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Sing my best idea and we welcome all of you. Two ideas from today's show, and they're very different ideas, but yet they all close down to mathematics first in an economics, investment, finance, and even a body of mathematics and international relations. This is about Blackrock. Eric Belchunis on Lawrence Fink and their huge commitment to the bitcoin market,
But first the actual use of mathematics at Blackrock. Jeffrey Rosenberg is absolutely wonderful, prodigious mathematics out of Minnesota, out of Wisconsin. And then on the acclaimed Tupper School at Carnegie Mellon. We got into the weeds. I mean, I'm sorry, or five people drove off the New York State Thruway listen to this. I mean, I hope you're okay. But Jeffrey Rosenberg here on this strange word in mathematics, uncertainty.
You know, it's interesting time you talk a lot about, you know, the math and the science that we use, and a lot of the math and the science that we use is the mathematics of uncertainty rights. It's using probability and statistics and risk models to try to quantify uncertainty, because that's really what it's about. You know, the cop Douglass function is nice. It gives you a very certain
form with a very uncertain input. And that's a lot of what we see in kind of the mathematics of economics is that there's a there's a proposal of how the economy works, and it's very nice and clean. The problem is a lot of the inputs are unknown, and that's really what we're dealing with. Whether it's kind of the role of AI, the role of technology in changing total factor productivity and our inability to measure that, or other things that we are talking about before in reference
to the tailor rule. The other you know, kind of big uncertainty is you know, the real neutral rate, we don't know what that real neutral rate is, or something even more, you know, kind of basic, which is we measure economic data that we think we know with certainty, like growth and inflation or our payrolls or employment, we measure it with error. So when there were revisions, there's a lot, So it's really about dealing with that uncertainty.
Jeffrey Rosenberg there with blackrit just can't say enough about his value add to all of Bloomberg's surveillance, including on Job's Day, and of course the FED decides as well, which brings it over to the leadership of Blackrock. Gary Gensler went out and said, okay, into the bitcoin pool. Everybody dived in, and many would say, no one more than Blackrock. We are advantaged by the expertise of Eric
Belchunis with that question. If you're in a panel, you're at a conference, when he speaks, the world stops and everybody listens. Eric Belchunis on Blackrock and Bitcoin, Well, it is.
Such a small sliver of Larry's whole world. That's what I told the crypto people. They think this is such a big deal. It's a nice hit, but it's point one percent of their revenue. So Larry is doing everything right. In my opinion. To compete in the Vanguard era, you have to hustle your butt off and go everywhere and try everything pretty much and try to get new revenue streams.
So I just think he's just opportunistic, and you have to be to compete with Vanguard, and BlackRock's the only firm that competes with Vanguard regularly and does it well.
That's the most intelligent thing I've heard on this. Eric belchunis there on the dash to bring in gazillions of dollars off of bitcoin and frankly other digital currencies as as well. Excuse me, we're into earning season, Jamie Diamond with Lisa A. Bramowitz. So I guess be back New York on Friday to go over earnings and JP Morgan will bring you that coverage. Many worthy schedule there to provide wisdom, and of course the inflation report on Thursday.
Really looking forward to that. We got PPI in CPI and the jumble of it well, I think have some value. But boy, if things shifted from a fifty basis point to a twenty five basis point. Guests forward and Torsten Slock today with Apollo Global Management, saying, look, there's just too much buoyancy out there. You may see no more rate cuts to the economy in twenty twenty four. We're on on YouTube. Subscribe to Bloomberg Podcast growing every day.
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