down, and it

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Speaker 2: has gone down even further during the last few months.

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Speaker 2: Cancelation just yesterday for example, or excuse me, postponement rather

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Speaker 2: of all NIH grants announced yesterday is an indication of

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Speaker 2: loss of productivity future productivity in the bio BioResearch area.

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Speaker 2: We've also seen enormous cutbacks in grants from the National

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Speaker 2: Science Foundation, NASA and so on. And these are the

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Speaker 2: things that really gave us a leg up in terms

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Speaker 2: of our technology, especially with regard to things like computer

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Speaker 2: science and a number of other categories that are going

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Speaker 2: to be so critical for the future.

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Speaker 1: Abby Joseph Cohen. And then of course to the stock market.

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Speaker 1: Everyone wants to know her belief in the bullmarket. I

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Speaker 1: believe she's looking forward rather than backward here, Abby Joseph

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Speaker 1: Cohen on this twenty twenty five bullmarket.

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Speaker 2: This is a legitimate bullmarket. The question is how much

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Speaker 2: further can it go? The concentration that we've seen in

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Speaker 2: a small number of extremely well performing shares and of course,

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Speaker 2: the valuation valuations are just not all that appealing. If

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Speaker 2: we look at the S and P five hundred overall,

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Speaker 2: it is sort of a record deciles visa pe price

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Speaker 2: to sales, price to book, and so on. Does it

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Speaker 2: mean that there aren't some value opportunities, But I think

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Speaker 2: that investors really need to be very careful. And one

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Speaker 2: of the things that I always go back to is

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Speaker 2: that when the market is undervalued, when the market is

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Speaker 2: too cheap and there are disappointments perhaps on economics or geopolitics,

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Speaker 2: the market has shock absorbers. But when things are already

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Speaker 2: priced for perfection, then you really need to be careful

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Speaker 2: because that's when the volatility picks up. And we have seen,

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Speaker 2: for example, that when there are those periods in which

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Speaker 2: it's not clear what economic policy will be or what's

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Speaker 2: happening in the rest of the world, we do see

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Speaker 2: that volatility picking up, and volatility works in both directs,

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Speaker 2: not just up but also.

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Speaker 1: Dan Ammy, Joseph Cohen, Columbia University, our podcasts nationwide, indeed worldwide,

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Speaker 1: on Apple, on Spotify, many other platforms as well, and

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Speaker 1: on YouTube podcasts. This is the single best idea