1
00:00:00,080 --> 00:00:15,680
Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

2
00:00:13,080 --> 00:00:15,400
Speaker 2: Single best idea, and we're going to hear from Doctor

3
00:00:15,440 --> 00:00:19,720
Speaker 2: Pigs with a huge quality Economics, and from Todd Jablonski

4
00:00:19,880 --> 00:00:23,280
Speaker 2: out with a Kraken in Seattle. But we actually came

5
00:00:23,360 --> 00:00:25,479
Speaker 2: up with single best idea today. We had on Gerard

6
00:00:25,480 --> 00:00:28,720
Speaker 2: Cassidy from RBC Capital Markets and he and I have

7
00:00:28,760 --> 00:00:32,800
Speaker 2: a tradition going back decades. We're talking JP Morgan City

8
00:00:32,840 --> 00:00:35,199
Speaker 2: Group and all that, and then at the end of

9
00:00:35,200 --> 00:00:38,400
Speaker 2: the interview, I always say Gerard small cap, small stock,

10
00:00:39,000 --> 00:00:44,280
Speaker 2: single best idea by Old Cell, and that's jargon for

11
00:00:44,360 --> 00:00:47,199
Speaker 2: Global Wall Street about when you're with an analyst, what

12
00:00:47,600 --> 00:00:51,440
Speaker 2: is their single best idea, it's always a buye. I mean,

13
00:00:51,479 --> 00:00:53,040
Speaker 2: they're not going to say sell this. That's not the

14
00:00:53,080 --> 00:00:57,400
Speaker 2: way the DNA goes. But his was Puerto Rico. I

15
00:00:57,520 --> 00:01:01,040
Speaker 2: was stunned Gerard Cassidy's saying, guess that's what Puerto Rico's

16
00:01:01,080 --> 00:01:04,160
Speaker 2: recovered lots of federal aid and his single best idea

17
00:01:04,440 --> 00:01:07,360
Speaker 2: was Banco popular. So there you are with how we

18
00:01:07,440 --> 00:01:10,360
Speaker 2: came up with the title the single best idea Today

19
00:01:10,440 --> 00:01:13,120
Speaker 2: was to take notes with Lindsay Pieg of Stiefel and

20
00:01:13,240 --> 00:01:16,440
Speaker 2: halfway through the interview, she floored Paul Sweeney and me

21
00:01:16,959 --> 00:01:21,000
Speaker 2: with a statement on the FED raising rates.

22
00:01:20,920 --> 00:01:23,480
Speaker 3: Right now, the FED is backing itself into the corner.

23
00:01:23,520 --> 00:01:25,759
Speaker 3: The FED should have risen rates, It should have raised

24
00:01:25,840 --> 00:01:29,560
Speaker 3: rates higher now that they see inflation reversing course for

25
00:01:29,600 --> 00:01:32,240
Speaker 3: three consecutive months since the start of the year, they

26
00:01:32,280 --> 00:01:36,800
Speaker 3: need to re engage raise rates to a sufficiently restrictive

27
00:01:36,880 --> 00:01:40,000
Speaker 3: level to get price pressures under control and we can

28
00:01:40,040 --> 00:01:42,920
Speaker 3: start to talk about a sustainable recovery. The longer they

29
00:01:42,959 --> 00:01:46,800
Speaker 3: slow play this, the more price pressures become entrenched into

30
00:01:46,840 --> 00:01:49,280
Speaker 3: the economy, and the more difficult it's going to be

31
00:01:49,360 --> 00:01:51,640
Speaker 3: to ever get us back to that two percent target.

32
00:01:51,760 --> 00:01:55,560
Speaker 3: I don't necessarily think our recession is necessary to get

33
00:01:55,600 --> 00:01:58,600
Speaker 3: price stability, but I do think that a much slower

34
00:01:58,640 --> 00:02:01,280
Speaker 3: growth rate would likely be the outcome, which is not

35
00:02:01,440 --> 00:02:05,200
Speaker 3: necessarily again, is something that we need to avoid at

36
00:02:05,200 --> 00:02:05,960
Speaker 3: all costs.

37
00:02:06,160 --> 00:02:09,680
Speaker 2: Lindsay pigs with Steifel and I really can't say enough.

38
00:02:09,760 --> 00:02:14,359
Speaker 2: It's not an outlier call. There are people with great

39
00:02:14,440 --> 00:02:16,520
Speaker 2: respect for the idea. What does the FED do when,

40
00:02:16,560 --> 00:02:18,320
Speaker 2: of course the fallback is to say they're not going

41
00:02:18,360 --> 00:02:20,040
Speaker 2: to cut rights, They're not going to raise rates. I mean,

42
00:02:20,080 --> 00:02:23,520
Speaker 2: that could be one outcome, But how do you frame

43
00:02:23,560 --> 00:02:27,440
Speaker 2: out the need to raise interest rates? I would suggest

44
00:02:27,480 --> 00:02:30,519
Speaker 2: the zeitgeist, if you will, is completely unprepared for that.

45
00:02:30,520 --> 00:02:34,320
Speaker 2: That was absolutely fascinating one of our great joys. And

46
00:02:34,320 --> 00:02:36,240
Speaker 2: of course this is the reach of Apple car play

47
00:02:36,800 --> 00:02:39,480
Speaker 2: and YouTube and all of Bloomberg Radio and the different

48
00:02:39,560 --> 00:02:42,960
Speaker 2: tune in is just one example. The reach of Bloomberg

49
00:02:43,080 --> 00:02:46,320
Speaker 2: Radio is it is across the nation. I didn't believe

50
00:02:46,320 --> 00:02:48,920
Speaker 2: this years ago when we started this, the idea that

51
00:02:49,000 --> 00:02:51,480
Speaker 2: someone at three or four am in California would actually

52
00:02:51,480 --> 00:02:52,760
Speaker 2: wake up to listen to this stuff.

53
00:02:52,800 --> 00:02:53,639
Speaker 1: I was like, yeah, right.

54
00:02:54,240 --> 00:02:56,760
Speaker 2: And then of course the international audience the Pacific Room

55
00:02:56,800 --> 00:02:59,560
Speaker 2: in Asia in the evening was a big surprise when

56
00:02:59,560 --> 00:03:02,600
Speaker 2: we were doing Bloomberg on the Economy, and so it's

57
00:03:02,720 --> 00:03:05,040
Speaker 2: always great to have people in from the left coast

58
00:03:05,360 --> 00:03:09,680
Speaker 2: in Seattle, which doesn't get enough attention culturally. Todd Jablonski

59
00:03:09,720 --> 00:03:12,680
Speaker 2: holds court out there with Principal Asset. He writes an

60
00:03:12,680 --> 00:03:16,800
Speaker 2: incredibly smart short note, it's out on the principal asset

61
00:03:17,080 --> 00:03:20,079
Speaker 2: Management's got a great cut on sixty forty investing right

62
00:03:20,120 --> 00:03:24,320
Speaker 2: now and in factor investing, but just simply with Microsoft

63
00:03:24,360 --> 00:03:27,560
Speaker 2: coming out the juggernaut at Seattle. We talked to him

64
00:03:27,680 --> 00:03:29,240
Speaker 2: about Washington State.

65
00:03:29,680 --> 00:03:31,920
Speaker 4: I would say about half of the spouses of my

66
00:03:32,080 --> 00:03:36,040
Speaker 4: coworkers in Seattle are employees of Microsoft, and I am

67
00:03:36,280 --> 00:03:39,960
Speaker 4: stunned at the different array of businesses that that firm

68
00:03:40,000 --> 00:03:42,200
Speaker 4: can get into. The cloud computing move I think was

69
00:03:42,240 --> 00:03:45,320
Speaker 4: a brilliant strategic design, and I've been really impressed in

70
00:03:45,320 --> 00:03:48,280
Speaker 4: everything from that to cloud computing. Like when it comes

71
00:03:48,320 --> 00:03:51,560
Speaker 4: to these tech giants, I think that the resourcing advantage

72
00:03:51,600 --> 00:03:54,880
Speaker 4: they have in competition is enormous. That leads to the

73
00:03:54,880 --> 00:03:57,080
Speaker 4: big getting bigger, and I think that we can continue

74
00:03:57,120 --> 00:03:59,200
Speaker 4: to see this trend Gorow. That's part of the reason

75
00:03:59,240 --> 00:04:01,720
Speaker 4: I'm overweight large cap stops in the US, and I

76
00:04:01,760 --> 00:04:04,040
Speaker 4: can see these giants continue to become much larger.

77
00:04:04,240 --> 00:04:06,560
Speaker 2: Different views. I'm thinking a couple of days ago, Patrick

78
00:04:06,640 --> 00:04:10,880
Speaker 2: Armstrong at Pleurimi and he's got the same outcome as

79
00:04:10,920 --> 00:04:14,960
Speaker 2: Todd Jablonski from London to Seattle, but they sort of

80
00:04:14,960 --> 00:04:17,880
Speaker 2: get there on different paths. Patrick armstronge of course looking

81
00:04:17,880 --> 00:04:23,440
Speaker 2: at financials, technology margins, growth rates, and I think there

82
00:04:23,480 --> 00:04:26,800
Speaker 2: was a spirit there to Todd Jablonski saying, look, this

83
00:04:27,040 --> 00:04:32,400
Speaker 2: is about American exceptionalism, it is about innovation and overused word.

84
00:04:32,440 --> 00:04:35,400
Speaker 2: Of course, we'll see that tomorrow. Today we've got meta

85
00:04:35,480 --> 00:04:38,040
Speaker 2: Facebook out. I'm sorry, it's not meta, it's Facebook. Get

86
00:04:38,080 --> 00:04:41,159
Speaker 2: over it. It's Google, not alphabet. But the answer is

87
00:04:41,160 --> 00:04:43,520
Speaker 2: we're going to get a lot of these really different stories,

88
00:04:43,560 --> 00:04:46,839
Speaker 2: each different on radio. Look for Tim and Carroll in

89
00:04:46,839 --> 00:04:50,040
Speaker 2: the afternoon. They'll have all that coverage on Apple car

90
00:04:50,160 --> 00:04:53,320
Speaker 2: Play and on YouTube across all of Bloomberg as well.

91
00:04:53,360 --> 00:04:56,760
Speaker 2: You get Apple out May second, May third, and then

92
00:04:56,800 --> 00:04:58,760
Speaker 2: you really want to hear what Mark German has to

93
00:04:58,760 --> 00:05:01,359
Speaker 2: say about it, and we'll get there in the first

94
00:05:01,360 --> 00:05:04,960
Speaker 2: week of May. We are on Apple car Play and

95
00:05:05,000 --> 00:05:07,840
Speaker 2: on Android play. This is building each and every day.

96
00:05:08,520 --> 00:05:10,960
Speaker 2: Just talk to Jumana Preteci, who will be driving our

97
00:05:11,040 --> 00:05:14,560
Speaker 2: Dubai coverage, our Middle East coverage from Morocco to Persia.

98
00:05:14,600 --> 00:05:18,120
Speaker 2: And Jumani made very clear that all of this digital

99
00:05:18,160 --> 00:05:22,839
Speaker 2: stuff is an incredible international audience, particularly across Africa. Good

100
00:05:22,839 --> 00:05:25,680
Speaker 2: morning and good day to all of you on the

101
00:05:25,720 --> 00:05:29,680
Speaker 2: African continent. And then on YouTube, you go in and

102
00:05:29,680 --> 00:05:32,640
Speaker 2: you search Bloomberg podcasts and you look for you don't

103
00:05:32,640 --> 00:05:35,760
Speaker 2: look for me, you look for Lisa Matteo, and we're

104
00:05:35,760 --> 00:05:37,840
Speaker 2: all there in a white chick lit and you click

105
00:05:37,880 --> 00:05:40,360
Speaker 2: on it and there we are. It's seven to ten

106
00:05:41,000 --> 00:05:44,640
Speaker 2: that we do this Wall Street time so again on Apple,

107
00:05:44,640 --> 00:05:48,600
Speaker 2: car play and YouTube. Two highlights from today. This is

108
00:05:48,720 --> 00:06:09,920
Speaker 2: single best idea.

109
00:06:00,200 --> 00:06:01,280
Speaker 1: Man nal Or.

110
00:06:01,520 --> 00:06:03,480
Speaker 4: Factors were include the Lamber