Bloomberg Audio Studios, podcasts, radio news, single best idea and arguably the single busiest day of the year, the FED meeting. Ernie, It's Microsoft Meta, it's Facebook out later this afternoon. All that's going on with mister Trump active today, tweeting out including a twenty five percent plus an overlay tariff on top of that to India. I'm not sure if that's going to go through with that was the tweet, if you will, from Truth Social. Maybe it's called a truth
for the truth from Truth Social. As a president was very active this morning. We just tried to have good conversation on economics, finance, investment, and international relations. Abby Joseph Cohen with US now teaching at Columbia Business School. Abby Joseph Cohen, of course, with Golden Sachs. My first question a good topic of hers productivity, Abby Joseph Cohen, on the efficiency of America.
Long term economic growth and long term wealth creation. And I'm talking about national wealth, personal wealth rather than stock market erratic wealth is very much related to productivity. And I do think that some decisions that have been made and continue to be made right now will be damaging the nation's long term productivity growth. I'll give you a
few examples. First of all, even during prior administrations, we were seeing that our national investment in science and technology as a percentage of GDP had gone down, and it has gone down even further during the last few months. Cancelation just yesterday for example, or excuse me, postponement rather of all NIH grants announced yesterday is an indication of loss of productivity future productivity in the bio BioResearch area. We've also seen enormous cutbacks in grants from the National
Science Foundation, NASA and so on. And these are the things that really gave us a leg up in terms of our technology, especially with regard to things like computer science and a number of other categories that are going to be so critical for the future.
Abby Joseph Cohen. And then of course to the stock market. Everyone wants to know her belief in the bullmarket. I believe she's looking forward rather than backward here, Abby Joseph Cohen on this twenty twenty five bullmarket.
This is a legitimate bullmarket. The question is how much further can it go? The concentration that we've seen in a small number of extremely well performing shares and of course, the valuation valuations are just not all that appealing. If we look at the S and P five hundred overall, it is sort of a record deciles visa pe price to sales, price to book, and so on. Does it mean that there aren't some value opportunities, But I think
that investors really need to be very careful. And one of the things that I always go back to is that when the market is undervalued, when the market is too cheap and there are disappointments perhaps on economics or geopolitics, the market has shock absorbers. But when things are already priced for perfection, then you really need to be careful
because that's when the volatility picks up. And we have seen, for example, that when there are those periods in which it's not clear what economic policy will be or what's happening in the rest of the world, we do see that volatility picking up, and volatility works in both directs, not just up but also.
Dan Ammy, Joseph Cohen, Columbia University, our podcasts nationwide, indeed worldwide, on Apple, on Spotify, many other platforms as well, and on YouTube podcasts. This is the single best idea