PGA Tour CEO Exclusive and David Kelly Talks Investing | Bloomberg Money 8/7/2026

The Two Americas and Economic Disparity [0:03:17]

• A significant divide is emerging in the American job economy, impacting how people approach retirement.
• Inflation is a growing concern with implications for saving and investing strategies.

• "But to me, and the theme I've had from listeners and viewers of the morning is the two Americas out there facing retirement."

Jobs Report Shockwave [0:03:52]

• The recent jobs report delivered a negative print, surprising many and serving as a wake-up call.
• A loss of 23,000 jobs was partially offset by gains in other sectors, but overall hiring slowed.

• "Now we did lose 23000 jobs but 50,000 of those were local education teachers and education workers."

Inflation and Oil Prices [0:07:33]

• The jobs report temporarily shifted focus from inflation, but oil prices remain a key driver.
• Geopolitical tensions, particularly concerning Iran, cause significant swings in oil and gas prices.

• "But when it comes to inflation still about oil prices David and consumers have the Iran war fatigue."

Affordability and Standard of Living [0:09:07]

• There's a perceived lack of focus on affordability and the standard of living for many Americans.
• President Trump's advisors are reportedly pushing him to address these issues, with past efforts like the 'no taxes on tips' rally.

• "Is it odd David that we're ignoring affordability standard of living paycheck to paycheck right now."

AI as a DIY Hedge Fund Tool [0:11:11]

• Retail investors are increasingly using artificial intelligence to build sophisticated trading models and generate returns.
• This trend represents a new chapter in retail trading, evolving from zero-commission platforms and meme stocks.

• "These folks that we talk to they don't just ask AI like what stocks to buy. They're asking them to help build code build a model very sophisticated model to help them identify strategies and even generate trading calls."

Concentration Risk with AI [0:12:39]

• Widespread use of similar AI models could lead to concentration risk, amplifying market swings.
• AI can automate trading strategies, executing trades even when investors are not actively monitoring the market.

• "And they use similar models. And I would imagine spit out similar outcomes. Doesn't this create you know concentration risk where people pile into the same positions."

AI's Impact on Jobs [0:14:00]

• It's too early to determine AI's impact on job displacement, but it is contributing to job creation.
• Job growth has been observed in areas related to AI data centers and computer/semiconductor manufacturing.

• "Too early to look for that. But we did see evidence that AI is adding jobs because there were 22,000 construction jobs added and about 19,000 of those were in areas adjacent to building AI data centers."

Meredith Whitney's Financial Acumen [0:18:50]

• Meredith Whitney, known for her sharp insights into banking and finance, discusses consumer credit and inflation.
• She highlights Visa as an early fintech success story and a key indicator of economic health.

• "And also it was like I call it a de-mutualization from the from the bank. So it was a it was a straight arrow. It was one of the easier ones."

Consumer Credit and Inflation [0:21:41]

• Post-financial crisis, banks reduced lending to near-prime and subprime customers, shifting this to the shadow banking system.
• Credit card spending, particularly revolving balances, is now a good indicator of inflation trends.

• "And so what I look at is being a very good guide for where inflation is. And when gas prices peaked in in like mid early early May credit card spending had already peaked in early April."

The Rise of Advanced Wage Access [0:24:30]

• The fastest-growing segment in FinTech is advanced wage access, allowing workers to draw on earned wages for a fee.
• This service, often annualized at high interest rates, is increasingly used multiple times by individuals struggling to make ends meet.

• "So with the fastest growing industry within FinTech and financial services is advanced wage pay. So if you've worked two days you can access for a fee your your wages for those two days."

The 'Buy Now, Pay Later' Revolution [0:28:00]

• 'Buy Now, Pay Later' services are replacing traditional credit cards for younger generations who are not accustomed to revolving credit.
• Merchants are often paying the fees for these services, creating a new dynamic in consumer finance.

• "I think the buy now pay later replaced the credit card. And what what I never saw coming was the fact that the merchants are paying the fees right there."

Banks and Future Investments [0:31:00]

• Banks have been buying back shares rather than significantly increasing dividends, making them less attractive for retirement investments.
• JP Morgan is highlighted as an outlier due to its consistent strong performance since 2010.

• "Well it used to be the case that the banks paid rich dividends. That hasn't been the case. So banks have been buying back shares at really high valuations which is not accretive for the for the banks."

The K-Shaped Economy Debate [0:35:49]

• Economists debate whether the U.S. economy is K-shaped, with Treasury Secretary Scott Besson arguing for a C-shape.
• Evidence suggests that while wage growth is occurring, gains in dividend and capital gains income disproportionately benefit the wealthy.

• "But where there is a gap is if you then go away from wage income say OK how about dividend income have a capital gains. It's clear that people at the top are doing much better than everybody else."

Investing Amidst Market Volatility [0:39:45]

• Investors are polarized, either taking excessive risks with assets like Bitcoin or hoarding cash due to market uncertainty.
• The core principle of investing is to align with the market's overall growth rather than seeking a single winning stock.

• "But overall if you just you just bet on the forest. You don't have to pick the exact tree."

PGA Tour's Strategic Shift [0:47:00]

• The PGA Tour is evolving with a new for-profit arm, PGA Tour Enterprises, backed by significant investment.
• This move aims to innovate, improve the fan experience, and create a more competitive and equitable system for players.

• "We've actually capitalized it and turned it into a commercial business. And the strength of that commercial business funds innovation. It funds player purses. It funds everything."

Innovation in Professional Golf [0:51:00]

• PGA Tour CEO Brian Rollup emphasizes honoring tradition while embracing innovation to drive growth.
• The tour is focusing on showcasing its athletes better and creating a more meritocratic structure with promotion and relegation.

• "So I think that's one thing I've learned is how you know we're concentrate. How do you increase the reach of the PGA Tour and how do you tell more stories about the athletes who play it."

Addressing Slow Play and Fan Experience [0:56:00]

• The PGA Tour is looking at ways to improve the fan experience, including addressing slow play, but focuses on professional tour events.
• Innovations in media distribution and production are key to reaching a wider audience in a fragmented media landscape.

• "So if you're watching on television and somebody is actually standing over a putt a little longer there's a thousand other shots going on the golf course. It's our job and our broadcast partners produce it better."