WEBVTT - Single Best Idea with Tom  Keene: Victoria Bills and Bill Lee

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

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<v Speaker 2>Single best idea, Where do you begin? I mean, we're

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<v Speaker 2>going to do an entire single best idea in the

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<v Speaker 2>total solar eclipse. But maybe we're all the clips dot.

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<v Speaker 2>I hope that all of you in the totality have

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<v Speaker 2>a chance, cloud cover or not to experience the total

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<v Speaker 2>Solar eclips. Thanks for the many comments I've got on today.

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<v Speaker 2>My Bill Nye bow tie treasured from Bill ny the

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<v Speaker 2>Science Guy. We did something once. I can't remember what

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<v Speaker 2>it was on, but it's good to see science and

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<v Speaker 2>astronomy out front today. Upfront today as well was great

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<v Speaker 2>conversation on Bloomberg surveillance. Billy's going to join us from

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<v Speaker 2>Milk and just wonderfully encyclopedic on the cultural aspect of China,

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<v Speaker 2>geopolitical economics and all that. But first this we had

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<v Speaker 2>to go with Victoria Bills. She's out in Chicago's Banran

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<v Speaker 2>and she's really, really quite good, and she writes a

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<v Speaker 2>really terse note. In the heart of her note is

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<v Speaker 2>get on board, get on board Nvidia, Get on board Nevartes.

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<v Speaker 2>She's none of this value. Find something cheap and wait wait, wait,

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<v Speaker 2>wait wait someday it'll go up. She's on board the

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<v Speaker 2>successful stories right now, and of course one of those

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<v Speaker 2>is bitcoin. She is absolutely heated about the limitation of

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<v Speaker 2>supply and all the new money coming in. She hasn't

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<v Speaker 2>mince words. Bitcoin sixty seventy thousand out to one hundred

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<v Speaker 2>thousand plus, let's listen to miss Bills.

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<v Speaker 1>We're seeing a lot of kind of continued traction that's

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<v Speaker 1>coming into the market because of the upcoming having that's

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<v Speaker 1>happening in April, and we already saw an uptick in

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<v Speaker 1>bitcoin pricing because of the introduction of the spot etf

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<v Speaker 1>earlier this year, which drove the price over seventy thousand.

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<v Speaker 1>So we can honestly expect, with the decrease of supply

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<v Speaker 1>that's now coming into the market for bitcoin on top

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<v Speaker 1>of that very out paced demand, that we can actually

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<v Speaker 1>expect over one hundred k and pricing by end of year.

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<v Speaker 2>Victoria Bill is a bannery and with a call there

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<v Speaker 2>a major shout out. My favorite phrase, just a little

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<v Speaker 2>inside baseball. I love to tell anybody involved with Bloomberg surveillance,

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<v Speaker 2>I stand corrected. I'm walking around with all sorts of certitude,

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<v Speaker 2>and I love it when I'm totally wrong, and somebody says,

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<v Speaker 2>Eric will say to me, a stupid you're wrong, and

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<v Speaker 2>I will go I stand corrected. Michael mcgloone leaves a

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<v Speaker 2>lot of our commodity coverage and he has been lights

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<v Speaker 2>out on the recovery of bitcoin. He's a scouts. Why

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<v Speaker 2>aren't we a Scoon's Eric in Miami? I mean, what

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<v Speaker 2>is McGlone doing that we're not doing? He's smart to

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<v Speaker 2>find out what that is. We need to you know,

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<v Speaker 2>I see a December move, you know, you know something

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<v Speaker 2>like that as well. Another move is to look at

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<v Speaker 2>the Milkin Institute. There's soiree coming up here. Leave it

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<v Speaker 2>to May. Maybe April can't remember. And their chief economist

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<v Speaker 2>is William Lee. William Lee was definitive of the IMF

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<v Speaker 2>on the Pacific rim Watch and is not chief economist

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<v Speaker 2>formul Can Institute. I love to talk to him about

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<v Speaker 2>China because he's got huge familial ties into China. He

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<v Speaker 2>talks about Chengdu or Shanghai differently than the rest of him.

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<v Speaker 2>Here is Bill Lee on the New China.

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<v Speaker 3>I think that that's a naive view. I've often heard

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<v Speaker 3>that said, you can invest in China and invest in

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<v Speaker 3>China very successfully if you follow the new principles of

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<v Speaker 3>investing in China, which is, you know, promote the state,

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<v Speaker 3>promote the state goals of improving the Chinese economy. If

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<v Speaker 3>you have that in mind and find projects like that,

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<v Speaker 3>you're really in good shape. Now. One of the problems

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<v Speaker 3>of actually implementing that in real life is due diligence.

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<v Speaker 3>The Chinese have made it incredibly difficult for investors to

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<v Speaker 3>find out what are the viable investment projects that they

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<v Speaker 3>can invest in without being told to put money in

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<v Speaker 3>particular places. And that's the tension is the private investor

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<v Speaker 3>just can't find their own means to verify things without

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<v Speaker 3>relying on state information.

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<v Speaker 2>Billy and the Milicoine Institute a joy today to begin

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<v Speaker 2>to get through James Diamond's annual letter from JP Morgan.

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<v Speaker 2>Major shout out to Shanali Bassek. I think she gets

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<v Speaker 2>a preview. I mean she's so tight with JP Morgan,

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<v Speaker 2>she probably got it yesterday or the day before. Anyways,

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<v Speaker 2>Shanali went through it and it was a real value

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<v Speaker 2>out there on mister Diamond's comments on banking and new

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<v Speaker 2>finance like Apple and what they're doing in Quasi banks.

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<v Speaker 2>I guess I'll call it. I really can't say enough

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<v Speaker 2>about this. If you're not part of Global Wall Street,

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<v Speaker 2>it's worth going in and searching JP Morgan Jamie Diamond

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<v Speaker 2>Annual Letter twenty twenty three. It's a letter for the

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<v Speaker 2>twenty twenty three annual report, and just go in and

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<v Speaker 2>just try to find a couple paragraphs to see what

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<v Speaker 2>he and his team are thinking about for Global Wall Street.

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<v Speaker 2>It's a long read, but really really interesting. I wish

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<v Speaker 2>we had more of these notes out from industry leaders

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<v Speaker 2>just know their team and all that, not just one

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<v Speaker 2>person yap. In a way, I can't say enough about

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<v Speaker 2>a careful read of the JP Morgan Annual Letter from

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<v Speaker 2>James Diamond. We're out on Apple car Play. Don't forget

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<v Speaker 2>the Bloomberg Business app. It's free. No pain some confusion

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<v Speaker 2>about this. It's free to get out on Apple car

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<v Speaker 2>Play and of course on Google Play as well with

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<v Speaker 2>Android and on YouTube. We are just humbled by the response,

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<v Speaker 2>not only how many of you are choosing to listen

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<v Speaker 2>to us through YouTube search Bloomberg podcasts, but also the

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<v Speaker 2>amount of time people are spending listening to us. We're

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<v Speaker 2>humbled that you're taking us as a part of your morning.

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<v Speaker 2>It is single best idea. Will do this tomorrow. Tomorrow

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<v Speaker 2>there's no solar eclipse.

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<v Speaker 1>Seven