WEBVTT - Single Best Idea with Tom Keene: Henrietta Treyz & Ben Laidler

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

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<v Speaker 2>Single best idea. We've been up for twenty four hours

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<v Speaker 2>in the debate. We were beginning to blow up our

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<v Speaker 2>Friday effort. The team did it. Just a fabulous job

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<v Speaker 2>of making those tough decisions. Do you cover the inflation

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<v Speaker 2>report at eight thirty end of June thirty? The view

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<v Speaker 2>into the quarter I got from Bruce Casman today and

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<v Speaker 2>Emmy Shoe at JP Morgan, a fifty nine page outlook

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<v Speaker 2>into twenty twenty four. I promise you I will not

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<v Speaker 2>read it this weekend. We've got continued economic data coming

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<v Speaker 2>out Michigan, a little light. Inflation came in a little light.

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<v Speaker 2>I guess markets lift up, but all of it was

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<v Speaker 2>pushed aside by what the nation witnessed last night between

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<v Speaker 2>the former president and the president President. And thank you

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<v Speaker 2>to all of Bloomberg Politics, particularly David Gerha in Atlanta,

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<v Speaker 2>who got out front of this story with his conversation

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<v Speaker 2>with the governor from California and others. I could go

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<v Speaker 2>on for the six minutes of single best idea of

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<v Speaker 2>all the people that piece this together. I was sitting

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<v Speaker 2>on the couch with Vetol last night as the show

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<v Speaker 2>was blown up. And the first name I mentioned was

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<v Speaker 2>Terry Haynes of Pangaea and not a shock. He wrote

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<v Speaker 2>a brilliant first note, I'll say at eleven pm last night,

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<v Speaker 2>and the second name I mentioned was Henrietta Trace. She's

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<v Speaker 2>at Veda Partners. She is encyclopedic, and what's different about

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<v Speaker 2>her than talking heads is she's been intimately involved in

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<v Speaker 2>the machinery about politics gets done. Henrietta Trey's on the

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<v Speaker 2>twenty fifth Amendment.

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<v Speaker 1>The good news for Democrats here is a sixty six

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<v Speaker 1>percent of the population already wants somebody other than Biden

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<v Speaker 1>and somebody other than Trump to be on the ticket.

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<v Speaker 1>So if it's going to happen, this is enough kind

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<v Speaker 1>of the best way. It's been speculating about all year.

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<v Speaker 1>You can see it from the predictive markets. There has

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<v Speaker 1>been at least twenty percent odds that Biden would not

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<v Speaker 1>be the nominee. I think that's much higher this morning,

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<v Speaker 1>and that is going to give you a baseline to

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<v Speaker 1>start with on these sort of otherwise wildly extreme circumstances

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<v Speaker 1>that are pretty normalized this year. A lot of the

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<v Speaker 1>American public is socialized to the fact that this might happen.

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<v Speaker 1>Certainly the investment community is.

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<v Speaker 2>Henrietta Trees and had so much more to say, And

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<v Speaker 2>just to give you some of the highlights, Rick Davis

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<v Speaker 2>joined us for years with Senator McCain. Rick Davis was

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<v Speaker 2>just absolutely brilliant and analogs in non analogs as comparing

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<v Speaker 2>President Reagan and the First Lady with President Biden and

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<v Speaker 2>the First Lady. And I'm just trying to sort out

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<v Speaker 2>the highlights that we had. Greg Valier, I thought was

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<v Speaker 2>just brilliant and very cautious about a shift. Greg Valier

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<v Speaker 2>is certainly not in the camp that you're going to

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<v Speaker 2>see dramatics and fireworks, and that President Biden, it appears,

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<v Speaker 2>will be in this for the long haul. But many

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<v Speaker 2>other differing opinions out there. We did see inflation. Neil

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<v Speaker 2>Dudda have made very very clear that he is looking

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<v Speaker 2>for an EBB, if you will, from his great optimism

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<v Speaker 2>that he's seen on economic growth and then on the markets,

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<v Speaker 2>we had to go to Ben Ladler of E Toro.

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<v Speaker 2>Ben Laydler in December of twenty eighteen was a lonely

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<v Speaker 2>voice saying equities have value and you will prosper with ownership,

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<v Speaker 2>and then he said that in October of I believe

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<v Speaker 2>it was twenty twenty two, and he said that in

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<v Speaker 2>October of twenty three. You get to see a pattern here.

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<v Speaker 2>Ben Ladler on what you need to do going into

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<v Speaker 2>Q three twenty twenty four.

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<v Speaker 3>I think big take is absolutely fine, and this is

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<v Speaker 3>very fundamentally droven. It's all about the earnings, which are

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<v Speaker 3>massively out surprising. He I'll continue to surprise.

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<v Speaker 1>Well.

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<v Speaker 3>I think the story of the second half is this

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<v Speaker 3>delayed rotation into everybody else. If we get the right cuts,

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<v Speaker 3>if we get affirming of economies, it's gonna be all

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<v Speaker 3>those other smaller sectors which are much cheaper, that are

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<v Speaker 3>much more sensitive to that than big text. The big

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<v Speaker 3>text fine, but as we get the cuts right cuts

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<v Speaker 3>coming in, I think everyone else is going to start performing.

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<v Speaker 3>And I remember a little bit of money goes a

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<v Speaker 3>very long way in those assets because they're all just

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<v Speaker 3>much much smaller and less love.

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<v Speaker 2>Ben Ladler of ET Major shout out the Scarlet Foo

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<v Speaker 2>setting for Polsweeney Today we obligatory did the Scarlet Foo

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<v Speaker 2>celebrity Loadstone section. We thank her for her comments and

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<v Speaker 2>Ben Affleck and Jalo that was really timely and to

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<v Speaker 2>get us into the weekend. We will be here on Monday.

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<v Speaker 2>With the fallout of this debate, We'll be here on

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<v Speaker 2>Monday to look forward to Q three and economics, finance, investment,

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<v Speaker 2>and international relations from New York An Apple Podcasts, Single

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<v Speaker 2>best Idea f

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<v Speaker 3>N L Incident, m