Of all types. We have details. Tesla owners talk. Bloomberg conducts the biggest survey of tesla drivers to date. 5000, in fact. What they have to say about what elon musk is doing right and wrong. Now, this week was dominated by tech earnings. Apple beat across the board wednesday, topping estimates for both last Quarter Results and next quarters forecast. This all despite sputtering iphone sales. Highlights included sales and profits that topped analyst projections. Services revenue also reached a record high. The ceo announced apple will launch a no interest iphone payments on the apple card, adding that the apple card is the most successful launch for a credit card in the u. S. Ever. I got insight from forrester analyst julie ask. And from lee drogan. We have been seeing upward revisions to basically all of the numbers throughout the quarter so it is not a surprise that the stock had performed pretty well coming into the report. That said, especially on the services aside, this was
Horrible overnight we dont suddenly doubt the entire edifice of a strong consumer only, only on halloween would anyone accept a trick that were about to go into recession because of weak numbers and more negative trade talk rather than the treat of good earnings and low Interest Rates on days like today when we get some soft manufacturing data, we do believe the worst is yet to come, something that may be exacerbated by the trade stalemate. The nasdaq was down 0. 14 . At one point the market was down far more than that i think its a big mistake to panic here and not just because no one ever made a dime panicking. See, the truth is nothing we heard today should come as much of a surprise to you if youre a watcher of the show. Thats because for months ive been telling you that we have two economies in this country. There is the consumer economy, which is red hot, as well hear later in the show when we talk to a couple of companies, and then the industrial economy which is weak and in man
Capitulation which will bring us another leg higher in yields. We have seen some capitulation. You will continue to see pressure on yields. Lower bond yields from here the market would not like. If this reverses, it reflects significant deterioration in macro. The market has come around to the view that maybe we are not going into recession but Slower Growth environment. A substantial amount of Institutional Investors that perhaps have overweighted duration. You want to buy duration here because we have not yet seen a sustained pickup in momentum in u. S. Data. Jonathan joining me are robert tipp, samantha azzarello, and krishna memani. Sam, is there any more oxygen left in the treasury selloff we have seen this week . Samantha i think so. Rates could continue to go up. We have seen rate volatility has been high this year and nothing will stop that. Jonathan you agree with that . Krishna it depends on your investment horizon. The market selloff has been significant. I think by yearend,
Disappoint. Weve not only had a strong report but a revision higher. The upward revision to the prior two months. Dont write off the economy just yet. Its got a lot of fuppedmental strength. The u. S. Economy is very resilient. A lot stronger than people think. The fed is in a good spot. I dont think that the fed does anything differently as a result of this other than pat themselves on the back. A pat on the back. This is like a picture perfect soft landing is what theyre on track for. Joining me around the table, bob, prima and gershen. To begin with you a solid payrolls report. I thought we would make this show by making up excuses for a weak jocks number. We we have a strong jobs number. I dont think this number told us a whole lot. Weve known the market is strong. Is slowing, but i think the big question is is the slowdown is a manufacturing slowdown, is that having an impact on the labor market . Not yet. It actually solidifies this. Im not sure the fed is done because at some po
I began to take on the life of being an interviewer even though i have a day job of running a private equity firm. How do you define leadership . What is it that makes somebody tick . You are seen as somebody who has said there might be a chance of a recession at some point. Do you see any a chance for recession in 2019 or 2020 . Ray i am big on principles. I think it is important to understand how the economic Machine Works and so i want to take a few minutes and get into the important things that pertain to a recession. A recession, whether there are two negative quarters of gdp, we will be hovering fairly close to that level, but the bigger things are a combination of the absence of effectiveness of central bank policies. I hope we can talk about those, together with the wealth gap so when the next downturn comes, what that will look like socially, politically and so on. The elections, which is an issue between capitalists and socialists and then the emergence of china in relationsh