On What'd You Miss This Week, Joe Weisenthal, Scarlet Fu and Julie Hyman spoke with Guggeheim Partners Global Chief Investment Officer Scott Minerd about President Trump's burgeoning trade war with China, and why markets are crazy to ignore the risks and consequences. Scott, whose firm oversees about $305 billion, explained why there are never winners in trade wars, and why there is never a good time to launch them. He told us a trade war would be "devastating" for both of the world's two largest economies. All wars cost money. He said, U.S. consumers will be footing the bill for this one. All the proof they need is on the price tag of their washing machine.
Scott also shared some investing insights from the self-professed “most boring person in the investment world,” and revealed why he hates being called a contrarian. His biggest lesson: "the consensus is the path to mediocre returns."
Shannon O'Neil, a senior fellow for Latin America Studies at the Council on Foreign Relations and frequent contributor to Bloomberg Opinion, also came on to discuss Andrés Manuel López Obrador's to-do list for when he takes office as Mexico's next president. Shannon said, the big question will be whether AMLO chooses to govern as a populist or a pragmatist.
Bill Lee, Chief Economist at the Milken Institute, wrapped things up with a recap of the latest jobs report and offered his take on the state of the labor market.
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