Single Best Idea with Tom Keene: Liz Ann Sonders & Damian Sassower

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

In this episode, we feature conversations with Liz Ann Sonders & Damian Sassower.

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 (00:14):
Single best idea on a Monday and eventful Monday, of course,
with the death of Pope Francis, and thanks to our
team for putting together some interesting conversations on his passing
and on the future of the Catholic Church and around that.
The future of the market's really difficult. Asia opening at
seven pm on Sunday and it rolled right over into

(00:38):
the markets today. We're really following this almost tick by tick.
I do not buy the idea, folks that this is
just about worries of fed independence in jerown power. There's
much more going on than that. We heard that from
liz Anne Saunders of Charles Schwab. My first question to
her was on oh, you know, growth and the unemployment

(00:58):
rate and such. But on the equity market, it's sort
of like every other conversation. Now what we.

Speaker 3 (01:05):
Were pounding the table last year on the face of
very strong performance, be mindful of not letting your portfolio
get as concentrated as what's embedded in these cap weighted indexes,
and really pushing the notion of diversification. So you really
come back to the basics. It's maybe boring to talk
about the basics when the market is flying broadly or

(01:27):
you've got the Magnificent seven flying. But that's really what
it comes down to, is that you would have been
at least relatively protected by not letting your portfolio get
that concentration, by having diversification across asset classes and even
within equities in international relative to US. So sometimes, unfortunately,

(01:50):
it takes a tough market environment to sort of you
send that message home in a more acute way.

Speaker 2 (01:57):
Lizzie sound is there on the equity markets. And certainly,
even though we've heard that retail is putting money into stocks,
Eric Belchuna is saying that's ebbed away a little bit
here in the recent days. What I noticed last night
was the collapse of the dollar. The word I'd use here.
I rarely use this word, but it was accurate. At

(02:17):
seven pm Wall Street time last night, the dollar plunged
and it continued that this morning. Some real dynamics. Our
first conversation on the dollar today with Bloomberg Intelligence is
Damien Saso.

Speaker 1 (02:29):
Look at China as a barometer of what happened here
when President she kind of took over and started putting
in his red lines and basically talking about his warren
the shadow banks, of which another trust, a huge billion
dollar trust in China's about to default Evich overnight. And
so you know, you've got all this stuff going on,
and President she is not going to ride to the
rescue of the markets domestically, hasn't ridden to the rescue

(02:50):
of wealthy Chinese households. And so if you're seeing a
lot of that kind of reverberate here in the US,
what does that mean for the US dollar? The same
thing it probably means for the China Yu Want. It's
going to decline re tik to everything else. And that's
what we're seeing here.

Speaker 2 (03:01):
We're going to continue our coverage of the dollar, not
only the discrete idea of the dollar against pairs or
the blended indexes, the d X Y and then the
Bloomberg BBDXY Bloomberg Dollar Index BBDXY, which quite frankly is
more holistic, it's better math. But the venerable DXY index
of major trading partners call up the Dow Jones Industrial

(03:24):
average of the FX market. But we'll look at that
through the prism of equity, bond and commodity investment. Certainly,
an eventful Monday to start the week. Thank you for
your interest on YouTube, subscribe to Bloomberg podcasts and on
YouTube podcasts. It is a single best idea