Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business finance and tech news as it happened. Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. It was a week chock
Speaker 1: full of big tech earnings and also continued Chinese crackdown
Speaker 1: on its technology and education sectors that unleashed shock waves
Speaker 1: across global markets, erasing at one point more than seven
Speaker 1: fifty billion dollars in value from US listed Chinese stocks
Speaker 1: over the course tim of just five months. Yeah, you
Speaker 1: mentioned a huge week of earnings on learnings front, Caroll,
Speaker 1: Tesla beating and that included its first one billion dollar
Speaker 1: quarter of net income, and yet Elon Musk's comments on
Speaker 1: chips supplies and production hurdles bummed out investors. One investor
Speaker 1: who's owned Tesla shares and its cars ways in. He's
Speaker 1: really well known to our audience. We're talk about Rosco,
Speaker 1: where he's always a fun and engaging conversation. We also
Speaker 1: got to talk about what's going on in the Amazon
Speaker 1: rainforest and why it's a problem for us. All I've
Speaker 1: got to say this story is a dark one. It's
Speaker 1: entitled Last Days of the Rainforest, and both you and I, um,
Speaker 1: we're really upset about it. Yeah. It's one of those
Speaker 1: stories that you read and you think to yourself, what
Speaker 1: could I be doing to actually help this situation? Because
Speaker 1: it's a global story. It affects all of us, even
Speaker 1: though it's based in the Amazon exactly. And what's interesting is,
Speaker 1: you know, we talk about climate change, the importance of companies, institutions, government.
Speaker 1: This is the Brazilian government though, making it possible from
Speaker 1: more deforestation to happen. You know, one point that I
Speaker 1: found really interesting and to be honest, deeply troubling. Carol
Speaker 1: I tweeted about this. Some scientists are suggesting that the
Speaker 1: Amazon is is now close to a tipping point at
Speaker 1: which it will become a savannah rather than a rainforest.
Speaker 1: So what that means is it's going to pump greenhouse
Speaker 1: gases into the atmosphere instead of pulling them down in
Speaker 1: These so called flying rivers are bands of moisture in
Speaker 1: the air that bring rainfall to the continent. Those are
Speaker 1: going to dry up. As many as ten thousand species
Speaker 1: maybe at risk of dying off. It's awful. Yeah, it's terrible. Listen.
Speaker 1: We're going to hear more from the reporter a little
Speaker 1: bit later on. Jessica Bryce, she's going to join us,
Speaker 1: but this is really a problem for us all. We're
Speaker 1: also gonna hear from Harvey Mason Jr. The CEO of
Speaker 1: the Recording Academy. He's going to talk about a new
Speaker 1: tune and tone for the Academy. They've had their own
Speaker 1: problems to him. We know the Grammys, which has come
Speaker 1: under some criticism in terms of diversity inclusion. So we're
Speaker 1: going to find out what he's up to. All of
Speaker 1: that to come, and we begin though with a look
Speaker 1: at this week's issue of Bloomberg Business Week magazine. The
Speaker 1: cover story. We're gonna talk a lot about this later on.
Speaker 1: It's all about Beijing sweeping crackdowns on its tech and
Speaker 1: education sectors, and also the Chinese media and regulators trying
Speaker 1: to walk it back a bit to calm investor concerns.
Speaker 1: This cover could not be time better for what we've
Speaker 1: seen in the Chinese markets over the last couple of weeks.
Speaker 1: To cover itself, moved, asked, and obey the party. This
Speaker 1: was one of our main market stories this week. How
Speaker 1: many times did we live on air through our market
Speaker 1: closes talk about what was going on with Chinese companies
Speaker 1: listed here in the U S A d r s
Speaker 1: that sold off and they bounced back because of the oversight,
Speaker 1: increased government oversight when it comes to Chinese big tech,
Speaker 1: and also they're at private education companies. And then it
Speaker 1: was interesting that all of a sudden they started to
Speaker 1: walk it back a little bit because I think they
Speaker 1: got a little bit nervous about the international investment community
Speaker 1: maybe pulling back and looking at China differently from an
Speaker 1: investment perspective. Yeah, we did just see also some of
Speaker 1: those concerns a little bit of contagious sweep into US
Speaker 1: markets and global markets as well. And I think there
Speaker 1: are some really interesting questions raised in the piece about
Speaker 1: what it means for American tech companies and what U
Speaker 1: S regulators and US investors can learn from the way
Speaker 1: that Chinese regulators are cracking down on these companies. What
Speaker 1: does it mean in the evolution of megacap tech companies,
Speaker 1: how they're treated here in the US and the story
Speaker 1: Chinese maybe going in their own direction, setting up their
Speaker 1: own new code. Speaking of new codes, we are still
Speaker 1: trying to figure out how the heck do we get
Speaker 1: back to work. Okay, we're here, we are here. We've
Speaker 1: been here for months during the pandemic. What's interesting is
Speaker 1: we were all looking at companies increasingly saying, hey, workers,
Speaker 1: fall is coming, we want you back. You're going to
Speaker 1: be back, And then all of a sudden, we started
Speaker 1: to see speaking of walking back things companies, whether it's Google,
Speaker 1: whether it's Apple, whether it's Twitter, walking back expectations for
Speaker 1: when they want their workers back in the office. I
Speaker 1: think there are a lot more questions right now than
Speaker 1: there are answers about what a distributed workforce looks like,
Speaker 1: what it means for people to be back in the office,
Speaker 1: when they'll be back in the office, who they're going
Speaker 1: to be around. One of the most sought after management
Speaker 1: jobs right now. There's an article about this in the
Speaker 1: current issue of Bloomberg Business Week. It's about people who
Speaker 1: are leading large, far flung teams through uncharted waters. It's
Speaker 1: the remote works are and it's potentially a shortcut to
Speaker 1: the c suite for rising professionals right and as our
Speaker 1: reporter writes about it, it's not a job you could
Speaker 1: have predicted six seen months ago. But here we are.
Speaker 1: And of course, the reason we're talking about this and
Speaker 1: companies walking back their expectations for opening up their offices
Speaker 1: is because of the rise of COVID cases, because of
Speaker 1: the delta variant. We've seen it in the hot spots
Speaker 1: around the world, and we're seeing in hot spots around
Speaker 1: the United States as well. I saw tweet from one
Speaker 1: of our colleagues. She wrote on Twitter, it was nice
Speaker 1: for that little two week period when we thought the
Speaker 1: pandemic was behind us, and it certainly feels like in
Speaker 1: recent weeks it hasn't been. And that's because of the
Speaker 1: rise of the delta variant, the changes in CDC guidance
Speaker 1: that we got earlier this week, and as you just mentioned,
Speaker 1: the way that companies are responding. Sorry, if you're really
Speaker 1: down and depressed, don't go anywhere, because we have some
Speaker 1: uplifting things we're going to cover as well, people who
Speaker 1: are disrupting our world. Check out the magazine because in
Speaker 1: this week's issue, in the Pursuit section is some fun
Speaker 1: things to maybe bring a smile to your face, including
Speaker 1: can I get drunk on this? Yeah, A heap of
Speaker 1: new alcohol infused ice creams are cooling down summer just
Speaker 1: in time for August. We're talking about boozy ice creams. Uh.
Speaker 1: And so what's really wonderful is our k Crater, who
Speaker 1: is our food editor here at Bloomberg Pursuits, basically giving
Speaker 1: you some recipes to make some really cool boozy drinks.
Speaker 1: Ice cream included, yeah, ice cream soda. We can also
Speaker 1: make an ice cream sandwich, milkshake, and of course the
Speaker 1: whiskey vanilla ice cream. We also take a look at
Speaker 1: some other things in Pursuit, talking about the travel agent
Speaker 1: being back on certainties and the friendly skies is forcing
Speaker 1: vacation planners to rethink the value of a professional long
Speaker 1: thought departed. How many times you want to go on
Speaker 1: a trip, you just loook it on an app And
Speaker 1: that's how we've been doing it. But because of the pandemic,
Speaker 1: because of other situations, it's trickier and so maybe we
Speaker 1: need to travel agent again. All that and more in
Speaker 1: the current edition of Bloomberg Business Week, and that new
Speaker 1: issue it is on news stands, online and on the
Speaker 1: Bloomberg We're gonna cover some of the stories over the
Speaker 1: next couple of hours, but be sure to pick up
Speaker 1: the magazine as well. You are listening to Bloomberg Business
Speaker 1: Week coming up, Tesla beats Elon tweets well, Tim, that's
Speaker 1: always a giving and one Tesla shareholder weighs in on
Speaker 1: the tech company that makes evs, at least that's what
Speaker 1: he calls it. This is Bloomberg, This is Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg Quick Takes. Tim Spinovik
Speaker 1: from Bloomberg Radio. Among the big earnings this week, Tesla,
Speaker 1: even with second quarter profit in sales exceeding estimates. Tim,
Speaker 1: it was CEO Elon Musk's cautionary hints from the investor
Speaker 1: call that really swede investors kind of sent the stock
Speaker 1: a little bit lower. Musk also highlighted the unpredictability of
Speaker 1: chip supplies and the hurdles he expects in ramping production
Speaker 1: at two new factories in Austin and Berlin later this year.
Speaker 1: It was though the electric vehicle maker's first one billion
Speaker 1: dollar quarter of net income. A favorite voice of ours
Speaker 1: to talk about Tesla as Ross Gerber He's president and
Speaker 1: CEO of gerber Kawasaki Wealth and Investment management. He did
Speaker 1: talk all things Tesla, Carol, but we did get him
Speaker 1: to weigh in on the moves in Chinese stocks and
Speaker 1: Beijing intervention as well. Take a listen. I think one
Speaker 1: of the main things Tesla does differently is they make
Speaker 1: a lot of their own stuff. You know. It was like,
Speaker 1: if something they're lacking, they'll just make it. So they
Speaker 1: can make chips, they can make parts, they can make seats,
Speaker 1: and so they're very adaptable to the environment that they're in.
Speaker 1: And they also have I think of superior positions with
Speaker 1: their supply chains because they tend to order very aggressively
Speaker 1: in long term, so they're sort of an advantage to
Speaker 1: keeping Tesla happy in the supply chain. This bitcoin related
Speaker 1: impairment of twenty three million dollars seems like not a
Speaker 1: lot when they've got cash and cash equivalent of over
Speaker 1: sixteen billion. But how should we as investors, How should
Speaker 1: we as Bloomberg Radio listeners, how should we read that
Speaker 1: um I would pay almost zero attention to the bitcoin
Speaker 1: element of Tesla. I think it's a distraction from what
Speaker 1: they're real success really is. Right now, Bitcoin's rally back
Speaker 1: now to forty, so you can say that he's up
Speaker 1: on this bitcoin now from when this was even reported.
Speaker 1: But because it's so volatible in the way it's accounted
Speaker 1: for as an intangible asset these these it's sort of irrelevant.
Speaker 1: I think, Okay, well, that's good to know. UM expects
Speaker 1: car deliveries to grow more than fifty percent this year,
Speaker 1: on track to build the Model Y in Austin Berlin
Speaker 1: this year. Part supply has strong influence on deliveries. I'm
Speaker 1: just reading through raw some of the headlines working to
Speaker 1: drive down costs, increase production rate. What's what's important there? Well,
Speaker 1: this is really where Tesla gets interesting, because if you've
Speaker 1: seen recently, they've really added a little bit to the
Speaker 1: price of the Model Y and the models and and
Speaker 1: and so they're able to that's basically margin increase versus
Speaker 1: what I thought was really offsetting an increasing costs. So
Speaker 1: I think what we're really seeing is Tesla hitting on
Speaker 1: all cylinders from a production level and efficiency level. What
Speaker 1: about shifting the launch of the semi truck program to two.
Speaker 1: I mean, this is a company in kind of the
Speaker 1: earlier days, right, we would often see delays and changes
Speaker 1: in terms of getting stuff out there. How important is
Speaker 1: that to the company going forward, and does it delay
Speaker 1: bother them? I mean, it doesn't bother me because I
Speaker 1: expect it. I think it's annoying because obviously the product
Speaker 1: is a transformative product in a very important market. You know,
Speaker 1: as an investor in my firm and now my new
Speaker 1: e T F g K, we're very into this climate
Speaker 1: change trade, which is investing in things they're gonna make
Speaker 1: our climate better, and the semi truck is one of
Speaker 1: the more important products to really help climate because of
Speaker 1: the enormous pollution, enormous deed for transportation across the country.
Speaker 1: So so every day that that's you know, delayed, is
Speaker 1: in a way a cost to Tesla because the demand
Speaker 1: will be so huge for these vehicles. But the problem
Speaker 1: is they need the new cells to be working to
Speaker 1: really get the performance out of the semi truck, and
Speaker 1: that's why it's delayed, because they really need to get
Speaker 1: this this new cell production line up and stable, uh,
Speaker 1: and that will really allow the truck to be just
Speaker 1: mind blowing. So so it's annoying in one sense, but
Speaker 1: on the other sense, the ultimate result will be amazing.
Speaker 1: So it's just part of the Tesla experience and you
Speaker 1: just you know, chill and wait for tapp you know,
Speaker 1: listen it will help. I'm going through too. I'm looking
Speaker 1: through our blog for what's going on in China specifically,
Speaker 1: what are you hearing, what are you seeing? What do
Speaker 1: we need to be smart about when it comes to
Speaker 1: what's expected to be and should be right? A really
Speaker 1: important market for this company. It does make me worried
Speaker 1: that China is such a huge market for several of
Speaker 1: our positions, Apple and Tesla, for example. But I also
Speaker 1: think that this is more about power than hurting let's
Speaker 1: say US companies for no reason. This is about she
Speaker 1: keeping control in China from the billionaire capitalists that have
Speaker 1: been so successful and keeping people in check more than
Speaker 1: I think hurting let's say a US company that's providing
Speaker 1: a lot of benefits to China in the e V
Speaker 1: business and through the technology sharing that they're having. So
Speaker 1: I'm worry need a little bit about Apple and Tesla
Speaker 1: in particular some of the businesses we do in China,
Speaker 1: but but not so much so in that I would
Speaker 1: take any action from it. But we're watching it closely.
Speaker 1: But if you're in these Chinese companies, I mean it's
Speaker 1: you've got to move on it's not a good situation.
Speaker 1: What if the Chinese market ultimately isn't as open for
Speaker 1: Tesla going forward, How does that fundamentally change the dynamics
Speaker 1: of a company that is now a six hundred thirty
Speaker 1: three billion dollar market cap company. Well, I think it
Speaker 1: would ultimately just hurt China because Tesla will sell their
Speaker 1: cars in Europe, the US, Latin America, in the If
Speaker 1: China wants to be a competitive market, they need to
Speaker 1: be in the evy game. And they're also in the
Speaker 1: e V game simply because of the weather and the
Speaker 1: the effects it's had on China, whether it be flooding
Speaker 1: or other issues that they're having. So China has a
Speaker 1: huge incentive to keep EV market growing and to be
Speaker 1: a leader in this market. And so if they create
Speaker 1: issues for Tessa, that would actually hurt there to be
Speaker 1: leaders in this market. So I see it as the opposite.
Speaker 1: I think they're trying to stay real cozy with Tesla
Speaker 1: to learn as much as possible to be to dominate
Speaker 1: this technology and become a massive EV player in China.
Speaker 1: EV companies are the best in the world behind Tesla. Yeah,
Speaker 1: all right, So that's a really really good take on
Speaker 1: that go back to Chinese companies US investors. Do you
Speaker 1: think ultimately that's not going to be a place for
Speaker 1: them to be or not a smart place in your view. Well,
Speaker 1: we were debating as this a buy or to sell right,
Speaker 1: stox got real cheap, and we like to buy stocks
Speaker 1: when they get real hammered. And everybody thinks the world's ending. Um.
Speaker 1: But I'm not a big fan of foreign investment in
Speaker 1: general because of the lack of visibility, especially in China,
Speaker 1: that firms like mine have. Like I can go to
Speaker 1: Tesla's factory right now, they'll show me all around, just
Speaker 1: like they show you. But I can't go to a
Speaker 1: Chinese factory and have them show me around. Um, they
Speaker 1: won't do that in most cases. So I think that
Speaker 1: we've entered this point where the communist control of China
Speaker 1: is more important than promoting capitalism. And and this shift
Speaker 1: that we've been seeing from she whether it's aggressive approach
Speaker 1: to Hong Kong and certainly Taiwan, um, it's almost a
Speaker 1: belligerence to the rest of the world's capitalist system. And
Speaker 1: and I think investing in China has a new risk.
Speaker 1: And also what really was the thing at my firm
Speaker 1: was the E s G side of it. Just basically
Speaker 1: owning these companies is just not right because the Chinese
Speaker 1: government is just it's not the form of capitalism that
Speaker 1: we invest in. So I think investors need to assess
Speaker 1: whether or not they can make money. Here is at
Speaker 1: the issue if do I want to be a part
Speaker 1: of it. That was Ross Gerber, president and CEO of
Speaker 1: Gerber Kawasaki Wealth and Investment Management. Still ahead on Bloomberg
Speaker 1: Business Week, we take you to South America af stating
Speaker 1: and disturbing story in the magazine, a crisis for natural
Speaker 1: resources in the Amazon rainforest. That's next. This is Bloomberg
Speaker 1: broadcasting from the financial capital of the world, Bloomberg Eleve
Speaker 1: in Frio in New York to Washington, d C. Bloomberg
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Chado one
Speaker 1: nineteen and around the globe the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Business Week. Okay,
Speaker 1: this may rightfully freak you out. It is about the
Speaker 1: last days of the rainforest. Yes, that rainforest so crucial
Speaker 1: to the global environment. Many species on Earth. I mean,
Speaker 1: it is so important to all of us living on Earth. Yeah,
Speaker 1: it is something that affects the entire planet, not just
Speaker 1: Brazil in South America. The story in the magazine is
Speaker 1: about how the Brazilian Amazon is approaching the point of
Speaker 1: no return and the government there is fanning the flames.
Speaker 1: Here's more from Bloomberg Senior editor for Latin America Jessica
Speaker 1: Bryce and Bloomberg Business Week Magazine editor Joel Weber. This
Speaker 1: is a gut wrenching story. I kind of can't think
Speaker 1: of something that has bigger global implications than um losing
Speaker 1: the Amazon. And what Jessica's story shows is that it's
Speaker 1: actually it's really nuanced, and I think that is one thing.
Speaker 1: If you spend some time with the story, you will
Speaker 1: come away with some of that nuance. And the story
Speaker 1: started as a as a data project and then became
Speaker 1: probably one of the most compelling stories UM I've ever
Speaker 1: published as the editor of Business Week. You know, the
Speaker 1: thing that I think it shows more than anything is
Speaker 1: that there is a official land grab policy that is
Speaker 1: happening in Brazil, and it's allowing the rainforest to basically
Speaker 1: get turned into grassland where cattle can be raised, which
Speaker 1: is about the worst one eight that we can do
Speaker 1: for the planet, as you can imagine. So, so Jessica,
Speaker 1: walk us through, um where you started this object and
Speaker 1: what you learned along the way. Yeah. I started the
Speaker 1: project really looking at the data behind DeForest Station, trying
Speaker 1: to figure out, you know, we've been struggling with this
Speaker 1: issue for decades now, and why is it still something
Speaker 1: that we're we're seeing? Why is why is it not
Speaker 1: something that the world is able to to stop? Why
Speaker 1: is the Brazil government not stopping it? Um? So I
Speaker 1: started looking at the data of who's actually doing it,
Speaker 1: and it took me in directions that I had never
Speaker 1: really expected. I mean, it's it is such a nuanced
Speaker 1: story to such a complicated story. And what it comes
Speaker 1: down to is, you know, the folks on the ground, uh,
Speaker 1: for decades, they've been told that deforestation is a good thing,
Speaker 1: that they need to deforce the land, and in fact,
Speaker 1: in some cases, um, they were you know, handed plots
Speaker 1: and if they didn't deforce the land, they risk losing
Speaker 1: those plots. And so that culture has really stuck in
Speaker 1: the Amazon and the folks there now, which a lot
Speaker 1: of them are incredibly poor. The government keeps that policy
Speaker 1: alive because it helps pump this and this cleared land
Speaker 1: into industrial farming operations that feed the world. This is
Speaker 1: such a big part of it, right, supporting the people
Speaker 1: who live in a country and area, right. And so
Speaker 1: there's as you just explained that on one hand, but
Speaker 1: at the same time we're talking about the existence of
Speaker 1: the global population and protecting the rainforest. It's a policy
Speaker 1: that's not just from President Bosonaro. It's been around for
Speaker 1: a while. It has been around for a while. Um
Speaker 1: during the dictatorship of the government really prioritized giving it
Speaker 1: to big landowners, big industry. Um. And then so you
Speaker 1: have this population of people who have been working the
Speaker 1: lands for for generations and they and so when the
Speaker 1: democracy came about, uh, the government decided to give them
Speaker 1: small plots of land. So that was in the constitution.
Speaker 1: What we saw is that to governments prior to Bolsonado,
Speaker 1: they moved the needle for they said, okay, so will
Speaker 1: amnesty more recent deforestation, will amnesty bigger deforestation. Now, what
Speaker 1: the government wants to do is sort of take that too,
Speaker 1: like uh, just a very scary, a very scary next
Speaker 1: step and say, okay, we're going to start amnestying more
Speaker 1: recent defour station as recently as two thousand and twelve.
Speaker 1: Both Sinnardo did wanted amnesty as recently as two thousand eighteen. Um,
Speaker 1: but we're not even going to check it. We're going
Speaker 1: to do it all by satellite. And so it really
Speaker 1: opens the door to almost sixteen million hectares of of
Speaker 1: of new Amazon land that could be amnesty. Basically, this
Speaker 1: is stolen public land that could be amnestying. Can you
Speaker 1: make the connection for people who live thousands of miles
Speaker 1: away from the Amazon about just why it is so
Speaker 1: important not just for Brazil, but for our own health,
Speaker 1: because that was one of the most striking parts of
Speaker 1: the story for me. Right, So, we're reaching a point
Speaker 1: where the Amazon, which has always been considered sort of
Speaker 1: the lungs of the world, it's turning into savannah. It's
Speaker 1: that it's at risk of turning into savannah, and instead
Speaker 1: of of cleaning the earth air, it's actually accelerating climate
Speaker 1: change and in some cases where the burns are the worst,
Speaker 1: it's actually pumping more carbon dioxide into the air than
Speaker 1: it can absorb. Um. Now, if it turns into savannah,
Speaker 1: what happens, we lose ten thousand species are at risk.
Speaker 1: But also the Amazon helps regulate the entire the weather
Speaker 1: patterns here in the in in South America, and South
Speaker 1: America produces a lot of food for the world. There's
Speaker 1: a combination of factors that are really sort of scary.
Speaker 1: Not only does it, you know, contribute to climate change,
Speaker 1: it can you contributes to more pollution in the air,
Speaker 1: but it also changes our weather patterns region that makes
Speaker 1: a lot of food for the world. And so it
Speaker 1: is quite shocking what what we're looking at. And that's
Speaker 1: Bloomberg's Jessica Bryce and Bloomberg business Week magazine editor Joel
Speaker 1: Webber highly recommends you read the entire story. It's online
Speaker 1: on the Bloomberg and on newstands. You're listening to Bloomberg
Speaker 1: Business Week. Up next, the pandemics impact on the recording
Speaker 1: industry and moves to make it more diverse and inclusive,
Speaker 1: lead by one of its most influential figures, Harvey Mason Jr.
Speaker 1: That's coming up next. This is Bloomberg. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.
Speaker 1: Tim Stenovik from Bloomberg Radio. Well. Some research out last
Speaker 1: month and painted a pretty worsome picture when it came
Speaker 1: to diversity in the music industry. The Annenberg Inclusion Initiative
Speaker 1: examined over four thousand execs found that only were from
Speaker 1: underrepresented racial and ethnic groups, and even fewer as you
Speaker 1: move up the organizational ladder. It's among the many issues
Speaker 1: that have contributed to a call for change in the
Speaker 1: recording industry and at the organization which represents performers, songwriters, producers,
Speaker 1: engineers and more, The Recording Academy, which is probably best
Speaker 1: known for overseeing the annual Grammy Awards or more. We
Speaker 1: talked with Harvey Mason Jr. He's CEO of the Recording Academy.
Speaker 1: He also gave us a sneak peek of the Aretha
Speaker 1: Franklin biopic. First up, though, more on what's going on
Speaker 1: at the accadem and a couple of years ago, I
Speaker 1: really saw an opportunity to really level up what we
Speaker 1: were doing at the Academy, and I saw it being
Speaker 1: a timely issue, something that we had to take responsibility for.
Speaker 1: So I ran for chair on kind of a platform
Speaker 1: of change and improvement, and that was I think two
Speaker 1: and a half years ago, and then I was put
Speaker 1: in as a CEO on interim basis about eighteen months ago,
Speaker 1: And at that point we really started looking at everything
Speaker 1: we were doing, is you know, pulling back the curtain.
Speaker 1: How can we be more reflective, more representative, more diverse,
Speaker 1: and more relevant. And there was a lot of things
Speaker 1: that needed to change at the Academy. There's a lot
Speaker 1: of things we did really really well that we also
Speaker 1: needed to talk about and amplify and share with our
Speaker 1: members and the general public and music consumers. But we
Speaker 1: really looked at everything we're doing. We were also the
Speaker 1: tiny little thing called COVID had a lot of impact
Speaker 1: on what we were able to do. Obviously had a
Speaker 1: huge effect on our membership in our music community. We
Speaker 1: were some of the first people to be out of
Speaker 1: work and will definitely be some of the last come back.
Speaker 1: We've been really hyper focused on trying to serve our
Speaker 1: members around the needs. There. You took us there at
Speaker 1: the pandemic. Let's go there, Uh, the financial impact of
Speaker 1: the pandemic on the music industry. How would you quantify it? Um?
Speaker 1: No word there that we can use and we've created
Speaker 1: that can can show exactly the impact that it's had.
Speaker 1: It's been catastrophic, it's been critical, it's been something that
Speaker 1: no one's ever expected. I can tell you through our
Speaker 1: Music Cares organization, which is the part of the Academy
Speaker 1: that gives back to music people who need help. Typically
Speaker 1: in the normal year will be five six million dollars
Speaker 1: of service needed people who need help with rent or
Speaker 1: bills or medical care. This year where well right around
Speaker 1: thirty million dollars services provided. So we've never seen anything
Speaker 1: like this, A huge event like Hurricane Kundry and put
Speaker 1: people out of work for over a period of time
Speaker 1: nine eleven for a period of time, but nothing has
Speaker 1: had the impact the COVID has had on our industry.
Speaker 1: You are, It's really interesting. I think there are times
Speaker 1: that boat look at the music industry and they just
Speaker 1: assume everybody is really successful. It makes a ton of money.
Speaker 1: I remember in college being part of our radio station
Speaker 1: about jazz performers and and a lot of them were
Speaker 1: just barely getting by. And not everybody in the music
Speaker 1: industry makes a ton of money. No, in fact, just
Speaker 1: the opposite. Most people in the industry are making less
Speaker 1: the medium income. And I think there are a small
Speaker 1: percentage of people that are making you know, hundreds of
Speaker 1: thousands of dollars, it's a tiny amount of people. Most
Speaker 1: of us are working day to day musicians or writers,
Speaker 1: or producers or crew members or you know, gaff riggers
Speaker 1: things like that. So it is an organization with the
Speaker 1: Academy that represents the whole spectrum. Of course, some of
Speaker 1: our members get more visibility than others on the show,
Speaker 1: but it is our responsibility to look out for our
Speaker 1: all of our members. But even more importantly than that,
Speaker 1: the whole music community and zooming out maybe a click
Speaker 1: further than that, it's our responsibility to utilize the power
Speaker 1: of music and the leverage our brand at the Academy
Speaker 1: and the Grammys to try and make change, try and
Speaker 1: improve things, try and bring people together, try and fight
Speaker 1: for things that are wrong, and just make a difference.
Speaker 1: And that's really kind of where I hope we can
Speaker 1: go in the future. I mean, if there's one thing
Speaker 1: you could right now change for your industry, make it better,
Speaker 1: make it more inclusive, what would it be. Well, I
Speaker 1: think it starts with being more inclusive and being more
Speaker 1: diverse and hearing from all the right voices, make sure
Speaker 1: people have a voice and our seat at the table
Speaker 1: at at every level, both on the creative side, on
Speaker 1: the executive side of the decision making side, and also
Speaker 1: making sure that the income and the payouts are equitable
Speaker 1: and fair in regards to the creators and partnership with
Speaker 1: the streaming companies and the labels and the publishing companies.
Speaker 1: Is a lot of money being generated by the consumption
Speaker 1: that we've never seen music consumed at the rate we're
Speaker 1: seeing it now. But there's not a lot of clarity
Speaker 1: on how that music gets or the money gets split out,
Speaker 1: and how do we monetize this art that these people
Speaker 1: are creating. That's something that we need to figure out.
Speaker 1: One of the things I wanted to ask you, Harvey,
Speaker 1: and thanks for staying with us, is you guys and
Speaker 1: you speci fickly in your team focusing on keeping the
Speaker 1: music you know, community want to make sure it is
Speaker 1: inclusive representative of all kinds of individuals. Uh. And how
Speaker 1: did it get to a point because you would have
Speaker 1: thought music creative um that it would be diverse and
Speaker 1: inclusive by its nature, and yet it wasn't. How did
Speaker 1: it get to be that way? Hard to predict, only
Speaker 1: because I haven't been here that long carel but I
Speaker 1: think some of it. But you understand the music industry,
Speaker 1: you've worked within it for a long time totally, and
Speaker 1: the music industry has a lot of diversity in its
Speaker 1: creative side, uh not so much on the business side.
Speaker 1: So I think there's something to be said for people
Speaker 1: being aware. It just may not have understood or been
Speaker 1: cognizant of the fact that they could be involved in
Speaker 1: the academy. And maybe that holds true for some other
Speaker 1: parts of the business. I know for us, I think
Speaker 1: there was just we didn't amplify what we did as
Speaker 1: an academy, and we didn't talk about all the other services.
Speaker 1: We just talked about the awards. So people just felt like, well,
Speaker 1: the academy may or may not be for me. I know,
Speaker 1: I'm a creator, but I don't know if I should
Speaker 1: be involved in the academy side. I think if you
Speaker 1: know project that out, maybe the same thing how true
Speaker 1: for the industry. But it's really hard to predict. What
Speaker 1: about the rest of the music industry though, right, so
Speaker 1: many your members and outlying companies, and you know, whether
Speaker 1: it's recording companies, labels and so on and so forth.
Speaker 1: You know what more can they do? And I do this,
Speaker 1: I'm pushing you a little bit, but you know, we've
Speaker 1: done it with the sports industry and how they ultimately
Speaker 1: during the crisis of the last year where they're stepping
Speaker 1: up and providing stadiums for people to vote like that
Speaker 1: was huge and was significant for the industry to take
Speaker 1: a step. What's what's that moment for you guys? Well,
Speaker 1: first off, there I love you pushing me. I have
Speaker 1: no problem with pushing myself and I'm pushing everybody that
Speaker 1: we can at the Academy because there is this is important,
Speaker 1: and I think music serves a really unique role, much
Speaker 1: like sports people listen to creators or music people people
Speaker 1: listen to athletes. So I think if we can start
Speaker 1: to do things the right way and continue in the
Speaker 1: direction we're headed, we can make a bigger impact on
Speaker 1: not just the music industry or not just the music community,
Speaker 1: but you know, our society at large. And that's the
Speaker 1: goal for us at the Academy is to really utilize
Speaker 1: the opportunity that we have, the influence that we have,
Speaker 1: and to really make a difference. And like I said,
Speaker 1: zoom out a little bit from just thinking so much
Speaker 1: about what can we do today for our Grammy Awards
Speaker 1: or what can we do? You are there? All that
Speaker 1: is very important, very important, but it gives us the
Speaker 1: opportunity to do more, all right, And I love that
Speaker 1: you mentioned the Grammy Awards because I think when we
Speaker 1: think about the economy, that's what we so many people understand.
Speaker 1: I mean, that's the thing visually that we all relate
Speaker 1: to specifically, but it is such a visual medium, right,
Speaker 1: And so what you put out there, um, tell me
Speaker 1: about some of the conversations you're having about how you
Speaker 1: think about how you produce that show going forward. Well,
Speaker 1: we wanted to be the most entertaining show we can.
Speaker 1: You know, last year we did something very drastically different
Speaker 1: because we couldn't have fans in the audience, and our
Speaker 1: creatives and artists were unsure, unsecure how they could be
Speaker 1: around each other. So we set up a format that
Speaker 1: gave them safety and comfort and confidence. Whether or not
Speaker 1: we are able to continue in that type of format
Speaker 1: or we go to a new format, it will all
Speaker 1: really be dependent on COVID and the protocols and what
Speaker 1: we're allowed to do here in l A County and statewide,
Speaker 1: federally but our hope is we can bring great musicians
Speaker 1: and creators and artists together and make a show that
Speaker 1: is not only entertaining, but healing and bringing people together
Speaker 1: and uniting people and showcasing how we all can work
Speaker 1: together and how different genders and races and sexual orientations
Speaker 1: can all join forces to accomplish something great. And that's
Speaker 1: I think the power of music. You mentioned creative types.
Speaker 1: You are creative type. You've worked with Penn, produced songs
Speaker 1: for Michael Jackson, Whitney Houston, Mariyah, carry outon John and
Speaker 1: of course Aretha Franklin. You've got an amazing movie coming
Speaker 1: out in August, Um, tell me about this. And having
Speaker 1: seen Aretha Franklin five, there's there was nobody like her,
Speaker 1: oh Man, nobody like her, right, So she was incredible.
Speaker 1: I was so fortunate to get the chance to work
Speaker 1: with her for thirteen years or so over the course
Speaker 1: of her career and she was very very special to me,
Speaker 1: but just especially to all of us. And she's on
Speaker 1: August thirteen, the Respect movies coming out. It's about Rita
Speaker 1: Franklin in her life. It's she's being played by Jennifer Hudson.
Speaker 1: It's in theaters only, which you know now is always
Speaker 1: a conversation point, and hopefully the COVID allows us to
Speaker 1: go to theaters August thirteen. But I'm very proud of
Speaker 1: the movie. A lot of great music and also a
Speaker 1: very important story that most people don't know about Miss Franklin,
Speaker 1: and that were that was the trials and tribulations that
Speaker 1: she suffered going through early in her life to become,
Speaker 1: you know, the queen of soul, of the iconic voice
Speaker 1: that she was. It's so important to tell those stories.
Speaker 1: And I think that is again something that we just
Speaker 1: assumed somebody was popular or famous or successful, right, and
Speaker 1: you just think it was easy, and that's not the
Speaker 1: right assumption, just quickly, definitely not. And most people nowadays
Speaker 1: don't realize that. They see the TV shows where you
Speaker 1: sing and you get voted on you're a millionaire, you know,
Speaker 1: and they don't know that Arita actually had a lot
Speaker 1: of hurdles and obstacles she had to overcome to become
Speaker 1: who she was. She she was one of the all
Speaker 1: time greatest voices in our in our history, but yet
Speaker 1: she had not found her voice for the first six
Speaker 1: or seven records of her career. So I think people
Speaker 1: will enjoy this story of triumph and what she has
Speaker 1: accomplished in her life. That's Harvey Mason, Jr. CEO of
Speaker 1: the Recording Academy and founder and CEO of Harvey Mason Media.
Speaker 1: That wraps up the first hour of the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio. I'm Tim Stinebeck
Speaker 1: and I'm Carol Masser. Ahead in our next hour. Now,
Speaker 1: the Martin Guitar Company is continuing to make guitars after
Speaker 1: a pandemic and after nearly two hundred years. Your husband
Speaker 1: has a Martin guitar, Right he does. It's one of
Speaker 1: my favorites. Love the acoustic. Also disruption in swimsuits and more. Tim,
Speaker 1: your wife has a bathing suit, right she does? You have?
Speaker 1: I do too? And this one from the co founders
Speaker 1: of Somersault. It's a company that's attracted VC money from
Speaker 1: the likes of founders Fund and Steve Case. All of
Speaker 1: that ahead. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: inside from the reporters and editors who bring you America's
Speaker 1: most trusted business magazine, plus global business, finance and tech
Speaker 1: news as it happened. S Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi,
Speaker 1: I am Carol Masser and Tim stock Plenty ahead in
Speaker 1: our second hour of the weekend edition of Bloomberg Business Week,
Speaker 1: The biggest online Retailer's forecast ms IS estimates as the
Speaker 1: pandemic online bump fades and yet doesn't really matter. We've
Speaker 1: got some insights from the author of The Everything Store
Speaker 1: and Amazon on bound. We're talking about our own Bradstone,
Speaker 1: plus the president of c F. Martin and Company. It's
Speaker 1: a family owned guitar maker that's been in business for
Speaker 1: more than a hundred and eighty years. Jackie Renner joins
Speaker 1: us in just a bit, and two women committed to
Speaker 1: disrupting the women's swimwear business. We'll hear from Lori Coulter
Speaker 1: and Raishma Chamberlain. They are the co founders of the
Speaker 1: director consumer sustainable brand Somersault. But first up this hour,
Speaker 1: this week's cover story we talked about it earlier in
Speaker 1: the show was also a most read story on the
Speaker 1: Bloomberg this week, all about Beijing's crackdown on its big
Speaker 1: tech companies and how it's ushering in a new era
Speaker 1: and potentially a new model. Listen, you and I both
Speaker 1: love this story. It really explains so much of what's
Speaker 1: been going on, particularly this week, the last couple of weeks,
Speaker 1: with China's increased oversight of their big tech companies, and
Speaker 1: this story really got into what's going on. The story
Speaker 1: starts off in the Cayman Islands and it's by Bloomberg
Speaker 1: News technology reporter Austin Carr, who joined us along with
Speaker 1: Business Week editor Joel Weber. Just up top. I I
Speaker 1: should note that I am in Los Angeles reporting, not
Speaker 1: in the Cayman Islands on the beach tomorrow. How do
Speaker 1: we know that? Sounds like I learned the surf in
Speaker 1: the back can either confirm nor to that. But I
Speaker 1: do agree. This is one of the big stories of
Speaker 1: the year that we're really eager to focus on when
Speaker 1: it comes to Silicon Valley versus China, because for so
Speaker 1: long they were sort of emulating the model that the
Speaker 1: US had done with their tech industry. For every you
Speaker 1: know version of Facebook, there was a version of that
Speaker 1: in China, or there was buy You the Google of China,
Speaker 1: or d D the Uber of China, and until just
Speaker 1: you know, about October or so, that model had just
Speaker 1: continued growing and growing and they were becoming more global competitors.
Speaker 1: But what with these recent crackdowns on d D, on
Speaker 1: Ali Baba, on the education industry, on Matuan, we're seeing
Speaker 1: a very a lot of up people in that model,
Speaker 1: where China is basically saying to its entrepreneurs, no, this
Speaker 1: has got to stop. No more, you know, freewheeling capitalism.
Speaker 1: We're going to rein you in a bit and we're
Speaker 1: going to do a lot faster than the U S
Speaker 1: regulators can do it in the US. And I think
Speaker 1: the big standout thing for me, and we can talk
Speaker 1: more about the new model for China um, but the
Speaker 1: big standout thing is that going into this, I assumed
Speaker 1: we'd feel here a lot of negative reaction of the
Speaker 1: government intervention in China, and it was actually quite the opposite.
Speaker 1: We actually heard a lot of positive reactions, especially from
Speaker 1: the startup in VC community, that felt like this was
Speaker 1: going to level the playing field in the China texting
Speaker 1: in a way that won't happen in the the U
Speaker 1: S texting for many years. Why is the Chinese government
Speaker 1: no longer taking a permissive approach, Austin, when it comes
Speaker 1: to big Chinese tech companies, you know, there's definitely a
Speaker 1: sense that these companies were getting too powerful, um Ali
Speaker 1: Baba being a prime example, where it was acting with
Speaker 1: a lot of monopolistic behavior, alleged monopolistic behavior towards some
Speaker 1: of the startups, forcing them on their platform, forcing smaller
Speaker 1: players to sell out, taking advantage of their data, and
Speaker 1: really behaving in a way that was in the corporate
Speaker 1: interests but not necessarily in China's national interests. And I
Speaker 1: think that's really where the big pivot is happening in
Speaker 1: China right now. When we think about anti trust cases
Speaker 1: in the US, that's often to protect the consumer, but
Speaker 1: in China it's increasingly to protect national policy. And so
Speaker 1: when these companies were vieering off track, not behaving in
Speaker 1: a way that was in the in China's national interest,
Speaker 1: that's when the government has stepped in and say Ali
Speaker 1: Baba or two D D or may twin that they
Speaker 1: have to behave differently. You know. Reading the story Austin
Speaker 1: and and just hearing you describe it like that, I
Speaker 1: think some some critics of US tech companies could say, hey,
Speaker 1: wait a second, this is what we see US tech
Speaker 1: companies doing to to their smaller competition, correct, I mean
Speaker 1: we we did hear that. I mean one person had
Speaker 1: told me that, uh, you know, China was able to
Speaker 1: reign in Ali Baba within four months, whereas it's going
Speaker 1: to take US regulators, you know, years and years, if
Speaker 1: not longer, to rain in a company like Facebook or
Speaker 1: Google about their alleged you know, privacy issues. Um. And
Speaker 1: So basically what we have to look at is what
Speaker 1: is the outcome of these two different approaches to regulation.
Speaker 1: On the one hand, critics and observers believe that US
Speaker 1: tech companies might have a bit more of an edge
Speaker 1: in the global theme. They will Facebook the same companies
Speaker 1: will continue to grow at a more global scale, where
Speaker 1: China's model is now becoming increasingly China centric and also
Speaker 1: less founder centric. In other words, sort of the sort
Speaker 1: of heroes of the tech industry and Silicon Valley like
Speaker 1: Ali Baba co founder Jack Ma might not be as
Speaker 1: vocal or as present as sort of their counterparts in
Speaker 1: the US like Elon Musk will continue to be UM
Speaker 1: and so there's just a given take there. On the
Speaker 1: one hand, China might have less global champions but perhaps
Speaker 1: they they that sort of braining in the top players
Speaker 1: allows a new generation of startups to grow, whereas in
Speaker 1: the US startups are finding it difficult to grow without
Speaker 1: being swallowed up by the bigger players. Austin, what have
Speaker 1: you not said that you needed to say? I have
Speaker 1: not said that I will be filing an expense report,
Speaker 1: you know, like I better get to the Grand Games
Speaker 1: just to do some last minute fact checking. Okay. You
Speaker 1: know it's interesting. I read your story and I was thinking, Okay,
Speaker 1: the EU was leading when it comes to climate change
Speaker 1: regulatory moves. I feel like China is now leading the
Speaker 1: way when it comes to big tech oversight. You know,
Speaker 1: what's the US role in all of this and what
Speaker 1: does it mean for US big tech companies? I think
Speaker 1: the US is still figuring that out. I mean, we
Speaker 1: we We've seen so many hearings. We've seen sort of
Speaker 1: fines levied in the EU in the US towards certain companies,
Speaker 1: but it has not played out as aggressively, uh in
Speaker 1: the US as it has in UM the in in
Speaker 1: China market. That was Bloomberg News technology reporter Austin Carr,
Speaker 1: who joined us along with Business Week editor Joel Webber.
Speaker 1: I still think he was in the Cayman. He wishes
Speaker 1: he does. You're listening to Bloomberg Business Week coming up.
Speaker 1: It wasn't just big tech in China on our radar
Speaker 1: this week, so too was us big tech as Apple, Facebook, Google, Microsoft,
Speaker 1: and Amazon all reported quarterly results. It was a crazy week, tim,
Speaker 1: It was a crazy weekend for the biggest online retailer.
Speaker 1: Some disappointment in the results, although perhaps we shouldn't see
Speaker 1: it that way. As your own brad Stone, who has
Speaker 1: written two books on Amazon, provides perspective like he only can.
Speaker 1: He's always thinking long term with this company. I don't
Speaker 1: know if there's anyone apart from Jeff Bezos, who actually
Speaker 1: knows more about Amazon than Brad Stone. I so agree.
Speaker 1: All right, that's coming up next, and this is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovik from Bloomberg Radio. So, as we
Speaker 1: mentioned earlier, it was a really big week for big
Speaker 1: tech earnings. That included results from Apple, Facebook, Microsoft, Google,
Speaker 1: and Amazon. And there was some disappointment him with the
Speaker 1: overall results. For example, Amazon gave me lackluster sales forecast
Speaker 1: for the current period, suggesting the world's biggest online retailer's
Speaker 1: rapid growth through the pandemic that could be waning as
Speaker 1: people get back to old shopping habits. You know, Carol,
Speaker 1: go into these old fashioned brick and mortar stores. I
Speaker 1: remember them, I have to say. You and I talked
Speaker 1: about it. During the week. I've gone to more stores
Speaker 1: than I have in a long long time. Well, our
Speaker 1: go to on Amazon, especially when it comes to the
Speaker 1: company's story, strategy, founder, and future is Brad Stone. He's
Speaker 1: Senior executive editor of Global Technology right here at bloom
Speaker 1: He's also the author of the Everything Store, Jeff Bezos
Speaker 1: and the Age of Amazon, and his update to that
Speaker 1: just out this year. It's called Amazon Unbound Jeff Bezos
Speaker 1: and the Invention of a Global Empire. Too Fantastic Books.
Speaker 1: Here's our chat with Brad just after Amazon reported earnings
Speaker 1: this week. Look, I've been covering Amazon for a long time.
Speaker 1: You know, they're they're always these these unexpected fluctuations, sometimes
Speaker 1: below expectations, sometimes above. You know, I read this is
Speaker 1: probably maybe a bit of an indicator that at least
Speaker 1: that at one point the pandemic for Amazon was ebbing
Speaker 1: and customers had more choices, right, and they were going
Speaker 1: back into stores. Um. I think the company increasingly thinks
Speaker 1: they'll be shopping elsewhere, have other options, and so that's
Speaker 1: why the guidance for the third quarters a little bit weak. Um.
Speaker 1: You know, Aws basically hit its targets. So you know,
Speaker 1: the most profitable and powerful part of Amazon's business is
Speaker 1: forging ahead. But you have they're a little light here
Speaker 1: on net sales. Um. They've got that massive distribution center
Speaker 1: that's basically been a cost during the pandemic, and they're
Speaker 1: building more fulfilment centers and distribution hubs. So you know,
Speaker 1: they missed a little bit and there's a little bit
Speaker 1: of a course correction. But the one thing that I've
Speaker 1: learned covering Amazon is that these things happen in the
Speaker 1: moment and then by the end of the week, everybody
Speaker 1: forgets about them, because, look, this company is growing much
Speaker 1: faster than retail overall. It's still selling hundreds of billions
Speaker 1: of stuff. Brad, I mean the numbers. I always feel
Speaker 1: like there's a couple of companies like an Apple or
Speaker 1: Amazon that their numbers are just off the charts. I mean,
Speaker 1: seven percent growth for you know, a company that is
Speaker 1: valued at one point seven or maybe one point eight
Speaker 1: trillion dollars, it's still extraordinary. But that other category where
Speaker 1: the AD revenue is tucked is you know, they've they've
Speaker 1: now twenty five years into the company's existence, are minting
Speaker 1: yet another powerful revenue stream. So it'll be interesting to see, uh,
Speaker 1: you know so many things, including how that develops, what
Speaker 1: the FTC does with the proposed MGM merger, um, and
Speaker 1: then how Andy Jesse's leadership style diverges from Jeff Bezos. Well,
Speaker 1: let's talk about that a little bit. What is the
Speaker 1: task that he has out ahead of him now to
Speaker 1: to continue with what Jeff Bezos did for for more
Speaker 1: than twenty five years at Amazon. Yeah, I would put
Speaker 1: it into three buckets. Um. One is continuing, uh, to invent,
Speaker 1: to to nurture a culture of inventiveness. You know, in
Speaker 1: my two books, and particularly An Amazon and Bound as I,
Speaker 1: as I went and kind of did the archaeology on
Speaker 1: projects like Alexa or the Amazon Ghost Store, it always
Speaker 1: starts with Bezos and an idea from Bezos, Bezos pushing
Speaker 1: a team and you know, Jeff isn't going away, but
Speaker 1: he's going to be arguably less involved. So how does
Speaker 1: Jess continue to make Amazon an inventive company without the
Speaker 1: founder and you know, chief nerd in the halls the
Speaker 1: whole time. The second thing is corporate culture, right, It's like,
Speaker 1: you know, we can argue whether Amazon needs to fix it,
Speaker 1: but certainly it needs to evolve it. You know, they
Speaker 1: have more than a million employees, lots of work work,
Speaker 1: warehouse workers feel trot and upon. You've got unionization efforts
Speaker 1: at the door. So he's got to he's got to
Speaker 1: create a new contract with employees. And then the third
Speaker 1: thing really quickly is is just the antitrust scrutiny, right,
Speaker 1: and Jason will present a kind of humbler target. I
Speaker 1: think that Jeff Bezos the richest guy in the world,
Speaker 1: but contending with basically attacks on all fronts from State A,
Speaker 1: G S to the FTC and d O J to
Speaker 1: the European Union, and a kind of growing bipartisan sense
Speaker 1: of the big tech companies have too much power and
Speaker 1: it needs to be curtailed. Bred Amazon slib Services AWS
Speaker 1: is just a massive business and for years it's allowed
Speaker 1: Amazon to invest in in other things, those things like
Speaker 1: Alexa um what is the next driver of profit at Amazon.
Speaker 1: Is there another AWS that they're working on? Is Alexa
Speaker 1: that you write about so much in your in your
Speaker 1: most recent book, Is that starting to show results at
Speaker 1: least on the top line? Yeah? Is Alex starting to
Speaker 1: show results? I mean, I think the answer to that
Speaker 1: is we kind of don't know. Um, you know, the
Speaker 1: they opaque right to the financial statements are opaque. Um
Speaker 1: Amazon alexis so tied in with other parts of the business. Um. Uh,
Speaker 1: probably not, I would say, I mean, maybe it's close
Speaker 1: to break even. But but you know, one thing that
Speaker 1: you mentioned is like AWS, it is quite profitable, but
Speaker 1: by and large goes to build more AWS. Right, They're
Speaker 1: building data centers around the world, and you know, trying
Speaker 1: to expand into new services, making big investments in AI.
Speaker 1: I think that the powerful kind of profit machine here
Speaker 1: is advertising, and those dollars are being used to buy UH,
Speaker 1: to license more TV shows and movies, to create more
Speaker 1: to buy MGM. And then there's lots of other things
Speaker 1: that we frankly don't know about. I mean, we do
Speaker 1: know that they've got a satellite initiative called Project Hyper
Speaker 1: that will compete with Starlink. A bunch of things in healthcare,
Speaker 1: probably a bunch of things in the device business, like
Speaker 1: a home robot they've been working on for a couple
Speaker 1: of years. But we don't quite know what the big
Speaker 1: next hit will be it what will be the role?
Speaker 1: I guess that is what I want to get to
Speaker 1: is of Jeff Bezos in this company. Obviously it's his baby,
Speaker 1: and even though he's stepped back and there's a new
Speaker 1: officially a new CEO, does he still kind of poke around?
Speaker 1: Does he still kind of get involved in things? And
Speaker 1: will that be problematic to Jesse or is that necessary
Speaker 1: to kind of keep Amazon being innovative in some ways? So, Carol,
Speaker 1: my perspective on this has changed a little bit. I
Speaker 1: was in the wonderful town of Van Horne, Texas last
Speaker 1: week to see uh Bezos blast off in the sky
Speaker 1: top his um, let's just say, imaginatively shaped rockets, and
Speaker 1: one of the things he said, yeah, one of the
Speaker 1: things we don't need Fred here, I'm just gonna say anyway,
Speaker 1: Family Radio. One of the things he said in that
Speaker 1: press conference is that he was going to spend the
Speaker 1: majority of his time on Blue Origin of Space Company
Speaker 1: and on the Bezos Earth Foundation, And it really made
Speaker 1: me think that he is giving jasse the running room
Speaker 1: to go operate on his own, and then maybe he's
Speaker 1: going to minimize his time. He's a board memory, he's
Speaker 1: the chairman of the board, but I don't expect him
Speaker 1: to really be patrolling the hallways of Amazon anymore. So
Speaker 1: I think, you know, that's going to be probably in
Speaker 1: some ways of blessing for Jessey gets to put his
Speaker 1: own stamp at the company, but you know, also a
Speaker 1: little bit of a curse, because obviously a lot of
Speaker 1: the success of Amazon over the past twenty five years
Speaker 1: derives from Bezos's relentlessness and the halo of the founder
Speaker 1: that he has at the company and how he manages
Speaker 1: to push her forward. That's Brad Stone, Senior Executive editor
Speaker 1: of Global Technology at Bloomberg. Brad's also the author of
Speaker 1: the Everything Store Jeff Bezos in the Age of Amazon,
Speaker 1: and his update to that just came out a few
Speaker 1: months ago. It's called Amazon Unbound Jeff Bezos and the
Speaker 1: Invention of a Global Empire. Still to come on Bloomberg
Speaker 1: Business Week, Getting through the pandemic and finding innovation at
Speaker 1: a nearly two hundred year old company that's been putting
Speaker 1: guitars in the hands of Eric Clapton, Willie Nelson and
Speaker 1: my husband and anymore you can. I mean, he's pretty
Speaker 1: much on par with those guys, right he wishes. This
Speaker 1: is Bloomberg Broadcasting from the financial capital of the World,
Speaker 1: Bloomberg eleven Frio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Chado one
Speaker 1: nine team, and around the globe the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Business Week. Well,
Speaker 1: earlier this year, you might recall, back in January, we
Speaker 1: caught up with a member of the sixth generation of
Speaker 1: the Martin family, Chris Martin. We're talking, of course, about
Speaker 1: the Martin family behind the Martin Guitar Company, which has
Speaker 1: been making guitars to him for nearly two centuries, and
Speaker 1: it's a family business that's still run by the family.
Speaker 1: This time around, you checked in with Jackie Renner, who's
Speaker 1: president and f c F Martin and Company, to talk
Speaker 1: all about life during the pandemic, finding workers and innovation
Speaker 1: in the guitar industry during the pandemic, people found follow
Speaker 1: us and learning to play new musical instruments in a
Speaker 1: younger generation really started to embrace the instrument. So we've
Speaker 1: been expanding, we've been supplying, and it's uh, it's we
Speaker 1: hope it's gonna it's gonna last for a good number
Speaker 1: of years. Right now. We're so thrilled that so many
Speaker 1: people want to get engaged with music. You said the
Speaker 1: word supplying, which we have been nutty about, like supply chains.
Speaker 1: You're supply chain. Do you have all the woods, the
Speaker 1: stuff that you need to make guitars? So would we
Speaker 1: we keep strategic inventories of our words the precious and
Speaker 1: you've got to be you know, you can really have
Speaker 1: to think long and hard about the force when you
Speaker 1: get to some of the other parts and pieces that
Speaker 1: go into guitars. Um. Yeah, we're we're suffering from the
Speaker 1: same supply chain challenges that I've been listening to on
Speaker 1: the radio for the last several months, and there's we
Speaker 1: really think that's going to continue for a long time,
Speaker 1: not only because of the supply chain disruptions globally, but
Speaker 1: also because the ever increasing demand for guitar parts throughout
Speaker 1: the industry around the world. Well, it's interesting, what about workers.
Speaker 1: Remind everybody a lot of guitars. I mean, I knew
Speaker 1: you guys think increasingly some is automated, right, and but
Speaker 1: tell me how that works and whether or not your
Speaker 1: need for workers, whether it's being met or if you're
Speaker 1: having to pay up to get them. So, first of all,
Speaker 1: we have two factories. We have one in Mexico and
Speaker 1: we have the original factory in Nazareth, Pennsylvania. Which is
Speaker 1: obvious we've been monortized over the last couple hundred years.
Speaker 1: Now we do automate things where it improves the quality
Speaker 1: and the outcome of the guitars, things that you couldn't
Speaker 1: do if you're just you bet, building a guitar from hand.
Speaker 1: But craftsmanship and hand building is still important in both
Speaker 1: of our factories. So with the increased demand we have,
Speaker 1: we have added a second shift in Nazareth. We've always
Speaker 1: had a second shift in Navajoa, and we continue to hire.
Speaker 1: It is challenging to get people to come into a
Speaker 1: manufacturing environment, but because of who we are in the
Speaker 1: legacy we have in the guitar industry, the people that
Speaker 1: have a passion for music and want to get involved
Speaker 1: in Martin Guitar. Do come and worked at our actory.
Speaker 1: So we continue, we continue to staff up in both factories,
Speaker 1: all right, continue to staff up. You have to pay
Speaker 1: more to get them. We have shortened the probationary um
Speaker 1: pay piece, but not really so then you in other words,
Speaker 1: the workers you want, you can get without having to
Speaker 1: you know, the stories, um jackie that are out there
Speaker 1: of even whether it's fast food chains or restaurants or
Speaker 1: you know, obviously the you know, financial sector. We talk
Speaker 1: a lot about investment, banking, bonuses and things like that,
Speaker 1: but even in some of the service jobs where people
Speaker 1: are paying up and offering bonuses and other perks and benefits,
Speaker 1: you don't have to do any of that to get workers.
Speaker 1: So what we do is at Martin Guitar, you come
Speaker 1: and you join a family. We are not the kind
Speaker 1: of company that will hire when we're going up and
Speaker 1: fire when we're going down. When we went through a
Speaker 1: downturn in the guitar industry in ten, we all went
Speaker 1: on shared work. We all hung in together, and that
Speaker 1: that's a really really important part of being part of
Speaker 1: the Martin Guitar family. In addition to that our company
Speaker 1: has profit sharing and has had profit sharing for over
Speaker 1: thirty years. So when the industry is doing good and
Speaker 1: we have a lot of demand, we are competitive in
Speaker 1: our pay and we're very good about our benefits for
Speaker 1: our employees. And it's a stable place to work, so
Speaker 1: people will decide one one or the other. Warehouse. You
Speaker 1: can get warehouse work, and you might get it at
Speaker 1: a couple of dollars more an hour, but when the
Speaker 1: business turns down, it's gone. What has changed in your
Speaker 1: thinking as a leader, how you manage, and maybe how
Speaker 1: you approach your business going forward. For me, Carol, what's
Speaker 1: come to the four is the absolute importance of being agile,
Speaker 1: being able to adapt, and be willing to test. And
Speaker 1: if you think about Martin Guitar being an almost two
Speaker 1: hundred year old company full of tradition in the ways
Speaker 1: we've always done things, the pandemic actually gave us an
Speaker 1: opportunity to take those shackles off and say, what could
Speaker 1: we really do better? So there were more leaders within
Speaker 1: our organization that organically sprung up more new skills that
Speaker 1: people embraced much more readily than they would have pre pandemic,
Speaker 1: And our challenge now and our opportunity now is really
Speaker 1: to continue to embrace that and to continue to have
Speaker 1: a curious mentality for improvement and evolution inside the company
Speaker 1: and with our customers. That's Jackie Renner, President of c
Speaker 1: F Martin and Company. All Right, you don't play guitar,
Speaker 1: but any instruments. No piano, no nothing. I I took
Speaker 1: lessons when I was a kid. Uh for piano. I
Speaker 1: love to play in piano. I just it just never stuck. Okay. Yeah.
Speaker 1: I tried guitar though, Carol. Yeah, and you gave up.
Speaker 1: I gave up. I was in banned in middle school.
Speaker 1: Everybody was in banned in middle school. All Right, you're
Speaker 1: listening to Bloomberg Business were coming up swimsuits for women
Speaker 1: of all shapes and sizes, manufactured with a commitment to sustainability.
Speaker 1: The co founders of the direct consumer brand Summer. So
Speaker 1: I'll join us next. This is Bloomberg. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes
Speaker 1: Tim Stinovik from Bloomberg Radio. All Right, recently I got
Speaker 1: the mail a Summer Salt catalog. They're definitely doing swimsuits
Speaker 1: differently Tim it's not just though about swimsuits. They are
Speaker 1: building a lifestyle brand like a lot of other companies,
Speaker 1: and lifestyle products now count for over thirty of their business.
Speaker 1: That's according to the company's co founders, who also say
Speaker 1: that business saw year over year growth for more. We
Speaker 1: talked to Lori Coulter and Ratimo Chamberlain, co founders are
Speaker 1: the direct consumer brand Summersault like everyone else, the past
Speaker 1: year has been an absolute wild ride. But we're really
Speaker 1: fortunate to be in a space where the consumer has responded.
Speaker 1: We are, you know, met her win where and how
Speaker 1: she wants to be spoken to with with truly an
Speaker 1: exceptional product, and it's it's you know, in the end,
Speaker 1: it's been a fantastic year for Summersault, but not without
Speaker 1: its challenges. For well, absolutely and you know, I was
Speaker 1: looking at some some staff. That's the global swim wear market.
Speaker 1: I mean that's probably taking everybody into account, is something
Speaker 1: like eighteen nineteen billion dollars. It's a lot. Raci mccamon
Speaker 1: in on this. You guys are doing it differently. Tell
Speaker 1: us about your approach, so it's all about the customer.
Speaker 1: For us, we always put her first swim were had
Speaker 1: been done in the most antiquated way for generations and decades. Right,
Speaker 1: no one was thinking about what women really wanted. We
Speaker 1: wanted swim where that was functional, comfortable, sexy on our
Speaker 1: own terms that summersault, we used ten thousand women's body
Speaker 1: scans at one point million measurements to really define our fit.
Speaker 1: And then we want to speak to her in a
Speaker 1: way that she wants to be spoken to. We want
Speaker 1: to see ourselves reflected in the marketing that tells us
Speaker 1: what we should wear or give us ideas. And so
Speaker 1: we've recently launched Everybody Is, a summer salt body campaign
Speaker 1: that really showcases the incredible diversity that our customer represents.
Speaker 1: And in the end, we do it all for her
Speaker 1: and are inspired by her. Well, and it's interesting, Laura,
Speaker 1: I mean, you've been in the swimsuit business. You know,
Speaker 1: before you understand it, you've seen different cycles. Both of
Speaker 1: you understand and it I mean, I I was thinking
Speaker 1: about preparing for this. It's all that fit fabric. Uh,
Speaker 1: everybody's ever gone bathing suits shopping at swimsuits shopping, it
Speaker 1: can be an incredibly frustrating event because not you know,
Speaker 1: typically it's not always for all kinds of body sizes,
Speaker 1: your approaches, and having looked at your catalog, I was
Speaker 1: kind of blown away. You really embrace everyone who's out there.
Speaker 1: So so really, our goal along has been to inspire
Speaker 1: joy in the lives of our consumer and if you
Speaker 1: think back how to how we all felt at the
Speaker 1: beach as children, it was really about engaging with life
Speaker 1: fully having fun and a swim suit should be fun
Speaker 1: and it it really had been done in this antiquated
Speaker 1: way that Rushma reference over sexualized and dated by the way,
Speaker 1: that doesn't look very modern on social media in the
Speaker 1: way that many women are finding brands today. And so
Speaker 1: there was just such a huge white space for us
Speaker 1: to go out and present our product in a modern
Speaker 1: way that really resonated with consumers. And we're really grateful
Speaker 1: to see, you know, just how much the brand has
Speaker 1: taken off, and by the way we're doing it in
Speaker 1: the right way, you know, across the board, from an
Speaker 1: environmentally friendly approach to the way we're presenting a diverse
Speaker 1: set of women, you know, in every way. Well, and
Speaker 1: it's interesting that you talk about I mean, you're using recycled,
Speaker 1: a recyclable materials. I mean, I've been talking to chief
Speaker 1: sustainability officers at Walmart, at Cisco, at a lot of
Speaker 1: different places. I mean this is increasingly a part of
Speaker 1: the DNA of companies UM Fresh. You are the chief
Speaker 1: brand officer, I mean, how much does your consumer care
Speaker 1: about not only great fit and function UM and looking good,
Speaker 1: but how much in terms of what the company stands
Speaker 1: for and how they make the product? How important is
Speaker 1: that well, equal friendliness and sustainability. We believe our table stakes,
Speaker 1: but we also believe in UM working towards a not
Speaker 1: perfectionist approach, if that makes sense. A lot of people
Speaker 1: have big bars that they cannot reach, and then the
Speaker 1: consumers can kind of sniff out in authenticity as Summer
Speaker 1: Souls is all about being incredibly honest with our consumers, saying, hey,
Speaker 1: give us suggestions to do better here. We're asking the
Speaker 1: right questions to all our vendors. We're focusing on sustainability
Speaker 1: and equal friendliness and sharing kind of the true nature
Speaker 1: of where we are in our journey with our consumer.
Speaker 1: It's really not about perfectionism. And this is truly a
Speaker 1: unique approach a Summer sold Whether that's about inclusivity, whether
Speaker 1: that's about sustainability, it's a truly human approach, because any
Speaker 1: company that says that they're perfect and this is not
Speaker 1: really being authentic. And we really believe in being honest
Speaker 1: and truthful with our consumer as we kind of navigate
Speaker 1: this journey together. But it truly is table stake because
Speaker 1: companies begin to kind of become the next generation defining businesses. Laurie,
Speaker 1: it's Bloomberg. We like to know about a company's velocity.
Speaker 1: Give me an idea. You started back in May seventeen,
Speaker 1: so here you are, what four years in. Tell me
Speaker 1: about the growth in the business that you've been seeing. Well,
Speaker 1: it's been and out an absolute rocket ship and a
Speaker 1: pleasure just to be part of something that's so much
Speaker 1: bigger than any of us are individually. But we've seen
Speaker 1: that rapid growth that pusses on the top one of
Speaker 1: venture capital, that consumer facing startups you know, worldwide, which
Speaker 1: is just phenomenal. And we continue to experience a percent
Speaker 1: your growth through through the COVID year. It was just
Speaker 1: unbelievable and and are seen that kind of same accelerated
Speaker 1: pace throughout. So Richmo does it stay digital our stores
Speaker 1: likely at some point. Well, it's all about giving our
Speaker 1: customers unique experiences. So when we think about retail versus digital,
Speaker 1: it's all about new and unique ways in which our
Speaker 1: customer can interact with our brands. So when we think
Speaker 1: about retail, we really think about truly experiential retail where
Speaker 1: we can provide something more than just commerce, where we
Speaker 1: can provide placemaking, community building, and creating a true experience
Speaker 1: for our community to connect with each other and with
Speaker 1: our brands. So when we think about retail, we're really
Speaker 1: thinking about creating something extremely extremely new, fun and a
Speaker 1: concept where we can blend hospitality and retail. What does
Speaker 1: that mean and does that mean stores eventually down the road? Yes,
Speaker 1: it absolutely means stores down the road. It's really interesting
Speaker 1: to think about DTC one point two point or brands
Speaker 1: that had to build stores to acquire customers. For us,
Speaker 1: we really had an incredible, thoughtful customer acquisition, incredible organic growth.
Speaker 1: So when we think about retail, it's going to be
Speaker 1: about place making and we're really excited to take that
Speaker 1: next step. What's the best way to do that? And
Speaker 1: Laurie maybe come on in on this. Is it to
Speaker 1: do it as stand alone your own own stores or
Speaker 1: is it to do it as shops within major retailers
Speaker 1: or department stores, or a little bit of both. I
Speaker 1: think we're committed to the vertical retail UM path, so
Speaker 1: that would be standalone stores for the most partner. Again,
Speaker 1: it's about that one to one relationship with our consumer
Speaker 1: moving forward and in as Rushma mentioned, creating that place
Speaker 1: where she experienceds Somersault UM as a complete lifestyle and
Speaker 1: so we're really excited to take it to the next
Speaker 1: level UM as we think about, you know, the next
Speaker 1: twelve eighteen months, Well lord, what is that next level?
Speaker 1: Because I mentioned you know, swim you know you're a
Speaker 1: swim um where a brand, but you really are looking
Speaker 1: to do it and you did during the pandemic. You
Speaker 1: moved into pajamas like, you know, things that people were
Speaker 1: needed at home at that point, and you pivoted pretty quickly.
Speaker 1: So so what's interesting is we had already entered many
Speaker 1: of the apparel categories UM that accelerated through COVID, So
Speaker 1: we were fortunate to already be in pajamas, cozy, comfy
Speaker 1: lounge where at leisure as well as as everything cozy Kashmir.
Speaker 1: And what's what's interesting is that sometimes people like to
Speaker 1: refer to it as a pivot, but we were actually
Speaker 1: already in those categories and we're able to build it
Speaker 1: out um due to our supply chain speed really rapidly
Speaker 1: and um certainly you know, over thirty of our revenue
Speaker 1: UM comes already from apparel, and so as we contendue
Speaker 1: to build out new categories, that that percentage continues to climb,
Speaker 1: which was you know, phenomenal. Where do you see it
Speaker 1: all going? Um, Rachma, Is it eventually an I p O?
Speaker 1: Or how do you guys continue to you know, provide
Speaker 1: the momentum, provide the capital. Can you continue to do
Speaker 1: it in the private markets? Well, for us, it's really
Speaker 1: about branding the next generation defining brand and really kind
Speaker 1: of marching to creating that brand that people have in
Speaker 1: every corner for a wardrobe. Um. For us, it's not
Speaker 1: about you know, Laurie and I built two businesses before,
Speaker 1: and we never set out to do something small. For us,
Speaker 1: it was really creating a brand that people in my
Speaker 1: home country of India can recognize and UH in the
Speaker 1: smallest towns in Missouri know about Somersaults. So for us,
Speaker 1: it's about infiltrating essentially every wardrobe in America. And the world,
Speaker 1: and that's what we're here to do, right and this
Speaker 1: is I mean this, everything that you're doing, um Laurie,
Speaker 1: is on a global level. Correct. Um, yes, we are
Speaker 1: selling globally, although on a little secret watch what we
Speaker 1: have coming in the next a few From that perspective,
Speaker 1: that more is coming. Okay. One thing I wanted to
Speaker 1: ask both of you. It's something that we talk about
Speaker 1: a lot on Bloomberg and certainly within the venture capital
Speaker 1: world about you know, the lack of women in senior
Speaker 1: VC positions, the lack of capital often for women lead
Speaker 1: or women created businesses. Um Laurie, what's been your experience. Well,
Speaker 1: I think what's fascinating, and most people don't realize is
Speaker 1: that only three percent venture capital dollars goes women founders,
Speaker 1: and you know, certainly even less it's going to founders
Speaker 1: in the Midwest. So we're really proud of the fact
Speaker 1: that we've been able to break through. And I think
Speaker 1: what investors need to understand is that women founders that
Speaker 1: are breaking through and getting to the level that that
Speaker 1: we're at with Somersault. From attraction perspective, these are these
Speaker 1: are truly breakout companies, not only from a revenue perspective,
Speaker 1: but also from you know, just the just the drive
Speaker 1: to break through and talk to the you know, hundreds
Speaker 1: of investors that takes to real to circle that dollars. Now,
Speaker 1: what's interesting now is that Somersault receives you know, almost
Speaker 1: an endless number of inbounds and regards to you investors
Speaker 1: looking you know, to fund the next level of growth
Speaker 1: for a Somersaults. So from that perspective, we've really reached
Speaker 1: the threshold. But you know, we believe it's our job
Speaker 1: as bloom founders to really boarded the path for those
Speaker 1: that are coming from from behind us and to really
Speaker 1: help draw attention to the fact that the three percent
Speaker 1: number has got to change. That was Lori Coulter and
Speaker 1: Ratima Chamberlain co founders would be direct to consumer brand Somersaults. See,
Speaker 1: we promised we would end up with some lighthearted stuff
Speaker 1: after it felt like a little bit of a downer.
Speaker 1: It's it's been a heavy week, Yeah, it absolutely has.
Speaker 1: All right. That wraps up the weekend edition of Bloomberg
Speaker 1: Business Week from Bloomberg Radio. Thanks so much for joining us.
Speaker 1: I'm Carol Masser and I'm Tim Steinovik. Could be sure
Speaker 1: to tune into our Bloomberg Business Week daily show Monday
Speaker 1: through Friday. It starts at two pm Wall Street Time
Speaker 1: on Bloomberg Radio. Definitely join us. You can also watch
Speaker 1: us on our daily broadcast on YouTube. Just search Bloomberg
Speaker 1: Global News. Also check out our Bloomberg Business podcasts. You
Speaker 1: can find that at Bloomberg dot com, Apple, or wherever
Speaker 1: you get your podcasts. Bloomberg Business Week It is available
Speaker 1: on newsstands, now, at Bloomberg dot com, and always on
Speaker 1: the Bloomberg terminal. You can also see me at Bloomberg
Speaker 1: Quick Take available at Bloomberg dot com, slash Qt, and
Speaker 1: streaming platforms like Roku, Apple TV, Samsung TV and more.
Speaker 1: Have a great weekend. He will not be playing guitar,
Speaker 1: nor will he be wearing a bathing suit. I promise
Speaker 1: have a great weekend everyone. This is Bloomberg