Wall Street Week 06/28/2024

On this edition of Wall Street Week, Christopher Ailman, CalSTRS CIO weighs in on the focus and growth potential of the AI rally. Raymond McGuire, Lazard President tells us what he identifies as the key drivers for investment in the coming years. Mary Lovely, Peterson Institute for International Economics Senior Fellow takes us through what to expect from China's highly-anticipated Third Plenum and Roger Altman, Evercore Founder & Senior Chairman tells us how voters and the business community are sizing up President Biden and Donald Trump's economic track records.
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[davidbeckwith]

Best point made in the entire show = @13:22 Raymond McGuire, Lazard: "Workforce HOUSING is going to be critical." You could expand that to say 'workforce INFRASTRUCTURE' which includes transportation, schools, drinking water, sewage/garbage disposal, shopping, police & fire, medical services, parks/open spaces, environmental protection, etc. One of my pet peeves about Wall Street and American business in general = workers are not human beings, they are simply a commodity to be utilized/exploited. You will NEVER see a Bloomberg discussion about EXTERNAL COSTS of IMMIGRATION. Good to see at least SOMEONE mention it - if you blinked you missed it.

[clifftanch]

The point about US Treasury auction tails (tales?) is an important and valid one. 👍

[edmundlively]

Timing NVDA is less important than time in NVDA. 😊😊😊😊

[Edison]

What does McGuire mean when he says transfer of wealth for 65+ or not?

[davidbeckwith]

Perplexing. @27:05 Roger Altman, Evercore: "CORE PCE, which is the FED's favorite measure, is already below 2% based on the latest data."
Huh? Friday's PCE Inflation Report shows CORE PCE = 2.6%!
Even more perplexing. @34:20 Roger Altman, Evercore: "As I mentioned earlier, CORE PCE is already below 2%..."
He said it again! The rest of his sentence, "CORE CPI just above 3." Well, he's closer on that one, although I think it's a stretch to refer to a CORE CPI reading of 3.4% as "just above 3." More like "mid 3's."
2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6 2.6
is NOT "below 2%." If inflation was "below 2%" the FED would be CUTting!
If President Trump said what Altman said, Westin would be calling him a 'bombastic liar'. But I guess Altman can get away with spewing incorrect phantom data not once but twice!

[davidbeckwith]

@30:57 "Let's talk tariffs" with Sam Altman. "The impact of that... would be $1700 per average American family." Bloomberg/Altman did not elaborate. I found the Peterson Institute article, but it didn't explain how it arrived at that figure either. Manufacturing jobs pay more than minimum wage 'how may I assist you' service industry jobs. Does the Peterson 'impact' analysis take into account many Americans will be MAKING more money? Reshoring is expensive for multi-national companies - no surprise the puppet masters are on the defensive.
Think of the thousands and thousands of factories in China - factory owners, supervisors, engineers, etc who have become wealthy due to the success of their livelihood. This is wealth many Americans are missing out on as a result of offshoring. One example - a young American couple wanting to raise a family, buy a home, except here comes wealthy Chinese plopping down CASH for that American home. Sorry!

[bryanotieno]

US economy should borrow a leaf from Portugal economy to get out of debt trap

[rubensep]

How can this guy Ailman states that the economy is ok… he’s totally disconnected from reality.
If business are ok because the stock market is going up but the people of this country can’t buy their groceries, pay their mortgages and make ends meet, then the economy is not right!!! Something is very very wrong! Guys like this live in a different reality.
That’s actually one of the major reasons we need Donald Trump back in the White House.

[vicentvanmole]

look at the some facts: China has a sustainable budget & all policy set forth are on target, continue to move on without being affected by the US single sided trade war, tech war& sanctions . Infrastructure continue to grow & improved, as proven by the latest another new bridge, another world longest ! Great US politician choice to invest & move production to India from, a reliable partner (China).India has the greatest track record, from governing & infrastructure, as shown in Modi's years, which has finished many new bridges & airports. Though only some collapsed, 3 airports collapsed, but few others are still standing . India sure can make America great . They put the 1st moon backside landing recently, other than US which drove to see the backside of the moon with 1st ev cart!