5 Burst results for "Jordan Kahn"
Bloomberg Radio New York
"jordan kahn" Discussed on Bloomberg Radio New York
"And I'm Karen Moscow and U.S. stock index futures are lower this morning we're coming up to 5 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg S&P futures down 34 points. Now futures down 248 and NASDAQ futures down in 98, ten year treasury down 1530 seconds yo 3.94% and the yield on the two year 4.32% and I'm excrete oil is down 2.7% Nathan. Karen today's drop in futures follows four straight losing sessions on Wall Street. This morning yields on two year treasuries are trading at the highest level since 2007 and ten year yields are flirting with 4%, 30 years search to their highest since 2014. Jordan Kahn is chief investment officer at ACM funds. A lot of these areas of the market and the fixed income market are really getting oversold here that have come down quite a bit yields are much higher than we've seen in years. And so I think as soon as the market gets a sense that inflation is peaking and tenure, you will start to stabilize more. I think there could be a lot of good buying opportunities, but for us, we're not going to put the cart before the horse. Jordan Conan ACM fund says the mood remains fragile. I had a Thursday's inflation data. Well, as for equities, Nathan, perhaps the hardest sector hit in the recent sell off has been chip stocks. In fact, more than $240 billion in market value has been wiped out since The White House imposed curbs on China's access to semiconductor technology. We get more from Bloomberg's Charlie pellet. The industry sold off globally after fresh U.S. curbs on China's access to American technology, added to a disappointing start to the earnings season, stoking concern that the industry's downturn is far from over. The Philadelphia stock exchange semiconductor index fell three and a half percent, closing at its lowest level since November of 2020. The index has dropped nearly 10% over the past three trading days and is now down more than 40% so far this year. In New York, Charlie pellet Bloomberg debris. All right, Charlie, thank you. And the chips sell off continued overnight, leading stocks lower in Asia. Let's get more on that from Bloomberg's Juliet Sally in Singapore good morning, Juliet. Good morning, Nathan and Karen, some of the biggest losses were in chip related equities in Japan, South Korea and Taiwan, where traders returned from holidays to join the global sell off in semiconductor shares. Taiwan's Tai X traded at November 2020 lows, while TSMC shares fell as much as 8 and a half percent, the most on record to July 2020 lows, the yen traded within sight of the original level that spurred Japanese authorities to defend the currency in September, and the one slid as wary mounts at Beijing will uphold its COVID zero policy well after the Chinese Communist Party Congress this month. In Singapore, Juliet sali, Bloomberg daybreak. Juliet, thank you, Ellen. You're up this morning the Bank of England has been forced to expand its emergency measures as in response to chaos in the bond market and let's go live to London and get the latest from Bloomberg's UN pause. Good morning Ewan. Good morning, Karen, Nathan. It's the second time this week the UK's Central Bank has moved to calm the bond market. This morning, the Bank of England expanded the scope of its guilt purchases to include inflation linked debt in an effort to avert what it called a fire sale. The intervention comes after a severe sell off on Monday that saw UK inflation in yields surging by the most on record in London, a Muhammad Bloomberg daybreak. Are you and thanks. The risk of a global recession is now rising thanks to higher rates that's according to the head of the International Monetary Fund and World Bank president David malpass. The risk in the real danger of a world recession next year. The advanced economies are slowing in Europe, the debt levels for the developing countries are getting more and more burdensome. The rise in interest rates puts added weight on it. And inflation is still a major problem for everyone, but especially for the poor. Those comments from World Bank president David malpass are being echoed by JPMorgan CEO Jamie Dimon. He says, serious headwinds are likely to push the U.S. and global economies into recession by the middle of next year. Meantime, Nathan the fed keeps banging the drum for higher rates still vice chair Lyle brainard lays out a case for caution as the Central Bank works to curb inflation. In light of elevated global, economic and financial uncertainty moving forward deliberately and in a data dependent manner will enable us to learn how economic activity, employment, and inflation are adjusting to the cumulative tightening in order to inform our assessment of the path of the policy rate. Brainard made the comments yesterday at a meeting at the national association for business economics in Chicago. When despite some caution, Karen, it's too early for a fed policy pivot. That's according to strategist at Goldman Sachs, who say the economic outlook is not bad enough yet and rates markets remain too volatile. Economists predict the fed is on track to deliver its fourth straight, 75 basis point hike at next month's meeting. Now let's get the latest on the war in Ukraine, Nathan, Russia, has launched even more strikes in the country just a day after the most intense barrages since the early days of the invasion. President Biden will speak with a group of 7 leaders this morning, he's pledging to impose more costs on the Kremlin and to keep providing support to Kyiv. John herps is a former U.S. ambassador to Ukraine and now senior director of the Atlantic council's Eurasia center. Ukraine's east. His objective today is to take political control of Ukraine. As objective tomorrow, once he has Ukraine in his pocket, is to go after other states, including our NATO allies. So he is coming for our NATO allies, and we are bound to defend with American troops. Former ambassador to Ukraine John herps spoke with our Washington correspondent Joe Matthew on Bloomberg sound on, catch the program weekdays
Bloomberg Radio New York
"jordan kahn" Discussed on Bloomberg Radio New York
"The last update, it's about 53% in cash. You also own some. It looks like alphabet and Amazon, some Eli Lilly, some Microsoft. That feels like a high level too. What will signal to you that it's time to put that cash to work? In either of the funds for that matter, but I'm just curious, what are you looking for? What's the trigger? Yeah, and the dynamic fund, we're holding some of those core positions like you said, the Apple and Google. But then on the flip side, we use short positions in ETFs and indexing, yes. And that's kind of how we hedge our exposure. So even though we hold those stocks, we have a lot of hedges on the ETF side, and that has limiting our exposure for us and just helping us act defenses in this down market. So for us, we follow a lot of different indicators that one of the simplest ones for your listeners is we look at the market, the major indices, things like the S&P, the NASDAQ, the Russell. And we kind of overlay a series of moving averages on them. So we're looking for a short term in the unit term as well as long-term. Right now, the market is below. If you look at the S&P, for example, it's below all of its major respective moving averages. And they're all actually in downtrends if you look at the slope of those moving averages. So for us, we just need to see a change in trend. We need this as a market start to break back above those moving averages. And for some of them to actually bottom out and start sloping upward again. And that's kind of how we define the trend. The overall trend in the market and right now, it's still just the market just still just stuck in the downtrend. When do you, what's the signal to you that things are on an upswing? And it's not a bear market rally. Well. I mean, I think it'll be a few things. I mentioned the technical to the technical geography of big part of it when we started to see the market swing back above those moving averages and the slopes changed. Also, it's very rare for the market to bottom while the fed is still hiking rates and while the yield curve is still negatively slow. Right. So a good indicator that we've been looking for is for the yield curve to bottom out and move to a positive slope. That would be an indicator that the bond market at least is pricing and some growth ahead as opposed to right now where it's still adjusting recession. Right. So things like that. All right, going to leave it there. Hey, Jordan, thank you so much. Jordan Kahn, he's chief investment officer and president at ACM funds joining us
Bloomberg Radio New York
"jordan kahn" Discussed on Bloomberg Radio New York
"Appreciate that Tom from the upper east side texted me just earlier and says don't forget about pound Sterling It is off 1.3% today One spot two one So it's a good time to go over to the royal pomp pub in the City of London right near the Bloomberg headquarters and get a pint of bitters That's kind of I'm gonna put that on my to do list for the summer here Looking at the fact that plane tickets are so expensive I know we broke by the time you get exactly Exactly I just bought some tickets at a West Coast crazy crazy crazy Jordan Kahn he's the chief investment officer and president of ACM funds and much more importantly than he is a graduate of the university of Colorado where I've written many tuition checks over the years Jordan thanks so much for joining us here What do you do with a market like today Say it again What do you do with a market like today Jordan and you wake up when we got the S&P all 3.2% Yeah you know I mean today it's certainly an ugly Monday morning to wake up to I think if you've been in the business long enough you learn that on these days it's never a time to panic Hopefully the weakness didn't just surface yesterday It's been with us for a little while So hopefully people have been making some moves using recent balances to get a little bit more defensive take some equity exposure off the table In our case we always have shorts and hedges on the portfolio during times like this But on a day like today you shouldn't make any big moves I think if you always take some time to let cooler heads prevail There's always bounces along the way And those are the best times to kind of reposition things if there's things that are hurting your portfolio or use those bouts of strength to get out of them and more favorable prices All right well you are beating the S&P that's for sure year to date of the ACM dynamic opportunity one fund down 7.6% the S&P now down about 21% What are you holding What are your focus in that fund Yeah so you know and that's when we have a wide range of being able to adjust our market exposure anywhere from a 100% long when we're trying to participate all the way down to 0% long when we're fully hedged and right now we're pretty close to that zero bound so we've had short positions on in some of the ETFs like we like the XLF and the XRT financials and retail We actually added the hedge of XLE to hedge some of our long energy exposure elsewhere in the portfolio and also using some protective put positions on some of our core positions the googles and the amazons of the world just to try to protect capital and preserve capital during these downtrends It's always important for us in these times to even if we're even if there are going to be losses if we can kind of keep them to a minimum then when markets turn we're able to make that make that back up quickly and that's kind of the goal So Goldman Sachs is that one of your core holdings in this fund No we don't have any long positions in Goldman Sachs We actually have very little long position to financials right now We have a long and Visa But we have a short in the XLF Just because that's an area that's been breaking down We think has some vulnerability So we were using that to add some short exposure into the portfolio just to offset some of our other long exposure I see in your notes here Jordan arch resources this is a coal mining company who owns coal mining Everybody's today Yeah you know today it's obviously not having a good day at all One of the things that I was trying to look for and coming up with some ideas for your listeners was a kind of stocks that have held up much better than the market so far has really been there pretty well before today And a name that's kind of out of favor A contrarian name So most people coal is certainly a dirty word even in the investment landscape This is a stock that trades at less than 5 times learning which is quickly transforming its business away from the traditional burning coal for electricity to exporting metallurgical coal which is used in steel output and the like So they send a lot of their coal over to Europe and Asia to steel producers they're still generating a tremendous amount of free cash flow that they've been using the to pay down debt and increase their dividends And so obviously in a bear market like we've been in it's very difficult to engage any sort of margin of safety but at less than 5 times earnings I think that does kind of put it in the category where there is a bit of that margin of safety Yeah I mean the stock's down 10% today the market selling off obviously but it's up 68% year to date up 180% on a trailing 12 month basis I never would have funked arch resources A coal company $2.8 billion market cap has 6 analysts following it And guess what 6 by ratings on the stock Jordan con CIO and president of ACM puns thanks so much for joining us Some cool names there that I would not have thought of here on a decidedly risk off day today again the S&P 500 off 3.2% Right now let's head.
Bloomberg Radio New York
"jordan kahn" Discussed on Bloomberg Radio New York
"Thank you. Well as John was saying, it's a better day to be a tech stock than maybe a cyclical one. And it is definitely a better day to be a large cap stock than a small cap. One. The Russell 2000 down by about three quarters of 1%, now in Bloomberg stocks, editor Dave Wilson is here with a look at what's going on beneath the surface. Steve Well, Kelly. I mean, you look over the steepest declines in the Russell 2000 and you find the biggest one belongs to a company called Cell site. His ticker is CBM, The drug developer has plunged 38% apropos cancer treatment didn't meet the goal of a final stage study for all participants. Then there's metal materials. Ticker n N A T. It's down 17%, the material producer completed merger with an inactive company, torchlight energy resources now torchlight shares. Had soared since the deal was announced in December, and Global Blood Therapeutics to LGBT is down more than 9%, The drug developer was cut to neutral from Nicola by at JP Morgan. Biggest gain The Russell stock we talked about last hour and Telia Therapeutics ticker NTL Ah, the developer of generating treatments has risen 40% unfavorable data from an early stage study and new senior investment ticker S N. R has climbed 26, a half percent the owner of senior housing centers. Agreed when all stock takeover by then tossed. The deal was initially valued at $755, million Bloomberg stocks editor Dave Wilson, thank you so much. We appreciate it as always, growth versus value that seems to be a push and pull area in the marketplace these days. It's obviously this has been a Growth market since the financial crisis, one could argue, but then the value the cyclical trade has come on really strong in the last year as we deal with this pandemic, and investors start to discount a reopening, Where do we go from here? Jordan Kahn. He's the presidency I o of ACM funds. Jordan. Thanks so much for joining us here, love to get your thoughts about how your positioning your portfolio, either with a value bent, you know, kind of a cyclical bend or perhaps More on the growth side. Yeah. You know, we have started to balance as we came into this year. Obviously, growth did much, much better last year as we came into this year, You know, we started to add more value to the portfolio as that area has come on. Today, you're starting to see growth out, perform at the expense of value. That was kind of the big contrast for the first half of this year is that the two didn't really work in concert. On days when growth was outperforming value was lagging and vice versa. So you're seeing that on a day like today as well, because there's this talk about the delta variant of covid kind of flaring up and what that could mean for the global economy. But we think that you know if that starts to subside as we get into the second half, we think that there's not going to be as big of a contrast between growth and value as there has been for the last six months. So we're hoping that things kind of balance out and that both of those style boxes so to speak, can work together. And it gets back to being more of a stock picker's market. We think that the reflation trade Should continue to be firm and that should boost technical stocks, but that inflation isn't going to run so hot that it will spook both investors. So we think that both can probably work better in the second half than they did in the first half. Jordan. I want to talk about your bullishness because you see the SNP reaching 5000 in the next 12 to 18 months. What's the path there from 40 to 83 where we sit right now. The path has really earnings growth. You know, I think a lot of times that kind of falls by the wayside that what really fuels The bull market is corporate profits, its earnings growth right And in the interim, there's a lot of noise. There's a lot of headlines and things that cause people to be skeptical. That's how the whole sort of wall of worry um, you know, This gets built so to speak, but what we've seen is that we're in a really strong earning cycle. There's been upward revisions to earnings. I think the S and P could do $220 in earnings next year. That puts them up the current multiple on forward earnings at less than 20 times. So you know in this strong global, um rebounding economy, interest rates are still low on an absolute basis. There's tons of liquidity, you know that's kind of the pathway that we think the S and P could get the 5000. General Motors is the stock you like, What's the call there? You guess it has to be a call that you think they're going to get Evie, right? Yes, Ive is a big push for them. It's giving them really, really, you know, strong momentum. They have some some big brands coming out. You know the bolt, which has been a big seller for them, but coming out with an e U V, which is kind of like a crossover electric vehicle for them, the Hummer Eve You know, there's a lot of, um, prospects and hypes there. But one of the things that GM CEO has said is that their vehicles right now are selling before they even hit the lot, so they're seeing tremendous demand there, but again, harking back to the earnings growth. That's really the thing that we're looking at here is that the companies had had a string of strong earnings beats. We've seen a lot of upward revisions to the earnings estimates. And that just makes the stock look really cheap to us. Cash flow for them has started to surge last year. I think they did about $5 in earnings, but in cast blood pressure share they did over $14. So they're likely to reinstate the dividends. Soon. They've got money to invest their opening two new battery plants. They recently raised their their cast or the EBITDA guidance. Um, so I think that they're firing on all cylinders, but I think that the strong earnings growth is what's going to really help propel the stock. I want to talk about another stocky like okay Resources Ticker blog. It's obviously an energy play up 70% already on a year to day basis, and that's just the first half of the year. What makes you think there's going to be continued upside from those levels? So it's up 70%, but that's from really, really low levels, right And so again, What we're looking at is we're in a very, very strong cycle right now. For energy. Oil prices are firm and again If we look at this, this global rebound of the global reflation, um That's on the back of our economic reopening. You know, we have to say that we're still a little bit early cycle that right? We haven't even seen the entire global economy reopened yet. So Yogi has really, really strong earnings power. You know when you get into a bullish Oil and gas cycle, and that's what we think that we're in. Now again. Just like GM. They've had a string of strong earnings beats. They've seen really, really strong upward revisions to their Forward estimates they have a new CEO that's taken the helm. I'm sure that that that person wants to really step on the gas and show that they can grow some things in Q one. Their earnings probably we're back a little bit. They took a big loss on their derivatives. I think a lot of those have probably rolled off the books. Um And so again, I think it's an earnings real story that if they can get back to their peak earnings, the stock still has good upside. Alright. Hey, Jordan. Thanks so much for joining us. Appreciate it. Jordan Kahn, president, CEO of ACM funds, focusing on earnings growth Right now, Let's head down in Washington, D C World and National News with Amy Morris, Amy All right. Thank you. Paul. Hong Kong's government says it will ban all passenger flights from the UK starting July 1st to curb the spread of new variants of the coronavirus. And now the UK is reporting more than 22,800 new coronavirus cases that it's the most they've had since the end of January. Education Secretary Miguel Cardona says Puerto Rico will receive nearly $4 billion in federal education pandemic relief funds to help their fight against Covid 19. Today's announcement was made during Cardona's official three day trip to Puerto Rico..
Bloomberg Radio New York
"jordan kahn" Discussed on Bloomberg Radio New York
"Your phone to a passenger. Put it in the glove box. Just don't text and drive visit. Stop texts stop wrecks dot org Public service announcement brought to you by the National Highway Traffic Safety Administration and the Ad Council. Carol, Master and Bloomberg. Quick takes Tim Stinebaugh. They keep such a careful eye on business trends and developments. Your guest there are more than two of them know they're just that good. What do you still want to see from the CDC Bloomberg Business week. They cross different parts of our investment world. Is that an actual competitor or wireless broadband weekday afternoons at two Eastern on Bloomberg Radio? The Bloomberg business happened. Bloomberg radio Com. Bloomberg the world is listening Broadcasting 24 hours a day at Bloomberg Com on the Bloomberg business APP and a Bloomberg Quick Take. This is Bloomberg Radio. This is Bloomberg Markets, With Paul Sweeney and Matt Miller lower for longer. We hear that from Fed Chairman Jay Powell, one of the best ways to wash inflation is with the break even just get a chance to see what's really going on. Under the hood. The economy has changed, breaking market news and inside from Bloomberg experts. You can't have a narrow slice of the country doing well and everybody else doing Portland. Are we looking at a more damaging breaks in the labor market? We're looking at late 2021 early 2022 were really feels. And I quote formal. This is Bloomberg Markets with Paul Sweeney and Matt Miller on Bloomberg Radio. Alright, coming up, We're going to chat with Jordan Kahn. He's a president, CEO of ACM funds, Get his thoughts on these markets, plus guilt. Barak, He's a CEO and president, Colliers International Talk commercial real estate. I want to focus in on some of these empty office buildings we see all through New York. I'm sure other parts of the country. How will that market recover? But first, let's go to John Tucker and get a Bloomberg business Flash job. Alright Paul, with the stock market near all time highs, Idiots Tech leading the way today, the NASDAQ 100 Outperforming the other major equity benchmarks. Is adding to its record the biggest individual contributors right now, including zoom video and in video. And then you have.