17 Burst results for "Crossmark Global Investments"
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"$14 young to 1971 a gain there of 8 tenths of 1% West Texas intermediate crude up 5 tenths of 1% 73 15 a barrel. While as for the banking crisis and the Federal Reserve rate increases, Victoria Fernández as chief market strategist at crossmark global investments in Houston. When you have tighter financial conditions, what's the fed has been trying to do for such a long period of time and has not been very successful at it, the banking crisis did it pretty quickly. People are saying, depending on what analyst you talk to, it could be anywhere from 25 to a hundred basis points of rate heights that they have seen because of the crisis that's kind of now built in. AMC entertainment holding shares are surging now by 19% after the intersect website reported that Amazon.com is weighing a possible acquisition of the struggling movie theater chain. Again, AMC rallying now by 19%, Amazon is down 1.3% recapping stocks lower, S&P down 19 down 5 tenths. I'm Charlie palette, and that is a Bloomberg business flash. You're listening to Bloomberg sound on with Joe Matthew on Bloomberg radio. Alongside Kaylee lines live from Washington, thanks for being with us on Bloomberg sound on as we keep an eye on the markets here on SVB banking day. And of course, Kayleigh's always watching the markets, I do wonder if Wall Street, I mean, I know there's an eye on this, but it's not a mover today the conversation that's happening in Washington, right? It's what will come from this, maybe following the 1st of May when we get a sense of actual regulations that stocks could move. Yeah, I mean, I'm just looking at bank stocks, which is where you'd think
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"There of 5 tenths of 1%. The Dow down a 169, that is a drop of 5 tenths of 1% as stack right now down 75, it a client of 6 tenths of 1%. Ten year old 3.67% with a two year yielding 4.49%. S&P wiping out a rally that approached 1% earlier in the day as options traders keep piling into bets targeting a 6% Federal Reserve peak rate. Right now we have got, as I mentioned, the ten year 3.67% and that two year 4.49%. Well, as for the overall market backdrop Victoria Fernández as chief market strategist at crossmark global investments. We're seeing more and more equities trade above their 20 day moving averages. But again, you have to look at the trendlines and right now they're still down. So I think that's where we see more disconnect. I just want to be cautious. I don't want to buy into something that turns into a bubble. I would rather be a little bit late to the party and be more sure of what we're seeing. In the meantime, the treasury yield curve inversion hits the deepest level since the 1980s spot gold down 8 tenths of 1% 1860 the Alps, West Texas intermediate crude oil down 1%, 77, 68 a barrel. PepsiCo reported fourth quarter profit that beat expectations, PepsiCo shares up now by 7 tenths of 1%. Disney after earnings last night holding on to a gain of three tenths of 1%, ExxonMobil is creating a global trading division to compete more aggressively with the likes of BP and Shell in the high risk, high reward world of
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Singles and doubles. And I think short term fixed income allows you to do that. How much are you in cash to me? It's really germane here going into this inflation report in February versus the last week of December. What is the recommendation on a cash position? So we'd be comfortable holding a little bit more cash. So I think if your baseline is a 60 40 portfolio, having up to 5% in cash to us makes sense. On the one hand, cash is actually paying you something, right? To your point about T bills, it's not like you're sitting there earning zero, which was the case for the better part of the prior expansion. At the same time, it does feel like markets are a bit ahead of themselves. And so we think that there will come an opportunity later on this year to deploy that cash at more favorable valuations. We've got a great out of our London desk this morning. We have a fabulous article about how trend followers are getting on the bull market trend, and a lot of other people are rationalizing this. You at JPMorgan are living this in real time. Are you people detecting a bull market trend or is there so many secondary ideas out there you just can't get on board? So I would say more the latter relative to the former. I think that the big thing that nobody's talking about is where the vix is. In volatility is low, vix is below 20. That brings all the systematic players all the trend followers back into the market. You look at the backup that we've seen in rates. You look at what's gone on in equities. They're latching onto that. But my point, and I guess what gives me a little bit of pause is the market tension that I see between equities and rates that's evolved really since pal spoke at the January FOMC. You've seen rates move higher. You've seen equities move higher and that move higher in equities has been led by the names that were most sensitive to rates in 2022. So I mean, maybe help me square this circle, maybe I'm missing something, but it feels like there's a bit of a tug of war here. I think the bond market is going to end up being right. So what are you looking for in terms of reassessing and deploying that 5% of cash that you're holding? So I think again, it's really about expectations. On the one hand, on the earnings front, expectations are finally beginning to align with reality. I think the bigger risk is around the inflation story. And what keeps me up at night and not my kids, the other thing that keeps me up at night is again, you talk to investors and they say, well, look, we're seeing this disinflation. Inflation is beginning to come down and growth is better than expected. Well, if growth is better than expected, that means that inflation probably isn't going to come down as quickly as what everybody's thinking. And so I do wonder if 6 to 9 months from now, we're going to have put the term disinflation up on the shelf with the term transitory, and it's going to be something that generated a lot of fanfare, but really failed to allow the rubber to meet the road. So what's going to be the other side of that, right? Is the goods inflation that comes back? Is it services sector inflation that is more significant? Or is it really the labor market, the wage prices that are going up in a way that perhaps aren't reflected by the absolute numbers because of compositional effects? So I think it's going to be that labor market component in the past through into services prices. Pal has been very clear that they're going to look through what's going on in housing. They're going to focus on whether or not there's a wage price spiral taking hold. But what we're seeing from a labor market perspective is labor hoarding, right? Businesses if they can operate with 5 people, but they currently have 7. They're not laying off those additional two because they're worried they're going to have to hire them back at a higher price down the road. And so I think that, again, is what's going to support inflation here going forward. I do think we could hit relatively attractive levels, something with a three handle by the middle of the year. I think the question is where are we at the end of the year? And I think that that inflation print probably still has a three handle. Come the end of 2023, which is something that not a lot of people are talking about. Just listening to everything you've said in the last 6 minutes or so, all roads seem to lead to the same question. Why is tech outperforming? So I think that there are a couple of reasons that techs outperforming. On the one hand, I do wonder if it's a little bit of a dead cat bounce, right? It got so beaten up in 2022. That it's finally beginning to come back. Just come back into Vogue here. The other thing that I think you're seeing, and you guys were talking about the layoffs earlier. And I think we actually talked about this last time I was with you. Text taking its medicine. The primary lever that they have to pull to defend their margins is reducing their labor footprint by reducing their employee expense. I think to an extent here, the market is saying, look, they're doing what they need to do to maintain profitability, look how beaten up they got from a valuation perspective in 2022. What I kind of struggle with is this idea that the fed is closer to cutting than we think is the case. I do think that that's tangential to the broader narrative. This idea that at some point here down the road, we do end up with lower rates. You can tell you've been doing this for a while, because whenever Tom talks, you just keep going, and that's the right thing to do. People come on. Just to any advice for any newcomers who might want to join this program, just keep talking. Very good labor it's a JPMorgan. David, thank you, sir. Thanks guys. Is this a dead cat bounce? Tesla. And this is from the team here at Bloomberg. Look at the intraday low of the year so far, okay? And then look at the move we've had since then. The low was on January 6th. We are up by 99% from the low in early January and that night. That's a monster move. It is a monster move. Is it just sentiment or were there some things that did change also? With some of the deliveries, particularly in China. Fascinating move. Coming up in the next day, Victoria Fernández chief market strategist at crossmark global investments, looking forward to that a little bit later. Bloomberg surveillance brought you by your daily reminder from innovation refunds. The sacrifices you made, keeping your employees on payroll during the pandemic are not forgotten. Check the potential refund your small to medium sized business may be eligible to
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Soften. We think services growth, non housing services will continue to grow, but will again soften into 2023. And that all starts come down. It's going to take until the end of next year. It's not going to be first quarter or second quarter, we don't think. But the fed has a reasonable chance still of getting a disinflation that doesn't require 5, 5 and a half percent unemployment. So the fed's not going to keep on hiking until they say 2%. They're going to keep on hiking until they're convinced they're on the trajectory to go back to what 2%. What does that look like? Do you think, how do you know what convinced that's the $1 million question that fed has right now? So the slowing is about the fact that the fed knows it is now restrictive. It knows that because it can see it in housing. It can see it in other areas. Some major company layoffs. But it doesn't know how restrictive it has to be, because it can't trust its models. The message out of senior fed officials is the models didn't forecast inflation on the upside. Why should we trust them on the downside? So we have to look at the hard data. We have to be backward looking. If you're going to be backward looking, you run a much higher risk of overdoing it. And how do you manage that? Well, you gradually slow down the pace of hikes, while still remaining hawkish and saying, you know, we're going to keep going until we've got mission accomplished. So we think they do 50 in December. They probably do another two 25s in the first quarter of next year. We don't rule out the possibility they go to 5 and a quarter. How different is your economic outlook depending on whether China exits COVID zero or not? I think the main thing for, in my mind, the risk. And that's a key question because the risk that emerges from China exiting COVID zero. And particularly a sooner than expected risk is all about energy. I think one of the biggest vulnerabilities from an inflation perspective for 2023 is energy. U.S. inventories have gone from 1.2 trillion barrels of oil down to 800 million, roughly speaking, or continuing to fall. We're about to get a regime in Europe that is going to take some Russian oil off the market. And remember that Russia has actually been spline the market pretty much at the rates it was supplying the market before the invasion. And if the oil prices have fallen, but there's still above 2019 pre-pandemic levels. If China comes back in and adds back demand of a million to a million and a half barrels per day, we get oil prices bouncing again. And that would be particularly unhelpful. That's the problem, isn't it? Is it bullish or is it bearish if China reopens? You've been asking that question. We've been asking that question. Nobody has a straight answer because I'm certain assets that will be bullish with respect to global growth. And then it's really bearish when it comes to economies that are going to struggle in the face of higher energy prices. Going right. It doesn't really do much for the U.S. economy. It will contribute a little bit, probably to some corporate earnings. It really focuses much more of an investment perspective on China itself. And Asian assets, Asia has a much bigger gearing to Chinese reopening and a greater degree of activity in China, especially Chinese travel. That's going to benefit Thailand. It's going to benefit the Philippines. It's going to benefit Southeast Asia much more than the United States. Some of the luxury names in Europe. That's for sure. Yeah, exactly. Rally, we've seen a European equities off the lows of late September have been phenomenal. Right, this was awesome. Thanks for being able to serve. As always, right? Thanks for having me. Of Credit Suisse. Coming up at the open, we'll be catching up with Matt Michigan and John Hancock investment management Greg Staples of DWS group and Victoria Fernández of crossmark global investments looking forward to that. Brahma, as we kind of count down towards the end of the year now, just a few events to go, a handful of events before the end of 22. Yeah, I mean, it kind of feels like we just have two more weeks and then we're done. And it feels like people are kind of jittery heading into year end because there are a lot of big events and there isn't a lot of conviction. Do you feel conviction? The year ends on December 14th. Yeah, I would say that that's right. You skip the ACB meeting? Yeah, pretty much. Tell us how you really feel. That's true. Essential. What are they going to say? They're going to say, we're going to keep tightening rates. I don't think that they're going to have Klaus knots kind of view. I think that that's a little bit too flippant for the ECB. I'm interested to hear what they have to say. What do you think they're going to say? Do you think it's an important meeting? I think it's always an important meeting. They're going to hike into recession. It's kind of brutal. It's brutal. Do you think that they're going to say that it is recession? That would be interesting to see if the base case shifts. Well, in the meeting minutes, the fed was basically saying that. They're going to wait until they actually just see one and say, yeah, now we're surprised the base case to shift it. It's kind of ridiculous. When's Tom's back? Wednesday. Wednesday. Good for him. All right, futures down 7 tenths, he up and about 50 minutes away. This is Bloomberg.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Expected to pass through U.S. airports this weekend. I'm Brian chuck. And I'm Charlie pellet. That Bloomberg world headquarters. A third weekly loss for the S&P 500 Index after jobs data did little to ultra views on the Federal Reserve's next policy move. Today's August employment report showing strong job gains initially got a positive response from Wall Street, but by the end the Dow, the S&P and NASDAQ all closed lore. Rick reeder is chief investment officer for global fixed income at BlackRock financial management. It was a good number. I mean, it gives a market, it's a chance to take a little bit of a sigh of relief on the fed. BlackRock's Rick reader, non farm payrolls increased 315,000 last month following a revised 526,000 gain in July, the unemployment rate unexpectedly rose to a 6 month high of 3.7%. The first increase since January as the participation rate climbed, Victoria Fernández is chief market strategist at crossmark global investments. The market is pleased with the number it wasn't too hot of a number. I mean, there was the expectation that we could get a lot more, look at St. Louis fed. They were saying maybe north of 500 on the number. So I think the market is relaxing a little bit. Cross marks, Victoria Fernández, the bigger question for investors now is where it leaves the Federal Reserve, Jim Bianco is the president and founder of Bianco research. Sherman Paul was very emphatic at Jackson hole that they were going to fight inflation. This number shouldn't really change that. It's not going to change it either way. And that's why the market is not pricing still better than a 50% chance the fed is going to move 75 basis points. Jim Bianco of Bianco research. So today the S&P was down 42 points down 1.1% the Dow down 337 also down 1.1% NASDAQ fell a 154 down 1.3%. Global news 24 hours a day on air and DOM Bloomberg quick take power by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie pellet. This is Bloomberg
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Brian shook. And I'm Charlie pellet. That Bloomberg world headquarters. A third weekly loss for the S&P 500 Index after jobs data did little to ultra views on the Federal Reserve's next policy move. Today's August employment report showing strong job gains initially got a positive response from Wall Street, but by the end the Dow the S&P and NASDAQ all closed lore. Rick reader is chief investment officer for global fixed income at BlackRock financial management. It was a good number. I mean, it gives a market. It's a chance to take a little bit of a sigh of relief on the fed. BlackRock's Rick reader, non farm payrolls increased 315,000 last month following a revised 526,000 gain in July, the unemployment rate unexpectedly rose to a 6 month high of 3.7%. The first increase since January as the participation rate climbed, Victoria Fernández is chief market strategist at crossmark global investments. The market is pleased with the number. It wasn't too hot of a number. I mean, there was the expectation that we could get a lot more, look at St. Louis fed. They were saying maybe north of 500 on the number. So I think the market is relaxing a little bit. Cross marks, Victoria Fernández, the bigger question for investors now is where it leaves the Federal Reserve, Jim Bianco is the president and founder of Bianco research. Sherman Paul was very emphatic at Jackson hole that they were going to fight inflation. This number shouldn't really change that. It's not going to change it either way. And that's why the market is now pricing still better than a 50% chance the fed is going to move 75 basis points. Jim Bianco of Bianco research. So today the S&P was down 42 points down 1.1% the Dow down 337 also down 1.1% NASDAQ fell a 154 down 1.3%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie palette. This is Bloomberg
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Shows the FBI is investigating former president Trump for potential espionage act violations. FBI agents earlier this week recovered classified material during a raid on Trump's home in Florida. The search warrant lays out three possible federal crimes as reasoning for the search, including violations of the espionage act, obstruction of justice and criminal handling of government records. President Biden is expected to soon sign the inflation reduction act House Democrats Friday past the bill after it narrowly passed the Senate last weekend. The polio virus is being found in New York City wastewater samples, which suggests the virus is spreading in the city. Governor Kathy hochul says all levels of government are monitoring it closely. But the number one thing that people can do to protect themselves is to ensure that they, their children, their loved ones, are vaccinated. We are standing up more vaccination sites. I'm Brian schuch. And I'm Charlie pellet at Bloomberg world headquarters for winning weeks in a row for the U.S. stock market, as traders assess whether an inflation slowdown could make the fed reduce the pace of its most aggressive tightening campaign in decades at clisson is chief U.S. strategist at Ned Davis research. The shed could still push things too far. We still could be in trouble, but it may not be until next year. And that's a wide berth to the market to have a really impressive rally and then we could run into trouble moving into late this year or early next year. We don't want to discount that possibility too much. I'm just saying, for now, the market looks like it has some legs to run more further. At close hold of Ned Davis research but a different opinion from Victoria Fernández, chief market strategist at crossmark global investments. But I think when you've got this fed that is just determined to continue to raise rates until they really cause a little bit of pain within the labor market and bring that inflation number down, then I think you have to be concerned that they're still going to be some volatility going around. Victoria Fernández of crossmark. Economists in a monthly Bloomberg news survey are boosting their inflation estimates. The story from Bloomberg's vinyl giudice. The PCE price index, the Federal Reserve's preferred inflation gauge is now seen averaging 2.5% by the end of next year. That's above the last Bloomberg survey. Should the forecast pan out? That might mean the fed will extend its tightening campaign. Separately, the Labor Department reports the import price index actually moderated in July as gasoline prices retreated from record highs. If any doubt giudice Bloomberg radio the S&P 500 Index up 72 points today up 1.7%, the Dow up 424 up 1.3% NASDAQ up 2.1%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie pellet this is Bloomberg. Your listening to masters in business with Barry riddles on Bloomberg radio. I'm Barry Ritz, you are listening to masters in business on Bloomberg radio, my extra special guest this week is Ken tropen, he's chairman and founder of GCM, an $18 billion hedge fund that runs a variety of macro and quantitative strategies. The firm was founded in 1994 and has a 170 employees. I want to start talking about the current environment with a quote of yours that I really like. You said I can't recall a more interesting time to be a macro investor since the financial crisis. Tell us a little bit about that. I haven't heard a lot of people describe this year 2022 that way. Yeah, well, you know, because we're a macro oriented fund, what we're really concerned with is what's happening with interest rates, what's happening with foreign exchange, what's happening with commodity prices, and what's happening with the equity prices. And all of those four sectors have been moving a lot, and so that's a really fertile constructive environment for us to try and generate returns. Meaning if they're moving you'll finding opportunities. Exactly. For us, it's nowhere near as productive and environment asset classes are really quiet. If you think about interest rates as an example, think about that Germany didn't raise rates for ten years until recently, right? So just practically speaking, there's going to be less to do if you're trading German interest rates and the central banks not moving them for ten years. Now, rates are moving and they're moving a lot. If you think about the U.S., the Central Bank started giving us something they never used to do, which was for guidance. Saying, not only are we not changing rates today, but we're telling you, we're not going to change rates for the foreseeable future. I'm so glad you said that because I remember in the 1990s, CNBC used to have the green span briefcase indicator. How thick or thin the briefcase he carried into the FOMC meeting was their hint as to what was going to go on with rates. That's a different world. Now they literally say, this is what we're doing. There's no misunderstanding they are not just telegraphing explicitly telling us what they're going to do. How does that affect your ability to find opportunities? Well, so here's the thing. If they're telling us they're going to do nothing. That's not so helpful. If they're telling us that they're going to be moving interest rates a lot, and they're not just going to do this at one meeting, but over some series of meetings and for the next year or something, then there's a lot to work with in terms of the markets. They're going to move a lot. They're going to overreact. They're going to give us trading opportunities, both on the long and short side. And so when I say the markets are more interested and they've been for a really long time, it's for a variety of reasons. Markets are moving. We've got some banks all over the world starting to move. We've got equity prices moving a lot. There's a big realization of PEs to lower levels, right? As earnings start to decline in a road. You've got commodity prices that went through the roof in the first third of this year because of supply chain issues, the Ukraine war, and so on. And then you've got the dollar making one of the biggest moves that I've seen in a long time, like 20 years. We've had a move in dollar again 25%. We haven't seen that in a long time. So that makes it Euro parody. Exactly. So you've had great moves and a lot of markets. And what I'm excited about is I don't see that changing into a quiet moment anytime soon. So 2021 for equity investors, hey, plus 28% seemed like a great year
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"On the decision country that gave the world freedom of the press and shrine in its constitution in the first commandment Today brought that freedom to an end I'm Brian shook And I'm Charlie palette at Bloomberg world headquarters Another losing week for the U.S. stock market the S&P has been down in ten of the last 11 this week it fell 5.9% Lots of questions about Federal Reserve policy and whether a recession is inevitable gene tuzo is global head of fixed income at Columbia threadneedle Many would define a recession as two consecutive quarters of negative GDP growth in the U.S. we've already had one of those And signs in the current quarter .2 perhaps consumer demand that while growing on a nominal basis is still not keeping up with price increases So IE perhaps another quarter now Gene ten of Columbia threadneedle over at crossmark global investment chief market strategist Victoria Fernández says it's not happening this year Look probability of a recession probably went up over the last 48 hours or so but I don't think we're going to have a recession this year Victoria Fernández of crossmark There is data suggesting America's economy is on the cusp of a slowdown as we hear from Bloomberg's vinyl giudice The index of leading economic indicators is a gauge of future growth and it dropped in May for the fourth month and 5 is a Federal Reserve fights to contain inflation by raising interest rates falling stock prices and consumer confidence accounted for much of the weakness Separately the fed reports factory output dropped in May for the first time in four months They need doubt giudice Bloomberg radio An antitrust lawsuit alleges T mobile's 2020 acquisition of sprint reduced competition and led to higher prices for all mobile phone customers Stocks ended the day mixed S&P up 8 points up two tenths of 1% the Dow down one tenth of 1% NASDAQ up 1.4% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie palette This is Bloomberg.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Go to local churches food banks and food pantries I'm Chris coraggio And I'm Susanna Palmer in the Bloomberg newsroom India has banned wheat exports at the world was counting on to his supply constraints sparked by the war in Ukraine saying that its own food security is under threat exports will still be allowed to countries that require wheat for food security needs and based on requests of their governments but all other new shipments will be banned from India Goldman Sachs Group agreed to a 79 and a half $1 million settlement with shareholders who blamed lax oversight by the bank for its costly involvement in the one MDB bribery scandal The settlement will be paid by insurers for Lloyd blankfein Goldman's former chief executive officer David Solomon its current chief executive officer and ten other current and former bank executives that according to court papers filed Friday in federal court in Manhattan Neither Goldman nor the executives admitted to any blame in the settlement which must be approved by the court Traders and investors are wondering what they are in this coming week After 6 straight weekly declines for the S&P 500 Index Victoria Fernández is chief market strategist at crossmark global investments But you look at the vix the vix is at a 30 And typically you don't see that capitulation until you get the vix around 40 For the week the S&P 500 was down 2.4% Bank of America strategists say money is leaving every asset class and the exodus is deepening as investors rush out of names such as Apple We get more from Bloomberg's Charlie pellet Strategists led by Michael hartnett say equities bonds cash and gold all saw outflows in the week ending May 11th citing E PFR global data at 1.1 billion tech stocks suffered their biggest withdrawals so far this year Second only to financials which lost 2.6 billion Bloomberg's Charlie pellet Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and were then 120 countries I'm Susanna Palmer This is Bloomberg This is masters in business with Barry riddles on Bloomberg radio I'm Barry wood holtz you're listening to masters in business on Bloomberg radio my extra special guest this week is boas Weinstein He is the founder of Saba capital which runs about $5 billion It's a hedge fund that specializes in credit and capital structure investing including credit to false swaps tail protection volatility trading previously he was the co head of global credit trading at Deutsche Bank where he oversaw 650 professionals and was a member of the global market's executive committee Saba nearly doubled in size in 2020 Boas has become most infamous as being on the other side of the London whale trade where JPMorgan lost about $2 billion boas Weinstein welcome to Bloomberg Hi Barry It's great to be here And am I pronouncing your first name correctly It depends where you're from In these parts that would work it's really a typical Israeli name and it would be boaz Boaz All right so let's start with your background beginning with you started to play chess when you were 5 and eventually became pretty highly ranked How did you get into chess and how long did it take to become a ranked player here in the U.S. Sure So I had those parents that would drive us on weekends I've a sister actually been on Bloomberg many times Ilana but my parents would take us to Saturday morning workshops to learn about model rocketry or chess or what have you But I didn't actually play in tournaments until I was 13 I got to junior high school and I was interested in the game and there was a kitty or above me and I saw that he was ranked in the top 15 in the United States and I thought that's amazing How do I get there And so how long did it take you from when you started playing in tournaments to becoming ranked So I became really obsessed with it And so in three years I went from a beginner to number two in the country for age 15 16 Wow That's pretty impressive And that's thousands and thousands of hours At least And so from chess you move to poker and blackjack which seems more of a fit with finance What led you from poker and blackjack to credit and derivatives I knew I wanted to be on Wall Street well before I knew how to play poker In fact I didn't really learn poker until I was in my mid 20s Blackjack I learned a bit earlier Maybe we'll get there But Wall Street was always something I was interested in My parents would listen to watch Wall Street week with Louis Rukeyser I can tell you the post code for owings mills Maryland It's two one one one 7 because they would always do that right in the middle of the show And so I was able to parlay that interest into getting an after school job when I was a high school student in New York City at Merrill Lynch And then summer internships at Goldman Sachs which were really among the most fun times in my career on Wall Street We'll talk a little bit about Goldman in a bit You mentioned blackjack I understand you got pretty good at blackjack Eventually getting kicked out of the Bellagio as a card counter Tell us about that So they're very polite It's kicked out is more of the 1960s But Ed Thorpe is a hero And beat the dealer And a man for all markets also is I think a fantastic book And so I learned how to count cards when I was a summer intern on the risk of desk at Goldman from the partner in charge Frank Brosnan's almost maroon some of these legendary hedge fund managers And I got pretty good at it And it was sent over to London When I graduated college with Merrill Lynch and I found that the games in London had a weakness that the games in the U.S. didn't they had a certain side bed that was very crackable and I had.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"And I'm Susanna Palmer in the Bloomberg newsroom India has banned wheat exports at the world was counting on to his supply constraints sparked by the war in Ukraine saying that its own food security is under threat exports will still be allowed to countries that require wheat for food security needs and based on requests of their governments but all other new shipments will be banned from India Goldman Sachs Group agreed to a 79 and a half $1 million settlement with shareholders who blamed lax oversight by the bank for its costly involvement in the one MDB bribery scandal The settlement will be paid by insurers for Lloyd blankfein Goldman's former chief executive officer David Solomon its current chief executive officer and ten other current and former bank executives that according to court papers filed Friday in federal court in Manhattan Neither Goldman nor the executives admitted to any blame in the settlement which must be approved by the court Traders and investors are wondering what they are in this coming week After 6 straight weekly declines for the S&P 500 Index Victoria Fernández is chief market strategist at crossmark global investments But you look at the vix the vix is at a 30 And typically you don't see that capitulation until you get the vix around 40 For the week the S&P 500 was down 2.4% Bank of America strategists say money is leaving every asset class and the exodus is deepening as investors rush out of names such as Apple We get more from Bloomberg's Charlie pellet Strategists led by Michael hartnett say equities bonds cash and gold all saw outflows in the week ending May 11th citing EP FR global data at 1.1 billion tech stocks suffered their biggest withdrawals so far this year Second only to financials which lost 2.6 billion Bloomberg's Charlie pellet Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts and were then 120 countries I'm Susanna Palmer This is.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Thursday Timmy what is it The velociraptor likes feces is arguably one of the world's most recognizable dinosaurs thanks largely to the movie Jurassic Park I'm Trey Thomas A couple in India is suing their son and his wife for not giving them a grandchild The couple's son has been married for 6 years and they filed the lawsuit earlier this month claiming mental harassment for the lack of grandchildren The lawsuit seeks $650,000 in compensation if a grandchild is not born within the next year The couple even said they would raise the child if their son and his wife were too busy with their careers I'm Brian shook And I'm Charlie pellet Bloomberg world headquarters Stocks came roaring back at the end of a nerve wracking week with the Dow the S and B and NASDAQ all rallying today Victoria Fernández is chief market strategist at crossmark global investments I'm not all in on the camp that we're having capitulation at this point in time or that we've hit a bottom I mean nobody calls that exactly but you look at the vix the vix is at a 30 And typically you don't see that capitulation until you get the vix around 40 Cross marks Victoria Fernández So another tumultuous week is behind us with one big topic on investors minds Jim Paulsen is chief investment strategist at Luthor weeden capital The fears we have today are tied to one thing really inflation That is the elephant in the room All the fears we have about high how high yields have to go how many times the fed's going to have to raise rates How much behind the curve they are whether they're going to have a policy blender ultimately a recession are tied to the inflation rate Jim Paulsen of Luthor whedon inflation is stomping on American consumer confidence as we hear from Bloomberg's Vinny del giudice The University.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Closing out another volatile week with a bit of a comeback Stocks jumped with the NASDAQ gaining nearly 4% as investors snapped up battered tech shares However the major averages still posted weekly losses of 2% or more due to the market's slide House speaker Nancy Pelosi says the nationwide baby formula shortage is unconscionable The California Democrat said the house plans to take up an emergency funding bill next week to address the ongoing shortage She said the emergency also serves as a reminder to invest in strengthening America's supply chains The White House is pushing Congress harder to authorize billions of dollars in additional COVID funding We are having bipartisan bicameral discussions about why we need this funding Press secretary Jen Psaki warned that some COVID programs may have to be shut down abruptly President Biden wants more than $20 billion to continue funding vaccines testing treatments and services I'm Brian chuck And I'm Charlie pellet At Bloomberg world headquarters Stocks came roaring back at the end of a nerve wracking week with the Dow the S and B and NASDAQ all rallying today Victoria Fernández is chief market strategist at crossmark global investments I'm not all in on the camp that we're having capitulation at this point in time or that we've hit a bottom I mean nobody calls that exactly but you look at the vix the vix is at a 30 And typically you don't see that capitulation until you get the vix around 40 Cross marks Victoria Fernández So another tumultuous week is behind us with one big topic on investors minds Jim Paulsen is chief investment strategist at luth old whedon capital The fears we have today are tied to one thing really inflation That is the elephant in the room All the fears we have about high how high yields have to go how many times the fed's going to have to raise rates How much behind the curve they are whether they're going to have a policy blender ultimately a recession are tied to the inflation rate Jim Paulson of Luthor whedon inflation is stomping on American consumer confidence as we hear from Bloomberg's vinyl Jude.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Bloomberg world headquarters I'm Charlie pellet dip buyers are back stocks are higher as a glut of earnings reports whip saw sentiment We will be hearing from a meta platforms parent of Facebook app for the closing bell today Right now we've got meta shares trading lower on an update for the rest of the market Facebook met up down now by just about 3% The S&P is up 51 again of 1.2% Dow industrials up 380 in advance there of 1.1% NASDAQ up a 137 high by 1.1% Bottom line here stocks holding close to session highs again the S&P right now up 52 up by 1.2% Ten year yield 2.78% Spot gold is down $18 the ounce now down 9 tenths of 1% at 1887 West Texas enemy accrued lower by 6 tenths of 1% one O one O 5 for a barrel of WTI So what is the market's number one concern right now that question this morning for bob Dahl chief investment officer at crossmark global investments Interest rates that's the whole story March 31st ten year treasury year was two 32 Last Friday got the two 92 I know we backed off some but that two 32 is up from one 51 on December 31st left from 50 basis points two years ago The stock market can not handle on evaluation basis This pace of interest rate increase That's the major issue in my view And right now we do have the ten year yielding 2.78% Alphabet shares.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Disney so just failure on so many what Difference Bloomberg markets extensive essential and endlessly entertaining I'm not a pet person I'm a financial analyst By the way someone writes in and says I didn't realize Paul hated American values We came mornings at ten eastern on Bloomberg radio the Bloomberg business app and Bloomberg radio dot com A Russian rocket attack on the Ukrainian train station is leaving at least 50 people dead Ukrainian officials now say 98 others mostly women and children have also been injured at the station in the eastern part of the country Former U.S. ambassador to Ukraine Bill Taylor said we must band together to ensure Russian president Putin fails The United States has a real outpatient NATO as a real obligation to be sure that this results in Putin's defeat The Proud Boys leader of the North Carolina chapter is pleading guilty to charges in connection to the January 6th capitol attack last year 34 year old Charles donahoe pled guilty to one count of conspiracy and one count of assaulting resisting or impeding an officer of the law Kentucky governor Andy beshear is vetoing a sweeping abortion bill on Friday the Democrats struck down the bill which would have banned most abortions after 15 weeks restricted access to medical abortions and made it difficult for minors to get treatment I'm Brian shook And I'm Charlie pellet At Bloomberg world headquarters markets end of the week on a negative note as equities faded in the final minutes of trading and treasuries fell following decline sparked by the Federal Reserve's plan for aggressive monetary policy tightening For the week the S&P 500 Index was down 1.9% Wall Street's focus now shifts to earnings when we hear from major banks next week Victoria Fernández's chief market strategist at crossmark global investments You have earnings that are coming up I think we're going to get pretty decent earnings here for the first quarter They get these valuation levels and the idea that we're at the late cycle is really kind of balancing against that Victoria Fernández of crossmark and then there's the Federal Reserve and the pace of interest rate increases rob waldner is chief strategist for fixed income at invesco I don't think the fed would be averse to having the yield curve stay steep while they raise rates I think that they would feel like that is supportive of their mission Invesco's rob waldner indeed there is a fed meeting next month amid speculation about a half point hike as the dweck is chief investment officer at Flo bank I think it's a very high probability for May in the sense that the market is pretty much absorbed and accepted it to some extent And that should allow the fed to just get a little extra in They trying to front load it a bit Ask the dweck of flow bank Today the S&P 500 Index fell 11 points down three tenths of 1% ending the week at 44 88 The Dow up 137 points today by four tenths of 1% nez stacked down 186 a drop of 1.3% for the week NASDAQ was down 3.9% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie pellets This is Bloomberg This is Bloomberg law with June brusso from Bloomberg radio On May 23rd the CDC.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Carol master This stock has been on a tear since early May Tim's denovan So take us into the economic impact of this Along with reporters and editors who helped make your business week profitable Let's dig into it with Bloomberg business week editor Joe Weber It's the cover story of the upcoming issue Bloomberg business week We did afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in On Bloomberg radio the Bloomberg business app and Bloomberg radio dot com This is a special report The Russian invasion of Ukraine The White House is condemning Russia's deadly attack on a train station in Ukraine Obviously the targeting of civilians would certainly be a war crime and we've already called a range of the actions we've seen to date a war crime but we're going to be supporting efforts to investigate exactly what happened here Press secretary Jen Psaki called it yet another horrific atrocity during her daily briefing Psaki also defended the level of U.S. security assistance to Ukraine including anti aircraft systems The U.S. is seeing science Russia's trying to recruit upwards of 60,000 troops CNN reports a senior U.S. defense official said Russia is trying to reinforce their invasion forces through reservists and new conscripts The official added that Russia is at about 80 to 85% of the total forces they amassed prior to invading The U.S. also thinks Russia hasn't resolved their logistics and sustainment problems according to the official I'm Brian shook And I'm Charlie pellet At Bloomberg world headquarters Markets ended the week on a negative note as equities faded in the final minutes of trading and treasuries fell following decline sparked by the Federal Reserve's plan for aggressive monetary policy tightening For the week the S&P 500 Index was down 1.9% Wall Street's focus now shifts to earnings when we hear from major banks next week Victoria Fernández's chief market strategist at crossmark global investments You have earnings that are coming up I think we're going to get pretty decent earnings here for the first quarter but yet these valuation levels and the idea that we're at the late cycle is really kind of balancing against that Victoria Fernández of crossmark and then there's the Federal Reserve and the pace of interest rate increases rob waldner is chief strategist for fixed income at endoscope I don't think the fed would be averse to having the yield curve stay steep while they raise rates I think that they would feel like that is supportive of their mission Invesco's rob waldner indeed there is a fed meeting next month amidst speculation about a half point hike as the dweck is chief investment officer at Flo bank I think it's a very high probability for May in the sense that the market is pretty much absorbed and accepted it to some extent And that should allow the fed to just get a little extra in They trying to front load it a bit Of flow bank Today the S&P 500 Index fell 11 points down three tenths of 1% ending the week at 44 88 The Dow up 137 points today hire by four tenths of 1% nez stacked down 186 a drop of 1.3% for the week NASDAQ was down 3.9% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and Alice in more than 120 countries I'm Charlie pellet This.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Of the slack from what the west and Europe is not going to do with Russia to kind of buffer the situation a little bit and allow Putin to continue Victoria thank you As always we've toured Fernández there of crossmark global investments Just trying to work out the cross currents of government policy the Central Bank response to all of this And Tom at the moment I think it's fair to say it's almost impossible too Yeah No the uncertainties there The giant mansions mentioned to see other day there's risk where you got a measurement There's uncertainty where you really don't have a measurement and that's clearly where we are What I would suggest John is mister Putin has gone radio silent essentially and within the mix that we see on the Bloomberg in the mix of the politics including the Secretary of State just speaking at the embassy in Estonia John it's real simple Everybody's hanging on what the response is of the Russians to the quagmire their military's in So what you mentioned tell me so important because we're focused almost exclusively on how the west will respond with sanctions not the reaction from the Russians Lisa you mentioned earlier this morning We have heard from the Russians We heard from the deputy prime minister Alexander Novak Yesterday evening in a televised conversation a televised speech late on Monday He had some things to say It was a very subtle threat Basically I've just simply cutting off the gas supply to Germany and frankly to all of Europe saying look we can close this Two can play at this game If you're going to start sanctioning all of us we can sanction you We can just simply eliminate your source of gas I mean a lot of people are sort of dismissing that because that would be more catastrophic potentially for Russia than for Europe but I do wonder and this is the reason why I'm watching that China story so closely about the potential for them to make investments in Russian energy companies during this period So perhaps the U.S. ones the U.S. and the European commodity companies are fleeing China sees a deal So there's an economic question here in a moral question The economic question I think something the administration is considering and the right to Are we trying to hurt the Russians without hurting ourselves And if we ban the import of Russian energy and someone asks carries on buying it are we hurting ourselves without actually hurting the Russian economy Then there's the moral question And I think the moral question has become a much much bigger one Tom in the last couple of weeks Do we have a moral obligation to step back from Russian energy even if other people carry on buying it I think the answer has been had Congress is done Does anybody say that And corporations are there John I would suggest the president is waiting on secretary blinken to have good conversations with our allies in Europe That's the way this works I would suggest they've got to work out whether they.
Bloomberg Radio New York
"crossmark global investments" Discussed on Bloomberg Radio New York
"Victoria Victoria Fernandez as chief market strategist at crossmark global invite advisers I think equities right now is the best place to be and that's being driven by the consumer We've seen it in the retail numbers that demand is just red hot right now and I think that's going to continue through the holiday season and into the first quarter even with the kind of spot inflation rates spiking Victoria Fernandez of crossmark global investments Again recapping we do have Applied Materials tumbling 6% after ours S&P at a record of 15 up three tenths of 1% And that's a Bloomberg business flash All right Charlie thank you so much Having some fun here in our studio It's a company steeped in watch making history one that goes back some two centuries I think I've got that right Officially I believe though actually making luxury timepieces starting around 1845 and they have some really we've had a lot of fun prepping for this We have Wilhelm Schmidt is the chief executive officer for a long and I'm German and I did he say it right I got that You have no money You have no idea how many times we've been practiced We've been proud to be watching YouTube videos We've been watching videos from you Thanks We have to fix our weekend show I've been going to German class I haven't been going to German class actually He's with us live in the Bloomberg interactive broker studio How are you I'm very well thank you It's just you know we were laughing earlier because it's just so nice to all be in here together We've got a couple in person guests from outside of the Bloomberg universe recently And it really feels like things are to a certain extent getting back to normal Give us an update on your business and how you fared during the pandemic You know I think the pandemic was one of these events that nobody saw coming at least we didn't say differently but that's okay Probably I mean that's why he's a billionaire and I'm not Fair enough But you know we always been a successful company And there's nothing more difficult than to change and we had things to change then changing running engine And with that sort of standstill within weeks it gave us the time to prepare and to accelerate and transform So it wasn't all bad even of course it was quite tragic for a lot of people Not denying this It's fascinating though You're so great I think everybody thought okay that's it And then all of a sudden everybody did pivot They were already thinking either about digital strategies Did you guys go online in digital or increased What you were doing there Absolutely because you were supposed to go on watches and one doesn't Geneva That should have taken place in April 2020 and obviously it didn't We had about three weeks time to move from a physical watches and wonders watch exhibition Right He would say gentle So we actually three weeks or four weeks time to prepare I was a good test pitch for agility and how to get there And then we moved on And you know what people need to understand is that you ask me three years ago can I approach a client that I've never met before And tell them look we go in a zoom and then we'll just chat a little bit With a refused these were the days where they would expect me to fly in or them to come to me and you have a sit down and a dinner and all that But not only had weed to change but I also believe the client's behavior and their whole expectations have changed Is that continuing I guess the digital and being able to do that with cleansing They now saying hey Wilhelm come on the world's reopening Come take me for dinner There is a big appetite for that I'm not denying it I think in future we will see more hybrid than ever before So we'll get all the administration work done through the digital information a little catch up here and there But it all will help us to even more celebrate that moment when he's just shit together and you check and you talk and you just see who the other is how he feels you know his facial expression body language and all the things you can't see at least I can't see on a Zoom meeting No it's fair Well for our audience not familiar with the timepieces what sets them apart from the other competitors that are out there And because and look we are talking about timepieces that are 6 figures Yes Hundreds of thousands of dollars You can In some cases over a $1 million Yeah You know we started about 20,000 and then you know that's not the sweet spot the sweet spot is a lot higher That part of the market it's a package And I think our package is that German is you know it does work What do you mean by that Well you can always read the time immediately You see the data immediately There's a prioritization on the dial which will give you the most important information regardless how complex or complicated the watch is on the first glimpse It goes so far like we have a minute repeater That's really sort of the highest complication almost that you can do in a watch It gives you the time in an acoustic way So we do that waterproof which is pretty stupid because you know you don't want to seal something that should make a noise Right right But because we are worried that drop of water when you wash your hands would hit The Crown and we're going to the movement of a damage So that's the German thing Then there is a lot of hand about craftsmanship laboring it What's to create a watch Yes And I don't know I don't want to use the word an average watch that you.