Single Best Idea with Tom Keene: Henrietta Treyz & Ben Laidler

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

In this episode, we feature conversations with Henrietta Treyz & Ben Laidler 

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

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, Radio News.

Speaker 2 (00:12):
Single best idea. We've been up for twenty four hours
in the debate. We were beginning to blow up our
Friday effort. The team did it. Just a fabulous job
of making those tough decisions. Do you cover the inflation
report at eight thirty end of June thirty? The view
into the quarter I got from Bruce Casman today and
Emmy Shoe at JP Morgan, a fifty nine page outlook

(00:34):
into twenty twenty four. I promise you I will not
read it this weekend. We've got continued economic data coming
out Michigan, a little light. Inflation came in a little light.
I guess markets lift up, but all of it was
pushed aside by what the nation witnessed last night between
the former president and the president President. And thank you

(00:57):
to all of Bloomberg Politics, particularly David Gerha in Atlanta,
who got out front of this story with his conversation
with the governor from California and others. I could go
on for the six minutes of single best idea of
all the people that piece this together. I was sitting
on the couch with Vetol last night as the show
was blown up. And the first name I mentioned was

(01:22):
Terry Haynes of Pangaea and not a shock. He wrote
a brilliant first note, I'll say at eleven pm last night,
and the second name I mentioned was Henrietta Trace. She's
at Veda Partners. She is encyclopedic, and what's different about
her than talking heads is she's been intimately involved in
the machinery about politics gets done. Henrietta Trey's on the

(01:47):
twenty fifth Amendment.

Speaker 1 (01:49):
The good news for Democrats here is a sixty six
percent of the population already wants somebody other than Biden
and somebody other than Trump to be on the ticket.
So if it's going to happen, this is enough kind
of the best way. It's been speculating about all year.
You can see it from the predictive markets. There has
been at least twenty percent odds that Biden would not
be the nominee. I think that's much higher this morning,

(02:10):
and that is going to give you a baseline to
start with on these sort of otherwise wildly extreme circumstances
that are pretty normalized this year. A lot of the
American public is socialized to the fact that this might happen.
Certainly the investment community is.

Speaker 2 (02:24):
Henrietta Trees and had so much more to say, And
just to give you some of the highlights, Rick Davis
joined us for years with Senator McCain. Rick Davis was
just absolutely brilliant and analogs in non analogs as comparing
President Reagan and the First Lady with President Biden and
the First Lady. And I'm just trying to sort out

(02:46):
the highlights that we had. Greg Valier, I thought was
just brilliant and very cautious about a shift. Greg Valier
is certainly not in the camp that you're going to
see dramatics and fireworks, and that President Biden, it appears,
will be in this for the long haul. But many
other differing opinions out there. We did see inflation. Neil
Dudda have made very very clear that he is looking

(03:09):
for an EBB, if you will, from his great optimism
that he's seen on economic growth and then on the markets,
we had to go to Ben Ladler of E Toro.
Ben Laydler in December of twenty eighteen was a lonely
voice saying equities have value and you will prosper with ownership,

(03:30):
and then he said that in October of I believe
it was twenty twenty two, and he said that in
October of twenty three. You get to see a pattern here.
Ben Ladler on what you need to do going into
Q three twenty twenty four.

Speaker 3 (03:45):
I think big take is absolutely fine, and this is
very fundamentally droven. It's all about the earnings, which are
massively out surprising. He I'll continue to surprise.

Speaker 1 (03:55):
Well.

Speaker 3 (03:56):
I think the story of the second half is this
delayed rotation into everybody else. If we get the right cuts,
if we get affirming of economies, it's gonna be all
those other smaller sectors which are much cheaper, that are
much more sensitive to that than big text. The big
text fine, but as we get the cuts right cuts
coming in, I think everyone else is going to start performing.

(04:17):
And I remember a little bit of money goes a
very long way in those assets because they're all just
much much smaller and less love.

Speaker 2 (04:24):
Ben Ladler of ET Major shout out the Scarlet Foo
setting for Polsweeney Today we obligatory did the Scarlet Foo
celebrity Loadstone section. We thank her for her comments and
Ben Affleck and Jalo that was really timely and to
get us into the weekend. We will be here on Monday.
With the fallout of this debate, We'll be here on

(04:46):
Monday to look forward to Q three and economics, finance, investment,
and international relations from New York An Apple Podcasts, Single
best Idea f

Speaker 3 (05:00):
N L Incident, m