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A single best idea on a FED day, I think more than any other FED day that we've done. In the morning. We had less conversation on the FED. It's just the confusion that's out there. And this keyword uncertainty. We covered it yesterday. I will be honest, I can't remember the guest, but we had a brilliant discussion of Nightian uncertainty. Nightian k and Ight Nightian Uncertainty is Frank Knight,
nineteen twenty one. It was his thesis I believe at Chicago a million years ago, and it's a rite of passage. You have to read the thing. It's my recollection. It's forty fifty sixty pages, but you have to read his thesis on Nightian uncertainty, which is sort of a reachable, touchable uncertainty even though you can't see or touch the uncertainty is a simple way to put it. That's where we are right now, particularly given the trade war. A
lot of good conversations today. We started strong, huge response, Thank you so much out on YouTube to Mike Green, five Star, Morning Star, High Yield Fun Mike Green with a lot of really good discussions about active versus passive. Here's Mike Green on your retirement choice.
The quick answer is there is no right percentage, right, It's going to depend on everyone's individual component. The key thing that I would highlight is that when you think about investing for retirement, when you think about those, focus on what you need, not what your neighbor wants. Right, And this is a really key component. We tend to
get ourselves caught up in the fomo type framework. We're in an environment in which you can if you're worried about inflation, you can buy real yielding tips with a positive yield for the first time in over a decade. Right. That is something that I would argue people are ignoring. I would broadly suggest that income in a lot of ways because it has what I refer to as indogenous liquidity, significant coupon payments and an ultimate payment of at maturity.
Has very different characteristics than the Ponzi like characteristics associated with equities, where you are always getting your value from what somebody else pays, and so those are ways that you can separate yourselves. They're not immune, I have to be clear, this is a systemic issue, but they are a better way to think about the opportunity.
The forever debate about the certain cash flows of fixed income versus a less certain equity world. Mike Green. There Francis Donald is with RBC Capital Markets. She gave us a traditional FED coverage is best she could. Here's Francis Donald of RBC on our labor economy.
The nature of this job market is changing. We have the most amount of those over the age of sixty five the US has ever seen. Over one in five Americans is over the age of sixty five, most amount of retirees ever and so economists are scratching their head. Why are higher rates down but also fire rates down and quick rates down. This is a job market that is acclimating to a demographic bus that's occurring in real time.
Demographics are traditionally something that you look at when you're five or ten year forecast when you're forced to do something that difficult. They're not something we take to hear now. And this is why when I talk about uncertainty, a lot of folks are saying we're going to get more
certainty on trade in the coming week. But a lot of the customers, a lot of the folks that we talk to in the United States are also paying very close attention to immigration policies that come through and how this government is going to support or not support what
is a very shifting labor dynamic. Now Federal Reserve is going to have to talk about this at some point, probably not today, when they're looking at something like a high fours unemployment rate and that's going to be enough for them to start cutting.
Just brilliant Francis Donald there on what the media doesn't talk about enough, which is demographic economics. Angus Madison owned the high ground one this I really can't and Robert Fogel, I believe it. Penn at University of Pennsylvania, the laureate. I really can't say enough how we ignored our peril the demographics the makeup of any society, whether it's China or the US, whatever. But that was just brilliant. Francis Donald there on an Aging America. We're on YouTube, some
real benchmarks today for us. Thank you so much for subscribing to Bloomberg podcasts out on YouTube. It is the foundation of our future. Really appreciate that. And out on YouTube podcasts. This is a single best idea