Lots More With Sam Ro on the Booming World of RIAs

SPEAKER_1 (0:03)

Bloomberg Audio Studios, podcasts, radio, news.

Joe Weisenthal (0:10)

All right, Sam and Tracy, here's the deal, okay? We're recording this on Tuesday. This episode is gonna come out Friday, so we're recording this before the big Fed decision. So how about we plan for this? I'm gonna ask you guys what your Fed forecast is, and then I'm gonna ask you again, and we can record two versions of it, and then in the actual episode, we'll use whichever one was correct. Is that something like a good plan?

Tracy Alloway (0:36)

I'm just gonna hedge my bets and say, I think they're gonna cut by 37.5 basis points.

Sam Ro (0:42)

I mean, or-

Joe Weisenthal (0:42)

A dovish, a hawkish 25 or a dovish 50?

Sam Ro (0:45)

Yeah, you know, I think either after the announcement, I think either the high end or the low end of the fed funds target is gonna be 5%.

Tracy Alloway (0:54)

Okay.

Joe Weisenthal (0:58)

I did a deadlift.

Sam Ro (0:59)

One, two, three. Okay, go.

Tracy Alloway (1:03)

Hegemony. Barges.

Joe Weisenthal (1:05)

This is an after school special, except-

Tracy Alloway (1:07)

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

Joe Weisenthal (1:13)

Where's the best squid ink pasta?

Tracy Alloway (1:15)

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

Joe Weisenthal (1:18)

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-

Tracy Alloway (1:30)

Cha-ching.

SPEAKER_1 (1:31)

The perfect guest.

Joe Weisenthal (1:33)

Welcome to Lots More, where we catch up with friends about what's going on right now.

Tracy Alloway (1:37)

Because even when Odd Lots is over, there's always Lots More.

Joe Weisenthal (1:42)

And we really do have the perfect guest.

Sam Ro (1:47)

Honestly, though, I think we're kind of splitting hairs. But don't you think we're kind of splitting hairs 25, 50 basis points?

Joe Weisenthal (1:52)

Let me go back and forth on this question.

Tracy Alloway (1:54)

I don't know. I think the interesting thing is like, well, we're journalists or media people. So we all kind of think-

Joe Weisenthal (2:00)

Journalists.

Tracy Alloway (2:01)

Yeah. Okay. We're journalists and we all sort of think about things in terms of size and scope. So the interesting size and scope for this meeting is, everyone expects them to cut, but there's never been this much uncertainty about 25 bips versus 50 bips. Like the market, the last time I checked, was pretty evenly split between the two of those.

Sam Ro (2:22)

Right. But yeah, in terms of backdrop, I think that's actually an important thing, right? Like, sure, it's never been more split in terms of what the consensus is. But well, why don't we also consider the fact that we're not on the cusp of an economic crisis. We're not at the, in the throes of the inflation crisis. So I feel like monetary policy developments and rate cut announcements and the press conference, probably has more risk of market volatility when we're, we have a market crisis as opposed to now, where, you know, the stock market's at an all time high, unemployment rate is relatively low, inflation is pretty calm. So I don't know. I think we're splitting hers.

Joe Weisenthal (3:03)

All right. No more conversation. That's going to be completely irrelevant by the time everyone listening to this. We are speaking, of course, with Sam Ro who writes the fantastic ticker newsletter. One of the substacks that I actually open. And that's real.

Sam Ro (3:19)

Thank you.

Joe Weisenthal (3:19)

That's real. I actually open it. I feel like Tracy, like newsletters, they're the new economist subscription where like, you know, you subscribe to the economist and then like eight pile up. And then, you know, like people use.

Tracy Alloway (3:30)

Oh, I thought you're going to say in terms of prestige, like the way people always buy the economist when they're at an airport, so they can just like be in the lounge with an economist.

Joe Weisenthal (3:38)

But also it is kind of like that. But it's like you subscribe to the economist I used to. But like I didn't really read them.

Sam Ro (3:46)

You know, I was actually on a content creator panel earlier this week for the Future Proof Conference. And that question actually came up, how do you guys think about cadence and publishing schedule and all this kind of stuff? Everyone on the panel kind of had a different approach to this. Like some people say, you got to do a daily thing, keep the volume high because you never know what's going to hit and one of those things are going to hit.