Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea, Well, the first idea is we
Speaker 2: survived the Taylor Swift drop. Thank you to Amy with
Speaker 2: Silverman for perspective. She's going with daughter, I think fourteen
Speaker 2: or sixteen kids tonight to some theater to see Taylor
Speaker 2: Wax philosophical about the new product. Lisa Mateos saying Taylor's
Speaker 2: clocking in with a net worth over two billion dollars
Speaker 2: right now. Good coverage of Thank for the comments pro
Speaker 2: and con to our coverage, and we'll get to Amy
Speaker 2: with Silverman here in a moment. The single best idea
Speaker 2: is never has there been a single best idea like
Speaker 2: this for Jobs Day with a shutdown, we said, we're
Speaker 2: still going to talk to people smart. Claudia Sam joined
Speaker 2: us from New Century Advisors. Claudia Sam on a unique
Speaker 2: Jobs Day.
Speaker 3: This is the time where we come to go every
Speaker 3: month and wait to find out the latest, the best
Speaker 3: reading that we have on what's happened in the labor market,
Speaker 3: and we don't have it today, Like we're not going
Speaker 3: to have that discussion. So that's to me, we're not
Speaker 3: flying blind. There's a lot of information about the economy
Speaker 3: that we're getting, you know, even as the federal government
Speaker 3: has shut down, but we're missing a really important piece
Speaker 3: of information. So our vision is impaired. And what's really
Speaker 3: frustrating is the September employment report exists right like these
Speaker 3: numbers are sitting there. It's just because the workers who
Speaker 3: would normally put that up weren't deemed essential. The big
Speaker 3: thing that we don't have from the private sectors, we
Speaker 3: don't have a measure of slack in the labor market.
Speaker 3: The unemployment rate is one of those you know, fits
Speaker 3: in that measure of like workers looking for work that
Speaker 3: don't have it versus workers who do have work.
Speaker 2: Claudia Sam of New Centery Advisors, maybe in thirty thirty
Speaker 2: one we'll have a jobs report to talk to doctor
Speaker 2: some about. Amy Wo Silverman out of Princeton is absolutely
Speaker 2: brilliant at RBC Capital Markets. When she walks in her
Speaker 2: room on Wall Street, the quant stop, the normal people stop,
Speaker 2: the salespeople stop, and they just listen to Amy Wo
Speaker 2: Silverman on the dynamics of the market. Yeah, we talked
Speaker 2: about Taylor Swift with her and made jokes, but what
Speaker 2: we really talked is about the unique derivative space the
Speaker 2: cross moments and quantitative finance. Here is Amy wo Silverman.
Speaker 1: The big change to me post COVID is you can't
Speaker 1: rely on these traditional correlations, right, You can't rely on
Speaker 1: your heads just being a sixty to forty portfolio. I
Speaker 1: think MAG seven changed a lot of that. And then
Speaker 1: you look at the intercorrelation between MAG seven which has
Speaker 1: then relatively low, and people are scratching their heads and
Speaker 1: they say, how is it that you're all integrated into
Speaker 1: each other's supply chains that yet this correlation isn't that high.
Speaker 1: And so I do think that's why you're seeing these
Speaker 1: different expressions of hedges Tom that weren't necessarily the case
Speaker 1: five years ago.
Speaker 2: Emmy was Silverman, and she was brilliant on hedging. Hedging
Speaker 2: is where you own something and you're not confident about
Speaker 2: the direction. Say it's a stock and you want to
Speaker 2: go up, so you buy or acquire protection. You hedge
Speaker 2: your risks by doing some form of strategy where if
Speaker 2: you go down or you don't go up as much,
Speaker 2: you're still protected a little bit. And as Amy was,
Speaker 2: Silverman said, that's a fragile business. Right now, we're on
Speaker 2: podcasts on Apple and Spotify, on YouTube, podcasts, it's single
Speaker 2: best idea