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00:00Is this a moment to own bonds? And if so, where? On the curve? It's certainly a moment to be adding diversification to your portfolio because the whole theme everybody's been talking about and Powell answered in multiple ways, is we don't know and he doesn't know. And it's heightened uncertainty. So you need more balance in your portfolio. Now, the subsequent question is, do bonds give it to you and their I'd say you got to be more anchored to the front end of the curve. The back end has a lot of uncertainty. You got to look for alternative ways of finding diversification in your portfolio. And beta exposures are just directional. Is the market going up? Is it going down? Is it a good outcome? Is it a bad outcome? Is as Lisa was just outlining, you know, it's incredibly uncertain and so it's a time for diversification. Jeff, this feels like in high school or when someone really likes someone else and they keep talking about them ad nauseam and you feel like there's nothing else to talk about and you're kind of sick of the conversation, but you feel like you have to keep entertaining it. It feels like everyone's trying to get into the head of one person again and again and again, and it's sort of exhausted by the end of the day. How do you rise above that and understand what's actually happening in the economy in some kind of way to understand which way things are turning? Yeah, it's a good it's a it's a good metaphor. It's fun metaphor. And and it's and a tough question. And I think one one way is to really think about it from a portfolio construction point of view of what am I exposed to in my portfolio. Right. So if it's about one person and one outcome, that's kind of the antithesis to what we've all learned over the years of how to build a good portfolio. Don't put all your eggs in one basket in this context. It is. Don't have all of your outcomes determined by that uncertain and UN forecast able outcome. And so that's really about diversifying my sources of return. I talked about it on this program before. Often all we talk about is the beta outcome, the directional outcome. And there's another good news story here for investors, which is all this uncertainty actually increases opportunities. But if you're investing not in directional space but in the cross-section, and so you're creating bigger winners and losers in the micro space. There's greater divergences and dispersion in the macro space. And so if you have strategies that are more about betting on the differences and not the direction, you can balance out your exposure to not just one person, that's a really tough outcome, but two hundreds of different outcomes. That's a better chance for success, and that's a way to pivot away from this kind of unipolar focus on that, you know, popular person in high school.

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BlackRock's Rosenberg: 'It's a Time for Diversification'

"It's certainly a moment to be adding diversification to your portfolio," Jeffrey Rosenberg, BlackRock portfolio manager of the Systematic Multi-Strategy Fund, says during an interview on Bloomberg Television after the Federal Reserve's decision to hold rates steady. (Source: Bloomberg)