Bloomberg Audio Studios, Podcasts, radio News, Single Best Idea. Thank you for the response. Really humbled. It's it's just amazing. I thought it would take months and months and months to chart, and we actually are charting within the podcast world. And I really don't understand the new podcast world. You know, Joe Rogan is no threat for me. I'm just not going to do it. Joe Rogan on you. But the I was humbled by the charting that we see. We're
under business and business news at Apple Podcast. We're working our way forward. Where'd you get Eric? Where'd you get the photo of me on the chick lit? Was that the police lineup in nineteen seventy three? Something like that. Anyways, we're having fun with Single Best Idea.
What is it?
It's two ideas from a three hour show. I do some chit chat on it. It's six or seven minutes to add to your busy Apple podcast day. Charlie Klow is a legend. We'll talk about that in a moment, but we had another legend in today. Chris Whalen. I'm going to say a decade ago, twelve years ago, wrote a single volume called Inflated, and it was a curative Force Financial history of the United States of America. He's in heavy rewrite on it right now. This fall we
will see a new inflated from Chris Whalen. It'll be immediate required read by Global at Wall Street. And he's been on fire, you know him out on Twitter with all he's doing, and he's been absolute on fire on banking safety, on commercial real estate in the rest. Here is Christopher Whalen of Whalen Global. Here he is. And you gotta buy the biggest best stocks.
The way I look at banks. You know, we published some bank indices earlier this year and we weighted quality versus size. Now you can't ignore size. But my attitude is if you want to be safe with banks, you want to own the top twenty five out of the top one hundred. So that's a pretty harsh cut. But whether you care about income or alpha, you want to know where the good ones are. And so for example,
we just wrote a piece about Banko's George Gleeson. Well, George is a little bank, but he produces a lot of construction and development loans. People make the mistake of thinking he's in commercial real estate lending. He's not. He lends in the beginning of the life cycle of the asset. Then he gets out very smart.
Chris Waylan there Damien Sas are helping out here on a Friday. We try to get Katie greifeld in, but she was it was something at the horse, you know, I don't know the horse or whatever. And Paul Sweeney's got the Gulf Stream. So we had Damiens Sasa and of course the markets are really on the move. We
had a huge jump condition on the geopolitics. Brent Crude out the ninety two A print of ninety two Dxyzer one oh six show Stronger resilient US dollars, something that mister Whalan spoke about, and it synthesizes what invented or how we invented Bloomberg surveillance. So how do we do that? We did it off the legends. Trust me, folks, you
know I was borrowing stealing from everybody every day. Ed Hyman at c J Lawrence, Eddie Yar, Denny as well at CJ Lawrence, a guy named Farrell at Mary Lynch with a young Turk, David Rosenberg and Richard Bernstein at Merrill Lynch. So you say, well, that's all great, but where was this invented? Charles Klow is giant, and right now it's like we really want to hear from Charlie Klow. He wants to be in the market, he wants to
participate with a new productivity of the American experiment. But more than anything, it's Charlie Klow saying, try to remove yourself from the strategy babble and get back to first principles. Here's Charles Clow on productivity.
I think there's two things that really prop up equities as we look through the rest of the decade, and of course I'm looking beyond this. One is productivity. Productivity is clearly driving profits and disinflation, which has been going
on for forty years. It was interrupted a bit by the COVID response and the liquidity that was thrown into the economy from that standpoint, but I think when you look at how things looked longer term, remember interest rates and inflation came down for forty years and then of course COVID interrupted. So the question is what were the reasons they came down and are those reasons still good?
And I think the reasons are largely demographics. What balance chefs look like in the private sector, which are still pretty large and heavily liability oriented, and thirdly productivity those are still there, so we think that disinflation and interest rates continues.
Charles Klow Forever of Boston and Colonial g Charles Klow always with Meryll Lynch. I want to point out two different kinds of interview contrasts on Bloomberg surveillance this week. The first one is at Gina Martin Adams of Bloomberg Intelligence. She was on fire yesterday using fundamental and technical analysis to say she's really not sure about the banks. And we saw JP Morgan trade off here over two standard
deviations this morning. And at the same time you've got someone like Chris Whalen saying we're really not sure about the banks, coming from a totally different world. And I think this is really important to listen to different kinds of guests and whether they come to the same conclusion.
And the other way to look at this, as we saw yesterday on single best idea, is Dennis Gartman and Ian Lingen coming to a completely opposite conclusion of where the ten year yield will go and what rates will do, and of course what the thirty year mortgage will do. Gartman's looking for some persistency of higher rates if in need a breakthroughout to some new regime of higher rates, and Ian Lingoln's got the call of the year if it happens out. He looks for the ten year yield
to drive under four percent. It's been a wonderful week thanks to the surveillance team, and all I can say is single best idea look for us on Apple car play on YouTube under Bloomberg Podcasts, and single best idea always on Apple Podcasts.