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Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, Single Best Idea. It

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Speaker 1: is a podcast. Our strategy is to give you a podcast.

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Speaker 1: It's sharp and focused. It's not twenty minutes, it's about

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Speaker 1: six minutes long. We are humbled by what we have

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Speaker 1: seen so far. We're rolling out very slowly, figuring it out.

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Speaker 1: And what we're going to do today is focus on

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Speaker 1: one guest. Dominic Constam is a tour de force with

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Speaker 1: Parchment from Cambridge and Oxford. He has been a fixed

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Speaker 1: year on the London, New York axis for Global Wall

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Speaker 1: Street for decades. You'll hear about that here later in

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Speaker 1: Single Best Idea at Credit Suite, number of other depots

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Speaker 1: as well. Now at Missuo with Steve Shudel. Can't say

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Speaker 1: enough about the intelligence of his work. I really only

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Speaker 1: equated with Michael Mobison of Morgan Stanley, someone really trying

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Speaker 1: to think bigger and broader. Today we went more narrow

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Speaker 1: with doctor Constem and to begin we had to look

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Speaker 1: at the Bloomberg headlines of Japan unraveling. I don't want

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Speaker 1: to overplay it, but our Tokyo News Bureau making clear

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Speaker 1: that after one intervention, after two interventions, and now the

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Speaker 1: discussion of weaker Japanese yen. Well, the government intervene again.

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Speaker 1: As of this taping, we do not see that. But

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Speaker 1: the fact is it is a Japan after an inflation

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Speaker 1: and reflation experiment in some form of modest crisis. Dominic

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Speaker 1: constem on Japan.

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Speaker 2: I think it's too soon to say. I think you

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Speaker 2: can be so somewhat optimistic that Japan is getting out

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Speaker 2: of its hole. I mean, you've now taken interest rates

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Speaker 2: back to like twenty ten, twenty eleven levels. You know,

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Speaker 2: there's the lost thing. You know, there's been a lost decade,

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Speaker 2: the lost decades before sort of thing. But they've they've

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Speaker 2: kind of got themselves out of that whole. So I

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Speaker 2: think the outlook for Japan is a you know, somewhat constructive,

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Speaker 2: especially if they can get a virtuous circle of wage

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Speaker 2: inflation and price inflation, albeit at low levels, that that

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Speaker 2: keeps a positive interest rate, I mean positive interest rates.

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Speaker 2: You know, will will you know, our good thing in

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Speaker 2: terms of eternal capital, and I'll support risky, risky asset

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Speaker 2: markets as well. So that's kind of the idea, this

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Speaker 2: sort of adjustment. And Japan, you know, traditionally has been

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Speaker 2: obviously a big exporter of capital because there haven't been

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Speaker 2: opportunities at that home in Japan, and that's why you know,

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Speaker 2: they've had this sort of massive kind of count surface

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Speaker 2: and over time that's obviously, you know, is correcting in

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Speaker 2: a hopefully sustainable way.

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Speaker 1: Dominic constant there and of course wonderful talk and what

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Speaker 1: the FED is doing. He says they will be patient.

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Speaker 1: He says, it's a delicate task not to reduce reduce demand,

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Speaker 1: and we'll see how the FED does. Long ago and

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Speaker 1: our way. Sarah Yango of Bloomberg ELP, he came up

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Speaker 1: to me and said, Tom, we want we want to

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Speaker 1: do Bloomberg terminal sales to colleges to their investment clubs.

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Speaker 1: And I said, yeah, yeah, yeah, it sounds great, Sarah,

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Speaker 1: let's do it. And it turned out to be a

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Speaker 1: ginormous success. In the modern day. Across this nation there

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Speaker 1: are all sorts of universities and colleges with finance major

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Speaker 1: investment clubs where they get access to the Bloomberg terminal

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Speaker 1: for an extremely reasonable incentive package. We're obviously incentive to

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Speaker 1: have the financial employees of the future to be conversant

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Speaker 1: with the meal ticket here at Bloomberg. The Bloomberg professional service.

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Speaker 1: That was not true many many decades ago. I asked

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Speaker 1: Dominie Constam about Brexit and he talked about his investment club.

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Speaker 1: A number of decades in the.

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Speaker 2: Past, I went to school with Nigel farreansh. I was

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Speaker 2: in the same class Nigel Faris. There are only six

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Speaker 2: of us. We started the investment club together. His father

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Speaker 2: was very kind and helped us in terms of doing

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Speaker 2: some of those trades. So I feel very close to

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Speaker 2: the to the sort of Brexit experiment. But I have

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Speaker 2: to say it's been a complete failure and I was

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Speaker 2: against it, and I'm I'm a bit sad that Nigel

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Speaker 2: went down that road, but yes, it's it was. It

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Speaker 2: was that, you know, the British people were told things

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Speaker 2: that would happen and they didn't happen. You know, they

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Speaker 2: would I had a vote again, I think they would

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Speaker 2: not vote the same way. But again it does reflect

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Speaker 2: an underlying discontent with the population.

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Speaker 1: They did not have a Bloomberg terminal. That's probably why

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Speaker 1: the mess of Brexit happened. Nigel Ferraud and Dominic Constant

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Speaker 1: years ago in the United Kingdom, and of course now

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Speaker 1: it is the election. Look to our London Bureau for

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Speaker 1: coverage of the British election. There's so many elections coming up,

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Speaker 1: the dates, my head's spinning. Tomorrow a US debate, Thank

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Speaker 1: you Joe Matthew, Kayley Lynes and David Gera for prepper

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Speaker 1: towards the CNN debate that you'll see tomorrow. I believe

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Speaker 1: on the thirtieth there's a French election that's a weekend vote,

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Speaker 1: and then I believe it's easy to remember, the fourth

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Speaker 1: of July there's a United Kingdom vote. I have to

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Speaker 1: remind John Farrell that's when the Colonies won. The fourth

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Speaker 1: of July there's a United Kingdom election, and then three

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Speaker 1: days after that there's the final election in France, and

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Speaker 1: then after that, a million months and weeks away is

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Speaker 1: a US election November fifth. Stay with us with all

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Speaker 1: of our politics. David Gura leading our effort there, of course,

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Speaker 1: looked at the Big take as well out on Apple

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Speaker 1: Podcasts from New York. All I can say we're on

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Speaker 1: Apple Podcasts single best I did