Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single Best Idea. We're keeping it shorter. We're hoping that
Speaker 2: you like single Best Idea. The idea is a quick
Speaker 2: little vignette almost of what the show did. We have
Speaker 2: an any given show, no less than eight conversations even
Speaker 2: ten where we could use them in Single Best Idea.
Speaker 2: But we want this to be an add on to
Speaker 2: the other podcasts that you're listening to at Bloomberg, like
Speaker 2: Odd Lots, like David Gurr is the Big Take. Many
Speaker 2: others as well, including you know those around the world.
Speaker 2: Huge impact by podcasts we're out of YouTube podcast that
Speaker 2: seems to be growing, expanding exponentially. Also Apple podcasts as well.
Speaker 2: Steve aff joins from Federated Arimez in speaking to him, Well,
Speaker 2: it's that time of year. I didn't realize how late
Speaker 2: Thanksgiving is, how short the holiday season is. We're in
Speaker 2: to your end analysis and I asked Steve Oth what
Speaker 2: does he do with all those seventy page look Ahead
Speaker 2: twenty twenty five reports.
Speaker 1: Yeah, we know most of them, as you could guess, Tom,
Speaker 1: and we have them in our offices and we ask
Speaker 1: them to put away their forecasts, and we really just
Speaker 1: have a dialogue. I do get a lot. There's some
Speaker 1: really smart people working on Wall Street on the cell side,
Speaker 1: and if you get underneath their forecasts and charts, start
Speaker 1: going back and forth with them on the drivers of it.
Speaker 1: We find that helpful, that dialogue. But we do a
Speaker 1: lot of our own work obviously. I mean we've got
Speaker 1: one hundred and sixty investment analysts working in our organization,
Speaker 1: so you know, we do a lot of our own
Speaker 1: work on where we're heading. But we do it more
Speaker 1: to kind of suggest a direction as opposed to, you know,
Speaker 1: a precise date and time that a market's going to
Speaker 1: hit a particular level.
Speaker 2: Steve Boughs federators thrilled that he could come in today,
Speaker 2: and of course talking about the three year, the five
Speaker 2: year of you for it is enthusiasm for equities. Speaking
Speaker 2: of that, Jim Bianco joined us today. I announced yesterday
Speaker 2: Lindsay Piegsa is my Economist of the Year. Lindsay at
Speaker 2: Stiefel has been just absolutely heated that this is a
Speaker 2: FED that will come down slower than so many expected.
Speaker 2: She's been really out there visible on that, and part
Speaker 2: of that theory that thinking came from say Mohammadalarian at
Speaker 2: the University of Cambridge, and also from Jim Bianco it
Speaker 2: a shop in Chicago. This is a really important conversation,
Speaker 2: and this harkens back to John writing at bear Stearn's
Speaker 2: years ago. There's this presumption out there that level or
Speaker 2: rising interest rates harms consumption and harms the spirit of
Speaker 2: finance and investment in America. Jim Bianco pushes against that.
Speaker 3: There's a perception in the world that rising interestrates are bad.
Speaker 3: Boiling interest rates are good. Rising interest rates not not
Speaker 3: necessary bad. If the economy is.
Speaker 4: Growing at a fast nominal rate, like five percent, then
Speaker 4: that's where they should be, is at five or six percent,
Speaker 4: and that is an environment where businesses can be profitable.
Speaker 4: Stock markets can go up, people can get employed even
Speaker 4: though you have five or six percent interest rates, and
Speaker 4: those retirees and pensioneers that are looking for fixed income
Speaker 4: could actually get a fixed income. So it's not necessarily
Speaker 4: a bad thing if we have a strong nominal growth
Speaker 4: environment and we have higher rates. If you get higher
Speaker 4: rates because of purely inflation, that's a problem, but higher
Speaker 4: is not always bad.
Speaker 2: Jim Bianco from Chicago Bianco at Research and again he
Speaker 2: reiterates as we heard from doctor Pigs at Stefel, that
Speaker 2: this is a FED that's going to pauzzle on the way.
Speaker 2: He was bold, he said there is no soft landing.
Speaker 2: There's just no landing. We're out on YouTube podcasts and
Speaker 2: of course a subscribe to Bloomberg Podcast and good morning
Speaker 2: on your commute across America from New York City. Single
Speaker 2: best Idea