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A single best idea on a Monday where we're waiting for comments from the White House on the back and forth that we've seen back and forth over the last four or five six days. Part of that conversation is Anne Marie Horden and Buenos Aires with a Secretary of Treasury. He looked for that this afternoon. I guess late this afternoon, I should say that'll be an important conversation. To say the least. We emphasized early on this morning the efficacy
of a sixty to forty portfolio. Torsten slock out with a brilliant note from Apollo on that we were advantaged by Steve chiverone federated MS and all the work they do in equities. He was really, really quite good Chivaron.
On the moment we saw the twelfth worst four day stretch in the history of the SMP last week, Well, what are the forward What's history tell you? History tells you that twelve months later your higher thirty percent. History tells you that in the prior eleven decline higher.
Thirty percent of the time, no or a lift of thirty percent.
You are positive one hundred percent of the time in the last eleven instances of a four day decline like that, and your average return over the twelve months is thirty percent. Yeah, and that's that's the story. Politics, tariff noise. Sure they're important, Sure they're going to impact earnings. Sure you need to be thoughtful about them. But the story is is the line goes up into the right companies adapt the economy
continues to grow. We are the center of innovation. We still have working age population growth in the United States, which is unique in the developed world. And if you can stay calm, what you realize is that you've gotten a lot of pretty good value opportunities over the last week to two weeks, and you need to take advantage of those and upgrade your portfolio.
See Chivarona federated there with optimism on staying the course in the equity markets. The Laurie Calvasina of RBC Capital Markets, like all of us squeezing eight days into a seven day work week. I can tell you this weekend for me and the team was really quite extraordinary. It was literally just NonStop. I'm still in that mode or I'm afraid to look at my cell phone to see what's going on, Luri Calvisina. It's harder for her. She has to publish, she has to publish on Friday, then republish,
the publish on Saturday, etc. Onto Sunday and Monday. Lorii Calvisina of RBC Capital Markets. On the path forward, I will.
Say, if we're thinking short term long term, if you go back to twenty eighteen, companies didn't really raise the alarm bell on tariffs until like September in that conference season, before the earnings reporting season, kind of post labor Day, So it may take some time to see the residual impacts we are seeing in company momentary indications of tariff pre bine. We saw one of the banks call that out and also, you know, and some of my clients I met with last week also clued me in on this.
But the idea of managing your inventories and pulling forward some of that inventory, I would you know, we called this earning season in our latest weekly as potentially like a box of chocolates. We don't know exactly what we're going to get. We could get some good ones.
Lori Kealvesina of RBC Capital Markets. I want to point out one thing today where I believe I can say I've never seen this before. The single headline from Goldman Sachs that they will initiate some form of share buy back of forty billion dollars. When I saw it, I thought it was a typo. I literally thought it was four billion, and somebody at Bloomberg messed up. Not that I've ever done that, but the answer is forty billion is twenty five point two percent of Goldman Sachs' market cap.
I think I've never seen that before. And your commute across the country. Thank you for listening to us, particularly ninety two nine FM in Boston, Bloomberg eleven three h in New York, and particularly ninety ninety one in Washington. On YouTube, We're out of Bloomberg podcasts. Subscribe growing each and every day. Thank you so much for that worldwide featured Shanghai and Hong Kong today. Thank you for listening in China and on YouTube podcasts. This is single best idea.