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A single best idea, Well, the first idea is we survived the Taylor Swift drop. Thank you to Amy with Silverman for perspective. She's going with daughter, I think fourteen or sixteen kids tonight to some theater to see Taylor Wax philosophical about the new product. Lisa Mateos saying Taylor's clocking in with a net worth over two billion dollars right now. Good coverage of Thank for the comments pro and con to our coverage, and we'll get to Amy
with Silverman here in a moment. The single best idea is never has there been a single best idea like this for Jobs Day with a shutdown, we said, we're still going to talk to people smart. Claudia Sam joined us from New Century Advisors. Claudia Sam on a unique Jobs Day.
This is the time where we come to go every month and wait to find out the latest, the best reading that we have on what's happened in the labor market, and we don't have it today, Like we're not going to have that discussion. So that's to me, we're not flying blind. There's a lot of information about the economy that we're getting, you know, even as the federal government has shut down, but we're missing a really important piece
of information. So our vision is impaired. And what's really frustrating is the September employment report exists right like these numbers are sitting there. It's just because the workers who would normally put that up weren't deemed essential. The big thing that we don't have from the private sectors, we don't have a measure of slack in the labor market.
The unemployment rate is one of those you know, fits in that measure of like workers looking for work that don't have it versus workers who do have work.
Claudia Sam of New Centery Advisors, maybe in thirty thirty one we'll have a jobs report to talk to doctor some about. Amy Wo Silverman out of Princeton is absolutely brilliant at RBC Capital Markets. When she walks in her room on Wall Street, the quant stop, the normal people stop, the salespeople stop, and they just listen to Amy Wo
Silverman on the dynamics of the market. Yeah, we talked about Taylor Swift with her and made jokes, but what we really talked is about the unique derivative space the cross moments and quantitative finance. Here is Amy wo Silverman.
The big change to me post COVID is you can't rely on these traditional correlations, right, You can't rely on your heads just being a sixty to forty portfolio. I think MAG seven changed a lot of that. And then you look at the intercorrelation between MAG seven which has then relatively low, and people are scratching their heads and they say, how is it that you're all integrated into each other's supply chains that yet this correlation isn't that high.
And so I do think that's why you're seeing these different expressions of hedges Tom that weren't necessarily the case five years ago.
Emmy was Silverman, and she was brilliant on hedging. Hedging is where you own something and you're not confident about the direction. Say it's a stock and you want to go up, so you buy or acquire protection. You hedge your risks by doing some form of strategy where if you go down or you don't go up as much, you're still protected a little bit. And as Amy was, Silverman said, that's a fragile business. Right now, we're on podcasts on Apple and Spotify, on YouTube, podcasts, it's single best idea