WEBVTT - Single Best Idea with Tom Keene: Jordan Rochester & Krishna Memani

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

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<v Speaker 2>A single best idea out on YouTube, podcast, Apple podcasts,

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<v Speaker 2>the rest. Thank you so much for your interest. We're

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<v Speaker 2>really we're just sort of putting this podcast out there.

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<v Speaker 2>We'll figure out what to do with it. Fourth of

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<v Speaker 2>July weekend, but we're just really thrilled with the day

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<v Speaker 2>to day progress of the show. Yesterday, just to give

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<v Speaker 2>you vignette into this, I literally sit down with an

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<v Speaker 2>iPhone in my chair and I'm usually in the seat

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<v Speaker 2>about six thirty five, and that varies plus or minus

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<v Speaker 2>five minutes. Paul comes in a little bit later, and

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<v Speaker 2>I get on YouTube, you know, the actual app where

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<v Speaker 2>we do YouTube live chat, maybe about seven ten, seven fifteen.

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<v Speaker 2>Yesterday I never got on it. It was so busy, so

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<v Speaker 2>nuts with all going on with Washington and the tariffs

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<v Speaker 2>with Mexico and Canada, that one day I just didn't

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<v Speaker 2>even use YouTube. And we really thank you for your

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<v Speaker 2>commitment to YouTube. The statistics which we see a lot

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<v Speaker 2>of from Google, Thank you Google for your support are

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<v Speaker 2>just mind blowing and we're just grinding it out every day.

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<v Speaker 2>Today we had great conversation. Major shout out to James

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<v Speaker 2>Steele legendary at HSBC. He was mesmerizing on gold, absolutely

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<v Speaker 2>mesmerizing and does suggest there's a scarcity out there. He

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<v Speaker 2>doesn't really pick a price, but he really walked through

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<v Speaker 2>the demand and the uniqueness of what we see of

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<v Speaker 2>demand in China and India given diminished global supply. Jordan

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<v Speaker 2>Rochester stopped by saxophone player with Mazuo. He's in foreign exchange.

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<v Speaker 2>He has a great ability to work with Stever Shudou

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<v Speaker 2>on us GDP. Here's Jordan Rochester melding foreign exch change

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<v Speaker 2>into the work of Steve He's shootout.

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<v Speaker 3>I think Steve's framework is the right one. Take a

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<v Speaker 3>seat back and just think yourself. Let's imagine these tariffs

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<v Speaker 3>aren't happening, what's the trade, and the trade remains in

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<v Speaker 3>the Q one of this year to expect US data

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<v Speaker 3>to outperform Europeans for less FED cuts through priced in

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<v Speaker 3>for the US is about two cuts or just a

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<v Speaker 3>bit shy of that. Now by year end we think

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<v Speaker 3>it's just want and done. The window for the FED

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<v Speaker 3>to cut rates this year is closing. If they don't

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<v Speaker 3>cut in March, they won't cut at all. It's the

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<v Speaker 3>sort of you for Steve and that's got nothing to

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<v Speaker 3>do with tariff's that's just because he believes the neutral

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<v Speaker 3>rate is closer to four percent. So I think just

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<v Speaker 3>to de stress from will he or won't he think

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<v Speaker 3>what macro trades makes sense with or without tariffs?

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<v Speaker 2>Jordan Rochester, Missoul Christian MOMIONI stopped by Oppenheimer and led you,

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<v Speaker 2>thank you Oppenheimer for your support of the show and

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<v Speaker 2>Oppenheimer for years, then Investco and then off the Lafayette

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<v Speaker 2>College of Pennsylvania. Is there endowment officers the fascinating shift

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<v Speaker 2>of career. He said, he's got a lot of private

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<v Speaker 2>equity within their endowment. Believes in the future and the

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<v Speaker 2>present of private equity. But we had to speak to

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<v Speaker 2>him with a good return this year of the future

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<v Speaker 2>of the MAG seven. Here's Christian MoManI on Apple and Alphabet.

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<v Speaker 4>Those are the facts. That is, if you look at

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<v Speaker 4>the performance of the US equity market over the last

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<v Speaker 4>ten to fifteen years, it has been driven by It

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<v Speaker 4>has been driven by technology. In fact, US markets have

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<v Speaker 4>done spectacularly better than international markets, primarily on the back

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<v Speaker 4>of performance of Max seven or some version of MAG

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<v Speaker 4>seven at various points. So their profitability is extraordinarily good.

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<v Speaker 4>Their cash flows are extraordinarily good. They are on a

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<v Speaker 4>cash flow bench, and the evaluations are high. So I

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<v Speaker 4>think the last two factors is what you have to

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<v Speaker 4>kind of consider more from a tactical standpoint. From a

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<v Speaker 4>long term perspective, the tech sector is still a very

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<v Speaker 4>good sector and if you are going to participate in

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<v Speaker 4>the market, especially in the US, participating in tech sector

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<v Speaker 4>which can generate outside of returns is something that you

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<v Speaker 4>absolutely have to want.

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<v Speaker 2>Christa Mammoni of Lafayette College in Pennsylvania. We need to

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<v Speaker 2>say thank you again to a great set of conversations today.

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<v Speaker 2>We barely brought it up, but it was a good

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<v Speaker 2>conversation with Stephanie Roth about Jobs Day coming up here

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<v Speaker 2>on Friday. It's interesting. She said, there'll be some interesting nuances,

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<v Speaker 2>some revisions that we should look out for, and that's

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<v Speaker 2>what we'll focus on in the coming days. We're out

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<v Speaker 2>on YouTube podcasts. This is single best idea