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

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Speaker 2: A single best idea and a really interesting day. The

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Speaker 2: news flow is just extraordinary. I don't know what to

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Speaker 2: make of it. We're just trying to keep up with

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Speaker 2: a great team. Twenty four to seven amending thank you

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Speaker 2: so much to our guests who are canceled. We incredibly

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Speaker 2: value that class act and of course we always try

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Speaker 2: to get them back as soon as we can, and

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Speaker 2: even guests that are truncated because there's some breaking news

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Speaker 2: out of Iran or the Supreme Court wherever. An amazing

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Speaker 2: day for Bloomberg Surveillance. Also so with liz Anne Saunders

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Speaker 2: and Kevin Gordon showing up from Charles Schwab, hugely successful

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Speaker 2: to listen to the nuances between the two of them

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Speaker 2: on the courage to invest here on the present narrative,

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Speaker 2: liz An Sunders.

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Speaker 3: I think it's possible, given the instability of how we

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Speaker 3: get information and narrative changes and headlines, to look at

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Speaker 3: a day like yesterday as something akin to what we

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Speaker 3: saw last April ninth. I think there's still a lot

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Speaker 3: of unanswered questions, even just you know, you're reporting on

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Speaker 3: Trump's comment about the ceasefire being contingent upon the straight

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Speaker 3: andorform moves opening. Yet yesterday it was you know, we

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Speaker 3: might end this thing even if the strait doesn't open.

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Speaker 3: So here we go.

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Speaker 2: Again, Lizene sounders there from Charles Schwab. Her colleague Kevin

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Speaker 2: Gordon came in as well with a terrific chart showing

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Speaker 2: the price earnings ratio change of the S and P

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Speaker 2: five hundred. We've gone from a rich level well above

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Speaker 2: twenty as a price to earnings to below twenty as well.

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Speaker 2: Here's Kevin Gordon on the latest moment for this equity market.

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Speaker 1: Especially with any conflict like this, you never want to

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Speaker 1: make a knee jerk reaction. I mean, we've adjusted how

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Speaker 1: we think about markets and the economy responding to this

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Speaker 1: as it's continued to drag on. Clearly we've taken you know,

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Speaker 1: we've dialed back expectations for what growth is supposed to

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Speaker 1: look like. But I often think, you know, in terms

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Speaker 1: of an investor's reaction, I can't help but think about

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Speaker 1: the Jack Bogel quote, don't just do something? Stand there,

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Speaker 1: and I think in this moment, you know, it kind

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Speaker 1: of feels act because you don't want to make you

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Speaker 1: can't have a high conviction view on any particular asset class.

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Speaker 1: I think right now.

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Speaker 2: Kevin Gordon to Charles Schwab channeling Eric Belchunis at Bloomberg

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Speaker 2: on the veneration of John Bogel, What an honor to

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Speaker 2: speak to John Bogel numerous times over the years. He

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Speaker 2: defined passive investing at Vanguard, he defined the courage as

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Speaker 2: Kevin says, they're correctly to do nothing. Ellen Zenner was

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Speaker 2: with us from Morgan Stanley Today, expert on the state

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Speaker 2: of the consumer here Ellen Zenner on the American economy.

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Speaker 4: There's so much volatility and so much uncertainty out there

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Speaker 4: that it has made the conversations all that much more

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Speaker 4: interesting because they're they're much more longer term focus, so

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Speaker 4: not necessarily when are we going to get beyond this,

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Speaker 4: but it's more of what does this mean in the

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Speaker 4: bigger picture of long term national security and resource nationalism

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Speaker 4: and resource scarcity and defense spending and all of those things.

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Speaker 4: And so it makes those topics really top of mind

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Speaker 4: for clients because you can't it really gets exhausting trying

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Speaker 4: to figure out when is this thing going to end?

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Speaker 4: Am I supposed to time it? What should I do here.

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Speaker 2: Ellen Center of Morgan Stanley. On podcasts, we're on Apple,

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Speaker 2: on Spotify, and we say good evening to the Pacific

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Speaker 2: Room where we have a huge Spotify audience. Thank you

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Speaker 2: for that. On YouTube podcasts, it's single best idea.