Single Best Idea with Tom Keene: Russell Brownback & Leslie Palti-Guzman

Tom Keene breaks down the Single Best Idea from the latest edition of Bloomberg Surveillance Radio.

In this episode, we feature conversations with Russell Brownback & Leslie Palti-Guzman.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news.

Speaker 2 (00:14):
The single best idea on an extraordinary day, it could
have been. We could have gone six seven hours today
with this historic legislation in Washington, just to give you
a little window into it. It's six point fifty nine,
or maybe six point fifty eight. Nathan Hager announced that
the gavel was hit. You heard the gavel in the
House of Representatives off this legislation. We thought it would
happen later, but it didn't. The news is the news,

(00:36):
and we blew up the show literally in the countdown
clock going to the red light at seven zero zero.
Thank you to Terry Haynes on quick Notice with Pangaea.
He was spectacular on parsing apart what's going on in
Washington the path to the Senate. I can't say enough
about Terry Haynes's value add A LinkedIn. He's got some

(00:57):
great notes out there, Haynes Ha and Hai Nest Pangea policy.
Thank you David Gura for multiple appearances today across all
that we do on the bond market. I wanted to
get somebody global holistic in and Russell Brownback is just
fabulous at Blackrock. His notes are incredibly short and brilliant

(01:22):
and really penetrating about the global nature of higher yields.
Here now, Russell Brownback.

Speaker 3 (01:30):
We're going to look for the optimal opportunity set. We
don't think it's at the back end of the curve.
I will say, you know, there's a lot of barishness
about term needs to be more term premium. That's a
very popular trade today. Another great statistic, only eight point
seven percent of marketable treasuries are twenty years or longer.
If you think about the long aggregate index twenty years

(01:50):
and longer, it's less than three trillion in market capitalization.
You think about long duration assets, pension funds, insurance companies,
you know estimates of around five trillion. The technicals are
pretty profound. So you can push the long end of
the market down in a speculative way. Over the short run,
it's really hard to keep it down. And you've seen
this is the third sort of bond vigilante scare quote

(02:13):
unquote we've had over the past three years. The first
two didn't really play out. My guess is that this
one won't either.

Speaker 2 (02:19):
Bronze it. Russell brown Back at Blackrock, I can't say
enough re listen to that is what after we get
done with Leslie on energy, re listen to what Russell
Brownback said there for Global Wall Street and even for
people that haven't read a thousand pages of Fobosi, what
he just said there is critical and I'm going to

(02:39):
make it clear. This goes back to Lawrence MacDonald two
three years ago about the absolute wall of money out there,
like an insurance companies. You know, big, big, big money
has to find a warm place. That's what Russell was
talking about. And there's a Templeton said years ago a
shortage of bands. There's no shortage of interest in what

(03:02):
Leslie Poltic Guzman says. She's with Energy Vista out of
Seance Poe and Fletcher Tofts just extraordinary. And the geopolitics
of energy here is Leslie party Guzman.

Speaker 1 (03:14):
You know it was a very few like well fueled
pr campaign. We haven't heard any criticism. And if I
can use this stage, you know, for me, putting so
much wealth into the hands of Katar is not a
good idea because Katar has strong ties with Iran. Katar

(03:34):
has financed the Muslim Brotherhood. By the way, France came
out with a report this week from government officials pointing
out the financing of Katar to the Muslim brotherhoods in
Friends specifically, but all over Europe and other countries. Right,
Jordan had just kicked out the Muslim Brotherhood. Katar has
hosted and shelter a Dahamas Leslie Party.

Speaker 2 (03:55):
Guzman there with energy vista across nation on your commune.
Thank you so much for your attention. Special thanks to
Brian Shortsleeve, Republican candidate for governor in Boston. Thank you
ninety two nine for that access this morning on YouTube.
Subscribe to Bloomberg Podcasts, growing each and every day and

(04:15):
out on YouTube. Podcast its single best idea