Bloomberg Surveillance Single Best Idea with Tom Keene: Chris Whalen & Steve Auth
6 snips
Oct 15, 2025 Tom Keene shares insights from his recent visit to Houston, shedding light on the vital role of distribution hubs in supply chain dynamics. Chris Whalen discusses concerns about the Fed's liquidity model and its implications, drawing parallels to past economic scenarios. Meanwhile, Steve Auth presents a compelling case for investing in regional banks, highlighting their attractive valuations amidst a recovering economy. Keene stresses the importance of being prepared for market movements to seize investment opportunities.
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Houston Visit Highlights Supply Chain Scale
- Tom Keene recently visited the Houston CFA Society for their 70th anniversary and observed major logistics and medical activity around IAH.
- He highlighted Houston's warehouse and distribution scale as a distinctive East-to-West trade insight.
Fed Liquidity Models Can Be Misleading
- Chris Whalen compares current Fed risks to December 2018 when liquidity conditions nearly derailed markets.
- He warns Fed liquidity models tied to GDP miss compartmentalized flows and can leave markets short unexpectedly.
Position For A Regional Bank Catch-Up
- Steve Auth recommends leaning into regional banks because they lagged but stand to benefit from a steepening yield curve and housing recovery.
- He argues being invested ahead of these trends lets you capture loan growth, M&A, and cheap valuations rerating.
