Bloomberg Surveillance 06/25/2024

00:00:00 Bloomberg Surveillance
00:05:35 Sarah Hunt, Alpine Woods Capital Investors
00:15:47 Peter Tchir, Academy Securities
00:26:26 Sarah Hunt, Alpine Woods Capital Investors
00:31:35 Mandeep Singh, Bloomberg Intelligence
00:41:37 Nick Bennenbroek, Wells Fargo
00:46:28 Sarah Hunt, Alpine Woods Capital Investors
00:53:22 Mike Wilson, Morgan Stanley
01:07:10 Mike Wilson, Morgan Stanley
01:21:20 Benedikt Kammel, Bloomberg News
01:30:26 Greg Peters, PGIM Fixed Income
01:43:12 Steve Eisman, Neuberger Berman
01:54:53 Steve Eisman, Neuberger Berman
02:09:17 Saira Malik, Nuveen Asset Management & Mark Zandi, Moody's Analytics
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[davidbeckwith]

Eisman said something to the effect "the market is about STORIES." For example, WM coming up with a Great Value potato chip that can put PEP out of business. We needed an inflation price break, we didn't know where it would come from, but lo and behold, here it is. Okay, here's another economic STORY you will NEVER see on Bloomberg = EV. I'm not talking Tesla here folks! I'm talking about the 'last mile' EV revolution = eBike, scooter, skateboard, etc. This is a HUGE economy going on right now, and there are ZERO major players in it = all small businesses. And since Bloomberg is solely focused on Wall Street, publicly traded multinational companies. And because Bloomberg is even worse than that - singularly focused on the #1 flavor of the day (nVidia), you will NEVER see or hear anything about the last mile EV revolution (until amazon swoops in and consolidates all these small businesses) then it will become the Bloomberg singularly focused #1 flavor of the day.

[davidbeckwith]

Heaven is having the day off, being able to devote 3 hours to Bloomberg Surveillance, and the show being up to the task. Today is one of those magical days. Mike Wilson, Greg Peters, et al along with the Bloomberg panel leading compelling discussions. Thank you!

[davidbeckwith]

@2:26:50 Final word goes to Dani, who has been a fantastic addition to the panel (watch out Jonathan!): "For the moment - nVidia."

[davidbeckwith]

@1:36:44 Greg Peters, PGIM. "The one thing that seems common wherever I look is there is more pressure for inflation than disinflation."

[davidbeckwith]

Gotta love Steve Eisman, Neuberger Berman: @1:44:20 "Shorting a stock based solely on valuation is a death wish... you only short a stock if you think something is going to break." My personal fave short is PEP. WM has created a line of chips (not computer, but the kind you eat with your sandwich). Frito Lay quality selling everyday at highly discounted prices. Can't keep these Great Value chips on the shelf at the local WM I shop at. This has to be eating into PEP's revenues.
Eisman makes a similar argument about software companies. AI generated software is going to reduce the cost of software considerably, and software companies are not going to generate as much revenue. A better mousetrap ALWAYS wins.
The FED? Doesn't matter. The ELECTION? Doesn't matter. With regard to the FED, Eisman said something to the effect - when the FED was raising rates 500 basis points, it mattered. But a couple 25pt cuts won't mean much.

[naeemcassim]

Ann Marie ENNNN, ... Vid ... Eeee .... Aaaa. 🙏🙏🙏🙏

[davidbeckwith]

I'm glad I watched the entire show. Look at Bloomberg, trotting out Moody's and Nuveen at the end of the show to - oh I don't know - offer up some kind of counterpoint? Malik can't keep from contradicting herself. "There's a recession around the corner." Better do SOMETHING! Then, in the same breath practically, "the FED isn't going to cut rates until they see multiple months..." Her wishful thinking is getting in the way of her analysis.
Then you have Mark Zandi, Moody's. He shouldn't be allowed to show his face on TV. How soon we forget it was Moody's giving AAA+++ ratings to junk derivative securitized whatever instruments a few years back. Moody's is just another word for GFC = ZERO credibility. This company should stay in the shadows where it belongs, not showing its face in public. Zandi = Wall Street = of course he wants the FED to reduce rates.
Both these analysts hell bent on making the case for a FED rate cut. Second quarter GDP down, so what? Look at the historical chart! In 2021 the second quarter GDP was over 6%. Then it 'dropped' to 3% in Q3. I'm sure both these analysts were on the talk shows back then saying "watch out." What happened in Q4 2021? GDP skyrocketed to 7%! But it gets even more nebulous, because in Q1 2022 GDP turned NEGATIVE! Bottom line: You (Malik, Zandi) cannot spin a single quarter into some longterm trend. (Unless, of course, you're a Wall Street trader whose very speculating day trading existence is pinned on cheap punchbowl interest rates)
By the way, the Atlanta FED pegs 2024 GDP at 3%.

[davidbeckwith]

@53:21 Mike Wilson, Morgan Stanley = the Peyton Manning of Wall Street. They look like twins! They even have the same voice!

[AndreiGrigoriev-rmin]

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[LicoInvestments]

why do the women have to wear so much makeup? what's the point?
They're not dating their viewers.

[thegamerboneless]

😂 fear sells I get It 😂 NVDA pulled back about the same in March and April then went on a tear. Anything can happen always it’s the market. Hey Pete you a spy, 😂😂😂JKing.

[AndreiGrigoriev-rmin]

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[AndreiGrigoriev-rmin]

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[AndreiGrigoriev-rmin]

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[AndreiGrigoriev-rmin]

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