1 00:00:02,520 --> 00:00:13,399 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, a single best idea, 2 00:00:13,800 --> 00:00:16,760 Speaker 1: like how about a one hour single best idea? Barry 3 00:00:16,960 --> 00:00:20,079 Speaker 1: King Green in today his new book, My Book of 4 00:00:20,120 --> 00:00:22,960 Speaker 1: the Summer of much more on it in the coming weeks, 5 00:00:22,960 --> 00:00:27,440 Speaker 1: but it's absolutely spectacular, two hundred and forty pages from 6 00:00:27,760 --> 00:00:32,040 Speaker 1: our definitive international economists, bouncing off Ken Rogoff last year, 7 00:00:32,560 --> 00:00:35,879 Speaker 1: Ken Green of Berkeley, Money and Borders. It's just a 8 00:00:35,920 --> 00:00:39,640 Speaker 1: fabulous new effort and that will be my book of 9 00:00:39,680 --> 00:00:42,199 Speaker 1: the summer. My interview of the day with that question 10 00:00:42,360 --> 00:00:46,720 Speaker 1: Alicia Levine, b and why is the equity markets reacted 11 00:00:46,800 --> 00:00:49,519 Speaker 1: off of one hundred and nine dollars of Brent crude? 12 00:00:49,560 --> 00:00:53,320 Speaker 1: As we tape, she's with b and why, Alisha Levine. 13 00:00:53,080 --> 00:00:58,080 Speaker 2: We had Ukraine just four short years ago, we had COVID. 14 00:00:58,120 --> 00:01:01,320 Speaker 2: Not geopolitical, but quite a shock to the markets. You know. 15 00:01:01,400 --> 00:01:04,840 Speaker 2: The lesson is, you know, these things get priced out. 16 00:01:05,120 --> 00:01:07,559 Speaker 2: But I am shocked that we're not down at least 17 00:01:07,600 --> 00:01:10,360 Speaker 2: ten percent. And I think coming into the year, we 18 00:01:10,360 --> 00:01:13,200 Speaker 2: thought we could have a year like that anyway, much 19 00:01:13,240 --> 00:01:16,880 Speaker 2: more volatility. We were telling clients, much more volatile year. 20 00:01:17,040 --> 00:01:19,360 Speaker 2: You come in with the twenty two times forward earnings. 21 00:01:19,520 --> 00:01:21,840 Speaker 2: Even if you have earnings up at fifteen percent, like 22 00:01:22,120 --> 00:01:25,240 Speaker 2: you still have some volve built in. 23 00:01:25,560 --> 00:01:28,039 Speaker 1: Alicia Levin there, I want to go through the math 24 00:01:28,120 --> 00:01:30,480 Speaker 1: here of what she and I were talking about. She 25 00:01:30,640 --> 00:01:35,280 Speaker 1: is prodigious quantitative skills. Really no one else like her 26 00:01:35,280 --> 00:01:39,959 Speaker 1: within the strategy game. There's a thing called stochastic, which 27 00:01:40,000 --> 00:01:43,440 Speaker 1: is fancy math talk for point B. And the fact 28 00:01:43,800 --> 00:01:47,440 Speaker 1: is hydrocarbons go up and panic and they turn right 29 00:01:47,480 --> 00:01:50,639 Speaker 1: around and come back down, so you got a pointy top. 30 00:01:51,160 --> 00:01:54,400 Speaker 1: And she and I talked about that, like the certitude. Okay, 31 00:01:54,400 --> 00:01:58,160 Speaker 1: there's a war, no big deal, ninety dollars a barrel 32 00:01:58,280 --> 00:02:00,920 Speaker 1: one ten, you know, all the gloom stories out there 33 00:02:00,920 --> 00:02:04,320 Speaker 1: where we're going, and then it lit'tle reverse and this 34 00:02:04,680 --> 00:02:09,040 Speaker 1: really good conversation about that. And every commodity has its 35 00:02:09,040 --> 00:02:12,960 Speaker 1: own character, if you will expert on this is Will 36 00:02:13,240 --> 00:02:17,480 Speaker 1: Kennedy with Stuart Wallace and Justin carro Agan literally building 37 00:02:18,000 --> 00:02:23,200 Speaker 1: the worldwide Bloomberg News combine and commodities. So good now 38 00:02:23,240 --> 00:02:27,280 Speaker 1: he's driving all of our news for ema huge, huge 39 00:02:27,320 --> 00:02:30,760 Speaker 1: position at Bloomberg, one of our most challenging jobs. We 40 00:02:30,760 --> 00:02:33,720 Speaker 1: were so fortunate to get Will Kennedy on at one 41 00:02:33,800 --> 00:02:35,919 Speaker 1: hundred and nine dollars a barrel. 42 00:02:36,120 --> 00:02:39,720 Speaker 3: It just shows I think that the market has been 43 00:02:39,760 --> 00:02:43,720 Speaker 3: a little bit complacent about the impact of the war 44 00:02:43,919 --> 00:02:47,760 Speaker 3: and when they see the headlines today about Israel in 45 00:02:47,800 --> 00:02:50,079 Speaker 3: the US hitting this gats field. Now, this gas field 46 00:02:50,120 --> 00:02:52,280 Speaker 3: will not have a huge impact on international markets. It's 47 00:02:52,320 --> 00:02:56,600 Speaker 3: gas that is used at home in Yvonne. But what 48 00:02:56,639 --> 00:02:59,120 Speaker 3: it does mean is I think EVON will take it 49 00:02:59,120 --> 00:03:02,760 Speaker 3: as a signal that the energy system, the global energy system, 50 00:03:03,160 --> 00:03:06,000 Speaker 3: is fair game. So there's a lot of wary now 51 00:03:06,320 --> 00:03:11,280 Speaker 3: that that means that they will intensify attacks against oil refinemies, 52 00:03:11,280 --> 00:03:15,600 Speaker 3: against oil fields, against export turns, and indeed to concentrate 53 00:03:15,639 --> 00:03:18,120 Speaker 3: on the straight off all moves, and it will just 54 00:03:18,360 --> 00:03:21,080 Speaker 3: mean that the pain that's going through the energy system 55 00:03:21,120 --> 00:03:21,680 Speaker 3: will increase. 56 00:03:21,919 --> 00:03:25,920 Speaker 1: Well, Canada driving all of news for Emma at Bloomberg 57 00:03:26,919 --> 00:03:29,440 Speaker 1: News just really can't say enough about all of our 58 00:03:29,480 --> 00:03:33,640 Speaker 1: midies term Thank you so much too. Dan Williams and 59 00:03:33,639 --> 00:03:38,280 Speaker 1: Ethan Browner in Tel Aviv, Jumana Verssecchi driving Horizons out 60 00:03:38,320 --> 00:03:42,680 Speaker 1: of Dubai, keeping the coverage going each in every day 61 00:03:43,000 --> 00:03:47,120 Speaker 1: and podcasts run Apple, We're on Spotify and YouTube podcasts 62 00:03:47,480 --> 00:03:49,360 Speaker 1: it's single best idea.