Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea coming off the FED meeting yesterday. We
Speaker 2: made multiple further progress today. I'm keeping entertained hour to
Speaker 2: hour greade set of guests. I thought Wendy Schiller of
Speaker 2: Brown University just wonderful on the linkages of the G
Speaker 2: seven meeting back to the other odd meeting of World
Speaker 2: War two, the Potsdam Conference of nineteen forty five. At
Speaker 2: that conference, Roosevelt had died, Truman was there, is a
Speaker 2: newly minted president completely different than Fdr Churchill was there
Speaker 2: as Prime Minister, but in the middle of the Potsdam
Speaker 2: Conference he learned he was out of a job, and
Speaker 2: Clement Attley took over. I think Clement Atlee maybe took
Speaker 2: over the middle of the conference. I don't have that
Speaker 2: in front of me, and Joseph Stalin was looking at him, going,
Speaker 2: you crazy guys in the West. Is that any different
Speaker 2: than what Amory Horden is seeing in Pulia? The G
Speaker 2: seven meeting. They lined up for the photo shoot today
Speaker 2: and they had the guy from Germany struggling. Mccronlooked like
Speaker 2: he hadn't slept in a week. The guy from Canada
Speaker 2: was there smiling. I don't know where Canada's gone. President
Speaker 2: Biden with his challenges which you know, four against whatever,
Speaker 2: and then bonus round the Prime Minister of England who's
Speaker 2: in a hillatious election battle with labor. Just completely odd.
Speaker 2: They didn't even get to Ursua LeVander vander Leiden, I
Speaker 2: should say, out on the right side of the photo shoot,
Speaker 2: who's running Brussels and seems to be pretty assured of
Speaker 2: a view forward as well. But just just bizarre European
Speaker 2: and politics and how it affects America. Had a great
Speaker 2: show today. Let's go first to this bullmarket. We really
Speaker 2: had a bullmarket centric view today. A lot of good
Speaker 2: guests who have been right, they have participated Stuart Kaiser
Speaker 2: City Group on big tech a.
Speaker 3: Stock here there. Yes, But you know, if you look
Speaker 3: to your point big picture, this is not tech bubble
Speaker 3: type valuations, right, This is not you know, a tech
Speaker 3: bubble type over your skis. This is a small number
Speaker 3: of companies generating a massive amount of earnings growth that
Speaker 3: are getting rewarded for it. So, you know, are we
Speaker 3: above average valuation? Yes? I think if you looked at
Speaker 3: the S and P five hundred you'd say you're probably
Speaker 3: maybe even upper cortile, upper decyle. But you know there's
Speaker 3: still room to expand. I think if the economy holds
Speaker 3: in and we continue to print the type erning's growth,
Speaker 3: we are.
Speaker 2: Stuart Kaiser City Group. But thank you to other people
Speaker 2: with different time frames talking about participating. Ted Oakley stopped
Speaker 2: by from Austin, Texas with Oxbo and he's in the market.
Speaker 2: He owns tech. He's not buying new tech, but he
Speaker 2: hasn't sold what he's owned, and down at the bottom
Speaker 2: of his research note the gentleman from Texas Tech. It's
Speaker 2: because he's got a five year perspective. How many of you?
Speaker 2: Not me, certainly not Eric. Eric's just trying to get
Speaker 2: the father day with baby Giuseppe. But the basic idea
Speaker 2: here is a five year old you're kidding me. That's
Speaker 2: my time frame, Ted Oakley in the markets, participating with
Speaker 2: a time frame out that out that far. What a
Speaker 2: joy to have My first read of the summer and
Speaker 2: bread sets her is definitive within academics at the Council
Speaker 2: on Foreign Relations expert on China. What's great about the
Speaker 2: terseness of the way he writes is every paragraph is tense.
Speaker 2: Every paragraph It's written almost in a collegiate way. Every
Speaker 2: paragraph has value. His very short, wonderful read on deglobalization
Speaker 2: at Foreign Affairs Magazine. I just can't say enough about it.
Speaker 2: It is a primal scream against some of the mists
Speaker 2: of deglobalization. Here bred sets are of the Council on
Speaker 2: Foreign Relations.
Speaker 1: Elon Musk will make decisions that are good for Elon Musk.
Speaker 1: I think we've seen them. The US government has to
Speaker 1: make decisions that are good for the American public. I
Speaker 1: do think in the case of electric vehicles, it is
Speaker 1: appropriate to put some limits on our imports from China
Speaker 1: to allow American electric vehicle manufacturers to scale up in
Speaker 1: the United States to catch up with China. I think
Speaker 1: what people often forget is that China has achieved its
Speaker 1: advantage in electric vehicles not by truly liberal policies, but
Speaker 1: by very active industrial policies. China's electric vehicle industry has
Speaker 1: long been predicted by temper, and China has very strong
Speaker 1: by Chinese provisions linked to its EV subsidies, and it's
Speaker 1: thrown money its battery producers. China's ahead, we need to
Speaker 1: catch up, and I think that's what the.
Speaker 2: Administration there's Brad Setser of the Console Form Relations. My
Speaker 2: first read is Summer the Myth of Deglobalization. We had
Speaker 2: a bull market tinge today. I mentioned Ben Ladler in
Speaker 2: a tweet earlier today, getting the Markets right in December
Speaker 2: of twenty eighteen. That chart is just breathtaking to describe
Speaker 2: it here on this podcast. It's a semilogue chart which
Speaker 2: shows percent change and from November thirtieth of twenty eighteen.
Speaker 2: It's a very contained trend, very nicely contained when you
Speaker 2: run a regression on it within two standard deviations. And
Speaker 2: we're not extended on that trend. We're above the center line,
Speaker 2: we're above the center tendency, but we're not extended. That's
Speaker 2: something we talked to all of our bull market types
Speaker 2: today about, including John Stolfus, who's been a bull He's
Speaker 2: maybe the first one I heard who whispered fifty four hundred.
Speaker 2: He says he will not go higher until we print
Speaker 2: fifty five hundred. And also Paul Sweet had to bring
Speaker 2: it up. Is great, and John stolf is like legit
Speaker 2: country guitar player. He's got some serious Broadway cred over
Speaker 2: the years. And for all of you looking for a
Speaker 2: treat for your graduate John Stolfus on Martin guitars.
Speaker 4: Well, you know, I go after the custom shop guitars
Speaker 4: from there. So I've got a D eighteen Golden Era
Speaker 4: that's signed by Yeah.
Speaker 2: It doesn't have scallop bracing, it's got traditional bracing right.
Speaker 4: Well, you know it has traditional because it's mimicking something
Speaker 4: like nineteen forty one, nineteen forty two, and it's terrific.
Speaker 4: I think it actually is scallop breast. It wasn't that
Speaker 4: the originals.
Speaker 2: It was the original scalop or that.
Speaker 4: If it's a custom shop you get the.
Speaker 2: Neil Young's nineteen sixty eight, sixty nine, you know, D
Speaker 2: forty five. Those weren't Scott and they got that old
Speaker 2: Martin sound.
Speaker 1: Yeah, that's an interesting point.
Speaker 2: I can tell you this.
Speaker 4: I've I've owned a D twenty eight that I bought
Speaker 4: in the probably about nineteen eighty two for Manny's when
Speaker 4: it was still in business. Yeah, great guitar. And later
Speaker 4: on I bought a D twenty eight that was Brazilian
Speaker 4: rosewood from the factory of Reproduction.
Speaker 1: And I tell you the.
Speaker 4: Truth, that D eighteen with Indian rose rud from the
Speaker 4: seven in the eighties was a better guitar.
Speaker 2: That's great. Where else are you going to get this?
Speaker 2: John Stulfus a Opko, Oppenheimer and Company. I think he
Speaker 2: owns forty seven guitars. I just lie, Eric, you know,
Speaker 2: I just how much did that cost? I just moved
Speaker 2: to death some whole point. You know, It's like that
Speaker 2: was one hundred It was five hundred and forty nine
Speaker 2: dollars here, And you know something, I guess I'll have
Speaker 2: to sell them. John Stulfus on Martin Guitars. We're going
Speaker 2: to finish strong for the week and into next week
Speaker 2: as well. We mentioned it once suddenly June thirty, beckons
Speaker 2: window dressing. Maybe that's what's driving big tech higher on
Speaker 2: Ample Podcasts, Single best Idea