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The single best day.
It was an odd day. It started at seven pm last night when the Japanese market opened. Yes, I'm on my iPhone with the Bloomberg app. It's phenomenal, all the information you need, equities, bonds, currencies, commodities. And by midnight we were really off to the races with some continued angst and the global market generally witnessed in bonds with yield up, price down, the classic inverse relationship. Things improved two am, three am, but we came in here with
the backdrop of the legislation in Washington. There was a real diceiness to it. As I taped this bitcoin over one hundred and seven thousand gold up twenty dollars, says all, I have no idea where will be this afternoon, which is what keeps us going. One of the great moments today, Martin Norton joined us from Empower Full Disclosure, Empower the people that handle my retirement plan, everybody else at Bloomberg,
you know, the administration and all that. They're out of Winnipeg, Canada, and Marta Norton is is also at a morning Star and she said something brilliant that should be bronzed across all of our minds on investment. Here Marta Norton on philosophy.
My kind of grounding at morning Star. One of the biggest takeaways that I had to your point, I grew up as an investor at morning Star. It was the importance of an investment philosophy, having a point of view, a framework that would help you distill what's happening in the markets and make determinations going forward. If you look at you know, kind of the most successful strategies out there.
They're not successful in every environment, but they have a touchstone that they return to, and I think those touchstones are really important to navigating shopping markets.
I of course selected that first the best idea because I incredibly agree with it. If you don't have a philosophy, either find one or find somebody who has a philosophy. You think you have but you don't have it. If you do have a philosophy, stick with it and test it in your mind each and every day, which is what you do within the focus on the media and however you get your information on equities, bonds, currencies, commodities,
on equities. Brian belksk. He enjoy this. Brian Belski of BEMO Capital Markets the Bank of Montreal, Brian Belski on the oddities of the moment, he thinks we've come too far, too quick, but nevertheless he remains a bull.
Let's listen, shocks can go up when yields go up.
You know, the average ten year treasury of the last seventy five years is five percent.
Zero percent is not normal.
What's happened in the said since November of two thousand set, I'm sorry, August of two thousand and seven is not normal, And I think we're kind of returning to normalcy on the bond side of things. Even though we're primarily equity people, we believe the majority of returns total returns of bonds the next ten years is going to be about yield,
not price performance. Remember the last forty years, we've seen massive all performance of bonds for the most part, and we've had great price performance.
So I think Tom that we're entering into.
This period where more even returns for stocks high single digit, low double digit.
Same thing with Ernie's growth.
Where a yield environment that can kind of hover in this three fifty to four to fifty range predominantly.
And again in conversation from another time and place. If yield moves higher and fixed income goes down in price, connequities cut either way. Conn equities go down within the gloom, our connequities prosper within Belski's normal environment. He's with Bemo Capital Markets on your commune across the nation. Special things. Google out with their road show yesterday. I'll be honest, they haven't even reviewed it. But the answer is Android Auto building each and every day, Apple CarPlay as well,
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