Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best day.
Speaker 3: It was an odd day. It started at seven pm
Speaker 3: last night when the Japanese market opened. Yes, I'm on
Speaker 3: my iPhone with the Bloomberg app. It's phenomenal, all the
Speaker 3: information you need, equities, bonds, currencies, commodities. And by midnight
Speaker 3: we were really off to the races with some continued
Speaker 3: angst and the global market generally witnessed in bonds with
Speaker 3: yield up, price down, the classic inverse relationship. Things improved
Speaker 3: two am, three am, but we came in here with
Speaker 3: the backdrop of the legislation in Washington. There was a
Speaker 3: real diceiness to it. As I taped this bitcoin over
Speaker 3: one hundred and seven thousand gold up twenty dollars, says all,
Speaker 3: I have no idea where will be this afternoon, which
Speaker 3: is what keeps us going. One of the great moments today,
Speaker 3: Martin Norton joined us from Empower Full Disclosure, Empower the
Speaker 3: people that handle my retirement plan, everybody else at Bloomberg,
Speaker 3: you know, the administration and all that. They're out of Winnipeg, Canada,
Speaker 3: and Marta Norton is is also at a morning Star
Speaker 3: and she said something brilliant that should be bronzed across
Speaker 3: all of our minds on investment. Here Marta Norton on philosophy.
Speaker 1: My kind of grounding at morning Star. One of the
Speaker 1: biggest takeaways that I had to your point, I grew
Speaker 1: up as an investor at morning Star. It was the
Speaker 1: importance of an investment philosophy, having a point of view,
Speaker 1: a framework that would help you distill what's happening in
Speaker 1: the markets and make determinations going forward. If you look
Speaker 1: at you know, kind of the most successful strategies out there.
Speaker 1: They're not successful in every environment, but they have a
Speaker 1: touchstone that they return to, and I think those touchstones
Speaker 1: are really important to navigating shopping markets.
Speaker 3: I of course selected that first the best idea because
Speaker 3: I incredibly agree with it. If you don't have a philosophy,
Speaker 3: either find one or find somebody who has a philosophy.
Speaker 3: You think you have but you don't have it. If
Speaker 3: you do have a philosophy, stick with it and test
Speaker 3: it in your mind each and every day, which is
Speaker 3: what you do within the focus on the media and
Speaker 3: however you get your information on equities, bonds, currencies, commodities,
Speaker 3: on equities. Brian belksk. He enjoy this. Brian Belski of
Speaker 3: BEMO Capital Markets the Bank of Montreal, Brian Belski on
Speaker 3: the oddities of the moment, he thinks we've come too far,
Speaker 3: too quick, but nevertheless he remains a bull.
Speaker 2: Let's listen, shocks can go up when yields go up.
Speaker 4: You know, the average ten year treasury of the last
Speaker 4: seventy five years is five percent.
Speaker 2: Zero percent is not normal.
Speaker 4: What's happened in the said since November of two thousand set,
Speaker 4: I'm sorry, August of two thousand and seven is not normal,
Speaker 4: And I think we're kind of returning to normalcy on
Speaker 4: the bond side of things. Even though we're primarily equity people,
Speaker 4: we believe the majority of returns total returns of bonds
Speaker 4: the next ten years is going to be about yield,
Speaker 4: not price performance. Remember the last forty years, we've seen
Speaker 4: massive all performance of bonds for the most part, and
Speaker 4: we've had great price performance.
Speaker 2: So I think Tom that we're entering into.
Speaker 4: This period where more even returns for stocks high single digit,
Speaker 4: low double digit.
Speaker 2: Same thing with Ernie's growth.
Speaker 4: Where a yield environment that can kind of hover in
Speaker 4: this three fifty to four to fifty range predominantly.
Speaker 3: And again in conversation from another time and place. If
Speaker 3: yield moves higher and fixed income goes down in price,
Speaker 3: connequities cut either way. Conn equities go down within the gloom,
Speaker 3: our connequities prosper within Belski's normal environment. He's with Bemo
Speaker 3: Capital Markets on your commune across the nation. Special things.
Speaker 3: Google out with their road show yesterday. I'll be honest,
Speaker 3: they haven't even reviewed it. But the answer is Android
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Speaker 3: support there out on YouTube podcasts. This is a single
Speaker 3: best idea.