Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea, and today there were uncountable single best
Speaker 2: ideas into a FED Day special thanks to IF Steve
Speaker 2: and England are on from Standard Charter Bank and just
Speaker 2: before him, Michael Kushma of Morgan Stanley is what the
Speaker 2: magic's all about. These are very very experienced, very wise wisdom,
Speaker 2: wise wise people and that was the way the whole
Speaker 2: show was today. It was just great. Sebastian Page showed up.
Speaker 2: He grew up in Quebec, in the land of the
Speaker 2: hockey stick and Srbrooke, Quebec, that is where they make
Speaker 2: all the hockey sticks. It was like the Vatican of
Speaker 2: my childhood, if you will. We talked with him about Canada,
Speaker 2: had some incredible insights about the tensions and the fifty
Speaker 2: first state concept, but mostly we talked to Sebastian Page,
Speaker 2: hero Price about allocation and about where we are right now.
Speaker 3: We're not panicking, Tom. I think market's the economy. I
Speaker 3: think we're going to be okay. We're looking at a
Speaker 3: slow down. The data for the consumer is showing that
Speaker 3: things are slowing down and the markets is selling off.
Speaker 3: But it's not just because of tariff headlines. It's because
Speaker 3: of the growth slowdown, it's because we had extremely high
Speaker 3: valuations going into this. And yes, the word of the
Speaker 3: hour uncertainty. So it's a combination of all these things.
Speaker 3: But I don't think we're getting a recession.
Speaker 2: Sebastian Page. I can't say enough about his book. Got
Speaker 2: a couple of years ago and asked an allocation. Look
Speaker 2: for that on Amazon. Sebastian Page. Page and a wonderful
Speaker 2: more pro book on diversification and allocation mistakes that are made.
Speaker 2: One of our mistakes is to not have on enough
Speaker 2: d current of macro risk advisors are really pro. Note
Speaker 2: a sophisticated PowerPoint from him. Get that from Macro Risk Advisors.
Speaker 2: But lots of talk about Dean Kurrent really on fire
Speaker 2: about gold. I didn't even see until an hour into
Speaker 2: the program today gold out at record highs. I believe
Speaker 2: three zero four seven, that's OMG, are you kidding? But
Speaker 2: Dean Kurr, we talked about gold. But here Dean Kerne
Speaker 2: on the uncertainty.
Speaker 1: It's the sequencing of down a percent, down a percent
Speaker 1: and a half that has led to, you know, a
Speaker 1: pretty good destruction of wealth at the S and P level,
Speaker 1: that of course has lifted the VIX, but it's been
Speaker 1: a controlled demolition, as one client put it, and I
Speaker 1: think that's a I think that's well said. So the
Speaker 1: cross moments, I don't think are flaring in a big way.
Speaker 1: It's not like we had a VIX of ten that
Speaker 1: went to thirty. We had a VIX of fourteen or
Speaker 1: fifteen that climbed its way into the low twenties level.
Speaker 1: So it's, like I said, very controlled. And I think
Speaker 1: the hand off here is okay. The pods for the
Speaker 1: big multi strat hedge funds have had to de risk.
Speaker 1: That's caused a lot of factor volatility, a lot of rotation.
Speaker 1: But the big handoff now is what is the impact
Speaker 1: on the real economy. I took real interest in the
Speaker 1: piece on the Bloomberg terminal yesterday quoting Morgan Stanley's president
Speaker 1: saying deal making has really gotten frozen here, yep, right.
Speaker 1: So it does feel like corporate America has been stymied
Speaker 1: by the start stop of the tariff negotiations.
Speaker 2: Dean Kernant. And this is why we love the conversations
Speaker 2: and why we try to bring a few of them
Speaker 2: to you with single best idea in your busy podcast day.
Speaker 2: That's the single best phrase I've heard for the moment.
Speaker 2: We're in controlled demolition. Dean Kurnet's stealing that from a client.
Speaker 2: We'll steal it from Dean Kernet. I think it's just
Speaker 2: really really brilliant, and your commute across the nation. Thank
Speaker 2: you so much for your morning attention. Had a gentleman.
Speaker 2: He sits in his kitchen and forces his young offspring
Speaker 2: to listen to us in the morning. That is cruel,
Speaker 2: that is unusual. That is punishment, But we thank you.
Speaker 2: And on podcasts, we'll go look at YouTube podcasts for
Speaker 2: single best idea