Bloomberg Surveillance Bloomberg Surveillance TV: January 30, 2025
9 snips
Jan 31, 2025 
Sebastien Page, Chief Investment Officer at T. Rowe Price, shares insights on cautious investment strategies amidst market volatility. Adam Posen, head of the Peterson Institute, critiques current tariff policies and their role in economic dynamics. Nouriel Roubini, NYU Professor and CEO of Roubini Macro Associates, discusses China's AI advancements and their global market impacts. The trio explores how rising long-end rates and geopolitical tensions reshape investment landscapes and corporate culture while highlighting the transformative potential of AI on growth and productivity.
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Reluctant Bull
- Sebastian Page, of T. Rowe Price, is a reluctant bull due to high stock valuations.
- He's slightly overweight stocks but taking profits and moving proceeds into cash and bank loans.
Market Froth
- Page compares current market sentiment to 2021, citing examples of speculative investments like a JPEG of a rock and a banana taped to a wall.
- He suggests that current valuations feel expensive, similar to the frothy period of 2021.
Fairly Valued Stocks
- While overall valuations are high, some stocks are fairly priced.
- Page suggests focusing on smaller caps, value stocks, international small caps, and emerging markets.