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A single best idea in a day where we could have done a two hour single best idea. Thank you. Elizabeth Economy from Stanford joining to give us an update here with important meetings for President g in China riveting. Particularly her comments on Taiwan omar Aguilar was just brilliant on stated the case for rebalancing. We then looked forward to high networth Patrick Ferzetti it Rose Advisors on this heated debate over rebalancing within non retirement accounts, taxable accounts
and also of course within ERISA nineteen seventy four. Way Ley stopped buy. We started strong with Waylee of Blackrock. She's been brilliant out on LinkedIn. I can't say enough about the short charts, complex charts, as she puts out on LinkedIn, the only equivalent is Uri and timor at Fidelity. Wayley of Blackrock here talking about the FED and markets.
We do think that in the very near term markets that can go with this narrative that's because of weak labor markets. Actually the defense needs to cut and because there is micro justification for that, maybe the long end of the curve is not going to be penalized in that to premium may not go higher as markets challenge the independence topic. So that is a bit of a sweet sport for treasuries.
Waily there of Blackrock there and the Treasury is Paul. I think it's interested in the credit markets and the equity markets. She said, just simply stay on board technology generating profit was the leader of her LinkedIn piece Today again Wayley at Blackrock, What a pleasure to have Edward Morrison today absolutely definitive as public service to the nation had so much to do with the Middle East in oil.
His lifetime work at City Group and now at Heartree Partners, he works every day just as he has for decades. Here Edward Morse on the supply in the myth of our demand.
The myth that's wrong is that oil demand is peaking, whether it's peaking in twenty twenty eight or twenty thirty two. The consensus in the market seems to be that oil demand is peaking. Yet if you try to study oil demand, you can notice that whatever the cycles have been, GDP is the driver of oil demand and GDP relationship with oil. The oil intensity of GDP is certainly falling. It's been
falling at a steady pace. It's a very linear line from where we were in the early seventies when for every one percent increase in GDP around the world, and we do this in constant dollars. By the way, there was over one percent demand for oil that has come down linearly. And we just looked deeply at twenty twenty through the first half of twenty twenty five, and we're on a slope that tells us that oil demand is going to peak in twenty sixty four.
Ed Morris of Heart Tree Partners. Doctor Morse also mentioned yes ev is becoming part of the calculus here, electric vehicles part of the mix of the microeconomics, price theory of oil. On podcasts, well, we're out at Apple, we're out at Spotify and YouTube podcasts. It's single best idea.