1 00:00:02,520 --> 00:00:12,399 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:14,040 --> 00:00:16,600 Speaker 2: A single best idea, Well, the first idea is we 3 00:00:16,640 --> 00:00:19,639 Speaker 2: survived the Taylor Swift drop. Thank you to Amy with 4 00:00:19,760 --> 00:00:23,400 Speaker 2: Silverman for perspective. She's going with daughter, I think fourteen 5 00:00:23,480 --> 00:00:26,800 Speaker 2: or sixteen kids tonight to some theater to see Taylor 6 00:00:27,200 --> 00:00:31,639 Speaker 2: Wax philosophical about the new product. Lisa Mateos saying Taylor's 7 00:00:31,680 --> 00:00:34,879 Speaker 2: clocking in with a net worth over two billion dollars 8 00:00:35,240 --> 00:00:37,479 Speaker 2: right now. Good coverage of Thank for the comments pro 9 00:00:37,560 --> 00:00:39,840 Speaker 2: and con to our coverage, and we'll get to Amy 10 00:00:39,840 --> 00:00:43,240 Speaker 2: with Silverman here in a moment. The single best idea 11 00:00:43,280 --> 00:00:45,920 Speaker 2: is never has there been a single best idea like 12 00:00:46,000 --> 00:00:49,559 Speaker 2: this for Jobs Day with a shutdown, we said, we're 13 00:00:49,600 --> 00:00:52,960 Speaker 2: still going to talk to people smart. Claudia Sam joined 14 00:00:53,000 --> 00:00:56,920 Speaker 2: us from New Century Advisors. Claudia Sam on a unique 15 00:00:57,200 --> 00:00:57,800 Speaker 2: Jobs Day. 16 00:00:58,080 --> 00:01:00,480 Speaker 3: This is the time where we come to go every 17 00:01:00,560 --> 00:01:04,560 Speaker 3: month and wait to find out the latest, the best 18 00:01:04,600 --> 00:01:07,640 Speaker 3: reading that we have on what's happened in the labor market, 19 00:01:08,360 --> 00:01:10,560 Speaker 3: and we don't have it today, Like we're not going 20 00:01:10,640 --> 00:01:13,760 Speaker 3: to have that discussion. So that's to me, we're not 21 00:01:13,920 --> 00:01:17,760 Speaker 3: flying blind. There's a lot of information about the economy 22 00:01:18,360 --> 00:01:21,360 Speaker 3: that we're getting, you know, even as the federal government 23 00:01:21,400 --> 00:01:24,600 Speaker 3: has shut down, but we're missing a really important piece 24 00:01:24,640 --> 00:01:28,560 Speaker 3: of information. So our vision is impaired. And what's really 25 00:01:28,600 --> 00:01:33,520 Speaker 3: frustrating is the September employment report exists right like these 26 00:01:33,640 --> 00:01:36,600 Speaker 3: numbers are sitting there. It's just because the workers who 27 00:01:36,600 --> 00:01:39,440 Speaker 3: would normally put that up weren't deemed essential. The big 28 00:01:39,480 --> 00:01:41,760 Speaker 3: thing that we don't have from the private sectors, we 29 00:01:41,840 --> 00:01:45,240 Speaker 3: don't have a measure of slack in the labor market. 30 00:01:45,280 --> 00:01:49,520 Speaker 3: The unemployment rate is one of those you know, fits 31 00:01:49,560 --> 00:01:52,760 Speaker 3: in that measure of like workers looking for work that 32 00:01:52,880 --> 00:01:55,400 Speaker 3: don't have it versus workers who do have work. 33 00:01:55,520 --> 00:02:00,440 Speaker 2: Claudia Sam of New Centery Advisors, maybe in thirty thirty 34 00:01:59,880 --> 00:02:03,080 Speaker 2: one we'll have a jobs report to talk to doctor 35 00:02:03,160 --> 00:02:07,760 Speaker 2: some about. Amy Wo Silverman out of Princeton is absolutely 36 00:02:07,800 --> 00:02:10,720 Speaker 2: brilliant at RBC Capital Markets. When she walks in her 37 00:02:10,800 --> 00:02:15,080 Speaker 2: room on Wall Street, the quant stop, the normal people stop, 38 00:02:15,520 --> 00:02:18,960 Speaker 2: the salespeople stop, and they just listen to Amy Wo 39 00:02:19,040 --> 00:02:22,839 Speaker 2: Silverman on the dynamics of the market. Yeah, we talked 40 00:02:22,880 --> 00:02:25,359 Speaker 2: about Taylor Swift with her and made jokes, but what 41 00:02:25,400 --> 00:02:29,760 Speaker 2: we really talked is about the unique derivative space the 42 00:02:29,880 --> 00:02:35,040 Speaker 2: cross moments and quantitative finance. Here is Amy wo Silverman. 43 00:02:35,240 --> 00:02:38,480 Speaker 1: The big change to me post COVID is you can't 44 00:02:38,520 --> 00:02:41,680 Speaker 1: rely on these traditional correlations, right, You can't rely on 45 00:02:41,720 --> 00:02:44,480 Speaker 1: your heads just being a sixty to forty portfolio. I 46 00:02:44,480 --> 00:02:47,520 Speaker 1: think MAG seven changed a lot of that. And then 47 00:02:47,720 --> 00:02:50,680 Speaker 1: you look at the intercorrelation between MAG seven which has 48 00:02:50,720 --> 00:02:53,680 Speaker 1: then relatively low, and people are scratching their heads and 49 00:02:53,720 --> 00:02:56,079 Speaker 1: they say, how is it that you're all integrated into 50 00:02:56,120 --> 00:02:59,600 Speaker 1: each other's supply chains that yet this correlation isn't that high. 51 00:03:00,000 --> 00:03:02,079 Speaker 1: And so I do think that's why you're seeing these 52 00:03:02,080 --> 00:03:05,040 Speaker 1: different expressions of hedges Tom that weren't necessarily the case 53 00:03:05,040 --> 00:03:05,679 Speaker 1: five years ago. 54 00:03:05,760 --> 00:03:08,919 Speaker 2: Emmy was Silverman, and she was brilliant on hedging. Hedging 55 00:03:09,040 --> 00:03:12,760 Speaker 2: is where you own something and you're not confident about 56 00:03:12,760 --> 00:03:14,760 Speaker 2: the direction. Say it's a stock and you want to 57 00:03:14,800 --> 00:03:20,399 Speaker 2: go up, so you buy or acquire protection. You hedge 58 00:03:20,840 --> 00:03:25,920 Speaker 2: your risks by doing some form of strategy where if 59 00:03:25,960 --> 00:03:28,000 Speaker 2: you go down or you don't go up as much, 60 00:03:28,320 --> 00:03:31,280 Speaker 2: you're still protected a little bit. And as Amy was, 61 00:03:31,360 --> 00:03:35,040 Speaker 2: Silverman said, that's a fragile business. Right now, we're on 62 00:03:35,160 --> 00:03:39,640 Speaker 2: podcasts on Apple and Spotify, on YouTube, podcasts, it's single 63 00:03:39,680 --> 00:03:47,960 Speaker 2: best idea