WEBVTT - Single Best Idea with Tom Keene: Mike Wilson & Ayesha Kiani

0:00:02.440 --> 0:00:15.800
<v Speaker 1>Bloomberg Audio Studios, podcasts, radio News.

0:00:12.600 --> 0:00:15.280
<v Speaker 2>Single Best Idea. Thank you for the feedback. We're just

0:00:15.360 --> 0:00:17.840
<v Speaker 2>rolling this out. As they say, it's a work in progress.

0:00:18.600 --> 0:00:21.599
<v Speaker 2>Actually every show we do is at work in progress

0:00:21.800 --> 0:00:24.599
<v Speaker 2>and pro tip on how we put this together, which

0:00:24.640 --> 0:00:28.560
<v Speaker 2>is a great, great team of their bookers, but there

0:00:28.560 --> 0:00:30.720
<v Speaker 2>are also people that really try to keep in touch

0:00:31.280 --> 0:00:34.200
<v Speaker 2>with the people that we talked to, how they fit

0:00:34.280 --> 0:00:36.920
<v Speaker 2>in and what they've been doing over the last three months,

0:00:36.920 --> 0:00:39.960
<v Speaker 2>six months, one year. And our two guests today on

0:00:40.080 --> 0:00:42.239
<v Speaker 2>Single Best Idea are the kind of thing where you

0:00:42.280 --> 0:00:44.440
<v Speaker 2>look back and say how they do. We're gonna talk

0:00:44.479 --> 0:00:47.879
<v Speaker 2>about bitcoin in a minute with Professor Keani from NYU

0:00:48.080 --> 0:00:51.240
<v Speaker 2>Aisha Kiani running a hedge fund as well. But first

0:00:51.320 --> 0:00:53.720
<v Speaker 2>someone we can look back on, which is Michael Wilson.

0:00:54.200 --> 0:00:57.840
<v Speaker 2>Michael Wilson is with Equity Strategy Morgan Stanley and of

0:00:57.840 --> 0:01:01.440
<v Speaker 2>course was really noted over the last eighteen months. Is

0:01:01.480 --> 0:01:05.760
<v Speaker 2>someone very cautious about the lift in the markets and

0:01:06.000 --> 0:01:10.360
<v Speaker 2>the outline today in our extended conversation, he said, you know,

0:01:10.560 --> 0:01:12.440
<v Speaker 2>well we got sort of the first lift, which I

0:01:12.480 --> 0:01:17.160
<v Speaker 2>attribute to Edyardnny and Ralphi Knpora and Mike Wilson participated

0:01:17.200 --> 0:01:21.520
<v Speaker 2>in the two octobers ago lift, but maybe he didn't

0:01:21.560 --> 0:01:24.440
<v Speaker 2>really see coming the shock of the bullmarket coming out

0:01:24.440 --> 0:01:28.880
<v Speaker 2>of October of twenty twenty three. That lift in the markets,

0:01:28.880 --> 0:01:32.559
<v Speaker 2>which you continue to see Oracle today up big, big, big,

0:01:32.600 --> 0:01:34.720
<v Speaker 2>and you know the rest of the exuberance that's out

0:01:34.720 --> 0:01:37.600
<v Speaker 2>there has led to new leverage where you know, we

0:01:37.600 --> 0:01:40.640
<v Speaker 2>make a joke about triple leveraged all cash fund, Well

0:01:40.760 --> 0:01:44.559
<v Speaker 2>it's a triple leverage this fund. The four Bowl leverage.

0:01:44.600 --> 0:01:48.200
<v Speaker 2>I haven't seen, Bobby, have you seen five x's xx

0:01:48.360 --> 0:01:51.840
<v Speaker 2>xxx leverage? I haven't seen that yet, either is Mike Wilson.

0:01:52.120 --> 0:01:55.640
<v Speaker 2>But here is Mike Wilson on our new desire, our

0:01:55.680 --> 0:01:57.280
<v Speaker 2>demand for leverage.

0:01:57.440 --> 0:01:59.120
<v Speaker 1>You know, obviously last fall we had a lot of

0:01:59.120 --> 0:02:00.840
<v Speaker 1>fear priced in, and now we have a lot of

0:02:00.880 --> 0:02:05.360
<v Speaker 1>greed priced then. So we are seeing speculative activity pick

0:02:05.440 --> 0:02:07.120
<v Speaker 1>up in a meaningful way. I would say the daily

0:02:07.160 --> 0:02:10.760
<v Speaker 1>expiration options market is probably your single best example of that.

0:02:11.240 --> 0:02:13.120
<v Speaker 1>We have a lot of people sort of you know

0:02:13.240 --> 0:02:15.680
<v Speaker 1>in the stock market is like prop bets almost like

0:02:15.800 --> 0:02:19.600
<v Speaker 1>draft gings and things like that. That to me is

0:02:19.800 --> 0:02:22.920
<v Speaker 1>you know, signs that exuberances is pretty high. Now that

0:02:22.960 --> 0:02:26.800
<v Speaker 1>doesn't have to end in tiers. Okay, Leverage isn't always bad,

0:02:27.280 --> 0:02:29.560
<v Speaker 1>but you know, we have a situation where people are

0:02:29.600 --> 0:02:33.400
<v Speaker 1>reaching for risk because you know there's full mill Yeah,

0:02:33.440 --> 0:02:36.400
<v Speaker 1>and you know that's that's where the pendulum is right now.

0:02:36.240 --> 0:02:39.760
<v Speaker 2>Tom, Mike Wilson there of Morgan Stanley. We drove forward

0:02:39.760 --> 0:02:43.560
<v Speaker 2>the conversation across the inflation report today. Billy was wonderful

0:02:44.080 --> 0:02:47.520
<v Speaker 2>with Milken Institute, Ira Jersey from Bloomberg Intelligence adding a

0:02:47.520 --> 0:02:50.400
<v Speaker 2>lot of value on an inflation report. I love what

0:02:50.520 --> 0:02:53.519
<v Speaker 2>Kathy Jones said out on Twitter with Schwab where she said,

0:02:53.560 --> 0:02:55.880
<v Speaker 2>you know this course service thing, guess what it's ticking up.

0:02:56.360 --> 0:02:57.959
<v Speaker 2>The fact is, who knows what the Fed's going to

0:02:58.000 --> 0:02:59.600
<v Speaker 2>do in March twenty, but the answers they're going to

0:02:59.680 --> 0:03:02.560
<v Speaker 2>do less, Maybe come out with some new guestamates. Michael

0:03:02.600 --> 0:03:05.600
<v Speaker 2>McKee's better at that than I am. On leverage and

0:03:05.639 --> 0:03:09.200
<v Speaker 2>on the exuberants out there, there's nothing more exuberant right

0:03:09.240 --> 0:03:12.800
<v Speaker 2>now than to dash on bitcoin from a lower price

0:03:13.880 --> 0:03:18.040
<v Speaker 2>up to seventy two thousand dollars today. Well Times is

0:03:18.080 --> 0:03:21.000
<v Speaker 2>a professor from NYU running aheade from Aysha Kiani she's

0:03:21.000 --> 0:03:25.200
<v Speaker 2>a big, big proponent of bitcoin, and she talked a

0:03:25.200 --> 0:03:29.560
<v Speaker 2>lot about the different tones of bitcoin that are out there.

0:03:29.600 --> 0:03:31.720
<v Speaker 2>Let's listen in to Professor Keani.

0:03:32.280 --> 0:03:36.200
<v Speaker 3>In my most humble opinion, the underlying is the technology

0:03:36.240 --> 0:03:39.240
<v Speaker 3>that it's built on, and that's something that I teach,

0:03:39.320 --> 0:03:41.880
<v Speaker 3>so I could spend an entire day on it. The

0:03:42.120 --> 0:03:47.120
<v Speaker 3>essence of blockchain obviously, you know Bloomberg data on how

0:03:47.480 --> 0:03:50.400
<v Speaker 3>you know someone like Bloomberg could use you know, blockchains.

0:03:50.760 --> 0:03:55.240
<v Speaker 3>That's the underlying asset. Obviously, if you would ask someone else,

0:03:55.320 --> 0:03:57.320
<v Speaker 3>it would say, you know, the essence of proof of work,

0:03:57.400 --> 0:03:59.920
<v Speaker 3>or how it's mine, or how it's in limited quality,

0:04:00.400 --> 0:04:03.000
<v Speaker 3>or how it's digital goal for my generation.

0:04:03.920 --> 0:04:07.280
<v Speaker 2>Let the debate begin. Oh, I can see the feedback

0:04:07.320 --> 0:04:10.520
<v Speaker 2>from this. The answer is, there are those that believe

0:04:11.000 --> 0:04:13.680
<v Speaker 2>in proof of work, there are those that believe in

0:04:13.760 --> 0:04:19.560
<v Speaker 2>a blockchain future for some form of bitcoin ethereum, whatever,

0:04:19.760 --> 0:04:21.480
<v Speaker 2>and there's a lot of other people just at New

0:04:21.560 --> 0:04:26.080
<v Speaker 2>York University Professor Keani talking about as she teaches bitcoin

0:04:26.120 --> 0:04:29.760
<v Speaker 2>a real substance. There where someone like Professor Emeritis Noria

0:04:29.880 --> 0:04:34.240
<v Speaker 2>Rabini sharply on the other side of the debate. What

0:04:34.360 --> 0:04:36.960
<v Speaker 2>I would say whether you're in bitcoin or not, whether

0:04:36.960 --> 0:04:40.440
<v Speaker 2>you're thinking about getting in or not, be informed at

0:04:40.560 --> 0:04:43.040
<v Speaker 2>least about the debate. Try to see where you fit

0:04:43.160 --> 0:04:47.920
<v Speaker 2>in to the debate on bitcoin. But the answer is

0:04:48.040 --> 0:04:50.440
<v Speaker 2>if you're not informed on this, you're gonna get run

0:04:50.480 --> 0:04:53.479
<v Speaker 2>over at some time. Of course, the big event coming

0:04:53.560 --> 0:04:56.320
<v Speaker 2>up is having We'll have to see how that goes.

0:04:56.360 --> 0:04:59.000
<v Speaker 2>It has to do with mining. I asked her about

0:04:59.480 --> 0:05:02.799
<v Speaker 2>like we're the mine, and that itself is a huge

0:05:02.800 --> 0:05:05.800
<v Speaker 2>debate coming out of China. China basically threw the bitcoin

0:05:05.880 --> 0:05:08.760
<v Speaker 2>miners out, I think as a general statement, and they're

0:05:08.800 --> 0:05:12.440
<v Speaker 2>spread around the world. This has been a lot of fun.

0:05:12.480 --> 0:05:15.960
<v Speaker 2>We're doing Single Best Idea here with Mike Wilson and Aishikiani.

0:05:16.760 --> 0:05:20.600
<v Speaker 2>We'll continue to do it. Single Best Idea is a podcast.

0:05:20.680 --> 0:05:23.960
<v Speaker 2>I think Apple podcast is the best place to get this,

0:05:24.000 --> 0:05:26.600
<v Speaker 2>particularly for those of you that are you know, listening

0:05:26.640 --> 0:05:30.000
<v Speaker 2>to five, six, eight, ten podcasts a day. We're trying

0:05:30.000 --> 0:05:34.359
<v Speaker 2>to keep this podcast week and short, really under six minutes.

0:05:34.400 --> 0:05:37.479
<v Speaker 2>It's just a touch of two guests today, we'll dive

0:05:37.520 --> 0:05:40.839
<v Speaker 2>into tomorrow. Damian Sasa are rumored to be with us again.

0:05:40.920 --> 0:05:43.600
<v Speaker 2>We're talking with his entourage right now see if we

0:05:43.600 --> 0:05:45.159
<v Speaker 2>can get him in early. Here. We do this on

0:05:45.240 --> 0:05:49.680
<v Speaker 2>Apple car Play and we do it on YouTube. YouTube,

0:05:49.720 --> 0:05:53.039
<v Speaker 2>you go into the box, you search Bloomberg podcasts, it's there,

0:05:53.040 --> 0:05:55.200
<v Speaker 2>a big white screen. It's that surveillance. And that's the

0:05:55.320 --> 0:05:58.880
<v Speaker 2>three hour broadcast they do. We do every morning across

0:05:58.960 --> 0:06:04.640
<v Speaker 2>America worldwide for global wastrible and for you lumbered surveillance

0:06:11.360 --> 0:06:11.680
<v Speaker 1>M hm