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Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on

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Speaker 1: a lazy Friday in the summer, Except it wasn't. It

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Speaker 1: was really interesting conversations across a wide set of topics,

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Speaker 1: and of course one of them is the politics of

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Speaker 1: the morning. Thank you Margaret Brennan with Face the Nation

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Speaker 1: on CBS, because we do a whole host of the

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Speaker 1: Sunday talk shows. You hear that on Bloomberg Radio on

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Speaker 1: Sunday at two pm in Washington and Boston and New

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Speaker 1: York as well. And all that's interesting about Washington, But

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Speaker 1: as we slip into the summer, it is about a

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Speaker 1: resilient stock market. It is about trying to get a

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Speaker 1: measure of where we are in the continuum. For Wayley

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Speaker 1: of Black Rock, it's an analog back to two thousand

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Speaker 1: and seven.

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Speaker 2: If we think about the peerage after Mobal financial crisis,

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Speaker 2: with the injection of Emmas pool of liquidity, companies that

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Speaker 2: didn't have good fundamentals were rallying alongside companies with very

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Speaker 2: good fundamentals. And this is what I meant by rising

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Speaker 2: tight lifting all boats. But we're now in an environment

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Speaker 2: of greater dispersion. We're in an environment of secular transformations

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Speaker 2: like AI that is likely going to imply winners take hold.

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Speaker 2: So this is an environment where being active and selective

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Speaker 2: pays off more. And this is not a hypothesis. Our

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Speaker 2: study actually shows that in a period coming out of

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Speaker 2: the pandemic, actually the additional alpha generated by good active

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Speaker 2: managers is greater compared to the peerage when rising tight

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Speaker 2: was lifting all boats.

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Speaker 1: Really they are are black rec and this is a

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Speaker 1: side note, she writes brilliantly on LinkedIn. One of the

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Speaker 1: reasons to be on LinkedIn. I'm on LinkedIn. Thank you

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Speaker 1: Shaneli Bassk for pushing me that way is wayley. She

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Speaker 1: just this great, great short chart driven work for Blackrock

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Speaker 1: out on LinkedIn. Anna Wong. People say where is she?

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Speaker 1: I get emails, live chat on YouTube. Where is she?

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Speaker 1: She was on the Pacific RIM. Bloomberg is a global

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Speaker 1: country a company, I should say, And it's really important

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Speaker 1: to understand that every once in a while, the US

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Speaker 1: team has to go and sit on the Pacific RIM.

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Speaker 1: That's what doctor Wong has been doing for weeks on

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Speaker 1: any ear. She is back and she was spirited today

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Speaker 1: about looking at the American labor economy.

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Speaker 3: Recall that last year. The July jobs report was what

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Speaker 3: caused this flash crash in August. So what happens in

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Speaker 3: this coming jobs report is that on a non seasonally

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Speaker 3: adjusted basis, there should be over a million job losses

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Speaker 3: from yes, from local sector, from local government, from education sector.

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Speaker 3: So last month everybody was like, wow, the job of persurprise,

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Speaker 3: of the upside, But it's entirely due to the facade

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Speaker 3: of a seasonal adjustment in the local government sector. So

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Speaker 3: now that in July we're supposed to see this, you know,

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Speaker 3: a million job losses in the sector, plus you have

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Speaker 3: this rebound from the seasonal you overestimation in the last month,

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Speaker 3: I think that that's the place to watch weather, because

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Speaker 3: we do know that local government is not hiring.

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Speaker 1: Great damn annawe Back really can't say enough about it.

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Speaker 1: She was brilliant today in freshwater versus saltwater economics. That's

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Speaker 1: the East Coast, the ocean versus the Great Lakes of Carnegie, Mellon,

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Speaker 1: and Rochester of years ago, over to Chicago and out

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Speaker 1: to the Midwest. Thanks to John Farrell for a great conversation.

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Speaker 1: Christopher Waller today a really important conversation with a gentleman

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Speaker 1: from the Saint Louis FED now in Washington as a

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Speaker 1: Governor of the FED. On our podcast, we're on Spotify,

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Speaker 1: were on Apple as well, and on YouTube podcasts. It's

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Speaker 1: single best idea