Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea, and all I can tell you
Speaker 2: is twenty twenty five starts overwhelming. I mean all sorts
Speaker 2: of conversations and real strong opinions, some positive, some negative,
Speaker 2: across economics, finance, investment, international relations, crowding in as well
Speaker 2: a lot of jokes in ha haha today about Greenland,
Speaker 2: but you know what, it's sort of serious. I learned
Speaker 2: more about Greenland in the last four hours than I've
Speaker 2: learned in forty years, and thanks to our team for that,
Speaker 2: for briefing us out. I did not know that nuke
Speaker 2: Greenland on the West coast, sort of down by the tip.
Speaker 2: I think you wave at it when you're going layard
Speaker 2: at JFK, but I feel on the right side of
Speaker 2: the plane. But you know, it's close to New York
Speaker 2: and Copenhagen. I didn't know that. So you know, there's
Speaker 2: some surprises out there as well. There is no surprise
Speaker 2: that Jeffrey you at B and Y is the kind
Speaker 2: of person that can give you an holistic view. And
Speaker 2: one of the shadows that's out there is given the
Speaker 2: correlations now and perfectly particularly dynamics and currencies are their
Speaker 2: shadows back to nineteen ninety eight. Jeff youw of B.
Speaker 1: And Y ninety eight is not going to happen. Let's
Speaker 1: look at the Indonesian rupea right, so at the forefront
Speaker 1: of what happened in ninety eight. Right now, they are
Speaker 1: self financed, right, so they've got enough in terms of
Speaker 1: sufficient savings. It was a very popular trade of the
Speaker 1: last two or three years. They're back to being a
Speaker 1: commodity currency, selling nickel that have a fifth and more
Speaker 1: than a fifth of the world's nickel, for example. In
Speaker 1: terms of the rem and B there is active management
Speaker 1: right now. More important in terms of quote unquote rate,
Speaker 1: I need to see an upside break in yields in China.
Speaker 1: The two year Chinese government bond could converge with a
Speaker 1: two year Japanese government bond soon, right, So let's just
Speaker 1: think about that. What that signifies in terms of the
Speaker 1: economic outlook for China. Japan's were sixty five basis points
Speaker 1: right now, Chinese to you going through one percent. So
Speaker 1: I think all of that points to a need for
Speaker 1: a push for reflation in China. And that's where Okay,
Speaker 1: ten year China that go up by one hundred basis points.
Speaker 2: We went on to talk about the politics of Beijing
Speaker 2: and how they affect a policy to advance Jeff Yu's
Speaker 2: theory that they've got to really flood the system with
Speaker 2: support to boost and sustain consumption. Fascinating interview. You can
Speaker 2: see that in entirety. We continued with mister Yu and
Speaker 2: of course with Jeff Yu. You want to talk about
Speaker 2: the path forward again, Jeff YOUU of B and Y.
Speaker 1: It's about your contribution to your risk adjusted returns, right,
Speaker 1: so if on a risk adjusted basis you can make
Speaker 1: a case for alternatives and also subject to your duration
Speaker 1: for your iras and for your iss here with long
Speaker 1: enough for time horizon the old endowment profiles with my
Speaker 1: old wealth management has on that is sufficient. You need
Speaker 1: sufficient allocations into alternatives and of which your private markets
Speaker 1: is a key part of that right now, So there
Speaker 1: will be regulatory adjustments and I think the rest of
Speaker 1: the world, in the UK, Europe, they're looking to the
Speaker 1: US to see how this goes from here. So this
Speaker 1: is here to stay, but subject to contributional risk and
Speaker 1: it's not going to be steady show tracking errors and
Speaker 1: also sharp ratios they go up and down, so subject
Speaker 1: to what people need. At this point, their liquidity lockups
Speaker 1: the maturities of their profiles. There will always be a
Speaker 1: role for alternatives, and now that the total definition of
Speaker 1: alternatives has changed, so I see the US leading the
Speaker 1: way of this for many many years to come.
Speaker 2: Is Jeff you with BNY It really can't say enough
Speaker 2: about my radar up on this. I just don't understand
Speaker 2: the due diligence for individuals in private equity and private
Speaker 2: credit in your ir A. We advance this conversation later
Speaker 2: in the show today with Randy Schimmer of Churchill Asset
Speaker 2: Management and Private Credit. As you'd gather plus plus about
Speaker 2: private credit expanding their audience over to individuals. We expand
Speaker 2: our audience each and every day. An Apple car Play,
Speaker 2: Android Auto, Yes, I researched today. Apple car Play and
Speaker 2: Android Auto are not in Greenland. I learned that today.
Speaker 2: I thought maybe Apple car Play would be there for
Speaker 2: fifty thousand people twenty thousand and nook Greenland, but no,
Speaker 2: it's not. We're also in Washington ninety nine to one
Speaker 2: FM in a congestion tax New York City, Bloomberg eleven
Speaker 2: three oh am ninety two nine FM in Boston and
Speaker 2: on YouTube and YouTube podcasts. This is single best idea