Single Best Idea with Tom Keene: Steve Chiavarone & Nicholas Burns

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

In this episode, we feature conversations with Steve Chiavarone & Nicholas Burns.

Watch Tom and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF

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Episode Transcript

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

Speaker 2 (00:15):
A single best idea, and we'll have Nicholas Burns with
us here in a moment with his public service is
Ambassador to China. What a great moment here today to
have Nick Burns for a long conversation before that on
the moment at hand, which is asset allocation amid our political,
economic investment chaos and uncertainty. Steve Chiveron is the federated

(00:38):
him as he writes brilliant short terse pieces. His summary
is simple, get back into the US, get back into tech,
be optimistic. The worst is over. Here's Steve Chiverone on
all the manufactured derivative products of the moment.

Speaker 3 (00:56):
For very specific client needs. Whether it's enhancing inc or
you've got real risk aversion. You know, derivatives can play
a role over the long run in terms of building sustainable,
quiet wealth, if you will. The story is about staying invested.
I mean everything around that is just behavioral. It's about
staying invested. So the question is how do you understand

(01:19):
the client, how do you understand what their risk tolerance
is and then build them a long term asset allocation
and then be tactical enough Tom that you don't whips
all your way out of returns, but you provide the
client with enough comfort to say, Okay, we're not just
sitting here blindly because at the end of the day,
the story is really simple. Just because it's difficult doesn't

(01:42):
mean that it's complicated. Investing is difficult because it's hard
to stay invested, it's hard to stay unemotional. But it's
not nearly as complicated as we make it out to be.
That's just us making ourselves feel better that it's hard.

Speaker 2 (01:54):
Like many of our world class guests, there's a point
where the voice changes. There was the intense Steve ship
Own really really something there on all these fancy made
up products that they no bones about it. I'm very
much against him. I just think it's people trying to
meet the fear that's out there, the sum of all

(02:15):
our fears, by hedging away any potential gain to get
some form of guaranteed income stream. A little bit of
complexity there. Steve chiverone just magical. Nick Burns came out
of Wellesley, Massachusetts, and for example today we talked to
him about his first job in a small African town

(02:36):
for the State Department is turned into an esteemed career
as truly one of our great diplomats. A tour of
duty in China as ambassador. We open talking about having
the weekends. He get on the high speed train and
go deep into China, where very few Americans go, very
constructive comments about the people of China. Here, Nick burns

(02:59):
with construction of comments on our State Department that.

Speaker 4 (03:03):
You can believe that young people who join and middle
aged people the federal government are non partisan. We take
an oath to be nonpartisan. It's actually a law, the
Hatch Act of nineteen fifty two, and I served across
I served Republican presidents and Democratic presidents. I never asked
any of my colleagues, Hey, what party do you belong to,
because it would have been really inappropriate to that. And

(03:25):
what bothers me about the mass firing of our civil
servants in Washington is that there's somehow this suspicion that
they're all Democrats and progressives, which is absolutely not the case.
People just want to serve the country. So I do
think respectfully Secretary Rubio and President Trump, they've really weakened

(03:46):
the ability of the United States to put good people
in the field on the military side, on the pavilion side.

Speaker 2 (03:52):
Nick Burns, of course, the former ambassador to China across
the nation, on your commute, Thank you so much for
starting your morning, this particularly the early morning of the
Left Coast on YouTube, growing each and every day. Just
absolutely humbled by the growth of Bloomberg podcast shout out
thank you Tracy Loway, Joe Wisenthal for their commitment there

(04:16):
with lots of Barry Ritholts out with that wonderful new
book on How Not to Invest, adding a lot of
value at Bloomberg Podcasts as well on YouTube and on
YouTube podcasts. This is single best idea