1 00:00:02,560 --> 00:00:13,600 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:14,040 --> 00:00:18,840 Speaker 2: On the latest edition of the Bloomberg Survanns podcast, Lori Calvicina, 3 00:00:19,320 --> 00:00:23,640 Speaker 2: RBC Capital Markets. Single best idea, We'll make it quick today. 4 00:00:23,960 --> 00:00:27,720 Speaker 2: Stay warm out there. It's like cold. I remember nineteen 5 00:00:27,880 --> 00:00:31,080 Speaker 2: seventy seven. I got a lot of feedback on this 6 00:00:31,200 --> 00:00:35,239 Speaker 2: from people that were around then where I was in 7 00:00:35,320 --> 00:00:39,239 Speaker 2: Upstate New York, and I had the clearest memory of 8 00:00:39,400 --> 00:00:43,440 Speaker 2: thirty and forty days where it was below freezing, and 9 00:00:43,600 --> 00:00:46,840 Speaker 2: even a ten or fifteen day period where it never 10 00:00:46,880 --> 00:00:51,159 Speaker 2: got above zero. I remember walking down the street and 11 00:00:51,200 --> 00:00:54,600 Speaker 2: the sound of the snow was totally different than anything 12 00:00:54,640 --> 00:00:58,040 Speaker 2: I'd ever ever heard before. I don't think we're going 13 00:00:58,120 --> 00:01:01,840 Speaker 2: to do a duration of nineteen seventy but be careful 14 00:01:01,840 --> 00:01:04,520 Speaker 2: out there. That's a lot of cold across this nation. 15 00:01:05,680 --> 00:01:08,119 Speaker 2: This morning. We had a great set of guests today, 16 00:01:08,160 --> 00:01:12,400 Speaker 2: and what single best idea is is two snippets of conversation, 17 00:01:12,640 --> 00:01:15,520 Speaker 2: something to bolt into your other podcasts, like The Big 18 00:01:15,560 --> 00:01:20,120 Speaker 2: Take with David Gura out on Bloomberg. But we started 19 00:01:20,440 --> 00:01:23,680 Speaker 2: with Lori Calvisina of RBC Capital Market. She follows mid 20 00:01:23,760 --> 00:01:27,559 Speaker 2: caps and small caps. Her twisted view of mag seven. 21 00:01:27,840 --> 00:01:29,560 Speaker 3: What I've been seeing with the MAG seven. If I 22 00:01:29,560 --> 00:01:31,520 Speaker 3: look back over the past years, you know, we'll kind 23 00:01:31,520 --> 00:01:33,720 Speaker 3: of go into earnings, right, and the banks come in 24 00:01:33,760 --> 00:01:35,880 Speaker 3: and they have good numbers, and then you'll get some 25 00:01:35,920 --> 00:01:38,160 Speaker 3: of these other cyclical, kind of overlooked parts of the 26 00:01:38,160 --> 00:01:40,680 Speaker 3: market working, and then you might have like one of 27 00:01:40,720 --> 00:01:43,080 Speaker 3: these MAG seven names kind of stumble a little bit. 28 00:01:43,200 --> 00:01:45,399 Speaker 3: And it feels like in the middle of that reporting season, 29 00:01:45,400 --> 00:01:47,960 Speaker 3: you're seeing the leadership shift and the earnings dynamic shift. 30 00:01:48,240 --> 00:01:49,960 Speaker 3: And then I feel like all the worker bees around 31 00:01:50,040 --> 00:01:52,920 Speaker 3: Wall Street go back after reporting season winds down, you know, 32 00:01:52,960 --> 00:01:56,400 Speaker 3: they go to conferences, they've had all their callbacks, they 33 00:01:56,400 --> 00:01:58,680 Speaker 3: go you know, on their bus stores and things, and 34 00:01:59,080 --> 00:02:01,920 Speaker 3: suddenly I noticed the MAG seven numbers start coming off again. 35 00:02:02,520 --> 00:02:05,480 Speaker 3: And so it feels like in the moment, you know, 36 00:02:05,520 --> 00:02:08,720 Speaker 3: there's a reaction to fade it, but when people really 37 00:02:08,760 --> 00:02:11,520 Speaker 3: start to give it some serious thought and reflect the 38 00:02:11,560 --> 00:02:14,560 Speaker 3: strength comes back. It's a really really odd dynamic, to 39 00:02:14,560 --> 00:02:14,920 Speaker 3: be fair. 40 00:02:15,280 --> 00:02:18,960 Speaker 2: Laurie Calvacina, she was outstanding today an extended conversation. We're 41 00:02:18,960 --> 00:02:22,160 Speaker 2: really trying to feature these this year. Early in the 42 00:02:22,200 --> 00:02:26,240 Speaker 2: hour of seven, eight and nine. You know, we're getting 43 00:02:26,280 --> 00:02:28,760 Speaker 2: in around the busy schedule of our guests, but an 44 00:02:28,840 --> 00:02:31,960 Speaker 2: extended conversation to lead off the hours. One of our 45 00:02:31,960 --> 00:02:35,919 Speaker 2: great efforts themes this year with our intern team. They've 46 00:02:35,919 --> 00:02:38,799 Speaker 2: been doing a great job of getting these people in. 47 00:02:39,200 --> 00:02:41,120 Speaker 2: This is a bit of an odd one. Albertal Gallo 48 00:02:41,320 --> 00:02:45,120 Speaker 2: was on with immense acclaim of looking at distressed ESK 49 00:02:45,160 --> 00:02:49,440 Speaker 2: worldwide and particularly euro A piece with Andromeda and albertal 50 00:02:49,480 --> 00:02:51,760 Speaker 2: Galo was great, but I had to do an audible, 51 00:02:52,200 --> 00:02:54,480 Speaker 2: and when I do an audible, you know, sometimes it 52 00:02:54,520 --> 00:02:58,160 Speaker 2: goes down in flames, not this time around. Sir Louis 53 00:02:58,320 --> 00:03:04,880 Speaker 2: Hamilton visiting Ferrari this weekend hugely emotional and symbolic with 54 00:03:05,000 --> 00:03:10,040 Speaker 2: an F one racing Ferrari has been a moonshot. Alberto 55 00:03:10,120 --> 00:03:15,040 Speaker 2: Gallo fixed income guy, and Ferrari as a stack tom. 56 00:03:15,080 --> 00:03:17,840 Speaker 4: You've got to drive a Ferrari, but you don't want to. 57 00:03:18,160 --> 00:03:19,919 Speaker 4: You don't want to buy Ferrari bonds. You want to 58 00:03:19,919 --> 00:03:22,720 Speaker 4: buy Uston Martin bonds. You need to buy bonds of 59 00:03:22,960 --> 00:03:25,720 Speaker 4: companies that are more on the edge, that need that 60 00:03:26,240 --> 00:03:30,320 Speaker 4: will pay you more for financing. So in Italy, I 61 00:03:30,360 --> 00:03:33,440 Speaker 4: would say credit spreads are really tight. The sovereign that 62 00:03:33,600 --> 00:03:36,560 Speaker 4: bdps are is tight, but the opportunity is in companies 63 00:03:36,560 --> 00:03:38,160 Speaker 4: that are a little bit more higher yielding. And I 64 00:03:38,160 --> 00:03:40,040 Speaker 4: would say for the first time in a long time, 65 00:03:40,400 --> 00:03:42,960 Speaker 4: we have the southern European countries which are doing better. 66 00:03:42,960 --> 00:03:46,000 Speaker 4: They have a week he Ro they have so they 67 00:03:46,040 --> 00:03:49,840 Speaker 4: have more tourists, more influence of foreign capital, and also 68 00:03:49,960 --> 00:03:54,320 Speaker 4: they have been fixing their They've been fixing their act 69 00:03:54,720 --> 00:03:57,480 Speaker 4: a lot earlier than Germany and France their business models. 70 00:03:57,520 --> 00:04:02,880 Speaker 4: So Spain, Italy, Portugal, there's pretty good opportunities there, better 71 00:04:02,960 --> 00:04:05,840 Speaker 4: than core Europe, and actually better in the UK where 72 00:04:06,040 --> 00:04:08,200 Speaker 4: the garment is still struggling to attract investment. 73 00:04:08,280 --> 00:04:12,000 Speaker 2: Alberta Gallo of Andromeda Capital, I just can't say enough 74 00:04:12,000 --> 00:04:15,200 Speaker 2: about that conversation this morning. I'll be honest, I've never 75 00:04:15,280 --> 00:04:19,800 Speaker 2: heard him so optimistic about a workout of Europe. He 76 00:04:19,960 --> 00:04:24,680 Speaker 2: was hugely constructive. On your commute across the nation, We're 77 00:04:24,680 --> 00:04:28,400 Speaker 2: on Apple CarPlay, Android Auto Good Frigid Morning ninety nine 78 00:04:28,440 --> 00:04:31,080 Speaker 2: one FM. Major shout out to Joe Matthew and Katie 79 00:04:31,160 --> 00:04:37,080 Speaker 2: Lines for inaugural leadership with David Gura helping out. Yeoman's 80 00:04:37,160 --> 00:04:41,240 Speaker 2: Duty by David Gura as well, and of course on YouTube. 81 00:04:41,960 --> 00:04:45,719 Speaker 2: Humbled by the growth of Bloomberg podcasts, you can subscribe 82 00:04:45,760 --> 00:05:01,599 Speaker 2: to Bloomberg Podcasts. This is a single best idea. 83 00:05:00,040 --> 00:05:01,720 Speaker 3: Then the man to