WEBVTT - Single Best Idea with Tom Keene: James Stavridis & Scott Clemons

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

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<v Speaker 2>Single best idea, I don't have a podcast. Thank you

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<v Speaker 2>for your attention. We can see it on Chartable. I

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<v Speaker 2>mean it's really I'm really gratified by your ability to

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<v Speaker 2>take six minutes of what we do usually two thoughts

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<v Speaker 2>from some of our guests. When we put it together,

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<v Speaker 2>we've got four or five six thoughts, have to figure

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<v Speaker 2>out which ones to play. It's usually it's pretty random,

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<v Speaker 2>and it's it's just around the good conversation. We have

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<v Speaker 2>an economics, finance, investment, and international relations. An intense conversation

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<v Speaker 2>today with James Strevetas he's a admiral of the United

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<v Speaker 2>States Navy. His Leader's Bookshelf is one of my top

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<v Speaker 2>top recommendations. It is an outstanding book to get you

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<v Speaker 2>in front of thirty, forty and fifty the other books

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<v Speaker 2>that are required reads, just as comments on Lee at

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<v Speaker 2>Gettysburg and that book are extraordinary. Can't say enough about

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<v Speaker 2>Leader's Bookshelf, and of course my Book of the Summer,

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<v Speaker 2>I believe last summer, that summer before twenty and thirty

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<v Speaker 2>four speaks to the projection of the United States and

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<v Speaker 2>Navy around the world and in the mood now, and

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<v Speaker 2>particularly in the mood in Milwaukee is isolationism. Admiral Stravetas

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<v Speaker 2>on America's new isolationism.

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<v Speaker 3>Let's look at history late twenties. We tried this. We

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<v Speaker 3>walked away from the League of Nations. We built enormous

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<v Speaker 3>tariff barriers, the hally smooth tariffs. We isolated from the world.

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<v Speaker 3>How did that work out? We cracked the global economy.

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<v Speaker 3>You can drop a plumb line to fascism. So history

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<v Speaker 3>is instructive.

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<v Speaker 2>Number two.

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<v Speaker 3>We're so globally interconnected economically that trying to simply walk

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<v Speaker 3>away from the world in a geopolitical sense will crack

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<v Speaker 3>those relationships and leave Russia free to operate and do

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<v Speaker 3>what it wants to quote somebody in Europe or China

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<v Speaker 3>to do the same in Asia. So the trade, the economics,

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<v Speaker 3>and third, and maybe most important, it's the values. If

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<v Speaker 3>we isolate ourselves, the jungle will grow back, and democracy, liberty, freedom,

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<v Speaker 3>all of the things we cherish will be at risk.

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<v Speaker 3>I think those are the three key arguments.

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<v Speaker 2>James Travitas and to get some fiction around this, nonfiction

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<v Speaker 2>two books two thousand and thirty four of my Book

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<v Speaker 2>of the Summer recently extremely good on China, on the

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<v Speaker 2>US and on India, and also a twenty year sequel

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<v Speaker 2>from two thousand and thirty four to two thousand and

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<v Speaker 2>fifty four that's just coming out recently. Stravitas and Ackerman

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<v Speaker 2>and the two of them together are just outside standing

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<v Speaker 2>perspective perhaps on where we are heading. A good conversation

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<v Speaker 2>with a gentleman from Brown Brothers Harreman, Scott Clemmens, besides

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<v Speaker 2>his incredible philanthropic work, particularly in literature at the University

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<v Speaker 2>of Virginia, really original work holds court at Brown Brothers

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<v Speaker 2>Harriman on the equity markets and of course around earning

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<v Speaker 2>season coming into late July, that is about technology. And

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<v Speaker 2>of course Johnson and Johnson today not doing all that well.

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<v Speaker 2>Don't know where the stock is, but you know it's

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<v Speaker 2>like a non tech company doing new and interesting things

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<v Speaker 2>to the other four hundred and eighty three SMP stocks.

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<v Speaker 2>Do they need to be more like in Vidia?

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<v Speaker 1>In video is great? Don't get me wrong. You don't

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<v Speaker 1>want to be like in Vidia. You want to benefit

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<v Speaker 1>from in video. So technology in a portfolio isn't necessarily

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<v Speaker 1>only technology company. This technology enabled companies, the companies that

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<v Speaker 1>benefit from that, I think are every bit is important

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<v Speaker 1>going forward as the companies that actually ate the benefit

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<v Speaker 1>that was the lesson of nineteen ninety nine in the

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<v Speaker 1>dot com boom. The companies that were the forefront of

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<v Speaker 1>that wound up being at the bleeding edge of that.

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<v Speaker 1>The companies that benefited from that to the own benefit

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<v Speaker 1>of their own profit margins and their own competitive positioning,

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<v Speaker 1>those are the ones that had stag power.

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<v Speaker 2>Scott Clements, Brown Brothers Harriman can't say enough back to

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<v Speaker 2>back Bloomberg BusinessWeek Wow. In addition with mister Arnauld of

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<v Speaker 2>LVMH and now an addition with the former President of

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<v Speaker 2>the United States Donald Trump, Bradstroone. Bradstone and his team

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<v Speaker 2>have pieced together a superb effort on the business, the economics.

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<v Speaker 2>The Joe Rome Powell of where President Trump is heading

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<v Speaker 2>if he's elected in November must reading from Bloomberg BusinessWeek

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<v Speaker 2>on Apple Podcasts. This is single best idea They remain

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<v Speaker 2>with the manage