Bloomberg Audio Studios, Podcasts, radio news. On the latest edition of the Bloomberg Surveillance podcast, Tina Fordham Fordham Global Insight, single best idea on a Wednesday, a quiet summer Wednesday. I looked at the news, I'll say, at one am, and then you know, you try to wake up from the surveillance night sleep, and the news flow was absolutely extraordinary and it's really where our many news bureaus payoff.
Ethan Browner let us off today from Tel Aviv was just absolutely fabulous on what we saw in Beirut and in Tehran and many many other stories, including the FED coverage today to go to. But all of it was simply about a continued equity. Let I have no idea where that's going. Buller beear Gina Martin Adams showed up. She has been absolutely brilliant about a revenue slowdown, in
organic sales growth slow down. Not too optimistic it's coming back, but huge margin strength seen by numerous corporations, and of course we've seen that with Microsoft yesterday even though it's off, and with Google. And we'll see what Meta and the rest do here in the coming hours. Ben Snyder holds Court at Golden Sachs with David Costin. We asked him about the persistency of the moats around AI.
It's important to remember before anyone was focused on the AI investment boom of the last year and a half or two years, these stocks have outperformed for most of the last decade. And they've done so because they have
great business models. They have motes, they have above average revenue growth, and they have profit margins that are two or three times those of the rest of the S and P five hundred, So that means a lot of cash flow generation and they've successfully re invested that cash flow to fuel successive growth.
Ben Snyder had a seventy two page deck. Again, we protect the copyright of all of our guests. Please go to Golden Sachs to get the great work that they're doing there on the equity markets. Great. At the end of it, the Lincoln Costin's work with Ben Snyder and of course with Abby Joseph Cohene who was recently with us now at Columbia Business School. What else do we do on single best idea today? We had like fourteen options.
I'm kidding, maybe it's only nine options, but the answer is we had to address our international relations and some would say are fractured and certainly dynamic international relations. Paul Senior was great. We were through all the different plots that you can talk about, all the news and the zeitgeist, and Paul Sweeny just said, simply to Tina Fordham, what about Ukraine. Here's Tina Fordham Fordham Global insight on Ukraine into August of twenty twenty.
Four in zone summer. I think yesterday Russia launched its sort of biggest drone attack on Ukraine for some months. It's also the height of the summer fighting season, and I'm arguing that the period between now and November and maybe until Inauguration Day in January next year is going to see an uptick in geopolitical risk. And that matters for your listeners because they're all watching the FED. Conflicts are inflationary and this is the time to you know, to go for it.
And to that point, and I'll go back to I think it was February twenty four, two years ago. Our first interview on Ukraine was Davidlanda at Deutsche Bank and the first thing out of doctor focarts Lando's mouth was there will be a fiscal oomph, that the austerity of Europe will end and there will be the spending that Tina Fordham talks about there too years over two years on as well. I want to talk about one concept here, on single best idea that's important, and it's sort of
an ugly chart. Like if I say the yield, the yield on the nominal visible tenuere yield, or even if you adjust for inflation and you call it the real yield, they're not really elegant, well contained charts. The real yield is more elegant than the nominal yield. So if I say the yield's in a range which I think we all understand, and if the yield comes down to the support of that range, will it break through? Something changed
today into this FED meeting. I have no idea what's going to happen at the press conference, but a questionnaire into August is do we finally see the yield on the nominal ten year or the inflation adjusted ten year break down into new disinflationtionary territory and that ambiguity over why that's occurring, including slower US or global economic growth, and of course that gets back to China. Just some of the mysteries into August of two thousand and twenty four.
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