Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea out on YouTube, podcast, Apple podcasts,
Speaker 2: the rest. Thank you so much for your interest. We're
Speaker 2: really we're just sort of putting this podcast out there.
Speaker 2: We'll figure out what to do with it. Fourth of
Speaker 2: July weekend, but we're just really thrilled with the day
Speaker 2: to day progress of the show. Yesterday, just to give
Speaker 2: you vignette into this, I literally sit down with an
Speaker 2: iPhone in my chair and I'm usually in the seat
Speaker 2: about six thirty five, and that varies plus or minus
Speaker 2: five minutes. Paul comes in a little bit later, and
Speaker 2: I get on YouTube, you know, the actual app where
Speaker 2: we do YouTube live chat, maybe about seven ten, seven fifteen.
Speaker 2: Yesterday I never got on it. It was so busy, so
Speaker 2: nuts with all going on with Washington and the tariffs
Speaker 2: with Mexico and Canada, that one day I just didn't
Speaker 2: even use YouTube. And we really thank you for your
Speaker 2: commitment to YouTube. The statistics which we see a lot
Speaker 2: of from Google, Thank you Google for your support are
Speaker 2: just mind blowing and we're just grinding it out every day.
Speaker 2: Today we had great conversation. Major shout out to James
Speaker 2: Steele legendary at HSBC. He was mesmerizing on gold, absolutely
Speaker 2: mesmerizing and does suggest there's a scarcity out there. He
Speaker 2: doesn't really pick a price, but he really walked through
Speaker 2: the demand and the uniqueness of what we see of
Speaker 2: demand in China and India given diminished global supply. Jordan
Speaker 2: Rochester stopped by saxophone player with Mazuo. He's in foreign exchange.
Speaker 2: He has a great ability to work with Stever Shudou
Speaker 2: on us GDP. Here's Jordan Rochester melding foreign exch change
Speaker 2: into the work of Steve He's shootout.
Speaker 3: I think Steve's framework is the right one. Take a
Speaker 3: seat back and just think yourself. Let's imagine these tariffs
Speaker 3: aren't happening, what's the trade, and the trade remains in
Speaker 3: the Q one of this year to expect US data
Speaker 3: to outperform Europeans for less FED cuts through priced in
Speaker 3: for the US is about two cuts or just a
Speaker 3: bit shy of that. Now by year end we think
Speaker 3: it's just want and done. The window for the FED
Speaker 3: to cut rates this year is closing. If they don't
Speaker 3: cut in March, they won't cut at all. It's the
Speaker 3: sort of you for Steve and that's got nothing to
Speaker 3: do with tariff's that's just because he believes the neutral
Speaker 3: rate is closer to four percent. So I think just
Speaker 3: to de stress from will he or won't he think
Speaker 3: what macro trades makes sense with or without tariffs?
Speaker 2: Jordan Rochester, Missoul Christian MOMIONI stopped by Oppenheimer and led you,
Speaker 2: thank you Oppenheimer for your support of the show and
Speaker 2: Oppenheimer for years, then Investco and then off the Lafayette
Speaker 2: College of Pennsylvania. Is there endowment officers the fascinating shift
Speaker 2: of career. He said, he's got a lot of private
Speaker 2: equity within their endowment. Believes in the future and the
Speaker 2: present of private equity. But we had to speak to
Speaker 2: him with a good return this year of the future
Speaker 2: of the MAG seven. Here's Christian MoManI on Apple and Alphabet.
Speaker 4: Those are the facts. That is, if you look at
Speaker 4: the performance of the US equity market over the last
Speaker 4: ten to fifteen years, it has been driven by It
Speaker 4: has been driven by technology. In fact, US markets have
Speaker 4: done spectacularly better than international markets, primarily on the back
Speaker 4: of performance of Max seven or some version of MAG
Speaker 4: seven at various points. So their profitability is extraordinarily good.
Speaker 4: Their cash flows are extraordinarily good. They are on a
Speaker 4: cash flow bench, and the evaluations are high. So I
Speaker 4: think the last two factors is what you have to
Speaker 4: kind of consider more from a tactical standpoint. From a
Speaker 4: long term perspective, the tech sector is still a very
Speaker 4: good sector and if you are going to participate in
Speaker 4: the market, especially in the US, participating in tech sector
Speaker 4: which can generate outside of returns is something that you
Speaker 4: absolutely have to want.
Speaker 2: Christa Mammoni of Lafayette College in Pennsylvania. We need to
Speaker 2: say thank you again to a great set of conversations today.
Speaker 2: We barely brought it up, but it was a good
Speaker 2: conversation with Stephanie Roth about Jobs Day coming up here
Speaker 2: on Friday. It's interesting. She said, there'll be some interesting nuances,
Speaker 2: some revisions that we should look out for, and that's
Speaker 2: what we'll focus on in the coming days. We're out
Speaker 2: on YouTube podcasts. This is single best idea