WEBVTT - At The Money: Navigating War, Tariffs and Geopolitics

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>War, geopolitics, tariffs. How is an investor supposed to navigate

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<v Speaker 2>their way through an environment where the US bombs Iran's

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<v Speaker 2>nuclear sites, Israeli drone attacks have taken place in the

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<v Speaker 2>Middle East, as well as aircraft bombing raids. All of

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<v Speaker 2>this comes after months of noisy tariff announcements and walking

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<v Speaker 2>those back geopolitical wrangling. What are investors supposed to do

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<v Speaker 2>when a war breaks out? I'm Barry Dheltson on today's

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<v Speaker 2>edition of At the Money. We're going to discuss how

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<v Speaker 2>to manage your way through war, tariffs and all manner

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<v Speaker 2>of headline risks. To help us unpack all of this

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<v Speaker 2>and what it means for your portfolio, let's bring in

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<v Speaker 2>veteran markets journalist and CFA Sam Row. Sam's known for

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<v Speaker 2>his clear, data driven insights into markets and the economy.

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<v Speaker 2>He is a journalistic veteran who has worked at Forbes, Yahoo,

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<v Speaker 2>Business Insider, and Axios. His sub stack ticker was named

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<v Speaker 2>by the Society of Business Editors and Writers as the

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<v Speaker 2>best in Business for twenty twenty two. So Sam, let's

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<v Speaker 2>start with something you wrote recently. Quote the US stock

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<v Speaker 2>market has a long history of demonstrating resilience in the

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<v Speaker 2>face of major geopolitical risk events.

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<v Speaker 3>Explain that, Yeah, I mean it's every couple of years

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<v Speaker 3>or every couple of months. I think you and I,

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<v Speaker 3>or you and your clients and me and my readers

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<v Speaker 3>have the same kind of discussion. Some conflict breaks out

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<v Speaker 3>fallatilly it comes to the markets. What are we supposed

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<v Speaker 3>to do? And you know, of course, you know, as

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<v Speaker 3>a human being, this is very scary. As someone who

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<v Speaker 3>cares about or has friends and family connected to those events,

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<v Speaker 3>it's really distressing. And then you put your investor hat

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<v Speaker 3>on and think about, you know, what does history tell

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<v Speaker 3>us here? Now, obviously every event is going to be

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<v Speaker 3>slightly different, but history also tells us that the markets

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<v Speaker 3>seem to eventually look past this. Even with what's going

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<v Speaker 3>on in the Middle East right now. I think for

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<v Speaker 3>as long as we've been alive, there's been some permutation

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<v Speaker 3>of a Middle East conflict, and it's always been scary,

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<v Speaker 3>and there's always you know, secondary effects in the financial markets,

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<v Speaker 3>whether it's with oil prices or volatility and interest rates

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<v Speaker 3>and currencies and all these sort of things. And I

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<v Speaker 3>think for traders who are trying to weave in and

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<v Speaker 3>out of this. It's a big deal, and you really

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<v Speaker 3>should be paying close up a tension to every development here.

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<v Speaker 3>But you know, as someone who has to get somewhere

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<v Speaker 3>in terms of retirement and long term savings or if

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<v Speaker 3>you're saving for your college, your kid's college fund or something,

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<v Speaker 3>you have to wonder, you know, what does five years

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<v Speaker 3>out look like, what does ten years out look like?

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<v Speaker 3>What does even three years out look like? And you know,

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<v Speaker 3>when you see some of these reviews of various geopolitical

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<v Speaker 3>events in the past, there are some conflicts that go

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<v Speaker 3>on for a very long time and may or may

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<v Speaker 3>not have a sort of a longer term impact on

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<v Speaker 3>the financial market. But for the most part, the market

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<v Speaker 3>hits tend to be very brief. I think I saw

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<v Speaker 3>something from Deutsche Bank recently that reviewed something like thirty

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<v Speaker 3>geopolitical events of the last hundred years, and from the

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<v Speaker 3>beginning of the event that triggered, you know, the conflict

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<v Speaker 3>to the bottom of the S and B five hundred

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<v Speaker 3>on average, and the median stretches about fifteen days.

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<v Speaker 2>Fifteen trading days, essentially three weeks. So that's kind of interesting.

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<v Speaker 2>You you said something not too long ago that I

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<v Speaker 2>thought was intriguing, and I'm wondering if it was geared

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<v Speaker 2>to investors or traders. Stocks usually look past geopolitical events,

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<v Speaker 2>but these events shouldn't be ignored. How do you have

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<v Speaker 2>it both ways?

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<v Speaker 3>Absolutely? You know, I think I think one of the

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<v Speaker 3>mistakes that a long term investor can make is to

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<v Speaker 3>try to pretend like nothing else is happening in the world.

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<v Speaker 3>I mean, of course, you know this stuff matters, and

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<v Speaker 3>you know we're going to fall news in our personal

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<v Speaker 3>lives and all that kind of stuff. But you know,

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<v Speaker 3>sometimes we want to just ignore all this stuff, especially

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<v Speaker 3>if we have, you know, fifteen twenty thirty years until

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<v Speaker 3>we actually have to begin selling these stocks. But I

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<v Speaker 3>don't know if that's totally healthy, because maybe the study

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<v Speaker 3>says fifteen days till the market bottoms, but the study

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<v Speaker 3>might also have a range of out comes where it

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<v Speaker 3>might take three years till the market bottoms.

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<v Speaker 2>Fifteen days is the average, but that doesn't necessarily mean

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<v Speaker 2>each time it's going to be fifteen days exactly.

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<v Speaker 3>So I think, you know, you definitely want to be

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<v Speaker 3>mindful of the possibility that things can get worse, like

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<v Speaker 3>even with what's happening right now. The markets seem to

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<v Speaker 3>have bounced back pretty quickly all the time highs, all

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<v Speaker 3>time highs. We're within reach of all time highs. But

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<v Speaker 3>that doesn't mean, you know, there isn't going to be

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<v Speaker 3>another flare up, you know, tomorrow, or next week or

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<v Speaker 3>in a couple of months. So I think you have

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<v Speaker 3>to be mindful of the fact that this stuff is

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<v Speaker 3>going on in the world. And then you go back

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<v Speaker 3>to the history and say, hey, the odds actually say

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<v Speaker 3>people want de escalation. People would rather not have violence

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<v Speaker 3>out there, and that involves all parties. And so as

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<v Speaker 3>long as there are more people who would rather not

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<v Speaker 3>have violence than one violence, I think there's some gravity

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<v Speaker 3>toward the escalation and a pullback and violent activity.

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<v Speaker 2>So let's delve into the history of we'll deal with

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<v Speaker 2>tariffs in a little bit. Let's talk about war. There's

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<v Speaker 2>a history of the last century of small wars, large wars,

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<v Speaker 2>world wars. We have World War One and World War Two,

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<v Speaker 2>we have the Korean War of Vietnam, Iraq in nineteen

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<v Speaker 2>ninety one, and then Afghanistan and Iraq and three and

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<v Speaker 2>today it's Imran, which seems to have been building. I

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<v Speaker 2>don't know since nineteen seventy nine, when the hostages were

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<v Speaker 2>taken following the Iranian Revolution. How should investors, not in

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<v Speaker 2>their personal or family life, but as stewards of capital,

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<v Speaker 2>contextualize the dangers of war and the dangers of being

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<v Speaker 2>frightened out of the market because of war.

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<v Speaker 3>You know, it's I was just having a conversation about

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<v Speaker 3>this the other day about you know, this whole matter

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<v Speaker 3>of you turn on the TV and someone will tell you, well,

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<v Speaker 3>uncertainty is elevated today, uncertainty. It doesn't make sense that

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<v Speaker 3>the market's so high because of all this uncertainty that's

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<v Speaker 3>out there. Well, uncertainty just defines the nature of investing

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<v Speaker 3>in the stock market. Right, if there was no uncertainty,

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<v Speaker 3>you wouldn't get a great return.

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<v Speaker 2>Right if you want, if you want certain returns, you

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<v Speaker 2>can get four point something on the ten year treasury.

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<v Speaker 3>Right exactly. But I was just thinking about, you know,

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<v Speaker 3>the history of conflicts, especially you know, in the Middle East,

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<v Speaker 3>and I remember when the Gulf War started in nineteen

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<v Speaker 3>ninety and you know, I was eight years old and

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<v Speaker 3>I was looking at the data and apparently that was

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<v Speaker 3>a pretty rough time, both in the oil markets, and

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<v Speaker 3>in the financial markets, and it was a tough time

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<v Speaker 3>to to be an investor, you know, going through all

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<v Speaker 3>this volatility, because you know, maybe this is it, maybe

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<v Speaker 3>this is the end of of of all that. But

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<v Speaker 3>then you know it's it's not long after that you

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<v Speaker 3>realize that's actually an incredible time to start putting money

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<v Speaker 3>into sam Rose five pointy. I wish my parents put

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<v Speaker 3>money into a five twenty nine plant at that time,

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<v Speaker 3>but they didn't. But again, you just look backwards and

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<v Speaker 3>if there's any if there's a more powerful force than

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<v Speaker 3>geopolitical tensions, it's going to be everyone's desire to want

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<v Speaker 3>things to be better. And even from like a business perspective,

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<v Speaker 3>you know, they want better technologies, they want things to

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<v Speaker 3>be cheaper, they want things to be faster, and that

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<v Speaker 3>force that's driving earnings and profits and productivity and the

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<v Speaker 3>economy and employment and quality of life, standards of living

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<v Speaker 3>and all this stuff, you know, will continue to be

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<v Speaker 3>the dominant force in the markets. So I think that's

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<v Speaker 3>what people miss. Like if you were to be able

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<v Speaker 3>to if you could put all that into like a

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<v Speaker 3>pie chart. Sure you have these flare ups and you know,

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<v Speaker 3>geopolitical events, but the dominant forces, you know, remain.

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<v Speaker 2>That makes a lot of sense. You mentioned oil earlier

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<v Speaker 2>in the nineteen nineties, and especially in the nineteen seventies.

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<v Speaker 2>Anytime we saw a Mid East tension, that always translated

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<v Speaker 2>into higher oil prices, which then pushed into CPI inflation

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<v Speaker 2>driving it higher. Are we in the same set of

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<v Speaker 2>circumstances today? Ever since the new fracking technologies in the

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<v Speaker 2>two thousands and the United States just cranking out oil

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<v Speaker 2>for the past I don't know, ten twelve years at

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<v Speaker 2>old time record rates. Does the US lesser dependence on

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<v Speaker 2>Middle Eastern oil make it more or less likely that

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<v Speaker 2>Middle East flare ups are not going to be as

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<v Speaker 2>inflationary as they once were.

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<v Speaker 3>I think it's going to be not as inflationary as

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<v Speaker 3>they once were. One of my favorite metrics that's out

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<v Speaker 3>there is energy consumption spending as a percentage of personal

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<v Speaker 3>consumption expenditures, and that was somewhere that was floating around

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<v Speaker 3>at about ten percent. Energy spending as a percentage of

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<v Speaker 3>personal consumption household budgets, yeah, household budgets, Yeah, about ten

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<v Speaker 3>percent in the late seventies, early eighties, and that's that

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<v Speaker 3>steadily been declining and now it's closer to somewhere between

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<v Speaker 3>three and four percent.

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<v Speaker 2>That's amazing.

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<v Speaker 3>Yeah, so energy, the direct spending on energy has has

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<v Speaker 3>shrunk us significantly. And then past that, like you know,

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<v Speaker 3>you know, the car you drive today is far more

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<v Speaker 3>fuel efficient than the car you drove, you know, twenty

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<v Speaker 3>years ago. So fuel economy has improved for you know,

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<v Speaker 3>one of the biggest purchases of energy, which is gasoline

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<v Speaker 3>for cars.

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<v Speaker 2>To say nothing about hybrids and evs.

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<v Speaker 3>Hybrids, evs. Your refrigerator is more energy efficient, the ac

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<v Speaker 3>is more energy efficient. The the.

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<v Speaker 2>We switched the natural gas from oil, I don't know

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<v Speaker 2>ten years ago. It costs a fraction of what oil

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<v Speaker 2>costs and and pollutes less. And you know, as much

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<v Speaker 2>as people say natural gas is a problem, it's certainly

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<v Speaker 2>much better than coal, right, and better than oil.

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<v Speaker 3>Right right right. Having said that, it can certainly have

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<v Speaker 3>a psychological effect on consumers, especially, we can spend all

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<v Speaker 3>day talking about how I get, you know, twenty five

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<v Speaker 3>miles per gallon now as opposed to fifteen when I

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<v Speaker 3>first got my driver's license. But when you see gas

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<v Speaker 3>prices go from two fifty to three twenty five in

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<v Speaker 3>a very short period of time. That affects you because

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<v Speaker 3>that's immediately coming out of you know, whatever your Starbucks

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<v Speaker 3>budget might be.

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<v Speaker 2>Huh, really interesting. So we've seen an argument pushing for

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<v Speaker 2>home shoring. We'll bring these factories back to the US,

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<v Speaker 2>We'll create all these new jobs. Is that realistic in

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<v Speaker 2>the modern age of advanced automation, new technologies, artificial intelligence,

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<v Speaker 2>and robotics. Are we really going to fill factories with

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<v Speaker 2>workers or are we going to be filling new US

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<v Speaker 2>based factories with a whole bunch of robots.

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<v Speaker 3>Yeah? I think I think there's several ways to answer

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<v Speaker 3>that question, and in every way it's going to be No,

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<v Speaker 3>We're not going to have a ton of home shoring.

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<v Speaker 3>We might have some at the margin. Everything happens at

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<v Speaker 3>the margins, right, some people, some people who are saving

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<v Speaker 3>you know, point zero zero one percentage point. You know,

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<v Speaker 3>manufacturing China might figure out a way to move to

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<v Speaker 3>the US. But for the most part, it's not gonna

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<v Speaker 3>be that much cheaper to move your manufacturing to the

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<v Speaker 3>US just because it was so expensive in China. You're

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<v Speaker 3>gonna move to Vietnam, You're gonna move to Mexico, You're

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<v Speaker 3>gonna move to Indonesia and all these other places where

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<v Speaker 3>it might be more expensive than you know, China for instance,

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<v Speaker 3>but it's still going to be cheaper than the US.

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<v Speaker 3>So I think that's one of the unintended consequences of that.

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<v Speaker 3>But as far as like what you're saying about AI

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<v Speaker 3>and machinery and robotics and all this stuff, yeah, absolutely

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<v Speaker 3>that's already happening. And so it's a question uh that

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<v Speaker 3>like I don't know, I don't know if you can

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<v Speaker 3>fight that, right, like, unless unless you decide that unless

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<v Speaker 3>there's a po I'll see that decides that there's a

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<v Speaker 3>limitation on how many robots you can have in your

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<v Speaker 3>factories are or I mean it's this is not we're

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<v Speaker 3>not even talking about production manufacturing anymore, or goods production.

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<v Speaker 3>We're also talking about services, right everyone in the service.

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<v Speaker 3>It's like AI has gotten to the point where it's

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<v Speaker 3>not just affecting the assembly line. It's affecting people who

0:13:19.000 --> 0:13:22.080
<v Speaker 3>go into an office and you know, go to meetings

0:13:22.200 --> 0:13:25.839
<v Speaker 3>and strategize for their you know, their marketing departments or

0:13:26.040 --> 0:13:28.200
<v Speaker 3>you know, if they work in banking, you know, suddenly

0:13:28.360 --> 0:13:30.440
<v Speaker 3>you can cut a couple steps out of you know,

0:13:30.520 --> 0:13:33.000
<v Speaker 3>putting numbers into an Excel spreadsheet.

0:13:33.080 --> 0:13:38.199
<v Speaker 2>Really really interesting. So last question, how can investors balance

0:13:38.920 --> 0:13:44.760
<v Speaker 2>staying invested against all of these geopolitical risks, war risks,

0:13:44.920 --> 0:13:50.280
<v Speaker 2>trade war risks, tariffs, and just unexpected escalations. How do

0:13:50.360 --> 0:13:54.000
<v Speaker 2>they balance the need to stay invested through this against

0:13:54.080 --> 0:13:58.920
<v Speaker 2>the potential downside risks of all these headline.

0:13:58.559 --> 0:14:00.400
<v Speaker 3>You got to study the history, and you got to

0:14:00.400 --> 0:14:02.800
<v Speaker 3>look at the data, and you got to remember how

0:14:02.840 --> 0:14:06.240
<v Speaker 3>bad things were at various points in history. Me personally,

0:14:06.320 --> 0:14:08.640
<v Speaker 3>I like to keep a journal when bad things happen.

0:14:09.440 --> 0:14:12.720
<v Speaker 3>I wish I had done this more actively during the

0:14:12.720 --> 0:14:17.800
<v Speaker 3>financial crisis, but I didn't. I certainly did during COVID

0:14:18.360 --> 0:14:20.720
<v Speaker 3>and something that I mean, you know, you can sort

0:14:20.760 --> 0:14:23.720
<v Speaker 3>of get this by proxy through reading a really deep

0:14:23.800 --> 0:14:29.760
<v Speaker 3>account of various historical events. But reading my own memories

0:14:30.560 --> 0:14:34.000
<v Speaker 3>or my own real time accounts of something like COVID

0:14:34.040 --> 0:14:37.480
<v Speaker 3>reminded me that it always feels like the end of

0:14:37.560 --> 0:14:41.080
<v Speaker 3>the world, and it lasts so much longer than you expected. Like,

0:14:41.400 --> 0:14:43.840
<v Speaker 3>you know, I have you know, fifty pages here where

0:14:43.840 --> 0:14:46.080
<v Speaker 3>it's just like day after day after day. You know,

0:14:46.120 --> 0:14:48.480
<v Speaker 3>we live in a new era where we're never going

0:14:48.560 --> 0:14:50.240
<v Speaker 3>to be in the same office again, We're never going

0:14:50.320 --> 0:14:52.960
<v Speaker 3>to meet anybody ever again, and all these kinds of things,

0:14:53.360 --> 0:14:55.040
<v Speaker 3>And you know, it's something I like to do every

0:14:55.040 --> 0:14:56.960
<v Speaker 3>once in a while, especially when things are calm.

0:14:57.360 --> 0:14:57.560
<v Speaker 2>Right.

0:14:58.000 --> 0:14:59.880
<v Speaker 3>It's one thing to be in the middle of a

0:15:00.040 --> 0:15:02.240
<v Speaker 3>crisis and then study the history of crises and it's

0:15:02.240 --> 0:15:05.000
<v Speaker 3>like no, no, no, no, no, this time it's different. But when

0:15:05.000 --> 0:15:07.280
<v Speaker 3>things are calm, that's probably actually the best time to

0:15:07.360 --> 0:15:11.440
<v Speaker 3>go back and remember things like, well, here here's another

0:15:11.600 --> 0:15:14.080
<v Speaker 3>I'm sorry to sort of keeping. Oh no, I'm interested

0:15:14.240 --> 0:15:17.840
<v Speaker 3>digress a little bit. I got a notification on Facebook

0:15:17.880 --> 0:15:22.240
<v Speaker 3>saying that, uh, I think it was exactly fifteen years

0:15:22.280 --> 0:15:26.400
<v Speaker 3>ago I submitted an idea for fixing the deep Water

0:15:26.480 --> 0:15:30.640
<v Speaker 3>Horizon disaster. I don't know if you're if people remember this, but.

0:15:31.480 --> 0:15:35.680
<v Speaker 2>That was Bpmico and Feinberg oversaw this. Yeah, yeah, I

0:15:35.720 --> 0:15:36.280
<v Speaker 2>recall that.

0:15:36.360 --> 0:15:39.120
<v Speaker 3>Yeah yeah, Gulf of Mexico and oil wall blows up

0:15:39.440 --> 0:15:42.320
<v Speaker 3>and it's spewing oil into the Gulf of Mexico. Do

0:15:42.360 --> 0:15:45.040
<v Speaker 3>you remember how long it was spewing oil into the gulf?

0:15:45.200 --> 0:15:48.720
<v Speaker 3>Sixty days some crazy three months? Yeah, ninety days, wow,

0:15:48.800 --> 0:15:50.920
<v Speaker 3>three months that they were eventually able to put a

0:15:50.960 --> 0:15:52.720
<v Speaker 3>cap in it. And it took I think it took

0:15:52.720 --> 0:15:55.560
<v Speaker 3>another two or three months to officially say this thing

0:15:55.640 --> 0:15:59.880
<v Speaker 3>was sealed. Right, It's insane how long this went on.

0:16:00.120 --> 0:16:03.480
<v Speaker 3>Four But you know, everyone's memory is gonna be, oh, well,

0:16:03.680 --> 0:16:05.520
<v Speaker 3>it was something in the past. It's like I remember

0:16:05.520 --> 0:16:08.280
<v Speaker 3>it being three months. Oh, I remember being it could

0:16:08.320 --> 0:16:10.120
<v Speaker 3>have lasted longer than two weeks.

0:16:10.200 --> 0:16:12.440
<v Speaker 2>But when you're in the moment in the humans live

0:16:12.440 --> 0:16:16.640
<v Speaker 2>in the here and now, and when it's happening, especially

0:16:16.840 --> 0:16:21.760
<v Speaker 2>day after day after day. It's funny you mentioned journaling

0:16:22.000 --> 0:16:26.560
<v Speaker 2>during these things. I was essentially ended up writing Bail

0:16:26.600 --> 0:16:30.160
<v Speaker 2>Out Nation in real time in public on the blog.

0:16:31.200 --> 0:16:34.960
<v Speaker 2>I recall having a conversation with my trading desk back then,

0:16:35.680 --> 0:16:39.440
<v Speaker 2>who were just like exhausted from the volatility. Everybody was

0:16:39.440 --> 0:16:43.440
<v Speaker 2>making money, but it was exhausting. And there's this fantastic

0:16:43.560 --> 0:16:47.120
<v Speaker 2>line in Apocalypse Now. Do you remember the Charlie Don't

0:16:47.160 --> 0:16:53.960
<v Speaker 2>Surf scene where Dval goes up to Martin Sheen and

0:16:54.000 --> 0:16:58.480
<v Speaker 2>he says, with this wistfulness, you know, Sun, someday this

0:16:58.560 --> 0:17:02.360
<v Speaker 2>war's gonna end, like disappointed, and when you're in the

0:17:02.360 --> 0:17:04.440
<v Speaker 2>middle of it, it feels like it's never going to end.

0:17:04.960 --> 0:17:07.479
<v Speaker 2>Financial crisis is never going to end. Deep Water Horizon,

0:17:07.480 --> 0:17:09.520
<v Speaker 2>it's not going to end. The tariffs war are not

0:17:09.520 --> 0:17:12.360
<v Speaker 2>going to end. But we always seem to come out

0:17:12.359 --> 0:17:13.240
<v Speaker 2>the other side.

0:17:13.560 --> 0:17:18.400
<v Speaker 3>Yeah. And again, we just came out of COVID like we.

0:17:18.280 --> 0:17:20.800
<v Speaker 2>Were really felt like it was never going to end.

0:17:20.880 --> 0:17:25.320
<v Speaker 3>We were literally living a science fiction movie, like it's

0:17:25.400 --> 0:17:27.400
<v Speaker 3>there's no there's no amount of money you can throw

0:17:27.440 --> 0:17:29.520
<v Speaker 3>out this problem, like you just have to pray that

0:17:29.640 --> 0:17:31.639
<v Speaker 3>the science is going to be good enough that we

0:17:31.720 --> 0:17:33.399
<v Speaker 3>figure out how to come up with a vaccine and

0:17:33.440 --> 0:17:36.800
<v Speaker 3>contain this thing. But the amount, the scale of death

0:17:37.960 --> 0:17:38.800
<v Speaker 3>was unbelievable.

0:17:39.000 --> 0:17:41.960
<v Speaker 2>Yeah, millions, millions of people America and tens of millions

0:17:41.920 --> 0:17:42.840
<v Speaker 2>around the world.

0:17:43.080 --> 0:17:45.320
<v Speaker 3>Yeah, and yet this, you know, the economy has never

0:17:45.359 --> 0:17:47.719
<v Speaker 3>been stronger and the stock market has never been higher.

0:17:48.080 --> 0:17:51.560
<v Speaker 3>So I think, I think, listen, it's not to sort

0:17:51.560 --> 0:17:55.000
<v Speaker 3>of necessarily downplay what's going on in terms of you

0:17:55.280 --> 0:17:57.520
<v Speaker 3>and it's not just you know, uh, eron. We still

0:17:57.560 --> 0:17:59.800
<v Speaker 3>have a war going on between Russia and Ukraine. It's

0:17:59.840 --> 0:18:01.040
<v Speaker 3>not forget about that, right.

0:18:00.920 --> 0:18:03.159
<v Speaker 2>So it's the Middle East, it's Russian Ukraine. There are

0:18:03.160 --> 0:18:05.879
<v Speaker 2>other hotspots going on Africa as well.

0:18:05.680 --> 0:18:07.760
<v Speaker 3>Yep, and there's gonna be something else that's gonna flair up.

0:18:08.000 --> 0:18:11.520
<v Speaker 3>That's inevitable. But you know, again, I think not the

0:18:11.640 --> 0:18:15.520
<v Speaker 3>downplan of it. But to offer some perspective, it might

0:18:15.560 --> 0:18:18.400
<v Speaker 3>help to go back and just sort of remember those

0:18:18.400 --> 0:18:19.880
<v Speaker 3>times when things were really tough.

0:18:20.240 --> 0:18:26.119
<v Speaker 2>So to wrap up, we experience these geopolitical disruptions in

0:18:26.160 --> 0:18:30.399
<v Speaker 2>a form of duality. As human beings. We are aware

0:18:30.440 --> 0:18:35.119
<v Speaker 2>of the emotional turmoil of the toll in human suffering

0:18:35.720 --> 0:18:41.440
<v Speaker 2>and just how psychologically damaging all these horrific events are.

0:18:41.560 --> 0:18:43.520
<v Speaker 2>And yet at the same time we have to be

0:18:43.640 --> 0:18:48.520
<v Speaker 2>good stewards of our own capital and recognize that this

0:18:48.680 --> 0:18:52.080
<v Speaker 2>too shall pass. I'm Barry Riudt Halts, and this is

0:18:52.160 --> 0:19:02.399
<v Speaker 2>Bloomberg's at the Money. You know you talk about