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

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Speaker 2: Best idea, tough decisions today. I had to coverage some great,

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Speaker 2: great conversations out there. We'll get to John Stolfas with

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Speaker 2: Oppenheimer Company in a moment with this call a seventy

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Speaker 2: one hundred standard Pors five hundred in a real optimistic tone.

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Speaker 2: What a joy to head Today'd have truly a legend.

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Speaker 2: Charles Clough Chuck Clow with his own shop up in Conquer, Massachusetts,

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Speaker 2: definitive with Marrileach for years and sometimes very cautious on

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Speaker 2: the market, but shockingly optimistic on the quality of profit

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Speaker 2: and the quality of cash flow. We looked at growth

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Speaker 2: and we looked at value with Chuck Clow. Does value

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Speaker 2: do well only when there's a bear market? Do you

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Speaker 2: need a bad market for value to do better than growth?

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Speaker 3: I would say no. I think there's a tendency to

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Speaker 3: move towards things that people think are value. I would say,

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Speaker 3: I would say the most important engine of a value

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Speaker 3: company is that it generates free cash flow and construct

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Speaker 3: to collapse the capitalization the most important thing. If it's

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Speaker 3: a mature industry, we would be generating cash flow because

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Speaker 3: you're not investing. If you're generating cash flow and can

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Speaker 3: move the capitalization to a point that it's still efficient,

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Speaker 3: that will make you money into value.

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Speaker 2: So you're worried about the accounting for all this capex

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Speaker 2: investment in AI if we have some form of write

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Speaker 2: down or depreciation of it in a normal sense. Do

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Speaker 2: you believe the math now like Paul and I believe

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Speaker 2: the math in February of two.

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Speaker 3: Thousand, Well, again, I think the point about my hyperscale

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Speaker 3: is they generate huge amounts of cash flow. The dot

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Speaker 3: com companies didn't with one exception, two exceptions. I was

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Speaker 3: Apple and Microsoft and Chuck Cloud there of.

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Speaker 2: His own shot clone company up in Conquer, Massachusetts. John

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Speaker 2: Stulphus was with us today much more into writing a

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Speaker 2: weekly note about where are we in the market? John

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Speaker 2: Stulfus reaffirming optimism.

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Speaker 4: We've got earnings growth up eleven point seven percent on

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Speaker 4: back of eight point one percent revenue growth. You've got

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Speaker 4: tech twenty four percent growth year over year financial Q

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Speaker 4: three or year over year twenty three point nine, so

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Speaker 4: that's another twenty four piece. You've got materials double digit growth,

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Speaker 4: industrials double digit growth. This is looking pretty good. And

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Speaker 4: the single digits aren't bad. Uh, And you've only got

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Speaker 4: two sectors with negative growth, that's energy negative two point

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Speaker 4: two six percent on the screen and communication services eight

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Speaker 4: point one nine percent, and that some of that may

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Speaker 4: be the result of just incredible investment at a watershed

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Speaker 4: period related to AI technology.

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Speaker 2: John Sulfas he has been out only optimistic on the market,

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Speaker 2: even with some of the stresses over the last number

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Speaker 2: of years, and he reaffirmed that today I'm podcasts, We're

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Speaker 2: out of Apple word at Spotify on YouTube podcasts its

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Speaker 2: single best idea