Bloomberg Talks

US Senator Bill Hagerty from Tennessee, a former ambassador and business executive, delves into the 'Big Beautiful Bill' aimed at boosting U.S. economic growth. He critiques the Congressional Budget Office's static analysis of the bill's potential deficit impacts. The conversation covers essential legislative dynamics around tariffs and tax breaks, advocating for economic stability to inspire investment. Hagerty also addresses the urgency of stablecoin legislation and U.S. leadership in global security, particularly regarding Iran and Ukraine.

The discussion centers on the influence of tariffs on tech sales and earnings, highlighting strategic measures that enhance revenue. A notable collaboration between HPE and NVIDIA showcases how their integrated systems are driving growth across market segments. The conversation also navigates financial performance, emphasizing key order bookings and effective working capital management while tackling the complexities of revenue recognition in major deals.

European Union Economy Commissioner Valdis Dombrovskis dives into Bulgaria's path to joining the euro area. He discusses the complexities of trade talks with the US and the potential implications for EU unity. The conversation highlights how tariffs could hinder European economic growth and explores the balancing act between nurturing transatlantic ties and addressing China's rising influence. Dombrovskis emphasizes the urgency of resolving trade tensions to enhance the EU's competitiveness amidst these global challenges.

Philipp Hildebrand, Vice Chairman at BlackRock and former head of the Swiss National Bank, shares insights on the rising term premiums in U.S. bonds and the global economic landscape. He discusses how high debt loads are pressuring economies and the need for sustained growth to tackle these issues. Hildebrand also addresses the importance of maintaining confidence in U.S. sovereign credit amidst rising fiscal concerns following recent credit rating downgrades, and explores investment opportunities in infrastructure in response to geopolitical shifts.

Jim Zelter, President of Apollo Global Management, sheds light on the burgeoning investment grade private credit market. He emphasizes that three-quarters of Apollo's assets are in this area, highlighting the immense opportunities it presents. The discussion delves into the evolving landscape of private credit, including risks tied to over-optimism and economic dynamics. Zelter also touches on the attractiveness of European investments and the need for investors to adopt a cautious yet optimistic approach as market conditions shift.

In this engaging discussion, Bruce Richards, the founder and CEO of Marathon Asset Management, shares his expertise on the current state of financial markets and Federal Reserve policies. He delves into the implications of rising U.S. government deficits on long-term treasuries, expressing caution regarding inflation's impact. Richards highlights the urgent need for software companies to adapt to AI technologies, revealing the potential risks and opportunities for investors in this rapidly changing landscape.

Cliff Asness, a quantitative investing pioneer and founder of AQR Capital Management, shares his insights on today's market conditions and potential buying opportunities. He discusses the balance between active management and indexing, using a humorous dart-throwing analogy to illustrate market unpredictability. Asness also examines the risks of private investments versus public equities, emphasizing the volatility of private markets. Additionally, he raises concerns about the impact of U.S. policies on the talent pool of international students in academia.

Evan Osnos discusses the staggering wealth disparities in America, revealing how the ultra-rich control more wealth than ever before. He highlights the emergence of a new Gilded Age, marked by superyachts and luxury bunkers. The conversation shifts to the psychological toll of wealth, with the ultra-wealthy facing isolation and anxiety despite their riches. Osnos draws comparisons between the financial struggles of everyday Americans and the opportunities available in places like China, emphasizing the need for equitable solutions to prevent further concentration of wealth.

Tony Capuano, President and CEO of Marriott International, dives into the evolving landscape of business and leisure travel. He highlights how consumer preferences are shifting post-pandemic, particularly towards luxury and unique experiences. Capuano discusses the recovery of the travel labor market and the innovative strategies of the Bonvoy loyalty program. He emphasizes Marriott's partnerships and acquisitions that aim to enhance consumer experiences. The conversation touches on the challenges facing the hotel industry and the need for accessibility in travel.

Brooke Rollins serves as the US Secretary of Agriculture, navigating the complex world of global agricultural trade. She discusses the surge in foreign purchases of American agriculture products and addresses pressing concerns around food additives and safety standards. Rollins elaborates on the challenges posed by trade deficits, particularly with China, and highlights efforts to recalibrate global trade programs to support US farmers. She also touches on the vital role of biofuels in enhancing energy security and reducing emissions.