Speaker 1: This is Bloomberg Business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happens. Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. The war in Ukraine remaining
Speaker 1: atop the headlines, with the humanitarian and economic costs still
Speaker 1: on the rise, and as Russia's economy gets driven further
Speaker 1: into isolation, some investors think they may be able to
Speaker 1: capitalize on the carnage. That's the subject of our international
Speaker 1: cover story. Also ahead on our broadcast will explore the
Speaker 1: most important link in the U S. Pharmaceutical supply chain
Speaker 1: and here's a hint, it is not China. We've also
Speaker 1: got an unlikely comeback story from America's Postmaster General. Plus
Speaker 1: NBA star Chris Paul's Financial Playbook will take you behind
Speaker 1: the scenes with the kings of fast casual dining. Carol
Speaker 1: goes one on one with the CEO of Chipotle Mexican
Speaker 1: grow It's a pack couple of hours. All of that
Speaker 1: to come. We begin though with our editors roundtable this
Speaker 1: week's international cover of Bloomberg business Week magazine. It's also
Speaker 1: I gotta say, check out the image. It's quite a
Speaker 1: cover image. The story it is about the financial vultures
Speaker 1: tapping into what maybe the opportunity of a lifetime. Bloomberg
Speaker 1: Business Week Editor at Large Eric Shatzker wrote the piece.
Speaker 1: He and Bloomberg Business Week editor Joel Webber help us
Speaker 1: break down a case study and distressed investing that's playing
Speaker 1: out in real time. Bosses everywhere, We'll love this one.
Speaker 1: This is why returned to office policies exist. Eric and
Speaker 1: I were just brainstorming while we were both in the office,
Speaker 1: and I was like, look like, I think the big
Speaker 1: question that everyone's wondering is like, who's buying Russian debt?
Speaker 1: Because that is could be viewed as toxic. A lot
Speaker 1: of people feel that way, just want nothing to do
Speaker 1: with it, and yet it also could become a major
Speaker 1: buying opportunity. Uh. And that led Eric to make some calls,
Speaker 1: and what he found was that lo and behold, maybe
Speaker 1: some of the usual suspects were actually doing just that.
Speaker 1: So so Eric quit, what does this strategy look like?
Speaker 1: And talk about the morality side of it, because a
Speaker 1: lot of people just don't want to go there. Oh yes, uh, well,
Speaker 1: let's set aside the morality for a second and begin,
Speaker 1: as you say, with the strategy. There's two ways of
Speaker 1: thinking about Russian debt. You can either buy the Russian
Speaker 1: sovereign debt, which your bonds issued by the Russian Federation,
Speaker 1: or you can buy Russian corporate debt. Now, sovereign debt
Speaker 1: has been trading at a big discount. Initially was trading
Speaker 1: at twenty cents on the dollar. In some cases you
Speaker 1: could get a yield north of seventy pretty extraordinary even
Speaker 1: in the distressed world, and corporate debt was trading in
Speaker 1: the same neighborhood. Now, one of the reasons the Russian
Speaker 1: debt was trading in such a discount is that some people,
Speaker 1: some very notable people. In fact, I thought that Russia
Speaker 1: was going to default on interest payments as early as
Speaker 1: the middle of March, and it hasn't defaulted. In fact,
Speaker 1: Russia made the interest payments, those bonds have re rated,
Speaker 1: and anyone who bought in that early. Again, we're talking
Speaker 1: about the sovereign debt has made out at least on
Speaker 1: paper like a bandit. So far um the other opportunities
Speaker 1: I say, was corporate debt. You could buy Russian corporate
Speaker 1: bonds also trading at a huge discount, to part with
Speaker 1: high yields and hope that you get paid back there
Speaker 1: as well. Now this is where the moral quandary enters.
Speaker 1: The equation if you're buying Russian sovereign debt, even though
Speaker 1: U S sanctions and European sanctions allow you to do so,
Speaker 1: are you tacitly supporting Putin's war in Ukraine. Many people
Speaker 1: think that that is the case, which is why even
Speaker 1: the most adventurous distress debt investors have instead opted for
Speaker 1: the corporate debt. Why because it's a little further away
Speaker 1: from Putin himself, and also because in theory, there are
Speaker 1: better recovery opportunities if these companies default, which is to say,
Speaker 1: stop making interest in principal payments. Some of these bonds
Speaker 1: are governed by British law. For example, they were issued
Speaker 1: in the Netherlands, and you could go to court and
Speaker 1: you might actually win control over some of these companies.
Speaker 1: Assets outside the Russian Federation could be in Spain, could
Speaker 1: be in Italy, could be in the United States, even,
Speaker 1: which is the case with Luke Oil, one of the
Speaker 1: bonds that these distressed debt investors have been buying. Many
Speaker 1: Americans are familiar with Luke Oil gas stations. Luke Oil
Speaker 1: has assets here, so if you made a case against
Speaker 1: that company under those circumstances as a creditor, you might
Speaker 1: actually win those assets. Pretty remarkable. Hey, take a step back.
Speaker 1: I'm always thinking about the conversations you had initially as
Speaker 1: you worked on this story, and how many people sa,
Speaker 1: I will talk to you, but you gotta keep my
Speaker 1: name out of it. This is so interesting, right, Distressed
Speaker 1: debt is a funky business to start with, because these
Speaker 1: investors are buying toxic Yes, yes, yes, they have acquired
Speaker 1: that Moniker. They're buying toxic securities. And particularly if you're
Speaker 1: operating in distressed sovereign debt whish to say, government debt,
Speaker 1: often emerging markets, you find yourself in the middle of
Speaker 1: things like humanitarian crises or negotiating with dictators, and that
Speaker 1: is not a suit that many people find that comfortable
Speaker 1: to begin with. Russia is a different story altogether, because
Speaker 1: this is war. There's human tragedy, there are people dying, bodies,
Speaker 1: you know, in the streets, maternity wards being bombed out.
Speaker 1: We've seen these images on television and for those reasons, um,
Speaker 1: there's much more reputational risk, let's say, involved with the
Speaker 1: Russian debt even than there is in things like Venezuelan debt.
Speaker 1: And so some investors who have participated in distressed opportunities
Speaker 1: like Venezuela won't even go near Russia. And I find
Speaker 1: that quite fascinating. Not only won't those people go near it,
Speaker 1: but the people who are buying. And I did talk
Speaker 1: to a number of hedge funds that have been buying
Speaker 1: Russian corporate debt. Again we're not talking about the sovereign debt.
Speaker 1: They won't even admit to doing that publicly because of
Speaker 1: the risk of approbe realm and the fact that many
Speaker 1: of their clients, pension funds, have asked them not to
Speaker 1: buy any Russian debt, in fact, a divest of all
Speaker 1: Russian assets. And what are some of them doing. They're
Speaker 1: turning around to those clients and saying, I'm not going
Speaker 1: to fire you as a client, but I'm going to
Speaker 1: have to treat your funds differently, and I'm sorry, you're
Speaker 1: just gonna get lower returns, which unfortunately is quite possibly true.
Speaker 1: That was Bloomberg Business Week Editor at Large Eric Shatzker,
Speaker 1: along with the editor of the magazine, Joe Weber. More
Speaker 1: from our editor's roundtable to come later this hour, including
Speaker 1: our domestic cover story on NBA superstar Chris paul Up. Next,
Speaker 1: find out who's really in control of our drug supply
Speaker 1: chain and which virtual health platform received a major investment
Speaker 1: from private equity heavyweights. You're listening to Bloomberg Business Week.
Speaker 1: This is Bloomberg. This is Bloomberg Biz to this week
Speaker 1: with Carol Messer and Bloomberg Quick Takes. Tim Spinovik from
Speaker 1: Bloomberg Radio. A few years back, I was doing some
Speaker 1: research Tim it. I really was schooled on how much
Speaker 1: the global pharmaceutical industry relies on India for manufacturing and supplies.
Speaker 1: Bloomberg News healthcare reporter and Edne writes about it in
Speaker 1: this week's Solutions section. She and Business we get inriginal.
Speaker 1: Webber explain why many Americans are likely unaware of their
Speaker 1: primary drug source and our geopolitics factor in. There have
Speaker 1: been several years or longer decades where you know, the
Speaker 1: FDA as well as UM lawmakers have been talking about
Speaker 1: China and India and how they supply active ingredients for
Speaker 1: our drugs in kind of an equal way there they'
Speaker 1: you know, the SBA has put out a little bit
Speaker 1: of data m did not go nearly as deep as
Speaker 1: uh the U S Pharmacopeia Group, but they you know,
Speaker 1: it made it look like they were they were a
Speaker 1: little bit more equal footing far as far as providing
Speaker 1: active ingredients go and um, you know that was what
Speaker 1: surprised me. I mean, India's just by far has the
Speaker 1: the you know a vast amount of the large factories,
Speaker 1: um that are making these active ingredients that go into
Speaker 1: the US market. So explain you know, in terms of
Speaker 1: active ingredients, you know, this is what the core of
Speaker 1: so many pharmaceuticals that maybe we take for granted. Yeah,
Speaker 1: this is you know, the key material. This is the
Speaker 1: key chemical that you need and your drug to to
Speaker 1: make it work. So you know, if you're taking tile
Speaker 1: and all um, you'll see you know, it's also called
Speaker 1: a set aminicine, and that's the active ingredients because that's
Speaker 1: what's actually making your headache go away or your pain
Speaker 1: go away. There are inactive ingredients that go into it.
Speaker 1: Um that may mostly probably bind it and and things
Speaker 1: like that, or or help with an extended release if
Speaker 1: that's the kind of drug it is. But the active
Speaker 1: and median is basically what makes it work. And and
Speaker 1: I'm curious, as you know, we're thinking about the geopolitical
Speaker 1: backdrop that has suddenly emerged in you know, the India's
Speaker 1: um being more closely aligned than with Russia than maybe
Speaker 1: a lot of people expected. Like how hard would it
Speaker 1: be to bring the production of these active ingredients back
Speaker 1: to the US. That is extremely difficult. Um. You know,
Speaker 1: the the drugmakers don't really you know, they're they're perfectly
Speaker 1: comfortable relying on India. It's it's cheap enough, you know,
Speaker 1: where they want to go, and so incentivizing them to
Speaker 1: come back in some way federal incentive helping props them
Speaker 1: up with you know, expanding factories they may already have
Speaker 1: here um is probably you know, one of the few
Speaker 1: ways that that it's going to happen. But you know,
Speaker 1: even then, when if a company decides to build a
Speaker 1: factory here or expand something, it can take several years
Speaker 1: to get that going. It's not just like flip the switch.
Speaker 1: We had this you know, production line lying around it
Speaker 1: has to be very specific to the type of drugs
Speaker 1: they're trying to build in things like that. So, um, this,
Speaker 1: this information that us from my copia has could help
Speaker 1: push that effort a little bit. Um, given that you know,
Speaker 1: it's everything is so concentrated there. Um, even when it
Speaker 1: was split when people thought it might be split between
Speaker 1: Indian and China a little more. Um. Not great for
Speaker 1: a lot of reasons, but at least there might be
Speaker 1: a little more diversity. This is showing that you know,
Speaker 1: he's coming from one area and that even raises a
Speaker 1: lot more eyebrows. Yeah, and a really startling figure in here.
Speaker 1: Of the one drugs that Americans use the most, you write,
Speaker 1: eighty three have no production source in the US for
Speaker 1: their active ingredients. That's according to somebody, a senior researcher
Speaker 1: at the Center for Analytics and Business Insights at WASH
Speaker 1: you in St. Louis. So you mentioned potentially government involvement here,
Speaker 1: Is that realistic for for us to think? Because I
Speaker 1: I gotta tell you it, you know, two years into
Speaker 1: this three almost three, you know, entering the third year
Speaker 1: the pandemic, it does feel like this is, at least
Speaker 1: on its surface, a national security issue, right and UM,
Speaker 1: the Association for Accessible Medicines. They're the ones who are
Speaker 1: the lobby group for the generics and and really the
Speaker 1: drugs we're talking about here are generic drugs. UM. A
Speaker 1: lot of the brand name drugs are going to Europe
Speaker 1: and for their active ingredients. UM. They said they have
Speaker 1: been in talked with the VIBE administration. UM. You know,
Speaker 1: the administration has been looking at the supply chain of
Speaker 1: a lot of different things given just what's happened during
Speaker 1: the pandemic, and pharmaceuticals has been one of those. So
Speaker 1: they are in talks. UM. Under the Trump administration, there
Speaker 1: was some money that went to a company UM in Richmond,
Speaker 1: Virginia to get kind of started, UM, so they could
Speaker 1: try to make COVID drugs domestically. I'm called slow. But
Speaker 1: you know, that's just one company. It's not the whole solution.
Speaker 1: Bloomberg's Anna Edney and Business Week editor Joel Webber with
Speaker 1: us there. Now, though, we turn to another owner of
Speaker 1: healthcare that's getting a lot of interest, carell for private equity.
Speaker 1: We're talking about bright Line. The company provides virtual behavioral
Speaker 1: health services to children and their families. It's now valued
Speaker 1: at more than seven million dollars after raising a hundred
Speaker 1: and five million from investors led by KKR that was
Speaker 1: in its most recent funding round. Tim we caught up
Speaker 1: with bright Line co founder and CEOA and we allen
Speaker 1: talked about a lot, including the platform. We provide a
Speaker 1: national solution for families that's an in network benefit that
Speaker 1: means it's covered by insurance companies and we offer it
Speaker 1: through employers so they can provide it there employees and
Speaker 1: the children of those employees. There are three levels of care,
Speaker 1: so we basically we meet families where they are. Some
Speaker 1: families made this need a bit of self guided content
Speaker 1: or exercises, digital exercises, their recommendations for how to support
Speaker 1: their child. Some families need things that are more skill buildings.
Speaker 1: So for example, example, a family that maybe has a
Speaker 1: child that doesn't have a clinical level of anxiety that
Speaker 1: it's anxious about taking their masks off at school, or
Speaker 1: a child that doesn't have depression that is struggling with
Speaker 1: maintaining a proper sleep schedule. Those things can become full
Speaker 1: on clinical anxiety or depression if left unsupported. And so
Speaker 1: for those things that are are lower lower in terms
Speaker 1: of clinical scale, we provide coaching, which is real scale
Speaker 1: building for children, adolescents, teams and parents and caregivers. And
Speaker 1: for things that are truly in native a clinical service
Speaker 1: or a diagnosis, we have a full care team, a therapists,
Speaker 1: by chiatrists, speech language pathologists, and they work through evidence
Speaker 1: based and measured clinical protocols. What about when it comes
Speaker 1: to insurance and paying for this, and and how how
Speaker 1: it compares to uh comparable services that are perhaps more
Speaker 1: traditional in the sense of in person Absolutely well, I
Speaker 1: think first I'll say, if you are speaking pediatric mental
Speaker 1: health services in the United States, you're ten times likelier
Speaker 1: to have to go out of network for those services
Speaker 1: than primary care. The way it would be is that
Speaker 1: the status quo in the country where that we just
Speaker 1: didn't have pediatricians covered by insurance. It's kind of wild
Speaker 1: imagine that, but that is the world that we've been in.
Speaker 1: And so bright Line is the first national provider that
Speaker 1: has network relationships with local insurance companies and local blues
Speaker 1: plans as well as national insurance companies. And so a
Speaker 1: family that goes to bright Line through their employer would
Speaker 1: have in some cases for some services, no out of
Speaker 1: pocket costs at all. In some cases they would just
Speaker 1: be paying a deductible or a co pay for services,
Speaker 1: so it's a radically different affordability level for families. That
Speaker 1: was Naomi Allen, she's co founder and CEO of bright Line.
Speaker 1: Still ahead on Bloomberg Business Week, the software that many
Speaker 1: of the world's biggest tech companies rely upon for customer engagement.
Speaker 1: Tim you used it, I've used it. Probably everybody who's
Speaker 1: listening has used it. You know what we're talking about.
Speaker 1: It includes some well known tech billionaires among its backers.
Speaker 1: That's coming up next. This is Bloomberg Broadcasting from the
Speaker 1: financial capital of the world, Bloomberg eleven Frio in New
Speaker 1: York to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: O six one to San Francisco, Bloomberg nine sixty to
Speaker 1: the country Sirius XM Chado one nine team, and around
Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week, all right. So when you
Speaker 1: talk with CEOs. In addition to labor worries, supply chain constraints,
Speaker 1: and the overall volatility in our environment, one thing that's
Speaker 1: off on top of mine is engaging and serving their
Speaker 1: customers and tim that's where our next guest comes in.
Speaker 1: Karen Peacock is CEO of the customer communications platform Intercom.
Speaker 1: As you'll hear in a moment, her company has backing
Speaker 1: from some of Silicon Valley's top leaders. And if you
Speaker 1: do anything online, whether you know it or not, there's
Speaker 1: a good chance that you've actually used intercom software. Intercom
Speaker 1: is fundamentally the best way for companies to talk to
Speaker 1: their customers. And so if you're on a website and
Speaker 1: you see a chat bubble in the corner, that might
Speaker 1: be intercom. If you're reaching out to a company and
Speaker 1: you need strong support, if you're in a product with
Speaker 1: a company and they are are reaching out to in
Speaker 1: a real time, contextual way, there's a good chance of
Speaker 1: that intercom. And we think of ourselves as an engagement os,
Speaker 1: really helping companies convert customers, helping them engage their customers,
Speaker 1: helping those customers be successful, and helping them support their customers.
Speaker 1: And we work with about twenty five thousand, actually more
Speaker 1: than five thousand companies, including folks like Amazon and Lastian, Lift, Shopify,
Speaker 1: and more. Yeah, a lot of them. So talked about
Speaker 1: the growth in your business and your and your client acquisition.
Speaker 1: What kind of trends have you seen. You know, we
Speaker 1: started as a startup selling the other startups and the
Speaker 1: problems that we solve, exactly as you highlight of helping
Speaker 1: companies engage customers connect with our customers. What we realize
Speaker 1: is every company needs to care deeply about that, and
Speaker 1: in fact, mid market and enterprise companies have even bigger
Speaker 1: needs there. And so we've been steadily moving up market
Speaker 1: and selling more and more to the bid market and
Speaker 1: enterprise companies. And that's how we've ended up with with
Speaker 1: new customers like Amazon, customers like Last Sean and Lift
Speaker 1: and others. And we should just to be fair, you've
Speaker 1: got some backing from the likes of Mark Zuckerberg and
Speaker 1: Jack Dorsey, certainly well known names to our audience. Karen Um,
Speaker 1: What is the best way to grow from selling to
Speaker 1: other startups to selling to the big players that you
Speaker 1: mentioned like Amazon and more like how is it? Is it?
Speaker 1: Word of mouth? How does it work? Yeah? I think
Speaker 1: it starts by having a real focus on customers and
Speaker 1: spending time understanding what are the most important problems they're
Speaker 1: they're trying to solve and helping them do that, and
Speaker 1: helping them do that in a way that's not ten better,
Speaker 1: but that three or four times better, ten times better
Speaker 1: than what they've done in the past. And that really
Speaker 1: comes down to having a great product and a great
Speaker 1: UM customer oriented mindset to make sure that they're getting
Speaker 1: all the value that they can. Well, you mentioned and
Speaker 1: counting customers, and you said, you know, whether it's Amazon, Shopify,
Speaker 1: other smaller companies, mid sized companies, bigger companies, what is
Speaker 1: it when you talk with these customers. What's top of
Speaker 1: mind for your customers when it comes to their needs
Speaker 1: for serving their own customers. Great question, and what they're
Speaker 1: really looking for is a way to build a strong
Speaker 1: relationship with their customers, to make it not just kind
Speaker 1: of a one time transaction, but to really build trust
Speaker 1: and to build that ongoing relationship which makes their customers
Speaker 1: want to come back and buy more with them, do
Speaker 1: more with them, makes them want to recommend UH that
Speaker 1: company to other people. And that's part of our Our
Speaker 1: real focus at Intercom is moving from a world where
Speaker 1: companies in the past have just sent out tons and
Speaker 1: tons of spam email. I'm sure you both get a
Speaker 1: lot of that UM spam phone calls now, a lot
Speaker 1: of uh spam direct mail, A lot of that I
Speaker 1: personally don't even bring into my house. I just go
Speaker 1: straight to the recycling there. And what we do, and
Speaker 1: what companies are looking to typically do, is figure out
Speaker 1: a more personal relationship with customers and reach out in
Speaker 1: ways that really are good for the customer and good
Speaker 1: for the company. Will explain that to me, because I do.
Speaker 1: I'm at a point where, first of all, I'm tired
Speaker 1: when I buy something that I automatically get a survey
Speaker 1: and write my service and like I'm getting overwhelmed, like
Speaker 1: I haven't even used it yet. And then and Tim
Speaker 1: and I both looked at each other. It's like, man,
Speaker 1: some of those bots they drive us crazy. I get
Speaker 1: on a website and and they don't find them helps.
Speaker 1: There was a joke that went around last week. It
Speaker 1: was like closed the pop up that comes up if
Speaker 1: you want to say fifty no, you don't need live
Speaker 1: help and yes except the cookies, right, all the things
Speaker 1: you have to do when you go and visit a website. Now, So,
Speaker 1: how is this tell us about how it's evolving in
Speaker 1: terms of some of the offerings that you have, UM
Speaker 1: are that your clients are using YA. So what we've
Speaker 1: really as is it getting better, more friendlier to customers,
Speaker 1: getting more personalized, and more in contact. So rather than
Speaker 1: a world where you have to just span people, we
Speaker 1: believe that the best time could talk to someone or
Speaker 1: engage them is when they're already thinking about you, not
Speaker 1: when it's hours later or days later and they're trying
Speaker 1: to do something to clear out their inbox. So right
Speaker 1: after you've used the product, then asking and took the
Speaker 1: question about how did you like it, what's working or not.
Speaker 1: When you have a problem with something like a support need,
Speaker 1: don't make the customer have to like hunt down a
Speaker 1: phone number and weight on hold. Enable the customer to
Speaker 1: to actually ask you the question right then and there
Speaker 1: and figure out a way to get those questions answered
Speaker 1: lightning fast. That was Karen Peacocks, CEO of software maker Intercom.
Speaker 1: You're listening to Bloomberg Business Week. Coming up next, we'll
Speaker 1: rejoin our editors round table and dive into our domestic
Speaker 1: cover story. We're gonna get business lessons from one of
Speaker 1: the NBA's best players. We're talking about Chris Paul. Turns
Speaker 1: out he's also a prolific investor with a pretty good
Speaker 1: mentor behind him. I'd say it's an unbelievable mentor behind him. Yeah,
Speaker 1: you've definitely heard of him. Let's just say there's a
Speaker 1: little magic there. Stick around to find out who's helping
Speaker 1: CP three with his playbook. This is Bloomberg. You're listening
Speaker 1: to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.
Speaker 1: Tim Stinovik from Bloomberg Radio tell me how to get
Speaker 1: back to our editors round table With a look at
Speaker 1: this week's domestic cover story of Bloomberg Business Week. It's
Speaker 1: all about NBA superstar Chris Paul Well. The future Hall
Speaker 1: of Fame point guard, is still chasing his first championship ring.
Speaker 1: He's already earned more than three million dollars. That's just
Speaker 1: playing in pro basketball all well putting together a business
Speaker 1: empire off the court. Bloomberg Business Week contributor Arian Cohen
Speaker 1: in Business Week getittor Joe Webber taking us inside CP
Speaker 1: three's financial playbook. I just find it absolutely fascinating because
Speaker 1: we we've watched different athletes be able to to turn
Speaker 1: what they do on the core or on the field
Speaker 1: into something that's far bigger that than that and goes
Speaker 1: beyond the sport, right And I think Chris Paul is
Speaker 1: sort of a current embodiment of that. The Phoenix Suns,
Speaker 1: which he's the point guard of UM or the top
Speaker 1: seed in the NBA playoffs, that's the playoff, the postseason
Speaker 1: is about to begin, so a lot of attention on
Speaker 1: Chris Paul, who has this amazing NBA career but still
Speaker 1: doesn't have a title. And I think, you know, being
Speaker 1: the top seed going into the playoffs, this could be
Speaker 1: that year UM. One of the people that we talked
Speaker 1: to was Bob Igert. Bob happens to be a mentor
Speaker 1: of Chris's UM off the court, and Bob said that
Speaker 1: he thinks this is the best team that he's ever
Speaker 1: seen Chris on. So we'll see how that plays out.
Speaker 1: But really the focus of the story was about Chris
Speaker 1: Paul's playbook and that was something that Arion got to
Speaker 1: spend some time talking with him about what you learn, Yeah,
Speaker 1: he was really interesting. You know, when you look at
Speaker 1: a lot of the retired UM athletes or athletes who
Speaker 1: indrest a lot, when you look at their portfolios, you
Speaker 1: don't get a real sense of what their personal interests are.
Speaker 1: You see a lot of restaurants and maybe some you know,
Speaker 1: sports chains, but when you look at Chris as you
Speaker 1: really get a direct reflection of you know, what's in
Speaker 1: his refrigerator at home, what he's watching on TV at home,
Speaker 1: what's what he's wearing on his wrist. Um, he's really
Speaker 1: interested in plant based foods. He went vegan about four
Speaker 1: years ago and credited with reinvigrating his entire career. He
Speaker 1: had a kind of lull about four years ago in
Speaker 1: his career and has really come back. Um. He's also
Speaker 1: very interested in sort of family and kid oriented uh projects. Um.
Speaker 1: He is invested in like a financial literacy app called
Speaker 1: goal Setter and then the family organizational app called Life
Speaker 1: three sixty Uh. And he is so enthusiastic about all
Speaker 1: of it. I mean, he's just a joy to talk
Speaker 1: to me. He really cares, He really wants plant based
Speaker 1: feed to get to people who lived in feed deserts.
Speaker 1: And he's just a really good guy. I have to say,
Speaker 1: this was such a fun read. He sounds like a
Speaker 1: really great guy, and I love his advice. I also
Speaker 1: just love you know, talked to us a little too
Speaker 1: about talking to Bob Iger about this relationship between these two.
Speaker 1: Oh you did, okay, okay, cool, okay, So tell us
Speaker 1: about there was it was inspired by Chris Paul I did.
Speaker 1: I will say just you know for a little how
Speaker 1: the sausages made. I got to the end of the
Speaker 1: story and it said, you know, with Joel Weber at
Speaker 1: the end, And that's not something I get to I
Speaker 1: get to see a lot when I read Blueberg Business Week,
Speaker 1: because Joel, you're the person behind the entire magazine each week,
Speaker 1: so you actually got to do some reporting here. Yeah.
Speaker 1: So I just had a couple of minutes with Bob
Speaker 1: where I got to talk to him about his relationship
Speaker 1: with with Chris, which, um hear a name dropped? Did
Speaker 1: I just hear a name drop? Which Arion had put
Speaker 1: on a on a t for me? But you know,
Speaker 1: we were I was just really interested in their relationship
Speaker 1: because Arion had talked to Chris already and we'd known
Speaker 1: that they had this really close relationship. Um where where
Speaker 1: Bob is his mentor. And it turned out that very
Speaker 1: early in their relationship, Chris had landed in l a
Speaker 1: playing for the Clippers and was looking for a business
Speaker 1: mentor and basically turned to can you can you imagine
Speaker 1: a better mentor than Bob? Was basically like, go to
Speaker 1: the top of corporate America and be like, Bob, you're
Speaker 1: the CEO of Disney. Can can I? Um? You know
Speaker 1: this was a number of of years ago, about ten
Speaker 1: years ago, would you be my mentor? And and and I
Speaker 1: basically said, look like a lot of people have come
Speaker 1: to me with that, and you know, probably he probably
Speaker 1: gives most of them the modest brush off. And yet
Speaker 1: he and Chris really kicked it off and it's become
Speaker 1: something that that Iger says is is kind of more
Speaker 1: than a frenchip, more than a mentorship. It's like they're
Speaker 1: friends now and they talk multiple times a day. Um.
Speaker 1: But what stood out to you about their their relationship
Speaker 1: to you? Are you on? Um? First of all, I
Speaker 1: love talking to recently retired CEOs. Bob Eiker has been
Speaker 1: retired for about three months, and they're just fancy free
Speaker 1: and really wonderful to talk to you because they'll say
Speaker 1: anything and be very honest. And Bob Eiker did not disappoint. UM.
Speaker 1: They really have a unique relationship. They have a ton
Speaker 1: in common. You know, they both have kids, they're both
Speaker 1: very kind of family values oriented. Both of their careers
Speaker 1: kind of reflect those family values. But above all, the
Speaker 1: thing that Chris kept coming back to was that, um,
Speaker 1: Bob really puts family first. I mean, the anecdote, Dave
Speaker 1: is that Bob once took a day trip to Disneyland
Speaker 1: Shanghai because we had to be back in California for
Speaker 1: his son's basketball game. And that really was kind of
Speaker 1: eye opening for Chris of like how you have the
Speaker 1: big job and really focus on family. And both of
Speaker 1: them do that. Honestly, by um they call it jettisoning
Speaker 1: all discretionary activities. Like these guys they do their job
Speaker 1: and they do the family, and that's it. There's not
Speaker 1: really space for anything else. That's Business Week contributor Arianne
Speaker 1: Cohen on this week's domestic cover story. We should know
Speaker 1: that CP three is coming to Bloomberg later this month,
Speaker 1: will interview athletes and business leaders as part of a
Speaker 1: new digital series How I Got Here with Chris Paul
Speaker 1: streaming exclusively on Bloomberg Quick Take that starts up on April. Alright,
Speaker 1: Business Week editor Joe Webber sticking around with us as
Speaker 1: we dip back into the feature well as part of
Speaker 1: our Roundtable, Our Editors round Table. We've got a profile
Speaker 1: on US Postmaster General Lewis to Joy. It comes to
Speaker 1: us from Bloomberg News senior writer Devin Leonard. Can I
Speaker 1: just tell you Devin has been following the US Postal
Speaker 1: Service for years. Yeah. I think a lot of stuff
Speaker 1: will in this profile will surprise people who have been
Speaker 1: following to Joy for the almost two years that he's
Speaker 1: been Postmaster General. Still in a job though after many
Speaker 1: expected President Biden to replace the Trump administration holdover, and
Speaker 1: that's making his recent successes even sweeter. He's been really quiet.
Speaker 1: So so the way that the post Office works, UM
Speaker 1: is that the postmaster is not actually appointed by the president.
Speaker 1: It's a board of trustees that does that appointment. UM.
Speaker 1: A board of trustees under uh Donald Trump uh brought
Speaker 1: to Joy in everyone just expected Biden would toss him, uh.
Speaker 1: Except Biden can't do that because it's not appointed by him.
Speaker 1: So there's this little uh separation of church and state.
Speaker 1: But what has been remarkable about Joy's tenure, and this
Speaker 1: is really the first time that he's spoken, and that
Speaker 1: alone was interesting. So Devin has written a book about
Speaker 1: the Postal Service, but also nobody does profiles like Devon,
Speaker 1: and you really get this color from this guy because
Speaker 1: you see someone who was really successful in the private
Speaker 1: sector has transitioned to the public sector. The Postal Service
Speaker 1: has just been mired in financial problems for years now,
Speaker 1: and yet it's almost like the agency is starting to
Speaker 1: turn a corner. How did that happen, Devin? I guess
Speaker 1: he he came in and he has a plan, and
Speaker 1: I mean that was my whole thing, you know, But
Speaker 1: the story was, I really thought the guy deserved a
Speaker 1: second look. The election didn't go badly. If he was.
Speaker 1: If the joy was supposedly Donald Trump's operative, well Donald
Speaker 1: Trump lost the election. He might not think so, but
Speaker 1: uh and Joe Biden one and then postal ballots are
Speaker 1: also really important in the Atlanta runoffs and Side Georgia runoffs,
Speaker 1: and the Democrats won that. So so you know, the
Speaker 1: Senate flipped. So again, if he's if he's the manurion
Speaker 1: postmaster general, well he's doing a pretty pretty bad job.
Speaker 1: Then he introduces his plan, everybody gets upset. Well, guess
Speaker 1: what anytime a postmaster general introduces rolls at a big
Speaker 1: hand like this, all these people, all these special interests,
Speaker 1: get all upset. So I just you know, I wanted
Speaker 1: to look at the plan and talk to him about
Speaker 1: the plan. And you know it's a little early to
Speaker 1: say whether or not the plans working. Look, they did
Speaker 1: get some stimulus money after Donald Trump, you know, vetoed
Speaker 1: a bunch in the Carris Act, so so so that's helping.
Speaker 1: But you know, I think he's I think he's really
Speaker 1: having an impact. You know, you know, we'll see what happens.
Speaker 1: He's still facing a lot of adversity. As you know,
Speaker 1: we talked about in the story what's this dude like?
Speaker 1: And by the way, Devon's book Neither Rain nor Snow
Speaker 1: History of the US Postal set, well, that was really
Speaker 1: crazy because the guy does he doesn't. He hasn't done
Speaker 1: really any interviews, and so I told them, look, you know,
Speaker 1: I'd like to do this, but you know, I really
Speaker 1: want to kind of hang around with a guy and
Speaker 1: get a real sense of him. And then he just
Speaker 1: like it's almost like he was unburdening himself or you
Speaker 1: know or something. I just, you know, just the stuff
Speaker 1: that he said. He was really fun. You know, he
Speaker 1: he talks really fast. It's like his mind's racing sort
Speaker 1: of fat, you know, faster than this mouth can keep
Speaker 1: up with him sometimes. But he just has really strong ideas.
Speaker 1: He's really shure himself. Of course, who's a very successful
Speaker 1: entrepreneurs so of course, you know, I think you know,
Speaker 1: he thinks, you know, he's right and everybody else is wrong.
Speaker 1: But yeah, New Be Logistics to the customers like Disney, Boeing,
Speaker 1: Verizon and the the USPS. He sold it to XPO
Speaker 1: Logistics for you know, two thousand and four team for
Speaker 1: you know, over six six million dollars. So you know,
Speaker 1: I mean, he's he's pretty pretty confident in himself, and
Speaker 1: he doesn't really care what people what people say about
Speaker 1: him or think about him. That's what I found most remarkable.
Speaker 1: I mean, he he basically said he's had a place
Speaker 1: in his life now where he's the most comfortable, at
Speaker 1: least professionally, where he's ever been. He has he has
Speaker 1: no problem sleeping at night, and and it seemed to yeah,
Speaker 1: it seemed to be like, well, I think it has
Speaker 1: to do also with you know, six hundred million dollars
Speaker 1: sales company. Right, that's not going to hurt um. But
Speaker 1: but I do think Devin, there's this there's this really
Speaker 1: interesting sort of feeling that I got from him, that
Speaker 1: he's not letting anything on the outside burden him. His focus. Really,
Speaker 1: it seemed like is the usps. Well, that's what he says.
Speaker 1: I mean, you could argue to him that's a coping
Speaker 1: mechanism too, but but I mean, I mean, he's he
Speaker 1: does have he does have really thick skin, and he
Speaker 1: has a real real sense of as he said, a
Speaker 1: lot of this stuff was bs that that's that's how
Speaker 1: he looks at He's just trying to plow through our
Speaker 1: Thanks once again to Bloomberg Business Week editor Joel Webber
Speaker 1: and to Bloomberg New Senior writer Devin Leonard for taking
Speaker 1: part in our editor's round table. Check out the entire
Speaker 1: conversation at business week dot com right find it also
Speaker 1: on our podcast feed that wraps up the first hour
Speaker 1: of the weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: I'm Carol Masser and I'm Tim Stanavaca head. In our
Speaker 1: next hour, Carol sits down with Chipotle CFO Jack hard
Speaker 1: Tongue why he says the fast casual dining giant still
Speaker 1: has plenty of room to grow. Plus Carrol eating some
Speaker 1: chicken burritos too, right. I think I had a burritaball,
Speaker 1: a little bit of chicken, a little bit of guak alright.
Speaker 1: Plus we've got the company working to rebuild the middle
Speaker 1: class talent pipeline and lift people out of poverty, especially
Speaker 1: women of there. And a Bloomberg investigation into the messy
Speaker 1: truth about recycling. It involves trackers and moving across the continent.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week inside from
Speaker 1: the reporters and editors who bring you America's most trusted
Speaker 1: business magazine, plus global business, finance and tech news as
Speaker 1: it happened, Sloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick takes Tim Stinovic on Bloomberg Radio. Hi, I'm Carol
Speaker 1: Masser and I'm Tim stock. Plenty ahead in our second
Speaker 1: hour of the weekend edition of Bloomberg Business Week, including
Speaker 1: a deep dive into Chipotle's ascent in the stock market
Speaker 1: and in the minds of burrito lovers everywhere, my conversation
Speaker 1: with longtime CFO Jack har Tongue. Plus our Bloomberg team
Speaker 1: takes a look at a Plastic bags two thousand mile
Speaker 1: journey and what it says about the state of global
Speaker 1: recycling and sustainability efforts. That's kind of depressed after that story,
Speaker 1: really depressed. Oh my god, unbelievable story. It was also
Speaker 1: one of the Bloomberg Big Takes this week. First up
Speaker 1: this Hour, new context for recent Johns Hopkins Bloomberg School
Speaker 1: of Public Health study that was published in The Lancet
Speaker 1: showing the pandemic pushed more women out of the labor
Speaker 1: force than men during the early months of the crisis,
Speaker 1: reversing decades of progress in education and gender equality. With
Speaker 1: that in mind, we turned to Britina Chickarelli, CEO of
Speaker 1: the nonprofit and Power It Works to move people from
Speaker 1: poverty to the middle class through tech skills training and
Speaker 1: job placement programs. We have certainly seen women of color
Speaker 1: in particular just proportionately impacted by this pandemic, with a
Speaker 1: great loss of economic stability and rising demands in terms
Speaker 1: of childcare and elder care. So the problem is very real,
Speaker 1: and I think our opportunity is to identify ways in
Speaker 1: which we can create better pathways to accelerate another kind
Speaker 1: of career track that helps these women in particular gain
Speaker 1: an economic foothold. If we talk about the inequities that
Speaker 1: are at there, the inequalities. You know, we we used
Speaker 1: to talk about income gaps. That's not what it's about.
Speaker 1: It's about wealth creation, right, And how do you do
Speaker 1: and how do you help those that haven't had the
Speaker 1: same opportunities be on a better path to help create
Speaker 1: generational wealth and so on? And this is something we've
Speaker 1: certainly seen Blacks and minorities that certain haven't had the
Speaker 1: same access. Tell us about the research you guys are
Speaker 1: doing and the specific actions that maybe can move black
Speaker 1: women into positions and technology where it seems like every
Speaker 1: CEO of Bertina that we talked to they want tech workers. Absolutely,
Speaker 1: it is everybody I talked to in the tech sector
Speaker 1: right now. It is the number one concerns a perceived
Speaker 1: lack of talent. Let's start with what we know and
Speaker 1: which really guided our research today. We know that less
Speaker 1: than five cent of the tech workforce in America is
Speaker 1: comprised of women of color, specifically Black, Hispanic and American
Speaker 1: Indian women. And that's just an astonishing fact. And so
Speaker 1: we set out with this research really to understand two things. First,
Speaker 1: what should that percentage be? What should we be striving
Speaker 1: for as a society. And secondly, what might be some
Speaker 1: pathways to be able to reach a much more ambitious goal.
Speaker 1: So that was how we framed a pathways. So well,
Speaker 1: I'll tell you our findings, right, the three things that
Speaker 1: we walked away with this research that we conducted in
Speaker 1: partnership with Burning Glass is first, and this really speaks
Speaker 1: to that question of a pathway. First, we found there
Speaker 1: are five hundred job classifications right now today where there
Speaker 1: are similar skills, abilities, and qualifications required to do those jobs.
Speaker 1: They are not in the tech sector, but tech adjacent.
Speaker 1: These are jobs like an electronic medical record specialist, right,
Speaker 1: an individual who needs to have knowledge of information systems,
Speaker 1: project management, customer service quality assurance. And here's the interesting fact.
Speaker 1: In those five hundred job categories we mapped for skills similarity,
Speaker 1: the percent of women of color and those jobs are ten.
Speaker 1: So you know, I have to see. Let me I
Speaker 1: believe talking about this with the President of the Federal
Speaker 1: Reserve Bank of Philadelphia, Patrick Harker, and has done the
Speaker 1: same research of saying that there's so many skills that
Speaker 1: aren't in tech jobs that are are very similar to
Speaker 1: skills that are needed in what would be classified as
Speaker 1: tech jobs, and yet those people aren't being shown or
Speaker 1: provided the opportunity to take that step uh into that
Speaker 1: tech community. So so talk to me more about that.
Speaker 1: So how do we change that? How do we make
Speaker 1: that better? So? I think, really where we where we
Speaker 1: identify this gap, where we know that there are skills
Speaker 1: that are halfway there and we can go the difference
Speaker 1: that the distance is through short term skills programs, bridge
Speaker 1: skills programs like m power and a number of others,
Speaker 1: and the way we think about this right, it was
Speaker 1: important for us to put some dimension around how might
Speaker 1: we bench mark our success? And that's where the equation
Speaker 1: for equality comes in. When we have an equation for
Speaker 1: equality of one, that's when we know the percent of
Speaker 1: women of color in tech jobs is equal to the
Speaker 1: percent of women in these tech eligible jobs those five
Speaker 1: hundred that I mentioned. So when we get that one ratio,
Speaker 1: that means that the investments that we're making in bridge
Speaker 1: skilling programs upscaling recruitment, retaining practices, then we will have
Speaker 1: been successful. So I think the first priority is really
Speaker 1: to communicate to many of these women who have a
Speaker 1: lot of those skills similarity aspects, communicate the opportunities through
Speaker 1: these programs, providing the flexibility so they can take these
Speaker 1: types of courses which are often free, and get the
Speaker 1: required certifications and skills to be able to be connected
Speaker 1: to much higher paying jobs. Britina, is this is this
Speaker 1: you mentioned happens when we reach that goal and how
Speaker 1: we reach that goal. Are you optimistic that that happens
Speaker 1: during our lifetimes? I mean, I just look at how
Speaker 1: slow we have been when it comes to progress within
Speaker 1: these realms. Yeah, so I I I by nature I'm
Speaker 1: an optimist, and especially now. And the reason the reason
Speaker 1: is because there is so much urgency in the business
Speaker 1: sector on finding great talent and investing in that talent.
Speaker 1: We have to do it. And you know, for a
Speaker 1: long time we've been very laser focused as a society,
Speaker 1: rightly so on K through twelve, and we need to
Speaker 1: continue to do that. And they're great organizations like Girls
Speaker 1: Who Code and the Y and Urban Alliance. Those efforts
Speaker 1: need to persist. But we also need to recognize the
Speaker 1: urgency that today tech openings are up. With these short
Speaker 1: term programs, we can more quickly position these women to
Speaker 1: take the jobs that are open right now today. That
Speaker 1: was Bertina chick a Rally, CEO of end Power. You're
Speaker 1: listening to Bloomberg Business Week coming up next. Why pertly
Speaker 1: is used to keep its firm grip on the burrito
Speaker 1: business for years to come. There'll be some menu innovation
Speaker 1: though along the way to a little bit like yeah,
Speaker 1: you know the case it has to come from somewhere.
Speaker 1: It does. We're gonna talk with the CFO of Chippotle
Speaker 1: on the other side. This is Bloomberg. This is Bloomberg
Speaker 1: Business Week with Carol Masser and Bloomberg Quick Takes Tim
Speaker 1: Stenovik from Bloomberg Radio. Safe to say that started back
Speaker 1: after the financial crisis. Chief financial officers playing a critical
Speaker 1: role in shaping corporate strategy and positioning organizations to meet
Speaker 1: future challenges. Bloomberg TV's new monthly program, it's called Chief
Speaker 1: Future Officer, profiles these leaders and explores the impact they're
Speaker 1: making on their companies and industries. For the latest episode,
Speaker 1: Carol traveled to the Chicago area to catch up with
Speaker 1: Chipotle CFO Jack hard Tongue inside one of the company's
Speaker 1: nearly three thousand US kitchens. They talked exp mansion, the
Speaker 1: talent pipeline, and the stock price. It says the IPO
Speaker 1: in two thousand six, it's six. It's up to something
Speaker 1: like kind of off the charts. Do you watch the
Speaker 1: stock price? Of course I do, but here's here's what
Speaker 1: do you what? What is it that you look for?
Speaker 1: So I don't worry about the stock price day by
Speaker 1: day or even week by week. Um, you know, I
Speaker 1: kind of have this saying that. You know, people talk
Speaker 1: about the market is an efficient market, Well, it is
Speaker 1: over time. It's not efficient every minute, every hour, every day,
Speaker 1: or even every week. I mean, when the market's going
Speaker 1: up and down like this, it's not right when it's
Speaker 1: up here, it's not right when it's down here. Eventually
Speaker 1: gets it right. So I'm more concerned with does Wall
Speaker 1: Street understand what we're doing? Do they understand what our
Speaker 1: potential is in terms of seven thousand restaurants and then
Speaker 1: understand their economic model. Today as strong as it is,
Speaker 1: our volumes are nearly two point seven million, we're on
Speaker 1: our way to three million, and then week at the
Speaker 1: three it's going to be up the three point five.
Speaker 1: So if they understand the whole story, while our stock
Speaker 1: will be volatile, you know, day by day, week by week,
Speaker 1: over time, they will realize that a a business with
Speaker 1: seven thousand restaurants, not to mention the potential outside the US,
Speaker 1: with the kind of valiume and margins that we can deliver,
Speaker 1: UM can generate substantial share older value, much much higher
Speaker 1: than when we are today. You mentioned outside international, it's
Speaker 1: a smaller part of the business, but you do oversee
Speaker 1: it again, you're not franchising. Some say you could really
Speaker 1: create some tremendous growth by doing franchising. You're gonna stick
Speaker 1: with the owned and operated model or we're open to
Speaker 1: the idea of some kind of franchise model. UM. You know,
Speaker 1: there are areas of the world where it's going to
Speaker 1: be harder for us to to own UM and to
Speaker 1: run the businesses ourselves. We own all the restaurants in Europe,
Speaker 1: all the restaurants in Canada. When the process of bringing
Speaker 1: our digital system to Europe, that's going really, really well.
Speaker 1: We've also opened up some alternative sites, like we open
Speaker 1: our first chipport Lane in Canada. That's off to a
Speaker 1: great start. Uh. We've opened in Europe a tiny little
Speaker 1: restaurant that's the smallest restaurant in the world. It's like
Speaker 1: set smaller than the very first one like the New
Speaker 1: York City small apartment or actually larger maybe exactly exactly,
Speaker 1: but it's doing really, really well. So these alternative formats
Speaker 1: on the digital system is working. So it gives us
Speaker 1: great optimism that international is going to be a growth
Speaker 1: vehicle course and you know, hopefully not to distant future.
Speaker 1: So what's the opportunity for Chipotle and the next ten years?
Speaker 1: It excites you the most, well, I think the most
Speaker 1: exciting thing is that we're not even halfway to our
Speaker 1: potential um in the US. So you know, when I
Speaker 1: joined the company with a few hundred restaurants and we're
Speaker 1: talking about a thousand, maybe two thousand. Here we are
Speaker 1: at three thousand, talking about seven. I believe as we
Speaker 1: approach seven, that number is going to be higher, and
Speaker 1: you know, a lot a lot higher. Well, you know,
Speaker 1: I hate to, you know, say that right now, but
Speaker 1: you know, I feel like the more people that discovered Chippotle,
Speaker 1: and the more we are successful with our digital system,
Speaker 1: with our loyalty program, and you know, with formats like
Speaker 1: the chippot Leane and the and the digital only formats,
Speaker 1: I do believe that that that the number will go up.
Speaker 1: I don't know how much higher, but for sure it's
Speaker 1: going to go up. Um. And we just talked about
Speaker 1: international and international we're just scratching the surface. And we've
Speaker 1: been very bonsible in international where we've taken the same
Speaker 1: food ethos we've owned the restaurants so far, and so
Speaker 1: it's been a very slow let's make sure we get
Speaker 1: this right. You know, sometimes you have to go slow
Speaker 1: before you go fast, and that's kind of been our approach.
Speaker 1: We've gone slow and now we're positioning ourselves too, I
Speaker 1: think in the non too distant future go fast in international.
Speaker 1: So those are two things that excite me the most.
Speaker 1: All Right, what's the challenge for the next ten years
Speaker 1: that is on your mind the most that maybe it
Speaker 1: keeps you up at night? People. Um, when we run
Speaker 1: all of our restaurants like we do today, UM, we
Speaker 1: have around a hundred thousand employees. As we grow, we're
Speaker 1: gonna need more employees. Uh. We promoted nineteen thousand people
Speaker 1: last year of our of our promotions were in house.
Speaker 1: So the people we hired today, like the crew that
Speaker 1: we're seeing today, those are future leaders. So we always
Speaker 1: have to be on our game in terms of hiring
Speaker 1: great people that believe in Chipotle and our purpose today
Speaker 1: that have the desire to learn how to cook, learn
Speaker 1: how to run a business, learn how to leave people.
Speaker 1: If we do a great job with that, the future
Speaker 1: only gets brighter. So we're in great shape from with
Speaker 1: people standpoint. But that's something that I'll always worry about.
Speaker 1: Are we are we hiring and developing the right people.
Speaker 1: You don't want to be losing people. If we lose people,
Speaker 1: then we might have to resort to franchising. And it's
Speaker 1: hard to follow a purpose during tough times like during
Speaker 1: a pandemic. It's hard to invest in things like food
Speaker 1: and people you win margins or under pressure. When you
Speaker 1: own your own restaurants, you can make those investments. How
Speaker 1: do you see your role as CFO changing in the
Speaker 1: next ten years? Safe to say it's changed a lot
Speaker 1: in the past ten years. How about the next time
Speaker 1: it has? You know, I I think it'll just evolve
Speaker 1: with the challenges. I mean again, I'm I'm already fortunate
Speaker 1: that I've been able to get involved in real estate
Speaker 1: and supply chain. I spend time in our restaurant, spend
Speaker 1: time and suppliers, um you know, spend time international as well.
Speaker 1: So I always I already get to spend a lot
Speaker 1: of time in a lot of these areas. I think, um,
Speaker 1: in terms of evolution, Um, it's probably more a matter
Speaker 1: of the folks on my team, some of which are
Speaker 1: new topol in the last few years, some of which
Speaker 1: have been with us for a long time, to to
Speaker 1: help them rise up so they can take on bigger
Speaker 1: responsible As we become a bigger company, everybody in the
Speaker 1: company will need to step up and take on bigger responsibility.
Speaker 1: So my main goal will be to make sure that
Speaker 1: they're ready to take those one and teach them about
Speaker 1: the roots. Tee some about the roots. Absolutely. What's the
Speaker 1: skill set that you think every CFO should be acquiring
Speaker 1: in this environment. Well, I think probably most important is
Speaker 1: to really understand the essence of your business. Um. Every
Speaker 1: CFO knows how to review spreadsheets, every CFO knows how
Speaker 1: to read financial statements and go through what a CFO
Speaker 1: is supposed to do. But I think what you have
Speaker 1: to do is put those aside at some point, go
Speaker 1: spend time in your business. In our case, spend time
Speaker 1: in restaurants, spend time with suppliers. I think, get to
Speaker 1: know how other people within the business, what their challenges are,
Speaker 1: what their opportunities are. UM, what really makes the customer
Speaker 1: care about your brand or your business. And I think
Speaker 1: the more you do that, when you go back to
Speaker 1: the spreadsheets, you're going to be thinking about things from
Speaker 1: a different sample. Your priorities might change a little bit,
Speaker 1: and it might change how you make investments to make
Speaker 1: sure that the customer experience is better next time, rather
Speaker 1: than the margin is better. I mean, if you invest
Speaker 1: in the customer in a way where they become loyal
Speaker 1: to your customer, the margins will come. Jack, what's the
Speaker 1: skill set that you think in a CFO needs to
Speaker 1: have for the next ten years, especially in the environment
Speaker 1: we're starting to think about the metaverse and just how
Speaker 1: things change. Look at how much things have changed in
Speaker 1: the last couple of years because of the pandemic. What's
Speaker 1: the skill set that a CFO needs for the next
Speaker 1: ten years. I think being digital savvy UM is probably
Speaker 1: the most important thing. And listen, I'm I'm not an expert.
Speaker 1: Thank god we have Kirk Garner on our team because
Speaker 1: he is fantastic and leading all of our technology, including digital.
Speaker 1: But I think being more aware of again, what the
Speaker 1: younger generation, what you know, the twenty and thirty year
Speaker 1: olds and now the teenagers, what are they doing from
Speaker 1: a technology standpoint? Because what they're doing today is going
Speaker 1: to lead into all of our businesses in the future.
Speaker 1: So I think trying to stay you know, keep up
Speaker 1: or even stay ahead of where technology is going, not
Speaker 1: just in the next five years, been ext center fifteen years.
Speaker 1: I think that's the most critical for a CFO. That
Speaker 1: was Chipotle CFO Jack har Tongue from Inside the Kitchen.
Speaker 1: You can see Carol's entire interview on Chief Future Officer
Speaker 1: on our Bloomberg YouTube channel, and be on the lookout
Speaker 1: for new episodes on Bloomberg TV as well. Still to
Speaker 1: come on Bloomberg Business Week, a global retail giant sustainability
Speaker 1: push reveals the messy truth about recycling. This is Bloomberg
Speaker 1: broadcasting from the financial capital of the World, Bloomberg eleven
Speaker 1: Frio in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius XM Chadel one nine team,
Speaker 1: and around the globe. The Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com this is Bloomberg Business Week. This next
Speaker 1: story definitely caught our attention earlier this week. It was
Speaker 1: a Bloomberg big take. It was among our most read
Speaker 1: on the Bloomberg when it hit. It's about a plastic
Speaker 1: bags two thousand mile journey and the truths of out
Speaker 1: recycling being revealed as a result. Well. To help map
Speaker 1: out the long and winding route for our plastic way star,
Speaker 1: Bloomberg Green Teams set out to literally follow the garbage
Speaker 1: using a set of tiny digital trackers. Bloomberg News Senior
Speaker 1: writer Kitchell brings us a story from London. The questionry
Speaker 1: was rush and I was trying to answer, was, um,
Speaker 1: you know, where does all our plastic go? The amount
Speaker 1: of plastic that we use in the world and the
Speaker 1: amounts made and sold every year has been rising exponentially
Speaker 1: for years, and it's going to double again sometime in
Speaker 1: the next twenty years. So it's actually an incredibly important
Speaker 1: question to ask, is where does all this stuff go
Speaker 1: when we finished using it? Can I just put out
Speaker 1: a number that you put out so wonderfully in your story.
Speaker 1: Global plastic production now reaches almost half a billion tons
Speaker 1: each year. That's a lot of stuff. It's a huge
Speaker 1: amount and it's something that we can see in our
Speaker 1: everyday lives. You know, if you go into your local
Speaker 1: supermarket or shop or service station, or you open your
Speaker 1: fridge or cupboard, there's plastic everywhere. And China used to
Speaker 1: take a out of the garbage right, and then they
Speaker 1: stopped a few years ago. We're not importing this anymore.
Speaker 1: Don't send us your trash. That that was the old
Speaker 1: solution to unwanted plastic was you just used to get
Speaker 1: shipped to China. But in China said we're not going
Speaker 1: to take this stuff anymore. So the global stream and
Speaker 1: plastic need to find a new place to go. Okay,
Speaker 1: so you took three tracking devices and three different types
Speaker 1: of plastic. You dropped him off at a place that
Speaker 1: was purportedly where you can recycle plastic. What did you learn?
Speaker 1: So the place I dropped it was Tesco, which is
Speaker 1: the UK's biggest supermarket, has annual sales about sixty billion
Speaker 1: pounds and across the whole of the UK. Tesco has
Speaker 1: put out these white bins inviting customers to return their
Speaker 1: soft plastic bags, carrier bags, wraps to be recycled and
Speaker 1: turn into new products. And what I learned kind of long,
Speaker 1: shorty store short, was that the vast majority of this
Speaker 1: stuff that customers are diligently returning isn't being turned into
Speaker 1: new products but tesco. It's being exported overseas, it's being
Speaker 1: burnt in incinerators, and not a huge amount of its
Speaker 1: being recycled. It's part of the problem. And help me
Speaker 1: out here. I mean, I guess the good of plastic
Speaker 1: was kind of a durable and how lasting it is.
Speaker 1: The bad of plastic is how durable and lasting it is. Yeah,
Speaker 1: that's I mean, that is the issue. Plat Plastic is
Speaker 1: a wonderful material, particularly for selling food in because it's
Speaker 1: you know, impermeable to water. You can steal food products
Speaker 1: in an air tight way and it doesn't degrade. Actually
Speaker 1: it is a very safe way to package food. But
Speaker 1: that same durability is a big problem when it comes
Speaker 1: to disposing of it, because if you just bury it
Speaker 1: or leave it, it takes thousands of years to degrade
Speaker 1: and and and throughout that time it breaks down into tiny,
Speaker 1: little small pieces of small chunks of plastic called microplastics
Speaker 1: that get absolutely everywhere. So it's not a great situation.
Speaker 1: They've talked about this in the ocean right, in particular
Speaker 1: that you're seeing those you know, microplastics, microplastics and as
Speaker 1: a result, you know, you think about the food chain, right,
Speaker 1: Whoever eats it in the ocean and then we eat
Speaker 1: plastic comes back to all of us. Hey, hey it
Speaker 1: I want to talk about the Lentil snack pouch and
Speaker 1: where exactly it went. So it quickly went to Harwich
Speaker 1: International Port, then the outskirts of Rotterdam, then through Germany,
Speaker 1: uh past Berlin, and then it found its way to Poland.
Speaker 1: Where did it end up in Poland? Yea, So two
Speaker 1: of my three trackers made their way to Poland. They
Speaker 1: both went to exactly the same place, which is a
Speaker 1: small town called Gelona Gora, which is close to the
Speaker 1: border with Germany. The reason all the stuff gets sent
Speaker 1: to Poland is, you know, quite simply cost um It
Speaker 1: is much much cheaper to dispose of plastic in Poland
Speaker 1: than it is to do so in the UK or Germany.
Speaker 1: Labor is cheaper, landfill is cheaper, and it's just a
Speaker 1: cost effective way for big retailers to get rid of
Speaker 1: their plastic. But of course there's the the environmental cost
Speaker 1: of shipping it there in the first place. So net
Speaker 1: net takeaway in terms of plastic, is it just a
Speaker 1: case we have to stop using it or is there
Speaker 1: a way to actually reuse it um so that we
Speaker 1: can get rid of some of the economic impact and
Speaker 1: not economic environ mental impact. I think what we learned
Speaker 1: during this story is we're not saying plastic recycling doesn't work,
Speaker 1: but we're saying it's can't be the only solution. There's
Speaker 1: so much plastic that can't be recycled. So what we
Speaker 1: need to do is better understand how that protect works.
Speaker 1: But we can't just ship it to overseas to make
Speaker 1: it someone else's problem. That's making the situation a lot worse.
Speaker 1: We need to really understand how these systems work. Yeah,
Speaker 1: hopeful that we figure it out soon. There's a lot
Speaker 1: of attention on plastics now, which is a really good thing.
Speaker 1: Governments are looking at it. I'm not particularly hopeful, knowing
Speaker 1: what I know about what happens to plastic when we
Speaker 1: throw it away, I'm not particularly optimistic for the short term.
Speaker 1: That's Bloomberg New senior writer Kitshall ll be sure to
Speaker 1: check out the full story online or on the terminal
Speaker 1: some really amazing graphics that go along with the reporting here,
Speaker 1: and there's a documentary about it as well. It's part
Speaker 1: of our storyline series on Bloomberg Quick Take. You can
Speaker 1: find that at Bloomberg dot com slash qt. You're listening
Speaker 1: to Bloomberg Business Week, coming up, looking to refresh your
Speaker 1: wardrobe now that your pass is dragging you back to
Speaker 1: the office. Well, we've got a guide to create a
Speaker 1: your very own signature look from head to tell, courtesy
Speaker 1: of our Bloomberg Pursuits team. We're going big on bespoke,
Speaker 1: aren't we. We are? All right, you gotta bring your wallet. Okay,
Speaker 1: you on your wallet too, that's giving up. Next, this
Speaker 1: is Bloomberg. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio.
Speaker 1: So normally at this time each week we turned to
Speaker 1: Bloomberg Pursuits editor Chris Rouser to gude us through Pursuits
Speaker 1: in the Business Week magazine. Unfortunately, Chris not available this
Speaker 1: unfortunately for us or for him, I don't. I think
Speaker 1: it's okay. He deserves a few days. And where he is,
Speaker 1: he is in Switzerland. He's there for work. Okay, you
Speaker 1: can't give him that part of it. Oh yeah, work
Speaker 1: a watch trade show, right work. Check him out on Instagram,
Speaker 1: by the way, he's posting some pretty cool stories from there. Yes,
Speaker 1: some of our Business Week colleagues do have the best
Speaker 1: job when it comes to journalism, and thankfully we all
Speaker 1: to have. Bloomberg Pursuits Deputy editor Jim Gaddy here with
Speaker 1: us in New York to break down the signature style
Speaker 1: edition of the Pursuit section. I mean, I get to
Speaker 1: go to Switzerland. What's deal with that? Chris is the boss,
Speaker 1: he gets to choose where he goes. Well, spekin of bosses.
Speaker 1: Bosses want us back in the office. Uh, And as
Speaker 1: you can see, I'm really well dressed in my yoga
Speaker 1: pants and a wrinkled linen shirt. Um. You talk about
Speaker 1: like the whole section is all about coming back to work,
Speaker 1: but basically in a different way, right, and in a
Speaker 1: bespoke way. So tell us about the coverage here. Yeah,
Speaker 1: you know, we wanted to talk about the new ways
Speaker 1: of getting your clothes custom made, and you know, not
Speaker 1: just a suit. I mean you think of a bespoke
Speaker 1: suit that's kind of like the first thing that comes
Speaker 1: to mind. But we're seeing surveys coming out where half
Speaker 1: of millennials are saying they're never going to wear a
Speaker 1: suit again, never gonna wear a suit again. I read that,
Speaker 1: I was like, yeah, well it must be nice, but also,
Speaker 1: are you never going to go to a wedding again?
Speaker 1: We're away Sorry, yeah, they're still just but but it
Speaker 1: is right. Things that we've talked about the world getting
Speaker 1: more casual, but there's something more significant. It feels like
Speaker 1: this time. Yeah. I mean we've had stories coming out
Speaker 1: of Bloomberg in London, for example, where you're seeing bankers
Speaker 1: get this, wearing chinos. That's a big deal. Finance guys.
Speaker 1: Wait what not just guys wearing brown shoes? Just not casual? No, no,
Speaker 1: this is like the thing now people. Uh, you know,
Speaker 1: hedge funders are ditching the tie and digging corduroy. Now,
Speaker 1: I mean, you know, g Q can say the suit
Speaker 1: is dead, but when you know, you see stuff like this,
Speaker 1: there's a real sea change. Corduroy. I think that's only
Speaker 1: for like professors in college. Yeah, well I guess they're
Speaker 1: the new style icons. I guess, so okay, but the
Speaker 1: way you guys do it. And let's be fair. I
Speaker 1: mean you are talking about me more casual, but this
Speaker 1: is like gorgeous casual because it's bespoke. It's custom. Casual
Speaker 1: doesn't mean sloppy, right, Okay, but look to be fair,
Speaker 1: we you get dressed up when we go on TV.
Speaker 1: We do, we do, we do. Yeah, so we're not
Speaker 1: always cash. So talked us about some of the places. Yeah,
Speaker 1: there's a whole new sort of generation of tailors who
Speaker 1: will make a leather jacket for example. Uh, I don't know,
Speaker 1: a belt, a short sleeve button up shirt. You know,
Speaker 1: things that are made for you and you know. We
Speaker 1: talked to one designer, Patrick Henry, who runs a label
Speaker 1: in Los Angeles called rich Fresh, and he has some
Speaker 1: NBA clients. He makes these amazing track suits started like
Speaker 1: six four thousand dollars six thousand dollars. Yeah, and he's
Speaker 1: had a great quote he said, if you work hard
Speaker 1: and you have the financial means to have the best
Speaker 1: of things, you should have clothes. It looked beautiful on you,
Speaker 1: regardless of your height, your weight, your size, or your race.
Speaker 1: And so that was kind of like the guiding principle
Speaker 1: that we did with this section. So you know, like
Speaker 1: maybe you want like a personalized belt, maybe you want
Speaker 1: like a denim jacket, or maybe you want to shack it. Yeah,
Speaker 1: a shirt jacket. Yeah, I've got my eye on this
Speaker 1: embroidered Babis and butt Head denim jacket that's featured. But
Speaker 1: be blakely because this is just a throwback I think too.
Speaker 1: You know many elder millennials, geriatric millennials, childhoods gen X two. Yeah,
Speaker 1: what what's appealing? I mean, how do you walk into
Speaker 1: an office wearing this? You know, I don't know if
Speaker 1: you can go into your your hedge fund conference meeting
Speaker 1: with the Beavis and butt Head denim jacket on, but
Speaker 1: you know, you could definitely walk in with another jacket on.
Speaker 1: You could. You know, it's really about and again some
Speaker 1: of these surveys that we're seeing, it's like meeting the
Speaker 1: customers where they are. So if it's you know, if
Speaker 1: they're cool with it, then you know you don't have
Speaker 1: to sort of stand on ceremony. Hey, if it's good
Speaker 1: enough for John Mayer, you know, it should be good
Speaker 1: enough for the hedge fun but it isn'tteresting was it
Speaker 1: hard to find these places? It seems like there's a
Speaker 1: ton of them out there. There's a ton. Yeah, honestly,
Speaker 1: it was harder to sort of like pick, like to
Speaker 1: weet out or not not weat out, but you know,
Speaker 1: decide which one is to actually focus on because there's
Speaker 1: so many. Like you can any pretty much the city
Speaker 1: you go to, you or if you live in uh,
Speaker 1: there's somebody there who can make something for you. Most
Speaker 1: of them, you know, we focus on her in Los
Speaker 1: Angeles or London or New York because that's where most
Speaker 1: of our customers are. I have to say, just up
Speaker 1: the street. For me, there's been like a place where
Speaker 1: the same thing you just walk in. It's a small
Speaker 1: little shop. It's a guy. I don't know whether you
Speaker 1: worked for a big fashionait. He's got his own little
Speaker 1: place and they'll make a custom suit or do whatever
Speaker 1: you use this New Jersey or don't you dare it's
Speaker 1: just outside Manhattan, Okay, New Jersey. I'm sorry. Hey, we're
Speaker 1: going to from head to toe here. So I want
Speaker 1: to talk a little bit about what we put on
Speaker 1: our feet, because a little Manhattan cobbler shop offers sort
Speaker 1: of a different take when it comes to customized shoes.
Speaker 1: They're gorgeous they're beautiful, many different materials. Um, what's unique
Speaker 1: about this shop? You know what? They're from Switzerland and
Speaker 1: they opened up in December of last year. That's a
Speaker 1: surprise to me. When I read that, I was thinking,
Speaker 1: wait a second, you know, these are the shops that
Speaker 1: closed during the pandemic right when no but he was
Speaker 1: doing anything. Who's betting on a cobbler? You know? They
Speaker 1: said most of their customers are walk ins, and they're
Speaker 1: just kind of kind of coming off the street. And
Speaker 1: most of what they're doing is again you think of
Speaker 1: like a custom shore, you think of like some black
Speaker 1: leather fancy thing. Like most of the people come in
Speaker 1: and want something casual. They can wear it with jeans.
Speaker 1: They want something with like a big rubber soul because
Speaker 1: they're doing a lot of walking these days, and so
Speaker 1: then you can mix and match, like sometimes you know,
Speaker 1: they'll put the laces on the side. These clients, the
Speaker 1: clients are people with unique taste. They cater to people
Speaker 1: with very specific kind of ideas and of what they want,
Speaker 1: what they need. Uh. One of my favorite examples, he said,
Speaker 1: someone came in last week. It was in a wheelchair
Speaker 1: and he needed shoes with zippers. That's like the sort
Speaker 1: of level of detail you can get at this place.
Speaker 1: Uh So, I don't know. I I've loved how these
Speaker 1: shoes kind of came out, all the leathers that you
Speaker 1: can pick, the different souls, the different laces, um and
Speaker 1: what is it takes maybe ten weeks to arrive. They
Speaker 1: start from six hundred nine hundred dollars. So well, that's
Speaker 1: what shocked me. And I mean, I know, okay, forgive us,
Speaker 1: because there's people out there saying six hundred nine hundred
Speaker 1: isn't a lot of money, but I think there is not.
Speaker 1: They're probably people saying, you guys are nuts that you
Speaker 1: don't think that that's a lot of money. I think
Speaker 1: that's a lot of money. The thing is, you should
Speaker 1: have seen the look that Carol just gave me. She's like,
Speaker 1: she's like, you're not buying. I think you could put
Speaker 1: My mother would have looked at me and be like, master,
Speaker 1: you are weird, my daughter. No. But I think about, like,
Speaker 1: these are an investment and you can take care of them, right,
Speaker 1: And I think about you could walk into a big
Speaker 1: department store and drop easily that amount of money and
Speaker 1: kind of a mass produced shoe. This is custom made
Speaker 1: for you. Yeah, we should probably say the name le
Speaker 1: Major Dome. I don't think it's actually said that. I
Speaker 1: was waiting for. Say they're saying, thank you very much,
Speaker 1: Jim for saying that. But just about the price real quick.
Speaker 1: The last thing on that. The guy that we talked
Speaker 1: to who bought a pair, he said they're the most price,
Speaker 1: they're the most expensive shoes he's ever had, but he
Speaker 1: says they're fifty times the next best shoe he's ever
Speaker 1: had in terms of quality. So Chris is away in Switzerland.
Speaker 1: Story the editor of Bloomberg pursuits, so I want to
Speaker 1: use this as an opportunity because he's not here to
Speaker 1: defend himself, to talk about how he smells, because we've
Speaker 1: already heard about his haircut stuff pictures his haircut. But
Speaker 1: he he talks about his journey over many decades. When
Speaker 1: it comes to fragrances Cologn's yeah, yeah, you know, my
Speaker 1: new c K one was on his Like Chris and
Speaker 1: I had the same age, so totally you know, I
Speaker 1: read this and I was like, yeah, I think back
Speaker 1: to trying to you know, going to the drug store,
Speaker 1: you know, convincing my parents to let me buy some
Speaker 1: all right, to tell us about Chris's adventure. Yeah, you
Speaker 1: know he uh, he's been uh, he's I don't know
Speaker 1: he discovery isn't he's going he's changed his hair already
Speaker 1: again since the last time. But you know, he went
Speaker 1: through and kind of like pandemic is kind of forced
Speaker 1: a lot of us to rethink the things in our house.
Speaker 1: And so he has this huge shelf of dusty cologne
Speaker 1: and he's like, you know what, I'm just gonna kind
Speaker 1: of like go back through and see which of these
Speaker 1: actually work for me. Still sky One, you know, reminded
Speaker 1: him of being kind of like in high school and
Speaker 1: being awkward and you know, just trying to fit in.
Speaker 1: He had a funny line assimilation by odor, which is, yeah,
Speaker 1: you're just trying to fit in sometimes. And then so
Speaker 1: he gets a little bit older, a little more sophisticated,
Speaker 1: He gets some uh or mez, he gets some saying
Speaker 1: Laurel kind of things, and he still keeps those. But
Speaker 1: he's like, what if I just picked my own, Like
Speaker 1: I can what can I do? What can I smell? Like?
Speaker 1: What is possible out there? So he went to this
Speaker 1: uh place in New York here old Factory NYC, their
Speaker 1: direct consumer brand started UH. Their goal is to make
Speaker 1: Fragrance fun, affordable and accessible prices about sixty dollars. And
Speaker 1: what they'll do is they'll send you a little tinkerer
Speaker 1: box with a lot of bass notes and them, and
Speaker 1: you kind of like smell them all. You pick one
Speaker 1: and then they send you like a little booster after that,
Speaker 1: and then you know, you smell them. I was in
Speaker 1: the office when we were smelling. Then they have like
Speaker 1: funny celebrity names like Ashton and Taylor and Jaden and
Speaker 1: like that a little yes exactly, so we were all
Speaker 1: smelling them and things, and you know, he did like it.
Speaker 1: It was fine, you know, it was fine. It wasn't
Speaker 1: like as life changing as a new haircut I got,
Speaker 1: let's say, but because you know, the challenge here is that,
Speaker 1: you know, you kind of run up against the limits
Speaker 1: of your ability to smell these things. There are reasons
Speaker 1: why these things are so expensive. There are experts who
Speaker 1: can tell how to smell things right their professional noses. UM.
Speaker 1: It's a great read. There's also a story about custom
Speaker 1: jewelry UM so I highly recommend you check it out.
Speaker 1: Jim Gaddy so great to have you here always pleasure.
Speaker 1: I'm ready to be spoke, are you? Yeah? You're gonna
Speaker 1: get that jewelry. I think I'll start with the shoes.
Speaker 1: I love the shoes. They're pretty cool, cool, all right,
Speaker 1: Jim Gatty, Thank you so much. Our thanks to Bloomberg
Speaker 1: Pursuit's deputy editor Jim Gatty for taking us through the
Speaker 1: section that wraps up the weekend edition of Bloomberg Business
Speaker 1: Week from Bloomberg Radio. Thanks for joining us. I'm Tim
Speaker 1: Stantovick and I'm Carol Mass. Be sure to tune into
Speaker 1: Bloomberg Business Week Monday through Friday, starting at two pm
Speaker 1: Wall Street Time on Bloomberg Radio. You can also watch
Speaker 1: our daily broadcast on YouTube. Just search Bloomberg Global News.
Speaker 1: Check out our Bloomberg Business Week podcast. Find that at
Speaker 1: Bloomberg dot com, Apple, or wherever you get your podcast.
Speaker 1: Bloomberg Business Week is available on newsstands now at Bloomberg
Speaker 1: dot com and on the Bloomberg Terminal, and you can
Speaker 1: see Tim on Bloomberg Quick Take available on Bloomberg dot com,
Speaker 1: slash Qt, and streaming platforms like Roku, Apple TV, Samsung TV,
Speaker 1: and more. Have a great weekend, everybody. Check out your fragrances.
Speaker 1: Maybe this is Bloomberg