Bloomberg Talks

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.

Jeffrey Hirsch, President and CEO of STARZ Entertainment Corp, shares insights on reshaping the company into a major production powerhouse post-separation from Lionsgate. He highlights STARZ's commitment to inclusive storytelling aimed at women and underrepresented communities. The conversation dives into the strategic content development set for 2026, focusing on the significance of content ownership and enhancing profit margins. Hirsch discusses the delicate balance between streaming and traditional TV, revealing how consumer behaviors are evolving in the subscription landscape.

Shai Weiss, the Chief Executive Officer of Virgin Atlantic, delves into the complexities affecting the airline industry amidst trade and tariff uncertainties. He shares insights on fluctuating fuel prices and evolving travel sentiments. Discussing the promising travel market between India and the UK, Weiss emphasizes the 'momentum' in India, illustrating how strategic investments are navigating the rising costs in aviation. His reflections on adapting supply chains highlight the pivotal dynamics shaping the future of air travel.

Larry Culp, CEO of General Electric Co., shares his insights on navigating the turbulent waters of tariffs affecting the aerospace sector. He discusses the significant $500 million impact of current tariffs and advocates for a return to duty-free trade. The conversation also covers collaborative efforts among stakeholders within the airline industry to combat these economic challenges and the balance of trade policies impacting innovations in jet engine design, particularly in relation to national security and technology transfer to China.

Matt Garman, CEO of Amazon Web Services, shares insights from his first year in the role, emphasizing the pervasive role of AI across Amazon. He highlights the rapid rise of AI services like Amazon Bedrock and Project Rainier's ambitious infrastructure plans. Garman discusses the transformative impact of AI on customer engagement and the introduction of NVIDIA's GB200 to AWS. He also touches on the global expansion of data centers, particularly in Latin America and Europe, addressing critical data sovereignty challenges.

Richard Dickson, the CEO of Gap known for steering major retail strategies, shares insights on the company’s financial landscape. He reveals the potential $300 million tariff impact contributing to stock declines while maintaining a positive outlook for long-term resilience. Dickson discusses the growth of Old Navy, highlighting successful campaigns and plans for revitalizing struggling brands like Athleta and Banana Republic, all while eyeing new leadership to enhance their market presence.

Mike Wilson, Chief U.S. Equity Strategist and CIO at Morgan Stanley, shares his insights on the delicate state of the markets, including the bond market's challenges and CEO signals of potential layoffs. He discusses the evolution of AI from infrastructure to application development, predicting significant productivity boosts by 2026-2027. Additionally, Wilson analyzes the crucial dynamics of the 10-year yield, offering a perspective on global influences and comparing U.S. strategies to Japan's quantitative easing.