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

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Speaker 2: Single best idea, my theme into the end of the

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Speaker 2: year and probably dazzled into twenty twenty five. Is this

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Speaker 2: great bull market and make it. Not making an opinion

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Speaker 2: on buy Hoole sell, but I'm just saying we're observing,

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Speaker 2: whether you're in the game or not, this great bull market.

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Speaker 2: The booking team has been phenomenal a by getting in

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Speaker 2: a cross section of opinions, and today was glorious of

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Speaker 2: equity strategist Jason Trenner joins us from Strtigius Research and

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Speaker 2: Gino Martin Adams joined us on short notice with reaffirming

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Speaker 2: our earning's growth for next year. But you really get

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Speaker 2: some nuances when you listen to four five six frontline

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Speaker 2: equity strategists. I know from a couple of days ago,

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Speaker 2: Brian Belski of Demo Capital Market saying, look, everybody gets

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Speaker 2: it's a cyclical bull market, but he feels there's a

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Speaker 2: structural underpinning to it. Of course, he's been a bull

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Speaker 2: and on board. No one I know has been more

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Speaker 2: of a bull on board in Benjamin Ladler. He was

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Speaker 2: at HSBC and on Christmas Eve of two thousand, I

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Speaker 2: believe eighteen. He said you must climb on board this

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Speaker 2: cratered market. Nobody caught this great bull market like Ben

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Speaker 2: laydlor here, Ben Ladler of Bradesco BBI forward.

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Speaker 3: We need to treat it with some respect. Momentum is

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Speaker 3: the most powerful factor historically, you know, in markets. We've

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Speaker 3: seen this extension of this US economic and market exceptionalism.

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Speaker 3: We've seen wins appeared a very strong seasonality. So I

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Speaker 3: think we need to respect it. But again I wouldn't

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Speaker 3: and I wouldn't fear it because I do think it's

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Speaker 3: going to be fundamentally backed up by the earnings continuing

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Speaker 3: to come through and deliver. If that wasn't the case,

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Speaker 3: I'd be, you know, pretty worried. He because valuations are

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Speaker 3: you know, evaluations are high. We've repriced down to three

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Speaker 3: fat cuts. But I think, you know the fundamentals of

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Speaker 3: this full market, of the earnings are going to keep delivering.

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Speaker 2: Ben Laylor constructive and maybe very clear. The free cashlow

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Speaker 2: story for the Mags seven are tangible. Another equity voice,

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Speaker 2: Joiner is today Alisha Levine at B and Y. All

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Speaker 2: of these people are different and you get so you

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Speaker 2: learn their nuances, their academic pedigree where they've worked all

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Speaker 2: the different theories that are out there. No one has

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Speaker 2: a mathematical construct in the equity markets like Alisha Levine.

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Speaker 2: Maybe the only one in fixed income close is Jim

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Speaker 2: Caron over at Morgan Stanley with his physics background. Alisha

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Speaker 2: Levine at B and Y is bulletproof on the math

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Speaker 2: the Euclidean space, the three dimensional space of equity analysis.

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Speaker 4: Here she is the profit is better. Let's go back

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Speaker 4: to the late nineties. Starting in the late nineties, you

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Speaker 4: saw a steady increase in the operating margins of the SMP,

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Speaker 4: which created a higher multiple regime for the SMP. If

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Speaker 4: you just go back in time and you get your

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Speaker 4: average of sixteen times forward earnings, well, your margins were

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Speaker 4: also nine to ten percent. Now we're looking at thirteen

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Speaker 4: and a half percent for next year, and that's because

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Speaker 4: it's being driven by the cash flow of tech, and

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Speaker 4: so the companies are healthier. It's not just earnings, it's

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Speaker 4: free cash flow. Margins are better, it's keeping the multiples higher.

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Speaker 4: You've got a healthier market, and the pricing of tech

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Speaker 4: compared to the rest of the market on a relative

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Speaker 4: basis is actually lower than it was in twenty twenty one,

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Speaker 4: nineteen ninety nine, and other periods where there was a

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Speaker 4: tech boom or you know, a technology change where the

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Speaker 4: market got excited about a technology change. So it's relatively

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Speaker 4: less expensive given free cash flow, margins and earnings.

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Speaker 2: Alicia Levine of BNY We'll continue this trend into the

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Speaker 2: new year, looking at the equity markets, all different opinions,

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Speaker 2: quite frankly, a set of people rather cautious, not gloomy,

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Speaker 2: but just rather cautious in this great bull market. On

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Speaker 2: your morning commute on Apple car Play, got the numbers

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Speaker 2: yesterday for Apple car Play. Thank you so much for

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Speaker 2: your commitment to that new technology, Android Auto as well.

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Speaker 2: Good morning on Serious XM channel one twenty one and

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Speaker 2: on the corridor here on the East Coast from ninety

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Speaker 2: nine one FM in Washington up the ninety two nine

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Speaker 2: FM Boston is far north is Mount Catata and Millanocket.

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