WEBVTT - Bloomberg Businessweek Weekend 0:00:01.080 --> 0:00:05.440 This is Bloomberg Business Week inside from the reporters and 0:00:05.600 --> 0:00:09.200 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:13.200 global business finance and tech news as it happened. Sloomberg 0:00:13.240 --> 0:00:16.759 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:00:16.800 --> 0:00:22.000 Stinovic on Bloomberg Radio. Hi everyone, Happy holidays, and welcome 0:00:22.040 --> 0:00:24.599 to the weekend edition of Bloomberg Business Week. A special 0:00:24.680 --> 0:00:27.000 Christmas program this week, as we take a look back 0:00:27.080 --> 0:00:29.600 on some of our favorite interviews from this past year. 0:00:29.960 --> 0:00:33.880 A list that's made up of market movers, legendary entrepreneurs, 0:00:34.280 --> 0:00:37.839 and a couple of entertainers that you may be familiar with. 0:00:38.040 --> 0:00:39.800 That's for sure. I gotta say, coming up with this 0:00:39.880 --> 0:00:43.640 list not so easy, Tim. We have so many great guests. 0:00:43.960 --> 0:00:46.280 We have so many great guests throughout the year. Um, 0:00:46.320 --> 0:00:48.280 but we did whittle it down to a few and 0:00:48.400 --> 0:00:49.919 over the next couple of hours we're going to hear 0:00:49.920 --> 0:00:53.000 from the likes of Michael Dell, John Rodgers of Aerial Investments, 0:00:53.080 --> 0:00:55.600 Cathy would have Arc and the former CEO of Google. 0:00:55.720 --> 0:00:57.760 We're talking about Eric Schmidt. Remember when he was the 0:00:57.840 --> 0:01:01.000 adult in the room that was different era, not just 0:01:01.040 --> 0:01:03.760 for Google, but for tech in general. We're also going 0:01:03.760 --> 0:01:06.279 to take a trip down memory lane with music legend 0:01:06.400 --> 0:01:09.000 Gina Shock, the Go Gos drummer and Rock and Roll 0:01:09.040 --> 0:01:12.040 Hall of Fame inductee. We're also going to talk film 0:01:12.040 --> 0:01:14.839 and television production in the time of COVID with award 0:01:14.920 --> 0:01:17.840 winning actor Sam Hwan. He I don't have to tell 0:01:17.840 --> 0:01:20.399 you this, Carol, because you're such a big thing, the 0:01:20.720 --> 0:01:23.800 star of Outlander, among many other things. I do recall 0:01:23.880 --> 0:01:25.920 that he's also big into whiskey. We'll talk about that. 0:01:26.240 --> 0:01:27.600 All of that to go, and we begin with a 0:01:27.720 --> 0:01:31.920 voice very familiar to our Bloomberg audience. TPG Capital executive 0:01:31.959 --> 0:01:35.800 Chairman and founding partner Jim Coulter, and I think increasingly 0:01:35.880 --> 0:01:37.479 there is what I think of as a new year 0:01:37.520 --> 0:01:40.319 of business, and perhaps we can get into that companies 0:01:40.360 --> 0:01:42.680 are going to be held accountable not just for what 0:01:42.760 --> 0:01:46.320 they do, but for how they do it. For example, 0:01:46.319 --> 0:01:48.600 if you look deeply into the E s G world today, 0:01:48.760 --> 0:01:52.120 companies that are highly rated on E s G standards, 0:01:52.680 --> 0:01:57.240 according to recent Bank of America report, have tenent lower 0:01:57.280 --> 0:02:01.600 cost of capital. So capital is looking to invest in 0:02:01.680 --> 0:02:05.360 companies that care that deliver on E s G ratings. 0:02:05.720 --> 0:02:07.600 There's still a lot of uncertainty as to what those 0:02:07.680 --> 0:02:10.280 ratings will be over time, how they'll develop. But to 0:02:10.360 --> 0:02:13.200 be clear, the trend is happening, and it makes a 0:02:13.240 --> 0:02:17.080 difference how you do things. I mean, we're definitely are 0:02:17.080 --> 0:02:21.119 seeing something on the regulatory from when it comes to that, Jim. 0:02:21.160 --> 0:02:23.200 But I do wonder we talked about, like when a 0:02:23.240 --> 0:02:26.240 company reports earnings, certainly for the publicly held companies, do 0:02:26.320 --> 0:02:28.320 we need to have okay top bottom line? We look 0:02:28.360 --> 0:02:30.360 at margins, but we also are looking at okay, here's 0:02:30.360 --> 0:02:34.600 your e s G metric and if you don't do well, um, 0:02:34.639 --> 0:02:37.160 you get penalized. There's got to be some consequences. Do 0:02:37.200 --> 0:02:38.640 we get to that point? Do we need to have 0:02:38.720 --> 0:02:41.600 that kind of point? I think we will get there 0:02:41.639 --> 0:02:44.120 over time, but we can't wait for it. What the 0:02:44.160 --> 0:02:46.080 market is looking for, what I'm looking for as an 0:02:46.120 --> 0:02:50.040 investor is authenticity in action. I'd remind you, Carol that 0:02:50.120 --> 0:02:53.799 it took seventy years to develop GAP our accounting standards, 0:02:53.919 --> 0:02:57.359 and it will take a while to develop the standards 0:02:57.360 --> 0:03:00.200 that will lead the s G era. But we can't 0:03:00.200 --> 0:03:02.080 afford to wait. We need to get to work, and 0:03:02.200 --> 0:03:06.840 capital is flowing to these opportunities. Well, one of that is, 0:03:06.880 --> 0:03:08.520 you know, Tim and I were talking about kind of 0:03:08.520 --> 0:03:11.440 planning for this, about everything that NBA students, Tim, you 0:03:11.520 --> 0:03:13.560 have an NBA yea from a couple of years ago. 0:03:13.840 --> 0:03:16.080 In terms of what you study. Leadership is such a 0:03:16.080 --> 0:03:19.120 big part in terms of getting there right. So what 0:03:19.280 --> 0:03:23.240 is it that the NBA student today on Stanford's you know, 0:03:23.840 --> 0:03:26.840 uh here at Stanford or elsewhere. What do they need 0:03:26.880 --> 0:03:28.720 to be learning when it comes to leadership, Because I 0:03:28.720 --> 0:03:30.040 think it's safe to say that a lot of people 0:03:30.080 --> 0:03:32.280 would say leadership failed us in the last couple of years. 0:03:33.280 --> 0:03:35.200 I think they need to learn to lead in a 0:03:35.240 --> 0:03:38.560 new era. Now, business changes every day, but there's times 0:03:38.600 --> 0:03:41.440 where business ethos changed. When I got out of business 0:03:41.440 --> 0:03:44.720 school in a long time ago, we were studying Japanese 0:03:44.720 --> 0:03:48.320 business practices. In the nineties, the ethos changed to the 0:03:48.400 --> 0:03:52.920 Jack Welsh era were suddenly strategic planning and KPI shove everything. 0:03:53.440 --> 0:03:56.920 Two thousand it changed radically again, where suddenly we were 0:03:57.000 --> 0:03:59.640 told to move fast and break things the ear of 0:03:59.760 --> 0:04:04.400 entrepe ownership. Where Stanford leads today, there's a new era, 0:04:04.840 --> 0:04:07.800 a new ethos developing. As I said, it's not only 0:04:07.840 --> 0:04:11.080 what you do, but how you do it. Jim, there's 0:04:11.080 --> 0:04:14.640 this conversation happening right now about the value of education, 0:04:14.760 --> 0:04:19.080 especially really expensive education. So make the case to us, 0:04:19.120 --> 0:04:23.119 to our viewers, to future NBA students that the NBA 0:04:23.440 --> 0:04:27.799 is still worth it. Yeah. For me, in I walked 0:04:27.800 --> 0:04:29.960 out of Stanford and it was a special place. Then 0:04:30.000 --> 0:04:32.719 it remains a special place today. There's something in the 0:04:32.720 --> 0:04:37.040 air ideas, innovation and risk taking, and at that moment 0:04:37.160 --> 0:04:39.679 I chose to take the lowest pain job I was offered. 0:04:39.800 --> 0:04:42.960 I entered an industry that didn't have a name. Fast 0:04:43.000 --> 0:04:46.159 forward thirty years. That industry is now called private equity. 0:04:46.240 --> 0:04:51.240 It's four trillion dollars. I've helped build organizations within it, 0:04:51.800 --> 0:04:57.040 and today I'm sitting here talking about how to drive 0:04:57.080 --> 0:05:01.520 a new idea, impact investing. So Stanford's auto is change lives, 0:05:01.640 --> 0:05:05.359 change organizations, change the world. It changed my life. It 0:05:05.400 --> 0:05:08.520 allowed me to change organizations, and we're working hard on 0:05:08.640 --> 0:05:12.360 changing the world. That has immense value. It doesn't play 0:05:12.400 --> 0:05:16.880 out necessarily always in year one, although it did for me, 0:05:17.480 --> 0:05:20.920 but it plays out over the arc of her career. 0:05:21.320 --> 0:05:23.680 So you said, thirty years you walked into private equity 0:05:23.880 --> 0:05:27.160 and just earlier this year, your executive chairman still in 0:05:27.240 --> 0:05:31.160 the company UM that you founded, but yet you're not 0:05:31.520 --> 0:05:35.760 CEO or head of the company anymore. I do wonder 0:05:35.800 --> 0:05:38.240 what it's like for a founder coming on the hills 0:05:38.240 --> 0:05:42.960 of KKR right, another legendary private equity firm UM and 0:05:43.040 --> 0:05:45.760 they have set in place their succession plan. How do you, 0:05:45.800 --> 0:05:49.400 as a as a founder think about succession UH and 0:05:49.440 --> 0:05:52.760 the next step for your company? As a leader, well, 0:05:52.839 --> 0:05:55.640 succession is out there for me. But what I constantly 0:05:55.680 --> 0:05:57.400 have to ask myself as a leader is what is 0:05:57.440 --> 0:05:59.560 my highest and best use. We had a co CEO 0:05:59.640 --> 0:06:02.960 Struck Sure, and my highest invest us is actually to 0:06:03.080 --> 0:06:07.120 invest and to innovate. So I chose to evolve my 0:06:07.640 --> 0:06:10.599 focus to this question of how can business make a 0:06:10.640 --> 0:06:14.960 difference in society? How can we address this intersection of 0:06:15.120 --> 0:06:20.240 social responsibility and corporate UH and corporate effectiveness? And that 0:06:20.320 --> 0:06:24.320 ability to continue to invest in innovating is liberating and 0:06:24.920 --> 0:06:27.680 is something that I think is good for me and 0:06:27.880 --> 0:06:30.880 good for the company. That was Jim Coulter, executive chairman 0:06:30.920 --> 0:06:33.640 and co founder of the private equity firm TPG Capital, 0:06:34.000 --> 0:06:36.800 also co managing partner of the Rise Fund and a 0:06:36.800 --> 0:06:40.040 member of Stanford's Board of Trustees. That interview from mid 0:06:40.040 --> 0:06:42.800 October as part of our Stanford b School special Giving 0:06:42.880 --> 0:06:45.920 Up Another Investment Luminary tackles a different set of social 0:06:45.960 --> 0:06:48.640 issues in the business world. We're talking about diversity and 0:06:48.680 --> 0:06:52.400 finance and financial literacy. We've got a conversation with the chairman, 0:06:52.440 --> 0:06:56.160 co CEO and Chief investment Officer of Aerial Investments, John Rogers. 0:06:56.360 --> 0:06:58.839 You're listening to Bloomberg Business Week some of our many 0:06:58.920 --> 0:07:11.480 highlights for any one. This is Bloomberg. This is Bloomberg 0:07:11.480 --> 0:07:15.119 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:07:15.160 --> 0:07:20.160 Stinovik from Bloomberg Radio. Our Christmas weekend edition of Bloomberg 0:07:20.200 --> 0:07:22.440 Business Week is look back at some of our favorite 0:07:22.440 --> 0:07:26.120 conversations from the past year. One in which retail traders 0:07:26.120 --> 0:07:28.480 emerged as a market moving for us. That was a 0:07:28.480 --> 0:07:30.120 big theme of the year Tips It really was a 0:07:30.120 --> 0:07:32.360 big theme in our Next guest is on the board 0:07:32.360 --> 0:07:35.840 of corporate giants like Nike, McDonald's and The New York Times. 0:07:35.840 --> 0:07:39.120 He's also chairman, co CEO and Chief Investment officer of 0:07:39.160 --> 0:07:42.640 Oriel Investments. We're talking about John Rogers. He joined me 0:07:42.680 --> 0:07:45.640 and Bloomberg News New York Deputy Bureau Chief Chortilla Brantley 0:07:45.680 --> 0:07:49.400 back into lie and express concern that novice traders, particularly 0:07:49.440 --> 0:07:52.200 from communities of color, are not yet fully equipped for 0:07:52.280 --> 0:07:55.680 long term investing success. I do worry about it. And 0:07:56.000 --> 0:07:58.960 the good sign is we're getting more and more African 0:07:58.960 --> 0:08:02.200 American investors, and you know, places like Charles Schwab have 0:08:02.320 --> 0:08:05.680 really democratized the stock market, and it's very cheap to 0:08:05.720 --> 0:08:08.080 get involved, and you can do everything online and not 0:08:08.120 --> 0:08:12.720 be intimidating by traditional white shoe investment firms. So all 0:08:12.760 --> 0:08:16.200 that is really really good. But the downside is often 0:08:16.280 --> 0:08:18.640 has happened when the with the Internet bubble at the 0:08:18.680 --> 0:08:21.680 turn of the century, we get pulled in the market, 0:08:21.720 --> 0:08:24.840 gets sucked into the latest themes too often because we 0:08:24.920 --> 0:08:28.080 haven't been as engaged in the stock market as white Americans. 0:08:28.120 --> 0:08:30.280 So I do worry that we're getting pulled into some 0:08:30.320 --> 0:08:33.800 of these risky areas that exactly the wrong time. And 0:08:33.840 --> 0:08:35.560 we know, you know, the way that we came to 0:08:35.559 --> 0:08:38.160 this country, the traditions that we had to fight against, 0:08:38.160 --> 0:08:40.760 the Jim Crow and all the challenges that we face 0:08:40.840 --> 0:08:42.880 in our community put us behind the April when it 0:08:42.920 --> 0:08:45.640 came to investing and getting comfortable in the markets. And 0:08:45.679 --> 0:08:48.440 so again, whenever we get pulled in, I do worry 0:08:48.480 --> 0:08:51.520 sometimes when it's late in the game. Well, let's talk 0:08:51.559 --> 0:08:56.800 about financial literacy and how that plays into alleviating your concerns. 0:08:59.400 --> 0:09:01.000 You know, I think we need to continue to do 0:09:01.120 --> 0:09:03.600 more and more. We have just scratched the surface when 0:09:03.600 --> 0:09:06.679 it comes to financial literacy. During the Obama administration, I 0:09:06.760 --> 0:09:08.880 had the privilege to be able to be able to 0:09:08.960 --> 0:09:13.200 chair his counsel and Financial Capability for Young Americans, and 0:09:13.280 --> 0:09:15.199 we talked to the President about how can we get 0:09:15.240 --> 0:09:19.360 more financial institutions to partner with urban public schools to 0:09:19.520 --> 0:09:23.120 teach kids about the market, give the kids real dollars 0:09:23.160 --> 0:09:26.079 to invest in real stocks, be role models for young 0:09:26.120 --> 0:09:29.440 people of color to get engaged in the financial services 0:09:29.480 --> 0:09:32.560 sectors career choices. So I think we have a long 0:09:32.600 --> 0:09:36.080 way to go, because it's just so critically important that, 0:09:36.200 --> 0:09:38.679 you know, African Americans get exposed to the markets at 0:09:38.720 --> 0:09:41.000 young ages. You know, we know the wealth gap in 0:09:41.080 --> 0:09:43.839 this country has gotten larger and larger. We've fallen further 0:09:43.960 --> 0:09:47.160 behind because of the historical discrimination that we face in 0:09:47.160 --> 0:09:49.440 this country. So the way to catch up is to 0:09:49.480 --> 0:09:52.040 get folks involved in the best parts of the economy 0:09:52.280 --> 0:09:54.760 where the wealth and jobs are being created today, and 0:09:54.840 --> 0:09:57.600 learning about the magic of compound interests and getting comfortable 0:09:57.640 --> 0:09:59.880 in equities because we all know when you get a 0:10:00.040 --> 0:10:01.840 odd now you have to be your own money manager 0:10:01.920 --> 0:10:04.559 with your four own K plan. So financial literacy is 0:10:04.600 --> 0:10:06.560 more important in this country than ever, John, how do 0:10:06.600 --> 0:10:08.680 we get there? The reason I asked is I actually 0:10:08.720 --> 0:10:11.520 came across a Federal Reserve paper that was done by 0:10:11.520 --> 0:10:13.640 a researcher about ten years ago. I think talking about 0:10:13.679 --> 0:10:17.440 the importance of financial literacy, I think about someone like 0:10:17.760 --> 0:10:20.679 you know, Warren Buffett, who talked about compound interest like 0:10:20.880 --> 0:10:23.080 knew it when he was at a young age. We 0:10:23.160 --> 0:10:26.040 have been talking about the importance of financial literacy across 0:10:26.120 --> 0:10:30.080 society for a long time, and I wonder, how do 0:10:30.120 --> 0:10:32.079 we really move the needle on this, because I agree 0:10:32.080 --> 0:10:34.920 that this is something that unlocks kind of the financial 0:10:35.280 --> 0:10:37.360 is the key that kind of unlocks financial wealth for 0:10:37.400 --> 0:10:41.680 more Americans, and certainly for black Americans. Well, you know, 0:10:41.720 --> 0:10:43.040 I think one of the things I talked about all 0:10:43.040 --> 0:10:44.960 the time. You know, my father bought stocks for me 0:10:45.000 --> 0:10:47.600 every birthday and every Christmas after I was twelve years old, 0:10:47.640 --> 0:10:49.480 and I got exposed to the markets at an early 0:10:49.520 --> 0:10:51.880 age and loved it. You know, there's a program in 0:10:51.880 --> 0:10:53.960 New York, New York City Rise that is doing that 0:10:54.000 --> 0:10:56.800 with young people, getting kids into five twenty nine programs 0:10:56.800 --> 0:10:59.520 that you know, right in kindergarten and on the way 0:10:59.720 --> 0:11:02.240 and at the Aerial Community Academy that's now twenty five 0:11:02.320 --> 0:11:04.840 years old. We give kids real money to invest in 0:11:04.880 --> 0:11:07.040 real stocks, and they get to see the money grow 0:11:07.120 --> 0:11:10.360 from kindergarten through eighth grade. And I think that's just 0:11:10.480 --> 0:11:13.240 so important. You've got to get exposure, you know, get 0:11:13.240 --> 0:11:15.439 your hands a little dirty with the markets, learning how 0:11:15.440 --> 0:11:17.920 to do the research, seeing the inevitable ups and downs, 0:11:18.200 --> 0:11:21.400 but seeing how markets steadily climb even after you have 0:11:21.480 --> 0:11:24.800 some ups and downs. We come back from downturns and 0:11:24.840 --> 0:11:28.680 bounce higher. So I can't over emphasize the importance for 0:11:28.760 --> 0:11:32.120 corporate America to work with public schools, get public schools 0:11:32.120 --> 0:11:35.360 to have robust financial literacy programs, and get volunteers from 0:11:35.360 --> 0:11:37.280 the corporate community to get in there and talk with 0:11:37.360 --> 0:11:39.800 kids about how to do the research and the magic 0:11:39.840 --> 0:11:42.959 of our capitalist democracy. You know that really builds wealth 0:11:43.000 --> 0:11:45.480 over time. Just a quick follow. Should it be mandatory 0:11:45.520 --> 0:11:48.319 in schools? I personally think that kids should be starting 0:11:48.320 --> 0:11:51.679 in kindergarten learning about financial literacy. Make it part of 0:11:52.200 --> 0:11:54.440 the curriculum. Do you think that's what needs to be done. 0:11:55.400 --> 0:11:58.480 I think that's really critical. I think that's exactly right. 0:11:58.520 --> 0:12:00.679 You know. I know local communities make decisions on their 0:12:00.720 --> 0:12:03.960 own local schools. It's hard to dictate that federally, but 0:12:04.440 --> 0:12:06.800 it's you know, I always joke with my friend Arnie Duncan, 0:12:06.840 --> 0:12:09.559 the former Secretary of Education, that you know, the French 0:12:09.600 --> 0:12:12.960 class is maybe not as important as that financial literacy class. 0:12:13.000 --> 0:12:14.559 You know, I think I've been to France five times 0:12:14.559 --> 0:12:18.520 in my life, and I spent five years studying French. UM. 0:12:18.679 --> 0:12:21.640 Financial literacy is so important to our economy and so 0:12:21.679 --> 0:12:25.680 important to our country and in our in all communities. Well, 0:12:25.720 --> 0:12:29.120 there have just been so many efforts. If you will 0:12:29.559 --> 0:12:34.199 announced post George Floyd, you know your organization has um 0:12:34.320 --> 0:12:38.160 launched Project Black Can you just tell our audience a 0:12:38.200 --> 0:12:40.400 little bit more about that and what has been the 0:12:40.440 --> 0:12:45.360 response so far our you know, our co CEO created 0:12:45.440 --> 0:12:49.160 Project Black UH in partnership with JP Morgan Chase and 0:12:49.240 --> 0:12:51.960 Jamie Diamond. You know, Melanie Hobson had this vision, this 0:12:52.040 --> 0:12:55.280 idea that we would create a fund that would build 0:12:55.720 --> 0:12:59.800 stronger Black owned and Latin X businesses and get them 0:12:59.800 --> 0:13:02.720 to scale. We feel like too many of the programs 0:13:02.720 --> 0:13:07.760 are all about helping small micro businesses get small loans 0:13:07.800 --> 0:13:10.440 to build their businesses. We feel we want to help 0:13:10.600 --> 0:13:13.920 build capital for companies to be really scalable where they 0:13:13.960 --> 0:13:18.120 can create real multigenerational wealth higher hundreds of not thousands 0:13:18.160 --> 0:13:21.240 of people, and have a permanent impact on our society. 0:13:21.679 --> 0:13:23.920 At the same time, we'll work with decision makers in 0:13:23.960 --> 0:13:27.440 Corporate America to encourage them to do business with minority 0:13:27.480 --> 0:13:29.760 businesses and the parts of the economy where the wealth 0:13:29.800 --> 0:13:33.080 and jobs are created today. You know, we know financial services, 0:13:33.160 --> 0:13:37.960 we know wealth created and technology, media, etcetera. And sometimes 0:13:38.080 --> 0:13:42.520 well meeting supplier diversity programs have not really encouraged minority 0:13:42.559 --> 0:13:44.720 businesses to have real opportunity in the parts of the 0:13:44.720 --> 0:13:48.160 economy again where the wealth is created today. So that's 0:13:48.200 --> 0:13:50.400 what Project Black is all about, is to make sure 0:13:50.440 --> 0:13:53.000 the Corporate America is doing business with everyone and they 0:13:53.000 --> 0:13:55.160 were building businesses of scale, which we think will have 0:13:55.200 --> 0:13:58.560 a real permanent impact and positive impact on our society. 0:13:58.880 --> 0:14:01.840 It's going extremely well. We're really busy out there. We 0:14:01.840 --> 0:14:05.240 have a great board of directors and great CEO. Um, 0:14:05.280 --> 0:14:08.080 it's just been, uh, you know, off to a great, 0:14:08.120 --> 0:14:11.280 great start. That was John Rogers, Chairman, co CEO and 0:14:11.360 --> 0:14:14.720 Chief Investment Officer of Arial Investments. He spoke with Carol 0:14:14.800 --> 0:14:18.120 and Bloomberg News New York Deputy Bureau Chief Shartilla Brantley 0:14:18.200 --> 0:14:20.520 over the summer coming up. In our Bloomberg Business Week 0:14:20.560 --> 0:14:23.400 Christmas special, we head back to the Stanford Graduate School 0:14:23.400 --> 0:14:25.440 of Business. We'll hear from the founder and co c 0:14:25.680 --> 0:14:29.480 of Minted Mayor of NAFISI on her company's next big expansion. 0:14:29.760 --> 0:14:40.440 This is Bloomberg. Wake up and text, Text and eat, 0:14:41.280 --> 0:14:43.120 Text and meet up with a friend you haven't seen 0:14:43.160 --> 0:14:47.120 in forever. Hi, Text and complain that they're on their 0:14:47.120 --> 0:14:50.200 phone the whole time. Text and listen to them complain 0:14:50.240 --> 0:14:54.880 that you're on your phone the whole time. Text and whatever. 0:14:55.520 --> 0:14:57.480 But when you get behind the wheel, give your phone 0:14:57.480 --> 0:14:59.760 to a passenger, put it in the glove box. Just 0:15:00.120 --> 0:15:04.240 don't text and drive. Visit stop texts, Stop rex dot org. 0:15:04.560 --> 0:15:08.800 A message from Nitza Amy at Council broadcasting from the 0:15:08.840 --> 0:15:12.720 financial capital of the World Bloomberg eleven Frio in New 0:15:12.800 --> 0:15:17.280 York to Washington, d C. Bloomberg to Boston, Bloomberg one 0:15:17.280 --> 0:15:20.400 oh six one does San Francisco, Bloomberg nine sixty to 0:15:20.520 --> 0:15:23.720 the country Sirius XM Chado one nineteen and around the 0:15:23.720 --> 0:15:27.760 globe the Bloomberg Business app and Bloomberg Radio dot com. 0:15:27.800 --> 0:15:31.840 This is Bloomberg business Week. One thing that started to 0:15:31.880 --> 0:15:34.160 return to a degree of normalcy to our lives this 0:15:34.200 --> 0:15:37.240 past year was our ability to travel for business. We 0:15:37.240 --> 0:15:39.400 were lucky enough to be able to do a handful 0:15:39.400 --> 0:15:42.680 of remote broadcast in one and it's really something we 0:15:42.760 --> 0:15:44.720 missed big time to the height of the pandemic. It 0:15:44.840 --> 0:15:48.120 felt good to be quote unquote a little bit normal here, Tim, Yeah, 0:15:48.120 --> 0:15:50.120 it really did. And one of those programs took place 0:15:50.160 --> 0:15:53.080 at the Stanford Graduate School of Business in October. We 0:15:53.160 --> 0:15:56.760 traveled there to celebrate the school's repeat appearance atop Bloomberg 0:15:56.800 --> 0:15:59.640 Business Week's list of America's Best to be Schools. What's 0:15:59.640 --> 0:16:01.760 cool ab at it is? We were able to engage 0:16:01.760 --> 0:16:04.560 with students, key faculty, and administrators, as well as some 0:16:04.640 --> 0:16:08.240 of Stanford's most successful NBA recipients ever, and among them 0:16:08.280 --> 0:16:10.280 was a woman who has emerged as a pioneer of 0:16:10.320 --> 0:16:13.600 the creator economy. We're talking about Miriam Nafisi. She's the 0:16:13.600 --> 0:16:16.520 founder and co CEO of Minted. Her business focuses on 0:16:16.600 --> 0:16:19.760 stationary and I know this because years ago I used 0:16:19.760 --> 0:16:22.600 them for my wedding as well as our home goods 0:16:22.600 --> 0:16:26.000 and digital content. Also now, Minted is expanding into furniture, 0:16:26.080 --> 0:16:29.280 having gaveuted its first line exclusively at West Elm earlier 0:16:29.280 --> 0:16:31.760 this year. Well, I think the fundamental thread through all 0:16:31.800 --> 0:16:34.520 of these businesses is this idea that great talent can 0:16:34.520 --> 0:16:37.200 come from anywhere, great ideas can come from anywhere. And 0:16:37.280 --> 0:16:39.960 so what we're trying to do is bring great independent, 0:16:40.280 --> 0:16:45.080 unique art and design two people everywhere and um empower 0:16:45.760 --> 0:16:48.040 artists around the globe to put their hat in the 0:16:48.120 --> 0:16:51.080 ring and then really build businesses off of our platform, 0:16:51.120 --> 0:16:54.360 regardless of where they were educated, where they're from, um 0:16:54.400 --> 0:16:56.240 whether they had any connections to be able to get 0:16:56.280 --> 0:17:01.280 into business. This helps anyone really be part of a marketplace. 0:17:01.600 --> 0:17:03.560 What are you finding is the best way to communicate 0:17:03.800 --> 0:17:05.480 what you're doing and how you're growing, Because I do 0:17:05.520 --> 0:17:07.680 think a lot of people know mented for invitations. I 0:17:07.720 --> 0:17:09.800 mean full disclosure. It's what we used for. You know, 0:17:09.920 --> 0:17:12.360 my wife and I used for our wedding and and 0:17:12.400 --> 0:17:14.680 I think people know it for for holiday cards. But 0:17:14.680 --> 0:17:17.399 but how do you then communicate that you're doing furniture 0:17:17.440 --> 0:17:20.160 as well. Yeah, I think it's a great question. I mean, 0:17:20.200 --> 0:17:24.240 we are targeting niche audiences through niche marketing, so you know, 0:17:24.280 --> 0:17:26.040 you might not see it at the very highest level 0:17:26.040 --> 0:17:28.560 of corporate marketing, but we are. We are marketing to 0:17:28.640 --> 0:17:31.680 different audiences. But I think also you'll see more brand 0:17:31.720 --> 0:17:35.160 building campaigns from us at the higher level this Christmas season, 0:17:35.200 --> 0:17:38.040 where we really are focusing on the artist as the 0:17:38.080 --> 0:17:40.440 common thread through all these businesses, so that I think 0:17:40.480 --> 0:17:42.920 people really understand that it's about it's it's really about 0:17:42.920 --> 0:17:49.800 an artist marketplace and community that is participating across textiles, paper, furniture, 0:17:50.440 --> 0:17:53.919 wall art, many different goods and bringing but really centering 0:17:53.920 --> 0:17:56.440 it around the artist story and their journey. And you'll 0:17:56.480 --> 0:17:58.920 see that coming out too. You are so great about 0:17:59.000 --> 0:18:01.440 highlighting other people's nys and artist journeys, but what about 0:18:01.480 --> 0:18:03.600 your own journey here? Because you didn't get accepted the 0:18:03.600 --> 0:18:06.720 first time around, but you came back the next year. 0:18:06.840 --> 0:18:09.320 How did you make that happen? Yeah, I mean, I 0:18:09.320 --> 0:18:12.840 think it's this idea of being persistent and fighting for 0:18:12.880 --> 0:18:16.359 what you really what your dream is. And um, you know, 0:18:16.440 --> 0:18:19.320 I had come into Stanford knowing I wanted to be 0:18:19.320 --> 0:18:23.760 an entrepreneur. I'd landed in California after graduating from college. 0:18:23.760 --> 0:18:28.240 I'd spent some time at some other businesses uh in investment, banking, 0:18:28.280 --> 0:18:30.320 and consulting, and I knew that I wanted to carve 0:18:30.359 --> 0:18:33.160 my own path. Um. I felt that if I had 0:18:33.200 --> 0:18:35.560 gone more of the bigger corporate route, I wasn't sure 0:18:35.680 --> 0:18:37.000 if that was a good fit for me and or 0:18:37.040 --> 0:18:39.120 if I would be given the responsibility that I thought 0:18:39.240 --> 0:18:42.680 maybe in my year old mind, I thought I may 0:18:42.680 --> 0:18:46.920 be deserved. And so I really felt that the US 0:18:47.000 --> 0:18:49.040 is you know, I'm a I'm an immigrant to the US. 0:18:49.160 --> 0:18:52.399 I felt like, um, this is really a country of 0:18:52.440 --> 0:18:56.399 great opportunity, uh, and that the American consumer would be 0:18:56.440 --> 0:18:59.080 the ultimate judge of merit, that they wouldn't really care 0:18:59.200 --> 0:19:01.600 necessarily who the product. If they like the product, they 0:19:01.600 --> 0:19:04.120 would buy the product. And so I was really motivated 0:19:04.160 --> 0:19:07.480 around entrepreneurship as a way to create the world. I 0:19:07.520 --> 0:19:09.280 wanted to live in and create the products I wanted 0:19:09.320 --> 0:19:11.359 to see. Um, have you found out to be the 0:19:11.359 --> 0:19:13.560 case about the American consumer? I do think so. I 0:19:13.560 --> 0:19:14.920 mean we have this is one of the best things 0:19:14.960 --> 0:19:17.480 about being American is that we have this huge Peatrie 0:19:17.480 --> 0:19:19.880 dish of like several hundred million consumers who can buy 0:19:19.880 --> 0:19:22.080 your product and test your products. So it's a fantastic 0:19:22.080 --> 0:19:24.359 It's why we are so good at product development and 0:19:24.480 --> 0:19:27.159 marketing actually because we have this great we have a 0:19:27.160 --> 0:19:30.360 great Peatrie dish, and so, um, that's exactly what's happened. 0:19:30.520 --> 0:19:33.879 And um, that's why I wanted to pursue entrepreneurship and 0:19:33.960 --> 0:19:36.560 come to Stanford. Um, so when I came out, I 0:19:36.840 --> 0:19:39.600 knew that that's what I wanted to do. So what's 0:19:39.640 --> 0:19:42.640 the endgame? And you know, it's a Bloomberg question. I mean, 0:19:43.160 --> 0:19:46.280 it's got to be nice being private, but having investors involved, right, 0:19:46.520 --> 0:19:49.000 But I mean, is the ultimate goal to be a 0:19:49.000 --> 0:19:51.320 public company? How do you think about it? Because there 0:19:51.320 --> 0:19:53.560 are options today. I think it used to be it 0:19:53.640 --> 0:19:55.480 was a direct path. You stayed private for a long time, 0:19:55.480 --> 0:19:56.520 but as soon as you could you get to the 0:19:56.520 --> 0:19:58.600 public markets. It doesn't have to be that way. There's 0:19:58.600 --> 0:20:01.480 a lot of cash out there with investor support to 0:20:01.560 --> 0:20:04.120 keep a business going for years. We see that. Yeah, 0:20:04.160 --> 0:20:05.960 I mean, I think we're always trying to keep all 0:20:05.960 --> 0:20:08.800 options open um. But you know, it is an independent 0:20:08.840 --> 0:20:11.440 company in the sense that our artists are independent too. 0:20:11.480 --> 0:20:14.119 It's a fungible community. People can come and go, and 0:20:14.160 --> 0:20:16.720 I think the idea of capturing trying to capture that 0:20:16.760 --> 0:20:19.399 community inside another company is probably a little bit of 0:20:19.400 --> 0:20:21.840 a forced a forced, it would be forced, some kind 0:20:21.840 --> 0:20:24.959 of strange probably. So I think of ourselves as an 0:20:24.960 --> 0:20:27.560 independent business, that we're building an independent company, and certainly 0:20:27.640 --> 0:20:30.760 we could continue private financing or or go public, and 0:20:31.040 --> 0:20:33.840 we're just preparing for, you know, for either, you know, 0:20:34.440 --> 0:20:37.000 both both paths, and we always keep we always keep 0:20:37.040 --> 0:20:39.840 ourselves prepared for both. What a fun conversation that was. 0:20:39.880 --> 0:20:42.399 Miriam Nafisi, she's the founder and co c of Minted. 0:20:42.480 --> 0:20:45.000 She joined us on campus at the Stanford Graduate School 0:20:45.000 --> 0:20:47.879