WEBVTT - Single Best Idea with Tom Keene: Brian Belski & Tina Fordham

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, a single best idea.

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<v Speaker 2>On an eclectic Friday, it was wonderful to speak to

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<v Speaker 2>Richard Sapristein who does financial advice in Manhattan. He's iconic

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<v Speaker 2>all the way back to Opgo years and years ago

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<v Speaker 2>and then Bear Stearns. But just to catch up on

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<v Speaker 2>him in the state of advice across this nation given

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<v Speaker 2>all the different distractions that we have right now. Daniel

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<v Speaker 2>Blude came in restaurant tour, huge impact on the New

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<v Speaker 2>York community. During COVID we caught up with him on

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<v Speaker 2>new projects fancy, less fancy, and almost things we can

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<v Speaker 2>afford that's a joke. And then we had other great efforts.

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<v Speaker 2>Brian Belski joined us with Humilis. Brian Belski has been

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<v Speaker 2>in the market since two thousand and nine. He is

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<v Speaker 2>a committed bull. Here on the next step.

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<v Speaker 3>I learned the business from a great gentleman by the

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<v Speaker 3>name of William O'Neill, and he taught me how to

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<v Speaker 3>be contrarian. And sometimes you have to think from a

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<v Speaker 3>contrarian perspective and where the be where everybody else is

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<v Speaker 3>not number one, number two from a value perspective. There

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<v Speaker 3>are inherent fundamental value properties in the market, especially within financials,

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<v Speaker 3>but you can also buy damian turnaround companies that are

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<v Speaker 3>let's say broken growth stocks that operationally have been broken

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<v Speaker 3>due to management changes or missteps, that actually have a

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<v Speaker 3>great platform or product. But we really think small cap

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<v Speaker 3>small MidCap is going to be a very exciting place

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<v Speaker 3>the next ten years. If you add up all the

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<v Speaker 3>small MidCap companies in the S and P one thousand

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<v Speaker 3>by their market cap, they all add up to being

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<v Speaker 3>less than the market cap of Apple, which to me

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<v Speaker 3>is quite amazing and exciting because if you're a portfolio

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<v Speaker 3>manager and a stock picker, you can have tracking air

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<v Speaker 3>and beat the market. So we think ultimately that we're

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<v Speaker 3>going to see a little bit of an earnings revisi

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<v Speaker 3>and downgrade to the really big stocks that's going to

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<v Speaker 3>fade into the other five hundred and ninety I'm sorry,

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<v Speaker 3>four hundred and ninety three stocks in the S and

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<v Speaker 3>P five hundred, which will ultimately drive more of a

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<v Speaker 3>broadening out.

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<v Speaker 2>Brian Belski and you see the acuity of his research.

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<v Speaker 2>Just said idea of small and MidCap, how small it

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<v Speaker 2>is compared to one of the mega hyperscalers a trillion

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<v Speaker 2>dollar companies like Apple Computer, Tina Fordam across this transatlantic

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<v Speaker 2>divide of international relations is just wonderful and Fordum Global

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<v Speaker 2>Foresight Tina Fordam an update on your Secretary of State.

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<v Speaker 4>He has done a masterful job, I would say, Marco

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<v Speaker 4>Ruvio of first of all, wearing a insane number of

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<v Speaker 4>hats in this administration, speaking kind of sensibly and credibly

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<v Speaker 4>in a way that the Vice President just just isn't

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<v Speaker 4>given that kind of credit for we don't know what's

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<v Speaker 4>happening behind the scenes. I think the key variable will

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<v Speaker 4>be watching is if Trump decides to shift focus to Cuba,

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<v Speaker 4>which we know matters for Rubio as a as a

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<v Speaker 4>child of Cuban emigrats, and what happens there, or whether

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<v Speaker 4>he's able to, you know, perhaps quietly and below the

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<v Speaker 4>radar kind of you know, return to some kind of

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<v Speaker 4>more constructive lomacy both with Iran and in Ukraine, because

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<v Speaker 4>the wit Coffin Kushner show hasn't really delivered much.

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<v Speaker 2>Tina Fordham is very insightful. Damien Sassar with me that

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<v Speaker 2>I had a great observation on the length of the

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<v Speaker 2>war in Ukraine. It's just we forget how long we've

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<v Speaker 2>had these Multiple wars on podcasts were at Apple, where

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<v Speaker 2>as Spotify on YouTube podcasts. It's single best idea