Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea, and we'll have Nicholas Burns with
Speaker 2: us here in a moment with his public service is
Speaker 2: Ambassador to China. What a great moment here today to
Speaker 2: have Nick Burns for a long conversation before that on
Speaker 2: the moment at hand, which is asset allocation amid our political,
Speaker 2: economic investment chaos and uncertainty. Steve Chiveron is the federated
Speaker 2: him as he writes brilliant short terse pieces. His summary
Speaker 2: is simple, get back into the US, get back into tech,
Speaker 2: be optimistic. The worst is over. Here's Steve Chiverone on
Speaker 2: all the manufactured derivative products of the moment.
Speaker 3: For very specific client needs. Whether it's enhancing inc or
Speaker 3: you've got real risk aversion. You know, derivatives can play
Speaker 3: a role over the long run in terms of building sustainable,
Speaker 3: quiet wealth, if you will. The story is about staying invested.
Speaker 3: I mean everything around that is just behavioral. It's about
Speaker 3: staying invested. So the question is how do you understand
Speaker 3: the client, how do you understand what their risk tolerance
Speaker 3: is and then build them a long term asset allocation
Speaker 3: and then be tactical enough Tom that you don't whips
Speaker 3: all your way out of returns, but you provide the
Speaker 3: client with enough comfort to say, Okay, we're not just
Speaker 3: sitting here blindly because at the end of the day,
Speaker 3: the story is really simple. Just because it's difficult doesn't
Speaker 3: mean that it's complicated. Investing is difficult because it's hard
Speaker 3: to stay invested, it's hard to stay unemotional. But it's
Speaker 3: not nearly as complicated as we make it out to be.
Speaker 3: That's just us making ourselves feel better that it's hard.
Speaker 2: Like many of our world class guests, there's a point
Speaker 2: where the voice changes. There was the intense Steve ship
Speaker 2: Own really really something there on all these fancy made
Speaker 2: up products that they no bones about it. I'm very
Speaker 2: much against him. I just think it's people trying to
Speaker 2: meet the fear that's out there, the sum of all
Speaker 2: our fears, by hedging away any potential gain to get
Speaker 2: some form of guaranteed income stream. A little bit of
Speaker 2: complexity there. Steve chiverone just magical. Nick Burns came out
Speaker 2: of Wellesley, Massachusetts, and for example today we talked to
Speaker 2: him about his first job in a small African town
Speaker 2: for the State Department is turned into an esteemed career
Speaker 2: as truly one of our great diplomats. A tour of
Speaker 2: duty in China as ambassador. We open talking about having
Speaker 2: the weekends. He get on the high speed train and
Speaker 2: go deep into China, where very few Americans go, very
Speaker 2: constructive comments about the people of China. Here, Nick burns
Speaker 2: with construction of comments on our State Department that.
Speaker 4: You can believe that young people who join and middle
Speaker 4: aged people the federal government are non partisan. We take
Speaker 4: an oath to be nonpartisan. It's actually a law, the
Speaker 4: Hatch Act of nineteen fifty two, and I served across
Speaker 4: I served Republican presidents and Democratic presidents. I never asked
Speaker 4: any of my colleagues, Hey, what party do you belong to,
Speaker 4: because it would have been really inappropriate to that. And
Speaker 4: what bothers me about the mass firing of our civil
Speaker 4: servants in Washington is that there's somehow this suspicion that
Speaker 4: they're all Democrats and progressives, which is absolutely not the case.
Speaker 4: People just want to serve the country. So I do
Speaker 4: think respectfully Secretary Rubio and President Trump, they've really weakened
Speaker 4: the ability of the United States to put good people
Speaker 4: in the field on the military side, on the pavilion side.
Speaker 2: Nick Burns, of course, the former ambassador to China across
Speaker 2: the nation, on your commute, Thank you so much for
Speaker 2: starting your morning, this particularly the early morning of the
Speaker 2: Left Coast on YouTube, growing each and every day. Just
Speaker 2: absolutely humbled by the growth of Bloomberg podcast shout out
Speaker 2: thank you Tracy Loway, Joe Wisenthal for their commitment there
Speaker 2: with lots of Barry Ritholts out with that wonderful new
Speaker 2: book on How Not to Invest, adding a lot of
Speaker 2: value at Bloomberg Podcasts as well on YouTube and on
Speaker 2: YouTube podcasts. This is single best idea