Single Best Idea with Tom Keene: David Seif & Jens Nordvig

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

In this episode, we feature conversations with David Seif & Jens Nordvig.

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Episode Transcript

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

Speaker 2 (00:15):
Best idea, We'll be quick about it. David Sief joined
us with Mura and we talked about the economics at hand,
the economics of the moment. Here's David Seefe on the
view forward.

Speaker 3 (00:26):
I think this is an increasing investor concern, and I
would say a concern of mine as well. Over the
past couple of months, we've seen i'd say, really starting
in April with the sort of post Liberation Day announcement
and then you know, events in the UK, events in
exactly we've seen, crisis happens, the back end sells off,

(00:47):
The crisis then is resolved, and the back end doesn't
come back, so the yield spikes, and then when the
crisis is solved, it just sort of stays there. It
doesn't get any worse. But we've seen the steady steepening
of the curve. And it's not the good kind of steepening.
It's not the kind of steepening where people are like, oh,
you know, the economy is going to be growing better,
and therefore longer longer term rate should be or yield

(01:10):
should be higher. It's the kind of steepening where people
are like, Oh, I'm a little worried about what inflation
is going to be. Like globally, I'm a little worried
about you know, what the future holds in terms of risk,
and therefore I demand a higher risk premium for locking
my money up, even with these very safe developed market
economies like in the US, UK, Japan.

Speaker 2 (01:32):
David see if he's with n Murray as well, special
moment on the show today. We'll make this a point
of explanation, I guess is how I would put it.
You have to start somewhere and long ago and far away.
I started with the support of a small shop called
Goldman Sachs. It was Jim O'Neill in London. One day

(01:52):
we sat in the basement of Finsbury Square and move
the Japanese. Yet, I should say, mister O'Neill moved the Japanese. Yeah, now,
Lord O'Neill. And in America it was a tandem of
Bill Dudley and Ed McKelvey Chris. Mister Dudley went on
to the New York Fed and Associated Economic Acclaim. At
the time they had two youngsters working for them. One

(02:15):
was Jan Hatzias, who has just done so well with
Golden Sex Economics and Yen's Nordvig more in Foreign Exchange
from Denmark. Jan's Nordvig was on the show today and
as the President went after the leadership of Golden Sex
and the President went after Jan Hatzias of Golden Sex,
we yes Jens Nordvig to delicately comment, it's.

Speaker 4 (02:38):
Rare that you have a situation where the president of
the United States, like is involved in some kind of
tension with an economist at a bank. Right, So we're
in an unusual situation. So I think Jan is gonna
continue to do his research, continue to do his forecasting,
and hopefully the management will be dealing with that appropriately

(03:00):
delicate moment.

Speaker 2 (03:00):
That's what the management is for. It is incredibly busy August,
so much for the summer long. Really special conversation today
with Michael McKee about Rayevic and Garbage chev and Reagan
and Marie Horden traveling to Anchorage, and we thank Stephanie
Baker in her wonderful book on putinin Sanctions for being

(03:21):
with us as well. We're on Ample podcasts, We're on
Spotify podcasts and on YouTube podcasts. It's single best idea