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

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Speaker 2: Single Best Idea. We're keeping it shorter. We're hoping that

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Speaker 2: you like single Best Idea. The idea is a quick

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Speaker 2: little vignette almost of what the show did. We have

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Speaker 2: an any given show, no less than eight conversations even

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Speaker 2: ten where we could use them in Single Best Idea.

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Speaker 2: But we want this to be an add on to

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Speaker 2: the other podcasts that you're listening to at Bloomberg, like

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Speaker 2: Odd Lots, like David Gurr is the Big Take. Many

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Speaker 2: others as well, including you know those around the world.

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Speaker 2: Huge impact by podcasts we're out of YouTube podcast that

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Speaker 2: seems to be growing, expanding exponentially. Also Apple podcasts as well.

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Speaker 2: Steve aff joins from Federated Arimez in speaking to him, Well,

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Speaker 2: it's that time of year. I didn't realize how late

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Speaker 2: Thanksgiving is, how short the holiday season is. We're in

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Speaker 2: to your end analysis and I asked Steve Oth what

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Speaker 2: does he do with all those seventy page look Ahead

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Speaker 2: twenty twenty five reports.

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Speaker 1: Yeah, we know most of them, as you could guess, Tom,

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Speaker 1: and we have them in our offices and we ask

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Speaker 1: them to put away their forecasts, and we really just

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Speaker 1: have a dialogue. I do get a lot. There's some

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Speaker 1: really smart people working on Wall Street on the cell side,

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Speaker 1: and if you get underneath their forecasts and charts, start

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Speaker 1: going back and forth with them on the drivers of it.

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Speaker 1: We find that helpful, that dialogue. But we do a

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Speaker 1: lot of our own work obviously. I mean we've got

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Speaker 1: one hundred and sixty investment analysts working in our organization,

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Speaker 1: so you know, we do a lot of our own

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Speaker 1: work on where we're heading. But we do it more

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Speaker 1: to kind of suggest a direction as opposed to, you know,

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Speaker 1: a precise date and time that a market's going to

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Speaker 1: hit a particular level.

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Speaker 2: Steve Boughs federators thrilled that he could come in today,

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Speaker 2: and of course talking about the three year, the five

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Speaker 2: year of you for it is enthusiasm for equities. Speaking

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Speaker 2: of that, Jim Bianco joined us today. I announced yesterday

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Speaker 2: Lindsay Piegsa is my Economist of the Year. Lindsay at

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Speaker 2: Stiefel has been just absolutely heated that this is a

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Speaker 2: FED that will come down slower than so many expected.

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Speaker 2: She's been really out there visible on that, and part

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Speaker 2: of that theory that thinking came from say Mohammadalarian at

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Speaker 2: the University of Cambridge, and also from Jim Bianco it

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Speaker 2: a shop in Chicago. This is a really important conversation,

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Speaker 2: and this harkens back to John writing at bear Stearn's

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Speaker 2: years ago. There's this presumption out there that level or

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Speaker 2: rising interest rates harms consumption and harms the spirit of

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Speaker 2: finance and investment in America. Jim Bianco pushes against that.

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Speaker 3: There's a perception in the world that rising interestrates are bad.

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Speaker 3: Boiling interest rates are good. Rising interest rates not not

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Speaker 3: necessary bad. If the economy is.

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Speaker 4: Growing at a fast nominal rate, like five percent, then

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Speaker 4: that's where they should be, is at five or six percent,

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Speaker 4: and that is an environment where businesses can be profitable.

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Speaker 4: Stock markets can go up, people can get employed even

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Speaker 4: though you have five or six percent interest rates, and

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Speaker 4: those retirees and pensioneers that are looking for fixed income

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Speaker 4: could actually get a fixed income. So it's not necessarily

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Speaker 4: a bad thing if we have a strong nominal growth

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Speaker 4: environment and we have higher rates. If you get higher

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Speaker 4: rates because of purely inflation, that's a problem, but higher

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Speaker 4: is not always bad.

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Speaker 2: Jim Bianco from Chicago Bianco at Research and again he

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Speaker 2: reiterates as we heard from doctor Pigs at Stefel, that

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Speaker 2: this is a FED that's going to pauzzle on the way.

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Speaker 2: He was bold, he said there is no soft landing.

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Speaker 2: There's just no landing. We're out on YouTube podcasts and

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Speaker 2: of course a subscribe to Bloomberg Podcast and good morning

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Speaker 2: on your commute across America from New York City. Single

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Speaker 2: best Idea