Lots More With Neil Dutta

Neil Dutta (0:00)

How was Future Proof?

Tracy Alloway (0:01)

It was awesome.

Neil Dutta (0:02)

You had quite the interview with Bill Gross. I was listening to it.

I mean, I feel like everyone's kind of known that he hates good luck.

Tracy Alloway (0:10)

I kind of love it. I saw a bunch of people talking about like, oh, this crazy old guy, I feel sorry for him. And I was like, I get the sense he's living his best life. He's just on stage, settling old scores because he can go for it.

Neil Dutta (0:23)

He has nothing to lose.

Tracy Alloway (0:25)

I did think it was funny he went off on Peter Lynch though. I've never, did you hear that bit?

He like made fun of Peter Lynch too. And it was like, I've never heard anyone take issue with Peter Lynch.

Joe Weisenthal (0:40)

I did a deadlift. One, two, three.

Tracy Alloway (0:42)

Hegemony. Hegemony, barges.

Joe Weisenthal (0:47)

This is an after school special, except.

Tracy Alloway (0:49)

I've decided I'm gonna base my entire personality going forward on campaigning for a strategic pork reserve in the US.

Joe Weisenthal (0:55)

Where's the best squid ink pasta?

Tracy Alloway (0:57)

These are the important questions. Is it robots taking over the world?

Joe Weisenthal (1:00)

No, I think that like in a couple of years, the AI will do a really good job of making the Odd Lots podcast.

And people will think, I don't really need to listen to Joe and Tracy anymore. We do have the perfect guest.

Tracy Alloway (1:15)

Well, in the meantime, this is Lots More.

Joe Weisenthal (1:17)

An Odd Lots spinoff.

Tracy Alloway (1:19)

And we do have the perfect guest.

Joe Weisenthal (1:21)

Neil Dutta hanging out with us in studio. Tracy, that was fun out in California, wasn't it?

Tracy Alloway (1:26)

California is lovely.

We should live there. No, it was a fun conference. So we were at the Future Proof Conference in Huntington Beach. I think there were 3,000 people there, mostly financial advisors. And we did a live interview with Bill Gross.

Joe Weisenthal (1:42)

I love going out to Southern California. It's always fun when you can create controversy and rivalry between two asset managers, bond managers who are like rivals and create drama. We created the drama at the event.

Tracy Alloway (1:55)

Well, I feel like we didn't actually have to do much to create it. I mean, Bill kind of went off on his own.

Joe Weisenthal (2:02)

Neil Dutta, is there any reason to own a bond right now?

Neil Dutta (2:06)

Yeah, absolutely. I mean, it is fixed income.

So I would-

Joe Weisenthal (2:11)

But you could get that, but Tracy gets that in her Marcus account.

Neil Dutta (2:15)

I mean, I just told my parents to buy a bunch of treasury bills because it's the easiest.

Joe Weisenthal (2:19)

Really?

Neil Dutta (2:19)

Yeah, why not? I mean, it's just like clipping a 5% return month after month and you know-

Tracy Alloway (2:25)

Bill Gross disagrees with you.

Neil Dutta (2:27)

Well, I'm not saying rates can't go higher, but if you're not a sophisticated investor, yes, there's probably reasons to own treasury.

Joe Weisenthal (2:35)

You know, Bill Gross started his career clipping.

He told us this story when we interviewed him that he was hired at Pimco in 1971 and that part of his new, part of his job was to literally go down to the vault that Pimco had every, I don't know how often he went down there and clipped the physical coupons off of paper bonds that they had. And that was part of his job was like, go do that clipping.

Neil Dutta (2:58)

Well, he's clearly older than we are.

Tracy Alloway (3:00)

Well, he was also talking about how he used to trade on Quotron machines instead of Bloomberg terminals. So yes, absolutely. But it was a fun interview.

Joe Weisenthal (3:09)

But wait, why not just, I'm sorry, I'm hung up on this. Why not just like, okay, yes, I get that you can earn like 5% somewhere, but like, can't you earn like 4%? Like basically risk-free, like with no duration or anything?

Tracy Alloway (3:21)

4.5% in markets.

Neil Dutta (3:23)

And like a, you're right, and like a CD.

Joe Weisenthal (3:25)

Yeah, just cash, cash, yeah. What's wrong with that?

Neil Dutta (3:28)

Well, five is more than four. And my parents have no need for the money right now.

And I mean, they're not trying to trade for the, you know, to get, you know, to actually make money on the bond itself, so.

Joe Weisenthal (3:39)