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

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Speaker 2: The single best idea. We'll be quick about it today,

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Speaker 2: right in the heart of economic data. Retail sales today

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Speaker 2: really saggy, substantial bond market move follows into the morning.

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Speaker 2: We'll see how they end up the day before that

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Speaker 2: jobs report tomorrow, and then right onto a CPI report,

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Speaker 2: the key inflation report on Friday. Where are we going

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Speaker 2: to be Friday at nine am? I have no idea.

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Speaker 2: We talked to David Balen exquisited City Group and now

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Speaker 2: at CIO Group. David Balen was absolutely brilliant on the

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Speaker 2: hidden fees of asset management. Here on the basis points charged.

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Speaker 1: The street does not tell the client both the performance

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Speaker 1: of the underlying individual managers in their account and the

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Speaker 1: total feelo that they're paying on any of the statements

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Speaker 1: that they're getting. And the families do not aggregate their

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Speaker 1: accounts across multiple advisors to actually see how they're doing.

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Speaker 1: Those two things are remarkable in this today and age,

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Speaker 1: given the technology that we have available, and if a

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Speaker 1: family does that, the oh my of it is extraordinary.

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Speaker 1: This is a fee that's the equivalent of nine or

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Speaker 1: ten percent of what they earn in an average gear.

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Speaker 1: That's what they're paying in total fees, and it is

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Speaker 1: shocking to me that that is the state of the industry.

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Speaker 1: Add to that the fact that most clients are getting

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Speaker 1: a model, and the model that they're getting and managing

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Speaker 1: their assets is backward looking in a world which you

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Speaker 1: guys describe every day as extraordinary and different than it

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Speaker 1: was yesterday in terms of what government policies are, etc.

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Speaker 1: And so to me, without a forward looking asset allocation

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Speaker 1: and without real data, a lot of them are just

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Speaker 1: flying blind.

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Speaker 2: That's David Balen of CIO Group. We talked to Ian

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Speaker 2: Bremer of Eurasia Group, really good conversation about as Our

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Speaker 2: besides the doom loop, and of course doctor Bremer with

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Speaker 2: a book hugely anticipated Ian Bremer, when you look at

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Speaker 2: all into the continent of Europe, to Brussels, to NATO

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Speaker 2: and mister Ruda.

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Speaker 3: They know as Mark Ruta, the Secretary General of NATO

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Speaker 3: said in the last few days, how essential the Americans

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Speaker 3: still are for the foreseeable future, where when you think

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Speaker 3: of the global economy, there are options. I mean, even Canada,

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Speaker 3: which is so incredibly dependent on the United States, has

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Speaker 3: the ability to diversify more effectively with the Europeans, with

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Speaker 3: the Chinese, with others, and that's particularly to India. For example,

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Speaker 3: the United States pushes India hard despite the relationship that

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Speaker 3: Trump and Mody have, and Modi takes his time in

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Speaker 3: doing a deal with the Americans and instead steps up

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Speaker 3: a relations with the EU and with the Australians and

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Speaker 3: stabilizes with China and the rest. So that effort that

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Speaker 3: we are seeing to hedge is mostly happening in diversifying

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Speaker 3: away from US trade.

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Speaker 2: That's Ian Bremer of Eurasia Group. On podcasts, We're out

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Speaker 2: at Apple, out of Spotify, bang up earnings from Spotify

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Speaker 2: today and at YouTube podcasts. It's single best idea.