Bloomberg Audio Studios, podcasts, radio news. The single best idea, the single best idea is to have a team that works all weekend, shaping up Tuesday, Wednesday, Thursday, and particularly the difficult task is shaping up Monday Global Wall Street. And if you haven't lived it, maybe you think everybody's off looking for a man in finance. Trust Fund six ' five blue eyed. That's a song right now, folks, for those of you who are up in the zeitgeist with
after thought, I'm up on the zeitgeist. And if you're not a man in finance, you're not out two days in Hamptons or whatever partying. What you're doing is working all weekend. And that's what we do at Bloomberg surveyll Let's. Yes, we do things as well, but we're always moving forward to Monday morning and Spark conversation today was exceptionally good. I really want to thank Derek Wallbank, who runs our Singapore shop. He was in Delhi for the Indian elections.
It was one hundred and eleven degrees fahrenheit when he came to us from our partially chilled offices in New Delhi, and he was just brilliant on the heat way, the excessive heat that we are seeing equatorial and of course farther north than we could ever imagine out on YouTube live chat. Thank you, not equatorial heat, but to tom soa Norway, which I didn't know existed. It's where you go in Norway to ski jump and look at the northern lights. It's way up. It's like sixty nine degrees latitude.
Thank you so much for listening to us and tom So Norway this morning. One of the reasons people listen is eclectic conversation on equities. Robert Teeter provides that he's at Silvercrest. He's been doing this for decades. He knows you have to be in the market to win in the market. Here's Robert Teeter on the FED chat.
I was talking to some colleagues about this recently of the you know the famous Greenspan quote, if you understood what I said, you misunderstood me. And that makes for a little easier environment in some ways, as opposed to this absolute scrutiny on every single data point, and you get a tense better or worse on CPI, and it moves the market on the day. But really it's important to look at those longer term trends and what's going on. Inflation has been stuck for a while. Fed's on a
hard pause. So like you, I look to the earning side, and there's just been a ton of progress on profit margins. Looking back from COVID till now, you've had revenues in the s and P up about thirty percent and headcount up only about eight percent. You're starting to see some progress on the margin front that I think was unanticipated.
There's the best comparing contrast of the morning. They're the thirty percent versus eight percent. That's what we try to do. Comparing contrast is I'm going to steal it from the Chartered Financial Analyst Institute of Virginia, the CFA program. I'm very proud to say I'm a member of the CFA Cadre. And basically, folks, one statistic, thirty percent is of you
little value. You've got to compare it to someone. So always what you see in the game is compare and contrast and their teeter comparing on our prosperity thirty percent profit growth versus eight percent labor growth as well. One of the ideas he sees for stable, if not improving margins. We stopped buy and it's not every ninety days. He's in retirement, out on golf courses, but he's still very much watching the markets and sends out private notes. Dennis
Gartman is the Pinnata of the equity market. People love to jump on him. He's made clear he's missed the equity market. We talked about that, but what we really talked about is truly one of his great iconic trades. The only one I know with any equivalency to this was David Malpass at bear Stearns years ago, which is you buy gold, but do you own golden dollars or do you short euros at the same time, or do you short yen. Dennis Gartman's call of gold in yen
is stunning. I'm not going to go through the numbers now, just because of the brevity of single best idea, but all you got to know is he's been making twenty percent a year on this, out of the pandemic, and even more solid, more stable as you go back farther. It's truly one of the great trades of a lifetime. Dennis Gartman gold in yen, Gartman reaffirms today on Bloomberg surveillance weekend. Let's listen.
We'll probably see the dollar versus remendye trade above eight, maybe eight and a half over the course of the next several years. But again, watch what happens to dollar yen as we go through. If we go through and I think we shall go through one sixty, the Banka Japan will come in and intervene at one sixty again trying to stem the dollar strength. They won't succeed. They succeeded for about three days last time. They'll this time. That'll be even less time for success. And oil trade
to one to seventy five very quickly. So he our gold and yen terms has been a great trade. I think it's going to continue to be a very good trade for the coming several years, certainly for the coming several months, no question about that.
So you own gold, and what do you own it in? And if Japanese yen is weakening, gold does better relative if you own it in the US dollars. That's basically how the trade goes. Maybe don't do this at home, but that's what pro's like, Dennis Gartman. Look at all I can say is everything done. It's been an extraordinary trade. Gartman, who's been doing commodities since time began. I think Erico's before Nixon was president. I think you've got to go back to John Tyler to capture the entire scope and
scale of Dennis Gartman. Think red wheat in Kansas. He's not a gold bug. I mean this is very, very different than being a gold bug. It's looking at some of the great geopolitical changes out there, including Central bank buying of gold. And also I should point out the debt build up in the United States really front and center down into the election as well. We're on Android, We're on Apple CarPlay the Bloomberg Business app. It's free
on YouTube. Subscribe to Bloomberg Podcasts. Search for Bloomberg Podcasts out of YouTube, growing every day, and the live chat is great. Good morning Mexico City, and good morning Tom. I don't know how to pronounce it. Thompson Norway Yah, do you say yeah Norway? I don't know, says road trip. It was fifty five degrees there. It's single best idea. Good morning,