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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.

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Speaker 2: Single Best Idea and what a day it was. We

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Speaker 2: could have had about six tapes here turned it into

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Speaker 2: a twenty minute extravaganza. The goal of single Best Idea

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Speaker 2: is not to give you a twenty minute extravaganza. There's

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Speaker 2: a lot of podcasts out there doing that. Looked at

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Speaker 2: the Big Take with David Gura is one example of

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Speaker 2: really getting it done with a highly produced twenty minute effort.

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Speaker 2: This is a glimpse into conversations of the moment, and

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Speaker 2: today's hugely eclectic and hugely surprising. We'll get to Betsy

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Speaker 2: Stevenson of Michigan, of Ann Arbor in a moment on

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Speaker 2: this crazy childcare mess we're in in America. But first,

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Speaker 2: Gina Martin Adams always surprises, and she hates me because

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Speaker 2: she knows I'm going to throw an audible. So I

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Speaker 2: saw Gina Martin Adams of Bloomberg Intelligence, Equity and Audible.

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Speaker 2: I said, okay, no one's in love with China. Does

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Speaker 2: that mean their equities are a value? Here's Gina Martin Adams.

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Speaker 1: Chinese equities are very consistently abi at eleven times earnings.

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Speaker 1: We saw that last year Chinese equities got down to

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Speaker 1: eleven times earnings. It created a major buying opportunity for

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Speaker 1: Chinese equities. We bounced off of those lows, and now

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Speaker 1: we're starting to see whether or not the fundamentals can

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Speaker 1: actually put up to allow for valuations to continue to

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Speaker 1: expand in China. It is a tough case right now

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Speaker 1: for China for a lot of reasons, mostly because we're

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Speaker 1: not seeing the economic progress that many people had hoped

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Speaker 1: to see in China, and earnings growth trends are not

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Speaker 1: as positive. That said, we are coming off of a

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Speaker 1: major multiple low, and if we can see that incremental

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Speaker 1: improvement and confidence come out of China, you can see

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Speaker 1: China work longer term. Though, Tom, I have to admit

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Speaker 1: that China's relative performance by comparison to the broader em

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Speaker 1: or even the broader global equity markets is a pretty

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Speaker 1: massive disappointment over longer term time trends. So I tend

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Speaker 1: to think of it as a tactical opportunity until we

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Speaker 1: see some really major structural reforms which open that market

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Speaker 1: to the global investment community on a more consistent basis,

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Speaker 1: and also we see some more persistent fundamental improvement that is.

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Speaker 2: An example of the excellence of Bloomberg intelligence. I threw

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Speaker 2: that looking for a cursory short answer, and instead a

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Speaker 2: clinic from Gina Martin Adams laying out China equity potential.

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Speaker 2: I thought that was just absolutely brilliant. A lot of

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Speaker 2: other discussions to any Amory Horden painting a picture of

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Speaker 2: the democratic effort in Chicago. Anton Posner I thought was

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Speaker 2: great on the logistics of supply chain of the Red

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Speaker 2: Sea of the Panama Canal as well. And then finally

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Speaker 2: we had Betsy Steve Vison of Michigan, and I want

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Speaker 2: to make clear who she is. A lot of people

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Speaker 2: look at her as a policy want because she's someone

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Speaker 2: that comes out and talks about this, that and the other.

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Speaker 2: There is no one, and I mean no one in

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Speaker 2: America who has studied the economics and the policy realities

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Speaker 2: of divorce and together and separately, children and childcare in America.

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Speaker 2: She's an absolute tuoredive force. I'll be blunt. Her CV

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Speaker 2: is heartbreaking about the effect of divorce and child care

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Speaker 2: and lack of child education in America. Doesn't matter what

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Speaker 2: your politics are. It's the work she's done, the body

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Speaker 2: of work she's put together is absolutely unique in America.

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Speaker 2: Betsy Stevenson and the people that are not so much

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Speaker 2: against childcare, but they're looking to the past.

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Speaker 3: I think what they want is a return to what

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Speaker 3: feels like a traditional family, where you know, people just

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Speaker 3: don't have to work that much and they get, you know,

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Speaker 3: to stay at home and take care of their kids,

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Speaker 3: and the dad comes home at five o'clock at night

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Speaker 3: and the wife has made dinner. I think the thing

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Speaker 3: to realize is they seem to they argue that they

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Speaker 3: want that, but they don't actually want the living standards

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Speaker 3: of the you know, nineteen fifties. They don't because you

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Speaker 3: could get that if you lived off nineteen fifties median income,

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Speaker 3: you know, you could have a nineteen fifties lifestyle. Most

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Speaker 3: people want a twenty twenty four lifestyle. At the same time,

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Speaker 3: they want to feel the security of, you know, some

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Speaker 3: idealized notion of family life. I love the idea of

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Speaker 3: children having their parents around them, having other family members

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Speaker 3: supporting them. But they also know that children need professional educators.

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Speaker 3: And I think that we learned that during COVID. You know,

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Speaker 3: we tried homeschooling our kids. I'm a professor, and I

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Speaker 3: was terrible at homeschooling my own second grader. In fifth grader,

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Speaker 3: they were frustrated. They wanted their peers. They didn't want

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Speaker 3: their mommy correcting their math. They wanted a math feature

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Speaker 3: correcting their math. And you know, the same thing is

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Speaker 3: true when we're looking at smaller kids. They benefit from

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Speaker 3: people who specialize in early Childhood's.

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Speaker 2: Betsy Stevens, and they're just absolutely outstanding. Can you see.

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Speaker 2: I can't amaze she probably put the five year old

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Speaker 2: on a curve, you know, probably got a quality c

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Speaker 2: for all that we know. I can't say enough about

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Speaker 2: her work. The body of it is just simply courageous.

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Speaker 2: We are off to Jackson Hole. You know, we'll travel

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Speaker 2: out there with Bramo. It's going to be good. Powell's

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Speaker 2: speech will be good, but also the conversations we're going

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Speaker 2: to have forward into the end of twenty twenty four.

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Speaker 2: Dare we look out to twenty twenty five with great

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Speaker 2: conversation and Friday, look for that East Coast time seven

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Speaker 2: excuse me, nine to ten, nine to eleven, I'll get

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Speaker 2: it right. Nine to eleven. We'll be up a little

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Speaker 2: earlier that in Mountain Standard time. On Apple podcasts. This

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Speaker 2: is single best idea