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

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Speaker 2: A single best idea on a FED day, I think

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Speaker 2: more than any other FED day that we've done. In

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Speaker 2: the morning. We had less conversation on the FED. It's

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Speaker 2: just the confusion that's out there. And this keyword uncertainty.

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Speaker 2: We covered it yesterday. I will be honest, I can't

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Speaker 2: remember the guest, but we had a brilliant discussion of

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Speaker 2: Nightian uncertainty. Nightian k and Ight Nightian Uncertainty is Frank Knight,

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Speaker 2: nineteen twenty one. It was his thesis I believe at

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Speaker 2: Chicago a million years ago, and it's a rite of passage.

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Speaker 2: You have to read the thing. It's my recollection. It's

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Speaker 2: forty fifty sixty pages, but you have to read his

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Speaker 2: thesis on Nightian uncertainty, which is sort of a reachable,

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Speaker 2: touchable uncertainty even though you can't see or touch the

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Speaker 2: uncertainty is a simple way to put it. That's where

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Speaker 2: we are right now, particularly given the trade war. A

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Speaker 2: lot of good conversations today. We started strong, huge response,

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Speaker 2: Thank you so much out on YouTube to Mike Green,

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Speaker 2: five Star, Morning Star, High Yield Fun Mike Green with

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Speaker 2: a lot of really good discussions about active versus passive.

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Speaker 2: Here's Mike Green on your retirement choice.

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Speaker 3: The quick answer is there is no right percentage, right,

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Speaker 3: It's going to depend on everyone's individual component. The key

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Speaker 3: thing that I would highlight is that when you think

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Speaker 3: about investing for retirement, when you think about those, focus

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Speaker 3: on what you need, not what your neighbor wants. Right,

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Speaker 3: And this is a really key component. We tend to

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Speaker 3: get ourselves caught up in the fomo type framework. We're

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Speaker 3: in an environment in which you can if you're worried

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Speaker 3: about inflation, you can buy real yielding tips with a

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Speaker 3: positive yield for the first time in over a decade. Right.

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Speaker 3: That is something that I would argue people are ignoring.

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Speaker 3: I would broadly suggest that income in a lot of

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Speaker 3: ways because it has what I refer to as indogenous liquidity,

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Speaker 3: significant coupon payments and an ultimate payment of at maturity.

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Speaker 3: Has very different characteristics than the Ponzi like characteristics associated

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Speaker 3: with equities, where you are always getting your value from

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Speaker 3: what somebody else pays, and so those are ways that

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Speaker 3: you can separate yourselves. They're not immune, I have to

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Speaker 3: be clear, this is a systemic issue, but they are

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Speaker 3: a better way to think about the opportunity.

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Speaker 2: The forever debate about the certain cash flows of fixed

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Speaker 2: income versus a less certain equity world. Mike Green. There

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Speaker 2: Francis Donald is with RBC Capital Markets. She gave us

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Speaker 2: a traditional FED coverage is best she could. Here's Francis

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Speaker 2: Donald of RBC on our labor economy.

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Speaker 1: The nature of this job market is changing. We have

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Speaker 1: the most amount of those over the age of sixty

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Speaker 1: five the US has ever seen. Over one in five

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Speaker 1: Americans is over the age of sixty five, most amount

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Speaker 1: of retirees ever and so economists are scratching their head.

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Speaker 1: Why are higher rates down but also fire rates down

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Speaker 1: and quick rates down. This is a job market that

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Speaker 1: is acclimating to a demographic bus that's occurring in real time.

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Speaker 1: Demographics are traditionally something that you look at when you're

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Speaker 1: five or ten year forecast when you're forced to do

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Speaker 1: something that difficult. They're not something we take to hear now.

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Speaker 1: And this is why when I talk about uncertainty, a

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Speaker 1: lot of folks are saying we're going to get more

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Speaker 1: certainty on trade in the coming week. But a lot

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Speaker 1: of the customers, a lot of the folks that we

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Speaker 1: talk to in the United States are also paying very

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Speaker 1: close attention to immigration policies that come through and how

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Speaker 1: this government is going to support or not support what

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Speaker 1: is a very shifting labor dynamic. Now Federal Reserve is

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Speaker 1: going to have to talk about this at some point,

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Speaker 1: probably not today, when they're looking at something like a

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Speaker 1: high fours unemployment rate and that's going to be enough

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Speaker 1: for them to start cutting.

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Speaker 2: Just brilliant Francis Donald there on what the media doesn't

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Speaker 2: talk about enough, which is demographic economics. Angus Madison owned

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Speaker 2: the high ground one this I really can't and Robert Fogel,

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Speaker 2: I believe it. Penn at University of Pennsylvania, the laureate.

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Speaker 2: I really can't say enough how we ignored our peril

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Speaker 2: the demographics the makeup of any society, whether it's China

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Speaker 2: or the US, whatever. But that was just brilliant. Francis

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Speaker 2: Donald there on an Aging America. We're on YouTube, some

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Speaker 2: real benchmarks today for us. Thank you so much for

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Speaker 2: subscribing to Bloomberg podcasts out on YouTube. It is the

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Speaker 2: foundation of our future. Really appreciate that. And out on

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Speaker 2: YouTube podcasts. This is a single best idea