Single Best Idea with Tom Keene: Ben Laidler & Charles Kantor

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

In this episode, we feature conversations with Ben Laidler & Charles Kantor.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, Podcasts, radio News, single best Idea.

Speaker 2 (00:15):
What an interesting Monday. Thank you to all of our team,
Eric and Laura Nemaeis for putting together a good conversation
with Andrew Cromo as he runs for mayor of New York.
Had a real national feel to it with all that's
going on. But we also covered the markets first. We
began and the equity markets with Ben Laidler of Bridesco.

(00:38):
Ben Laidler here with his natural bullish tone, but he shifts.
He looks from America abroad.

Speaker 3 (00:45):
The rest of the world, I think is where you
get the risk reward growth is fermi up. Interest rates
are being cut, you're getting some fiscal stimulus, and again
you're pushing on an open door because currency is a
cheap and valuations are chair and you're getting again, you
don't need a lot of money coming out of the
US because the US has just got so supersized. These
other markets have got so small, you know, a little
bit of faery dust, and I think that's the driver

(01:07):
of this sum of this rest of the world aut performance.
And again I only need to be half right there.
I'm not betting against the US I'm just arguing it's
a more average ten percent environment.

Speaker 2 (01:17):
Important distinction there. He did not say sell the US.
He just said, all of a sudden, there's a value proposition.
I was stunned by his comments on Brazil. He said, look,
Brazil is incredibly inexpensive. He showed some enthusiasm for that
is perhaps you'd expect from the Latin American firm Bridesco
as well. Charles Canter is just fascinating. He's wonderful with

(01:42):
Newburger Berman. Charles Canter came by to talk about his
continued enthusiasm. So we looked at Yes, Meg seven the
view forward with artificial intelligence.

Speaker 4 (01:55):
I think what gets lost a little bit on the
Magnificent seven is is this good reasons why men of them,
you know, are magnificent. And one thing I'd like to
point out is when you look at both their R
and D spend and their CAPEX spend on an annual basis,
these seven companies spend north of nine percent of their

(02:16):
revenues on R and D, which is north of two
hundred and fifty billion dollars. To contextualize that amount, that's
more than the entire healthcare and biotech sectors. Combined. Why
do we pick those sectors because those sectors have to
invest in R and D to replenish their pipelines. And
then on the balance sheet side of the Ledger especially
pronounced over the last couple of years as that built

(02:38):
out their AI investments. Last year was the first time
that they spend more than the entire materials, mining, and
industrial sectors combined. Why don't we pick those sectors because
those are typically the most capal intensive sectors. So at
the end of the day, lump together these seven companies
have incredible optionality on the future.

Speaker 2 (03:01):
Charles Canter, I'm Newburger Berman, beginning to an eventful week
with a key inflation report on Wednesday. Across the nation
in your Commute and Serious XM Channel one twenty one,
Apple CarPlay, Android Auto Good Morning, ninety ninety one FM
in Washington, ninety two nine FM in Boston, and on
the podcast and particularly on YouTube podcasts. This is a

(03:24):
single best idea