Speaker 1: Bloomberg Audio Studios, podcasts, radio news. The single best idea,
Speaker 1: the single best idea is to have a team that
Speaker 1: works all weekend, shaping up Tuesday, Wednesday, Thursday, and particularly
Speaker 1: the difficult task is shaping up Monday Global Wall Street.
Speaker 1: And if you haven't lived it, maybe you think everybody's
Speaker 1: off looking for a man in finance. Trust Fund six '
Speaker 1: five blue eyed. That's a song right now, folks, for
Speaker 1: those of you who are up in the zeitgeist with
Speaker 1: after thought, I'm up on the zeitgeist. And if you're
Speaker 1: not a man in finance, you're not out two days
Speaker 1: in Hamptons or whatever partying. What you're doing is working
Speaker 1: all weekend. And that's what we do at Bloomberg surveyll Let's. Yes,
Speaker 1: we do things as well, but we're always moving forward
Speaker 1: to Monday morning and Spark conversation today was exceptionally good.
Speaker 1: I really want to thank Derek Wallbank, who runs our
Speaker 1: Singapore shop. He was in Delhi for the Indian elections.
Speaker 1: It was one hundred and eleven degrees fahrenheit when he
Speaker 1: came to us from our partially chilled offices in New Delhi,
Speaker 1: and he was just brilliant on the heat way, the
Speaker 1: excessive heat that we are seeing equatorial and of course
Speaker 1: farther north than we could ever imagine out on YouTube
Speaker 1: live chat. Thank you, not equatorial heat, but to tom
Speaker 1: soa Norway, which I didn't know existed. It's where you
Speaker 1: go in Norway to ski jump and look at the
Speaker 1: northern lights. It's way up. It's like sixty nine degrees latitude.
Speaker 1: Thank you so much for listening to us and tom
Speaker 1: So Norway this morning. One of the reasons people listen
Speaker 1: is eclectic conversation on equities. Robert Teeter provides that he's
Speaker 1: at Silvercrest. He's been doing this for decades. He knows
Speaker 1: you have to be in the market to win in
Speaker 1: the market. Here's Robert Teeter on the FED chat.
Speaker 2: I was talking to some colleagues about this recently of
Speaker 2: the you know the famous Greenspan quote, if you understood
Speaker 2: what I said, you misunderstood me. And that makes for
Speaker 2: a little easier environment in some ways, as opposed to
Speaker 2: this absolute scrutiny on every single data point, and you
Speaker 2: get a tense better or worse on CPI, and it
Speaker 2: moves the market on the day. But really it's important
Speaker 2: to look at those longer term trends and what's going on.
Speaker 2: Inflation has been stuck for a while. Fed's on a
Speaker 2: hard pause. So like you, I look to the earning side,
Speaker 2: and there's just been a ton of progress on profit margins.
Speaker 2: Looking back from COVID till now, you've had revenues in
Speaker 2: the s and P up about thirty percent and headcount
Speaker 2: up only about eight percent. You're starting to see some
Speaker 2: progress on the margin front that I think was unanticipated.
Speaker 1: There's the best comparing contrast of the morning. They're the
Speaker 1: thirty percent versus eight percent. That's what we try to do.
Speaker 1: Comparing contrast is I'm going to steal it from the
Speaker 1: Chartered Financial Analyst Institute of Virginia, the CFA program. I'm
Speaker 1: very proud to say I'm a member of the CFA Cadre.
Speaker 1: And basically, folks, one statistic, thirty percent is of you
Speaker 1: little value. You've got to compare it to someone. So
Speaker 1: always what you see in the game is compare and
Speaker 1: contrast and their teeter comparing on our prosperity thirty percent
Speaker 1: profit growth versus eight percent labor growth as well. One
Speaker 1: of the ideas he sees for stable, if not improving margins.
Speaker 1: We stopped buy and it's not every ninety days. He's
Speaker 1: in retirement, out on golf courses, but he's still very
Speaker 1: much watching the markets and sends out private notes. Dennis
Speaker 1: Gartman is the Pinnata of the equity market. People love
Speaker 1: to jump on him. He's made clear he's missed the
Speaker 1: equity market. We talked about that, but what we really
Speaker 1: talked about is truly one of his great iconic trades.
Speaker 1: The only one I know with any equivalency to this
Speaker 1: was David Malpass at bear Stearns years ago, which is
Speaker 1: you buy gold, but do you own golden dollars or
Speaker 1: do you short euros at the same time, or do
Speaker 1: you short yen. Dennis Gartman's call of gold in yen
Speaker 1: is stunning. I'm not going to go through the numbers now,
Speaker 1: just because of the brevity of single best idea, but
Speaker 1: all you got to know is he's been making twenty
Speaker 1: percent a year on this, out of the pandemic, and
Speaker 1: even more solid, more stable as you go back farther.
Speaker 1: It's truly one of the great trades of a lifetime.
Speaker 1: Dennis Gartman gold in yen, Gartman reaffirms today on Bloomberg
Speaker 1: surveillance weekend. Let's listen.
Speaker 3: We'll probably see the dollar versus remendye trade above eight,
Speaker 3: maybe eight and a half over the course of the
Speaker 3: next several years. But again, watch what happens to dollar
Speaker 3: yen as we go through. If we go through and
Speaker 3: I think we shall go through one sixty, the Banka
Speaker 3: Japan will come in and intervene at one sixty again
Speaker 3: trying to stem the dollar strength. They won't succeed. They
Speaker 3: succeeded for about three days last time. They'll this time.
Speaker 3: That'll be even less time for success. And oil trade
Speaker 3: to one to seventy five very quickly. So he our
Speaker 3: gold and yen terms has been a great trade. I
Speaker 3: think it's going to continue to be a very good
Speaker 3: trade for the coming several years, certainly for the coming
Speaker 3: several months, no question about that.
Speaker 1: So you own gold, and what do you own it in?
Speaker 1: And if Japanese yen is weakening, gold does better relative
Speaker 1: if you own it in the US dollars. That's basically
Speaker 1: how the trade goes. Maybe don't do this at home,
Speaker 1: but that's what pro's like, Dennis Gartman. Look at all
Speaker 1: I can say is everything done. It's been an extraordinary trade. Gartman,
Speaker 1: who's been doing commodities since time began. I think Erico's
Speaker 1: before Nixon was president. I think you've got to go
Speaker 1: back to John Tyler to capture the entire scope and
Speaker 1: scale of Dennis Gartman. Think red wheat in Kansas. He's
Speaker 1: not a gold bug. I mean this is very, very
Speaker 1: different than being a gold bug. It's looking at some
Speaker 1: of the great geopolitical changes out there, including Central bank
Speaker 1: buying of gold. And also I should point out the
Speaker 1: debt build up in the United States really front and
Speaker 1: center down into the election as well. We're on Android,
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Speaker 1: is great. Good morning Mexico City, and good morning Tom.
Speaker 1: I don't know how to pronounce it. Thompson Norway Yah,
Speaker 1: do you say yeah Norway? I don't know, says road trip.
Speaker 1: It was fifty five degrees there. It's single best idea.
Speaker 1: Good morning,