WEBVTT - Single Best Idea with Tom Keene: George Bory & Ed Hirs

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. A single best idea,

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<v Speaker 1>My single best idea is Yesterday was nuts. Wednesday was

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<v Speaker 1>one of the oddest cacophony of news items ever. Like

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<v Speaker 1>usually there's like one big story or two big stories.

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<v Speaker 1>I think yesterday we were rocking five big stories at

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<v Speaker 1>once and other stuff coming in over the transom. So

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<v Speaker 1>today was not as nuts as Wednesday, but it was

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<v Speaker 1>almost as nuts. And my summary of this with you know,

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<v Speaker 1>with you know, our men and women in harm's ways.

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<v Speaker 1>I'm sorry, there's a war going on, and sometimes when

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<v Speaker 1>you're distant, comfy, cozy in Manhattan, you lose sight of

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<v Speaker 1>the fact there's a war going on. But it's really

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<v Speaker 1>really something out there. We have a team putting this together,

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<v Speaker 1>you know, Si in the contry, Ken Felly, our global director.

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<v Speaker 1>We have a whole bunch of people correlating in all

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<v Speaker 1>the different headlines that save Paul and I tick to tick.

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<v Speaker 1>We have Michael Barr writing right up to the moment

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<v Speaker 1>that he goes on here just as one idea. Today

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<v Speaker 1>was just an extraordinary set of conversations. George Boy is

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<v Speaker 1>an allspring. He is wonderful on the bond market and

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<v Speaker 1>where we are, George Boy of all Spring.

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<v Speaker 2>The long end of the bond market is what I

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<v Speaker 2>would call and we would call adult swim only. You

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<v Speaker 2>buy long laune very very specific reasons. That's for duration,

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<v Speaker 2>it's for cash flow management, and it's for the dynamic

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<v Speaker 2>investing that mostly institutional investors you need to do. Now,

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<v Speaker 2>there may be some portfolios where we need forty year

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<v Speaker 2>debt and METT is a pretty good credit, and you

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<v Speaker 2>know we might buy those bonds. It's rarely just a

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<v Speaker 2>relative value kind of does it go up does it

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<v Speaker 2>go down in price decision? That is really not the

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<v Speaker 2>main reason to buy forty year bonds in general. I

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<v Speaker 2>s we'll take a look at it.

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<v Speaker 1>George Boy of Allspring, what a privilege to have in

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<v Speaker 1>our studio today, ed hear. He is truly legendary at

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<v Speaker 1>the University of Houston, all sorts of great work at

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<v Speaker 1>Yale University years ago and really holding court. And what's

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<v Speaker 1>great about him is it's the combination of hydrocarbon excellence

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<v Speaker 1>over to the miracle that is electricity in the State

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<v Speaker 1>of Texas should I say the Nation of Texas, and

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<v Speaker 1>also over to their commanding lead in renewables from the

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<v Speaker 1>University of Houston, Edward.

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<v Speaker 3>Take a look at the ERCOT dot com website. This

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<v Speaker 3>is the Electric Reliability Council of Texas during the day

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<v Speaker 3>and you're going to see more than fifty percent of

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<v Speaker 3>the electricity being generated by solar and wind. Right batteries

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<v Speaker 3>have gone from essentially nothing three years ago to now

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<v Speaker 3>providing over eighteen gigawatts of short duration, you know, a

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<v Speaker 3>couple of hours, just enough to get us through the

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<v Speaker 3>transition periods in the morning and in the evenings. This

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<v Speaker 3>is fantastic growth. Is the grid perfectly safe from a

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<v Speaker 3>freeze like we had in twenty one? Not yet. There's

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<v Speaker 3>not enough dispatchable generation on the grid to cover the

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<v Speaker 3>demand in Texas.

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<v Speaker 1>You can't say enough about his work at the University

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<v Speaker 1>of Houston. Editors there and what apprivileged to have him

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<v Speaker 1>in the studio today on podcasts, on Spotify, on Apple,

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<v Speaker 1>on YouTube podcasts. It's single best idea.