Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea in a day where we could
Speaker 2: have done a two hour single best idea. Thank you.
Speaker 2: Elizabeth Economy from Stanford joining to give us an update
Speaker 2: here with important meetings for President g in China riveting.
Speaker 2: Particularly her comments on Taiwan omar Aguilar was just brilliant
Speaker 2: on stated the case for rebalancing. We then looked forward
Speaker 2: to high networth Patrick Ferzetti it Rose Advisors on this
Speaker 2: heated debate over rebalancing within non retirement accounts, taxable accounts
Speaker 2: and also of course within ERISA nineteen seventy four. Way
Speaker 2: Ley stopped buy. We started strong with Waylee of Blackrock.
Speaker 2: She's been brilliant out on LinkedIn. I can't say enough
Speaker 2: about the short charts, complex charts, as she puts out
Speaker 2: on LinkedIn, the only equivalent is Uri and timor at Fidelity.
Speaker 2: Wayley of Blackrock here talking about the FED and markets.
Speaker 3: We do think that in the very near term markets
Speaker 3: that can go with this narrative that's because of weak
Speaker 3: labor markets. Actually the defense needs to cut and because
Speaker 3: there is micro justification for that, maybe the long end
Speaker 3: of the curve is not going to be penalized in
Speaker 3: that to premium may not go higher as markets challenge
Speaker 3: the independence topic. So that is a bit of a
Speaker 3: sweet sport for treasuries.
Speaker 2: Waily there of Blackrock there and the Treasury is Paul.
Speaker 2: I think it's interested in the credit markets and the
Speaker 2: equity markets. She said, just simply stay on board technology
Speaker 2: generating profit was the leader of her LinkedIn piece Today
Speaker 2: again Wayley at Blackrock, What a pleasure to have Edward
Speaker 2: Morrison today absolutely definitive as public service to the nation
Speaker 2: had so much to do with the Middle East in oil.
Speaker 2: His lifetime work at City Group and now at Heartree Partners,
Speaker 2: he works every day just as he has for decades.
Speaker 2: Here Edward Morse on the supply in the myth of
Speaker 2: our demand.
Speaker 1: The myth that's wrong is that oil demand is peaking,
Speaker 1: whether it's peaking in twenty twenty eight or twenty thirty two.
Speaker 1: The consensus in the market seems to be that oil
Speaker 1: demand is peaking. Yet if you try to study oil demand,
Speaker 1: you can notice that whatever the cycles have been, GDP
Speaker 1: is the driver of oil demand and GDP relationship with oil.
Speaker 1: The oil intensity of GDP is certainly falling. It's been
Speaker 1: falling at a steady pace. It's a very linear line
Speaker 1: from where we were in the early seventies when for
Speaker 1: every one percent increase in GDP around the world, and
Speaker 1: we do this in constant dollars. By the way, there
Speaker 1: was over one percent demand for oil that has come
Speaker 1: down linearly. And we just looked deeply at twenty twenty
Speaker 1: through the first half of twenty twenty five, and we're
Speaker 1: on a slope that tells us that oil demand is
Speaker 1: going to peak in twenty sixty four.
Speaker 2: Ed Morris of Heart Tree Partners. Doctor Morse also mentioned
Speaker 2: yes ev is becoming part of the calculus here, electric
Speaker 2: vehicles part of the mix of the microeconomics, price theory
Speaker 2: of oil. On podcasts, well, we're out at Apple, we're
Speaker 2: out at Spotify and YouTube podcasts. It's single best idea.