WEBVTT - Big Tech Soars & Business And Life Lessons Learned Through Tragedy 0:00:02.200 --> 0:00:04.800 This is the Blueberg Data, a q AT podcast available 0:00:04.840 --> 0:00:07.960 every morning on Apple, Spotify or wherever you listen. It's Friday, 0:00:08.000 --> 0:00:11.320 the twenty sixth of April here in London. I'm Caroline HIPKIF. 0:00:11.160 --> 0:00:14.280 And I'm Stephen Carroll. Coming up today. Shares in Alphabet 0:00:14.320 --> 0:00:17.800 and Microsoft rise as the tech giants in press investors 0:00:18.000 --> 0:00:20.280 with surging AI demand. 0:00:20.120 --> 0:00:23.079 The yen plunges as the Bank of Japan leaves interest 0:00:23.160 --> 0:00:25.800 rates and bond buying unchanged. 0:00:25.360 --> 0:00:30.160 And combining public success with private grief, Investor Peter Cowley 0:00:30.240 --> 0:00:33.640 shares his life lessons as he battles terminal cancer. 0:00:33.880 --> 0:00:36.040 Let's start with a roundup of our top stories. 0:00:36.600 --> 0:00:40.200 Shares in Microsoft and Alphabet have surged in after hours 0:00:40.280 --> 0:00:43.800 trading as the two tech titans released results showing investment 0:00:43.840 --> 0:00:48.120 in artificial intelligence and cloud computing is paying off. Google's 0:00:48.120 --> 0:00:52.400 parent company reported first quarter revenue that exceeded analysts expectations. 0:00:52.440 --> 0:00:56.480 Sales excluding partner payouts, rose to sixty seven point six 0:00:56.560 --> 0:00:59.840 billion dollars over the period. Chief financial officer Ruth poor 0:01:00.040 --> 0:01:03.400 That says AI services are increasingly fueling growth. 0:01:03.880 --> 0:01:06.399 We are very pleased with our financial results for the 0:01:06.440 --> 0:01:10.360 first quarter, driven in particular by strength and search and cloud, 0:01:10.800 --> 0:01:13.920 as well as the ongoing efforts to durably re engineer 0:01:13.959 --> 0:01:14.720 our cost base. 0:01:16.120 --> 0:01:18.360 Ruth poor out out of the Google Cloud results reflect 0:01:18.520 --> 0:01:20.520 broad strength across the industry. 0:01:21.200 --> 0:01:24.080 The message was similar at Microsoft to where cloud and 0:01:24.240 --> 0:01:28.280 artificial intelligence offerings drove quarterly sales and profit growth at 0:01:28.319 --> 0:01:32.080 beat expectations. Third quarter revenue at the world's most valuable 0:01:32.080 --> 0:01:36.000 listed company rows seventeen percent to sixty one point nine 0:01:36.160 --> 0:01:41.880 billion dollars. Microsoft has leveraged its investment in artificial intelligence 0:01:41.880 --> 0:01:45.760 pioneer open Ai to create a series of assistance and 0:01:45.880 --> 0:01:50.480 other features, and Chief financial Officer Amyhurd says that they 0:01:50.600 --> 0:01:53.400 will need to spend more money to keep up with 0:01:53.440 --> 0:01:55.200 demands twenty five. 0:01:55.280 --> 0:01:58.320 That focused and execution should again lead to double digit 0:01:58.400 --> 0:02:01.240 revenue and operating income growth to scale to meet the 0:02:01.240 --> 0:02:04.000 growing demand signal for our cloud and AI products. We 0:02:04.040 --> 0:02:07.040 expect FY twenty five capital expenditures to be higher than 0:02:07.160 --> 0:02:07.920 FY twenty four. 0:02:09.400 --> 0:02:12.440 As Amy heard mentioned there, Microsoft is spending heavily to 0:02:12.520 --> 0:02:15.800 expand its global network of data centers to meet rising 0:02:15.840 --> 0:02:21.160 demand for AI services. Capital expenditure reached fourteen billion dollars 0:02:21.240 --> 0:02:21.959 during the quarter. 0:02:22.760 --> 0:02:24.639 The end as week into a new thirty four year 0:02:24.680 --> 0:02:27.000 low against the dollar after the Bank of Japan held 0:02:27.040 --> 0:02:30.200 interest rates steady. At its latest meeting, the boj simplified 0:02:30.240 --> 0:02:33.000 its language on bond buying, dropping a reference to how 0:02:33.080 --> 0:02:36.320 much it's purchasing per month. In its economic outlook. The 0:02:36.360 --> 0:02:39.840 central bank raised its inflation outlook for consumer prices excluding 0:02:39.880 --> 0:02:42.680 food to two point eight percent and said risks were 0:02:42.720 --> 0:02:45.119 skewed to the upside. This is the first meeting since 0:02:45.120 --> 0:02:48.120 the Bank of Japan raised interest rates out of negative territory. 0:02:48.960 --> 0:02:51.800 Air Boss will boost production of its Advance to a 0:02:51.880 --> 0:02:56.440 three point fifty jet amidst surging demand while rival Boeing struggles. 0:02:56.760 --> 0:03:00.000 According to first quarter figures, the European planemaker will produce 0:03:00.240 --> 0:03:03.679 twelve a three fifty jets per month by twenty twenty eight. 0:03:04.000 --> 0:03:06.840 That's an increase on previous plans to reach ten by 0:03:06.880 --> 0:03:11.440 twenty twenty six. But CEO Guium Fury says that airbuses 0:03:11.520 --> 0:03:15.919 supply chain is under pressure as orders from former Boeing 0:03:16.000 --> 0:03:17.000 customers come in. 0:03:17.320 --> 0:03:20.840 So we are victims sort of of our own success. 0:03:21.320 --> 0:03:24.720 We have a lot of demand, the higher than the supply, 0:03:25.160 --> 0:03:27.480 and this will continue to stretch the supply chain for 0:03:27.560 --> 0:03:29.120 some years. 0:03:29.280 --> 0:03:33.320 Airbus CEO gium Fouri speaking there. This week, Indian budget 0:03:33.400 --> 0:03:37.320 specialist indiego so that it signed a firm order for 0:03:37.560 --> 0:03:40.600 thirty A three fifty aircraft, with an option for as 0:03:40.760 --> 0:03:42.200 many as seventy more. 0:03:43.040 --> 0:03:46.720 UK consumer confidence ed tires. Inflation has eased and made 0:03:46.720 --> 0:03:51.040 people more willing to spend. GfK's household Optimism index rows 0:03:51.120 --> 0:03:55.080 two points this month to minus nineteen. Bloomber Exchames Worldcock 0:03:55.120 --> 0:03:55.760 has more. 0:03:55.920 --> 0:04:00.360 Things are looking brighter, more willingness to spend on big 0:04:00.360 --> 0:04:04.360 ticket items, less pessimism, and a feeling of financial security. 0:04:04.800 --> 0:04:07.640 That's what people surveyed told GfK in April, a month 0:04:07.680 --> 0:04:11.480 in which energy prices and inflation fell. It's likely to 0:04:11.520 --> 0:04:15.080 be extremely welcome news at number ten Downing Street, Prime 0:04:15.120 --> 0:04:18.480 Minister which you sunk, is counting on rising optimism about 0:04:18.480 --> 0:04:22.000 the economy to boost his election hopes. In London, James 0:04:22.040 --> 0:04:23.920 Wilcock with MUG Radio. 0:04:24.440 --> 0:04:28.440 China's top diplomat says that problems are mounting in the 0:04:28.480 --> 0:04:32.400 country's relationship with the United States. The warning comes after 0:04:32.440 --> 0:04:36.560 the Biden administration vowed new tariffs on China. Wang Yi 0:04:36.680 --> 0:04:39.599 spoke via a translator. 0:04:41.360 --> 0:04:46.560 The generous relationship is beginning to stabilize across the areas. 0:04:46.680 --> 0:04:50.200 Our two sides have increased the dialogue, cooperation and the 0:04:50.240 --> 0:04:53.839 passive side of the relationship. This is welcomed by our 0:04:53.880 --> 0:04:58.360 two peoples and the international community. But at the same time, 0:04:58.880 --> 0:05:03.240 the negative factors in the relationship is still increasing and building, 0:05:05.120 --> 0:05:08.360 and the relationship is facing all kinds of disruptions. 0:05:09.920 --> 0:05:13.800 China's Foreign Minister Wang Yi speaking Vara translator, he is 0:05:13.839 --> 0:05:17.440 hosting US Sector of State Anthony Blincoln in Beijing. The 0:05:17.560 --> 0:05:20.839 senior White House official is expected to be challenged over 0:05:20.880 --> 0:05:24.240 the new US law to ban Chinese own TikTok if 0:05:24.240 --> 0:05:28.000 its parent company Byte Dance doesn't divest and. 0:05:28.000 --> 0:05:31.200 To Israel says it's preparing its forces for a potential 0:05:31.360 --> 0:05:34.400 all out war with Hezbollah as the exchange of fire 0:05:34.440 --> 0:05:37.600 with the Iranian backed group intensifies. In a statement to 0:05:37.600 --> 0:05:40.000 the Israeli military said that local leaders in the area 0:05:40.080 --> 0:05:44.080 have been briefed quote on the processes to accelerate readiness 0:05:44.160 --> 0:05:48.159 for continued fighting. The news comes as Israel's Israeli forces 0:05:48.200 --> 0:05:51.920 struck forty Hezbeala sites on southern Lebanon on Wednesday, after 0:05:51.920 --> 0:05:56.159 the group conducted a deep aerial attack inside Israel. In 0:05:56.200 --> 0:05:59.000 a moment, we'll dig into the tech earning story. We're 0:05:59.000 --> 0:06:01.000 also going to bring you ark exclusive interview with the 0:06:01.000 --> 0:06:03.720 investor Peter Cowley on his latest book, in which he 0:06:03.760 --> 0:06:06.839 shares his life lessons as he deals with a terminal 0:06:06.880 --> 0:06:10.240 cancer diagnosis. We want to dwell for a moment. Two 0:06:10.279 --> 0:06:13.960 on today's boj decision, the first since they announced their 0:06:14.080 --> 0:06:16.599 rate rise last month, so they held rates at this 0:06:16.720 --> 0:06:20.240 meetinglight tweaks the language on bond buying, optic of the 0:06:20.240 --> 0:06:21.880 inflation outlook for the rest of the year, but the 0:06:21.960 --> 0:06:25.120 key message seems to be no sign of further easing 0:06:25.160 --> 0:06:28.000 for now anyway, Blue Edge Investors, Calvin, you are describing 0:06:28.000 --> 0:06:31.400 it as a nothing sushi, a plain white rice ball. 0:06:31.960 --> 0:06:34.839 Yes, this is because a lot of Americans use this 0:06:34.960 --> 0:06:39.440 phrase a nothing burger, which is also kind of a 0:06:39.560 --> 0:06:42.000 funny phrase for me. But yeah, I like this one 0:06:42.040 --> 0:06:47.080 and nothing sushi. The issue, of course is, you know 0:06:47.120 --> 0:06:51.039 how Japan exits this policy without putting further pressure on 0:06:51.080 --> 0:06:53.920 the Japanese yet businesses are concerned about it. You've got 0:06:53.960 --> 0:06:57.400 the Japanese economy really kind of faltering at the moment, 0:06:57.560 --> 0:07:01.599 and so very difficult rates are not to zero point 0:07:01.640 --> 0:07:04.000 one percent in Japan, so you know, trying to lift 0:07:04.000 --> 0:07:05.320 them above zero very tricky. 0:07:05.400 --> 0:07:07.080 Yeah, indeed, I'm just watching the weekening at the end 0:07:07.120 --> 0:07:09.080 this morning, the Finance Ministry is saying they would deal 0:07:09.120 --> 0:07:11.440 with foreign exchange appropriately, but to climb to say whether 0:07:11.480 --> 0:07:13.960 the currency moves would be what they consider excessive. 0:07:15.040 --> 0:07:19.280 Now to those tech earnings for Microsoft and Google owner Alphabet. 0:07:19.320 --> 0:07:23.040 Their results were all about the corporate customer and a 0:07:23.120 --> 0:07:27.360 surge in cloud revenue fueled by booming AI services. They 0:07:27.400 --> 0:07:30.080 needed a strong performance after shares in Meta tumbled on 0:07:30.200 --> 0:07:33.160 Thursday when the Facebook coner revealed it needed to invest 0:07:33.240 --> 0:07:37.240 billions more than expected on AI joining us. How to 0:07:37.280 --> 0:07:40.080 discuss is Bloomberg ancha, pritty Gupta, Great to see you 0:07:40.120 --> 0:07:43.520 this morning, Good morning. How good then were Microsoft and 0:07:43.640 --> 0:07:47.120 Alphabet earnings seemed like really they were being very pointed 0:07:47.200 --> 0:07:49.360 about how well they're doing. From aar they. 0:07:49.280 --> 0:07:51.200 Were and this is whatever. The opposite of a nothing 0:07:51.240 --> 0:07:54.080 burger is a swampburger, if you will. This is the 0:07:54.640 --> 0:07:56.720 kind of everything in more that you could that they 0:07:56.720 --> 0:07:58.920 could have delivered. I'll break it down by it by 0:07:58.960 --> 0:08:01.720 company here because one of the concerns for Meta simply 0:08:01.800 --> 0:08:03.880 was that this is a company that could not capitalize 0:08:03.920 --> 0:08:06.120 on the AI and was frankly late to the game 0:08:06.200 --> 0:08:08.480 in a way that Microsoft and Alphabet have really been 0:08:08.600 --> 0:08:11.600 investing for years and really are already the dominant player. 0:08:11.600 --> 0:08:14.680 So that's why Meta's extra kind of capital expenditure was 0:08:14.720 --> 0:08:17.840 a negative. Amid that background, you have to kind of 0:08:18.080 --> 0:08:21.040 think about why Microsoft and Alphabet are under or outperforming 0:08:21.120 --> 0:08:23.600 because you're going in with expectations that, Okay, well, maybe 0:08:23.640 --> 0:08:26.560 the AI returns won't be as juicy. Boy were we wrong. 0:08:26.640 --> 0:08:29.800 Because for Microsoft especially which has is considered the dominant 0:08:29.800 --> 0:08:32.360 player in AI right now, especially given their forty nine 0:08:32.400 --> 0:08:35.920 percent stake in Open ai as well, their cloud business 0:08:36.000 --> 0:08:38.120 is getting kind of a tailwind from the AI boom 0:08:38.120 --> 0:08:40.160 as well. People are really rushing into this and this 0:08:40.200 --> 0:08:42.720 is their Asia revenue that we really watch very very closely. 0:08:42.800 --> 0:08:45.480 So they gained about thirty one percent in the quarter, which, 0:08:45.520 --> 0:08:47.920 by the way, massive growth rate, but this follows a 0:08:47.960 --> 0:08:49.240 little bit of a slowdown that you've seen in the 0:08:49.280 --> 0:08:52.400 past couple of quarters. The last one was thirty percent 0:08:52.480 --> 0:08:55.080 growth in the previous period, twenty nine percent before that, 0:08:55.120 --> 0:08:57.600 and the twenty nine percent prediction this time around is 0:08:57.640 --> 0:08:59.800 crucial as well. So this is coming in the backdrop 0:08:59.840 --> 0:09:02.480 of concerns at the Asia growth, which by the way, 0:09:02.640 --> 0:09:06.959 has been so exponential, could be slowing down. Microsoft saying otherwise. 0:09:07.000 --> 0:09:09.880 In fact, it also helped their sales and helped their profit. 0:09:10.080 --> 0:09:12.120 That the AI story is really working for them and 0:09:12.160 --> 0:09:14.600 will continue to That seems to be the message out 0:09:14.640 --> 0:09:17.080 of Microsoft now. Alphabet, on the other hand, is going 0:09:17.120 --> 0:09:19.600 to be trying to gain a lot of market share, 0:09:19.720 --> 0:09:22.439 especially in cloud, but also in AI. They've invested heavily 0:09:22.440 --> 0:09:25.800 in their deep Mind product as well, and by the way, 0:09:25.840 --> 0:09:28.400 losing some of their talent there to Microsoft, which has 0:09:28.440 --> 0:09:31.160 been poaching from the deep Mind project as well. For 0:09:31.160 --> 0:09:33.040 Alphabet's a little bit of different story because even though 0:09:33.080 --> 0:09:35.880 they posted some good numbers as well, arguably too good, 0:09:36.120 --> 0:09:39.520 they also talked about return to shareholders a first ever 0:09:39.679 --> 0:09:43.200 cash dividend of about twenty cents from the company plus 0:09:43.280 --> 0:09:46.320 a seventy billion dollar stock buyback. Who wouldn't want to 0:09:46.320 --> 0:09:48.600 touch Alphabet when you put that kind of returns on it. 0:09:49.280 --> 0:09:52.160 But these companies are also, like matter, going to need 0:09:52.200 --> 0:09:54.079 to invest a lot more in AI as well. 0:09:54.559 --> 0:09:56.679 They are, they are and look, this is I think 0:09:56.720 --> 0:09:59.360 where it comes back down to are what companies are 0:09:59.360 --> 0:10:02.320 best positions to do it, Because any company can kind 0:10:02.360 --> 0:10:04.480 of use the AI phrasing and say we're going to 0:10:04.720 --> 0:10:08.240 hop in on this trend, but very few have the talent, 0:10:08.400 --> 0:10:10.280 the infrastructure, and the reach, by the way, So this 0:10:10.320 --> 0:10:12.360 is where Alphabet's kind of story is really important here 0:10:12.360 --> 0:10:15.839 as well, is because there's also the first quarter, excuse me, 0:10:15.880 --> 0:10:18.480 the second quarter where they've actually been profitable in their 0:10:18.520 --> 0:10:20.760 AI business. That's a really big deal. I think the 0:10:20.880 --> 0:10:22.960 estimate by the analysts was a six hundred and twenty 0:10:22.960 --> 0:10:24.880 one million. They came out with nine hundred million, so 0:10:24.880 --> 0:10:27.480 they a pretty decent beat. But the profitability story is 0:10:27.520 --> 0:10:29.800 important because you can't go to scale, or at least 0:10:29.800 --> 0:10:32.840 have the kind of backing to go to scale to 0:10:32.920 --> 0:10:35.439 the mass market if you don't turn profitable, especially for 0:10:35.520 --> 0:10:37.840 a company like Alphabet. So this is really helping with 0:10:37.920 --> 0:10:41.040 that kind of move to get more market share. 0:10:41.200 --> 0:10:43.960 Okay, so not on Microsoft, been on Alphabet. But it 0:10:43.960 --> 0:10:46.880 wasn't all good news. The ship maker Intel gave a 0:10:46.920 --> 0:10:49.520 pool full cost for this year. They did. 0:10:49.720 --> 0:10:53.120 This is of course the biggest maker of personal computer processors, 0:10:53.120 --> 0:10:55.319 and we know Intel has been mired in this kind 0:10:55.320 --> 0:10:57.880 of turnaround story that does not seem to be turning 0:10:57.920 --> 0:11:01.400 around at any point. Here CEO really trying to look 0:11:01.520 --> 0:11:03.840 to restore that Pat gel singer. He's been at it 0:11:03.840 --> 0:11:04.839 for a couple of years now. 0:11:04.960 --> 0:11:05.120 Well. 0:11:05.120 --> 0:11:06.679 He says that the sales in the second quarter will 0:11:06.679 --> 0:11:10.240 be about thirteen billion dollars, which are actually coming in 0:11:10.320 --> 0:11:13.920 slightly less than the average analysessment about thirteen point six billion. 0:11:14.520 --> 0:11:16.280 And also the profit will be about ten cents a 0:11:16.320 --> 0:11:19.280 share versus a projection about twenty four cents, So seeing 0:11:19.440 --> 0:11:21.400 a real kind of loss when we're talking about how 0:11:21.480 --> 0:11:24.319 much of that capital expenditure we're seeing. This is I 0:11:24.360 --> 0:11:27.439 think a great way to show that alphabet Microsoft can say, hey, 0:11:27.440 --> 0:11:29.240 we're spending a lot on R and D because we 0:11:29.280 --> 0:11:32.280 can't deploy an M and A. For example, Intel's actively 0:11:32.600 --> 0:11:34.280 near shoring a lot. They're getting a lot of grants 0:11:34.320 --> 0:11:36.520 from the US government. They're really trying to become more 0:11:36.559 --> 0:11:40.600 profitable and compete on a bigger stage, and right now 0:11:40.640 --> 0:11:43.360 these numbers to show this kind of cash burn isn't 0:11:43.360 --> 0:11:44.360 really working in their favor. 0:11:44.840 --> 0:11:46.840 Crazy gup to Bloomberg TV anchor, Thanks so much for 0:11:46.880 --> 0:11:48.839 joining us at the details of those stories. 0:11:49.679 --> 0:11:54.400 Now to a Bloomberg Radio exclusive. The Investor Peter Cowley 0:11:54.480 --> 0:11:57.959 has a third book out, The Cambridge Entrepreneur and Angel 0:11:58.040 --> 0:12:01.320 Investor is the author of the start up bestseller The 0:12:01.320 --> 0:12:05.360 handbook Really the Invested Investor. Now he's focused not on 0:12:05.440 --> 0:12:10.080 business but on his personal story, public success, private Grief. 0:12:10.559 --> 0:12:14.800 It charts Peter's struggles through alcoholism, the loss of two 0:12:14.920 --> 0:12:19.120 sons to suicide, and now a terminal cancer diagnosis. In 0:12:19.480 --> 0:12:22.560 his final book, one in which he puts his business 0:12:22.600 --> 0:12:26.160 career into perspective. I went to Cambridge to meet Peter 0:12:26.280 --> 0:12:30.120 Cowley for a conversation about his life, the VC business 0:12:30.200 --> 0:12:33.520 and loss. I started by asking him what first drew 0:12:33.600 --> 0:12:34.960 him into his career. 0:12:35.559 --> 0:12:38.280 Some people I didn't really realize that to start with, 0:12:38.559 --> 0:12:42.960 but once I got involved and started to have entrepreneurs 0:12:43.040 --> 0:12:46.959 were generally about half a generation to a generation younger 0:12:46.960 --> 0:12:50.520 than me so and nowadays generation to generation and a half. 0:12:51.559 --> 0:12:54.440 Some people's spending time with those people the ones A 0:12:54.480 --> 0:12:58.120 good entrepreneur will listen because they have to listen to 0:12:58.320 --> 0:13:00.520 the market, they have to listen to soon as they 0:13:00.520 --> 0:13:02.960 have to listen to regulators, and sometimes they do a 0:13:02.960 --> 0:13:05.319 listen to investors as well, and they certainly need to 0:13:05.360 --> 0:13:08.600 listen to staff. So they are passionate and they are 0:13:09.160 --> 0:13:13.960 willing to learn. So I found that spending time with 0:13:14.040 --> 0:13:18.160 these people was very invigorating and of course taught me 0:13:18.200 --> 0:13:22.640 a lot about things about technology, about market and so 0:13:22.679 --> 0:13:26.960 I just got pulled into this spending time with interesting people. 0:13:27.640 --> 0:13:31.199 You've written this new book, which is much more personal. 0:13:31.600 --> 0:13:35.360 Tell us about why you wrote the book, and obviously 0:13:35.400 --> 0:13:39.120 that you've been struck by some of the worst things 0:13:39.120 --> 0:13:40.080 that happen to people. 0:13:40.800 --> 0:13:43.480 Of course, as many people said, seem to have been 0:13:43.559 --> 0:13:47.400 unlucky compared with most people. So the book is called 0:13:47.440 --> 0:13:51.160 public Success, Private Grief. The public success we've just talked 0:13:51.200 --> 0:13:55.360 about the private grief is now not so private. So 0:13:56.600 --> 0:13:59.199 I lost my brother to cancel when he was twenty one. 0:13:59.400 --> 0:14:03.520 I lost Miss Alcoholism when she was fifty one. I 0:14:03.520 --> 0:14:05.800 lost my first wife, the mother and my children. She 0:14:05.880 --> 0:14:08.800 died of DBT when she was fifty one or fifty two. 0:14:10.000 --> 0:14:12.960 I suffer from alcoholism, though I've not had a drink 0:14:12.960 --> 0:14:17.640 for nearly twenty four years. Sometime next month, I've got 0:14:17.679 --> 0:14:21.200 late stage cancer. That's what really triggered writing the book. 0:14:21.200 --> 0:14:22.760 I'll tell him about that at the moment. But the 0:14:22.800 --> 0:14:26.640 two things that were really are so painful even to 0:14:26.680 --> 0:14:28.480 talk about. What to talk about what I am doing, 0:14:28.520 --> 0:14:30.880 of course, is the loss of two children. So I 0:14:30.960 --> 0:14:35.320 had three boys who were two years apart, and my 0:14:35.440 --> 0:14:38.280 middle son died when he was twenty three, and my 0:14:39.160 --> 0:14:41.560 youngest son died who helped her with a book project, 0:14:41.600 --> 0:14:44.480 died when he was thirty four, a couple of years ago. Anyway, 0:14:45.680 --> 0:14:48.000 it is exactly if you've got any children, anybody who's 0:14:48.000 --> 0:14:51.480 listens has got children, don't go there, don't think about it. 0:14:51.800 --> 0:14:55.400 And then so I was diagnosed with late stage stage 0:14:55.440 --> 0:14:59.520 four non smoking lung cancer. So one in five lung 0:14:59.520 --> 0:15:03.720 cancer us haven't smoked, and unfortunately we're the people who don't. 0:15:04.160 --> 0:15:06.240 Is not detected still quite late, so it was all 0:15:06.320 --> 0:15:10.040 over my body, my brain, well, lots of places in 0:15:10.040 --> 0:15:12.600 the body when he was detected. So that happened at 0:15:12.600 --> 0:15:15.240 the end of twenty one. And then Alan died at 0:15:15.240 --> 0:15:18.560 the end of twenty two. And because I've written stuff before, 0:15:18.640 --> 0:15:21.400 and I'm sure I've helped a lot of people, lots 0:15:21.400 --> 0:15:23.480 of entrepreneurs, a lot of people in the charity sector 0:15:23.520 --> 0:15:26.640 over time, I just felt there was another book in 0:15:26.680 --> 0:15:28.600 me basically, but not a book in the sense of 0:15:28.640 --> 0:15:30.680 the other two, which are business books. A book that 0:15:31.480 --> 0:15:35.760 is personal, very personal and inspirational, because I don't know, 0:15:36.040 --> 0:15:38.560 I've come from Yorkshire. I've always been very direct, almost 0:15:38.560 --> 0:15:42.160 too direct. I'm sure I've just decided to open it all. 0:15:42.240 --> 0:15:44.920 So I've written a book which is basically a memoir. 0:15:45.600 --> 0:15:47.240 What do you hope the messages? Who do you hope 0:15:47.320 --> 0:15:49.480 is going to read the book? And also what do 0:15:49.520 --> 0:15:51.960 you think that people are going to learn from it? 0:15:52.000 --> 0:15:53.800 Because I mean, I think the title of the book 0:15:53.800 --> 0:15:57.880 sort of expresses it very very well, and I think 0:15:57.920 --> 0:16:03.680 that people listening maybe who are facing these sorts of struggles, 0:16:03.680 --> 0:16:05.800 whatever they may be, what are they going to be 0:16:05.840 --> 0:16:10.040 able to take in terms of inspiration or just kind 0:16:10.040 --> 0:16:11.120 of the will to go on. 0:16:11.480 --> 0:16:15.480 It's just inspiration for getting on with life, not sweating 0:16:15.480 --> 0:16:18.000 the small stuff, as the Americans say, you know, you're asking, 0:16:18.440 --> 0:16:20.600 you know, doing the stuff that might not be might 0:16:20.640 --> 0:16:22.880 not be around tomorrow, to achieve. 0:16:23.080 --> 0:16:25.360 Is it the to do list? I mean, it seems 0:16:25.360 --> 0:16:27.840 so terribly vc to say I'm going to make a 0:16:27.840 --> 0:16:29.680 business plan and I'm going to make the best of 0:16:29.720 --> 0:16:33.200 this awful situation. Is that just the bottom. 0:16:32.960 --> 0:16:35.240 Line, that's one of it. And I have both what 0:16:35.320 --> 0:16:37.080 I call my bucket, this which we've all heard of, 0:16:37.120 --> 0:16:39.880 and I also have a list and you can probably. 0:16:39.640 --> 0:16:41.480 Imagine might not be able to put that on radio. 0:16:42.720 --> 0:16:46.760 Okay, I also have an effort list. Yes, so this 0:16:46.840 --> 0:16:48.600 of course is things that I don't know what to 0:16:48.640 --> 0:16:50.240 do any longer. There are things that I would have 0:16:50.280 --> 0:16:51.240 done before. 0:16:51.240 --> 0:16:53.200 That you know, I go on, what are a few 0:16:53.200 --> 0:16:53.640 of those? 0:16:53.880 --> 0:16:57.920 Well, even things like speaking at events, like mentoring people, 0:16:58.000 --> 0:16:59.960 like talking to entrepreneurs. There's a lot of things. 0:17:00.080 --> 0:17:02.000 So I just think, no, you don't want to do 0:17:02.040 --> 0:17:02.560 it anymore? 0:17:02.800 --> 0:17:04.760 Got why not? Well, it's because I haven't got that 0:17:04.800 --> 0:17:08.000 long left. Because unfortunately, because it's stage four, I do 0:17:08.160 --> 0:17:10.720 know that from the research that it's unlikely that I 0:17:10.800 --> 0:17:13.120 live past much past the end of this year. Now 0:17:13.200 --> 0:17:16.400 this is statistical, of course, but you know the statistical 0:17:16.520 --> 0:17:20.600 mean half is already before that date and half afterwards, 0:17:21.000 --> 0:17:24.040 and so something could happen even during twenty twenty four. 0:17:24.600 --> 0:17:26.800 So yeah, getting on with things. I mean, there's a 0:17:26.880 --> 0:17:28.800 number of lessons in the book. It isn't just that 0:17:28.840 --> 0:17:30.760 there's a number of business lessons. Even in the book 0:17:30.760 --> 0:17:34.119 It's not a self help which we did think about doing. 0:17:34.400 --> 0:17:36.920 It's a memoir which has got a description in there 0:17:36.960 --> 0:17:40.200 so that people can read and hopefully work out from 0:17:40.200 --> 0:17:43.000 their own circumstances, which might have to do with something 0:17:43.040 --> 0:17:45.520 else and maybe just business failure. They can maybe even 0:17:45.560 --> 0:17:48.600 from that and the process of the business failing, learn 0:17:49.520 --> 0:17:53.359 how to cope with their own character and not disappear 0:17:53.400 --> 0:17:56.040 into a well of grief. 0:17:56.160 --> 0:17:59.680 I also as a parent myself, it is the horrifying 0:17:59.720 --> 0:18:03.560 bit of losing children is so awful. How you how 0:18:03.560 --> 0:18:07.120 you dealt personally with that in the aftermath. 0:18:07.640 --> 0:18:11.080 We couldn't have had this conversation within three months of 0:18:11.119 --> 0:18:13.280 his death. I just wouldn't have been able to talk 0:18:13.320 --> 0:18:16.600 about it without ending up in not being able to speak. 0:18:16.760 --> 0:18:22.680 In fact, obviously I grieve and miss both sons tremendously, 0:18:23.200 --> 0:18:25.479 But life I need to get on with my life, 0:18:25.640 --> 0:18:28.359 you know, I need to. It bubbles up. Sometimes it 0:18:28.400 --> 0:18:30.480 hasn't bubbled up during this interview, but it could easily 0:18:30.520 --> 0:18:36.760 have done and whether And part of it, of course, 0:18:36.880 --> 0:18:39.639 is not so much the busyness, but giving back, And 0:18:40.200 --> 0:18:42.880 this book is about that. It's about trying to help 0:18:42.920 --> 0:18:45.280 other people. I haven't really answered your question. But it's 0:18:45.440 --> 0:18:47.800 that's because I don't really know. In the end, I'm 0:18:47.840 --> 0:18:52.080 just not sure how I've coped. You know, there isn't 0:18:52.080 --> 0:18:56.120 a magic wand to coping with tragedies. And I don't 0:18:56.160 --> 0:18:58.800 think it's because I'm a cold creature that just buries 0:18:58.840 --> 0:19:01.640 it or ignores it, or my skin shells so thick. 0:19:01.760 --> 0:19:07.080 I think I really have sort of been lucky of 0:19:07.119 --> 0:19:11.040 had the right assistance at the right time, and I 0:19:11.119 --> 0:19:16.040 had something to redirect my grief and my addiction into, 0:19:16.160 --> 0:19:17.600 which has been positive benefit. 0:19:17.840 --> 0:19:22.080 Yeah, a lot of our audience they're very young, and 0:19:22.119 --> 0:19:24.639 they're in the city, and they're in financial services, and 0:19:24.680 --> 0:19:29.439 it's all about making money, and I just I don't know. 0:19:29.520 --> 0:19:32.440 I think you've had experience in that world of trying 0:19:32.480 --> 0:19:34.720 to make it, you know that kind of really the 0:19:34.880 --> 0:19:37.280 drive of trying to build your own business, trying to 0:19:37.320 --> 0:19:39.679 do well. It's not exactly the same, I think as 0:19:39.720 --> 0:19:41.960 being in financial services in the city kind of being 0:19:42.000 --> 0:19:45.040 in VC. But I suppose what would you say to 0:19:46.359 --> 0:19:50.800 those people about the point of it of the money making? 0:19:51.240 --> 0:19:53.480 Yeah, money isn't the bill and nal and we all 0:19:53.560 --> 0:19:55.439 know that. I mean, even that your listeners will know 0:19:55.520 --> 0:19:58.320 that in principle it would be really great if they 0:19:58.680 --> 0:20:01.159 do are in the city, staying there, they get to 0:20:01.200 --> 0:20:03.320 the point at say the age of thirty five, they 0:20:03.400 --> 0:20:05.879 back out and then they use that money and the 0:20:06.000 --> 0:20:10.000 time for something else, you know, going to teaching, help 0:20:10.119 --> 0:20:15.439 charities with time as well as money, etc. I've been obviously, 0:20:15.440 --> 0:20:17.399 I had customers in the city, so I've spent time 0:20:17.480 --> 0:20:21.520 with people in the city, and it is pretty frantic lifestyle. 0:20:22.000 --> 0:20:24.200 This isn't a rehearsal. Life is not rehearsal. We all 0:20:24.240 --> 0:20:28.520 know that that's very hackney, isn't it. Enjoy life in 0:20:28.600 --> 0:20:32.359 some way get the balance right between personal life and 0:20:33.880 --> 0:20:35.480 work life. And I definitely got it wrong. 0:20:37.280 --> 0:20:40.360 So that was Peter Cowley, the angel investor and co 0:20:40.440 --> 0:20:43.840 founder of UK based VC Martlet Capital, speaking to me 0:20:43.880 --> 0:20:47.960 at his home in Cambridge about his book Public Success, 0:20:48.119 --> 0:20:51.320 Private Grief, written with his wife. It is out now. 0:20:51.760 --> 0:20:54.679 That conversation has really stayed with me in the weeks 0:20:54.720 --> 0:20:57.399 since I met Peter and since we went up to 0:20:57.440 --> 0:21:00.399 Cambridge to have that conversation, I just thought it was 0:21:00.400 --> 0:21:02.400