5min chapter

Bloomberg Surveillance cover image

Bloomberg Surveillance TV: June 26, 2024

Bloomberg Surveillance

CHAPTER

Unemployment Rate and Inflation Analysis

The chapter delves into the current trends of rising unemployment and lower inflation rates, discussing factors like jobless claims and consumer prices. It also explores the impact on interest rates in Canada and Australia, providing insights on economic indicators and the Fed's future decisions on financial conditions and growth.

00:00
Speaker 1
So not only
Speaker 2
have they heard till they were older, something they should have been doing, they, they were only fit to do when they were young. Correct. Yes. Correct. And then in plan and think about it, right? And so, I mean,
Speaker 1
if that's the type of activities you want to be doing, you, you got to start now, right? Your VO2 has to be this. You have to this muscle wrapped around you, etc. Right? And so this, this idea of like, we just kind of autopilot like no delay gratification. So we have all these people in debt and all these problems and overspending, a living room, these, and then we have these people just delay gratification to the point of no gratification, right? Right? Yes. Whether it be a period or their entire life, right? And it's, it's, you know, it's suboptimal, right? Like I wanted people to have the most fulfilling life. Look at their resources, apply them correctly at each period to get the most fulfilling life they possibly can.
Speaker 2
Right? Because the best case scenario is that you're old when you're doing this stuff that you put off till retirement. The worst case scenario and potentially likely scenario is you never get there because you get hit by a bus, you get cancer, the world
Speaker 1
ends. So, so there's, I think it's even, I think it's even worse than that. I think it's like to go like, I talked about this before, like when I went to St. Petersburg three, four years ago, and you know, you climb the steps in the book and you walk around the church, right? Like I saw the tour buses, not single tour bus of the, of the retirees, climb those 111 or whatever number of steps there were to get around there. So they saw a different St. Petersburg to me. Like I, I got, I had more of the resources. And so imagine, imagine delaying gratification to go to St. Petersburg and looking up and be like, I can't do that. Yeah. That is worse. I'm
Speaker 2
saying that's the best case scenario. Best
Speaker 1
case, well, that best case, the worst sounds, I mean,
Speaker 2
the worst is that you don't even live long enough to be able to get to there at all. I don't know if dying, I don't
Speaker 1
know what's more torturous dying and not being able to do it because you're dead or sitting there like salivating, like a kid at a candy store, or looking
Speaker 2
at the
Speaker 1
outside looking at it. And like, that's a good point. You know, I, I, that would be hell for me. Like I can't believe it. I could have done this, whatever. But now all these activities that make the city so wonderful, 30, 40, 50% of them, I can't even do. It
Speaker 2
is, it's a balance. So I think you're right. Right. So there's the, the immediate gratification is a problem. The delayed gratification is a problem. What's the balance then? Because if you're never thinking about the future, you're never saving for the future, you're going to be in bad shape. But if you, if all you're thinking about is the future. So how do you, what's the mindset then for just like doing
Speaker 1
it right? I think it's more of a design, right? So come to people and say, I, I, whatever values are like, listen, if your life is like, I want to go to every single strip club, then we're going to optimize for you to go to every single strip club, right? You were like, I want to build bridges and, and charitable things. Then we're going to optimize for that so that you have the most impact. And we optimize for that goal. That's what's fulfilling for you. Right. And so I think the, what's inherent in that question to design correctly is what do you want? Right. That's the part I don't write about. Like people like, well, how do you figure that? I was like, well, this is what I do. But there are many books. So I'm figuring that out, right? Like I'm, I'm not the guru on that. But once you are more in touch about what you want out of your life, you know, what fulfills you, what really fulfills you, what activities do you want to be able to do now? How are we going to move the physical ones forward and the not so physical ones? I mean, the not so physical one, physical ones into the future for it so that you get the order, right? Right. So you, you don't say, Hey, I'm gonna, I'm gonna sit around and play chess all day. And then when I turn 60, I'm gonna go play basketball with my boys, right? Like you just got the order, right? Like, so you, you, you don't get the high score. You do the other way, you get the high score. Right. Knowing that being intentional about what you want, what your values are, what experience you have actually thinking about, okay, 50 to 60, what, what experiences are very important to me? Yeah. You know, what is what does a winning relationship look like? I mean, what, what, what do winning couples do? Like what things do I want to do with my wife? What things I would do? What fun things for me? What are the crazy wild things I want to do? In each period and you're not gonna have all the answers right away because life is discovery. The closer you do that, the more we're designing. Yeah. Right. So I can't come up with some, you know, a lot of people like 70% this and 30% that whatever. No, what do you want? Let's be intentional. Let's get out. Let's get out of sheet. Let's let's look at your life from create from now to the grave. Yeah. What are the things going on there? What makes it fulfilling for you? Then we start to know, then we can start allocating. Okay. That needs a lot of money. That doesn't need money. That's whatever. And then we start to know saving and spending, right? Yeah. So I like to go, I know it's a long, long answer. But I like to tell people like, Hey, if we were in heaven before coming down to earth, we go to God for the bucket of experiences. Yeah. You're going down to earth. You're going to vacation. You can have these
Speaker 2
things you got to do.
Speaker 1
Here's the infinite. No, here's the infinite bucket of experiences. You're like, great. I'll have 30,000 of that sex, I'll have skiing, I'll get a job, I want two kids, I want to start a business, I want to do whatever. And you just throw them in a dang bucket. You got this huge and God goes, okay, you can have them all. There's only one catch. You got to get the order right. Life is like Tetris. You got to get the order right in order to get the high score. And so if you autopilot, what people are doing, whether it be not saving or saving too much, right, they get to the end and like, I can't do all the things that my life has passed me behind. I can't do the things. And the other people like shit, I don't have the resources that I didn't save. And I did shit that I didn't really want to do. And now I can't do the things that I actually want to do because I've fitted away all my money and my other resources and my health. I didn't invest my health. And so that intentionality and getting in touch with what you want is the first step.
Speaker 2
Yeah. As I think about with momentum, Mario, like if you knew a comm was coming to Earth and we're going to die at the end of the week, that's very clear and very defined. So you would make some very obvious decisions, right? The problem is we don't know if it's going to be next week or a year from now or a hundred years from now, right? And so the tension of like, hey, there's an expiration date on all of this, what makes it so hard is you don't know like how much of a present bias you should
Speaker 1
have. Yeah, I think the, I think what happens is this in poker and games of like limited information, right? Like you work with the best assumptions. And even though not knowing the exact date or working on those assumptions, you're at least optimizing to your along that curve. So like, I feel like there's a situation where in helicopter, we're going to die. We obviously didn't die. I'm here. But like the thing jerks, we go around, he's got a lens. I hope you missed the power chords will end. And I was kind of like, I'm a model. Like what I want more, yes, but I'm a model. I'm not sitting in this, this helicopter thinking, I mean, shit, you know what I mean? Like I should have done XYZ like, yeah, is it perfectly optimal? No, but I'm doing my best to optimize my life for fulfillment, according to my values, right? And so I think most people, however, regret, like, if they bite, bite the butt or whatever, it was like something they should have done in the time period that has passed, right? It's not, it's not going to be like, Oh, when I was 80, I was going to write in this train and do this, whatever, and I'm going to miss out on that. Yeah, that's not as biting as I had the chance to do this, right? And I think it's even more biting when you lose other people. Yeah. You know, you're not active, you're like, because there's all these sub optimizations that go on, right? In terms of like your relationship with people, your parents, you know, like, Oh, my God, this person disappeared and we didn't have that conversation. We didn't have that conversation. We didn't have that time, didn't whatever. So you just kind of on the autopilot, talk to you, talk about the weather, et cetera. And so we do it in all kinds of ways, right? It keeps us alive, right? Like we cannot think about all these things deeply, right? But we do have to cut aside some time to think about the things that fulfill us. Yeah. So relationships is going to be one of the buckets. Maybe it's traveling the world for me, you know, all these other things, whoever you are. And then like, where are the what do I want and what fulfills me and the when? Yeah. When does it belong?

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