Bloomberg Audio Studios, Podcasts, Radio News.

Bloomberg Audio Studios, Podcasts, Radio News.

Single best Idea on an Interesting Monday, as well, a nice eclectic set of guests, as we all recovered from brackets blown up. Richard Truman, you know our producer. He's the one leading the charge here at Team Surveillance with a sprightly bracket, to say the least. Leading the charge today on equity Discussion Stock market Discussion was liz Anne Sanders at Charles Schwab. She was absolutely brilliant in parsing out price to earnings ratio, the numerator and the denominator. Here, liz Ane Sanders, you.

Single best Idea on an Interesting Monday, as well, a nice eclectic set of guests, as we all recovered from brackets blown up. Richard Truman, you know our producer. He's the one leading the charge here at Team Surveillance with a sprightly bracket, to say the least. Leading the charge today on equity Discussion Stock market Discussion was liz Anne Sanders at Charles Schwab. She was absolutely brilliant in parsing out price to earnings ratio, the numerator and the denominator. Here, liz Ane Sanders, you.

Have to segment it. You're still in the mid to high twenties for Tech or the Magnificent seven. Then you get closer to twenty. We've come down from about a twenty two for Multiple about twenty. Then you can go equal weight or S and p xmag seven and you're into the teens there.

Have to segment it. You're still in the mid to high twenties for Tech or the Magnificent seven. Then you get closer to twenty. We've come down from about a twenty two for Multiple about twenty. Then you can go equal weight or S and p xmag seven and you're into the teens there.

So it really.

So it really.

Depends on how you segment thing. The problem is that we've had a declining numerator and a declining denominator. As I mentioned, I think we need to see stability in the denominator part of the equation to provide a little bit of a lift from evaluation perspective. We're not quite there yet.

Depends on how you segment thing. The problem is that we've had a declining numerator and a declining denominator. As I mentioned, I think we need to see stability in the denominator part of the equation to provide a little bit of a lift from evaluation perspective. We're not quite there yet.

Absolutely brilliant bronze it. Here's the way it works, folks. Any given ratio, I don't care what it is in the case of the vanilla price to earnings ratio, but it can be priced to cash flow whatever. There's a numerator, the number up top and the denominator of the number down below, and they each have two ways that can go well. They can stay stable, but for the point of discussion, the numerator can go up or down. The denominator can go up or down, which means you have four outcomes, and instead what you're in the media constantly is a single static number. Analysis pros likely Zan Saunders are always looking at the dynamics. You'll hear the phrase partial differentials, which is fancy calculus. Talk about the movement of those four outcomes in the numerator and in the denominator. With us today, Joe Lavarren, you have SMBC Nico, Joe with his experience with Lawrence Cudlow in the first Trump administration. Joe lavarn talking here about the unemployment rate.

Absolutely brilliant bronze it. Here's the way it works, folks. Any given ratio, I don't care what it is in the case of the vanilla price to earnings ratio, but it can be priced to cash flow whatever. There's a numerator, the number up top and the denominator of the number down below, and they each have two ways that can go well. They can stay stable, but for the point of discussion, the numerator can go up or down. The denominator can go up or down, which means you have four outcomes, and instead what you're in the media constantly is a single static number. Analysis pros likely Zan Saunders are always looking at the dynamics. You'll hear the phrase partial differentials, which is fancy calculus. Talk about the movement of those four outcomes in the numerator and in the denominator. With us today, Joe Lavarren, you have SMBC Nico, Joe with his experience with Lawrence Cudlow in the first Trump administration. Joe lavarn talking here about the unemployment rate.

We tend not to look at other economists in part because we don't want to be biased, but to get a higher rate, tom we'd have to be really pessimistic on growth. Also, to Oakin's law is useful, which is that you know what Oakins law is, but it's the relationship between potential GDP and what actually happens in the economy. And the other thing is this is that even if we had a slow period of growth this year, maybe you talked earlier about the pain, Yes, we're gonna have somewhat of a pullback on the fiscal side. Secretary Besset mentioned detox. But if all of a sudden it looks like twenty twenty six is going to accelerate, financial editions leads in anticipation of that, hopefully there'll be some clarity on the tax side, and companies wouldn't lay people off, so there'd be no reason for the underpoint rate to rise if the twelve month forward was improving.

We tend not to look at other economists in part because we don't want to be biased, but to get a higher rate, tom we'd have to be really pessimistic on growth. Also, to Oakin's law is useful, which is that you know what Oakins law is, but it's the relationship between potential GDP and what actually happens in the economy. And the other thing is this is that even if we had a slow period of growth this year, maybe you talked earlier about the pain, Yes, we're gonna have somewhat of a pullback on the fiscal side. Secretary Besset mentioned detox. But if all of a sudden it looks like twenty twenty six is going to accelerate, financial editions leads in anticipation of that, hopefully there'll be some clarity on the tax side, and companies wouldn't lay people off, so there'd be no reason for the underpoint rate to rise if the twelve month forward was improving.

Joelivern SMBC there, and I really want to mention a research shout of side research that came out to a Torsten Slock at Apollo Global with a blistering two paragraphs modeling out what we're all observing. Whatever your politics is, the decline in immigration. At Apollo Global Management, they model out a new run rate of sixty thousand and six to zero on non farm payrolls. That is a shocking number, bringing it down from the conventional one fifty down to maybe one twenty and now well below one hundred thousand per month on non farm payrolls. That is just amazing. Two paragraphs on the changing of America. On your commute across America, look for US Good Morning ninety nine to one F M Washington ninety two nine FM Boston Good Morning on Apple CarPlay, on YouTube. We're out subscribed to Bloomberg podcasts and on YouTube podcasts. It's single best idea.

Joelivern SMBC there, and I really want to mention a research shout of side research that came out to a Torsten Slock at Apollo Global with a blistering two paragraphs modeling out what we're all observing. Whatever your politics is, the decline in immigration. At Apollo Global Management, they model out a new run rate of sixty thousand and six to zero on non farm payrolls. That is a shocking number, bringing it down from the conventional one fifty down to maybe one twenty and now well below one hundred thousand per month on non farm payrolls. That is just amazing. Two paragraphs on the changing of America. On your commute across America, look for US Good Morning ninety nine to one F M Washington ninety two nine FM Boston Good Morning on Apple CarPlay, on YouTube. We're out subscribed to Bloomberg podcasts and on YouTube podcasts. It's single best idea.