WEBVTT - Miller Tabak's Maley: Fed Continues To Bail Out Congress(Audio)

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<v Speaker 1>Global business news twenty four hours a day at Bloomberg

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<v Speaker 1>This is a Bloomberg Business Flash from Bloomberg World Headquarters.

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<v Speaker 1>I'm Charlie Pellet. Stocks are at the best level of

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<v Speaker 1>the day, thirteen minutes to go ahead of the close.

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<v Speaker 1>The SMP five hundred index up the most in a month.

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<v Speaker 1>Right now, That index up twenty five points to two

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<v Speaker 1>thousand and eighty three, a gain of one point two percent.

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<v Speaker 1>Nes Stack up fifty seven points again, also of one

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<v Speaker 1>point two percent. Dow Jones Industrial Average up two hundred

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<v Speaker 1>twenty one points, a gain of one point three percent.

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<v Speaker 1>Gold little changed up sixty cents twelve sixty seventy ounce

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<v Speaker 1>again there of less than point one percent, a three

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<v Speaker 1>percent valley today for West Texas interviewed. The AC crude

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<v Speaker 1>up a dollar twenty seven apparel to forty four dollars

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<v Speaker 1>and seventy two cents. I'm Charlie Palloton. That's a Bloomberg

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<v Speaker 1>Business Flash, Charlie Pellot, thanks so much time now for

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<v Speaker 1>the et F report brought you by Van eck Vector's

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<v Speaker 1>e t F. Expect more from your muni's target tax

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<v Speaker 1>most of the emerging markets except for one country, and

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<v Speaker 1>it was named the best new international equity e t

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<v Speaker 1>F of by e t F dot Com. Is the

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<v Speaker 1>e D Shares e M Corps x China e t F.

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<v Speaker 1>Here's Martin hooks To, a chief executive of Emerging Global Advisors.

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<v Speaker 1>People recognized the e t F because of a big

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<v Speaker 1>trend in emerging market investing, which is that portfolios are

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<v Speaker 1>becoming more and more dominated by China. Hookstra on how

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<v Speaker 1>they came up with the idea for this e t F.

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<v Speaker 1>If China the index, a lot of people will want

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<v Speaker 1>to choose their China. In other words, they might want

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<v Speaker 1>to hire an active manager they like, They might want

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<v Speaker 1>to focus on certain sectors or industries, but at any rate,

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<v Speaker 1>they don't want to necessarily buy the whole bucket. So

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<v Speaker 1>we simply said, we'll create a tool that allows people

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<v Speaker 1>to dissect this sort of concentrated country in the e

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<v Speaker 1>M index from everything else. The et of trade under

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<v Speaker 1>the symbol x C e M is gained about six

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<v Speaker 1>and a half percent since the start of the year.

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<v Speaker 1>That's your Bloomberg ETF report. I'm Catherine Cowdery. You're listening

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<v Speaker 1>to Stock with Kathleen and Pim Box on Bloomberg Radio.

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<v Speaker 1>What's an investor to do? Central banks around the world,

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<v Speaker 1>they are unresolved in their efforts to help the global economy.

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<v Speaker 1>Interest rates remain low, and if you invested in the

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<v Speaker 1>SMP five at the beginning of the year, you've gained

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<v Speaker 1>just less than two percent. Here to tell us what

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<v Speaker 1>to do with our money? Matt Maylee, equity strategist at

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<v Speaker 1>Miller tay Back, joining us of course here at the

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<v Speaker 1>Boston Convention and Exhibition Center UH, prior to tonight's Greater

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<v Speaker 1>Boston Chamber Commerce Annual Meeting. Matt mainly, great to have

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<v Speaker 1>you with his thanks for coming in. Great to be here.

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<v Speaker 1>So what would you tell if you were going to

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<v Speaker 1>meet these UH? I think they're gonna be about sevent business,

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<v Speaker 1>government and civic leaders here at the Convention and Exhibition Center.

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<v Speaker 1>What would you tell them? Are the themes for investing today? Well,

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<v Speaker 1>probably the number one theme, of course, is is confusion.

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<v Speaker 1>I mean, I mean it's funny because a lot of

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<v Speaker 1>people are talking about how the UH people are confused

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<v Speaker 1>or worried about the election, UH and what what what

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<v Speaker 1>will have impact on the economy and the markets and

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<v Speaker 1>things like that. But I would say, actually that it's

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<v Speaker 1>the economy UH and and you know, struggle with wages

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<v Speaker 1>and things like that. Even though we've seen a mild

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<v Speaker 1>uptick recently, I don't know, people are still having a

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<v Speaker 1>tough time making ends meet. So I think that's what's

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<v Speaker 1>affected the election, rather than the election infecting uh the

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<v Speaker 1>economy and UH. Obviously the uncertainty and of course with

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<v Speaker 1>Donald Trump and things that does kick rate some UH

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<v Speaker 1>some concerns there as well. But we just don't have

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<v Speaker 1>the kind of growth that you would normally have in

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<v Speaker 1>the you know, this far into into an expansion, and

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<v Speaker 1>that's got people worried. And notwithstanding the rally today in stocks,

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<v Speaker 1>and notwithstanding the jump in commandity prices like swathing and

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<v Speaker 1>corn really shooting up right now, oil is steady over

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<v Speaker 1>forty four dollars a barrel, there is some concern that

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<v Speaker 1>if things haven't gotten a lot better now and we're

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<v Speaker 1>this long into recovery, that if we if we run

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<v Speaker 1>out of steam, what's left to push it up? Right?

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<v Speaker 1>The FED can't cut rates. The FED could do more

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<v Speaker 1>bar more bond buying, but at some point that seems

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<v Speaker 1>to have lost its steam. And everyone's saying, in fact,

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<v Speaker 1>every FED official love talked to him last month and

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<v Speaker 1>a half has said, fiscal policy, fiscal policy. Everyone has

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<v Speaker 1>to do something. And then if you're counting on Congress

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<v Speaker 1>and a new president to do something, well that's that

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<v Speaker 1>might be a tough bat exactly. And you know, as

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<v Speaker 1>Pim said that the markets only have two percent this year,

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<v Speaker 1>but you go back to Thanksgiving A two thousand, fifteen,

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<v Speaker 1>eighteen months ago. The markets done nothing since then. And

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<v Speaker 1>then it goes to the point that you've been saying

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<v Speaker 1>about about how you know people are you know, these

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<v Speaker 1>these programs that the central pranks have put in, especially

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<v Speaker 1>the B O J in the E c B I

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<v Speaker 1>haven't really helped helped as much as they used to.

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<v Speaker 1>Uh and uh. And you talk about people are are

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<v Speaker 1>are looking for something more and when you have the

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<v Speaker 1>I'm sorry, when you have like you said with Trump

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<v Speaker 1>and Congress, well, first of all, nothing's gonna happen until January,

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<v Speaker 1>because the new president is not gonna be in there

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<v Speaker 1>until January anyway. So you have a lot that adds

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<v Speaker 1>to the uncertainty. Even if they feel comfortable about who

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<v Speaker 1>was going to be the next president, that are they

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<v Speaker 1>really gonna be able to work with comngress in which

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<v Speaker 1>they haven't been able to do for quite a while.

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<v Speaker 1>So there's a lot of the uncertainty out there. And

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<v Speaker 1>let's keep got people, you know, sitting on their hands

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<v Speaker 1>a little bit more thany have in the past. All right,

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<v Speaker 1>So so Matt, you know, this idea of living in

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<v Speaker 1>a low yield environment wishing for high yields isn't gonna

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<v Speaker 1>make it. So so what do you do with your

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<v Speaker 1>money if you're planning to invest it for retirement, for

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<v Speaker 1>purposes not tied to daily moves in a particular stock

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<v Speaker 1>or stock market. What would you do with your money

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<v Speaker 1>right now? Well, one of the problems the problems because

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<v Speaker 1>six months ago, yeah, when I was asked the same question,

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<v Speaker 1>it was like, well, you know, some of these dividend

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<v Speaker 1>plays look really good. I mean, it's just it's a

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<v Speaker 1>it's a good play anyway in uncertain times, but their

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<v Speaker 1>yields were fine, and and of course we've seen what's

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<v Speaker 1>happened in the utility stocks and the consumer staples have

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<v Speaker 1>just had this unbelievable move. The problem is now they're

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<v Speaker 1>starting to get very expensive, and so to put new

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<v Speaker 1>money into that into that area. Of course, we heard

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<v Speaker 1>with Jeff Gunlock said last week about about the utility

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<v Speaker 1>sector being very, very overvalued, so that competes. What do

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<v Speaker 1>you think some profits if you have them and then

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<v Speaker 1>sit and wait for a better opportunity. I think so too,

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<v Speaker 1>But I also think you know, we hear a lot

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<v Speaker 1>more when you when you're these kind of sideways markets

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<v Speaker 1>has to be a stock pickers market. The one group

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<v Speaker 1>that has is defensive that hasn't done as well. It's

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<v Speaker 1>starting to do better finally, but hasn't done as well

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<v Speaker 1>as a defensive play in the last year or so.

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<v Speaker 1>Is is the healthcare stocks. Of course, the problem is,

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<v Speaker 1>as we've learned very much, you can't just go in

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<v Speaker 1>annual healthcare stock anymore. In nineteen seventy five nine, if

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<v Speaker 1>you could just kind of go to the group and

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<v Speaker 1>and you were fine. Now you have to be a

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<v Speaker 1>lot more careful, uh and go into you know, you

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<v Speaker 1>can go to some of the traditional names of the

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<v Speaker 1>big names of fires or market and things like that,

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<v Speaker 1>but even some of the takeovers and stuff. Um but

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<v Speaker 1>uh and then you know, well, you know, and then

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<v Speaker 1>reads and stuff like that with the commercial real estate

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<v Speaker 1>stuff going on here. But boy, I tell you, you know,

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<v Speaker 1>him just the most directed, just directing your view to

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<v Speaker 1>South Boston and to all of of really the seaport

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<v Speaker 1>area of Boston, which looks nothing like it did ten

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<v Speaker 1>years not not even I mean you see the credit

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<v Speaker 1>that some of that. You can't even see some of

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<v Speaker 1>the cranes because of the buildings in the way, but

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<v Speaker 1>the cranze are everywhere. Sometimes you wear that Maybe the

0:07:39.480 --> 0:07:41.200
<v Speaker 1>contraditions for people who feel like, oh, how co many

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<v Speaker 1>people talk about how bad things are. There's there's so

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<v Speaker 1>much construction in Boston, in Washington, d C. In Seattle, Washington,

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<v Speaker 1>in so many places, even at at a time when

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<v Speaker 1>people maybe are kind of having a tough time. But

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<v Speaker 1>I guess people still want to see movies and they

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<v Speaker 1>still want to go to theme park. So even if Disney,

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<v Speaker 1>for example, reporting today after Bell is not going to

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<v Speaker 1>be a high flyer, is that the kind of investment

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<v Speaker 1>that people are is that the best we can do

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<v Speaker 1>right now is that you kind of fall back on

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<v Speaker 1>because they're gonna grow. They're gonna do fine. Maybe no

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<v Speaker 1>big price appreciation, but that's one of the places. It's

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<v Speaker 1>funny again reverting back to something I said several years

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<v Speaker 1>ago and two thousand and nine when we're at the

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<v Speaker 1>bottom and people saying, is this the bottom is really

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<v Speaker 1>the bottom of the word even at the end of

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<v Speaker 1>the year, And I said, one stock that's gonna go up,

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<v Speaker 1>right because everybody understands it. You don't have to be

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<v Speaker 1>I mean, if you're a retail broker and you're talking

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<v Speaker 1>to mom and mom and dad out there, it's like

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<v Speaker 1>Apple computer because everybody sees what that's going. Now we've

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<v Speaker 1>seen a little bit of a change there. So I

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<v Speaker 1>think we go back to something I mean, just because

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<v Speaker 1>what we've seen in the stock is is that is

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<v Speaker 1>not to say that stock and it's a great company

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<v Speaker 1>and it may go lower, may go higher, but going

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<v Speaker 1>but that was a good reliable name in two thousand

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<v Speaker 1>and nine, two thousand and ten. Now you kind of

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<v Speaker 1>go back to some of those other names that you

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<v Speaker 1>just mentioned. Even though McDonald's got to stocks at all

0:08:51.720 --> 0:08:53.319
<v Speaker 1>time high, people said, I don't want to buy it

0:08:53.360 --> 0:08:55.120
<v Speaker 1>a stock at all time high, but there's a stock

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<v Speaker 1>stunder performed for a lot of years. So even though

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<v Speaker 1>it's an all time high, it's not at the kind

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<v Speaker 1>of it's not had the kind of run that some

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<v Speaker 1>of the you know, the high flyers, the thank stocks

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<v Speaker 1>that we saw last year. So I do see continue

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<v Speaker 1>to play on the defensive side, but you have to

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<v Speaker 1>be a little bit more careful than you was six

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<v Speaker 1>months ago. I was just looking at the tenure going

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<v Speaker 1>back to the beginning of the year. The yield there

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<v Speaker 1>on the ten year, I believe two and a quarter.

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<v Speaker 1>That's a that's a move that's gotta be painful for

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<v Speaker 1>I mean for people that have been saying stock stock stocks,

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<v Speaker 1>they have to come up against that, right. It's it's

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<v Speaker 1>it's such a difficult thing now, especially now when people

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<v Speaker 1>start one thing I think adds to the uncertainty. We

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<v Speaker 1>haven't seen it here, but you hear about these negative

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<v Speaker 1>interest rates. Nobody knows, you know, Warren Beffett was saying recently,

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<v Speaker 1>there's no books. I mean these books that go back

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<v Speaker 1>hundreds of years in some just several decades that have

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<v Speaker 1>been the bibles on on interest rates in the bomb market,

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<v Speaker 1>and now people are like, I don't know what in

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<v Speaker 1>the world it's gonna happen next, So that actually uncertainty.

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<v Speaker 1>And but people like you and then you also have

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<v Speaker 1>you know, the and part of the problem that got

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<v Speaker 1>up a tangent here, but part of the problem everybody

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<v Speaker 1>wants to blame the FED. And I'm kind of saying, well,

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<v Speaker 1>my blame to the FED is that they've actually enabled

0:10:10.200 --> 0:10:13.440
<v Speaker 1>Congress that they kept bailing things out. People are saying

0:10:13.440 --> 0:10:15.960
<v Speaker 1>we need fiscal policy. Well Congress keeps saying, well, if

0:10:15.960 --> 0:10:17.959
<v Speaker 1>the FED keeps billing out, I don't have to do anything,

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<v Speaker 1>all right, So, uh, now it's going to have to

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<v Speaker 1>step to the plate for hearing that all of not

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<v Speaker 1>just not just here in the United States, but all

0:10:24.160 --> 0:10:25.920
<v Speaker 1>over the world. They have to have the other, the

0:10:25.920 --> 0:10:27.920
<v Speaker 1>other leg to that. And even even Ben ver Naki

0:10:28.040 --> 0:10:29.959
<v Speaker 1>was saying years the two thousand and ten, he was saying,

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<v Speaker 1>we're just the stop gap to get us to you know,

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<v Speaker 1>what really drives the economy, and uh, but they never

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<v Speaker 1>really made them do that, and Congress has kind of

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<v Speaker 1>scated along and at some point, you know, that's why

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<v Speaker 1>we're having to throw the bums out. Kind of a

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<v Speaker 1>movement this year, you know, well, it's been an interesting

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<v Speaker 1>year so far, though you must admit absolutely absolutely well,

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<v Speaker 1>Matt Maylie, thank you so much for joining us, Coming

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<v Speaker 1>all the way over here to the Boston Convention an

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<v Speaker 1>exhibition center at tonight's creator of Boston Cheamber of Commerce

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<v Speaker 1>annual meeting. Of course not made these equity strategist at

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<v Speaker 1>Millary type back you're in Boston. Thank you so much,

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<v Speaker 1>Matt for joining us. I'm Kathleen Hayes, WELLOK, pim Fox

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<v Speaker 1>getting ready for the market clothes the movers and shakers,

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<v Speaker 1>coming up on taking stock on Bloomberg Radio. M