Speaker 1: Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keane Jay Ley.
Speaker 1: We bring you insight from the best in economics, finance, investment,
Speaker 1: and international relations. Find Bloomberg Surveillance on Apple Podcasts, SoundCloud,
Speaker 1: Bloomberg dot Com, and of course on the Bloomberg John
Speaker 1: Every Thanksgiving I try to feature one person out of
Speaker 1: our nanking cousin employees, and this year it was a
Speaker 1: lay up. John Authors has been on fire. You know,
Speaker 1: he's publishing like every three or four days and you
Speaker 1: can cherry pick any given for it's an official award.
Speaker 1: It's a Turkey award, which turkey sandwich. Yeah, but he's
Speaker 1: just been on fire, whether it's on the earnings, idiocy
Speaker 1: or that. John, Why don't you bring him in his
Speaker 1: new essay here on the whole E. S G. Vote.
Speaker 1: We're very E s G this morning. Can we start
Speaker 1: with the Reasons we Should be Thankful? Which is his
Speaker 1: most recent piece, which might be more interesting Jonathan's Bloomberg
Speaker 1: opinion columnist. Investors have plenty of reasons to give thanks.
Speaker 1: Let's go to the edition of Reasons to be Thankful? John.
Speaker 1: Where do we begin? Well, the main reason to be
Speaker 1: thankful this this year. But for my reason to be
Speaker 1: thankful that everybody is being so nice to me to Broomberg,
Speaker 1: the main reason do you thankful, obvious is that the
Speaker 1: market has gone up an awful lot. So if you're
Speaker 1: in stocks, you did very well. And a lot of
Speaker 1: that is through factors that we're not going to see
Speaker 1: repeated very easily. You've seen populist politicians misplay their hands
Speaker 1: quite badly around the world. I think that's an important one.
Speaker 1: Inflation stays within the box that you've seen, American consumer
Speaker 1: confidence stay remarkably are given. However, many other things are happening.
Speaker 1: And yes, well no, but John Jonathan Farall was talking
Speaker 1: up out this earlier, how we've seen people get the
Speaker 1: call for the economy right, they got markets wrong. They
Speaker 1: were not expecting the rally that delivered. If you just
Speaker 1: stuck your money and an index and put your feet up,
Speaker 1: as you put it, is this all due to central
Speaker 1: bank easy? It's mostly used central bank easy. Yes, people
Speaker 1: were not expecting that. The reason we had that, the
Speaker 1: main reason we had the big sell off going into
Speaker 1: Christmas Eve last year was the belief that j Powell
Speaker 1: was going to go through with being you know, um
Speaker 1: reducing the balance seat is the FED balance seats on
Speaker 1: also pilots to use his own term and keep raising rates.
Speaker 1: The fact that he stopped doing that and then actually
Speaker 1: went into a very major U turn is the main
Speaker 1: reason we've seen the recovery that we've we've seen, and
Speaker 1: the fact that there was this sell off obviously mixed
Speaker 1: makes the markets look much better than they would do
Speaker 1: if bass other than the years date basis that we're
Speaker 1: so used to thinking in terms of a calendar that
Speaker 1: you know, the stock monket is not performed, not rallying
Speaker 1: in the way that you would normally think of rise.
Speaker 1: It's because of this rather arbitrary timing ever sell off
Speaker 1: last year. One of the things we have to be
Speaker 1: thankful for is you wrote an essay on the earnings
Speaker 1: what I call the earnings idiot. See how we're complete
Speaker 1: drugs fixated on every ninety days. How did the earnings
Speaker 1: madness do this year? Did we get revenue growth right?
Speaker 1: Did we get earnings growth right? Just as an industry
Speaker 1: broadly speaking? Yes, but it doesn't again, it doesn't. It
Speaker 1: doesn't seem to matter very very greatly. That's what what
Speaker 1: we've had in this year so far. Has been a
Speaker 1: succession of really very unimpressive earnings data, but that hasn't
Speaker 1: stopped the stock monket from doing what it's doing. Uh.
Speaker 1: If you want to play the game of have we
Speaker 1: beaten expectations or not? Um, I've made the argument that
Speaker 1: we should be junking both there. Certain we should certainly
Speaker 1: be junking earnings guidance by companies completely because this becomes
Speaker 1: part of the distraction of we all know about this,
Speaker 1: setting barrious to yourself so you can beat them. Um.
Speaker 1: But the in broad terms, no, we're not seeing anything
Speaker 1: like the kind of the kind of strength in earnings
Speaker 1: that you normally expected to have to have results going
Speaker 1: like this. Earnings earnings momens is very weak globally, and
Speaker 1: it's pretty flat within the States. John, Thank you so much.
Speaker 1: John Arthur's Plumberg opinion. Lisa bramwods some time, King, thank
Speaker 1: you for being with us. Uh. This morning, at least
Speaker 1: the men got to get dressed up, don't they. Yeah?
Speaker 1: I love this title trying to get boys to dress
Speaker 1: like men. Uh. That Our next guest helped to author
Speaker 1: Joseph Aboud joining us here, And I gotta say this
Speaker 1: is really an interesting question which is what do people
Speaker 1: wear to work? And Tom Keene, I know you're going
Speaker 1: to mention what I wear to our Uh, well, there's
Speaker 1: you know, Lisa's like a lot of people, there's different
Speaker 1: looks depending on the day as well. But what's a
Speaker 1: trend right now? Are we getting all fancy or we
Speaker 1: still get It's interesting, you know, Lisa, Guys are getting
Speaker 1: dressed again, And it depends on where you work, and
Speaker 1: you know what your occupation is. If you're dressing for radio,
Speaker 1: it's one thing. If you're dressing for tvOS, right, But
Speaker 1: I love to see that Tom is is sporting is
Speaker 1: double breasted sport code and it's nice to see that
Speaker 1: people do that. Joseph Bood, fashion designer and chief creative
Speaker 1: director of Tailored Brands. You make your products in the
Speaker 1: United States tailored suits. Yet, and you do make tailored suits,
Speaker 1: How is that industry changing where you actually have a
Speaker 1: custom made product? Are people gravitating more to that? Yeah,
Speaker 1: it's the whole customization thing is really interesting because it's
Speaker 1: more about your own personality. So it used to be
Speaker 1: that custom suits were only for the elite, and now
Speaker 1: it's much more democratic. So we uh, we produce a
Speaker 1: great number of suits in our Massachusetts factory where we
Speaker 1: have over eight hundred employees, and we've been doing that
Speaker 1: for over thirty years. Say good morning to Boston one
Speaker 1: or six one of them with Boston as well. You've
Speaker 1: got a sport code up here, Lisa says, time you
Speaker 1: gotta squeeze into this one, and it is one Cashmere,
Speaker 1: the fabric woven in Italy. It is four dollars for
Speaker 1: a sport code, which gets you, you know, into it.
Speaker 1: But it looks like it's out of Louise. I mean,
Speaker 1: how do you pull off that price point out of
Speaker 1: the Louise that you and I knew on news right
Speaker 1: and goes such an iconic store, Lisa, It was a great,
Speaker 1: great men's wear store that carried the best of the product.
Speaker 1: But because we're vertical, Tom, the fact that we buy
Speaker 1: our own fabrics and we don't have the traditional wholesale
Speaker 1: retail margin, we're able to bring a much better value
Speaker 1: to the customer. And what's what's simple here is is
Speaker 1: I'm seeing on your website, Joseph, a boot. I'm seeing
Speaker 1: a more upscale look. Is that what the audience wants
Speaker 1: right now? Yeah? I think individuality, I think style, as
Speaker 1: I said to you before, men are the new women. Um,
Speaker 1: they really want to get dressed. They want to I
Speaker 1: will say, I met, are the new women. Does Black
Speaker 1: Friday matter in your line of work? I think it does. Yeah.
Speaker 1: I think not necessarily for custom suits perhaps, but for
Speaker 1: all the accessories. For example, the great gift is a
Speaker 1: cashmere sweater. To me, that's a great piece of uh
Speaker 1: of a man's wardrobe and that's something that you know
Speaker 1: you can get as a gift, or a great cashmere scarf.
Speaker 1: So Black Friday matters probably more with the accessories and sports.
Speaker 1: Where men are the new women, I'm thinking in the
Speaker 1: female area, Instagram, uh influencers really have become the hot thing,
Speaker 1: and I'm wondering for men, if it is the same thing.
Speaker 1: Who what type of individuals are the main influencers here
Speaker 1: driving this. I think they're fashion guys. I think there's
Speaker 1: a lot of them are have been editors in the past,
Speaker 1: and now they're talking style and they're talking to the millennial.
Speaker 1: The millennial really understands where fashion is going. And I
Speaker 1: love the fact that that's a new buying group for us.
Speaker 1: That young consumer is getting dressed and the young guy
Speaker 1: is wearing suits because he wants to, not because he
Speaker 1: has Okay, but what about the younger I'm gonna call
Speaker 1: it broadly conservative guy. They don't want cutting a Gucci,
Speaker 1: they don't want they don't want that somebody that says, look,
Speaker 1: I really don't want to spend money on this, and
Speaker 1: they're going to go into Joseph A Bood for a
Speaker 1: reasonable going to get a lot better. Look. How's out
Speaker 1: with a millennial? Well, I think that's true. If you
Speaker 1: think a lot of the younger guys who have stepped
Speaker 1: into the financial world, they want style, but they don't
Speaker 1: want aggressive fashion. That's a really great point because they
Speaker 1: still will we will wear something conservative. Yet at the
Speaker 1: same time they were like their cuts to be slimmer
Speaker 1: and trimmer and more to their generations. So we have
Speaker 1: to speak to them on their terms. Lisa, do you
Speaker 1: see me in a black turtleneck? Definitely? I think I
Speaker 1: think that off. Yeah. I woke up today and I said,
Speaker 1: oh my god, boots with us, so I got a
Speaker 1: style so well, this is a gift from the dun
Speaker 1: Hill people of London. They do a great job they
Speaker 1: do and I wore this for you today because it's
Speaker 1: the flair thing that well. I love the black watch Tart.
Speaker 1: John has a style, I mean Tom has at doesn't
Speaker 1: have jo are English moment. You know when we say
Speaker 1: men are the new women. With the women, you're seeing
Speaker 1: an increasing move towards the yoga pants and away from
Speaker 1: where I mean, I just want much in the men's where.
Speaker 1: But are we seeing a reversal here? It could be
Speaker 1: It really could be pretty here first bloom, that could be.
Speaker 1: I think we see women changing their style, but we
Speaker 1: also see that happening with men. Can I talk about
Speaker 1: something sensitive? Of course? Why in God's name are people
Speaker 1: like you and others? And you've provided leadership on this.
Speaker 1: I'm setting you up for tall clothes, big and tall big,
Speaker 1: not so much big and tall, but just there's a
Speaker 1: huge body of men out there. Nothing fits a lot
Speaker 1: of American men, that's correct. That's why custom, you know, Tom,
Speaker 1: Custom is so important for those guys. And now that
Speaker 1: it's more affordable, we can fit all body types. So
Speaker 1: and you did just have a partnership with the NFL. Yes, yes, yes,
Speaker 1: And does this sort of play to that a little bit? Well,
Speaker 1: it does. We've done these great stylized linings and individual
Speaker 1: linings that you could put into your custom clothing. But
Speaker 1: what some of my best customers are not forty regular
Speaker 1: so they're bigger guys. And I've always have I've always
Speaker 1: had the good fortune of understanding how American men are
Speaker 1: built and how to dress them because, as I said,
Speaker 1: not every guy is a runway model. Yeah, what fabrics
Speaker 1: are hot? Uh? Well, for the fall season, Kashmere has
Speaker 1: become more affordable, I think, Tawn to your point, you know,
Speaker 1: a great kashmere jacket kashmere because the natural fibers still
Speaker 1: are important, Kashmir camel here, but we are seeing a
Speaker 1: lot of performance fabrics now, so that within suits there's
Speaker 1: stretch and there's uh yeah, but but it's there's still
Speaker 1: nothing more beautiful than all wool or great cashmere. You're
Speaker 1: moving the burgundy floral modern fit vest for a vest back. Yeah,
Speaker 1: you know, think about men have so few options really
Speaker 1: in the wardrobe. Vests are a great category. They can
Speaker 1: wear them with without their jackets, and it just gives
Speaker 1: again another level of individuality. So yeah, that makes those
Speaker 1: tall and help me here, we could certainly you got
Speaker 1: the size thing going, but the I'm fascinating had to
Speaker 1: Steve Sadov was in the Giant of Sex with the
Speaker 1: Avenue of the Other. Yes, said us, And I said
Speaker 1: to Steve, I said, it's like women in zero and
Speaker 1: double zero in that going the other way with men. Well,
Speaker 1: you know, the vanity sizing thing is always an interesting thing.
Speaker 1: Guys kind of fall into that trap a little bit.
Speaker 1: But when you do get into custom, you don't have
Speaker 1: to worry about that. Who is your biggest competitor at
Speaker 1: this point? You know, I think when we talk about competition,
Speaker 1: we look at everyone. Really, I think everybody is fighting
Speaker 1: for the same guy. Yeah, but increasingly if you talk
Speaker 1: to Macy's, you'll hear that Target and Walmart have actually
Speaker 1: emerged as competitors in a way that they hadn't. It's
Speaker 1: so interesting that you said that. I mean, we really
Speaker 1: look at the sort of the psychographics of the guy
Speaker 1: and the price veto graphics of the guy. The band
Speaker 1: in high school called sex No, so really to understand
Speaker 1: what a guy really wants, not so much about what
Speaker 1: do they really want? What I think that what guys
Speaker 1: really want is their own personal style. And I love
Speaker 1: that about them, and it's all, you know, it's not
Speaker 1: I think the greatest myth is that men shot price.
Speaker 1: They don't. They shot product for the best price, and
Speaker 1: that's the price value proposition. So to me, it isn't
Speaker 1: so much of what a guy can spend, it's what
Speaker 1: he thinks he should pay for something of value. So
Speaker 1: value is really the game, not price, but value. You're
Speaker 1: killing it today with the look. We'll get that out
Speaker 1: on the radio. Black turtle. I got to consider the
Speaker 1: black turtle. You know you could carry it off. Yeah,
Speaker 1: it's slimming. And I did have a good I did
Speaker 1: have the good fortune of visiting the building, uh, the
Speaker 1: Bloomburn building in London Victoria Street. From a design point
Speaker 1: of view, an amazing feat. You know, I just learned
Speaker 1: what a guy wants here. I mean, this is this
Speaker 1: is hard for wisos. You women can help us guys.
Speaker 1: Let's real. Yeah, women play sun, you know. Joseph of Bood,
Speaker 1: thank you so much. Greatly appreciated. Employing in New Bedford, Massachusetts.
Speaker 1: American made Joseph of Bood and you go to their
Speaker 1: website and check it out. It's a it's a really
Speaker 1: different website from so much of retail today. Joining us
Speaker 1: now and we're thrilled that she could find time with us.
Speaker 1: This is one of our busiest days of the year.
Speaker 1: Joe Feldman with us earlier, and now Dana Telsey joins.
Speaker 1: I'm a Telsee Advisory Group. She built a franchise at
Speaker 1: bear Stearns a few years ago and his uh moved
Speaker 1: it over to her own Telsee Advisory Group, which is
Speaker 1: a required read on Wall Street. Dana, I got about
Speaker 1: eight topics to go through and no time, so let
Speaker 1: me go through this quickly. I love what you're saying
Speaker 1: your note Nordstrom, O, MG, Target, Wow. And then you
Speaker 1: go and under Macy's you have, Huh. What does Macy's
Speaker 1: need to do to begin to staunch the damage? I
Speaker 1: think overall, one of the things that all of these
Speaker 1: department stores need to do is they're focused on reinventing
Speaker 1: to maintain relevancy. I think whether it is address the
Speaker 1: fact that when you think about managing experiences into the
Speaker 1: purchases of buying, what used to be amazing is now
Speaker 1: the new expected. So they have to figure out ways
Speaker 1: to amaze the consumer again. And I think service becomes
Speaker 1: a much more important part of it. And look what
Speaker 1: you're saying, I mean, Macy's is all of a sudden
Speaker 1: now having options within the store where that's the destination
Speaker 1: businesses that they're focused on story, You've got a surprise,
Speaker 1: and I think Macy's needs to surprise the customer again,
Speaker 1: and I think it's a work in progress. Your heritage
Speaker 1: is the heritage of fifty seven and fifth Avenue, literally, folks,
Speaker 1: and I say this was a great respect to Robert
Speaker 1: Burke and berg door. If you lived at Dana Telsey
Speaker 1: with your family at that storied corners, what should LVMH
Speaker 1: do with Tiffany's. They've got Bulgary, they've got Louis Vuton,
Speaker 1: than Clief is over there with somebody else. What's the
Speaker 1: Dana Telsey prescription for Tiffany's at fifty seven and fifth.
Speaker 1: When you think about jewelry and you think about Tiffany's,
Speaker 1: you think about engagement jewelry. When you think about people
Speaker 1: who get engaged and get married, typically they're in their twenties, thirties,
Speaker 1: couldn't even be forties. You think about the experience in
Speaker 1: Tiffany's and it's older than that. You need to match
Speaker 1: the experience of what the store is to the age
Speaker 1: of the customers who are coming in for that special occasion.
Speaker 1: And I think when you think about l V m
Speaker 1: H five years ago, ten years ago, the word pop
Speaker 1: up would never even be a part of their vocabulary
Speaker 1: because they thought longevity, heritage, and authenticity meant being there
Speaker 1: for ever. And it does mean in that location, certainly forever.
Speaker 1: But what has to be the experience inside the store
Speaker 1: has to be a magic wow, and I think they're
Speaker 1: going to create that. Look at the what you have
Speaker 1: on the LV store now, whether it's the symbolic LV
Speaker 1: and the different colors that are going down the side
Speaker 1: of the building, or every time you walk by their windows,
Speaker 1: that's wait, what's different now? And I think that what's
Speaker 1: different equation is what needs to be recreated at Tiffany's.
Speaker 1: And they talk about good better best. Steve Sayto was
Speaker 1: talking about that at LVMH and at Louis Vuton. How
Speaker 1: do they do good better best at your Bergdorf? I mean,
Speaker 1: what what does Bergdorf do to defend the franchise? Well,
Speaker 1: think about the opportunities that Bergdorf's has with Barney's now
Speaker 1: basically closing its stores just two or three doors away.
Speaker 1: A lot of the people who want designer brand clothing.
Speaker 1: While they used to shop both Bergdorf's and Barney's before
Speaker 1: Now you're can have Burgdorf's and so some of those brands,
Speaker 1: and whether it's the exclusive collaborations where it's design, miner,
Speaker 1: meat and grads, whether it's continuing to invest in the
Speaker 1: store and make it a difference in a while along
Speaker 1: with the service aspects. There's a personal connection there. Internet
Speaker 1: is certainly important, but you've got to marry it with
Speaker 1: the pictures and going in the store and saying I
Speaker 1: want to be in there. You got to create the
Speaker 1: want again. How how do you fill the empty retail
Speaker 1: of upskill shopping? And whether it's Barney's or Bond or whatever,
Speaker 1: do you just lower the You just have to lower
Speaker 1: the rent. Is it just that simple? What's the new
Speaker 1: concepts that are gonna go in there? What's the new
Speaker 1: exciting wows? Look at what they're doing on Fifth Avenue now,
Speaker 1: where they have a designer who put in basically different
Speaker 1: pictures based on some of the empty storefronts in order
Speaker 1: not to have a fifth Avenue that you walk down
Speaker 1: where you count they can see vacancy, vacancy, and it
Speaker 1: just feels like there's more and more. So my sense
Speaker 1: is that we need not only just new stores selling goods,
Speaker 1: but who else is going to sell experiences? And those
Speaker 1: experiences can be activities, It could be services like spot
Speaker 1: services or beauty. Over the next ten years, we're gonna
Speaker 1: have a reiteration of what fifth Avenue is. What's the
Speaker 1: middle market look like? Did we go up and low
Speaker 1: and nothing in between? Or is there an in between
Speaker 1: up there? For American retail I think overall, value and
Speaker 1: convenience matters, and that's why you're seeing the off prices
Speaker 1: do so well, and that's why you're seeing the discounts
Speaker 1: do so well too. But you bet mid market matters,
Speaker 1: and what are we going to see? I think we're
Speaker 1: gonna see some of these online only retailers get into
Speaker 1: physical also, so is it a new generation of brands.
Speaker 1: And also when you think about those services, look at rental,
Speaker 1: rent the runway head story, look at subscription like stitch Fix,
Speaker 1: or look at consignment like Real Real opening on seventy
Speaker 1: one in Madison. Rental, consignment and subscription over the next
Speaker 1: years are going to become more important. H and M
Speaker 1: is looking at rent the runway equivalency as well. Does
Speaker 1: luxury have to go to or rent the runway mode
Speaker 1: isn't I think some of the luxury good of companies themselves,
Speaker 1: whether they do it or not, but they're going to
Speaker 1: have offshoots do it like the real reels out there.
Speaker 1: When you think of thread up and and Posh Mark
Speaker 1: or Vesti are collective. There's a lot of opportunities because
Speaker 1: millennials or even Gen zs, the permanency of ownership may
Speaker 1: not be as realistic for them as it was for
Speaker 1: their parents. For you, and this is a critical question.
Speaker 1: It's really come up not only at the things giving table,
Speaker 1: but with team surveillance. Do you find the value point
Speaker 1: of rent the runway attractive for women and that you
Speaker 1: know they look at whatever it is per three months
Speaker 1: or whatever is an attractive point versus by and own.
Speaker 1: I think for some it all depends. Now all of
Speaker 1: a sudden, renting is not just for special occasion, it's
Speaker 1: for every day and the ability to have new items
Speaker 1: all the time makes it appealing to them. But there's
Speaker 1: another thing that we're going to be talking about, sustainability
Speaker 1: and what does it mean to understand what your garments
Speaker 1: are made of and where they're made of the story
Speaker 1: behind the garment is going to be come front and center.
Speaker 1: Give us the item this holiday season. Dana Telsey, what's
Speaker 1: the thing that every woman needs? I think boots are back.
Speaker 1: I think, come on, this is just you're killing me, Dana.
Speaker 1: You like boots every year? Oh no, last year boots
Speaker 1: weren't back. I think fashion sneakers are swelling. I think
Speaker 1: boots are back. And you know what, we're still going
Speaker 1: to see the strength in outerwear. This is this is
Speaker 1: always callin make a note, this is always too short
Speaker 1: with Dana Telsey. And of course we know that what
Speaker 1: she's zeroing in on is a Jimmy Choo one d
Speaker 1: millimeter mirror and booty, no doubt named after the acclaimed actress,
Speaker 1: the mirror booty that's priced in a one thousand dollars.
Speaker 1: Dana Telsey, thank you so much. Telse the advisory group
Speaker 1: there is well from London to Paris, and maybe we
Speaker 1: can start there with the recovery of the violence in
Speaker 1: Paris that we saw a few years ago. There are
Speaker 1: we getting hundreds of books, as you can imagine, every
Speaker 1: day and a couple of times a year a book
Speaker 1: just simply stops you in its tracks. That was the
Speaker 1: case with the Sin se I any the river that
Speaker 1: made Paris because Elaine Sheiolino went to the art director
Speaker 1: and they went through fifteen cover ideas before they absolutely
Speaker 1: nailed the image of how we see this river through Paris.
Speaker 1: She is of course beyond uh claimed with their decades
Speaker 1: of work at the New York Times and any number
Speaker 1: of books before the Sin. How did the book cover
Speaker 1: come out? I mean the book cover captures everything we believe,
Speaker 1: doesn't it. Well, it's a it's always a work in progress,
Speaker 1: and you don't know. And then as you said, you know,
Speaker 1: somehow it all comes together like a big minestrone soup
Speaker 1: and it rises to the occasion. And it's a great
Speaker 1: cover because it's a great photograph from photographer Peter Turnley
Speaker 1: that captures the mood, the romance, the ethos and culture
Speaker 1: of this great river in my childhood and the immense
Speaker 1: privilege of going to France. And I remember they took
Speaker 1: us out the Fontain Blow and you know we did
Speaker 1: the money man anything the money I should say out
Speaker 1: there when we think of the sin, for most Americans,
Speaker 1: it's going to be three our own disment. And maybe
Speaker 1: they get over to the Eiffel Tower. How north and
Speaker 1: southy of the sun. Did you go, oh, I went
Speaker 1: from one end to the other. It begins in the
Speaker 1: middle of nowhere, in deep Burgundy, and not the famous
Speaker 1: wine part of Burgundy, but this poor agricultural area kind
Speaker 1: of north of Dijon, and then it moves through Paris
Speaker 1: all the way to the sea at Lave, the famous
Speaker 1: port at Lave. It's almost five miles long. And what
Speaker 1: did you learn that you didn't know? I mean a
Speaker 1: lane Shielan knows everything there was about France. We know
Speaker 1: that already. And and what did you what was the
Speaker 1: biggest surprise for you in putting three pages together? That
Speaker 1: there was an Gallo Roman goddess of the sin, a
Speaker 1: healing goddess named Sequana, and it was she who guided
Speaker 1: the sin. And in the end it was the sin water.
Speaker 1: And I think the spirit of Sequana that saved the
Speaker 1: Notre Dame Cathedral because half the water and then put
Speaker 1: out that fire came from the seat there for this
Speaker 1: horrific tragedy that afternoon, I was not I was in
Speaker 1: New York and and saw it actually on television images here.
Speaker 1: I mean, you see it. What was the emotion as
Speaker 1: you saw? I mean, we we knew someday it would happen,
Speaker 1: and it was. No one was surprised, and yet it
Speaker 1: was just shocking. Where does that stand right now? No
Speaker 1: one was surprised that it happened, but everyone was surprised
Speaker 1: at the gravity of it, and the fact that that
Speaker 1: the that the that the cathedral almost uh, it's in
Speaker 1: what we call plane transfer marcillon full transformation. Right now,
Speaker 1: they're still doing studies on it. They're still cleaning out
Speaker 1: tons and tons of lead that had fallen from the roof,
Speaker 1: and it's going to be a good year before they
Speaker 1: before they start the actual renovation. When they started, and
Speaker 1: I assume that you know, with do Joy they say
Speaker 1: one year, five year or whatever, and it's going to
Speaker 1: be forever to replace it. As I think of ken
Speaker 1: follow and all of his historical fiction, how these cathedrals
Speaker 1: take forever to redo? To you, is it a forever
Speaker 1: to get Notre Dame back? Notre damn is there? Notre
Speaker 1: Dame is an organic kind of entity because it's changed
Speaker 1: and transformed over the centuries. It. You know, the President
Speaker 1: of France says it's going to take five years for
Speaker 1: it to be rebuilt. I think within five years it
Speaker 1: will be open, but it will probably take much longer
Speaker 1: than that for it to be completely restored to its
Speaker 1: former glory. This book, Folks, is so important. Sun the
Speaker 1: River that made Paris is an economics finance investment. No.
Speaker 1: Is it something about the politics at the moment. No,
Speaker 1: But it's a single book that we saw for the
Speaker 1: holiday season and said, you know, forget about I'm going
Speaker 1: to Paris. I got to read it. It's just readable
Speaker 1: about the culture in the fabric that transcends a five
Speaker 1: miles of the sin, and with it you nail it
Speaker 1: because to us, it's always that woman outside Tiffany's um,
Speaker 1: you know, she's breakfast at Tiffany's. But there is Audrey
Speaker 1: in your book with the quintessential photo. How important is
Speaker 1: that to our state of mind of the sin right now? Well,
Speaker 1: it's very important to our state of mind in the
Speaker 1: world right now, because what I find back here in
Speaker 1: the United States, where I'm doing a two month book tour,
Speaker 1: is that everybody is so angry, you know, and fighting
Speaker 1: with each other. And when you think about communing with
Speaker 1: the river and just being one with nature, there's just
Speaker 1: something we call it the partage sharing, and this notion
Speaker 1: of making contact with the other in a calm, peaceful way.
Speaker 1: And what I tried to do in this book was
Speaker 1: to say, let me share my Paris, my France with you,
Speaker 1: and dear reader, may you forget a little bit about
Speaker 1: all of your daily woes, whether it's impeachment or fires
Speaker 1: in California or climate change. Just let's think about what
Speaker 1: we share together about this incredible country and this incredible river.
Speaker 1: Jillian Jackson, we did his deal spectacular, one volume on Deal.
Speaker 1: We have a new to call. His name is McCraw.
Speaker 1: We've got the transformation with Germany right now, give us
Speaker 1: the Alania update on how young mcrow is doing well.
Speaker 1: It's interesting you you evoked de Gal because he has
Speaker 1: Degal's memoirs on his desk and he kind of sees
Speaker 1: himself as a modern day de Gal. Rather while it
Speaker 1: doesn't because he's too young and too green, and you know,
Speaker 1: he's not a politician. He's more of a revolutionary and
Speaker 1: he wants change and he wants Jane immediately, and Degal
Speaker 1: was patient, and that's the crucial difference between the two leaders.
Speaker 1: We got an email, someone's listening. Mrs Keene emails in
Speaker 1: and says, why is it so expensive to fly to Paris.
Speaker 1: You're the expert on this. Compared to London, there's a
Speaker 1: price differentially. Well, what I would say is travel on
Speaker 1: the in the in the dead of winter, you know,
Speaker 1: forget about going in May or September, and just set
Speaker 1: up one of those sky scanner alerts. And and because
Speaker 1: you can get a fair. You can get a five
Speaker 1: round trip New York Paris air fair if you try
Speaker 1: hard enough. And when you come to Paris, come and
Speaker 1: I'll show you my my Paris. It'll it'll what is
Speaker 1: your Paris versus what we see, you know in the
Speaker 1: three streets we run wander around? Well both I'm now
Speaker 1: starting to travel along the Sin as a as a
Speaker 1: as a first time tourist, and I'm looking at the
Speaker 1: bridges of the Sin for example, and looking at them
Speaker 1: as a cultural entity. And my last book was on
Speaker 1: one Street in Paris. And what I what I have
Speaker 1: done is I have taken people on my own kind
Speaker 1: of intimate amateur tour of a secret Paris. That's the
Speaker 1: Singapore new for what's the single bridge in Paris? It
Speaker 1: really captures all this. Oh my my, I love the
Speaker 1: Pont de la Trounelle because before dawn you can stand
Speaker 1: on it and you can look at the sun rising
Speaker 1: and it lights up the back of Notre Dame Cathedral
Speaker 1: in bright orange with the sun rising on it, and
Speaker 1: you own Paris. If you do that, that's not something
Speaker 1: that everybody knows. Congratulations on a book where you go, damn,
Speaker 1: I've got to read this, and you don't have time
Speaker 1: to read it, but you will. The sen the river
Speaker 1: that made Paris, Cellancilena with the authority over decades of
Speaker 1: work for The New York Times on h on France,
Speaker 1: because it much more than just on Paris. In Paris
Speaker 1: is the image, but um there it is the sun,
Speaker 1: the river that made Paris. Thanks for listening to the
Speaker 1: Bloomberg Saveilla's podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,
Speaker 1: or whichever podcast platform you prefer. I'm on Twitter at
Speaker 1: Tom Keene Before the podcast, you can always catch us worldwide.
Speaker 1: I'm Bloomberg Radio