35 Burst results for "Jeremy Siegel"
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"We appreciate that. As John has mentioned we had some inflation data today, the CPI came in right in line with expectations economists on fire today. They got it right. It's showing some slowing in point. Good point. I know. Shout out to the accomplishment. I mean, we bang them all the time, and now when they get it right, we got to give them some love. So good stuff there, but showing slowing inflation. What does it mean for the markets? What is it? Imagine if analysts got earnings right, right? Occasionally, it happens. But yeah, I mean, in the market. Never on the macro, right? It's always like beats. I think 76% of companies be on earnings. Like a 5000 line Walt Disney Company earnings model. And how do I miss when I do that? Well, you should just add 30% to exactly. All right, let's do it. Let's break it down. Robert teeter head of investment policy and strategy at silvercrest asset managers joins us here in studio. As does Jay Hatfield, CEO at infrastructure capital adviser. So Jake, we saw the inflation data today. It looks like it's moderating. What does that mean to you? Well, we're far more bullish than certainly the Federal Reserve on inflation and some market participants, because we really look at CPI R, which is our own index for inflation, which sounds exotic, but all it really is is just the way cpac was cocked before 1982. So instead of using the BLS highly lagged shelter component, we use key schiller. And that index and you can verify this on the terminal leads the shelter component by 12 months with a 70% correlation. I'd like that chart. I'll make the chart. That's interesting. Bob, what do you think? I mean, inflation seems to be in hindsight, it looks like inflation was transitory and maybe I'm too early to say that, but just a year later. Well, I think there have been a few different cycles within inflation, certainly energy's one shelters one, the goods components wine services is another. They're all in their own cycles. All a little bit different in terms of their transitory nature. To me, the key thing is that the past few months, the month over month figures have been coming down significantly. I think that gives the fed a little more flexibility. So although continue hiking, it's in smaller amounts. They might then proceed to a pause. And then I think they have a bit more flexibility if the economy weakens to change policy because they're able to point to those metrics that improvements have been coming. And so I think when we see them acknowledge that publicly, that will be a signal that their mindset is true. We have started to hear speakers come out. Bostick the other day was like, wait until CPI, maybe I'd be down with 25. Then yesterday I think Susan Collins came out and said, I'm feeling 25, and today Parker was like 25 looks good. So I guess they're trying to tell us not all voting members, obviously, but that February 1st could be 25 rather than 50, but they're definitely not going to pivot and cut, right? Because then they would lose credibility all over again. That's right. I think they've earned a lot of credibility. They've clearly indicated that they would prefer to be tougher rather than weaker. They'd rather make the mistake of hiking too much for too long. So I do think the 25 basis point hikes will continue. Although I thought the comments today from harker acknowledging that the days of 75 are long behind us, we're also encouraging. I think in the past there had maybe been some fear that those type of hikes might continue. And I think that's starting to fade into the background. But by the way, isn't that a better mistake to make Jay? I mean, I heard someone this morning say the fed made a mistake. By not raising rates early, and now they're making another mistake by raising rates for too long, but making a mistake and allowing inflation into the picture real inflation. That's a big mistake. Whereas making a mistake that causes a recession, tightening a little too much. It's not a huge mistake. Well, that's a great representation of the fed's view. We don't agree with it. Okay. Because no Matt, you're wrong. Just say. I mean, it's incredible, entity, but the reason we don't believe in that theory is that the fed we think is too focused on the labor market and expectations. And we don't think that there's a risk of a wage price spiral. We really look at as a price wage downward spiral. So in other words, goods prices really drive wages, and if you really look in this cycle, wages, real wages that were declining. So we don't think it's a problem that we recognize the fed does. And that's why we're bullish on the market for the year, but cautious for this first 6 months because of exactly this debate, where the market really thinks inflation is cooling or negative Jeremy Siegel says that our index printed negative .2%. So you have that camp and then the fed and they get to talk every day, doing open market operations. So if you're trading the market, that's always a risk factor. So we're thinking for 6 months volatile second 6 months should be more bullish. Bob, what's your call? Your shop. What do you guys thinking about as we head into 23 after just a brutal 2022, no matter where you were? We're modestly optimistic on the course of the year. The timeline is difficult to predict, I think, because I think you have two influences going on one, which is earnings, which we think will be perhaps a bit better than feared. Maybe around flat, a little bit positive. I think with a lot of dispersion beneath the surface because the same cycles that are going on within inflation are playing out across revenue and cost structures of companies. So a lot of dispersion and earnings. But we think the decline in inflation throughout the year, the change in fed tone will improve valuation. So I think you'll get a little bit of a lift from improved valuations as we navigate the year. All right, so the valuation picture, I think, has been really interesting. And in terms of price earnings, it's still, we're still valued, I think, too high. It feels like. 19 times earnings, if you look at the S&P, where should we be? And are there better metrics for you than PE? Well, I think there are a lot of different metrics, of course, the one that we pay a lot of attention to is looking at PE relative to where rates and inflation are. And that's where I think we might get some of the upside boost on PE. So I agree with you point in time today. It seems like stocks are certainly fairly valued and not cheap. But as we see this turning and inflation and as we see interest rates stabilize and potentially decline over the course of the next year, then I think that gives you room to boost PEs by a bit. Not a lot, but I think there is a little bit of upside there. So we're not looking for massive gains, but a little bit from the earnings side a little bit from valuation puts you in a pretty decent place. Certainly a lot better than last year. Hey Jay, you know, energy is just ripped in 2022 and in 2021. Did I miss that trade? Am I done? I don't think that energy stocks are going to lead the market this year. We're projecting that oil trades in a pretty tight range 80 to a hundred. But I will say that this is a very, very warm winter, as you can tell if you live in New York City. And in Europe as well. And that was really the core of our both thesis, having said that China's reopening. So we're sticking to our 80 to a hundred. But that doesn't really argue for rip roaring energy market. So we're looking to more interest sensitive. We are projecting a 3% ten year which, by the way, does increase the fair multiple. A ten at a 3% yield on the treasury that implies an 18 and a
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Podcast feed. On the latest edition of the tape podcast, a conversation with Cali Cox from itaro. Last year was so bad and I know I follow you on Twitter closely. I know you make all the historical analogies and analyses. What are you kind of telling? What are you telling your clients for about 2023? Can we kind of regroup here? Well, hopefully for our own sanity. Well, 2022 was painful. I mean, no doubt about that any way you slice it. In 2023, we're still in a challenging environment. Rates are still high quite high. The fed doesn't seem to be backing off too much. And chances are they won't back off unless we hit a recession and obviously nobody wants that. That's the worst case scenario. So we're hoping we can avoid a recession right now so far so good. But if we do avoid a recession, we're just cautioning people against the fact that we are in a high rate environment and that's still a challenging operating environment for companies. So I don't think we're there yet, but we're getting closer. Right. So, I mean, it's a relatively high rate environment, but we've heard a couple of people say we're getting back to basics in terms of investing. People like bonds again after the horrible year of 2022. Jeremy Siegel thinks it's the decade for dividends, which is kind of cool. I mean, you're no longer going to get meme stocks, these crazy home runs, get rich off of nothing with your stems, but maybe with dedicated a savings plan and investments, you can grow your wealth with income and reinvestments. What do you think? I think investors have been forced to shift their mindsets toward what's working now and how they can make money now because yields are just so healthy and stocks and other risk assets just aren't working
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Make sense right now is where there is still good value. There's actually still good value in energy. There's still good value in healthcare names that are out there. And we're starting to get interested in some of the international, particularly emerging markets that are out there because if rates do start to come down, if inflation does come down, you're going to see a weakening dollar. And that does start to present a tailwind for a lot of the emerging market stocks that are out there. So right now, we're not looking for some of the high flyers that have just gotten beat up that probably needed to get beat up. That's not what we think makes a lot of sense although if you want to gamble on that, you can do that. But I think that some of the value sectors that are out there are still are where we were putting money to work right now where we have dry powder. Terry is also that based upon to some extent that the hope that the dollar does remain strong, but also of course you could be making money if the dollar does weaken in emerging markets. But where do you look for a particular when you look in the EM space? You can't really have a broad brush stroke over them. No, and yeah, and I would be cautious still on EM. It's just as we're starting at yearend to look at everything that's happened over the past year. That's an area of an arena that has really gotten so beat up so heated. So underweighted in most people's portfolios that we think maybe that's where you can start to see some opportunity and some value as an emerging markets. It's not really where we're putting money, Rashad to work quite yet. What we are doing is laddering treasuries like a lot of people are take your money out of cash, get some getting 4% return is actually the new up. And it's a drowsy market. So we buy stocks that can do okay during a recession. Or as we start to come out of a recession, which continues to be energy potentially financials. And underweight underweight technology stocks. So technology is still a big part of the indices 26% of the S&P 500 right around in there. So you don't want to have it at zero, but it's certainly not an overweight at this stage. What are some of the quantitative indicators that you're using now to fuel this thesis? Yeah, that's a good question. I mean, we can kind of rub our crystal ball and roll up our sleeves and come up with some really good arguments on the fundamental case for what's cheap. But if that's not supported in the quantitative technicals that are out there, those are then we're not willing to sell. We're not willing to buy. So what are we doing right now? We're looking for if we can move up actually, we're just about 2% below where if the S&P 500 moves up one or 2%, that's going to confirm some upward indicators that we have from the technical basis that makes sense for starting to put money to work. And so solid hold and they have to be 500, but also looking to buy if we just move up to just about 3900 level. Is 2023 going to be the year when we see the full effect of quantitative tightening. And if so, how will it manifest itself? That's a great question. And I wish that I were on the fed or I was Jeremy Siegel were on the fed. We listened to him a lot. And he's been very loud. And his in his statements that the fed has caused the recession, the inflation that we have and that they can potentially cause a recession. And we agree with that completely. But way too much money into the economy. It's textbook monetary theory. One O one that when you flood the economy with money, you get inflation. Well, surprise, surprise, 12 months later, here we are with high single digit inflation. If the fed continues to tighten, that's going to be a problem. Our base case is that they're actually going to slow stop tightening and could even cut in 2023, not raise, but cut rates. And that would leave it to a pivot in the economy and stocks, a drop in yields, and that would be a great outcome. When do you see that? Because if that happens, sometime in the next 6 to 9 months, then we should be buying now. We should be buying now because I do think that that can happen. The big risk is that the fed doesn't do that. But we're in the camp that there is a higher probability than the market expects that the fed will not continue to raise rates even in February that don't get enough data that they'll sort of, I guess, hang their heads and say, we made some mistakes, but we're not going to keep making mistakes, which is rocketing interest rates going forward. It's going to continue to be a big mistake. We don't think that they should do that. We don't think they need to. And we hope that they won't going forward. And that I think is
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"I have to stop calling you that. It's Jeremy Schwartz and Jeremy Siegel, Jeremy Schwartz, a CIO of wisdom tree, and the one and only Jeremy Siegel is professor emeritus at Wharton school where he has been affiliated for over 40 years. So let's talk a little bit about this book, which is really become a classic. The really the first question I got to ask is, how do you go about updating and editing a book that really has stood the test of time for, jeez, it's almost 30 years. It's on everybody's must have list top ten finance book, best investment books of all time, do you approach updating this with a little bit of trepidation? What's the experience? Well, you're right The first edition came out in May of 1994 using data up through 1992. So we have 30 years more. So now it's really stocks for the and now, of course, stocks with a longer. This is the 6th edition, but it's also the 5th edition was written just after the financial crisis a couple years after the financial crisis. And a lot of things had gone. I'm in a huge bull market. The COVID, which is a whole chapter on. It's very up to date. I mean, it even includes some data on the recent bear market, which most general books can get as far as we got. The 2022 bear market. A little bit is in there. Really? Yeah, a little bit is in there. We don't know if it's exactly over yet. We'll certainly talk about that later, but generally I'll let you know. Yeah. We'll try to nail that. But there was so much more I had to say, this is the biggest revision and the most new material of any of the has been almost 5 new chapters that have been added. And there's been parts that have been added over time. Now, obviously, I deal with cryptocurrencies and Bitcoin, which was not an issue ten years ago. You can see how heavy it is. I know this is vaccinated and boosted. Yes. This is really not that the other books were skimpy, but you could tell this has a little bit of a heft to it. So let's talk about some of these additions that you added. We'll start with real estate. Yeah. Your friend, professor bob schiller, Yale puts out the case shiller housing index, and I believe if you look at housing for the long run, doesn't do much better than inflation, does it? So this is the interesting thing. The price doesn't do much better than equation. But there's a return. First of all, it's your own house residential. And then we have 50 years of REIT data. That we never had before. So I felt it was long enough. I mean, it's not the 220 years of stock market data, but 50 years is still a good time. So I did a very complete analysis on that. And let me just summarize, I think the most interesting part, the return on the reading decks is virtually exactly the same as the S&P 500. Most people say, oh my God, it's the same and it's so much more stable. No. This is the interesting thing. People think real estate is more stable than the stock market. In every recession, except one, and that was the tech bust of 2000. The drawdown of REITs was greater than the S&P that's really interesting. People don't get a print on their house. Every second. So it feels stable because you're not seeing prices. Exactly. But in reality, any day you want to put your house up for sale, you might get a different times are bad, and then you say, I've got to sell it in the next 5 minutes. You don't want to look at that price. That's right. So you mentioned you have a couple of new chapters on value and growth up until this year, values seem to have been struggling against growth certainly in the 2010s growth wildly outpatient. That's how euphemism Barry struggled. I'm being polite. Well, you know, okay, so it's been hard. I could say that, right? Yeah. It is mightily struggled. Why do you think that is given the historical advantage of value over everything? And everyone has said this way before me, and it was the worst 15 years in history. We have value and growth back to 1926. There's never been anything that has approached the underperformance. And I would say the major reason for that was the boom of the giant tech firms. So it's Apple, it's Amazon. I mean, it used to be called some have gone out of favor. Obviously, with the bear market or a shifted and arguably, they went from an underpriced position in 2000 and four, I'd say. For 2006, 7 8, they were under priced probably at that time given their tremendous further growth. And as usual, they got overpriced at the top. But that, I'm not going to say the word hijack the market because that sounds like they did something illegal. They had a lot of more mind share relative to the percent that was wrapped up in that and then of course we were cap weighted index you were there in that and it's been virtually impossible for any value strategy to have overcome the great bull market of the big tech companies of the last 15 years which probably ended when 20 late 2021 or 2020. So the obvious question for both of you is what is this suggest about near term future performance and by near term I mean the next decade, because I'm talking to you guys it's normally we're talking about centuries, but for the rest of the 2020s, what does this say about value versus growth? Interestingly this year, you've had a big correction and a lot of the mega growth stocks the unprofitable tech stocks collapsed the hardest. It's interesting unprofitable. Unprofitable
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"And I have to stop calling me that. It's Jeremy Schwartz and Jeremy Siegel, Jeremy Schwartz, a CIO of wisdom tree, and the one and only Jeremy Siegel is professor emeritus at Wharton school where he has been affiliated for over 40 years. So let's talk a little bit about this book, which is really become a classic. Really the first question I got to ask is, how do you go about updating and editing a book that really has stood the test of time for, jeez, it's almost 30 years. It's on everybody's must have list top ten finance book, best investment books of all time, do you approach updating this with a little bit of trepidation? What's the experience? Well, you're right. The first edition came out in May of 1994 using data up through 1992. So we have 30 years more. So now it's really stocks for the and now, of course, stops for the longer. This is the 6th edition, but it's also the 5th edition was written just after the financial crisis a couple years after the financial crisis. And a lot of things had gone. I'm in a huge bull market. The COVID, which is a whole chapter on. It's very up to date. I mean, it even includes some data on the recent bear market, which most general books can get as far as we got. The 2022 bear market. A little bit is in there. Really? Yeah, a little bit is in there. We don't know if it's exactly over yet. We'll certainly talk about that later, but generally I'll let you know. Yeah. We'll try to nail that. But there was so much more I had to say, this is the biggest revision and the most new material of any of the there's been almost 5 new chapters that have been added. And there's been parts that have been added over to me. Now, obviously, I deal with cryptocurrencies and Bitcoin, which was not an issue ten years ago. You can see how heavy it is. I know this is vaccinated and boosted. This is really not that the other books were skimpy, but you could tell this has a little bit of a heft to it. So let's talk about some of these additions that you added. We'll start with real estate. Yeah. Your friend professor bob schiller over Yale puts out the case shiller housing index and I believe if you look at housing for the long run, doesn't do much better than inflation, does it? So this is the interesting thing. The price doesn't do much better than inflation. But there's a return. First of all, it's your own house residential. And then we have 50 years of REIT data. That we never had before. So I felt it was long enough. I mean, it's not the 220 years of stock market data. But 50 years is still a good time. So I did a very complete analysis on that. And let me just summarize, I think the most interesting part, the return on the read index is virtually exactly the same as the S&P 500. Most people say, oh my God, it's the same and it's so much more stable. No. This is the interesting thing. People think we have a state is more stable than a stock market. In every recession, except one, and that was the tech bust of 2000. The drawdown of REITs was greater than the S&P that's really interesting. People don't get a print on their house. Every second. So it feels stable because you're not seeing prices. Exactly. But in reality, any day you want to put your house up for sale, you might get a different. At times are bad, and then you say, I got to sell it in the next 5 minutes. You don't want to look at that price. That's right. So you mentioned you have a couple of new chapters on value and growth up until this year, values seem to have been struggling against growth, certainly in the 2010s growth wildly output. That's how euphemism Barry struggled. I'm being polite. Well, you know, okay, so it's been hard. I could say that, right? Yeah, you value that. It is mightily struggled. Why do you think that is given the historical advantage of value over everything? And everyone has said this way before me, and it was the worst 15 years in history. We have value and growth back to 1926. There's never been anything that has approached the underperformance. And I would say the major reason for that was the boom of the giant tech firms. So it's Apple, it's Amazon. I mean, it used to be called bang. Some have gone out of favor. Obviously, with the bear market or shifted. And I went from an underpriced position in 2000 and four, I'd say. For 2006, 7 8, they were under priced probably at that time, given their tremendous further growth and as usual, they got overpriced at the top. But that, I'm not gonna say the word hijacked the market because that sounds like they did something illegal. They had a lot of more mind share relative to the percent that was wrapped up in that and then of course we were cap weighted index. You were there in that. And it's been virtually impossible for any value strategy to have overcome the great bull market of the big tech companies of the last 15 years which probably ended when 20 late 2021 or 20 early 2020. So the obvious question for both of you is, what is this suggest about near term future performance and by near term I mean, the next decade, because I'm talking to you guys, it's normally we're talking about centuries, but for the rest of the 2020s, what does this say about value versus growth? Interestingly this year, you've had a big correction in a lot of the mega growth stocks the unprofitable tech stocks collapsed the hardest. It's interesting unprofitable tests. Unprofitable tech. What's interesting with even within value, there's been a big dispersion. So values being growth by in the Russell value versus growth, call it almost 2000 basis points. But that's giant, but there's even still high dividend stocks versus the traditional price to book value. It's got like another thousand basis points. It's so high dividend stocks are definitely doing well relative. So some of that is, well, what is a high dividend stock that's not in the price to book indexes overweight energy stocks, which have been killed over the past year. And in S&P got down to 3%. It was double digits. This is the challenge of the cap waiting. It rides things down, will never add to the weight. But high dividend stocks in one of our baskets of high dividend DHS is 18 to 20% energy. That resource rebalances every December. It's going to stay that way. So a high dividend index, how has something like that done in 2022? It's up about 2000 basis points ahead of the S&P. I mean, it's basically large. Meaning if it's flat flat all the S&P is down 2025% for this. Depending on where we slowly. Coming up, we continue our conversation with professor Jeremy Siegel and Jeremy Schwartz discussing what the fed is doing to the U.S. economy. I'm Barry Rita, you're listening to masters in business, on Bloomberg radio
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"It's Jeremy Schwartz and Jeremy Siegel, Jeremy Schwartz, a CIO of wisdom tree and the one and only Jeremy Siegel is professor emeritus at Wharton school where he has been affiliated for over 40 years. So let's talk a little bit about this book, which is really become a classic. Really the first question I got to ask is, how do you go about updating and editing a book that really has stood the test of time for, jeez, it's almost 30 years. It's on everybody's must have list top ten finance book, best investment books of all time, do you approach updating this with a little bit of trepidation? What's the experience? Well, you're right. The first edition came out in May of 1994 using data up through 1992. So we have 30 years more. So now it's really stocks for the and now, of course, stocks with a longer. This is the 6th edition, but it's also the 5th edition was written just after the financial crisis a couple years after the financial crisis. And a lot of things had gone. In a huge bull market, the COVID, which is a whole chapter on. It's very up to date. I mean, it even includes some data on the recent bear market, which most general books can get as far as we got. The 2022 bear market. A little bit is in there. Really? Yeah, a little bit is in there. We don't know if it's exactly over yet. We'll certainly talk about that later, but generally I'll let you know. Yeah. Well, we'll try to nail that. But there was so much more I had to say, this is the biggest revision and the most new material of any of the there's been almost 5 new chapters that have been added. And there's been parts that have been added of other types. Obviously, I deal with cryptocurrencies and Bitcoin, which was not an issue ten years ago. You can see how heavy it is. I know, this is vaccinated and boosted. This is really not that the other books were skimpy, but you could tell this has a little bit of a heft to it. So let's talk about some of these additions that you added. We'll start with real estate. Yeah. Your friend professor bob schiller over Yale puts out the case shiller housing index and I believe if you look at housing for the long run, doesn't do much better than inflation, does it? So this is the interesting thing. The price doesn't do much better than inflation. But there's a return. First of all, it's your own house residential. And then we have 50 years of REIT data. That we never had before. So I felt it was long enough. I mean, it's not the 220 years of stock market. But 50 years is still a good time. So I did a very complete analysis on that. And let me just summarize, I think the most interesting part, the return on the read index is virtually exactly the same as the S&P 500. Most people, oh my God, it's the same and it's so much more stable. No. This is the interesting thing. People think real estate is more stable than a stock market. In every recession, except one, and that was the tech bust of 2000. The drawdown of REITs was greater than the S&P that's really interesting. People don't get a print on their house. Every second. So it feels stable because you're not seeing prices. Exactly. But in reality, any day you want to put your house up for sale, you might get a different times are bad, and then you say, I got to sell it in the next 5 minutes. You don't want to look at that price. That's right. So you mentioned you have a couple of new chapters on value and growth up until this year, values seem to have been struggling against growth certainly in the 2010s growth wildly outpatient. That's how euphemism buried struggling. I'm being polite. Well, you know, okay, so you got to spend hard. I could say that, right? Yeah. It is mightily struggled. Why do you think that is given the historical advantage of value over everything? And everyone has said this way before me, and it was the worst 15 years in history. We have value and growth back to 1926. There's never been anything that has approached the underperformance. And I would say the major reason for that was the boom of the giant tech firms. So it's Apple, it's Amazon. It used to be called bang, some have gone out of favor. Obviously, with the bear market or a shifted and arguably, they went from an underpriced position in 2000 and four, I'd say. Or 2006, 7, 8. They were under priced probably at that time given their tremendous further growth. And as usual, they got overpriced at the top. But that, I'm not going to say the word hijacked the market because that sounds like they did something illegal. They had a lot of more mind share relative to the percent that was wrapped up in that and then of course we were cap weighted index. You were there in that and it's been virtually impossible for any value strategy to have overcome the great bull market of the big tech companies of the last 15 years, which probably ended in early 20 late 2021 or 2021. So the obvious question for both of you is what does this suggest about near term future performance and by near term I mean the next decade because I'm talking to you guys it's normally we're talking about centuries, but for the rest of the 2020s, what does this say about value versus growth? Interestingly this year, you've had a big correction in a lot of the mega growth stocks, the unprofitable tech stocks collapsed the hardest. Unprofitable tests. Unprofitable tech. What's interesting with even within value, there's been a big dispersion. So values being growth by in the Russell value versus growth, call it almost 2000 basis points. But that's giant, but there's even still high dividend stocks versus the traditional price to book value. It's got like another thousand basis points. It's so high dividend stocks are definitely doing well relative. So some of that is, well, what is a high dividend stock that's not in the price to book indexes overweight energy stocks, which have been killed over the past year. And in S&P got down to 3%. It was double digits. This is the challenge of cap waiting. It rides things down will never add to the weight, but high dividend stocks in one of our baskets of high dividend DHS is 18 to 20% energy. That resource rebalances every December. It's going to stay that way. So a high dividend index, how has something like that done in 2022? It's up about 2000 basis points ahead of the S&P. I mean, it's basically large. Meaning if meaning it's flat. The S&P is down 20, 25% for that. Depending on where we close. Coming up, we continue our conversation with professor Jeremy Siegel and Jeremy Schwartz
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Stop calling me that. It's Jeremy Schwartz and Jeremy Siegel, Jeremy Schwartz, a CIO of wisdom tree and the one and only Jeremy Siegel is professor emeritus at Wharton school where he has been affiliated for over 40 years. So let's talk a little bit about this book, which is really become a classic. Really the first question I got to ask is, how do you go about updating and editing a book that really has stood the test of time for, jeez, it's almost 30 years. It's on everybody's must have list top ten finance book, best investment books of all time, do you approach updating this with a little bit of trepidation? What's the experience? Well, you're right. The first edition came out in May of 1994 using data up through 1992. So we have 30 years more. So now it's really stocks for the and now, of course, stocks with a longer. This is the 6th edition, but it's also the 5th edition was written just after the financial crisis a couple years after the financial crisis. And a lot of things had gone. I'm in a huge bull market. The COVID, which is a whole chapter on. It's very up to date. I mean, it even includes some data on the recent bear market, which most general books can get as far as we got. The 2022 bear market. A little bit is in there. Really? Yeah, a little bit is in there. We don't know if it's exactly over yet. We'll certainly talk about that later, but generally I'll let you know. Yeah. We'll try to nail that. But there was so much more I had to say, this is the biggest revision and the most new material of any of the nuts. There's been almost 5 new chapters that have been added, and there's been parts that have been added of others. I mean, obviously I deal with cryptocurrency some Bitcoin, which was not an issue ten years ago. You can feel how heavy it is. I know this is vaccinated and boosted. This is really not that the other books were skimpy, but you could tell this has a little bit of a heft to it. So let's talk about some of these additions that you added. We'll start with real estate. Yeah. Your friend, professor bob schiller over Yale puts out the case shiller housing index and I believe if you look at housing for the long run, doesn't do much better than inflation, does it? So this is the interesting thing. The price doesn't do much better than inflation. But there's a return. First of all, it's your own house residential. And then we have 50 years of REIT data. That we never had before. So I felt it was long enough. I mean, it's not the 220 years of stock market. Right. But 50 years is still a good time. So I did a very complete analysis on that. And let me just summarize, I think the most interesting part, the return on the reading decks is virtually exactly the same as the S&P 500. Most people, oh my God, it's the same and it's so much more stable. No. This is the interesting thing. People think real estate is more stable than a stock market. In every recession, except one, and that was the tech bust of 2000. The drawdown of REITs was greater than the S&P that's really interesting. People don't get a print on their house. Every second. So it feels stable because you're not seeing prices. Exactly. But in reality, any day you want to put your house up for sale, you might get a different times are bad and then you say, I got to sell it in the next 5 minutes. You don't want to look at that price. That's right. So you mentioned you have a couple of new chapters on value and growth up until this year, values seem to have been struggling against growth certainly in the 2010s growth wildly outpatient. That's how euphemism Barry struggled. I'm being polite. Well, you know, okay, so it's been hard. I could say that, right? Yeah. It is mightily struggled. Why do you think that is given the historical advantage of value over everything? And everyone has said this way before me, and it was the worst 15 years in history. We have value and growth back to 1926. There's never been anything that has approached the underperformance. And I would say the major reason for that was the boom of the giant tech firms. So it's Apple, it's Amazon. I mean, it used to be called bang. Some have gone out of favor, obviously, with the bear market or shifted. And arguably, they went from an underpriced position in 2000 and four, I'd say. For 2006, 7 8, they were under priced probably at that time given their tremendous further growth. And as usual, they got overpriced at the top. But that, I'm not going to say the word hijacked the market because that sounds like they did something illegal. They had a lot of more mind share relative to the percent that was wrapped up in that and then of course we were cap weighted index. You were there in that and it's been virtually impossible for any value strategy to have overcome the great bull market of the big tech companies of the last 15 years which probably ended when early 20 late 2021 or 2021. So the obvious question for both of you is, what is this suggest about near term future performance and by near term I mean, the next decade, because I'm talking to you guys, it's normally we're talking about centuries, but for the rest of the 2020s, what does this say about value versus growth? Interestingly this year, you've had a big correction in a lot of the mega growth stocks, the unprofitable tech stocks collapsed the hardest. It's interesting unprofitable. Unprofitable tech. Right. What's interesting with even within value, there's been a big dispersion. So values being growth by in the Russell value versus growth, call it almost 2000 basis points. But that's giant, but there's even still high dividend stocks versus the traditional price to book value. It's got like another thousand basis points. It's so high dividend stocks are definitely doing well. Relative. So some of that is, well, what is a high dividend stock that's not in the price to book indexes overweight energy stocks, which have been killed over the past few years. And in S&P got down to 3%. It was double digits. This is the challenge of cap waiting. It rides things down will never add to the weight, but high dividend stocks in one of our baskets of high dividend DHS is 18 to 20% energy. That resource rebalances every December. It's going to stay that way. So a high dividend index, how has it something like that done in 2022? It's up about 2000 basis points ahead of the S&P. I mean, it's basically large. Meaning if it's flat, all the S&P is down 20, 25% for this. Depending on where we close. Coming up, we continue our conversation with professor Jeremy Siegel and Jeremy Schwartz discussing what
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Extra special guests this week are the jeremies, and I have to stop calling you that. It's Jeremy Schwartz and Jeremy Siegel, Jeremy Schwartz, a CIO of wisdom tree, and the one and only Jeremy Siegel is professor emeritus at Wharton school where he has been affiliated for over 40 years. So let's talk a little bit about this book, which is really become a classic. Really the first question I got to ask is, how do you go about updating and editing a book that really has stood the test of time for, jeez, it's almost 30 years. It's on everybody's must have list top ten finance book, best investment books of all time, do you approach updating this with a little bit of trepidation? What's the experience? Well, you're right. The first edition came out in May of 1994 using data up through 1992. So we have 30 years more. So now it's really stocks for the and now, of course, stops with a longer. This is the 6th edition, but it's also the 5th edition was written just after the financial crisis a couple years after the financial crisis. And a lot of things had gone. In a huge bull market, the COVID, which is a whole chapter on. It's very up to date. I mean, it even includes some data on the recent bear market, which most general books can get as far as we got. The 2022 bear market. A little bit is in there. Really? Yeah, a little bit is in there. We don't know if it's exactly over yet. We'll certainly talk about that later, but generally I'll let you know. Yeah. We'll try to nail that. But there was so much more I had to say, this is the biggest revision and the most new material of any of them. There's been almost 5 new chapters that have been added, and there's been parts that have been added, I mean, obviously I deal with cryptocurrencies and Bitcoin, which was not an issue ten years ago. You can see how heavy it is. I know, this is vaccinated and boosted. This is really not that the other books were skimpy, but you could tell this has a little bit of a heft to it. So let's talk about some of these additions that you added. We'll start with real estate. Yeah. Your friend, professor bob schiller over Yale puts out the case shiller housing index and I believe if you look at housing for the long run, doesn't do much better than inflation, does it? So this is the interesting thing. The price doesn't do much better than inflation. But there's a return. First of all, it's your own house residential. And then we have 50 years of REIT data. That we never had before. So I felt it was long enough. I mean, it's not the 220 years of stock market data. But 50 years is still a good time. So I did a very complete analysis on that. And let me just summarize, I think the most interesting part, the return on the reading decks is virtually exactly the same as the S&P 500. Most people say, oh my God, it's the same and it's so much more stable. No. This is the interesting thing. People think real estate is more stable than the stock market. In every recession, except one, and that was the tech bust of 2000. The drawdown of REITs was greater than the S&P that's really interesting. People don't get a print on their house. Every second. So it feels stable because you're not seeing prices. Exactly. But in reality, any day you want to put your house up for sale, you might get a different times are bad, and then you say, I got to sell it in the next 5 minutes. You don't want to look at that price. That's right. So you mentioned you have a couple of new chapters on value and growth up until this year, values seem to have been struggling against growth certainly in the 2010s growth wildly outpaced. That's how euphemism Barry struggled. I'm being polite. Well, you know, okay, so it's been hard. I could say that, right? Yeah. It is mightily struggled. Why do you think that is given the historical advantage of value over everything? And everyone has said this way before me, and it was the worst 15 years in history. I mean, we have value and growth back to 1926. There's never been anything that has approached the underperformance. And I would say the major reason for that was the boom of the giant tech firms. So it's Apple, it's Amazon. I mean, it used to be called some have gone out of favor obviously with the bear market or a shifted. And arguably they went from an underpriced position in 2000 and four, I'd say. For 2006, 7 8, they were under priced probably at that time given their tremendous further growth. And as usual, they got overpriced at the top. But that, I'm not going to say the word hijack the market because that sounds like they did something illegal. They had a lot of more mind share relative to the percent that was wrapped up in that and then of course we were cap weighted index. You were there in that. And it's been virtually impossible for any value strategy to have overcome the great bull market of the big tech companies of the last 15 years, which probably ended early 20 late 2021 or 2020. So the obvious question for both of you is, what is this suggest about near term future performance and by near term I mean, the next decade, because I'm talking to you guys that should normally we're talking about centuries, but for the rest of the 2020s, what does this say about value versus growth? Interestingly this year, you've had a big correction in a lot of the mega growth stocks, the unprofitable tech stocks collapsed the hardest. It's interesting unprofitable. Unprofitable tech. Right. What's interesting with even within value, there's been a big dispersion. So values being growth by in the Russell value versus growth, call it almost 2000 basis points. But that's giant, but there's even still high dividend stocks versus the traditional price to book value. It's got like another thousand basis points. It's so high dividend stocks are definitely doing well relative. So some of that is, well, what is a high dim stock that's not in the price to book index? Overweight energy stocks, which have been killed over the past year. And in S&P got down to 3%. It was double digits. This is the challenges of cap waiting. It rides things down will never add to the weight, but high dividend stocks in one of our baskets of high dividend DHS is 18 to 20% energy. That resource rebalances every December. It's going to stay that way. So a high dividend index, how has something like that done in 2022? It's up about 2000 basis points ahead of the S&P. I mean, it's basically large. Meaning if it's flat flat all the S&P is down 2025% for this. Depending on where we slow ordinary. Coming up, we continue our conversation with professor Jeremy Siegel, and Jeremy Schwartz
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"But now also on Bloomberg quick day. President Biden is calling the attack on Nancy Pelosi's husband, quote, despicable. There's no place in America. There's too much violence, political violence. Too much hatred. During a speech on Friday, Biden said conspiracy theories about stolen elections can affect people, he said quote enough is enough when it comes to talks about stolen elections and COVID being a hoax. Biden then called for every person of good conscience to stand up against political violence, Paul Pelosi was attacked in his home early Friday morning, and the man who allegedly attacked Paul Pelosi is being identified as 42 year old David de Pepe, the peppy's online blog includes numerous extreme right conspiracy theories about COVID vaccines, immigrants, the 2020 election, and other topics, to peppy is being charged with attempted murder, burglary, and other crimes. And that's the very latest. I'm Jim Forbes. Now this Bloomberg sports update, the Philadelphia Phillies have struck first in the fall classic JT real ludo's smack to go ahead solo Homer over the right field ball in the top of the tenth inning as the Phillies edge the Astros 6 to 5 in game one of the World Series and Houston. Real ludo also had a game time to run double in the 5th as Philadelphia erased an early 5 to nothing deficit. For real ludo, his third postseason Homer. The Phillies take a one game to none lead in the best of 7 series, game two, later tonight, in Houston, Zach Wheeler versus from brave Valdez. Kyle Tucker homered in the second and third innings for the Astros while driving in four runs in the defeat. The Devils are now 5 and three on the year after a one zero win over the defending Stanley Cup champion Colorado avalanche at Prudential center in Newark. VTEC manach turned aside 24 shots and earning his 7th career shutout. His first has a devil, a lone goal of the game came in the third period on the power play by Jack Hughes, his third of the season. Brock belson scored twice and Matthew barzal and Anthony bovier had to assist a piece as the islanders defeat the Carolina hurricanes 6 to two in Raleigh evening their record at four wins and four losses. 7 Milwaukee Bucks and double figures led by Anna santina Cooper's 30 points and 14 rebounds. And the bucks remain undefeated at four zero, they defeat the next one 19 one O 8. The next fall to three and two, R and J Barrett leathernecks with 20 points, and Tina Cooper just missed the triple double with 9 assists. Utah's bid to host an upcoming Olympics may be helped by a decision made yesterday by the city of Vancouver. Officials there announcing they're no longer supporting a bid to bring the Winter Olympics to Canada in 2030. That leaves Salt Lake City and Sapporo Japan is the only city still in the running for the games. Will the Bloomberg sports update on Tom Rogers? Your listening to masters in business with Barry rid holds on Bloomberg radio. I'm Barry results you're listening to masters in business on Bloomberg radio. My extra special guest this week are the Jeremy's professor Jeremy Siegel of Wharton and Jeremy Schwartz of wisdom tree Jeremy Siegel is famously the author of a number of books, most recently, the 6th edition of the bestselling stocks for the long run. It's on everybody's all time favorite investment books. And now I see Jeremy Schwartz, you've been promoted to a width. You're with Jeremy Schwarzenegger. He's an important Jeremy has helped me and he mentioned future for investors, but more than that through all these additions from the third on and he really deserved recognition and I'm really pleased to get congrats on the width. We're going to come back to that before we digress back to stocks for the long run. You recently were on TV where you had quite the rant about the fed and not only was it a bit of a, what is the fed doing? They're late. They missed inflation to start. They missed the peak of inflation. They're over tightening. It went totally viral. I think not just because people agreed with you, but you were very passionate. You were very excited about it. Tell us a little bit about what led to that and what your thoughts are on. Where we are with the Federal Reserve. You know, I interviewed me how many months ago I forget. Yeah, no, that was right after the pandemic. And I told you that they're going to be huge amount in inflation. Yep. You said you said both fiscal and monetary were going to cause a search. Yeah. And I was yelling about it through all of 2021 and the fact that they didn't begin to pivot until the November of 2021 and they didn't start doing anything until I'm still getting excited about this. March 2022 is unforgivable. It's gross negligence as the steward of our monetary system, and that it makes me emotional because I've taught this subject for half a century and I'm not saying that anyone that's at the fed and I was a student of mine, but we would have been better off if they were. Maybe, well, I hate to say it, but the answer is yes, they will. So had a chance to put them as part of the fed and they didn't take them up on that. Well, it's a very interesting I mean, actually under Bush, I was nominated as the fed and then I started the process and then they got a call and say, Jeremy, the Democrats are going to hold it up because they're going to be a presidential election. They think they're going to take over and, you know, so let's wait and see what happens. You've done more good from your post at war. Than a 6 year process. And you know, it often like Milton Friedman, who refused to take a post in Washington, he said it just compromises you. I rather be a critic from the outside. Plus the weather. He was a critic from the outside and an effective and an effective critic from the outside. Did do that. But so I was young and screaming. I said, is Jay Powell behind the curve? I said, he's so behind the curve is he's up in the bleachers. The pitchers throwing the catcher at home plate. That's how far behind the Kirby was. So the fed has a giant research department. They have wonderful economists really smart. Well, I don't know how wonderful they are, Barry. I'm going to ask you this. They're not so wonderful. I don't know. I mean, because they were the ones that kept on saying this is temporary inflation. They fed that. I'm sure to power in the others, and they bought it hook line and sinker. And you know, what also upsets me is the fed was designed 19 it only has 18. Members of the federal open market committee and it's supposed to be diverse opinions. There is virtually no diversity opinion. You would think that, you know, at least out of those 18, three or four would say, hey, we're just way overstimulating here. We're going to have trouble if we don't stop. Not a word. That upsets me too. They're not being constituted. It's groupthink. It's groupthink that's totally dominating the fed. All these things are happening at once, and
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"YouTube, but now also on Bloomberg quick day. The man who allegedly attacked Nancy Pelosi's husband is being identified by police, authorities believe David dupe entered the San Francisco home this morning and attacked Paul Pelosi with the hammer. Nancy Pelosi's office says her husband underwent successful surgery to repair a skull fracture and serious injuries to his right arm and hands vice president Harris is condemning the attack, she spoke to reporters in Philadelphia. This morning and this was an act of extreme violence. Inflation shows no signs of slowing the personal consumption expenditures price index, which looks at the cost of goods and services ticked up by 5.1% on a year over year basis. Tom Brady and Gisele Bündchen have finalized their divorce after 13 years of marriage in an Instagram post Brady said they arrived at the decision amicably and with gratitude for the time they spent together. I'm Brian shook. And I'm Charlie pellet. At Bloomberg world headquarters, stocks wrap up a turbulent week with a sizable gain as apple's earnings report lifted tech shares. But what about further gains for the U.S. stock market for the rest of the year? Lori Calvin is head of U.S. equity strategy at RBC capital markets. You know, we're right at my target per year end. I think it's interesting the move that we've already had has been pretty strong. Now we're starting to counter some turbulence, but in general, I think you set up for choppy conditions at least through the first quarter of next year. Lori calvasina of RBC capital markets, so earnings front and center after a turbulent but winning week for stocks, Chevron announced its second best quarterly results as natural gas demand and prices surged. Mike worth, is Chevron's chairman and CEO. We had a good quarter. And look, we're winning back investors with higher returns. Year to date, our return on capital employed is greater than 20%. And a strong cash yield of over 7 and a half percent if you take the dividend and the buyback together, Chevron's Mike worth. Amazon plunged after a disappointing earnings report and outlook despite the poor showing gene Munster of Luke ventures says companies like Amazon are not going away. Amazon has logistics that no other ecommerce company can touch. And I think you probably have to assume that all that we're in economically is going to fade or we'll go away eventually. We'll stabilize and these companies are going to right size their growth rates back to what we're accustomed to. Gene Munster of Luke ventures Amazon down 6.8% GM is temporarily suspending ads on Twitter following the Elon Musk deal. Stock surge S&P up 93 up two and a half percent the Dow up 2.6%, NASA stack up 2.9%. Global news 24 hours a day on air and on Bloomberg quicktake power by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie palette. This is Bloomberg. Your listening to masters in business with Barry riddles on Bloomberg radio. I'm Barry holt's you're listening to masters in business on Bloomberg radio. My extra special guest this week are the Jeremy's professor Jeremy Siegel of Wharton and Jeremy Schwartz of wisdom tree Jeremy Siegel is famously the author of a number of books, most recently, the 6th edition of the bestselling stocks for the long run. It's on everybody's all time favorite investment books. And now I see Jeremy schwarz, you've been promoted to a width. You're with Jeremy Schwartz. Jeremy has helped me and he mentioned future for investors, but more than that through all these additions from the third on and he really deserved recognition and I'm really pleased to congrats on the width. We're going to come back to that before we digress back to stocks for the long run. You recently were on TV where you had quite the rant about the fed and not only was it a bit of a, what is the fed doing? They're late. They missed inflation to start. They missed the peak of inflation. They're over tightening. It went totally viral. I think not just because people agreed with you, but you were very passionate. You were very excited about it. Tell us a little bit about what led to that and what your thoughts are on. Where we are with the Federal Reserve. You know, I interviewed me how many months ago I forget. Yeah, no, that was right after the pandemic. And I told you that they're going to be huge amount in inflation. Yep. And you said both fiscal and monetary. We're going to cause a search. Yeah. And I was yelling about it through all of 2021. And the fact that they didn't begin to pivot until the November of 2021 and they didn't start doing anything until I'm still getting excited about this. March 2022 is unforgivable. It's gross negligence as the steward of our monetary system. And that it makes me emotional because I've taught this subject for half a century and I'm not saying that anyone that's at the fed and I was a student of mine, but we would have been better off if they were. Maybe, well, I hate to say it, but the answer is yes, they will. They had a chance to put them as part of the fed and they didn't take them up on that. Well, it's a very interesting. I mean, actually, under Bush, I was nominated as the fed, and then I started the process and then it got a call and say, Jeremy, the Democrats are going to hold it up because they're going to be a presidential election. They think they're going to take over and you know, so let's wait and see what happens. You've done more good from your post at work. Yeah. That has 6 year posted. And you know, it often is like Milton Friedman, who refused to take a post in Washington. He said it just compromises you. I'd rather be a critic from the outside. Plus the weather. He was a critic from the outside and an effective and an effective critic from the outside. Did do that. But so I was young and screaming. I said, is Jay Powell behind the curve? I said, he's so behind the curve is he's up in the bleachers. The pitcher's throwing to the catcher at home plate. That's how far behind the Kirby was. So the fed has a giant research department. They have wonderful economists really smart. Well, I don't know how wonderful they are, Barry. I'm going to say this. They're not so wonderful. I don't know. I mean, because they were the ones that kept on saying this is temporary inflation. They fed that. I'm sure to power in the others, and they bought it, hook line and sinker. And you know, what also upsets me is the fed was designed 19 it only has 18 members of the federal open market committee, and it's supposed to be diverse opinions. There is virtually no diversity opinion. You would think that, you know, at least out of those 18, three or four would say, hey, we're just way over stimulating here. We're going to have trouble if we don't stop. Not a word. That upsets me too. They're not being constituted. It's groupthink. It's group thing that's totally dominating the fed. All these things are happening at once, and that's
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Polls are closed now in South Carolina and Maine the latest test a former president Trump's brand power is seen as playing out in South Carolina Congressman Tom rice who voted to impeach Trump in connection to the January 6th capitol riot faces a challenger backed by the former president The Federal Reserve is expected to announce a rate hike tomorrow afternoon Bank rates Mark Hamrick says the burning question is will it be a half of 1% or will the fed try to give the economy another dose of medicine by raising it three quarters of 1% And that's in response to a number of economic reports including worsening consumer sentiment and rising expectations of inflation on the part of consumers Flooding is forcing the closure of all entrances to Yellowstone National Park for the first time in nearly three and a half decades Park officials say evacuations were ordered I'm Brian shook And I'm Brian Curtis in Hong Kong Let's check this hour's top business stories and the markets Asian stocks are moving higher as investors appear to be embracing and expected 75 basis point hike by the Federal Reserve That appears to be market consensus at the moment and I'll get you details on the market action in a moment Pershing square founder Bill ackman said meantime the fed should race rates a hundred basis points tomorrow Also in July and thereafter To China's industrial data industrial production unexpectedly increasing in May while consumer spending continued to fall COVID restrictions are weighing on sentiment Industrial output rising 0.7% in May from a year ago and that reverses from a drop of 2.9% in April Meantime retail sales slid 6.7% in the period that was less than the 7.1% projected decline and better than April's 11.1% drop In the meantime China's Central Bank refrained from cutting a key policy interest rate avoiding further policy divergence from the United States The PBOC kept the one year interest rate unchanged at 2.85% The Japanese economy will expand 4% in the second quarter according to a Bloomberg survey In the meantime Japan's April core machine orders rose 10.8% month on month that was much better than the estimate of a drop of 1.3% Let's check the markets We do have a minor set back in Tokyo where the nikkei is trading down about two thirds of 1% but the index is up 1.1% the tech index advancing 2.3% in the CSI 300 in China up one and a quarter percent and briefly Dolly yen one 35 24 Global news 24 hours a day live and on Bloomberg quick take brought to you by 2700 journalists and analysts in a 120 countries In Hong Kong and Brian Curtis this is Bloomberg.
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Is here to check in on the markets Brian we have bear attack on the daybreaker image when you log into the Bloomberg terminal today pretty scary out there Yeah we'll see some selling in the Asia Pacific for sure today and we're seeing it as we speak It may not be quite as bad as what we saw on Wall Street because indeed we already sold off yesterday on the Monday session in Asia the Cosby for instance was quietly down three and a half percent yesterday and the index was down 3.4% Nonetheless we will see a lot of downward pressure today The nikkei is off 1.4% in the early going The ASX 200 in Sydney is trading down 1.4% And that's even making up for being closed yesterday for the queen's birthday likely to see that one stretch out a little bit as things get really good running there And again today the cost is down another 1.6% So we mentioned down 20% for the S&P 500 now from recent highs It was a bad day for tech stocks In fact it was a bad day for really almost all stocks You had energy shares down 5.2% on Wall Street Think about that energy It's one of the best performers of the year and oil itself has been up something like 40% this year but it was a big sell off there with spider energy down 5.2% the financials down 3% individual shares like Amazon down 5 and a half percent And the way Alibaba traded in the U.S. session down 10.3% and the Bloomberg or rather the NASDAQ golden dragon shiny index was down 6.7% So it's really just a lot of hyperbole here just a lot of very aggressive selling a lot of volatility The yield on the two year now at 3.38% and that is higher than the yield on the ten year at three 37 so you've got that part of the yield curve along with others already inverted WTI a $120 and 50 cents even oil falling this morning A lot more to tell you about we'll do so again in 15 minutes Juliette back to you Well thanks Brian As mentioned U.S. stock student enter a bear market this comes after yet another hot inflation reading last week Jeremy Siegel is Walton's school Professor of finance at the University of Pennsylvania and he says the fed should act aggressively in light of the recent U.S. inflation data We've already said you know 50 in June 50 in July given how bad the announcement was Friday I think what chairman Powell can do is bring that 50 forward Even though there might be an initial sell off on a hundred basis points I think there'd be a subsequent rally because of fed is finally getting hold of the narrative which it certainly has lost over the last year Trade is a bracing for the prospect of a three quarter percentage point hike this week If that comes to pass it would be the first time since 1994 when the fed resorted to such an aggressive pace The fed will issue its next monetary policy decision on Wednesday Oracle sales increased 5 and a half percent to $11.8 billion in the fourth quarter analysts estimated about 11.7 billion The positive results are a sign that demand for information technology hasn't been slowed by inflation and economic uncertainty This was evident with cloud revenue a highly watched segment that Oracle has been trying to expand Cloud revenue rose 19% to $2.9 billion infrastructure cloud sales also up 36% In other news Oracle completed its $28.3 billion acquisition of digital medical records provide a Cerner last week Oracle hopes that this will build inroads in the healthcare industry which has been slower at adopting cloud technology It is coming up to 5 minutes past the hour time for global use.
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Called investing for the long term I forget who wrote it but it focused me on the dangers of treating for the short term because fear and greed on the other side get involved and you tend to make bad decisions And so we approached it from the standpoint of three to 5 years in terms of the outlook We brought in speakers that spoke to that many of them fed officials or excess officials Et cetera and so I think that really helped us to avoid the bad month of bad quarter by looking at three to 5 years So those were several of the keys And when you say investing for the long run you're not talking about Jeremy Siegel's stocks for the long run You're talking about something more specific Yeah and basically it involved forecasting interest rates And to be fair throughout the period of time the secular outlook for interest rates was down down down And during our annual secular forms that we had where we were brought in outside speakers and basically set the tone for the next 12 months For the most part it was a bullish forecast which turned out to be true If we had a forecast that went the other way for the long-term for the next three to 5 years and obviously the company would have disappeared But focusing on that for getting about the day or the week of the month I think it became very successful in terms of positioning a portfolio duration wise and volatility wise and credit wise Really intriguing So let's talk a little bit about you as an investor and trader I'm kind of entranced by the way I've heard the pimco trading floor described your desk was a horseshoe and the traders and analysts were arranged in a really specific manner Tell us a little bit about the thinking there Well I thought it was pretty simple and I don't really remember the horseshoe But I was positioned in the middle certainly And the traders of which they eventually grew that 20 30 40 50 were basically positioned in pods The mortgage people high yield people global people et cetera and they would work together And almost independently day to day but I would check and others would check in terms of what they were doing make suggestions and so on as we walked around the floor So it made a lot of sense It was a big trading room with I don't know how many square feet but I think functionally it really worked for In the book which we'll talk about in a little bit you're very generous in giving lots of credit to your colleagues for being major drivers of the firm's success tell us about some of these colleagues and how they contributed to pimco's growth Well we hired some really smart people and really aggressive people obsessive people that really love to do what they're doing Chris Diana was one of the first He was my co portfolio manager so to speak from the early 80s he wanted to be a baseball player for the angels but decided to take our $20,000 offer and he came and he had gone to the University of Chicago and studied there about options and so on and ultimately became instrumental in terms of bringing financial futures to.
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Cofounder of pimco and ran the world's largest mutual fund the total return fund He is best known as the ban king and author of several books which we will get to today Let's talk a little bit about the way pimco grew and generated profits for clients You describe a lot of very technical aspects to Bond management and trade in which all contributed to fixed income alpha which I think a lot of people reading your latest book might not have realized all the ways that you guys generated outperformance the question I ask is how is it possible with all this money laying around nobody thought of this before Why didn't anybody else try and systematize total return of fixed income portfolios Well I think Barry I mean a lot of Bond managers were and probably still are very conservative That's their job to protect principal and therefore on the sales side on the Wall Street side They were facing a clientele that didn't really want to accept any of their suggestions whatever they were It was just the other way for me and for pimco and we were very innovative in the standpoint of new products with our one of the first to buy financial futures We were one of the first to find mortgages Fannie Mae mortgage I mean most Bond managers didn't want to go through the problem of segregating principle and interest in determining performance It took a long time and a separate staff And so we did that And then of course in later in the global and tips and so on So the innovation was key I think to alpha generation the biggest key was the thrust of what we called secular forecasting secular outlook And I read a book early on to start join Called investing for the long term I forget who wrote it but it focused me on the dangers of treating for the short term because fear and greed on the other side get involved in the tend to make that decision And so we approached it from the standpoint of three to 5 years in terms of the outlook We brought in speakers that spoke to that many of them fed officials or excess officials Et cetera and so I think that really helped us to avoid the bad month of bad quarter by looking at three to 5 years So those were several of the case And when you say investing for the long run you're not talking about Jeremy Siegel's stocks for the long run You're talking about something more specific Yeah and basically it involved forecasting interest rates And to be fair throughout the period of time the secular outlook for interest rates was down down down And during our annual secular forms that we had we were brought in outside speakers and basically set the tone for the next 12 months For the most part it was a bullish forecast which turned out to be true If we had a forecast that went the other way for the long-term for the next three to 5 years and obviously the company would have disappeared But focusing on that for getting about the day or the week of the month I think it became very successful in terms of physician a portfolio duration wise and volatility wise and credit wise Really intriguing So let's talk a little bit about you as an investor and trader I'm kind of entranced by the way I've heard the pimco trading floor described your desk was a horseshoe and the traders and analysts were arranged in a really specific manner Tell us a little bit about the thinking there Well I thought it was pretty simple and I don't really remember the horseshoe But I was positioned in the middle certainly And the traders of which they eventually grew to 20 30 40 50 were basically positioned in.
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Tips and so on So the innovation was key I think to alpha generation the biggest key was the thrust of what we called secular forecasting secular outlook And I read a book early on Just after a join Timco Called investing for the long term I forget who wrote it but it focused me on the dangers of treating for the short term because fear and greed on the other side get involved and you tend to make that decision And so we approached it from the standpoint of three to 5 years in terms of the outlook We brought in speakers that spoke to that many of them fed officials or excess officials Et cetera and so I think that really helped us to avoid the bad month of bad quarter by looking at three to 5 years So those were several of the case And when you say investing for the long run you're not talking about Jeremy Siegel's stocks for the long run You're talking about something more specific Yes and basically it involved forecasting interest rates And to be fair throughout the period of time that the secular outlook for interest rates was down down down and during.
Bloomberg Radio New York
"jeremy siegel" Discussed on Bloomberg Radio New York
"Right another day with green on the screen SNP up over 1%. Most of these equity indices are at or near All time highs. I know we had a good earnings period just coming through. But the question is, is this market rich? Is this overvalue it? Can we talk valuation on next guest definitely likes to talk valuation. John authors. He's a senior editor for Bloomberg Markets. He's also Bloomberg opinion columnist John Thanks so much for joining us here. I mean, you know, we're 23 times, Ford maybe even a little bit higher than that. You know, in my lifetime. That's a pretty rich valuation for this market. How are you thinking about valuation? Evaluation. The obvious thing I have to admit it, But I thought that the stock market is overpriced for awhile, but on any sensible measure but doesn't compare it to bonds. Stop must is obviously hugely expensive if you are relying on comparing it to bonds, which are obviously very expensive as well. Lower bond deals justify higher equity valuations. All things equal, then you are admitting that you're very vulnerable to re pricing in the bond market s O either way. Um Valuations look very problematic to me. What about, though I think in the first time in a long time, we're really looking at inflation as a threat. We're hearing from people like Ray Dalio. Saint Caches trash. I'd rather own Bitcoin than a bond. Jeremy Siegel of Ward in a few weeks ago, rightfully pointed out. The stock market's the only inflation hedge out there. That's gonna outperform. Are you having to rethink equities, even though they appear historically overvalued, given everything else out there, and inflation might be a threat. If he's here, look at how equities have done in previous serious period of inflation. It's not necessarily that's pretty. I mean, yes, all other things equal on equity. The stocks of very much better hedge against inflation and bonds that arguably not as great in it, and immediately age against inflation is real asset. Generally speaking, there was, um I'm not sure people talk about this is the nineties, but they used to be the rule of I'm even blanking whether through the 30 of the root of fourty where you would take the route that the rule of for taking the rate of inflation away from the rate of inflation away from 30, and that would be what the P should be. Um, so that there is a been an inverse relationship between inflation and justifiable piece, So yes, if we do have inflation coming back, that's certainly favors Stocks relative to bonds. It doesn't necessarily mean that either of them are going to do particularly well. Do you think the greatest risk is to these markets here? John? Is it just the Fed making a mistake? Maybe. I think it this point that that's plainly where the where the market is. At this point a few months ago, the fear was that the The federal go to early on that we would have some kind of a version of the taper tantrum from 2013 that bond yields would would shoot up in in short order. I think there is now a wider fear. Which is interesting, given how strong the deflationary forces remain. But there's never a great to feel that the Fed is actually gonna be too late Movement opinion itself is arguing states to the Fed not to make the mistake.
NewsRadio WIOD
"jeremy siegel" Discussed on NewsRadio WIOD
"888755 88 87 triple 8755 88 87 Now on to the Lightning round. Let's begin with variable annuities. Variable annuities. Bad news because you get one little guarantee that suspect market program surprised you were in the stock market if you have a risky variable annuity. The only little guarantee you get at the high water. Mark. If you lose all your money, you look into your account of money upon maybe in a crisis, 50% might be gone. They will take the high water mark out. Dole that money out to you in 5% per year with no interest. Bad way to go If you're between the ages of 50 and 80, not a good deal. Bad deal. Stay way mutual funds, mutual funds, The folks that administer and manage risky mutual funds. They're insulting you intern you once again because of you lost money, one of these risky mutual funds the toxic mutual funds. Taking more money out anywhere between 34% 3 year they're taking out And insult to injury. Stay away. Buns. Risky bonds risky junk bonds more than ever before. There is a gigantic bond market bubble. Just like the stock market. We have a gigantic fact market bubble. We have a major bond market bubble. Everybody's flocking into bond. Kind of like what happened with realistic back in 2008. That's what you have in today's bond markets. Buy low sell high. Now's a great time. Get out of those toxic bonds get out before they become a liquid it into the fix to new to get 67 or 8% per year and something insured for the purpose of generating future lifetime incomes. Jeremy Siegel, the guru of bonds is telling us Going to have a major bond financial crisis. Get out now, while the getting is good folks before you put any of your money and these investments, the risky investments we spoke about the lightning round I want you to call 888755 88 87 give the appointment went after me. Perry, get all.
Squawk Pod
Unemployment Hits 14.7%
"The unemployment rate jumped ten percent in a single month setting a new post World War. Two record at fourteen point seven percent market. Historian Jeremy Siegel certainly a short term shock of unprecedented magnitude. I mean the numbers were tracking not surprising at and Uber. Ceo Derek. Hough shot on driving through the Cova crisis. Everything's on the table now. This is a deep crisis and while we are very well suited to weather the crisis we still have to make adjustments. And that absolutely doesn't
Squawk Pod
The Dow's Next Milestone
"First up today on the PODCAST. The march to thirty k the Dow Jones Industrial Average is hovering above twenty nine thousand putting the most recognizable metric of the health of the US stock market in striking range of the next big round milestone number. Dow At thirty thousand shows the strength of the ongoing bull market dating back to the financial crisis low over a decade ago since that time investors have made more than thirty two trillion dollars in wealth. Jeremy Siegel Finance Professor at the University of Pennsylvania's Wharton.
First Light
2019 Has Been Good for the stock market
"The clock is running out on twenty nineteen giving us a chance to see just how well the stock markets did for the year which was a real good hand a steep casting mom tells us there's no sign of a let up Michael usually trading is kind of a light in the days between Christmas and the new year many on Wall Street take some time off and not much news is made but when the closing bell rang yesterday stock prices have risen into new territory the S. and P. five hundred climbed the point three percent and reached a new all time high the nasdaq composite closed above nine thousand for the first time ever and the Dow Jones industrial average closed up almost one hundred and six points to twenty eight thousand six hundred and twenty one setting yet another new all time high in fact stock prices have climbed so much the S. and P. five hundred is up three percent this month eight point six percent for the quarter and twenty nine percent since the beginning of the year much of the increase this last quarter of the year was due to talk of a phase one trade deal between the US and China Jeremy Siegel is a professor of finance at the Wharton school now that the trade war appears to be cooling off he doesn't think we'll see a reversal in question is his trump is you know approaching selections in ten eleven months the stock market has been his biggest positive point you cannot at all tolerate that turning south on him but he doesn't think this upward trajectory will continue as it is I think two thousand twenty there'll be a lot tougher than two thousand and and nineteen not a bad year and in fact if we could get a real trade deal with China it could be it could be a good year when it comes to a phase one trade deal with China it remains to be seen whether one side or the other is benefiting
The Takeaway
No-party preference voters have options when it comes to the March primary
"Californians who registered to vote as no party preference who want to participate in the March presidential primary will need to let election officials know which parties contest they want to vote in KQED is Jeremy Siegel explains no party preference voters can choose a ballad from one of three parties democratic libertarian or the American independent party if you want to vote in the Republican green or peace and freedom primary you'll need to re register with that specific party if you do remain no party preference in vote by mail county election officials will send a postcard that can be returned with your choice of party ballot the number of no party preference voters is quickly growing in California and now outnumbers Republicans in the
1A with Joshua Johnson
Vaping-related illnesses surge in California
"California health officials are continuing to see an increasing number of vaping related illnesses in the state can you dis Jeremy Siegel reports the California department of public health has identified easy one potential cases of acute lung disease among people with the recent history of vaping that's up from sixty seven cases a week ago health officials are urging people to get rid of any cannabis vaping products bought from unlicensed street vendors or pop up shops they have not yet identified the specific cause of the illnesses earlier this week governor Gavin Newsom announced an executive order aimed at cracking down on youth vaping and urged health authorities to increase enforcement efforts against the sale of a lizard vaping
Fresh Air
Number of illnesses from vaping-related lung illness rises
"California health officials are continuing to see an increasing number of vaping related illnesses in the state can you dis Jeremy Siegel reports the cal. the department of public health has identified easy one potential cases of acute lung disease among people with the recent history of vaping that's up from sixty seven cases a week ago health officials are urging people to get rid of any cannabis vaping products bought from unlicensed street vendors or pop up shops they have not yet identified the specific cause of the illnesses earlier this week governor Gavin Newsom announced an executive order aimed at cracking down on youth vaping and urged health authorities to increase enforcement efforts against the sale of a lizard vaping
Freakonomics Radio
Maker Faire, Make magazine shut down
"From K Q, I'm Jeremy Siegel, the annual craft making an engineering event called maker faire is closing down San Francisco based maker media, which puts on the event and publishes a magazine laid off twenty two employees last week, citing financial difficulties founder and CEO. Dale Dougherty says despite the continuing popularity of the fair corporate sponsorship has dropped off. He says it's a sign of changing times in San Francisco. Well as a culture, we're focused on even San Francisco. These days, just on money. I think we're missing and losing creativity and sort of individual and small group. Magic that may displace special in the beginning Dougherty says businesses didn't feel like they were getting a financial return for sponsoring the event, he hopes to acquire the brand, and turn makers media into a nonprofit organization that will support makers around the
No Payne, No Gain
Global markets mixed as investors wait for trade war cues
"And stock markets around the globe fell in price this week as Wall Street view on the US China trade dispute when from nearing a conclusion to the belief that the trade war will last a lot longer and hit the economy. A lot harder. A number of Wall Street firms released new reports warning the trade war was getting worse, including communists, and strategists from the likes of Goldman Sachs, the Maura and Bank of America. They now think that it's more likely than not that Trump administration will move ahead with the final trunch of tariffs, targeting roughly three hundred billion and imports from China at a twenty five percent rate. Now, we're economist Jeremy Siegel says the market wants a solution and don't forget, the market didn't really. Want a trade war? He believes that the president and his political advisors know that Trump's reelection prospects on keeping the stock market and the economy, strong. And he needs to cut a deal professor Siegel says he can pull victory out of defeat. No one is really going to look at the details of deal stressing that the president tends to view everything that he does fantastic. And the best ever. He has the bully pulpit, the cast any agreement with China as victory. Even it ends up being just so, so nonetheless, investors hate uncertainty and sold stocks, tweak, and piled into bonds pushing the yield on the ten year treasury bond to just under two point four percent, its lowest level so far in two thousand nineteen but also their highest prices owning bonds has been very profitable so far in twenty nineteen now compare the bond yield to the dividends available in the stock market. And it's clear to me that dividend. Are on sale reach real estate investment trust yield over four percent. Energy yield over six percent, blue chip non US stocks are yielding over three and a half percent. And even blue-chip US value. Stocks are yielding close to three percent. Now, when you factor in that most of these dividend payers have increased their dividends, most years over the past ten the fixed rate of two point three percent for ten years that doesn't change rather Puniet small to me last, I checked, no one especially economist strategist from the largest Wall Street firms can predict the unpredictable or no, the unknowable like the resolution of a trade war, when I believe, and we'll always Bank on is human nature and our tendency to do which in our best interest. Politicians always want to be reelected, CEO's always wanna make more money for themselves and their shareholders, investors. Always want to receive a fair return for the risks. They take. Common sense, dictates that this trade war and the uncertainty. It creates like all uncertainties will dissipate and disappear. So nor the noise, ignore the rhetoric Endo's and instead of the process, and discipline of a
All Things Considered
Los Angeles, Orange County And Alameda County San Mateo discussed on All Things Considered
"Congo's health ministry says the latest outbreak of Ebola is the worst in the country's recorded history with three hundred nineteen confirmed and probable cases on hundred ninety eight people have died since the outbreak was declared August I in the eastern part of the country. You're listening to NPR news from K Q E D news. I'm Jeremy Siegel crews from multiple bay area agencies are in Butte county to help fight. The campfire officials say the blazes now scores did least one hundred thousand acres killed nine people in destroyed more than six thousand homes at last check. The believes was twenty percent contained firefighters from San Francisco's department. Alameda County San Mateo and other agencies have all been. Deployed to the area and further south crews from the bay are also helping with suppression efforts on the Wolsey fire in Los Angeles, and Ventura counties. Meantime, the National Football League says it's monitoring air quality in the bay area and Los Angeles in advance of weekend games in areas affected by wildfire smoke, but as of now the raiders is home game on Sunday and the forty Niners on Monday will be played as scheduled both teams rescheduled their practice times on Friday to minimize exposure for their players Democrats are claiming victory in another southern California. Congressional race Kennedy's politics editor Scott Shafer reports. It might not be the last Orange County democrat Harley Rueda is claiming victory over fifteen term incumbent congressman Dana Rohrabacher, one of several incumbents targeted for defeat. There are still ballots to be counted there and the race has not been officially called. But Rudas lead is more than seven thousand votes and steadily growing if it holds that would make three houses. Seats, flip from read the blue in California, including the seat now held by retiring Republican Darrell Issa, meanwhile in the tenth congressional district around Modesto democrat, Josh harder. As pulled ahead of Republican incumbent, Jeff Denham with thousands of votes. Still to be counted also up for grabs to other Orange County congressional seats where the Republican candidates lead by less than three thousand votes statewide. There are millions of ballots left to be counted. Leaving the racist for insurance
Weekend Edition Sunday
Elon Musk Settled With the SEC, but Tesla's Troubles Aren't Over
"Tesla's CEO Elon Musk has agreed to step down as chairman of the bay area based electric car company for at least three years, settling a government lawsuit. Kick UD's. Jeremy Siegel reports musk will also pay out twenty million dollars earlier this week the securities and Exchange Commission filed a lawsuit against musk alleging that he misled investors after tweeting about a proposed buyout of his company as part of an agreement announced by the SEC musk is required to resign as chairman within forty five days, but he will remain CEO of the company. Tesla has also agreed to pay twenty million dollars on top of the money. Musk will pay the Palo Alto. Based company would not comment on the settlement, which is still subject to court
Snap Judgment
Security forces deploy in Iraq's Basra following violence
"The Iraqi government is trying to restore order in the southern city of Basra NPR's. Jane Arraf reports security officials have imposed a new curfew on the city the day. After protesters stormed and set fire to the Iranian consulate Basra's international airport said rockets were fired at the airport compound, which is close to the US consulate. They said there were no casualties and the airport was still operating the US embassy in Baghdad said, it would not comment on the attack prime minister hydro about who's struggling to keep his post in a new government being formed fired. The Basra security commander and appointed a new one protesters have been demanding jobs basic public services and an end to Iranian control of militias and political parties in
Wait Wait... Don't Tell Me!
Dallas officer faces manslaughter charge in apartment shooting
"A Dallas police officers likely facing manslaughter charges after she shot and killed a black man in his apartment Thursday night. Christopher Connelly of member station. K E R A reports. She allegedly mistook the man's apartment for her own. The Dallas police department has not yet named the officer. But police chief you Rene hall says she was a white woman a five year veteran who was off duty but still in uniform when she entered the apartment of Twenty-six-year-old Botham Shem, gene, it's not clear what interaction was between them her in the victim. But at some point she fired her weapon striking victim Jean died in the hospital. The department is testing the officers blood for alcohol and drugs, she was placed on leave while the shooting is being investigated. Meantime, mourners are calling for accountability. When police
Here & Now
New York subpoenas eight Catholic dioceses in sex abuse probe: source
"Trump appointee claiming to be part of the Trump resistance. Are we watching a slow coup or a cowardly cover your butt and a teacher and Mississippi thought the name of the fifteen year old black boy who had been murdered by a group of white boys in nineteen Fifty-nine sounded familiar? I'm just going to check with my aunt to see if maybe she knows some information. And that's when she informed me that he was indeed our cousin news is I. Live from NPR news in Washington, I'm Lakshmi Singh. The New York attorney
NPR News Now
Trinidad's Nobel Prize-winning author V.S. Naipaul dies at 85
"Nobel prize winning author of a bend in the river has died according to British publications. He wrote about British colonialism faith and immigration NPR's Lynn neary has more born in Trinidad. VS Naipaul had a complicated relationship with his homeland. His grandparents were indentured servants from India. His father became a local journalist, a fate Naipaul was determined to avoid. He did just that when he won a scholarship to study at Oxford later, he travelled extensively in Africa, much of his work is about life in former colonized countries, including his best known book, abandoned the river. Early novels such as house for Mr.. Biswas are filled with humor, but his later depictions of life and former colony. These were more critical Naipaul won. What was then the Booker prize in nineteen seventy one for Innisfree state and the Nobel prize in literature in two thousand one Lynn
Weekend Edition Sunday
California wildfires claim seventh victim, still spreading
"Garcia, Navarro good morning Venezuela's? Government says President Nicolas Maduro. Was attacked but is it true, we'll talk to Venezuela expert and here in the United States President Trump and his cabinet. Seem, to be saying different things. About Russia and its interference also Facebook shuts down fake pages we'll talk to one community activists who participated in a real life protest at the White. House organized by someone who may have been a Russian agent, plus a new documentary tells the secret. Sexual history of Hollywood and it sparked a. Lot of controversy it's Sunday August with twenty eighteen all that and the news. Is coming up next Live from NPR news in Washington I'm Barbara Klein in northern California, the nearly two week. Old car fire now covers more than. Two hundred forty one square miles and is just forty one percent. Contained and is Jefferson public radio's April Ehrlich reports. The blaze has killed a seventh person a Pacific Gas and electric company. Spokesman said, an employee, died while. Trying to restore power, in a rural area, of Shasta county the? Company has almost fully restored. Power in the city of reading, which was hardest hit by the fire when it became so hot that it generated a. Tornado, of flames and smoke the. Fire flared up again in the town of French culture over the weekend the fires northwest section in rural rough terrain is challenging firefighters they've almost contained. Half the fire spending tens of thousands of acres the Trump, administration declared a major disaster in California. The declaration opens up federal funds to help. Reading recover for NPR news I mean Ehrlich NATO says three service members from the Czech Republic have been killed by a suicide bomber in eastern Afghanistan three others an American and two Afghan. Soldiers are wounded NPR's Diaa Hadid reports the three killed with. Check servicemembers according to that country's interior, minister the Taliban claimed responsibility there. Was no immediate information on the state of the wounded service members they will on an early. Morning patrol with Afghan forces when the attack occurred it took place in the Parwan province which lies above Kabul last month an American soldier was killed and two others were wounded in an apparent insider attack the director of a Syrian research facility said to be, involved in that government's. Chemical weapons program has reportedly been killed. In a car bombing NPR's Ruth Sherlock reports appro regime newspapers calling. It an assassination as ease as better died when. His car exploded not far from his home near the central Syrian city. Of how The attack was quickly claimed by the abbot Amara brigades as Syrian rebel groups some of whose members have had connections to Al. Qaeda as, butter was the director of the Syrian scientific research center which western countries including the United States say. Has been involved in the Syrian, government's chemical weapons program. The US Britain and France launched missile strikes against a branch of the. Facility in April separately in southern Syria ISIS is reported to have killed a. Hostage the group holds dozens of people including women and children as it. Tries to negotiate with the regime for the release of its own prisoners with Sherlock. NPR news buried White House national security adviser John Bolton says the US had no involvement in an explosion in Venezuela last night as President. Nicolas Maduro was giving a speech the, Venezuelan government says it was a drone attack on Madero who blames it on far right groups associated with conspirators in the US and Columbia This is NPR from news I'm Jeremy Siegel fire officials say hot and. Dry conditions fueled many of the massive wildfires burning across northern California last night in Mendocino county crews continue to battle, to massive fires known as the Mendocino, complex, which have now burned nearly two hundred fifty thousand acres. Combined officials say those wildfires are thirty three percent contained a deadly wildfire burning in and around Yosemite national park. Exploded by nearly eight thousand acres last night. Officials say the Ferguson fire is now more than eighty nine thousand acres and thirty five percent contained and the car fire in Shasta county grew to more than, one, hundred fifty, four thousand acres. Overnight and it's forty one percent contained officials say a PG and e. worker died in connection, with the blazed yesterday men though. Park fire and Alameda County sheriff's department say they're sending drones areas where the car fire has destroyed more than a thousand homes Menlo Park fire Chief herald Schapelhouman says the drones are using mapping software and high, resolution photography to create. Interactive maps of. The area homeowners if, they haven't seen with their property it looks like they can see if, their properties still there an intact and if the, house has been destroyed Chappel home and says the homeowner can send images of it to. Their insurance company Meantime, police are searching for a twenty seven year old. Homeless man suspected, of stabbing, two people at a bar station in Oakland on Friday night. The incident started around eight PM when a fight. Broke out on a, Richmond bound train which then spilled out onto a platform at the MacArthur station one victim was. Cut on the arm the other on the, cheek both have been treated at a hospital and released here's Bart police. Deputy chief Lance hate safety is a, top priority for the, police department and for the district we're deploying officers on overtime To be a much more visible presence throughout the. System this is. The, latest violent incident on bar two weeks ago eighteen year old. NIA Wilson was stabbed and.
Fresh Air
NPR, President Trump and Trump Administration discussed on Fresh Air
"Foreign. Attack NPR Sarah mccamman has more, intelligence officials say Russia and possibly other foreign adversaries are working to undermine both US elections and overall faith in the democratic process at a, White House, press briefing, homeland, security secretary Kirsten Neilsen outlined what's. At stake our democracy itself is in the crosshairs free and fair elections are the cornerstone of, our democracy and it has become clear that they are the target of. Our adversaries the briefing on election security came as President, Trump faces continued criticism over his failure to call out. Russian President Vladimir Putin director of. National intelligence Dan, Coats says the president has directed officials to make combating election interference atop Priority Sarah. Mccamman NPR news the White. House the administration is formally proposing to relax fuel. Economy standards for. The nation's automakers the EPA says more people will be able to afford safer cars that. Are cleaner for the, environment critics. Warn the new rules week and all efforts to curb greenhouse gas emissions NPR's Nathan rot reports California which has embarked on tougher fuel efficiency standards. Plans. To sue over the federal government's, latest rollback California has a waiver under the Clean Air Act that allows it to set stricter air standards and no set by the feds, more than, a dozen, other, states follow California's lead but the. Trump administration is coming after that too with today's proposal calling for California's waiver to be revoked, California governor Jerry Brown calls the Trump administration's proposal to freeze fuel economy. Standards until twenty twenty six reckless and the state's attorney, general's office says it plans to lead nineteen states a. Lawsuit against the administration Nathan wrought. NPR news football, fans are rejoicing the NFL is back tonight the Chicago Bears Baltimore. Ravens playing the leaks first preseason game NPR's Tom Goldman. Reports although, it's a, fresh start the. NFL is still dealing with the controversy over player's protesting during the national anthem. Players kneeling or showing other signs of protests during the anthem became a major issue last season fueled. By President Trump's forays into the debate the NFL players union still haven't settled. On a final policy the, two sides are meeting while the league has temporarily suspended its directive handed down in may it. Said players have to stand during the anthem if they're on the field with an option of staying in the locker room if they don't wanna stand tonight's opponents haven't been active, in the controversy last season several ravens players knelt. During the anthem, before one game the bears didn't protest, at all, Chicago players and coaches won't say if they have anything planned for tonight but they say whatever. Happens they're doing it together Tom Goldman NPR news before the close the Dow is down seven points. At twenty five thousand, three twenty six this. Is NPR from k. q.. E. d. news I'm Jeremy Siegel relatives of. A woman stabbed to death at Oakland's MacArthur Bart station last. Month plan to sue the transit agency prosecutors have charged John. Lee cowl with murdering NIA Wilson and attempted murder in the stabbing injury of her sister on July twenty second their families attorneys say bar bears responsibility for Wilson's, death because the agency fails. To prevent thousands of favors from getting on trains every. Day cow was cited for fair vision days before the, killing Bart has not directly responded to the planned lawsuit a transit agency spokeswoman says it has launched a, multi pronged effort in recent years to cut down, on fare cheaters improve cameras surveillance on its train cars and increased police patrols throughout the system Wilson's, family plans. To hold a funeral in east Oakland next tomorrow Civil rights groups including, San Francisco's Asian law caucus. Are suing the Trump administration. Saying it. System to consider waivers, to the travel ban that bars citizens of certain countries is a. Sham cake you, reduce immigration and criminal Justice editor tikey. Hendrix has more earlier this summer the US supreme court upheld President Trump's. Ban on visitors from several mostly Muslim countries but the, ban allows for case by case waivers that would let individuals into the. Country, the class action complaint, filed this week in federal court, in Seattle says the waiver process is arbitrary there's no clear guidance on how to. Apply and so far it's led to mass denials that unfairly keep Iranian Syrian and other families apart the. Plaintiffs are pushing. The State Department and homeland security to explain the.
All Things Considered
U.S. homeland security secretary commends Facebook action
"Live from NPR news in Washington I'm Jack Speer. Jury has been seated, in the trial of President Trump's former campaign chairman Paul Manafort he faces charges of tax evasion. And Bank fraud NPR's Carrie Johnson covering the trauma was there for opening statements today, and, one, of the, lead prosecutors in this case who's oh Sonya basically said all. Of these charges banks Bank fraud tax fraud conspiracy they all boil. Down to one single issue that Paul Manafort lied Asahi told the jury that a man in this courtroom believed the. Law did not apply to him NPR's Carrie. Johnson it's, the. First trial result from special counsel Robert Muller's Russia investigation Manafort is being tried on unrelated charges case was largely being viewed as a test of legitimacy of the molar probe top federal immigration officials went before congress today to defend their handling of the Trump administration's, policy of separating migrant children. From, their families San Joel rose explains they. Faced bipartisan criticism. For lawmakers the ranking democrat on the Senate Judiciary. Committee Dianne Feinstein of, California blasted the administration's family separation policy the Trump administration has pursued that I believe is a. Deeply immoral and haphazard policy lawmakers also raised concerns about the alleged abuse of immigrant, children in, government custody, but Matthew all atop immigration and customs enforcement official defended conditions. In the agency's detention centers I think the best way to describe. Them is to be more like a summer camp the Trump administration has stopped separating families as part of its crackdown. On illegal immigration judge has ordered the administration. To say, how. It plans to reunite more than five hundred children who are still separated from their parents Joel rose NPR news US homeland security secretary Kirstin Nielsen is commending Facebook for taking action to disrupt political influence campaign on its site saying it shows the companies taking The threat seriously Also announcing the DHS's creating a new center aimed, at protecting, banks electric companies and other critical infrastructure. From cyber threats those, called current. Defenses tortellini adequate we are, facing an urgent evolving. Crisis in cyberspace our adversaries capabilities online are simply, outpacing our, stove piped defenses international risk management center will work to identify and address potential threats and improve. Safeguards across industries consumers are more upbeat about the. Economy this month the looking six months. Down the road they're not. Quite so optimistic that's the latest assessment from the nonprofit. Business research group the Conference Board says consumer confidence this month was up three tenths of one percent that may have been a result of a strong second quarter growth figures released by the, government last, week Wall Street. Gang ground today the Dow is up one hundred and eight points to close at twenty five. Thousand four fifteen the NASDAQ rose forty one points, the Serta imports five. Hundred closed up. Thirteen points today you're listening to NPR from Acuity news I'm Jeremy Siegel twenty, people are still listed as missing due to the. Massive car fire burning near the. City of reading according to, the reading police department. That includes eleven reading residents four residents of old, Shasta three, people from Keswick in two from French gorge officials are asking anyone with information to call the. Car fire missing persons hotline at five three zero. Two two five four to seven seven. So far the blaze has. Scorched more than one hundred ten thousand acres killed six. People and destroyed more than eight hundred homes at last check this morning the fire was twenty seven percent contained the Sunnyvale city council is taking up a proposal tonight to ban the sale, of AR, fifteen style rifles. To people under twenty one in two thousand thirteen the NRA sued the city over another gun. Control measure that restricted ammunition sales in limited gun, magazines to ten rounds. That challenge was. Thrown out by federal judges Sunnyvale mayor Glenn Hendrix says his constituents want to make a. Statement Sunnyvale. Has, been. Ranked the safest city in America for the third straight year but when I'm out talking with the residence they raised this issue of gun violence in schools and, they're concerned and our students, are concerned but Craig. To lose with the pro gun rights firearms policy coalition says all constitutional rights are conferred on eighteen year olds and, this should, be, no, exception, he says it's, hypocritical descend eighteen year olds with.
All Things Considered
Apple earned more while selling fewer iPhones
"Platform to influence u. s. politics with possible links to Russia Facebook. Chief operating officer show Sandberg announcing the rule, of. Thirty two accounts from Facebook and Instagram because what the company called coordinated political behavior is kind of behavior is not allowed on Facebook because we don't want organizations or individuals creating networks of account that mislead people about who they. Are or. What they're doing, Facebook stopped short of saying the effort was aimed at influencing US midterm elections in November. Of federal judge in Seattle is temporarily blocking the online distribution of three d. blueprints for guns the judge. Sang the untraceable weapons which can be produced on a three d. printer could end up in the. Wrong hands over it's not clear, how the temporary restraining order could be enforced because the plants. Replaced online a, few days ago and have already been downloaded thousands of, times tech investors Only got good news today. With apple reporting and beat Wall Street. Expectations NPR's Laura sydell reports apple avoided the tech, sector, sell off the, began last week, over concerns about future growth Apple's revenues were helped by. The rising price paid for an iphone last year the company introduced. The, iphone ten for a whopping nine hundred ninety nine dollars many analysts wondered if people would, pay for it in an earnings call apple CEO Tim cook said customers are most interested in innovation iphone ten shows that when you delivered great innovative product there's enough people there that would like that and it can. Be a. Really good business the company also saw continued growth in, its service, business that includes Apple Pay I cloud and apple music streaming music service now has more subscribers in the. US than rival Spotify apple does a lot of business in China and CEO cook assured investors he remains hopeful apple will not. Be affected by the trade war Laura sydell NPR news stocks gained ground on Wall Street today the Dow up one hundred eight points the NASDAQ rose forty one point Points you're. Listening to NPR from, k. q. e. d. news I'm Jeremy Siegel fire ficials say they've made progress in containing. The two fires known as the Mendocino complex the combined ranch and. River fires. Have scorched more than seventy four thousand acres and, our eighteen percent contained as. Of this morning Adrian Fernandez Bauman is the managing editor of the Mendocino. Voice these, fires started within, an hour of each other basically and they they just exploded in size over the past, few days because of the extremely dry conditions in the win but also because there are. So many fires happening across California right now said Cal fire another fire departments. Are just stretched thin and. The number of resources that you normally see on a fire of this. Scale simply couldn't get here in time because they were already on other. Buyers and it's. It's created more difficult firefighting conditions evacuation orders remain. In effect for parts of Mendocino and lake counties but have, been lifted for communities near the northern. Edge of the river fire yes Oh seventy officials say the most popular. Part of the national park will remain closed until Sunday to smoke from the massive Ferguson fire burning just miles away Yosemite valley. Was closed all visitors last Wednesday because of poor air quality. Officials have also shut down the wanna Mariposa grove and, hetch hetchy, areas of the park those closures are expected to last through Sunday the Ferguson fire has scorched more than. Fifty seven thousand acres in his thirty three percent contained two. Firefighters have died, battling the, blaze thirty six year old heavy equipment operator was killed on July fourteenth after his bulldozer overturned and Thirty-three-year-old National Park Service firefighter died two days ago after.