Bloomberg Surveillance Single Best Idea with Tom Keene: Stuart Kaiser & Tony Crescenzi
10 snips
Nov 18, 2025 
Tony Crescenzi, a fixed-income portfolio manager at PIMCO, shares insightful views on the current bond market, emphasizing the appeal of AA- yields in the 5-7% range. He delves into the historical significance of price stability for markets and discusses how it plays a crucial role in future forecasts. The conversation also touches on concerns surrounding weaker consumer earnings, providing a well-rounded perspective on economic trends. This thoughtful exchange offers a fresh lens on fixed-income investing strategies.
AI Snips
Chapters
Transcript
Episode notes
Retail Earnings As A Consumer Barometer
- Retail earnings act as a real-time lens into the US consumer and broader economy.
- Tom Keene warns that weaker consumer results across retailers are the most concerning new data point.
Growth Versus Execution In Valuations
- Price-to-earnings differences reflect growth vs. execution stories across sectors.
- Tom Keene contrasts NVIDIA's high future growth multiple with Walmart's steady, execution-driven multiple.
Reassess Bond Opportunities Now
- Consider fixed-income opportunities given current yields and credit quality.
- Tom Keene highlights Tony Crescenzi's optimistic fixed-income stance for investors to evaluate.