WEBVTT - Single Best Idea with Tom Keene: Torsten Slok & Brian Belski

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio news. Single best idea and

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<v Speaker 1>our single best idea is it's the one year anniversary

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<v Speaker 1>when we began this experiment and we are absolutely humbled

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<v Speaker 1>by the results. Of course, good morning to ninety nine

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<v Speaker 1>FM in Boston. It's just been a huge success opening

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<v Speaker 1>up here, just in the first number of months that

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<v Speaker 1>we've been up in Boston with a much bigger signal,

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<v Speaker 1>good morning, I kid from Antcataden to Block Island. It's

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<v Speaker 1>not quite that large at signal, but we'll go with it.

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<v Speaker 1>And we said good morning on all the radio that

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<v Speaker 1>we have across the nation. But YouTube has been this experiment.

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<v Speaker 1>They came to me and they said we got to

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<v Speaker 1>go digital. Can you lead the way on this? And

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<v Speaker 1>I said, yeah, okay, but you know YouTube, I mean

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<v Speaker 1>what is it? And I've been completely turned and the reach,

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<v Speaker 1>the scope, the scale of YouTube. Please subscribe to Bloomberg Podcast.

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<v Speaker 1>It builds each in every day, single best ideas about

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<v Speaker 1>two just snippets of conversation. Today was very difficult. Turstin's

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<v Speaker 1>slock is with a Publo Global Management, linking in the

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<v Speaker 1>American economy to twenty twenty five.

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<v Speaker 2>For the US, it is the case that at the

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<v Speaker 2>moment there are actually is some very unique tailwinds. First

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<v Speaker 2>of all, US consumers are not very sensitive to interest

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<v Speaker 2>rate hikes. We just found out over the last two

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<v Speaker 2>years that even though the FED raise rates, because ninety

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<v Speaker 2>five percent of mortgages are thirty at fixed rate, it

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<v Speaker 2>really ended up being that the transmission mechanism of monetary

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<v Speaker 2>policy in the US was quite muted simply because consumers

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<v Speaker 2>were locked in and their mortgages at very low interest rates. Likewise,

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<v Speaker 2>in the US we now have at data center boom

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<v Speaker 2>that is adding in round numbers around zero point two

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<v Speaker 2>percenter GDP growth every year. And finally, we also still

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<v Speaker 2>have fiscal policy even before Trump coming from the chipsack

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<v Speaker 2>the Inflation Douction Act, Infrastructure Act. So the tailways to

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<v Speaker 2>the US outlook are quite unique. So therefore also your question,

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<v Speaker 2>I see more decoupling where the US is doing well

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<v Speaker 2>because of some unique sources of growth in the US,

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<v Speaker 2>and the rest of the world unfortunately continues to do

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<v Speaker 2>less well because of some unique hit winds that are

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<v Speaker 2>not hit winds to the US economic out.

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<v Speaker 1>Turston slack of Appollo Global Management. He was on fire

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<v Speaker 1>about China as well with the huge demographic differences between

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<v Speaker 1>the United States growing and China with some substantial population

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<v Speaker 1>dynamics that could be a challenge forward. We had a

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<v Speaker 1>wonderful nine o'clock hour. We compressed in a lot of

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<v Speaker 1>equity analysis with Gina Martin Adams recommitting to a solid

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<v Speaker 1>earning season. We had Steph Golden from Robinhood with that

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<v Speaker 1>younger look, not a meme market, not a spec market,

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<v Speaker 1>but a legitimate market higher and then Brian Belski joined

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<v Speaker 1>from Bemo Capital Markets. Belski has really been on top

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<v Speaker 1>of this Bullmart. It's saying you've got to be in,

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<v Speaker 1>You've got to participate. We asked Brian Belski about Apple absolutely.

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<v Speaker 3>I mean, if Apple's one of five stocks you want

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<v Speaker 3>to own longer term, and when the stock is down,

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<v Speaker 3>it's like a gift from God. I'm all in on AI,

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<v Speaker 3>you know, but some of the best AI stocks are

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<v Speaker 3>our restaurant brands. Timmy Horton's in Canada, Costco here, Walmart.

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<v Speaker 1>We're gonna get to that.

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<v Speaker 3>Yeah, so you have to be I think.

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<v Speaker 1>It's real Tim Hortons. I mean, you get some blue

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<v Speaker 1>chip stock, it should be a Bellweather doustock. Tim. He

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<v Speaker 1>was a great hockey player. I can't say enough about him.

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<v Speaker 1>We say thank you in your commuter course. Remember Apple, CarPlay,

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<v Speaker 1>Android Otto. They build out each and every day on YouTube.

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<v Speaker 1>The reach of YouTube, I'm learning every day about it,

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<v Speaker 1>particularly the international reach is something that I think so

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<v Speaker 1>many of us in America really don't understand. This podcast,

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<v Speaker 1>We're out on YouTube. Podcast single Best Idea

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<v Speaker 3>Seven