Bloomberg Audio Studios, podcasts, radio news. The single best idea deep into twenty twenty five. It is amazing how we move forward headline to headline. Thank you to Bloomberg's world class headline team, invented by Matthew Winkler, pushing thirty years ago, maybe more than thirty years ago. Now there's regular headlines. There's headlines I never see. There's things we call a red sticky, which is a bright red headline that comes out, and the market churns and moves off of these. It's
just no other way to put it. As well. We tried to recalibrate on this Friday. We did with John Stolfus, the bull of Oppenheimer, and he was adamant. He reaffirms because of America's innovation a bull market.
I'd still push against it. And I think that the reason why is where we are today is we are at a watershed period of innovation that is d that can drive all sectors here. And it's not just about tech.
It's about what tech.
Can do for the utes. It's what it can do for healthcare, It's what it can do for repurposing buildings and real estate, for finding resources in consumer staples, designing products for consumer discretionary This is a very this is you know, it's what is it? The Chinese curses. May you live in interesting times, but the other side of it, for the optimists, interesting times can produce not just risks, but can also produce opportunities.
And we, you know, when we look.
In hindsight, because as you know, I've been in this business for over forty years, It's going to be forty two sometime between Maine and May July. Oh your new kid, God bless me that way.
The thing is, I've been there every boombust and recovery cycle, and generally, when we look hindsight, in perfection says gosh, if only we bought more, if only we knocked up the truck.
When people get so negative.
John Stolphus of Oppenheimer and I can't say enough about not only the daily nude, but just the simple equity literature out of Oppenheimer and including that of their securities research as well. Just any number of guests that we talked to today about all going on in Washington. One of the hallmarks of what we do is to try to go to the source on trade. The modern source
is a quiet professor out of Hanover, New Hampshire. His name is Douglas Irwin, and he's one of these kids that came out of a PhD program years ago and made a stunning, immediate splash with his book Against the Tide. It is the modern History of Trade. I've read it cover to cover, you know what. It's a little bit of heavy reading. There's not a lot of pictures to you know, put it out, but it's not going to be a Netflix show, but it is the bible of
free trade. Again, Against the Tide. We talked to Professor Irwin of Dartmouth College about mister Trump's affiliation with mister McKinley of the nineteenth century.
Well, it's interesting you bring u John Stuart Mill because we're talking about the nineteenth century, and of course he refers to William McKinley quite a bit, another nineteenth century president who imposed tariffs to try to keep industries here in the United States. You know, you can do it sometimes, but the cost can be very high. You know, many countries around the world try to reshore industries. So Argentina has a little bastion of manufacturing in Tierra del Fuego.
Of all places that they've inculcated with tax subsidies and important tariff tariffs. So you can reshore some industries, but the question is at what price, at what cost to other sectors of the economy, and is it really worth it.
Doug Irwin of Dartmouth again with an important foreign affairs article which Bone and the Peterson Institute. I'll try to get that out on social this weekend. Look for me on LinkedIn and Twitter. There's the social actually, you know, to be honest, folks, I've just dropped Instagram. I've just given up. It's just too noisy and too many distractions. And that I've really focused in on Twitter and LinkedIn to get the articles out and the essays, the stuff
we read here at Bloomberg Surveillance. This is a podcast and the best place is YouTube. Podcasts. Can't say enough about a premium subscription on YouTube. That's what I do and it is single best idea.