WEBVTT - A US Recession and Retail Report 0:00:00.120 --> 0:00:04.360 Bloomberg is now on your dashboard with Apple CarPlay and 0:00:04.360 --> 0:00:08.160 Android Auto. It gives you access to every Bloomberg podcast, 0:00:08.280 --> 0:00:11.560 live audio feeds from Bloomberg Radio, print stories from Bloomberg 0:00:11.640 --> 0:00:14.920 News in audio form, and the latest headlines of the 0:00:14.920 --> 0:00:18.600 click of a button with Bloomberg News. Now it's free 0:00:18.680 --> 0:00:21.439 with the latest version of the Bloomberg Business App. That's 0:00:21.680 --> 0:00:24.400 the Bloomberg Business App. Get it on your phone in 0:00:24.440 --> 0:00:27.760 the Apple App Store or on Google Play. Just download 0:00:27.800 --> 0:00:30.560 the app, connect your phone to your car and get started, 0:00:30.960 --> 0:00:34.400 and it's all presented by our sponsor, Interactive Brokers. 0:00:35.400 --> 0:00:38.600 Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney alongside 0:00:38.640 --> 0:00:39.800 my co host Matt Miller. 0:00:40.200 --> 0:00:44.279 Every business day we bring you interviews from CEOs, market pros, 0:00:44.320 --> 0:00:48.160 and Bloomberg experts, along with essential market movin news. 0:00:48.720 --> 0:00:51.839 I'm the Bloomberg Markets podcast called Apple Podcasts or wherever 0:00:51.960 --> 0:00:55.080 you listen to podcasts, and at Bloomberg dot Com slash podcast. 0:00:55.720 --> 0:00:58.760 Chris Campbell joins us. He's a Chief Strategisticcroll. He joins 0:00:58.800 --> 0:01:01.120 us here on a Bloomberg Interactive Broker studio. Chris, what 0:01:01.160 --> 0:01:02.920 are you telling clients here these days? I mean we've 0:01:02.920 --> 0:01:05.680 had this you know, rally here in November, and I 0:01:06.120 --> 0:01:08.440 guess it's in part due to I guess a lot 0:01:08.440 --> 0:01:10.200 of investors are probably like me, saying, boy, if I'm 0:01:10.200 --> 0:01:12.840 at peak rates, don't I take on some risks here 0:01:12.880 --> 0:01:13.760 with my portfolio? 0:01:14.040 --> 0:01:14.240 Yeah. 0:01:14.280 --> 0:01:16.360 Look, I think that's it's highly likely that we've probably 0:01:16.360 --> 0:01:20.200 seen that the the top of the rate interest rate raise. 0:01:20.760 --> 0:01:24.240 But I kind of concerned myself more of a pessimistic 0:01:24.319 --> 0:01:27.440 optimist right now, which means I think we're going to 0:01:27.520 --> 0:01:29.800 be some We're going to go some difficult times. But 0:01:29.920 --> 0:01:31.960 on the other side of this, it's going to be 0:01:32.000 --> 0:01:34.760 quite significant. There's you know, trillions of dollars you know, 0:01:34.760 --> 0:01:36.720 out there in the park and the in the sidelines, 0:01:37.120 --> 0:01:39.800 with the with the funds and families that we advise, 0:01:40.360 --> 0:01:41.640 and I think they're looking. 0:01:41.480 --> 0:01:42.120 For this correction. 0:01:42.160 --> 0:01:43.959 I think that on the opposite of the correction will 0:01:44.000 --> 0:01:46.760 be just an enormous amount of money flooding the capital market, 0:01:46.959 --> 0:01:49.520 flooding the markets, and emerging acquisitions and lots of other 0:01:49.560 --> 0:01:51.080 things that are goodness will happen. 0:01:51.120 --> 0:01:53.760 I think probably late next year or earlier the year after. 0:01:53.880 --> 0:01:57.680 Remember, Paul, you want to buy low, yes, to sell high? 0:01:58.240 --> 0:01:59.360 Right, buy them and hold them. 0:01:59.520 --> 0:02:00.720 You like to buy high and hold. 0:02:00.800 --> 0:02:02.040 I just buy buy the. 0:02:02.000 --> 0:02:05.560 Mo Yeah, mentum, Well, I mean you can catch on 0:02:05.560 --> 0:02:07.360 the wrong side of that rush so many times, trying 0:02:07.360 --> 0:02:08.440 to catch the falling knife. 0:02:08.919 --> 0:02:10.960 That's a good point. What do you think about that? 0:02:11.800 --> 0:02:14.000 Yeah, you know, it's probably a good idea to buy 0:02:14.040 --> 0:02:18.400 low so high typically it's good. It's good good advice. 0:02:18.800 --> 0:02:21.760 I so you could have caught the falling knife with 0:02:21.880 --> 0:02:25.399 treasuries at five percent. We were like freaking out. Yes, 0:02:25.639 --> 0:02:26.320 in this studio. 0:02:26.440 --> 0:02:27.080 Right's a good point. 0:02:27.160 --> 0:02:29.320 I mean, right across the curve, we had fives everywhere 0:02:29.360 --> 0:02:31.280 at seventy two dollars on a barrel of oil. 0:02:31.360 --> 0:02:32.399 We're freaking out. 0:02:32.480 --> 0:02:33.480 I had to buy some oil here. 0:02:33.520 --> 0:02:35.280 Another thing, but I mean Lisa Browma is sitting with 0:02:35.320 --> 0:02:37.799 a big barrel of oil in her apartment and you 0:02:37.880 --> 0:02:40.600 got it for negative forty bucks. Negative forty bucks. All right, 0:02:40.680 --> 0:02:45.320 so we're in the market. Are you looking these days here? 0:02:45.400 --> 0:02:47.600 I mean, because it seems like do I stick with 0:02:47.680 --> 0:02:50.040 the magnificent seven that have worked so well? Do I 0:02:50.280 --> 0:02:52.639 try to find some of the laggards? 0:02:52.639 --> 0:02:53.600 How are you thinking about it? 0:02:53.680 --> 0:02:55.600 I think actually you can start diversifying it again, if 0:02:55.600 --> 0:02:57.280 we're going to see if we're seeing peak or eights, 0:02:57.480 --> 0:02:59.280 like I do think we're going to be higher for longer. 0:02:59.320 --> 0:03:00.840 I think that the Fed Reserve is going to try 0:03:00.880 --> 0:03:03.680 to avoid becoming a rate lowering interest rates next year, 0:03:03.720 --> 0:03:06.160 and a little bit of a contrarian in this in 0:03:06.200 --> 0:03:08.120 this regard because I believe that there's you know, it 0:03:08.160 --> 0:03:10.640 just becomes really political the Federal Reserve. I think that 0:03:10.639 --> 0:03:13.520 actually the chairman actually has an enormous and out out 0:03:14.160 --> 0:03:17.919 sized influence in the twenty four four elections because I 0:03:17.919 --> 0:03:21.080 think it's mostly it's going to be the economy, and 0:03:21.160 --> 0:03:22.720 so you know, I can think that he'll just be 0:03:22.840 --> 0:03:24.919 very careful and be cautious about that, and so I 0:03:24.919 --> 0:03:26.360 think that we're going to be we're in for a 0:03:26.400 --> 0:03:30.240 tight thout, probably not all in next year. Sob Dan, 0:03:30.320 --> 0:03:31.840 I think like this this is the time to long 0:03:31.880 --> 0:03:33.440 the market absolutely and diversify. 0:03:34.080 --> 0:03:37.840 You were, by the way, a former assistant secretary for 0:03:37.880 --> 0:03:42.080 the US Treasury Department. You have interacted with Jerome Powell 0:03:42.160 --> 0:03:46.440 on a wide variety of topics. But I wonder what 0:03:46.480 --> 0:03:50.400 your thoughts are on the on the Druck and Miller 0:03:50.560 --> 0:03:56.440 Yellen spat. I mean, could we really have sold much 0:03:56.480 --> 0:04:00.280 longer maturities at much lower rates. Should we have done that? 0:04:01.520 --> 0:04:01.680 Yeah? 0:04:01.760 --> 0:04:04.560 I think there's as in every argument, there's two sides 0:04:04.600 --> 0:04:04.840 of it. 0:04:04.920 --> 0:04:07.360 Of course, and also hindsight is twenty twenty. I get 0:04:07.360 --> 0:04:07.960 that fully. 0:04:08.040 --> 0:04:10.440 So like I, I try not to look back at 0:04:10.520 --> 0:04:13.480 my former colleagues and with you know, and try to 0:04:13.600 --> 0:04:16.040 second guess what they've did. It's it's very difficult. Those 0:04:16.120 --> 0:04:18.800 jobs are extremely difficult and they're very hard to you know. 0:04:18.920 --> 0:04:21.520 So there's there. You get pressure from everywhere. 0:04:21.160 --> 0:04:23.119 All right, So let me ask you this in terms 0:04:23.120 --> 0:04:27.880 of the FED. For a while, there is this thought 0:04:27.960 --> 0:04:32.760 that Jerome Powell would do anything not to become another 0:04:32.920 --> 0:04:36.680 Arthur Burns. That is, he wanted to really crush inflation 0:04:37.120 --> 0:04:39.440 and stop it in its tracks so that it never 0:04:39.480 --> 0:04:42.039 reared its ugly head again, or at least you know, 0:04:43.120 --> 0:04:46.359 during his time. Is that still the case or is 0:04:46.400 --> 0:04:50.240 he going to start worrying about you know, joblessness and 0:04:50.400 --> 0:04:53.159 economic slow down. Is he going to start getting a 0:04:53.160 --> 0:04:56.440 little bit soft and dubvish when the bad data comes out? 0:04:56.560 --> 0:04:56.720 Yeah? 0:04:56.760 --> 0:04:58.920 I always compared to me, I think you try to 0:04:58.960 --> 0:05:01.240 avoid to becoming pulled. I mean, I think it just 0:05:01.279 --> 0:05:03.600 doesn't want to have, you know, any kind of diflation. 0:05:03.920 --> 0:05:05.240 I think it's trying to avoid that at all. So 0:05:05.320 --> 0:05:08.360 I think that tight for longer. Make sure you stamp 0:05:08.400 --> 0:05:10.640 it out right. I think that there's you know, some 0:05:10.680 --> 0:05:12.840 FED governors are suggesting, and I think that the FED 0:05:12.920 --> 0:05:15.520 is looking for us slow down in job job growth, 0:05:15.920 --> 0:05:17.880 and that's you know, all of that means. I think 0:05:18.000 --> 0:05:20.560 this is where I'm a little bit pessimistic, if you will, 0:05:20.560 --> 0:05:21.920 and I think we're going to get see. A bit 0:05:21.960 --> 0:05:25.000 of a downside is that, you know, the American consumer 0:05:25.080 --> 0:05:26.719 is kind of running an esteem. I think that they're 0:05:26.760 --> 0:05:31.160 they're the largest economic engine of the economy, and you know, 0:05:31.360 --> 0:05:34.600 they've spent their savings and now they're now they're spending 0:05:34.640 --> 0:05:36.880 our credit cards at record rates, at a very high 0:05:37.000 --> 0:05:37.720 eye address. 0:05:38.080 --> 0:05:41.679 So you're also former staff director the Senate Finance Committee 0:05:41.680 --> 0:05:42.719 at the United States Senate. 0:05:42.880 --> 0:05:43.760 What did you do there? 0:05:44.480 --> 0:05:47.320 The committee is in charge of all Medicare, medicaid, social security, 0:05:47.640 --> 0:05:51.240 tax policy, international trade. So what oversaw seventy percent of 0:05:51.320 --> 0:05:53.280 US spending one hundred percent in becoming revenue. 0:05:53.400 --> 0:05:55.320 So is it your job to make sure that when 0:05:55.360 --> 0:05:59.440 senators are on television questioning witnesses and whenever anybody comes 0:05:59.480 --> 0:06:02.200 in front of their committee that they sound intelligent. 0:06:02.200 --> 0:06:04.599 That working very closely with the members and their staff. 0:06:04.920 --> 0:06:07.719 You know it. It was treading set an agenda that 0:06:07.800 --> 0:06:08.800 was very difficult. You know. 0:06:09.320 --> 0:06:13.120 The difficult things about what we are mandate was that 0:06:13.160 --> 0:06:16.359 they were just all of them are extremely political. You know, 0:06:16.400 --> 0:06:18.919 I can't think that you know, good people can have 0:06:19.040 --> 0:06:22.839 arguments about entitlements, you know, Medicare and medicaiding social Security. 0:06:22.839 --> 0:06:25.760 But the challenge is trying to change trying to actually 0:06:25.760 --> 0:06:28.839 have a public debate that actually doesn't become highly political, 0:06:28.960 --> 0:06:32.240 politicized and really scared Americans is really hard on those issues. 0:06:32.680 --> 0:06:34.880 And then tax policy, of course, is that there's always 0:06:34.880 --> 0:06:38.080 a give and take where one side typically likes slower taxes, 0:06:38.120 --> 0:06:39.960 one side likes higher taxes, and it's just you know, 0:06:40.200 --> 0:06:42.400 you try to find some way to get compromised. 0:06:42.440 --> 0:06:46.559 But it works between senators. Happens behind the doors. 0:06:46.560 --> 0:06:48.280 I mean, did they really walk down to the hall 0:06:48.880 --> 0:06:50.880 and say, let's debate this issue. 0:06:50.880 --> 0:06:51.400 I want to. 0:06:52.120 --> 0:06:54.039 Does that happen lately? They just say do you want 0:06:54.040 --> 0:06:56.880 to fight? Exactly? And I guess the. 0:06:56.800 --> 0:06:58.720 Reason I was going because I just you know, we 0:06:58.720 --> 0:07:01.880 look at these committee here, whether it's technology people coming 0:07:01.880 --> 0:07:04.680 in from or whatever, and our senators in our congressman, 0:07:04.720 --> 0:07:09.160 they just sound so uninformed. It's really painful slash embarrassing. 0:07:10.320 --> 0:07:13.960 But I'm just wondering do they debate the issues amongst themselves? 0:07:14.440 --> 0:07:16.160 They do, and staff does a lot of that work 0:07:16.200 --> 0:07:16.800 for them as well. 0:07:16.800 --> 0:07:19.520 But I think it's, you know, like it's it's very difficult, 0:07:19.520 --> 0:07:22.240 as you know, they're they're they're also pulled everywhere, but 0:07:22.280 --> 0:07:24.200 the challenges and I don't want to get anyone in 0:07:24.200 --> 0:07:26.320 trouble because right now in American politics, if you're a 0:07:26.360 --> 0:07:28.520 Republican talking to a Democrat or Democrat republic and talking 0:07:28.520 --> 0:07:30.640 to republic and your voters don't like you. But I 0:07:30.680 --> 0:07:32.960 will say that there's an enormous amount of that happening 0:07:33.120 --> 0:07:36.240 behind closed doors, and it has to because honestly, genuinely, 0:07:36.240 --> 0:07:38.560 nothing would get done, and I think nothing's gonna be 0:07:38.560 --> 0:07:38.880 done now. 0:07:39.080 --> 0:07:41.760 They have people we talk to are always so bright, 0:07:41.960 --> 0:07:44.720 so well educated, they know the issues, and then when 0:07:44.760 --> 0:07:47.960 you see these men and women on TV, they're just 0:07:48.760 --> 0:07:49.400 the worst. 0:07:49.560 --> 0:07:51.880 They have to be Like what has to get elected 0:07:51.920 --> 0:07:54.160 by the American exactly like what happened? 0:07:54.280 --> 0:07:56.680 Don't this staff like Spoon feed them what to say, 0:07:56.720 --> 0:07:59.960 what questions they ask? How did they come across so bad? 0:08:00.360 --> 0:08:02.240 I'll say that, you know, I think that the Congress 0:08:02.280 --> 0:08:04.679 reflects the mood of the American people that at that time. 0:08:04.760 --> 0:08:05.720 Yea, I guess that's so. 0:08:05.760 --> 0:08:07.120 I think that that's you know, I think that the 0:08:07.120 --> 0:08:09.120 American people get the House represents they want in the 0:08:09.200 --> 0:08:12.120 sense they want at the time. And of course we 0:08:12.200 --> 0:08:14.360 have a little bit of a shorter, a longer fuse 0:08:14.400 --> 0:08:16.480 on the presidency, right, So, but yeah, I think it's 0:08:16.480 --> 0:08:18.760 going to be interesting to see how this next election happens. 0:08:18.760 --> 0:08:20.760 I think there's you know, there's a lot of variables 0:08:20.760 --> 0:08:22.960 at play, and there's significant issues. 0:08:23.040 --> 0:08:26.679 Do you appine on potential election outcomes for your clients? 0:08:27.480 --> 0:08:30.800 Everyone wants to know, right, and it matters, I mean, right, 0:08:31.040 --> 0:08:34.840 the policy under Republican or Democratic administration is going to change, 0:08:34.880 --> 0:08:36.640 you know, And of course then it matters if it's 0:08:36.640 --> 0:08:39.200 Trump or Haley or someone else in the Republican side, 0:08:40.040 --> 0:08:42.280 or if it's Biden another Democrat on the Democratic side. 0:08:42.280 --> 0:08:44.880 And so yeah, absolutely, I think that there's you know, 0:08:44.960 --> 0:08:47.800 significant issues. But I believe though that if the economy 0:08:47.880 --> 0:08:51.000 is such a central component of the election. 0:08:50.760 --> 0:08:53.599 In twenty twenty four, and we are in a downturn. 0:08:54.200 --> 0:08:55.880 Likely it's it's a bad time to be in a 0:08:55.920 --> 0:08:58.800 cumbent in DC at that time, and so i'd likely 0:08:58.880 --> 0:09:01.720 see a wholesale chain. I think the House maker Democrat 0:09:01.760 --> 0:09:04.360 that House Senate to makeover republicand and perhaps when may 0:09:04.360 --> 0:09:04.920 see your republic. 0:09:05.160 --> 0:09:08.800 Having gone to the Thunderbird School of Global Management, do 0:09:08.840 --> 0:09:11.199 you have any advice for Duke on how to play basketball. 0:09:13.440 --> 0:09:16.319 I have friends, I have friends everywhere, So I'm just 0:09:16.360 --> 0:09:17.320 gonna set up my hands on the. 0:09:18.640 --> 0:09:22.680 You'll talk politics, talk as you more fun or UCSB. 0:09:23.280 --> 0:09:27.080 Oh gosh, that's a really good question, Barbara. At least 0:09:27.040 --> 0:09:30.920 we're underground. I think there's you're not very far from 0:09:30.960 --> 0:09:32.760 the beach and any anywhere on that campus. 0:09:32.760 --> 0:09:35.560 So all right, Chris, thanks so much for joining us. 0:09:35.600 --> 0:09:39.439 Chris Camber, he's a chief strategist at Kroll, talks about 0:09:39.440 --> 0:09:40.880 this market in politics. 0:09:41.920 --> 0:09:45.319 You're listening to the team Can's are live program Bloomberg 0:09:45.400 --> 0:09:48.800 Markets weekdays at ten am Eastern on Bloomberg dot com, 0:09:48.840 --> 0:09:51.960 the iHeartRadio app, and the Bloomberg Business app, or listen 0:09:52.040 --> 0:09:54.160 on demand wherever you get your podcasts. 0:09:55.640 --> 0:09:56.840 We're joined by Norma Chu. 0:09:57.160 --> 0:10:00.480 She is the CEO of Day Day Cook the New 0:10:00.559 --> 0:10:04.199 York stocker change symbols D is David d C. When 0:10:04.240 --> 0:10:06.679 public today sold three point nine million shares at eight 0:10:06.720 --> 0:10:08.880 dollars and fifty cents to share. The stocks traininger around 0:10:08.920 --> 0:10:11.880 six dollars right now, Norma, thanks so much for joining 0:10:11.960 --> 0:10:13.880 us on a busy day for you guys. Can you 0:10:13.880 --> 0:10:17.320 tell our audience kind of what Day Day Cook is? 0:10:17.360 --> 0:10:19.720 What do you guys do over there? Sure? 0:10:19.800 --> 0:10:22.680 Hi, thanks for having me today. You know, I started 0:10:22.679 --> 0:10:25.240 the business about twelve years ago, and the whole concept 0:10:25.280 --> 0:10:27.240 was really to create a platform and brand that can 0:10:27.320 --> 0:10:30.560 encourage a younger generation to enjoy cooking at home. And 0:10:30.679 --> 0:10:33.120 right now. We are a food innovator and we own 0:10:33.160 --> 0:10:36.040 a portfolio of brands, and all of our brands basically 0:10:36.080 --> 0:10:39.520 provide ready to cook and ready to heat product solutions. 0:10:40.040 --> 0:10:42.640 We also do a lot of social media marketing, building 0:10:42.640 --> 0:10:45.880 brands and promoting products and also engaging with our customers. 0:10:46.440 --> 0:10:49.600 All right, so I have been cooking a lot this year. 0:10:49.800 --> 0:10:52.199 What do you have for me? What are the products? 0:10:52.520 --> 0:10:53.760 Give us some examples? 0:10:54.280 --> 0:10:57.920 Sure, you know, since even though I'd started the business 0:10:57.920 --> 0:11:00.680 out of Hong Kong a long time ago, so last 0:11:00.720 --> 0:11:03.280 year we started looking into the US market. This year 0:11:03.280 --> 0:11:06.080 we just completed our very first acquisition of a brand 0:11:06.080 --> 0:11:09.560 called Nona Limb. So Nona Limb you can find her 0:11:09.600 --> 0:11:13.280 products right now in Whole Foods, Kroger, Target, and also 0:11:13.760 --> 0:11:17.720 a wide selection of online e commerce platform. You can 0:11:17.760 --> 0:11:21.000 probably try some of our noodle starter kits and also 0:11:21.040 --> 0:11:24.480 a variety of phone broths. Coming up next, we do 0:11:24.600 --> 0:11:27.679 have a shelf stable, clean label cup noodle coming to 0:11:27.760 --> 0:11:30.360 the market, so hopefully you enjoy those as well. 0:11:30.920 --> 0:11:34.760 So talk to us about how your business, I guess 0:11:34.920 --> 0:11:37.920 was impacted during the pandemic because I would think everybody 0:11:38.160 --> 0:11:40.440 was cooking at home and there's a lot of demand 0:11:40.520 --> 0:11:44.000 for you know, easier ways to cook at home. How 0:11:44.000 --> 0:11:45.440 did that impact your business? 0:11:45.840 --> 0:11:48.360 Yeah, that is so true. You know, I started about 0:11:48.400 --> 0:11:50.520 ten years ago, and at that time, I think a 0:11:50.520 --> 0:11:53.760 lot of people still wonder, you know, will the younger 0:11:53.800 --> 0:11:57.120 generation enjoy cooking at home? But since the past few years, 0:11:57.160 --> 0:11:59.040 I think there are a lot of different trends that 0:11:59.080 --> 0:12:01.920 we're seeing is really driving the growth of our market. 0:12:02.160 --> 0:12:04.960 The first one is really structural change and consumer behavior. 0:12:05.240 --> 0:12:07.200 I think a lot of younger consumer now do you 0:12:07.240 --> 0:12:08.959 want to cook at home? But you know they want 0:12:08.960 --> 0:12:13.000 a convenient, delicious meal with minimal effort. Second thing, you know, 0:12:13.040 --> 0:12:16.680 I think is really the whole work at home social trend. 0:12:16.880 --> 0:12:19.319 So in general, a lot of families are cooking probably six, 0:12:19.400 --> 0:12:21.760 seven or eight more meals at home now and that's 0:12:21.800 --> 0:12:24.280 also really helping you know, our space and really driving 0:12:24.320 --> 0:12:25.960 the growth that we're seeing. 0:12:26.600 --> 0:12:29.319 How have you dealt with food inflation? Are your input 0:12:29.360 --> 0:12:32.920 costs continuing to rise or have you seen the turnaround? 0:12:34.000 --> 0:12:35.640 Well, the good thing is, you know, we are an 0:12:35.679 --> 0:12:38.080 asset light model, so we work with a number of 0:12:38.160 --> 0:12:41.480 you know, manufacturers and experienced partners, so that gives us 0:12:41.480 --> 0:12:43.560 a little bit of flexibility in terms of you know, 0:12:43.640 --> 0:12:46.720 sourcing and manufacturing. And the beauty is, you know, this 0:12:46.840 --> 0:12:49.800 year and looking ahead, we do have a very aggressive 0:12:49.840 --> 0:12:53.080 plan in terms of growing internationally. And the nice thing is, 0:12:53.080 --> 0:12:55.439 you know, in markets like the US, Europe and other 0:12:55.480 --> 0:12:57.960 parts of the world, we are seeing such strong demand 0:12:58.080 --> 0:13:00.679 for our product which really enable us to price our 0:13:00.720 --> 0:13:04.720 products with healthier margin. So that's also having a positive 0:13:04.760 --> 0:13:06.120 impact on our business. 0:13:06.480 --> 0:13:09.520 So geographically, where where do you do business these days? 0:13:09.559 --> 0:13:11.440 And what's kind of your your future look like. 0:13:12.480 --> 0:13:14.960 Yeah, so I started in Hong Kong and twenty twelve 0:13:15.000 --> 0:13:18.000 and then we're expanding into mainland, trying to market did 0:13:18.120 --> 0:13:20.360 not last year we started looking into the US and 0:13:20.400 --> 0:13:22.960 this year with the very first acquisition that we just completed. 0:13:23.160 --> 0:13:25.679 So we all look targeting about ten to fifteen percent 0:13:25.679 --> 0:13:28.040 of revenue coming out of the US market this year 0:13:28.720 --> 0:13:31.079 and looking ahead, you know, we're targeting you know, thirty 0:13:31.120 --> 0:13:33.960 percent in three years time, fifty percent in five years 0:13:34.040 --> 0:13:35.600 time of international sales. 0:13:36.760 --> 0:13:39.520 So I'm just looking at your stock again, six dollars 0:13:39.559 --> 0:13:42.000 you share? It went public this morning at eight dollars 0:13:42.000 --> 0:13:44.480 and fifty cents. Any idea what's kind of pushing the 0:13:44.480 --> 0:13:46.320 stock down here? If you heard from your your bankers 0:13:46.400 --> 0:13:46.840 or anything. 0:13:47.760 --> 0:13:50.280 Well, you know, I used to be a stock research analyst. 0:13:50.679 --> 0:13:53.960 Night there you go, So I typically don't get to 0:13:54.200 --> 0:13:56.480 hung up on a day to day you know, performance 0:13:56.480 --> 0:13:59.439 of the stock. I'm more a fundamental research analyst, So 0:13:59.440 --> 0:14:02.160 I would believe been focusing on our business plan, continue 0:14:02.160 --> 0:14:04.800 to execute and the stock will just perform on its own. 0:14:05.080 --> 0:14:08.559 And the proceeds, I guess are for acquisitions. That's how 0:14:08.679 --> 0:14:09.840 you plan to expand. 0:14:10.800 --> 0:14:13.240 That's right, a portion, a big portion of this continue 0:14:13.240 --> 0:14:16.160 to drive business growth, and within our growth strategy really 0:14:16.240 --> 0:14:19.400 is looking at M and A transactions, amine opportunities to 0:14:19.480 --> 0:14:23.200 help us establish a more international footprint and also continue 0:14:23.200 --> 0:14:25.360 to grow our multi brand product portfolio. 0:14:26.240 --> 0:14:29.120 So I mean you talk about the younger folks, I 0:14:29.160 --> 0:14:31.960 actually agree. I mean when I was younger, comingut of college, 0:14:32.000 --> 0:14:34.560 it never cooked. But the kids today, maybe it's just 0:14:34.600 --> 0:14:36.000 because of the pandemic. 0:14:36.760 --> 0:14:39.120 I mean they're cooking and they're going all in. 0:14:39.600 --> 0:14:41.600 I mean, yes, tradience. 0:14:41.800 --> 0:14:43.640 I mean it's just I mean, is that kind of 0:14:44.200 --> 0:14:45.480 kind of the market you're looking at. 0:14:46.640 --> 0:14:49.240 Yeah, I mean it's just so exciting that now I 0:14:49.240 --> 0:14:51.640 think the younger generation do feel cooking with a lot 0:14:51.640 --> 0:14:54.840 of passion, and it just makes me so happy to 0:14:54.880 --> 0:14:56.720 see that, because I mean, cooking has always been a 0:14:56.720 --> 0:14:59.160 part passion for me. But you know, when I look 0:14:59.200 --> 0:15:01.400 at this space, I think there's a lot of opportunity 0:15:01.440 --> 0:15:04.640 in terms of creating clean label products. And there's also 0:15:04.640 --> 0:15:06.320 one of the criteria that we look for when we 0:15:06.360 --> 0:15:09.520 look at more growth opportunity because I think, you know, 0:15:09.760 --> 0:15:14.920 traditionally some consumer might think that Asian food products may 0:15:14.920 --> 0:15:16.880 be a little bit more processed, maybe a little bit 0:15:16.880 --> 0:15:19.480 more heavy on the sodium. But if you look at 0:15:19.520 --> 0:15:21.760 the product, the brand that we just recently acquired, which 0:15:21.800 --> 0:15:24.560 is known a Limb once again available at Whole Foods, Target, 0:15:24.600 --> 0:15:27.960 and Kroger, all of the products are clean label, so 0:15:28.160 --> 0:15:30.760 we really care about the type of ingredients that we use, 0:15:31.120 --> 0:15:33.320 you know, into our manufacturing process. 0:15:33.760 --> 0:15:35.640 All right, thanks very much for joining us. Norma Cheu, 0:15:35.800 --> 0:15:38.200 she's the CEO of Day Day Cook symbol d d 0:15:38.320 --> 0:15:39.200 C is a ticker symbol. 0:15:39.200 --> 0:15:40.480 They just went public today. 0:15:41.000 --> 0:15:43.000 Going to be ringing the closing bell at the New 0:15:43.040 --> 0:15:46.120 York Sock Exchange later today, So that's exciting for any 0:15:46.400 --> 0:15:48.480 new company. We appreciate getting a few minutes of your time. 0:15:48.960 --> 0:15:52.080 You're listening to the tape. Cans are live program Bloomberg 0:15:52.160 --> 0:15:55.720 Markets weekdays at ten am Eastern on Bloomberg Radio, the 0:15:55.800 --> 0:15:59.040 tune in app, Bloomberg dot Com, and the Bloomberg Business App. 0:15:59.080 --> 0:16:01.880 You can also listen live on Amazon Alexa from our 0:16:01.920 --> 0:16:06.280 flagship New York station, Just say Alexa play Bloomberg eleven thirty. 0:16:08.000 --> 0:16:08.960 Kevin Tiny joins us. 0:16:08.960 --> 0:16:11.320 He's a senior autosanalyst with Bloomborg Intelligence, so he can 0:16:11.400 --> 0:16:13.040 join in on this conversation. 0:16:13.800 --> 0:16:16.760 So Matt, I'm pretty are you driving? So first of all, 0:16:16.800 --> 0:16:20.040 I told you before, I'm driving an affordable suv okay 0:16:21.160 --> 0:16:26.040 that seems to be fairly solidly built. It's very green, 0:16:27.120 --> 0:16:31.480 and it's got great tech and the brand is Ascendant 0:16:32.040 --> 0:16:35.760 Sendent Ascendant. It's a brand that I think, well, this 0:16:35.800 --> 0:16:37.360 is why I wanted Kevin to join us, because I 0:16:37.400 --> 0:16:39.360 don't actually know how well they do, but I see 0:16:39.400 --> 0:16:41.360 more and more of them on the road, and I 0:16:41.440 --> 0:16:44.120 know that they have a really cool new logo. Yep, 0:16:44.240 --> 0:16:48.240 like that, and I'm talking about Akia obviously the new 0:16:48.280 --> 0:16:50.320 logo Sento. It's been a guys a couple of years 0:16:50.360 --> 0:16:52.040 since they made that new logo, and I feel like 0:16:52.120 --> 0:16:56.040 it allows a whole new customer to buy into the 0:16:56.080 --> 0:17:00.440 story because it just is a way to break is 0:17:00.440 --> 0:17:01.840 it Korean? To break from the past. 0:17:01.920 --> 0:17:02.160 Yeah. 0:17:02.320 --> 0:17:04.240 You know when they first came out Kias and Hyundai's, 0:17:04.359 --> 0:17:06.600 you thought, okay, this is a great at twenty thousand 0:17:06.600 --> 0:17:08.479 dollars a conobox, I can driver a few years till 0:17:08.520 --> 0:17:11.480 it breaks. But now I think it's a very different story. Kevin, 0:17:11.800 --> 0:17:13.840 let me bring you in here and get your take 0:17:13.920 --> 0:17:18.480 on you know, the quality of these vehicles, the abilities 0:17:18.480 --> 0:17:23.040 of these vehicles, and for example, the what's the uh oh, 0:17:23.119 --> 0:17:25.399 the tell You Ride? The Kia Tell You Ride. I 0:17:25.400 --> 0:17:27.680 feel like that could be cross shopped with a range 0:17:27.720 --> 0:17:29.879 drover and it costs like a third the price. So 0:17:29.920 --> 0:17:30.880 what do you think about Kia? 0:17:31.760 --> 0:17:35.680 Yeah, you know, that is an interesting story because it's 0:17:36.440 --> 0:17:41.800 you know, the the two brands, Hundai and Kia have 0:17:41.800 --> 0:17:45.200 have moved from the entry and move up market to 0:17:45.800 --> 0:17:49.639 higher price points and intensified their truck versus car mix. 0:17:49.920 --> 0:17:53.359 You know, they were forty three percent truck as recent 0:17:53.440 --> 0:17:57.040 as twenty eighteen. Now they're seventy percent. So just think 0:17:57.040 --> 0:18:00.480 about what that's done for their average transaction price. There, margin, 0:18:01.040 --> 0:18:05.520 profit and revenue contribution has been significantly strong, stronger than 0:18:05.520 --> 0:18:08.720 it was when it was known as a countobox brand. 0:18:08.960 --> 0:18:13.040 And what they did that transition was really motivated and 0:18:13.119 --> 0:18:15.919 helped and advanced by the idea of the ten year, 0:18:15.920 --> 0:18:19.119 one hundred thousand mile drive train warranty. Right, so they 0:18:19.160 --> 0:18:20.480 had a wow. 0:18:20.280 --> 0:18:24.520 Ten years and one hundred thousand miles on the drive trains. 0:18:24.600 --> 0:18:27.320 Usually it's like three years and oh on the drive train. 0:18:27.359 --> 0:18:28.960