WEBVTT - Single Best Idea with Tom Keene: Kevin Gordon & John Stoltzfus

0:00:02.520 --> 0:00:11.600
<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News.

0:00:14.080 --> 0:00:16.439
<v Speaker 2>A single best idea is that it has been five

0:00:16.520 --> 0:00:21.239
<v Speaker 2>days of an extraordinary week with endless conversations. Instead of

0:00:21.280 --> 0:00:25.400
<v Speaker 2>a single best idea, there's just uncountable ideas within the

0:00:25.520 --> 0:00:28.280
<v Speaker 2>jumble that we're living. Elena Papena was just off the

0:00:28.320 --> 0:00:31.760
<v Speaker 2>equity desk here at Bloomberg News. It made very clear

0:00:31.880 --> 0:00:35.800
<v Speaker 2>the jumble of themes and all everybody's struggling on a

0:00:35.840 --> 0:00:40.199
<v Speaker 2>Friday to write into the weekend to publish for Monday

0:00:40.240 --> 0:00:45.080
<v Speaker 2>morning Japan and Pacific rim time. It's not that I've

0:00:45.120 --> 0:00:47.479
<v Speaker 2>never seen it like this before. There's just a certain

0:00:47.600 --> 0:00:50.440
<v Speaker 2>character because of the war, how we're all hung on

0:00:50.520 --> 0:00:54.520
<v Speaker 2>each and every headline as well. Kevin Gordon was with

0:00:54.600 --> 0:00:57.680
<v Speaker 2>us with Charles Schwab, just back from San Francisco. Kevin

0:00:57.720 --> 0:01:02.760
<v Speaker 2>Gordon partitioning between the consumer and technology.

0:01:02.240 --> 0:01:04.480
<v Speaker 1>For now, it is the difference I think in the

0:01:04.520 --> 0:01:08.399
<v Speaker 1>consumer versus the rest of you know, tech communication services.

0:01:08.400 --> 0:01:11.440
<v Speaker 1>You can actually take that split. You know, consumer discretionary

0:01:11.440 --> 0:01:13.560
<v Speaker 1>tends to get lumped in with tech and comm services

0:01:13.600 --> 0:01:15.839
<v Speaker 1>because it has two of the two of the Mac seven.

0:01:15.920 --> 0:01:17.840
<v Speaker 1>But I think if you excluded those and you look

0:01:17.840 --> 0:01:20.440
<v Speaker 1>at the broader consumer sector. You know, discretionary has been

0:01:20.520 --> 0:01:23.160
<v Speaker 1>unchanged for the past year and a half versus you know,

0:01:23.200 --> 0:01:25.960
<v Speaker 1>tech and com services doing much better. So I think

0:01:25.959 --> 0:01:27.960
<v Speaker 1>that that's kind of been more of the nature of

0:01:28.000 --> 0:01:30.920
<v Speaker 1>the k especially now, you know, assuming we get a

0:01:30.959 --> 0:01:34.800
<v Speaker 1>relatively hot CPI next week for April, you're probably going

0:01:34.840 --> 0:01:37.600
<v Speaker 1>to have another month where inflation adjusted wage growth was

0:01:37.760 --> 0:01:40.240
<v Speaker 1>either zero or negative slightly. So I think it does

0:01:40.280 --> 0:01:43.840
<v Speaker 1>make sense, given where we're at with both labor and inflation,

0:01:43.959 --> 0:01:46.399
<v Speaker 1>why the consumer part of the market just hasn't participated

0:01:46.440 --> 0:01:46.839
<v Speaker 1>as much.

0:01:46.959 --> 0:01:50.160
<v Speaker 2>Kevin Gordon of Charles Schwaz John Stulfice with us he

0:01:50.200 --> 0:01:53.120
<v Speaker 2>has been able, he has been right, right, right, even

0:01:53.200 --> 0:01:56.240
<v Speaker 2>so thick, and then he levels out with an SPX

0:01:56.320 --> 0:02:00.960
<v Speaker 2>up well over eight thousand that interpolates to AW of

0:02:01.080 --> 0:02:04.040
<v Speaker 2>sixty thousand. John stolf Is of OpCo.

0:02:04.440 --> 0:02:08.160
<v Speaker 3>Primarily is I think it's the market looking at prospects

0:02:08.560 --> 0:02:11.800
<v Speaker 3>of what innovation will do likely as we move forward.

0:02:11.880 --> 0:02:17.400
<v Speaker 3>We've already seen in the last few weeks a disembowelment

0:02:17.560 --> 0:02:20.679
<v Speaker 3>of the thought that you know, you had to get

0:02:20.720 --> 0:02:25.079
<v Speaker 3>immediate profits in terms of investment in AI. There seems

0:02:25.080 --> 0:02:27.600
<v Speaker 3>even more reality. It takes time to see profits, but

0:02:27.680 --> 0:02:32.760
<v Speaker 3>also the usage is going up significantly, both by consumers

0:02:32.760 --> 0:02:36.480
<v Speaker 3>as well as businesses. I know, as a baby Boomer,

0:02:36.520 --> 0:02:40.360
<v Speaker 3>I'm using it personally and I'm using it for business too.

0:02:40.840 --> 0:02:43.560
<v Speaker 3>AI is part of my life now and I love

0:02:43.639 --> 0:02:49.800
<v Speaker 3>the ask B. I think, is it B ask you.

0:02:49.720 --> 0:02:52.240
<v Speaker 2>Can come back? John stolf As he can come back.

0:02:52.360 --> 0:02:56.880
<v Speaker 2>Ask B is a really serious effort by Bloomberg to

0:02:57.000 --> 0:03:01.960
<v Speaker 2>take all of the advantages and the of decades and

0:03:02.040 --> 0:03:04.400
<v Speaker 2>decades and decades. I mean you look at the Dow

0:03:04.480 --> 0:03:07.800
<v Speaker 2>Jones Industrial average back to World War One, to take

0:03:08.000 --> 0:03:11.560
<v Speaker 2>just the synthesis of the Bloomberg terminal and bring it

0:03:11.600 --> 0:03:16.040
<v Speaker 2>to our terminal users in an AI centric way. Tom Secunda,

0:03:16.080 --> 0:03:18.560
<v Speaker 2>of course, one of our founders leading on this. Let's

0:03:18.639 --> 0:03:22.520
<v Speaker 2>ask B go out at the terminal on podcasts where

0:03:22.520 --> 0:03:26.400
<v Speaker 2>at Spotify, we're at Apple on YouTube podcasts. It's single

0:03:26.480 --> 0:03:32.560
<v Speaker 2>best idea.