WEBVTT - Big Tech Earnings, Healthy Eating for the Holidays

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg Business Week with Karl Messer and

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<v Speaker 2>Tim Stenebek on Bloomberg Radio. Taking a look at shares

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<v Speaker 2>of Amazon. They are higher right now by five percent.

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<v Speaker 2>This after the company reported net sales for the first

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<v Speaker 2>fourth quarter of one hundred and eighty one point five

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<v Speaker 2>billion dollars to one hundred and eighty eight point five

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<v Speaker 2>billion dollars and says they're seeing operating and income in

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<v Speaker 2>a range of sixteen billion to twenty billion dollars. That

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<v Speaker 2>estimate was for seventeen point four nine billion dollars. Net

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<v Speaker 2>sales online up seven point two percent year over year,

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<v Speaker 2>physical store net sales up five point four percent year

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<v Speaker 2>over year, AWS net sales nineteen percent year over year increase.

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<v Speaker 2>The coming in at twenty seven point four to five

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<v Speaker 2>billion dollars, pretty much in line with estimates at twenty

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<v Speaker 2>seven point four to nine billion dollars. Let's see what

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<v Speaker 2>James Chalkmak has to say about all this and more.

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<v Speaker 2>He's partner and tech analysts to Clockwise Capital. He joins

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<v Speaker 2>us from Miami today. James, I do want to start

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<v Speaker 2>with Amazon, and then we're gonna get to what happened

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<v Speaker 2>a little earlier in the week with Microsoft and Alphabet.

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<v Speaker 2>What are your thoughts of Amazon at first blush.

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<v Speaker 1>Yeah, I think it's just atory of what Andy Jassey

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<v Speaker 1>has laid out basically about a year ago, that the

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<v Speaker 1>path of profitability on the retail side of the business

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<v Speaker 1>will continue and continue in a in a bigger and

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<v Speaker 1>bigger way as as they achieve the efficiencies across their

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<v Speaker 1>fulfillment network and and UH and and further optimized for

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<v Speaker 1>for shorter duration delivery time. So I think you're seeing

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<v Speaker 1>what you want to see on the bottom line. The

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<v Speaker 1>top line continues to perform more of on a status

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<v Speaker 1>quo basis, So you know, we continue to like the

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<v Speaker 1>name and UH and pretty pretty pleased with the court.

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<v Speaker 3>I know that the results just came in minutes ago.

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<v Speaker 3>But you know, one big theme that we were looking

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<v Speaker 3>at just more broadly this week is whether these big

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<v Speaker 3>tech companies are seeing the results in their earnings from

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<v Speaker 3>all of the capex that they've done on AI. What

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<v Speaker 3>does this Amazon earnings tell us about whether Amazon is

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<v Speaker 3>able to kind of show all of the investments the

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<v Speaker 3>fruit of their investments.

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<v Speaker 1>Yeah, I haven't gone through it with a fine tooth

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<v Speaker 1>come to change the NSSS kind of.

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<v Speaker 4>The returns this quarter.

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<v Speaker 1>But I think that from a bigger picture perspective, you know,

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<v Speaker 1>you're not going to see a lot of trickle down

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<v Speaker 1>to the bottom end or accretion to revenue on a

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<v Speaker 1>short term basis. I think that these are much longer

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<v Speaker 1>term investment cycles that will bear fruit over a longer term.

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<v Speaker 1>So you know, that is a question that comes up

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<v Speaker 1>repeatedly with investors. You know, where's ROI you're spending all

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<v Speaker 1>this cappex But I think it just helps reinforce the

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<v Speaker 1>competitive modes and UH and crew over time. UH the

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<v Speaker 1>what the way that we're looking at big tech more

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<v Speaker 1>broadly is that you know, a lot of these names

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<v Speaker 1>have run up.

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<v Speaker 4>You know, we've been rotating out.

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<v Speaker 1>Of these names for the last couple of weeks now,

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<v Speaker 1>rotating into smaller cap names, more value oriented names, because

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<v Speaker 1>you know, you have expanded multiples, high expectations, as you

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<v Speaker 1>saw with Microsoft Meta.

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<v Speaker 4>You know, I think the correction today.

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<v Speaker 1>Helped Amazon to a certain extent that the expect the

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<v Speaker 1>bar had been lowered.

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<v Speaker 4>But I think that big tech.

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<v Speaker 1>Should, uh should likely remain choppy, at least for the

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<v Speaker 1>interim as we you know, have uncertainties around geopolitics, the election,

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<v Speaker 1>and just the sovereign debt situation.

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<v Speaker 2>So let's let's zoom out a little bit and and

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<v Speaker 2>talk specific about AWS because this is the number that

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<v Speaker 2>you know, everybody cares about. It was pretty amazing to

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<v Speaker 2>see net sales up nineteen percent.

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<v Speaker 1>Year over year.

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<v Speaker 2>We heard from Alphabet earlier this week in Google Cloud.

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<v Speaker 2>We also heard from Microsoft with Azure yesterday, Amazon with AWS. James,

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<v Speaker 2>they're the company that started at all. What's their competitive advantage?

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<v Speaker 2>How do they continue to win business or compete against

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<v Speaker 2>the second and third place Azure and Alphabet? How do

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<v Speaker 2>they maintain their position when there is so much competition

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<v Speaker 2>out there?

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<v Speaker 1>Yeah, I think it's going to be more of a

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<v Speaker 1>rising time lifts all boat situation. You know, obviously is

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<v Speaker 1>the number one scale player in the space, and all

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<v Speaker 1>companies that are looking to the cloud, you know, will

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<v Speaker 1>utilize them in some capacity. I think that the spend

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<v Speaker 1>over AI and the shift from analog to digital will

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<v Speaker 1>only get stronger and get faster, So all three of

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<v Speaker 1>these companies will benefit.

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<v Speaker 4>It's really for us, it's around what are the.

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<v Speaker 1>Expectations around those growth rates and are those reasonable, Like,

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<v Speaker 1>for example, with Amazon throughout the course of this year,

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<v Speaker 1>you know, we were expecting that that growth rate to

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<v Speaker 1>keep notching up.

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<v Speaker 4>Toward the twenty percent number, which it has.

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<v Speaker 1>So so long as you know the growth rates from

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<v Speaker 1>an investment standpoint, are you know the bars are achievable.

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<v Speaker 4>We think that, you know, as you look into the medium.

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<v Speaker 1>And longer term, all three will benefit from it. But

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<v Speaker 1>as far as you know Amazon specific competitive advantages, obviously

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<v Speaker 1>they're they're the biggest player. They continue to iterate and

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<v Speaker 1>provide more and more services more once stops shop solutions,

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<v Speaker 1>so they're going to have an edge there. Obviously Microsoft

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<v Speaker 1>and Google are not standing still. But you know, I

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<v Speaker 1>think for us, it's as long as the overall industry

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<v Speaker 1>trends toward CAPEC spend and the cloud spend continue to

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<v Speaker 1>move in the right directions on a secular basis, then

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<v Speaker 1>all three should be fine.

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<v Speaker 3>We've spoke to a number of guests. We've spoken to

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<v Speaker 3>a number of guests today about the mag seven and

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<v Speaker 3>whether this is a time to hold or to buy

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<v Speaker 3>the mag seven or to kind of play tech and

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<v Speaker 3>AI in different names. What do you think when you're

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<v Speaker 3>looking at you know how to play the mag seven.

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<v Speaker 4>Yeah, we think that it's it's good to be there.

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<v Speaker 4>For us, it's a question of what size.

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<v Speaker 1>You know, these companies were our top weights, you know,

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<v Speaker 1>a couple of quarters ago, five seven percent weights in

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<v Speaker 1>the portfolio, you know, but now we've trimmed those back

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<v Speaker 1>between two and four and we've all been we've exited

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<v Speaker 1>Google for example, we no longer hold that, and you

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<v Speaker 1>know which much smaller in Tesla, much smaller in Amazon Microsoft.

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<v Speaker 4>So for us, you.

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<v Speaker 1>Know, the trends continue to be the friend of these companies,

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<v Speaker 1>but given how much they run, we think that you

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<v Speaker 1>hold them, but just at lower weights and reallocate that

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<v Speaker 1>to areas that have more opportunity.

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<v Speaker 4>Like we like software for example. You know, we.

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<v Speaker 1>Established positions some time ago and new Tanic's get lab

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<v Speaker 1>and data.

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<v Speaker 4>Do you know we think those could do well.

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<v Speaker 1>You look at Confluence results today and last night and

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<v Speaker 1>the stocks performance today. You know, we think that there's

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<v Speaker 1>a lot of opportunity there. You know, we're going into

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<v Speaker 1>value names at the same time. We like the commodities.

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<v Speaker 1>You know, we're not sure that the inflation trade is

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<v Speaker 1>off the table.

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<v Speaker 2>That's interesting, Yeah, I see alca in here.

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<v Speaker 4>Yeah, we have al CoA US Steel we think to

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<v Speaker 4>be a real winner. You know. We also like gold, you.

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<v Speaker 1>Know, so we are you know, we're betting on that

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<v Speaker 1>and value names like we added General Motors for example,

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<v Speaker 1>So I would think that that could be a great

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<v Speaker 1>stock for as we look into twenty twenty five.

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<v Speaker 4>Okay, we think that there's a lot of money. You'll

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<v Speaker 4>hear a lot.

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<v Speaker 1>Of opportunity, but you just got to be just you

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<v Speaker 1>just got to have Sizing is so important in this

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<v Speaker 1>market because the magnitude of the moves and the speed

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<v Speaker 1>of the moves is only getting faster and becoming larger

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<v Speaker 1>and larger. Well, I want to everything that petfolio sizing

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<v Speaker 1>is so critical.

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<v Speaker 2>I do want to remind everyone that we're talking to you,

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<v Speaker 2>James Chockmock before we've heard from the Amazon colon. As

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<v Speaker 2>we continue to await earnings from Apple, which we expect

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<v Speaker 2>at four thirty, I do want to take this time

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<v Speaker 2>to have you look back to what happened earlier this

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<v Speaker 2>week and talk a little bit about Meta Platforms and

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<v Speaker 2>Microsoft as well, which are both hold in your time.

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<v Speaker 2>ETF Meta Platforms shares today ended up lower on the

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<v Speaker 2>day after the company reported yesterday they felt four percent.

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<v Speaker 2>We're speaking to you Thursday afternoon. What what did you

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<v Speaker 2>make of the investor reaction to Meta's results.

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<v Speaker 1>Yeah, I think Meta and Microsoft or a tale too

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<v Speaker 1>different stories. I think with Meta you have a situation

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<v Speaker 1>where the capex expectations, uh, you know, we're expected to

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<v Speaker 1>come down.

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<v Speaker 4>They didn't. You know.

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<v Speaker 1>Now there's more and more question marks about where twenty

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<v Speaker 1>five cappex is, you know from our perspective.

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<v Speaker 4>You know, for us, we were thinking heading into the quarter,

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<v Speaker 4>you know, how short sighted will or how.

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<v Speaker 1>What kind of a duration of guidance is Meta likely

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<v Speaker 1>to give on the capex side, and you know they

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<v Speaker 1>came out with the conservative number for the fourth quarter

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<v Speaker 1>and kind of conservative out look for twenty twenty five.

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<v Speaker 4>Yeah.

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<v Speaker 1>Our thinking is that in twenty twenty five that capex

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<v Speaker 1>expectation number will come down and for free cash flow

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<v Speaker 1>will will sarge as a result. So I think it

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<v Speaker 1>was more of a management of expectations on Meta's part.

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<v Speaker 1>But I think you know, you had the year of

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<v Speaker 1>efficiency with Meta, was it last year? And then I

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<v Speaker 1>think you can have the year of cash flow with

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<v Speaker 1>Meta next year?

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<v Speaker 2>Okay, So you talked to Meta. I do want to

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<v Speaker 2>get your thoughts on Microsoft as well. Shares of Microsoft

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<v Speaker 2>today close lower after that disappointing outlook, down six percent. Again,

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<v Speaker 2>speaking to you Thursday afternoon, there's a sort of a

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<v Speaker 2>change of heart, or maybe it was solidified after the

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<v Speaker 2>call late yesterday Wall Street Time. What do you think

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<v Speaker 2>happened with Microsoft this quarter and looking forward.

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<v Speaker 1>To Yeah, from our perspective, Microsoft is kind of the

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<v Speaker 1>worst report of last night. You know, that outlook, given

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<v Speaker 1>the valuation that Microsoft's at, that outlook left much to

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<v Speaker 1>be desired, put into question the growth rate for the

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<v Speaker 1>agreg good business and and given where the valuation is,

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<v Speaker 1>you know, we we'd want to lean more into the

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<v Speaker 1>lower valuation names like a Meta, like an Amazon that

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<v Speaker 1>continues to get cheaper and cheaper. But you know, Microsoft,

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<v Speaker 1>we kind of let it ride last night, and but

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<v Speaker 1>they disappointed, and you know, we think that there's more

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<v Speaker 1>questions than answers following that forward outlook.

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<v Speaker 2>All right, James, we're gonna have to leave it there.

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<v Speaker 2>James Chock mak Uh He is over at Clockwise Capital.

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<v Speaker 2>He's a partner in technology analyst, joining us from Miami

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<v Speaker 2>this afternoon. All right, switching gears a little bit. It's Halloween.

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<v Speaker 2>Here's what's gonna happen tonight. I'm gonna rush home, do

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<v Speaker 2>some trick or treating with the kids, and as soon

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<v Speaker 2>as they go to bed, I'm gonna sort of take

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<v Speaker 2>a lot of their candy and on its way to

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<v Speaker 2>the trash can, it's going to stop in this special

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<v Speaker 2>pile that's for me and my wife, and we're gonna

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<v Speaker 2>sort of, you know, say, we'll have a couple of

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<v Speaker 2>pieces of this candy and then throw the rest away.

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<v Speaker 2>Twenty minutes later, I'm gonna still be eating candy, you know,

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<v Speaker 2>because that's how it goes.

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<v Speaker 3>My dad was a dentist, and he wasn't even that strict.

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<v Speaker 3>He's still a dentist, but when I was a kid

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<v Speaker 3>on Halloween, he was not, you know, taking away the

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<v Speaker 3>candy on Halloween. Halloween was like an exception.

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<v Speaker 5>To the rule.

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<v Speaker 2>Maybe don't remember. My kids are so young, they're not

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<v Speaker 2>even gonna know tomorrow, I promise. How do we stay

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<v Speaker 2>healthy though around the holidays, because after Halloween you got Thanksgiving,

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<v Speaker 2>then you got Christmas and the December holidays then New

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<v Speaker 2>Year's it's kind of hard. When the weather is cold,

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<v Speaker 2>we go to doctor Julia Wolfson. She's Associate Professor in

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<v Speaker 2>the International Health Department at the Johns Hopkins Bloomberg School

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<v Speaker 2>of Public Health. It is supported by Michael R. Bloomberg,

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<v Speaker 2>founder of Bloomberg LP and Bloomberg Philanthropies. Doctor Wolfson am,

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<v Speaker 2>I just like a mean dad taking away the kids candy.

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<v Speaker 5>Hi, nice to be with you, And no I would

0:13:19.080 --> 0:13:20.920
<v Speaker 5>now say you're being a mean dad. I'd say you're

0:13:20.960 --> 0:13:24.480
<v Speaker 5>being a smart dad and a good dad. You correctly

0:13:24.559 --> 0:13:26.800
<v Speaker 5>point out, you know, Halloween is kind of the start

0:13:26.920 --> 0:13:30.960
<v Speaker 5>of this really indulgent holiday season, and Halloween is kind

0:13:30.960 --> 0:13:33.280
<v Speaker 5>of the you know for kids, like, that's it, right,

0:13:33.320 --> 0:13:36.080
<v Speaker 5>they get such a huge hall of candy and you

0:13:36.120 --> 0:13:37.839
<v Speaker 5>get to indulge for that one day, and I think

0:13:37.880 --> 0:13:40.160
<v Speaker 5>that's great, but smart to kind of take it away

0:13:40.320 --> 0:13:43.760
<v Speaker 5>and maybe exercise some of that same approach for yourself

0:13:43.800 --> 0:13:46.240
<v Speaker 5>and your wife and you have your few treats and

0:13:46.280 --> 0:13:48.240
<v Speaker 5>then you kind of get rid of the rest of

0:13:48.240 --> 0:13:49.240
<v Speaker 5>that pile as well.

0:13:49.320 --> 0:13:52.000
<v Speaker 2>Okay, but here's something different that I've only come to

0:13:52.040 --> 0:13:55.520
<v Speaker 2>realize in the last few years. And maybe I'm just

0:13:55.600 --> 0:13:57.800
<v Speaker 2>maybe my head was in the sand, But this stuff

0:13:57.840 --> 0:13:59.480
<v Speaker 2>is like a lot worse for us than we thought.

0:13:59.679 --> 0:14:04.000
<v Speaker 5>Yeah yeah, yeah, So I mean candy. I feel like

0:14:04.040 --> 0:14:06.360
<v Speaker 5>we've known for a long time candy is not great

0:14:06.400 --> 0:14:10.319
<v Speaker 5>for us. It's very sugary, you know, but it's kind

0:14:10.360 --> 0:14:13.240
<v Speaker 5>of one piece of a big puzzle of a food

0:14:13.440 --> 0:14:16.040
<v Speaker 5>environment and sort of a food system that gives us

0:14:16.080 --> 0:14:18.199
<v Speaker 5>a lot of stuff that's really not good for us

0:14:18.640 --> 0:14:21.240
<v Speaker 5>the majority of If you think about what's on a

0:14:21.280 --> 0:14:24.600
<v Speaker 5>grocery store shelves and all the candy, all the junk food,

0:14:24.760 --> 0:14:27.560
<v Speaker 5>all those kind of really highly processed products, it makes

0:14:27.600 --> 0:14:30.520
<v Speaker 5>it really hard to eat healthy, and especially you know

0:14:30.560 --> 0:14:33.880
<v Speaker 5>around the holidays when we have you know, you know,

0:14:33.960 --> 0:14:37.280
<v Speaker 5>all the Halloween folly and Thanksgiving fall, the Christmas news,

0:14:37.360 --> 0:14:39.440
<v Speaker 5>all the parties, all of that, and so it's really

0:14:39.480 --> 0:14:42.120
<v Speaker 5>difficult and it's really bad for us. You know, we

0:14:42.240 --> 0:14:46.440
<v Speaker 5>have a really growing body of evidence that our diet

0:14:46.480 --> 0:14:48.920
<v Speaker 5>is really important for our health over the short and

0:14:49.080 --> 0:14:52.600
<v Speaker 5>long term, tracking from childhood into adulthood. And we have

0:14:52.720 --> 0:14:58.280
<v Speaker 5>growing rates of diet related diseases like hypertension, diabetes, cardiovascular

0:14:58.320 --> 0:15:01.200
<v Speaker 5>disease that are the leading the cause of death among

0:15:01.200 --> 0:15:02.320
<v Speaker 5>Americans and growing.

0:15:03.120 --> 0:15:07.280
<v Speaker 3>So, doctor Wolfson, how are we supposed to understand what

0:15:07.400 --> 0:15:12.120
<v Speaker 3>foods to avoid and what is okay Because a lot

0:15:12.160 --> 0:15:15.200
<v Speaker 3>of people talk about the dangers of processed foods, but

0:15:15.320 --> 0:15:18.040
<v Speaker 3>what does that really mean? How can consumers kind of

0:15:18.160 --> 0:15:24.240
<v Speaker 3>understand like what's bad processed and what's simply okay to

0:15:24.360 --> 0:15:27.480
<v Speaker 3>eat and maybe just you know, manufactured but not the

0:15:27.520 --> 0:15:28.720
<v Speaker 3>bad kind of processed.

0:15:29.720 --> 0:15:32.200
<v Speaker 5>Yeah, yeah, it's a good point. It's really difficult, and

0:15:32.240 --> 0:15:36.400
<v Speaker 5>it's really confusing because we have you know, tens of

0:15:36.440 --> 0:15:39.200
<v Speaker 5>thousands of food products everywhere, you know, just on the

0:15:39.240 --> 0:15:43.200
<v Speaker 5>grocery store, in restaurants and all kinds of stores staring

0:15:43.240 --> 0:15:45.960
<v Speaker 5>us in the face, and it is really hard to navigate. So,

0:15:46.160 --> 0:15:49.200
<v Speaker 5>you know, ultra processed foods are i'd say, kind of

0:15:49.240 --> 0:15:52.600
<v Speaker 5>the right now where we focus a lot of attention

0:15:52.640 --> 0:15:57.160
<v Speaker 5>because they're particularly bad in a lot of ways because

0:15:57.280 --> 0:16:01.200
<v Speaker 5>they are those formulations of foods and beverages that are

0:16:01.240 --> 0:16:05.120
<v Speaker 5>really made from food products with a lot of additives

0:16:05.160 --> 0:16:09.080
<v Speaker 5>to enhance taste and texture and appearance and make them

0:16:09.200 --> 0:16:13.040
<v Speaker 5>especially tasty for us and easy to eat and quick

0:16:13.120 --> 0:16:15.840
<v Speaker 5>to prepare. But they don't really have a lot of

0:16:15.880 --> 0:16:19.560
<v Speaker 5>whole food in them. So I'd say a kind of

0:16:19.560 --> 0:16:21.560
<v Speaker 5>a rule of thumb is where you're looking at a

0:16:21.600 --> 0:16:23.840
<v Speaker 5>product and you see a list of ingredients that has

0:16:23.880 --> 0:16:25.560
<v Speaker 5>a lot of words that you're like, I don't know

0:16:25.560 --> 0:16:27.920
<v Speaker 5>what these words are. These are not ingredients that I'm

0:16:27.960 --> 0:16:30.320
<v Speaker 5>familiar with or that I would use in my home. Pitchin.

0:16:30.800 --> 0:16:33.800
<v Speaker 5>That's probably a sign that this is an industrially processed

0:16:33.800 --> 0:16:38.520
<v Speaker 5>food that is something that should be avoided or eaten

0:16:38.600 --> 0:16:42.240
<v Speaker 5>in moderation. In contrast, they're but they're not all bad, right,

0:16:42.280 --> 0:16:44.600
<v Speaker 5>So some things like if you think about whole wheat

0:16:44.600 --> 0:16:47.880
<v Speaker 5>bread on a groy sliced whole wheat bread, that's also

0:16:47.920 --> 0:16:51.600
<v Speaker 5>a highly processed but it has some nutritional qualities like

0:16:51.600 --> 0:16:54.840
<v Speaker 5>it's made with whole grains, and it's perhaps like on

0:16:54.880 --> 0:16:57.480
<v Speaker 5>a spectrum less bad. So I think, you know, you've

0:16:57.480 --> 0:17:00.200
<v Speaker 5>got to kind of read that food label, look that

0:17:00.320 --> 0:17:02.560
<v Speaker 5>ingredient list. When you see a lot of things that

0:17:02.600 --> 0:17:04.560
<v Speaker 5>you don't know what they are and would never use

0:17:04.640 --> 0:17:07.120
<v Speaker 5>or cook with them yourself, that's a sign. And then

0:17:07.160 --> 0:17:10.760
<v Speaker 5>compare that with the nutritional content, looking for is there

0:17:10.800 --> 0:17:12.760
<v Speaker 5>a lot of sodium, is there a lot of sugar,

0:17:12.960 --> 0:17:16.000
<v Speaker 5>what's the fiber content, what's the protein content? You know,

0:17:16.160 --> 0:17:18.840
<v Speaker 5>do we have any whole foods at all? Here? And

0:17:18.920 --> 0:17:21.600
<v Speaker 5>make some judgments in that respect. But these foods are

0:17:21.640 --> 0:17:24.000
<v Speaker 5>everywhere and we all use them a lot. They're really

0:17:24.040 --> 0:17:25.439
<v Speaker 5>hard to avoid full stop.

0:17:26.119 --> 0:17:30.800
<v Speaker 3>What is the I guess what is the recommended way

0:17:30.880 --> 0:17:34.960
<v Speaker 3>to talk to children about eating healthy? Because Tim mentioned

0:17:34.960 --> 0:17:40.280
<v Speaker 3>Halloween and kids, do you completely restrict candy? How can

0:17:40.320 --> 0:17:43.760
<v Speaker 3>you kind of teach kids that diet is really all

0:17:43.760 --> 0:17:46.440
<v Speaker 3>about balance, but there are foods that you should be

0:17:46.480 --> 0:17:47.400
<v Speaker 3>avoiding more.

0:17:47.200 --> 0:17:50.120
<v Speaker 2>Than others without giving the kids a complex too, right, And.

0:17:50.040 --> 0:17:52.840
<v Speaker 3>That then finally when you're away, they go crazy because

0:17:52.880 --> 0:17:54.679
<v Speaker 3>they think that they are not allowed to have it.

0:17:55.720 --> 0:17:55.880
<v Speaker 1>Right.

0:17:56.000 --> 0:17:57.800
<v Speaker 5>I think you know, it's all like you use the

0:17:57.800 --> 0:18:00.359
<v Speaker 5>word balance, right, It's all about balance. It's all about

0:18:00.400 --> 0:18:03.680
<v Speaker 5>everything in moderation. It's all about mindful eating and listening

0:18:03.680 --> 0:18:06.199
<v Speaker 5>to your body. So we you know, food is not

0:18:06.359 --> 0:18:09.000
<v Speaker 5>just a source of nutrients or something that's good for

0:18:09.040 --> 0:18:12.120
<v Speaker 5>our health or bad for our health. Food is, you know,

0:18:12.359 --> 0:18:14.840
<v Speaker 5>part of our culture. It's part of traditions, it's part

0:18:14.880 --> 0:18:17.520
<v Speaker 5>of joy and love. It's how we celebrate as a family.

0:18:17.520 --> 0:18:19.920
<v Speaker 5>It's how we celebrate most of our holidays. So we

0:18:19.960 --> 0:18:23.119
<v Speaker 5>want kids to grow up understanding that and loving and

0:18:23.200 --> 0:18:25.720
<v Speaker 5>enjoying food and getting to have treats, you know, but

0:18:25.960 --> 0:18:29.960
<v Speaker 5>everything in moderation, So thinking about, you know what, having

0:18:30.000 --> 0:18:32.800
<v Speaker 5>conversations about like what is food that makes me feel good?

0:18:33.359 --> 0:18:35.480
<v Speaker 5>What is this a real food? Is this a food

0:18:35.480 --> 0:18:37.600
<v Speaker 5>that like grow? Is this an apple or a carrot

0:18:37.600 --> 0:18:40.399
<v Speaker 5>that like actually grows, you know, from a farm, or

0:18:40.440 --> 0:18:43.520
<v Speaker 5>is this something that was made in a factory or

0:18:43.560 --> 0:18:46.159
<v Speaker 5>something you know, thinking having them really engage with like

0:18:46.200 --> 0:18:48.160
<v Speaker 5>what are these things? And how do I feel when

0:18:48.200 --> 0:18:50.800
<v Speaker 5>I eat them? Do I get to gorge myself on

0:18:50.920 --> 0:18:53.359
<v Speaker 5>candy and Halloween and then have a tummy ach the

0:18:53.359 --> 0:18:55.640
<v Speaker 5>next day? Maybe they do, and that's not the worst

0:18:55.680 --> 0:18:57.520
<v Speaker 5>thing in the world, and they learn that lesson for

0:18:57.680 --> 0:18:59.800
<v Speaker 5>daily life where I'm not going to then, you know,

0:18:59.840 --> 0:19:02.359
<v Speaker 5>go off and gorge myself on candy all the time

0:19:02.480 --> 0:19:05.359
<v Speaker 5>and feel bad. So I think it really is about

0:19:05.359 --> 0:19:08.960
<v Speaker 5>this balance everything a moderation and for adults too, thinking

0:19:09.000 --> 0:19:11.960
<v Speaker 5>about your diet holistically. Can we go out to a

0:19:12.000 --> 0:19:16.000
<v Speaker 5>holiday party or restaurant indulge, Sure, but then we want

0:19:16.000 --> 0:19:17.720
<v Speaker 5>to think about how we're eating the rest of the

0:19:17.760 --> 0:19:18.440
<v Speaker 5>week as well.

0:19:18.520 --> 0:19:21.600
<v Speaker 2>Doctor Julia Wolfson, Associate Professor in the International Health Department

0:19:21.600 --> 0:19:24.040
<v Speaker 2>of the Johns Hopkins Bloomberg School of Public Health, supported

0:19:24.200 --> 0:19:25.480
<v Speaker 2>by Michael R. Bloomberg