Single Best Idea with Tom Keene: Robert Kaplan & Anna Wong

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

In this episode, we feature our conversations with Goldman Sachs’ Robert Kaplan & Anna Wong of Bloomberg Economics. 

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, the.

Speaker 2 (00:13):
Single best idea really interesting post FED show picking up
the pieces off that. Thanks to Lisa Bramwitz for driving
the conversation yesterday afternoon. Some great conversations centered around selective
bombshells from Chairman Paul. We'll get to that in a moment.
Robert Kaplan in lovely to see him in the studio.
He is with Goldman Sachs as vice chairman, the former

(00:34):
president of the Dallas FED and all of his teaching
at HBS years ago. Robert Kaplan really interesting on monopsy
on the great American roll up, not the large cap,
not the mid cap, small cap. Here's Robert Kaplan on
the in between.

Speaker 3 (00:52):
Lots of still small emerging businesses powered by AI that
can grow and will be very attractive, and they'll get
to a point where they kind of stabilize. You'll have
lots of very big, huge scale companies that are dominant,
and you're gonna have a lot in between. And I
guess we'd say it in between has gotten a lot bigger.

(01:12):
And the last companies that used to think they were
big and dominant and still aren't or less dominant.

Speaker 2 (01:18):
I looked at Procter and Gamble carefully said, I don't
want you to come in on individual security. But what
does old industry do in their in between?

Speaker 3 (01:26):
This build size and scale and make more investment in efficiency, productivity,
technology and so all that costs money and in the
short run reduces margins. And that's why you also see
a lot of bell tightening right now right now to
offset some of the margin impact.

Speaker 2 (01:48):
Robert Kaplan with Goldman sex really interesting there. I can't
say enough about the bet the traditional non technology, non
AI economies and companies will look to productivity as the
path forward. Certainly that was a surprise at the FED
meeting yes today, Austin Gouldsby with that descent I thought
was fascinating a bit of the way through the press conference,

(02:11):
the chairman with a bombshell taking non farm payrolls and
marking them down as revisions are made. Who did I
think of Anna Wong at Bloomberg Economics. She has been
path breaking in America on adjusting unemployment to a more
negative outcome. Here is doctor Wong on the labor economy.

Speaker 4 (02:33):
Powell mentioned that the three month rolling average is currently
about forty thousand, so if they're six sixty thousand over
statement that you negative twenty thousand and net's I think
that's the number. But on a month to month basis,
there of course a lot of fluctuations. For example, last
month we saw one hundred nineteen thousand, right, and next

(02:55):
week we are going to have a double payrollsport or
this this this is highly unusual.

Speaker 2 (03:02):
Right, A lot of economic data next week that will
get us through December. On podcasts or on Apple, We're
on Spotify, on YouTube podcasts. It's single best idea