Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: A single best idea on a really interesting Monday, The
Speaker 2: markets can shift on a dime. Literally, we had a
Speaker 2: very solid upfiel and then a set of headlines from
Speaker 2: Iran which really didn't move the market, and then a
Speaker 2: second set of headlines from Iran, and in a moment
Speaker 2: the market was gone with oil up three, four or
Speaker 2: five dollars. That's a vigilance. We need to thank you
Speaker 2: to Alexis Christophers for really driving all of our data
Speaker 2: check coverage and made all that was conversation Matt Miskan
Speaker 2: with Manual Life and John Hancock Investment Management. Matt Michigan
Speaker 2: on the tectonic changes of your tech portfolio right now.
Speaker 3: There's tectonic technology exposure shifts underneath these indices, you know.
Speaker 3: So if you're just there and you're like, all right,
Speaker 3: I'm going to buy the S and P five hundred, Okay,
Speaker 3: you're buying fifty percent technology, maybe you should have a
Speaker 3: plan B. And I know right now you cannot miss
Speaker 3: out on this text trade. If you're not allocated to
Speaker 3: AI right now, you're massively underperforming. And in this industry
Speaker 3: it's all about what have you done for me lately.
Speaker 3: So it is hard, but we are trying to find
Speaker 3: out what is the second best idea, and it's more industrials,
Speaker 3: it's more looking for around the world for opportunities. It's
Speaker 3: moving down in market capitalization. It's trying to find stuff
Speaker 3: that is cheap, and there is stuff that's actually cheap
Speaker 3: outside of the US large gap space.
Speaker 2: Matt Michigan with Emily Rowland, John Hancock. What a joy
Speaker 2: today to have a gentleman in from another time and
Speaker 2: place at Solomon years ago there was John Lipski and
Speaker 2: Nicholas Sergeant. Doctor Sargent came in today with all of
Speaker 2: us work with Lipsky at Stanford before Salomon Brothers, just
Speaker 2: a legend on the street. We talked to about that
Speaker 2: one off from the early nineteen fifties out to about
Speaker 2: nineteen seventy two. Robert Gordon at Northwestern says maybe that
Speaker 2: was a one off. Nicholas Sargeant disagrees.
Speaker 1: I would say it certainly was the golden age in
Speaker 1: terms of high economic growth rates until nineteen seventies.
Speaker 2: It was first across a broad middle class.
Speaker 1: Yes, and so what I see that's different today is
Speaker 1: America is I buy into the K shaped economy that
Speaker 1: on one hand, some people are doing incredibly well. Those
Speaker 1: that have enough money to own a home or own stocks,
Speaker 1: what's to be unhappy with. But we got to remember
Speaker 1: that over half the country no one owns any stocks.
Speaker 1: They're the people that are hurting. So, you know, and again,
Speaker 1: why have we overcome these shocks? The simple answer is
Speaker 1: we're seeing the biggest capital spending boom in my lifetime
Speaker 1: with the you know, the build out AI infrastructure, so
Speaker 1: actually that's boosting growth. Then you have the debate but
Speaker 1: are there longer term consequences And the answer is yes.
Speaker 1: But I'm on technology. I'm still a believer. Technology is
Speaker 1: the wave of the future.
Speaker 2: Nicholas Sergeant, There Were the Global Shocks was a book
Speaker 2: of many years ago. Retired now, but wonderful to get
Speaker 2: his perspective and all of the academics of Stanford that
Speaker 2: he identifies with the middle twentieth century. On podcasts, We're
Speaker 2: at Apple, We're at Spotify. On the YouTube podcast it's
Speaker 2: single best idea