7 Burst results for "David Bonson"
"david bonson" Discussed on The Charlie Kirk Show
"Hey everybody, it's Charlie Kirk show and economics focused episode ESG, the inflation reduction act, the IRS going through with guns. What? The vec Rama Swami and Dave bonson joins us. You can email me your thoughts is always freedom at Charlie Kirk dot com and get involved with turning point USA Today at TPUSA dot com. Sort of high school group sort of college group today at TP USA dot com. Turning point USA is on the front lines for freedom. USA dot com. Buckle up everybody here. We go. Charlie, what you've done is incredible here. Maybe Charlie Kirk is on the college campus. I want you to know we are lucky to have Charlie Kirk. Charlie Kirk's running The White House folks. I want to thank Charlie. He's an incredible guy. His spirit his love of this country. He's done an amazing job. Building one of the most powerful youth organizations ever created, turning point USA. We will not embrace the ideas that have destroyed countries, destroyed lives, and we are going to fight for freedom on campuses across the country. That's why we are here. Brought to you by Andrew and Todd at Sierra Pacific mortgage for personalized loan services you can count on, go to Andrew and Todd dot com, the wonderful Andrew and Todd dot com. So inflation reduction act, the hiring of 87,000 new IRS agents, it didn't really get a lot of coverage. Joe Biden signed it into law yesterday. With us right now is someone who I really respect, and he's an expert of all things economics. David bonson is the founder and partner and chief investment officer of the bonson group and author of the book. There's no free lunch 250 economic truths and he just launched a free online video series economics one O one at von San dot com. Dave, welcome back to the Charlie Kirk show. Thanks for having me, Charlie. So Dave, tell us about the inflation reduction act. Will it reduce inflation or is this another orwellian curveball thrown by our politicians? Yeah, it's a good thing the bill doesn't have anything about false advertising because this is really as Bernie Sanders said. Absurd to call it an inflation reduction act. I'm not one who thinks there's a whole lot it's going to be doing to make the inflation worse because it really almost does nothing at all except for ad IRS agents. It's much more of an orwellian bill than it is economic. Even the climate issues, there is about 304 100 billion of corporate welfare to green energy companies, but Manchin to get his vote also agreed for more permanent approvals for oil and gas companies. So even the greenies in the Democratic Party proved to be a cheap date. It's really a disaster of a bill and the IRS agent issue is the primary thing stayed in it. That's so interesting to me. So you're right. And I didn't realize it until you just said it. So the green energy kind of cabal. They get some funding, but it's also, if they really hate fossil fuels, but Manchin got his thing, the thing though, that it seems as if it's the big takeaway is 87,000 new IRS agents. Talk about how extraordinary of an increase that is. I mean, for people that don't run businesses, we got some emails, people that email those freedom at Charlie Kirk dot com. Oh, Charlie just pay your taxes who cares..
Charlie Welcomes Dave Bahnsen to Discuss the 'Inflation Reduction Act'
"Inflation reduction act, the hiring of 87,000 new IRS agents, it didn't really get a lot of coverage. Joe Biden signed it into law yesterday. With us right now is someone who I really respect, and he's an expert of all things economics. David bonson is the founder and partner and chief investment officer of the bonson group and author of the book. There's no free lunch 250 economic truths and he just launched a free online video series economics one O one at von San dot com. Dave, welcome back to the Charlie Kirk show. Thanks for having me, Charlie. So Dave, tell us about the inflation reduction act. Will it reduce inflation or is this another orwellian curveball thrown by our politicians? Yeah, it's a good thing the bill doesn't have anything about false advertising because this is really as Bernie Sanders said. Absurd to call it an inflation reduction act. I'm not one who thinks there's a whole lot it's going to be doing to make the inflation worse because it really almost does nothing at all except for ad IRS agents. It's much more of an orwellian bill than it is economic. Even the climate issues, there is about 304 100 billion of corporate welfare to green energy companies, but Manchin to get his vote also agreed for more permanent approvals for oil and gas companies. So even the greenies in the Democratic Party proved to be a cheap date. It's really a disaster of a bill and the IRS agent issue is the primary thing stayed in it.
"david bonson" Discussed on Bloomberg Radio New York
"U.S. has just extended the public health emergency beyond July with The White House saying COVID isn't over Different picture in Shanghai the city's vice mayor says Shanghai is aiming to fully restore normal life in production by the middle or late June The FBI opening a hate crime investigation into the shooting yesterday at a church in California Orange County's sheriff says David Joe a Chinese immigrant living in the U.S. opened fire on the congregation and they say he was angry about the relationship between China and Taiwan An abbot has struck an agreement now with safety regulators It may be able to start producing baby formula at its troubled plant in about a month meantime sources say The White House is rushing transportation and logistics a two baby formula makers Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the news I'm Denise Pellegrini This is Bloomberg rich All right thanks Denise Let's get back to our guests with a half hour David bunsen is this of the bunsen group discussing his take on markets And I would have started off again here David with your investment philosophy which has dividend growth really fundamentally at the center of it all explained please Yeah so we focus on equities that are essentially we think growth drivers at a reasonable price that are income generative and growing the income that they're paying And so people can look at it as a growth strategy or an income strategy but we look at it as a growth of income strategy How valuations come down to a level where you know if you're putting fresh money into the market you needn't worry too much about losing your shirt from here You may not do well You may go sideways and even down but some of the big falls are kind of out What do you say As an index investor in the S&P of the NASDAQ I would not say that I do think I do think that an individual names in some small cap indexes and certainly in the value area I don't think valuation is a big concern but at the broad market on a cap weighted basis a company that drops from 70 times earnings to 40 times earnings has hardly gotten cheap There are a couple of the big thing names that have a much lower PE than they had a year ago And also you can look at stocks like Tencent Alibaba that are trading like utilities now That's right Ten or 12 It's hard to justify buying American big tech stocks when those Chinese big tech stocks are trading at those valuations Unless you have concerns about the geopolitical area or the delisting or currency or something like that but we certainly from a growth standpoint would like both Alibaba and Tencent multiples more than we would have spent Ten cent does pay a dividend Okay it will be a minuscule one Most U.S. old tech or newish tech as well don't pay dividends And so does that keep you away from there What do you look for because of the lack of any income Yeah no we look to within our dividend growth strategy companies that are paying a current dividend at about double what the S&P is which these days means you need to get it about two and a half to 3% dividend yield just to be on the low end of getting looked at But far more important And this is where Tencent wouldn't fit in is you need the growth of the dividend to be sustainable And so you look at the mature tech companies the many things are boring and value and out of favor IBM Cisco Intel These are phenomenal dividend payers and dividend growers and yet they're in a totally different category of the market than paying and some of the other companies that are still very resistant despite extraordinary free cash flow generation they simply do not want to return cash to shareholders I saw a piece on the Bloomberg terminal today that I thought was really interesting And this is pretty rock solid data that goes back to the early 1980s in its predictive power of recession saying that U.S. construction employment is sending a warning signal about the health of the economy When it rolls over it hasn't yet but when it rolls over it's followed within a year by recession So it brings to mind what is David bonson look at to determine whether or not we're doomed We're going down Well the problem is that a lot of these different historical metrics have had certain correlations that are not causative and correlation without causation never allows me to have a firm conviction for obvious reasons I do think that the best indicator historically has been when you start to see the unemployment rate taking up in advance of corporations believing that there are clouds on the horizon and they are not going to continue investing into higher wages and higher high ring when they are concerned about such conditions So we simply don't see that yet I believe it will come I don't happen to think it's going to be in late 22 I think late 23 early 24 makes a lot more sense given what we see big.
"david bonson" Discussed on Bloomberg Radio New York
"For the latest COVID numbers from Shanghai while we do that Let's start with New York City because health website there says they'll consider requiring face masks in all public indoor settings again If the COVID alert level rises to high mayor Eric Adams though says for now the mask recommendation is voluntary We are urging people indoors wear masks and doors If you are in settings or the subway system like it's already in place which just make the smart decisions boosters vaccinations is crucial And Adam says watch that COVID alert level closely Nationally the U.S. has just extended the public health emergency beyond July Jump in COVID cases and deaths in North Korea they call it the fever there in case the new daily fever cases coming in at more than a quarter million The reverse though Brian as you mentioned happening in Shanghai right now the city's vice mayor says Shanghai is aiming to fully resume normal life and production by mid to late June The FBI opening a hate crime investigation into that shooting yesterday at a church in California Orange County sheriff Don Barnes says David Joe a Chinese immigrant living in the U.S. open fire on the congregation gathered inside Based on information we've collected and I'm not going to go onto the details of that evidence Was a politically motivated hate incident agreements that this individual had between himself and the Taiwanese community And he the men who perpetrated that crime are allegedly did so is said to be angry about relations between China and Taiwan Barton says one person was killed 5 injured in that shooting The White House rushing transportation and logistics aid to baby formula makers White House press secretary karine Jean Pierre says it's always safety first We can not forget how we got here Abbott calls a facility because of safety concerns from the FDA the FDA wanted to make sure that formula was going out in a safe way And the evidence is now moving to reopen its plans but it will be about a month before it can actually ship and we're also hearing The White House has been leaning on raw materials producers to prioritize production and delivery to infant formula manufacturers Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries In the newsroom and Denise Pellegrini this is Bloomberg Brian Denise thank you Our guest is David bonson CIO of the bunsen group David thanks very much for joining us Oh we had weak data in China and weekday in the states that sort of put investors on the defensive and we've really been there for a while now At what point might the wealth effect wealth destruction make a comeback in the fed's thinking Oh I think that the fed still believes that that whole dynamic is at play The key issue when you think about wealth effect and the way green is trying to talk about it is how it'll play into unemployment In the past the fed always saw a correlation between declining stock markets real estate markets really scarce assets and eventual job market And they don't see it now and they don't believe it's coming right now But if they did I do think they'd start connecting dots again to the wealth effect David it's one other aspect here which is the old Phillips curve which is a tradeoff between inflation and of course unemployment It seems to have almost been reset after it broke down in effect And what are your thoughts on that And does that now mean that we can not afford a period perhaps of stagflation Well we can never afford a period of stagflation but I don't think it's related to the Phillips curve which I think is basically spent 40 years being broken down Other than those periods where it isn't So if something only works when it works then it isn't a very good economic law So those tradeoffs obviously surface cyclically at times but they're not causative And so not all economists agree on that but that's my very firm conviction I do not believe that low unemployment is inherently inflationary And yet I do believe you can have periods of low growth and higher inflation and we're not in that yet but that's what many here were going to We do a daily news show and so we're always looking for some change in a trend I've got a little mini one here The dollar and treasury yields down now for two out of the past three days it's kind of minuscule in terms of the amount But sometimes you can see this kind of change where all of a sudden now bonds look like they represent value and people buy them Yeah I am in the school of thought that there was really fat yield curve levels on the term structure between two and ten that there is probably good value from the twos to 5s in the bond in the bond market However I wouldn't base that necessarily on yields getting ready to imminently decline more just that they probably are done going higher I not only think that on the two year I think it's quite likely on the ten year as well This move from three 30 to two 80 to 90 was quite profound but you're right about that correlation issue with the dollar that we had.
"david bonson" Discussed on Bloomberg Radio New York
"Hasn't actually seen extra demand Here's Isan Abdul jabbar Ishmael speaking at the sera energy conference in Houston So now there is no real shortage We think that the fluctuation and the price is because of the geopolitical issue And even that we will take care about that We will make our effort to make the market more balanced That said Ishmael said that Iraq can increase output if and only if OPEC plus desires to OPEC plus is sticking to its plan at the moment of increasing production 400,000 barrels per day Meantime U.S. energy secretary Jennifer Granholm also addressed the sera conference She openly called on oil and natural gas producers to boost supply saying quote we are on a war footing The largest independent shale companies have said they won't accelerate growth without long-term support from President Biden Rashad We've got the Biden administration as well here at moon considering sanctions on Russia's state owned atomic energy company rosatom the company and its subsidiaries account for around about 35% of global uranium enrichment and they shipped the nuclear fuel to power plants globally Now we're hearing any punishment would have to exempt the work that Ross Adam does with Iran Now that is because the Biden administration is seeking to revive the Iranian nuclear deal we're told no final decision has been made in The White House's consulting with the nuclear power industry about the potential impact And coming up we have David bonson chief investment officer at the bonson group with us to discuss the latest in markets and this crazy move that we saw here in the past 12 hours The time now 5 and a half minutes past the hour it's time for world news Ukraine has signaled a willingness to come to some sort of ceasefire in the Russian invasion but within.
"david bonson" Discussed on Bloomberg Radio New York
"For world news Ukraine has signaled a willingness to come to some sort of ceasefire in the Russian invasion but within strict bounds at Baxter has global news in the 9 60 newsroom in San Francisco Ed Yeah that's right Brian saying they're willing to negotiate to end neutrality can be part of a Ukraine says without giving up an inch of ground though president zelensky's deputy chief of staff ihor zhukov says an exclusive interview with Bloomberg's Maria tadeo that it would be dependent as well on an immediate ceasefire Ask me whether there is a diplomatic solution surely We're ready for the diplomatic solution You know there are three rounds of negotiations already on the level of delegation Tomorrow our minister of foreign affairs will meet together with minister of foreign affairs of turkey with foreign minister Lavrov Yeah now that meeting tomorrow Bloomberg's Anne Marie horndon says a step up the diplomatic ladder So this is different than just on the border of Belarus when you have two teams getting together These are the foreign ministers They represent their country and they're going to be having talk In turkey but zhukov says nothing will get done without zelensky face to face talks with Putin So he asked the world community to assistance in having this direct negotiations to sit down with Putin at the negotiations The U.S. is now officially said no to Poland's idea to get fighter jets into Ukraine by getting them to Germany and having the U.S. fly them into Ukraine Pentagon spokesman is John Kirby The intelligence community has assessed that the transfer of MiG 29s to Ukraine may be mistaken as escalatory and could result in significant Russian reaction that might increase the prospects of a military escalation with NATO Now Kirby says NATO agrees with that assessment and with a backdrop of the horrible bombing and the maternity and children's hospital and warnings that Chernobyl at recklessness on the part of Russians could lead to a radiation leak Hong Kong's plan to test the entire population for COVID has been put on hold Chief executive Carrie lam officially confirming what we reported yesterday that the focus now will be on getting the elderly vaccinated So some 2000 people passed away this is really sad And many of these of the disease were the outlay the median age is over 80 years old Lamb through a translation says that the mass testing has not been ruled out but for now the focus will be on stopping the surge In San Francisco I'm at Baxter this is Bloomberg Brian Oh dad thank you very much Let's get to our guest David bonson Chief investment officer at the bonson group So David sentiment lifted for sure Partially because Ukraine seemed to be open to discussing neutrality if it comes with security guarantees There's still massive gaps between the two At least appeared to be something of a step forward Is that wishful thinking to you or the seed for a compromise Yeah I don't think it's either because I mean obviously it is wishful thinking but I don't think it is necessarily only that It's just simply an unknown You don't want to be caught off guard if you do get good news And so that's where you see a lot of people coming off the sidelines today or looking for what they hope will be bargain shopping particular particularly in the distress sectors of technology and financials And on the other hand you don't want to overthink it because there are many scenarios by which this could be a much more prolonged ordeal And so I really think the way people are positioning right now is not and should not be primarily around the day today or whether on hour by hour headlines but just more a bit longer term and how the various outcomes could play out David we had many market commentators suggesting this is not at the moment feeling like anything like capitulation of late or indeed that we've actually hit the bottom The point is you could be ending up trying to catch a falling knife here How would you advise your clients really to what they should do next It's a very tricky for us because we are so energy heavy and we've been up on the year where you have daily reads of the market dropping and yet just because of a very low correlation to the index our portfolio is actually been a positive territory So that makes us have to communicate to clients sort of an office message Hey don't think that this energy story can continue like this forever We happen to think that our good fundamental reasons to be long exposure and upstream and midstream but you certainly don't want to be piling into some energy stocks that are already up 30% on the year and a 100% from where they were a year ago But what if the Biden administration officially changed its position on shale drilling on a technical level but even more so just on sort of strategy or policy level Because with Jennifer Granholm calling out the shale industry for not producing more it seems like there is some room there for a compromise There's no question There's absolutely still room for upside It's just that a lot of us energy investors were playing deep value A year ago And now it's not deep value It's regular value You know what I mean The pricing is different But do I believe an administrative change could come and do I think that the industry itself could decide to moderate their very stringent fiscal and capital discipline right now and that could lead to greater margins and profitability I absolutely do But I would not be over waiting the sector beyond where people might already be Okay I just want to let it play out All right we'll talk a little bit more about strategies in a moment David David bonson is chief investment.
"david bonson" Discussed on The Hugh Hewitt Show: Highly Concentrated
"Blurred by Larry kudlow blurbed by father sarika, blurred by Ben Shapiro is in bookstores now available to Amazon.com. There's no free lunch is absolutely essential reading for anyone to know anything about economic and for people who do know something about economic. David monson is though a friend. Now I'd like to declare that. I've known him a long time. David, good morning. Welcome to the program man. Congratulations. Thank you here. It is so good to be with you. Well, I have a beef to pick with you though. I've got two beefs with Chris Christie. I have one beef with you, which is I got the book yesterday by federal express. And you're on today. What am I supposed to do? I think I should bring this on supply chain disruptions. You know, I normally don't have anyone on unless I read the book, but I know you and I know what this book is, so I'm just gonna open it to doctor laugher on page one 92. People don't work to pay taxes. They work and invest for the after-tax return. And then you add the simple point that laffer makes your struck at the core of the incentives and outlining attacks and economic policy that was desperately needed after the stagflation of the 70. So David, I get the book. You go and you find absolutely an arguable propositions from economics and then you elucidate them and you explain them for a 2021 crowd. Is that it? You got it. That's the idea. And I would have loved to have written 250 truths without the precedent from these great masters. But unfortunately, there's nothing have said that can be improved upon. So I add my commentary to contextualize maybe add a little bit of clarity, but these truths from Adam Smith to Thomas Seoul to the aforementioned art laffer, I think these are the best and all truisms we have, the formulated and economic world deal. Let me give you another example at random page one 28. Complete free trade is not politically feasible. Why? Because it's only in the general interest and in no one special interest Milton Friedman. Perhaps writes David bonson. It is a political statement as much as an economic one, but undoubtedly opposition to free trade comes from connected, in particular and just not the objective interests of society at large. So David, that is a I hadn't thought about it, but this is actually a great way to introduce people to the dismal science. I think it is. I think that with little pity quotes from these great economists, you get an ability to formulate thinking that might match with your intuition. There's nothing that is counterintuitive about what they're saying. But then I try to do it in a way that helps build an actual foundation. And that's actually the point of the book here, it's something I think you've been doing with your radio show as long as I've been listening to you is taking ideas that people already have a certain impulse towards, but putting some meat on the bone, giving them the ability to kind of formulate more philosophical thinking, more foundation around it. And that's the idea and then you get stuff like free trade, minimum wage, tax policy. Once you have that foundation, you can start doing policy application. I want to expand on that. I often think that the most important things we can do is repeat obvious truths and expand on. There are new truths out there because we have new scientific discoveries, our new truths, for example, about COVID-19. But economics since Adam Smith really hasn't changed much. Karl Marx tried to repeal it, but it didn't change much. It's still the same selfish hand. It's still the same self interest. It's still the same interested actor. David Bond said I want to play for you. The great, perhaps the greatest bit of audio I've had in a long time. And it comes from Lawrence summers. Before I play it for you, give me your opinion of Lawrence summers. Well, I've had the pleasure of spending a fair amount of time with him over the years. I disagree intensely on the foundation of economics. He is a Neil king CN in every sense of the word, but he is by far the brightest neo keynesian and most prepared to defend that view of anyone on the planet. So while I disagree foundationally, I hold him in high regard intellectually. And I've only had two meetings with him. Once I spent dinner with him and it was fascinating because we talked about the difference between working for Obama and working for Clinton. And he has a secretary treasury in the for Clinton and former senior adviser, president Obama on the economy. He knew both men. We talked about leadership. The other time within a commencement parade, so that was really just don't step on my shoes. But yesterday on CNN, Lawrence somers says this to fareed zakaria cut number four. Look, they forecasted inflation would be 2% this year in the president's budget. It's three times that. They said, in the summertime, after they'd been initially wrong, that inflation would be back to normal by the end of the year. Then they said early in the fall that inflation would subside early next year. Now they're saying that it's going to subside in the second half of next year. Sooner or later, I'm sure it will subside, but my judgment is given the inflation momentum that has built up that it's going to take some significant policy adjustment or some unfortunate accident that slows the economy before inflation gets back to the 2% range. All right, David bonsa, no one is ever going to pay a cash money to go to a comedy club where Larry summers is the headliner. He's not Stephen co Barry. It's not Jerry Seinfeld. That was painful to listen to. It was so slowly delivered, was it true? Well, first of all, I don't think that he's less funny than Steven Colbert, but. Second of all, he's very right about what they predicted. He's right about what he predicted. He's definitely doing a little trolling. He's poking at them a bit. The real inside baseball on this is that Elizabeth Warren has been out to get him for years and the Biden administration listened to her more than they listen to him. He was very highly regarded inside the Obama administration and he's upset about it. But none of that changes the fact he's a professional. He's an honest broker. He's sharing his opinion. His views on the inflation impact of Biden policies are more centered on the lack of keynesian impact from the spending. In other words, he's all four big government stimulus spending. He just didn't think there was anything stimulative about this. I would disagree with him in that what we really need is effective government spending. I think this is purely a supply side problem. They do not have enough goods and services producing in the economy.