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

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Speaker 1: deep into twenty twenty five. It is amazing how we

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Speaker 1: move forward headline to headline. Thank you to Bloomberg's world

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Speaker 1: class headline team, invented by Matthew Winkler, pushing thirty years ago,

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Speaker 1: maybe more than thirty years ago. Now there's regular headlines.

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Speaker 1: There's headlines I never see. There's things we call a

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Speaker 1: red sticky, which is a bright red headline that comes out,

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Speaker 1: and the market churns and moves off of these. It's

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Speaker 1: just no other way to put it. As well. We

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Speaker 1: tried to recalibrate on this Friday. We did with John Stolfus,

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Speaker 1: the bull of Oppenheimer, and he was adamant. He reaffirms

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Speaker 1: because of America's innovation a bull market.

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Speaker 2: I'd still push against it. And I think that the

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Speaker 2: reason why is where we are today is we are

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Speaker 2: at a watershed period of innovation that is d that

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Speaker 2: can drive all sectors here. And it's not just about tech.

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Speaker 3: It's about what tech.

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Speaker 2: Can do for the utes. It's what it can do

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Speaker 2: for healthcare, It's what it can do for repurposing buildings

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Speaker 2: and real estate, for finding resources in consumer staples, designing

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Speaker 2: products for consumer discretionary This is a very this is

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Speaker 2: you know, it's what is it? The Chinese curses. May

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Speaker 2: you live in interesting times, but the other side of it,

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Speaker 2: for the optimists, interesting times can produce not just risks,

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Speaker 2: but can also produce opportunities.

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Speaker 3: And we, you know, when we look.

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Speaker 2: In hindsight, because as you know, I've been in this

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Speaker 2: business for over forty years, It's going to be forty

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Speaker 2: two sometime between Maine and May July. Oh your new kid,

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Speaker 2: God bless me that way.

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Speaker 3: The thing is, I've been there every boombust and recovery cycle,

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Speaker 3: and generally, when we look hindsight, in perfection says gosh,

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Speaker 3: if only we bought more, if only we knocked up

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Speaker 3: the truck.

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Speaker 2: When people get so negative.

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Speaker 1: John Stolphus of Oppenheimer and I can't say enough about

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Speaker 1: not only the daily nude, but just the simple equity

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Speaker 1: literature out of Oppenheimer and including that of their securities

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Speaker 1: research as well. Just any number of guests that we

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Speaker 1: talked to today about all going on in Washington. One

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Speaker 1: of the hallmarks of what we do is to try

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Speaker 1: to go to the source on trade. The modern source

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Speaker 1: is a quiet professor out of Hanover, New Hampshire. His

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Speaker 1: name is Douglas Irwin, and he's one of these kids

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Speaker 1: that came out of a PhD program years ago and

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Speaker 1: made a stunning, immediate splash with his book Against the Tide.

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Speaker 1: It is the modern History of Trade. I've read it

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Speaker 1: cover to cover, you know what. It's a little bit

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Speaker 1: of heavy reading. There's not a lot of pictures to

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Speaker 1: you know, put it out, but it's not going to

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Speaker 1: be a Netflix show, but it is the bible of

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Speaker 1: free trade. Again, Against the Tide. We talked to Professor

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Speaker 1: Irwin of Dartmouth College about mister Trump's affiliation with mister

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Speaker 1: McKinley of the nineteenth century.

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Speaker 4: Well, it's interesting you bring u John Stuart Mill because

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Speaker 4: we're talking about the nineteenth century, and of course he

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Speaker 4: refers to William McKinley quite a bit, another nineteenth century

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Speaker 4: president who imposed tariffs to try to keep industries here

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Speaker 4: in the United States. You know, you can do it sometimes,

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Speaker 4: but the cost can be very high. You know, many

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Speaker 4: countries around the world try to reshore industries. So Argentina

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Speaker 4: has a little bastion of manufacturing in Tierra del Fuego.

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Speaker 4: Of all places that they've inculcated with tax subsidies and

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Speaker 4: important tariff tariffs. So you can reshore some industries, but

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Speaker 4: the question is at what price, at what cost to

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Speaker 4: other sectors of the economy, and is it really worth it.

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Speaker 1: Doug Irwin of Dartmouth again with an important foreign affairs

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Speaker 1: article which Bone and the Peterson Institute. I'll try to

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Speaker 1: get that out on social this weekend. Look for me

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Speaker 1: on LinkedIn and Twitter. There's the social actually, you know,

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Speaker 1: to be honest, folks, I've just dropped Instagram. I've just

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Speaker 1: given up. It's just too noisy and too many distractions.

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Speaker 1: And that I've really focused in on Twitter and LinkedIn

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Speaker 1: to get the articles out and the essays, the stuff

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Speaker 1: we read here at Bloomberg Surveillance. This is a podcast

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Speaker 1: and the best place is YouTube. Podcasts. Can't say enough

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Speaker 1: about a premium subscription on YouTube. That's what I do

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Speaker 1: and it is single best idea.