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Speaker 1: I'm Jason Kelly and I'm Carol Masser. Welcome to the

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Speaker 1: Bloomberg Business Week Extra. It's our weekly podcast, bringing you

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Speaker 1: an in depth interview you will not hear anywhere else.

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Speaker 1: And Jason, this really is an exclusive interview. It's one

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Speaker 1: of the folks of the Bloomberg fifty. We're talking about

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Speaker 1: I A C CEO, Joey Levin. I trooped down to

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Speaker 1: his headquarters here in New York City. Of course, the

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Speaker 1: headquarters alone are iconic now on the West Side. You

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Speaker 1: can't drive up the West Side Highway without picking them out.

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Speaker 1: Barry Diller, he's behind it. Joey Levin, though he was

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Speaker 1: a longtime lieutenant, he's now running the show. Here's your conversation.

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Speaker 1: So congratulations Bloomberg fifty. Here at I A c headquarters,

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Speaker 1: Thanks for hosting. So I want to go back to

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Speaker 1: the beginning and and understand how you got here because

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Speaker 1: you're a banker. Yeah, I don't like to admit that

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Speaker 1: that's true. I was. I was a banker, and actually

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Speaker 1: I learned a tremendous amount. I'm I don't I don't

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Speaker 1: at all regret having done it. I didn't. It wasn't

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Speaker 1: my favorite thing. I ever did, but I learned a

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Speaker 1: tremendous amount, and I think it opened up a lot

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Speaker 1: of opportunities for me in terms of just how to

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Speaker 1: think about things and and uh, I didn't know what

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Speaker 1: I wanted to do out of college, and there was

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Speaker 1: where I went to college, there was a lot of

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Speaker 1: banks that did a lot of recruiting, and they pulled

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Speaker 1: me into uh the sort of tech bubble, which sort

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Speaker 1: of the peak of the tech bubble, which is when

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Speaker 1: the recruiting started. It was a fall two thousand when

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Speaker 1: things were just about to crest over and by the

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Speaker 1: time I started, they had the bubble had burst. And uh,

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Speaker 1: they offered me thirty thousand dollars not to show up

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Speaker 1: to the job, but I decided to show up anyway. Yeah. Wow, Yeah,

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Speaker 1: it was. It was a really interesting time. And I

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Speaker 1: think it's a great time to get started on a

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Speaker 1: career because you could if I had started two years early,

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Speaker 1: I would have thought you could do nothing wrong. Uh,

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Speaker 1: And I started, uh two years later, and it was

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Speaker 1: you could do nothing right and you really had to

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Speaker 1: grind out to figure out how to make things work.

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Speaker 1: And uh, I'm actually pretty I'm grateful for that, but

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Speaker 1: so I came to I See to do mergers and acquisitions,

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Speaker 1: which is what I was doing as a banker. Uh

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Speaker 1: and really Barry had told the market he wanted to

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Speaker 1: spend ten billion dollars on acquisitions in the Internet. And

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Speaker 1: I thought that that is Uh, that sounds like a

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Speaker 1: lot of fun. And the this was two thousand three

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Speaker 1: and the Internet was not popular. It was people said,

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Speaker 1: we we advertising doesn't work on the internet. We were

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Speaker 1: not buying eyeballs anymore. And and this thing's overdone. And

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Speaker 1: we thought there's still a lot of opportunity here, and

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Speaker 1: uh we did. We went and spent most of that

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Speaker 1: money in travel, but we we were very active in that.

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Speaker 1: And and M and A was very sort of core

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Speaker 1: to the center of I C. And so I got

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Speaker 1: to know uh, Barry and the vice chairman, Victor conform

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Speaker 1: very well. We're all very involved in this process, uh

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Speaker 1: and uh and and Dara was there then who's who's

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Speaker 1: now at uber And it was a great group of

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Speaker 1: people who I learned to train his tremendous amount from

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Speaker 1: and UH started doing acquisitions, then started doing some finance stuff,

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Speaker 1: and then started running my first business in two thousand nine.

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Speaker 1: And so go back to sort of joining and I

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Speaker 1: mean at that point, Barry Diller is capital B, capital D,

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Speaker 1: very dill. I mean like he's he's not an unknown

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Speaker 1: at that point. What were your first impressions of working

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Speaker 1: for him? It was funny. People had all these things

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Speaker 1: of Okay, you're going into your first meeting with Berry.

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Speaker 1: Are you're going into a meeting with Berry. Don't look

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Speaker 1: at him. I don't look directly at him, but don't

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Speaker 1: look away from it. I was like, what, there was

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Speaker 1: all these like rules that people were trying to give me,

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Speaker 1: and you go into the meeting. He's he's the regular person.

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Speaker 1: He's very intense, and he's very sharp, and he gets

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Speaker 1: to the point on everything very quickly, and and sort

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Speaker 1: of intolerant of kind of nonsense or waste. But he's

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Speaker 1: just the person in a meeting. And Uh. The thing

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Speaker 1: that I appreciated right away and still appreciate today very

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Speaker 1: much is this culture of debate and discussion and challenging

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Speaker 1: and it's it's it's a lot of ways. It's it's

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Speaker 1: hard to do as a leader because you say to

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Speaker 1: everybody you know, essentially everything I say, you should challenge

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Speaker 1: everything I say, you should disagree with everything and and

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Speaker 1: to make sure that that you get to the right answer.

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Speaker 1: And it is a definitively a better way of getting

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Speaker 1: to the right answer. But it is a hard thing

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Speaker 1: and something that Barry has has always embraced. And it

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Speaker 1: doesn't work for everybody, you know, some people don't don't

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Speaker 1: like that kind of culture. But but it worked well

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Speaker 1: for me and my personality and and we end up

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Speaker 1: getting along. But I didn't really get to Nobury even

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Speaker 1: though I was in meeting with Barry. I protaly didn't

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Speaker 1: get the no Bury it until several years into being

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Speaker 1: a right And did you anticipate when you got here

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Speaker 1: that you would be here for for this long? Because

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Speaker 1: you know, in today's day and age like it's a

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Speaker 1: pretty long tenure at one place, it is? Uh? And

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Speaker 1: did I anticipate it? No, I definitely did not anticipate it.

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Speaker 1: But did I desire that? Yeah. When I remember when

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Speaker 1: I was interviewing for jobs out of investment banking, I

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Speaker 1: very quickly knew I didn't want to be an investment banker,

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Speaker 1: and and I was learning a lot, and I was

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Speaker 1: grateful for all the people that I was working with.

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Speaker 1: I just knew that that wasn't for me long term.

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Speaker 1: So I started doing interviews. And one of the things

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Speaker 1: that investment bankers frequently interview for his private equity or

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Speaker 1: asset ban mantural alterna advances, and I was uh. So,

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Speaker 1: I was interviewing with a private a great private equity fund,

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Speaker 1: and they said, what do you want to uh, you know,

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Speaker 1: talk to us about what you want to do or

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Speaker 1: where you want to be in a few years. I said,

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Speaker 1: I'd like to be, you know, in a company, running

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Speaker 1: a company, you know, driving business, building a product. And

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Speaker 1: they said, well, then what are you doing here? I said,

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Speaker 1: A good point, and so I left and I actually

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Speaker 1: started talking to Ice then, and I thought when I

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Speaker 1: went there, I want to be a part of building something.

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Speaker 1: And uh, Barry is very much a builder, and I

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Speaker 1: see as a company very much about building and building

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Speaker 1: companies and uh and so I got very lucky in

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Speaker 1: that sense. Well, and as you pointed out, I mean

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Speaker 1: M and A has been at the core of this

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Speaker 1: company in a lot of ways, Um, both buying and

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Speaker 1: selling in many ways and spinning off. And we'll get

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Speaker 1: to that, I'm sure a little later in the conversation. Um,

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Speaker 1: how does that sort of help define the culture because

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Speaker 1: there's a lot of movement, and there's a lot of

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Speaker 1: constant uh coming and going in many ways, and a

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Speaker 1: lot of innovation, I would imagine, but also potential friction

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Speaker 1: among all of these new things happening all the time.

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Speaker 1: How do you manage that? Uh, Well, there's a lot

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Speaker 1: in there. We we we like the friction. Um. We

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Speaker 1: like that things challenge themselves and each other. We frequently

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Speaker 1: have multiple businesses in the same category competing with each other.

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Speaker 1: Our view is we'd rather disrupt ourselves than have somebody

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Speaker 1: disrupt us, and so so we're we're often if we

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Speaker 1: have a thesis on a category, we want several teams

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Speaker 1: going after it and several businesses going after it. And

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Speaker 1: it's okay if they compete with each other and challenge

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Speaker 1: each other in in going after that um and result.

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Speaker 1: Because in many ways you can you can predict some

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Speaker 1: components of the future. No one can predict the future,

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Speaker 1: but you can say there's here's one way of doing something,

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Speaker 1: and here's a better way of doing something. Five years

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Speaker 1: from now or ten years from now, our people are

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Speaker 1: gonna be doing it the better way or the worst way. Well,

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Speaker 1: they're definitely gonna be doing it the better way. Right,

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Speaker 1: you don't know where you're going to get the right

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Speaker 1: team that that's going to figure out how to do

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Speaker 1: the better way better than the other people figuring out

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Speaker 1: the better way. But you you do know that that's

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Speaker 1: what the future is going to look like. And so

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Speaker 1: what we try and do is put a lot of

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Speaker 1: bets against that future so that that we can meaningfully

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Speaker 1: participate in it. And uh that that sometimes leads the conflict,

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Speaker 1: that sometimes leads to multiple bets in the same category

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Speaker 1: or friction in your words, and that's something that's okay

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Speaker 1: with us, right. It feels like it's baked in it is.

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Speaker 1: I was we uh one of our board members, h

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Speaker 1: Chelsea Clinton. We we did a town hall yesterday with

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Speaker 1: a bunch of employees. So I was, you know, I

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Speaker 1: was in your seat interviewing her, and she said something

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Speaker 1: which I thought was very interesting. It's it's a a

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Speaker 1: sort of revolution on something or a turn on something

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Speaker 1: that we say internally, which is inertia is a very

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Speaker 1: powerful and the most underrated force and in in business, both

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Speaker 1: for good and for bad. And what Chelsea described said

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Speaker 1: from her observance as a board member, is that we

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Speaker 1: go out of our way to reject inertia, you know,

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Speaker 1: and again for good and for bad. Don't don't overestimate

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Speaker 1: a tailwind. Uh, don't don't believe too much that that

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Speaker 1: a tailwind is your own brilliance. Um. And also don't

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Speaker 1: be sort of intimidated by those those headwinds and figure

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Speaker 1: out how to push through that. And I think that

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Speaker 1: that is an important point in there. And so, you know,

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Speaker 1: going back to two thousand three and sort of fast

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Speaker 1: forwarding to the present, the internet is a very different

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Speaker 1: place than it was in two thousand three. How do

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Speaker 1: you define the Internet? It's a big question, But how

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Speaker 1: do you define the Internet from a business perspective in

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Speaker 1: twenty nineteen, Um, what where the Internet? The sort of

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Speaker 1: mind blowing thing In the beginning of the Internet, the

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Speaker 1: sort of I don't know, we'll call it the first phase.

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Speaker 1: I'll call the first phase for now of the internet

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Speaker 1: was choice and breadth. You recall when Google came out,

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Speaker 1: people that they're big thing was one of you know,

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Speaker 1: million results when when you do a search and people's

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Speaker 1: minds were blown by that. Appropriately, I mean, it was

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Speaker 1: just amazing that you could ask about some uh, Nike

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Speaker 1: shoes of some particular year and see ten million results

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Speaker 1: of about that and UH, that was the first and

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Speaker 1: really interesting phase of the Internet. And in a way

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Speaker 1: it's gone, it's gone the complete opposite of that today.

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Speaker 1: So today it's actually about how do you narrow the

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Speaker 1: choice right? How do you get to the one answer?

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Speaker 1: Because now all ways ten million you can't really do

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Speaker 1: anything with ten million U choices. You you that that's

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Speaker 1: not that helpful. As much as it is fascinating, it's

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Speaker 1: not that helpful. You need to get to the answer right,

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Speaker 1: the one answer. And so now all the platforms are

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Speaker 1: about not giving choice, but giving uh a solution, right,

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Speaker 1: And we're thinking about that in a lot of our businesses.

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Speaker 1: Take um Angie Homes Services for example, where we are

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Speaker 1: matching consumers with home service professionals. Right now, we match

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Speaker 1: you with with several and UH, to the extent someone

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Speaker 1: wants that, we will continue to match them with several.

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Speaker 1: What we see is many consumers want to be matched

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Speaker 1: with just the right one. Just just tell me. I.

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Speaker 1: We've grown up knowing platforms, knowing the Internet, and we

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Speaker 1: know which brands we want to trust and which brands

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Speaker 1: we don't want to trust. And if it's a brand retrust,

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Speaker 1: just save me the trouble, give me the answer. And

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Speaker 1: and that's what what we're we're trying to do now

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Speaker 1: with Angie and with other our businesses too. I mean,

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Speaker 1: it's it's it's harder in dating. I'd like to say

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Speaker 1: that we could find a person and we can say, okay, boom,

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Speaker 1: here's a person for you, married next week, and and

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Speaker 1: off you go. I don't think that's realistic ever in

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Speaker 1: that category. But we can get better with our algorithms.

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Speaker 1: We can't get better at matching people as we learn

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Speaker 1: more so that you don't have to go through, you know,

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Speaker 1: hundreds of conversations, maybe you go through dozens of conversations

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Speaker 1: or less than that, and to get to find people

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Speaker 1: that you might be compatible with. And when you think

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Speaker 1: about sort of the Internet again broadly defined in twenty nineteen,

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Speaker 1: it feels like if we went back to two thousand three,

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Speaker 1: or certainly even in earlier, there was a lot of enthusiasm,

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Speaker 1: you know, a lot of just excitement about what it

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Speaker 1: could be. Today it feels like there's more skepticism, you know,

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Speaker 1: whether it's from regulators, whether it's from some of the

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Speaker 1: companies themselves, whether it's from consumers. How do you read

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Speaker 1: this moment where we are, you know, sort of broadly

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Speaker 1: defined as this sort of tech lash for lack of

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Speaker 1: a better term. It's funny because it's the exact same

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Speaker 1: thing that was what everyone was so excited about in

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Speaker 1: the beginning, which was the the the monopolies of the

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Speaker 1: duopolies or the or the the power that was concentrated

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Speaker 1: in the hands of a few. The Internet came through

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Speaker 1: and said no, no more, We're gonna distribute this and

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Speaker 1: anyone could do anything. Anyone's empowered. You can start a business,

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Speaker 1: you can reach consumers. You don't need to go through

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Speaker 1: a a privately owned platform to reach end users. You

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Speaker 1: don't need an infinite amount of money to reach end users.

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Speaker 1: You can open your shop on the Internet and boom,

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Speaker 1: you can reach the world. And that distribution was phenomenal

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Speaker 1: and led to so much innovation and so much excitement.

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Speaker 1: That's why people were so excited. What happened is that

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Speaker 1: power got reconcentrated again and a handful of hands, uh.

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Speaker 1: And those are the companies that are in the headlines

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Speaker 1: and part of that tech lash, and those companies do

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Speaker 1: have enormous power they're kingmakers of other companies, of individuals,

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Speaker 1: of of UH politicians for not necessarily by design, but

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Speaker 1: sometimes by accident. UH. That is a you know that

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Speaker 1: that goes back to that scary thing, and people don't

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Speaker 1: like to be in that position where there's a handful

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Speaker 1: of people with a very significant amount of power. It's

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Speaker 1: a sort of more American democratic thing to see that distributed.

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Speaker 1: And I think people want to see that happen again.

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Speaker 1: And what do you see as I a c S

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Speaker 1: role in essentially combating that. Well, our biggest thing is

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Speaker 1: having great independent products and having those products resonate with users.

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Speaker 1: If we are UH, if we can communicate a very

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Speaker 1: compelling product experience in our category to a user, I

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Speaker 1: believe we can win. And I believe we can we

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Speaker 1: have historically, and I believe we can continue to defeat

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Speaker 1: the giants. UM. The giants can compete with us, sometimes

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Speaker 1: over implicitly, sometimes explicitly, but they do compete with us.

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Speaker 1: We also benefit hugely and have benefited usually from their scale,

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Speaker 1: UH knowing how to use those platforms to to acquire

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Speaker 1: audio its, to to interact with with customers or potential customers,

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Speaker 1: and those platforms have been hugely helpful to us in

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Speaker 1: building our business, but also increasingly as they look for growth,

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Speaker 1: they are competing with us, and that's something that we

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Speaker 1: have to do and you just win that on on

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Speaker 1: a better product. So help me understand. One of your

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Speaker 1: strategies seems to be keep me honest here sort of

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Speaker 1: a build, build and spin or build and sell. Obviously

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Speaker 1: that happens with with matches in the process of happening

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Speaker 1: with match And I think you've said that you want

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Speaker 1: things only to get so big. You're not empire building

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Speaker 1: to something said, help me understand the thinking underneath that. Sure,

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Speaker 1: so I'll correct one small thing, which is build and

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Speaker 1: sell is rarely something that we do. We don't think

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Speaker 1: of a spin as a sale. We have sold companies

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Speaker 1: that generally, when we're selling a company, it's just because

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Speaker 1: we haven't figured out how to make it work for us.

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Speaker 1: Um it doesn't sort of fit and we we can't.

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Speaker 1: We can't get it going and in our ambition and

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Speaker 1: else may be able to do it better. Uh, spinning

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Speaker 1: is different. Spinning, it's our shareholders get it. We just

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Speaker 1: give it to our shareholders and they can continue to

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Speaker 1: hold it forever. And when we look at our track

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Speaker 1: record over time. We we presume that somebody comes in

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Speaker 1: and from the moment they come in, they continue to

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Speaker 1: hold everything forever. They can just hold it in separate

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Speaker 1: pockets instead of all in one pocket. Uh. And the

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Speaker 1: reason that we do that is it there's lots of

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Speaker 1: micro reasons, and sometimes there's tactical reasons, but the main

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Speaker 1: reason that we do it is we like the process

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Speaker 1: of building. We like the process of starting over. And

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Speaker 1: when you have something huge, it overshadows everything else. And

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Speaker 1: Match is such a good business, is doing so well

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Speaker 1: right now, and and and investors care tremendously about it,

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Speaker 1: and anything else we do is basically irrelevant relative to

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Speaker 1: how many subscribers Tender had in the quarter. And when

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Speaker 1: you get to that level, at some point you say, Okay,

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Speaker 1: this thing has the ability to be off on its own.

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Speaker 1: And if we if we put that thing at zone,

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Speaker 1: then we can focus again on the smaller things. Because

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Speaker 1: when we're focused on the smaller things, you put that

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Speaker 1: kind of energy in it, there's nowhere to hide and

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Speaker 1: you you've gotta uh, you've gotta make those work. And

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Speaker 1: we like that process. So Match underway. It is the

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Speaker 1: idea you'll do something similar with Angie Home Services. I'd

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Speaker 1: hope to at some point. Uh We've said right now

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Speaker 1: we're not focused on that. We're focused on trying to

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Speaker 1: get matched on um but at some point that that

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Speaker 1: that very well may make sense. But you know, there's

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Speaker 1: all kinds of considerations and and where and when, in

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Speaker 1: timing and how and all those things are are kind

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Speaker 1: of wide open. And so when you look through the

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Speaker 1: rest of the portfolio, where are you spending a lot

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Speaker 1: of your time either building or uh, you know, expanding,

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Speaker 1: what are you what are you most excited about? I

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Speaker 1: know that's like having you pick among your children. But

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Speaker 1: uh so, first of all, you maybe do it in

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Speaker 1: terms of size. Angie is a huge one and is

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Speaker 1: a I think a fantastic business in a fantastic category

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Speaker 1: with an incredible lead that we can do really cool

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Speaker 1: things on product, and we're we're doing kind of the

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Speaker 1: most aggressive product evolution in Angie's history right now, and

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Speaker 1: we're very optimistic about what we can do with then.

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Speaker 1: So that's pretty exciting. I'm I'm spending a decent amount

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Speaker 1: of time on that. Uh. Next is uh in I

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Speaker 1: guess we could do it in order of profit, but

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Speaker 1: dot Dash. Dot Dash is I think the modern publisher, uh,

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Speaker 1: digital publisher, the all these other businesses have been in

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Speaker 1: the publishing category. There there's been a tremendous rise and

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Speaker 1: fall of publishing business and dot dash has just stayed

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Speaker 1: very focused on delivering people content what they call need

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Speaker 1: to know content. You can call it sort of pull

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Speaker 1: content as against push content. Push content. Is what you

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Speaker 1: and I are doing right now is we're presuming that

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Speaker 1: people want to hear from one of us and we're

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Speaker 1: doing an interview and we're shipping it out. They do,

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Speaker 1: I guarantee you they did. What what Dash is doing

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Speaker 1: is saying we know people are looking for this thing specifically,

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Speaker 1: which is what are the best hiking boots? Or uh,

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Speaker 1: what do I do about lower back pain? Or things

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Speaker 1: like that, and we're making sure that we create the

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Speaker 1: best content to answer those questions. What we say freshest, fastest, fewest,

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Speaker 1: freshest meaning to the extent there's anything updated in the category,

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Speaker 1: we're always constantly updating that. Fastest meaning we actually deliver

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Speaker 1: our our site faster than anybody else. And fewest meaning

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Speaker 1: having the fewest ads so that there's no room for

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Speaker 1: anybody else or no reason for anybody else to come in.

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Speaker 1: We want a great consumer experience. We don't want to

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Speaker 1: over monetize it, and and nobody else is doing that

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Speaker 1: in that area. And we're finding that we can do

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Speaker 1: it very well, and we're we're going to outspend everybody

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Speaker 1: and having the best content in there. It's a I

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Speaker 1: am viciously make a Netflix analogy, and that what Netflix

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Speaker 1: is doing on video content, we're trying to do on

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Speaker 1: sort of print or or this need to know content

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Speaker 1: outspending by far the best content in the category. And uh,

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Speaker 1: it's turning out to be a real business with a

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Speaker 1: real mode, nicely profitable and I think great growth potential.

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Speaker 1: All right, so let's go full white space here, you know,

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Speaker 1: beyond what you're doing now. When you're entertaining new ideas,

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Speaker 1: it needs you to tip your hand necessarily about the

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Speaker 1: next bit of while that you're welcome to um, But

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Speaker 1: what what do you see out there for a consumer

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Speaker 1: in the media world and the publishing world, in the

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Speaker 1: broad internet defined where maybe there's some maybe there's some space,

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Speaker 1: there's a theme that's hitting on a bunch of our

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Speaker 1: businesses and totally new businesses, new categories altogether which is

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Speaker 1: how people find work and get work. We have a

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Speaker 1: very very tiny business today which is doing that called

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Speaker 1: Blue Crew, which is in the light industrial matching um

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Speaker 1: uh temp labor, hourly workers with employers and uh that's

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Speaker 1: a really interesting one. But in more broadly, the process

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Speaker 1: of hiring and finding people who can do work, whether

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Speaker 1: it's for an individual in their home, whether it's for

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Speaker 1: an employer with a full time employee and employer with

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Speaker 1: a part time employee. That entire process happens offline, and

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Speaker 1: software is very kind of minimally involved. It's involved the

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Speaker 1: front end, which is you can find people's resumes or

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Speaker 1: lists of resumes or lists of list things online. But

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Speaker 1: that matching process I think can be done very well

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Speaker 1: with software, and we're doing that in Blue Crew in

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Speaker 1: this one area, and I think it can be done

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Speaker 1: in lots of areas, uh in a really interesting way.

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Speaker 1: And so we're spending a lot of time thinking about

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Speaker 1: that and pretty excited about it. What's your one big

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Speaker 1: lesson so far in your career? Best advice or best

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Speaker 1: best advice you've gotten, our best advice you give now

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Speaker 1: as a CEO, uh Man, there's a lot. There's there's

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Speaker 1: a lot to choose from advice I've gotten. Um, my

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Speaker 1: favorite is really something that that Barry has pushed always

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Speaker 1: at I A C. Is think bigger and be ambitious

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Speaker 1: and passionate. That's what are the things that get people excited.

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Speaker 1: That's what's great for deciding your career. You know, thinking

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Speaker 1: big and thinking ambitious and thinking passionately about something that

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Speaker 1: means you're gonna be doing something you love. That means

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Speaker 1: you're going to be doing something that that excites you.

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Speaker 1: That means you're going to be doing something that has

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Speaker 1: great potential. And and think about it in a big way,

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Speaker 1: not in a small way. And if you if you

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Speaker 1: think in a small way, the best you do is

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Speaker 1: achieve that you think in a big way. You you

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Speaker 1: and maybe you get a chance of achieving that big thing.

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Speaker 1: All right. Joey Levin, thank you so much. Thank you

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Speaker 1: good to be here. That was Joey Levi and I

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Speaker 1: c CEO. Great conversation. Jason, thank you. I mean, what

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Speaker 1: I really liked about it was catching up with him

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Speaker 1: in sort of a fulsome way, you know, understanding where

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Speaker 1: he came from. He started on Wall Street. He quickly

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Speaker 1: realizes he doesn't want to do that goes to work

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Speaker 1: for Barry Diller, one of the most iconic business people

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Speaker 1: of our time. Like a great teacher, right totally. I

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Speaker 1: mean you learned so much by osmosis in some ways.

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Speaker 1: But what Joey Levin now has ahead of him is

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Speaker 1: the ability to really shape content publishing, even how we

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Speaker 1: find someone to fix something at our house. They've got

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Speaker 1: this massive platform that's going to be very influential going forward. Well,

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Speaker 1: it's a great conversation. Uh, and you've covered so much ground.

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Speaker 1: You've been listening to Bloomberg Business Week Extra and be

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Speaker 1: sure to tune into Bloomberg Business Week Radio Live Monday

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Speaker 1: through Friday at two pm Wall Street Time on Bloomberg Radio.

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Speaker 1: I'm Jason Kelly and I'm Carol Masser. This is Bloomberg