WEBVTT - Single Best Idea with Tom Keene: John Lipsky & Brian Belski

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

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<v Speaker 2>I said, not once but twice today to Paul Sweeney,

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<v Speaker 2>my head is spinning. My head is spinning. It's single

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<v Speaker 2>best idea, and it's just the cacophony of news and

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<v Speaker 2>the themes and the grind of keeping up with this

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<v Speaker 2>as we all are doing at Bloomberg News. A team

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<v Speaker 2>is doing a great job of bringing in an eclectic

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<v Speaker 2>set of voices, and I get the feeling their heads

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<v Speaker 2>are spinning just as well. What a week in the

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<v Speaker 2>markets or recovery year, as we are taping a continued

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<v Speaker 2>lift of the markets off quiescent or benign inflation, retail

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<v Speaker 2>sales in two days will be a good state of

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<v Speaker 2>the consumer. Remember that's a nominal top line number. It's

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<v Speaker 2>a little different than inflation adjusted economic data. A Heritage

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<v Speaker 2>interview today with John Lipski. He is iconic with an

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<v Speaker 2>American international relations in economics affiliated always with this Stanford

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<v Speaker 2>of course at JP Morgan Economics and his public service

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<v Speaker 2>to the International Monetary Fund on China. On the US,

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<v Speaker 2>John Lipsky.

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<v Speaker 3>The rest of the world is still obviously has to

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<v Speaker 3>take important account of what the world's largest economy is doing,

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<v Speaker 3>especially since it seems intent on altering at the very least,

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<v Speaker 3>if not disrupting, the institutional frameworks that were created largely

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<v Speaker 3>with the support of the United States. The rest of

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<v Speaker 3>the world is continuing to trade. In other words, for example,

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<v Speaker 3>within Asia, the growth of interregional trade continues to outstrip

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<v Speaker 3>that of trade with the between regions. Especially in the US. Also,

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<v Speaker 3>trade and services has continued to grow rapidly, and our

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<v Speaker 3>trade policies that have caused so much upset have exclusively

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<v Speaker 3>looked at trade in goods. But it's trades and services

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<v Speaker 3>that forms part of the most interesting opportunity for the

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<v Speaker 3>global economy.

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<v Speaker 2>John Lipski now with the Johns Hopkins University. A number

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<v Speaker 2>of equity people with us today. Kelly Cox, thank you

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<v Speaker 2>so much. Julian Emmanuel was scintillating with Evercore Isi. He

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<v Speaker 2>remains committed to a bull market within the battle of

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<v Speaker 2>the American economy. Brian Belski in Brian has been a

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<v Speaker 2>confirmed bull. He was heated in the trade wars of

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<v Speaker 2>I think three weeks ago, four weeks ago. My head

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<v Speaker 2>spinning again on that. We had him in for a revisit.

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<v Speaker 2>He's with BEMO Capital Markets. Brian Belski, I'm passive and

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<v Speaker 2>active management.

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<v Speaker 1>Following me is one of the greatest stock pickers ever

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<v Speaker 1>at Nancy Tangler. I'm a great friend of mine and

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<v Speaker 1>I think we're entering into this period of stock picking

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<v Speaker 1>and it means matter and you need to have a

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<v Speaker 1>lot of experience doing that. Number one. Number two, I've

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<v Speaker 1>said this for a long time now, for at least

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<v Speaker 1>ten plus years, that the mag seven or the big

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<v Speaker 1>cap tech stocks are the new consumer staples. If you

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<v Speaker 1>go back to the nineties, we went to liquidity and

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<v Speaker 1>where there was consistency and maybe maybe their business models

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<v Speaker 1>are changing.

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<v Speaker 2>A little bit.

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<v Speaker 1>We're going to see that in Google clearly. But I

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<v Speaker 1>think the consistency of the of the revenue growth going

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<v Speaker 1>forward and the liquidity that it offers investors, that's why

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<v Speaker 1>you have to own some of these names.

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<v Speaker 2>Brian Bielski emo capital Markets. He reaffirms an optimism of

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<v Speaker 2>participating in the equity markets. I can't say enough about YouTube,

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<v Speaker 2>the international distribution in the American interest. Thank you so

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<v Speaker 2>much for that, And of course, and a commute across

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<v Speaker 2>the nation and Android Auto an Apple car play. Good

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<v Speaker 2>morning on Sirius XM is well on our podcast out

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<v Speaker 2>at Apple, out of spot Ify, on YouTube podcasts, this

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<v Speaker 2>is single best idea