Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea and
Speaker 1: we were ripping up the script all morning here in
Speaker 1: the new flow, just extraordinary here into Meta and Microsoft
Speaker 1: this afternoon. Google last time I looked, was up eight
Speaker 1: nine ten dollars as well as a lift three point
Speaker 1: eight standard deviation move up on Google. But the new
Speaker 1: slow is there. Nick Cholis was in today with Data
Speaker 1: Trek Research Exquisite Research, thinking about the broader picture, but
Speaker 1: bringing it down to Nick Colis granularity. Here he is
Speaker 1: on the overweight of the hiss of the moment, I
Speaker 1: should say, the overweight of the decade, the standard IMPORES
Speaker 1: five hundred.
Speaker 2: It is dramatic, and it's obviously we're talking about the
Speaker 2: SP five hundred versus anything else, any other index anywhere
Speaker 2: in the world MSCI, Europe, Japan, Emerging Markets, everything you.
Speaker 2: Tech is a heavy weight in the US more than
Speaker 2: anyplace else. And the bottom line is you have to
Speaker 2: live with it. And there's a reason why these companies
Speaker 2: have gotten so big. They are disruptive innovators at scale,
Speaker 2: and they own most of the Internet, and it's really
Speaker 2: hard to back away from that. Here in the US.
Speaker 2: We talk about it a lot as a negative. When
Speaker 2: I visit clients in Europe, everybody resolutely thinks it's a positive,
Speaker 2: and they think, thank God for US equities, because if
Speaker 2: there weren't for the spo FI one hundred, I'd be
Speaker 2: stuck owning MSCI Europe earning five to eight percent instead
Speaker 2: of owning the US which is compounding at thirteen. So
Speaker 2: we think of it as a problem here. Nobody else
Speaker 2: sins it is a problem.
Speaker 1: We replay the morning program and for Global Wall Street,
Speaker 1: the Nikolas interview was so deep, so thick, that I
Speaker 1: really recommend going out to YouTube search Bloomberg Podcasts and
Speaker 1: you'll see the live broadcast. It's pictures of Lisa and
Speaker 1: Michael Barr and two ugly guys, and there's also separate
Speaker 1: the same look, but it's a tape record of the
Speaker 1: three hours of Bloomberg surveillance. You can go in there
Speaker 1: Global Wall Street and listen to all of Nicholas. I
Speaker 1: think that's very valuable as well. First thing I looked
Speaker 1: at this morning, just by chance, was gold out to
Speaker 1: a record high. Brought up the te function the trading envelope,
Speaker 1: and there was gold slipping out to a new high,
Speaker 1: which means you have to drag on Dennis Gartment. Let
Speaker 1: me explain. You can buy gold. You can buy it
Speaker 1: in US dollars, you can buy it in euros. Well
Speaker 1: over a decade ago, Dennis Gartman said, you ought to
Speaker 1: buy gold, and you ought to buy it in an
Speaker 1: overappreciate again, because the yen will depreciate why you own
Speaker 1: your gold, and gold will go up on a relative basis.
Speaker 1: Even more, it's one of the great trades of the decade.
Speaker 1: Here Dennis Gartman on the gold dynamic and the yen dynamic.
Speaker 3: I think gold is a precursor to a higher inflation.
Speaker 3: But you clearly need to have inflationary pressures above two
Speaker 3: and three percent to keep gold moving from at the
Speaker 3: angle that it has been moving from the lower left
Speaker 3: to the upper right. But again, gold is driven by
Speaker 3: two motive forces, inflation and geopolitical circumstances, and right now
Speaker 3: I think geopolitical circumstances are the driving motive force. Plus
Speaker 3: the fact it was a little bit disconcerting to me
Speaker 3: that the bricks Nations met last week and didn't announce
Speaker 3: a substantive change in their dollar policies and a substantive
Speaker 3: change in the purchase of gold that was a bit disappointing,
Speaker 3: but gold has held very well despite that disappointment. Always
Speaker 3: buy things that go up when the news has been
Speaker 3: relatively disappointing.
Speaker 1: That's a really important concept. Let me talk about that,
Speaker 1: Dennis Gartman there on gold in Yen. This is a
Speaker 1: real core investment idea. So let's take shorting, where you
Speaker 1: believe something's going to go down in price is a rule.
Speaker 1: The optimum short is when a lousy stock in a
Speaker 1: lousy sector in a lousy market goes down. It's hard
Speaker 1: to find, but believe me, that's when it's best, most efficacious,
Speaker 1: if you will. What Dennis is talking about, of course,
Speaker 1: is how do stocks react when there is adversity and
Speaker 1: you want to get things that go down less when
Speaker 1: you go down. That's something to study for. Is well.
Speaker 1: We have a busy week. Went back and forth with
Speaker 1: David Gerra. He's on the swing state tour. Kaylee said
Speaker 1: he's in Wisconsin, but maybe that was an hour ago.
Speaker 1: Maybe he's like taking the Sikorski over to Pennsylvania. I'm
Speaker 1: really not sure. Gurra out on the road as we go,
Speaker 1: the election dash into the end of the week. The
Speaker 1: jobs report on Friday and then across over to this
Speaker 1: historic Tuesday election balance of power leading our coverage with
Speaker 1: Jonathan Farrell. Look for that, Jonathan Farrell, Joe Matthew, Kaylee
Speaker 1: lines in a cast of thousands election night. We will
Speaker 1: be there early the next morning to tell you that
Speaker 1: we haven't had a decided election yet. That seems to
Speaker 1: be where we're heading as well. We're on YouTube, subscribe
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