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A single best idea, and we'll have Nicholas Burns with us here in a moment with his public service is Ambassador to China. What a great moment here today to have Nick Burns for a long conversation before that on the moment at hand, which is asset allocation amid our political, economic investment chaos and uncertainty. Steve Chiveron is the federated him as he writes brilliant short terse pieces. His summary is simple, get back into the US, get back into tech,
be optimistic. The worst is over. Here's Steve Chiverone on all the manufactured derivative products of the moment.
For very specific client needs. Whether it's enhancing inc or you've got real risk aversion. You know, derivatives can play a role over the long run in terms of building sustainable, quiet wealth, if you will. The story is about staying invested. I mean everything around that is just behavioral. It's about
staying invested. So the question is how do you understand the client, how do you understand what their risk tolerance is and then build them a long term asset allocation and then be tactical enough Tom that you don't whips all your way out of returns, but you provide the client with enough comfort to say, Okay, we're not just sitting here blindly because at the end of the day, the story is really simple. Just because it's difficult doesn't
mean that it's complicated. Investing is difficult because it's hard to stay invested, it's hard to stay unemotional. But it's not nearly as complicated as we make it out to be. That's just us making ourselves feel better that it's hard.
Like many of our world class guests, there's a point where the voice changes. There was the intense Steve ship Own really really something there on all these fancy made up products that they no bones about it. I'm very much against him. I just think it's people trying to meet the fear that's out there, the sum of all our fears, by hedging away any potential gain to get some form of guaranteed income stream. A little bit of
complexity there. Steve chiverone just magical. Nick Burns came out of Wellesley, Massachusetts, and for example today we talked to him about his first job in a small African town for the State Department is turned into an esteemed career as truly one of our great diplomats. A tour of duty in China as ambassador. We open talking about having the weekends. He get on the high speed train and go deep into China, where very few Americans go, very
constructive comments about the people of China. Here, Nick burns with construction of comments on our State Department that.
You can believe that young people who join and middle aged people the federal government are non partisan. We take an oath to be nonpartisan. It's actually a law, the Hatch Act of nineteen fifty two, and I served across I served Republican presidents and Democratic presidents. I never asked any of my colleagues, Hey, what party do you belong to,
because it would have been really inappropriate to that. And what bothers me about the mass firing of our civil servants in Washington is that there's somehow this suspicion that they're all Democrats and progressives, which is absolutely not the case. People just want to serve the country. So I do think respectfully Secretary Rubio and President Trump, they've really weakened the ability of the United States to put good people in the field on the military side, on the pavilion side.
Nick Burns, of course, the former ambassador to China across the nation, on your commute, Thank you so much for starting your morning, this particularly the early morning of the
Left Coast on YouTube, growing each and every day. Just absolutely humbled by the growth of Bloomberg podcast shout out thank you Tracy Loway, Joe Wisenthal for their commitment there with lots of Barry Ritholts out with that wonderful new book on How Not to Invest, adding a lot of value at Bloomberg Podcasts as well on YouTube and on YouTube podcasts. This is single best idea