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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Single best idea on a very odd day. It's odd

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Speaker 2: when the UN meetings are happening in New York, all

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Speaker 2: sorts of things going on. Great to see Francine Lacroix

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Speaker 2: and studio off of her important interview with the leadership

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Speaker 2: of Finland, Miles Miller stopping by as well, looking at

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Speaker 2: the chaos, the constructive chaos within midtown Manhattan. But on

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Speaker 2: this day we did have to look still at equities, bonds, currencies, commodities.

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Speaker 2: That's the world of Lisa Shalatte at Morgan Stanley, driving

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Speaker 2: Morgan Stanley Wealth. She looked out to next year.

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Speaker 3: I will be very clear. You know, our chief US

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Speaker 3: equity strategist, Mike Wilson, believes that we are going to

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Speaker 3: see this positive operating leverage in twenty twenty six and

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Speaker 3: that those numbers are secure. And I disagree and on

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Speaker 3: this point, and I believe that the margins that are

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Speaker 3: baked into the earnings estimates next year, which call for

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Speaker 3: thirteen fourteen percent year over year growth, which by our

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Speaker 3: guestimates are about one hundred and forty basis points of

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Speaker 3: expansion from where we are are going to be really

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Speaker 3: hard to deliver, especially when the full effects of tariffs

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Speaker 3: play through. Somebody's paying these tariffs and if it's not

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Speaker 3: the consumer, and the US consumer has been very clear

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Speaker 3: that they're willing to push back and reallocate their spending

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Speaker 3: away from higher prices. I think we're going to see

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Speaker 3: some companies in some sectors having to admit that they're

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Speaker 3: absorbing it.

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Speaker 2: Lisa shout out Morgan Stanley. What you heard there is

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Speaker 2: a hallmark of Morgan Stanley Research for decades. They have

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Speaker 2: really embraced an argument within research, a constructive discussion where

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Speaker 2: people are allowed to disagree collegially. I think collegially, maybe

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Speaker 2: sometimes less collegially as well. Darien Shames or this he's

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Speaker 2: with Namura look talking to clients much more on the

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Speaker 2: sales side than the strategy side, and he was absolutely

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Speaker 2: brilliant today on how foreign investors perceive the United States.

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Speaker 2: Let's listen.

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Speaker 1: I think there's a lot of scenario analysis right now

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Speaker 1: about what the different outcomes could be for certain situations. Obviously,

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Speaker 1: the Lisa Cook story and how that plays out in

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Speaker 1: front of the Supreme Court is a major focal point,

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Speaker 1: probably even more so than Jerome Palell's successor next year.

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Speaker 3: Interesting.

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Speaker 2: Interesting you think Lisa Cook is a bigger deal than.

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Speaker 1: The replace I think for investors if you look at

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Speaker 1: her being potentially sidelined and the inability to participate in

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Speaker 1: the FED at some point going forward, if the Supreme

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Speaker 1: Court was to rule in that direction, I think that

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Speaker 1: means it's a relatively low bar for that to happen

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Speaker 1: to other FED governors.

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Speaker 2: Darren Shames with the Murah just back from Asia treatment

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Speaker 2: there of the foreign perception. Lizzie and Saunders out with

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Speaker 2: a great chart today. I think I sought out on

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Speaker 2: Twitter of the percent US ownership by foreign investors. It's

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Speaker 2: just a steady climb over the last fifteen years. We're

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Speaker 2: podcasts run on Spotify and Apple as well on YouTube podcasts.

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Speaker 2: It's single best idea.