Single Best Idea with Tom Keene: Ben Laidler & Charles Kantor
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Bloomberg Audio Studios. Podcasts. Radio. News. Single best idea. What an interesting Monday. Thank you to all of our team, Eric and Laura Nemeas, for putting together a good conversation with Andrew Cuomo as he runs for mayor of New York. Had a real national feel to it with all that's going on. But we also covered the markets. First, we began on the equity markets with Ben Laidler.

of Bradesco, Ben Laidler here with his natural bullish tone, but he shifts. He looks from America abroad. - The rest of the world I think is where you get the risk reward. - Okay. - Growth is firming up, interest rates have been cut, you're getting some fiscal stimulus.

And again, you're pushing on an open door because currencies are cheap and valuations are cheap. And you're getting again, you don't need a lot of money coming out of the US because the US has just got so supersized. These other markets have got so small, you know, a little bit of fairy dust. And I think that's the driver of this of this rest of the world outperformance. And again, I only need to be half right there.

I'm not betting against the U.S. I'm just arguing it's a more average 10% environment. Important distinction there. He did not say sell the U.S. He just said all of a sudden there's a value proposition. I was stunned by his comments on Brazil. He said, look, Brazil is...

incredibly inexpensive. He showed some enthusiasm for that, as perhaps you'd expect from the Latin American firm Bradesco as well. Charles Cantor is just fascinating. He's wonderful with

Neuberger Berman, Charles Cantor, came by to talk about his continued enthusiasm. So we looked at, yes, Mag7, the view forward with artificial intelligence. I think what gets lost a little bit on the Magnificent Seven is there's good reasons why many of them are magnificent. And one thing I'd like to point out is when you look at

both their R&D spend and their CapEx spend on an annual basis. These seven companies are

spend north of 9% of their revenues on R&D, which is north of $250 billion. To contextualize that amount, that's more than the entire healthcare and biotech sectors combined. Why do we pick those sectors? Because those sectors have to invest in R&D to replenish their pipelines. And then on the balance sheet side of the ledger, especially pronounced over the last couple of years as they've built out their AI investments,

Last year was the first time that they spent more than the entire materials, mining and industrial sectors combined. Why do we pick those sectors? Because those are typically the most capital intensive sectors. So at the end of the day,

Lumped together, these seven companies have incredible optionality on the future. Charles Cantor of Neuberger Berman. Beginning to an eventful week with a key inflation report on Wednesday. Across the nation in your commute on Sirius XM channel 121, Apple CarPlay, Android Auto. Good morning, 99.1 FM in Washington.

92.9 FM in Boston and on the podcast and particularly on YouTube podcasts. This is Single Best Idea.

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