Speaker 1: This is Bloomberg Business Week. I'm Karl Masser and I'm
Speaker 1: Bloomberg Quick Takes Tim Stanovik. We're here every day bringing
Speaker 1: you the latest news from the world to business and finance,
Speaker 1: plus technology, politics, economics, all purtnising the power of Business
Speaker 1: Week reporters and editors, not to mention our journalists and
Speaker 1: analyst in more than one twenty countries. You can download
Speaker 1: Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot com.
Speaker 1: You can also listen to our radio show at two
Speaker 1: pm Eastern Time on the Bloomberg Radio or watch us
Speaker 1: on YouTube search Bloomberg Global News. Fights are saying the
Speaker 1: Coven nineteen shot it's developed with bion Tech was that
Speaker 1: ninety point seven percent effective against symptomatic cases and kids
Speaker 1: ages five to eleven. Seven day moving average of DU
Speaker 1: cases has dropped fift in the past week. That's good news,
Speaker 1: very good news. That's very good news. In Europe, Germany
Speaker 1: recorded its steepest one day increase though in new coronavirus
Speaker 1: cases in more than five months. Meanwhile, a majority of
Speaker 1: Swiss are seen backing a law allowing the government to
Speaker 1: issue COVID nineteen certificates for entry into theaters and restaurants
Speaker 1: ahead of a national vote. All right, so let's get
Speaker 1: to it. Let's get our weekly check with Dr Ian Lesbata,
Speaker 1: clinical professor of medicine at n y U Lango's Medical Center.
Speaker 1: He joins us now on the phone from New York City,
Speaker 1: Dr Lesbador, Happy Friday. It's good to have you back
Speaker 1: with us. The CDC backing boosters from J and J
Speaker 1: and MODERNA. Uh. We're also learning that people can choose
Speaker 1: a shot that's different from their original one. Caroline, I
Speaker 1: have been talking look full disclosure. We're emailing each other
Speaker 1: about like, Okay, what newser we're gonna get, How are
Speaker 1: we gonna do this? Help give us some guidance here hopefully.
Speaker 1: Good Happy Friday, guys. Definitely, Uh, lots of news on
Speaker 1: all the fronts. Not safe to go to a party,
Speaker 1: it seems, without without potential risk. That's a good point.
Speaker 1: So be course. Delta, you know, has arrived and mutated
Speaker 1: in the original Alpha VIC scenes, although pretty effective, over time,
Speaker 1: have sort of waned. Obviously, there's been this whole debate
Speaker 1: and studies, but finally the CDC has come out with recommendations.
Speaker 1: So certainly for the people who received the Fightser and
Speaker 1: maderna two shot regimen. Uh. If it's been six months
Speaker 1: after those, uh, the second shot, you're eligible for a booster.
Speaker 1: Those are people sixty five and older. Uh. Those are
Speaker 1: people eighteen and older who have either underlying medical conditions
Speaker 1: or live or work in a high risk setting like healthcare.
Speaker 1: You may consider your office a high risk setting possibly,
Speaker 1: but officially we're talking you know, first responders, healthcare providers,
Speaker 1: teachers in school, prison settings, manufacturing. There's really a very
Speaker 1: wide list and there's a bit of a wide list
Speaker 1: of the underlying medical conditions. So basically, de facto, most people,
Speaker 1: if you're above eighteen, would be eligible after six months
Speaker 1: for a booster, and J and J somewhat similar. That's
Speaker 1: a two month window. Uh. That's eighteen and older. Uh,
Speaker 1: that's about fifteen million people who are eligible because they
Speaker 1: received the first shot, so uh, and the second shots.
Speaker 1: Really that the third shots can be mixed and match.
Speaker 1: You know, the data is having two different kinds of
Speaker 1: vaccines seems to really increase antibodies. So at this point
Speaker 1: it's certainly reasonable to take a third vaccine of whatever
Speaker 1: the first two you've had. UM, although if that's not available,
Speaker 1: or for a variety of reasons you want to switch
Speaker 1: to another one. It's probably perfectly fine to do that. Well,
Speaker 1: let's talk about that, should we. Some are saying that
Speaker 1: there might be benefits to mixing and matching. Tell us
Speaker 1: what's your take or what is the advice that you
Speaker 1: guys are following so far? When it comes to that,
Speaker 1: it sounds like they want to do mix and match
Speaker 1: so that you don't feel like if if you've had
Speaker 1: fiser and all, you can get access to as Maderna
Speaker 1: as a booster to not walk away from it. Um.
Speaker 1: But but what should we understand about mix and matches?
Speaker 1: It a good thing to do or it doesn't really matter.
Speaker 1: It probably is actually a good thing to do. It
Speaker 1: exposes your immune system to a slightly different UH in
Speaker 1: a sort of variant or vehicle. Certainly, the people who
Speaker 1: J and J, it does seem that getting a messenger
Speaker 1: or an a vaccine really boost their immunity more vigorously.
Speaker 1: So you if you had J and J and you
Speaker 1: want another J and J, you could certainly do that.
Speaker 1: But if you take any of the m R n
Speaker 1: A s you certainly get a bigger boost out of that, uh,
Speaker 1: and that also looks like for the fiser and Maderna
Speaker 1: that if you do kind of switch those, it looks
Speaker 1: like you may get a bit of a boost to
Speaker 1: What we don't really have is long term data, right,
Speaker 1: so we do know these uh improvements in protection certainly
Speaker 1: go out about the study length, which is about fifteen
Speaker 1: to twenty nine days, So certainly for a while you're
Speaker 1: very protected, much decreased infection and transmissibility. We don't really
Speaker 1: know six months from now what that will be. We
Speaker 1: think it's going to be effective and there's probably some
Speaker 1: T cell and memory cell boost. Hopefully COVID will be
Speaker 1: winding down in the United States after the next six months,
Speaker 1: so it will give you some protection along the way,
Speaker 1: but also important to stay healthy, lose weight, control the diabetes,
Speaker 1: control your blood pressure. You know, take supplements like vitamin
Speaker 1: D if you're low. So there are other approaches, but
Speaker 1: in general it would make sense to switch if you can,
Speaker 1: but there's no harm in taking the third of what
Speaker 1: you've already taken. Okay, some some very helpful information there. Hey,
Speaker 1: Dr Lesbia, you said hopefully COVID will wind down over
Speaker 1: the next six months. What do you think it will
Speaker 1: look like it goes as it goes from pandemic to endemic.
Speaker 1: You're exactly right, endemic. I think we'll be having cases
Speaker 1: UM sporadically. We do have some data about vaccines for
Speaker 1: kids five to eleven as well. Again, those are small studies,
Speaker 1: two thousand studies. You know whether or not that will
Speaker 1: make a big difference in in the endemic nature, we
Speaker 1: don't know, But I think hopefully we'll have either some
Speaker 1: treatments UM and hopefully as resistant builds. From a herd
Speaker 1: immunity point of view, there may be cases of COVID
Speaker 1: and obviously if we have home test kits that would
Speaker 1: be great. If you think you're sick and it turns
Speaker 1: out positive, please don't go to work. So I think
Speaker 1: we'll be able to live with this, and hopefully it
Speaker 1: will be even less damaging than the flu, which does
Speaker 1: have a mortality of about fifty per year. Yeah, all right,
Speaker 1: I'm gonna leave it on that note. Hey, Ian, have
Speaker 1: a great week. Dr Ian los pad Or, a clinical
Speaker 1: professor of medicine at and Why you land on medical
Speaker 1: center on the phone from New York City? So what
Speaker 1: would you do then? In a booster would you flip. Yeah,
Speaker 1: I think I'd flip. You'd flip, Yeah, I mean I
Speaker 1: got fier and modern is all the rage now with
Speaker 1: the Delph Brake Maderna is all the brage. I'm gonna
Speaker 1: get T shirts printed up. All right, you're listening to Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Bloomberg
Speaker 1: Quick Takes Tim Stinovich from Bloomberg Radio. Once we start
Speaker 1: talking about this story, you're gonna understand why it is
Speaker 1: the most right story on the Bloomberg Today. And if
Speaker 1: you're looking for access to West Point General's confidential support
Speaker 1: groups and private getaways, Tim, We've got the place for you. Yeah,
Speaker 1: you probably should be a billionaire, pretty close to a billionaire.
Speaker 1: Well maybe not that might. It's not a guarantee. It's
Speaker 1: not a guarantee. I won't not guaranteed. To get in
Speaker 1: to give us all the details, is Suzanne Willie, personal
Speaker 1: finance reporter at Bloomberg New She's with us in the
Speaker 1: Bloomberg Interactive Broker Studio. It's called our three sixty. What
Speaker 1: is it. It's a very exclusive new membership organization for
Speaker 1: people who have at least a hundred million in net worth,
Speaker 1: although the average of the forty eight members right now
Speaker 1: is about two hundred million UM. And it's this sort
Speaker 1: of mish mush of things. It's a it's like a
Speaker 1: pure to pair learning network, but it's also an investment network,
Speaker 1: and it's it's sort of a taking more holistic view
Speaker 1: of your wealth. And you go on this three year
Speaker 1: journey quote air quotes, journey that costs hundred and eighty
Speaker 1: thousand dollars for you and your family. You know, that
Speaker 1: doesn't seem that expensive considering if you're a million How much? Yeah,
Speaker 1: because if you think about it from the perspective, Okay,
Speaker 1: well how much your expensive? Okay, Tim, Well, well, I
Speaker 1: mean how much I meet My mind when I was
Speaker 1: reading this this morning, my mind to media started wise
Speaker 1: right right, Yeah, And that's like you know their country
Speaker 1: clubs that cost that much? Yeah, well, you do pay
Speaker 1: more for if you want to go on, you know,
Speaker 1: the private trip to Richard Branson's Necker Island or which happened?
Speaker 1: Which happened? Tennis played some talis with Branson. Tell us
Speaker 1: about the individual who who created this, what was the
Speaker 1: idea of thinking, and how maybe it's kind of representative
Speaker 1: of our times perhaps it's interesting UM. A man named
Speaker 1: Charles Garcia started it UM. He's an entrepreneur and has
Speaker 1: been in a lot of different networks UM, including Tiger
Speaker 1: twenty one, which is a very well known network. And
Speaker 1: he was at the Harvard Advanced Leadership Initiative where you
Speaker 1: go for ten months and you sort of create a
Speaker 1: project and develop it with a lot of the professors there,
Speaker 1: and he came up with this idea for our three
Speaker 1: sixty as a way to sort of get together a
Speaker 1: lot of like minded people with a lot of wealth
Speaker 1: who can learn from each other because you know, the
Speaker 1: rich do have different problems than you and me. But
Speaker 1: it's interesting too because it's isn't just professional problems? Is
Speaker 1: it personal problems? Are they? It's three six it's everything
Speaker 1: it is. You know, they talk about having like six
Speaker 1: areas of capital that you're going to focus on over
Speaker 1: that three year journey. So you have it spells fishes.
Speaker 1: It's financial, intellectual, spiritual, human, emotional authority, and social um
Speaker 1: fishes and so you sort of, UM, you're trying to
Speaker 1: gain mastery over all these six areas, and you're doing
Speaker 1: that in workshops, would say, like meetings of fifteen of
Speaker 1: your like minded peers, none from the same company or
Speaker 1: you know, industry, so that you can be very um open.
Speaker 1: But it is it's talking about you. I mean, it
Speaker 1: could be work, it could be a lot of the
Speaker 1: talk is about children people who have come into wealth.
Speaker 1: A lot of these people are entrepreneurs who sort of
Speaker 1: suddenly became wealthy, and they don't want their children to
Speaker 1: be corrupted. One interesting thing about this was how this
Speaker 1: is set up as an entity, a limited partnership with
Speaker 1: partners contributing three thousand dollars each. But the idea is
Speaker 1: that it'll never be sold. And as you report, they
Speaker 1: want this to be around a century or two from now. Right.
Speaker 1: They have very grand visions of what they hope to
Speaker 1: do with this group. Um it's forty eight members and
Speaker 1: they own I guess about six of the of our
Speaker 1: three sixty and um it's sort of unique and being
Speaker 1: member owned like that, and the members themselves are creating
Speaker 1: the programming. Although they're also creating programming wing with a
Speaker 1: lot of elite universities, you know, Harvard, Stanford, m I,
Speaker 1: t UM, special programs made just for their members. UM.
Speaker 1: But it's um, yeah, it's it's a unique it's a
Speaker 1: unique structure. Well, and I'm curious about, okay, if it
Speaker 1: is truly representative of our times. I mean, we we've
Speaker 1: talked about how much wealth creation, but I think about
Speaker 1: diversity inclusion, like, are they approaching I mean, if you
Speaker 1: really want to get smarter thought, most people would say
Speaker 1: you have to have diverse thought and inclusive thought. That's true.
Speaker 1: I mean, I think it is indicative of our of
Speaker 1: our times, just because there's so much wealth and the
Speaker 1: gaps between like the merely wealthy and the super wealthy
Speaker 1: are growing. Um. And they do have a special focus
Speaker 1: they say on women. Um, women will get a massive
Speaker 1: wealth transfer um in years from now. Um. So they
Speaker 1: have there's a Women's committee, there's a Rising Generation Committee
Speaker 1: of young you know leaders. Um. I think they have
Speaker 1: a diversity of thought, but they're you know, they're all very, very,
Speaker 1: very wealthy. Yeah, there's still a comic commonality. What about
Speaker 1: when it comes to access to deals or deal flow
Speaker 1: and actually having opportunities to get in on something. Yeah,
Speaker 1: that's a big part of it. It's a big part
Speaker 1: of any network, you know, Tiger twenty one, there's a
Speaker 1: lot of that there. And these are people who see
Speaker 1: a lot of deals, you know, So what they're doing
Speaker 1: is there. You know, people can present deals, but they
Speaker 1: want to be very disciplined about it, so they put
Speaker 1: it through a very rigorous checklist. They are the members
Speaker 1: form an investment committee and they go through a checklist
Speaker 1: of supposally a hundred different things, and then they send
Speaker 1: it out to an outside due diligence firm to look
Speaker 1: at sort of operationally as you know, up to snuff
Speaker 1: and financially, and then the member can propose a phone
Speaker 1: call and any member who wants to can call in.
Speaker 1: But they have, like many places, they have a really
Speaker 1: an emphasis on non solicitation because people just hate being
Speaker 1: I mean, you know, we'd love to get into some
Speaker 1: of these deals, right, but you know, if you're very wealthy,
Speaker 1: you're bombarded with deals all the time. Well, I also
Speaker 1: like to you talked I think a little bit about
Speaker 1: generational wealth, right, and you can actually make was it
Speaker 1: a film or a book about that? To me is interesting.
Speaker 1: I think it's kind of cool. Yeah, you could. They
Speaker 1: have a document they have a full time filmmaker on staff,
Speaker 1: and you get a documentary made. And the point is,
Speaker 1: you know, you want influence to be a good sort
Speaker 1: of capital there. They say, you want to influence generations
Speaker 1: that are to come that our benefits, that will benefit
Speaker 1: from your wealth. But they will never know you, and
Speaker 1: they will never know where the money came from and
Speaker 1: the work that it took and how many people were involved.
Speaker 1: So it's partly, you know, a document to create your legacy,
Speaker 1: and then you'll work on it over this three year journey,
Speaker 1: and at the end of the journey, presumably you will
Speaker 1: have a clear sense of your purpose in life and
Speaker 1: the good you want to do in the world, and
Speaker 1: you'll finish them. Perhaps somebody's listening right now, they're saying,
Speaker 1: I got a few hundred million dollars. I'm interested in
Speaker 1: the fishes idea. How do I get in? Sorry, you
Speaker 1: can't get in because we're done, because well no they're not.
Speaker 1: You can get in, okay, but but it's invitation only.
Speaker 1: So the fifty members that are there now they can
Speaker 1: each invite two people. They only want to get fifty
Speaker 1: people a year. No offense forgive me. But so right
Speaker 1: now it's just um, you know when you did, We've
Speaker 1: just got about twenty five seconds left. Suzanne. When you
Speaker 1: when you started working in the story what is it
Speaker 1: that you really wanted to know about it? Guy just
Speaker 1: wanted to know what they were going to learn from
Speaker 1: each other, you know, and what was the real demand.
Speaker 1: And it was interesting to hear a lot of it
Speaker 1: just being about children, which isn't really surprising, but a
Speaker 1: lot about as if to protect your children from sort
Speaker 1: of being I don't know, corrupted by my wealth. Yeah, right,
Speaker 1: we've seen it. There's certainly been lots of real life
Speaker 1: stories of it. Um great read most right story on
Speaker 1: the Bloomberg sits Annualie, thank you so much. She's personal
Speaker 1: finance reporter here at Bloomberg News in our interactive broker's studio.
Speaker 1: I'll do it. It's just saying you're listening to Bloomberg
Speaker 1: Business Week with Carol Masser and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Well, I mentioned to Potle, Mexican
Speaker 1: grill stocks down about three point two percent today. Company
Speaker 1: reported earnings after the close last night's sales last quarter,
Speaker 1: topping Alice estimates to Potle benefited from price increases and
Speaker 1: digital ordering, along with vaccination efforts that really help bring
Speaker 1: customers back into the stores. Let's get to it. Stuck
Speaker 1: by the way up about so far in one great
Speaker 1: to have back with us the chairman CEO of Chipotle,
Speaker 1: Brian nicol. He is joining us from Newport Beach, California. Brian,
Speaker 1: you know what we all want to know is did
Speaker 1: you just have a smoke brisket sandwich because they seem
Speaker 1: to be so in demand. Well, actually, I just had
Speaker 1: a smoke brisket case. We knew it, and we're jealous.
Speaker 1: We're gonna talk. We're gonna talk about this. Listen. What
Speaker 1: I love about talking to you is you have been
Speaker 1: in the consumer space, the restaurant space for a while.
Speaker 1: You are at Procton Gamble for ten years. You uh
Speaker 1: moved up the channel at Taco Bell, eventually becoming president CEO.
Speaker 1: You really repositioned that company. You understand this space. What's
Speaker 1: it like to be a CEO in this space when
Speaker 1: you're still dealing with the pandemic, You're dealing with labor inflation,
Speaker 1: wage inflation, and commodity inflation. How tough is it and
Speaker 1: how tough is this environment? Well? Look, you know one
Speaker 1: thing that's I've learned early in my career and still
Speaker 1: stands today is you've got to have a strong brand
Speaker 1: that stands for something in the consumer's mind to navigate
Speaker 1: all those headwinds that you just mentioned. And we're pretty fortunate.
Speaker 1: You know, Chipotle has always stood for food with integrity,
Speaker 1: and then when you peel that back, you know, we
Speaker 1: provide great culinary, tremendous customization really you know, I think
Speaker 1: world class access, and then you know, you roll that
Speaker 1: all together and we've got a really strong value proposition.
Speaker 1: So our brand has stayed really strong throughout all this,
Speaker 1: and we're really fortunate that, you know, we've got a
Speaker 1: brand that really resonates with consumers and resonates with our employees.
Speaker 1: But if I had to ask you to characterize the
Speaker 1: environment what we're what we'd would you use? Brian? Is
Speaker 1: it tough? Yeah, it's tough. You know, it's definitely tough.
Speaker 1: You you've got to make sure that you know, you've
Speaker 1: got clear strategies. You have to make sure that everybody's
Speaker 1: executing on all cylinders. And I'm really proud of our team.
Speaker 1: You know, I think our results speak for our strategies
Speaker 1: and our execute and the caliber of the people that
Speaker 1: we have across our organization. Um, it's and I don't
Speaker 1: think it's gonna get any easier here going forward. Well, Brian,
Speaker 1: you mentioned the power of the Chipotle brand when it
Speaker 1: comes to how consumers think about it. How much pricing
Speaker 1: power do you have to actually pass along higher costs
Speaker 1: that your experience, whether they're labor costs or commodity costs
Speaker 1: onto consumers. Yeah, you know, we we look at that
Speaker 1: both in the past, right, We have had to take
Speaker 1: some price recently, um, and we were fortunate to have
Speaker 1: such a strong value proposition that we didn't really see
Speaker 1: any resistance from consumers. We continue to attract closely what
Speaker 1: our value proposition looks like, and we continue have a
Speaker 1: really strong value uh score with consumers. And you know,
Speaker 1: a lot of people ask me, what does that really mean?
Speaker 1: You know, the way I bring it to light, a
Speaker 1: chicken burrito or a chicken bowl, which is the number
Speaker 1: one thing we sell, it's still less than eight dollars.
Speaker 1: And so when you stop and think about the you know,
Speaker 1: the culinary, the quality you of those ingredients, the customization
Speaker 1: of the meal for less than eight dollars, you're hard
Speaker 1: pressed to find that anywhere else. And that is what
Speaker 1: we mean by hey, we get we've got a tremendous
Speaker 1: value proposition, and we still have lots of pricing power
Speaker 1: moving forward. So you know, as I've said many times before,
Speaker 1: it's really the last thing we like to pull. We
Speaker 1: prefer you get the growth, find ways to cut costs
Speaker 1: to really be efficient. But if we need to use
Speaker 1: the pricing lever, we do it. We've done it in
Speaker 1: the past. We're pretty judicious with it, uh and fortunately
Speaker 1: we've navigated it really well well given the challenging environment
Speaker 1: that you describe to us, when realistically could you see
Speaker 1: yourself raising prices again, you know, it's something that we're
Speaker 1: looking at right now. We traditionally always evaluate near the
Speaker 1: end of the year what do we think inflation is
Speaker 1: gonna look like for you know, wages and a lot
Speaker 1: of our other input costs, So we always look at that.
Speaker 1: And then obviously in this environment right now, there's a
Speaker 1: lot of things that have been unexpected. Right Freight is
Speaker 1: really high. We believe that's going to be temporary. Versus wages,
Speaker 1: I think are going to continue to have some additional
Speaker 1: upward movement. Um, so we've got to figure out how
Speaker 1: to balance that. But you know, we're trying to figure
Speaker 1: out what is the priceing we want to take to
Speaker 1: cover things that are permanent versus the things that are temporary,
Speaker 1: and then balance that with you know, we have tremendous
Speaker 1: growth in front of us, so we want to make
Speaker 1: sure we're leveraging the growth to offset some of these
Speaker 1: costs to UM, because at the end of it comes
Speaker 1: back to I want people feeling great about the chicken
Speaker 1: burrito that they buy from us. You know, I want
Speaker 1: them all we're saying, well, I got a lot more
Speaker 1: for my money than any place else when it comes
Speaker 1: to picking a great meal. Hey, if we may just
Speaker 1: when we're question on prices, Brian, I mean, I think
Speaker 1: you guys raise prices menu prices by as much as
Speaker 1: four percent earlier in the year. So if we think
Speaker 1: about what you might raise prices by, do you have
Speaker 1: a number that's kind of being talked about at the
Speaker 1: at the company that you guys are just bouncing around.
Speaker 1: You know, I think we've been pretty consistent. We we
Speaker 1: usually take about two to three percent UM, and you know,
Speaker 1: we take a look at as I mentioned, all those
Speaker 1: other variables to help us inform what that should look like. UM.
Speaker 1: You know, whether or not it's gonna be necessary to
Speaker 1: go beyond that that's what we're waiting to try and understand. So,
Speaker 1: you know, the good news is we've got the strength
Speaker 1: of you know, a really powerful brand with I think
Speaker 1: excellent results. That gives us the flexibility on the timing
Speaker 1: of how we phase in pricing if we need to
Speaker 1: go beyond the two or three percent that we've taken historically.
Speaker 1: One of the challenges that many companies like yours are
Speaker 1: facing right now is labor. We talked about it so
Speaker 1: much at Bloomberg and our audience is really familiar with
Speaker 1: the challenges that companies are facing. How is staffing right now?
Speaker 1: What percent are you staffed? If you think about open
Speaker 1: positions that you have at restaurants throughout the country. Yeah,
Speaker 1: we're we're pretty fortunate. Um, you know, back in I
Speaker 1: guess it was like March April earlier this year, staffing
Speaker 1: was really challenging. Uh, you know, it kind of was
Speaker 1: one of those scenarios where as our dining rooms reopened,
Speaker 1: consumers became much more mobile, our demand just took off,
Speaker 1: and you know, we were caught behind staffing our restaurants
Speaker 1: and it took us a while to get caught up.
Speaker 1: You know, we still have you know, a couple of
Speaker 1: hundred restaurants where you know, we're challenged with the staffing.
Speaker 1: The good news is though it's much more across the country. Uh,
Speaker 1: you know, it's a couple of restaurants in the region
Speaker 1: here or there, and we're being very you know, surgical
Speaker 1: on how do we ensure that restaurant gets the staffing
Speaker 1: necessary to be successful. But it's a tough environment, make
Speaker 1: no mistake, And I kind of come back to where
Speaker 1: we started earlier. It's like the way we recruit is
Speaker 1: we talked about the strength of the brand, we talked
Speaker 1: about the growth opportunities, and then obviously this is what
Speaker 1: the proposition looks like when you get started with us,
Speaker 1: you know, from wages to benefits to you know, being
Speaker 1: a part of the great team. So, um, it's a
Speaker 1: tough environment, no doubt. Are you at all worried, Brian
Speaker 1: about workers trying to unionize in this environment? I mean
Speaker 1: it does feel like as they get you know, hourly gains,
Speaker 1: there feels like the workers feeling empowered at this point.
Speaker 1: Is that at all on your mind? You know, Look
Speaker 1: what I what I want to make sure is we're
Speaker 1: giving our employees a great experience. And my belief is
Speaker 1: Chipotle is a place that gives employees tremendous personal growth
Speaker 1: as well as, you know, business growth. And there aren't
Speaker 1: many places where you can join an organization as a
Speaker 1: crew member and in a couple of years find yourself
Speaker 1: running a multimillion dollar restaurant with a team of thirty
Speaker 1: to thirty five employees. But I think what also gets
Speaker 1: people excited is and then there's a path to being
Speaker 1: a leader of multiple units, right where you get above
Speaker 1: the store and now you're overseeing seven eight restaurants, and
Speaker 1: you know the next levels our team director where you're
Speaker 1: overseeing restaurants. The fact that we're gonna go build three
Speaker 1: thousand or more restaurants, the growth for you professionally, it's
Speaker 1: just tremendous. And then we want to make sure we're
Speaker 1: providing everything we can so that personally you're growing. Um.
Speaker 1: You know, we have tuition reimbursement, that free degrees, mental
Speaker 1: health benefits. But you know it's I think when you
Speaker 1: give people a great experience at the job, they're delighting
Speaker 1: to be a part of it. And that's our mission
Speaker 1: is I want people feeling great about working at your pole,
Speaker 1: so that you know frankly, when they tell people where
Speaker 1: they were, they do it with a lot of pride. Yeah,
Speaker 1: and you can definitely feel it, and I've seen it
Speaker 1: first time, where you guys work with people to to
Speaker 1: to move them through and up the chain in terms
Speaker 1: of responsibility. Hey, one thing we've got to ask you.
Speaker 1: I know we've talked about this before you and I
Speaker 1: were together, just as everything was shutting down, you know,
Speaker 1: thinking about protocols and what it all meant. How do
Speaker 1: you plan to handle that vaccine mandate that we're starting
Speaker 1: to see for large employers UM for your restaurant, especially
Speaker 1: since you don't franchise. How do you do that? What's
Speaker 1: the plan? Yeah, well, obviously we're still waiting for all
Speaker 1: the details to come from OSHA on what that looks like.
Speaker 1: But yeah, you touched on we have Clostal a hundred
Speaker 1: thousand employees UM and you know this is going to
Speaker 1: be a logistical challenge. But nonetheless, we've got a great
Speaker 1: team that leads are UH well being and health program
Speaker 1: and UH they've done a phenomenal job to COVID. I'm
Speaker 1: confident we'll figure out how to navigate, you know, meeting
Speaker 1: or complying with this new uh ocean requirement around you know,
Speaker 1: vaccinations are getting a COVID test, a negative COVID test
Speaker 1: order work. Um. You know, I'm hopeful that you know,
Speaker 1: the feedback has gotten back to the folks that are
Speaker 1: making the policy on this so that it is something
Speaker 1: that's executable. Um, because you know, I'd rather have a
Speaker 1: program that we can comply and actually make progress versus
Speaker 1: a program that sends us backwards. You're not doing testing.
Speaker 1: You're not doing testing yet, are you? No? Okay, okay,
Speaker 1: we're curious about that. We should talk about digital because
Speaker 1: you know that's a big thing. Yeah, we saw some
Speaker 1: growth year over year when it comes to digital ordering.
Speaker 1: I'm wondering when you think that what you think it
Speaker 1: was going to happen when it comes to the goals
Speaker 1: that you have for digital ordering, Like, what do you
Speaker 1: want to see in terms of digital versus in store? Yeah,
Speaker 1: you know, look, this was a really exciting quarter for
Speaker 1: us because you know, it was record sales when it
Speaker 1: comes to digital. But our dining rooms did over one
Speaker 1: point one billion dollars in sales, So you know, our
Speaker 1: two billion dollar quarter was really you know called eight
Speaker 1: or nine million digital and over a billion dollars of
Speaker 1: being in the dining room. And you know, we've always
Speaker 1: thought these businesses are unique occasions, and um, I think
Speaker 1: we're demonstrating that. So you know, right now we're settling
Speaker 1: in kind of of the business. Um. But you know,
Speaker 1: the absolute dollars is really what we're focused on because
Speaker 1: we want to continue to grow that digital business while
Speaker 1: we grow our dining rooms. And it will be part
Speaker 1: of the puzzle for how we get our averaging booms
Speaker 1: to go above three million is continue to drive those
Speaker 1: two businesses, which today definitely appear to be different occasions
Speaker 1: and therefore very complimentary. All Right, So we know smoke
Speaker 1: brisket is a limited run. We're here, it's going to
Speaker 1: even end even sooner Brian, because it's been so popular.
Speaker 1: So what's the next thing? Guys are experimenting with plant
Speaker 1: based items, what's the next thing that we can maybe
Speaker 1: look forward to? Yeah, well, the the uh, the next
Speaker 1: exciting menu item is this plant based toreriso. Um. You know,
Speaker 1: we we've added in test in a couple of markets.
Speaker 1: I you know, had the ability to go out and
Speaker 1: visit a few of these markets and I'll tell you
Speaker 1: what it just tastes amazing. I'll give you a pro
Speaker 1: tip right now, like plant based triso with some white
Speaker 1: rice and caeso and a taco. Uh, it's tough to
Speaker 1: be so um. You know it makes you feel really
Speaker 1: good about eating plant based that that much, I can
Speaker 1: tell you. Um. So yeah, we're excited about that. We've
Speaker 1: got a great culinary team. They're working on a lot
Speaker 1: of other ideas down the road. Uh. The idea is
Speaker 1: we always want to be listening to what consumers are
Speaker 1: asking us to provide and then also leading consumers palates.
Speaker 1: And I think we did a pretty good job this
Speaker 1: year demonstrating that right Like we did cauliflower rice, which
Speaker 1: was leading consumer palets the case Todia digitally was listening
Speaker 1: to consumer's request. And then the smoke brisk it I
Speaker 1: think was just a kind of a culinary plus up.
Speaker 1: So uh, you know, the sauce of those guys created
Speaker 1: around our brisk it is just fabuless um and you know,
Speaker 1: the meats terrific. So I'm I'm loving kind of the
Speaker 1: cadence that we've got. Our culinary team does a fabulous job,
Speaker 1: and uh, our operators do a great job of executing
Speaker 1: all I'm gonna say is I'm really hungry and with
Speaker 1: the Theresa. You forgot the margharita. That's the only thing
Speaker 1: that you left out. Hey, listen, Brian, you know we'll
Speaker 1: work on that. Hey, be well, you know, it was
Speaker 1: always good to check in with you. We really appreciate it.
Speaker 1: Brian Nicol of course, chairman and CEO to Polo Mexican
Speaker 1: Grill joining us there from Newport, Newport Peach. Excuse me, California.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Bloomberg
Speaker 1: Quick Takes Tim Stinovic from Bloomberg Radio in our weekly
Speaker 1: Crypto segment, putting the spotlight back on the documentary The
Speaker 1: Bitcoin Dilemma having its world premier as we speak. Technology futurist,
Speaker 1: documentarian and author Ian Khan is the individual behind it.
Speaker 1: He's back with us here on Bloomberg Business Week, and Tim,
Speaker 1: he's interact. He is Ian. It's so great to have
Speaker 1: you back on the show with us. First, give us
Speaker 1: an update on on on why you're interacting. What you're
Speaker 1: doing there. So, Iraq is an emergent market for me.
Speaker 1: I'm just consulting here and you know, helping the government
Speaker 1: figure out the future trends. So just a bit of
Speaker 1: work and uh yeah, a day a day office. Well,
Speaker 1: how how is the government thinking about this technology? And
Speaker 1: how should governments be thinking about this technology? In your opinion,
Speaker 1: I think governments have the biggest responsibility of looking at
Speaker 1: future trends and things that shape tomorrow. I mean, look
Speaker 1: at crypto. It is such an important thing that plays
Speaker 1: a big part in governance. Whether you're a government in
Speaker 1: North America, Latin America, maybe East it doesn't matter. Governments
Speaker 1: have to take uh, cryptocurrency perviously as an example. You
Speaker 1: have to take ouraging technology is very seriously and know
Speaker 1: what can shape the futures onto your country. What are
Speaker 1: the questions that they're having over cryptocurrencies? And I think
Speaker 1: it's a it's an interesting week to to be having,
Speaker 1: at least here for the United States, because we saw
Speaker 1: I feel like crypto take a big step forward as
Speaker 1: a result of a Bitcoin futures et F having its
Speaker 1: debut this week. It does feel like the regulatory front
Speaker 1: is slowly increasingly jumping on board, certainly here in the US.
Speaker 1: What are the questions, the smart questions that bankers are
Speaker 1: having central bankers, So so you've been surprised to hear that. Uh.
Speaker 1: And you mentioned that the documentary launched in in the meding,
Speaker 1: So it launched in Goodbai, having the event with a
Speaker 1: hundred thousand people attending, and uh, it's that's that's groundbreaking.
Speaker 1: And a huge part of that conference was cryptocurrency blocking
Speaker 1: technology and all of the related items you know, E
Speaker 1: f T S and uh sorry, n f T S,
Speaker 1: uh and and so on, even the Metah. The biggest
Speaker 1: question right now is what is happening in terms of regulations,
Speaker 1: what is regulated, what is not regulated? Where is stability?
Speaker 1: But there's definitely not not I didn't say too much hype,
Speaker 1: but there's a lot of interest notes from the private
Speaker 1: sector as well as the government sector in anything related
Speaker 1: to block to in cryptocurrency, UM, n F T and
Speaker 1: so on. Sorry, I want to make sure I got
Speaker 1: this number right. How many people did you say attended?
Speaker 1: A hundred thousand, one hundred thousand people. A hundred thousand
Speaker 1: people attended the screening of this What does that tell
Speaker 1: you know, attended attended the event which my documentary screen Okay,
Speaker 1: but one hundred thousand people did not attend my document screening.
Speaker 1: Great it still does that would be great. It still does.
Speaker 1: It still does speak though to the appeal that cryptocurrency
Speaker 1: and is having right now around the world. Hey, I'm
Speaker 1: wondering because you consult with governments all over and because
Speaker 1: you look at this so closely, give us an example
Speaker 1: of a tree that's just doing this really well. You
Speaker 1: look at the government of um, well, different governments, and
Speaker 1: I know El Salvador has been in the new quite
Speaker 1: a bit with their bitcoin adoption, and I feel, um
Speaker 1: they still have a long way to go before you
Speaker 1: can truly call it an amazing Jain's case and a
Speaker 1: big success. Uh sorry, I'm starting off on the on
Speaker 1: the on the on the on the a little bit
Speaker 1: of a down the right. So if there's any government today,
Speaker 1: there isn't a use case where they're fully adopted crypto
Speaker 1: or they're moving fast towards it. Government is divide definitely
Speaker 1: has a blockchain um side to it. They have a
Speaker 1: blockchain initiative. The United Arab Emirates, where I was just
Speaker 1: now a couple of days ago, they have a federal
Speaker 1: blockchain strategy, which is hard to come by in some
Speaker 1: other places. The Netherlands has a has a Dutch blockchain coalition.
Speaker 1: Singapore has something similar, So many governments across the world
Speaker 1: are focusing on blocked in definitely because it's much more
Speaker 1: than just cryptocurrencies. Would you would have created essentially only blocked.
Speaker 1: I wish there were the use case that that has
Speaker 1: solved it all that there isn't yet. Well, you know,
Speaker 1: when you talk about hype, what is the hype? I
Speaker 1: mean we are all still trying to figure out what
Speaker 1: it is. And you know, if there are futures, what
Speaker 1: is it, what is the underlying asset that you're actually buying.
Speaker 1: I mean, there's so many questions out there. What do
Speaker 1: you see if you have to whittle it down to
Speaker 1: what is really the hype in your view or or
Speaker 1: and and certainly from the experts that you talk to
Speaker 1: for your for your documentary, that's a great question. The
Speaker 1: hype essentially is over expecting from any new technology, in
Speaker 1: my opinion, So if it's blocking, then blocked and will
Speaker 1: solve every problem that we have. So let's take the
Speaker 1: piece of technology and find a problem, which is a
Speaker 1: long way of solve problems. Another hype is cryptocurrencies are
Speaker 1: the future. Let's all investing cryptore cities right now and
Speaker 1: bitcom because the prices all is going to go up
Speaker 1: and it's going to be beautiful tomorrow. All those are
Speaker 1: hyped up statements. I think there's a realism that we
Speaker 1: need to deal with. Cryptocurrencies are unrea regulated, the stability
Speaker 1: they afford, the needs a lot of things before we
Speaker 1: can say, a this asset class is stable, and yet
Speaker 1: it's the real, something real that's coming in. That's all
Speaker 1: a little bit of that has happened just now with
Speaker 1: the new um he has created. I think hype is
Speaker 1: just over blown indistications, not necessarily distrusting something that is
Speaker 1: something good, but thinking that this is the best thing ever.
Speaker 1: Are you concerned in about volatility in the prices of
Speaker 1: cryptocurrencies pushing people away from from interest people saying, wait
Speaker 1: a second, if this thing moves so quickly and so much,
Speaker 1: then I don't want to touch it, and I'm kind
Speaker 1: of scared of it. I'm actually concerned with people who
Speaker 1: are not listening to that, and they're still invested in
Speaker 1: cryptocurrencies thinking they're going to triple in quadruple their money.
Speaker 1: There's many people who are doing that right now, and
Speaker 1: those are the people I'm concerned for. I'm very confident
Speaker 1: that eventually, you know, a few years from now, a
Speaker 1: decade from now could differently what have you In that
Speaker 1: entire ecosystem will be stable and all be good, But
Speaker 1: I think we have to tread carefully and not dumb
Speaker 1: all or for one case, and there's not put all
Speaker 1: of us investments into it, but there is a volatility.
Speaker 1: Is okay for large institutional investors because they can play
Speaker 1: around with it, but not for people who who are
Speaker 1: just tested this out right a lot of caution. Hey,
Speaker 1: and just got about thirty thirty five seconds left here.
Speaker 1: Can you look into your crystal ball and say, okay,
Speaker 1: bitcoin is going to replace X in the future, or
Speaker 1: or you know something that we count on today but
Speaker 1: it will replace it. Is there something in your mind
Speaker 1: that makes sense as a as a come out as
Speaker 1: as an asset class that we invest in and it's
Speaker 1: being good good valuation back, I think bitcoin may not
Speaker 1: place anything, but the definitely do that because apply also
Speaker 1: and if keys are going to rise, I think they're
Speaker 1: going to be very big in the next stuff. So
Speaker 1: these two things that will be got now, Okay, we're
Speaker 1: gonna leave it there. Yeah, so many questions. Uh, as
Speaker 1: you say, you see a lot of hype, but a
Speaker 1: lot of it is covered in that new documentary The
Speaker 1: Bitcoin to Lemma in con is behind It technology futurist
Speaker 1: documentary and author joining us on this Friday on the
Speaker 1: phone from Iraq. This is Bloomberg. I'm ro yeah, but
Speaker 1: you let me drive. Oh no, no, no no, this
Speaker 1: is not a toy. All right please, I'll do the
Speaker 1: riding gravels. I want to drive. It's a good question.
Speaker 1: Drive this good drive to the clothes well up on
Speaker 1: Bluebird Radio. Yes, and we're gonna cunt you down to
Speaker 1: the clothes. But as we do, we just want to
Speaker 1: to the headline crossing the Bloomberg terminal. And I do
Speaker 1: see Bristol Myers Squib expressing interest in acquiring rival biopharmaceutical
Speaker 1: com Arenia Pharmaceuticals. This is according to people and the
Speaker 1: no quick check on Arenia Pharmaceuticals as the target and
Speaker 1: it is definitely Spika. It is now up ten point
Speaker 1: six percent, so uh straight up on that news. No
Speaker 1: surprise there h New York based company recently approached a
Speaker 1: Reinia about a deal. So the people who has not
Speaker 1: to be identified because the matter is in public, no
Speaker 1: final decision has been made in Bristol Myers could op
Speaker 1: against any potential deal. They said, Yeah, another big scoop
Speaker 1: by Art Deals reporter at Hammond. Check it out at
Speaker 1: the Bloomberg terminal. M and A continues, It's going to
Speaker 1: be a record year, folks for M and A. We're
Speaker 1: on track for that. All right, let's get into it
Speaker 1: and let's see what our next guest has to say
Speaker 1: about the market environment. What is uh, what what's on
Speaker 1: the mind of investors? I should say Rebecca Corbin, founder
Speaker 1: and chief executive officer at Corbin Advisors. She joins us
Speaker 1: back with us on the phone from Farmington, Connecticut. Hey, Rebecca,
Speaker 1: good to have you here. When I see M and
Speaker 1: A deals to me, it says, uh, there's optimism in
Speaker 1: the market and companies have money to put to work.
Speaker 1: I should point out Arenia too, by the way, folks,
Speaker 1: is halted because of the volatility in that big move up,
Speaker 1: so triggering some trading stops there. Um, you guys, you
Speaker 1: check what's on the minds of investors? What are you hearing? Well,
Speaker 1: Good afternoon, Carolyn, tim Happy Friday. Thank you for having
Speaker 1: me back. You know, M and A is a very
Speaker 1: interesting topic right now. Like you said, it's been a
Speaker 1: record year um, lots of records being said. I don't
Speaker 1: know if that gives anybody cause feels a little peaky
Speaker 1: to me. Okay, yeah, Well I just want to stop
Speaker 1: you there, because that's something I think about a lot.
Speaker 1: What What's that's sort of what these superlatives mean about
Speaker 1: the economic cycle and where you think we are. Well,
Speaker 1: I'm not sure that we are in any economic cycle.
Speaker 1: I think we're in a supercycle that is an orbit
Speaker 1: around COVID And you know, going back to the vacuum
Speaker 1: that happened in April when like a tsunami, the water
Speaker 1: just receded and the beach was exposed, that was a
Speaker 1: lack of demand to that prophecy. Coming to fruition in
Speaker 1: the second quarter of twenty everybody actually sign a sigh
Speaker 1: of relief because it was better than expected, even though
Speaker 1: companies were down. To Fast forward to you know, over
Speaker 1: the summer and into this year with the massive amount
Speaker 1: of capex that's been plowed into the world globally, and
Speaker 1: now we're starting to see that massive demand and clearly
Speaker 1: the supply chain can't handle it. Coupled with other issues
Speaker 1: such as weather and UH and and port congestion, etcetera.
Speaker 1: So you know, I'm not going to say that we're
Speaker 1: in a normal economic cycle. We're in the cycle of
Speaker 1: what is going on with COVID and that still has
Speaker 1: to play out, UM, but I will tell you that
Speaker 1: there is a confluence of events that are happening where
Speaker 1: there is now a shift after several quarters of building
Speaker 1: optimism and really strong results where a number of companies
Speaker 1: were beating and raising precedentedly raising guidance in Q one,
Speaker 1: unprecedentedly raising guidance in Q two, to where we are today.
Speaker 1: This is the first quarter that we are seeing supply
Speaker 1: chain disruption and cost inflation, which I will remind you
Speaker 1: we've been identifying as an issue since fourth quarter twenty
Speaker 1: coming home to roost and having material impact on results.
Speaker 1: A lot of carcass is going to be on the
Speaker 1: road this quarter and next. Well, I see what you're saying,
Speaker 1: But is it maybe difficult for another quarter but ultimately
Speaker 1: manageable as as supply chains right themselves, Because it does
Speaker 1: seem like you know J. Powell making some comments, he said,
Speaker 1: the global supply chain will resume functioning over time. It's
Speaker 1: a very uneven recovery. UM risk still too clearly to
Speaker 1: battle nicks and higher inflation. But they do feel like
Speaker 1: their policy is in a good, good place. I mean,
Speaker 1: we still see some dislocations, no doubt about it. Just
Speaker 1: to look at look at the labor market. We just
Speaker 1: talked to the Chipotle CEO. But nonetheless, you know, people
Speaker 1: are buying lots of stuff and we are still me
Speaker 1: being a lot of demand. The supply chain, I believe,
Speaker 1: based on channel checks is under appreciated in terms of
Speaker 1: the impact that we will see what companies in terms
Speaker 1: of um not truly understanding the second, third, fourth derivative
Speaker 1: of supply chain dislocation and how globally interconnected we are.
Speaker 1: And while there is very very strong demand, that is,
Speaker 1: you know, earnings calls for the fact the past three quarters,
Speaker 1: including this quarter, have talked about strong demand, strong growth,
Speaker 1: record record levels. That's that's true, and they're seeing that. However,
Speaker 1: these issues are very significant, and some of these are
Speaker 1: not transitory. You know, labor inflation is not transitory. It
Speaker 1: is very difficult when you have wages up in some
Speaker 1: cases to actually walk that back down. What has to
Speaker 1: happen for wages to reset at pre pandemic levels, if
Speaker 1: you will, or levels that are not inflated at this
Speaker 1: at this rate, we have to go through a layoff
Speaker 1: period um. And so you know as and I'm not
Speaker 1: suggesting we will go through that, but clearly labor inflation
Speaker 1: is not transitory and you cannot take that away. And
Speaker 1: right now the employee is in the command seat because
Speaker 1: of the labor shortage and because of the demand, and
Speaker 1: companies are paying these levels. Um. But when demands starts
Speaker 1: to decelerate, and it will have to do that, um,
Speaker 1: we will see you know, that scenario play out. So
Speaker 1: I just you know, the supply chance scenario is one,
Speaker 1: but that is setting kind of a fuse for other
Speaker 1: things to happen in order for you know, the environment
Speaker 1: that we're in too right itself, because the pendulum just swung,
Speaker 1: you know, one way too far and the other way
Speaker 1: too far, and we're trying to get back to center. Okay,
Speaker 1: So how do you play an environment like this, the
Speaker 1: one that you describe Where are you putting where are
Speaker 1: you putting money? Well, I can tell you where investors
Speaker 1: are putting money. Um, They're putting money in pure plays
Speaker 1: because they're very easy to understand. Um, They're putting money
Speaker 1: in North America out of all of the regions. North
Speaker 1: America is the biggest bet um and interestingly, they're putting
Speaker 1: money in small caps. So you know, those are three.
Speaker 1: The other which I think is very interesting, and again
Speaker 1: I love to read the tea leaves of our research.
Speaker 1: And you know, this quarter we saw a tremendous shift
Speaker 1: in sentiment. The top three UM investment thematic is cost
Speaker 1: cutting initiatives. When we start to see companies announcing cost
Speaker 1: cutting initiatives, that's a sign that is a sign of
Speaker 1: UM strain on the organization. And because companies have been
Speaker 1: spending handover foot with regard to reinvesting in their business,
Speaker 1: which is why we're in this type of environment. Companies
Speaker 1: were sitting on boatloads of free cash flow in the
Speaker 1: second quarter and third quarter of twenty what did they do.
Speaker 1: They've loud it all into the market, and so they
Speaker 1: created this demand for services and goods. Consumers felt great
Speaker 1: about it as well, because there was this exuberance around
Speaker 1: you know, summertime and getting through COVID, etcetera. And you know,
Speaker 1: so we're watching to see what happens with reinvestment strategies.
Speaker 1: And you talked about M n A and M and
Speaker 1: A is at as at a record pace, UM, you know,
Speaker 1: and and investors. What was shocking to to me quite frankly,
Speaker 1: having tracked investor sentiment for the past twenty years UM,
Speaker 1: after seeing reinvestment at such high levels quarter over quarter
Speaker 1: for three consecutive quarters, this quarter was the first time
Speaker 1: that debt paid down came into focus as the number
Speaker 1: one preference in our inside the Buy Side Earnings primer
Speaker 1: starting which we published last week. And not only that,
Speaker 1: but the level of UM comfort with debt levels went down,
Speaker 1: so we saw a big sharp increase in net debt
Speaker 1: to even at around one time. All right, just a
Speaker 1: very very conservative yeah, that is that certainly does speak
Speaker 1: to a conservative action. Hey Rebecca, we've got a run.
Speaker 1: Rebecca Corbyn, founder and CEO Corby Advisors, with us on
Speaker 1: the phone from Farmington, Connecticut. Thanks for listening to Bloomberg
Speaker 1: Business Week. Download the podcast on iTunes, SoundCloud or Bloomberg
Speaker 1: dot com, and you can also listen to our radio
Speaker 1: show at two pm Eastern on Bloomberg Radio or watch
Speaker 1: us on YouTube search Bloomberg Global News