Trascrizione completa di Bloomberg Surveillance TV: August 24th, 2026

00:00:00 Speaker 1: Bloomberg Audio Studios, Podcasts, radio News. 00:00:11 Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along with Lisa Bromwitz and Amrie Hordernt join us each day for insight from the best in markets, economics, and geopolitics from our global headquarters in New York City. We are live on Bloomberg Television weekday mornings from six to nine am Eastern. Subscribe to the podcast on Apple, Spotify, or anywhere else you listen, and as always on the Bloomberg Terminal and the Bloomberg Business app. We begin this hour with stock sliding his investors brace of FED check Kevin Walsh's speech on Friday, and wilsh the chief investment officer of Guggenheim Partner's Investment Management, writing the Jackson Hole meeting is an opportunity to clarify the strategy to address inflation. The Hawks have grown louder, but inflation progress should be enough to avoid hikes this fall. And joins us now for more and good morning, good to see. 00:00:57 Speaker 3: You, Good morning, glad to hear we. 00:00:58 Speaker 2: Get into this as you know I am. We're anticipating us getting into the issues around Mark Waltters and his affiliation to Gugenheim. More broadly, I'm going to go through the details as we understand them. As I understand them, whether these loans from insurers were directed to other parts of his empire without being properly disclosed and labeled as affiliated transaction. That seems to be the epicenter of the investigations right now. I'm sure clients are very interested in way you stand and what it means for Gugenheim Asset Management. Where does Gugenheim Masset Management sit in all of that. 00:01:30 Speaker 4: Well, let me see if I can create some clarity around this. In particular, what is not the focus of any inquiry is to our investment management process, our people, our performance and returns, or our trade allocations, which has historically been an area that the SEC would open an inquiry into an investment management firm. That is not the case here. We are working day in and day out for our investors with the same integrity and fiduciary responsibility that we have always engaged in at the firm and will continue to do so. In particular, at this time with markets being so uncertain, we do have an inquiry into a business accounting issue in one of our subsidiaries, and we've been very open with regulators and very cooperative in their investigation and we will continue to do. 00:02:25 Speaker 3: So, and that, as I said, is a business issue. 00:02:28 Speaker 4: We've engaged with our auditors and we feel that the accounting treatment was appropriate. With regard to TWG and its insurance entities, that is a fully separate matter. And of course they are dealing with their regulators and have also very cooperative and as I understand it, have entered into a remediation agreement or a protocol and that has been. 00:02:55 Speaker 3: As I said, very cooperative. 00:02:57 Speaker 4: At this point in time, I think investors need to be assured that we again are working very much diligently day in and day out. Again because these markets are so uncertain. 00:03:09 Speaker 2: How cooperacific client spent out of the past few weeks. 00:03:12 Speaker 4: Very supportive and once it's very clear to them exactly what is happening and. 00:03:18 Speaker 3: We are able to explain. 00:03:20 Speaker 4: Then as a result, we have been able to assure them and I think again assuage their concerns. 00:03:28 Speaker 5: Do you think that the climate has adjusted such You keeps saying that markets are incredibly complicated, and they are, and we're talking about for example, and Nvidia and some of the accounting mechanisms that have been going on with respect to where they book profits versus the hyper scalers as they spend. Do you think that rumors spread faster right now because people feel like there's so much money being spent. It's such a difficult, fraught time with so much money going to private sectors with less transparency. 00:03:55 Speaker 4: Well, look, this is the world within which we are operating. The markets are highly fragmented and stratified. So at this point in time, what we're seeing is we're seeing the intra sensitive parts of the economy are maybe a bit more wobbly. We're going to talk about rates that's obviously having an impact. We're talking about private markets have grown significantly over the last number of years, and with BDCs and some of these other transactions, particularly concerns over software, we're starting to see a lot of investor nervousness. And by the way, we're coming up into that time of the year September and October, which historically is a market volatility period of time, and as a result, investors are more nervous than probably they would otherwise be. 00:04:44 Speaker 5: We were just talking with Earl Davis who said he's going to the back of the theater near the exit door, talking about how he is looking for ten year treasure yells to go between five and five and a quarter percent and thirty year treasuries to go to six percent, but so wouldn't buy them. 00:04:58 Speaker 3: Do you see things the same way? 00:05:00 Speaker 4: I think that's a very provocative statement. What I would say is is that here we are in a trading range on the tenure, and at the low end we've been down into the high threes. At the high end we're four seventy four, seventy five, and at for seventy five, that's pretty much the high end of our range. If we see five percent on treasuries on the tenure, I would tell you that is a buying opportunity. I think the markets aren't able, particularly the equity markets aren't really able to function as well beyond that, and I do believe that titans financial conditions. The thirty year, however, historically has traded much more on inflation concerns. I don't see us going to six percent on the thirty year, and if it does, I would take the opposite view, and I'd back up the truck and I buy a lot