we can see we can see jamie, jamie, ben, phil, it's tom wilson. business partner, chris, you can see k y s as well. keith winery was the clubs, chief executive. he left the club when villa ran into financial trouble. why not claimed he was forced to resign and sued, shaw and aston villa? the union has obtained the statement, but why not prepare for an employment tribunal? he had deep concerns about charles finances. nothing was known about him that could be independently verified. my concern with the 1st supposed a billionaire of a string of companies mister sharp did not have a grasp of basic financial modeling. during his discussions with the fail, samuelson has an advantage that we would love to say because he also obtained the private records belonging to the village chief executive, keith whiners case will find this was suspended and it wasn't allowed to talk to the media because we had to get the benefit that goes see who was talking. i was numbers because he was talking to me in 2018 when the club run into financial difficulties. y'all wrot

it's tom wilson, business partner. as chris you can see finance as well. keith winery was the clubs, chief executive. he left the club when villa ran into financial trouble, whiners claimed he was forced to resign and sued shaw and aston villa. the unit has obtained the statement that wine is prepared for an employment tribunal. he had deep concerns about charles finances. nothing was known about him that could be independently verified. my concern with the 3rd, suppose a billionaire with a string of companies mister shout appeared not to have a grasp of basic financial modeling. during his discussions with the fail, samuelson had an advantage he would say, because he also obtained the private records belonging to the village chief executive, keith, why know the case? we'll find this when we suspended it. it wasn't the last talk to the media because we had to get close see who was talking. i think if i was numbers because he was talking to me in 2018 when the club run into financial difficulties. y'all wrote to the f l pledging to make available sufficient

tom: david wilson, thank you so much. ing at the wei function. 12 months trailing, we are numb. jonathan: year-to-date up 19%. we make it too difficult sometimes. tom: going simpler on the numbers is great. i removing them from the triple leverage cash fund. i did about 120% last year. -- 1.8% last year. jonathan: when you say we are numb, i think you are right. we are desensitized by these all-time highs. 47 year-to-date on the s&p 500. a lot of people look to the u.k. it is a template for looking through what's happening in america. that is what people believe. what we have seen in china is fascinating. the base case for most bulls with -- a second shot has been sent to the system. we can debate if it is large or small. given what has taken place it is clear there will be some form of ripple. lisa: if you're looking for something to be worried about, the good news is good news and bad news is good news. if you get good news, that means the economy is recovering. if you get bad news, at least the economy isn't growing too

tom: david wilson, thank you so much.e it today that may -- today on a chart that may even be more interesting come december. the vix at 17.19. jonathan: yields in four basis points on tens. real smart audience we have on a program what this. and an institutional following as well. this from an institutional investor, greg peterson of pgim. "massive cut in treasury supply is a huge story. it completely neutralizes the taper and then some. not enough focus on the massive cut. just pgim's view. tom: let's stop the show here. who is greg eaters, folks? greg peters is massively award-winning over a long duration. so say that quote again as we have the attention into mr. tipp . "massive cut in treasury supply is a huge story. it completely neutralizes the taper and then some. not enough focus on the massive cut." tom: a lot of folks watching us, trying to get ready for the morning. greg peters trades off of what he hears on the show. jonathan: together with rubber tip -- with robert tipp. tom: off of lisa abramowicz today, he

tom: david wilson, thank you so much.from july to september, make it late august 1998, was 9.63%. jonathan: i feel like the last five minutes was you just trolling me. when i say drawdown, i am not talking about a big move. just talking about direction. just coming in a little bit. does that help? we are down a little bit this morning, 0.9%. tom: it is. i don't mean to make light of it. there is so much going on now. and again, i would bring it over almost two shock, china earlier. jonathan: china is the issue now, particularly for europe. we are seeing europe get hit pretty hard. lisa: there have been drawdowns. that was my point, that actually, you are not wrong saying that when you look at specific sectors. i am looking at energy stocks, down nearly 13% since the end of june. you are seeing specific sectors totally get hammered, and this is because of what we are seeing in china. it is being buoyed by the revenue drivers. jonathan: this is from andrew brenner of net alliance. what is going on right now is more than one

tom: going to dr. wilson here in the studio.der over to mark in london here to come to grips with the wall of money. our stocks going up just because there is a wall of money? >> not just. there are some fundamental decent reasons, it is just that they are very expensive, but other asset classes are possibly even more expensive, i.e., bonds, so little choice but to continue dollar cost averaging into equities. lisa: ecb officials saying they should probably start tapering their bond purchases sooner as a result of the faster than expected inflation. how much does this change the backdrop for fixed income markets in europe? >> coming up with i think is due on september 9, which is, if lagarde can perhaps for once get a little bit of ground, currently the purchasing is around 8 billion euros. it will going to something else. she could reduce that to 60 billion. they increased it at the start of the year. why not decrease it to be back on pace by the end of the year? it is a tool. that might be one compromise. still having negative

tom: dave wilson, thanks so much.nder when we start hearing about s&p 5000 on a regular basis. jonathan: didn't scott minerd start that off last week? he said over 12 months, lisa. lisa: but he didn't start that off. tom started that off by saying do you see 5000. [laughter] tom: lisa, you are mistaken. lisa: ok, i'm sorry. jonathan: i have a response from ira jersey of bloomberg intelligence. let me reiterate that. the tens to move to 1.8 6% next year, and buried in there is the idea that we get a flatter curve. he says the idea is if the fed is going to hike in late 2023, the front end will need to be fully priced in for that, so it is not massive flattening through next year. he just says that's where the bias might as we start to end his bait some of these hikes. tom: i am wondering what that does to my austrian 99 your paper -- 99 year paper. this rebound for the entire market. jonathan: it does. we will talk about the curve flattening through next year, and it is probably -- it is pretty early for this kind of s

tom: david wilson, thank you so much, with a chart floating around on the zeitgeist right now.on the bloomberg. gina martin adams, bloomberg intelligence chief equity strategist. it is upgrade time. the people cautious are lifting estimates. mostly based off of earnings. what is the earnings integrity right now? gina: it is actually quite excellent. what is happening with earnings is largely driven by what is happening with revenue growth, and revenue growth is running at about a 20% pace you're on your. what we are seining -- what we are seeing in terms of the earnings stream is analysts starting to capitulate to what will be a sustainable recovery and earnings growth. will we see 20% revenue growth into perpetuity? no. but analysts are forecasting that we will roughly average 10% revenue growth over the next few quarters. so certainly a sustainable uptrend in earnings has been part of the optimism that has emerged in equity prices over the last six to 12 months. lisa: it is a good day to try to worry about something or other, so how much do you worry about the jackson hole me

tom: they will pay. jonathon: mike wilson of morgan stanley. lisa: they will pay. [laughter] tom: they will. jonathon: you are fired up. i can hear it in your voice. euro-dollar slyly negative at 117.23. tom keene, lisa abramowicz, jonathan ferro. this is bloomberg. ritika: president joe biden's big plans are about to pass their first major legislative test. a group of sedatives is set to approve a $550 billion infrastructure program. democrats will be able to bypass republicans on the next part, a $3.5 trillion budget resolution that would expand health coverage, childcare, and education benefits. atlantic's fed presidents says the fed should move to taper asset purchases of another strong month of employment gains. he tells us the economy is improving faster than the models predicted. the dashing of the addition of over 900,000 jobs in the last -- he notes the addition of over 900,000 jobs in the last month. 38 states have transmission levels considered high by the cdc. the other 12 states in washington, d.c. have transmission rates in the second-worst category. t

you buttress that up tom: tom: against what citigroup is saying, tobias levkovich and mike wilson, that for the debate. jonathan: the gold story just hasn't worked given that we have been talking about the inflation story, and given that we have been talking about record low real yields. that has been a surprise for me. but it did work last year. we had a 25% gain on gold last year. when real yields really bottomed around the end of office -- of august, gold was up about 40% year-to-date. i wonder what that means. is gold a better inflation hedge in a risk off world? because this year has been much of a risk on world compared to last year through august. tom: i had the huge privilege of spending some real quality time with someone named john templeton. sir john turned to me and said, i just don't understand gold. that's where i've been. jonathan: to be fair, many people share that view. my basic understanding, you would expect it to work in a department like we've experienced in the first six to nine months of this year. tom: my basic analysis is lvmh is taking out tiffany's, and someho

tom: i am just not going to look at the headline data today, although it could move the market. david wilsone 30 year bond, but the 30 year moonshot known as moderna. dave: not even a 30 year moonshot, tom. this company hasn't even been around for 11 years yet, and here we are as a result of the success of their covid nine vaccine, their market value has just taken off. in fact, last week it surpassed strohmeyer squibb, which -- surpassed first omaira squibb, which -- surpassed bristol-myers squibb, which traces its origins back to the late 1800s. it didn't stay above mark because moderna -- above merck because moderna fell yesterday, but it shows you how much things are changing because of the success moderna has had with its messenger rna vaccine for covid-19. it is the best performing stock in the s&p 500 since going in there last month, and how many times have we seen companies go into the s&p 500 and falter, like tesla? tom: thanks for mentioning them in the triple leveraged all-cash fund. is it transitory? dave: that is the question given the magnitude of the gains we have seen. that s

wilson center. he says, i've done this tom's economy. it was facing several challenges before the taliban takeover. i have been experiencing a major economic crisis even before the over the last fiscal year teeth attracted by nearly 2 percent inflation road by here with 3 percent and the world report, the world food program is saying back in april that there are more people experiencing acute food insecurity than any other country in the world, other than the democratic republic of congo. and clearly what we're seeing with these sanctions from the international community and trying to cut off on reserves . certainly that's going to make the challenges even greater. and i think our bond there is a lot of pressure because this is the group that does not have iranians with governance when it comes to economic policy. when it's our bond with control back in the ninety's governance with all about switch strict forms of justice. it was not about careful consideration of the fiscal policy. so as the taliban tries to gain legitimacy among afghan

tom: we are going to get to bitcoin with mike mcglone, but first, dave wilson looking at where i canividend. utilities and real estate, discuss. dave: absolutely. you talk about interest rate sensitive stocks, those two industries certainly qualify. they haven't been moving together lately, though. it is something jonathan krinsky at baycrest partners pointed out. if you look at the s&p 500 utilities index tip to its real estate counterpart, the ratio between the two peaked in october. it has come down 25% through last month, and it is hovering near the low as we speak. krinsky is basically figuring it is time for a reversal. in his view, these utility stocks look "ready for a breakout." on the other hand, the real estate stocks are "think tired -- are "looking tired." over the last few months, they were even falling when interest rates were falling, which doesn't necessarily make a lot of sense because they are the kind of shares people tend to buy when they can't get all that much out of bonds. tom: for those of you on radio, utilities are not what we looked at years and years and

tom: there is monday angst in the market. here is david wilsonteresting to see financial stocks surpass energy last week to become the best performers this year among the s&p 500 11 main industry groups and along the way, we've seen a reestablishing of the traditional relationship between financial stocks and bond yields. when yields go higher, that means financial companies can make more money down the line. i looked at a 20 day correlation between the s&p 500 financials index and the 10 year treasury yield which ended last week at the highest reading since june of last year but go back a couple of months and you see it was negative which doesn't happen that often. tom: so they are back in line? >> exactly. you have to go back to december 2016 to see that correlation. tom: do you as a grizzled veteran look at financials as homogenous or do you partition them into big banks, regionals and the smaller banks? >> i think you have to separate to some extent and understand the different dynamics. you think about the biggest banks and they are more ass

tom was so happy to be back fighting with the first virginia. about a week after wilson's war, about six miles to north of richmond at hall shops and, that you've probably been there. it was an all cavalry engagement, the day before the fighting at all shop tom and received paperwork from the war department notifying him that he had been promoted to corporal. so he's pretty happy, he finally got a promotion, and in the battle of paul shot, the head is not football enough. that led to amputation, i'll speak a little bit more about that in just a minute. back to kelly's ford, and i have to think george spoke, there are a lot of people who make maps or books, but in my opinion george scope is the best of the best. he did a fabulous job. this is a small version of the full page map in the book. i will point out this stonewall here which is still standing on the battlefield of tallies for. i was there on the anniversary of the battle, st. patrick's day, and i walked out the crack of dawn that morning and mocked every thought of that will. it's 300 yards. and with 23 degrees tha

you don't hear that much, but it's all the same thing, and tom was so happy to be back fighting with the first virginia. about a week after wilson's war about six months due north of richmond at hall's shop, some of you had probably been there, it was an all calvary engagement, the day before the fighting at hall's shop tom had received paperwork from the war department notifying him that he had been promoted to a corporal. so he's pretty happy, you know, finally got a promotion and then in the battle of hall's shop he had his left foot blown off which led to amputation and i will speak a little bit more about that in just a minute. back to kelly's ford and i have to thank george skoke, there are a lot of people who make maps for books, but in my opinion george is the best of the best. he did a fabulous job, the guy is a mind reader. this is a small version of the full page map and the book and i will point out this stone wall here which is still standing on the battlefield at kelly's fort. i was there this year on the anniversary of the battle, st. patrick's day and i went out at the crack of dawn that morning and walked every fo

tom: damien put me in the timeout chair saying all that matters is china. right now, david wilsoncord highs in the record level of the record s&p. >> friday was the 150th trading day of 2021. we have 100 more to go. 44 records for the s&p 500 through friday. the most recent one was on friday. if you look at the current pace and extrapolate out to the end of the year. you are talking about 74 record highs for the index. that's about the most you've seen in any year since the s&p 500 was first calculated. tom: are we numbed by 10% corrections never happening? >> 10%? there hasn't been a 5% drop in the s&p 500 from a high since november. that certainly plays -- lisa: 90 days. >> that's what we are seeing the succession of records as much as anything is stocks aren't going down that much when they fall. so when they bounce back it doesn't take a whole lot to get them the records again. lisa: the s&p 500 has not had a 5% drawdown over the past 190 days, but it's not the most notable thing. the s&p 500 has risen at an annualized place -- pace at 46%. you have a record in terms of the pa

tom: 30 year bond just over 2%. this is joy. part of david wilson'sn his book is a huge respect for at least studying what was canon and the old days, going back to richard russell and a guy named joseph granville. no one cares anymore except dave wilson. dave: i wouldn't go that far. i am sure that liz ann sonders cares over at charles schwab because today's chart is a version of one she had out yesterday. looking at the s&p 500, which is just setting record after record, relative to a cumulative ad line, for stocks listed on the new york stock exchange. the stoxx is important because you can do the same thing with n.y.c. securities, which -- with in why is he securities -- the stocks is important because you can do the same thing with nyse securities. it has been falling a bit since then. even though it has come back lately, we are talking about period since june 8 when the s&p 500 has set records 20 times, with the latest one yesterday. so the concern here is that there is a bit of a divergence going on that perhaps signals that the strength we are

. >> another question from quinton wilson, this is for brian and tom. you're both former members of congress, he's curious about what former members can do to help guide and support reform efforts like this? are there ways in which former members can come together, share their experience and help in this modernization effort? >> i'll jump in on that. first of all, tom, i thought what you just said is absolutely true. a few years ago i did a survey of former members, an informal discussion, i asked them one of the hardest things about leaving congress? they said that loss of purpose. but more and more i'm hearing what you say, which is members are not finding that sense of purpose in office. they're feeling stymied and frustrated and locked. wait around for a year, at the end of the year, vote for something you haven't read and then go home and raise more money. that's not service, that's not satisfying. there are a lot of great way former members served. we go to congress to campus events and talk to young people about civic education. there's a group c

tom: thank you so much. andrew sheets with us. nice update there from morgan stanley. i know mike wilson, his colleagues some real caution about this great bull market. lisa, i think the end note is really important. he speaks there about beginning to frame up what september 3 looks like and then trying to figure out in some way what jackson hole and what the fed will do. lisa: there have been a number of studies coming out showing the states ended the enhanced unemployment benefits earlier actually saw consumers spend much less. it didn't necessarily get into the labor market that much more quickly. there is a question of how much of a drag on the consumer this will be. it's highlighting that degree of uncertainty at a time when the delta variant, yes it's on the wane in certain states, how much are we looking at the potential for this to dampen some of the jobs market momentum we have seen so far, tom. tom: it will be interesting to see. taylor, your thoughts, on getting to the jobs report and the market that's out two standard deviations plus. it's amazing linkages right now. taylor:

tom: the hong kong commerce and economic to 11 secretary there on a forever changed hong kong. right now, two things to accomplish. first, a chart observation. you can't start monday without one. david wilsonu have? dave: what i am looking at is what folks at gmo are paying attention to, and specifically, share sales by u.s. companies, whether we are talking initial public offerings or subsequent sales. they have really taken off in the past year or so. you can argue whether that is part of the coronavirus pandemic , but basically, the concern is that we are well above where we were at the peak back in 2000, all according to data compiled by the federal reserve. tom: share sales or bond sales? dave: share sales, equity. there's a bit of a lag to it because the most recent data covers march. you are talking about 12 months basically an average over time. total it up, and you look at we were this past march, $26 billion over a 12 month period, 60% up since 2000. tom: the gmo has been very cautious over the years. do they still maintain tentativeness? dave: they are concerned about what lies ahead. the share sales, when the ducks are quacking, feed them seems to be the philosophy at this poin

tom cotton and marco rubio have been criticizing the secretary of state, also other biden officials saying americans who ended up stranded in afghanistan didn't want to leave. they chose to stay there. it includes ross wilson. ambassador to afghanistan. your reaction to that? there is 1000, maybe even more, we don't know americans now stranded. there could be a hostage crisis. your reaction to the thought they chose to stay there? >> i don't want anyone to think i'm mincing my words. they all need to be fired immediately. they're trying to cop out, make excuses for americans being left behind in afghanistan, specifically against exactly what the president of the united states said would not happen. here is the problem. i am 100% with certainty understand there are people that can replace the secretary of state, secretary of defense, the chairman of the joint chiefs of staff and national security advisor. i know that we have depth on that bench. the problem is we do not have that when it comes to president biden. so i'm calling for just about everybody underneath him to step aside and we need to see what happens with president biden in the near future if he continues to fail at an epic scale. elizabeth: gro

wilson, bbc news, lords. so, an historic and record breaking day at lords asjoe says. i'm pleased to say we're joined on breakfast now by tom. what is the reaction for you, younger crowds. what is the reaction foryou, sarah? younger crowds. what is the reaction foryou. sarah?— for you, sarah? people have seen, ou see for you, sarah? people have seen, you see all— for you, sarah? people have seen, you see all the _ for you, sarah? people have seen, you see all the kids _ for you, sarah? people have seen, you see all the kids out _ for you, sarah? people have seen, you see all the kids out enjoying, l you see all the kids out enjoying, having fun and you also hear of stories of people you've never watched cricket before getting into it so that has been incredible to see. tom, the hundred has had its detractors, it was never going to win everyone over. what have been the most successful parts of the tournament for you — and what will you look to improve? we are pleased with the start we've had. we are pleased with the start we've had it_ we are pleased with the start we've had it was— we are pleased with the start we've had. i