WEBVTT - Single Best Idea with Tom Keene: Gina Martin Adams & Huw van Steenis

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Really really interesting day of single best idea and what

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<v Speaker 2>we do on Bloomberg Surveillance. Sometimes we have breaking news

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<v Speaker 2>headlines we have to get into where they're market moving.

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<v Speaker 2>In this moment, the Dow one up two hundred points

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<v Speaker 2>on futures. It was a Trump announcement on tariffs. So

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<v Speaker 2>we have to short a guest. We really try to

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<v Speaker 2>bring back guests that we've had to short soon. One

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<v Speaker 2>of those today was McK molroy with Lobo Institute on

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<v Speaker 2>the Pentagon, on defense. He came to us from Montana,

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<v Speaker 2>the land of the Strategic Air Command. It seems ancient history,

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<v Speaker 2>but it was when minute men missiles were important to America.

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<v Speaker 2>We'll get mc molroy on again, and many other worthies

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<v Speaker 2>as well. Someone that was a joyous to at length

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<v Speaker 2>today was Gina Martin Adams, really explaining the uncertainty that's

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<v Speaker 2>out there within securities analysis and within the stock market.

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<v Speaker 2>Here are Gina Martin Adams on this moment of a

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<v Speaker 2>trade war.

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<v Speaker 3>This president is very committed to amending the order. How

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<v Speaker 3>much he amends it as up to up for grabs,

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<v Speaker 3>it's a big question. But we will have an amendment

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<v Speaker 3>to the Global World Trade Order. And that's important to

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<v Speaker 3>understand is there's no going back to where we were

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<v Speaker 3>on January first. The question is how far do we

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<v Speaker 3>go in the adjustment process at this point in time.

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<v Speaker 3>There are still, though a substantial amount of people that

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<v Speaker 3>think this is just a lot of volatility and a

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<v Speaker 3>lot of noise and underlying this, he'll eventually go away

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<v Speaker 3>and stop. And I'm not sure that's going to be

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<v Speaker 3>the case. I think you have to sort of respect

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<v Speaker 3>the commitment level to changing things. While it'll be in

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<v Speaker 3>fits and starts and certainly a volatile path, we will

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<v Speaker 3>be a changed universe going forward. The question mark is

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<v Speaker 3>how much has that change and does the where is

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<v Speaker 3>it damaging? Where is it potentially positively impactful.

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<v Speaker 2>Jenna Martin Adams excellent fundamental and technical analysis running all

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<v Speaker 2>of Bloomberg Intelligence Equities. Thrilled that she could be in

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<v Speaker 2>studio with us today. One of the great secrets of

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<v Speaker 2>how we make the sauce, how we make the spaghetti

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<v Speaker 2>hair each and every day is that so many of

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<v Speaker 2>our guests really choose to be with us. I can't

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<v Speaker 2>emphasize enough how important that is. Someone who for decades

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<v Speaker 2>has really provided benefit from his time at Morgan Stanley

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<v Speaker 2>definitive on European banks. To his public service, I should

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<v Speaker 2>say to his United Kingdom has been huvon steinis now

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<v Speaker 2>in Oliver Wyman. He transfixed us today with the discussion

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<v Speaker 2>of the cash flow excuse me, the interior cash flow

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<v Speaker 2>dynamics of small business and retail America given as trade

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<v Speaker 2>or here Hugh van Steiners.

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<v Speaker 4>These are unbelievably entrepreneurial folk, and so they're trying to

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<v Speaker 4>sort of weave their way through this. Look. I think

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<v Speaker 4>the first and second line is really about the order books.

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<v Speaker 4>Has the sales come down where I've got highly leveraged

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<v Speaker 4>companies trying to forensically work through that. So I think

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<v Speaker 4>it's about cash conservation and it's about getting a cost down.

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<v Speaker 4>So I'm already picking up people saying to all their

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<v Speaker 4>management teams, have you thought about a cost round? What

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<v Speaker 4>are you doing about that? So that's one, But on

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<v Speaker 4>the other side in credit land, they're actually people trying

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<v Speaker 4>to look this as an opportunity and actually trying to

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<v Speaker 4>buy in some of the credits at wider spreads. About

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<v Speaker 4>sixty percent of the new inflows for the private market

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<v Speaker 4>firms for the last two years as being credit and overwhelming.

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<v Speaker 4>As we've discussed before, that's coming from the insurers. These

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<v Speaker 4>are steady hands they want to deploy in size, but

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<v Speaker 4>obviously on the equity side there is more stress in

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<v Speaker 4>the system.

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<v Speaker 2>Van Steiners, and he was just brilliant on some of

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<v Speaker 2>the challenges we may face in private equity as well.

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<v Speaker 2>What an eventful day it's been in through a week

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<v Speaker 2>that seems to be as exhausting as every other week

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<v Speaker 2>we've had over the last number of weeks. We're watching

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<v Speaker 2>the markets and the correlated changes almost Bloomberg headline to

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<v Speaker 2>Bloomberg headline. We'll continue to do that through the week,

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<v Speaker 2>and your commute across the nation. Bloomberg Radio and Android

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<v Speaker 2>Auto an Apple CarPlay Good Morning ninety nine one FM

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<v Speaker 2>in Washington, where Lisa Bramwitz is holding good conversations with

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<v Speaker 2>the IMF types. We say good morning out on YouTube podcasts.

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<v Speaker 2>This is single best idea