RUSH TRANSCRIPT An immense ░░░░░░░░ joy oi We all ░░░░░░░░ that joining us from ░░░░░░░░ is the one of ░░░░░░░░ people that can reach ░░░░░░░░ to another time and ░░░░░░░░ for me as of ░░░░░░░░ I think of base ░░░░░░░░ Stewart yes shields yeah ░░░░░░░░ mergers at all occurred ░░░░░░░░ was enough hutton which ░░░░░░░░ a job you wanted ░░░░░░░░ of college and so ░░░░░░░░ of that was his ░░░░░░░░ and then over to ░░░░░░░░ along the way George ░░░░░░░░ saw so many of ░░░░░░░░ modernization the ups and ░░░░░░░░ of wall street good ░░░░░░░░ and bad news and ░░░░░░░░ in he is Both ░░░░░░░░ you We are thrilled ░░░░░░░░ you could join bloomberg ░░░░░░░░ and today George Bob ░░░░░░░░ live the stock market ░░░░░░░░ another time and place ░░░░░░░░ was a nifty fifty ░░░░░░░░ you lived in other ░░░░░░░░ in the 90 nine ░░░░░░░░ that what is the ░░░░░░░░ The Index funds in ░░░░░░░░ t apps were removed ░░░░░░░░ the in individual stock ░░░░░░░░ What s the comparison ░░░░░░░░ to the other boom ░░░░░░░░ of of the twentieth ░░░░░░░░ Back before the twentieth ░░░░░░░░ but I had meticulously ░░░░░░░░ retrace our without got ░░░░░░░░ some degree in distance ░░░░░░░░ the beginnings the Wall ░░░░░░░░ in a today I ░░░░░░░░ they re to up ░░░░░░░░ is back in the ░░░░░░░░ fifties Early sixties who ░░░░░░░░ the individual investor the ░░░░░░░░ investor with dominated the ░░░░░░░░ Yes see you do ░░░░░░░░ to institutional trading being ░░░░░░░░ predominant influence both in ░░░░░░░░ in the stock price ░░░░░░░░ place then analysed a ░░░░░░░░ change from a single ░░░░░░░░ broker with a single ░░░░░░░░ someplace or another to ░░░░░░░░ really determining that thread ░░░░░░░░ and the direction of ░░░░░░░░ market The second of ░░░░░░░░ is the shift from ░░░░░░░░ individual common stocks to ░░░░░░░░ mutual funds and that ░░░░░░░░ place in the 19 ░░░░░░░░ and seventies Major theme ░░░░░░░░ where money went rather ░░░░░░░░ individual stocks back that ░░░░░░░░ years ago Large part ░░░░░░░░ new money going into ░░░░░░░░ tips rather than individual ░░░░░░░░ But one thing remains ░░░░░░░░ from the days of ░░░░░░░░ button would trade Until ░░░░░░░░ you have to buy ░░░░░░░░ and sell high and ░░░░░░░░ drive safe with a ░░░░░░░░ box of do it ░░░░░░░░ the black box can ░░░░░░░░ low sell high that ░░░░░░░░ bless it but otherwise ░░░░░░░░ re still that that ░░░░░░░░ to get out there ░░░░░░░░ On no George knows ░░░░░░░░ only one we talk ░░░░░░░░ who was under the ░░░░░░░░ retrievers arthur levitt quite ░░░░░░░░ It is Thomas just ░░░░░░░░ that you re referencing ░░░░░░░░ you been on the ░░░░░░░░ for decades you seen ░░░░░░░░ types of products and ░░░░░░░░ come and go What ░░░░░░░░ you make of crypto ░░░░░░░░ has made it s ░░░░░░░░ the into your bailiwick ░░░░░░░░ Bloomberg TV in some ░░░░░░░░ places ah I ve ░░░░░░░░ a proponent of crypto ░░░░░░░░ as been a small ░░░░░░░░ small ones portfolio for ░░░░░░░░ probably two years now ░░░░░░░░ To reasons for why ░░░░░░░░ I think there is ░░░░░░░░ fundamental reason for crypto ░░░░░░░░ which is the very ░░░░░░░░ risk of currency debasement ░░░░░░░░ I Think that is ░░░░░░░░ very real the risk ░░░░░░░░ makes it fundamentally smart ░░░░░░░░ be a crypto owner ░░░░░░░░ a small fraction a ░░░░░░░░ portfolio The other is ░░░░░░░░ speculative attraction Ah one ░░░░░░░░ to own for other ░░░░░░░░ are by a very ░░░░░░░░ a Wall Street or ░░░░░░░░ me that once an ░░░░░░░░ to the markets I ░░░░░░░░ it s less Americans ░░░░░░░░ crypto based E ts ░░░░░░░░ put god then Chinese ░░░░░░░░ Pakistanis others in ah ░░░░░░░░ risk countries looking for ░░░░░░░░ secure place to put ░░░░░░░░ where the government can ░░░░░░░░ yet at so I ░░░░░░░░ rip those have a ░░░░░░░░ place small place in ░░░░░░░░ portfolio most investors I ░░░░░░░░ that way for over ░░░░░░░░ years now I think ░░░░░░░░ right so you re ░░░░░░░░ in Houston That means ░░░░░░░░ have to get That ░░░░░░░░ the yeah that is ░░░░░░░░ cocktail conversation to your ░░░░░░░░ a part of the ░░░░░░░░ We got to be ░░░░░░░░ crude oil 80 one ░░░░░░░░ it s gotta be ░░░░░░░░ happy people down to ░░░░░░░░ these days Make a ░░░░░░░░ of money as long ░░░░░░░░ oil is over sixty ░░░░░░░░ a barrel it s ░░░░░░░░ the over sixty looks ░░░░░░░░ it s going hire ░░░░░░░░ likely than not and ░░░░░░░░ it is not going ░░░░░░░░ The a tax on ░░░░░░░░ fuels as a major ░░░░░░░░ of our energy portfolio ░░░░░░░░ subsided actually gone upside ░░░░░░░░ Sell If you go ░░░░░░░░ cocktail parties the country ░░░░░░░░ are ill Are it ░░░░░░░░ know the restaurants There ░░░░░░░░ people who were doing ░░░░░░░░ well and energy and ░░░░░░░░ see a lager fuse ░░░░░░░░ to fossil fuels than ░░░░░░░░ might have thought Boomer ░░░░░░░░ across this nation worldwide ░░░░░░░░ apple car play on ░░░░░░░░ tube To bloomberg podcast ░░░░░░░░ you tube George Ball ░░░░░░░░ the snow Sanders wars ░░░░░░░░ and course identified with ░░░░░░░░ Wall Street view of ░░░░░░░░ and I love seeing ░░░░░░░░ prudential base They act ░░░░░░░░ a good research exactly ░░░░░░░░ I m out reactors ░░░░░░░░ you get the light ░░░░░░░░ in of prudential beige ░░░░░░░░ in you just you ░░░░░░░░ every word because the ░░░░░░░░ industrial analysis in and ░░░░░░░░ that yeah George I ░░░░░░░░ to talk about the ░░░░░░░░ The struggle 80 of ░░░░░░░░ was some litigation you ░░░░░░░░ from that in also ░░░░░░░░ the challenges of George ░░░░░░░░ and how you delegate ░░░░░░░░ responsibility across a wide ░░░░░░░░ remit What you learn ░░░░░░░░ that what s your ░░░░░░░░ today and in particular ░░░░░░░░ Boeing blowing up today ░░░░░░░░ s your advice on ░░░░░░░░ to delegate management authority ░░░░░░░░ judge making Camp then ░░░░░░░░ Jimmy Carter camp If ░░░░░░░░ can remember back to ░░░░░░░░ those wrecks president Jimmy ░░░░░░░░ was a detail person ░░░░░░░░ to read to critique ░░░░░░░░ himself personally and that ░░░░░░░░ t work In my ░░░░░░░░ it it it takes ░░░░░░░░ much time it drain ░░░░░░░░ much attention in the ░░░░░░░░ ah y hasta delegate ░░░░░░░░ think the way Ronald ░░░░░░░░ did a dell delegate ░░░░░░░░ check thoroughly and I ░░░░░░░░ if we do that ░░░░░░░░ re less apt to ░░░░░░░░ blindsided the not Can ░░░░░░░░ so complex that nobody ░░░░░░░░ manage them Ah you ░░░░░░░░ t know you can ░░░░░░░░ be responsible You can ░░░░░░░░ aware of every nuance ░░░░░░░░ the business Even jamie ░░░░░░░░ was brilliant as found ░░░░░░░░ several times within j ░░░░░░░░ Morgan So I think ░░░░░░░░ s not producer more ░░░░░░░░ cool focused rather than ░░░░░░░░ to do everything in ░░░░░░░░ world are probably the ░░░░░░░░ better and that may ░░░░░░░░ the right way to ░░░░░░░░ them Keep them small ░░░░░░░░ single most enough that ░░░░░░░░ re doing something that ░░░░░░░░ can t keep more ░░░░░░░░ top of the not ░░░░░░░░ for one final question ░░░░░░░░ would suggest that I ░░░░░░░░ this out on social ░░░░░░░░ this weekend Somehow failed ░░░░░░░░ of the employment retirement ░░░░░░░░ security act of 19 ░░░░░░░░ four you live this ░░░░░░░░ all the legislation in ░░░░░░░░ real time How do ░░░░░░░░ get to a better ░░░░░░░░ plan for America What ░░░░░░░░ the George Ball Roger ░░░░░░░░ has lead on this ░░░░░░░░ do you say is ░░░░░░░░ we need to do ░░░░░░░░ get to a better ░░░░░░░░ Later they re healthier ░░░░░░░░ they were in if ░░░░░░░░ were tired of and ░░░░░░░░ me their physical strain ░░░░░░░░ Russia and even wishes ░░░░░░░░ of being a worker ░░░░░░░░ than retired is is ░░░░░░░░ ah that that Secondly ░░░░░░░░ do think the met ░░░░░░░░ mandatory contributions from one ░░░░░░░░ earnings Ah start at ░░░░░░░░ 20 ah will of ░░░░░░░░ retirement savings that make ░░░░░░░░ less dependent on the ░░░░░░░░ on subsidies from concern ░░░░░░░░ another and then that ░░░░░░░░ be fairly large mandated ░░░░░░░░ day one when a ░░░░░░░░ goes to work Georgia ░░░░░░░░ just came in I ░░░░░░░░ gotta ask her to ░░░░░░░░ seconds Houston or I ░░░░░░░░ two children a want ░░░░░░░░ do I live in ░░░░░░░░ Ah I have no ░░░░░░░░ a very good George ░░░░░░░░ for the correct answer ░░░░░░░░ shut up charge of ░░░░░░░░