Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea. I'm not a typical September Friday.
Speaker 2: We're supposed to slide into the weekend. There is no sliding.
Speaker 2: Paul Sweeney was better than me. He brought it up
Speaker 2: at least four times. Oh next week a government shutdown.
Speaker 2: We barely looked at it, given the news flow and
Speaker 2: of course some of the magic of a September sporting scene,
Speaker 2: Red Sox and the Tigers, the Yankees, the Blue Jays,
Speaker 2: all of it just very exciting. And of course the
Speaker 2: Ryder Cup on Bloomberg Radio is really exciting for Washington,
Speaker 2: New York. In Boston, we did look at the equity markets.
Speaker 2: Three down days in a row, go to cash. John
Speaker 2: Stolphe says No. At OpCo, he has been brilliant about
Speaker 2: participating in the market in a rational way for long
Speaker 2: term investment. Here from OpCo, John stolfs.
Speaker 3: You need to distinguish between are you a trader or
Speaker 3: are you an intermediate to longer term investor. And I think,
Speaker 3: as you know, I've been to this business since nineteen
Speaker 3: eighty three, so I've been through a lot of economic
Speaker 3: cycles and bull markets and bear markets and In the
Speaker 3: process of this, the tone of the market has changed
Speaker 3: because the private investor today across generations is investing for
Speaker 3: their retirement or investing in retirement, and they want to
Speaker 3: preserve their standard of living or improve their standard of
Speaker 3: living going forward. And from a historical basis past performance
Speaker 3: being no guarantee future results tends to be Equities outperform
Speaker 3: other asset classes for more periods than many people would
Speaker 3: think who are bearish or skeptics on the market.
Speaker 2: It's a different approach to Dow fifty thousand to s
Speaker 2: and PA eight thousand. Ed Yard Denny, as an economist,
Speaker 2: looks at the economy. John Stulfus is a market strategist,
Speaker 2: looks much more at sectors and markets. The common feature
Speaker 2: is the buoyancy of the economy innovation technologies, like Edyard
Speaker 2: Denny would say. And then over to revenue, which John
Speaker 2: Stoulfus mentioned today, I watch revenue dynamics as much as
Speaker 2: I watched the key element, which is profit. We profited
Speaker 2: from Captain Kominski joining us today in studio in New York.
Speaker 2: She is hugely associated with the Charles River in Boston
Speaker 2: and with the Massachusetts Institute of Technology. Katie Kominsky of
Speaker 2: Elpha Simplex on the trend that's out there.
Speaker 1: Trend falling as a strategy is meant to be self
Speaker 1: correcting in the sense that as trends move against you,
Speaker 1: your positions naturally reduce. So as you see trends expand
Speaker 1: you're expanding positioning as you see them contracting, your contracting
Speaker 1: positioning all using math. Really, when you have sort of
Speaker 1: a reversal and signal, it's a combination of two things.
Speaker 1: One is sort of the reduction in the signals strength.
Speaker 1: The other is volatility expansion. So as volatility expands, you
Speaker 1: also integrate that and how you measure what your position
Speaker 1: sizing should be. So when that's why you see a
Speaker 1: lot of quants struggled this year, because when you see
Speaker 1: those type of shocks, it's hard to measure it inside baseball.
Speaker 2: That was brilliant from Katie Kominsky bottle it. I literally
Speaker 2: my first interview when I walked in the door at
Speaker 2: Bloomberg was about trend following using the Bloomberg terminal as
Speaker 2: giants of years ago did. Was Sun Microsystems Spark stations.
Speaker 2: One of those founders of Katie Kominski's world was John
Speaker 2: Henry who has a baseball team in Boston, an English
Speaker 2: football team in Liverpool, and I believe he is ownership
Speaker 2: of some form of the Sydney Crosby franchise in Pittsburgh.
Speaker 2: Kati Kaminsky, wonderful to have her in today from Elvisimplex.
Speaker 2: We're on podcasts, We're on Apple, We're on Spotify, on
Speaker 2: YouTube podcasts. It's single best idea