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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: The single best idea, A quick single best idea. On

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Speaker 2: FED day, nobody really worried about a quarter point rate cut.

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Speaker 2: Lots of talk on the balance sheet. Thank you Ira

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Speaker 2: Jersey of Bloomberg Intelligence for being in studio today to

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Speaker 2: really dive into all the nuances. Full disclosure. There's a

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Speaker 2: point where my brain just turns off. It switches off

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Speaker 2: when you're talking. So I was pretty good at libor

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Speaker 2: and libra ois, but the new stuff, I just I'm

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Speaker 2: trying to keep up Ira Jersey, making us smarter today

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Speaker 2: along with many others, looking at the balance sheet runoff

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Speaker 2: of the Federal Reserve, Alicia Levine doesn't care. She's looking

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Speaker 2: at the equity markets at BNY Wealth. I said to her,

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Speaker 2: how far out can you look?

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Speaker 1: I would say, is a market matter, I'd say, I say,

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Speaker 1: you need to have visibility into the next eighteen to

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Speaker 1: twenty four months here, right, It can't be five years. Right.

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Speaker 1: If it's five years, you're going to wind up with

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Speaker 1: a market that's going to reset at the top here.

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Speaker 1: So I think it has to be eighteen to twenty

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Speaker 1: four months. This is how we invest our client capital.

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Speaker 1: We do twelve to eighteen months forward. That's probably the

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Speaker 1: right time horizon. That's why we use forward earnings on

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Speaker 1: the S and B, not the trailing. I think the

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Speaker 1: trailing is irrelevant. It's the forward. It's always looking forward.

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Speaker 1: So if you have a monetization of the cap X

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Speaker 1: within the next eighteen months or so, then the market's fine.

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Speaker 2: Alicia Levi in there trying to figure out the glide

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Speaker 2: pass of the joy and angst of a I interesting

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Speaker 2: to see. Look for the earnings coverage in the afternoon.

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Speaker 2: Carol Master and Tim Stamanik leading the way on that. Also,

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Speaker 2: we talked to John Maray. He's from Texas. John Maurray's

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Speaker 2: with NFJ with a really different view. He's bull China.

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Speaker 2: John maurri on baba.

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Speaker 3: Okay, so Ali baba. First thing I'll says, they have

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Speaker 3: made a commitment to do over fifty two billion in

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Speaker 3: cloud infrastructure over the next three years. That's an enormous

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Speaker 3: commitment to AI. You're trading at some of the lowest

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Speaker 3: valuations on EV to EBITDA basis over the last decade.

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Speaker 3: We have a long way to go. They've been increasing

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Speaker 3: their dividend and they now pay a dividend. Ali Baba

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Speaker 3: went from a growth stock to a value stock. So

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Speaker 3: you've got dividing growth, You've got tons of cash in

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Speaker 3: the balance sheet, big investments in AI. I think the

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Speaker 3: future is really bright for these guys. This is a

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Speaker 3: combination of Amazon in video. You have all these components

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Speaker 3: tied together within the Baba infrastructure, cloud infrastructure, chips models.

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Speaker 2: John Maury there on Ali Baba again. It's a podcast.

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Speaker 2: We're out at Apple, out of Spotify on YouTube podcast

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Speaker 2: single best idea.

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Speaker 1: I knew that about people were into the danger