WEBVTT - Single Best Idea with Tom Keene: Mona Mahajan & Ian Shepherdson

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>Single best ideas maybe to get out of the triple

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<v Speaker 2>everge all cash run and possibly participate in the equity market.

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<v Speaker 2>That was a great theme today for us, and it'll

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<v Speaker 2>be a theme. My own pet theory is June thirty, becons.

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<v Speaker 2>That's the end of the second quarter, that's the end

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<v Speaker 2>of the first half for so many and there's a

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<v Speaker 2>lot of people going, Okay, what do I own? What

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<v Speaker 2>do I want to see on paper? June thirty. There's

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<v Speaker 2>a little bit of what we call window dressing out there.

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<v Speaker 2>Mona Mahajan is at Edward Jones. They have a century

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<v Speaker 2>heritage across America of helping people get over the fear

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<v Speaker 2>of being in the market. Here is Mona Mahajan on

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<v Speaker 2>what she observes of this great bull market.

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<v Speaker 1>We recently read numbers that show the average SMP five

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<v Speaker 1>hundred bull market lasts about five point six years. You're

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<v Speaker 1>up about one hundred and ninety two percent in price appreciation.

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<v Speaker 1>And keep in mind, even if you take out the

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<v Speaker 1>last couple of really big ones, it's still four point

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<v Speaker 1>three years and one hundred and twenty five percent. Where

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<v Speaker 1>are we now? While we're about a year and a

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<v Speaker 1>half since the low's in October twenty twenty two, and

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<v Speaker 1>we're up about fifty percent. So could you argue that

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<v Speaker 1>there's still time on your side? Is there still price

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<v Speaker 1>appreciation ahead of us? History would certainly argue that, And

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<v Speaker 1>so if you haven't gotten in yet, don't fear that

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<v Speaker 1>you've missed the big run. History tells us that you

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<v Speaker 1>could have a couple more years to go. And certainly

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<v Speaker 1>the backdrop that we're seeing currently with not only know

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<v Speaker 1>the FED potentially cutting rate inflation bumpy path, but maybe

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<v Speaker 1>bumpy path lower. And we're also seeing, yes, perhaps a

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<v Speaker 1>cooling in the economy and the consumer, but certainly not

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<v Speaker 1>a recessionary environment. So good backdrop history is on our side.

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<v Speaker 2>Monemahajen toward Jones also with us today, Barry Ritholts, he's

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<v Speaker 2>been a little bit invisible because he's doing a new book,

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<v Speaker 2>which is always timely. His book Out of the Crisis

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<v Speaker 2>was really profound. Barry Redolts of course doing master's in business,

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<v Speaker 2>and he is really looking at this market concentration story.

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<v Speaker 2>He's stealing as much as he can from Sam Row.

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<v Speaker 2>Samro Has. I think it's called a sub steck. I'm

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<v Speaker 2>not even sure how he's doing it, but it's t

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<v Speaker 2>k the initials t k er t k er. Samro

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<v Speaker 2>really really suggests a very cost effective subscription to that

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<v Speaker 2>with a compendium of charts from Wall Street and Samro

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<v Speaker 2>I really had six strong charts this weekend, which mister

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<v Speaker 2>Ridholts brought up, suggesting here is how to find the

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<v Speaker 2>courage to be in the equity market. Of course we

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<v Speaker 2>don't give opinion on this, that's not our job, but

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<v Speaker 2>by holds Cell sam Row doing some great work, and

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<v Speaker 2>Barry Ridolts mentioning that thank you to Dana Tell for

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<v Speaker 2>being with us today as well. Definitive on American retail,

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<v Speaker 2>we spent a lot of time on luxury Lewis Viuton

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<v Speaker 2>lvm Ah, they're going to the Bulldoze. They're gorgeous skyscraper

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<v Speaker 2>at fifty seventh and Fifth Avenue. I guess they're literally

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<v Speaker 2>going to tear it down and build something new, and

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<v Speaker 2>Dana was talking about how that's fresh for a luxury.

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<v Speaker 2>Her single best buy for those looking for some way

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<v Speaker 2>to spend money today is TJX of Boston. Of course,

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<v Speaker 2>the discount merchandisers who do Dana says, such a good job.

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<v Speaker 2>Our job is to get outside London, get outside Wall Street,

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<v Speaker 2>get outside Hong Kong and Tokyo. You can do that.

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<v Speaker 2>With Ian Shepherdson, he's some Newcastle and it was absolutely

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<v Speaker 2>fascinating to talk to him about the British election, and

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<v Speaker 2>he was piercing on Brexit, really really profound on saying

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<v Speaker 2>Brexit's had a profound effect, a negative effect on his

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<v Speaker 2>United Kingdom. Ian Shepperton and the economics of the moment.

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<v Speaker 3>We've had such a long period where inflation was very

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<v Speaker 3>low and people got used to not thinking about the

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<v Speaker 3>price of things because they didn't change very much for

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<v Speaker 3>a decade. And so now this this price level shock,

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<v Speaker 3>I think has really come and disorientated people in a

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<v Speaker 3>way that will fade. I mean, prices went up a

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<v Speaker 3>lot in the nineteen seventies, but we got over it.

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<v Speaker 3>It just took a long time. It took a very

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<v Speaker 3>long time. I remember in the early nineties people telling

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<v Speaker 3>me that the inflation in the seventies and eighties still

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<v Speaker 3>wasn't probably beaten. You know, that was a long time

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<v Speaker 3>after the shock. So you know, I don't think that

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<v Speaker 3>Biden's going to be rescued by people just saying, okay,

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<v Speaker 3>you know inflation is dwan, we're not bothered about the

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<v Speaker 3>price level shock. I think that that's what I'll take

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<v Speaker 3>A long time.

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<v Speaker 2>Ian Shepperton of Pantheon, I can't say enough about his work,

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<v Speaker 2>very visible on LinkedIn as well, and I just think

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<v Speaker 2>he has a twisted in different view which frankly I

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<v Speaker 2>don't understand. Being from Newcastle. I'm told it's rough. It's

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<v Speaker 2>like sort of like Philadelphia, Phillies based. Well, it's a

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<v Speaker 2>different game and Newcastle. But Ian shepperd'son, they're very very good.

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<v Speaker 2>We will go into the rest of the week in

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<v Speaker 2>this bull market. Who knows. I'm assuming we close green

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<v Speaker 2>in the screen today, which maybe is a dangerous assumption,

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<v Speaker 2>but nevertheless, in this extraordinary market, will continue to give

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<v Speaker 2>you voices and coverage and just as importantly, not only

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<v Speaker 2>a given voice, but the nuances and the change in

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<v Speaker 2>their view programming note I learned today David Gura of

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<v Speaker 2>The Big Take will give us debate coverage from Atlanta.

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<v Speaker 2>Really looking forward to that. Out to June twenty seventh,

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<v Speaker 2>we're on Android playoffs. I was putting the time out here,

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<v Speaker 2>the Google time out here today because I'm not talking

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<v Speaker 2>about Android Play. Enough Android Play and an ample car

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