Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The single best idea. We'll be quick about it today,
Speaker 2: right in the heart of economic data. Retail sales today
Speaker 2: really saggy, substantial bond market move follows into the morning.
Speaker 2: We'll see how they end up the day before that
Speaker 2: jobs report tomorrow, and then right onto a CPI report,
Speaker 2: the key inflation report on Friday. Where are we going
Speaker 2: to be Friday at nine am? I have no idea.
Speaker 2: We talked to David Balen exquisited City Group and now
Speaker 2: at CIO Group. David Balen was absolutely brilliant on the
Speaker 2: hidden fees of asset management. Here on the basis points charged.
Speaker 1: The street does not tell the client both the performance
Speaker 1: of the underlying individual managers in their account and the
Speaker 1: total feelo that they're paying on any of the statements
Speaker 1: that they're getting. And the families do not aggregate their
Speaker 1: accounts across multiple advisors to actually see how they're doing.
Speaker 1: Those two things are remarkable in this today and age,
Speaker 1: given the technology that we have available, and if a
Speaker 1: family does that, the oh my of it is extraordinary.
Speaker 1: This is a fee that's the equivalent of nine or
Speaker 1: ten percent of what they earn in an average gear.
Speaker 1: That's what they're paying in total fees, and it is
Speaker 1: shocking to me that that is the state of the industry.
Speaker 1: Add to that the fact that most clients are getting
Speaker 1: a model, and the model that they're getting and managing
Speaker 1: their assets is backward looking in a world which you
Speaker 1: guys describe every day as extraordinary and different than it
Speaker 1: was yesterday in terms of what government policies are, etc.
Speaker 1: And so to me, without a forward looking asset allocation
Speaker 1: and without real data, a lot of them are just
Speaker 1: flying blind.
Speaker 2: That's David Balen of CIO Group. We talked to Ian
Speaker 2: Bremer of Eurasia Group, really good conversation about as Our
Speaker 2: besides the doom loop, and of course doctor Bremer with
Speaker 2: a book hugely anticipated Ian Bremer, when you look at
Speaker 2: all into the continent of Europe, to Brussels, to NATO
Speaker 2: and mister Ruda.
Speaker 3: They know as Mark Ruta, the Secretary General of NATO
Speaker 3: said in the last few days, how essential the Americans
Speaker 3: still are for the foreseeable future, where when you think
Speaker 3: of the global economy, there are options. I mean, even Canada,
Speaker 3: which is so incredibly dependent on the United States, has
Speaker 3: the ability to diversify more effectively with the Europeans, with
Speaker 3: the Chinese, with others, and that's particularly to India. For example,
Speaker 3: the United States pushes India hard despite the relationship that
Speaker 3: Trump and Mody have, and Modi takes his time in
Speaker 3: doing a deal with the Americans and instead steps up
Speaker 3: a relations with the EU and with the Australians and
Speaker 3: stabilizes with China and the rest. So that effort that
Speaker 3: we are seeing to hedge is mostly happening in diversifying
Speaker 3: away from US trade.
Speaker 2: That's Ian Bremer of Eurasia Group. On podcasts, We're out
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