Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea on
Speaker 1: a lazy Friday in the summer, Except it wasn't. It
Speaker 1: was really interesting conversations across a wide set of topics,
Speaker 1: and of course one of them is the politics of
Speaker 1: the morning. Thank you Margaret Brennan with Face the Nation
Speaker 1: on CBS, because we do a whole host of the
Speaker 1: Sunday talk shows. You hear that on Bloomberg Radio on
Speaker 1: Sunday at two pm in Washington and Boston and New
Speaker 1: York as well. And all that's interesting about Washington, But
Speaker 1: as we slip into the summer, it is about a
Speaker 1: resilient stock market. It is about trying to get a
Speaker 1: measure of where we are in the continuum. For Wayley
Speaker 1: of Black Rock, it's an analog back to two thousand
Speaker 1: and seven.
Speaker 2: If we think about the peerage after Mobal financial crisis,
Speaker 2: with the injection of Emmas pool of liquidity, companies that
Speaker 2: didn't have good fundamentals were rallying alongside companies with very
Speaker 2: good fundamentals. And this is what I meant by rising
Speaker 2: tight lifting all boats. But we're now in an environment
Speaker 2: of greater dispersion. We're in an environment of secular transformations
Speaker 2: like AI that is likely going to imply winners take hold.
Speaker 2: So this is an environment where being active and selective
Speaker 2: pays off more. And this is not a hypothesis. Our
Speaker 2: study actually shows that in a period coming out of
Speaker 2: the pandemic, actually the additional alpha generated by good active
Speaker 2: managers is greater compared to the peerage when rising tight
Speaker 2: was lifting all boats.
Speaker 1: Really they are are black rec and this is a
Speaker 1: side note, she writes brilliantly on LinkedIn. One of the
Speaker 1: reasons to be on LinkedIn. I'm on LinkedIn. Thank you
Speaker 1: Shaneli Bassk for pushing me that way is wayley. She
Speaker 1: just this great, great short chart driven work for Blackrock
Speaker 1: out on LinkedIn. Anna Wong. People say where is she?
Speaker 1: I get emails, live chat on YouTube. Where is she?
Speaker 1: She was on the Pacific RIM. Bloomberg is a global
Speaker 1: country a company, I should say, And it's really important
Speaker 1: to understand that every once in a while, the US
Speaker 1: team has to go and sit on the Pacific RIM.
Speaker 1: That's what doctor Wong has been doing for weeks on
Speaker 1: any ear. She is back and she was spirited today
Speaker 1: about looking at the American labor economy.
Speaker 3: Recall that last year. The July jobs report was what
Speaker 3: caused this flash crash in August. So what happens in
Speaker 3: this coming jobs report is that on a non seasonally
Speaker 3: adjusted basis, there should be over a million job losses
Speaker 3: from yes, from local sector, from local government, from education sector.
Speaker 3: So last month everybody was like, wow, the job of persurprise,
Speaker 3: of the upside, But it's entirely due to the facade
Speaker 3: of a seasonal adjustment in the local government sector. So
Speaker 3: now that in July we're supposed to see this, you know,
Speaker 3: a million job losses in the sector, plus you have
Speaker 3: this rebound from the seasonal you overestimation in the last month,
Speaker 3: I think that that's the place to watch weather, because
Speaker 3: we do know that local government is not hiring.
Speaker 1: Great damn annawe Back really can't say enough about it.
Speaker 1: She was brilliant today in freshwater versus saltwater economics. That's
Speaker 1: the East Coast, the ocean versus the Great Lakes of Carnegie, Mellon,
Speaker 1: and Rochester of years ago, over to Chicago and out
Speaker 1: to the Midwest. Thanks to John Farrell for a great conversation.
Speaker 1: Christopher Waller today a really important conversation with a gentleman
Speaker 1: from the Saint Louis FED now in Washington as a
Speaker 1: Governor of the FED. On our podcast, we're on Spotify,
Speaker 1: were on Apple as well, and on YouTube podcasts. It's
Speaker 1: single best idea