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Speaker 1: Bloomberg Audio Studios, podcasts, radio News.

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Speaker 2: Single Best Idea. Thank you for the feedback. We're just

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Speaker 2: rolling this out. As they say, it's a work in progress.

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Speaker 2: Actually every show we do is at work in progress

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Speaker 2: and pro tip on how we put this together, which

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Speaker 2: is a great, great team of their bookers, but there

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Speaker 2: are also people that really try to keep in touch

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Speaker 2: with the people that we talked to, how they fit

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Speaker 2: in and what they've been doing over the last three months,

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Speaker 2: six months, one year. And our two guests today on

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Speaker 2: Single Best Idea are the kind of thing where you

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Speaker 2: look back and say how they do. We're gonna talk

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Speaker 2: about bitcoin in a minute with Professor Keani from NYU

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Speaker 2: Aisha Kiani running a hedge fund as well. But first

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Speaker 2: someone we can look back on, which is Michael Wilson.

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Speaker 2: Michael Wilson is with Equity Strategy Morgan Stanley and of

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Speaker 2: course was really noted over the last eighteen months. Is

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Speaker 2: someone very cautious about the lift in the markets and

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Speaker 2: the outline today in our extended conversation, he said, you know,

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Speaker 2: well we got sort of the first lift, which I

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Speaker 2: attribute to Edyardnny and Ralphi Knpora and Mike Wilson participated

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Speaker 2: in the two octobers ago lift, but maybe he didn't

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Speaker 2: really see coming the shock of the bullmarket coming out

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Speaker 2: of October of twenty twenty three. That lift in the markets,

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Speaker 2: which you continue to see Oracle today up big, big, big,

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Speaker 2: and you know the rest of the exuberance that's out

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Speaker 2: there has led to new leverage where you know, we

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Speaker 2: make a joke about triple leveraged all cash fund, Well

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Speaker 2: it's a triple leverage this fund. The four Bowl leverage.

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Speaker 2: I haven't seen, Bobby, have you seen five x's xx

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Speaker 2: xxx leverage? I haven't seen that yet, either is Mike Wilson.

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Speaker 2: But here is Mike Wilson on our new desire, our

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Speaker 2: demand for leverage.

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Speaker 1: You know, obviously last fall we had a lot of

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Speaker 1: fear priced in, and now we have a lot of

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Speaker 1: greed priced then. So we are seeing speculative activity pick

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Speaker 1: up in a meaningful way. I would say the daily

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Speaker 1: expiration options market is probably your single best example of that.

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Speaker 1: We have a lot of people sort of you know

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Speaker 1: in the stock market is like prop bets almost like

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Speaker 1: draft gings and things like that. That to me is

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Speaker 1: you know, signs that exuberances is pretty high. Now that

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Speaker 1: doesn't have to end in tiers. Okay, Leverage isn't always bad,

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Speaker 1: but you know, we have a situation where people are

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Speaker 1: reaching for risk because you know there's full mill Yeah,

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Speaker 1: and you know that's that's where the pendulum is right now.

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Speaker 2: Tom, Mike Wilson there of Morgan Stanley. We drove forward

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Speaker 2: the conversation across the inflation report today. Billy was wonderful

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Speaker 2: with Milken Institute, Ira Jersey from Bloomberg Intelligence adding a

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Speaker 2: lot of value on an inflation report. I love what

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Speaker 2: Kathy Jones said out on Twitter with Schwab where she said,

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Speaker 2: you know this course service thing, guess what it's ticking up.

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Speaker 2: The fact is, who knows what the Fed's going to

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Speaker 2: do in March twenty, but the answers they're going to

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Speaker 2: do less, Maybe come out with some new guestamates. Michael

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Speaker 2: McKee's better at that than I am. On leverage and

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Speaker 2: on the exuberants out there, there's nothing more exuberant right

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Speaker 2: now than to dash on bitcoin from a lower price

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Speaker 2: up to seventy two thousand dollars today. Well Times is

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Speaker 2: a professor from NYU running aheade from Aysha Kiani she's

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Speaker 2: a big, big proponent of bitcoin, and she talked a

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Speaker 2: lot about the different tones of bitcoin that are out there.

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Speaker 2: Let's listen in to Professor Keani.

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Speaker 3: In my most humble opinion, the underlying is the technology

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Speaker 3: that it's built on, and that's something that I teach,

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Speaker 3: so I could spend an entire day on it. The

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Speaker 3: essence of blockchain obviously, you know Bloomberg data on how

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Speaker 3: you know someone like Bloomberg could use you know, blockchains.

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Speaker 3: That's the underlying asset. Obviously, if you would ask someone else,

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Speaker 3: it would say, you know, the essence of proof of work,

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Speaker 3: or how it's mine, or how it's in limited quality,

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Speaker 3: or how it's digital goal for my generation.

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Speaker 2: Let the debate begin. Oh, I can see the feedback

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Speaker 2: from this. The answer is, there are those that believe

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Speaker 2: in proof of work, there are those that believe in

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Speaker 2: a blockchain future for some form of bitcoin ethereum, whatever,

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Speaker 2: and there's a lot of other people just at New

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Speaker 2: York University Professor Keani talking about as she teaches bitcoin

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Speaker 2: a real substance. There where someone like Professor Emeritis Noria

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Speaker 2: Rabini sharply on the other side of the debate. What

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Speaker 2: I would say whether you're in bitcoin or not, whether

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Speaker 2: you're thinking about getting in or not, be informed at

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Speaker 2: least about the debate. Try to see where you fit

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Speaker 2: in to the debate on bitcoin. But the answer is

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Speaker 2: if you're not informed on this, you're gonna get run

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Speaker 2: over at some time. Of course, the big event coming

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Speaker 2: up is having We'll have to see how that goes.

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Speaker 2: It has to do with mining. I asked her about

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Speaker 2: like we're the mine, and that itself is a huge

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Speaker 2: debate coming out of China. China basically threw the bitcoin

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Speaker 2: miners out, I think as a general statement, and they're

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Speaker 2: spread around the world. This has been a lot of fun.

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Speaker 2: We're doing Single Best Idea here with Mike Wilson and Aishikiani.

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Speaker 2: We'll continue to do it. Single Best Idea is a podcast.

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Speaker 2: I think Apple podcast is the best place to get this,

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Speaker 2: particularly for those of you that are you know, listening

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Speaker 2: to five, six, eight, ten podcasts a day. We're trying

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Speaker 2: to keep this podcast week and short, really under six minutes.

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Speaker 2: It's just a touch of two guests today, we'll dive

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Speaker 2: into tomorrow. Damian Sasa are rumored to be with us again.

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Speaker 2: We're talking with his entourage right now see if we

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Speaker 2: can get him in early. Here. We do this on

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Speaker 2: Apple car Play and we do it on YouTube. YouTube,

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Speaker 2: you go into the box, you search Bloomberg podcasts, it's there,

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Speaker 2: a big white screen. It's that surveillance. And that's the

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Speaker 2: three hour broadcast they do. We do every morning across

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Speaker 2: America worldwide for global wastrible and for you lumbered surveillance

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Speaker 1: M hm