Speaker 1: Bloomberg Audio Studios, Podcasts, radio News, Single Best Idea. It
Speaker 1: is a podcast. Our strategy is to give you a podcast.
Speaker 1: It's sharp and focused. It's not twenty minutes, it's about
Speaker 1: six minutes long. We are humbled by what we have
Speaker 1: seen so far. We're rolling out very slowly, figuring it out.
Speaker 1: And what we're going to do today is focus on
Speaker 1: one guest. Dominic Constam is a tour de force with
Speaker 1: Parchment from Cambridge and Oxford. He has been a fixed
Speaker 1: year on the London, New York axis for Global Wall
Speaker 1: Street for decades. You'll hear about that here later in
Speaker 1: Single Best Idea at Credit Suite, number of other depots
Speaker 1: as well. Now at Missuo with Steve Shudel. Can't say
Speaker 1: enough about the intelligence of his work. I really only
Speaker 1: equated with Michael Mobison of Morgan Stanley, someone really trying
Speaker 1: to think bigger and broader. Today we went more narrow
Speaker 1: with doctor Constem and to begin we had to look
Speaker 1: at the Bloomberg headlines of Japan unraveling. I don't want
Speaker 1: to overplay it, but our Tokyo News Bureau making clear
Speaker 1: that after one intervention, after two interventions, and now the
Speaker 1: discussion of weaker Japanese yen. Well, the government intervene again.
Speaker 1: As of this taping, we do not see that. But
Speaker 1: the fact is it is a Japan after an inflation
Speaker 1: and reflation experiment in some form of modest crisis. Dominic
Speaker 1: constem on Japan.
Speaker 2: I think it's too soon to say. I think you
Speaker 2: can be so somewhat optimistic that Japan is getting out
Speaker 2: of its hole. I mean, you've now taken interest rates
Speaker 2: back to like twenty ten, twenty eleven levels. You know,
Speaker 2: there's the lost thing. You know, there's been a lost decade,
Speaker 2: the lost decades before sort of thing. But they've they've
Speaker 2: kind of got themselves out of that whole. So I
Speaker 2: think the outlook for Japan is a you know, somewhat constructive,
Speaker 2: especially if they can get a virtuous circle of wage
Speaker 2: inflation and price inflation, albeit at low levels, that that
Speaker 2: keeps a positive interest rate, I mean positive interest rates.
Speaker 2: You know, will will you know, our good thing in
Speaker 2: terms of eternal capital, and I'll support risky, risky asset
Speaker 2: markets as well. So that's kind of the idea, this
Speaker 2: sort of adjustment. And Japan, you know, traditionally has been
Speaker 2: obviously a big exporter of capital because there haven't been
Speaker 2: opportunities at that home in Japan, and that's why you know,
Speaker 2: they've had this sort of massive kind of count surface
Speaker 2: and over time that's obviously, you know, is correcting in
Speaker 2: a hopefully sustainable way.
Speaker 1: Dominic constant there and of course wonderful talk and what
Speaker 1: the FED is doing. He says they will be patient.
Speaker 1: He says, it's a delicate task not to reduce reduce demand,
Speaker 1: and we'll see how the FED does. Long ago and
Speaker 1: our way. Sarah Yango of Bloomberg ELP, he came up
Speaker 1: to me and said, Tom, we want we want to
Speaker 1: do Bloomberg terminal sales to colleges to their investment clubs.
Speaker 1: And I said, yeah, yeah, yeah, it sounds great, Sarah,
Speaker 1: let's do it. And it turned out to be a
Speaker 1: ginormous success. In the modern day. Across this nation there
Speaker 1: are all sorts of universities and colleges with finance major
Speaker 1: investment clubs where they get access to the Bloomberg terminal
Speaker 1: for an extremely reasonable incentive package. We're obviously incentive to
Speaker 1: have the financial employees of the future to be conversant
Speaker 1: with the meal ticket here at Bloomberg. The Bloomberg professional service.
Speaker 1: That was not true many many decades ago. I asked
Speaker 1: Dominie Constam about Brexit and he talked about his investment club.
Speaker 1: A number of decades in the.
Speaker 2: Past, I went to school with Nigel farreansh. I was
Speaker 2: in the same class Nigel Faris. There are only six
Speaker 2: of us. We started the investment club together. His father
Speaker 2: was very kind and helped us in terms of doing
Speaker 2: some of those trades. So I feel very close to
Speaker 2: the to the sort of Brexit experiment. But I have
Speaker 2: to say it's been a complete failure and I was
Speaker 2: against it, and I'm I'm a bit sad that Nigel
Speaker 2: went down that road, but yes, it's it was. It
Speaker 2: was that, you know, the British people were told things
Speaker 2: that would happen and they didn't happen. You know, they
Speaker 2: would I had a vote again, I think they would
Speaker 2: not vote the same way. But again it does reflect
Speaker 2: an underlying discontent with the population.
Speaker 1: They did not have a Bloomberg terminal. That's probably why
Speaker 1: the mess of Brexit happened. Nigel Ferraud and Dominic Constant
Speaker 1: years ago in the United Kingdom, and of course now
Speaker 1: it is the election. Look to our London Bureau for
Speaker 1: coverage of the British election. There's so many elections coming up,
Speaker 1: the dates, my head's spinning. Tomorrow a US debate, Thank
Speaker 1: you Joe Matthew, Kayley Lynes and David Gera for prepper
Speaker 1: towards the CNN debate that you'll see tomorrow. I believe
Speaker 1: on the thirtieth there's a French election that's a weekend vote,
Speaker 1: and then I believe it's easy to remember, the fourth
Speaker 1: of July there's a United Kingdom vote. I have to
Speaker 1: remind John Farrell that's when the Colonies won. The fourth
Speaker 1: of July there's a United Kingdom election, and then three
Speaker 1: days after that there's the final election in France, and
Speaker 1: then after that, a million months and weeks away is
Speaker 1: a US election November fifth. Stay with us with all
Speaker 1: of our politics. David Gura leading our effort there, of course,
Speaker 1: looked at the Big take as well out on Apple
Speaker 1: Podcasts from New York. All I can say we're on
Speaker 1: Apple Podcasts single best I did