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A single best idea out on YouTube, podcast, Apple podcasts, the rest. Thank you so much for your interest. We're really we're just sort of putting this podcast out there. We'll figure out what to do with it. Fourth of July weekend, but we're just really thrilled with the day to day progress of the show. Yesterday, just to give you vignette into this, I literally sit down with an iPhone in my chair and I'm usually in the seat about six thirty five, and that varies plus or minus
five minutes. Paul comes in a little bit later, and I get on YouTube, you know, the actual app where we do YouTube live chat, maybe about seven ten, seven fifteen. Yesterday I never got on it. It was so busy, so nuts with all going on with Washington and the tariffs with Mexico and Canada, that one day I just didn't even use YouTube. And we really thank you for your
commitment to YouTube. The statistics which we see a lot of from Google, Thank you Google for your support are just mind blowing and we're just grinding it out every day. Today we had great conversation. Major shout out to James Steele legendary at HSBC. He was mesmerizing on gold, absolutely mesmerizing and does suggest there's a scarcity out there. He doesn't really pick a price, but he really walked through the demand and the uniqueness of what we see of
demand in China and India given diminished global supply. Jordan Rochester stopped by saxophone player with Mazuo. He's in foreign exchange. He has a great ability to work with Stever Shudou on us GDP. Here's Jordan Rochester melding foreign exch change into the work of Steve He's shootout.
I think Steve's framework is the right one. Take a seat back and just think yourself. Let's imagine these tariffs aren't happening, what's the trade, and the trade remains in the Q one of this year to expect US data to outperform Europeans for less FED cuts through priced in for the US is about two cuts or just a bit shy of that. Now by year end we think it's just want and done. The window for the FED to cut rates this year is closing. If they don't
cut in March, they won't cut at all. It's the sort of you for Steve and that's got nothing to do with tariff's that's just because he believes the neutral rate is closer to four percent. So I think just to de stress from will he or won't he think what macro trades makes sense with or without tariffs?
Jordan Rochester, Missoul Christian MOMIONI stopped by Oppenheimer and led you, thank you Oppenheimer for your support of the show and Oppenheimer for years, then Investco and then off the Lafayette College of Pennsylvania. Is there endowment officers the fascinating shift of career. He said, he's got a lot of private equity within their endowment. Believes in the future and the present of private equity. But we had to speak to him with a good return this year of the future
of the MAG seven. Here's Christian MoManI on Apple and Alphabet.
Those are the facts. That is, if you look at the performance of the US equity market over the last ten to fifteen years, it has been driven by It has been driven by technology. In fact, US markets have done spectacularly better than international markets, primarily on the back of performance of Max seven or some version of MAG seven at various points. So their profitability is extraordinarily good. Their cash flows are extraordinarily good. They are on a
cash flow bench, and the evaluations are high. So I think the last two factors is what you have to kind of consider more from a tactical standpoint. From a long term perspective, the tech sector is still a very good sector and if you are going to participate in the market, especially in the US, participating in tech sector which can generate outside of returns is something that you absolutely have to want.
Christa Mammoni of Lafayette College in Pennsylvania. We need to say thank you again to a great set of conversations today. We barely brought it up, but it was a good conversation with Stephanie Roth about Jobs Day coming up here on Friday. It's interesting. She said, there'll be some interesting nuances, some revisions that we should look out for, and that's what we'll focus on in the coming days. We're out on YouTube podcasts. This is single best idea