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Single best idea. It has been an extraordinary twenty four hours, and dare I say the effort since I believe it was Saturday at five pm six pm Eastern time, has been just extraordinary of staying with the markets, staying with what we do, and also this arch political moment for the nation, and today was no exception, just wonderful conversations here.
I really would emphasize our conversation with David Gerrow, the host of The Big Take, and his perception of the Midwest theology that Donald Trump and Senator Vance are trying to capture in Milwaukee. That was really a high point
for us today. There are friends of surveillance that you lose touch with over the years and then they come back in our studios today from Zurich via Munich was Andreas Uderman, who was profound at Mercury Asset Management years ago and then at Alians in Munich and not a vulnerable in Zurich in asset management. We had a piercing conversation on the future of active management mutual funds in ETFs. He's migrated to Switzerland. We got an update. Here's Andreas Uderman on the state.
Of Switzerland economy is doing really well. I think part of the reason is that the level of trust by corporations that operate in Switzerland in terms of the institutional stability of the country is very, very high. Foreign direct investment into Switzerland knows that as well. It's one of the few countries in the world it was really stable from an institutional framework perspective. Interestingly, and that's really to
the great credit of many Swiss corporations. The strength of the Swiss frank, which is multi day long and continues, is being absorbed by increasing productivity in many stress corporations, and that means that they can continue to exports efficiently.
Andrea Suderman Avantevelle of Zurich, Switzerland. Chris Whalen dark in the door today. He's been at work on an update of his magisterial book, Inflated. I can't say enough about not three hundred the four hundred, four hundred and fifty pages of Chris Whalen's Inflated. It is a waltz through American finance from the beginning through the nineteenth century into
the twentieth century. It ought to be a required read for every finance brat freshman in every college, and he's doing a redo of it off of rather what he did fifteen years ago. It's great to talk to him about the analog back to the pandemic of nineteen nineteen in the roaring twenties. He does agree this is a
roaring twenties that we're living right now. Near the end of our conversation, I looked at the big banks, four big banks in Golden Sachs and Morgan Stanley, and I said, with their City Group.
Well, they're a top five money center bank because of the payments platform. But you're right, they have pulled back. There was a time when City was the biggest derivative shop in the industry. You know who it is now, Morgan Stanley, Morgan Stanley and Goldman.
Now where do you perceive City Group in five.
Years merged with somebody else, maybe with a big asset management business, maybe Schwab. But that's what they're missing right now. They sold out the Morgan Stanley with the Smith's Barney transaction. They don't have the asset manager to make them look like everybody else, and they're still you know, Jane Frasier's an enormous work there in terms of getting their expenses in line, but she still has to cut five points out of their efficiency ratio before she could even talk
about Jamie Donoman. You know that's the high bar he is set ten seconds.
Who would buy them? Who's lined up to be the one to Folden's group in their international I.
Keep saying they should merge with Goldman, Let the City Bank run credit, Let the Goldman boys run deals, because Goldman cannot run credit. To save their lives. They're getting a kicking every quarter in credit.
Chris Whyland just definitive, and again his note that he does is really a required read on Wall Street. We have much more coming up from Milwaukee. Joe Matthew and Kayley Lines leading our coverage here of the Republican National Convention for Bloomberg's surveillance. It's simple, We're out on YouTube. Go to Bloomberg Podcasts search for that. Subscribe to Bloomberg Podcasts for all of our different radio product including what Joe, Matthew and Kayley Are you doing on Apple car Play
and Android Auto as well? And this on Apple Podcasts. Single Best Idea