WEBVTT - Single Best Idea with Tom Keene: Bob Hormats & George Ball

0:00:02.400 --> 0:00:15.400
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, the press conference last night.

0:00:15.480 --> 0:00:18.200
<v Speaker 1>I'll be honest, I watched every minute the truthless folks.

0:00:18.239 --> 0:00:21.239
<v Speaker 1>I rarely watch this stuff. I've got so many good

0:00:21.239 --> 0:00:23.640
<v Speaker 1>people telling me what happens that there's no reason for

0:00:23.680 --> 0:00:26.439
<v Speaker 1>me to watch it. But I made an exception last

0:00:26.480 --> 0:00:30.160
<v Speaker 1>night for this historic moment for all Americans of whatever

0:00:30.240 --> 0:00:34.760
<v Speaker 1>political persuasion you are. By chance today it wasn't an

0:00:34.800 --> 0:00:39.840
<v Speaker 1>overt chance, but we talked to two people. Between them,

0:00:40.040 --> 0:00:43.880
<v Speaker 1>I'm sorry, one ten undred and twenty years of experience

0:00:43.920 --> 0:00:49.519
<v Speaker 1>in our economics, finance, investment, international relations, and the culture

0:00:49.600 --> 0:00:54.520
<v Speaker 1>of Wall Street. Bob Hormat's was definitive at Gulden Sachs International,

0:00:55.320 --> 0:00:58.960
<v Speaker 1>taking on all sorts of public duties for the nation.

0:00:59.120 --> 0:01:04.600
<v Speaker 1>Ambassador Harmon's ended up working for Secretary Clinton and economics

0:01:04.760 --> 0:01:08.200
<v Speaker 1>a very active period, I would say, for the Secretary

0:01:08.280 --> 0:01:12.800
<v Speaker 1>and for the Under Secretary Robert Hormats. We talked about

0:01:12.880 --> 0:01:15.440
<v Speaker 1>China he just got back. We talked about this, We

0:01:15.560 --> 0:01:18.399
<v Speaker 1>talked about that, but I felt I had to have

0:01:18.440 --> 0:01:24.880
<v Speaker 1>a responsible question from the eighty one year old Robert Hormatz.

0:01:24.959 --> 0:01:27.640
<v Speaker 2>I'd make a broader point, which gets just what you're

0:01:27.680 --> 0:01:32.920
<v Speaker 2>saying that age really is not the central issue. The

0:01:33.080 --> 0:01:39.600
<v Speaker 2>issue for people, and I'm in my eighties is how

0:01:39.680 --> 0:01:43.520
<v Speaker 2>much energy you have and how you project yourself and

0:01:43.560 --> 0:01:46.760
<v Speaker 2>how well your mind works and your body works. So

0:01:47.440 --> 0:01:50.200
<v Speaker 2>I would say that all this emphasis on how many,

0:01:50.240 --> 0:01:54.000
<v Speaker 2>how old he is is not really the issue, and

0:01:54.040 --> 0:01:58.480
<v Speaker 2>people have to judge for themselves the other elements of age.

0:01:58.840 --> 0:02:01.400
<v Speaker 1>It was great to speak today, Josh Wingrove. You had

0:02:01.400 --> 0:02:03.480
<v Speaker 1>a question right near the end of the press conference

0:02:03.520 --> 0:02:06.280
<v Speaker 1>that brought the silence the room. I should say to silence.

0:02:06.760 --> 0:02:10.440
<v Speaker 1>Ann re Horden in attendance as well. An important interview

0:02:10.560 --> 0:02:14.519
<v Speaker 1>by anriy Horden today with the outgoing leader of NATO,

0:02:14.720 --> 0:02:18.240
<v Speaker 1>the former Prime Minister of Norway, Jen Stoltenberg. Just so

0:02:18.400 --> 0:02:22.240
<v Speaker 1>much going on into the weekend, and who knows where

0:02:22.320 --> 0:02:25.640
<v Speaker 1>we'll be Monday morning. Again, thank you to Margaret Brennan

0:02:25.639 --> 0:02:29.400
<v Speaker 1>of CBS Facecination for being with us. It's a wonderful

0:02:29.480 --> 0:02:33.520
<v Speaker 1>joy to have Facination on Bloomberg Radio Sunday afternoons at

0:02:33.560 --> 0:02:37.880
<v Speaker 1>two pm. That's become hugely popular for us. Lots going

0:02:37.919 --> 0:02:41.280
<v Speaker 1>on and on the markets, of course, turning back to

0:02:41.320 --> 0:02:45.919
<v Speaker 1>Wall Street, the oddity here of the quiet out there.

0:02:46.160 --> 0:02:48.440
<v Speaker 1>You see that in the Vix, which I quote a

0:02:48.520 --> 0:02:53.240
<v Speaker 1>lower number is a quiet. To get to fifteen is quiet.

0:02:53.280 --> 0:02:57.840
<v Speaker 1>We've been duration here at twelve, even dipping down to

0:02:57.919 --> 0:03:00.440
<v Speaker 1>the super quiet. The bull market of an old eleven

0:03:01.080 --> 0:03:04.440
<v Speaker 1>handle on the Vicks the quietest out there. But within

0:03:04.560 --> 0:03:08.480
<v Speaker 1>that are some of the excesses of Wall Street. George

0:03:08.520 --> 0:03:12.640
<v Speaker 1>Ball was definitive across Wall Street of a time ago.

0:03:13.200 --> 0:03:17.040
<v Speaker 1>George Ball formerly was E. F. Huttney. Here on modern

0:03:17.160 --> 0:03:18.079
<v Speaker 1>day Wall Street.

0:03:18.480 --> 0:03:25.799
<v Speaker 3>Wall Street is a very different path than the one

0:03:25.919 --> 0:03:31.359
<v Speaker 3>that I grew up in, and that's probably good. Everything evolves.

0:03:32.120 --> 0:03:36.320
<v Speaker 3>The retail investor now is much more into index funds,

0:03:36.360 --> 0:03:40.160
<v Speaker 3>and they're broader, much less involved in the frenzy of

0:03:40.760 --> 0:03:45.320
<v Speaker 3>individual stock trading, except and this is key to the

0:03:46.200 --> 0:03:51.480
<v Speaker 3>overwhelming volume in one day term options and very short

0:03:51.560 --> 0:03:53.920
<v Speaker 3>term options is really driving.

0:03:53.600 --> 0:03:54.480
<v Speaker 2>The market today.

0:03:54.960 --> 0:03:59.320
<v Speaker 3>And you can call that investment. It's not. It's pure speculation.

0:03:59.760 --> 0:04:03.560
<v Speaker 3>Is ambling, you know, and that's not constructor. I don't

0:04:03.560 --> 0:04:05.600
<v Speaker 3>think there's anything that can be done about it.

0:04:05.600 --> 0:04:07.480
<v Speaker 1>It was good to have Damian Sasar with me. We

0:04:07.600 --> 0:04:11.120
<v Speaker 1>talked about that. The whole speculation that's out there seems

0:04:11.160 --> 0:04:15.920
<v Speaker 1>like within the path to every crisis, there's a speculation unseen.

0:04:16.520 --> 0:04:19.200
<v Speaker 1>You wonder what the shadows are here. Not so much

0:04:19.400 --> 0:04:21.279
<v Speaker 1>you know, the gloom of end of the summer and

0:04:21.320 --> 0:04:24.839
<v Speaker 1>in the next into late twenty and twenty four, but

0:04:24.920 --> 0:04:29.120
<v Speaker 1>the shadows developing now for twenty twenty six or others

0:04:29.120 --> 0:04:32.960
<v Speaker 1>within our capitalism and the boom and bust that's never

0:04:33.040 --> 0:04:35.440
<v Speaker 1>going to go away from any of us. It's been

0:04:35.440 --> 0:04:37.440
<v Speaker 1>an extraordinary week. I'm going to keep it short. Today

0:04:37.440 --> 0:04:40.200
<v Speaker 1>we do six minutes of smart Well. We're gonna give

0:04:40.200 --> 0:04:42.880
<v Speaker 1>you a lesson that today. Because it's Friday, you've got

0:04:42.880 --> 0:04:46.280
<v Speaker 1>to move on. Thank you so much for tuning in

0:04:46.320 --> 0:04:50.520
<v Speaker 1>on YouTube, on Apple, CarPlay on Android, and really thank

0:04:50.600 --> 0:04:53.320
<v Speaker 1>you so much for the podcast project. All of this

0:04:53.520 --> 0:04:57.560
<v Speaker 1>bundled around Bloomberg Podcasts. You can subscribe out on YouTube

0:04:57.640 --> 0:05:02.120
<v Speaker 1>to Bloomberg Podcasts and of course AP podcasts leading the way.

0:05:02.200 --> 0:05:06.520
<v Speaker 1>We've been humbled by the charting of Bloomberg surveillance that

0:05:06.600 --> 0:05:09.360
<v Speaker 1>we see out there. We will go on to an

0:05:09.360 --> 0:05:15.080
<v Speaker 1>eventful weekend including David Weston's Wall Street Week, Joe Matthew

0:05:15.200 --> 0:05:18.840
<v Speaker 1>and Kaylee Lines with Balance of Power into the weekend

0:05:18.920 --> 0:05:21.279
<v Speaker 1>and in the next week and then it is on

0:05:21.839 --> 0:05:32.440
<v Speaker 1>to Milwaukee. On Apple Podcasts, it's single best idea