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The single best idea and under crisis and with market. It's an extraordinary day for the show. Not even mentioned here, private credit is really starting to percolate. If there was not a war, the top shelf idea for Global Wall Street right now would be the rolling debacle that we see in private credit. We had wonderful help on this today, including from Charles Canter, Newburger Berman. What an honor to have Edward Morse in with us today. He is the
dean of oil analysis. As he said in the interview, he read the original manuscript of Daniel Jurgen's The Prize, which was the required read a lifetime ago. I read it cover to cover. Edward Morse at heartree properties. First of all, on the moment at hand.
Look at what's happening. They're putting maybe four million barrels a day into the market for a limited number of days, and the world is already seeing two things happening. One is that the upwards of sixteen eighteen million barrels a day that was coming through the Strait of Hormuz is now down to ten, so we're not replacing. And the longer the time waits the less important that little drop in the bucket made.
Edward Morris of Heartreet Partners. We continued, of course, with the incredibly important question is mentioned by the Iotola today. The closure of the Straits of Hormuz.
By permanent I meant something going forward. Where we already know that the Iranians have restricted lanes of the Gulf were transit. They're allowing a number of sanctioned vessels to go through. They've increased their own exports. But given the number of weapons they have on the coast, given the nature of those weapons to intrude and interrupt transit through the strait, this is a long term threat.
Edward Morris of Heartree Partners. What an honor to have him in today. I should mention Geita Gopineth with us too from Harvard University, talking to her about foreign exchange and the idea of this resilient and ever stronger dollar. Even during the show we got back to one hundred
dollars a barrel on Brent crude. There's every once in a while where let's slips is the professionalism of the pros that we talked to, They try to bring it down into sensible terms, less math, clearer language, away from all the jargon. Audrey Child Friedman, our expert on foreign exchange, couldn't help herself today the relationships of the currencies of Norway and Sweden. Audrey Child Friedman.
I see where you come from, Tom, and if you still worried about the current context, And what I'm thinking is that, okay, fine, don't don't think about it in dollar knocki terms. Think about it in euronocky perish or knocki stocky bullish terms, because the avenue there right now is a lot clearer. The problem with dollar stocky going lower is that if you are worried that, you know, the risk environment gets a lot worse from here, and we see a sharp equity market sell off, then dollar
stocky will go higher. So there's potential pain trade here, whereas euronocky downside or knocky stocky upside. I kind of feel it's clearer right now.
That was classic. She's a Lumberg intelligence Audrey Child Freedman and podcasts at Apple, at Spotify and YouTube podcast a single best idea