WEBVTT - Cathie Wood Optimistic on SEC Spot-Bitcoin ETF Approval 0:00:01.360 --> 0:00:05.720 This is Bloomberg business Week inside from the reporters and 0:00:05.880 --> 0:00:09.440 editors who bring you America's most trusted business magazine, plus 0:00:09.520 --> 0:00:13.680 global business, finance and tech news. The Bloomberg Business Week 0:00:13.720 --> 0:00:18.640 Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. 0:00:19.680 --> 0:00:22.360 Well, our and best founder, CEO and CIO, Kathy Wood 0:00:22.560 --> 0:00:25.000 joined our etfiq team to discuss the race for a 0:00:25.120 --> 0:00:28.640 spot bitcoin ETF. Here's just a little bit of what 0:00:28.680 --> 0:00:29.360 she had to say. 0:00:30.640 --> 0:00:34.680 In June when Blackrock announced its filing, or when it 0:00:34.840 --> 0:00:39.080 was announced that Blackrock had filed for Bitcoin ETF, the 0:00:39.240 --> 0:00:43.559 bitcoin price did shoot up, but has been fairly stable 0:00:43.640 --> 0:00:46.600 since then, so I do think it's. 0:00:46.479 --> 0:00:47.199 Had an impact. 0:00:47.560 --> 0:00:50.520 A bigger impact this year was the regional bank crisis. 0:00:50.760 --> 0:00:54.440 It was very interesting to watch bitcoin go from nineteen 0:00:54.480 --> 0:00:57.600 thousand to thirty thousand right in the middle of that 0:00:57.720 --> 0:01:01.760 banking crisis as a regional banks were going bankrupt. 0:01:01.680 --> 0:01:03.680 So it was a flight to safety. 0:01:03.800 --> 0:01:06.600 So I thought that move was just as interesting. 0:01:06.680 --> 0:01:10.080 And a flight to safety is buying bitcoin somehow a 0:01:10.080 --> 0:01:12.200 flight to safety, Isn't it a little too volatile for that? 0:01:13.400 --> 0:01:18.119 Well, if you think about it, bitcoin serves as two 0:01:18.280 --> 0:01:21.760 kinds of hedges. One is a hedge against inflation and 0:01:22.000 --> 0:01:27.959 outright confiscation of wealth. The other is against counterparty risk. 0:01:28.160 --> 0:01:32.520 And you know, when the regional banks started going down 0:01:32.760 --> 0:01:38.440 this fear sort of you know memory, our memories are fresh. 0:01:38.520 --> 0:01:43.720 With eighth nine, the counterparty risk became real and so 0:01:43.920 --> 0:01:48.920 there was this flight into Bitcoin, a completely decentralized, transparent 0:01:49.560 --> 0:01:52.760 network which is not subject to counterparty risk. 0:01:53.680 --> 0:01:55.640 Kathy, So you are in this race. Let's talk about 0:01:55.640 --> 0:01:58.360 the race a little bit. The first important deadline coming 0:01:58.400 --> 0:02:01.240 up is August thirteenth, where the ARC filing. The SEC's 0:02:01.280 --> 0:02:03.080 either going to delay it, which we think they'll probably 0:02:03.080 --> 0:02:06.720 delay it, and then Blackrock is later. You filed before Blackrock, 0:02:06.760 --> 0:02:09.960 but Blackrock came in with the surveillance sharing agreement with 0:02:10.000 --> 0:02:13.440 coinbase that was novel. Right now, we're looking in the future. 0:02:13.639 --> 0:02:15.679 There's talk of a common clock where the SEC could 0:02:15.680 --> 0:02:17.760 approve a bunch of ETFs at once, putting you on 0:02:17.800 --> 0:02:20.840 a level playing field with Blackrock and others. What's your 0:02:20.840 --> 0:02:23.280 take on how this will play out? Given you filed earlier. 0:02:25.440 --> 0:02:29.359 I think you're probably right that August thirteenth will come 0:02:29.400 --> 0:02:34.160 and go, and I think I think the SEC, if 0:02:34.200 --> 0:02:37.799 it's going to approve a bitcoin ETF will approve more 0:02:37.840 --> 0:02:44.960 than one at once, so then again because most of 0:02:45.000 --> 0:02:48.959 these essentially will be the same, and it will come 0:02:49.000 --> 0:02:52.880 down to marketing communicating the message. You know, we've been 0:02:52.919 --> 0:02:58.200 putting out our bitcoin monthly for the last year. We 0:02:58.280 --> 0:03:04.000 are now starting a bitcoin brainstorming session. Our first one 0:03:04.080 --> 0:03:08.560 we launched last Thursday. So we're trying to get the 0:03:08.600 --> 0:03:12.520 word out there that you know, our research is deep 0:03:12.919 --> 0:03:16.400 and we've been doing it since twenty fifteen when we 0:03:16.440 --> 0:03:20.560 gained our first exposure to GBTC. We were the first 0:03:20.560 --> 0:03:24.040 public asset manager to gain exposure to bitcoin at all 0:03:24.080 --> 0:03:25.240 in twenty fifteen. 0:03:25.840 --> 0:03:28.919 That's exactly where I want to go. The Grayscale Bitcoin Trust, 0:03:29.120 --> 0:03:32.720 known by its ticker GBTC. If you look at ARCW 0:03:32.840 --> 0:03:36.720 for example, your ARC next Generation Internet ETF. Right now, 0:03:37.040 --> 0:03:40.440 I see GBTC as the third largest holding. If we 0:03:40.480 --> 0:03:43.360 are in a situation where the SEC does give its 0:03:43.400 --> 0:03:46.800 blessing for a spot bitcoin ETF, would you plan to 0:03:47.000 --> 0:03:50.640 sell out of GBTC and buy one of these physically backfunts. 0:03:53.120 --> 0:03:56.920 I cannot talk about what we would and would not do, 0:03:57.080 --> 0:04:03.240 and in fact, our compliance team is giving us marching 0:04:03.440 --> 0:04:06.200 orders not to talk very much about this filing and 0:04:06.640 --> 0:04:09.640 it's aftermath at all. So just the fact that we 0:04:09.800 --> 0:04:13.720 filed with our partner twenty one shares is as far 0:04:13.800 --> 0:04:15.160 as as I can go. 0:04:15.800 --> 0:04:17.159 Fair sorry, Katie, fair. 0:04:17.040 --> 0:04:20.880 Enough, No, I was expecting something along those lines. I 0:04:21.000 --> 0:04:24.400 am curious to get your take on the regulatory temperature 0:04:24.480 --> 0:04:27.280 right now, because in addition to this rush of spot 0:04:27.360 --> 0:04:30.719 bitcoin ETF filings that we've seen, there's also been sort 0:04:30.760 --> 0:04:34.680 of a race that's unfolding for an ether futures ETF. 0:04:34.720 --> 0:04:37.599 There's been a ton of filings to that effect, and 0:04:38.000 --> 0:04:40.760 not specific to those funds. But do you sense that 0:04:41.160 --> 0:04:45.600 the moon music around the SEC and what their appetite 0:04:45.600 --> 0:04:48.320 to allow these products to launch has changed in the 0:04:48.400 --> 0:04:49.520 last several months. 0:04:50.760 --> 0:04:55.360 Well, I think that the two other branches of government, 0:04:55.480 --> 0:05:01.279 the judicial branch and the legislative branch, are giving the 0:05:01.400 --> 0:05:06.080 SEC pause because the SEC is losing cases in court 0:05:06.600 --> 0:05:11.280 having to do with its regulations around crypto, that's the 0:05:11.279 --> 0:05:14.960 first thing. And there are bills that are making their 0:05:15.000 --> 0:05:20.640 way through the House and are seeing some bipartisan support. 0:05:21.800 --> 0:05:23.800 All right, Well, there you have it. That was our 0:05:23.839 --> 0:05:27.479 coinvest founder CEO in Cio, Kathy. Would she spoke earlier 0:05:27.520 --> 0:05:31.400 with our ETF IQ team on Bloomberg Television. Now one 0:05:31.440 --> 0:05:34.440 such member of that team, Bloomberg Intelligence Senior ETF analyst 0:05:34.520 --> 0:05:37.160 Eric Beltchunas he joins us now to discuss his takeaways 0:05:37.279 --> 0:05:39.320 from their conversation. So we just got to hear Eric 0:05:39.680 --> 0:05:42.800 about four minutes of that interview with Kathy Wood talking 0:05:42.839 --> 0:05:46.479 about multiple bitcoin ETFs. There was some stuff she didn't 0:05:46.520 --> 0:05:48.839 touch on though in that clip. Give us big takeaways 0:05:48.880 --> 0:05:50.440 from here interview this afternoon. 0:05:50.600 --> 0:05:53.280 Yeah, I think the first block was on crypto couple takeaways. 0:05:53.640 --> 0:05:56.800 She kind of agreed that probably if the SEC is 0:05:56.800 --> 0:05:58.840 going to prove, it'll be a bunch at once, so 0:05:58.880 --> 0:06:01.160 you might have like three or four out the same day. 0:06:01.320 --> 0:06:05.880 That's weird because when they approve the future's ETF bidows first, 0:06:06.360 --> 0:06:08.680 and if you're out even by a day, you can 0:06:08.800 --> 0:06:13.039 get all the volume. It's called first mover advantage and 0:06:13.080 --> 0:06:15.440 it's big in the ETS base. So I don't think 0:06:15.440 --> 0:06:17.400 the SEC wants play kingmaker here. I think they'll probably 0:06:17.440 --> 0:06:20.000 put about a couple out at once, but ARC is 0:06:20.040 --> 0:06:22.960 in the main race, so it could be ARC, Black Rock, Fidelity, 0:06:23.080 --> 0:06:25.760 something like that. She also talked about how Grey scale 0:06:25.800 --> 0:06:27.320 is probably going to lose their case, I mean, win 0:06:27.360 --> 0:06:31.440 their case against the SEC. That's kind of another loss 0:06:31.480 --> 0:06:34.159 the SEC would take, and we think that's that would 0:06:34.160 --> 0:06:37.040 further put them into a politically untenable position where they 0:06:37.080 --> 0:06:39.480 have to approve it. So all this stuff was I 0:06:39.480 --> 0:06:42.880 think bullish. Also, she talked about Coinbase being the most 0:06:42.920 --> 0:06:46.120 compliant of the exchanges. That's also good for spot back 0:06:46.160 --> 0:06:48.520 coin ETF approval hopes because that's the exchange that all 0:06:48.560 --> 0:06:51.240 of them are connected to in the filings, and so 0:06:51.360 --> 0:06:53.400 I think the idea is if Coinbase can be seen 0:06:53.400 --> 0:06:55.159 by the SEC is willing to play ball a little 0:06:55.200 --> 0:06:59.159 bit share information, they'll feel more comfortable approving the spot ets. 0:06:59.160 --> 0:07:01.120 That's been the hanging up the whole time. But obviously 0:07:01.120 --> 0:07:03.680 we had other segments on single stocks and geography. I'm 0:07:03.720 --> 0:07:04.960 not sure if you want to get into those, but 0:07:04.960 --> 0:07:06.560 that's the crypto takeaway. 0:07:06.720 --> 0:07:09.200 What's the timetable for as far as when this could 0:07:09.240 --> 0:07:11.560 be approved for this spot b co on ETF. 0:07:11.920 --> 0:07:14.400 Yeah, so James and I have a sixty five percent 0:07:14.480 --> 0:07:18.360 chance of approval this year. We think that it won't 0:07:18.600 --> 0:07:22.320 it'll if you know, October, November, December, obviously, are there 0:07:22.520 --> 0:07:25.400 likely times the Greyscale suit, which we could get a 0:07:25.480 --> 0:07:29.120 ruling on in the next month. That could fast track 0:07:29.200 --> 0:07:31.960 the timetable. There's a lot of unknowns here, but I 0:07:32.040 --> 0:07:35.040 do know we give a higher percentage chance that they're 0:07:35.080 --> 0:07:38.160 going to approve ether futures. But they had originally said 0:07:38.160 --> 0:07:40.600 they're not doing that. There's been like five different attempts 0:07:40.600 --> 0:07:42.240 to get one of these and they always tell people 0:07:42.280 --> 0:07:45.080 to withdraw. Well, now they're not. We have good information 0:07:45.160 --> 0:07:47.120 that they're actually going to let ether futures comes out, 0:07:47.160 --> 0:07:50.320 So that's a policy shift there. So again, if they 0:07:50.440 --> 0:07:53.080 let the ether futures out, they come out October, so 0:07:53.200 --> 0:07:55.840 maybe we're looking November December. Again, we still have a 0:07:55.840 --> 0:07:57.680 thirty five percent chance it doesn't happen. So it was 0:07:57.680 --> 0:08:00.920 just like basically not a done deal at all. But 0:08:01.040 --> 0:08:03.200 I think the winds are shifting. You can feel that. 0:08:03.280 --> 0:08:05.560 There's a bunch of little details on why. But that's 0:08:05.600 --> 0:08:05.960 our take. 0:08:06.080 --> 0:08:07.840 Okay, single Stocks, what does she say? 0:08:08.400 --> 0:08:10.840 Yeah, we asked her about Tesla and the new CFO 0:08:11.080 --> 0:08:12.960 or the CFO leaving. She was okay with that. 0:08:13.120 --> 0:08:15.120 Yeah, Zach Kirkhorn has been there for thirteen years, so 0:08:15.760 --> 0:08:17.360 I want to say he's like a really young guy, 0:08:17.360 --> 0:08:19.560 because he's younger than I am. But he's been there 0:08:19.560 --> 0:08:21.280 for thirteen years, so I don't know how young I 0:08:21.320 --> 0:08:21.840 am anymore. 0:08:21.840 --> 0:08:23.760 That also seems like that's a long time for Tesla. 0:08:23.800 --> 0:08:24.880 How old is that company? Right? 0:08:25.120 --> 0:08:27.000 I mean I think it was like his job at 0:08:27.040 --> 0:08:27.720 a business school. 0:08:27.760 --> 0:08:28.400 Also, she was. 0:08:28.360 --> 0:08:29.920 Selling Roku recently too. 0:08:30.280 --> 0:08:34.160 Yeah, well, the Roku, it's weird. In Kathy's portfolio. She 0:08:34.240 --> 0:08:37.160 tries to maintain weights. So sometimes if a stock go's 0:08:37.160 --> 0:08:39.559 on a run, she will sell some to maintain the 0:08:39.679 --> 0:08:41.840 nine percent waiting or whatever, and it looks like she's 0:08:41.840 --> 0:08:43.959 selling one of her favorite names. But I try to 0:08:43.960 --> 0:08:47.240 look at the percentages, and Roku she's actually increased percentage 0:08:47.280 --> 0:08:49.480 over the past year, so I would say she's bullish 0:08:49.520 --> 0:08:52.480 Roku bullish coinbase. That percentage has gone up. So sometimes 0:08:52.600 --> 0:08:54.360 Kathy got to know, she's always trying to keep these 0:08:54.360 --> 0:08:58.360 weights in line, and so she can sell when it winners, right, 0:08:58.440 --> 0:09:00.400 and it looks like she's bearished, but she's just keeping 0:09:00.400 --> 0:09:05.360 the weight. We also asked her about more Tesla somehow 0:09:05.360 --> 0:09:08.000 the Elon Musk and Mark Zuckerberg fight came up. 0:09:08.320 --> 0:09:11.160 Somehow asked her who's her money On. 0:09:12.360 --> 0:09:14.400 I didn't see she kind of sidestepped that, but she 0:09:14.440 --> 0:09:16.680 said I she could. I think she could tell. She 0:09:17.120 --> 0:09:20.240 hopes Elon doesn't like hurt himself because he's got to 0:09:20.280 --> 0:09:22.160 run all these companies and so he got is a 0:09:22.240 --> 0:09:24.280 neck problem. And she's just like, I hope he takes 0:09:24.320 --> 0:09:25.040 care of himself. 0:09:25.320 --> 0:09:28.239 This has gotta not happen. This can't happen. This is ridiculous. 0:09:28.320 --> 0:09:30.720 So my theory is the whole thing is to do 0:09:30.800 --> 0:09:33.920 it on X or Twitter, and that's that's what he's 0:09:33.960 --> 0:09:36.319 really trying to do. This is all to get attention. 0:09:35.960 --> 0:09:38.120 And eyeballs threads think. 0:09:38.760 --> 0:09:41.640 Well, maybe if so, that would be fair. But if 0:09:41.640 --> 0:09:44.079 it's only on X, I would say Elon Musk won 0:09:44.120 --> 0:09:44.720 the real fight. 0:09:45.040 --> 0:09:48.120 Right well, Eric bel so great to meet you finally 0:09:48.160 --> 0:09:49.319 in person in the Bloomberg game. 0:09:49.720 --> 0:09:52.880 You guys didn't know each other. Bringing people together. 0:09:52.640 --> 0:09:56.560 Here right etf analysts at Bloomberg Intelligence. Such a pleasure 0:09:56.600 --> 0:09:59.040 meeting you in person when you do all things for Bloomberg. 0:09:59.360 --> 0:10:02.960 You're listening to the Bloomberg Business Week podcast. Catch us 0:10:03.000 --> 0:10:06.360 live weekday afternoons from three to six Eastern Listen on 0:10:06.400 --> 0:10:10.080 Bloomberg dot com, the iHeartRadio app and the Bloomberg Business 0:10:10.160 --> 0:10:12.559 App or watch us live on YouTube. 0:10:13.160 --> 0:10:15.680 Jess, my question for you is have you heard of 0:10:15.679 --> 0:10:17.760 live shopping? I already asked you this. 0:10:17.720 --> 0:10:19.760 Well, so I hadn't before, and then I started looking 0:10:19.800 --> 0:10:21.520 things up and then I knew. I was like, I 0:10:21.600 --> 0:10:22.840 knew exactly what this is. 0:10:22.920 --> 0:10:26.520 I just didn't know all well, I was. What's crazy 0:10:26.559 --> 0:10:28.960 is Amazon has like added it to their app. Right, 0:10:29.080 --> 0:10:31.079 so if you if you there's this redesign of the 0:10:31.120 --> 0:10:33.120 Amazon app that happened at some point recently. So if 0:10:33.160 --> 0:10:35.240 you click on like this little ideas thing, it turns 0:10:35.280 --> 0:10:37.920 into this sort of like Instagram stories of shopping. 0:10:38.080 --> 0:10:41.160 It does friends that actually use that. And so now 0:10:41.160 --> 0:10:42.880 I'm hope we're still like do I need to jump 0:10:42.880 --> 0:10:43.520 on the spamwag? 0:10:43.600 --> 0:10:45.400 Okay, well we've got a great guest to talk all 0:10:45.440 --> 0:10:49.560 about this. Mary Garrimani is joining us. She's the CEO 0:10:49.679 --> 0:10:54.719 of Bamboozer. It is a company that creates a shoppable 0:10:54.840 --> 0:11:00.640 video and live shopping shows for retailers. You with us, Mary, 0:11:00.640 --> 0:11:01.040 how are you? 0:11:02.160 --> 0:11:04.520 I'm good, thank you, Happy to be here with you guys. 0:11:04.600 --> 0:11:06.440 Well, I really happy to have you here. As I 0:11:06.480 --> 0:11:09.040 was doing prep for this interview with you. I was 0:11:09.080 --> 0:11:12.280 looking for statistics about live shopping and it's pretty incredible 0:11:12.320 --> 0:11:13.800 to see. I mean I heard of it. I first 0:11:13.840 --> 0:11:15.880 heard of it through like stories about China because the 0:11:15.920 --> 0:11:19.000 way it blew up in China during the pandemic. According 0:11:19.040 --> 0:11:22.520 to Insider Intelligence, nearly twenty percent of retail e commerce 0:11:22.559 --> 0:11:24.959 in China will be livestream commerce, with total sales rising 0:11:24.960 --> 0:11:27.679 to more than eight hundred and forty billion in twenty 0:11:28.240 --> 0:11:32.240 twenty five. That's a huge number. And then clarnas what yeah, 0:11:32.280 --> 0:11:34.679 and Clarna says that only twenty percent of shoppers in 0:11:34.720 --> 0:11:37.840 the US have actually said they've done live commerce, but 0:11:37.880 --> 0:11:41.920 thirty four percent say they haven't, hadn't participated, but they've 0:11:41.960 --> 0:11:44.720 they've heard of it. What are you seeing on your platform? 0:11:45.120 --> 0:11:48.240 So, I mean we are lagging quite a lot, I 0:11:48.240 --> 0:11:52.120 would say, looking to China. So it took almost five years, 0:11:52.200 --> 0:11:56.160 you know, for this new channel to become really it 0:11:56.200 --> 0:11:59.439 has really transformed the retail industry in China and it 0:12:00.040 --> 0:12:03.360 establish itself as you know, a major sales channel. 0:12:03.960 --> 0:12:05.160 But it took them five years. 0:12:05.200 --> 0:12:08.040 And just to go back to that, I mean, China 0:12:08.240 --> 0:12:11.960 is the world's largest e commerce market by far, So 0:12:12.000 --> 0:12:17.160 I would say that we see somewhat similar adaption, you know, 0:12:17.280 --> 0:12:20.040 trend in the US and Europe, but with the lag 0:12:20.120 --> 0:12:23.120 what I would say approximately five years, right, So it's 0:12:23.200 --> 0:12:26.480 really early days for the Western world and live shopping 0:12:26.600 --> 0:12:29.520 or video commerce as we like to frame it. So, 0:12:30.240 --> 0:12:33.959 I mean it's a huge market, it's growing, but of 0:12:33.960 --> 0:12:36.840 course the adoption is not where it is in China. 0:12:36.920 --> 0:12:40.080 I have to call out the retailers and companies that 0:12:40.120 --> 0:12:42.640 you are working with, one of them being QBC, which 0:12:42.679 --> 0:12:44.960 my mom is shopped at for decades, so I should 0:12:45.000 --> 0:12:47.240 probably ask her she's probably using this type of technology too. 0:12:47.760 --> 0:12:49.160 That you raise a good point, Jess, like this is 0:12:49.200 --> 0:12:50.959 a new QVC, right, yes. 0:12:50.760 --> 0:12:55.160 Definitely, and so other companies like Bloomingdale's, Dick Sporting Goods, Adidas, Clinique. 0:12:55.280 --> 0:12:57.800 I'll talk to us about how this works. 0:12:58.960 --> 0:13:01.800 So I would say, you know it is. 0:13:01.880 --> 0:13:04.760 It is a very different experience too, if you would 0:13:04.800 --> 0:13:08.800 experience live shopping on team model in China. So I 0:13:08.800 --> 0:13:12.120 would say the Western approach to video commerce or live 0:13:12.120 --> 0:13:16.760 shopping is much more educational. It's much more driven by 0:13:16.960 --> 0:13:21.000 education and really you know, connecting with the end consumer 0:13:21.160 --> 0:13:24.400 to create a platform to you know, have a better 0:13:24.440 --> 0:13:28.280 discovery phase, increase conversion, you know, build a stronger customer 0:13:28.360 --> 0:13:31.880 relation and releace returns. If I look to China, it's 0:13:32.040 --> 0:13:35.280 very driven by promotions, right, It's very promotion driven and 0:13:35.400 --> 0:13:38.480 very heavy on just pushing the consumer to shop. So 0:13:38.840 --> 0:13:41.280 looking at our customer base, I mean we work with 0:13:41.520 --> 0:13:43.800 a lot of Fortune five hundred companies, a lot of 0:13:43.840 --> 0:13:47.360 them you mentioned, and they are much more so They've 0:13:47.400 --> 0:13:52.000 tapped into our platform and is using Bamboozo technology to really, 0:13:52.800 --> 0:13:57.960 you know, add something that is is more likely to 0:13:58.000 --> 0:14:00.320 look like something you would do on social or what 0:14:00.360 --> 0:14:03.839 you started talking about, rather than just adding a video 0:14:03.920 --> 0:14:06.440 to their website to just sell something. Right, So it's 0:14:06.559 --> 0:14:10.520 much more about adding a layer on top of the 0:14:10.640 --> 0:14:14.200 very static shopping experience rather than just pushing promotion and 0:14:14.240 --> 0:14:17.160 making you know, the end consumers buy something. So I 0:14:17.200 --> 0:14:19.680 always say, in the Western world, you give something to 0:14:19.760 --> 0:14:22.760 the consumer, You give something to them and then you 0:14:22.800 --> 0:14:24.760 ask them to buy. In China you just ask them 0:14:24.800 --> 0:14:28.160 to buy. If you understand that the comparison between really 0:14:28.200 --> 0:14:31.520 how it's working outside. 0:14:30.760 --> 0:14:33.680 Of China, well, I feel like you know the thing 0:14:33.680 --> 0:14:35.120 that in correct me if I'm wrong, Mary, And I'm 0:14:35.120 --> 0:14:37.160 interested to see what you see on the platform. But 0:14:38.440 --> 0:14:41.640 the way that at least I shop online is I 0:14:41.680 --> 0:14:43.680 know what I want and then I go and I 0:14:43.720 --> 0:14:44.760 search for it, I find it. 0:14:44.960 --> 0:14:45.680 I'm the same way. 0:14:45.880 --> 0:14:47.600 It's not like you go and browse, right. 0:14:47.520 --> 0:14:50.080 No, I usually go exactly, it'll compare it to different 0:14:50.080 --> 0:14:51.760 places by what's the cheapest one? 0:14:51.840 --> 0:14:54.320 Yeah, exactly, So you're shopping based on price, but you 0:14:54.400 --> 0:14:57.640 go into it knowing that this is what you want. Mary, 0:14:57.680 --> 0:15:01.040 how do you change that experience? So going online to 0:15:01.080 --> 0:15:03.840 shop is less about what Jess and I do and 0:15:03.920 --> 0:15:06.240 more about like you're walking down Fifth Avenue and you 0:15:06.280 --> 0:15:08.520 see something that catches your interest and then go in 0:15:08.560 --> 0:15:08.960 a store. 0:15:11.360 --> 0:15:12.880 I would say it's it's a combination. 0:15:13.160 --> 0:15:16.800 So I would say it's where a product, discovery and 0:15:16.920 --> 0:15:20.000 purchase happens in a single journey. That does make sense 0:15:20.000 --> 0:15:24.520 for you, guys. So what we do with adding a 0:15:24.600 --> 0:15:28.480 video layer on top of an e commerce experience is 0:15:28.520 --> 0:15:31.600 that we really help the brands to bridge the offline 0:15:31.600 --> 0:15:32.720 and the online experience. 0:15:32.840 --> 0:15:33.040 Right. 0:15:33.160 --> 0:15:35.880 So I can give you a great example. So LVMH 0:15:36.000 --> 0:15:38.480 is one of our customers. We work with many of 0:15:38.520 --> 0:15:42.080 the Maison's and we just added so there is using 0:15:42.120 --> 0:15:47.120 our one to one solution to do consultations. So instead 0:15:47.160 --> 0:15:50.080 of you guys going to sex Fifth Avenue and going 0:15:50.080 --> 0:15:53.400 to ther counter and buying something, you could actually book 0:15:53.440 --> 0:15:56.720 that experience through bambooser platform. It would be of course 0:15:56.840 --> 0:15:59.440 we're native platforms, you would never see Bamboosuri. It would 0:15:59.440 --> 0:16:02.880 be a dr you know, player, just like the conversation 0:16:02.920 --> 0:16:04.800 we're having now on Zoom right, So it would be 0:16:04.840 --> 0:16:07.720 a player where you have a lot of interactivity where 0:16:07.720 --> 0:16:09.960 you can compare products, you can help the customer to 0:16:10.000 --> 0:16:12.480 add to Kart, and then you will go to the 0:16:12.560 --> 0:16:17.960 checkout right. So it's really enriching the customer experience and 0:16:18.080 --> 0:16:21.080 helping them and then you know, we you know, one 0:16:21.120 --> 0:16:23.720 to one solution. For example, with your we actually have 0:16:24.320 --> 0:16:26.920 a virtual try on, so I could actually try on 0:16:26.960 --> 0:16:29.000 the lipstick I want to buy and see how that 0:16:29.040 --> 0:16:31.440 looks on me before I add it to cart. So 0:16:31.840 --> 0:16:37.000 it's really adding the journeys that you guys talked about, 0:16:37.440 --> 0:16:39.760 but combining them in one single journey. 0:16:40.480 --> 0:16:42.680 We only have about thirty seconds left. But based on 0:16:42.720 --> 0:16:44.800 what you're seeing, do you think the economy is headed 0:16:44.840 --> 0:16:47.480 for a recession? On those shopping trends you're viewing. 0:16:47.200 --> 0:16:50.680 Good question, I would say, I mean, we're seeing a 0:16:50.720 --> 0:16:54.480 slowdown in retail overall. It's you know, because of the 0:16:54.520 --> 0:16:56.880 macro and how the economy looks. I would say we're 0:16:56.880 --> 0:16:58.800 seeing that. You know, we're live in most countries and 0:16:58.880 --> 0:17:01.880 work across a lot of more sutiple markets. I would 0:17:01.920 --> 0:17:05.239 say what we see as trends is really you know, 0:17:05.359 --> 0:17:09.359 going more towards a sustainable way of shopping and really 0:17:09.440 --> 0:17:13.000 helping the consumers to make better purchase decisions by adding, 0:17:13.040 --> 0:17:16.359 you know, different type of technologies, ours being one of them. 0:17:16.880 --> 0:17:18.240 Mary Good, I have to leave it there. Thank you 0:17:18.520 --> 0:17:22.399 so much for joining us this afternoon. Mary Garrimani is 0:17:22.600 --> 0:17:27.440 CEO of the online shopping platform live shopping platform Bambooser, 0:17:27.600 --> 0:17:29.679 joining us this evening from Italy. 0:17:30.560 --> 0:17:34.120 You're listening to the Bloomberg Business Week podcast. Catch us 0:17:34.160 --> 0:17:38.160 live weekday afternoons from three to six Eastern on Bloomberg Radio, 0:17:38.359 --> 0:17:41.639 the Bloomberg Business App, and YouTube. You can also listen 0:17:41.760 --> 0:17:44.840 live on Amazon Alexa from our flagship New York station, 0:17:45.280 --> 0:17:48.080 Just say Alexa, play Bloomberg eleven thirty. 0:17:49.240 --> 0:17:51.040 Well, a lot of big professional moves come in today. 0:17:51.080 --> 0:17:54.080 Jeff Curry, the prominent commodities analyst known for making bold 0:17:54.119 --> 0:17:57.400 and often bullish pronouncements. Is leaving Golden Sachs Group after 0:17:57.440 --> 0:18:00.520 twenty seven years, and ubs We've happening the leadership of 0:18:00.520 --> 0:18:03.520 its investment banking division as lender presses ahead with its 0:18:03.520 --> 0:18:06.919 integration of former rival Credit Suisse. Joining us now to 0:18:06.920 --> 0:18:09.760 tell us about all these big people moves is Bloomberg 0:18:09.800 --> 0:18:12.600 senior finance reporter shrinad Rajen Shred. Good to see you, 0:18:12.640 --> 0:18:14.000 good to have you with us. I got to tell you. 0:18:14.000 --> 0:18:16.159 I go to your bio page on the Bloomberg terminal, 0:18:16.640 --> 0:18:19.960 and I see the Goldman Commodities Research chief Jeff Curry 0:18:20.000 --> 0:18:23.399 set to leave story. I see b of a wealth 0:18:23.480 --> 0:18:28.560 chief risk officer leaving story. I see Goldman's Lisa Opoku 0:18:28.880 --> 0:18:32.800 joining a recent spate of partner departures. I see Goldman 0:18:32.920 --> 0:18:36.080 Investment chief exits after change is Royal Key unit. Like 0:18:36.119 --> 0:18:37.760 Jess said, I'm starting to see a pattern here with 0:18:37.800 --> 0:18:39.720 Goldman Sachs and a lot of these stories. What's going on? 0:18:40.000 --> 0:18:42.040 Can I say? Covering Wall Street is all about people 0:18:42.040 --> 0:18:42.840 in capitol? Right? 0:18:43.000 --> 0:18:43.240 Yeah? 0:18:43.320 --> 0:18:43.399 Right? 0:18:43.480 --> 0:18:45.960 There you go, all the money, but all the people. 0:18:46.040 --> 0:18:48.480 But is the door revolving like this all the time? 0:18:49.640 --> 0:18:50.479 I would say that. 0:18:50.640 --> 0:18:52.119 You know, when we look at all the names that 0:18:52.160 --> 0:18:53.919 have been reported in the last couple of weeks, this 0:18:54.000 --> 0:18:56.840 is the sixth partner exit out of Goldman. Late July 0:18:56.920 --> 0:18:59.119 early August is not the time when we see a 0:18:59.119 --> 0:19:01.200 pickup in these names. So that has been a bit 0:19:01.240 --> 0:19:01.920 of a surprise. 0:19:02.160 --> 0:19:05.680 Do we know why? Like what the catalyst is, different reasons. 0:19:05.920 --> 0:19:09.240 You can't fit them all under one umbrella. There have 0:19:09.320 --> 0:19:12.359 been a number of people like Julian Salisbury. Those were 0:19:12.400 --> 0:19:14.879 people on the rise inside Goman. Those were handpicked by 0:19:14.920 --> 0:19:18.240 the CEO for better, bigger roles, and they suddenly leave. 0:19:18.640 --> 0:19:20.960 It's quite interesting. On the other hand, you have people 0:19:21.040 --> 0:19:24.560 like Jeff Curry, who's been there nearly thirty years, who's 0:19:24.680 --> 0:19:26.719 done all that you need to do in that space, 0:19:27.119 --> 0:19:30.040 who is the de facto celebrity in the world of 0:19:30.119 --> 0:19:33.919 commodity analysts, right that's the most recognizable name. He's the 0:19:33.960 --> 0:19:38.080 most recognizable brand out there. So you can't really tack 0:19:38.200 --> 0:19:41.600 him on to some of the other departures, but it 0:19:41.760 --> 0:19:45.639 is a serious brand name inside Goman, and his departure 0:19:45.880 --> 0:19:48.240 will have an impact on their franchise. 0:19:48.880 --> 0:19:52.040 And tell us about who's taking his place. 0:19:52.920 --> 0:19:55.280 You sometimes appreciate the value of a person when you 0:19:55.320 --> 0:19:59.439 realize that he's being replaced not by one person, but 0:19:59.440 --> 0:20:00.240 by three people. 0:20:00.880 --> 0:20:03.080 And that's what stuck out to me. There's three or 0:20:03.080 --> 0:20:04.359 four different names on there. 0:20:04.720 --> 0:20:07.119 It's also entirely possible Goldman just doesn't want a broad 0:20:07.160 --> 0:20:09.760 head of commodities research anymore, and that's why there's someone 0:20:09.800 --> 0:20:13.240 who runs there are oils research business, they're natural gas research, 0:20:13.280 --> 0:20:17.920 they're metals research. Now Goldman and Commodities. It's a storied franchise, 0:20:18.000 --> 0:20:21.600