Пълният препис на Single Best Idea with Tom Keene: Nick Colas & Dennis Gartman

00:00:02 Speaker 1: Bloomberg Audio Studios, podcasts, radio news, single best idea and we were ripping up the script all morning here in the new flow, just extraordinary here into Meta and Microsoft this afternoon. Google last time I looked, was up eight nine ten dollars as well as a lift three point eight standard deviation move up on Google. But the new slow is there. Nick Cholis was in today with Data Trek Research Exquisite Research, thinking about the broader picture, but bringing it down to Nick Colis granularity. Here he is on the overweight of the hiss of the moment, I should say, the overweight of the decade, the standard IMPORES five hundred. 00:00:49 Speaker 2: It is dramatic, and it's obviously we're talking about the SP five hundred versus anything else, any other index anywhere in the world MSCI, Europe, Japan, Emerging Markets, everything you. Tech is a heavy weight in the US more than anyplace else. And the bottom line is you have to live with it. And there's a reason why these companies have gotten so big. They are disruptive innovators at scale, and they own most of the Internet, and it's really hard to back away from that. Here in the US. We talk about it a lot as a negative. When I visit clients in Europe, everybody resolutely thinks it's a positive, and they think, thank God for US equities, because if there weren't for the spo FI one hundred, I'd be stuck owning MSCI Europe earning five to eight percent instead of owning the US which is compounding at thirteen. So we think of it as a problem here. Nobody else sins it is a problem. 00:01:36 Speaker 1: We replay the morning program and for Global Wall Street, the Nikolas interview was so deep, so thick, that I really recommend going out to YouTube search Bloomberg Podcasts and you'll see the live broadcast. It's pictures of Lisa and Michael Barr and two ugly guys, and there's also separate the same look, but it's a tape record of the three hours of Bloomberg surveillance. You can go in there Global Wall Street and listen to all of Nicholas. I think that's very valuable as well. First thing I looked at this morning, just by chance, was gold out to a record high. Brought up the te function the trading envelope, and there was gold slipping out to a new high, which means you have to drag on Dennis Gartment. Let me explain. You can buy gold. You can buy it in US dollars, you can buy it in euros. Well over a decade ago, Dennis Gartman said, you ought to buy gold, and you ought to buy it in an overappreciate again, because the yen will depreciate why you own your gold, and gold will go up on a relative basis. Even more, it's one of the great trades of the decade. Here Dennis Gartman on the gold dynamic and the yen dynamic. 00:02:52 Speaker 3: I think gold is a precursor to a higher inflation. But you clearly need to have inflationary pressures above two and three percent to keep gold moving from at the angle that it has been moving from the lower left to the upper right. But again, gold is driven by two motive forces, inflation and geopolitical circumstances, and right now I think geopolitical circumstances are the driving motive force. Plus the fact it was a little bit disconcerting to me that the bricks Nations met last week and didn't announce a substantive change in their dollar policies and a substantive change in the purchase of gold that was a bit disappointing, but gold has held very well despite that disappointment. Always buy things that go up when the news has been relatively disappointing. 00:03:36 Speaker 1: That's a really important concept. Let me talk about that, Dennis Gartman there on gold in Yen. This is a real core investment idea. So let's take shorting, where you believe something's going to go down in price is a rule. The optimum short is when a lousy stock in a lousy sector in a lousy market goes down. It's hard to find, but believe me, that's when it's best, most efficacious, if you will. What Dennis is talking about, of course, is how do stocks react when there is adversity and you want to get things that go down less when you go down. That's something to study for. Is well. We have a busy week. Went back and forth with David Gerra. He's on the swing state tour. Kaylee said he's in Wisconsin, but maybe that was an hour ago. Maybe he's like taking the Sikorski over to Pennsylvania. I'm really not sure. Gurra out on the road as we go, the election dash into the end of the week. The jobs report on Friday and then across over to this historic Tuesday election balance of power leading our coverage with Jonathan Farrell. Look for that, Jonathan Farrell, Joe Matthew, Kaylee lines in a cast of thousands election night. We will be there early the next morning to tell you that we haven't had a decided election yet. That seems to be where we're heading as well. We're on YouTube, subscribe to Bloomberg Podcasts and very importantly YouTube at Bloomberg podcast is this new survey of Bloomberg Radio on your commute, Android Auto, Apple CarPlay Tonight Cole Clarity, Dodgers Yankees Game five Single, Best Idea,