Bloomberg Audio Studios, podcasts, radio news, single best idea, and we say good morning to all of you. It's been a fabulous week endless strong conversations. Hard to pick two each day. John Stolfus on Fire today, we got in a series of people who said courage in early April, and they've looked to be right. John Stolphus leading away there with aggressive calls and the Standard and Poors five hundred and what John Stolfus emphasized to us is the
private investor has changed. They've gone from cocktail chat to their retirement study.
The private investor today is investing very differently from the way they did when I got into this business forty two years ago. Forty two years ago, private investors were called the retail investor, and it was really cocktail party stocks for most people. Some people did invest seriously for their for my ant, for example, was a serious investors.
That's where I come from, you know. But when we look at the environment today, it's you've got the private investors looking towards their retirement or in retirement.
Is can say for the boomers, my.
Gosh, we've got longevity here. You've got to prepare for it.
John Stolf is there of op go joining us on a path to retirement. Next week, after many years of commitment to Wells Fargo, Jay Brison will retire. We had a good conversation where they had a global economics Jay Brison on a changing America.
The quality of the data I think has always been pretty good. I don't think that's the big change. I think the big change over the last three or four decades it's just the structure, the overall structure of the economy.
I was talking to somebody about this yesterday and we were talking about you know, if you go back to the oil shocks of the nineteen seventies, right, if you were an economist in nineteen seventy five and you were Rip van Winkle and you went asleep for the next you know, thirty years or something like that, and you see you saw the inflation of say twenty twenty two, you would look at that and you say, oh my god, we're set for a decade of higher inflation. Well, the
structure of the economy's changed. You know, back in the seventies, you had much more union power, people had wage and dexation, and so when you had those inflationary shocks, it immediately fed. It caused an upward wage price spiral. You don't have that today, and so you know again, I think we economists have to be mindful of how the underlying structure of the economy is changing. It's always good to look
back at history. You can get lessons from history, but you have to be mindful how the economy has evolved over time. And the US economy, I mean, it's evolution is it's glacial, but it can It's happening all the time.
Jie Brayceon and Wells Fargo, and I would editorialized there having lived a fair amount of that is the great, great certitude of the cockiness, if you will, of so much punditry on Wall Street leads you after you're wrong the first time and second time a third time, to an inbred humility. You hear that from doctor Bryson, and I hope from a huge part of the guests that
we have on surveillance. One of the great, great humbling experiments was the revolution of technology and innovation in petroleum products. Nobody saw that coming, and it was something when fracking showed up. We're out across the nation every morning. Thank you so much for listening on your commute and on YouTube. Subscribe to Bloomberg podcasts and on Apple podcasts, Spotify, Amazon as well and on YouTube podcasts. It's a single best idea.