Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: Single best idea, and today there were multiple best ideas
Speaker 2: on the state of the market into earning season. Thank
Speaker 2: you so much to our team for analysis of Gold
Speaker 2: and Sacks, and we'll dive into the earning season tomorrow
Speaker 2: and on through April as well. But overshadowing all of course,
Speaker 2: was the news from the Eastern Mediterranean in a war.
Speaker 2: In this word, maybe from books we read centuries ago
Speaker 2: of blackcades. Jean Beauvain of Blackrock on the linkage of
Speaker 2: our geopolitics to our markets.
Speaker 3: But I do think that these are events that the
Speaker 3: markets cannot really priced in one way or the other.
Speaker 3: I mean, these are binary. If we're going to see
Speaker 3: a bad outcome coming, then the market will react, But
Speaker 3: until then, I think it's very costly to stone sideline
Speaker 3: for for market participants. And there is a credible likely
Speaker 3: scenario where things, you know, they escalate from here.
Speaker 2: Jean Beauvain of Black Rock. Peter Shecher came by Academy
Speaker 2: Securities is different with a real geopolitical and military bent.
Speaker 2: Their board is made up of Sundry generals and Sundry
Speaker 2: admirals as well, so Peter Cheer spends a lot of
Speaker 2: time on the linkage of our international relations into the markets.
Speaker 1: Here, Peter Cheer, I think the reality is if this
Speaker 1: blockade can be implemented in such a way that the
Speaker 1: ceasefire is not broken, it's fine. I think that's the risk, though,
Speaker 1: is that this just causes some degree of escalation.
Speaker 2: World War two analyze return seventeen percent per year, Korean
Speaker 2: War eighteen percent per year, Vietnam single digit, six percent
Speaker 2: per year, Gulf War twelve percent per year, I Rock
Speaker 2: War ten percent per year. All up, stock markets do
Speaker 2: well in military conflict, don't they.
Speaker 1: They have in the past, and I think they could
Speaker 1: do again over time with this one as well. We again,
Speaker 1: we Russia, Ukraine have been in conflict and stocks have
Speaker 1: generally done pretty well. I think this time, though, we've
Speaker 1: got to be a little bit cautious, because I feel
Speaker 1: like this is more once again a shifting of the
Speaker 1: world order, and some of the prior conflicts actually shift
Speaker 1: of the world order heavily in favor of the US.
Speaker 1: This seems to be kind of a continuing This theme
Speaker 1: of deglobalization.
Speaker 2: Puresher there of academy securities. I really can't say enough
Speaker 2: about the eclectic set of forward views in the stock
Speaker 2: market that we heard today. It was not unusual, but
Speaker 2: really front and center. The divergences of opinions that are
Speaker 2: out there on podcasts, are on Apple, we're on Spotify.
Speaker 2: On YouTube podcasts, it's single best idea.