Tom Yeah, Toronto Dominion Bank Of Canada, Johnny Vamps discussed on Bloomberg Surveillance


Time because things have gone fairly well But if you look at the AAI I bullish summit survey It piqued your own may We kind of had all the meme stocks moving higher We had people trading on a daily basis We had optimism actually go above 50 which is kind of rare air during the past 13 years And it spent the next three or four months falling to I believe 22 in September It's starting to rise a bit again And I think people are going to get warmed up to the fact that the economy is still pushing along And that typically pulls markets with it and I don't expect this time to be any different When you talk to clients and they hear from asset manager after asset manager it's a stock picker's market What do you tell them Do you say look the index is doing pretty well It's supported by a number of different pillars or do you say yeah you should be very selective or you should just pay very big fees to somebody to invest your money on a level We attempt to pull both lovers So we attempt to add value through security selection and asset allocation So we are overweighted small caps for example And we certainly do try to tilt our portfolio towards those cyclical names that I mentioned in my opening comments Brent always fantastic to catch up with you sir Very calm and constructive on the outlook Brent surely there of Northwestern Mutual I mentioned this quote a little bit earlier on the program Allow me to do it again Year to date 88% of the S&P 500 members have experienced at least a 10% drawdown Meanwhile on a closing basis the index is only corrected by 5% That is a historical anomaly That from Morgan Stanley Tom Yeah 5% move That's been the maximum drawdown And we're almost within 1% of all time highs Yeah and that's a rotation story here but John I'm going to say it comes within the oddity of its natural disaster a global pandemic and part of it again is this overlay that did we see this 6 weeks ago This commodity lift Bart may look who's been around forever with the Toronto dominion bank of Canada running their important commodities just John He just recalibrates oil once again hired a $90 a barrel but he's very cautious on China growth and Johnny vamps it into the Beijing 2022 Winter Olympics where China's going to have to get their air pollution act together to have a good Olympics I've had the same thing So you know medals could come off the bid because it's a very sophisticated note from TD security Well at least right now metals have not come off the bed No and actually this goes into the oil story in the sense that it's getting more expensive to produce oil certainly in the shale patch When you talk about the fact that John you were saying OPEC can just bring more supply online But can they as quickly as they're saying because they've been raising production and not being able to meet it because there hasn't been investment in places like Nigeria et cetera that really are not able to meet the target So this really raises a question about how much supply can meet the demand on a sort of incremental marginal basis This always comes down to two places Saudi and Russia Those two places alone It's up to them Well it can do something big time when it comes to energy Yeah the question is then do they want to given the fact that they have a lot of political reasons perhaps not to And this administration and the policy's Tom they're caught up in the middle of it And I'm not advocating for a particular view here just stating a fact They're right in the middle of this with some of their own views This is the province of that more frankly his next note's going to be important on this of the lift up and then maybe the market recalibrates and when you come back down as one fond of hope $19 I mean can we just wrap that one up You buy a $19 cloth to clean the screen You're so happy I've come on I'm buying How much is the Mac The MacBook loaded about you're up to 4500 So next to 19 why not Is that the view It's the margin on a $19 club I know Tom Kane lacedaemon Futures are behalf of 1% The beast is a nightmare for parents Fanboy Yeah This is Bloomberg.

Coming up next