Single Best Idea with Tom Keene: Liz Ann Sonders & Damian Sassower
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Single best idea on a Monday, an eventful Monday, of course, with the death of Pope Francis. And thanks to our team for putting together some interesting conversations on his passing and on the future of the Catholic Church. And around that, the future of the market's really difficult.

Asia opening at 7 p.m. on Sunday, and it rolled right over into the markets today. We're really following this almost tick by tick. I do not buy the idea, folks, that this is just about worries of Fed independence and Jerome Powell. There's much more going on than that. We heard that from Lizanne Saunders of Charles Schwab. My first question to her was on

Oh, you know, growth and the unemployment rate and such. But on the equity market, it's sort of like every other conversation. Now what? We were pounding the table last year on the face of very strong performance. Be mindful of not letting your portfolio get as concentrated as what's embedded in these cap weighted numbers.

indexes and really pushing the notion of diversification. So you really come back to the basics. It's maybe boring to talk about the basics when the market is flying broadly or you've got the Magnificent Seven flying, but that's really what it comes down to, is that you would have been at least relatively protected

by not letting your portfolio get that concentration, by having diversification across asset classes and even within equities in international relative to U.S. So sometimes, unfortunately, it takes a tough market environment to sort of, you know, send that message home in a more acute way. Lizanne Saunders there on the equity markets and certainly

Even though we've heard that retail is putting money into stocks, Eric Belchun is saying that's ebbed away a little bit here in the recent days. What I noticed last night was a collapse of the dollar. The word I use here, I rarely use this word, but it was accurate at 7 p.m. Wall Street time last night. The dollar plunged and it continued that.

This morning, some real dynamics. Our first conversation on the dollar today with Bloomberg Intelligence's Damon Sessauer. Look at China as a barometer of what happened here when President Xi kind of took over and started putting in his red lines and basically talking about his war in the shadow banks, of which another trust, a huge billion-dollar trust in China is about to default, AVIC.

overnight. And so, you know, you've got all this stuff going on and President Xi is not going to ride to the rescue of the markets domestically. He hasn't ridden to the, you know, rescue of wealthy Chinese households. And so if you're seeing a lot of that kind of reverberate here in the U.S., what does that mean for the U.S. dollar? The same thing it probably means for the Chinese yuan. It's going to decline relative to everything else. And that's what we're seeing here. We're going to continue our coverage of the dollar, not only the discrete idea of the dollar against pairs or the blended indexes, the DXY index.

And then the Bloomberg BBDXY, Bloomberg Dollar Index, BBDXY, which quite frankly is more holistic. It's better math. But the venerable DXY index of major trading partners call it the Dow Jones Industrial Average of the FX market. But we'll look at that through the prism of equity bond.

and commodity investment. Certainly an eventful Monday to start the week. Thank you for your interest on YouTube. Subscribe to Bloomberg Podcasts and on YouTube Podcasts. It's the single best idea.

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