Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The single best idea
Speaker 1: deep into twenty twenty five. It is amazing how we
Speaker 1: move forward headline to headline. Thank you to Bloomberg's world
Speaker 1: class headline team, invented by Matthew Winkler, pushing thirty years ago,
Speaker 1: maybe more than thirty years ago. Now there's regular headlines.
Speaker 1: There's headlines I never see. There's things we call a
Speaker 1: red sticky, which is a bright red headline that comes out,
Speaker 1: and the market churns and moves off of these. It's
Speaker 1: just no other way to put it. As well. We
Speaker 1: tried to recalibrate on this Friday. We did with John Stolfus,
Speaker 1: the bull of Oppenheimer, and he was adamant. He reaffirms
Speaker 1: because of America's innovation a bull market.
Speaker 2: I'd still push against it. And I think that the
Speaker 2: reason why is where we are today is we are
Speaker 2: at a watershed period of innovation that is d that
Speaker 2: can drive all sectors here. And it's not just about tech.
Speaker 3: It's about what tech.
Speaker 2: Can do for the utes. It's what it can do
Speaker 2: for healthcare, It's what it can do for repurposing buildings
Speaker 2: and real estate, for finding resources in consumer staples, designing
Speaker 2: products for consumer discretionary This is a very this is
Speaker 2: you know, it's what is it? The Chinese curses. May
Speaker 2: you live in interesting times, but the other side of it,
Speaker 2: for the optimists, interesting times can produce not just risks,
Speaker 2: but can also produce opportunities.
Speaker 3: And we, you know, when we look.
Speaker 2: In hindsight, because as you know, I've been in this
Speaker 2: business for over forty years, It's going to be forty
Speaker 2: two sometime between Maine and May July. Oh your new kid,
Speaker 2: God bless me that way.
Speaker 3: The thing is, I've been there every boombust and recovery cycle,
Speaker 3: and generally, when we look hindsight, in perfection says gosh,
Speaker 3: if only we bought more, if only we knocked up
Speaker 3: the truck.
Speaker 2: When people get so negative.
Speaker 1: John Stolphus of Oppenheimer and I can't say enough about
Speaker 1: not only the daily nude, but just the simple equity
Speaker 1: literature out of Oppenheimer and including that of their securities
Speaker 1: research as well. Just any number of guests that we
Speaker 1: talked to today about all going on in Washington. One
Speaker 1: of the hallmarks of what we do is to try
Speaker 1: to go to the source on trade. The modern source
Speaker 1: is a quiet professor out of Hanover, New Hampshire. His
Speaker 1: name is Douglas Irwin, and he's one of these kids
Speaker 1: that came out of a PhD program years ago and
Speaker 1: made a stunning, immediate splash with his book Against the Tide.
Speaker 1: It is the modern History of Trade. I've read it
Speaker 1: cover to cover, you know what. It's a little bit
Speaker 1: of heavy reading. There's not a lot of pictures to
Speaker 1: you know, put it out, but it's not going to
Speaker 1: be a Netflix show, but it is the bible of
Speaker 1: free trade. Again, Against the Tide. We talked to Professor
Speaker 1: Irwin of Dartmouth College about mister Trump's affiliation with mister
Speaker 1: McKinley of the nineteenth century.
Speaker 4: Well, it's interesting you bring u John Stuart Mill because
Speaker 4: we're talking about the nineteenth century, and of course he
Speaker 4: refers to William McKinley quite a bit, another nineteenth century
Speaker 4: president who imposed tariffs to try to keep industries here
Speaker 4: in the United States. You know, you can do it sometimes,
Speaker 4: but the cost can be very high. You know, many
Speaker 4: countries around the world try to reshore industries. So Argentina
Speaker 4: has a little bastion of manufacturing in Tierra del Fuego.
Speaker 4: Of all places that they've inculcated with tax subsidies and
Speaker 4: important tariff tariffs. So you can reshore some industries, but
Speaker 4: the question is at what price, at what cost to
Speaker 4: other sectors of the economy, and is it really worth it.
Speaker 1: Doug Irwin of Dartmouth again with an important foreign affairs
Speaker 1: article which Bone and the Peterson Institute. I'll try to
Speaker 1: get that out on social this weekend. Look for me
Speaker 1: on LinkedIn and Twitter. There's the social actually, you know,
Speaker 1: to be honest, folks, I've just dropped Instagram. I've just
Speaker 1: given up. It's just too noisy and too many distractions.
Speaker 1: And that I've really focused in on Twitter and LinkedIn
Speaker 1: to get the articles out and the essays, the stuff
Speaker 1: we read here at Bloomberg Surveillance. This is a podcast
Speaker 1: and the best place is YouTube. Podcasts. Can't say enough
Speaker 1: about a premium subscription on YouTube. That's what I do
Speaker 1: and it is single best idea.