Bloomberg Audio Studios, podcasts, radio news, single bust idea starting the second quarter. What a great day. We had a lot of equity talk, stock market for the first time. I'm on Dow forty thousand, watcher at Dow thirty nine thousand something whatever, But it's there, and it's the equity market, not only the Q one lift, but lifting from October and far more lifting from a year ago October. It's been a heck of a move. Many of you in the market and those that have missed the market are
acutely aware of these valuations. What we're gonna do is we're gonna talk about one of the moonshots out there, not Bitdog. We'll do that. I promise we'll do bitcog Dog on single best idea Bitcoin, I should say it's single best idea. But we're gonna look at Coco here in a moment with a great kna haek of ed and f But first of all, I've been dying to do this. There are people that have pedigrees in academics
that give pause. Jim Karen at Morgan Stanley did physics at Boden, which is a really well known school for that small liberal arts but with a huge science integrity, and then he wandered out to a small school called California Institute of Technology Caltech, did the same thing onto a sterling academic career at Morgan Stanley and Bonds. I have been dying to talk to Jim Caron about the vogue. The rage right now of momentum is a factor ROW equals MV. I'm not going to go into the physics here.
It's a Monday. My brain's not working, But needless to say, I have real trouble with the physics envy the physics mathematics bringing it over to the stock market. Jim Karen said, no, there's something too momentum.
The way that we think about this in the markets. I mean, obviously we look at different facts, and momentum is one of the factors that's in the markets, and there's many ways to calculate this. I mean, obviously it's just the it's the consistency and of price change, and not just a consistency of price change, but it's inability to deviate meaningfully from a direction. So if there's positive momentum in the place, there could be a dip, but that dip is very short lived and it just continues
on the path that it was on before. So that's the momentum that we're facing. And that's really one of the key factors across most of the equity sectors right now, particularly in technology, and it's one of the things that is a driving factor. It's a risk because if momentum turns, then it's going to hurt a lot of things all at once. And I think we need to be a little bit worried about that. But that's but so far, momentum is your friend.
Jim Karrn of Morgan Stale. A momentum is a vector. It's like an arrow in space, and it's the price in this case series traveling upon the vector. And with the word that I really focus on here is the magnitude the oomph of that vector through space. And right now the oomph of the equity market is noted. And mister Karen has said, I think what he said to honor the late Marty's wag, the trend is your friend until it's not. I don't think there's a trend to Coco.
I don't know what to do with this. Long ago and far away in my ute, I had an injury in hockey, and I was flat on my back for a good ten weeks, twelve weeks, crutches and all that, but basically I was horizontal, and I put around the bed in the family TV room twenty or thirty books that my mother dutifully went and got from the library, and one of them was on commodities. It was called Cohen and the first commodity I ever studied was Coco.
Coco is two or three countries in West Africa. It is a huge oddity, and when the oddity goes up or down, it trends. We've now had an explosive moonshot a trend in Coco, and for days I've said to the team, Eric Will and the team get ConA haik. She is outstanding on the softs and brings an old world view to it. She is with edy enough and the moonshot of cocoa corna hach.
Oh my god, it really is a moonshot. It's skyrocketing. I've never seen anything like this. It's supplied demands, it's incredibly volatile, and you're right, it doesn't trend with anything else. Cocoa production is so concentrated in a handful of countries which are which are very much influenced by their own set of microclimatic factors. It's it's very particular. It is fairly elastic. It's not a staple like grains or vegetable oils, which you know you have to you cannot do without.
There are some people who say that chocolate is very addictive, But at the end of the day, if it was up to feeding and having cereal and rites and something to sustain you with versus that indulgent, lovely pitt you know what you're going to go for.
The elastic word is microeconomics. I'm gonna call it Marshallian economics. For responsiveness, there is elastic and inelastic. Your need for water, your need for milk, your need for your cheerios is pretty inelastic. You have to have you have to have your weedies every morning. But chocolate is supposed to be inelastic, where if the price goes up, we say no, or we substitute something else. I did, Eric, did you observe that this weekend at the house. I did not observe
an elastic chocolate function. It was very inelastic and all consuming, and I couldn't believe what some of these upscale Boutiki chocolates are run right now. It's like refinance the house anyways, Kona haik there of v dn F on Cocoa. Single Best Idea is simply two of the many, many conversations we do each day to review more on from seven to ten am, three hours every morning here on Bloomberg Radio in New York. The distribution is Apple CarPlay. We
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