FED, Dennis Cartman, NC discussed on Bloomberg Surveillance
You know out on social, you publish your results, which means you're easier to go after, but it has been humbling for any and all all of us. How do you recover back to the benchmark or is even Dennis gardening and throw in the towel? And a back. Your newsletter is gonna say hundred percent vanguard and be fun home. In a we have to remember in a bull market, the benchmarks probably going to run against you. You're probably going to be out. The benchmark says it's you have one hundred percent invested all the time. Nobody should have one hundred percent of everything invested all the time. You should probably always keep five ten percent of cash on the sidelines. So in a bull market, the benchmark is going to drive drive you crazy bear market. You're going to outperform the benchmark, hopefully. I mean, that's what's going to happen. How's the fed doing? How's Paul doing? President Trump is upset personal. And Trump made was he made a silly statement taking the fed to task he should leave the fed alone. The feds obligation is to do what the fed is supposed to do. It's doing its job decently. It's extremely transparent and the president should stop saying he wishes rates were lower. I think rates should be higher than where they are. And I think the fed is actually a little bit slow and raising rates. You mentioned the Bloomberg BusinessWeek article that really dives into this. This is the the fight for independence of the federal the title of which is saved this house. And it's the cover story of Bloomberg BusinessWeek tennis cartman, I know you're just flew in from Las Vegas. So I'm gonna ask you just a series of short questions. So you can answer them with short and says, okay, so long crude we already heard you if you're going to trade crude you want to be on the long side Goldie along some gold. I'm long a little bit of gold and the operative word here is a little bit. Okay. How 'bout bonds? I'm actually long bonds. And I think one should be because the rest of the world is short. This is price yield down. Exactly, you're happy to take the money. I'm happy to take the money. All right equities. If you say, you're not short any equities. You would not be sure I would not be shorter. I am. I am I long modestly. And I think that's the proper place to be okay. You mentioned in your report one company that uses that produces the sand. That's used in the fracking at hurt me yesterday. A day for you. A day is a lifetime. Still sticking with the thesis fracking, and this other no question that fracking is going to be an industry this with us for the next fifty years after remember the Russians have only just factor. I wells. It has changed. The United States has changed the world as far as as far as crude oil production is concerned fracturing still gonna be with us. Are we going to be fracking as aggressively as we have in the United States in the coming years? Maybe not all right, but companies that supply the fracking industry, you're interested in those. Oh, yeah. I'd rather give me the pipeline. The the people who make the drill rigs. Gimme the pipelines. Gimme the sand. Sand is incumbent in fracking operations all right to geographic questions Sweden. You talk about Sweden in the most recent garment letter, they just had an election. And what's interesting is the the old guard socialists, lost popularity. I think that was very important. The only downside of that is that they lost popularity to a far right wing rather nastily populist party. And that I find a bit. Anti immigration and anti immigration. Yeah. And that I find a bit dismaying. I happen to be one of the few right wingers who is actually very pro immigration. Africa is also mentioned in this week's letter. I spend a lot of time writing about Nigeria, and because of the fact that it is one of OPEC's largest suppliers, and it is a it is a British construct that probably should never have been created Nigeria is tribal it should it probably will eventually break down into a number of different countries. So I spend time talking about that as its relation to OPEC. We appreciate you coming in not exhausted. But certainly sleep deprived, given all the travel schedules and. Across this country. Dennis cartman one final question. How can you focus given NC state starting three, and it's very difficult. I am so excited I'm giddy beyond beyond the compromise. Their hurricane got in the way of of West Virginia. So maybe that's to be played. Now, West Virginia will not play us. They have gone out of their way to say, no, we won't play your they had it on the books, and they are not going to do it. So we're going to be one game short. But we have I think we have the best quarterback in college football right now, he has the highest you exaggerate. No, I'm not exaggerating. This kid is extraordinarily good. He has the highest quarterback rating of all the of all the college NC state, and we have four receivers who can just absolutely go along they're like gazelles. So the question Shelby. We're gonna score thirty five or forty points. Can we can are defense? Keep the other team. Tens or NC state this weekend. Now, I'm going to watch it on TV because I want to play golf in the morning. Sounds like the government, we know Dennis Gartner. Thank you so much for coming in pay my honor greatly. Appreciate it with a travel schedule to join us on television and radio is well, what do you see the screen bed bath and beyond? I'm sorry. It's all this rationalization. I can spell it. One way. AMA's Z O N, very good. I the Brown box arrived at your door in another store goes onto the building. I live in the Faroe building. It's called. I kid. You not there were one hundred and fifty cardboard boxes granted, it's a genuine skyscraper Feroz up. But like the eightieth floor, and I'm gonna the six hundred of those box. But there's like, I it's something new it wasn't there five if you weren't an apartment house, and you can it. How many meals are delivered to that apartment? House every day. It would tell you just about everything you need to know about the trend, which is this is what people want to do precisely and. Just I almost took a photo of it. Because it's it's a wall of cardboard. There's more. In the package room of your apartment house than there is in the pipelines of the west Texas Permian basin. Oh, very good. I like that as well. Great the screen up. Six off of chairman Paul says the vix twelve point six one note, some dollar strength this morning in the euro, one sixteen eighty two this is Bloomberg. Time now to find out what's going on in the world. Let's go to Mr Michael Barr. mR barr..