Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: On the latest edition of the Bloomberg Survanns podcast, Lori Calvicina,
Speaker 2: RBC Capital Markets. Single best idea, We'll make it quick today.
Speaker 2: Stay warm out there. It's like cold. I remember nineteen
Speaker 2: seventy seven. I got a lot of feedback on this
Speaker 2: from people that were around then where I was in
Speaker 2: Upstate New York, and I had the clearest memory of
Speaker 2: thirty and forty days where it was below freezing, and
Speaker 2: even a ten or fifteen day period where it never
Speaker 2: got above zero. I remember walking down the street and
Speaker 2: the sound of the snow was totally different than anything
Speaker 2: I'd ever ever heard before. I don't think we're going
Speaker 2: to do a duration of nineteen seventy but be careful
Speaker 2: out there. That's a lot of cold across this nation.
Speaker 2: This morning. We had a great set of guests today,
Speaker 2: and what single best idea is is two snippets of conversation,
Speaker 2: something to bolt into your other podcasts, like The Big
Speaker 2: Take with David Gura out on Bloomberg. But we started
Speaker 2: with Lori Calvisina of RBC Capital Market. She follows mid
Speaker 2: caps and small caps. Her twisted view of mag seven.
Speaker 3: What I've been seeing with the MAG seven. If I
Speaker 3: look back over the past years, you know, we'll kind
Speaker 3: of go into earnings, right, and the banks come in
Speaker 3: and they have good numbers, and then you'll get some
Speaker 3: of these other cyclical, kind of overlooked parts of the
Speaker 3: market working, and then you might have like one of
Speaker 3: these MAG seven names kind of stumble a little bit.
Speaker 3: And it feels like in the middle of that reporting season,
Speaker 3: you're seeing the leadership shift and the earnings dynamic shift.
Speaker 3: And then I feel like all the worker bees around
Speaker 3: Wall Street go back after reporting season winds down, you know,
Speaker 3: they go to conferences, they've had all their callbacks, they
Speaker 3: go you know, on their bus stores and things, and
Speaker 3: suddenly I noticed the MAG seven numbers start coming off again.
Speaker 3: And so it feels like in the moment, you know,
Speaker 3: there's a reaction to fade it, but when people really
Speaker 3: start to give it some serious thought and reflect the
Speaker 3: strength comes back. It's a really really odd dynamic, to
Speaker 3: be fair.
Speaker 2: Laurie Calvacina, she was outstanding today an extended conversation. We're
Speaker 2: really trying to feature these this year. Early in the
Speaker 2: hour of seven, eight and nine. You know, we're getting
Speaker 2: in around the busy schedule of our guests, but an
Speaker 2: extended conversation to lead off the hours. One of our
Speaker 2: great efforts themes this year with our intern team. They've
Speaker 2: been doing a great job of getting these people in.
Speaker 2: This is a bit of an odd one. Albertal Gallo
Speaker 2: was on with immense acclaim of looking at distressed ESK
Speaker 2: worldwide and particularly euro A piece with Andromeda and albertal
Speaker 2: Galo was great, but I had to do an audible,
Speaker 2: and when I do an audible, you know, sometimes it
Speaker 2: goes down in flames, not this time around. Sir Louis
Speaker 2: Hamilton visiting Ferrari this weekend hugely emotional and symbolic with
Speaker 2: an F one racing Ferrari has been a moonshot. Alberto
Speaker 2: Gallo fixed income guy, and Ferrari as a stack tom.
Speaker 4: You've got to drive a Ferrari, but you don't want to.
Speaker 4: You don't want to buy Ferrari bonds. You want to
Speaker 4: buy Uston Martin bonds. You need to buy bonds of
Speaker 4: companies that are more on the edge, that need that
Speaker 4: will pay you more for financing. So in Italy, I
Speaker 4: would say credit spreads are really tight. The sovereign that
Speaker 4: bdps are is tight, but the opportunity is in companies
Speaker 4: that are a little bit more higher yielding. And I
Speaker 4: would say for the first time in a long time,
Speaker 4: we have the southern European countries which are doing better.
Speaker 4: They have a week he Ro they have so they
Speaker 4: have more tourists, more influence of foreign capital, and also
Speaker 4: they have been fixing their They've been fixing their act
Speaker 4: a lot earlier than Germany and France their business models.
Speaker 4: So Spain, Italy, Portugal, there's pretty good opportunities there, better
Speaker 4: than core Europe, and actually better in the UK where
Speaker 4: the garment is still struggling to attract investment.
Speaker 2: Alberta Gallo of Andromeda Capital, I just can't say enough
Speaker 2: about that conversation this morning. I'll be honest, I've never
Speaker 2: heard him so optimistic about a workout of Europe. He
Speaker 2: was hugely constructive. On your commute across the nation, We're
Speaker 2: on Apple CarPlay, Android Auto Good Frigid Morning ninety nine
Speaker 2: one FM. Major shout out to Joe Matthew and Katie
Speaker 2: Lines for inaugural leadership with David Gura helping out. Yeoman's
Speaker 2: Duty by David Gura as well, and of course on YouTube.
Speaker 2: Humbled by the growth of Bloomberg podcasts, you can subscribe
Speaker 2: to Bloomberg Podcasts. This is a single best idea.
Speaker 3: Then the man to