Speaker 1: Bloomberg Audio Studios, podcasts, radio news, the press conference last night.
Speaker 1: I'll be honest, I watched every minute the truthless folks.
Speaker 1: I rarely watch this stuff. I've got so many good
Speaker 1: people telling me what happens that there's no reason for
Speaker 1: me to watch it. But I made an exception last
Speaker 1: night for this historic moment for all Americans of whatever
Speaker 1: political persuasion you are. By chance today it wasn't an
Speaker 1: overt chance, but we talked to two people. Between them,
Speaker 1: I'm sorry, one ten undred and twenty years of experience
Speaker 1: in our economics, finance, investment, international relations, and the culture
Speaker 1: of Wall Street. Bob Hormat's was definitive at Gulden Sachs International,
Speaker 1: taking on all sorts of public duties for the nation.
Speaker 1: Ambassador Harmon's ended up working for Secretary Clinton and economics
Speaker 1: a very active period, I would say, for the Secretary
Speaker 1: and for the Under Secretary Robert Hormats. We talked about
Speaker 1: China he just got back. We talked about this, We
Speaker 1: talked about that, but I felt I had to have
Speaker 1: a responsible question from the eighty one year old Robert Hormatz.
Speaker 2: I'd make a broader point, which gets just what you're
Speaker 2: saying that age really is not the central issue. The
Speaker 2: issue for people, and I'm in my eighties is how
Speaker 2: much energy you have and how you project yourself and
Speaker 2: how well your mind works and your body works. So
Speaker 2: I would say that all this emphasis on how many,
Speaker 2: how old he is is not really the issue, and
Speaker 2: people have to judge for themselves the other elements of age.
Speaker 1: It was great to speak today, Josh Wingrove. You had
Speaker 1: a question right near the end of the press conference
Speaker 1: that brought the silence the room. I should say to silence.
Speaker 1: Ann re Horden in attendance as well. An important interview
Speaker 1: by anriy Horden today with the outgoing leader of NATO,
Speaker 1: the former Prime Minister of Norway, Jen Stoltenberg. Just so
Speaker 1: much going on into the weekend, and who knows where
Speaker 1: we'll be Monday morning. Again, thank you to Margaret Brennan
Speaker 1: of CBS Facecination for being with us. It's a wonderful
Speaker 1: joy to have Facination on Bloomberg Radio Sunday afternoons at
Speaker 1: two pm. That's become hugely popular for us. Lots going
Speaker 1: on and on the markets, of course, turning back to
Speaker 1: Wall Street, the oddity here of the quiet out there.
Speaker 1: You see that in the Vix, which I quote a
Speaker 1: lower number is a quiet. To get to fifteen is quiet.
Speaker 1: We've been duration here at twelve, even dipping down to
Speaker 1: the super quiet. The bull market of an old eleven
Speaker 1: handle on the Vicks the quietest out there. But within
Speaker 1: that are some of the excesses of Wall Street. George
Speaker 1: Ball was definitive across Wall Street of a time ago.
Speaker 1: George Ball formerly was E. F. Huttney. Here on modern
Speaker 1: day Wall Street.
Speaker 3: Wall Street is a very different path than the one
Speaker 3: that I grew up in, and that's probably good. Everything evolves.
Speaker 3: The retail investor now is much more into index funds,
Speaker 3: and they're broader, much less involved in the frenzy of
Speaker 3: individual stock trading, except and this is key to the
Speaker 3: overwhelming volume in one day term options and very short
Speaker 3: term options is really driving.
Speaker 2: The market today.
Speaker 3: And you can call that investment. It's not. It's pure speculation.
Speaker 3: Is ambling, you know, and that's not constructor. I don't
Speaker 3: think there's anything that can be done about it.
Speaker 1: It was good to have Damian Sasar with me. We
Speaker 1: talked about that. The whole speculation that's out there seems
Speaker 1: like within the path to every crisis, there's a speculation unseen.
Speaker 1: You wonder what the shadows are here. Not so much
Speaker 1: you know, the gloom of end of the summer and
Speaker 1: in the next into late twenty and twenty four, but
Speaker 1: the shadows developing now for twenty twenty six or others
Speaker 1: within our capitalism and the boom and bust that's never
Speaker 1: going to go away from any of us. It's been
Speaker 1: an extraordinary week. I'm going to keep it short. Today
Speaker 1: we do six minutes of smart Well. We're gonna give
Speaker 1: you a lesson that today. Because it's Friday, you've got
Speaker 1: to move on. Thank you so much for tuning in
Speaker 1: on YouTube, on Apple, CarPlay on Android, and really thank
Speaker 1: you so much for the podcast project. All of this
Speaker 1: bundled around Bloomberg Podcasts. You can subscribe out on YouTube
Speaker 1: to Bloomberg Podcasts and of course AP podcasts leading the way.
Speaker 1: We've been humbled by the charting of Bloomberg surveillance that
Speaker 1: we see out there. We will go on to an
Speaker 1: eventful weekend including David Weston's Wall Street Week, Joe Matthew
Speaker 1: and Kaylee Lines with Balance of Power into the weekend
Speaker 1: and in the next week and then it is on
Speaker 1: to Milwaukee. On Apple Podcasts, it's single best idea