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Speaker 1: This is the Blueberg Data, a q AT podcast available

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Speaker 1: every morning on Apple, Spotify or wherever you listen. It's Friday,

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Speaker 1: the twenty sixth of April here in London. I'm Caroline HIPKIF.

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Speaker 2: And I'm Stephen Carroll. Coming up today. Shares in Alphabet

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Speaker 2: and Microsoft rise as the tech giants in press investors

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Speaker 2: with surging AI demand.

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Speaker 1: The yen plunges as the Bank of Japan leaves interest

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Speaker 1: rates and bond buying unchanged.

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Speaker 2: And combining public success with private grief, Investor Peter Cowley

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Speaker 2: shares his life lessons as he battles terminal cancer.

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Speaker 1: Let's start with a roundup of our top stories.

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Speaker 2: Shares in Microsoft and Alphabet have surged in after hours

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Speaker 2: trading as the two tech titans released results showing investment

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Speaker 2: in artificial intelligence and cloud computing is paying off. Google's

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Speaker 2: parent company reported first quarter revenue that exceeded analysts expectations.

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Speaker 2: Sales excluding partner payouts, rose to sixty seven point six

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Speaker 2: billion dollars over the period. Chief financial officer Ruth poor

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Speaker 2: That says AI services are increasingly fueling growth.

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Speaker 3: We are very pleased with our financial results for the

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Speaker 3: first quarter, driven in particular by strength and search and cloud,

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Speaker 3: as well as the ongoing efforts to durably re engineer

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Speaker 3: our cost base.

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Speaker 2: Ruth poor out out of the Google Cloud results reflect

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Speaker 2: broad strength across the industry.

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Speaker 1: The message was similar at Microsoft to where cloud and

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Speaker 1: artificial intelligence offerings drove quarterly sales and profit growth at

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Speaker 1: beat expectations. Third quarter revenue at the world's most valuable

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Speaker 1: listed company rows seventeen percent to sixty one point nine

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Speaker 1: billion dollars. Microsoft has leveraged its investment in artificial intelligence

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Speaker 1: pioneer open Ai to create a series of assistance and

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Speaker 1: other features, and Chief financial Officer Amyhurd says that they

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Speaker 1: will need to spend more money to keep up with

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Speaker 1: demands twenty five.

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Speaker 4: That focused and execution should again lead to double digit

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Speaker 4: revenue and operating income growth to scale to meet the

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Speaker 4: growing demand signal for our cloud and AI products. We

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Speaker 4: expect FY twenty five capital expenditures to be higher than

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Speaker 4: FY twenty four.

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Speaker 1: As Amy heard mentioned there, Microsoft is spending heavily to

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Speaker 1: expand its global network of data centers to meet rising

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Speaker 1: demand for AI services. Capital expenditure reached fourteen billion dollars

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Speaker 1: during the quarter.

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Speaker 2: The end as week into a new thirty four year

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Speaker 2: low against the dollar after the Bank of Japan held

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Speaker 2: interest rates steady. At its latest meeting, the boj simplified

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Speaker 2: its language on bond buying, dropping a reference to how

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Speaker 2: much it's purchasing per month. In its economic outlook. The

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Speaker 2: central bank raised its inflation outlook for consumer prices excluding

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Speaker 2: food to two point eight percent and said risks were

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Speaker 2: skewed to the upside. This is the first meeting since

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Speaker 2: the Bank of Japan raised interest rates out of negative territory.

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Speaker 1: Air Boss will boost production of its Advance to a

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Speaker 1: three point fifty jet amidst surging demand while rival Boeing struggles.

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Speaker 1: According to first quarter figures, the European planemaker will produce

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Speaker 1: twelve a three fifty jets per month by twenty twenty eight.

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Speaker 1: That's an increase on previous plans to reach ten by

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Speaker 1: twenty twenty six. But CEO Guium Fury says that airbuses

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Speaker 1: supply chain is under pressure as orders from former Boeing

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Speaker 1: customers come in.

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Speaker 5: So we are victims sort of of our own success.

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Speaker 5: We have a lot of demand, the higher than the supply,

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Speaker 5: and this will continue to stretch the supply chain for

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Speaker 5: some years.

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Speaker 1: Airbus CEO gium Fouri speaking there. This week, Indian budget

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Speaker 1: specialist indiego so that it signed a firm order for

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Speaker 1: thirty A three fifty aircraft, with an option for as

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Speaker 1: many as seventy more.

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Speaker 2: UK consumer confidence ed tires. Inflation has eased and made

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Speaker 2: people more willing to spend. GfK's household Optimism index rows

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Speaker 2: two points this month to minus nineteen. Bloomber Exchames Worldcock

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Speaker 2: has more.

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Speaker 6: Things are looking brighter, more willingness to spend on big

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Speaker 6: ticket items, less pessimism, and a feeling of financial security.

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Speaker 6: That's what people surveyed told GfK in April, a month

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Speaker 6: in which energy prices and inflation fell. It's likely to

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Speaker 6: be extremely welcome news at number ten Downing Street, Prime

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Speaker 6: Minister which you sunk, is counting on rising optimism about

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Speaker 6: the economy to boost his election hopes. In London, James

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Speaker 6: Wilcock with MUG Radio.

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Speaker 1: China's top diplomat says that problems are mounting in the

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Speaker 1: country's relationship with the United States. The warning comes after

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Speaker 1: the Biden administration vowed new tariffs on China. Wang Yi

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Speaker 1: spoke via a translator.

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Speaker 7: The generous relationship is beginning to stabilize across the areas.

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Speaker 7: Our two sides have increased the dialogue, cooperation and the

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Speaker 7: passive side of the relationship. This is welcomed by our

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Speaker 7: two peoples and the international community. But at the same time,

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Speaker 7: the negative factors in the relationship is still increasing and building,

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Speaker 7: and the relationship is facing all kinds of disruptions.

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Speaker 1: China's Foreign Minister Wang Yi speaking Vara translator, he is

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Speaker 1: hosting US Sector of State Anthony Blincoln in Beijing. The

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Speaker 1: senior White House official is expected to be challenged over

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Speaker 1: the new US law to ban Chinese own TikTok if

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Speaker 1: its parent company Byte Dance doesn't divest and.

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Speaker 2: To Israel says it's preparing its forces for a potential

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Speaker 2: all out war with Hezbollah as the exchange of fire

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Speaker 2: with the Iranian backed group intensifies. In a statement to

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Speaker 2: the Israeli military said that local leaders in the area

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Speaker 2: have been briefed quote on the processes to accelerate readiness

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Speaker 2: for continued fighting. The news comes as Israel's Israeli forces

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Speaker 2: struck forty Hezbeala sites on southern Lebanon on Wednesday, after

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Speaker 2: the group conducted a deep aerial attack inside Israel. In

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Speaker 2: a moment, we'll dig into the tech earning story. We're

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Speaker 2: also going to bring you ark exclusive interview with the

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Speaker 2: investor Peter Cowley on his latest book, in which he

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Speaker 2: shares his life lessons as he deals with a terminal

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Speaker 2: cancer diagnosis. We want to dwell for a moment. Two

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Speaker 2: on today's boj decision, the first since they announced their

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Speaker 2: rate rise last month, so they held rates at this

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Speaker 2: meetinglight tweaks the language on bond buying, optic of the

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Speaker 2: inflation outlook for the rest of the year, but the

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Speaker 2: key message seems to be no sign of further easing

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Speaker 2: for now anyway, Blue Edge Investors, Calvin, you are describing

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Speaker 2: it as a nothing sushi, a plain white rice ball.

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Speaker 1: Yes, this is because a lot of Americans use this

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Speaker 1: phrase a nothing burger, which is also kind of a

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Speaker 1: funny phrase for me. But yeah, I like this one

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Speaker 1: and nothing sushi. The issue, of course is, you know

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Speaker 1: how Japan exits this policy without putting further pressure on

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Speaker 1: the Japanese yet businesses are concerned about it. You've got

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Speaker 1: the Japanese economy really kind of faltering at the moment,

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Speaker 1: and so very difficult rates are not to zero point

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Speaker 1: one percent in Japan, so you know, trying to lift

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Speaker 1: them above zero very tricky.

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Speaker 2: Yeah, indeed, I'm just watching the weekening at the end

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Speaker 2: this morning, the Finance Ministry is saying they would deal

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Speaker 2: with foreign exchange appropriately, but to climb to say whether

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Speaker 2: the currency moves would be what they consider excessive.

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Speaker 1: Now to those tech earnings for Microsoft and Google owner Alphabet.

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Speaker 1: Their results were all about the corporate customer and a

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Speaker 1: surge in cloud revenue fueled by booming AI services. They

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Speaker 1: needed a strong performance after shares in Meta tumbled on

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Speaker 1: Thursday when the Facebook coner revealed it needed to invest

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Speaker 1: billions more than expected on AI joining us. How to

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Speaker 1: discuss is Bloomberg ancha, pritty Gupta, Great to see you

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Speaker 1: this morning, Good morning. How good then were Microsoft and

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Speaker 1: Alphabet earnings seemed like really they were being very pointed

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Speaker 1: about how well they're doing. From aar they.

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Speaker 8: Were and this is whatever. The opposite of a nothing

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Speaker 8: burger is a swampburger, if you will. This is the

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Speaker 8: kind of everything in more that you could that they

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Speaker 8: could have delivered. I'll break it down by it by

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Speaker 8: company here because one of the concerns for Meta simply

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Speaker 8: was that this is a company that could not capitalize

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Speaker 8: on the AI and was frankly late to the game

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Speaker 8: in a way that Microsoft and Alphabet have really been

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Speaker 8: investing for years and really are already the dominant player.

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Speaker 8: So that's why Meta's extra kind of capital expenditure was

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Speaker 8: a negative. Amid that background, you have to kind of

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Speaker 8: think about why Microsoft and Alphabet are under or outperforming

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Speaker 8: because you're going in with expectations that, Okay, well, maybe

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Speaker 8: the AI returns won't be as juicy. Boy were we wrong.

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Speaker 8: Because for Microsoft especially which has is considered the dominant

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Speaker 8: player in AI right now, especially given their forty nine

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Speaker 8: percent stake in Open ai as well, their cloud business

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Speaker 8: is getting kind of a tailwind from the AI boom

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Speaker 8: as well. People are really rushing into this and this

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Speaker 8: is their Asia revenue that we really watch very very closely.

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Speaker 8: So they gained about thirty one percent in the quarter, which,

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Speaker 8: by the way, massive growth rate, but this follows a

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Speaker 8: little bit of a slowdown that you've seen in the

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Speaker 8: past couple of quarters. The last one was thirty percent

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Speaker 8: growth in the previous period, twenty nine percent before that,

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Speaker 8: and the twenty nine percent prediction this time around is

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Speaker 8: crucial as well. So this is coming in the backdrop

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Speaker 8: of concerns at the Asia growth, which by the way,

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Speaker 8: has been so exponential, could be slowing down. Microsoft saying otherwise.

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Speaker 8: In fact, it also helped their sales and helped their profit.

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Speaker 8: That the AI story is really working for them and

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Speaker 8: will continue to That seems to be the message out

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Speaker 8: of Microsoft now. Alphabet, on the other hand, is going

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Speaker 8: to be trying to gain a lot of market share,

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Speaker 8: especially in cloud, but also in AI. They've invested heavily

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Speaker 8: in their deep Mind product as well, and by the way,

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Speaker 8: losing some of their talent there to Microsoft, which has

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Speaker 8: been poaching from the deep Mind project as well. For

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Speaker 8: Alphabet's a little bit of different story because even though

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Speaker 8: they posted some good numbers as well, arguably too good,

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Speaker 8: they also talked about return to shareholders a first ever

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Speaker 8: cash dividend of about twenty cents from the company plus

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Speaker 8: a seventy billion dollar stock buyback. Who wouldn't want to

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Speaker 8: touch Alphabet when you put that kind of returns on it.

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Speaker 2: But these companies are also, like matter, going to need

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Speaker 2: to invest a lot more in AI as well.

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Speaker 8: They are, they are and look, this is I think

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Speaker 8: where it comes back down to are what companies are

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Speaker 8: best positions to do it, Because any company can kind

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Speaker 8: of use the AI phrasing and say we're going to

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Speaker 8: hop in on this trend, but very few have the talent,

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Speaker 8: the infrastructure, and the reach, by the way, So this

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Speaker 8: is where Alphabet's kind of story is really important here

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Speaker 8: as well, is because there's also the first quarter, excuse me,

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Speaker 8: the second quarter where they've actually been profitable in their

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Speaker 8: AI business. That's a really big deal. I think the

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Speaker 8: estimate by the analysts was a six hundred and twenty

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Speaker 8: one million. They came out with nine hundred million, so

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Speaker 8: they a pretty decent beat. But the profitability story is

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Speaker 8: important because you can't go to scale, or at least

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Speaker 8: have the kind of backing to go to scale to

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Speaker 8: the mass market if you don't turn profitable, especially for

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Speaker 8: a company like Alphabet. So this is really helping with

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Speaker 8: that kind of move to get more market share.

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Speaker 1: Okay, so not on Microsoft, been on Alphabet. But it

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Speaker 1: wasn't all good news. The ship maker Intel gave a

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Speaker 1: pool full cost for this year. They did.

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Speaker 8: This is of course the biggest maker of personal computer processors,

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Speaker 8: and we know Intel has been mired in this kind

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Speaker 8: of turnaround story that does not seem to be turning

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Speaker 8: around at any point. Here CEO really trying to look

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Speaker 8: to restore that Pat gel singer. He's been at it

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Speaker 8: for a couple of years now.

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Speaker 1: Well.

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Speaker 8: He says that the sales in the second quarter will

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Speaker 8: be about thirteen billion dollars, which are actually coming in

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Speaker 8: slightly less than the average analysessment about thirteen point six billion.

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Speaker 8: And also the profit will be about ten cents a

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Speaker 8: share versus a projection about twenty four cents, So seeing

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Speaker 8: a real kind of loss when we're talking about how

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Speaker 8: much of that capital expenditure we're seeing. This is I

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Speaker 8: think a great way to show that alphabet Microsoft can say, hey,

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Speaker 8: we're spending a lot on R and D because we

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Speaker 8: can't deploy an M and A. For example, Intel's actively

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Speaker 8: near shoring a lot. They're getting a lot of grants

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Speaker 8: from the US government. They're really trying to become more

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Speaker 8: profitable and compete on a bigger stage, and right now

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Speaker 8: these numbers to show this kind of cash burn isn't

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Speaker 8: really working in their favor.

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Speaker 2: Crazy gup to Bloomberg TV anchor, Thanks so much for

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Speaker 2: joining us at the details of those stories.

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Speaker 1: Now to a Bloomberg Radio exclusive. The Investor Peter Cowley

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Speaker 1: has a third book out, The Cambridge Entrepreneur and Angel

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Speaker 1: Investor is the author of the start up bestseller The

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Speaker 1: handbook Really the Invested Investor. Now he's focused not on

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Speaker 1: business but on his personal story, public success, private Grief.

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Speaker 1: It charts Peter's struggles through alcoholism, the loss of two

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Speaker 1: sons to suicide, and now a terminal cancer diagnosis. In

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Speaker 1: his final book, one in which he puts his business

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Speaker 1: career into perspective. I went to Cambridge to meet Peter

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Speaker 1: Cowley for a conversation about his life, the VC business

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Speaker 1: and loss. I started by asking him what first drew

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Speaker 1: him into his career.

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Speaker 9: Some people I didn't really realize that to start with,

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Speaker 9: but once I got involved and started to have entrepreneurs

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Speaker 9: were generally about half a generation to a generation younger

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Speaker 9: than me so and nowadays generation to generation and a half.

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Speaker 9: Some people's spending time with those people the ones A

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Speaker 9: good entrepreneur will listen because they have to listen to

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Speaker 9: the market, they have to listen to soon as they

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Speaker 9: have to listen to regulators, and sometimes they do a

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Speaker 9: listen to investors as well, and they certainly need to

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Speaker 9: listen to staff. So they are passionate and they are

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Speaker 9: willing to learn. So I found that spending time with

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Speaker 9: these people was very invigorating and of course taught me

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Speaker 9: a lot about things about technology, about market and so

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Speaker 9: I just got pulled into this spending time with interesting people.

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Speaker 1: You've written this new book, which is much more personal.

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Speaker 1: Tell us about why you wrote the book, and obviously

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Speaker 1: that you've been struck by some of the worst things

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Speaker 1: that happen to people.

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Speaker 9: Of course, as many people said, seem to have been

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Speaker 9: unlucky compared with most people. So the book is called

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Speaker 9: public Success, Private Grief. The public success we've just talked

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Speaker 9: about the private grief is now not so private. So

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Speaker 9: I lost my brother to cancel when he was twenty one.

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Speaker 9: I lost Miss Alcoholism when she was fifty one. I

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Speaker 9: lost my first wife, the mother and my children. She

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Speaker 9: died of DBT when she was fifty one or fifty two.

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Speaker 9: I suffer from alcoholism, though I've not had a drink

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Speaker 9: for nearly twenty four years. Sometime next month, I've got

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Speaker 9: late stage cancer. That's what really triggered writing the book.

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Speaker 9: I'll tell him about that at the moment. But the

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Speaker 9: two things that were really are so painful even to

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Speaker 9: talk about. What to talk about what I am doing,

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Speaker 9: of course, is the loss of two children. So I

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Speaker 9: had three boys who were two years apart, and my

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Speaker 9: middle son died when he was twenty three, and my

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Speaker 9: youngest son died who helped her with a book project,

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Speaker 9: died when he was thirty four, a couple of years ago. Anyway,

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Speaker 9: it is exactly if you've got any children, anybody who's

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Speaker 9: listens has got children, don't go there, don't think about it.

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Speaker 9: And then so I was diagnosed with late stage stage

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Speaker 9: four non smoking lung cancer. So one in five lung

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Speaker 9: cancer us haven't smoked, and unfortunately we're the people who don't.

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Speaker 9: Is not detected still quite late, so it was all

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Speaker 9: over my body, my brain, well, lots of places in

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Speaker 9: the body when he was detected. So that happened at

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Speaker 9: the end of twenty one. And then Alan died at

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Speaker 9: the end of twenty two. And because I've written stuff before,

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Speaker 9: and I'm sure I've helped a lot of people, lots

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Speaker 9: of entrepreneurs, a lot of people in the charity sector

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Speaker 9: over time, I just felt there was another book in

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Speaker 9: me basically, but not a book in the sense of

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Speaker 9: the other two, which are business books. A book that

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Speaker 9: is personal, very personal and inspirational, because I don't know,

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Speaker 9: I've come from Yorkshire. I've always been very direct, almost

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Speaker 9: too direct. I'm sure I've just decided to open it all.

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Speaker 9: So I've written a book which is basically a memoir.

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Speaker 1: What do you hope the messages? Who do you hope

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Speaker 1: is going to read the book? And also what do

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Speaker 1: you think that people are going to learn from it?

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Speaker 1: Because I mean, I think the title of the book

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Speaker 1: sort of expresses it very very well, and I think

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Speaker 1: that people listening maybe who are facing these sorts of struggles,

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Speaker 1: whatever they may be, what are they going to be

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Speaker 1: able to take in terms of inspiration or just kind

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Speaker 1: of the will to go on.

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Speaker 9: It's just inspiration for getting on with life, not sweating

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Speaker 9: the small stuff, as the Americans say, you know, you're asking,

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Speaker 9: you know, doing the stuff that might not be might

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Speaker 9: not be around tomorrow, to achieve.

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Speaker 1: Is it the to do list? I mean, it seems

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Speaker 1: so terribly vc to say I'm going to make a

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Speaker 1: business plan and I'm going to make the best of

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Speaker 1: this awful situation. Is that just the bottom.

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Speaker 9: Line, that's one of it. And I have both what

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Speaker 9: I call my bucket, this which we've all heard of,

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Speaker 9: and I also have a list and you can probably.

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Speaker 1: Imagine might not be able to put that on radio.

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Speaker 9: Okay, I also have an effort list. Yes, so this

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Speaker 9: of course is things that I don't know what to

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Speaker 9: do any longer. There are things that I would have

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Speaker 9: done before.

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Speaker 1: That you know, I go on, what are a few

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Speaker 1: of those?

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Speaker 9: Well, even things like speaking at events, like mentoring people,

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Speaker 9: like talking to entrepreneurs. There's a lot of things.

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Speaker 1: So I just think, no, you don't want to do

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Speaker 1: it anymore?

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Speaker 9: Got why not? Well, it's because I haven't got that

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Speaker 9: long left. Because unfortunately, because it's stage four, I do

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Speaker 9: know that from the research that it's unlikely that I

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Speaker 9: live past much past the end of this year. Now

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Speaker 9: this is statistical, of course, but you know the statistical

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Speaker 9: mean half is already before that date and half afterwards,

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Speaker 9: and so something could happen even during twenty twenty four.

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Speaker 9: So yeah, getting on with things. I mean, there's a

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Speaker 9: number of lessons in the book. It isn't just that

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Speaker 9: there's a number of business lessons. Even in the book

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Speaker 9: It's not a self help which we did think about doing.

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Speaker 9: It's a memoir which has got a description in there

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Speaker 9: so that people can read and hopefully work out from

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Speaker 9: their own circumstances, which might have to do with something

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Speaker 9: else and maybe just business failure. They can maybe even

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Speaker 9: from that and the process of the business failing, learn

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Speaker 9: how to cope with their own character and not disappear

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Speaker 9: into a well of grief.

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Speaker 1: I also as a parent myself, it is the horrifying

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Speaker 1: bit of losing children is so awful. How you how

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Speaker 1: you dealt personally with that in the aftermath.

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Speaker 9: We couldn't have had this conversation within three months of

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Speaker 9: his death. I just wouldn't have been able to talk

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Speaker 9: about it without ending up in not being able to speak.

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Speaker 9: In fact, obviously I grieve and miss both sons tremendously,

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Speaker 9: But life I need to get on with my life,

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Speaker 9: you know, I need to. It bubbles up. Sometimes it

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Speaker 9: hasn't bubbled up during this interview, but it could easily

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Speaker 9: have done and whether And part of it, of course,

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Speaker 9: is not so much the busyness, but giving back, And

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Speaker 9: this book is about that. It's about trying to help

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Speaker 9: other people. I haven't really answered your question. But it's

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Speaker 9: that's because I don't really know. In the end, I'm

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Speaker 9: just not sure how I've coped. You know, there isn't

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Speaker 9: a magic wand to coping with tragedies. And I don't

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Speaker 9: think it's because I'm a cold creature that just buries

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Speaker 9: it or ignores it, or my skin shells so thick.

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Speaker 9: I think I really have sort of been lucky of

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Speaker 9: had the right assistance at the right time, and I

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Speaker 9: had something to redirect my grief and my addiction into,

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Speaker 9: which has been positive benefit.

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Speaker 1: Yeah, a lot of our audience they're very young, and

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Speaker 1: they're in the city, and they're in financial services, and

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Speaker 1: it's all about making money, and I just I don't know.

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Speaker 1: I think you've had experience in that world of trying

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Speaker 1: to make it, you know that kind of really the

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Speaker 1: drive of trying to build your own business, trying to

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Speaker 1: do well. It's not exactly the same, I think as

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Speaker 1: being in financial services in the city kind of being

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Speaker 1: in VC. But I suppose what would you say to

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Speaker 1: those people about the point of it of the money making?

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Speaker 9: Yeah, money isn't the bill and nal and we all

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Speaker 9: know that. I mean, even that your listeners will know

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Speaker 9: that in principle it would be really great if they

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Speaker 9: do are in the city, staying there, they get to

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Speaker 9: the point at say the age of thirty five, they

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Speaker 9: back out and then they use that money and the

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Speaker 9: time for something else, you know, going to teaching, help

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Speaker 9: charities with time as well as money, etc. I've been obviously,

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Speaker 9: I had customers in the city, so I've spent time

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Speaker 9: with people in the city, and it is pretty frantic lifestyle.

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Speaker 9: This isn't a rehearsal. Life is not rehearsal. We all

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Speaker 9: know that that's very hackney, isn't it. Enjoy life in

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Speaker 9: some way get the balance right between personal life and

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Speaker 9: work life. And I definitely got it wrong.

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Speaker 1: So that was Peter Cowley, the angel investor and co

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Speaker 1: founder of UK based VC Martlet Capital, speaking to me

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Speaker 1: at his home in Cambridge about his book Public Success,

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Speaker 1: Private Grief, written with his wife. It is out now.

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Speaker 1: That conversation has really stayed with me in the weeks

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Speaker 1: since I met Peter and since we went up to

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Speaker 1: Cambridge to have that conversation, I just thought it was

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Speaker 1: so impactful and so powerful what he had to say.

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Speaker 2: I mean, it's my first time hearing it as our

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Speaker 2: listeners would have been as well. And I think the

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Speaker 2: thing that strikes me is that he speaks so lucidly

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Speaker 2: about what he's taken away from everything that he's been through,

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Speaker 2: and that he really has come out of it with

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Speaker 2: a philosophy about what he can do, even though he's

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Speaker 2: talking about having very lings of time left.

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Speaker 1: Yeah, and look, it took him about two minutes just

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Speaker 1: to list, super rapid far all of the successes all

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Speaker 1: of the businesses that he had invested in. He said

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Speaker 1: at one point he had twenty seven different roles. So

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Speaker 1: you know, he's just done so much in his business career,

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Speaker 1: as you say, you know, he's done so much in

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Speaker 1: the charitable sector as well, and so many sort of

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Speaker 1: important ideas. I mean, he also even talked about the

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Speaker 1: UK government and politics, and I took away from that

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Speaker 1: also he didn't want to give me a list of

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Speaker 1: what Britain should be doing in terms of growing venture

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Speaker 1: capital companies or economic growth. He actually said that what

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Speaker 1: Britain needs to focus on is fairness, which again I

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Speaker 1: just thought was incredibly interesting. His views then on how

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Speaker 1: to deal with adversity, balancing those work achievements, and frankly

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Speaker 1: the luck that you need to have a little bit

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Speaker 1: in life. Peter Cowley speaking to Bloomberg Radio.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 2: You can also listen live each morning on London Dab Radio,

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Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

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Speaker 1: Our flagship New York station, is also available on your

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Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

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Speaker 1: I'm Caroline Hepka and.

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Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all

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Speaker 2: the news you need to start your day right here

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Speaker 2: on Bloomberg day Break Europe