Bloomberg Talks

Margie Patel, a seasoned senior portfolio manager at Allspring Global Investments, shares her insights on the U.S. market landscape as we look toward 2026. She emphasizes the strong fundamentals and tax changes expected to drive performance, while also discussing the evolving landscape of AI investments and its impact on valuations. Patel highlights the continuing strength of technology and industrials, as well as the important role of energy in the economy, particularly with gas demand for data centers. She also differentiates U.S. growth from that of emerging markets, advocating for a cautious approach to private credit.

Bill Barhydt, Founder and CEO of Abra, shares his insights on the future of crypto markets. He compares the volatility of 2020 to today’s environment, highlighting how recent market dips are driven by traders while many investors hold long-term. Barhydt discusses key regulatory developments, predicting the Clarity Act will pave the way for broader tokenization in 2026. He emphasizes the advantages of tokenized assets like Bitcoin, including increased liquidity and the ability to borrow without triggering capital gains tax.

Dan Ives, Global Head of Tech Research at Wedbush Securities, shares insights into the future of AI investment. He predicts a significant boom for AI in 2026, spotlighting software giants like Snowflake and MongoDB. Ives discusses the overlooked potential of Oracle and the impact of OpenAI on the tech landscape. He emphasizes the importance of CES for showcasing AI advancements and warns that energy constraints and regulation could hinder growth. Finally, he asserts that the U.S. has regained a lead over China in tech development.

Dana Telsey, CEO of Telsey Advisory Group, shares her insights on the retail sector as 2025 concludes. She highlights a strong holiday season spurred by innovative products and variable demand. The episode dives into Walmart's tech upgrades versus Target's struggles, and the rising success of off-price retailers like TJX. Telsey also discusses the contrasting fates of Saks and Macy's, portraying Macy's as a promising investment with strategic shifts. Lastly, she foresees retail price hikes but assures consumers will still seek out new must-have items.

Jennifer Lee, a Senior Economist at BMO Capital Markets, shares her insights on the U.S. economy and monetary policy. She discusses cautious optimism for 2026, highlighting key risks such as government shutdowns. Jennifer emphasizes the importance of jobs and inflation data, noting strong retail sales amid declining consumer confidence. She also previews the new Fed chair's strategy for rate cuts and assesses trade uncertainties related to USMCA negotiations. Lastly, she forecasts a gradual dollar weakening, supported by ongoing U.S. growth.

Veronica Clark, Director of Citi Research at Citigroup Global Markets, provides keen insights into the labor market landscape. She discusses the validity of recent labor data and the expectation for a cleaner December. Clark highlights that labor demand has weakened more than supply, contributing to rising unemployment rates. She delves into the impact of AI on hiring practices and reveals a sectoral bifurcation influenced by interest rates. Additionally, she forecasts potential Fed rate cuts while addressing inflation risks.

Rati Sahi Levesque, CEO of The RealReal, leads the world’s largest authenticated luxury resale marketplace. She discusses the resilience of luxury buyers amidst changing tariffs and the growing appeal of fine jewelry and watches. Rati highlights how price increases in primary markets boost resale value and exemplifies the circular trade-up economy. She also emphasizes the importance of competitive pricing algorithms and unique inventory that sets The RealReal apart from niche competitors, alongside the strategic role of retail stores in driving consignments.

Mina Haque, CEO of Tony Roma's, dives into the current challenges facing American consumers, revealing how low confidence affects dining habits. She highlights customer frustrations with prices and discusses the effectiveness of promotions in driving demand. Mina shares insights on rising beef costs and thin margins, while emphasizing the importance of tech efficiency and AI in operations. She also outlines expansion strategies for locations in Guam, Calgary, and the Asia Pacific, all while modernizing the brand without losing its identity.

Connecticut Governor Ned Lamont, an advocate for state economic and energy policy, shares his views on the Trump administration's sudden suspension of offshore wind farm leases, including a critical project meant to power thousands of homes. He questions the validity of national security concerns and highlights how this move will elevate electricity prices. Lamont emphasizes the inconsistency in policy that contradicts goals to lower costs and protect businesses, while detailing state measures to shield consumers from federal impacts.

Mike Doustdar, the CEO of Novo Nordisk, shares insights on the recent US approval of the Wegovy weight-loss pill, emphasizing its first-mover advantage. He discusses how the pill’s efficacy data compares with competitors and the strategic rollout plans involving various sales channels. Doustdar addresses supply concerns, highlighting R&D breakthroughs that ensure production scalability and affordability. He also touches on the potential market expansion by attracting patients who prefer pills over injections, and the company's ambitions for growth through acquisitions.