WEBVTT - Single Best Idea with Tom Keene: Bob Michele & Liz Young

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, single bust Idea today

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<v Speaker 1>and thank you to Apple for rolling this out. We're

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<v Speaker 1>really thrilled with the initial effort of It's a six

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<v Speaker 1>or seven minute look at two of our guests today. Today,

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<v Speaker 1>we could have done like ten different guests. The way

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<v Speaker 1>we work this is we're reading all the We're aggregating

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<v Speaker 1>all the different newspapers out there in the geopolitics and

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<v Speaker 1>that the Ft, for example, had an article out I

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<v Speaker 1>think today or Sunday of like fifteen people with books,

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<v Speaker 1>the book, they recommend, the book, they their favorite book,

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<v Speaker 1>et cetera. Just you know, there's just the zeitgeist that's

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<v Speaker 1>out there and it came in here and the team's

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<v Speaker 1>working all weekend putting together this great guest list. I'm like,

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<v Speaker 1>I don't know what we're going to talk about. And

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<v Speaker 1>the answer is this Monday was fascinating. I don't know

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<v Speaker 1>what else to say. By you know, we started out

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<v Speaker 1>at seven a m. And I'm like, yeah, okay, and

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<v Speaker 1>I'm miserable and they're giving me extra tang zero to

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<v Speaker 1>get me through the hour. And by seven point thirty

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<v Speaker 1>we were just rocking with a great set of guests.

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<v Speaker 1>We were very lucky to have Bob Michael with us.

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<v Speaker 1>He's at JP Morgan. He tells mister Diamond what to

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<v Speaker 1>do with Bill's notes and bonds. We like having him

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<v Speaker 1>because when he was at Penn he was expert in

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<v Speaker 1>Greek and Latin. And we're talking to Bob Michael and

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<v Speaker 1>out of nowhere there's this audible because he and I

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<v Speaker 1>agree on this. That's why we're playing it for you,

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<v Speaker 1>which is the FED speak today is absolutely out of control.

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<v Speaker 1>Here's Bob Michael of JP Morgan on the Fed speak.

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<v Speaker 2>You know, Tom, the one dead language that I miss

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<v Speaker 2>is FED speak. Remember in the days, back in the eighties,

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<v Speaker 2>when the Fed wasn't always telling you every day what

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<v Speaker 2>you were thinking.

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<v Speaker 1>I yearned for it.

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<v Speaker 2>You used to get the Fed minutes, you used to

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<v Speaker 2>get the listen to the Humphrey Hawkins testimony. You heard

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<v Speaker 2>what Greenspan said, then you got out your secret FED

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<v Speaker 2>decoder ring and interpret and what he meant. And there

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<v Speaker 2>was a value to that.

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<v Speaker 1>The mystery of this and this goes back to Lawrence

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<v Speaker 1>Meyer's wonderful book, A Term at the Fed. Really it's

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<v Speaker 1>a short read, but Larry Meyer of Washington University wrote

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<v Speaker 1>a brilliant book on the green Spanny in silence. I

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<v Speaker 1>kid you not. Mike McKee would see which sandwich Allan

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<v Speaker 1>Greenspan would take to the FED the day of the

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<v Speaker 1>FED meeting. He was ham and cheese. That meant he

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<v Speaker 1>was dubvish, and if it was peanut, butter and jelly,

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<v Speaker 1>he was bullsh or whatever. But the answer is, I'm

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<v Speaker 1>like Bob Michael, I just there's way too much FED speak. Now.

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<v Speaker 1>Let us know what you think about that email, YouTube,

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<v Speaker 1>live chat and all that. There's any number of other

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<v Speaker 1>people we could have for single best idea today. I'm

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<v Speaker 1>gonna go excuse me, I've mean gasping all weekend. It's

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<v Speaker 1>watching Nick Sixers basketball, I guess shouting and all that.

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<v Speaker 1>Another voice here and the heritage here is important. She's

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<v Speaker 1>just so Fi and you're like, Okay, big deal, who's

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<v Speaker 1>so Fi? Liz Young has the privilege of working with

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<v Speaker 1>Anthony Nodo and some of you will know that name

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<v Speaker 1>from Global Wall Street, but a lot of people are like, Sofi,

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<v Speaker 1>what Anthony Noo what? This is one of the heritage

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<v Speaker 1>technology analyst firms out there. Liz Young is their chief

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<v Speaker 1>investment strategists, and the basic idea is you can talk

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<v Speaker 1>to her, what's the market going to do down d

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<v Speaker 1>But it's really about big tech in the path forward

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<v Speaker 1>here into this mystery this earning season.

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<v Speaker 3>I think what's going to happen this earning season we've

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<v Speaker 3>already seen it a little bit, especially with the financials,

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<v Speaker 3>is that it's not just about the results. It's always

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<v Speaker 3>about the guidance. But I think right now, even more so,

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<v Speaker 3>especially where equity valuations are, companies have to come in

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<v Speaker 3>with guidance, and expectors are expecting the guidance to be

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<v Speaker 3>stronger even than before. So companies have to come in

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<v Speaker 3>with strong guidance and optimistic outlook in order to really

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<v Speaker 3>be rewarded at these levels.

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<v Speaker 1>Liz Young, it's so fine. I really want to mention

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<v Speaker 1>Patrick Armstrong at Plurimi in London. He just flat out says, everybody,

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<v Speaker 1>calm down, go with the big names that have got

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<v Speaker 1>us here. I'm not saying I agree with that, but

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<v Speaker 1>he was heated Allah Soufi and Anthony Noto that you

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<v Speaker 1>just go with people generating free cash flow and free

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<v Speaker 1>cash flow growth. All in all, just interesting, interesting Monday,

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<v Speaker 1>Just no other way to put it. We're on Apple

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<v Speaker 1>carp I got a nasty note over the weekend. Hate

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<v Speaker 1>Now I get the hate mail. Lisa Mattel gets the

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<v Speaker 1>love notes. I got a hate mail like mention. Android

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<v Speaker 1>play and I looked it up and it's there and

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<v Speaker 1>it's big. Android Play. Go to Google Play, you can

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<v Speaker 1>get out. It's free the Bloomberg Business app. You download

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<v Speaker 1>it and you get all of our radio work and

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<v Speaker 1>all the podcasts and that on Apple car play, on

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<v Speaker 1>Google Play, and also of course on YouTube. I really

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<v Speaker 1>want to emphasize you go to YouTube, you search Bloomberg podcast.

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<v Speaker 1>That's going to be the hub for everything we knew

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<v Speaker 1>do in the new digital world, and we're building it out.

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<v Speaker 1>Please have some patience here. I know some of you

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<v Speaker 1>want like eight podcasts a day off the show. I

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<v Speaker 1>don't know if we're going to get there, but we're

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<v Speaker 1>working on building it out, and thank you so much

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<v Speaker 1>for your initial support. Please tell people about single best

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<v Speaker 1>idea we're thrilled out on Apple Podcasts is probably the

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<v Speaker 1>lead place to find that. It's a start to an interesting,

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<v Speaker 1>a strong week. It's single best idea