Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea, and we're going to hear from Doctor
Speaker 2: Pigs with a huge quality Economics, and from Todd Jablonski
Speaker 2: out with a Kraken in Seattle. But we actually came
Speaker 2: up with single best idea today. We had on Gerard
Speaker 2: Cassidy from RBC Capital Markets and he and I have
Speaker 2: a tradition going back decades. We're talking JP Morgan City
Speaker 2: Group and all that, and then at the end of
Speaker 2: the interview, I always say Gerard small cap, small stock,
Speaker 2: single best idea by Old Cell, and that's jargon for
Speaker 2: Global Wall Street about when you're with an analyst, what
Speaker 2: is their single best idea, it's always a buye. I mean,
Speaker 2: they're not going to say sell this. That's not the
Speaker 2: way the DNA goes. But his was Puerto Rico. I
Speaker 2: was stunned Gerard Cassidy's saying, guess that's what Puerto Rico's
Speaker 2: recovered lots of federal aid and his single best idea
Speaker 2: was Banco popular. So there you are with how we
Speaker 2: came up with the title the single best idea Today
Speaker 2: was to take notes with Lindsay Pieg of Stiefel and
Speaker 2: halfway through the interview, she floored Paul Sweeney and me
Speaker 2: with a statement on the FED raising rates.
Speaker 3: Right now, the FED is backing itself into the corner.
Speaker 3: The FED should have risen rates, It should have raised
Speaker 3: rates higher now that they see inflation reversing course for
Speaker 3: three consecutive months since the start of the year, they
Speaker 3: need to re engage raise rates to a sufficiently restrictive
Speaker 3: level to get price pressures under control and we can
Speaker 3: start to talk about a sustainable recovery. The longer they
Speaker 3: slow play this, the more price pressures become entrenched into
Speaker 3: the economy, and the more difficult it's going to be
Speaker 3: to ever get us back to that two percent target.
Speaker 3: I don't necessarily think our recession is necessary to get
Speaker 3: price stability, but I do think that a much slower
Speaker 3: growth rate would likely be the outcome, which is not
Speaker 3: necessarily again, is something that we need to avoid at
Speaker 3: all costs.
Speaker 2: Lindsay pigs with Steifel and I really can't say enough.
Speaker 2: It's not an outlier call. There are people with great
Speaker 2: respect for the idea. What does the FED do when,
Speaker 2: of course the fallback is to say they're not going
Speaker 2: to cut rights, They're not going to raise rates. I mean,
Speaker 2: that could be one outcome, But how do you frame
Speaker 2: out the need to raise interest rates? I would suggest
Speaker 2: the zeitgeist, if you will, is completely unprepared for that.
Speaker 2: That was absolutely fascinating one of our great joys. And
Speaker 2: of course this is the reach of Apple car play
Speaker 2: and YouTube and all of Bloomberg Radio and the different
Speaker 2: tune in is just one example. The reach of Bloomberg
Speaker 2: Radio is it is across the nation. I didn't believe
Speaker 2: this years ago when we started this, the idea that
Speaker 2: someone at three or four am in California would actually
Speaker 2: wake up to listen to this stuff.
Speaker 1: I was like, yeah, right.
Speaker 2: And then of course the international audience the Pacific Room
Speaker 2: in Asia in the evening was a big surprise when
Speaker 2: we were doing Bloomberg on the Economy, and so it's
Speaker 2: always great to have people in from the left coast
Speaker 2: in Seattle, which doesn't get enough attention culturally. Todd Jablonski
Speaker 2: holds court out there with Principal Asset. He writes an
Speaker 2: incredibly smart short note, it's out on the principal asset
Speaker 2: Management's got a great cut on sixty forty investing right
Speaker 2: now and in factor investing, but just simply with Microsoft
Speaker 2: coming out the juggernaut at Seattle. We talked to him
Speaker 2: about Washington State.
Speaker 4: I would say about half of the spouses of my
Speaker 4: coworkers in Seattle are employees of Microsoft, and I am
Speaker 4: stunned at the different array of businesses that that firm
Speaker 4: can get into. The cloud computing move I think was
Speaker 4: a brilliant strategic design, and I've been really impressed in
Speaker 4: everything from that to cloud computing. Like when it comes
Speaker 4: to these tech giants, I think that the resourcing advantage
Speaker 4: they have in competition is enormous. That leads to the
Speaker 4: big getting bigger, and I think that we can continue
Speaker 4: to see this trend Gorow. That's part of the reason
Speaker 4: I'm overweight large cap stops in the US, and I
Speaker 4: can see these giants continue to become much larger.
Speaker 2: Different views. I'm thinking a couple of days ago, Patrick
Speaker 2: Armstrong at Pleurimi and he's got the same outcome as
Speaker 2: Todd Jablonski from London to Seattle, but they sort of
Speaker 2: get there on different paths. Patrick armstronge of course looking
Speaker 2: at financials, technology margins, growth rates, and I think there
Speaker 2: was a spirit there to Todd Jablonski saying, look, this
Speaker 2: is about American exceptionalism, it is about innovation and overused word.
Speaker 2: Of course, we'll see that tomorrow. Today we've got meta
Speaker 2: Facebook out. I'm sorry, it's not meta, it's Facebook. Get
Speaker 2: over it. It's Google, not alphabet. But the answer is
Speaker 2: we're going to get a lot of these really different stories,
Speaker 2: each different on radio. Look for Tim and Carroll in
Speaker 2: the afternoon. They'll have all that coverage on Apple car
Speaker 2: Play and on YouTube across all of Bloomberg as well.
Speaker 2: You get Apple out May second, May third, and then
Speaker 2: you really want to hear what Mark German has to
Speaker 2: say about it, and we'll get there in the first
Speaker 2: week of May. We are on Apple car Play and
Speaker 2: on Android play. This is building each and every day.
Speaker 2: Just talk to Jumana Preteci, who will be driving our
Speaker 2: Dubai coverage, our Middle East coverage from Morocco to Persia.
Speaker 2: And Jumani made very clear that all of this digital
Speaker 2: stuff is an incredible international audience, particularly across Africa. Good
Speaker 2: morning and good day to all of you on the
Speaker 2: African continent. And then on YouTube, you go in and
Speaker 2: you search Bloomberg podcasts and you look for you don't
Speaker 2: look for me, you look for Lisa Matteo, and we're
Speaker 2: all there in a white chick lit and you click
Speaker 2: on it and there we are. It's seven to ten
Speaker 2: that we do this Wall Street time so again on Apple,
Speaker 2: car play and YouTube. Two highlights from today. This is
Speaker 2: single best idea.
Speaker 1: Man nal Or.
Speaker 4: Factors were include the Lamber