WEBVTT - Single Best Idea with Tom Keene: David Bailin & Ian Bremmer

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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

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<v Speaker 2>right in the heart of economic data. Retail sales today

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<v Speaker 2>really saggy, substantial bond market move follows into the morning.

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<v Speaker 2>We'll see how they end up the day before that

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<v Speaker 2>jobs report tomorrow, and then right onto a CPI report,

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<v Speaker 2>the key inflation report on Friday. Where are we going

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<v Speaker 2>to be Friday at nine am? I have no idea.

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<v Speaker 2>We talked to David Balen exquisited City Group and now

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<v Speaker 2>at CIO Group. David Balen was absolutely brilliant on the

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<v Speaker 2>hidden fees of asset management. Here on the basis points charged.

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<v Speaker 1>The street does not tell the client both the performance

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<v Speaker 1>of the underlying individual managers in their account and the

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<v Speaker 1>total feelo that they're paying on any of the statements

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<v Speaker 1>that they're getting. And the families do not aggregate their

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<v Speaker 1>accounts across multiple advisors to actually see how they're doing.

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<v Speaker 1>Those two things are remarkable in this today and age,

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<v Speaker 1>given the technology that we have available, and if a

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<v Speaker 1>family does that, the oh my of it is extraordinary.

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<v Speaker 1>This is a fee that's the equivalent of nine or

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<v Speaker 1>ten percent of what they earn in an average gear.

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

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<v Speaker 1>shocking to me that that is the state of the industry.

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<v Speaker 1>Add to that the fact that most clients are getting

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<v Speaker 1>a model, and the model that they're getting and managing

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<v Speaker 1>their assets is backward looking in a world which you

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<v Speaker 1>guys describe every day as extraordinary and different than it

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<v Speaker 1>was yesterday in terms of what government policies are, etc.

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<v Speaker 1>And so to me, without a forward looking asset allocation

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<v Speaker 1>and without real data, a lot of them are just

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<v Speaker 1>flying blind.

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<v Speaker 2>That's David Balen of CIO Group. We talked to Ian

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<v Speaker 2>Bremer of Eurasia Group, really good conversation about as Our

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<v Speaker 2>besides the doom loop, and of course doctor Bremer with

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<v Speaker 2>a book hugely anticipated Ian Bremer, when you look at

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<v Speaker 2>all into the continent of Europe, to Brussels, to NATO

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<v Speaker 2>and mister Ruda.

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<v Speaker 3>They know as Mark Ruta, the Secretary General of NATO

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<v Speaker 3>said in the last few days, how essential the Americans

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<v Speaker 3>still are for the foreseeable future, where when you think

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<v Speaker 3>of the global economy, there are options. I mean, even Canada,

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<v Speaker 3>which is so incredibly dependent on the United States, has

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<v Speaker 3>the ability to diversify more effectively with the Europeans, with

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

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<v Speaker 3>the United States pushes India hard despite the relationship that

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<v Speaker 3>Trump and Mody have, and Modi takes his time in

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<v Speaker 3>doing a deal with the Americans and instead steps up

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<v Speaker 3>a relations with the EU and with the Australians and

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<v Speaker 3>stabilizes with China and the rest. So that effort that

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<v Speaker 3>we are seeing to hedge is mostly happening in diversifying

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<v Speaker 3>away from US trade.

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

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<v Speaker 2>at Apple, out of Spotify, bang up earnings from Spotify

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<v Speaker 2>today and at YouTube podcasts. It's single best idea.