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

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Speaker 2: Single best idea into the August doldrums, except it's not

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Speaker 2: Doldrum's always interesting. And of course this up to the

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Speaker 2: Jackson Hole meeting yesterday was extraordinary thanks to our Washington

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Speaker 2: team who had to piece together spur the moment like

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Speaker 2: everybody else, this absolute historic gathering of NATO with President Trump.

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Speaker 2: Terry Haynes was with us with Pangaea and he commented

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Speaker 2: on the analogs are looking at the history of the

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Speaker 2: twentieth century versus moments before.

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Speaker 3: I think people make a huge mistake looking at this

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Speaker 3: through twentieth century lenses. People look at it almost like

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Speaker 3: Cold War two is kind of great power and great

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Speaker 3: power how Trump is actually approaching it and his people,

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Speaker 3: principally Whitpop than Rubio, refer to this role as a

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Speaker 3: mediator role, and in a lot of ways it very

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Speaker 3: much is if he wants to provide some security guarantees

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Speaker 3: to back up Europe, and that's fine, but he looks

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Speaker 3: at himself as a mediator. But it's really and you know, Russia,

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Speaker 3: I always think, is a client state of China. So

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Speaker 3: the most important people going forward here in the most

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Speaker 3: important countries are Europe, what Europe can do, what Europe's

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Speaker 3: willing to do, and what China will let Russia do. China,

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Speaker 3: I think, is in a situation where it's fine with

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Speaker 3: Russia getting whatever scraps it can to cover its loss.

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Speaker 3: And there's no doubt that what happened in Russia is

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Speaker 3: a loss. Right, if you don't achieve eighty three percent

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Speaker 3: of your war aims, you've lost functionally. But this really

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Speaker 3: comes down to Europe. If negotiations fail, Europe has to

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Speaker 3: be willing to go the whole hog on sanctions, including

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Speaker 3: taking the frozen bank accounts that they've gotten and doing

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Speaker 3: something with them, ratcheting it up at a time where

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Speaker 3: Russia's an economic strain, it's or if they succeed, and

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Speaker 3: they've got to be willing to do something meaningful on security.

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Speaker 2: Terry Haynes there and again with Pangaea, I can't say

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Speaker 2: enough about his effort out on LinkedIn, hugely and always informative.

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Speaker 2: Lauri Kelvisinas stopped by some other great conversations today, Jim

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Speaker 2: Karen and Morgan Stanley I thought was good. Kristin Bitterly

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Speaker 2: from City Group and how the kids are having trouble

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Speaker 2: figuring out what to do with mom and Dad's money.

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Speaker 2: It was actually a really really important conversation. Making of

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Speaker 2: the money is listening to strategists. Here's Lori Kelvisina on

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Speaker 2: the value of studying the midcaps.

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Speaker 4: I think you do learn things, you know. I'm an

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Speaker 4: old small MidCap strategist, you know. I know we talk

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Speaker 4: about that quite a bit, but I always tell people

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Speaker 4: go listen to the smid companies because they have simpler

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Speaker 4: business models, and you often will sort of get more

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Speaker 4: interesting breadcrumbs of information that aren't just relevant to them,

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Speaker 4: but that do apply to the the S and P

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Speaker 4: five hundred and you know, kind of broader corporate profit

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Speaker 4: the ability picture as well. So I think that you

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Speaker 4: have to listen, you have to look for those interesting nuggets,

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Speaker 4: not just what everybody is saying. It's often the thing

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Speaker 4: that one or two companies are going to let slip

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Speaker 4: out that ends up being the useful tenbit.

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Speaker 2: Lauren Calvacina there with RBC Capital Marcus count down away

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Speaker 2: to our trip to Wyoming with Lisa Abrama. It's Joe

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Speaker 2: Eisenthal and Tracy Lloway in attendance as well, with the

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Speaker 2: leadership of Michael McKee on our podcast, on Apple, on Spotify,

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Speaker 2: and on YouTube podcasts. This is the single best idea