1 00:00:02,720 --> 00:00:16,360 Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. 2 00:00:18,520 --> 00:00:22,320 Speaker 2: Hello, odd lots listeners. You are listening to another special 3 00:00:22,400 --> 00:00:25,520 Speaker 2: episode of the podcast. It was recorded in New York 4 00:00:25,560 --> 00:00:29,520 Speaker 2: City on July twenty sixth. In this conversation, we talked 5 00:00:29,520 --> 00:00:32,559 Speaker 2: to Emily Sunberg of the feed Me newsletter. We are 6 00:00:32,600 --> 00:00:35,440 Speaker 2: talking about how gen Z sees the world, how they 7 00:00:35,440 --> 00:00:37,720 Speaker 2: think about capitalism, how they think about money, how they 8 00:00:37,760 --> 00:00:40,559 Speaker 2: think about investing, how they think about spending it, and 9 00:00:40,600 --> 00:00:43,519 Speaker 2: how they think about how nobody is coming to save them. 10 00:00:43,680 --> 00:00:44,160 Speaker 3: That's right. 11 00:00:44,240 --> 00:00:46,120 Speaker 4: I don't think it's a secret at this point that 12 00:00:46,200 --> 00:00:50,080 Speaker 4: gen Z seems to love stock market investing and things 13 00:00:50,159 --> 00:00:52,920 Speaker 4: like that, trying to make money. So take a listen. 14 00:00:54,040 --> 00:00:56,480 Speaker 2: First question, I've been on my mind the last couple 15 00:00:56,520 --> 00:00:59,680 Speaker 2: of days. You have a very like young plugged in 16 00:01:00,080 --> 00:01:04,800 Speaker 2: like sort of business capitalism audience. What percentage of your 17 00:01:04,800 --> 00:01:06,920 Speaker 2: readers do you think voted for u Zoran? 18 00:01:09,080 --> 00:01:12,720 Speaker 5: A young man I think he was nineteen, a Yale student, 19 00:01:12,920 --> 00:01:14,679 Speaker 5: emailed me this morning and asked if I could put 20 00:01:14,680 --> 00:01:18,559 Speaker 5: that poll in my newsletter, and I didn't. It felt 21 00:01:18,600 --> 00:01:22,319 Speaker 5: a little late, but I should have. I'm guessing sixty 22 00:01:22,480 --> 00:01:27,800 Speaker 5: five percent. Cautiously like, yeah, can. 23 00:01:27,680 --> 00:01:30,960 Speaker 4: You maybe describe your sort of average reader just for 24 00:01:31,120 --> 00:01:34,720 Speaker 4: people who might not be aware, like what population are 25 00:01:34,760 --> 00:01:35,760 Speaker 4: you plugged into here? 26 00:01:36,160 --> 00:01:38,640 Speaker 5: So I don't know if any of you use substack, 27 00:01:38,680 --> 00:01:40,800 Speaker 5: but they don't give you these analytics. So all of 28 00:01:40,840 --> 00:01:44,360 Speaker 5: my data about my readership has been quite anecdotal from 29 00:01:44,880 --> 00:01:48,080 Speaker 5: just looking at people's profiles in the comment section and 30 00:01:48,120 --> 00:01:49,520 Speaker 5: seeing who shows up to my parties. 31 00:01:49,880 --> 00:01:51,920 Speaker 3: Do any of you read it? Like if I do? 32 00:01:52,040 --> 00:01:54,200 Speaker 5: Okay, so some of you that's some of my audience. 33 00:01:54,680 --> 00:01:57,840 Speaker 5: I like to say that my readership is everyone from 34 00:01:57,920 --> 00:02:01,200 Speaker 5: bartenders to billionaires. But I would say, like, if you're 35 00:02:01,240 --> 00:02:03,920 Speaker 5: paying eighty dollars a year for a newsletter, then you're 36 00:02:03,960 --> 00:02:07,200 Speaker 5: probably making a decent amount of money, or you're at 37 00:02:07,240 --> 00:02:10,400 Speaker 5: least interested in making money. And I think it's a 38 00:02:10,480 --> 00:02:15,800 Speaker 5: mostly New York audience thirty to forty five ish, But 39 00:02:15,919 --> 00:02:17,800 Speaker 5: if you come to my parties you'll see who else 40 00:02:17,880 --> 00:02:20,760 Speaker 5: there is. But I would say, like people interested in 41 00:02:21,200 --> 00:02:23,959 Speaker 5: making money and somewhat interested in New York City business 42 00:02:23,960 --> 00:02:24,440 Speaker 5: and culture. 43 00:02:24,760 --> 00:02:28,080 Speaker 2: So the first time, several tries to get you on 44 00:02:28,120 --> 00:02:31,600 Speaker 2: the podcast, but finally making it happen, and I wanted 45 00:02:31,639 --> 00:02:35,000 Speaker 2: to talk about like gen Z and capitalism, because I 46 00:02:35,120 --> 00:02:40,000 Speaker 2: feel like millennials and maybe Gen X, but Millennials in 47 00:02:40,000 --> 00:02:42,840 Speaker 2: particular like sort of had this love hate relationship, like 48 00:02:42,840 --> 00:02:46,760 Speaker 2: sort of apologized for wanting money, so ambivalent about it. 49 00:02:46,840 --> 00:02:49,480 Speaker 2: And I get the impression that the younger generation is 50 00:02:49,560 --> 00:02:51,600 Speaker 2: like much more comfortable with like. 51 00:02:51,720 --> 00:02:53,400 Speaker 6: Yeah, we want to make a ton of money. 52 00:02:53,520 --> 00:02:53,720 Speaker 4: Yeah. 53 00:02:53,840 --> 00:02:57,560 Speaker 2: So I'm like, yeah, so talk about if that's correct 54 00:02:57,560 --> 00:02:58,200 Speaker 2: this perception. 55 00:02:58,440 --> 00:03:01,200 Speaker 5: I think one thing that's very clear about gen Z 56 00:03:01,520 --> 00:03:04,760 Speaker 5: is that they've repeatedly been told nobody. 57 00:03:04,440 --> 00:03:06,120 Speaker 3: Is coming to save you. 58 00:03:06,120 --> 00:03:10,560 Speaker 5: You're going to graduate into a job market that barely exists, 59 00:03:10,720 --> 00:03:12,399 Speaker 5: and if you get a job, you might not even 60 00:03:12,440 --> 00:03:14,079 Speaker 5: have a desk or an office to go into. 61 00:03:14,680 --> 00:03:15,200 Speaker 3: A lot of. 62 00:03:15,120 --> 00:03:19,320 Speaker 5: Them were home during COVID, and they're also seeing like 63 00:03:19,800 --> 00:03:23,280 Speaker 5: shootings and schools all the time, and they're seeing their 64 00:03:23,400 --> 00:03:27,639 Speaker 5: capital getting sworn like there it's nobody's coming to save them, 65 00:03:27,720 --> 00:03:30,680 Speaker 5: and it's sort of up to them to make the 66 00:03:30,720 --> 00:03:33,160 Speaker 5: most of this world while it's still in existence. And 67 00:03:33,240 --> 00:03:37,119 Speaker 5: you hear this sense of like get the bag while 68 00:03:37,160 --> 00:03:38,840 Speaker 5: the world is still here for. 69 00:03:38,840 --> 00:03:40,640 Speaker 3: You to make some money out of it. What was 70 00:03:40,680 --> 00:03:41,200 Speaker 3: your question? 71 00:03:42,840 --> 00:03:45,360 Speaker 6: No, that was basically it like that's kind of overwhelming. 72 00:03:45,440 --> 00:03:47,920 Speaker 3: Sentiment that I hear from these people. Yeah. 73 00:03:48,160 --> 00:03:50,120 Speaker 2: I think it was like some survey and they asked 74 00:03:50,120 --> 00:03:51,520 Speaker 2: all the generations, like what do you need to have 75 00:03:51,560 --> 00:03:54,120 Speaker 2: a good life, and there's something like seventy thousand whatever, 76 00:03:54,160 --> 00:03:56,320 Speaker 2: and then gen Z was like five hundred thousand dollars 77 00:03:56,320 --> 00:03:57,200 Speaker 2: salary or something like that. 78 00:03:57,320 --> 00:04:01,080 Speaker 5: Yeah, I mean you're even seeing like if you're a creator, 79 00:04:01,120 --> 00:04:04,400 Speaker 5: even at like Goldman Sachs, you're probably making more money 80 00:04:04,400 --> 00:04:06,760 Speaker 5: as like making day in the life tiktoks than you 81 00:04:06,800 --> 00:04:10,640 Speaker 5: are from your salary. And like there's this growing creator economy, 82 00:04:10,680 --> 00:04:14,480 Speaker 5: and your role model might be somebody who's like made 83 00:04:15,160 --> 00:04:18,239 Speaker 5: millions and millions of dollars a year from humiliating themselves online, 84 00:04:18,279 --> 00:04:21,200 Speaker 5: and like there's all these possibilities and tools from entering 85 00:04:21,360 --> 00:04:23,960 Speaker 5: the creator economy. Like I think Bloomberg published a story 86 00:04:24,040 --> 00:04:28,520 Speaker 5: last week that even just the market for creator marketing 87 00:04:28,600 --> 00:04:30,000 Speaker 5: is like thirty three billion dollars. 88 00:04:30,080 --> 00:04:31,279 Speaker 3: Now, it's massive. 89 00:04:32,200 --> 00:04:35,080 Speaker 4: This idea that no one's coming to save you. We've 90 00:04:35,200 --> 00:04:37,440 Speaker 4: talked about this on an episode before, but it does 91 00:04:37,520 --> 00:04:40,920 Speaker 4: feel like that kind of translates into people making these 92 00:04:41,080 --> 00:04:45,040 Speaker 4: lottery ticket type bets. Right, So I'll buy into crypto 93 00:04:45,440 --> 00:04:48,159 Speaker 4: or I'll make a ridiculous options trade or something like 94 00:04:48,200 --> 00:04:50,919 Speaker 4: that and hope that I just get lucky and save myself. 95 00:04:51,000 --> 00:04:54,320 Speaker 5: M hmm, yeah, I think like something with crypto. There's 96 00:04:54,360 --> 00:04:58,080 Speaker 5: this online sort of sportsmanship and camaraderie around it as well, 97 00:04:58,160 --> 00:05:01,800 Speaker 5: So there's like this fun competition and making the money, 98 00:05:01,839 --> 00:05:04,720 Speaker 5: and it's all very public as well. To me, like 99 00:05:04,720 --> 00:05:07,280 Speaker 5: you're seeing out how much your peers are making and winning, 100 00:05:07,360 --> 00:05:09,800 Speaker 5: and you're almost like seeing how much they're taking home 101 00:05:09,839 --> 00:05:12,080 Speaker 5: each week, which is stressful. 102 00:05:12,360 --> 00:05:14,839 Speaker 6: How much of the nobody is coming to save you. 103 00:05:15,320 --> 00:05:19,680 Speaker 2: Mentality is like AI dread like jobs as we know 104 00:05:19,760 --> 00:05:20,760 Speaker 2: them might not exist. 105 00:05:20,920 --> 00:05:23,360 Speaker 3: I think a lot of it, Yeah, Moore. 106 00:05:23,839 --> 00:05:26,679 Speaker 5: I mean back to this idea that say you graduate 107 00:05:26,720 --> 00:05:29,320 Speaker 5: from college last week on a one hundred degree day 108 00:05:29,440 --> 00:05:31,280 Speaker 5: and you don't have a job lined up yet, or 109 00:05:31,560 --> 00:05:33,600 Speaker 5: maybe you do have a job lined up, and you're 110 00:05:33,880 --> 00:05:36,600 Speaker 5: entering a very flat company where there's not like a 111 00:05:36,839 --> 00:05:40,000 Speaker 5: clear ladder for you to climb, and not only is 112 00:05:40,040 --> 00:05:43,440 Speaker 5: your timeline there, it probably feels somewhat flat, but the 113 00:05:43,640 --> 00:05:47,400 Speaker 5: end is like whether you're a copywriter or if you're 114 00:05:47,440 --> 00:05:50,400 Speaker 5: working in finance, there's like the end of it might 115 00:05:50,440 --> 00:05:54,640 Speaker 5: be a replacement with mass layoffs and AI coming in 116 00:05:54,680 --> 00:05:55,440 Speaker 5: to take that job. 117 00:05:55,640 --> 00:05:58,320 Speaker 4: I'm going to ask a completely self interested question, but 118 00:05:58,640 --> 00:06:02,080 Speaker 4: does gen Z truly hate the millennial generation? 119 00:06:02,400 --> 00:06:03,160 Speaker 3: Is that a real thing? 120 00:06:03,720 --> 00:06:05,760 Speaker 5: I'm not gen Z, so like, I'm not like the 121 00:06:05,800 --> 00:06:09,640 Speaker 5: speaker of the generation. I'm I guess maybe how I'm thirty, 122 00:06:09,760 --> 00:06:14,360 Speaker 5: So yeah, there's like but I never identified as gens. 123 00:06:14,440 --> 00:06:17,480 Speaker 5: I'm definitely identify more with millennials. I don't think they 124 00:06:17,520 --> 00:06:20,480 Speaker 5: truly hate millennials. I don't think that's the case. I 125 00:06:20,520 --> 00:06:23,600 Speaker 5: think that there's like a lot of parts about there's 126 00:06:23,640 --> 00:06:26,800 Speaker 5: like this tweetness to millennials that is like cringey, but 127 00:06:28,160 --> 00:06:28,679 Speaker 5: that's fair. 128 00:06:28,760 --> 00:06:29,200 Speaker 2: I agree. 129 00:06:29,400 --> 00:06:31,560 Speaker 6: Yeah, I'm really actually. 130 00:06:32,839 --> 00:06:35,880 Speaker 2: I've actually been thinking about this phenomenon of like really 131 00:06:35,920 --> 00:06:37,960 Speaker 2: flat companies for a while, so I thought it was 132 00:06:38,000 --> 00:06:40,320 Speaker 2: like really interesting that you said that, because. 133 00:06:40,120 --> 00:06:42,839 Speaker 6: It really feels like and we actually did. 134 00:06:42,720 --> 00:06:45,760 Speaker 2: An episode recently with the economist Ricardo Houseman where he 135 00:06:45,800 --> 00:06:48,919 Speaker 2: sort of talked about like companies their structure is just 136 00:06:48,920 --> 00:06:50,560 Speaker 2: they have a lot of different people who are like 137 00:06:50,720 --> 00:06:52,960 Speaker 2: the talent, but it doesn't feel like they're just sort 138 00:06:52,960 --> 00:06:55,640 Speaker 2: of normal jobs at a lot of companies for people 139 00:06:55,720 --> 00:06:58,000 Speaker 2: who are just sort of normal to get. 140 00:06:58,200 --> 00:07:00,560 Speaker 5: Yeah, I worked at Meta for a few years and 141 00:07:00,600 --> 00:07:03,680 Speaker 5: there were like these Roman numerals next to your position, 142 00:07:03,839 --> 00:07:05,680 Speaker 5: and you knew how much everybody at the company was 143 00:07:05,680 --> 00:07:08,080 Speaker 5: making if they were like a three or five, And 144 00:07:08,200 --> 00:07:10,040 Speaker 5: when you moved from a four to a five, it 145 00:07:10,080 --> 00:07:13,880 Speaker 5: was like twenty thousand dollars more year, like not life changing, 146 00:07:13,960 --> 00:07:16,360 Speaker 5: like maybe you're taking an extra few ubers like a 147 00:07:16,440 --> 00:07:19,840 Speaker 5: year or something like that. And it felt very flat like. 148 00:07:19,880 --> 00:07:22,240 Speaker 5: And it's also hard to look at somebody who you're 149 00:07:22,280 --> 00:07:25,000 Speaker 5: working with who's two levels higher than you and necessarily 150 00:07:25,040 --> 00:07:27,360 Speaker 5: aspire to that, Like you're not going to stay an 151 00:07:27,400 --> 00:07:29,280 Speaker 5: extra two hours at night. 152 00:07:30,080 --> 00:07:31,680 Speaker 3: It's not inspiring. 153 00:07:32,200 --> 00:07:34,640 Speaker 4: So just going back to Momdani. So one of the 154 00:07:34,640 --> 00:07:38,640 Speaker 4: theories about why he's kind of resonating with the younger 155 00:07:38,720 --> 00:07:41,400 Speaker 4: crowd nowadays is this idea that Okay, they don't really 156 00:07:41,440 --> 00:07:45,480 Speaker 4: have a stake in capitalism necessarily, like they don't feel 157 00:07:45,520 --> 00:07:48,800 Speaker 4: like they're being rewarded by the capitalist system, and so 158 00:07:49,120 --> 00:07:52,520 Speaker 4: they're voting for change. Is that something you kind of 159 00:07:52,600 --> 00:07:55,240 Speaker 4: observe in your day to day interactions. 160 00:07:55,640 --> 00:07:57,880 Speaker 5: Well, I work alone, so I'm not like observing many 161 00:07:57,880 --> 00:08:03,160 Speaker 5: interactions from people, but like online. I think the people 162 00:08:03,160 --> 00:08:07,840 Speaker 5: who gravitated towards him the strongest felt more religion like hope, 163 00:08:07,880 --> 00:08:10,800 Speaker 5: Like it was like this idea of hope and something different, 164 00:08:11,000 --> 00:08:13,880 Speaker 5: and it was like a salve after such a rough 165 00:08:14,120 --> 00:08:17,120 Speaker 5: beginning of the year with like Trump coming into the 166 00:08:17,160 --> 00:08:19,920 Speaker 5: White House. But yeah, I don't I think it was. 167 00:08:20,080 --> 00:08:23,400 Speaker 5: It felt more emotional and almost religious to me than like, 168 00:08:23,840 --> 00:08:27,080 Speaker 5: at least from what I've been observing, and and why 169 00:08:27,120 --> 00:08:29,640 Speaker 5: people attach themselves to that message so strongly. 170 00:08:30,080 --> 00:08:33,000 Speaker 2: What about we're talking about, Okay, you have this desire 171 00:08:33,040 --> 00:08:35,200 Speaker 2: to get the bag, make a bunch of money and 172 00:08:35,240 --> 00:08:38,520 Speaker 2: like a lottery ticket metaphorically with crypto or whatever. How 173 00:08:38,559 --> 00:08:41,880 Speaker 2: does this mentality how would you say it changes consumption 174 00:08:42,000 --> 00:08:45,000 Speaker 2: patterns and like the impulse to just like save or 175 00:08:45,000 --> 00:08:46,679 Speaker 2: like how does it affect what people buy? 176 00:08:47,040 --> 00:08:47,840 Speaker 3: That's a good question. 177 00:08:48,000 --> 00:08:49,960 Speaker 5: I was talking to a friend the other day who 178 00:08:49,960 --> 00:08:52,760 Speaker 5: said that she was at her younger sister's graduation on 179 00:08:53,400 --> 00:08:56,760 Speaker 5: the West Coast and all of the young women were 180 00:08:56,760 --> 00:09:00,960 Speaker 5: wearing Gucci sandals, like all of them at this school. 181 00:09:01,080 --> 00:09:04,280 Speaker 5: It was in the Bay Area, and she's ten years 182 00:09:04,320 --> 00:09:05,800 Speaker 5: older than her sister, and she was like, this is 183 00:09:05,840 --> 00:09:08,439 Speaker 5: not something that I witnessed, and it's not like everyone 184 00:09:08,480 --> 00:09:12,280 Speaker 5: there is loaded to afford this this like specific sandal. 185 00:09:12,320 --> 00:09:13,800 Speaker 5: And I know that a lot of you might have 186 00:09:14,400 --> 00:09:16,560 Speaker 5: read that story in New York Magazine a few weeks 187 00:09:16,559 --> 00:09:20,520 Speaker 5: ago about the West Village and this sort of homogeneous 188 00:09:20,640 --> 00:09:23,880 Speaker 5: looking young person in New York City, and I'm realizing 189 00:09:23,880 --> 00:09:26,760 Speaker 5: that that's kind of a phenomenon across the whole country. 190 00:09:26,800 --> 00:09:30,160 Speaker 5: It's like everyone is wearing the same buying the same, 191 00:09:30,400 --> 00:09:31,400 Speaker 5: like fitting into this. 192 00:09:31,440 --> 00:09:32,760 Speaker 3: And millennials back to that. 193 00:09:32,800 --> 00:09:35,160 Speaker 5: It's like everybody wanted to do their own thing and 194 00:09:35,160 --> 00:09:38,199 Speaker 5: listen to their own music and have their own style 195 00:09:38,360 --> 00:09:40,280 Speaker 5: and have their own tumbler or whatever. 196 00:09:40,440 --> 00:09:41,480 Speaker 3: Like it was annoying. 197 00:09:41,640 --> 00:09:45,920 Speaker 5: It was annoying, but it created like diversity of opinions 198 00:09:45,960 --> 00:09:48,679 Speaker 5: and the ability to have like small shows that sold 199 00:09:48,679 --> 00:09:51,600 Speaker 5: out and stuff and small brands that existed in small 200 00:09:51,600 --> 00:09:54,600 Speaker 5: stores that existed. But and I haven't fully baked out 201 00:09:54,600 --> 00:09:57,080 Speaker 5: the thought, but I started realizing it like a week ago, 202 00:09:57,160 --> 00:09:59,200 Speaker 5: like the West Village thing has quickly turned into like 203 00:10:00,120 --> 00:10:02,040 Speaker 5: if you live in them in a flyover state, or 204 00:10:02,040 --> 00:10:04,439 Speaker 5: you live in the West Village, you might be wearing 205 00:10:04,440 --> 00:10:07,000 Speaker 5: the same exact outfit and be just as obsessed with 206 00:10:07,040 --> 00:10:12,080 Speaker 5: like the macha thing whatever. So that's like definitely part 207 00:10:12,120 --> 00:10:16,359 Speaker 5: of the consumption conversation. It's like you're checking off boxes 208 00:10:16,440 --> 00:10:20,439 Speaker 5: of like small things that you're buying, whether it's at 209 00:10:20,440 --> 00:10:24,200 Speaker 5: Starbucks or Gucci, to like kind of form this perfect 210 00:10:24,520 --> 00:10:26,160 Speaker 5: life of what it means to be a twenty five 211 00:10:26,240 --> 00:10:28,280 Speaker 5: year old, And like, Okay, now I'm happy I figured 212 00:10:28,320 --> 00:10:31,920 Speaker 5: that out. Something else that I've been reading a lot about. 213 00:10:32,120 --> 00:10:33,560 Speaker 5: I have some young readers, and I do a lot 214 00:10:33,600 --> 00:10:37,080 Speaker 5: of surveys in my newsletter, which is awesome that my 215 00:10:37,160 --> 00:10:39,440 Speaker 5: readers are even willing to spend like fifteen minutes on 216 00:10:39,480 --> 00:10:43,440 Speaker 5: that because I wouldn't. There's a real sentiment of, like, 217 00:10:43,440 --> 00:10:45,720 Speaker 5: the world is burning, so why shouldn't we enjoy the 218 00:10:45,720 --> 00:10:48,440 Speaker 5: things that we can. And I don't know what the 219 00:10:48,480 --> 00:10:51,200 Speaker 5: savings accounts of these people look like or the credit 220 00:10:51,440 --> 00:10:53,560 Speaker 5: card bills look like, but I know that a lot 221 00:10:53,600 --> 00:10:55,319 Speaker 5: of these people are spending money that they do not have, 222 00:10:55,480 --> 00:10:58,880 Speaker 5: because I understand that the jobs that usually facilitate that 223 00:10:58,920 --> 00:11:01,000 Speaker 5: are a lot they're paying a lot more than what 224 00:11:01,080 --> 00:11:02,280 Speaker 5: these young people are making. 225 00:11:02,360 --> 00:11:04,320 Speaker 4: And I imagine there's a sense that I'm never going 226 00:11:04,400 --> 00:11:07,240 Speaker 4: to make enough to buy a house or for sure, and. 227 00:11:07,280 --> 00:11:09,439 Speaker 5: Then there's like the whole buy now, pay later conversation 228 00:11:09,520 --> 00:11:11,960 Speaker 5: which you can buy now, pay later, you're seamless, like 229 00:11:12,080 --> 00:11:15,360 Speaker 5: it's crazy. Yeah, So I think it's like you make 230 00:11:15,400 --> 00:11:17,720 Speaker 5: the money, you spend the money, and they're probably not 231 00:11:17,760 --> 00:11:21,760 Speaker 5: even thinking about what about my kids because that's the 232 00:11:21,880 --> 00:11:22,959 Speaker 5: dating apps don't even work. 233 00:11:23,000 --> 00:11:24,160 Speaker 3: So I don't know where the kids come in. 234 00:11:25,080 --> 00:11:27,160 Speaker 2: Now, this is bleak, there's weak actually, you know, but 235 00:11:27,240 --> 00:11:32,520 Speaker 2: there's it's I'm enjoying this. So I lived for many 236 00:11:32,600 --> 00:11:34,720 Speaker 2: years of my life in Illinois. My dad was a 237 00:11:35,000 --> 00:11:37,559 Speaker 2: physics professor at a very small college, and really it 238 00:11:37,600 --> 00:11:40,480 Speaker 2: always strikes me like that he was totally fine moving 239 00:11:40,559 --> 00:11:44,680 Speaker 2: to a fairly small, large town in Illinois. When you 240 00:11:44,679 --> 00:11:47,960 Speaker 2: said flyover states, is there this aspiration that like you 241 00:11:48,040 --> 00:11:50,040 Speaker 2: have to get to one of the big cities that 242 00:11:50,200 --> 00:11:51,719 Speaker 2: like you have to get to like New York or 243 00:11:51,880 --> 00:11:52,760 Speaker 2: LA or San Francisci. 244 00:11:52,760 --> 00:11:54,360 Speaker 3: I think as much as I don't think that's like 245 00:11:54,400 --> 00:11:55,080 Speaker 3: a new thing. 246 00:11:55,240 --> 00:11:59,920 Speaker 5: I think it's like, well, we'll get to the West Village, like, 247 00:12:00,120 --> 00:12:02,840 Speaker 5: but I don't think that everybody there's like a new 248 00:12:03,040 --> 00:12:06,240 Speaker 5: grind to do that. I think that there's just as 249 00:12:06,280 --> 00:12:08,959 Speaker 5: many young people in New York living with four roommates 250 00:12:08,960 --> 00:12:11,880 Speaker 5: in a one bedroom with like weird home depot walls. 251 00:12:11,640 --> 00:12:13,720 Speaker 3: Everywhere as there were when I was young. 252 00:12:14,960 --> 00:12:18,520 Speaker 5: Where they're working, I mean, the three of us are 253 00:12:18,559 --> 00:12:20,000 Speaker 5: all like in the creator economy. 254 00:12:20,040 --> 00:12:23,960 Speaker 3: I'm sure that there's a whole micro group of young 255 00:12:23,960 --> 00:12:26,360 Speaker 3: people doing the same trying to do the same thing we. 256 00:12:26,360 --> 00:12:27,559 Speaker 2: Are in the creator economy. 257 00:12:29,160 --> 00:12:31,960 Speaker 3: Just on the hey, there's a Mike. 258 00:12:33,280 --> 00:12:34,840 Speaker 6: This is what else are we doing? We're creating? 259 00:12:35,200 --> 00:12:35,760 Speaker 3: Yeah? 260 00:12:37,360 --> 00:12:40,120 Speaker 6: Did I disagree? No, Okay, we're creators. 261 00:12:41,640 --> 00:12:44,240 Speaker 4: Just on the West Village girl thing and the idea 262 00:12:44,360 --> 00:12:48,440 Speaker 4: of homogeneity among fashion and consumerism. What do you think 263 00:12:48,520 --> 00:12:51,720 Speaker 4: is driving that? Is that like a lack of community 264 00:12:52,280 --> 00:12:54,120 Speaker 4: or I don't know, Like. 265 00:12:54,280 --> 00:12:56,120 Speaker 5: That was one of the most shocking parts of the 266 00:12:56,160 --> 00:12:59,439 Speaker 5: story to me, Like I feel so silly. If there 267 00:12:59,480 --> 00:13:01,079 Speaker 5: was one person in this room with the same exact 268 00:13:01,080 --> 00:13:03,800 Speaker 5: outfit as me, I'd be like, ga, wait a second, 269 00:13:05,400 --> 00:13:08,720 Speaker 5: how what happened? Like I thought I was putting something together, 270 00:13:09,440 --> 00:13:12,720 Speaker 5: two white pieces of clothing, But it is it's really 271 00:13:12,760 --> 00:13:14,200 Speaker 5: weird to like, I don't know if you've ever been 272 00:13:14,240 --> 00:13:16,319 Speaker 5: in one of those workout classes, but it's like they 273 00:13:16,360 --> 00:13:17,200 Speaker 5: all have this set. 274 00:13:17,320 --> 00:13:19,959 Speaker 3: It's I'm not sure what it is. 275 00:13:20,080 --> 00:13:23,360 Speaker 5: I have to do some research, because it's an extreme 276 00:13:23,520 --> 00:13:27,760 Speaker 5: comfort with having the an identical life. And I think 277 00:13:27,960 --> 00:13:30,640 Speaker 5: part of it is probably like the Amazon storefront and 278 00:13:30,640 --> 00:13:33,680 Speaker 5: they're all following the same influencer who's promoting the same 279 00:13:33,720 --> 00:13:36,880 Speaker 5: product and everybody buys it immediately. There's this piece of 280 00:13:36,880 --> 00:13:42,000 Speaker 5: clothing I guess it was a dress from a Tory 281 00:13:42,080 --> 00:13:44,400 Speaker 5: birch a few weeks ago, and I posted it because 282 00:13:44,400 --> 00:13:47,320 Speaker 5: I saw like five people at the at different weddings 283 00:13:47,360 --> 00:13:49,520 Speaker 5: on the same weekend wearing it and it's a very 284 00:13:49,559 --> 00:13:52,760 Speaker 5: distinct like hot pink dress with mirrors all over it. 285 00:13:53,200 --> 00:13:55,360 Speaker 5: And I said, this is going to be the wedding 286 00:13:55,520 --> 00:13:57,800 Speaker 5: guest dress of the summer, like this is going to 287 00:13:57,840 --> 00:14:00,240 Speaker 5: be everywhere. And it sold out the next day, Like 288 00:14:00,360 --> 00:14:02,400 Speaker 5: people were not like then, I'm not going to buy it. 289 00:14:02,520 --> 00:14:05,439 Speaker 5: Everyone bought it, Like everybody clicked the link and then 290 00:14:05,559 --> 00:14:09,320 Speaker 5: bought it. Like there's this I think when you're all 291 00:14:09,400 --> 00:14:12,320 Speaker 5: following the same people and the same brands and having 292 00:14:12,360 --> 00:14:15,760 Speaker 5: the same excitement about the time people follow what time 293 00:14:15,920 --> 00:14:18,520 Speaker 5: like clothing drops come out at these brands too, Like 294 00:14:18,520 --> 00:14:21,320 Speaker 5: what time the sites get updated. There's a lot more 295 00:14:21,440 --> 00:14:23,360 Speaker 5: likelihood than that you're all going to buy the same thing. 296 00:14:23,440 --> 00:14:25,680 Speaker 2: Yeah, it's really weird, Like you'd think, Okay, people want 297 00:14:25,720 --> 00:14:27,320 Speaker 2: to be distinct. But I remember my wife and I 298 00:14:27,360 --> 00:14:29,640 Speaker 2: went out to a comedy show a couple months ago, 299 00:14:29,960 --> 00:14:31,920 Speaker 2: and everybody was dressed the same, and both of us 300 00:14:31,920 --> 00:14:33,240 Speaker 2: were like sort of flabbergasted. 301 00:14:33,480 --> 00:14:34,200 Speaker 3: It was the same. 302 00:14:34,720 --> 00:14:36,800 Speaker 2: It was just like sort of black, like a sort 303 00:14:36,800 --> 00:14:38,720 Speaker 2: of black shirt. I mean, you know, it's New York, 304 00:14:38,760 --> 00:14:41,000 Speaker 2: so people have always worn all black. But it was 305 00:14:41,080 --> 00:14:43,960 Speaker 2: really weird. There was no color in anyone's clothes in 306 00:14:44,000 --> 00:14:46,400 Speaker 2: the entire audience that night, and it was very strange. 307 00:14:46,480 --> 00:14:49,920 Speaker 2: How much do those Gucci sand goals cost. 308 00:14:51,200 --> 00:14:51,760 Speaker 3: Eight hundred? 309 00:14:51,800 --> 00:14:53,880 Speaker 5: I don't know, man, I don't wear I don't have, okay, 310 00:14:53,920 --> 00:14:58,600 Speaker 5: but like a lot of money for a pair of 311 00:14:58,640 --> 00:15:01,400 Speaker 5: shoes and then for everyone to feel comfort. I mean 312 00:15:01,400 --> 00:15:03,200 Speaker 5: we see it all the time with bags and stuff, 313 00:15:03,240 --> 00:15:06,680 Speaker 5: but it is sort of funny when it's an entire wardrobe. 314 00:15:07,320 --> 00:15:09,400 Speaker 4: You talk about the burken what. 315 00:15:09,280 --> 00:15:11,600 Speaker 3: Part I don't talk about, just talk about it. Do 316 00:15:11,680 --> 00:15:14,840 Speaker 3: people still buy burkins like as an investment? I don't know. 317 00:15:15,200 --> 00:15:17,480 Speaker 5: Bethany Frankel said she's made like a ton of money 318 00:15:17,480 --> 00:15:18,480 Speaker 5: on flipping her burcands. 319 00:15:18,520 --> 00:15:21,520 Speaker 3: But god, flip is crazy. Yeah, she's a flipper. She did. 320 00:15:21,640 --> 00:15:23,200 Speaker 3: She's bought some new houses too. 321 00:15:23,920 --> 00:15:25,880 Speaker 2: One of the things that I always like reading in 322 00:15:25,920 --> 00:15:28,360 Speaker 2: your newsletter is like you're always talking about new brands 323 00:15:28,400 --> 00:15:31,160 Speaker 2: that are launching, new restaurants, et cetera. There's been we 324 00:15:31,320 --> 00:15:34,400 Speaker 2: talk about volatility in the market, all this uncertainty due 325 00:15:34,480 --> 00:15:38,000 Speaker 2: to trade and whatever else. Do you feel any slow 326 00:15:38,080 --> 00:15:41,720 Speaker 2: down it all in sort of new entrepreneurial endeavors on 327 00:15:41,760 --> 00:15:44,960 Speaker 2: account of all this uncertainty that's going on. Or is 328 00:15:44,960 --> 00:15:46,840 Speaker 2: it just like people just powering through. 329 00:15:46,640 --> 00:15:52,080 Speaker 5: It a slow down of new economic endeavors like from young. 330 00:15:51,920 --> 00:15:55,400 Speaker 2: People, yeah, or just like like new business launches. Has 331 00:15:55,440 --> 00:15:58,000 Speaker 2: that slowed down at all in your view with all 332 00:15:58,080 --> 00:16:00,000 Speaker 2: the economic question marks? 333 00:16:00,600 --> 00:16:02,280 Speaker 3: No, I think people are doing it differently though. 334 00:16:02,280 --> 00:16:03,920 Speaker 5: I don't think people are as excited to take on 335 00:16:03,960 --> 00:16:06,920 Speaker 5: like venture capital, and they're more likely to like bootstrap 336 00:16:07,000 --> 00:16:09,800 Speaker 5: or attach themselves to a friend and like try something 337 00:16:09,840 --> 00:16:12,200 Speaker 5: and have it fail and sort of quietly brush it 338 00:16:12,240 --> 00:16:14,760 Speaker 5: aside and be like I didn't start that weird vodka. 339 00:16:14,440 --> 00:16:16,520 Speaker 3: Company that it's like that. 340 00:16:16,600 --> 00:16:19,600 Speaker 5: Don't do that anymore, you know, where I think like 341 00:16:20,440 --> 00:16:22,720 Speaker 5: I can speak to the girl boss very well, like 342 00:16:22,840 --> 00:16:25,440 Speaker 5: the girl boss of of my When I was like 343 00:16:25,440 --> 00:16:27,840 Speaker 5: coming up in my twenties, was like taking these huge 344 00:16:28,000 --> 00:16:31,440 Speaker 5: checks from whatever fore runner, a general catalyst or whatever. 345 00:16:31,440 --> 00:16:33,360 Speaker 5: I never really thought about the implications. And then I 346 00:16:33,360 --> 00:16:35,520 Speaker 5: think young people have sort of learned what that means 347 00:16:35,560 --> 00:16:37,800 Speaker 5: at the end, which means people are gonna want some 348 00:16:38,080 --> 00:16:39,800 Speaker 5: return and often they don't get it. 349 00:16:40,160 --> 00:16:42,360 Speaker 4: So I know you were talking in your newsletter. I 350 00:16:42,360 --> 00:16:45,520 Speaker 4: think it was just this week about another article in 351 00:16:45,720 --> 00:16:48,120 Speaker 4: New York mag which was about the Hamptons and the 352 00:16:48,200 --> 00:16:51,920 Speaker 4: sort of like existential stress. I guess that rich people 353 00:16:51,960 --> 00:16:55,520 Speaker 4: in the Hamptons feel about their lifestyle and they feel 354 00:16:55,560 --> 00:16:58,520 Speaker 4: competitive with one another, and I think you said that 355 00:16:58,560 --> 00:17:01,960 Speaker 4: people were kind of like batting that away and saying 356 00:17:02,000 --> 00:17:03,840 Speaker 4: that's not so much of a thing. But then on 357 00:17:03,880 --> 00:17:06,119 Speaker 4: the other hand, you also wrote about weddings and how 358 00:17:06,240 --> 00:17:09,919 Speaker 4: much everyone is spending on weddings nowadays, how expensive it 359 00:17:09,960 --> 00:17:12,359 Speaker 4: is to be a guest. I guess my question is, like, 360 00:17:12,840 --> 00:17:16,439 Speaker 4: what pockets of the culture, whether it's New York or beyond, 361 00:17:16,480 --> 00:17:19,679 Speaker 4: are are the most consumerist or wealth obsessed for you 362 00:17:19,800 --> 00:17:20,160 Speaker 4: right now? 363 00:17:20,840 --> 00:17:28,080 Speaker 5: Women, The thing is, it's all happening, all the cameras 364 00:17:28,080 --> 00:17:30,680 Speaker 5: are always on. So like, let's take weddings, for example, 365 00:17:31,520 --> 00:17:33,720 Speaker 5: Hampton's are a different story. It's like a different There's 366 00:17:33,760 --> 00:17:36,880 Speaker 5: so many different facets going on there with the weddings. 367 00:17:36,920 --> 00:17:39,240 Speaker 5: It's like it used to be about the bride and 368 00:17:39,359 --> 00:17:42,040 Speaker 5: now it's about every individual at the wedding and the 369 00:17:42,040 --> 00:17:44,919 Speaker 5: photo that they're getting and where the photo is going 370 00:17:44,960 --> 00:17:48,280 Speaker 5: to end up after. I'm speaking from the point of 371 00:17:48,359 --> 00:17:51,720 Speaker 5: view of a New York woman who's like, I don't 372 00:17:51,760 --> 00:17:53,480 Speaker 5: know if this is the case for everyone. But something 373 00:17:53,480 --> 00:17:55,720 Speaker 5: else that I identified this morning with my husband that I 374 00:17:55,760 --> 00:17:58,560 Speaker 5: think is that I think that the definition of friend 375 00:17:58,600 --> 00:18:03,120 Speaker 5: who qualifies for wedding is sort of like expanding as well. 376 00:18:03,600 --> 00:18:06,760 Speaker 5: So there's this weird gift culture going on where if 377 00:18:06,800 --> 00:18:09,080 Speaker 5: I invite you, then I have to invite you, and 378 00:18:09,080 --> 00:18:11,440 Speaker 5: I'm expecting that you're going to invite me to yours. 379 00:18:12,200 --> 00:18:14,320 Speaker 5: And I also think that there's something happening with like 380 00:18:14,400 --> 00:18:17,440 Speaker 5: dms and group texts where people are getting closer faster 381 00:18:17,800 --> 00:18:20,760 Speaker 5: and like that also events the wedding guest lists. 382 00:18:22,000 --> 00:18:25,119 Speaker 2: Yeah, this resonates someone in want I think that someone 383 00:18:25,119 --> 00:18:28,439 Speaker 2: in a group chat recently now they're getting married, and 384 00:18:28,480 --> 00:18:29,920 Speaker 2: I was like, what the heck, why didn't I get 385 00:18:29,920 --> 00:18:30,439 Speaker 2: an invite? 386 00:18:30,440 --> 00:18:33,040 Speaker 6: We're in a group chat together, so I could see 387 00:18:33,080 --> 00:18:34,879 Speaker 6: like that stress totally. 388 00:18:34,880 --> 00:18:37,320 Speaker 5: I was talking to somebody before my wedding, which was 389 00:18:37,359 --> 00:18:40,040 Speaker 5: two months ago, about my wedding and they were like, 390 00:18:40,080 --> 00:18:40,880 Speaker 5: so am I invited? 391 00:18:40,920 --> 00:18:42,600 Speaker 3: And I was like, no, I'm just telling you something 392 00:18:42,640 --> 00:18:46,640 Speaker 3: about my life right now. But there's also an etiquette epidemic. Wait, 393 00:18:46,680 --> 00:18:47,280 Speaker 3: what does that mean? 394 00:18:47,880 --> 00:18:48,399 Speaker 6: What does that mean? 395 00:18:48,440 --> 00:18:52,359 Speaker 5: An epidemic like people not holding the door for you, 396 00:18:52,880 --> 00:18:55,760 Speaker 5: people posting photos of your wedding before you do, like 397 00:18:55,840 --> 00:18:56,520 Speaker 5: things like that. 398 00:18:57,000 --> 00:18:59,639 Speaker 6: I think we're at time. That was so good. There 399 00:18:59,720 --> 00:19:01,720 Speaker 6: was really I love your newsletter, I love. 400 00:19:01,600 --> 00:19:03,600 Speaker 2: Finally getting a chance to chat, and I think we 401 00:19:03,720 --> 00:19:06,359 Speaker 2: at some point we should do another longer episode just 402 00:19:06,440 --> 00:19:08,200 Speaker 2: on like the group chat at Connor. 403 00:19:08,240 --> 00:19:10,320 Speaker 6: There are so many facets. Thank you so much, Emily, 404 00:19:11,320 --> 00:19:11,800 Speaker 6: thank you. 405 00:19:26,359 --> 00:19:28,960 Speaker 4: This has been another episode at the Audlots podcast. I'm 406 00:19:29,000 --> 00:19:31,880 Speaker 4: Tracy Alloway. You can follow me at Tracy Alloway and. 407 00:19:31,840 --> 00:19:34,520 Speaker 2: I'm Jill Wisenthal. You can follow me at the Stalwart. 408 00:19:34,720 --> 00:19:38,080 Speaker 2: Follow our producers Carmen Rodriguez at Carmen armand Dash Oll 409 00:19:38,080 --> 00:19:42,000 Speaker 2: Bennett at dashbot and Kilbrooks at Kilbrooks. For more Oddlots content, 410 00:19:42,080 --> 00:19:44,280 Speaker 2: go to Bloomberg dot com slash odd Lots, where we 411 00:19:44,320 --> 00:19:47,080 Speaker 2: have a daily newsletter and all of our episodes and 412 00:19:47,119 --> 00:19:49,240 Speaker 2: you can chat about these topics twenty four to seven 413 00:19:49,359 --> 00:19:53,800 Speaker 2: in our discord discord dot gg slash odlocks. 414 00:19:53,200 --> 00:19:55,280 Speaker 4: And if you enjoy odd Lots, if you like it 415 00:19:55,359 --> 00:19:58,119 Speaker 4: when we do these live recordings, then please leave us 416 00:19:58,160 --> 00:20:01,520 Speaker 4: a positive review on your favorite podcas cast platform. Thanks 417 00:20:01,560 --> 00:20:02,119 Speaker 4: for listening.