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Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News, single best Idea and

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Speaker 1: we say good morning to you on a Monday after

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Speaker 1: an exhausting week, and I really want to shout out

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Speaker 1: here on Apple Podcasts, subscribe to The Big Take David

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Speaker 1: Gura providing leadership there on the politics of the moment.

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Speaker 1: David was on CNN with Caitlin Friday night and one

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Speaker 1: of the members of that really good conversation stop the

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Speaker 1: show and mention the value of the Big Take, producing

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Speaker 1: twenty minutes of conversation on themes. I know David's working

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Speaker 1: on an important view forward for America and Israel that

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Speaker 1: you'll probably see in the next twenty four hours, but

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Speaker 1: I can't say enough about The Big Take. The guest

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Speaker 1: quality is awesome. And when you have a group of

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Speaker 1: two the team members here at Bloomberg Surveillance working on

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Speaker 1: no sleep, usually it does better. Yes, a lot of

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Speaker 1: politics today, but it was a joy to visit with

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Speaker 1: Edward Yard Denny for an extended conversation. Ed Yard Denny

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Speaker 1: is iconic back to CJ. Lawrence and all of his

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Speaker 1: economics there who's out of Yale University and then iconic

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Speaker 1: at CJ. Lawrence decades ago, and he has been, as

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Speaker 1: you'll hear later, a permeable. He has been optimistic on

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Speaker 1: the American economic experiment, and was absolutely brilliant during one

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Speaker 1: about of gloom in October of two thousand, I believe

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Speaker 1: twenty two he just really called that well. I really

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Speaker 1: can't say enough about his short brief newsletter, the way

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Speaker 1: he writes in common sense. He extrapolates out optimism in

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Speaker 1: the roaring twenties. Dare I say Dow fifty thousand or

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Speaker 1: Dow sixty thousand.

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Speaker 2: I think we could get to sixty thousand by the

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Speaker 2: end of the year that we'red forty. It's not a

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Speaker 2: stretch to believe that over the remaining decade we could

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Speaker 2: get to sixty thousand. And I've got the S and

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Speaker 2: P five hundred going to eight thousand by the end

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Speaker 2: of the decades. So it's a bull market. Look just

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Speaker 2: take a look at a long term chart of the

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Speaker 2: S and P five hundred, and what you see is

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Speaker 2: that bear markets occur every now and then, but they

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Speaker 2: don't last very long, and that the fundamental trend of

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Speaker 2: the market is upwards along with the economy.

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Speaker 1: Ed jar Denny there, and of course part of that

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Speaker 1: is a concentration in these seven stocks and frankly other

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Speaker 1: stocks tangential to them. It's a question of AI. I

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Speaker 1: guess there's Apple intelligence, there's artificial intelligence, and your Denny

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Speaker 1: on how he partitions AI.

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Speaker 2: Well, artificial intelligence is certainly artificial, but I'm not convinced

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Speaker 2: all that intelligent. But I want to be very precise

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Speaker 2: about that. I think there's two versions of AI that

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Speaker 2: we need to consider. One is so called open AI,

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Speaker 2: and the other one is something that I would.

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Speaker 1: Call closed AI.

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Speaker 2: Open AI basically is open to all the information available

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Speaker 2: on the Internet, and as we know, there's a lot

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Speaker 2: of junk on the Internet, and open AI is going

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Speaker 2: to contribute to it. It's going to kind of start

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Speaker 2: making up some stories and some sources, and you know,

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Speaker 2: I mean, we can fact check the fact check it

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Speaker 2: along the way, but it's still going to be making

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Speaker 2: a lot of mistakes.

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Speaker 1: Bloomberg Technology, Caroline, they'll fact check you. Forward into Google earnings.

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Speaker 1: I really want to emphasize I was wrong. I thought

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Speaker 1: it was Friday. Paul Sweny tells me it's Tuesday, so

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Speaker 1: that we're going to really begin to see the mag

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Speaker 1: seven report. The first one was Google finally bonus round

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Speaker 1: and Yard Denny, who has been optimistic on the American experiment,

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Speaker 1: and I asked him about the value of studying those

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Speaker 1: fearful as a trout out notes of caution and gloom.

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Speaker 2: And I guess I've been accused of being a perma bull,

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Speaker 2: but I think that's a consequence of reading what the

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Speaker 2: perma bears are saying and just trying to provide some balance.

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Speaker 2: So if you provide some balance, you come out as

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Speaker 2: a perma bull. And again, if you look at the

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Speaker 2: long history of the stock market, makes more sense to

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Speaker 2: be bullish on a more often than bearish. But the

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Speaker 2: crew I think provides some very good, intelligent analysis of

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Speaker 2: what could possibly go wrong. And then I step in

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Speaker 2: and say, okay, well where might they be wrong?

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Speaker 1: And your Denny there of your Denny research, and I

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Speaker 1: can't say enough about his research notes very reasonably priced.

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Speaker 1: Look for them out on oh the internet and in

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Speaker 1: his website. Your Denny Research run Apple card Player and

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Speaker 1: Android Auto as well, and on YouTube. I want to

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Speaker 1: take a moment here. Somebody stopped me in the street

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Speaker 1: this weekend and said, how's it going, And I said,

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Speaker 1: we're like basically humble at this new digital experiment and

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Speaker 1: good morning to oh and Bloomberg eleven three to Oho

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Speaker 1: as well worldwide on traditional radio, but on YouTube, it's

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Speaker 1: just real simple. It's all about subscribing, and it's an

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Speaker 1: easy thing to do. You go out, you search Chrome

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Speaker 1: or whatever your browsers. Is anyone on bing Bob, I

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Speaker 1: don't think so. No one's on bing. But the answer

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Speaker 1: is you go out and you search YouTube Bloomberg podcasts

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Speaker 1: there it is. Subscribe to Bloomberg Podcasts for all of

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Speaker 1: the value of our conversation including David Kerr as the

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Speaker 1: big Take and there we are, and then you can

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Speaker 1: be with us live in the morning or on the

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Speaker 1: tape follow up and all sorts of other good conversations

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Speaker 1: in the value add our future Bloomberg podcasts on YouTube.

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Speaker 1: We're on Apple podcasts as well. This is single best idea.