1 00:00:09,840 --> 00:00:13,800 Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley. 2 00:00:13,960 --> 00:00:17,560 Speaker 1: We bring you insight from the best in economics, finance, investment, 3 00:00:18,000 --> 00:00:23,480 Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, 4 00:00:23,600 --> 00:00:27,600 Speaker 1: Bloomberg dot Com, and of course on the Bloomberg John 5 00:00:27,760 --> 00:00:30,960 Speaker 1: Every Thanksgiving I try to feature one person out of 6 00:00:30,960 --> 00:00:33,519 Speaker 1: our nanking cousin employees, and this year it was a 7 00:00:33,640 --> 00:00:36,960 Speaker 1: lay up. John Authors has been on fire. You know, 8 00:00:36,960 --> 00:00:39,879 Speaker 1: he's publishing like every three or four days and you 9 00:00:39,880 --> 00:00:44,440 Speaker 1: can cherry pick any given for it's an official award. 10 00:00:44,479 --> 00:00:52,600 Speaker 1: It's a Turkey award, which turkey sandwich. Yeah, but he's 11 00:00:52,640 --> 00:00:55,520 Speaker 1: just been on fire, whether it's on the earnings, idiocy 12 00:00:55,600 --> 00:00:57,040 Speaker 1: or that. John, Why don't you bring him in his 13 00:00:57,160 --> 00:00:59,800 Speaker 1: new essay here on the whole E. S G. Vote. 14 00:00:59,800 --> 00:01:02,560 Speaker 1: We're very E s G this morning. Can we start 15 00:01:02,560 --> 00:01:04,800 Speaker 1: with the Reasons we Should be Thankful? Which is his 16 00:01:04,840 --> 00:01:08,040 Speaker 1: most recent piece, which might be more interesting Jonathan's Bloomberg 17 00:01:08,080 --> 00:01:11,520 Speaker 1: opinion columnist. Investors have plenty of reasons to give thanks. 18 00:01:11,880 --> 00:01:15,479 Speaker 1: Let's go to the edition of Reasons to be Thankful? John. 19 00:01:15,480 --> 00:01:19,200 Speaker 1: Where do we begin? Well, the main reason to be 20 00:01:19,240 --> 00:01:21,640 Speaker 1: thankful this this year. But for my reason to be 21 00:01:21,640 --> 00:01:25,360 Speaker 1: thankful that everybody is being so nice to me to Broomberg, 22 00:01:25,480 --> 00:01:27,120 Speaker 1: the main reason do you thankful, obvious is that the 23 00:01:27,160 --> 00:01:29,240 Speaker 1: market has gone up an awful lot. So if you're 24 00:01:29,240 --> 00:01:32,080 Speaker 1: in stocks, you did very well. And a lot of 25 00:01:32,160 --> 00:01:35,280 Speaker 1: that is through factors that we're not going to see 26 00:01:35,680 --> 00:01:40,479 Speaker 1: repeated very easily. You've seen populist politicians misplay their hands 27 00:01:40,560 --> 00:01:43,760 Speaker 1: quite badly around the world. I think that's an important one. 28 00:01:43,800 --> 00:01:48,080 Speaker 1: Inflation stays within the box that you've seen, American consumer 29 00:01:48,120 --> 00:01:53,800 Speaker 1: confidence stay remarkably are given. However, many other things are happening. 30 00:01:54,760 --> 00:01:59,800 Speaker 1: And yes, well no, but John Jonathan Farall was talking 31 00:01:59,880 --> 00:02:03,480 Speaker 1: up out this earlier, how we've seen people get the 32 00:02:03,680 --> 00:02:06,440 Speaker 1: call for the economy right, they got markets wrong. They 33 00:02:06,440 --> 00:02:10,280 Speaker 1: were not expecting the rally that delivered. If you just 34 00:02:10,320 --> 00:02:12,320 Speaker 1: stuck your money and an index and put your feet up, 35 00:02:12,320 --> 00:02:14,880 Speaker 1: as you put it, is this all due to central 36 00:02:14,880 --> 00:02:20,160 Speaker 1: bank easy? It's mostly used central bank easy. Yes, people 37 00:02:20,200 --> 00:02:22,640 Speaker 1: were not expecting that. The reason we had that, the 38 00:02:22,639 --> 00:02:24,680 Speaker 1: main reason we had the big sell off going into 39 00:02:24,760 --> 00:02:28,880 Speaker 1: Christmas Eve last year was the belief that j Powell 40 00:02:28,960 --> 00:02:32,919 Speaker 1: was going to go through with being you know, um 41 00:02:32,919 --> 00:02:36,120 Speaker 1: reducing the balance seat is the FED balance seats on 42 00:02:36,200 --> 00:02:39,040 Speaker 1: also pilots to use his own term and keep raising rates. 43 00:02:39,080 --> 00:02:42,920 Speaker 1: The fact that he stopped doing that and then actually 44 00:02:42,919 --> 00:02:45,280 Speaker 1: went into a very major U turn is the main 45 00:02:45,840 --> 00:02:49,040 Speaker 1: reason we've seen the recovery that we've we've seen, and 46 00:02:49,080 --> 00:02:52,160 Speaker 1: the fact that there was this sell off obviously mixed 47 00:02:52,320 --> 00:02:55,880 Speaker 1: makes the markets look much better than they would do 48 00:02:55,919 --> 00:03:02,080 Speaker 1: if bass other than the years date basis that we're 49 00:03:02,160 --> 00:03:05,480 Speaker 1: so used to thinking in terms of a calendar that 50 00:03:06,080 --> 00:03:10,720 Speaker 1: you know, the stock monket is not performed, not rallying 51 00:03:10,880 --> 00:03:15,600 Speaker 1: in the way that you would normally think of rise. 52 00:03:15,680 --> 00:03:18,919 Speaker 1: It's because of this rather arbitrary timing ever sell off 53 00:03:19,040 --> 00:03:20,760 Speaker 1: last year. One of the things we have to be 54 00:03:20,840 --> 00:03:23,160 Speaker 1: thankful for is you wrote an essay on the earnings 55 00:03:23,160 --> 00:03:25,440 Speaker 1: what I call the earnings idiot. See how we're complete 56 00:03:25,520 --> 00:03:30,280 Speaker 1: drugs fixated on every ninety days. How did the earnings 57 00:03:30,320 --> 00:03:33,280 Speaker 1: madness do this year? Did we get revenue growth right? 58 00:03:33,360 --> 00:03:36,680 Speaker 1: Did we get earnings growth right? Just as an industry 59 00:03:38,160 --> 00:03:43,840 Speaker 1: broadly speaking? Yes, but it doesn't again, it doesn't. It 60 00:03:43,840 --> 00:03:47,840 Speaker 1: doesn't seem to matter very very greatly. That's what what 61 00:03:47,880 --> 00:03:51,040 Speaker 1: we've had in this year so far. Has been a 62 00:03:51,120 --> 00:03:56,280 Speaker 1: succession of really very unimpressive earnings data, but that hasn't 63 00:03:56,280 --> 00:04:00,640 Speaker 1: stopped the stock monket from doing what it's doing. Uh. 64 00:04:00,960 --> 00:04:03,000 Speaker 1: If you want to play the game of have we 65 00:04:03,200 --> 00:04:09,160 Speaker 1: beaten expectations or not? Um, I've made the argument that 66 00:04:09,240 --> 00:04:13,160 Speaker 1: we should be junking both there. Certain we should certainly 67 00:04:13,160 --> 00:04:17,840 Speaker 1: be junking earnings guidance by companies completely because this becomes 68 00:04:17,920 --> 00:04:20,840 Speaker 1: part of the distraction of we all know about this, 69 00:04:21,360 --> 00:04:25,120 Speaker 1: setting barrious to yourself so you can beat them. Um. 70 00:04:25,160 --> 00:04:29,040 Speaker 1: But the in broad terms, no, we're not seeing anything 71 00:04:29,160 --> 00:04:33,080 Speaker 1: like the kind of the kind of strength in earnings 72 00:04:33,080 --> 00:04:36,880 Speaker 1: that you normally expected to have to have results going 73 00:04:36,920 --> 00:04:41,080 Speaker 1: like this. Earnings earnings momens is very weak globally, and 74 00:04:41,200 --> 00:04:44,200 Speaker 1: it's pretty flat within the States. John, Thank you so much. 75 00:04:44,240 --> 00:05:01,799 Speaker 1: John Arthur's Plumberg opinion. Lisa bramwods some time, King, thank 76 00:05:01,839 --> 00:05:05,240 Speaker 1: you for being with us. Uh. This morning, at least 77 00:05:05,360 --> 00:05:07,479 Speaker 1: the men got to get dressed up, don't they. Yeah? 78 00:05:07,520 --> 00:05:10,240 Speaker 1: I love this title trying to get boys to dress 79 00:05:10,320 --> 00:05:14,280 Speaker 1: like men. Uh. That Our next guest helped to author 80 00:05:15,440 --> 00:05:18,960 Speaker 1: Joseph Aboud joining us here, And I gotta say this 81 00:05:19,040 --> 00:05:21,400 Speaker 1: is really an interesting question which is what do people 82 00:05:21,440 --> 00:05:23,960 Speaker 1: wear to work? And Tom Keene, I know you're going 83 00:05:24,000 --> 00:05:27,840 Speaker 1: to mention what I wear to our Uh, well, there's 84 00:05:27,920 --> 00:05:30,159 Speaker 1: you know, Lisa's like a lot of people, there's different 85 00:05:30,200 --> 00:05:31,919 Speaker 1: looks depending on the day as well. But what's a 86 00:05:31,960 --> 00:05:34,080 Speaker 1: trend right now? Are we getting all fancy or we 87 00:05:34,120 --> 00:05:38,479 Speaker 1: still get It's interesting, you know, Lisa, Guys are getting 88 00:05:38,560 --> 00:05:41,760 Speaker 1: dressed again, And it depends on where you work, and 89 00:05:41,880 --> 00:05:44,840 Speaker 1: you know what your occupation is. If you're dressing for radio, 90 00:05:44,920 --> 00:05:48,400 Speaker 1: it's one thing. If you're dressing for tvOS, right, But 91 00:05:48,480 --> 00:05:51,039 Speaker 1: I love to see that Tom is is sporting is 92 00:05:51,080 --> 00:05:53,560 Speaker 1: double breasted sport code and it's nice to see that 93 00:05:53,560 --> 00:05:56,000 Speaker 1: people do that. Joseph Bood, fashion designer and chief creative 94 00:05:56,000 --> 00:05:59,080 Speaker 1: director of Tailored Brands. You make your products in the 95 00:05:59,160 --> 00:06:03,000 Speaker 1: United States tailored suits. Yet, and you do make tailored suits, 96 00:06:03,440 --> 00:06:06,680 Speaker 1: How is that industry changing where you actually have a 97 00:06:06,800 --> 00:06:10,880 Speaker 1: custom made product? Are people gravitating more to that? Yeah, 98 00:06:10,920 --> 00:06:14,120 Speaker 1: it's the whole customization thing is really interesting because it's 99 00:06:14,160 --> 00:06:17,159 Speaker 1: more about your own personality. So it used to be 100 00:06:17,200 --> 00:06:21,320 Speaker 1: that custom suits were only for the elite, and now 101 00:06:21,360 --> 00:06:24,800 Speaker 1: it's much more democratic. So we uh, we produce a 102 00:06:24,839 --> 00:06:28,200 Speaker 1: great number of suits in our Massachusetts factory where we 103 00:06:28,279 --> 00:06:30,680 Speaker 1: have over eight hundred employees, and we've been doing that 104 00:06:30,720 --> 00:06:33,120 Speaker 1: for over thirty years. Say good morning to Boston one 105 00:06:33,200 --> 00:06:36,440 Speaker 1: or six one of them with Boston as well. You've 106 00:06:36,480 --> 00:06:39,400 Speaker 1: got a sport code up here, Lisa says, time you 107 00:06:39,440 --> 00:06:43,640 Speaker 1: gotta squeeze into this one, and it is one Cashmere, 108 00:06:44,480 --> 00:06:49,480 Speaker 1: the fabric woven in Italy. It is four dollars for 109 00:06:49,560 --> 00:06:52,120 Speaker 1: a sport code, which gets you, you know, into it. 110 00:06:52,240 --> 00:06:54,320 Speaker 1: But it looks like it's out of Louise. I mean, 111 00:06:54,400 --> 00:06:57,279 Speaker 1: how do you pull off that price point out of 112 00:06:57,320 --> 00:06:59,560 Speaker 1: the Louise that you and I knew on news right 113 00:06:59,680 --> 00:07:02,440 Speaker 1: and goes such an iconic store, Lisa, It was a great, 114 00:07:02,520 --> 00:07:05,400 Speaker 1: great men's wear store that carried the best of the product. 115 00:07:05,800 --> 00:07:09,160 Speaker 1: But because we're vertical, Tom, the fact that we buy 116 00:07:09,160 --> 00:07:12,200 Speaker 1: our own fabrics and we don't have the traditional wholesale 117 00:07:12,240 --> 00:07:15,840 Speaker 1: retail margin, we're able to bring a much better value 118 00:07:15,880 --> 00:07:20,280 Speaker 1: to the customer. And what's what's simple here is is 119 00:07:20,400 --> 00:07:23,440 Speaker 1: I'm seeing on your website, Joseph, a boot. I'm seeing 120 00:07:23,920 --> 00:07:27,120 Speaker 1: a more upscale look. Is that what the audience wants 121 00:07:27,200 --> 00:07:30,720 Speaker 1: right now? Yeah? I think individuality, I think style, as 122 00:07:30,760 --> 00:07:34,920 Speaker 1: I said to you before, men are the new women. Um, 123 00:07:35,120 --> 00:07:38,480 Speaker 1: they really want to get dressed. They want to I 124 00:07:38,520 --> 00:07:41,560 Speaker 1: will say, I met, are the new women. Does Black 125 00:07:41,600 --> 00:07:46,000 Speaker 1: Friday matter in your line of work? I think it does. Yeah. 126 00:07:46,040 --> 00:07:49,400 Speaker 1: I think not necessarily for custom suits perhaps, but for 127 00:07:49,440 --> 00:07:51,880 Speaker 1: all the accessories. For example, the great gift is a 128 00:07:51,960 --> 00:07:55,320 Speaker 1: cashmere sweater. To me, that's a great piece of uh 129 00:07:55,920 --> 00:07:58,360 Speaker 1: of a man's wardrobe and that's something that you know 130 00:07:58,400 --> 00:08:00,760 Speaker 1: you can get as a gift, or a great cashmere scarf. 131 00:08:01,160 --> 00:08:04,960 Speaker 1: So Black Friday matters probably more with the accessories and sports. 132 00:08:05,000 --> 00:08:07,680 Speaker 1: Where men are the new women, I'm thinking in the 133 00:08:07,760 --> 00:08:13,640 Speaker 1: female area, Instagram, uh influencers really have become the hot thing, 134 00:08:13,760 --> 00:08:17,040 Speaker 1: and I'm wondering for men, if it is the same thing. 135 00:08:17,640 --> 00:08:21,520 Speaker 1: Who what type of individuals are the main influencers here 136 00:08:21,600 --> 00:08:24,679 Speaker 1: driving this. I think they're fashion guys. I think there's 137 00:08:24,720 --> 00:08:27,320 Speaker 1: a lot of them are have been editors in the past, 138 00:08:27,400 --> 00:08:30,240 Speaker 1: and now they're talking style and they're talking to the millennial. 139 00:08:30,960 --> 00:08:34,679 Speaker 1: The millennial really understands where fashion is going. And I 140 00:08:34,720 --> 00:08:37,199 Speaker 1: love the fact that that's a new buying group for us. 141 00:08:37,280 --> 00:08:40,600 Speaker 1: That young consumer is getting dressed and the young guy 142 00:08:40,679 --> 00:08:43,440 Speaker 1: is wearing suits because he wants to, not because he 143 00:08:43,480 --> 00:08:45,920 Speaker 1: has Okay, but what about the younger I'm gonna call 144 00:08:45,960 --> 00:08:49,600 Speaker 1: it broadly conservative guy. They don't want cutting a Gucci, 145 00:08:49,640 --> 00:08:52,760 Speaker 1: they don't want they don't want that somebody that says, look, 146 00:08:52,800 --> 00:08:54,880 Speaker 1: I really don't want to spend money on this, and 147 00:08:54,920 --> 00:08:56,880 Speaker 1: they're going to go into Joseph A Bood for a 148 00:08:56,880 --> 00:09:00,160 Speaker 1: reasonable going to get a lot better. Look. How's out 149 00:09:00,200 --> 00:09:02,560 Speaker 1: with a millennial? Well, I think that's true. If you 150 00:09:02,559 --> 00:09:04,440 Speaker 1: think a lot of the younger guys who have stepped 151 00:09:04,440 --> 00:09:07,960 Speaker 1: into the financial world, they want style, but they don't 152 00:09:08,000 --> 00:09:11,240 Speaker 1: want aggressive fashion. That's a really great point because they 153 00:09:11,280 --> 00:09:14,680 Speaker 1: still will we will wear something conservative. Yet at the 154 00:09:14,720 --> 00:09:17,520 Speaker 1: same time they were like their cuts to be slimmer 155 00:09:17,559 --> 00:09:21,120 Speaker 1: and trimmer and more to their generations. So we have 156 00:09:21,200 --> 00:09:23,440 Speaker 1: to speak to them on their terms. Lisa, do you 157 00:09:23,480 --> 00:09:26,760 Speaker 1: see me in a black turtleneck? Definitely? I think I 158 00:09:27,040 --> 00:09:31,319 Speaker 1: think that off. Yeah. I woke up today and I said, 159 00:09:31,360 --> 00:09:33,240 Speaker 1: oh my god, boots with us, so I got a 160 00:09:33,320 --> 00:09:35,800 Speaker 1: style so well, this is a gift from the dun 161 00:09:35,920 --> 00:09:38,200 Speaker 1: Hill people of London. They do a great job they 162 00:09:38,240 --> 00:09:40,800 Speaker 1: do and I wore this for you today because it's 163 00:09:40,800 --> 00:09:43,760 Speaker 1: the flair thing that well. I love the black watch Tart. 164 00:09:45,000 --> 00:09:47,520 Speaker 1: John has a style, I mean Tom has at doesn't 165 00:09:47,640 --> 00:09:51,560 Speaker 1: have jo are English moment. You know when we say 166 00:09:51,760 --> 00:09:54,559 Speaker 1: men are the new women. With the women, you're seeing 167 00:09:54,559 --> 00:09:58,080 Speaker 1: an increasing move towards the yoga pants and away from 168 00:09:58,120 --> 00:10:01,920 Speaker 1: where I mean, I just want much in the men's where. 169 00:10:01,960 --> 00:10:04,640 Speaker 1: But are we seeing a reversal here? It could be 170 00:10:04,880 --> 00:10:08,840 Speaker 1: It really could be pretty here first bloom, that could be. 171 00:10:09,040 --> 00:10:12,080 Speaker 1: I think we see women changing their style, but we 172 00:10:12,160 --> 00:10:15,760 Speaker 1: also see that happening with men. Can I talk about 173 00:10:15,800 --> 00:10:19,800 Speaker 1: something sensitive? Of course? Why in God's name are people 174 00:10:19,880 --> 00:10:22,280 Speaker 1: like you and others? And you've provided leadership on this. 175 00:10:22,400 --> 00:10:29,600 Speaker 1: I'm setting you up for tall clothes, big and tall big, 176 00:10:29,840 --> 00:10:32,720 Speaker 1: not so much big and tall, but just there's a 177 00:10:32,840 --> 00:10:36,880 Speaker 1: huge body of men out there. Nothing fits a lot 178 00:10:36,880 --> 00:10:40,400 Speaker 1: of American men, that's correct. That's why custom, you know, Tom, 179 00:10:40,480 --> 00:10:43,360 Speaker 1: Custom is so important for those guys. And now that 180 00:10:43,400 --> 00:10:46,760 Speaker 1: it's more affordable, we can fit all body types. So 181 00:10:46,880 --> 00:10:51,400 Speaker 1: and you did just have a partnership with the NFL. Yes, yes, yes, 182 00:10:51,440 --> 00:10:53,679 Speaker 1: And does this sort of play to that a little bit? Well, 183 00:10:53,720 --> 00:10:57,320 Speaker 1: it does. We've done these great stylized linings and individual 184 00:10:57,360 --> 00:10:59,720 Speaker 1: linings that you could put into your custom clothing. But 185 00:11:00,280 --> 00:11:03,760 Speaker 1: what some of my best customers are not forty regular 186 00:11:03,840 --> 00:11:07,959 Speaker 1: so they're bigger guys. And I've always have I've always 187 00:11:07,960 --> 00:11:10,880 Speaker 1: had the good fortune of understanding how American men are 188 00:11:10,960 --> 00:11:13,520 Speaker 1: built and how to dress them because, as I said, 189 00:11:13,559 --> 00:11:16,240 Speaker 1: not every guy is a runway model. Yeah, what fabrics 190 00:11:16,280 --> 00:11:21,840 Speaker 1: are hot? Uh? Well, for the fall season, Kashmere has 191 00:11:21,880 --> 00:11:25,920 Speaker 1: become more affordable, I think, Tawn to your point, you know, 192 00:11:25,960 --> 00:11:29,680 Speaker 1: a great kashmere jacket kashmere because the natural fibers still 193 00:11:29,760 --> 00:11:33,120 Speaker 1: are important, Kashmir camel here, but we are seeing a 194 00:11:33,120 --> 00:11:37,720 Speaker 1: lot of performance fabrics now, so that within suits there's 195 00:11:37,800 --> 00:11:41,120 Speaker 1: stretch and there's uh yeah, but but it's there's still 196 00:11:41,160 --> 00:11:44,440 Speaker 1: nothing more beautiful than all wool or great cashmere. You're 197 00:11:44,480 --> 00:11:50,680 Speaker 1: moving the burgundy floral modern fit vest for a vest back. Yeah, 198 00:11:51,000 --> 00:11:54,160 Speaker 1: you know, think about men have so few options really 199 00:11:54,200 --> 00:11:57,679 Speaker 1: in the wardrobe. Vests are a great category. They can 200 00:11:57,720 --> 00:12:00,600 Speaker 1: wear them with without their jackets, and it just gives 201 00:12:00,640 --> 00:12:05,080 Speaker 1: again another level of individuality. So yeah, that makes those 202 00:12:05,160 --> 00:12:08,600 Speaker 1: tall and help me here, we could certainly you got 203 00:12:08,640 --> 00:12:11,959 Speaker 1: the size thing going, but the I'm fascinating had to 204 00:12:12,000 --> 00:12:14,000 Speaker 1: Steve Sadov was in the Giant of Sex with the 205 00:12:14,040 --> 00:12:16,480 Speaker 1: Avenue of the Other. Yes, said us, And I said 206 00:12:16,480 --> 00:12:19,560 Speaker 1: to Steve, I said, it's like women in zero and 207 00:12:19,640 --> 00:12:22,720 Speaker 1: double zero in that going the other way with men. Well, 208 00:12:22,800 --> 00:12:25,840 Speaker 1: you know, the vanity sizing thing is always an interesting thing. 209 00:12:25,880 --> 00:12:28,160 Speaker 1: Guys kind of fall into that trap a little bit. 210 00:12:28,320 --> 00:12:30,720 Speaker 1: But when you do get into custom, you don't have 211 00:12:30,760 --> 00:12:32,920 Speaker 1: to worry about that. Who is your biggest competitor at 212 00:12:32,920 --> 00:12:36,199 Speaker 1: this point? You know, I think when we talk about competition, 213 00:12:36,320 --> 00:12:39,680 Speaker 1: we look at everyone. Really, I think everybody is fighting 214 00:12:39,800 --> 00:12:42,439 Speaker 1: for the same guy. Yeah, but increasingly if you talk 215 00:12:42,520 --> 00:12:46,920 Speaker 1: to Macy's, you'll hear that Target and Walmart have actually 216 00:12:46,960 --> 00:12:49,719 Speaker 1: emerged as competitors in a way that they hadn't. It's 217 00:12:49,760 --> 00:12:51,840 Speaker 1: so interesting that you said that. I mean, we really 218 00:12:51,880 --> 00:12:54,800 Speaker 1: look at the sort of the psychographics of the guy 219 00:12:54,880 --> 00:12:58,600 Speaker 1: and the price veto graphics of the guy. The band 220 00:12:58,640 --> 00:13:01,960 Speaker 1: in high school called sex No, so really to understand 221 00:13:02,000 --> 00:13:04,080 Speaker 1: what a guy really wants, not so much about what 222 00:13:04,120 --> 00:13:06,600 Speaker 1: do they really want? What I think that what guys 223 00:13:06,640 --> 00:13:09,560 Speaker 1: really want is their own personal style. And I love 224 00:13:09,640 --> 00:13:11,679 Speaker 1: that about them, and it's all, you know, it's not 225 00:13:11,800 --> 00:13:15,280 Speaker 1: I think the greatest myth is that men shot price. 226 00:13:15,720 --> 00:13:19,560 Speaker 1: They don't. They shot product for the best price, and 227 00:13:19,600 --> 00:13:22,800 Speaker 1: that's the price value proposition. So to me, it isn't 228 00:13:22,800 --> 00:13:24,839 Speaker 1: so much of what a guy can spend, it's what 229 00:13:24,880 --> 00:13:27,800 Speaker 1: he thinks he should pay for something of value. So 230 00:13:27,960 --> 00:13:30,760 Speaker 1: value is really the game, not price, but value. You're 231 00:13:30,840 --> 00:13:32,680 Speaker 1: killing it today with the look. We'll get that out 232 00:13:32,679 --> 00:13:35,320 Speaker 1: on the radio. Black turtle. I got to consider the 233 00:13:35,320 --> 00:13:39,120 Speaker 1: black turtle. You know you could carry it off. Yeah, 234 00:13:39,160 --> 00:13:43,040 Speaker 1: it's slimming. And I did have a good I did 235 00:13:43,040 --> 00:13:45,680 Speaker 1: have the good fortune of visiting the building, uh, the 236 00:13:45,679 --> 00:13:50,480 Speaker 1: Bloomburn building in London Victoria Street. From a design point 237 00:13:50,480 --> 00:13:53,280 Speaker 1: of view, an amazing feat. You know, I just learned 238 00:13:53,280 --> 00:13:57,679 Speaker 1: what a guy wants here. I mean, this is this 239 00:13:57,720 --> 00:14:00,920 Speaker 1: is hard for wisos. You women can help us guys. 240 00:14:01,040 --> 00:14:07,960 Speaker 1: Let's real. Yeah, women play sun, you know. Joseph of Bood, 241 00:14:08,040 --> 00:14:13,200 Speaker 1: thank you so much. Greatly appreciated. Employing in New Bedford, Massachusetts. 242 00:14:13,240 --> 00:14:15,920 Speaker 1: American made Joseph of Bood and you go to their 243 00:14:15,920 --> 00:14:19,000 Speaker 1: website and check it out. It's a it's a really 244 00:14:19,360 --> 00:14:35,560 Speaker 1: different website from so much of retail today. Joining us 245 00:14:35,600 --> 00:14:38,480 Speaker 1: now and we're thrilled that she could find time with us. 246 00:14:38,520 --> 00:14:40,200 Speaker 1: This is one of our busiest days of the year. 247 00:14:40,280 --> 00:14:43,160 Speaker 1: Joe Feldman with us earlier, and now Dana Telsey joins. 248 00:14:43,520 --> 00:14:46,400 Speaker 1: I'm a Telsee Advisory Group. She built a franchise at 249 00:14:46,400 --> 00:14:49,800 Speaker 1: bear Stearns a few years ago and his uh moved 250 00:14:49,800 --> 00:14:52,600 Speaker 1: it over to her own Telsee Advisory Group, which is 251 00:14:52,600 --> 00:14:55,960 Speaker 1: a required read on Wall Street. Dana, I got about 252 00:14:56,000 --> 00:14:58,240 Speaker 1: eight topics to go through and no time, so let 253 00:14:58,240 --> 00:15:00,600 Speaker 1: me go through this quickly. I love what you're saying 254 00:15:00,680 --> 00:15:03,880 Speaker 1: your note Nordstrom, O, MG, Target, Wow. And then you 255 00:15:03,960 --> 00:15:09,600 Speaker 1: go and under Macy's you have, Huh. What does Macy's 256 00:15:09,640 --> 00:15:14,400 Speaker 1: need to do to begin to staunch the damage? I 257 00:15:14,400 --> 00:15:16,720 Speaker 1: think overall, one of the things that all of these 258 00:15:16,720 --> 00:15:19,720 Speaker 1: department stores need to do is they're focused on reinventing 259 00:15:19,760 --> 00:15:24,000 Speaker 1: to maintain relevancy. I think whether it is address the 260 00:15:24,040 --> 00:15:28,440 Speaker 1: fact that when you think about managing experiences into the 261 00:15:28,480 --> 00:15:32,000 Speaker 1: purchases of buying, what used to be amazing is now 262 00:15:32,040 --> 00:15:34,960 Speaker 1: the new expected. So they have to figure out ways 263 00:15:35,040 --> 00:15:38,320 Speaker 1: to amaze the consumer again. And I think service becomes 264 00:15:38,320 --> 00:15:40,480 Speaker 1: a much more important part of it. And look what 265 00:15:40,520 --> 00:15:43,240 Speaker 1: you're saying, I mean, Macy's is all of a sudden 266 00:15:43,280 --> 00:15:47,400 Speaker 1: now having options within the store where that's the destination 267 00:15:47,520 --> 00:15:50,720 Speaker 1: businesses that they're focused on story, You've got a surprise, 268 00:15:51,040 --> 00:15:54,040 Speaker 1: and I think Macy's needs to surprise the customer again, 269 00:15:54,280 --> 00:15:57,359 Speaker 1: and I think it's a work in progress. Your heritage 270 00:15:57,680 --> 00:16:02,040 Speaker 1: is the heritage of fifty seven and fifth Avenue, literally, folks, 271 00:16:02,040 --> 00:16:04,800 Speaker 1: and I say this was a great respect to Robert 272 00:16:04,800 --> 00:16:08,520 Speaker 1: Burke and berg door. If you lived at Dana Telsey 273 00:16:08,520 --> 00:16:13,520 Speaker 1: with your family at that storied corners, what should LVMH 274 00:16:13,720 --> 00:16:16,920 Speaker 1: do with Tiffany's. They've got Bulgary, they've got Louis Vuton, 275 00:16:17,320 --> 00:16:20,120 Speaker 1: than Clief is over there with somebody else. What's the 276 00:16:20,240 --> 00:16:26,000 Speaker 1: Dana Telsey prescription for Tiffany's at fifty seven and fifth. 277 00:16:26,680 --> 00:16:29,040 Speaker 1: When you think about jewelry and you think about Tiffany's, 278 00:16:29,080 --> 00:16:31,760 Speaker 1: you think about engagement jewelry. When you think about people 279 00:16:31,800 --> 00:16:35,560 Speaker 1: who get engaged and get married, typically they're in their twenties, thirties, 280 00:16:35,640 --> 00:16:38,560 Speaker 1: couldn't even be forties. You think about the experience in 281 00:16:38,600 --> 00:16:41,520 Speaker 1: Tiffany's and it's older than that. You need to match 282 00:16:41,600 --> 00:16:44,280 Speaker 1: the experience of what the store is to the age 283 00:16:44,280 --> 00:16:47,160 Speaker 1: of the customers who are coming in for that special occasion. 284 00:16:47,680 --> 00:16:49,560 Speaker 1: And I think when you think about l V m 285 00:16:49,720 --> 00:16:52,920 Speaker 1: H five years ago, ten years ago, the word pop 286 00:16:53,000 --> 00:16:55,800 Speaker 1: up would never even be a part of their vocabulary 287 00:16:55,880 --> 00:16:59,800 Speaker 1: because they thought longevity, heritage, and authenticity meant being there 288 00:16:59,800 --> 00:17:03,160 Speaker 1: for ever. And it does mean in that location, certainly forever. 289 00:17:03,520 --> 00:17:06,160 Speaker 1: But what has to be the experience inside the store 290 00:17:06,600 --> 00:17:08,840 Speaker 1: has to be a magic wow, and I think they're 291 00:17:08,840 --> 00:17:10,840 Speaker 1: going to create that. Look at the what you have 292 00:17:10,960 --> 00:17:14,080 Speaker 1: on the LV store now, whether it's the symbolic LV 293 00:17:14,200 --> 00:17:16,160 Speaker 1: and the different colors that are going down the side 294 00:17:16,160 --> 00:17:19,000 Speaker 1: of the building, or every time you walk by their windows, 295 00:17:19,000 --> 00:17:21,960 Speaker 1: that's wait, what's different now? And I think that what's 296 00:17:22,000 --> 00:17:25,440 Speaker 1: different equation is what needs to be recreated at Tiffany's. 297 00:17:25,480 --> 00:17:28,800 Speaker 1: And they talk about good better best. Steve Sayto was 298 00:17:28,800 --> 00:17:33,040 Speaker 1: talking about that at LVMH and at Louis Vuton. How 299 00:17:33,040 --> 00:17:36,440 Speaker 1: do they do good better best at your Bergdorf? I mean, 300 00:17:36,520 --> 00:17:40,240 Speaker 1: what what does Bergdorf do to defend the franchise? Well, 301 00:17:40,280 --> 00:17:43,840 Speaker 1: think about the opportunities that Bergdorf's has with Barney's now 302 00:17:43,880 --> 00:17:46,679 Speaker 1: basically closing its stores just two or three doors away. 303 00:17:47,160 --> 00:17:50,040 Speaker 1: A lot of the people who want designer brand clothing. 304 00:17:50,480 --> 00:17:53,600 Speaker 1: While they used to shop both Bergdorf's and Barney's before 305 00:17:53,880 --> 00:17:57,200 Speaker 1: Now you're can have Burgdorf's and so some of those brands, 306 00:17:57,200 --> 00:18:00,280 Speaker 1: and whether it's the exclusive collaborations where it's design, miner, 307 00:18:00,359 --> 00:18:03,119 Speaker 1: meat and grads, whether it's continuing to invest in the 308 00:18:03,200 --> 00:18:05,520 Speaker 1: store and make it a difference in a while along 309 00:18:05,520 --> 00:18:09,440 Speaker 1: with the service aspects. There's a personal connection there. Internet 310 00:18:09,480 --> 00:18:12,000 Speaker 1: is certainly important, but you've got to marry it with 311 00:18:12,040 --> 00:18:14,159 Speaker 1: the pictures and going in the store and saying I 312 00:18:14,200 --> 00:18:16,199 Speaker 1: want to be in there. You got to create the 313 00:18:16,240 --> 00:18:20,400 Speaker 1: want again. How how do you fill the empty retail 314 00:18:20,760 --> 00:18:24,600 Speaker 1: of upskill shopping? And whether it's Barney's or Bond or whatever, 315 00:18:25,119 --> 00:18:27,440 Speaker 1: do you just lower the You just have to lower 316 00:18:27,480 --> 00:18:30,320 Speaker 1: the rent. Is it just that simple? What's the new 317 00:18:30,359 --> 00:18:32,480 Speaker 1: concepts that are gonna go in there? What's the new 318 00:18:32,520 --> 00:18:35,720 Speaker 1: exciting wows? Look at what they're doing on Fifth Avenue now, 319 00:18:36,000 --> 00:18:38,879 Speaker 1: where they have a designer who put in basically different 320 00:18:38,880 --> 00:18:41,960 Speaker 1: pictures based on some of the empty storefronts in order 321 00:18:42,040 --> 00:18:44,720 Speaker 1: not to have a fifth Avenue that you walk down 322 00:18:45,000 --> 00:18:47,800 Speaker 1: where you count they can see vacancy, vacancy, and it 323 00:18:47,840 --> 00:18:50,679 Speaker 1: just feels like there's more and more. So my sense 324 00:18:50,880 --> 00:18:55,840 Speaker 1: is that we need not only just new stores selling goods, 325 00:18:55,880 --> 00:18:59,080 Speaker 1: but who else is going to sell experiences? And those 326 00:18:59,160 --> 00:19:03,440 Speaker 1: experiences can be activities, It could be services like spot 327 00:19:03,600 --> 00:19:06,960 Speaker 1: services or beauty. Over the next ten years, we're gonna 328 00:19:07,000 --> 00:19:10,000 Speaker 1: have a reiteration of what fifth Avenue is. What's the 329 00:19:10,080 --> 00:19:12,520 Speaker 1: middle market look like? Did we go up and low 330 00:19:12,600 --> 00:19:14,880 Speaker 1: and nothing in between? Or is there an in between 331 00:19:14,960 --> 00:19:18,879 Speaker 1: up there? For American retail I think overall, value and 332 00:19:18,960 --> 00:19:21,800 Speaker 1: convenience matters, and that's why you're seeing the off prices 333 00:19:21,840 --> 00:19:24,439 Speaker 1: do so well, and that's why you're seeing the discounts 334 00:19:24,480 --> 00:19:27,320 Speaker 1: do so well too. But you bet mid market matters, 335 00:19:27,359 --> 00:19:28,879 Speaker 1: and what are we going to see? I think we're 336 00:19:28,880 --> 00:19:32,000 Speaker 1: gonna see some of these online only retailers get into 337 00:19:32,040 --> 00:19:35,120 Speaker 1: physical also, so is it a new generation of brands. 338 00:19:35,200 --> 00:19:38,040 Speaker 1: And also when you think about those services, look at rental, 339 00:19:38,200 --> 00:19:41,840 Speaker 1: rent the runway head story, look at subscription like stitch Fix, 340 00:19:42,000 --> 00:19:45,040 Speaker 1: or look at consignment like Real Real opening on seventy 341 00:19:45,080 --> 00:19:49,240 Speaker 1: one in Madison. Rental, consignment and subscription over the next 342 00:19:49,720 --> 00:19:51,800 Speaker 1: years are going to become more important. H and M 343 00:19:52,000 --> 00:19:54,600 Speaker 1: is looking at rent the runway equivalency as well. Does 344 00:19:54,720 --> 00:19:57,159 Speaker 1: luxury have to go to or rent the runway mode 345 00:19:58,119 --> 00:20:01,159 Speaker 1: isn't I think some of the luxury good of companies themselves, 346 00:20:01,200 --> 00:20:02,920 Speaker 1: whether they do it or not, but they're going to 347 00:20:03,000 --> 00:20:05,920 Speaker 1: have offshoots do it like the real reels out there. 348 00:20:06,200 --> 00:20:08,960 Speaker 1: When you think of thread up and and Posh Mark 349 00:20:09,160 --> 00:20:12,879 Speaker 1: or Vesti are collective. There's a lot of opportunities because 350 00:20:13,560 --> 00:20:17,920 Speaker 1: millennials or even Gen zs, the permanency of ownership may 351 00:20:17,960 --> 00:20:20,840 Speaker 1: not be as realistic for them as it was for 352 00:20:20,880 --> 00:20:22,800 Speaker 1: their parents. For you, and this is a critical question. 353 00:20:22,800 --> 00:20:25,000 Speaker 1: It's really come up not only at the things giving table, 354 00:20:25,080 --> 00:20:29,520 Speaker 1: but with team surveillance. Do you find the value point 355 00:20:29,640 --> 00:20:32,720 Speaker 1: of rent the runway attractive for women and that you 356 00:20:32,760 --> 00:20:34,560 Speaker 1: know they look at whatever it is per three months 357 00:20:34,600 --> 00:20:37,800 Speaker 1: or whatever is an attractive point versus by and own. 358 00:20:38,720 --> 00:20:41,040 Speaker 1: I think for some it all depends. Now all of 359 00:20:41,080 --> 00:20:43,840 Speaker 1: a sudden, renting is not just for special occasion, it's 360 00:20:43,840 --> 00:20:47,280 Speaker 1: for every day and the ability to have new items 361 00:20:47,280 --> 00:20:50,000 Speaker 1: all the time makes it appealing to them. But there's 362 00:20:50,040 --> 00:20:53,040 Speaker 1: another thing that we're going to be talking about, sustainability 363 00:20:53,320 --> 00:20:56,040 Speaker 1: and what does it mean to understand what your garments 364 00:20:56,040 --> 00:20:58,560 Speaker 1: are made of and where they're made of the story 365 00:20:58,640 --> 00:21:01,520 Speaker 1: behind the garment is going to be come front and center. 366 00:21:02,560 --> 00:21:05,960 Speaker 1: Give us the item this holiday season. Dana Telsey, what's 367 00:21:05,960 --> 00:21:10,080 Speaker 1: the thing that every woman needs? I think boots are back. 368 00:21:10,560 --> 00:21:14,520 Speaker 1: I think, come on, this is just you're killing me, Dana. 369 00:21:15,680 --> 00:21:19,160 Speaker 1: You like boots every year? Oh no, last year boots 370 00:21:19,160 --> 00:21:21,880 Speaker 1: weren't back. I think fashion sneakers are swelling. I think 371 00:21:21,880 --> 00:21:24,239 Speaker 1: boots are back. And you know what, we're still going 372 00:21:24,240 --> 00:21:28,600 Speaker 1: to see the strength in outerwear. This is this is 373 00:21:28,680 --> 00:21:31,480 Speaker 1: always callin make a note, this is always too short 374 00:21:31,520 --> 00:21:34,359 Speaker 1: with Dana Telsey. And of course we know that what 375 00:21:34,440 --> 00:21:37,000 Speaker 1: she's zeroing in on is a Jimmy Choo one d 376 00:21:37,160 --> 00:21:41,720 Speaker 1: millimeter mirror and booty, no doubt named after the acclaimed actress, 377 00:21:41,720 --> 00:21:45,800 Speaker 1: the mirror booty that's priced in a one thousand dollars. 378 00:21:46,520 --> 00:21:49,200 Speaker 1: Dana Telsey, thank you so much. Telse the advisory group 379 00:21:49,440 --> 00:22:07,439 Speaker 1: there is well from London to Paris, and maybe we 380 00:22:07,480 --> 00:22:09,800 Speaker 1: can start there with the recovery of the violence in 381 00:22:09,840 --> 00:22:12,520 Speaker 1: Paris that we saw a few years ago. There are 382 00:22:12,560 --> 00:22:15,119 Speaker 1: we getting hundreds of books, as you can imagine, every 383 00:22:15,200 --> 00:22:18,520 Speaker 1: day and a couple of times a year a book 384 00:22:18,640 --> 00:22:21,879 Speaker 1: just simply stops you in its tracks. That was the 385 00:22:21,960 --> 00:22:25,439 Speaker 1: case with the Sin se I any the river that 386 00:22:25,560 --> 00:22:29,360 Speaker 1: made Paris because Elaine Sheiolino went to the art director 387 00:22:29,400 --> 00:22:34,800 Speaker 1: and they went through fifteen cover ideas before they absolutely 388 00:22:35,320 --> 00:22:40,200 Speaker 1: nailed the image of how we see this river through Paris. 389 00:22:40,320 --> 00:22:44,280 Speaker 1: She is of course beyond uh claimed with their decades 390 00:22:44,400 --> 00:22:47,200 Speaker 1: of work at the New York Times and any number 391 00:22:47,240 --> 00:22:50,320 Speaker 1: of books before the Sin. How did the book cover 392 00:22:50,440 --> 00:22:53,119 Speaker 1: come out? I mean the book cover captures everything we believe, 393 00:22:53,240 --> 00:22:56,520 Speaker 1: doesn't it. Well, it's a it's always a work in progress, 394 00:22:56,560 --> 00:22:58,679 Speaker 1: and you don't know. And then as you said, you know, 395 00:22:58,800 --> 00:23:02,840 Speaker 1: somehow it all comes together like a big minestrone soup 396 00:23:03,440 --> 00:23:06,320 Speaker 1: and it rises to the occasion. And it's a great 397 00:23:06,320 --> 00:23:09,880 Speaker 1: cover because it's a great photograph from photographer Peter Turnley 398 00:23:10,200 --> 00:23:15,680 Speaker 1: that captures the mood, the romance, the ethos and culture 399 00:23:15,760 --> 00:23:19,200 Speaker 1: of this great river in my childhood and the immense 400 00:23:19,240 --> 00:23:21,520 Speaker 1: privilege of going to France. And I remember they took 401 00:23:21,600 --> 00:23:23,400 Speaker 1: us out the Fontain Blow and you know we did 402 00:23:23,400 --> 00:23:26,440 Speaker 1: the money man anything the money I should say out 403 00:23:26,480 --> 00:23:29,720 Speaker 1: there when we think of the sin, for most Americans, 404 00:23:29,760 --> 00:23:32,320 Speaker 1: it's going to be three our own disment. And maybe 405 00:23:32,320 --> 00:23:34,919 Speaker 1: they get over to the Eiffel Tower. How north and 406 00:23:35,000 --> 00:23:37,520 Speaker 1: southy of the sun. Did you go, oh, I went 407 00:23:37,560 --> 00:23:40,479 Speaker 1: from one end to the other. It begins in the 408 00:23:40,480 --> 00:23:43,720 Speaker 1: middle of nowhere, in deep Burgundy, and not the famous 409 00:23:43,760 --> 00:23:47,840 Speaker 1: wine part of Burgundy, but this poor agricultural area kind 410 00:23:47,840 --> 00:23:50,920 Speaker 1: of north of Dijon, and then it moves through Paris 411 00:23:50,960 --> 00:23:53,919 Speaker 1: all the way to the sea at Lave, the famous 412 00:23:53,960 --> 00:23:57,520 Speaker 1: port at Lave. It's almost five miles long. And what 413 00:23:57,840 --> 00:23:59,240 Speaker 1: did you learn that you didn't know? I mean a 414 00:23:59,320 --> 00:24:01,840 Speaker 1: lane Shielan knows everything there was about France. We know 415 00:24:01,920 --> 00:24:04,560 Speaker 1: that already. And and what did you what was the 416 00:24:04,600 --> 00:24:08,040 Speaker 1: biggest surprise for you in putting three pages together? That 417 00:24:08,320 --> 00:24:11,639 Speaker 1: there was an Gallo Roman goddess of the sin, a 418 00:24:11,760 --> 00:24:16,000 Speaker 1: healing goddess named Sequana, and it was she who guided 419 00:24:16,040 --> 00:24:19,919 Speaker 1: the sin. And in the end it was the sin water. 420 00:24:20,160 --> 00:24:22,760 Speaker 1: And I think the spirit of Sequana that saved the 421 00:24:22,760 --> 00:24:25,960 Speaker 1: Notre Dame Cathedral because half the water and then put 422 00:24:25,960 --> 00:24:28,480 Speaker 1: out that fire came from the seat there for this 423 00:24:28,560 --> 00:24:31,679 Speaker 1: horrific tragedy that afternoon, I was not I was in 424 00:24:31,720 --> 00:24:37,200 Speaker 1: New York and and saw it actually on television images here. 425 00:24:37,520 --> 00:24:40,320 Speaker 1: I mean, you see it. What was the emotion as 426 00:24:40,359 --> 00:24:43,040 Speaker 1: you saw? I mean, we we knew someday it would happen, 427 00:24:43,200 --> 00:24:47,480 Speaker 1: and it was. No one was surprised, and yet it 428 00:24:47,520 --> 00:24:51,240 Speaker 1: was just shocking. Where does that stand right now? No 429 00:24:51,280 --> 00:24:54,240 Speaker 1: one was surprised that it happened, but everyone was surprised 430 00:24:54,280 --> 00:24:56,639 Speaker 1: at the gravity of it, and the fact that that 431 00:24:56,720 --> 00:25:01,399 Speaker 1: the that the that the cathedral almost uh, it's in 432 00:25:02,200 --> 00:25:05,480 Speaker 1: what we call plane transfer marcillon full transformation. Right now, 433 00:25:05,520 --> 00:25:08,440 Speaker 1: they're still doing studies on it. They're still cleaning out 434 00:25:08,760 --> 00:25:12,600 Speaker 1: tons and tons of lead that had fallen from the roof, 435 00:25:13,119 --> 00:25:15,920 Speaker 1: and it's going to be a good year before they 436 00:25:16,000 --> 00:25:19,040 Speaker 1: before they start the actual renovation. When they started, and 437 00:25:19,119 --> 00:25:22,680 Speaker 1: I assume that you know, with do Joy they say 438 00:25:22,720 --> 00:25:24,399 Speaker 1: one year, five year or whatever, and it's going to 439 00:25:24,480 --> 00:25:27,080 Speaker 1: be forever to replace it. As I think of ken 440 00:25:27,119 --> 00:25:30,560 Speaker 1: follow and all of his historical fiction, how these cathedrals 441 00:25:30,560 --> 00:25:34,040 Speaker 1: take forever to redo? To you, is it a forever 442 00:25:34,119 --> 00:25:38,280 Speaker 1: to get Notre Dame back? Notre damn is there? Notre 443 00:25:38,320 --> 00:25:42,200 Speaker 1: Dame is an organic kind of entity because it's changed 444 00:25:42,280 --> 00:25:46,320 Speaker 1: and transformed over the centuries. It. You know, the President 445 00:25:46,320 --> 00:25:48,199 Speaker 1: of France says it's going to take five years for 446 00:25:48,280 --> 00:25:51,280 Speaker 1: it to be rebuilt. I think within five years it 447 00:25:51,320 --> 00:25:54,320 Speaker 1: will be open, but it will probably take much longer 448 00:25:54,359 --> 00:25:57,000 Speaker 1: than that for it to be completely restored to its 449 00:25:57,040 --> 00:26:00,439 Speaker 1: former glory. This book, Folks, is so important. Sun the 450 00:26:00,520 --> 00:26:03,840 Speaker 1: River that made Paris is an economics finance investment. No. 451 00:26:04,080 --> 00:26:06,320 Speaker 1: Is it something about the politics at the moment. No, 452 00:26:07,000 --> 00:26:09,159 Speaker 1: But it's a single book that we saw for the 453 00:26:09,200 --> 00:26:12,200 Speaker 1: holiday season and said, you know, forget about I'm going 454 00:26:12,240 --> 00:26:15,480 Speaker 1: to Paris. I got to read it. It's just readable 455 00:26:16,240 --> 00:26:19,600 Speaker 1: about the culture in the fabric that transcends a five 456 00:26:20,000 --> 00:26:22,959 Speaker 1: miles of the sin, and with it you nail it 457 00:26:23,640 --> 00:26:28,600 Speaker 1: because to us, it's always that woman outside Tiffany's um, 458 00:26:28,640 --> 00:26:31,720 Speaker 1: you know, she's breakfast at Tiffany's. But there is Audrey 459 00:26:31,720 --> 00:26:35,280 Speaker 1: in your book with the quintessential photo. How important is 460 00:26:35,359 --> 00:26:38,600 Speaker 1: that to our state of mind of the sin right now? Well, 461 00:26:38,640 --> 00:26:40,600 Speaker 1: it's very important to our state of mind in the 462 00:26:40,640 --> 00:26:43,200 Speaker 1: world right now, because what I find back here in 463 00:26:43,240 --> 00:26:46,040 Speaker 1: the United States, where I'm doing a two month book tour, 464 00:26:46,720 --> 00:26:50,600 Speaker 1: is that everybody is so angry, you know, and fighting 465 00:26:50,640 --> 00:26:53,879 Speaker 1: with each other. And when you think about communing with 466 00:26:53,960 --> 00:26:57,760 Speaker 1: the river and just being one with nature, there's just 467 00:26:57,920 --> 00:27:01,840 Speaker 1: something we call it the partage sharing, and this notion 468 00:27:02,000 --> 00:27:06,040 Speaker 1: of making contact with the other in a calm, peaceful way. 469 00:27:06,119 --> 00:27:08,320 Speaker 1: And what I tried to do in this book was 470 00:27:08,400 --> 00:27:12,439 Speaker 1: to say, let me share my Paris, my France with you, 471 00:27:13,080 --> 00:27:16,639 Speaker 1: and dear reader, may you forget a little bit about 472 00:27:16,680 --> 00:27:20,320 Speaker 1: all of your daily woes, whether it's impeachment or fires 473 00:27:20,320 --> 00:27:25,040 Speaker 1: in California or climate change. Just let's think about what 474 00:27:25,119 --> 00:27:28,920 Speaker 1: we share together about this incredible country and this incredible river. 475 00:27:29,119 --> 00:27:33,200 Speaker 1: Jillian Jackson, we did his deal spectacular, one volume on Deal. 476 00:27:33,600 --> 00:27:35,359 Speaker 1: We have a new to call. His name is McCraw. 477 00:27:35,440 --> 00:27:38,320 Speaker 1: We've got the transformation with Germany right now, give us 478 00:27:38,560 --> 00:27:43,120 Speaker 1: the Alania update on how young mcrow is doing well. 479 00:27:43,160 --> 00:27:45,760 Speaker 1: It's interesting you you evoked de Gal because he has 480 00:27:45,800 --> 00:27:48,399 Speaker 1: Degal's memoirs on his desk and he kind of sees 481 00:27:48,480 --> 00:27:52,520 Speaker 1: himself as a modern day de Gal. Rather while it 482 00:27:52,560 --> 00:27:55,720 Speaker 1: doesn't because he's too young and too green, and you know, 483 00:27:55,760 --> 00:27:58,600 Speaker 1: he's not a politician. He's more of a revolutionary and 484 00:27:58,640 --> 00:28:02,040 Speaker 1: he wants change and he wants Jane immediately, and Degal 485 00:28:02,240 --> 00:28:07,159 Speaker 1: was patient, and that's the crucial difference between the two leaders. 486 00:28:07,400 --> 00:28:10,119 Speaker 1: We got an email, someone's listening. Mrs Keene emails in 487 00:28:10,200 --> 00:28:12,880 Speaker 1: and says, why is it so expensive to fly to Paris. 488 00:28:13,359 --> 00:28:16,359 Speaker 1: You're the expert on this. Compared to London, there's a 489 00:28:16,440 --> 00:28:21,679 Speaker 1: price differentially. Well, what I would say is travel on 490 00:28:21,760 --> 00:28:23,760 Speaker 1: the in the in the dead of winter, you know, 491 00:28:23,960 --> 00:28:27,720 Speaker 1: forget about going in May or September, and just set 492 00:28:27,800 --> 00:28:30,520 Speaker 1: up one of those sky scanner alerts. And and because 493 00:28:30,560 --> 00:28:32,680 Speaker 1: you can get a fair. You can get a five 494 00:28:33,359 --> 00:28:35,560 Speaker 1: round trip New York Paris air fair if you try 495 00:28:35,560 --> 00:28:38,240 Speaker 1: hard enough. And when you come to Paris, come and 496 00:28:38,240 --> 00:28:40,880 Speaker 1: I'll show you my my Paris. It'll it'll what is 497 00:28:41,000 --> 00:28:43,719 Speaker 1: your Paris versus what we see, you know in the 498 00:28:43,760 --> 00:28:48,600 Speaker 1: three streets we run wander around? Well both I'm now 499 00:28:48,680 --> 00:28:51,560 Speaker 1: starting to travel along the Sin as a as a 500 00:28:51,680 --> 00:28:54,720 Speaker 1: as a first time tourist, and I'm looking at the 501 00:28:54,720 --> 00:28:57,520 Speaker 1: bridges of the Sin for example, and looking at them 502 00:28:57,560 --> 00:29:00,240 Speaker 1: as a cultural entity. And my last book was on 503 00:29:00,240 --> 00:29:02,760 Speaker 1: one Street in Paris. And what I what I have 504 00:29:02,880 --> 00:29:05,520 Speaker 1: done is I have taken people on my own kind 505 00:29:05,560 --> 00:29:10,600 Speaker 1: of intimate amateur tour of a secret Paris. That's the 506 00:29:10,680 --> 00:29:13,080 Speaker 1: Singapore new for what's the single bridge in Paris? It 507 00:29:13,120 --> 00:29:16,440 Speaker 1: really captures all this. Oh my my, I love the 508 00:29:16,480 --> 00:29:19,520 Speaker 1: Pont de la Trounelle because before dawn you can stand 509 00:29:19,560 --> 00:29:21,800 Speaker 1: on it and you can look at the sun rising 510 00:29:22,240 --> 00:29:25,240 Speaker 1: and it lights up the back of Notre Dame Cathedral 511 00:29:25,360 --> 00:29:28,160 Speaker 1: in bright orange with the sun rising on it, and 512 00:29:28,160 --> 00:29:30,840 Speaker 1: you own Paris. If you do that, that's not something 513 00:29:30,840 --> 00:29:34,360 Speaker 1: that everybody knows. Congratulations on a book where you go, damn, 514 00:29:34,440 --> 00:29:36,000 Speaker 1: I've got to read this, and you don't have time 515 00:29:36,040 --> 00:29:38,440 Speaker 1: to read it, but you will. The sen the river 516 00:29:38,520 --> 00:29:41,840 Speaker 1: that made Paris, Cellancilena with the authority over decades of 517 00:29:41,920 --> 00:29:45,960 Speaker 1: work for The New York Times on h on France, 518 00:29:46,000 --> 00:29:48,680 Speaker 1: because it much more than just on Paris. In Paris 519 00:29:48,760 --> 00:29:51,800 Speaker 1: is the image, but um there it is the sun, 520 00:29:51,920 --> 00:29:56,520 Speaker 1: the river that made Paris. Thanks for listening to the 521 00:29:56,520 --> 00:30:03,000 Speaker 1: Bloomberg Saveilla's podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud, 522 00:30:03,360 --> 00:30:07,600 Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at 523 00:30:07,640 --> 00:30:11,840 Speaker 1: Tom Keene Before the podcast, you can always catch us worldwide. 524 00:30:12,320 --> 00:30:13,440 Speaker 1: I'm Bloomberg Radio