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The single best idea. We'll be quick about it today, right in the heart of economic data. Retail sales today really saggy, substantial bond market move follows into the morning. We'll see how they end up the day before that jobs report tomorrow, and then right onto a CPI report, the key inflation report on Friday. Where are we going to be Friday at nine am? I have no idea. We talked to David Balen exquisited City Group and now at CIO Group. David Balen was absolutely brilliant on the
hidden fees of asset management. Here on the basis points charged.
The street does not tell the client both the performance of the underlying individual managers in their account and the total feelo that they're paying on any of the statements that they're getting. And the families do not aggregate their accounts across multiple advisors to actually see how they're doing. Those two things are remarkable in this today and age, given the technology that we have available, and if a family does that, the oh my of it is extraordinary.
This is a fee that's the equivalent of nine or ten percent of what they earn in an average gear. That's what they're paying in total fees, and it is shocking to me that that is the state of the industry.
Add to that the fact that most clients are getting a model, and the model that they're getting and managing their assets is backward looking in a world which you guys describe every day as extraordinary and different than it was yesterday in terms of what government policies are, etc. And so to me, without a forward looking asset allocation and without real data, a lot of them are just flying blind.
That's David Balen of CIO Group. We talked to Ian Bremer of Eurasia Group, really good conversation about as Our besides the doom loop, and of course doctor Bremer with a book hugely anticipated Ian Bremer, when you look at all into the continent of Europe, to Brussels, to NATO and mister Ruda.
They know as Mark Ruta, the Secretary General of NATO said in the last few days, how essential the Americans still are for the foreseeable future, where when you think of the global economy, there are options. I mean, even Canada, which is so incredibly dependent on the United States, has the ability to diversify more effectively with the Europeans, with
the Chinese, with others, and that's particularly to India. For example, the United States pushes India hard despite the relationship that Trump and Mody have, and Modi takes his time in doing a deal with the Americans and instead steps up a relations with the EU and with the Australians and stabilizes with China and the rest. So that effort that we are seeing to hedge is mostly happening in diversifying away from US trade.
That's Ian Bremer of Eurasia Group. On podcasts, We're out at Apple, out of Spotify, bang up earnings from Spotify today and at YouTube podcasts. It's single best idea.