Speaker 1: Bloomberg Audio Studios, podcasts, radio News.
Speaker 2: Single Best Idea. Thank you for the feedback. We're just
Speaker 2: rolling this out. As they say, it's a work in progress.
Speaker 2: Actually every show we do is at work in progress
Speaker 2: and pro tip on how we put this together, which
Speaker 2: is a great, great team of their bookers, but there
Speaker 2: are also people that really try to keep in touch
Speaker 2: with the people that we talked to, how they fit
Speaker 2: in and what they've been doing over the last three months,
Speaker 2: six months, one year. And our two guests today on
Speaker 2: Single Best Idea are the kind of thing where you
Speaker 2: look back and say how they do. We're gonna talk
Speaker 2: about bitcoin in a minute with Professor Keani from NYU
Speaker 2: Aisha Kiani running a hedge fund as well. But first
Speaker 2: someone we can look back on, which is Michael Wilson.
Speaker 2: Michael Wilson is with Equity Strategy Morgan Stanley and of
Speaker 2: course was really noted over the last eighteen months. Is
Speaker 2: someone very cautious about the lift in the markets and
Speaker 2: the outline today in our extended conversation, he said, you know,
Speaker 2: well we got sort of the first lift, which I
Speaker 2: attribute to Edyardnny and Ralphi Knpora and Mike Wilson participated
Speaker 2: in the two octobers ago lift, but maybe he didn't
Speaker 2: really see coming the shock of the bullmarket coming out
Speaker 2: of October of twenty twenty three. That lift in the markets,
Speaker 2: which you continue to see Oracle today up big, big, big,
Speaker 2: and you know the rest of the exuberance that's out
Speaker 2: there has led to new leverage where you know, we
Speaker 2: make a joke about triple leveraged all cash fund, Well
Speaker 2: it's a triple leverage this fund. The four Bowl leverage.
Speaker 2: I haven't seen, Bobby, have you seen five x's xx
Speaker 2: xxx leverage? I haven't seen that yet, either is Mike Wilson.
Speaker 2: But here is Mike Wilson on our new desire, our
Speaker 2: demand for leverage.
Speaker 1: You know, obviously last fall we had a lot of
Speaker 1: fear priced in, and now we have a lot of
Speaker 1: greed priced then. So we are seeing speculative activity pick
Speaker 1: up in a meaningful way. I would say the daily
Speaker 1: expiration options market is probably your single best example of that.
Speaker 1: We have a lot of people sort of you know
Speaker 1: in the stock market is like prop bets almost like
Speaker 1: draft gings and things like that. That to me is
Speaker 1: you know, signs that exuberances is pretty high. Now that
Speaker 1: doesn't have to end in tiers. Okay, Leverage isn't always bad,
Speaker 1: but you know, we have a situation where people are
Speaker 1: reaching for risk because you know there's full mill Yeah,
Speaker 1: and you know that's that's where the pendulum is right now.
Speaker 2: Tom, Mike Wilson there of Morgan Stanley. We drove forward
Speaker 2: the conversation across the inflation report today. Billy was wonderful
Speaker 2: with Milken Institute, Ira Jersey from Bloomberg Intelligence adding a
Speaker 2: lot of value on an inflation report. I love what
Speaker 2: Kathy Jones said out on Twitter with Schwab where she said,
Speaker 2: you know this course service thing, guess what it's ticking up.
Speaker 2: The fact is, who knows what the Fed's going to
Speaker 2: do in March twenty, but the answers they're going to
Speaker 2: do less, Maybe come out with some new guestamates. Michael
Speaker 2: McKee's better at that than I am. On leverage and
Speaker 2: on the exuberants out there, there's nothing more exuberant right
Speaker 2: now than to dash on bitcoin from a lower price
Speaker 2: up to seventy two thousand dollars today. Well Times is
Speaker 2: a professor from NYU running aheade from Aysha Kiani she's
Speaker 2: a big, big proponent of bitcoin, and she talked a
Speaker 2: lot about the different tones of bitcoin that are out there.
Speaker 2: Let's listen in to Professor Keani.
Speaker 3: In my most humble opinion, the underlying is the technology
Speaker 3: that it's built on, and that's something that I teach,
Speaker 3: so I could spend an entire day on it. The
Speaker 3: essence of blockchain obviously, you know Bloomberg data on how
Speaker 3: you know someone like Bloomberg could use you know, blockchains.
Speaker 3: That's the underlying asset. Obviously, if you would ask someone else,
Speaker 3: it would say, you know, the essence of proof of work,
Speaker 3: or how it's mine, or how it's in limited quality,
Speaker 3: or how it's digital goal for my generation.
Speaker 2: Let the debate begin. Oh, I can see the feedback
Speaker 2: from this. The answer is, there are those that believe
Speaker 2: in proof of work, there are those that believe in
Speaker 2: a blockchain future for some form of bitcoin ethereum, whatever,
Speaker 2: and there's a lot of other people just at New
Speaker 2: York University Professor Keani talking about as she teaches bitcoin
Speaker 2: a real substance. There where someone like Professor Emeritis Noria
Speaker 2: Rabini sharply on the other side of the debate. What
Speaker 2: I would say whether you're in bitcoin or not, whether
Speaker 2: you're thinking about getting in or not, be informed at
Speaker 2: least about the debate. Try to see where you fit
Speaker 2: in to the debate on bitcoin. But the answer is
Speaker 2: if you're not informed on this, you're gonna get run
Speaker 2: over at some time. Of course, the big event coming
Speaker 2: up is having We'll have to see how that goes.
Speaker 2: It has to do with mining. I asked her about
Speaker 2: like we're the mine, and that itself is a huge
Speaker 2: debate coming out of China. China basically threw the bitcoin
Speaker 2: miners out, I think as a general statement, and they're
Speaker 2: spread around the world. This has been a lot of fun.
Speaker 2: We're doing Single Best Idea here with Mike Wilson and Aishikiani.
Speaker 2: We'll continue to do it. Single Best Idea is a podcast.
Speaker 2: I think Apple podcast is the best place to get this,
Speaker 2: particularly for those of you that are you know, listening
Speaker 2: to five, six, eight, ten podcasts a day. We're trying
Speaker 2: to keep this podcast week and short, really under six minutes.
Speaker 2: It's just a touch of two guests today, we'll dive
Speaker 2: into tomorrow. Damian Sasa are rumored to be with us again.
Speaker 2: We're talking with his entourage right now see if we
Speaker 2: can get him in early. Here. We do this on
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