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

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Speaker 2: A single best idea, and we'll have Nicholas Burns with

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Speaker 2: us here in a moment with his public service is

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Speaker 2: Ambassador to China. What a great moment here today to

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Speaker 2: have Nick Burns for a long conversation before that on

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Speaker 2: the moment at hand, which is asset allocation amid our political,

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Speaker 2: economic investment chaos and uncertainty. Steve Chiveron is the federated

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Speaker 2: him as he writes brilliant short terse pieces. His summary

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Speaker 2: is simple, get back into the US, get back into tech,

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Speaker 2: be optimistic. The worst is over. Here's Steve Chiverone on

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Speaker 2: all the manufactured derivative products of the moment.

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Speaker 3: For very specific client needs. Whether it's enhancing inc or

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Speaker 3: you've got real risk aversion. You know, derivatives can play

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Speaker 3: a role over the long run in terms of building sustainable,

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Speaker 3: quiet wealth, if you will. The story is about staying invested.

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Speaker 3: I mean everything around that is just behavioral. It's about

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Speaker 3: staying invested. So the question is how do you understand

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Speaker 3: the client, how do you understand what their risk tolerance

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Speaker 3: is and then build them a long term asset allocation

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Speaker 3: and then be tactical enough Tom that you don't whips

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Speaker 3: all your way out of returns, but you provide the

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Speaker 3: client with enough comfort to say, Okay, we're not just

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Speaker 3: sitting here blindly because at the end of the day,

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Speaker 3: the story is really simple. Just because it's difficult doesn't

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Speaker 3: mean that it's complicated. Investing is difficult because it's hard

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Speaker 3: to stay invested, it's hard to stay unemotional. But it's

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Speaker 3: not nearly as complicated as we make it out to be.

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Speaker 3: That's just us making ourselves feel better that it's hard.

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Speaker 2: Like many of our world class guests, there's a point

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Speaker 2: where the voice changes. There was the intense Steve ship

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Speaker 2: Own really really something there on all these fancy made

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Speaker 2: up products that they no bones about it. I'm very

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Speaker 2: much against him. I just think it's people trying to

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Speaker 2: meet the fear that's out there, the sum of all

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Speaker 2: our fears, by hedging away any potential gain to get

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Speaker 2: some form of guaranteed income stream. A little bit of

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Speaker 2: complexity there. Steve chiverone just magical. Nick Burns came out

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Speaker 2: of Wellesley, Massachusetts, and for example today we talked to

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Speaker 2: him about his first job in a small African town

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Speaker 2: for the State Department is turned into an esteemed career

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Speaker 2: as truly one of our great diplomats. A tour of

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Speaker 2: duty in China as ambassador. We open talking about having

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Speaker 2: the weekends. He get on the high speed train and

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Speaker 2: go deep into China, where very few Americans go, very

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Speaker 2: constructive comments about the people of China. Here, Nick burns

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Speaker 2: with construction of comments on our State Department that.

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Speaker 4: You can believe that young people who join and middle

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Speaker 4: aged people the federal government are non partisan. We take

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Speaker 4: an oath to be nonpartisan. It's actually a law, the

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Speaker 4: Hatch Act of nineteen fifty two, and I served across

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Speaker 4: I served Republican presidents and Democratic presidents. I never asked

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Speaker 4: any of my colleagues, Hey, what party do you belong to,

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Speaker 4: because it would have been really inappropriate to that. And

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Speaker 4: what bothers me about the mass firing of our civil

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Speaker 4: servants in Washington is that there's somehow this suspicion that

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Speaker 4: they're all Democrats and progressives, which is absolutely not the case.

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Speaker 4: People just want to serve the country. So I do

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Speaker 4: think respectfully Secretary Rubio and President Trump, they've really weakened

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Speaker 4: the ability of the United States to put good people

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Speaker 4: in the field on the military side, on the pavilion side.

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Speaker 2: Nick Burns, of course, the former ambassador to China across

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Speaker 2: the nation, on your commute, Thank you so much for

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Speaker 2: starting your morning, this particularly the early morning of the

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Speaker 2: Left Coast on YouTube, growing each and every day. Just

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Speaker 2: absolutely humbled by the growth of Bloomberg podcast shout out

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Speaker 2: thank you Tracy Loway, Joe Wisenthal for their commitment there

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Speaker 2: with lots of Barry Ritholts out with that wonderful new

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Speaker 2: book on How Not to Invest, adding a lot of

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Speaker 2: value at Bloomberg Podcasts as well on YouTube and on

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Speaker 2: YouTube podcasts. This is single best idea