1 00:00:09,880 --> 00:00:13,800 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene Jailey. 2 00:00:13,960 --> 00:00:17,560 Speaker 1: We bring you insight from the best in economics, finance, investment, 3 00:00:18,000 --> 00:00:23,480 Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:27,479 Speaker 1: Bloomberg dot Com, and of course on the Bloomberg. Bob 5 00:00:27,520 --> 00:00:29,840 Speaker 1: Woodward joins us, of course with the Washington Post and 6 00:00:29,960 --> 00:00:34,040 Speaker 1: nineteen books across the story career Rages the book, it 7 00:00:34,159 --> 00:00:36,960 Speaker 1: is wonderful, it is well deserved. And what I know, 8 00:00:37,080 --> 00:00:39,560 Speaker 1: Bob Woodward, if you have been out on the interview trail, 9 00:00:39,600 --> 00:00:41,960 Speaker 1: I saw the Jeff Goldberg interview with The Atlantic and 10 00:00:42,040 --> 00:00:46,080 Speaker 1: with Mr swan over at the Axis in the recent hours. 11 00:00:46,240 --> 00:00:49,320 Speaker 1: I want to focus today, Bob Woodward, on this historic moment, 12 00:00:49,640 --> 00:00:53,920 Speaker 1: the debate, and also look back to Richard Nixon in 13 00:00:53,960 --> 00:00:57,120 Speaker 1: the tapes of another time. Is you know, Bob Woodward, 14 00:00:57,200 --> 00:01:00,560 Speaker 1: Michael Rosenwald can stop you cold. He got me called 15 00:01:00,560 --> 00:01:03,880 Speaker 1: a year ago with that photograph over the shoulder of 16 00:01:03,960 --> 00:01:08,319 Speaker 1: Sam Irvin. And there was John Dene testifying at the 17 00:01:08,360 --> 00:01:12,960 Speaker 1: Watergate hearings. There were tapes then and tapes now did 18 00:01:13,000 --> 00:01:17,160 Speaker 1: you know as you taped President Trump that would it 19 00:01:17,200 --> 00:01:20,360 Speaker 1: would have an impact? Bunch of kin to what we 20 00:01:20,440 --> 00:01:25,560 Speaker 1: saw from the Watergate hearings. Uh. No, I certainly didn't. 21 00:01:25,600 --> 00:01:29,959 Speaker 1: In fact, I was thinking, uh not of releasing the audio, 22 00:01:30,600 --> 00:01:34,520 Speaker 1: and Jamie Gangel at CNN and my wife, Elsa walf 23 00:01:35,120 --> 00:01:40,760 Speaker 1: uh persuaded me. No. In this era when people distrust everything, 24 00:01:41,040 --> 00:01:46,319 Speaker 1: especially the media, Trump's voice is the most recognizable voice 25 00:01:46,400 --> 00:01:50,400 Speaker 1: in the world. Perhaps put it out and then people 26 00:01:50,560 --> 00:01:56,960 Speaker 1: can hear it for themselves. Uh. Even Uh, after doing 27 00:01:57,000 --> 00:02:01,560 Speaker 1: this for fifty years, you learn things about how to communicate, 28 00:02:02,160 --> 00:02:06,160 Speaker 1: and quite honestly, I didn't realize that at the time. 29 00:02:06,200 --> 00:02:12,440 Speaker 1: We've now released thirty eight clips. I think my assistant 30 00:02:12,520 --> 00:02:18,079 Speaker 1: Steve Riley still still has eight hours and thirty minutes. Uh. 31 00:02:18,120 --> 00:02:23,040 Speaker 1: In the can Uh, we will release things that might 32 00:02:23,200 --> 00:02:27,960 Speaker 1: become relevant. For instance, when the Supreme Court case issue 33 00:02:28,120 --> 00:02:31,600 Speaker 1: came up, who Trump was going to nominate that he 34 00:02:31,720 --> 00:02:37,680 Speaker 1: had the opportunity to replace Ruth Bader Ginsburg, we dug 35 00:02:37,720 --> 00:02:41,360 Speaker 1: into the tapes and found a number of things that 36 00:02:41,440 --> 00:02:46,079 Speaker 1: were quite relevant that Trump said about his relationship with 37 00:02:46,200 --> 00:02:53,560 Speaker 1: Mitch McConnell and Trump's very passionate drive to change the 38 00:02:53,680 --> 00:02:58,160 Speaker 1: federal judiciary. All right, Bob Woodward in the final days 39 00:02:58,240 --> 00:03:00,640 Speaker 1: not all the President's men. But in the final days 40 00:03:00,720 --> 00:03:04,040 Speaker 1: there was a moment where Barbara b. Connibal, who you 41 00:03:04,120 --> 00:03:08,959 Speaker 1: say had puritanical intensity, had to tell Nixon it was over. 42 00:03:09,760 --> 00:03:14,120 Speaker 1: The Senate Republicans today seem in no way related whatever 43 00:03:14,160 --> 00:03:18,160 Speaker 1: anybody's politics, seemed to be in no relation to the 44 00:03:18,200 --> 00:03:22,079 Speaker 1: Barber Connibals and the Howard Baker's of another time. Tell 45 00:03:22,160 --> 00:03:26,399 Speaker 1: us of your surprise at the action of Senate Republicans 46 00:03:26,440 --> 00:03:30,480 Speaker 1: in the recent months. Well, in in a way, it's 47 00:03:30,520 --> 00:03:35,360 Speaker 1: not surprising, because they've been supporting the president, uh in 48 00:03:35,360 --> 00:03:40,240 Speaker 1: in some cases quite blindly, and it's almost an automatic pilot. 49 00:03:40,800 --> 00:03:45,920 Speaker 1: Uh As I quote Jared Kushner in my book, Kushner 50 00:03:46,080 --> 00:03:51,560 Speaker 1: being the President's son in law, effectively in a practical way, 51 00:03:52,120 --> 00:03:56,440 Speaker 1: the White House Chief of Staff, uh I quote Kushner 52 00:03:56,560 --> 00:04:00,760 Speaker 1: saying that Trump executed a hostile to take over of 53 00:04:00,960 --> 00:04:05,840 Speaker 1: the Republican Party. And I think that's exactly what happened. 54 00:04:06,680 --> 00:04:12,280 Speaker 1: The hostile takeover is in a political sense, total control. 55 00:04:12,920 --> 00:04:18,080 Speaker 1: People do people in the Senate particularly do not want 56 00:04:18,160 --> 00:04:22,800 Speaker 1: to cross the President and get on his bad side. 57 00:04:23,320 --> 00:04:25,800 Speaker 1: As we know, if you get on his bad side, 58 00:04:26,279 --> 00:04:32,359 Speaker 1: he'll tweet about you or say almost anything about anyone. 59 00:04:32,600 --> 00:04:36,960 Speaker 1: So people are protecting themselves, I think, not just politically 60 00:04:37,080 --> 00:04:41,000 Speaker 1: but emotionally. They don't want to go into the arena 61 00:04:41,160 --> 00:04:44,719 Speaker 1: with Trump above what were the Republican Party was reportedly 62 00:04:44,839 --> 00:04:49,680 Speaker 1: dead after the challenges of Richard Nixon. To the Republicans 63 00:04:49,760 --> 00:04:53,320 Speaker 1: now risk being the Whigs after the Kansas Nebraska Act. 64 00:04:53,520 --> 00:04:57,039 Speaker 1: To the Republicans after Trump, whether it's one term or 65 00:04:57,080 --> 00:05:02,160 Speaker 1: two terms, do they risk being a party that disappears? Well, 66 00:05:02,200 --> 00:05:05,159 Speaker 1: that's what we're going to find out in you know, 67 00:05:05,320 --> 00:05:08,960 Speaker 1: thirty plus days the November third election, or at least 68 00:05:08,960 --> 00:05:11,120 Speaker 1: we're going to get a glimpse of it. Whether we're 69 00:05:11,120 --> 00:05:15,560 Speaker 1: going to get a final outcome, UH is also in doubt. 70 00:05:15,680 --> 00:05:18,960 Speaker 1: I don't like to see. One of the things. Uh, 71 00:05:19,000 --> 00:05:23,680 Speaker 1: in our business, there's too much predicting and people really 72 00:05:23,760 --> 00:05:27,840 Speaker 1: don't know the future by take on what's going to 73 00:05:27,960 --> 00:05:33,360 Speaker 1: happen November three is Uh, anything can happen. Trump can win, 74 00:05:33,880 --> 00:05:39,479 Speaker 1: Biden can win. It can be total confusion and chaos 75 00:05:39,520 --> 00:05:43,080 Speaker 1: for not just days but maybe weeks of God help 76 00:05:43,200 --> 00:05:46,400 Speaker 1: us longer about who's going to be the next president. 77 00:05:47,080 --> 00:05:52,080 Speaker 1: And UH, I very much think if you look at this, 78 00:05:52,200 --> 00:05:57,480 Speaker 1: and this is my analysis, of Trump, he has a responsibility, 79 00:05:57,839 --> 00:06:00,719 Speaker 1: as he once told me in one of my many 80 00:06:00,760 --> 00:06:04,680 Speaker 1: interviews with him for this book, that the job of 81 00:06:04,800 --> 00:06:08,920 Speaker 1: the president is to protect the people. He has an 82 00:06:08,920 --> 00:06:12,880 Speaker 1: obligation to tell the truth, and I think he has 83 00:06:12,920 --> 00:06:19,000 Speaker 1: a moral responsibility to look out for people. And on 84 00:06:19,040 --> 00:06:24,359 Speaker 1: this election issue, I mean, it's the core of democracy, voting. 85 00:06:24,800 --> 00:06:28,120 Speaker 1: He should be up there instead of saying, oh, it's 86 00:06:28,120 --> 00:06:32,280 Speaker 1: gonna be chaos. Who knows what, when will count the votes, 87 00:06:32,400 --> 00:06:35,800 Speaker 1: how will count the vote? It is indeed a mess 88 00:06:35,880 --> 00:06:41,279 Speaker 1: on the surface, but his job as the president should 89 00:06:41,360 --> 00:06:45,359 Speaker 1: be to repair the problem, or at least try to 90 00:06:45,440 --> 00:06:49,320 Speaker 1: come up with some solutions with the Democrats. So I 91 00:06:49,440 --> 00:06:54,520 Speaker 1: mean the idea, I mean, go up to thirty feet 92 00:06:54,560 --> 00:06:59,840 Speaker 1: and look down and realize, my god, we are entering 93 00:07:00,080 --> 00:07:05,960 Speaker 1: this election period, election day, election month. God knows how 94 00:07:06,000 --> 00:07:10,160 Speaker 1: long it's going to be with this not just uncertainty 95 00:07:10,240 --> 00:07:15,360 Speaker 1: about who's gonna win, but the uncertainty of the process. 96 00:07:15,920 --> 00:07:20,800 Speaker 1: It's um It's like going taking your power to have 97 00:07:21,000 --> 00:07:24,000 Speaker 1: it repaired and you go in to pick it up, 98 00:07:24,280 --> 00:07:27,720 Speaker 1: and you'd say, did you check this and that? And 99 00:07:27,760 --> 00:07:31,080 Speaker 1: I said, oh, no, uh, you know we didn't. We 100 00:07:31,320 --> 00:07:33,720 Speaker 1: you know, we just kind of do I mean, it's well, 101 00:07:34,160 --> 00:07:38,720 Speaker 1: it's an unacceptable mess, sir, No, no, no, please. One thing, 102 00:07:38,720 --> 00:07:41,720 Speaker 1: when you talk about the moral allegation of President Trump, 103 00:07:42,200 --> 00:07:45,240 Speaker 1: there is a question about the moral allegation of journalists. 104 00:07:45,280 --> 00:07:48,640 Speaker 1: And this was one response to your book. People were saying, 105 00:07:48,920 --> 00:07:53,240 Speaker 1: if you knew that President Trump understood the danger of COVID, 106 00:07:53,480 --> 00:07:56,280 Speaker 1: why didn't you get it out there sooner? Have you 107 00:07:56,360 --> 00:07:59,880 Speaker 1: been surprised by the degree to which President's Trump's up 108 00:08:00,000 --> 00:08:03,800 Speaker 1: presidency has put into the limelight the morality of the 109 00:08:03,840 --> 00:08:07,160 Speaker 1: media and thrown that into question. Look, look where we 110 00:08:07,200 --> 00:08:10,920 Speaker 1: should be accountable. But there's no one who has read 111 00:08:11,000 --> 00:08:15,200 Speaker 1: my book in the details of the reporting process who 112 00:08:15,480 --> 00:08:18,960 Speaker 1: thinks that I could have put something out because there 113 00:08:19,040 --> 00:08:22,240 Speaker 1: was nothing to put out. Frankly, I thought Trump was 114 00:08:22,320 --> 00:08:27,360 Speaker 1: talking about China. In February, all the discussion was about China. 115 00:08:27,680 --> 00:08:32,640 Speaker 1: Tony Fauschi, the head of infectious disease for this country 116 00:08:32,679 --> 00:08:36,360 Speaker 1: for I guess the last forty plus years, was saying 117 00:08:36,440 --> 00:08:40,080 Speaker 1: at the end of February, people don't worry about it. 118 00:08:40,200 --> 00:08:44,079 Speaker 1: Go to the malls, go to the movies, UH, go shopping, 119 00:08:44,200 --> 00:08:48,640 Speaker 1: go to the gym uh As we know the virus 120 00:08:48,720 --> 00:08:53,720 Speaker 1: hit US in March as a big surprise. In early March, 121 00:08:53,880 --> 00:08:58,240 Speaker 1: I was traveling to California in Florida. If I thought 122 00:08:58,840 --> 00:09:04,000 Speaker 1: somehow knew something about what was going on in this country, 123 00:09:04,160 --> 00:09:08,200 Speaker 1: I would not have traveled I just personally. But what 124 00:09:08,400 --> 00:09:12,720 Speaker 1: happened is I asked the larger question not only what 125 00:09:12,760 --> 00:09:16,920 Speaker 1: did the president know? When did he know it? But 126 00:09:17,080 --> 00:09:20,960 Speaker 1: how did he know it? And I discovered in May 127 00:09:21,000 --> 00:09:25,240 Speaker 1: that there was this key meeting January when it was 128 00:09:25,320 --> 00:09:28,200 Speaker 1: all laid out to Trump That's what he was talking 129 00:09:28,200 --> 00:09:33,040 Speaker 1: about in February, but I didn't realize that until May. 130 00:09:33,559 --> 00:09:36,680 Speaker 1: There is a reporting process. You talk to people, you 131 00:09:36,800 --> 00:09:41,840 Speaker 1: go back. I was driving to that question, Bobby Did 132 00:09:41,920 --> 00:09:44,719 Speaker 1: he say that? Right? Bob? We with all this on 133 00:09:44,840 --> 00:09:47,040 Speaker 1: the tapes as well, and rage Bob Boulder, we have 134 00:09:47,120 --> 00:09:49,800 Speaker 1: time for one more question. I want you to speak 135 00:09:49,840 --> 00:09:53,600 Speaker 1: to the Democratic Party experience they lost with Hillary Clinton 136 00:09:54,040 --> 00:09:57,160 Speaker 1: the last time around. What is the urgency of Vice 137 00:09:57,240 --> 00:10:03,080 Speaker 1: President Biden to run to the all to November three? Well, 138 00:10:03,120 --> 00:10:07,439 Speaker 1: that's a great question. He's I mean, he has got 139 00:10:08,600 --> 00:10:11,720 Speaker 1: the burden of not just the party, but a lot 140 00:10:11,760 --> 00:10:15,560 Speaker 1: of people feel the burden of the future of the country. 141 00:10:15,760 --> 00:10:21,800 Speaker 1: On his shoulders and head. And uh, the debate, debate 142 00:10:22,080 --> 00:10:26,000 Speaker 1: performance tonight is going to be key. People are gonna 143 00:10:26,400 --> 00:10:31,320 Speaker 1: look at that very closely as they should. Uh. You 144 00:10:31,400 --> 00:10:36,240 Speaker 1: know what what happened in I'm sorry to be too 145 00:10:36,280 --> 00:10:42,120 Speaker 1: long here, but the Democratic Party, the Republican Party failed 146 00:10:42,200 --> 00:10:45,640 Speaker 1: to see what was going on in this country, and 147 00:10:45,800 --> 00:10:50,640 Speaker 1: Donald Trump did in and he won. When I talked 148 00:10:50,640 --> 00:10:54,120 Speaker 1: to him about this and went through what he was 149 00:10:54,200 --> 00:10:58,160 Speaker 1: seeing and what it meant to him, he said, not 150 00:10:58,280 --> 00:11:00,800 Speaker 1: only did I do it in sixteen, I'm going to 151 00:11:00,960 --> 00:11:04,319 Speaker 1: do it again. We'll see, we will see. Bob Woodword, 152 00:11:04,320 --> 00:11:06,480 Speaker 1: thank you so much. I can't say enough, folks about 153 00:11:06,480 --> 00:11:09,480 Speaker 1: the immediacy of rage. Where the tapes it begins with 154 00:11:09,600 --> 00:11:14,400 Speaker 1: Robert O'Brien and just the first pages are just stunning rage. 155 00:11:14,559 --> 00:11:23,600 Speaker 1: Bob Woodward, of course of the Washington uh Post, Genie 156 00:11:23,800 --> 00:11:27,000 Speaker 1: Zenos where the Zionia College are professor of political science, 157 00:11:27,040 --> 00:11:30,080 Speaker 1: and of course a Bloomberg contributor in Cleveland with Kevin 158 00:11:30,200 --> 00:11:32,079 Speaker 1: surreally as well, Jenny, let me just cut to the 159 00:11:32,160 --> 00:11:35,120 Speaker 1: chase with your expertise. What will you listen for in 160 00:11:35,160 --> 00:11:39,080 Speaker 1: the first five minutes tonight? You know what I'm going 161 00:11:39,120 --> 00:11:42,880 Speaker 1: to be listening for. In particular, is does Joe Biden 162 00:11:43,080 --> 00:11:46,680 Speaker 1: sort of exceed these expectations that have been so lowered 163 00:11:46,679 --> 00:11:50,280 Speaker 1: by the President and his team, And of course, does 164 00:11:50,360 --> 00:11:53,040 Speaker 1: the President make a case that he is working in 165 00:11:53,080 --> 00:11:56,240 Speaker 1: the best interest of the American public and best situated 166 00:11:56,480 --> 00:11:59,000 Speaker 1: to move us through this pandemic. We've hit a million 167 00:11:59,120 --> 00:12:01,520 Speaker 1: deaths in the world, old the United States still leading, 168 00:12:01,880 --> 00:12:05,600 Speaker 1: and can he holds steady in terms of getting us 169 00:12:05,640 --> 00:12:08,360 Speaker 1: to where we need to be visavi the economy. I 170 00:12:08,400 --> 00:12:10,520 Speaker 1: think those are the two big things. I think health 171 00:12:10,520 --> 00:12:12,720 Speaker 1: care is going to be the major thing I'm listening for. 172 00:12:13,120 --> 00:12:14,920 Speaker 1: And of course there's gonna be a lot of fun 173 00:12:15,040 --> 00:12:17,680 Speaker 1: I expect about taxes. But June, this is really important 174 00:12:17,679 --> 00:12:20,240 Speaker 1: and Vice President Biden, I believe the language is from 175 00:12:20,240 --> 00:12:23,480 Speaker 1: Scranton to Park Avenue. How does the gentleman from Park 176 00:12:23,520 --> 00:12:26,720 Speaker 1: Avenue and maral Lago, how does he how does he 177 00:12:27,120 --> 00:12:31,319 Speaker 1: finesse this in an open environment, not an aircraft anger, 178 00:12:31,640 --> 00:12:36,120 Speaker 1: but in an open environment in a battleground state. Yeah, 179 00:12:36,520 --> 00:12:39,199 Speaker 1: it's the President's got an uphill battle. This is not 180 00:12:39,280 --> 00:12:41,520 Speaker 1: the story he wanted. And I think we've heard, as 181 00:12:41,559 --> 00:12:43,360 Speaker 1: you mentioned, Joe Biden is going to be making the 182 00:12:43,360 --> 00:12:45,640 Speaker 1: case this is a Park Avenue guy. In this New 183 00:12:45,679 --> 00:12:49,200 Speaker 1: York Times story cements that right, he's only paid seven 184 00:12:49,080 --> 00:12:52,200 Speaker 1: hundred and fifty dollars in taxes in one year. He 185 00:12:52,400 --> 00:12:54,720 Speaker 1: is not the guy he sold you to he told 186 00:12:54,760 --> 00:12:57,320 Speaker 1: you he was. He is not the businessman he told 187 00:12:57,320 --> 00:12:59,800 Speaker 1: you he was. He is not the person to be 188 00:13:00,080 --> 00:13:03,280 Speaker 1: the country. And I think the president, you know, he's 189 00:13:03,320 --> 00:13:05,880 Speaker 1: not going to lose supporters, So I think the real 190 00:13:06,000 --> 00:13:10,320 Speaker 1: question here is can he pull over these undecided voters? 191 00:13:10,360 --> 00:13:12,720 Speaker 1: And there are very very few of them, only about 192 00:13:12,760 --> 00:13:15,280 Speaker 1: five percent according to the polls. Is Joe Biden a 193 00:13:15,280 --> 00:13:18,920 Speaker 1: good debater? You know, he is not a bad debater, 194 00:13:19,080 --> 00:13:22,480 Speaker 1: and I think he's been undersold in the primary debates. 195 00:13:22,559 --> 00:13:25,160 Speaker 1: Let's not forget he was debating you know, ten fifteen 196 00:13:25,240 --> 00:13:27,880 Speaker 1: people at once. And that's difficult, Lisa, I know you're 197 00:13:27,880 --> 00:13:30,920 Speaker 1: a debate star. That's difficult to do. Okay, hold on, 198 00:13:31,000 --> 00:13:32,800 Speaker 1: who wa WHOA? Let's just hold on. I need to 199 00:13:32,880 --> 00:13:37,120 Speaker 1: set the set the record straight. I'm not a debate star. Yes, 200 00:13:37,320 --> 00:13:41,559 Speaker 1: my son is very much into debate. Do do know, though, Genie, 201 00:13:41,800 --> 00:13:45,080 Speaker 1: that it is the job of the debater, not necessarily 202 00:13:45,080 --> 00:13:47,800 Speaker 1: the moderator. To fact check, and John was right on 203 00:13:47,880 --> 00:13:50,640 Speaker 1: that point. Do you think that Joe Biden has the 204 00:13:50,720 --> 00:13:54,680 Speaker 1: chops based on his history to fact check to deal with, 205 00:13:55,200 --> 00:13:58,000 Speaker 1: you know, anything that President Trump may come up with 206 00:13:58,080 --> 00:14:01,400 Speaker 1: which can be different perhaps, and other types of debates 207 00:14:01,559 --> 00:14:04,439 Speaker 1: as well as some others. You know, if I was 208 00:14:04,480 --> 00:14:07,839 Speaker 1: advising Biden, I would say, do not actually fact check, 209 00:14:07,920 --> 00:14:11,280 Speaker 1: And I agree traditionally that's what happens. But Donald Trump 210 00:14:11,360 --> 00:14:14,720 Speaker 1: has a very good way of getting his opponents off 211 00:14:14,760 --> 00:14:17,480 Speaker 1: track and off kilter, and I think if Biden tries 212 00:14:17,559 --> 00:14:20,640 Speaker 1: to go down that path in a ninety minute debate, 213 00:14:20,720 --> 00:14:22,920 Speaker 1: I think he's going to get himself in trouble. I 214 00:14:22,960 --> 00:14:26,000 Speaker 1: think Biden needs to focus, like a laser being COVID, 215 00:14:26,040 --> 00:14:29,080 Speaker 1: the economy, healthcare, That's what he needs to talk about. 216 00:14:29,160 --> 00:14:31,600 Speaker 1: He needs to be empathetic and show that he is 217 00:14:31,600 --> 00:14:35,160 Speaker 1: a different potential president than President Trump. I think if 218 00:14:35,160 --> 00:14:38,240 Speaker 1: he tries to fact check, particularly if the president starts 219 00:14:38,240 --> 00:14:41,360 Speaker 1: talking about his son or his family and gets him 220 00:14:41,360 --> 00:14:44,480 Speaker 1: in sort of emotional responses, that's not going to be 221 00:14:44,520 --> 00:14:47,400 Speaker 1: good for Joe Biden. And you mentioned earlier, we know 222 00:14:47,560 --> 00:14:49,800 Speaker 1: from the research now this is not as much about 223 00:14:49,800 --> 00:14:53,680 Speaker 1: what happens tonight as what happens afterwards in these viral minutes, 224 00:14:53,800 --> 00:14:57,000 Speaker 1: that's what decides voters views as to how this thing went. 225 00:14:57,440 --> 00:14:59,720 Speaker 1: He's got to watch out for having a bad vin 226 00:15:00,000 --> 00:15:02,360 Speaker 1: in it. Jene, you're too young to remember this, but 227 00:15:02,400 --> 00:15:04,200 Speaker 1: you used to go on the voting booths and your 228 00:15:04,240 --> 00:15:06,480 Speaker 1: father would pick you up and you'd pulled a little 229 00:15:06,520 --> 00:15:09,440 Speaker 1: tiggily things, even though your father knew the whole thing 230 00:15:09,520 --> 00:15:12,200 Speaker 1: was rigged. What is going to be the difference in 231 00:15:12,200 --> 00:15:15,960 Speaker 1: this debate given that it is a mail in voting, 232 00:15:16,160 --> 00:15:19,720 Speaker 1: including voting happening now across the nation, how will that 233 00:15:19,840 --> 00:15:23,680 Speaker 1: change the dynamic? It absolutely changes that. Let's remember, by 234 00:15:23,680 --> 00:15:26,040 Speaker 1: the second debate, many people in swing states will have 235 00:15:26,040 --> 00:15:29,160 Speaker 1: had the chance to vote already. So the teams have 236 00:15:29,280 --> 00:15:31,960 Speaker 1: to be cognizant of this, and it does change it. 237 00:15:32,160 --> 00:15:35,200 Speaker 1: People are making decisions already and in the process of 238 00:15:35,200 --> 00:15:38,440 Speaker 1: doing that, and so the campaigns have to target for 239 00:15:39,160 --> 00:15:42,640 Speaker 1: people voting at this point. And you're right, we don't 240 00:15:42,680 --> 00:15:45,480 Speaker 1: know what the actual numbers of people will be voting 241 00:15:45,560 --> 00:15:48,920 Speaker 1: by mail as opposed to the traditional voting in person. 242 00:15:49,000 --> 00:15:51,000 Speaker 1: We expect there'll be a lot more, given that we're 243 00:15:51,000 --> 00:15:54,440 Speaker 1: in a pandemic Jenny, just to find a question from me, 244 00:15:54,920 --> 00:15:57,360 Speaker 1: how does the form of vice president handle the Hunter 245 00:15:57,480 --> 00:16:01,080 Speaker 1: Biden question? Because our experience of seeing him being asked 246 00:16:01,080 --> 00:16:03,360 Speaker 1: that question, I can't think of a single time that 247 00:16:03,400 --> 00:16:07,120 Speaker 1: he's really adequately handled it and handled it well. There 248 00:16:07,200 --> 00:16:08,960 Speaker 1: is no doubt in my mind. That comes up later 249 00:16:09,000 --> 00:16:12,160 Speaker 1: this evening. What's the best way of handling it? You know, 250 00:16:12,280 --> 00:16:14,560 Speaker 1: I think the best way of handling it is saying 251 00:16:14,600 --> 00:16:17,040 Speaker 1: he's my son. I love my son, I love my family. 252 00:16:17,080 --> 00:16:19,200 Speaker 1: This is not about me or my family. It's about 253 00:16:19,240 --> 00:16:22,280 Speaker 1: the American public, and I can do a better job 254 00:16:22,320 --> 00:16:25,400 Speaker 1: than you, Mr President, in terms of handling this deadly 255 00:16:25,480 --> 00:16:28,440 Speaker 1: pandemic and everything that's to follow. I don't think he 256 00:16:28,440 --> 00:16:33,040 Speaker 1: should get into a back and forth about family. Jenny, 257 00:16:33,200 --> 00:16:34,960 Speaker 1: Great to catch up with you. Jenny's ano there. I 258 00:16:35,000 --> 00:16:37,440 Speaker 1: on a college professor of political science and of course 259 00:16:37,440 --> 00:16:45,040 Speaker 1: a Bloomberg contributor. Let's bringing Mike Parshall with black Rock Global, 260 00:16:45,120 --> 00:16:47,640 Speaker 1: chief investment strategist. He joins us. Right now, Mike, let's 261 00:16:47,680 --> 00:16:50,480 Speaker 1: set things up later this evening. What's the approach from 262 00:16:50,520 --> 00:16:54,760 Speaker 1: black Rock towards this debate and the election just weeks away? 263 00:16:56,560 --> 00:16:58,920 Speaker 1: So the approach with respect of the debate, I think 264 00:16:59,080 --> 00:17:01,800 Speaker 1: is to just recognized that, you know, at some level 265 00:17:01,880 --> 00:17:04,520 Speaker 1: to your three percent point earlier, the polling in this 266 00:17:04,720 --> 00:17:08,160 Speaker 1: race has been very stable in spite of extremely big 267 00:17:08,280 --> 00:17:10,800 Speaker 1: fundamental news in the United States, and so I don't 268 00:17:10,800 --> 00:17:15,200 Speaker 1: think we're expecting a ton of market volatility on the 269 00:17:15,280 --> 00:17:18,920 Speaker 1: back of the debate. That said, fundamentally, whether we look 270 00:17:18,960 --> 00:17:22,280 Speaker 1: out to the presidential election, look to things like you know, 271 00:17:22,400 --> 00:17:26,240 Speaker 1: maybe some last gas UH stimulus negotiations US China, the 272 00:17:26,320 --> 00:17:29,760 Speaker 1: fundamental reasons for their to be market market volatilities we've 273 00:17:29,760 --> 00:17:33,000 Speaker 1: seen a recent eight weeks continue to persist. Then, Mike, 274 00:17:33,359 --> 00:17:35,720 Speaker 1: how do you frame for Q one and indeed Q 275 00:17:35,960 --> 00:17:38,880 Speaker 1: two of two thousand twenty one you look out passes 276 00:17:39,000 --> 00:17:44,200 Speaker 1: Derby then what so we think that looking out past 277 00:17:44,320 --> 00:17:48,080 Speaker 1: this both matters a lot, but also it's important to 278 00:17:48,119 --> 00:17:50,600 Speaker 1: stay with an eye on the long term. So you know, 279 00:17:50,800 --> 00:17:52,560 Speaker 1: one of the things that we're really highlighting to an 280 00:17:52,600 --> 00:17:55,880 Speaker 1: investors is, you know, depending on the election result, let's 281 00:17:55,920 --> 00:17:59,560 Speaker 1: just take two examples, the Biden unified government scenario versus 282 00:18:00,080 --> 00:18:02,960 Speaker 1: divided government with the President Biden. You know, that could 283 00:18:02,960 --> 00:18:05,880 Speaker 1: be the difference on the fiscal stimulus side of upwards 284 00:18:05,960 --> 00:18:09,360 Speaker 1: of four to five percentage points of GDP over each 285 00:18:09,359 --> 00:18:11,800 Speaker 1: of the next several years. That could have pretty profound 286 00:18:11,840 --> 00:18:15,200 Speaker 1: implications for the economy, for the reflation that the economy 287 00:18:15,240 --> 00:18:18,400 Speaker 1: could experience, and from an asset allocation perspective, we think 288 00:18:18,400 --> 00:18:21,280 Speaker 1: could matter a lot. So, Mike, how do you position 289 00:18:21,440 --> 00:18:25,119 Speaker 1: ahead of this election given the degree of uncertainty depending 290 00:18:25,119 --> 00:18:29,080 Speaker 1: on the outcome. So we think at the top level, 291 00:18:29,400 --> 00:18:32,000 Speaker 1: you know, on the directional risk call, you know, we 292 00:18:32,080 --> 00:18:33,960 Speaker 1: would sort of point investors of the long term and 293 00:18:34,040 --> 00:18:37,119 Speaker 1: over the long term. You know, elections haven't tended to 294 00:18:37,280 --> 00:18:40,520 Speaker 1: matter a ton at the index level. But looking beneath 295 00:18:40,560 --> 00:18:43,920 Speaker 1: the hood, we see real opportunities for a change of 296 00:18:44,040 --> 00:18:47,640 Speaker 1: leadership in the equity market depending on what we see 297 00:18:48,080 --> 00:18:50,600 Speaker 1: in November. So, for example, going back to that point 298 00:18:50,640 --> 00:18:53,760 Speaker 1: I made around reflation, in say a democratic sweep scenario, 299 00:18:53,880 --> 00:18:57,359 Speaker 1: the likelihood we could see a rotation away from some 300 00:18:57,560 --> 00:19:00,359 Speaker 1: of the megacaps that have been leading this market towards 301 00:19:00,400 --> 00:19:03,200 Speaker 1: a more bottom up rally led by say small and 302 00:19:03,280 --> 00:19:05,480 Speaker 1: mid cap That looks to us to be a much 303 00:19:05,560 --> 00:19:08,880 Speaker 1: more pronounced likelihood in that type of electoral scenario versus 304 00:19:08,960 --> 00:19:11,680 Speaker 1: some of the others. Make it saves to me that 305 00:19:11,720 --> 00:19:14,200 Speaker 1: it's a democratic swape. If it's a republican swape, it 306 00:19:14,280 --> 00:19:17,440 Speaker 1: doesn't matter. It's still sell treasuries. Is that your take? 307 00:19:18,760 --> 00:19:20,600 Speaker 1: So again, I think this is one of the places 308 00:19:20,800 --> 00:19:25,520 Speaker 1: where the precise configuration matters. So in a world where 309 00:19:25,600 --> 00:19:29,679 Speaker 1: we see divided government, where the fiscal policy impulse may 310 00:19:29,720 --> 00:19:32,320 Speaker 1: be considerably less pronounced, where you could see a premature 311 00:19:32,400 --> 00:19:35,119 Speaker 1: retrenchments on fiscal policy like we saw a tend of 312 00:19:35,160 --> 00:19:38,040 Speaker 1: twelve years ago, that's a world where we think that 313 00:19:38,520 --> 00:19:42,480 Speaker 1: the treasury market could be subdued and pinned closer to 314 00:19:42,600 --> 00:19:45,600 Speaker 1: zero for quite some time. In a more reflationary scenario 315 00:19:45,640 --> 00:19:48,240 Speaker 1: and a more united government scenario, that's a world where 316 00:19:48,280 --> 00:19:51,800 Speaker 1: we do expect some curve steepening, some break even widening. 317 00:19:51,880 --> 00:19:54,800 Speaker 1: And yet your point, treasuries as a as a less 318 00:19:54,800 --> 00:19:59,200 Speaker 1: attractive allocation more quickly than not. Right now is a 319 00:19:59,240 --> 00:20:02,040 Speaker 1: really difficult month for investors because we're confronted with the 320 00:20:02,080 --> 00:20:04,040 Speaker 1: near term risk, and the near term risk for many 321 00:20:04,119 --> 00:20:07,960 Speaker 1: people is a contested outcome which last two three months, 322 00:20:07,960 --> 00:20:10,200 Speaker 1: which is why the volatility curve is so elevated going 323 00:20:10,240 --> 00:20:11,840 Speaker 1: into a year end. And what is clear to me 324 00:20:11,880 --> 00:20:13,960 Speaker 1: at this point for many people consensus view, not my 325 00:20:14,080 --> 00:20:16,639 Speaker 1: personal one. What matters is not who wins, but that 326 00:20:16,800 --> 00:20:19,080 Speaker 1: somebody wins, and then we start to think about who 327 00:20:19,119 --> 00:20:21,280 Speaker 1: the somebody is and what they stand for. What do 328 00:20:21,359 --> 00:20:23,760 Speaker 1: you make of the sequencing of that for investors at 329 00:20:23,800 --> 00:20:31,240 Speaker 1: the moment, Mike, So, we clearly think that the risks 330 00:20:31,320 --> 00:20:36,160 Speaker 1: around a contested election scenario are material and investors are 331 00:20:36,720 --> 00:20:39,320 Speaker 1: appropriately looking to that. You know, this is going to 332 00:20:39,359 --> 00:20:44,000 Speaker 1: be an election held under a conditions of historic challenge, 333 00:20:44,080 --> 00:20:47,520 Speaker 1: with the pandemic going on, and so what we're telling 334 00:20:47,560 --> 00:20:51,080 Speaker 1: investors is to brace for an election week rather than 335 00:20:51,119 --> 00:20:54,159 Speaker 1: an election day. But that said, looking out over the 336 00:20:54,240 --> 00:20:57,399 Speaker 1: longer horizon, you know, we think ultimately investors are going 337 00:20:57,440 --> 00:21:01,119 Speaker 1: to be rewarded by staying invested through that latility, and 338 00:21:01,440 --> 00:21:03,600 Speaker 1: you know, looking to some of these underlying themes that 339 00:21:03,680 --> 00:21:05,560 Speaker 1: we've been discussing that are gonna be much more long 340 00:21:05,680 --> 00:21:08,760 Speaker 1: lasting than just what happens in November three and the 341 00:21:08,840 --> 00:21:11,440 Speaker 1: period of days or weeks beyond that. So, where in 342 00:21:11,520 --> 00:21:15,000 Speaker 1: the income statement do you frame equities? Do you do 343 00:21:15,080 --> 00:21:17,200 Speaker 1: it at the revenue line, do you walk down the 344 00:21:17,280 --> 00:21:20,280 Speaker 1: income statement or is it just impossible? And it's a 345 00:21:20,359 --> 00:21:24,680 Speaker 1: guest forward one year, two years, three years. So I'd 346 00:21:24,720 --> 00:21:26,280 Speaker 1: say a little bit both. And I mean, I think 347 00:21:26,359 --> 00:21:29,119 Speaker 1: one of our views is that the conventional wisdom has 348 00:21:29,200 --> 00:21:31,479 Speaker 1: been a little too focused on the bottom line when 349 00:21:31,560 --> 00:21:34,639 Speaker 1: talking about US equities, a little too focused on you know, 350 00:21:34,800 --> 00:21:38,280 Speaker 1: the tax impact, the potential regulatory impact and some of 351 00:21:38,359 --> 00:21:41,399 Speaker 1: these scenarios, and it's gonna be very important to look 352 00:21:41,440 --> 00:21:43,200 Speaker 1: to the top line as well. And we think a 353 00:21:43,280 --> 00:21:47,720 Speaker 1: world where there's much more ample fiscal impulse, fiscal push 354 00:21:48,040 --> 00:21:50,920 Speaker 1: or reflationary push, that's a world that could lift top 355 00:21:51,040 --> 00:21:54,040 Speaker 1: lines pretty much across the board US economy and and 356 00:21:54,280 --> 00:21:58,439 Speaker 1: really sort of balance out that that bottom line view. So, Mike, 357 00:21:58,520 --> 00:22:00,920 Speaker 1: does that mean that you don't see froth in some 358 00:22:01,040 --> 00:22:03,119 Speaker 1: of the tech sectors, in the I p O market 359 00:22:03,200 --> 00:22:06,880 Speaker 1: that's going gangbusters, that this poison set a record where 360 00:22:07,080 --> 00:22:09,440 Speaker 1: the I p o s are popping in the secondary market, 361 00:22:09,480 --> 00:22:13,159 Speaker 1: none of that's froth to you. So I think what 362 00:22:13,280 --> 00:22:15,399 Speaker 1: we would say is that those are a set of 363 00:22:15,480 --> 00:22:21,639 Speaker 1: exposures that have been benefited by some pretty powerful macro trends, 364 00:22:21,920 --> 00:22:25,480 Speaker 1: you know, the ratcheting down of discount rates, the transformations 365 00:22:25,520 --> 00:22:29,320 Speaker 1: that the coronavirus shock has has unleashed. That said, you know, 366 00:22:29,440 --> 00:22:32,160 Speaker 1: I think we think there are scenarios where we could 367 00:22:32,200 --> 00:22:37,080 Speaker 1: see higher taxes, more significant regulation in particular focused on 368 00:22:37,240 --> 00:22:41,040 Speaker 1: the technology and mega gap sector around antitrust, international tax, 369 00:22:41,160 --> 00:22:43,480 Speaker 1: what have you. And those are the types of scenarios 370 00:22:43,560 --> 00:22:46,919 Speaker 1: to us that looking ahead of the election could change 371 00:22:47,000 --> 00:22:49,040 Speaker 1: market leadership, both in terms of taking the win out 372 00:22:49,080 --> 00:22:51,200 Speaker 1: of the sales of some of those exposures, but also 373 00:22:51,320 --> 00:22:55,920 Speaker 1: potentially re orienting leadership elsewhere. Mike brilliant to get you 374 00:22:56,000 --> 00:22:58,160 Speaker 1: on the program, especially this morning ahead of this debate, 375 00:22:58,240 --> 00:23:01,159 Speaker 1: might pile the black Rock Global che investment strategist on 376 00:23:01,200 --> 00:23:09,400 Speaker 1: the market right now, we start strong in this hour 377 00:23:09,600 --> 00:23:12,919 Speaker 1: Joseph Quinlan with us the Maryland Bank of American Private 378 00:23:12,960 --> 00:23:15,639 Speaker 1: Bank and of course looking at the market strategy at 379 00:23:15,680 --> 00:23:19,159 Speaker 1: the moment, Joe Quinlan, what is your public strategy right now? 380 00:23:20,680 --> 00:23:23,119 Speaker 1: I mean, Tom, it is to expect this period of 381 00:23:23,160 --> 00:23:27,200 Speaker 1: consolidation and volatility in September and October, but on down 382 00:23:27,359 --> 00:23:30,840 Speaker 1: days and there's opportunities. Now we're we're still out there 383 00:23:30,880 --> 00:23:34,040 Speaker 1: buying the life science company, some of these smaller cap 384 00:23:34,280 --> 00:23:37,880 Speaker 1: tech companies be at the structure plays and around five 385 00:23:38,040 --> 00:23:41,080 Speaker 1: G e commerce, electrical vehicles, you know, So we're still 386 00:23:41,200 --> 00:23:43,560 Speaker 1: we're still buyers because we do expect on the other 387 00:23:43,600 --> 00:23:45,800 Speaker 1: side of the election, we're gonna get this fiscal stimulus. 388 00:23:45,840 --> 00:23:47,960 Speaker 1: We're gonna get this package that the markets are pointing for. 389 00:23:48,200 --> 00:23:51,720 Speaker 1: So we're we're selectively by amongst this period of consolidation 390 00:23:51,760 --> 00:23:56,080 Speaker 1: and volatility. So, Joe, if that's the case, why don't 391 00:23:56,080 --> 00:23:58,920 Speaker 1: I get the sense that you're piling into the most 392 00:23:58,920 --> 00:24:03,239 Speaker 1: cyclical positive market. Well, well, you know, John, we are 393 00:24:03,320 --> 00:24:06,040 Speaker 1: because we do see the sinking arience global expansion and 394 00:24:06,119 --> 00:24:08,200 Speaker 1: numbers out of China and better and that we know 395 00:24:08,640 --> 00:24:10,960 Speaker 1: that's engineered, of course by the Chinese, but as a 396 00:24:11,040 --> 00:24:14,120 Speaker 1: rubble facts in the commodity markets, Europe is doing. It's 397 00:24:14,240 --> 00:24:16,719 Speaker 1: part of we've got to deal with Brexit. And as 398 00:24:16,800 --> 00:24:18,520 Speaker 1: I said here in the United States, I mean, fiscal 399 00:24:18,600 --> 00:24:21,639 Speaker 1: policy is gonna be what monetary policy was in the 400 00:24:21,760 --> 00:24:23,720 Speaker 1: last ten years. It's going to be the backstop, and 401 00:24:23,800 --> 00:24:25,800 Speaker 1: I think the markets are pining for that, and the 402 00:24:25,920 --> 00:24:28,520 Speaker 1: politicians will deliver. They have thus far, so we know 403 00:24:28,560 --> 00:24:31,040 Speaker 1: we're more more cyclical bent as we had in the 404 00:24:31,119 --> 00:24:34,240 Speaker 1: twenty one Joe, you're a buyer in this turmoil, A 405 00:24:34,320 --> 00:24:36,680 Speaker 1: buyer with what with cash holdings that have been sitting 406 00:24:36,720 --> 00:24:38,840 Speaker 1: on the sidelines. Are you one of those that actually 407 00:24:38,840 --> 00:24:42,359 Speaker 1: fit into that category cash? But we're also trim me 408 00:24:42,359 --> 00:24:44,200 Speaker 1: a little bit more on the fixed income. We have 409 00:24:44,359 --> 00:24:47,040 Speaker 1: an all year we're underweight the emerging markets. I think 410 00:24:47,080 --> 00:24:49,600 Speaker 1: they've got some problems to deal with. So you know, 411 00:24:49,680 --> 00:24:52,160 Speaker 1: we still have a bias towards the US, but it's 412 00:24:52,320 --> 00:24:56,119 Speaker 1: also balanced with Japan and the life science companies of Europe. 413 00:24:56,119 --> 00:24:58,360 Speaker 1: But we we have taken money out of the emerging 414 00:24:58,440 --> 00:25:00,800 Speaker 1: markets the last twelve months and put a to work elsewhere. 415 00:25:00,960 --> 00:25:04,480 Speaker 1: How are you to act? You just you know, we're 416 00:25:04,520 --> 00:25:07,760 Speaker 1: telling clients, you know, to be be investors, not traders. 417 00:25:07,840 --> 00:25:09,959 Speaker 1: That's kind of our that's our DNA of our our 418 00:25:10,080 --> 00:25:13,480 Speaker 1: client base. And look at the dividend paires. Look through 419 00:25:13,560 --> 00:25:16,200 Speaker 1: the election. I know there's a lot the media is 420 00:25:16,200 --> 00:25:18,200 Speaker 1: talking about. We're not gonna have a winner, clear winner 421 00:25:18,240 --> 00:25:20,200 Speaker 1: the next day, but we will have a winner. We 422 00:25:20,320 --> 00:25:23,080 Speaker 1: have checks and balances, we have a constitution, and we've 423 00:25:23,119 --> 00:25:26,320 Speaker 1: got great corporations behind us. You know, earning season three 424 00:25:26,480 --> 00:25:30,119 Speaker 1: is gonna be better. That one always drives me crazy. 425 00:25:30,200 --> 00:25:32,680 Speaker 1: Forgive me. It's not a personal attack. The media is 426 00:25:32,720 --> 00:25:35,600 Speaker 1: not talking about it. The markets pricing get it's in 427 00:25:35,680 --> 00:25:38,159 Speaker 1: a vis curve. You can see it, Joe, So you 428 00:25:38,240 --> 00:25:42,920 Speaker 1: sign invol say, we see the volatility. But like we're 429 00:25:43,000 --> 00:25:46,680 Speaker 1: talking before, the markets I think have already priced into 430 00:25:46,760 --> 00:25:49,960 Speaker 1: a large degree a democratic suite. They've already priced that 431 00:25:50,000 --> 00:25:52,320 Speaker 1: in there. They've come around a lass. That's why we 432 00:25:52,400 --> 00:25:54,680 Speaker 1: had ugly September. That was part and personal of that. 433 00:25:54,880 --> 00:25:57,479 Speaker 1: So I think, you know, I think more of our 434 00:25:57,560 --> 00:26:00,879 Speaker 1: clients are seeing through the election and want to be 435 00:26:01,080 --> 00:26:04,159 Speaker 1: on the other side owning good companies. So then what 436 00:26:04,400 --> 00:26:07,880 Speaker 1: do we own to take advantage of his John mentions 437 00:26:08,000 --> 00:26:11,760 Speaker 1: Vic's futures coming in, Vic's cash, coming in the general 438 00:26:11,880 --> 00:26:15,360 Speaker 1: good feeling out there. We have to make choices, Joe Quinlin, 439 00:26:15,720 --> 00:26:21,720 Speaker 1: What should they be, I believe it or not? Material, cyclicals, industrial, 440 00:26:21,880 --> 00:26:25,000 Speaker 1: some of these financials, you know, some of these companies 441 00:26:25,040 --> 00:26:28,320 Speaker 1: that you know, they're still doubt way now from pre 442 00:26:28,480 --> 00:26:32,159 Speaker 1: pandemic levels, and I did they're good core competencies that 443 00:26:32,200 --> 00:26:34,920 Speaker 1: got good cash flow, that got the dividends. So it's 444 00:26:34,960 --> 00:26:38,320 Speaker 1: the cycle, cyclical, industrial, material side of the equations. So 445 00:26:38,720 --> 00:26:41,040 Speaker 1: you know, I mean, yeah, I don't mean interrupt at 446 00:26:41,080 --> 00:26:45,240 Speaker 1: least that's like Amazon, right, Yes, that's right, Amazon and 447 00:26:45,320 --> 00:26:48,880 Speaker 1: everybody other than Amazon, exactly when he's talking about Joe, Uh, Joe, 448 00:26:49,320 --> 00:26:52,520 Speaker 1: we still like, we still like life science companies, technology. 449 00:26:52,640 --> 00:26:54,840 Speaker 1: I mean, there's some space there. But I look at 450 00:26:54,880 --> 00:26:57,520 Speaker 1: the infrastrar and we when we get a fiscal package, 451 00:26:57,640 --> 00:26:59,920 Speaker 1: we're gonna get a fiscal stimulus package, a lot of 452 00:27:00,000 --> 00:27:03,000 Speaker 1: it's going to be spent on infrastructure. Infrastructure for five G, 453 00:27:03,480 --> 00:27:06,439 Speaker 1: for electrical vehicles, for solar not not trying to talk 454 00:27:06,480 --> 00:27:09,800 Speaker 1: about bridge and levies. I'm talking about real century stuff. So, 455 00:27:10,080 --> 00:27:13,240 Speaker 1: if you like stocks, not such a huge fan of 456 00:27:13,359 --> 00:27:21,639 Speaker 1: fixed income, what's the sixty forty portfolio for I mean 457 00:27:21,680 --> 00:27:23,600 Speaker 1: for your typical I mean for your average for a 458 00:27:23,680 --> 00:27:26,840 Speaker 1: young investor, I mean from say thirty five year old, 459 00:27:26,920 --> 00:27:29,360 Speaker 1: you know, it's seventy thirty. I mean, you know, stocks, 460 00:27:29,720 --> 00:27:32,920 Speaker 1: fixed income. Uh, you know, obviously the more you go 461 00:27:33,000 --> 00:27:34,680 Speaker 1: out on the age curve, you gotta pull it in 462 00:27:34,720 --> 00:27:37,080 Speaker 1: a little bit here. But if it depends on your 463 00:27:37,119 --> 00:27:39,399 Speaker 1: income needs, if you need the yield, you need to 464 00:27:39,480 --> 00:27:42,919 Speaker 1: be in the dividends, they're they're kind of the bond proxies, um. 465 00:27:43,160 --> 00:27:45,359 Speaker 1: So it depends on where you're at your needs and 466 00:27:45,440 --> 00:27:49,560 Speaker 1: your income desires. Just just to put a bow on it, 467 00:27:49,640 --> 00:27:52,680 Speaker 1: if we kind of wrap up this conversation, do tonight matter? 468 00:27:52,880 --> 00:27:55,200 Speaker 1: Does that debate matter from a markets perspective? Do you 469 00:27:55,240 --> 00:27:58,320 Speaker 1: think it does? Job? It's so yeah, you know, John, 470 00:27:58,400 --> 00:28:01,000 Speaker 1: I certainly I do think inters um. You know, people 471 00:28:01,000 --> 00:28:02,880 Speaker 1: have been waiting a long time for this to see 472 00:28:02,920 --> 00:28:07,879 Speaker 1: how the president performs, and also Joe Biden, so you 473 00:28:07,960 --> 00:28:10,199 Speaker 1: know who gets the upper hand what we'll see. I mean, 474 00:28:10,280 --> 00:28:12,320 Speaker 1: can Biden stand up to Trump? I think the answers, 475 00:28:12,400 --> 00:28:16,040 Speaker 1: guest and Trump move move the conversation in a constructive way. Yes, 476 00:28:16,440 --> 00:28:18,480 Speaker 1: So yeah, it does matter because, as you know, we've 477 00:28:18,480 --> 00:28:20,639 Speaker 1: got these swing states out there. I think that the 478 00:28:20,720 --> 00:28:23,800 Speaker 1: polls are tightening more than they're suggesting otherwise. So it's 479 00:28:23,800 --> 00:28:27,800 Speaker 1: gonna matter to the swing state independent voter. Yes, Hi, John, 480 00:28:27,880 --> 00:28:29,840 Speaker 1: right to catch off, appreciate it, come back same place, 481 00:28:29,920 --> 00:28:32,600 Speaker 1: John Quinn and the Meryl and Bank of America Private 482 00:28:32,640 --> 00:28:36,320 Speaker 1: bankhead f c I Market Strategy. Thanks for listening to 483 00:28:36,440 --> 00:28:40,920 Speaker 1: the Bloomberg Surveillance podcast. Subscribe and listen to interviews on 484 00:28:41,000 --> 00:28:46,840 Speaker 1: Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm 485 00:28:46,880 --> 00:28:50,160 Speaker 1: on Twitter at Tom Keane before the podcast. You can 486 00:28:50,240 --> 00:28:53,400 Speaker 1: always catch us worldwide. I'm Bloomberg Radio.