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Best idea, and thank you so much for our Thanksgiving, which is an incredible year for what we're doing in the digital space, not only with this little thing yette, but all of Bloomberg podcasts, what Joe Wisenthal and Tracy Laway are doing. Go out to YouTube, subscribe to Bloomberg podcast. It's a compendium of what we're doing. In live. We try to do it every morning. Today Live, we did it with Andrew Slimon. He's wonderful out of Chicago with
Morgan Stanley, writes a brilliant note. Get that note through Morgan Stanley, and here's my Thanksgiving gift to you. Bottle this answer. Andrew Slimmon on the markets.
If I go with my Bloomberg terminal and I look at what has worked from a style standpoint the last ten years, value, you know, dividends, what's worked according to you're bloom work, it is momentum number one and revisions number two. Long down the list is things like dividends, quality, value, growth. It is momentum and revisions. And the reality of the market is that earnings i e. Revisions are very strong
right now because the economy. For all the talk, earnings have come in better than what really Wall Street thought, certainly since April, but even since the beginning of the year.
Slim In physics from the gentleman from Princeton. Let me walk through why what he said is so important in the Newtonian model of this, which is based around the calculus. And take physics where you're like on the road standing still, and then you have velocity. You put your foot in the pedal and then you press down or pit the brake. That's acceleration. The acceleration that's a second derivative. So you have an earnings belief out there, and then you have revisions,
which is the change of the belief. And what he's saying is what's moving the market. And I think of Gena Martin Adams now on Margins on this as well. What's so so important here is this quarter after quarter after quarter of constructive revisions, the second derivative of the earnings belief, the profit belief in corporations doing better than good again Andrew Slimming here on the view forward.
My argument, Tom is the stock market is following a classic behavioral path, which is unfortunately you know that The only consistency of this business, and you know this bomb as well as I do, is people SELLO and they buy high. It's the only all market I know were when prices go down, people want to sell wells.
Just described by the investment strategy.
Well, it's triple triple log cast whatever you're have. But look in twenty twenty three, we had just come off a twenty five percent declining. It was a wonderful opportunity buy stocks. But the reason why we had twenty five percent, the client was had was raising rates. So suddenly now short term rates look attractive.
Andrew slam in there and just a little vignette what a privilege I had in my ute. A gentleman named John Galbray's up in Toronto with Templeton Global Investors. Said please come up and meet John Templeton and John Templeton. When I could shave maybe twice a week, I'm lying once a week. Said just what you heard there from the Great Andrew Slimmon of Morgan Stanley. What do we do? We sell at the bottom, then we buy at the top. We're in a podcasts Apple and Spotify or and YouTube podcasts.
It's single best idea