YouSaid · the spoken record

Edward Yardeni

lines on the record: 117
first: 2016-06-10
most recent: 2016-06-10
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, I think we touched on it. I wish I had more money 20 years ago, 30 years ago, and I wish I'd put it all in dividend yielding stocks and not fooled around with all the hot tips I would say that over the years I've learned that hot tips are sure way to lose money. So definitely stay away from that stuff. I'd say over the years I've learned that tax shelters and other means that investments that are focused just on lowering taxes tend now to work out either”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's not that many people. Yeah, I mean, it's really communicating. It's the ability to. Have conversations, intelligent conversations with all kinds of different people in a business setting and otherwise. And I think we're kind of losing that. Maybe it's the tweets, the social networking.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“He asked me about finance And, you know, I mean, finance has become almost too much quantitative and too much algorithm. And I don't know that other than designing an algorithm that then kind of does its own thing. I don't know how you make a career out of that. But I know that you're not going to find too much competition in any business, in any industry if you're a really good writer with a fairly broad sweep of knowledge. They're just not that many people that are Renaissance men and women who are interested in a lot of different subjects and can write intelligently about it. So I would say learn how to write, please, because I keep trying to expand my operation. It's finding people who can write is very, very difficult.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say that please learn how to write. Please read a lot You know, just the two R's reading and writing. I don't really need arithmetic. No arithmetic? I don't really need it. I think there's too much arithmetic, especially in economics. Really? Yeah, there's too much quantitative analysis. That's funny you say that.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Now, the question is whether it's actually contributed to those panics by trying to moderate the business cycle So I'm just kind of intrigued by where FinTech, as it's called, is leading. It's not just blockchain, but it's certainly an important part of it.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But it could have an impact on counterfeiting. It could. I mean, you know, I've become a kind of a little bit cranky complainer about central banks and their impact on us. I mean, wouldn't it be interesting if we had an economic system that didn't have a central bank where somehow the money was created digitally through this kind of blockchain technology? I mean, the Fed was set up initially just to help with the seasonal issues of corn production.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Do you think there's billions in investments? No, no. I mean, there have been articles spending that. I'm not talking about hundreds of billions, but one, two, three billion. That's a lot of money. A lot of on one technology, they really see a potential here for it to dramatically lower their back office costs, which then has implications for employment in an area that used to be an important source of jobs.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very fast transaction identification. And the fact that companies like Goldman and JP Morgan are spending billions on it suggests that...”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Doesn't mean you can't follow it when it's starting to make the headlines. And I'm intrigued by this blockchain technology, which is a software algorithm behind Bitcoin. And people figured out that whether you're for or against Bitcoin, the software technology itself is really quite intriguing. Very secure.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, again, maybe a little knowledge is a dangerous thing, and so I have a little knowledge about technology. I'm always interested in technology and how it's impacting our economy and disrupting things. I think a lot of economists really don't pay enough attention to technology and they get really pessimistic and suddenly some technology comes along the way like fracking that lowers the price of oil and game changer. Game changer. It's impossible to forecast that, but...”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“More than anything. Yeah, I think there's a concern about that for sure. I mean, that's a big change. It's a big change. I mean, it's not just a concern. I mean, you can see it in the mutual fund numbers. Money is coming out of there.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Cutting into their business And then every now and then you get some of these wild days where the markets up a lot or down a lot where you kind of wonder whether it's a combination of the algorithms and the high frequency traders and the ETFs that are all Making this a more volatile market, which then turns the retail investor off completely. In other words, we may be losing retail investors not just to mutual funds, but to ETF.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well The perspective of my business, I have several hundred institutional accounts and I talk to them on a regular basis and more and more of them are upset about ETFs, especially the mutual fund industry. Really?”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“They're doing of corrupt lobbyists. I think a lot about this problem, but I haven't come up with a solution. And my day job is not to be a preacher. I don't do good or bad. I don't do good or evil. I do bullish or bearish. When I'm amazed by is how well our economy and our financial markets have done despite... Despite the corruption, despite the politicians.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's insecure people that are trying to make their customers come back by providing them with something really good. Unfortunately, there's other insecure people that just hire lobbyists or rest control of the political system and corrupt it. So it's great to see that America still has maintained a lot of its entrepreneurial spirit and that entrepreneurs can still do well. But there's an enormous amount of corruption at the political level. And as we're discussing, that's evident in the standard of living in Washington, D.C. Look, we had Ronald Reagan and we had Margaret Thatcher. And look where we are today. I mean, we aren't any better off. I don't really know how you fix a system politically. I mean, you really need prosecutors who go. Bad people who are out to corrupt the system.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You overturn some of the legislation or some of the Supreme Court decisions? Start out with one term. The fact that, you know, I guess there's a congressman that just came up with an anonymous book about what it's really like to be a congressman, and there's apparently nothing new in there other than telling us what we know. You spend all your time raising money And then you're beholden to the people you raise money with. I mean, it's unfortunately it's kind of the human condition. This is where I actually agree with, disagree with Adam Smith. Adam Smith said the capitalism is based on selfishness. It's actually based on insecurity.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think in an environment where entrepreneurial capitalists, not crony capitalists, are set free and don't get in each other's way by hiring lobbyists. I like people who wake up in the morning trying to figure out how to make it a better world for consumers”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But as I did for Milton Friedman's monetary history. But I have to say I didn't really learn much from the general theory by John Maynard Keynes. I mean, I studied in a Keynesian discipline, but it never kind of made sense to me, quite honestly.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think At least not our listeners, at least pretending that it's important. I mean, I'm not pretending. I learned a lot from that book.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, look, I know at the risk of sounding trite. I mean, Adam Smith, the Wealth of Nations, and combined with the theory of moral sentiments, certainly the Bible for me.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I think he was sort of. Attacked for putting a lot of people out of business, but a lot of them were small little businesses that weren't doing very efficiently. And his number one interest was to lower the price of kerosene so it would be more affordable to a lot more people. So he probably did more to increase standards of living than many other people in industry. I like reading the controversies about people who kind of believe that these people were robber barons and then what was the real story? Some of them were absolute robber barons. They were crony capitalists, but some of them were really committed to providing a better product and service to the consumer.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, I got three or four books on the shelves, and I'm not good at remembering authors. But then I like reading the so-called, you know, robber barons. Some of them weren't really robber barons.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I like history a lot. I like biographies. I've been particularly fond of reading biographies of the founding fathers. And sort of what their philosophical bents were, I'm a big fan of Madison. Really? Yeah.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very funny. So I picked up on that, and it worked really well for me in the 80s, so I have to thank him for helping my career in the early part of that period”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Good time and manage a portfolio with very, very good returns. And he's the one that I kind of got the phrase hat size bond yields back when bond yields were 10%. I walked into office and I said, you know, Van, I think bond yields could go to 7%. I said, yeah, Ed. And his Texas drawer, hat size bond yields.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think in some I think in some ways he really is the Bon King. You know, I mean, Bill Gross gets that label and a couple of other people have been labeled Bond Kings. Van Huysington has been bullish on bonds since the early 80s.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, Warren Buffett and I have it crossed paths, but I've had regular conversations almost weekly with a fellow by the name of Hank Herman. runs Wade El Reed. And I've learned a lot from him. Early on when I was doing particularly well in the bond market forecast,”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so some of these guys are sort of legends within the business of. Of an investment strategy. So I learned a lot from them and kind of segueed into being an investment strategy. Economists aren't really taught academically to help people be good investors. You have to learn that on the street. So I think I had some good mentors along those lines.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, again, Henry Kaufman was a mentor from afar. I mean, I sort of aspired, I liked what he was. The job he had, and you know, kind of followed his career path in some ways. Greg.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not And if you own dividend paying stocks, they'll continue to pay you the dividends. And yeah, this is just not an environment to do anything really tricky or jazzy.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think at the end of the day, it's still going to be a perception of what do you think the economy is doing, if the economy just continues to chug along like this, muddle along, and that's what the global economy is doing, maybe kind of lagging behind but still growing, I think you can pretty much count on earnings growth, matching revenues growth in the stock market giving you kind of mid-single digit returns. Hey,”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“The problem with the profit margins data is it's available only quarterly with a lag. We look at some data that's actually available weekly, but it's based on analyst consensus expectations”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Analysts tend to be too optimistic and have to lower their numbers. But yeah, I think that's true. I mean, we're kind of at average.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that may very well continue to be the case. So profits are going to be driven by the growth of revenues and revenues will be driven by global economic activity, which looks pretty punk. It looks, you know, maybe we can get 3% growth globally and maybe 2% to 3% inflation, 6% not terrible.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, Historical cyclical basis were laid into the expansion phase. I mean, we had the recovery, which was V-shaped. And that was basically 2009, 2010. Then we recovered back to the previous high and have been moving on to new highs at a slower pace. So that's sort of the expansion. What really hasn't happened yet is margins haven't compressed. Usually profit margins compress at this point in the cycle because companies get too slap happy businesses great. They hire too many people. Right. They spend too much. Because of 2008, they're being very careful not to do it this time. So the margins haven't regressed to the mean, as they say. at a record high”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Does better, and I'm thinking more from a supply side standpoint, how do we have companies generate more profit so that they'll want to expand capital and hire people and then those people go and spend money? So clearly it's not one direction. It works both ways.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's mutual. The stock market can't get two out of sync with the economy unless, of course, we're in a speculative bubble situation, in which case it can come back to bite us. Which is what we've seen a few times here over the years where they're talking about the market being the stock market or the housing market. When asset values get way out of sync with reality because of speculative excesses, it can come back and create a financial crisis and a recession. Again, most economists, macroeconomists tend to focus on the business cycle. I prefer to focus on the profit cycle. I think it's the profit cycle that drives the business cycle. The business cycle is basically sort of, again, a demand-side construct. It's how do we stimulate demand so that business”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“the benefit of hindsight for sure i mean there's nothing like putting your money in a company that's increasing its dividend over the years you know if you sleep all at night you Just kind of stick with it. And so I would say for younger folks, that's not a bad thing to do. And, you know, eliminating the double taxation of dividends would be a nice thing.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think one of the things that I've learned over the years is I wish I had a lot more money when I was younger. I just put it all in dividend yielding stocks.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, I like to see the stock market go back to dividend discount valuations where we, all we really care about is has the company been paying a dividend and are they increasing it? Everything else is accounting fluff.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, anything in my mind that increases profit legitimately. In a competitive entrepreneurial system, it's going to create more jobs and it's going to create more wages because there'll be more demand for labor and wages will go up. So I think it also gets into the issue of the double taxation of dividends and how we value stocks. I mean, it's something that we just raise.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Simplified. I think the entire tax code needs to be simplified for the good of all of us. I mean, clearly it benefits tax lawyers.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm all for what I call entrepreneurial capitalism. I'm against crony capitalism, and I think a lot of the excesses that the income inequality people are looking at, rightly so, are in the crony capitalism arena. But capitalism gets blamed for it. And I think it's when crony capitalists are in cahoots with politicians that we get our income inequality. I mean, one of the highest standards of living in America today is in Washington, D.C. I wonder why that might be the case.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“But I don't think politically we want to get carried away with this notion that Americans are not doing well. I think we need to really focus on the fact that this country on average is doing well. and acknowledge it part of that average, of course, is the rich are getting richer. But look, it clearly gets into the whole politics of taxation and whether we're taxing enough. I happen to believe that jobs and wages are created by profitable companies. For sure.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Right, the problem, though, is if you were making a lot of money as an autoworker or some manufacturing and suddenly the job's not even there, obviously you're going to feel dispossessed. You're going to feel like something's been taken away from you. So I think we have to acknowledge that. I mean, we can't just pretend that's not the case.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think this process of globalization, free trade has created more income equality on a global basis. But, you know, when you're...”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“It makes all the sense in the world. I mean, when people have aspirations and the thing they can do better, they're going to do better. If you cut them off from those and they have nothing to lose, then they behave like that.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Even the most impoverished part of the world have come. That's why it's a more peaceful world. People have more of a stake in maintaining peaceful relationships and engaging in commerce.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“Complaints about income inequality, but the world on average has become more equal. I mean, we've lost some income here, but other countries have emerging markets.”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think another way to put it is there's just so much money now that's at risk with globalization. People are making a lot of money with free trade. And there's a lot of...”
2016-06-10 · Masters in Business · Interview With Edward Yardeni: Masters in Business (Audio) · IDENTIFIED FROM THE TRANSCRIPT · source