Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea, and
Speaker 1: we say good morning to all of you. It's been
Speaker 1: a fabulous week endless strong conversations. Hard to pick two
Speaker 1: each day. John Stolfus on Fire today, we got in
Speaker 1: a series of people who said courage in early April,
Speaker 1: and they've looked to be right. John Stolphus leading away
Speaker 1: there with aggressive calls and the Standard and Poors five
Speaker 1: hundred and what John Stolfus emphasized to us is the
Speaker 1: private investor has changed. They've gone from cocktail chat to
Speaker 1: their retirement study.
Speaker 2: The private investor today is investing very differently from the
Speaker 2: way they did when I got into this business forty
Speaker 2: two years ago. Forty two years ago, private investors were
Speaker 2: called the retail investor, and it was really cocktail party
Speaker 2: stocks for most people. Some people did invest seriously for
Speaker 2: their for my ant, for example, was a serious investors.
Speaker 2: That's where I come from, you know. But when we
Speaker 2: look at the environment today, it's you've got the private
Speaker 2: investors looking towards their retirement or in retirement.
Speaker 3: Is can say for the boomers, my.
Speaker 2: Gosh, we've got longevity here. You've got to prepare for it.
Speaker 1: John Stolf is there of op go joining us on
Speaker 1: a path to retirement. Next week, after many years of
Speaker 1: commitment to Wells Fargo, Jay Brison will retire. We had
Speaker 1: a good conversation where they had a global economics Jay
Speaker 1: Brison on a changing America.
Speaker 3: The quality of the data I think has always been
Speaker 3: pretty good. I don't think that's the big change. I
Speaker 3: think the big change over the last three or four
Speaker 3: decades it's just the structure, the overall structure of the economy.
Speaker 3: I was talking to somebody about this yesterday and we
Speaker 3: were talking about you know, if you go back to
Speaker 3: the oil shocks of the nineteen seventies, right, if you
Speaker 3: were an economist in nineteen seventy five and you were
Speaker 3: Rip van Winkle and you went asleep for the next
Speaker 3: you know, thirty years or something like that, and you
Speaker 3: see you saw the inflation of say twenty twenty two,
Speaker 3: you would look at that and you say, oh my god,
Speaker 3: we're set for a decade of higher inflation. Well, the
Speaker 3: structure of the economy's changed. You know, back in the seventies,
Speaker 3: you had much more union power, people had wage and dexation,
Speaker 3: and so when you had those inflationary shocks, it immediately fed.
Speaker 3: It caused an upward wage price spiral. You don't have
Speaker 3: that today, and so you know again, I think we
Speaker 3: economists have to be mindful of how the underlying structure
Speaker 3: of the economy is changing. It's always good to look
Speaker 3: back at history. You can get lessons from history, but
Speaker 3: you have to be mindful how the economy has evolved
Speaker 3: over time. And the US economy, I mean, it's evolution
Speaker 3: is it's glacial, but it can It's happening all the time.
Speaker 1: Jie Brayceon and Wells Fargo, and I would editorialized there
Speaker 1: having lived a fair amount of that is the great,
Speaker 1: great certitude of the cockiness, if you will, of so
Speaker 1: much punditry on Wall Street leads you after you're wrong
Speaker 1: the first time and second time a third time, to
Speaker 1: an inbred humility. You hear that from doctor Bryson, and
Speaker 1: I hope from a huge part of the guests that
Speaker 1: we have on surveillance. One of the great, great humbling
Speaker 1: experiments was the revolution of technology and innovation in petroleum products.
Speaker 1: Nobody saw that coming, and it was something when fracking
Speaker 1: showed up. We're out across the nation every morning. Thank
Speaker 1: you so much for listening on your commute and on YouTube.
Speaker 1: Subscribe to Bloomberg podcasts and on Apple podcasts, Spotify, Amazon
Speaker 1: as well and on YouTube podcasts. It's a single best idea.