Speaker 1: This is the Blueberg Data, a q AT podcast available
Speaker 1: every morning on Apple, Spotify or wherever you listen. It's Friday,
Speaker 1: the twenty sixth of April here in London. I'm Caroline HIPKIF.
Speaker 2: And I'm Stephen Carroll. Coming up today. Shares in Alphabet
Speaker 2: and Microsoft rise as the tech giants in press investors
Speaker 2: with surging AI demand.
Speaker 1: The yen plunges as the Bank of Japan leaves interest
Speaker 1: rates and bond buying unchanged.
Speaker 2: And combining public success with private grief, Investor Peter Cowley
Speaker 2: shares his life lessons as he battles terminal cancer.
Speaker 1: Let's start with a roundup of our top stories.
Speaker 2: Shares in Microsoft and Alphabet have surged in after hours
Speaker 2: trading as the two tech titans released results showing investment
Speaker 2: in artificial intelligence and cloud computing is paying off. Google's
Speaker 2: parent company reported first quarter revenue that exceeded analysts expectations.
Speaker 2: Sales excluding partner payouts, rose to sixty seven point six
Speaker 2: billion dollars over the period. Chief financial officer Ruth poor
Speaker 2: That says AI services are increasingly fueling growth.
Speaker 3: We are very pleased with our financial results for the
Speaker 3: first quarter, driven in particular by strength and search and cloud,
Speaker 3: as well as the ongoing efforts to durably re engineer
Speaker 3: our cost base.
Speaker 2: Ruth poor out out of the Google Cloud results reflect
Speaker 2: broad strength across the industry.
Speaker 1: The message was similar at Microsoft to where cloud and
Speaker 1: artificial intelligence offerings drove quarterly sales and profit growth at
Speaker 1: beat expectations. Third quarter revenue at the world's most valuable
Speaker 1: listed company rows seventeen percent to sixty one point nine
Speaker 1: billion dollars. Microsoft has leveraged its investment in artificial intelligence
Speaker 1: pioneer open Ai to create a series of assistance and
Speaker 1: other features, and Chief financial Officer Amyhurd says that they
Speaker 1: will need to spend more money to keep up with
Speaker 1: demands twenty five.
Speaker 4: That focused and execution should again lead to double digit
Speaker 4: revenue and operating income growth to scale to meet the
Speaker 4: growing demand signal for our cloud and AI products. We
Speaker 4: expect FY twenty five capital expenditures to be higher than
Speaker 4: FY twenty four.
Speaker 1: As Amy heard mentioned there, Microsoft is spending heavily to
Speaker 1: expand its global network of data centers to meet rising
Speaker 1: demand for AI services. Capital expenditure reached fourteen billion dollars
Speaker 1: during the quarter.
Speaker 2: The end as week into a new thirty four year
Speaker 2: low against the dollar after the Bank of Japan held
Speaker 2: interest rates steady. At its latest meeting, the boj simplified
Speaker 2: its language on bond buying, dropping a reference to how
Speaker 2: much it's purchasing per month. In its economic outlook. The
Speaker 2: central bank raised its inflation outlook for consumer prices excluding
Speaker 2: food to two point eight percent and said risks were
Speaker 2: skewed to the upside. This is the first meeting since
Speaker 2: the Bank of Japan raised interest rates out of negative territory.
Speaker 1: Air Boss will boost production of its Advance to a
Speaker 1: three point fifty jet amidst surging demand while rival Boeing struggles.
Speaker 1: According to first quarter figures, the European planemaker will produce
Speaker 1: twelve a three fifty jets per month by twenty twenty eight.
Speaker 1: That's an increase on previous plans to reach ten by
Speaker 1: twenty twenty six. But CEO Guium Fury says that airbuses
Speaker 1: supply chain is under pressure as orders from former Boeing
Speaker 1: customers come in.
Speaker 5: So we are victims sort of of our own success.
Speaker 5: We have a lot of demand, the higher than the supply,
Speaker 5: and this will continue to stretch the supply chain for
Speaker 5: some years.
Speaker 1: Airbus CEO gium Fouri speaking there. This week, Indian budget
Speaker 1: specialist indiego so that it signed a firm order for
Speaker 1: thirty A three fifty aircraft, with an option for as
Speaker 1: many as seventy more.
Speaker 2: UK consumer confidence ed tires. Inflation has eased and made
Speaker 2: people more willing to spend. GfK's household Optimism index rows
Speaker 2: two points this month to minus nineteen. Bloomber Exchames Worldcock
Speaker 2: has more.
Speaker 6: Things are looking brighter, more willingness to spend on big
Speaker 6: ticket items, less pessimism, and a feeling of financial security.
Speaker 6: That's what people surveyed told GfK in April, a month
Speaker 6: in which energy prices and inflation fell. It's likely to
Speaker 6: be extremely welcome news at number ten Downing Street, Prime
Speaker 6: Minister which you sunk, is counting on rising optimism about
Speaker 6: the economy to boost his election hopes. In London, James
Speaker 6: Wilcock with MUG Radio.
Speaker 1: China's top diplomat says that problems are mounting in the
Speaker 1: country's relationship with the United States. The warning comes after
Speaker 1: the Biden administration vowed new tariffs on China. Wang Yi
Speaker 1: spoke via a translator.
Speaker 7: The generous relationship is beginning to stabilize across the areas.
Speaker 7: Our two sides have increased the dialogue, cooperation and the
Speaker 7: passive side of the relationship. This is welcomed by our
Speaker 7: two peoples and the international community. But at the same time,
Speaker 7: the negative factors in the relationship is still increasing and building,
Speaker 7: and the relationship is facing all kinds of disruptions.
Speaker 1: China's Foreign Minister Wang Yi speaking Vara translator, he is
Speaker 1: hosting US Sector of State Anthony Blincoln in Beijing. The
Speaker 1: senior White House official is expected to be challenged over
Speaker 1: the new US law to ban Chinese own TikTok if
Speaker 1: its parent company Byte Dance doesn't divest and.
Speaker 2: To Israel says it's preparing its forces for a potential
Speaker 2: all out war with Hezbollah as the exchange of fire
Speaker 2: with the Iranian backed group intensifies. In a statement to
Speaker 2: the Israeli military said that local leaders in the area
Speaker 2: have been briefed quote on the processes to accelerate readiness
Speaker 2: for continued fighting. The news comes as Israel's Israeli forces
Speaker 2: struck forty Hezbeala sites on southern Lebanon on Wednesday, after
Speaker 2: the group conducted a deep aerial attack inside Israel. In
Speaker 2: a moment, we'll dig into the tech earning story. We're
Speaker 2: also going to bring you ark exclusive interview with the
Speaker 2: investor Peter Cowley on his latest book, in which he
Speaker 2: shares his life lessons as he deals with a terminal
Speaker 2: cancer diagnosis. We want to dwell for a moment. Two
Speaker 2: on today's boj decision, the first since they announced their
Speaker 2: rate rise last month, so they held rates at this
Speaker 2: meetinglight tweaks the language on bond buying, optic of the
Speaker 2: inflation outlook for the rest of the year, but the
Speaker 2: key message seems to be no sign of further easing
Speaker 2: for now anyway, Blue Edge Investors, Calvin, you are describing
Speaker 2: it as a nothing sushi, a plain white rice ball.
Speaker 1: Yes, this is because a lot of Americans use this
Speaker 1: phrase a nothing burger, which is also kind of a
Speaker 1: funny phrase for me. But yeah, I like this one
Speaker 1: and nothing sushi. The issue, of course is, you know
Speaker 1: how Japan exits this policy without putting further pressure on
Speaker 1: the Japanese yet businesses are concerned about it. You've got
Speaker 1: the Japanese economy really kind of faltering at the moment,
Speaker 1: and so very difficult rates are not to zero point
Speaker 1: one percent in Japan, so you know, trying to lift
Speaker 1: them above zero very tricky.
Speaker 2: Yeah, indeed, I'm just watching the weekening at the end
Speaker 2: this morning, the Finance Ministry is saying they would deal
Speaker 2: with foreign exchange appropriately, but to climb to say whether
Speaker 2: the currency moves would be what they consider excessive.
Speaker 1: Now to those tech earnings for Microsoft and Google owner Alphabet.
Speaker 1: Their results were all about the corporate customer and a
Speaker 1: surge in cloud revenue fueled by booming AI services. They
Speaker 1: needed a strong performance after shares in Meta tumbled on
Speaker 1: Thursday when the Facebook coner revealed it needed to invest
Speaker 1: billions more than expected on AI joining us. How to
Speaker 1: discuss is Bloomberg ancha, pritty Gupta, Great to see you
Speaker 1: this morning, Good morning. How good then were Microsoft and
Speaker 1: Alphabet earnings seemed like really they were being very pointed
Speaker 1: about how well they're doing. From aar they.
Speaker 8: Were and this is whatever. The opposite of a nothing
Speaker 8: burger is a swampburger, if you will. This is the
Speaker 8: kind of everything in more that you could that they
Speaker 8: could have delivered. I'll break it down by it by
Speaker 8: company here because one of the concerns for Meta simply
Speaker 8: was that this is a company that could not capitalize
Speaker 8: on the AI and was frankly late to the game
Speaker 8: in a way that Microsoft and Alphabet have really been
Speaker 8: investing for years and really are already the dominant player.
Speaker 8: So that's why Meta's extra kind of capital expenditure was
Speaker 8: a negative. Amid that background, you have to kind of
Speaker 8: think about why Microsoft and Alphabet are under or outperforming
Speaker 8: because you're going in with expectations that, Okay, well, maybe
Speaker 8: the AI returns won't be as juicy. Boy were we wrong.
Speaker 8: Because for Microsoft especially which has is considered the dominant
Speaker 8: player in AI right now, especially given their forty nine
Speaker 8: percent stake in Open ai as well, their cloud business
Speaker 8: is getting kind of a tailwind from the AI boom
Speaker 8: as well. People are really rushing into this and this
Speaker 8: is their Asia revenue that we really watch very very closely.
Speaker 8: So they gained about thirty one percent in the quarter, which,
Speaker 8: by the way, massive growth rate, but this follows a
Speaker 8: little bit of a slowdown that you've seen in the
Speaker 8: past couple of quarters. The last one was thirty percent
Speaker 8: growth in the previous period, twenty nine percent before that,
Speaker 8: and the twenty nine percent prediction this time around is
Speaker 8: crucial as well. So this is coming in the backdrop
Speaker 8: of concerns at the Asia growth, which by the way,
Speaker 8: has been so exponential, could be slowing down. Microsoft saying otherwise.
Speaker 8: In fact, it also helped their sales and helped their profit.
Speaker 8: That the AI story is really working for them and
Speaker 8: will continue to That seems to be the message out
Speaker 8: of Microsoft now. Alphabet, on the other hand, is going
Speaker 8: to be trying to gain a lot of market share,
Speaker 8: especially in cloud, but also in AI. They've invested heavily
Speaker 8: in their deep Mind product as well, and by the way,
Speaker 8: losing some of their talent there to Microsoft, which has
Speaker 8: been poaching from the deep Mind project as well. For
Speaker 8: Alphabet's a little bit of different story because even though
Speaker 8: they posted some good numbers as well, arguably too good,
Speaker 8: they also talked about return to shareholders a first ever
Speaker 8: cash dividend of about twenty cents from the company plus
Speaker 8: a seventy billion dollar stock buyback. Who wouldn't want to
Speaker 8: touch Alphabet when you put that kind of returns on it.
Speaker 2: But these companies are also, like matter, going to need
Speaker 2: to invest a lot more in AI as well.
Speaker 8: They are, they are and look, this is I think
Speaker 8: where it comes back down to are what companies are
Speaker 8: best positions to do it, Because any company can kind
Speaker 8: of use the AI phrasing and say we're going to
Speaker 8: hop in on this trend, but very few have the talent,
Speaker 8: the infrastructure, and the reach, by the way, So this
Speaker 8: is where Alphabet's kind of story is really important here
Speaker 8: as well, is because there's also the first quarter, excuse me,
Speaker 8: the second quarter where they've actually been profitable in their
Speaker 8: AI business. That's a really big deal. I think the
Speaker 8: estimate by the analysts was a six hundred and twenty
Speaker 8: one million. They came out with nine hundred million, so
Speaker 8: they a pretty decent beat. But the profitability story is
Speaker 8: important because you can't go to scale, or at least
Speaker 8: have the kind of backing to go to scale to
Speaker 8: the mass market if you don't turn profitable, especially for
Speaker 8: a company like Alphabet. So this is really helping with
Speaker 8: that kind of move to get more market share.
Speaker 1: Okay, so not on Microsoft, been on Alphabet. But it
Speaker 1: wasn't all good news. The ship maker Intel gave a
Speaker 1: pool full cost for this year. They did.
Speaker 8: This is of course the biggest maker of personal computer processors,
Speaker 8: and we know Intel has been mired in this kind
Speaker 8: of turnaround story that does not seem to be turning
Speaker 8: around at any point. Here CEO really trying to look
Speaker 8: to restore that Pat gel singer. He's been at it
Speaker 8: for a couple of years now.
Speaker 1: Well.
Speaker 8: He says that the sales in the second quarter will
Speaker 8: be about thirteen billion dollars, which are actually coming in
Speaker 8: slightly less than the average analysessment about thirteen point six billion.
Speaker 8: And also the profit will be about ten cents a
Speaker 8: share versus a projection about twenty four cents, So seeing
Speaker 8: a real kind of loss when we're talking about how
Speaker 8: much of that capital expenditure we're seeing. This is I
Speaker 8: think a great way to show that alphabet Microsoft can say, hey,
Speaker 8: we're spending a lot on R and D because we
Speaker 8: can't deploy an M and A. For example, Intel's actively
Speaker 8: near shoring a lot. They're getting a lot of grants
Speaker 8: from the US government. They're really trying to become more
Speaker 8: profitable and compete on a bigger stage, and right now
Speaker 8: these numbers to show this kind of cash burn isn't
Speaker 8: really working in their favor.
Speaker 2: Crazy gup to Bloomberg TV anchor, Thanks so much for
Speaker 2: joining us at the details of those stories.
Speaker 1: Now to a Bloomberg Radio exclusive. The Investor Peter Cowley
Speaker 1: has a third book out, The Cambridge Entrepreneur and Angel
Speaker 1: Investor is the author of the start up bestseller The
Speaker 1: handbook Really the Invested Investor. Now he's focused not on
Speaker 1: business but on his personal story, public success, private Grief.
Speaker 1: It charts Peter's struggles through alcoholism, the loss of two
Speaker 1: sons to suicide, and now a terminal cancer diagnosis. In
Speaker 1: his final book, one in which he puts his business
Speaker 1: career into perspective. I went to Cambridge to meet Peter
Speaker 1: Cowley for a conversation about his life, the VC business
Speaker 1: and loss. I started by asking him what first drew
Speaker 1: him into his career.
Speaker 9: Some people I didn't really realize that to start with,
Speaker 9: but once I got involved and started to have entrepreneurs
Speaker 9: were generally about half a generation to a generation younger
Speaker 9: than me so and nowadays generation to generation and a half.
Speaker 9: Some people's spending time with those people the ones A
Speaker 9: good entrepreneur will listen because they have to listen to
Speaker 9: the market, they have to listen to soon as they
Speaker 9: have to listen to regulators, and sometimes they do a
Speaker 9: listen to investors as well, and they certainly need to
Speaker 9: listen to staff. So they are passionate and they are
Speaker 9: willing to learn. So I found that spending time with
Speaker 9: these people was very invigorating and of course taught me
Speaker 9: a lot about things about technology, about market and so
Speaker 9: I just got pulled into this spending time with interesting people.
Speaker 1: You've written this new book, which is much more personal.
Speaker 1: Tell us about why you wrote the book, and obviously
Speaker 1: that you've been struck by some of the worst things
Speaker 1: that happen to people.
Speaker 9: Of course, as many people said, seem to have been
Speaker 9: unlucky compared with most people. So the book is called
Speaker 9: public Success, Private Grief. The public success we've just talked
Speaker 9: about the private grief is now not so private. So
Speaker 9: I lost my brother to cancel when he was twenty one.
Speaker 9: I lost Miss Alcoholism when she was fifty one. I
Speaker 9: lost my first wife, the mother and my children. She
Speaker 9: died of DBT when she was fifty one or fifty two.
Speaker 9: I suffer from alcoholism, though I've not had a drink
Speaker 9: for nearly twenty four years. Sometime next month, I've got
Speaker 9: late stage cancer. That's what really triggered writing the book.
Speaker 9: I'll tell him about that at the moment. But the
Speaker 9: two things that were really are so painful even to
Speaker 9: talk about. What to talk about what I am doing,
Speaker 9: of course, is the loss of two children. So I
Speaker 9: had three boys who were two years apart, and my
Speaker 9: middle son died when he was twenty three, and my
Speaker 9: youngest son died who helped her with a book project,
Speaker 9: died when he was thirty four, a couple of years ago. Anyway,
Speaker 9: it is exactly if you've got any children, anybody who's
Speaker 9: listens has got children, don't go there, don't think about it.
Speaker 9: And then so I was diagnosed with late stage stage
Speaker 9: four non smoking lung cancer. So one in five lung
Speaker 9: cancer us haven't smoked, and unfortunately we're the people who don't.
Speaker 9: Is not detected still quite late, so it was all
Speaker 9: over my body, my brain, well, lots of places in
Speaker 9: the body when he was detected. So that happened at
Speaker 9: the end of twenty one. And then Alan died at
Speaker 9: the end of twenty two. And because I've written stuff before,
Speaker 9: and I'm sure I've helped a lot of people, lots
Speaker 9: of entrepreneurs, a lot of people in the charity sector
Speaker 9: over time, I just felt there was another book in
Speaker 9: me basically, but not a book in the sense of
Speaker 9: the other two, which are business books. A book that
Speaker 9: is personal, very personal and inspirational, because I don't know,
Speaker 9: I've come from Yorkshire. I've always been very direct, almost
Speaker 9: too direct. I'm sure I've just decided to open it all.
Speaker 9: So I've written a book which is basically a memoir.
Speaker 1: What do you hope the messages? Who do you hope
Speaker 1: is going to read the book? And also what do
Speaker 1: you think that people are going to learn from it?
Speaker 1: Because I mean, I think the title of the book
Speaker 1: sort of expresses it very very well, and I think
Speaker 1: that people listening maybe who are facing these sorts of struggles,
Speaker 1: whatever they may be, what are they going to be
Speaker 1: able to take in terms of inspiration or just kind
Speaker 1: of the will to go on.
Speaker 9: It's just inspiration for getting on with life, not sweating
Speaker 9: the small stuff, as the Americans say, you know, you're asking,
Speaker 9: you know, doing the stuff that might not be might
Speaker 9: not be around tomorrow, to achieve.
Speaker 1: Is it the to do list? I mean, it seems
Speaker 1: so terribly vc to say I'm going to make a
Speaker 1: business plan and I'm going to make the best of
Speaker 1: this awful situation. Is that just the bottom.
Speaker 9: Line, that's one of it. And I have both what
Speaker 9: I call my bucket, this which we've all heard of,
Speaker 9: and I also have a list and you can probably.
Speaker 1: Imagine might not be able to put that on radio.
Speaker 9: Okay, I also have an effort list. Yes, so this
Speaker 9: of course is things that I don't know what to
Speaker 9: do any longer. There are things that I would have
Speaker 9: done before.
Speaker 1: That you know, I go on, what are a few
Speaker 1: of those?
Speaker 9: Well, even things like speaking at events, like mentoring people,
Speaker 9: like talking to entrepreneurs. There's a lot of things.
Speaker 1: So I just think, no, you don't want to do
Speaker 1: it anymore?
Speaker 9: Got why not? Well, it's because I haven't got that
Speaker 9: long left. Because unfortunately, because it's stage four, I do
Speaker 9: know that from the research that it's unlikely that I
Speaker 9: live past much past the end of this year. Now
Speaker 9: this is statistical, of course, but you know the statistical
Speaker 9: mean half is already before that date and half afterwards,
Speaker 9: and so something could happen even during twenty twenty four.
Speaker 9: So yeah, getting on with things. I mean, there's a
Speaker 9: number of lessons in the book. It isn't just that
Speaker 9: there's a number of business lessons. Even in the book
Speaker 9: It's not a self help which we did think about doing.
Speaker 9: It's a memoir which has got a description in there
Speaker 9: so that people can read and hopefully work out from
Speaker 9: their own circumstances, which might have to do with something
Speaker 9: else and maybe just business failure. They can maybe even
Speaker 9: from that and the process of the business failing, learn
Speaker 9: how to cope with their own character and not disappear
Speaker 9: into a well of grief.
Speaker 1: I also as a parent myself, it is the horrifying
Speaker 1: bit of losing children is so awful. How you how
Speaker 1: you dealt personally with that in the aftermath.
Speaker 9: We couldn't have had this conversation within three months of
Speaker 9: his death. I just wouldn't have been able to talk
Speaker 9: about it without ending up in not being able to speak.
Speaker 9: In fact, obviously I grieve and miss both sons tremendously,
Speaker 9: But life I need to get on with my life,
Speaker 9: you know, I need to. It bubbles up. Sometimes it
Speaker 9: hasn't bubbled up during this interview, but it could easily
Speaker 9: have done and whether And part of it, of course,
Speaker 9: is not so much the busyness, but giving back, And
Speaker 9: this book is about that. It's about trying to help
Speaker 9: other people. I haven't really answered your question. But it's
Speaker 9: that's because I don't really know. In the end, I'm
Speaker 9: just not sure how I've coped. You know, there isn't
Speaker 9: a magic wand to coping with tragedies. And I don't
Speaker 9: think it's because I'm a cold creature that just buries
Speaker 9: it or ignores it, or my skin shells so thick.
Speaker 9: I think I really have sort of been lucky of
Speaker 9: had the right assistance at the right time, and I
Speaker 9: had something to redirect my grief and my addiction into,
Speaker 9: which has been positive benefit.
Speaker 1: Yeah, a lot of our audience they're very young, and
Speaker 1: they're in the city, and they're in financial services, and
Speaker 1: it's all about making money, and I just I don't know.
Speaker 1: I think you've had experience in that world of trying
Speaker 1: to make it, you know that kind of really the
Speaker 1: drive of trying to build your own business, trying to
Speaker 1: do well. It's not exactly the same, I think as
Speaker 1: being in financial services in the city kind of being
Speaker 1: in VC. But I suppose what would you say to
Speaker 1: those people about the point of it of the money making?
Speaker 9: Yeah, money isn't the bill and nal and we all
Speaker 9: know that. I mean, even that your listeners will know
Speaker 9: that in principle it would be really great if they
Speaker 9: do are in the city, staying there, they get to
Speaker 9: the point at say the age of thirty five, they
Speaker 9: back out and then they use that money and the
Speaker 9: time for something else, you know, going to teaching, help
Speaker 9: charities with time as well as money, etc. I've been obviously,
Speaker 9: I had customers in the city, so I've spent time
Speaker 9: with people in the city, and it is pretty frantic lifestyle.
Speaker 9: This isn't a rehearsal. Life is not rehearsal. We all
Speaker 9: know that that's very hackney, isn't it. Enjoy life in
Speaker 9: some way get the balance right between personal life and
Speaker 9: work life. And I definitely got it wrong.
Speaker 1: So that was Peter Cowley, the angel investor and co
Speaker 1: founder of UK based VC Martlet Capital, speaking to me
Speaker 1: at his home in Cambridge about his book Public Success,
Speaker 1: Private Grief, written with his wife. It is out now.
Speaker 1: That conversation has really stayed with me in the weeks
Speaker 1: since I met Peter and since we went up to
Speaker 1: Cambridge to have that conversation, I just thought it was
Speaker 1: so impactful and so powerful what he had to say.
Speaker 2: I mean, it's my first time hearing it as our
Speaker 2: listeners would have been as well. And I think the
Speaker 2: thing that strikes me is that he speaks so lucidly
Speaker 2: about what he's taken away from everything that he's been through,
Speaker 2: and that he really has come out of it with
Speaker 2: a philosophy about what he can do, even though he's
Speaker 2: talking about having very lings of time left.
Speaker 1: Yeah, and look, it took him about two minutes just
Speaker 1: to list, super rapid far all of the successes all
Speaker 1: of the businesses that he had invested in. He said
Speaker 1: at one point he had twenty seven different roles. So
Speaker 1: you know, he's just done so much in his business career,
Speaker 1: as you say, you know, he's done so much in
Speaker 1: the charitable sector as well, and so many sort of
Speaker 1: important ideas. I mean, he also even talked about the
Speaker 1: UK government and politics, and I took away from that
Speaker 1: also he didn't want to give me a list of
Speaker 1: what Britain should be doing in terms of growing venture
Speaker 1: capital companies or economic growth. He actually said that what
Speaker 1: Britain needs to focus on is fairness, which again I
Speaker 1: just thought was incredibly interesting. His views then on how
Speaker 1: to deal with adversity, balancing those work achievements, and frankly
Speaker 1: the luck that you need to have a little bit
Speaker 1: in life. Peter Cowley speaking to Bloomberg Radio.
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the
Speaker 2: stories making news from London to Wall Street and beyond.
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Speaker 1: I'm Caroline Hepka and.
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Speaker 2: on Bloomberg day Break Europe