WEBVTT - Bloomberg Businessweek Weekend - February 11th, 2022 0:00:01.040 --> 0:00:05.440 This is Bloomberg Business Week inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.160 global business finance and tech news. As it happened, Bloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messier and Bloomberg Quick Takes Tim 0:00:16.800 --> 0:00:21.400 Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend 0:00:21.520 --> 0:00:25.240 edition of Bloomberg Business Week. Inflation front and center, thanks 0:00:25.280 --> 0:00:28.320 to a CPI print crossing this past week. It was 0:00:28.320 --> 0:00:30.480 a big number, seven and a half percent jump year 0:00:30.520 --> 0:00:33.960 over year. Inflation still running at a forty year high, 0:00:34.080 --> 0:00:36.920 and yet strong runings keep on rolling in. One big 0:00:36.920 --> 0:00:40.520 company that's taking rising costs and stride is Chipotle Mexican grill, 0:00:40.840 --> 0:00:44.120 the fast casual dining giant, reporting a strong fourth quarter 0:00:44.240 --> 0:00:46.960 this past week. We're going to talk expansion plans and 0:00:47.040 --> 0:00:50.479 pricing power with Chipotle CFO Jack hart Tongue. Also, I 0:00:50.520 --> 0:00:53.600 had a prolific loan shark that former President Donald Trump, 0:00:53.640 --> 0:00:57.400 freed from prison, is now back lending money again. His 0:00:57.520 --> 0:01:00.760 tactics are more exploited than ever before. Meantime, as the 0:01:00.760 --> 0:01:03.760 Winner Olympics continue in Beijing, we'll discuss the implications of 0:01:03.840 --> 0:01:07.839 China's continued clampdown on democracy in Hong Kong. Our conversation 0:01:07.880 --> 0:01:10.400 with Mark Clifford, president of the Committee for Freedom in 0:01:10.480 --> 0:01:12.720 Hong Kong, is coming up. All of that to come. 0:01:12.800 --> 0:01:16.400 We begin with this week's domestic cover story. Betting apps 0:01:16.440 --> 0:01:18.680 want you to come for the Super Bowl, the Big Game, 0:01:18.840 --> 0:01:23.000 and stay and gamble forever. Legalized mobile sports betting is 0:01:23.040 --> 0:01:26.000 expanding in the US, including just recently here in New York, 0:01:26.280 --> 0:01:28.880 and right in time for Super Bowl fifty six, the 0:01:29.040 --> 0:01:31.520 National Football League is leading the charge to embrace it 0:01:31.560 --> 0:01:34.640 after years of worrying that gambling could influence the play 0:01:34.640 --> 0:01:36.600 on the field. Well for more on the about face 0:01:36.600 --> 0:01:39.520 from America's biggest sports leagues and team owners, returned to 0:01:39.560 --> 0:01:41.920 the editor of Bloomberg Business Week magazine, Joel Webber. At 0:01:41.880 --> 0:01:45.840 Bloomberg News Projects and Investigations reporter Peter Robison. The light 0:01:45.880 --> 0:01:49.120 bulb moment for me was was reading a report from 0:01:49.200 --> 0:01:51.800 Goldman Sachs which which pointed out that these apps over 0:01:51.880 --> 0:01:55.520 time might each have fifteen million customers, and that's the 0:01:55.600 --> 0:01:59.640 number who watch a usual NFL game. And so when 0:01:59.680 --> 0:02:02.400 you have that many eyeballs and that many people coming 0:02:02.400 --> 0:02:04.280 regularly on your site, it gives you a lot of 0:02:04.720 --> 0:02:07.880 power and in a lot of other countries that the 0:02:07.960 --> 0:02:11.600 gambling sites are are the way people watch these games, 0:02:11.600 --> 0:02:13.800 and it's it's the filter through which the games are watched, 0:02:13.840 --> 0:02:16.040 which which seems like a really big deal for for 0:02:16.080 --> 0:02:18.320 all these sports over time. What I think is interesting 0:02:18.639 --> 0:02:22.080 the MLB was early uh in on on Draft Kings, 0:02:22.200 --> 0:02:25.880 Robert Kraft, Jerry Jones. I mean colleges, they went from 0:02:25.919 --> 0:02:28.799 like not doing anything to all of a sudden they're 0:02:28.880 --> 0:02:32.200 investing in big time and there's meetings kind of I 0:02:32.200 --> 0:02:34.560 feel like was it was a Craft sound who brokered 0:02:34.760 --> 0:02:37.680 kind of a meeting with one of the betting apps. 0:02:37.680 --> 0:02:41.200 Like It's just interesting how entrenched it's become. Yeah, there 0:02:41.280 --> 0:02:44.840 there there was preparation behind the scenes for this moment 0:02:44.919 --> 0:02:47.720 even before the Supreme Court opened the floodgates with its 0:02:47.800 --> 0:02:53.320 ruling legalizing sports betting outside of Nevada. In even before that, 0:02:53.400 --> 0:02:56.840 as we report in the story, Roger Goodell met with 0:02:56.919 --> 0:03:01.000 Jason Robbins from Draft Kings UH in a Boston suburb 0:03:01.120 --> 0:03:04.320 with the craft with with Robert Kraft and his son 0:03:05.080 --> 0:03:08.520 and UH Fantasy as another person we talked to said, 0:03:08.560 --> 0:03:11.520 you know, Fantasy was really the wedge that helped these 0:03:11.560 --> 0:03:13.919 leagues get comfortable. It was almost like a soft launch 0:03:14.040 --> 0:03:16.600 for for gambling, and it also showed the leagues and 0:03:16.639 --> 0:03:20.040 everybody how popular this is. How do they keep it pure? 0:03:20.480 --> 0:03:22.480 It's a really good question, and it sounds like one 0:03:22.520 --> 0:03:25.360 that the league is still working out it itself. We 0:03:25.440 --> 0:03:28.760 we talked to the chief compliance officer for the NFL 0:03:29.000 --> 0:03:32.800 and they have developed an online training course. They have 0:03:33.520 --> 0:03:38.600 stepped up their discussions with league personnel about what information 0:03:38.680 --> 0:03:40.800 can be shared outside the league because with so many 0:03:40.840 --> 0:03:44.040 prop bets, including what color is the gatorade going to be? 0:03:44.080 --> 0:03:46.280 That's dumped on the coach's head. And I guess one 0:03:46.320 --> 0:03:48.840 distinction is that those bets that tend to be on 0:03:48.880 --> 0:03:53.000 offshore books, which are are less regulated. But the point 0:03:53.040 --> 0:03:56.600 remains that there's a lot of potential for UH, for shenanigans, 0:03:56.720 --> 0:03:59.360 and so the league is trying to get ahead of that. 0:03:59.280 --> 0:04:02.560 They've also workshops with players where they bring in what 0:04:02.600 --> 0:04:05.040 they've called bad guys who have been caught before. You 0:04:05.160 --> 0:04:08.840 trying to groom players in six games, and you know 0:04:08.880 --> 0:04:12.600 that the skeptics will say that that you can't you know, 0:04:12.640 --> 0:04:16.400 do that UH with complete success and and really any 0:04:16.440 --> 0:04:20.800 one case, it's gonna it creates a huge perception problem. Uh. 0:04:20.880 --> 0:04:23.400 And and you know you saw that even in the 0:04:23.440 --> 0:04:26.599 Premier League recently where a yellow card given late in 0:04:26.640 --> 0:04:29.520 the match has has you know, caused a fury on 0:04:29.520 --> 0:04:32.800 on Twitter with people claiming that that there's somehow a 0:04:32.920 --> 0:04:36.320 fixed So it just it changes the way people watch 0:04:36.400 --> 0:04:40.080 games when when betting is so entrenched. How much money 0:04:41.000 --> 0:04:43.400 is you know slashing around here for the NFL, Like, 0:04:43.440 --> 0:04:47.880 what's the what's they're they're taking all this It's it's 0:04:47.920 --> 0:04:50.680 already substantial. It's in the hundreds of millions. You know, 0:04:50.760 --> 0:04:53.320 just just one deal that the NFL signed with the 0:04:53.640 --> 0:04:56.440 data provider is reportedly worth a hundred and twenty million 0:04:56.480 --> 0:04:59.400 a year to it. And over time they're they're talking 0:04:59.440 --> 0:05:01.679 a billion and year, which is a lot of money 0:05:01.720 --> 0:05:04.840 for a league that Uh in the pandemic year it 0:05:04.839 --> 0:05:09.400 took in twelve billion. So uh and Goldman's talking, you know, 0:05:09.520 --> 0:05:13.920 thirty billion plus over time just in the US, Hey, Peter. 0:05:14.000 --> 0:05:16.200 One of the promises that or at least the selling 0:05:16.200 --> 0:05:18.520 points that these apps are and services are making to 0:05:18.560 --> 0:05:20.800 the league's is this idea of engagement and the way 0:05:20.800 --> 0:05:23.720 that it drives engagement two levels that the teams want 0:05:23.720 --> 0:05:25.080 to see in the leagues want to see what do 0:05:25.080 --> 0:05:27.200 we know about the relationship between the way that people bet, 0:05:27.240 --> 0:05:29.280 who bets and to what extent they actually pay more 0:05:29.320 --> 0:05:32.240 attention and tune in and see the ads in the games. Well, 0:05:32.279 --> 0:05:37.200 I know, Genius has a statistic that people are more 0:05:37.279 --> 0:05:39.520 likely to watch a game if if they're placing a 0:05:39.560 --> 0:05:41.599 bet on it. You know, certainly if your money is 0:05:42.160 --> 0:05:44.520 at stake, you're you're more likely to watch or at 0:05:44.560 --> 0:05:48.520 least to watch a portion of it. Uh So that's 0:05:49.040 --> 0:05:51.000 one big factor. I mean. The other factor we get 0:05:51.040 --> 0:05:55.080 into in the stories is just the possibility of addiction 0:05:55.160 --> 0:05:59.080 that that you know, as one person pointed out, uh, 0:05:59.839 --> 0:06:03.200 you know, Pete, that that you know, people between the 0:06:03.279 --> 0:06:05.760 men between the ages of fourteen to thirty five are 0:06:05.880 --> 0:06:10.000 especially likely to gamble. I think that that increase in 0:06:10.120 --> 0:06:12.440 rates already, that is like such an important point in 0:06:12.480 --> 0:06:14.240 this because it looks like a ton of fun Like 0:06:14.279 --> 0:06:16.440 there's all these funny prop beds. Then it's like, oh, 0:06:16.480 --> 0:06:19.479 by the way, you know, eighteen to thirty five, Like, 0:06:19.520 --> 0:06:21.720 can you imagine how many people are going to get 0:06:21.720 --> 0:06:23.880 addicted out of this? Because it seems like nothing, and 0:06:23.880 --> 0:06:25.920 then it's like, oh wow, that just drained my bank account. 0:06:26.040 --> 0:06:28.640 That was Bloomberg Business Week magazine editor Joe Webber and 0:06:28.640 --> 0:06:31.960 Bloomberg News Projects and Investigations reporter Peter Robeson on this 0:06:31.960 --> 0:06:34.839 week's domestic cover story. Peter co wrote the piece with 0:06:34.920 --> 0:06:38.159 Ira Boudway, coming up China's tightening grip in Hong Kong 0:06:38.200 --> 0:06:41.960 as implications that reach well beyond the city. Will explore 0:06:42.000 --> 0:06:45.720 how Beijing is exporting its authoritarian tactics around the world. 0:06:45.920 --> 0:06:57.360 You're listening to Bloomberg Business Week. This is Bloomberg. This 0:06:57.760 --> 0:07:01.120 is Bloomberg Business Week with Carol Man here and Bloomberg 0:07:01.200 --> 0:07:06.040 Quick Takes Tim Stinovik from Bloomberg Radio. Do you recall 0:07:06.120 --> 0:07:09.159 last week the Bloomberg Business Week cover story detailed Beijing's 0:07:09.160 --> 0:07:12.680 assault on the ones very popular Apple Daily newspaper and 0:07:12.720 --> 0:07:15.520 how the crackdown served as a sharp escalation of efforts 0:07:15.600 --> 0:07:18.960 to dismantle Hong Kong's democracy movement. Our next guest was 0:07:19.080 --> 0:07:21.440 quoted in that story, Mark Clifford, to the president of 0:07:21.440 --> 0:07:24.400 the Committee for Freedom in Hong Kong. He's also a 0:07:24.560 --> 0:07:27.200 Council and Foreign Relations member and former editor in chief 0:07:27.200 --> 0:07:30.120 of both English language papers in Hong Kong, The Standard 0:07:30.160 --> 0:07:32.560 and the South China Morning Post. Mark joined us to 0:07:32.560 --> 0:07:35.240 talk about his new book. It's entitled Today, Hong Kong 0:07:35.320 --> 0:07:38.800 Tomorrow the World, which China's crackdown reveals about its plans 0:07:38.800 --> 0:07:41.800 to end freedom everywhere. And Mark also got into where 0:07:41.840 --> 0:07:44.720 we go from here now that a trusted publication has 0:07:44.760 --> 0:07:47.720 been silenced forever? Sure well, thanks, and it was a 0:07:47.720 --> 0:07:50.840 great piece. In anybody who's listening hasn't read it. I 0:07:50.880 --> 0:07:55.320 think it's the definitive account of the destruction of Apple Daily, 0:07:55.440 --> 0:07:59.400 which um, as the article pointed out, was a precursor 0:07:59.440 --> 0:08:04.120 to destruction of civil society in throughout Hong Kong. And uh, 0:08:04.400 --> 0:08:08.200 since then, we've seen unions shut um, a number of 0:08:08.400 --> 0:08:12.320 NGOs shut down, bank accounts frozen, I mean the playbook 0:08:12.360 --> 0:08:16.440 that was who we first saw with Apple Daily. People 0:08:16.480 --> 0:08:21.240 being thrown in jail, bank accounts frozen, companies, NGOs, unions 0:08:21.280 --> 0:08:24.720 thrown out of business. Is you know, all too you know, 0:08:24.760 --> 0:08:27.120 all too common in Hong Kong. I think that for 0:08:27.160 --> 0:08:29.560 the rest of the world. I mean, you take a 0:08:29.680 --> 0:08:33.960 city prospers, peaceful, you know, filled with you know, like 0:08:34.240 --> 0:08:36.760 people like London or New York just doing their own 0:08:36.800 --> 0:08:39.920 thing with lots of kinds of newspapers, and you just 0:08:40.320 --> 0:08:42.800 throw those people in jail. I mean I was a 0:08:42.840 --> 0:08:45.680 director at Next Digital, so I mean, unfortunately I had 0:08:45.840 --> 0:08:49.200 a firsthand view of this. And uh, let me just 0:08:49.240 --> 0:08:51.120 tell you, it's not nice to be on the wrong 0:08:51.240 --> 0:08:53.760 end of the Chinese state when you're trying to destroy something. 0:08:53.880 --> 0:08:57.720 So we'd have raids on the newsroom, five hundred armed police. 0:08:57.760 --> 0:08:59.960 Can you imagine five hundred armed police coming into Blue 0:09:00.040 --> 0:09:03.520 Burg and terrorizing the journalists and taking their computers and 0:09:03.600 --> 0:09:05.960 marching the editor in chief and other senior people off 0:09:06.000 --> 0:09:09.360 to jail. I mean, that's what we saw in Hong Kong, 0:09:09.440 --> 0:09:13.920 and uh we saw the I think it's unparalleled in history. 0:09:14.040 --> 0:09:16.559 Even when the Soviets took over Eastern Europe in the 0:09:16.640 --> 0:09:19.880 late forties, it wasn't taking over a peaceful, prosperous city 0:09:19.960 --> 0:09:22.400 the way that the Chinese have taken over Hong Kong. 0:09:22.480 --> 0:09:25.599 So really really a horrible situation. So what happened, Like 0:09:25.640 --> 0:09:31.080 I remember July one, Hong Kong returning to Chinese control 0:09:31.400 --> 0:09:33.960 after a century and a half of British colonial rule. 0:09:34.400 --> 0:09:37.360 It was meant to establish this one country two systems 0:09:37.360 --> 0:09:40.600 relationship withdu China Hong Kong. It was like the beginning 0:09:40.640 --> 0:09:43.160 of my career in business news in a big way. 0:09:43.640 --> 0:09:46.800 And watching this and talking to so many international business 0:09:46.800 --> 0:09:50.400 people who said, you know, continued to look at that 0:09:50.520 --> 0:09:53.960 Chinese market as such big potential, so important to their 0:09:54.000 --> 0:09:58.240 future growth UM, and that provided some confidence that things 0:09:58.280 --> 0:10:02.119 would continue to open up in China despite that handover, 0:10:02.520 --> 0:10:05.959 What did we all miss I don't know that we 0:10:06.080 --> 0:10:09.200 missed anything. We tried engagement, and a couple of years 0:10:09.240 --> 0:10:12.360 after that, in two thousand one, UM, the Chinese were 0:10:12.679 --> 0:10:15.880 joined the World Trade Organization UM. So that was a 0:10:15.880 --> 0:10:17.760 good thing. I mean, this was part of an opening 0:10:17.840 --> 0:10:21.520 up in China that saw somewhere between six eight hundred 0:10:21.520 --> 0:10:24.920 million people pulled out of absolute poverty. That's twice the 0:10:24.960 --> 0:10:28.040 population of the US. I mean, remarkable in many ways. 0:10:28.080 --> 0:10:30.920 And uh, look, I was an advocate for engagement. I worked. 0:10:30.960 --> 0:10:33.760 I've lived in Asia over thirty years, mostly in Hong Kong. 0:10:33.800 --> 0:10:37.200 And of course we knew the Chinese communists were not 0:10:37.320 --> 0:10:41.440 really nice people. They weren't proto democrats or anything. But uh, 0:10:41.520 --> 0:10:43.880 you felt that things would keep opening up as they 0:10:43.920 --> 0:10:47.199 had in Korea and Taiwan as those countries got got richer, 0:10:47.679 --> 0:10:51.880 and I think Shi jin Ping's ascension to the top 0:10:51.960 --> 0:10:57.040 dog position in China a decade ago twelve changed everything. Uh, 0:10:57.040 --> 0:11:00.600 you know, the trajectory wasn't always you know, as I said, 0:11:00.600 --> 0:11:03.160 towards democracy, but at least there was a sense of openness. 0:11:03.280 --> 0:11:05.920 And um, what we got wrong is we didn't see 0:11:05.960 --> 0:11:08.400 Hijin Pin coming. And I don't think any of the 0:11:08.480 --> 0:11:11.800 Chinese who elected him, the small small group of people 0:11:11.840 --> 0:11:14.120 in the politbero elected him, I don't think they really 0:11:14.200 --> 0:11:16.200 knew what they were getting into either. But we've had 0:11:16.640 --> 0:11:19.280 you know, the most uh you know, the strongest, toughest 0:11:19.320 --> 0:11:21.400 Chinese leader at least since now maybe he's going to 0:11:21.480 --> 0:11:23.960 prove to be more so. Is this so Mark, Is 0:11:23.960 --> 0:11:27.760 this gees China or is this the party's China? Well, 0:11:28.040 --> 0:11:29.720 g does come out of the party, So I don't 0:11:29.720 --> 0:11:31.320 want to just blame it on Ge. I mean, this 0:11:31.400 --> 0:11:34.160 is a this is a country that you know, killed, 0:11:34.200 --> 0:11:37.079 it's it's students, it's young people in and it's a 0:11:37.120 --> 0:11:39.959 party that will do anything to keep control. What is 0:11:40.000 --> 0:11:42.240 the role of business people in all of this and 0:11:42.280 --> 0:11:44.640 their responsibility? Who want to be in that market, but 0:11:45.120 --> 0:11:47.880 have to tread lightly maybe or carefully. Yeah. I think 0:11:47.960 --> 0:11:50.320 I think they're holding their nose, closing their eyes and 0:11:50.520 --> 0:11:53.760 helping this sort of goes away and passes, just just 0:11:53.800 --> 0:11:56.160 as they hope the pandemic passes, because they think they 0:11:56.160 --> 0:11:57.760 have to be in China. And I think this is 0:11:57.800 --> 0:12:00.360 the issue that you know, we really need to front 0:12:00.480 --> 0:12:04.000 is how important is China. We started speaking about the 0:12:04.080 --> 0:12:07.800 role that businesses should be taking right now with regard 0:12:07.880 --> 0:12:11.040 to what China is doing. And you you said that 0:12:11.080 --> 0:12:13.400 the businesses around the world have to decide how important 0:12:13.440 --> 0:12:16.319 China is to them. And it does seem like businesses 0:12:16.320 --> 0:12:19.679 have decided and they've decided that China is really important. 0:12:19.960 --> 0:12:22.480 I mean, look at Apple for example. You know, the 0:12:22.480 --> 0:12:26.680 company gets you know, close its revenue uh from the 0:12:26.720 --> 0:12:29.720 Greater China area, and it relies on the Taiwanese company 0:12:29.720 --> 0:12:33.280 Fox Con to build many of its products in China. Uh. 0:12:33.400 --> 0:12:35.200 You know, we can say the same thing about Starbucks 0:12:35.240 --> 0:12:38.000 and Nike. The list continues to go on. Disney, Uh, 0:12:38.040 --> 0:12:40.640 the sports leagues like the NBA, for example, we could 0:12:40.679 --> 0:12:45.000 go there. Um, are they making the right moves? Well, 0:12:45.040 --> 0:12:47.600 I think for you know, short term shareholders, yes, I 0:12:47.640 --> 0:12:50.880 think longer term, they have to think really hard in 0:12:50.920 --> 0:12:54.560 their boardroom if they want the kind of legacy that 0:12:55.120 --> 0:12:59.760 many companies, including IBM notably suffered after being very closely 0:12:59.840 --> 0:13:03.319 so of stated with the Nazis. UM and UH, I 0:13:03.360 --> 0:13:06.559 don't know if that's really consonant with E s G 0:13:07.200 --> 0:13:11.800 sorts of environmental social governance principles or ultimately long term 0:13:11.840 --> 0:13:14.440 shareholder value. But you know, you put your finger on 0:13:14.440 --> 0:13:17.319 on the on the issue. I mean, you know, China 0:13:17.480 --> 0:13:19.839 is a big market. It's not like the Soviet Union, 0:13:19.840 --> 0:13:22.760 which we weren't really very you know, entangled with during 0:13:22.760 --> 0:13:27.160 the Cold War. UM. I think it's the financial institutions 0:13:27.120 --> 0:13:30.439 and the financial flows that are perhaps an area that 0:13:30.480 --> 0:13:33.240 we're gonna look at more closely in the shorter run. 0:13:33.320 --> 0:13:36.400 I mean, do we want let's just say, pension funds 0:13:36.440 --> 0:13:40.120 for New York cops going to to fund Chinese you know, 0:13:40.200 --> 0:13:46.120 increasingly um repressive Chinese government that has publicly said its 0:13:46.120 --> 0:13:50.680 goal is to confront and uh ultimately surpass the US. 0:13:50.920 --> 0:13:52.600 And is that the is that really what we want 0:13:52.640 --> 0:13:54.120 to be doing. I mean, this isn't something that we're 0:13:54.120 --> 0:13:57.680 gonna settle tomorrow because the story of the last thirty 0:13:57.800 --> 0:14:01.160 or more years has been increasing engagement. Was trying to start, 0:14:01.280 --> 0:14:05.360 you see, to start disentangling, particularly when it's a market, 0:14:05.400 --> 0:14:08.720 but it's also a supplier to us, So no easy answers. 0:14:09.200 --> 0:14:11.280 That was the President of the Committee for Freedom in 0:14:11.360 --> 0:14:14.480 Hong Kong, Mark Clifford, his new book Today, Hong Kong Tomorrow. 0:14:14.520 --> 0:14:17.640 The world is out now still ahead. On Bloomberg Business Week, 0:14:17.640 --> 0:14:21.200 a former US Olympian takes on her latest challenge, building 0:14:21.200 --> 0:14:24.280 a social fitness platform for the modern athlete. Silver medal 0:14:24.320 --> 0:14:27.840 winning Bob's letter turned to business executive Lauren Gibbs joins us. Next, 0:14:28.240 --> 0:14:41.120 This is Bloomberg broadcasting from the financial capital of the world, 0:14:41.280 --> 0:14:44.760 Bloomberg eleven Frio in New York to Washington, d C. 0:14:44.960 --> 0:14:49.640 Bloomberg to Boston, Bloomberg one, O six one does San Francisco, 0:14:49.720 --> 0:14:53.160 Bloomberg nine six to the country Sirius XM Chado one 0:14:53.240 --> 0:14:56.360 nine and around the globe the Bloomberg Business app and 0:14:56.440 --> 0:15:01.760 Bloomberg Radio dot Com. This is Bloomberg Business Week. The 0:15:01.800 --> 0:15:04.440 Olympics in Beijing. You know they're well underway. Our next 0:15:04.520 --> 0:15:07.360 guest very familiar with the experience, having meddled for Team 0:15:07.480 --> 0:15:11.520 USA in the Games, earning a silver medal in bob sledding, 0:15:11.720 --> 0:15:14.480 and earlier this month, Lauren Gives was named vice president 0:15:14.520 --> 0:15:18.360 of Partnerships at Heroic. It's a public benefit corporation. It's 0:15:18.400 --> 0:15:21.760 a social training platform that challenges the negative aspects of 0:15:21.880 --> 0:15:25.120 social media. Before we get into Lauren's latest business endeavor, Tim, 0:15:25.160 --> 0:15:27.560 you had to go there a self professed Olympic junkie. 0:15:27.560 --> 0:15:30.120 I mean, you've been watching the games NonStop. Yeah. I 0:15:30.160 --> 0:15:32.640 really enjoy the Winter Olympics. I don't know why, but 0:15:33.320 --> 0:15:36.280 probably from my time skiing in Colorado. I love snow. 0:15:36.920 --> 0:15:39.000 But yeah, I've been standing up too late, Carol, watching 0:15:39.040 --> 0:15:42.120 them catching him live. He has been a little tired. Well, anyway, 0:15:42.160 --> 0:15:44.320 you asked her about how she likes watching the games 0:15:44.360 --> 0:15:46.120 on TV and being on the other side of the 0:15:46.200 --> 0:15:49.000 world as opposed to being in the spotlight and chasing 0:15:49.040 --> 0:15:52.240 that spot on the podium. I it's watching my friends, 0:15:52.600 --> 0:15:55.920 you know, the last four years of their hard work, um, 0:15:56.560 --> 0:15:59.920 you know, on on TV. And when things go great, 0:16:00.320 --> 0:16:01.880 you know you want to be there to celebrate with them. 0:16:01.920 --> 0:16:04.520 But things don't go exactly as planned, you want to 0:16:04.560 --> 0:16:06.480 be there to support them, and and it's just it's 0:16:06.520 --> 0:16:08.720 so much easier to compete than this to watch hands 0:16:08.760 --> 0:16:11.640 down well. And I always wonder what the process is, right, 0:16:11.720 --> 0:16:13.920 Like if you are an athlete and you came to 0:16:14.080 --> 0:16:17.600 it later than most, I think that's fair to say, Uh, 0:16:17.680 --> 0:16:20.360 you've got an executive NBA, you were you know, in 0:16:20.440 --> 0:16:22.800 the work world, in the corporate space, and then you 0:16:22.920 --> 0:16:25.400 try out for the Bob sled team on a whim? 0:16:25.720 --> 0:16:27.280 What's the whim? What is it? You wake up in 0:16:27.320 --> 0:16:28.960 the morning, you have a great cup of coffee and said, 0:16:29.000 --> 0:16:30.480 I'm going to go out for the Bob sled team. 0:16:30.480 --> 0:16:34.520 How does that work? Yeah? I tried it as a joke. Um, 0:16:34.640 --> 0:16:37.080 a friend of mine suggested that I tried out for 0:16:37.120 --> 0:16:39.840 the Bob sled team, and I thought that was crazy. 0:16:39.920 --> 0:16:41.880 But I had also made a promise to myself to 0:16:41.960 --> 0:16:44.640 fully vet every opportunity that came to me, and so 0:16:44.760 --> 0:16:46.920 I was living in Denver at the time. I found 0:16:46.960 --> 0:16:48.880 that they were tryouts about an hour away at the 0:16:48.920 --> 0:16:52.160 Olympic Training Center. I didn't know there were centers dedicated 0:16:52.160 --> 0:16:54.160 to Olympians, so I thought, how cool would it be 0:16:54.240 --> 0:16:57.120 to just tour center by a T shirt, you know, 0:16:57.160 --> 0:16:59.080 maybe eating the cafeteria so I can eat like an 0:16:59.120 --> 0:17:03.240 Olympian and that would be it. And eight years later, um, 0:17:03.320 --> 0:17:07.320 a Olympic medalissa world champion, you know, have made eight 0:17:07.480 --> 0:17:10.960 national teams and you know, but basically travel the world 0:17:11.080 --> 0:17:13.520 representing Team USA. All right, but wait a minute, you 0:17:13.560 --> 0:17:15.680 don't just like walk up and be like, hey, this 0:17:15.800 --> 0:17:17.480 kind of wanted to I mean, what was it though? 0:17:18.200 --> 0:17:20.840 What was what was involved in the process. Did they 0:17:20.920 --> 0:17:24.280 just immediately say come on on? Yeah? They just looked 0:17:24.320 --> 0:17:28.080 at me there like you, Um, there's a there's an 0:17:28.119 --> 0:17:30.840 initial combine where you do a sprint a shot toss. 0:17:30.920 --> 0:17:33.479 So you take a shot football, keep it forward as 0:17:33.520 --> 0:17:35.800 far as you can, and you do a standing broad jump. 0:17:35.880 --> 0:17:37.760 And so you know, I played volleyball in college. I 0:17:37.800 --> 0:17:40.000 went to Brown University, but also ran track, and so 0:17:40.520 --> 0:17:44.119 I got that um perfect mixture of explosiveness, speed and 0:17:44.200 --> 0:17:47.520 strength that makes a good Bob Swetter. Um. I tried 0:17:47.560 --> 0:17:49.879 out right after, so I was lucky A lot of 0:17:50.040 --> 0:17:53.200 the Olympians that had went to teen and metal that 0:17:53.320 --> 0:17:56.000 so she had retired and so it was a mix 0:17:56.080 --> 0:17:59.720 of timing and not realizing that I was I was 0:17:59.800 --> 0:18:02.040 made for Bob. So people ask me how I chose 0:18:02.119 --> 0:18:04.159 Bob then and I said it, it definitely chose me. 0:18:04.200 --> 0:18:06.400 I don't think I chose it all right, So tell 0:18:06.520 --> 0:18:11.400 us about heroic and what it's all about in your involvement. Yeah, 0:18:11.840 --> 0:18:16.480 heroic is a social act that will launch people nice. 0:18:16.480 --> 0:18:20.240 It's all about personal development and our mission is to 0:18:20.480 --> 0:18:23.280 have helped tek you one percent of the population flourished. 0:18:24.520 --> 0:18:28.360 And we believe when people create people complete ten virtuous 0:18:28.400 --> 0:18:32.520 target today, um, they will be more energized, connected and productive. 0:18:33.160 --> 0:18:35.080 And we're really trying to help people be the most 0:18:35.119 --> 0:18:38.359 heroic version of themselves. So obviously as an athlete, it 0:18:38.480 --> 0:18:41.919 really speaks to who I am as a person. Um, 0:18:42.119 --> 0:18:44.400 I feel like I've been very fortunate and it's had 0:18:44.400 --> 0:18:47.800 a lot of opportunities and to like herolive my opportunity 0:18:48.200 --> 0:18:50.080 to pay it forward to others, to give people the 0:18:50.160 --> 0:18:53.600 tools to see success in the things that they're passionate about. 0:18:53.960 --> 0:18:57.240 What are some examples of those daily heroic activities? You know, 0:18:57.320 --> 0:19:00.040 it's it's different for everybody. So things things from me 0:19:00.240 --> 0:19:03.680 or like going to bed on time, right, getting off 0:19:03.720 --> 0:19:07.040 of my my phone, don't not to be on my 0:19:07.119 --> 0:19:09.200 phone all night and making sure that I have a 0:19:09.240 --> 0:19:13.600 consistent bedtime, drinking more water, making sure I'm prioritizing my nutrition, 0:19:13.760 --> 0:19:17.000 especially now that I'm a retired athlete. You would think that, 0:19:17.359 --> 0:19:20.200 you know, it's easier to do. It's actually more difficult 0:19:20.320 --> 0:19:23.480 because now it's not tied to my athletic performance, but 0:19:23.560 --> 0:19:26.320 it's still tied to my performances human being. And so 0:19:26.920 --> 0:19:28.920 it's the little things that we do on a daily 0:19:29.000 --> 0:19:31.880 basis that move us closer to our goals or post 0:19:31.960 --> 0:19:34.840 further away. And we know that if you complete ten 0:19:34.920 --> 0:19:38.680 virtuous targets a day would be more connected, energized, in productive. 0:19:38.920 --> 0:19:41.880 That was Lauren Gibbs, Vice President Partnerships at Heroic Public 0:19:41.960 --> 0:19:46.080 Benefit Corporation. Also, as you know, a decorated athlete capturing 0:19:46.119 --> 0:19:48.480 a silver medal for Team USA and Bob sledding and 0:19:48.560 --> 0:19:52.960 Pyong Chang at the Games. You're listening to Bloomberg Business Week. 0:19:53.200 --> 0:19:55.320 Coming up next, we're going to talk about something that 0:19:55.760 --> 0:19:58.520 maybe some Olympic athletes aren't really getting a chance to 0:19:58.640 --> 0:20:02.240 enjoy when they're training getting ready for the Game's burritos. Oh, 0:20:02.320 --> 0:20:04.680 come on, they totally get to indulge in that. Come on, 0:20:04.800 --> 0:20:08.280 It's like car building, isn't it. Carbs? Protein, Yeah, extra 0:20:08.359 --> 0:20:11.920 glok kind of the perfect meal. Chipbotle CFO Jack Hartongue 0:20:12.160 --> 0:20:14.600 stops by to help us stick into the company's latest earnings. 0:20:14.760 --> 0:20:17.040 And even though the company has already raised prices, more 0:20:17.119 --> 0:20:20.840 increases maybe on the way. Definitely firing on all cylinders. 0:20:20.880 --> 0:20:23.720 It feels like because investors definitely took notice, sending the 0:20:23.760 --> 0:20:34.639 stock higher on that earnings. This is Bloomberg. You're listening 0:20:34.720 --> 0:20:38.480 to Bloomberg Business Week with Carol Messer and Bloomberg Quick 0:20:38.520 --> 0:20:43.240 Takes Tim Stinovich from Bloomberg Radio. This week a good 0:20:43.280 --> 0:20:46.560 one for Chipotle Mexican grill shares, rallying from the company's 0:20:46.640 --> 0:20:50.320 latest quarterly update. That update showing that fourth quarters sales 0:20:50.400 --> 0:20:53.880 cops sales and adjusted DPS all topping estimates. One potential 0:20:53.960 --> 0:20:57.040 issue for the near term, though, CEO Brian Nichols saying 0:20:57.080 --> 0:20:59.720 that he's not seeing any signs that inflation is slowing 0:20:59.800 --> 0:21:03.440 down on specifically highlighting higher beef costs. Well, it turns 0:21:03.480 --> 0:21:05.680 out the company may have to raise prices yet again 0:21:06.000 --> 0:21:08.080 and hike wages too. Well, we reached out to the 0:21:08.200 --> 0:21:10.600 c suite and got more in the business and outlook 0:21:10.680 --> 0:21:13.600 with the company's CFO, Jack har Tongue, and we began 0:21:13.680 --> 0:21:15.960 by asking him what kind of pricing power the fast 0:21:16.000 --> 0:21:19.240 casual giant has to help combat rising inflation. You know, 0:21:19.280 --> 0:21:21.800 it's one of these kind of mysteries if you will, Tim, 0:21:21.840 --> 0:21:23.800 and that you kind of hope you never find out. 0:21:24.840 --> 0:21:27.960 The reason. The reason is if you find out, it 0:21:28.000 --> 0:21:30.280 means you've raised prices too high and it and it 0:21:30.359 --> 0:21:33.800 means customers are resisting. We've always been very thoughtful whenever 0:21:33.840 --> 0:21:37.200