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Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.
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26 SEP 2024 · Right now, industrial policy is back in vogue in the US. The administration is making an effort at reviving specific sectors, notably in areas of clean energy and semiconductors. But despite all of the money being spent on subsidies of various sorts, there's no guarantee it will actually work. If it were easy, every country would do it. So what are the conditions that make it possible? And how can it go sour? On this episode of the podcast, we speak with Vivek Chibber, a professor at NYU, and the author of several books including Locked In Place, which compares the development experience of South Korea and India. We talk about the interaction of economic policy and domestic politics, as well as the specific political conditions that need to be in place that allow the government to provide "gifts" to companies, and for those gifts to actually turn into leading edge industrial leaders, rather than for that money to simply go into the pockets of investors. Among the things we discuss are: What industrial policy actually is and what it's going to take for the US endeavors to actually become successful. Read More:
https://www.bloomberg.com/news/articles/2023-08-14/how-tradle-helps-explain-economic-complexity-and-how-countries-become-rich?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=article
https://www.bloomberg.com/news/articles/2024-09-12/adam-tooze-on-the-big-misconceptions-of-the-chinese-economy?srnd=oddlots?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=articleSee https://omnystudio.com/listener for privacy information.
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23 SEP 2024 · These days if you talk to people about the stock market, they might talk to you about the effect of the Fed. Or they'll talk about the Mag 7 and AI capex spend. Or they'll extoll the virtues of passive, low-cost investing. It seems like you hear less and less about the art of security selection: Finding cheap diamonds in the rough that have been overlooked by other investors. But some people are still keeping that world alive. John Rogers is the founder and co-CEO of Ariel Investments, and in his primary mutual fund he invests only in mid- and small-cap companies. Recorded live on stage at the Future Proof Festival in Huntington Beach, CA, we talk about his approach. He explains why he believes value investing still works, and the process he uses to select individual names. We also discuss what he looks for and how he researches stock picks. Among other things, he tells us why he's invested in The Sphere (yes, that Sphere in Vegas) as well as the company that makes the McFlurry machines for McDonald's.
Read More: https://bloom.bg/3MTAAC7 Only http://bloomberg.com/ subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcastSee https://omnystudio.com/listener for privacy information.
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20 SEP 2024 · The Future Proof Festival takes place right on the beach in Huntington Beach, California. Thousands of registered investment advisors from all over the country come to talk shop, take pitches from vendors, eat tacos, drink beer, and listen to a concert from Third Eye Blind. On this Lots More, we talk with Sam Ro, the author of the Tker.co newsletter about the RIA scene, financial media, behavioral finance, the Fed, and the business of musical artists playing at conferences. See https://omnystudio.com/listener for privacy information.
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19 SEP 2024 · This week, the Fed cut benchmark rates by 50 basis points. Lower financing costs should be a relief for companies that need to borrow in the form of bonds or loans. But, the weird thing about the previous few years of high rates and high inflation is how much corporate credit has defied expectations. While defaults increased slightly, there wasn’t a huge wave of bankruptcies. And most companies haven’t really had trouble finding financing, with a smorgasbord of options available to them — including from the booming private credit market. So what happens now that the Fed is lowering rates? In this episode, we speak with Danielle Poli, co-portfolio manager of Oaktree’s Diversified Income Fund and a founding member of the firm’s investment committee, about how she sees the next leg of the credit cycle unfolding, and how she decides between a multitude of potential investments in the space. Related Links:
https://www.bloomberg.com/news/articles/2024-09-02/how-private-credit-is-swallowing-the-economy?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=article
https://www.bloomberg.com/news/articles/2024-08-22/the-hottest-way-for-banks-to-get-risk-off-their-balance-sheets?srnd=oddlots?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=article Only http://Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcastSee https://omnystudio.com/listener for privacy information.
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18 SEP 2024 · It’s Fed Day, and while everyone expects the central bank to cut benchmark interest rates, the key question is by how much? Will it be 25 basis points or 50? Investors are evenly split between the two possibilities, setting up one of the most uncertain meetings ever. So what does a big bond manager do on a day like this? In this episode, we speak with Dan Ivascyn, Group CIO at Pimco, where he manages the $158 billion Pimco Income Fund. He tells us what he’s expecting from the FOMC, and what he’s seeing in terms of financial conditions and the real restrictiveness of the monetary environment right now. He also walks us through what Fed day is actually like at Pimco, where he thinks the economy is going, and answers the question of whether — with rates finally going down — bonds might be back in favor.See https://omnystudio.com/listener for privacy information.
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16 SEP 2024 · 15 years ago was a pivotal moment for financial media. On the one hand, we were in the midst of a huge financial crisis, which shook everything up and exposed how little we knew about our own world. In addition to that, we were in the early moments of a revolution, which saw the rise of blogs, podcasts, "Finance Twitter" and other new platforms for disseminating information about markets and business. One of the winners from that era was Josh Brown, a former stockbroker who rose to fame in part on the back of his must-read blog The Reformed Broker. Now he's the CEO of a large investment advisory firm, Ritholtz Wealth Management. He's got a popular podcast. He's got a new book. He's a fixture on CNBC. And he even has a conference business. We talk about his career path, what he's learned, some funny stories from the good old days, and how he became a media giant.See https://omnystudio.com/listener for privacy information.
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15 SEP 2024 · Financial institutions have been a leading target for cyber crime since the dawn of the internet. But phishing schemes have become far more intricate, and cyber heists go beyond stealing money from a bank. JF Legault, Deputy CISO at J.P. Morgan Chase, explains how he leads cyber defense on the front lines of work — and lays out a strategy to transform teams into early detection networks. Then David Adrian from Chrome unpacks how web browsing protections, robust monitoring, and a real-time view of threats can fit into this kind of strategy to maximize resilience to a cyber attack. This episode is sponsored by Chrome Enterprise.See https://omnystudio.com/listener for privacy information.
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13 SEP 2024 · This week, former European Central Bank President and Italian Prime Minister Mario Draghi published a long-awaited report examining ways to make the European economy more competitive. The report comes at a time when there are major concerns about how Europe is stacking up against the US and China in things like electrical vehicles and AI. It also dovetails with long-running debates about German fiscal austerity, economic tensions between various European Union members, energy crises, and inflation. In this episode, we speak with University of Massachusetts-Amherst economics professor Isabella Weber about her takeaways from the report and potential policy approaches to solving Europe's big competitiveness problem.
Referenced in this episode:
https://bloom.bg/3XHzMqf
https://bloom.bg/3XRsgt3 Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox each week, plus unlimited access to the site and app. Subscribe at https://www.bloomberg.com/subscriptions/oddlots?in_source=oddlotspodcast See https://omnystudio.com/listener for privacy information.
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12 SEP 2024 · One of the big buzzwords over the last year or so has been "overcapacity." There's a constant line of argument that China is unfairly flooding the world with unprofitable goods and creating huge, unsustainable imbalances. Western countries, particularly the US (but also Europe), have responded by raising tariffs and engaging in domestic industrial policy in order to compete. But is the strategy sound? Are the basic premises of the problem correct? On this episode of the podcast, we speak with Columbia Professor Adam Tooze, the author of several books, as well as the popular Chartbook newsletter. He argues that the overcapacity framing is misguided, and that the US may be making a mistake putting its chips down on an industrial revival. He talks us through some of the actual weaknesses of the Chinese model, as well as its global political reverberations. Read more: https://www.bloomberg.com/news/articles/2024-08-01/matx-wants-to-take-on-nvidia-nvda-in-llm-chip-market?srnd=oddlots?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=article https://www.bloomberg.com/news/articles/2024-07-22/the-us-and-china-are-in-an-all-out-race-for-ai-domination?srnd=oddlots?utm_medium=referral&utm_source=podcast&utm_campaign=odd_lots&utm_content=articleSee https://omnystudio.com/listener for privacy information.
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9 SEP 2024 · One of the rare areas of bipartisan consensus in the US right now, is on the need to change our trading relationship with China. Former President Donald Trump started a process of putting tariffs on Chinese goods and limiting the export of certain key technologies. This has only expanded under the Biden administration, with expanded restrictions on things like electric vehicles, solar panels, and semiconductors. So what's the thinking behind this drive? What are the goals and what are the risks? On this episode we speak with the United States Trade Representative Katherine Tai. Ambassador Tai describes what she sees as a rethink, or a new version of, globalization. She explains the new worker-centric priorities, how trade fits into domestic investments, and what a healthy version of international economic relations actually looks like. See https://omnystudio.com/listener for privacy information.
Bloomberg's Joe Weisenthal and Tracy Alloway explore the most interesting topics in finance, markets and economics. Join the conversation every Monday and Thursday.
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