What Goes Up

Paranoia about the coronavirus is spreading rapidly around the world, and the reaction in financial markets has been swift. Principal Global Investors strategist Seema Shah discusses how the “velocity of risk” is much faster now than it was during the outbreak of a similar virus, severe acute respiratory syndrome or SARS, in 2003. Also joining the podcast is Bloomberg Opinion’s health-care columnist Max Nisen, who explains how the clinical trial process and the profit incentives for drugmakers mean the quick development of a coronavirus vaccine is unlikely.Mentioned in this podcast:The Market Is Trying to Put a Price on the Coronavirus OutbreakSee omnystudio.com/listener for privacy information.

Déjà vu? A week dominated by headlines of a spreading respiratory virus had investors recalling pandemics past, from SARS in 2003 to the Ebola scare six years ago. To discuss what the Wuhan virus could mean for markets, Dave Lafferty, chief market strategist at Natixis Investment Managers, and Ye Xie, a contributor to Bloomberg’s Markets Live blog, join the “What Goes Up” podcast.Some highlights from Natixis’ Lafferty:"There’s always sort of two phases: there’s the knee-jerk sort of risk-off, markets go down 1 percent, 2 percent, 3 percent, something like that, and then there’s a waiting period where we find out if it’s actually a more systemic problem. By and large in history, policy makers have gotten their arms around it, market tends to rally back.""The thing that worries me is that there’s so much optimism priced in, and people are worried about valuation. But valuation, in and of itself, isn’t a catalyst. So in that vacuum, people tend to look for catalysts and maybe some type of epidemic or pandemic becomes the excuse they’ve been looking for to either profit-take or sell down assets that they think are expensive. So I don’t think it’s necessarily the thing that makes or breaks the market, but I would agree at these valuations, with the way the market has run, it does make for kind of a convenient excuse to take a little profit here."Mentioned in this podcast:‘Sharp and Short-Lived’: The Impact of Health Scares on MarketsMarkets Upset From China Virus Is Only Getting LargerExtreme Valuation Cases Wanted for a Red-Hot Rally in EquitiesSee omnystudio.com/listener for privacy information.

Sometimes, it’s best to rip up the playbook, hold your nose and buy some of the worst stocks you can find. That’s the message from Jonathan Golub, chief U.S. equity strategist at Credit Suisse. He joined this week’s “What Goes Up” podcast to explain.“We like high quality portfolios, we like stocks that don’t have a lot of debt, we like stocks with growth and big global footprints,” Golub says. “But every one of those characteristics does well—or poorly—in certain situations.” Right now, the latter is the case, he contends. “Companies with deteriorating fundamentals that are heavily shorted are outperforming the market. And you wouldn’t normally think that, because those sound like they are negative characteristics.”A company is shorted because investors somewhere are betting its headed for bankruptcy, which Golub says makes sense in a weak economy. But if the economy turns around, he adds, “they’re going to actually improve more than a really healthy company. And this is really frustrating for investors with a quality bias.”Also joining the podcast is Bloomberg reporter Lananh Nguyen to discuss the takeaways from a busy week in bank earnings.See omnystudio.com/listener for privacy information.

Americans are paying more and getting less for their health care than ever before. On the new season of Prognosis, reporter John Tozzi explores what went wrong. See omnystudio.com/listener for privacy information.

U.S. benchmark stock indexes climbed to record highs this week even as the U.S. and Iran appeared to be on the brink of war. The return of investment-risk appetites was attributed to what appears to be a de-escalation of tensions after Iranian missiles hit U.S. targets in Iraq without causing any casualties. So is that the end of that? Not so fast, says Jonathan Mackay, senior market strategist at Schroders. Also joining the podcast is Bloomberg journalist Vildana Hajric, who discusses her reporting on how investors are reacting to the situation.Mentioned in this podcast:How Carlos Ghosn Became the World’s Most Famous FugitiveRed Flags Emerge With Record-High Stocks Brushing Aside Political TurmoilBuy the Dip, Wait and See, Add Hedges: Investors on Iran StrikeSee omnystudio.com/listener for privacy information.

New year, new predictions. With 2020 off to the races, projections from strategists across Wall Street are now set in stone. Will market leadership change? Will a correction materialize over the next few months? What are the biggest risks? Chris Harvey, the head of equity strategy at Wells Fargo Securities, gives his view.Mentioned in this podcast: Maybe It’s Time to Start Worrying About Euphoria in U.S. StocksSee omnystudio.com/listener for privacy information.

An inverted yield curve. Fears of recession. Three rate cuts from the Federal Reserve. And a boatload of negative yielding debt. All remnants of a year to remember, when everything rallied and U.S. stocks notched one of their best in decades. Matthew Peron, chief investment officer for City National Rochdale recounts 2019’s highlights.See omnystudio.com/listener for privacy information.

It was a fabulous year to be invested in stocks or bonds. But what’s in store for 2020? Nela Richardson, an investment strategist at Edward Jones, and Bloomberg columnist Cameron Crise give their outlooks. Richardson says a lot of older clients are reluctant to make less risky investments due to the huge returns they’ve enjoyed in 2019. Meanwhile, the rally in bonds has pushed interest rates down and made the returns on fixed-income look unappealing. Mentioned in this podcast:Maybe It’s Time to Start Worrying About Euphoria in U.S. StocksU.S. Yield Curve Hits Steepest Point in Over a YearSee omnystudio.com/listener for privacy information.

Multiple central bank meetings, a trade deal, a U.K. election, impeachment—all in the span of a week. To make sense of it all, Mike Schumacher, the head of rates strategy at Wells Fargo Securities, joins the podcast. Also joining the podcast is Bloomberg News Executive Editor Chris Nagi, who shares his views on the equity market.Mentioned in this podcast:Job-Crusader Powell Signals Long Policy Pause Amid Low InflationFed Aims a Half-Trillion Dollar Liquidity Hose at Year-End Risks It Took 13 Years for the Crisis to End in U.S. Financial StocksSee omnystudio.com/listener for privacy information.

Veteran stock-market strategist Jeffrey Saut’s retirement lasted only three weeks. Now he’s back, to explain why all the hand-wringing about 2020 may not be necessary. Saut isn’t worried about the “longest bull market ever” coming to an end, despite fears in some quarters that the economy is near the conclusion of the business cycle. Also joining the podcast is Bloomberg Markets Live blogger Pimm Fox, who shares his views on the outlook for equities and commodities.Mentioned in this podcast:Peloton Stock Is Pummeled on Backlash From ‘Gift That Gives’ AdA 20-Carat Blue Diamond Is Sold for Almost $15 MillionSee omnystudio.com/listener for privacy information.

Climate change is arguably the biggest problem facing mankind in the 21st century, and any serious effort to slow it will require further massive investments in clean energy. At investment firm GMO, portfolio manager Lucas White leads a strategy that invests in companies which stand to benefit from the transition to green energy. It not only makes sound environmental sense, White says, but it also makes economic sense.Mentioned in this podcast:Thinking Outside the Box: How and Why to Invest in a Climate Change StrategySee omnystudio.com/listener for privacy information.

As 2020 approaches, the financial industry is busy issuing global outlooks for the new year. Recession? Trade deal? Higher or lower bond yields? Wilmington Trust Corp. threw another major risk into the mix: the continued rise of populism. Luke Tilley, chief economist at Wilmington and a former adviser with the Federal Reserve Bank of Philadelphia, weighs in. Also joining the show is Bloomberg’s Katherine Greifeld, who discusses the recent drop in bond yields and what’s arguably the most-boring foreign-exchange market since 1976.Mentioned in this podcast: Currency Doldrums Spur Complacency Risk That Could ‘Destroy Profits’Bond Market’s Fate Hangs in Balance Before Trade-War Crunch TimeSee omnystudio.com/listener for privacy information.

As U.S. benchmark stock indexes keep hitting new highs, at least one Wall Street strategist is on alert for a potential pullback by year’s end. Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, explains why she’s sticking with a year-end target of 2,950 for the S&P 500, about 5% below where it’s currently trading. Also joining the podcast is Bloomberg’s Ye Xie, who discusses the U.S. trade war with China and democracy protests in Hong Kong from the perspective of a global markets reporter. Mentioned in this podcast:FOMO Grows as Investors Scurry to Catch Stock Market BoomU.S. Senate Readies Quick Vote on Trade Status: Hong Kong UpdatePatek Philippe Watch Sells for $31 Million in Record AuctionSee omnystudio.com/listener for privacy information.

The bond market has taken a major U-turn in recent weeks, causing the ever-important 10-year Treasury yield to jump from a three-year low of less than 1.43% in September to almost 2% on Thursday. Is this a turning point for fixed income or just a correction in an overbought Treasuries market? Robert Tipp, chief investment strategist at PGIM Fixed Income, shares his thoughts. Bloomberg Executive Editor Chris Nagi also explains what the rise in yields means for a U.S. stock market that touched record highs this week. Mentioned in this podcast:Career Risk Flashing in Fund Land as Only 29% Beat BenchmarksU.S. Rates: Low for Long, But Likely PositiveRobinhood Traders Discovered a Glitch That Gave Them ‘Infinite Leverage’​​​​​​​Correction: This post incorrectly identified Robert Tipp’s title. The post has been updated.See omnystudio.com/listener for privacy information.

Negative interest rates! They’re all the rage in Europe, but could this trend come to the U.S. financial system in the foreseeable future? Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investment Management, explains how it could happen. Also joining the podcast is Bloomberg Opinion columnist Shira Ovide, who discusses the latest earnings reports from big tech and communications companies.Mentioned in this podcast:Another rate cut—Is the U.S. economy weakening?First Obama, Then Trump, Now They Say Warren Will Crush StocksAlphabet Is a Money-Making Mystery But It WorksThe 1963 Schwinn CatalogSee omnystudio.com/listener for privacy information.

Bloomberg's Travel Genius podcast is back! After clocking another hundred-thousand miles in the sky, hosts Nikki Ekstein and Mark Ellwood have a whole new series of flight hacking, restaurant sleuthing, and hotel booking tips to inspire your own getaways—along with a who's who roster of itinerant pros ready to spill their own travel secrets. From a special episode on Disney to a master class on packing, we'll go high, low, east, west, and everywhere in between. The new season starts Nov. 6.See omnystudio.com/listener for privacy information.

If it can happen in Chile, it can happen anywhere. That’s what Bloomberg Opinion columnist John Authers wrote this week as demonstrations broke out across the South American nation, long considered one of Latin America’s most-stable democracies. He joins this week to discuss the consequences for markets and societies with similar economic systems. Also joining the podcast is Bloomberg reporter Molly Smith, who gives her take on the current state of credit markets.Mentioned in this podcast:Chile's Violence Has a Worrisome Message for the World Authers' Newsletter: When Pensions Fail, People Get AngrySee omnystudio.com/listener for privacy information.

The buzz on Wall Street this week was about the latest earnings reports from the big banks, and a Vanity Fair report on suspicious “Trump Chaos” trades in the futures market. Meanwhile, a small nation in the Caribbean still claims bragging rights as one of the world’s hottest stock markets. Breaking it all down this week are Bloomberg’s Felice Maranz and Chris Nagi. And the podcast welcomes a special guest, Jamaican commerce minister Audley Shaw, who explains how sky-high interest rates decades ago helped fuel growth in the nation’s junior stock market.Mentioned in this podcast: Credit Cards Are a ‘Bright Spot’ in Bank Earnings, Analysts Say ‘There Is Definite Hanky-Panky Going On:’ The Fantastically Profitable Mystery of the Trump Chaos Trades Welcome to Jamaica, Home of the World’s Best-Performing Stock Market Analysts Have a Few Problems With Trump ‘Chaos Trades’ ArticleSee omnystudio.com/listener for privacy information.

Federal Reserve Chairman Jerome Powell this week insisted that a plan to buy Treasury bills to build up excess bank reserves wasn’t the same thing as the central bank’s previous asset purchases, known as quantitative easing, or QE for short. Markets, however, reacted similarly to how they behaved during QE, with risky assets like stocks rallying and the Treasury yield curve steepening. Medley Global Advisors Macro Strategist Ben Emons and Bloomberg reporter Luke Kawa discuss the significance of the Fed’s latest move.Mentioned in this podcast:A Repeat of 2018’s Rout Is Likely Coming, Veteran Investor SaysNonsense Market Moves Have Investors ‘Exhausted’ by Trade TalksSee omnystudio.com/listener for privacy information.

Officials from China are heading to Washington for trade talks next week, just as President Donald Trump battles the House of Representatives over impeachment hearings. How should investors prepare for the collision of these two stories? Kristina Hooper, chief global strategist at Invesco, joins the latest episode of the “What Goes Up” podcast to discuss. "What the impeachment threat does is it creates fatter tails -- it increases the likelihood of extreme outcomes," says Hooper. "Whether it is greater likelihood that the U.S. takes minor concessions from China and calls it a deal. Or we could see something moving in the opposite direction where the U.S. takes a very extreme, aggressive position with China." Hooper also discusses why she recommends investors should take a look at emerging market debt. Also joining the podcast is Bloomberg Businessweek economics editor Peter Coy to break down the latest indicators and discuss his “Wealth Number” gauge of an individual’s net worth. See omnystudio.com/listener for privacy information.

Stephanie Flanders, head of Bloomberg Economics, returns to bring you another season of on-the-ground insight into the forces driving global growth and jobs today. From the cosmetics maker in California grappling with Donald Trump's tariff war, to the coffee vendor in Argentina burdened by the nation's never-ending crises, Bloomberg's 130-plus economic reporters and economists around the world head into the field to tell these stories. Stephanomics will also look hard at the solutions, in the lead-up to Bloomberg’s second New Economy Forum in Beijing, where a select group of business leaders, politicians and thinkers will gather to chart a better course on trade, global governance, climate and more. Stephanomics will help lead the way for those debates not just with Bloomberg journalists but also discussion and analysis from world-renowned experts into the forces that are moving markets and reshaping the world. The new season of Stephanomics launches Oct. 3.See omnystudio.com/listener for privacy information.

House Speaker Nancy Pelosi’s decision to open a formal impeachment inquiry over President Donald Trump’s attempt to get Ukraine to dig up dirt on former Vice President Joseph Biden exploded in the news this week, sending a shudder through America’s political foundation. For investors though, it triggered a simple question: How should I trade this?Natixis Investment Managers Chief Market Strategist Dave Lafferty and Bloomberg reporter Luke Kawa join this week’s “What Goes Up’’ to break it all down.“In the near term, it doesn’t strike me as something tradeable,” said Lafferty. “We don’t know what we don’t know at this point; we don’t know what the revelations will be.” As 2020 approaches, however, “it has a lot of real market implications going into the election.”Lafferty also discusses using game theory to analyze how the impeachment proceedings may affect Trump’s trade war, and how central bank stimulus is having diminishing effects. “Super accommodative policy 10 years on now serves to undermine investor and consumer confidence, more than it does to instill it,” he said. See omnystudio.com/listener for privacy information.

A stock market trying to notch new record highs this week was thrown a great deal of curve balls. Attacks on Saudi oil facilities sent crude prices surging. The Federal Reserve lowered interest rates for a second straight time through what was seen as a “hawkish cut.’’ And short-term financing costs went – as some called it – crazy. Joining this week’s "What Goes Up” podcast to make sense of it all is Liz Ann Sonders, the chief investment strategist at Charles Schwab, and Alex Harris, who covers short-term funding markets for Bloomberg News.Mentioned in this podcast: The Repo Market’s a Mess. (What’s the Repo Market?) ‘This Is Crazy!’: Wall Street Scurries to Protect Itself in Repo Surge Wall Street Races to Figure Out If the Quant Stock Shock Is Over Powell the ‘Artful Dodger’ Declines to Signal What Comes Next Oil Having Best Week in Eight Months as Iran Sanctions ToughenedSee omnystudio.com/listener for privacy information.

While on the surface it looked like a calm week for the stock market, there was a lot of turbulence down below. Rising interest rates caused investors to rotate out of once high-flying momentum and growth equities in favor of beaten-down value stocks.This week’s “What Goes Up” podcast breaks it all down with Ken Fisher, the author of 11 books and billionaire founder of Fisher Investments.Mentioned in this podcast: Rob Arnott Wants to Take a Victory Lap on Factor Crowding CallSee omnystudio.com/listener for privacy information.

When you think of the Periodic Table of Elements, what comes to mind? Maybe chemistry class, or flashbacks to memorizing combinations of letters and numbers. But what about markets? This week on “What Goes Up,” the team behind Bloomberg Businessweek’s latest issue joins to make the connection. Bloomberg's Joel Weber, Jeremy Keehn and Eddie van der Walt discuss elements from gold and silver to helium and gallium.Mentioned in this podcast: Bloomberg Businessweek’s The Elements See omnystudio.com/listener for privacy information.

The cost of a bacon cheeseburger. The average size of a U.S. home, and the average number of people who live in it. The number of Google searches for words like “cheap gas,” “coupons” and “Dow Jones.” Nick Colas, the co-founder of DataTrek Research, tracks all of this and more on top of a regular diet of traditional market data. Also joining the podcast is Bloomberg reporter Emily Barrett, who discusses the ferocious bond-market rally and how the Treasury is flirting with the idea of issuing 50 or 100-year bonds. Mentioned in this podcast: Mnuchin Risks Unsettling Markets With Ultra-Long Treasury Bonds Little to No Catalyst Is Needed to Push U.S. Yields Down Again In Trump’s Tweet-Speed Market, Facts Take Back Seat to HopeSee omnystudio.com/listener for privacy information.

On this new season of Prognosis, we look at the spread of infections that are resistant to antimicrobial medicines. You're probably more likely to have heard of these as superbugs. Their rise has been described as a silent tsunami of catastrophic proportions. We travel to countries on the frontline of the crisis, and explore how hospitals and doctors around the world are fighting back. Prognosis’ new season launches Sept. 5. See omnystudio.com/listener for privacy information.

Near record-low, and even negative, interest rates have captivated investors around the world. But are they here to stay? Chad Morganlander and Kevin Caron, portfolio managers at Washington Crossing Advisers, discuss how imbalances between China and other major economies have helped lead to a savings glut that’s depressed rates, and how the nation’s gradual shift to a more consumer-oriented economy could unwind this dynamic.Mentioned in this podcast:China Hits Back at Trump With Higher Tariffs on Soy, Autos Powell Speaks, Trump Tweets, China Reacts, Markets Freak. RepeatHow China Trade Policies Lead to U.S. DebtSee omnystudio.com/listener for privacy information.

Chaos in Hong Kong. A cross-asset market shock in Argentina. And that dreaded yield-curve inversion—a fleeting drop in 10-year U.S yields below 2-year rates—goes viral by creating panic-selling in the stock market. It was quite a week. JPMorgan Chase & Co. Global Markets Strategist Gabriela Santos joins this week's podcast to make sense of it all. Also joining hosts Sarah Ponczek and Mike Regan is Bloomberg cross-asset reporter Luke Kawa, who gives his take on the market volatility of August.Mentioned in this podcast:Countdown to Catastrophe? What the Yield Curve Means for Stock Bull MarketsEquities Are on ‘Borrowed Time’ as Recession Signal Nears InversionThe Weekly Fix: Recession or Japanification. Which Is Worse?See omnystudio.com/listener for privacy information.

On Monday, China let its currency depreciate by the most since 2015, then later in the week President Donald Trump put more pressure on the Federal Reserve to cut interest rates to weaken the U.S. dollar. Has the trade war morphed into a currency war? And what are the implications for global markets? Bloomberg's Emily Barrett fills in as co-host on this week's “What Goes Up” podcast for Sarah Ponczek, while Bloomberg’s macro strategist Cameron Crise and currencies reporter Katherine Greifeld also join the conversation.Mentioned in this podcast:U.S. Intervention Odds Rise as Yuan Plunge Fuels Trump’s FX FuryWhat Exactly Does Trump Want for the Dollar?The Fate of the World’s Largest ETF Is Tied to 11 Random MillennialsSee omnystudio.com/listener for privacy information.

The Federal Reserve has the stock market’s back, right? That’s what a lot of investors have come to believe. The so-called “Yellen put” (after former Fed Chair Janet Yellen) has rolled over into the “Powell put” (after current Fed Chair Jerome Powell) in trader parlance that likens central bank policy to options contracts protecting against losses in equities.But what if the Powell put doesn’t do the trick this time, and economic data and corporate earnings continue to deteriorate despite interest rate cuts? What if it isn’t enough to counteract U.S. President Donald Trump’s trade war?That’s one of the topics guest Alec Young, managing director for global markets research at FTSE Russell, explores on this week's show. Also joining the podcast is Romaine Bostick, a reporter and anchor on Bloomberg Television, to give his take on the state of play in markets, and what he’s hearing from sources on Wall Street. See omnystudio.com/listener for privacy information.

The stock market is trading near record highs yet concern about a potential recession continues to linger in the air, and that’s a tough dichotomy for investors to wrap their heads around, says Shawn Snyder, head of investment strategy at Citi Personal Wealth Management. He joins the podcast to discuss how to position investments amid an uncertain outlook for the economy. Also joining the podcast is Brad Olesen, leader of Bloomberg’s U.S. stocks team, to discuss the highlights of the second-quarter earnings season. Mentioned in this podcast: S&P 500’s Earnings Miracle Is Failing to Take Hold in the Second Half Boeing Warns It May Halt 737 Output If Max Grounding Drags OnSee omnystudio.com/listener for privacy information.

Second quarter earnings season has officially begun. This week, the biggest banks set the stage for what could mark the S&P 500’s first quarterly profit decline in three years. Will underwhelming results be enough to spur further gains in equities this year? Evan Brown, head of multi-asset strategy at UBS Asset Management, and Bloomberg finance reporter Lananh Nguyen, join Sarah Ponczek and guest co-host Chris Nagi this week. Also on the episode, a look at U.S. dollar policy with the possibility of intervention in the headlines. Mentioned in this podcast:Banks' Record Earnings Show Fed Is Key to Whether Fun ContinuesBofA Counters Trading Slump With Gains in Consumer BankingMnuchin Currency Remark Seen Raising Risk of FX InterventionWhite House Knows It Needs the Fed to Make a Dent in the DollarSee omnystudio.com/listener for privacy information.

With apologies to Bruce Springsteen, as the Fed prepares to cut interest rates for the first time in a decade, it looks like There Is No Alternative (again!) to U.S. equities. Is the S&P 500's rally to a fresh record a new lease on life or the last gasp before it succumbs to a corporate earnings slide? Two of Bloomberg’s finest, senior markets editor and columnist John Authers and cross-asset reporter Vildana Hajric, join Mike Regan and guest co-host Emily Barrett on this week’s What Goes Up podcast to discuss.It's a sober view from these stock market highs. Authers walks us through the signals he’s seeing in Shiller’s CAPE measure, which suggest that current valuations are "utterly, utterly dependent at this point on low interest rates." Hajric prepares us for a less-than-stellar quarterly earnings season but, as a special bonus, she catches us up with what’s going down in the world of Bitcoin billionaires, the Winklevoss twins.Mentioned in this podcast:Shiller's CAPE Reveals Dangers Lurking in Stocks: John Authers Maybe $5 Trillion Is All That Can Be Wrung From Stocks This Year Grim Earnings Forecasts Are Getting Worse by the Week in S&P 500See omnystudio.com/listener for privacy information.

The U.S. stock market’s best first half of a year since 1997 is in the books, as is a ferocious rally in Treasuries, and the second half is poised to be dominated by speculation about what the Federal Reserve will do with interest rates as cracks appear in the longest economic expansion on record. Despite the fireworks in equities and sovereign bonds, currency markets are stuck in some of the narrowest trading ranges on record. Joining the latest episode of the “What Goes Up” podcast to discuss the first half and the outlook for the rest of the year are Pimm Fox, a blogger for Bloomberg Markets Live, and Katherine Greifeld, a reporter on the bonds and foreign-exchange team. Mentioned in this podcast:Be ‘Prepared for Anything’ as Trump Slams Europe, China on FXOne Look at Passive Flows Explains the Story of Markets in 2019Trump Wants the Fed to Weaken the Dollar. Powell Says That’s Not His JobSee omnystudio.com/listener for privacy information.

All eyes are on the Group of 20 nations meeting in Japan this weekend, with investors on the edge of their seats for news of progress in trade talks between the U.S. and China. News reports suggest that expectations are low. But what are markets signaling? Mark Hackett, chief of investment research at Nationwide Funds Group, weighs in. Also joining the podcast is Bloomberg Markets Live blogger Ye Xie with insights on what China needs to get a trade deal done.Mentioned in this podcast: A Scary View on What the G-20 Means for Stocks and a Calming OneRecord highs on Fed dovishness and trade optimismBuy Low-Tops, Sell High Tops: StockX Sneaker Exchange Is Worth $1 BillionSee omnystudio.com/listener for privacy information.

Simultaneous pressure from markets and President Donald Trump to lower interest rates makes Federal Reserve Chairman Jerome Powell look like a guy whose necktie is too tight, says Julian Emanuel, chief equity and derivatives strategist at brokerage BTIG. He explains why, despite that pressure, the Fed may not cut rates in July as markets expect. Also joining the podcast is Bloomberg Opinion technology columnist Shira Ovide, who discusses how Slack Technologies Inc. has made its stock-market debut at a time when subscription-based, business-to-business software stocks are hot. Mentioned in this podcast: Only Game in Town, U.S. Stocks Surge to Records in Yield Chase What Dangers Lurk in Tech Company Emails? Slack Poised to Join Cloud Valuations Soaring Into Thin AirFatter Neckties Will Save the EconomySee omnystudio.com/listener for privacy information.

Short-seller Ben Axler’s Spruce Point Capital Management is thriving in the age of computerized investing by going where the machines don’t. He joins this week’s conversation to share how he digs deep into proxy statements and other obscure documents to sniff out the incentive targets that influence management, and then reverse engineers the ways they’re accomplishing them. Sebastian Boyd, a Santiago, Chile-based writer for the Bloomberg Markets Live blog, also discusses the state of credit markets and what to expect from the upcoming Federal Reserve meeting. Mentioned in this podcast:The Tiny Activist Fund That Reaped 24% Return by Unearthing ‘Cockroaches’ Short Squeeze Fuels Junk-Bond ETF Jump After Record Bearish Bets Fed Seen on Track for 2019 Rate Cut Though Call Is Close See omnystudio.com/listener for privacy information.

In the midst of a multi-front trade war, Wall Street has advised that investors shun emerging market stocks. Rob Arnott, the founder of Research Affiliates and “godfather” of smart beta investing, disagrees. It's why half of his personal portfolio now sits in developing-nation value stocks, and his firm’s models predict U.S. equities will only return half of a percentage point in real terms over the next decade. Bloomberg’s Chris Nagi, a Bloomberg markets executive editor, also joins the conversation to discuss what Federal Reserve Chair Jerome Powell’s “appropriate” comments mean for stocks. Mentioned in this podcast: ‘Do They Have Enough Ammo?’: Markets Mull Potency of a Powell Put Pioneer of Yield-Curve Recession Indicator Says Don't Relax Yet Risk-On Is Back as Rally-Hungry Bulls Set Aside Trade FearsSee omnystudio.com/listener for privacy information.

Investors hadn’t quite finished wrapping their heads around what the escalating trade tensions with China would mean for their portfolios when President Donald Trump lobbed another bombshell into markets: the threat of tariffs on all imports from Mexico unless the nation halts the flow of immigrants crossing the border into the U.S. Bloomberg Opinion columnist Brian Chappatta joins the “What Goes Up” podcast to discuss the market’s reaction and why, despite the threat of higher prices from tariffs, investors are betting on lower interest rates. Also joining the show is Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, who describes her firm’s deep-dive research into how trade tensions will affect companies. They went through 500 conference-call transcripts over three quarters and lived to tell about it! Mentioned in this podcast: S&P 500 Is at Risk of a 10% Tumble as Trade Angst Deepens, RBC Says Bond Traders Start Panic Buying in New Yield OrderPimco Warns That Central Banks Can’t Rescue the Bond Market Wall Street’s Darkening Trade War Gloom Means Tossing Old AdviceSee omnystudio.com/listener for privacy information.

Relations between the U.S. and China took a dangerous turn this week, according to Bloomberg Intelligence’s Gina Martin Adams: It’s now a technology war, not just a trade war. She joins co-hosts Sarah Ponczek and Mike Regan on the latest episode of the “What Goes Up” podcast. Also joining the show is Bloomberg’s Emily Barrett, a reporter on the bonds and foreign-exchange team, who talks about expectations for a low-inflation environment reflected in market pricing and what the latest Federal Reserve minutes signal for the path of interest rates. See omnystudio.com/listener for privacy information.

Donald Trump’s bestseller "The Art of the Deal" is often cited by those trying to understand the president’s negotiating tactics as he escalates trade tensions with China. Ben Emons, a macro strategist at Medley Global Advisors, has been reading a different book in an attempt to understand the other side: ``The Art of War,” an ancient Chinese military strategy tome by Sun Tzu. Emons joins hosts Sarah Ponczek and Mike Regan this week to discuss the risks and opportunities in global markets as the trade war heats up. Also joining the podcast is Ye Xie, a Bloomberg Markets Live blogger, who gives his take on the situation and recommends some other literature that may illuminate China’s strategy. Mentioned in this podcast: Bonds Calling the Shots for Stocks as Rate Cuts Outweigh Trade Markets That Priced in a Trade Skirmish Now Brace for a Bruising Fight The Perils of Betting on a Quick End to U.S.-China Trade WarSee omnystudio.com/listener for privacy information.

Renewed trade tensions between the U.S and China arrived in markets like a “skunk at the garden party,” according to David Joy, the chief market strategist at Ameriprise Financial who has more than 40 years of experience in investment management. He tells co-hosts Sarah Ponczek and Mike Regan how he’s expecting markets to handle this pungent new arrival on the latest episode of the “What Goes Up” podcast. Along with that skunk, Uber Technologies arrived at the garden party of public markets this week with its long-awaited initial public offering. Kathleen Smith, co-founder of Renaissance Capital and manager of the IPO exchange-traded fund, joins the podcast to assess Uber and the rest of the money-losing herd of unicorns that may make 2019 a record year for IPO issuance. As always, the hosts and guests finish up with a discussion of the craziest things they saw in markets this week. See omnystudio.com/listener for privacy information.

These days about one in three bites of food you eat wouldn’t be possible without commercial bee pollination. And the economic value of insect pollination worldwide is estimated to be about $217 billion. But as important as bees have become for farming, there’s also increasing signs that bees are in trouble. In the decade-plus since the first cases of Colony Collapse Disorder were reported, bees are still dying in record numbers, and important questions remain unanswered. On this new miniseries, host Adam Allington and environment reporters David Schultz and Tiffany Stecker travel to all corners of the honeybee ecosystem from Washington, D.C., to the California almond fields, and orchards of the upper Midwest to find answers to these questions.See omnystudio.com/listener for privacy information.

Campbell Harvey, finance professor at Duke University and a senior adviser at Research Affiliates, joins Sarah Ponczek and Mike Regan in this week’s episode of the “What Goes Up” podcast. He discusses his dissertation on the yield curve and what he calls the “Four Horsemen” of a recession. He’s joined by Bloomberg strategist Cameron Crise, who gives a former macro trader’s perspective on how academic research like Harvey's influences buying and selling decisions. Mentioned in this podcast:The Fourth Horseman of the Next Recession ApproachesAlice’s Adventures in Factorland: Three Blunders That Plague Factor InvestingThe Management of Political RiskSee omnystudio.com/listener for privacy information.

On the debut episode of “What Goes Up,” hosts Sarah Ponczek and Mike Regan explore what’s driving the stock market’s gains and why some bears are skeptical that the rally will be sustainable. Bloomberg executive editor Chris Nagi and cross-asset reporter Luke Kawa also join the conversation and look at how crude oil and the dollar have also been rallying, and why those gains could have huge implications for all manner of investments. Mentioned in this podcast: All the Stuff Bears Are Saying to Spoil the S&P 500 Record PartyRed-Hot Nasdaq Run Is the Triumph of a Few Stocks Over the ManyKing Dollar Defies the Doubters as the U.S. Provides Investors an ‘Oasis’Oil Market Confounded Again as Trump Surprises on Iran SanctionsSee omnystudio.com/listener for privacy information.

On this new show from Bloomberg, hosts Mike Regan and Sarah Ponczek are joined each week by expert guests to discuss the main themes influencing global markets. They explore everything from stocks to bonds to currencies and commodities, and how each asset class affects trading in the others. Whether you’re a financial professional or just a curious retirement saver, What Goes Up keeps you apprised of the latest buzz on Wall Street and what the wildest movements in markets will mean for your investments.See omnystudio.com/listener for privacy information.