Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business finance and tech news As it happened. Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes. Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. It's week fifty nine. Working
Speaker 1: from home, Tim, We were both in the office again
Speaker 1: this week, but I kind of say it was a
Speaker 1: jam packed week. Lots of big tech earnings. We had
Speaker 1: a presidential address to Congress, a FED meeting, and a
Speaker 1: conditional easing of mask wearing in the United States. It
Speaker 1: also feels like more and more people are starting to
Speaker 1: go into the office early and really be around New
Speaker 1: York City as vaccinations increase and more and more people
Speaker 1: start feeling comfortable just to be going on right. Yeah.
Speaker 1: The next couple of hours too, we got a lot
Speaker 1: going on, from Costco to healthcare to Uber and left
Speaker 1: passing out bonuses to drivers and the baseball grade who
Speaker 1: struck out when it came to video games. It's all
Speaker 1: in a new book, and we get a little clip
Speaker 1: of it Plus, we're gonna talk about some fun with toys.
Speaker 1: That's been a plus for Mattel. We've definitely seen that
Speaker 1: as a pandemic play in the last twelve months. We're
Speaker 1: going to check in with the company's CEO. Well, not
Speaker 1: so much fun for Walmart workers. You just want to
Speaker 1: hire minimum wage. Why the US is largest private employer
Speaker 1: puts up such a fight. Also, the real estate developer
Speaker 1: an investor turned crypto entrepreneur weighs in on both. That's
Speaker 1: Kent Swig of Swig Equities. He's a favorite guest of ours.
Speaker 1: All of that to come. We begin, though, with this
Speaker 1: week's double issue of Bloomberg Business Week magazine. It's now
Speaker 1: on newsstands, online, and of course, always on the Bloomberg terminal.
Speaker 1: The cover story is about President Biden and the challenges
Speaker 1: to come. It's a rather timely story, considering President Biden's
Speaker 1: addressed to Congress this week. For look at that story
Speaker 1: and some other highlights in the current issue, we checked
Speaker 1: in with Bloomberg Business Week editor Joel Weber. When you
Speaker 1: look at what um he's accomplished in in just a
Speaker 1: remarkably short period of time, beating his own goals and
Speaker 1: then increasing his own goal for a number of vaccinations.
Speaker 1: Uh Um, probably on the brink of another goal in
Speaker 1: terms of reopening schools. Passage of at one point nine
Speaker 1: trillion dollar stimulus, like pretty historic run here to start
Speaker 1: a presidency. But as Josh wynd Grove and Nancy Cook right,
Speaker 1: and the story, like everything else, is about to get
Speaker 1: more difficult for him, and that affects not only the
Speaker 1: American economy but also the shape of things to come
Speaker 1: for the rest of the world. There's also a story
Speaker 1: in this issue by Peter Koy, Stephan Nicola, and David
Speaker 1: Rocks about the Super League that was going to be. Yeah.
Speaker 1: My my little phrase for it is the Super League
Speaker 1: supernova like came and went before you even really like blinked, right.
Speaker 1: So but you know, I think the story that is
Speaker 1: rocked Europe it speaks to sort of this business model
Speaker 1: that I don't think people appreciate it actually maybe how
Speaker 1: broken it was where you have these leagues that are
Speaker 1: basically levered up and with debt and don't really have
Speaker 1: a chance to to like take out of that and
Speaker 1: and find a way that's profitable, and the pandemic has
Speaker 1: really weighed on them. Um, and you know, of course
Speaker 1: you brought in um, some American ingenuity to a European
Speaker 1: model and it just totally broke down. Yeah, exactly, it
Speaker 1: really broke down quickly. And what it means for the
Speaker 1: future of the beautiful game is something that I think
Speaker 1: we we sort of hint at, and you know, no
Speaker 1: one really knows here, but it does make you wonder
Speaker 1: if there could be a more fan centric model going forward.
Speaker 1: And obviously Germany has some examples of how that can
Speaker 1: can look. Um, you know, everyone holds the Green Bay
Speaker 1: Packers in high esteem here. It makes you wonder if
Speaker 1: there isn't more of a fan based model that could
Speaker 1: come out of this. You know, Peter at Order over
Speaker 1: at doub William and Mary has been corresponding back and
Speaker 1: forth with me, and we were talking about what happened
Speaker 1: in soccer, uh, and he said, it's kind of reflective
Speaker 1: of the K shape recovery of like the owners the
Speaker 1: top leg, you know, the fans the bottom leg, and
Speaker 1: it's just like you've got to understand there's this big
Speaker 1: gap and people are fighting back on that lower lit
Speaker 1: you know, leg of the K and it's just kind
Speaker 1: of reflective more broadly of what's going on in the economy. Yeah, yeah,
Speaker 1: it also funny enough, it speaks to like, you know,
Speaker 1: shareholder capital where where you're you're you're you've got you know, fans,
Speaker 1: and the fans are what it makes the whole thing work. Like.
Speaker 1: They're the ones who pay for ticket sales that by
Speaker 1: the merchandise that phil the stadiums, and suddenly when they're
Speaker 1: the ones that feel like, you know, they're getting in
Speaker 1: the cold shoulder, the whole thing falls apart. And I
Speaker 1: think that that is a really important thing for all
Speaker 1: of us to kind of keep in mind and at
Speaker 1: this moment in capitalism and the pandemic and everything else. Well,
Speaker 1: speaking of the pandemic, there's a piece in the issue
Speaker 1: that really made me think differently about what the other
Speaker 1: side of the pandemic looks like. It's about her immunity.
Speaker 1: It's called her immunity is Humanity's Great hope. It's Proving
Speaker 1: Elusive by Robert Langrith and Emma Court, and it it
Speaker 1: plays with the idea that this this this herd immunity
Speaker 1: concept that we've become so attuned to over the last
Speaker 1: year might not be the best way for us to
Speaker 1: measure end of the pandemic. Yeah, it's kind of a
Speaker 1: scary article, to be honest, and we made we made
Speaker 1: it the remarks because I just found the first story
Speaker 1: in the issue because I found it to be um
Speaker 1: a rather cold shower. And here we are, you know,
Speaker 1: a year and change into the pandemic, and herd immunity
Speaker 1: has been this idea that feels like this great hope
Speaker 1: that everybody is like, you know, look like vaccines all
Speaker 1: you know, the number of hundreds of thousands and millions
Speaker 1: of Americans who have had to fight with COVID at
Speaker 1: this point, like it's all for something. We're gonna get
Speaker 1: to this herd immunity moment and you know, we'll have
Speaker 1: this kind of safety blanket, except that it's turning out
Speaker 1: that no one exactly knows when what percent of population
Speaker 1: needs to have either inoculations or exposure to reach herd immunity.
Speaker 1: And you know, it started like like a year ago,
Speaker 1: it was like thirty maybe then suddenly the number became
Speaker 1: seventy eight percent. Now the government isn't even like using
Speaker 1: those numbers, Like, no one knows what percentage of the
Speaker 1: population needs to have exposure or inoculation in order to
Speaker 1: reach herd immunity, which basically means that any sense of
Speaker 1: normality that we think her immunity might provide is probably
Speaker 1: kind of distant. One thing we talked a lot about
Speaker 1: this week, Carol, and last week too, is that even
Speaker 1: though things are looking really good here in the U.
Speaker 1: S and a handful of countries, we're really in the
Speaker 1: minority of of turning the corner when it comes to
Speaker 1: the global pandemic India. The numbers just keep getting worse
Speaker 1: and worse, right, And that is something we need to
Speaker 1: keep in mind, that this is a global pandemic. We
Speaker 1: can't get beyond it until we eradicated everywhere. That, of course,
Speaker 1: was Bloomberg Business Week editor Joe Weber. You're listening to
Speaker 1: Bloomberg Business Week. Coming up more and her immunity. We're
Speaker 1: gonna also talk about COVID variance. We're going to do
Speaker 1: that with Dr Josh Sharpstein over Johns Hopkins. This is Bloomberg.
Speaker 1: This is Bloomberg bus to this week with Carol Messer
Speaker 1: and Bloomberg Quick Takes Tim Skinovik from Bloomberg Radio. So
Speaker 1: every day, Tim, you know, we do a daily check
Speaker 1: on COVID nineteen. We do also what's going on with
Speaker 1: the vaccine rollout, and while things are definitely improving in
Speaker 1: the United States, we even had the President talk about
Speaker 1: us kind of moving beyond it, uh this as he
Speaker 1: marked his first hundred days in office. We also had
Speaker 1: Mayor build a Blasi of New York City talking about
Speaker 1: fully reopening New York City on July one. We know
Speaker 1: that globally, I think about India in particular, it's still
Speaker 1: a tough time. Yeah, it's a it's a different story.
Speaker 1: I think the conversation is also going to continue to
Speaker 1: move from what we're doing here in the United States
Speaker 1: on behalf of the American people for the vaccine distribution,
Speaker 1: to what the US is doing on behalf of the
Speaker 1: world to help get the world vaccinated. Another big part
Speaker 1: of this has to do with the CDC and changing
Speaker 1: CDC guidance that we saw this week when it comes
Speaker 1: to people wearing masks or not wearing masks outdoors. The
Speaker 1: other thing, listen, all of our conversations has to do
Speaker 1: with variants, and the new variants is thought to be
Speaker 1: fueling India's deadly or new wave of cases that has
Speaker 1: made at the world's second worst hit country, and that
Speaker 1: is something we talked about a lot with all of
Speaker 1: our guests when it came to COVID nineteen, and then
Speaker 1: included Dr Josh Sharfstein over at the Johns Hopkins Bloomberg
Speaker 1: School of Public Health, of course, supported by Michael R. Bloomberg,
Speaker 1: founder of Bloomberg LP, parent of Bloomberg Radio. Here's our conversation.
Speaker 1: I want to start right in with the New York
Speaker 1: City News July first full opening. Is that a realistic
Speaker 1: day or is it too much too soon? Well, it
Speaker 1: depends what you mean by full opening. Obviously, Um, things
Speaker 1: are looking better and that means that we can do
Speaker 1: more more safely. Um. But I'm sure he doesn't mean
Speaker 1: going all the way back to nineteen and pretending like
Speaker 1: the pandemic didn't happen. Um. I think it's going to
Speaker 1: be important, particularly for people who are not vaccinated, to
Speaker 1: be careful and to know wear masks when they're close
Speaker 1: to other people. And I think there's still going to
Speaker 1: be some prudent precautions necessary. What's your guy into all
Speaker 1: of us who may have been already vaccinated, And so
Speaker 1: as we go about our world, I know I still
Speaker 1: feel comfortable wearing a mask just about everywhere, out in
Speaker 1: public and certainly at our office. What's your guidance to everyone, Well,
Speaker 1: I think we're starting to see certainly the recommendations for
Speaker 1: outside change. People who are vaccinating you can feel pretty
Speaker 1: comfortable outside unless they're you know, completely crowded together with
Speaker 1: a lot of people breathing on them, um, in like
Speaker 1: a crowd but um, and then you know, indoors, I
Speaker 1: think people will start to get more confident, particularly where
Speaker 1: they know that other people are vaccinated around them. Um.
Speaker 1: And I think that the real difference will be when
Speaker 1: the rates of transmission and the cases in the community
Speaker 1: go way down, because you know, even if your vaccine,
Speaker 1: you can still get sick. And we've seen cases like
Speaker 1: that and a very few, small number of people, but
Speaker 1: that you know, it's possible to get quite sick. So
Speaker 1: I think that people will get can you still get
Speaker 1: if you're vaccinated, well, um, you know, particularly for older adults, um,
Speaker 1: they can get hospitalized and there have been cases of death. Um.
Speaker 1: So it's not impossible. It's not like you're you know,
Speaker 1: superman or superwoman if you get vaccinated that you're completely
Speaker 1: you know, uh impervious. But it brings the risk down
Speaker 1: to very manageable level. You know, it's similar to other
Speaker 1: types of infections that can cause serious illness, and so
Speaker 1: I think you just have to be be reasonably careful.
Speaker 1: Carol mentioned the surges that we're seeing in some parts
Speaker 1: of the country right now. Why why is that happening?
Speaker 1: Why is that still happening at this point? And look,
Speaker 1: I think we need to ask this in the context
Speaker 1: of understanding that the United States is in a very
Speaker 1: good place compared to rest of the world when it
Speaker 1: comes to administering vaccinations. We keep getting just devastating numbers
Speaker 1: from other parts of the world, particularly India, which we'll
Speaker 1: talk about just a little bit later. But here in
Speaker 1: the US, you know, we are hundreds of millions of
Speaker 1: shots have been ministered, So why are we still seeing
Speaker 1: these pockets of infections? But because there's still a lot
Speaker 1: of people who haven't been vaccinated. I mean that that's
Speaker 1: a simple answer to that question. Um, you know, the
Speaker 1: chance of getting sick if you're vaccinated is just so
Speaker 1: much lower. Um, it's you know, I think there was
Speaker 1: just a study with the prevention which is just you know,
Speaker 1: just a tremendous response to the vaccine. But if you
Speaker 1: look out in some of these days, just like Michigan recently,
Speaker 1: it's a race between the virus and the vaccine, and
Speaker 1: the virus is getting you know a little boost from
Speaker 1: the variants which are more transmissible and more lethal, and
Speaker 1: the vaccine is you know, moving ahead, but starting to
Speaker 1: slow down a little in some places because um, you know,
Speaker 1: we're the people who are really excited to get vaccinated
Speaker 1: are all getting vaccinated, and now it's getting a little
Speaker 1: bit harder to find and reach people who still need
Speaker 1: to be vaccinated. So I think if you think about
Speaker 1: it as a raise between the virus and the vaccine,
Speaker 1: and the the virus is just getting fast or um,
Speaker 1: the vaccinations really have to keep up. Well that's what
Speaker 1: I feel like. I still don't quite understand in terms
Speaker 1: of is it we've got to get to hurt immunity
Speaker 1: so that the variants can't take us to another wave.
Speaker 1: Because I know we talked about the so called Indian
Speaker 1: variant of the virus. China and Israel have identified cases,
Speaker 1: and that new variant is thought to be fueling India
Speaker 1: is deadly or new wave of cases that has made
Speaker 1: it the world's second worst hit country. UM, help me
Speaker 1: understand kind of the mix between getting the vaccine, getting
Speaker 1: ahead of the variants and just got about a minute
Speaker 1: and then we'll come back and talk some more. Sure, Well,
Speaker 1: you know India, it's multiple variants, not to when they're
Speaker 1: calling the Indian variant. There are multiple u that are
Speaker 1: causing the problem. And um, basically there are not a
Speaker 1: lot of people vaccinated in India. That's the challenge. The
Speaker 1: vaccines actually do protect pretty well, so they've been tested
Speaker 1: against variance. They do a pretty good job, So getting
Speaker 1: vaccinated is the best defense to into the variance. Well,
Speaker 1: question that Carol and I have have been asking each
Speaker 1: other for weeks now, if we want to ask you,
Speaker 1: Dr Sharfstein, is why people have different reactions to the vaccine.
Speaker 1: For example, I got my second visor shot on Sunday.
Speaker 1: I took Monday off just in case I had a
Speaker 1: bad reaction. For twenty four hours, I felt fine, But
Speaker 1: from hours thirty six I was lethargic, I was achy,
Speaker 1: I felt sick, and then it went away like a
Speaker 1: light switch at seven pm Monday night. Why does this happen? Like?
Speaker 1: Why did I feel like that? So? Um, I couldn't
Speaker 1: answer specifically for each of you, but I can say that,
Speaker 1: you know, our bodies react differently to vaccines, and some
Speaker 1: people get more of a reaction than others. What's happening
Speaker 1: is the immunse of some it's basically getting trained to
Speaker 1: recognize a piece of the coronavirus. Of the vaccines don't
Speaker 1: carry the whole coronavirus, they just carry a piece, so
Speaker 1: it trains the immune system. And an immune system gets trained,
Speaker 1: you have basically chemicals being released inside your body. That's
Speaker 1: a chemicals, but um due to training and get you
Speaker 1: know that the cells ready in case the actual colonovirus
Speaker 1: comes in, they recognize that piece and again and the
Speaker 1: immune system kills the virus. And so you're that what
Speaker 1: you feel is a little bit of the chemicals you
Speaker 1: know that sometimes caused fever, sometimes cause fatigue. Um, the
Speaker 1: chemicals that are part of the immune system getting trained
Speaker 1: to kill the virus. That was Dr Joshua Sharfstein from
Speaker 1: the Johns Hopkins Bloomberg School of Public Health. It's supported
Speaker 1: by Michael R. Bloomberg, founder of Bloomberg LP and Bloomberg
Speaker 1: Philanthropie is the parent of Bloomberg Radio Right and always
Speaker 1: check out Bloomberg dot com for the latest on COVID
Speaker 1: nineteen and coming up on Bloomberg Business Week, we're talking Walmart,
Speaker 1: specifically the company's fight against a fifteen dollar an hour
Speaker 1: minimum wage when competitors like Amazon, Target Costco Have all
Speaker 1: raised theirs right. Just Amazon this week talking about upping
Speaker 1: its wages. That story to come, Mrs Bloomberg broadcasting from
Speaker 1: the financial capital of the World, Bloomberg eleven Frio in
Speaker 1: New York to Washington, d C. Bloomberg to Boston, Bloomberg
Speaker 1: one oh six one, to San Francisco, Bloomberg nine sixty
Speaker 1: to the country Sirius xm Chado one nineteen and around
Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot com.
Speaker 1: This is Bloomberg Business Week. Tim This story definitely caught
Speaker 1: our attention. It's online of Bloomberg Business Week. It's about
Speaker 1: how for almost a decade, the movement to push businesses
Speaker 1: to pay at least fifteen dollars an hour has gained
Speaker 1: momentument and we saw some of that play out this
Speaker 1: week with Amazon coming out and boosting pay by at
Speaker 1: least fifty cents to three dollars an hour to over
Speaker 1: half a million of its staff. Amazon already paying that
Speaker 1: fifteen dollar minimum wage as well other companies like Target
Speaker 1: up there's too But one company that's not doing that
Speaker 1: is Walmart. It's consistently shot the argument for fifteen dollars
Speaker 1: an hour down. We spoke with the Bloomberg News reporter
Speaker 1: Thomas Buckley and asked about a specific worker in his story,
Speaker 1: Mendy Hughes, associate tongue. It's warm up for some years now,
Speaker 1: and she is still earning eleven eighty five dollars an hour,
Speaker 1: which makes her really an outlet to a number of
Speaker 1: similar similar employees at the life of Amazon and best
Speaker 1: Buy and targets, all of whom and pay fifteen dollars
Speaker 1: an hour. One thing, the reason this what I mean
Speaker 1: all the many things that just kept surprising me word
Speaker 1: afterward in this was that Mandy is is the person
Speaker 1: who has been working there for more than a decade.
Speaker 1: And what Walmart says about its wages is that it's
Speaker 1: investing in people for careers, not for jobs. But her
Speaker 1: pay seems to indicate that she's not being rewarded in
Speaker 1: that way. That's that's really right. So she started out,
Speaker 1: I believe on seven dollars an hour way back when,
Speaker 1: and that has increased to lesson eighty ties. I think
Speaker 1: that it's not increasing anywhere nearest stats that she would
Speaker 1: like to see on the basis that you know, as
Speaker 1: the story when she's short on launchables or frozen TV,
Speaker 1: then as you know, she's having stop by the drive
Speaker 1: through at McDonald's to her pick ups, you know, and
Speaker 1: items from printed venue, from the value menu. And also
Speaker 1: to that point, I think that's a number of her
Speaker 1: colleagues survive on on the food steps. So on that basis,
Speaker 1: I think it certainly would want to be seeing a
Speaker 1: raise that's commensurate with what Walmart's rivals are doing. Walmart's
Speaker 1: argument as long being that really seeking to protect ladder
Speaker 1: of opportunity, wherein you know, people's individual ambitions will be
Speaker 1: rewarded as they rise up in the business. But sounds
Speaker 1: like Mandy, for example, who has very immediate concerns, or
Speaker 1: who have had very immediate concerns as say tearing her
Speaker 1: a cl and falling behind on medical bills. There's not
Speaker 1: so much thinking about the next job, but more you
Speaker 1: know what immediately has to happen for them to live
Speaker 1: at the very basic level of dignity. Right as you
Speaker 1: mentioned their annual revenue increased a thirty five billion to
Speaker 1: more than or by thirty five billion to more than
Speaker 1: five hundred billion dollars in the past year to earned
Speaker 1: twenty two billion in profit. Listen, I am all for
Speaker 1: capitalism and people making a profit. I think it's really
Speaker 1: wonderful and it's a think the basis of our country,
Speaker 1: no doubt about it. What is the argument that Walmart
Speaker 1: puts out there in terms of not being able to
Speaker 1: pay some of its workers more money. I've been at
Speaker 1: those annual meetings or workers stand up and say, I
Speaker 1: work for you full time and I'm also getting welfare.
Speaker 1: How does that make sense? And what is the responsibility
Speaker 1: of an employer like Walmart who is facing the big
Speaker 1: beheamoth of Amazon, who says you can probably get a
Speaker 1: cheaper at Amazon. I think it's a really interesting question.
Speaker 1: I mean to your points about capitalism, you know, really
Speaker 1: being the growth engine that so many develops economies of,
Speaker 1: you know, the part countries. I think that what we
Speaker 1: have come to see is that you know, you're sort
Speaker 1: of driving um this this economy in a certain direction
Speaker 1: in the case of Walmart, because now you are America's
Speaker 1: largest private employer, which means that you know, you have
Speaker 1: a responsibility to let a lot of people up um
Speaker 1: and you know, guarantee living to to the people that
Speaker 1: work for you. Where it becomes complicated is that the CEO,
Speaker 1: dougman Millan says that he wants, you know, to these
Speaker 1: stagger wage increases in the way that benefits the UK economy.
Speaker 1: So that means, you know, creating the right level of
Speaker 1: audition within the company to see people rise. Um. But
Speaker 1: as I mentioned earlier, you know, people who have a
Speaker 1: lot more immediate needs, including those on food stamps, might
Speaker 1: not necessarily see it that way. Um. And in the
Speaker 1: case of men need sure earlier points. You know what
Speaker 1: if she worked a bit harder, a bit longer. I mean,
Speaker 1: this is something you know, who's pulling forty hour weeks,
Speaker 1: those who you know spend standing up the entire time
Speaker 1: at times. I'm playing Devil's advocate. I just hope you
Speaker 1: know I'm playing Devil's advocate. Go ahead, please are absolutely, absolutely,
Speaker 1: but just just to use you know, the specific example,
Speaker 1: because she is she is one of you know, seven
Speaker 1: hundred and fifty thousand people at that level of employments
Speaker 1: at Walmart. So these are incredibly difficult shifts. That's Bloomberg
Speaker 1: News reporter Thomas Buckley. Tim, this story stayed with me.
Speaker 1: Uh it just when you bring it down to the
Speaker 1: granular level and tell about an individual in their experience
Speaker 1: and how they're trying to get by, and you do
Speaker 1: wonder when there's such a wealthy and profitable company why
Speaker 1: they can't maybe pay their workers just a little bit more. Yeah.
Speaker 1: It was in stark relief this week too, because we
Speaker 1: talked so much about the changes that the Biden administration
Speaker 1: is proposing to the wealthiest Americans, and it's a reminder
Speaker 1: that there really are to America's right exactly. There is
Speaker 1: such a divide, such a gap. At this point, you're
Speaker 1: listening to Bloomberg Business Week. Up next, look at the
Speaker 1: recovery of New York's commercial real estate scene. Drive around
Speaker 1: New York. It feels like it's coming back, but it's
Speaker 1: got a long way to go, Carroll, Yeah, I still
Speaker 1: a lot of places boarded up. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes. Tim Stinovic from Bloomberg Radio. Great way to
Speaker 1: finish out a first hour of the weekend edition of
Speaker 1: Bloomberg Business Week because we are talking with Kent Swig.
Speaker 1: Kent is president Swig Equities. It's a real estate development
Speaker 1: and investment firm focusing on commercial and residential properties. They've
Speaker 1: got whereas in New York City, also out of the
Speaker 1: West Coast, the company has purchased and or developed in
Speaker 1: excess of three billion dollars of office properties totally over
Speaker 1: four million square feet since its exception all the way
Speaker 1: back in two thousand one. And Tim Kent is really
Speaker 1: a great go to voice for us. We've talked to him,
Speaker 1: of course about real estate, but also about some of
Speaker 1: the big issues facing our world during the pandemic. It
Speaker 1: seems like spring has sprung. So things are, things are
Speaker 1: a little bit better. Um, I personally feeling better that
Speaker 1: I've had my raby shots or my back theme. Um
Speaker 1: and uh so I've I've traveled. I went. I was
Speaker 1: in San Francisco visiting my brother who I haven't seen
Speaker 1: in fourteen months, and I went for the weekend and
Speaker 1: came back. And so that's certainly a novel new thing
Speaker 1: that I haven't done in a year. Um So I'm
Speaker 1: feeling better, well good, I'm so glad to hear that.
Speaker 1: Me too. I'm double vaccinated and feeling pretty good about that.
Speaker 1: Almost out of my two weeks after my second shots,
Speaker 1: are just waiting for that to wrap up. You know,
Speaker 1: you and I we've talked about hybrid. We've talked about
Speaker 1: what happens to real estate. Is there anything from we
Speaker 1: talked about in pandemic how things are going to change
Speaker 1: a lot? Any of that gonna you think ultimately stick
Speaker 1: with us. And I know we've had this conversation before,
Speaker 1: but I think the further we go along, we get
Speaker 1: a better idea of whether or not things change, whether
Speaker 1: or not things stay the same, or whether things maybe
Speaker 1: change a little bit. It's a perfect question and very
Speaker 1: interesting because there's a little irony in what's going on. UM. Yes,
Speaker 1: I believe that that that high some form of hybrid
Speaker 1: working UM will be here with us for for a
Speaker 1: long time. You know, if if if somebody has a
Speaker 1: hundred emails to do one day and they don't want
Speaker 1: to go in the office and it's more efficient to
Speaker 1: sit at home, fine, UM, But I'm a big believer
Speaker 1: in offices and as productivity and all that. The irony
Speaker 1: is this, UM, all the people in the offices. You know,
Speaker 1: the companies are saying, the reason we could have hybrid
Speaker 1: working is because of all the technology. You know, there's
Speaker 1: the Google technology, Zoom technology, Facebook, etcetera. And yet if
Speaker 1: you look at the technology companies, Facebook, who took one
Speaker 1: point seven million square feet in Hudson Yards and it's
Speaker 1: being built out not yet occupied, took another hundred thousand
Speaker 1: square feet in July at the Farley office building right
Speaker 1: here in New York Um, which they will not occupy
Speaker 1: for years. Google hiring ten thousand new workers, all going
Speaker 1: to be in offices. Amazon bought the former Lord and
Speaker 1: Taylor building from We Work. So all the technology companies
Speaker 1: are are getting more office space for their workers because
Speaker 1: they know that productivity, efficiency, opportunity, and creativity cannot be
Speaker 1: achieved from home but must be achieved in the workplace.
Speaker 1: And yet it's the office people that are saying, because
Speaker 1: of technology, we actually could work better from home. So
Speaker 1: it's a very interesting thing going on. Well, it's funny,
Speaker 1: somebody said to me, you know, you just wait for,
Speaker 1: like among the financial firms or something that somebody you
Speaker 1: know comes out and got some big deal or some
Speaker 1: underwriting that they're going to do just because they got
Speaker 1: on a plane and flew somewhere and got the customer,
Speaker 1: and they got the client, that all of a sudden,
Speaker 1: everybody's gonna be like, you know what, this hybrid stuff
Speaker 1: doesn't work, the zoom, you know, meeting the client doesn't work.
Speaker 1: That everybody will ultimately come back as a result. Do
Speaker 1: you see it that way? I happen to. Yes, I
Speaker 1: think zoom will be helpful um for in between meetings.
Speaker 1: But let me tell you, if you're somebody in your
Speaker 1: twenties and thirties and maybe even into your forties, how
Speaker 1: much network in your life do you have? How many
Speaker 1: people do you know in your life? The idea in
Speaker 1: your twenties and thirties is you go networking. You meet
Speaker 1: people in the in the coffee station, in the elevator, etcetera.
Speaker 1: If you're in your fifties and sixties and seventies, you
Speaker 1: have a built in lifetime of network. You can pick
Speaker 1: up the phone, you can talk to people, you can
Speaker 1: network these The younger generation doesn't know anybody yet, so
Speaker 1: their opportunity to meet people, an opportunity and creativity doesn't exist.
Speaker 1: So their pigeonholed at home and they can't just go
Speaker 1: out and do things, So it does not work for
Speaker 1: that generation at all. Does the way we use real estate?
Speaker 1: Will it change? Yes? So how will it change a
Speaker 1: couple of ways. Let's take residential and then commercial residential UM.
Speaker 1: The idea of a home office there is something that
Speaker 1: I think is very intriguing and very wanted by the by,
Speaker 1: by the purchasing and renting population. UM. So if you
Speaker 1: look at some of these downtown major buildings that converted
Speaker 1: from commercial to residential, they have this dead space or
Speaker 1: long corridors and they didn't know what to do with them.
Speaker 1: Now certainly there's a very big need for them, because
Speaker 1: home officing is something that's very important. UM with that,
Speaker 1: because I think office space is also the use of
Speaker 1: it is changing a little bit where we will have
Speaker 1: some hybrid offices meaning hybrid schedules meaning that you'll work
Speaker 1: maybe four days a week and maybe one day at
Speaker 1: home or maybe half a day at home, and therefore
Speaker 1: you need someplace at home to work. So the residential
Speaker 1: will be impacted also with outdoor space clearly as needed
Speaker 1: balconies and terraces are very desired. And then secondly, in
Speaker 1: the office space, how does that change, UM, spacing around
Speaker 1: low low partitions probably are not as desirable because high
Speaker 1: partitions seem to give a little bit both of privacy
Speaker 1: and air you know, and an air change, etcetera. Um
Speaker 1: so uh. And also um, you know, having these big
Speaker 1: communal areas that used to be out there, which are
Speaker 1: still I think very much desired, may be slightly less
Speaker 1: or slightly reconfigured to give a little more space. Not
Speaker 1: just because of COVID, but I think that we're more
Speaker 1: sensitive to things like the flu season. Um So, I
Speaker 1: think our whole way of looking at at health is
Speaker 1: going to impact ourselves. I think we will get beyond COVID, certainly,
Speaker 1: but the feeling we have about being concerned about health,
Speaker 1: taking one's temperature before somebody goes in an office because
Speaker 1: of flu, not just COVID. I think all those things
Speaker 1: are going to be are are going to affect us
Speaker 1: in our both our home life and our business life.
Speaker 1: You know, it's fun. We have a story out on
Speaker 1: the Blue Bargain and says more Americans are leaving cities,
Speaker 1: but don't call it an urban exodus. And basically they're
Speaker 1: saying that, you know, maybe you want to call it
Speaker 1: a little bit of an urban shuffle. You know, we've
Speaker 1: talked about mass moves to Florida to Texas, and data
Speaker 1: shows that most people who did move stayed close to
Speaker 1: where they came from. Although I think in this sundbout
Speaker 1: regions that were popular even before the pandemic did see
Speaker 1: some gains. So there's a little bit of that going on.
Speaker 1: Has anything changed in terms of how you want to
Speaker 1: invest in real estate, how you want to develop real estate? Um? Well, um,
Speaker 1: I'm still I still love real estate, I still want
Speaker 1: to invest in real estate, and I still believe in
Speaker 1: real estate. Um. I'm also still a New Yorker. I'm
Speaker 1: still a New Yorker and I want to stay in
Speaker 1: New Yorker. So all those people that moved to Florida,
Speaker 1: you know, okay for them, But come talk to me
Speaker 1: in July and August. Are you still down there? You're
Speaker 1: still living out there? I'm not so sure. Um. So, yes,
Speaker 1: people do move, People do react in major, major times
Speaker 1: of crisis, and there's nothing wrong with that. Responses take
Speaker 1: time and thought. So in my opinion, the response to
Speaker 1: covid um is going to make some impacts in here,
Speaker 1: But is it going to change real estate being used
Speaker 1: We're all going to live somewhere, We're all going to
Speaker 1: work somewhere, and it will not be in the same place.
Speaker 1: Um So I think we have to be more thoughtful
Speaker 1: about how we do things. Um I will tell you everybody,
Speaker 1: as I said before, is aware of health. Um so
Speaker 1: the flu that it used to be. You know, I'm
Speaker 1: a die hard worker. I'm coming to work today in
Speaker 1: spite of my hundred and two fever. Guess what at home?
Speaker 1: And do us all a favor? So I mean, those
Speaker 1: those wonderful things aren't going to happen anymore, right, So, so, yes,
Speaker 1: we are going to change our way of life. But
Speaker 1: I don't think um. I think that the market went
Speaker 1: up certainly in residential and a lot of places, you know,
Speaker 1: like like Florida and others. And the question is when
Speaker 1: things settle down and people miss their homes like New York,
Speaker 1: does that mean that the residential will come back a
Speaker 1: little bit as as as the economy grows. Will actually
Speaker 1: some places fall a little bit because they won't have
Speaker 1: that persistent people going in. Possibly, Yes, we ran a
Speaker 1: story about Devon Pendleton talked about you specifically securing a
Speaker 1: minimum of six billion dollars in gold reserves to back
Speaker 1: your new cryptocurrency. First of all, crypto, your son tell
Speaker 1: me the role that he had and kind of bring
Speaker 1: it to your attention. Well, I have a son, two sons,
Speaker 1: Oliver and Simon. Oliver um has been involved with cryptocurrency
Speaker 1: since he was in his early twenties, even though it's
Speaker 1: had a teenager in there. But but um so he'd
Speaker 1: been investing in doing things, and he certainly enlightened me
Speaker 1: to that. Um then he used some of my money
Speaker 1: to go invest in some crypto, which he did, so
Speaker 1: I'm certainly I was aware of it. I went on
Speaker 1: a board of the business that was involved in crypto.
Speaker 1: UM so I think it was a tune to it,
Speaker 1: and I I awakened, which is what it should happen
Speaker 1: from a younger generation. Thankfully, the younger juror generation happened
Speaker 1: to be my son, so even better. So, I mean
Speaker 1: it awakened me to see opportunity. So tell me about
Speaker 1: this stable coin that you guys are doing. What why
Speaker 1: go this direction? Um? What do you see as kind
Speaker 1: of where it goes specifically? And I'm just curious about
Speaker 1: the interest that you've gotten it, you know, are receiving
Speaker 1: in terms of investors already. Okay, so the initial thing
Speaker 1: is I'm a business person. Um, I look at things
Speaker 1: and I see things, and if I see a flaw
Speaker 1: or something that's interrupted, um, I like to go fix them,
Speaker 1: to correct them. Um. So that application of a talent
Speaker 1: god willing I have can go in many different different,
Speaker 1: many different industries. It happened to fall into crypto. I
Speaker 1: found an opportunity that existed, so, UM, my partner Steve Braverman,
Speaker 1: and I ended up buying a company which was a
Speaker 1: crypto company. One of the things, unfortunately it had, is
Speaker 1: that the keys to the controls um or elsewhere, not
Speaker 1: just with us, so we had to shut down something. Uh.
Speaker 1: And and we're reissuing a new coin that's Ken Swig
Speaker 1: of Swig Equities, and you know, fun story. First of all,
Speaker 1: he's someone who knows real estate so well, but open
Speaker 1: to new investment ideas and this one he's doing a
Speaker 1: stable coin backed by gold. He's actually buying the gold,
Speaker 1: the idea he got from his son. I love that.
Speaker 1: And also I think a lot about at this time
Speaker 1: when we were talking about crypto a few years ago,
Speaker 1: and this time really feels different because of institutional involvement,
Speaker 1: and also because of companies you know, actually going public,
Speaker 1: Bitcoin being part of Tesla's balance sheet micro Strate. Jeeve
Speaker 1: talked to Michael Sailor a lot about that. It just
Speaker 1: feels like a different moment with crypto. Well, let's not
Speaker 1: forget this week JP Morgan Chase preparing to offer a
Speaker 1: bitcoin fund to wealthy clients. So kind of the latest
Speaker 1: sign that Wall Street is warming to the largest cryptocurrency
Speaker 1: after it's been on quite a run in recent months. Well,
Speaker 1: that wraps up the first hour of the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser
Speaker 1: and I'm Tim Stanavak. Ahead in our next hour, sixty
Speaker 1: years of Ken the Doll. We talk earnings and toys
Speaker 1: with the CEO of Mattel that stocked by the way
Speaker 1: up close to thirty so far this year. That's definitely
Speaker 1: been a pandemic play and continuing here. Plus Jeff Blues
Speaker 1: founder getting ready to launch another new airline. Yes to
Speaker 1: him in the middle of a pandemic, and he's the
Speaker 1: fixer when it comes to restaurants with problems are problematic owners.
Speaker 1: He's also been keeping us up to date on how
Speaker 1: the hard hit restaurant industry is doing during the pandemic.
Speaker 1: We're talking, of course about John Taffer from Bar Rescue.
Speaker 1: We're going to hear from him in just a few minutes.
Speaker 1: Don't go anywhere, Grab another cup of coffee or whatever
Speaker 1: your drink is of choice, because we've got more on
Speaker 1: Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business
Speaker 1: Week inside from the reporters and editors who bring you
Speaker 1: America's most trusted business magazine, plus global business finance and
Speaker 1: tech news as it happened. Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi,
Speaker 1: I am Carol Masser and I'm Tim Stanovic. Play ahead
Speaker 1: in our second hour of the weekend edition of Bloomberg
Speaker 1: Business Week, including a chat with the CEO of Mattel.
Speaker 1: We're gonna talk corporate responsibility and how can the doll
Speaker 1: is well into middle eight. You know, it's one of
Speaker 1: my favorite stories of the pandemic over the last fourteen months,
Speaker 1: the idea that parents and grandparents initially and look still
Speaker 1: just wanted to spoil those kids who were in lockdown,
Speaker 1: who were doing those hybrid classes. It's just like a
Speaker 1: kind of a nice story from the pandemic. James, we
Speaker 1: bought some games for our family, and there's not really
Speaker 1: any kids and our kids anymore. Plus John Taffer, the
Speaker 1: host of Bar Rescue, details how the pandemic transformed Las
Speaker 1: Vegas big time. First This Hour, though in the current
Speaker 1: double issue of the magazine, a story about the airline
Speaker 1: founder who is launching another new carrier during the pandemic,
Speaker 1: talk about timing. Drake Bennett is Bloomberg News Projects an
Speaker 1: investigations reporter. He wrote the story and joined us along
Speaker 1: with Bloomberg Business Week editor Joel Weber. The individual behind
Speaker 1: it all, the man who created Jet Blue, which in
Speaker 1: many ways disrupted the airline industry at the time, yeah,
Speaker 1: continuing to do so. We asked Raight to tell us
Speaker 1: about David Neilman, probably the most successful airline entrepreneur of
Speaker 1: all time. The airlines he's started have been budget airlines,
Speaker 1: and jet Blue was kind of, you know, his best
Speaker 1: known and the idea there was to basically create a
Speaker 1: budget airline that didn't feel like a budget airline. So,
Speaker 1: I mean, he's someone that you know, early on in
Speaker 1: his career was obsessed with Southwest and set out to
Speaker 1: create a Southwest airline, but one that didn't you know,
Speaker 1: Southwest famously served only peanuts to people to kind of
Speaker 1: remind them of the peanuts they were paying for their affairs. UM.
Speaker 1: And so with Jeffy, he's like, well, we'll put TV
Speaker 1: in it while have leather seats. The planes will be
Speaker 1: brand new, it will kind of feel nicer. UM. And
Speaker 1: the other thing he did with Jeflue that was super
Speaker 1: smart was was used JFK. UM. It's weird to think
Speaker 1: about it, but New York City was actually an underserved
Speaker 1: UH market for air travel UM until jeff Blue came in. UH.
Speaker 1: JFK was really only used for international travel, and it
Speaker 1: was basically a ghost town during the day. So he
Speaker 1: has a long history of being able to find these,
Speaker 1: you know, gaps in the market, even in places like
Speaker 1: a kind of a New York UM. And Breeze is
Speaker 1: basically another budget carrier UM. It's a little bit modeled
Speaker 1: on Allegiant UM insofar as they're not going to be
Speaker 1: flying every day, They're gonna be concentrating on those days
Speaker 1: of the week when vacationers are more likely to travel UM,
Speaker 1: and they're gonna be using slightly smaller planes than Southwest
Speaker 1: an Allegiance fly, So those guys like seven thirty seven
Speaker 1: or eight three twenties, UM, Breeze is going to be
Speaker 1: using slightly smaller planes and they think that changes the
Speaker 1: math for them and the way that opens up kind
Speaker 1: of this whole tranche of smaller markets um, especially once
Speaker 1: they get this new plane, the Airbus A twenty, which
Speaker 1: which has really really long range for such a small plane,
Speaker 1: So they'll be able to do what's called these long
Speaker 1: thin routes, So from some sort of smaller city in
Speaker 1: the US all the way to Hawaii if they can
Speaker 1: find people who wanted to take that direct flight. What
Speaker 1: opportunities if you can explain that a little bit more
Speaker 1: and sort of like what he sees Breeze being able
Speaker 1: to tap into here. I mean you mentioned the budget
Speaker 1: stuff in the smaller airlines, but like where where does
Speaker 1: he think the window of opportunity sort of lies? The
Speaker 1: real question is business travel UM, And he's fortunate in
Speaker 1: that he's his sort of target customer is not a
Speaker 1: not primarily a kind of someone on like a who's
Speaker 1: who's getting their tickets paid for? By like a corporate
Speaker 1: travel department. Um, it's more kind of a vacationer or
Speaker 1: a visiting friends and relatives kind of traveler. Um. And
Speaker 1: in a sense, I mean it's you know, it's not
Speaker 1: a great time to be running an airline. There's an
Speaker 1: enormous amount of uncertainty. But there are ways that he's
Speaker 1: you know, there's been this kind of retrenchment. You know
Speaker 1: a lot of cities that just lost service, and so
Speaker 1: in a way it kind of opens up some opportunities
Speaker 1: for for uh, for a for a breeze. Um. And
Speaker 1: also you know, he doesn't he hasn't been trying to
Speaker 1: run an airline this whole year when everyone else was
Speaker 1: like hemorrhaging money and basically trying to stay ahead above water.
Speaker 1: So um, you know there are ways in which is
Speaker 1: I mean, has has been fultuitous. Well, you know, this
Speaker 1: is what's fun about your story, Drake, is Yes, there's
Speaker 1: the business, very business story of he's doing is you know,
Speaker 1: another airline. He has been so successful and kind of
Speaker 1: you know, disrupting the airline industry. But what's really cool
Speaker 1: is you kind of get into who this guy is
Speaker 1: and if you were going to bet on somebody to
Speaker 1: bring an airline during a pandemic to the market, I'd
Speaker 1: bet on. David Neilman talked to us little bit about
Speaker 1: your experience with him, because part of what was fun
Speaker 1: was he's got some pretty strong views on COVID. Yeah,
Speaker 1: I mean he's he's a little bit of a COVID truther. Uh,
Speaker 1: he really, Um, you know, when we've met, he showed
Speaker 1: me the math you wear. He's not a huge fan
Speaker 1: of masks, um and it it's sort of it looks
Speaker 1: like a sort of normal black cloth mask. But then
Speaker 1: when he took it off, which he immediately did once
Speaker 1: we sat down at a conference Lable, he showed me
Speaker 1: that it's basically made of like mosquito mash, So it's
Speaker 1: not really a functioning mask in any sense of the words.
Speaker 1: So um, he's you know, for the past year he's
Speaker 1: been pretty vocal um about kind of what he sees
Speaker 1: as the sort of overreaction to COVID that you know,
Speaker 1: the sort of medical epidemiological establishment has has has sort
Speaker 1: of um presented and so he you know, and I
Speaker 1: think it's linked the way it kind of it's linked
Speaker 1: to his attitude about risk is the attitude of about
Speaker 1: risk that you would expect from someone who multiple times
Speaker 1: has launched these extremely complicated endeavors that are unlikely to
Speaker 1: succeed and sort of keeps doing this, and so I
Speaker 1: think it sort of shapes the way he feels about
Speaker 1: the risks of getting this disease and the way we
Speaker 1: should kind of um as a society think about that.
Speaker 1: I absolutely love that that profile. And look, Neilman was
Speaker 1: planning on doing this before the pandemic, but the fact
Speaker 1: that he's still planning on doing this given the way
Speaker 1: that people are thinking differently about flying, how they're thinking
Speaker 1: about traveling on the other side of this, and there's
Speaker 1: so many unknowns. It's it's gutsy. Oh, it's definitely gutsy.
Speaker 1: And listen, it's a domestic play. He's definitely tapping into
Speaker 1: the recovery and the reopening that we're definitely seeing increasingly
Speaker 1: here in the United States. That's Bloomberg News Projects and
Speaker 1: Investigations reporter Drake Bennett and Business Week editor Joel Webber.
Speaker 1: You're listening to Bloomberg business Week coming out the CEO
Speaker 1: of Mattel on fun with toys and then gets a
Speaker 1: little serious on corporate responsibility. This is Bloomberg. This is
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes
Speaker 1: Tim Stinovik from Bloomberg Radio. So check it out, everybody.
Speaker 1: Mattel stock jumping to a four year high after the
Speaker 1: toymaker beat Wall Street estimates for the first quarter and
Speaker 1: also raised its outlook for all of one. We saw
Speaker 1: that trade tim last week. We did. And this comes
Speaker 1: out a year after the pandemic wiped out stores and
Speaker 1: led to factory closings and production delays. And yet it
Speaker 1: was a year too that Mattel was one of the
Speaker 1: stocks that benefited from the pandemic. Is family stuck at home,
Speaker 1: but lots of toys and games for their kids. I'm
Speaker 1: guessing your son has spoiled a little bit. Yeah. I
Speaker 1: mean he's an only child at this point, so he's
Speaker 1: ally spoiled, especially by his grandparents. Totally get it. Well.
Speaker 1: We got an update on the business with Mattel chairman
Speaker 1: and CEO N Cries, who is, by the way, marking
Speaker 1: his third year as CEO of the company and has
Speaker 1: been working on a turnaround anyway you look at. It
Speaker 1: was a record quarter for the company. Our results came
Speaker 1: well ahead of expectations with outstanding growth and a very
Speaker 1: strong interest in profitability and free cash flow. IT sales
Speaker 1: were up forty seven percent, the highest quorally growth rate
Speaker 1: on record going back more than twenty five years. For
Speaker 1: the third consecutive quarter, we had double digit sales increase.
Speaker 1: We grew ahead of the industry and gained market share
Speaker 1: uh globally. And you know what's what's important is that
Speaker 1: our performance was very broad based. We achieved double digit
Speaker 1: growth in each of our four regions, double digit growth
Speaker 1: across all product categories, all seven product categories, and and
Speaker 1: strong double digit increase in our three power brands, Barbia,
Speaker 1: Hotwoods and Fisher Price, as well as American deals. So
Speaker 1: what you're really seeing is a success of our multi
Speaker 1: year transformation strategy, which we believe puts US in an
Speaker 1: excellent position to continue to improve profitability and acceleate growth. Well,
Speaker 1: why do you think we saw that growth? And give
Speaker 1: me an idea of what channels? Was its store channels,
Speaker 1: was it online? Uh? And in terms of geographical breakdown,
Speaker 1: was it more growth in one versus another? I'm trying
Speaker 1: to tie it to covid and see if there's any
Speaker 1: connection here. It was really you know, really broad based
Speaker 1: online with a did grow faster. It grew out. We
Speaker 1: grew at fifty year on year, So that was definitely
Speaker 1: a driver. But you know, in the US we grew
Speaker 1: faster than the industry. In the Europe we grew almost
Speaker 1: double the industry growth rate. We grew market share in
Speaker 1: the dolls category. We you know, Barbie continued to be
Speaker 1: the number one dollar property and gain share in each
Speaker 1: of the key regions. So it was really, you know,
Speaker 1: really broad based across all regions, all product categories, and
Speaker 1: and and each of our our brands. How much do
Speaker 1: you think the stimulus We were talking with the CEO
Speaker 1: of Chipotle, Brian Nicol, and asked them, I mean, they
Speaker 1: had some new products a case Ida that's uh hand
Speaker 1: rolled and handmade, and that definitely was a big driver
Speaker 1: of sales for them in the quarter. But did also
Speaker 1: can see that those stimulus checks that went out from
Speaker 1: the government definitely helped out as well. How much of
Speaker 1: a kick do you think that might have been at
Speaker 1: play here? I know you're global, but I do wonder
Speaker 1: in terms of the U S numbers, how do you
Speaker 1: think that might have helped? Yeah, it's hard to tell.
Speaker 1: You know. First, I mean we've been growing now for
Speaker 1: this is the third consecutive quarter where we grew double digits.
Speaker 1: And while potentially some of the exception of growth we
Speaker 1: saw in the quarter benefited partially from favorable in a
Speaker 1: year of the year of COVID related comparisons, this is
Speaker 1: relative to Q one of last year, not so much
Speaker 1: the stimulus. We see very strong demand for our consumers,
Speaker 1: of course, from consumers for our brands across the board.
Speaker 1: Um uh. We're seeing supply chain performing well. We're still
Speaker 1: growing market share, and you know, strength of our performance
Speaker 1: is also evident when you compare our results to twenty
Speaker 1: nine before COVID, with net sells being up higher by
Speaker 1: in the first quarter of one relative to nine when
Speaker 1: you take the pandemic out of the comparison. So on
Speaker 1: that basis, you consider the momentum it's been ongoing. I
Speaker 1: wouldn't put it on the stimulus um. But you know,
Speaker 1: we stay focused on on what we're doing, just make
Speaker 1: sure that we connect with consumers. We made great product
Speaker 1: or to resonate and continue to grow. What do you
Speaker 1: think has changed in your approach to something like Barbie
Speaker 1: or American Girl. I think We've talked about it before.
Speaker 1: American Girl was huge in my home with my daughter,
Speaker 1: who's now eighteen, but for many years, Uh, we were
Speaker 1: obsessed with it. She was obsessed with it. I grew
Speaker 1: up big time with Barbie's. But you know, both of
Speaker 1: those brands went through difficult times. What's different in terms
Speaker 1: of your approach that you think is resonating with consumers? Well,
Speaker 1: this really goes uh down to to the Mattel Playbook,
Speaker 1: which we're now really applying for all of our product
Speaker 1: and categories. It's about brand purpose. In the case of Barbie,
Speaker 1: it's inspiring limit the limitless potential. In every Girl, It's
Speaker 1: about cultural relevance, design, lead innovation, and active demand creation.
Speaker 1: You know, each each of our product, each of our
Speaker 1: categories have a brand purpose, a reason to be. Uh.
Speaker 1: It's more than being being a play system. It's about
Speaker 1: resonating with consumers, being relevant, being carrying a message, and
Speaker 1: elevating the play system beyond what you would call a
Speaker 1: traditional toy. So our brands really have societal impact. Barby
Speaker 1: it puts out a new career and they're right about it.
Speaker 1: In you know, a newspaper and it's a headline of
Speaker 1: of Uh, you know the television shows. So it's really
Speaker 1: these are brands that have societally In fact, they go
Speaker 1: back generations and have an important place in culture. Well,
Speaker 1: we just have a couple of minutes left here and uh,
Speaker 1: there's a couple of anniversaries. Ken is turning sixty and
Speaker 1: he's never looked better. Might I say? And it's your
Speaker 1: third year. You're coming up on as CEO and you
Speaker 1: really worked on a turnaround at this company. What's to come? Uh?
Speaker 1: And what what? What are you looking forward to? I
Speaker 1: know you guys are doing movies. Uh, you're doing a
Speaker 1: Rockham sock'em Robots live action motion picture. Where does growth
Speaker 1: come from in the future? And just got about a
Speaker 1: minute left here. Well, the biggest change is that we
Speaker 1: transition from being a toy manufacturing company into being an
Speaker 1: ipid driven, high performing toy company. A lot of opportunities
Speaker 1: for us within the toy aisle, and there's so much
Speaker 1: more to come from r I t EQUI believe we
Speaker 1: can commercialize in extent to highly accreative business verticals like film, television,
Speaker 1: live event for sum of product and merchandise and music
Speaker 1: that's a directly adjacent to the too industry where we
Speaker 1: have tremendous values to still capture. That's Enon Chries, the
Speaker 1: CEO and chairman of Mittel. Can you believe kenn is sixty?
Speaker 1: I can. He looks good for his age. Yeah, Barbie,
Speaker 1: it looks pretty good too. Just gonna say plastic it
Speaker 1: doesn't age all right? Still the gum on Bloomberg Business Week,
Speaker 1: fresh off of last weekend's Oscars, We're gonna take a
Speaker 1: look at black representation in film and television. Bottom line
Speaker 1: not so great. This is Bloomberg Broadcasting from the financial
Speaker 1: capital of the world, Bloomberg eleven Frio in New York
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one oh
Speaker 1: six one to San Francisco, Bloomberg nine sixty to the
Speaker 1: country Sirius XM Chado one nine team, and around the
Speaker 1: globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week. This last half hour tim
Speaker 1: two industries that really need some help, one in becoming
Speaker 1: more diverse, the other in getting back up and running.
Speaker 1: And we're gonna start with the industry that needs a
Speaker 1: bit more diversity. Last weekend, we know was the Oscars,
Speaker 1: We definitely did see a much more diverse group of
Speaker 1: nominees this year, more sensitivity to inclusion in the broadcast coverage,
Speaker 1: and yet there is still a really long way to
Speaker 1: go when it comes to both diversity and inclusion in Hollywood.
Speaker 1: There is a long way to go, and mckensey is
Speaker 1: out with a study about just that, looking at black
Speaker 1: representation and film and TV. The consulting firm teamed up
Speaker 1: with black Light Collective. It's a collision of black Hollywood
Speaker 1: executives on the study, that's right, Tim, and we talked
Speaker 1: about the very personal findings with McKenzie partner Sheldon Lynn,
Speaker 1: and Nina Shaw, She's attorney and founding partner black Light Collective.
Speaker 1: The conversation started by asking Sheldon about the study. Number one,
Speaker 1: there was very real lead so film and TV happens
Speaker 1: to be among the worst performers on diversity across all
Speaker 1: major American industries. Number two, we felt we could add
Speaker 1: a net new contribution on the existing body of work,
Speaker 1: in particular around building the business case what is the
Speaker 1: value at stake from a fairly to pursue diversity inclusion
Speaker 1: in Hollywood. Number three was where Nina and the Black
Speaker 1: Hair collective came in was we felt there was a
Speaker 1: real path to change here, working with our folks who
Speaker 1: wanted to drive change forward. So that's a bit of
Speaker 1: a context around the court. Well, Nita, come on in
Speaker 1: on this. I've been reading some of the interviews you've done.
Speaker 1: You've talked about being UH in the entertainment space, being
Speaker 1: a talent lawyer, where you've often only been the are
Speaker 1: You've often been the only black individual in the room
Speaker 1: when there's something going on. I think that the entertainment
Speaker 1: industry as a whole UM often UM is viewed in
Speaker 1: a lite of being a bit more progressive than its
Speaker 1: numbers would indicate. UM. And I think that's that that progress,
Speaker 1: that those progressive notions are real. UM. I don't want
Speaker 1: to in any way emply otherwise, but but often it
Speaker 1: just doesn't match up. And I think the wonderful thing
Speaker 1: about this study was that it really dug in and
Speaker 1: it took a look at the numbers, and I think
Speaker 1: the number that stands out for all of us is
Speaker 1: this notion that ten billion dollars in annual revenues every
Speaker 1: year is being lost as a result of the lack
Speaker 1: of diversity in the business and that's something that should
Speaker 1: appeal to all of us as as something that can
Speaker 1: be cured. Right, Like we often have conversations here that
Speaker 1: above and beyond being the right thing to do in
Speaker 1: terms of diversity and inclusion, there's often a business cost
Speaker 1: Sheldon by not having that diversity. Yeah, absolutely, I mean
Speaker 1: I said it right. So the headline was that there
Speaker 1: is a ten billion dollar opportunity here for us to
Speaker 1: pursue diversity inclusion. And it came from what we found,
Speaker 1: you know, quite surprising for well established industries, a sort
Speaker 1: of factors that were in effect suppressing the market the
Speaker 1: true market for black and content in three important and
Speaker 1: although surprising ways. The number one was on distribution, So
Speaker 1: we found that on average IT and film was being
Speaker 1: shown and in thirty fewer countries versus a white LID project,
Speaker 1: even though the black LID projects made more per country.
Speaker 1: And the second thing, from our return of investment perspective
Speaker 1: or ay, we found that black LID projects were receiving
Speaker 1: ten less in marketing allocation even though they were making
Speaker 1: more UM per dollar spent at the box off is
Speaker 1: specifically sixteen cents more per dollar spent on marketing, And
Speaker 1: perhaps the most heart breaking part of the equation in
Speaker 1: terms of marketing efficiency was the fact that only four
Speaker 1: percent of the projects coming out of Hollywood were accounted
Speaker 1: for by black treating to find us having black writers, directors, producers,
Speaker 1: creators behind the camera, which again is on a sounding
Speaker 1: number when you think about the population average of thirteen
Speaker 1: point four percent. So those factors together combined to the
Speaker 1: big number ten billion dollars in lost value, and that's
Speaker 1: just from black representation. The goal of their part was
Speaker 1: to humanize black lives. Tell us how you did that? Know?
Speaker 1: We're we were fortunate. Um within the ninety or so
Speaker 1: individuals who form this loose coalition, the Blacklight Collective, you
Speaker 1: have literally hundreds of years of experience in the entertainment industry. Um. Uh,
Speaker 1: people in the representation business like me, but also people
Speaker 1: in the production business. So I thought that we like
Speaker 1: an incredible perspective as people who work day to day
Speaker 1: in this industry and have done so for many years. Uh.
Speaker 1: And and our collective action as an as a group
Speaker 1: is really indicative of the kind of collective action that
Speaker 1: we need to see within the industry. I think the report.
Speaker 1: One of the report's conclusions is that this these are
Speaker 1: tough problems to solve if they're being done within insular organizations,
Speaker 1: that it's going to take a collective action across many
Speaker 1: of the businesses in the industry to really address these solutions.
Speaker 1: And that's the first step in that, of course, is
Speaker 1: acknowledging that that these problems exist and that they have
Speaker 1: a tremendous financial impact. And we're so grateful to Mackenzie
Speaker 1: for having done the work that really allows us a
Speaker 1: launching tests or wheel change. That's Nina Shaw, founding partner
Speaker 1: at black Light Collective, and Sheldon Lynn of Mackenzie. And
Speaker 1: if you missed any of the conversation or you want
Speaker 1: to hear the full conversation, just go to Bloomberg dot
Speaker 1: com or check out our podcast feed our Bloomberg business
Speaker 1: Week podcast feed for all of it. You're listening to
Speaker 1: Bloomberg business Week. Coming up, Restaurants need a revival and
Speaker 1: a big assist to getting back to normal. Bar Rescue
Speaker 1: host John Taffer on the comeback of the industry and
Speaker 1: of his hometown of Vegas. This is Bloomberg. You're listening
Speaker 1: to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.
Speaker 1: Tim Stinovik from Bloomberg Radio. We've been talking with him
Speaker 1: throughout the pandemic, initially just after the world and restaurants
Speaker 1: shut down to him back in March. We know restaurants
Speaker 1: are one of the hardest hit industries during the health pandemic,
Speaker 1: with the record number of US restaurants closed their doors
Speaker 1: for good last year. Well, for the latest on where
Speaker 1: we are in the industry, we spoke to John Taffer, host,
Speaker 1: an executive producer of Bar Rescue. He joined us from
Speaker 1: Las Vegas, where this weekend he's kicking off a new
Speaker 1: season of Bar Rescue, this one focused on his hometown.
Speaker 1: We began by checking in on how things are going.
Speaker 1: A lot of good news. Actually, uh, we work very
Speaker 1: closely with a company called Shift four, who is one
Speaker 1: of the largest payment processes for the restaurant industry. Three
Speaker 1: weeks ago we saw a bump in New York as
Speaker 1: in a week, so we're seeing volume coming up substantially.
Speaker 1: I'm here in Las Vegas. The strip is pretty full.
Speaker 1: Occupancy is coming back. In the city of Las Vegas.
Speaker 1: We sold more beer in the month of March last
Speaker 1: month then in the history of Las Vegas. So there
Speaker 1: are shining little spots here that are moving in good directions,
Speaker 1: and I'm forecasting a pretty darn good summer. Well okay,
Speaker 1: so wait, do we get then to pre pandemic levels
Speaker 1: this year or is it more a twenty two story? Well,
Speaker 1: you know, I think there is some regional impact upon this.
Speaker 1: You know, we take look at markets like Florida, Miami.
Speaker 1: I think we do come back to pre pandemic levels.
Speaker 1: But you know, I think that markets like Las Vegas
Speaker 1: we come back to pre pandemic levels. Let me put
Speaker 1: an interesting premise out at you. It's how we define
Speaker 1: pre pandemic levels. Let's say we lose thirty eight percent
Speaker 1: of our restaurants and bars across the country as a
Speaker 1: result of the pandemic, and the marketplace comes back to
Speaker 1: eighty percent of its previous level. Carl, we have thirty
Speaker 1: eight percent less capacity for a marketplace that's only gotten down.
Speaker 1: To me, those are pretty good numbers, and it looks
Speaker 1: like the restaurants that survive land in a pretty strong
Speaker 1: place come this summer. John. I'm a big fan of
Speaker 1: your show, and the new season is all going to
Speaker 1: be about Vegas, specifically, walk through the particulars of that market.
Speaker 1: Which is so tourist dependent. So you know, you said
Speaker 1: you're feeling pretty good about it. Well, you know, it's
Speaker 1: a singular market, certainly a singular economy, and we're so
Speaker 1: based in travel. The reason why we took the show
Speaker 1: to Las Vegas this year was not because it's my hometown,
Speaker 1: but because it suffered the highest unemployment impact from the pandemic.
Speaker 1: It was something to see, Carl. You drive down the
Speaker 1: Las Vegas Strip and these huge buildings literally boarded up
Speaker 1: with plywood because casinos didn't even have doors. They certainly
Speaker 1: did not locks on those doors. So to see it
Speaker 1: was devastating. Our city was really impacted, very very badly. Now,
Speaker 1: of course we're coming out of it to strip, it
Speaker 1: seems a lot busier. This season of Bar Rescue wasn't
Speaker 1: shot on the strip. It wasn't about billion dollar casinos.
Speaker 1: It's about local operations in Las Vegas. When the hospitality
Speaker 1: industry stopped all their employees, uh, stopped coming to these
Speaker 1: other operations. All right, So you know, how quickly is
Speaker 1: the restaurant industry within Vegas and elsewhere, How quickly do
Speaker 1: you think they'll they'll be able to kind of revamp
Speaker 1: and bring back those workers. Well, you know the problem
Speaker 1: is getting back to workers right now. If you drive
Speaker 1: down the strip in Las Vegas, those huge grade signs
Speaker 1: say help wanted. Uh. You know, I'm confused by our
Speaker 1: government posture because they fought passed that we'd be back
Speaker 1: to quote normal on July four, but yet they extended
Speaker 1: the unemployment benefit package to September and we're having a
Speaker 1: very difficult time getting our employees back right now. So
Speaker 1: could you imagine, Carol, you go through this for fourteen months,
Speaker 1: you survive it. We have the restaurant package from government.
Speaker 1: It helped us pay our mortgage pay ore that we're
Speaker 1: now strengthened. We're ready to move forward. Our customers are
Speaker 1: coming back, and we can't get employees. We have to
Speaker 1: resolve this issue of getting our employees back, and it's
Speaker 1: a huge national problem for us right now. Yeah, it's interesting,
Speaker 1: Well are you guys being heard in Washington? Well, hopefully
Speaker 1: were being heard, But it's you know, it's a question
Speaker 1: of removing a benefit that they've already extended. So it's
Speaker 1: not all that politically attractive. But if we're gonna let
Speaker 1: business grow, we need our employees back. One thing I
Speaker 1: want to ask you about the new season that you
Speaker 1: guys are doing a bar rescue. We know the restaurant
Speaker 1: industry can be a really difficult one. You profile, you know,
Speaker 1: business owner after business owner, sometimes their family owned businesses.
Speaker 1: Often they are how difficult it can be. But the
Speaker 1: pandemic just put a whole other layer on this because
Speaker 1: you have one episode. From what I understand is you've
Speaker 1: got a family that is homeless. They've been sleeping in
Speaker 1: the restaurant because they lost their house. And that wasn't
Speaker 1: just because the restaurant industry is tough, It's just because
Speaker 1: the pandemic was also tough. They spent their family savings
Speaker 1: and brought the restaurant a month for the pandemic. Agin
Speaker 1: you believe Kyles, when we got there, three days before
Speaker 1: we got there, they lost their house and there were
Speaker 1: four young teenage young boys sleeping on a wooden floor
Speaker 1: above the restaurant. The family had nothing. And you know,
Speaker 1: we talked on a network like this about the impact
Speaker 1: on our businesses. After fourteen months, it's now the impact
Speaker 1: upon the owner. We're at the next level now, Cow.
Speaker 1: It is impacted family life and owners in my business significantly,
Speaker 1: and not just one example of it. There's another interesting
Speaker 1: thing that came out of this season. We had an
Speaker 1: owner who had lost his house three months earlier, but
Speaker 1: borrowed money and did everything he could to keep his
Speaker 1: employees working. So he borrowed, he did everything, He paid
Speaker 1: them when I had to stay home, he paid them.
Speaker 1: So now the business is open, it's allowed to attain
Speaker 1: twenty of its capacity, and it's running that way. And
Speaker 1: we come in and do an audit and find that
Speaker 1: those very same employees who he lost his house protecting
Speaker 1: were in fact stealing from him. So it's an interesting time.
Speaker 1: And you know, here's an owner who who sacrifice for
Speaker 1: the employees. So there's a lot of dynamics going on here.
Speaker 1: But you're right, these are traditionally good owners now who
Speaker 1: are running successful businesses who the pandemic has affected. But
Speaker 1: you know, also, Carol, I must say they are restaurateurs
Speaker 1: who have done well during this period of time. They've
Speaker 1: been nimble, they've shifted their business models to family, boxes,
Speaker 1: to go and all sorts of things. And there's also
Speaker 1: a residual effect upon our industry that a lot of
Speaker 1: people aren't quite talking about yet. And I'm gonna make
Speaker 1: a bit of a forecast here and that is you know,
Speaker 1: companies typically and I'll just use an example of one
Speaker 1: that I happened as a friend, like a Panera Bread
Speaker 1: for example, prior to the pandemic, would have run five
Speaker 1: seven percent sent to go. Now they're running about. There's
Speaker 1: a view that that thirty percent to go business stays
Speaker 1: and the restaurant fills up again. So, you know, I
Speaker 1: take a look at that and think to myself that
Speaker 1: there is a real opportunity to bring back the inside
Speaker 1: business this year and have a whole new level of
Speaker 1: delivery business that increases our revenues to about of what
Speaker 1: they used to make. And then and then we take
Speaker 1: a look at the marketplace. You know, as I've mentioned that,
Speaker 1: the you know, we look at thirty eight percent less capacity.
Speaker 1: Even if the marketplace comes back in a level, it's
Speaker 1: a pretty strong environment. You know, I do wonder about
Speaker 1: what stays with us. I mean, I was kind of
Speaker 1: blown away by some of the different restaurants, some of
Speaker 1: them very high end that all of a sudden, we're
Speaker 1: doing take out because that's how they had to survive
Speaker 1: John during the pandemic, or also thought about their community
Speaker 1: and how they could provide food for their community who
Speaker 1: was struggling. And I wonder how much of what restaurants
Speaker 1: learned during the pandemic stays with us on the other side,
Speaker 1: I think a lot of it actually does. You know,
Speaker 1: consumers have learned that you can order a really good
Speaker 1: dinner from a restaurant and have it delivered at home,
Speaker 1: and it's package well and it's delicious. You know, in
Speaker 1: the past, we used to think we had to go
Speaker 1: to that restaurant to get that quality of food. So
Speaker 1: there's a much more consumer friendliness towards delivery. That's where
Speaker 1: I think we can keep the same amount of monthly
Speaker 1: visitations and still add a little business through deliveries if
Speaker 1: we position ourselves correctly. But there's a few things that
Speaker 1: are going to remain for sure. Cow for example, curb
Speaker 1: side You know, we work with hardware stores as consultants
Speaker 1: as well and other type of retailers. When you look
Speaker 1: at the architectural plans of retailers today, curb side delivery
Speaker 1: is now architectually intended into the plans. All retailers are
Speaker 1: going to continue with curb side delivery app order they
Speaker 1: throw it in your trunk when you leave. Restaurants are
Speaker 1: going to be the same. So there are some residual
Speaker 1: things that are gonna linger in a restaurant business. To
Speaker 1: go packaging, to go technologies, uh, and orientation to do
Speaker 1: more to go products. I don't think we'll see face
Speaker 1: masks disappear from kitchens very soon. I think that lingers.
Speaker 1: I think that's probably a good idea, just for colds
Speaker 1: and flues and everything else. I think that hand sanitation
Speaker 1: technologies and things like that will continue, and I think
Speaker 1: that the industry comes out of this actually stronger. I
Speaker 1: gotta ask you about your restaurant model that you guys launched.
Speaker 1: I think we talked about it last time. You know
Speaker 1: what you've talked about being the kind of world's safest restaurant,
Speaker 1: A lot of robotics, a lot of automation. That's something
Speaker 1: too that I feel like we'll stay with us. Oh,
Speaker 1: no question. But as labor class goes up, you know,
Speaker 1: the admortization and the numbers of automation looks really, really good.
Speaker 1: And you know that's one of the challenges when you
Speaker 1: start to bring a fifteen dollar minimum wage into the
Speaker 1: restaurant business. Suddenly a machine that flipped Hamburgers is very
Speaker 1: economically feasible. You know, I wonder if pushing the payroll
Speaker 1: level to that level doesn't have more of a detrimental
Speaker 1: effect on young people who work in restaurants and need
Speaker 1: dot kind of employment. Well, you know, let me just
Speaker 1: bring it to you to some of the bigger policy initiative, John,
Speaker 1: that are going out. We are expected. Uh, you know,
Speaker 1: the President has been talking about raising taxes, corporate taxes.
Speaker 1: I think there's a lot of investors, maybe small business
Speaker 1: owners who are watching this very very closely. What do
Speaker 1: you think is the right balance here? You know, I
Speaker 1: personally think that at this stage we shouldn't look at
Speaker 1: any kind of corporate tax increase for at least another
Speaker 1: year or so, you know, to think that right now,
Speaker 1: we can't get our employees back. Our costs and supplies
Speaker 1: are way up. You know, we're doing bar rescue now, Carol.
Speaker 1: We've been remodeling eight bars during the past few weeks.
Speaker 1: Construction materials in some cases are up six if you
Speaker 1: can get them. So, I mean, take a look at
Speaker 1: all the operating expenses are up for that restaurant. He
Speaker 1: has new sanitation costs, ppe costs, his food costs to hire,
Speaker 1: his energy costs are higher, his cost for employees higher,
Speaker 1: and now we're gonna wamm with additional taxes as well.
Speaker 1: That makes no sense when we're just starting to get
Speaker 1: our feedback on the ground again and getting into a
Speaker 1: mode of profitability. So it's a great concern to me.
Speaker 1: And I understand that the current administration likes to move
Speaker 1: in that taxation direction. I'm not sure I can stop
Speaker 1: them moving in that direction, but heck, you know, I
Speaker 1: think we need to slow it down certainly, you know, Carol,
Speaker 1: In a week of record profits, record revenue that we're
Speaker 1: hearing from the biggest companies, it's a good reminder that
Speaker 1: the recovery has been really unequal when it comes to
Speaker 1: the big companies over the last fourteen months, and then
Speaker 1: those small mom and pop shops, the bar and hospitality
Speaker 1: industry too. Yeah, exactly, and I think we have to
Speaker 1: start making that distinction when it comes to maybe raising
Speaker 1: taxes or the corporate sector. That's John Taffer, the host
Speaker 1: of Bar Rescue, and that wraps up the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio. Thanks so much
Speaker 1: for joining us. I'm Carol Masser and on Tim Stanovk.
Speaker 1: Be sure to tune into our Bloomberg Business Week daily show.
Speaker 1: It's Monday through Friday. It starts at two pm Wall
Speaker 1: Street Time on Bloomberg Radio. You can also watch our
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Speaker 1: Apple TV, Samsung TV, and more. Have a great weekend.
Speaker 1: This is Bloomberg