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

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Speaker 2: Single bust Idea, and we say good morning to all

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Speaker 2: of you on Apple Podcasts. Thank you for looking at

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Speaker 2: five six seven minutes of two conversations today. We've got

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Speaker 2: a bonus round three conversations today. Rebecca Patterson held court

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Speaker 2: at JP Morgan in foreign exchange. She had huge operational

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Speaker 2: responsibilities at Best in her trust and then went on

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Speaker 2: to a small firm and Connecticut Bridgewater to provide some

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Speaker 2: huge value add We were thrilled to have her in

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Speaker 2: the studio today. Particularly were their core foreign exchange fundamental

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Speaker 2: foundational skills, I should say Rebecca Patterson on Japan and

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Speaker 2: the Yen.

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Speaker 1: I'm a little more skeptical on Japan, just because I

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Speaker 1: think that their economy is still so dependent on the US,

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Speaker 1: and if we have a bumpy landing in the US,

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Speaker 1: it's going to be hard for the Japanese equity market

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Speaker 1: to decouple. But overall, I think you want to stay.

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Speaker 1: I know it's very obvious, but diversified and geography is

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Speaker 1: not enough. We saw this Friday and Monday. When the

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Speaker 1: stuff hits the fan, correlations go to one Europe Japan.

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Speaker 1: They all sell off with the US, So that's not enough.

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Speaker 1: You have to be thinking about your assets, subassets, the

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Speaker 1: type of securities you own. I think that still includes

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Speaker 1: treasuries and gold. And one place I would look at

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Speaker 1: overseas right now, which I think has gotten a little

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Speaker 1: bit ignored, is the UK very low beta equity market,

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Speaker 1: very good, attractive valuations, and I think we'll see for

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Speaker 1: the first time in a while we have a grown

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Speaker 1: up government that might bring some stability, and stability would

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Speaker 1: be a positive improvement, So that might be one to

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Speaker 1: look at as far as a defensive equity position that

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Speaker 1: you can get on sale right now.

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Speaker 2: Rebecca Patison there and where we are so many different

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Speaker 2: opinions today, I just want to mention as an aside,

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Speaker 2: grown up government was such a good band years ago.

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Speaker 2: They played Grand Funk Railroad like nobody com Paedison there

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Speaker 2: and again. Yeah, ONEIX seven. Fascinating to see where we

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Speaker 2: are in ninety days. I don't have a clue. What

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Speaker 2: I do have a clue on is it's important to

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Speaker 2: understand the research publishing of individuals and the nuances they take.

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Speaker 2: Jason Trennert, it's Strtigaus. You're working for years with ed

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Speaker 2: Heiman over at Isi, putting out his hugely successful Strtigis

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Speaker 2: research team, including Dan Clifton. Here's Jason Trnnert on a

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Speaker 2: real value add within his note within this modest panic,

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Speaker 2: Jason Trennert on market timing.

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Speaker 3: Market timing is very difficult, even for professionals. In my

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Speaker 3: career thirty five years, I haven't seen too many people

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Speaker 3: that are that are good at that. Even among the

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Speaker 3: professional class there's a handful. It's certainly very difficult for

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Speaker 3: anyone kind of playing at home. It seems to me

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Speaker 3: there's just it's just too complex a market to do that,

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Speaker 3: and whatever games you might have would probably be worn

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Speaker 3: away either by taxes or or trading commission sir. So

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Speaker 3: the best thing to do longer term is it's boring,

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Speaker 3: it's cliche, is to stick with long term companies. And

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Speaker 3: as Warren Buffett said, my favorite holding period is forever.

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Speaker 2: Jason Trinett there, and that's a great quote from mister

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Speaker 2: Buffett about forever. I can't say enough the importance of

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Speaker 2: looking at SPX total return first of all, is a

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Speaker 2: general rule forty seven percent of the total return and

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Speaker 2: some reinvestment of dividends. But away from that, cliche is

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Speaker 2: the basic idea of your bundled SPX total return given

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Speaker 2: holding period, given one year, three year, five year, ten year,

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Speaker 2: twenty year holding period. It's irrefutable how stable that improvement

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Speaker 2: is is you hold over time? Jason trentet there with

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Speaker 2: finance one oh one. We've got Team Olympic covers. Thanks

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Speaker 2: to State Street Global for helping us with our summer

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Speaker 2: updates here of the Olympics in Paris. Thrilled to say

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Speaker 2: Katie Greifeld's schedule to be with us tomorrow with surveillance

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Speaker 2: team coverage from Plus Vendome. She's triangulated between Dior Chanelle

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Speaker 2: and Lewis. Uten's that we look forward to that, but

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Speaker 2: we really had to go We had to go deep here,

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Speaker 2: which is you know, synchronized swimming. Rebecca Patterson on how

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Speaker 2: hard it is to get your feet.

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Speaker 1: That far in the air, Just like Christine Leguard, I

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Speaker 1: was a synchronized swimmer. So I'm all about that. Yes,

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Speaker 1: that's another conversation show.

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Speaker 2: We'll stop the show. Breaking news here. We got three

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Speaker 2: minutes left.

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Speaker 1: No no, no, no, no.

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Speaker 2: God's name do you put your feet up in the

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Speaker 2: air like that? I mean I talked to leguard yesterday

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Speaker 2: about this.

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Speaker 1: How do you what are you doing.

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Speaker 2: With your hands to get your feet that far up

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Speaker 2: in the air well.

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Speaker 1: The technical term is sculling, but you're just moving your

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Speaker 1: arms back and forth, almost like a little propeller. But

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Speaker 1: let's get back, let's get faction investors. Yes, now swimming

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Speaker 1: in the sun. No, not a million years sure.

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Speaker 2: Rebecca Pattis had taken over the interview, saying, Tom, lose

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Speaker 2: the synchronized swimming rip. Let's get back to what matters.

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Speaker 2: What matters is the view forward again. For those of

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Speaker 2: you seeing this early, President Trump with a press conference

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Speaker 2: at two pm will make news for both Harris and

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Speaker 2: for Trump. That'll be interesting to see. Balance of Power

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Speaker 2: will have coverage on that. We go to tomorrow. I am

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Speaker 2: through perfect Friday sweening off for the fifteenth consecutive Friday.

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Speaker 2: David Gerra scheduled to be with me on Surveillance tomorrow

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Speaker 2: as we look at the international relations, the investment, the finance,

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Speaker 2: and yes, the economics of America. From New York City

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Speaker 2: on Ample Podcasts. This is a single best idea