Bloomberg Audio Studios.

Podcasts, Radio News.

This is the Bloomberg Surveillance Podcast.

I'm Tom Keene along with Paul Sweeney.

Join us each day for insight from the best in economics finance investment

and international relations. You can also watch the show live on YouTube.

Visit the Bloomberg Podcast Channel on YouTube to see the show,

weekday mornings from 7 to 10 a.m. Eastern from our global

headquarters in New York City.

Subscribe to the podcast on Apple, Spotify, or anywhere else you listen and

always on Bloomberg Radio, the Bloomberg Terminal and the

Bloomberg Business App. So we are thrilled to bring you now on your equity market,

your bull market Liz Young Liz I love love your note and the answer is you say profit wins.

What do profits look like forward?

Well if you look at why people are buying stocks right now, I think everybody is searching for

more upside and especially after such a strong rally, it's been more difficult to find.

So then trying to answer that question of where are we in the market cycle where are we in the business

cycle and what kind of stocks win at this point so that we can find more upside and we did a bunch

of analysis looking at what might happen to the yield curve, what might happen to the dollar, if and when the Fed finally does start cutting rates.

And one of the things that is consistent is that you do want companies that are kicking out good margins that have healthy

profits and are able to produce that kind of cash flow.

Do we grow our way in the denominator, price to cash flow, price to this, price to Ebita,

...