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

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Speaker 2: Best idea, and let me explain how we make the sausage.

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Speaker 2: Mostly what we do is try to have great conversations

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Speaker 2: with guests from economics, finance, investment, from international relations. But

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Speaker 2: if it was just that, you know, we'd all be

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Speaker 2: working a cushy twenty four hour work week or not.

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Speaker 2: We're reading the literature, and this is critical. It's much

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Speaker 2: more important in the game and the racket what people

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Speaker 2: write than what they say. This goes way back before

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Speaker 2: the Internet. It goes back to stacks and stacks and

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Speaker 2: research reports going up and down the elevator on Monday

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Speaker 2: and maybe you get them Tuesday. I can't say enough

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Speaker 2: what people write matters. Claudia Som wrote up the jobs

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Speaker 2: report about twenty minutes after she was on with US Today.

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Speaker 2: Beyond honor that she was on in real time, she's

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Speaker 2: analyzing it. But the summary here of her optimism about

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Speaker 2: the American economy, she's inherently optimistic is last year, four

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Speaker 2: months after adjustment, were negative job statistics. I get all

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Speaker 2: the up and up and up, and the market went

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Speaker 2: up today and the president was happy in that. But

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Speaker 2: I just can't say enough, how we're rationalizing four out

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Speaker 2: of twelve months, we're a negative non farm payrolls and

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Speaker 2: that's somehow good Claudia Sam of New Century Advisors, So

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Speaker 2: the FED.

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Speaker 3: New about this like we you know, the bure of

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Speaker 3: Labor Statistics published its preliminary estimate of the benchmark revision

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Speaker 3: back in September. It was for a negative nine hundred thousand.

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Speaker 3: My goodness, it was almost you know, right on the money.

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Speaker 3: And this is certainly you've heard Fed Governor Waller mentioned

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Speaker 3: this in his discipline, but also Fed Cher Powell talked about,

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Speaker 3: you know, revision. So these numbers aren't surprising. I mean,

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Speaker 3: really the news today maybe the most recent months this

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Speaker 3: you know, the January. Again, not to overplay it, but

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Speaker 3: you know it's good news to see that kind of

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Speaker 3: number and the unemployment rate taking down.

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Speaker 2: So this is not a surprise to the Fed clotas

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Speaker 2: This Century Advisors, many people you're marking over the last

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Speaker 2: ninety days. It's some kind of turnaround is out there.

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Speaker 2: A major shout out among many to Andrew Holland Horst

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Speaker 2: and his team at City Group. They really got the

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Speaker 2: vector here correctly. They did a much better job on

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Speaker 2: that than some others more cautious on the equity market.

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Speaker 2: It's a joy to go to the Fidelity office in Aruba.

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Speaker 2: What was that about, folks? You're and Tim are coming

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Speaker 2: to us from Aruba with all of his magical work

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Speaker 2: at Fidelity out on LinkedIn. I can't say enough about

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Speaker 2: his charts. And the one chart that's historic back to

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Speaker 2: mister Johnson and Devonshire Street of years ago, was a

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Speaker 2: chart of the Dow Jones Industrial average. Urine and I

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Speaker 2: talked about the extrapolation forward from Dow fifty thousand.

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Speaker 4: That chart will show you that it is safe to

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Speaker 4: extrapolate because you know, just like life, growth is it happens,

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Speaker 4: but sometimes it happens slowly, sometimes it happens quickly, so

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Speaker 4: we will get there eventually. But you know, the Dow

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Speaker 4: can spend many years at one of these milestones, or

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Speaker 4: it could spend literally a minute before it goes to

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Speaker 4: the next one. And this one, of course, you know,

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Speaker 4: we are in year at least by my estimation, we

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Speaker 4: are in year seventeen of a secular bull market. And

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Speaker 4: the milestones come fast and furious during secular bull markets,

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Speaker 4: and they come very slowly during secular bear markets. And

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Speaker 4: so I think the drivers of this secular bowl are

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Speaker 4: still intact, but it is long in the tooth.

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Speaker 2: You're in. Timor of Fidelity on podcasts are out on Apple,

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Speaker 2: on spot good morning and good evening to the Pacific

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Speaker 2: rim where we find Spotify's really really popular on YouTube

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Speaker 2: podcasts as well. It's single best idea