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, Sloomberg
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. Tim Stanovic is off. It
Speaker 1: was a week full of tech layoffs, a cooling inflation print,
Speaker 1: and another crypto crunch or crisis, which is why you
Speaker 1: should probably go back and read if you haven't already.
Speaker 1: The recent issue of Bloomberg Business Week devoted entirely to
Speaker 1: crypto by our own Matt Levine. Chess that I'd mentioned it,
Speaker 1: And of course this week, how could we forget on
Speaker 1: our minds big time the midtermal elections. Well more on
Speaker 1: that in just a moment. Also ahead, we'll hear from
Speaker 1: the CEO of Sony Pictures, the president of Mars Wriggley
Speaker 1: North America, and we'll explore hospitality options for the higher
Speaker 1: end traveler. Will do that with the CFO of Mentouse.
Speaker 1: All of that to come, but we begin with our
Speaker 1: cover story, the political races in the US this past
Speaker 1: week the mid terms, which included also governors races, but
Speaker 1: bottom line, it was really about the balance of power
Speaker 1: among congressional lawmakers. Writing about that and specifically the U
Speaker 1: s House of Representatives, Bloomberg Business Week national correspondent Josh
Speaker 1: Green He joined me and Bloomberg Radio is Paul Sweeney
Speaker 1: for a breakdown. Well, McCarthy is a longtime Republican House
Speaker 1: leader who has wanted to be Speaker of the House
Speaker 1: for years and years and years. Um was expected to
Speaker 1: be in and was sort of forced to remove himself
Speaker 1: from the race in favor of Paul Ryan before he
Speaker 1: could get in there, because he just didn't have the
Speaker 1: trust to the right wing of this caucus. Over the
Speaker 1: last seven years, he's plotted, he's raised money, he's campaigned, uh,
Speaker 1: and it seemed like on election night he was on
Speaker 1: the cost of taking over the speakership. But then, of
Speaker 1: course the red wave turned out not to be much
Speaker 1: of a wave. After all, it still looks like Republicans
Speaker 1: and win the House, but it's gonna be a very
Speaker 1: very narrow majority. And so it's it's the dream from
Speaker 1: McCarthy in the sense that he'll finally realize the speakership.
Speaker 1: But it's a nightmare because it means that the right
Speaker 1: wing of his caucus are really going to have a
Speaker 1: lot of leverage over him, and I think that's a
Speaker 1: recipe for chaos. Great quoting here from Senator Green quote
Speaker 1: she made this to The New York Times. I think
Speaker 1: that to be the best Speaker of the House and
Speaker 1: to please the base, he's going to give me a
Speaker 1: lot of power and a lot of leeway. So that's
Speaker 1: some pressure on the next Speaker of the House, whoever
Speaker 1: that is, to really do cater to some of the
Speaker 1: right wing elements of the Republican Party. Is McCarthy willing
Speaker 1: able to do that? Well, I think he's in a
Speaker 1: position where he's not going to have much of a
Speaker 1: choice um. In order to elected speaker, he needs two
Speaker 1: hundred and eighteen votes, and if you've got you know,
Speaker 1: had there been a big wave and they were you know,
Speaker 1: let's say, you know, two hundred fifty two and sixty Republicans,
Speaker 1: I think he might have been able to marginalize people
Speaker 1: like Representative Green. She's retweeted a lot of q and
Speaker 1: on conspiracy theories, and she was stripped in this current
Speaker 1: Congress of her committee assignments for having endorsed social media
Speaker 1: posts calling on Democratic officials to be assassinated. So we're
Speaker 1: talking way way off the deep end, extreme right. And
Speaker 1: yet you hear from the quote you just read that
Speaker 1: she expects and is getting a lot of catering to
Speaker 1: by McCarthy simply because he needs her vote in order
Speaker 1: to assemble those two eighteen votes. The smaller the Republican
Speaker 1: margin is, the more leverage people like Green and the
Speaker 1: House Freedom Caucus are going to have. Josh, it feels
Speaker 1: like the Republicans over the last five years, ten years,
Speaker 1: I guess, you know, have been smart when they're all
Speaker 1: kind of on a singular mission and whether it's Supreme
Speaker 1: Court justices and you know, different initiatives that are out there,
Speaker 1: abortion and so on and so forth. Um, what is though,
Speaker 1: the Republican mission at this point? What is the agenda?
Speaker 1: Because you kind of you right that that's a problem
Speaker 1: for McCarthy because they don't really have an agenda. Yeah,
Speaker 1: you know it is. I mean one of the difficulties
Speaker 1: when you have a kind of chaotic Republican party like
Speaker 1: like McCarthy does, it's hard to get people degree of
Speaker 1: an establishment wing that wants you to government responsibly, you
Speaker 1: have a radical ring that wants to impeach Joe Biden.
Speaker 1: And so Republicans this election really didn't agree on a
Speaker 1: clear set of legislative goals the way that let's say
Speaker 1: New Gingrich did in the Contract with America. UM. That
Speaker 1: was in order to focus attention on on Biden and
Speaker 1: the problems with inflation and crime. Uh. And it you know,
Speaker 1: it looks like that's worked to a very narrow extent
Speaker 1: of Republicans do wind up winning the House. But the
Speaker 1: problem is it leaves a vacuum for anybody to rush
Speaker 1: in uh and push their issue. And so one of
Speaker 1: the things that we're gonna be contending when the Republicans
Speaker 1: are gonna be contending with, is there's an element that
Speaker 1: wants to engineer another debt ceiling showdown on order cut
Speaker 1: Medicare and Social Security. I'm sure you guys remember eleven
Speaker 1: years ago, after Republicans won the House tried to do
Speaker 1: that same thing. We came to the brink of default
Speaker 1: and US government credit wind up being written down. So
Speaker 1: a lot of concern among both Republicans and Democrats are
Speaker 1: at least the more responsible ones about what exactly McCarthy
Speaker 1: led the House would look like, what they'd be able
Speaker 1: to engineer, and what kind of problems that might cost
Speaker 1: with the global economy. You point out in your piece
Speaker 1: here that boy, it's tough to be a Republican Speaker
Speaker 1: of the House. The last two, John Baynard and Paul Ryan,
Speaker 1: they were effectively hounded out of the position and out
Speaker 1: of politics in general by the right wing of their caucus.
Speaker 1: I mean McCarthy has to be sensitive to that, cognizant
Speaker 1: of that, you know, absolutely. I mean, the lifespan of
Speaker 1: a Republican House speaker, it's sort of like being the
Speaker 1: drummer for spinal tap, Like you're not gonna be around
Speaker 1: for very long. Um And you know, arguing peace. McCarthy
Speaker 1: actually has a tougher job than John Baynard or Paul Ryan,
Speaker 1: the last two Republican speakers, who were both hounded out
Speaker 1: of the job by their right wings. Um A, because
Speaker 1: the right wing is just more radical today. There's gonna
Speaker 1: be a narrow majority. But the other reason is that,
Speaker 1: you know, the big influential voice on the outside who's
Speaker 1: dictating a lot of behavior. Donald Trump wasn't on the
Speaker 1: scene for for John Bayner. I mean, John Bayner couldn't
Speaker 1: hold on to his job, and it was you know,
Speaker 1: Donald Trump wasn't even weighing in. Well, he's going to
Speaker 1: be now. You know, everybody, you're expecting a presidential announcement
Speaker 1: from Trump in the next couple of days or in
Speaker 1: the next week. Uh. You know, and he's somebody who
Speaker 1: likes to weigh in and criticize people, Kevin McCarthy in particular. Uh.
Speaker 1: And you know, that's one more headache that McCarthy is
Speaker 1: going to have to grapple with as he tries to
Speaker 1: cobble together this narrow majority, uh and keep his Republican
Speaker 1: caucus from revolting. That was Bloomberg business Week National correspondent
Speaker 1: Josh Green, along with the editor of Bloomberg business Week,
Speaker 1: Joel Webber, bloombergs Paul Sweeney co hosting with me as well.
Speaker 1: Josh by the way, also the author of Devil's Bargain
Speaker 1: Steve Badden, Donald Trump and the Storming of the Presidency
Speaker 1: coming up. How you move the growth needle on a
Speaker 1: more than one year old company and still find the
Speaker 1: sweet spot literally of your customers. The president of Mars
Speaker 1: Wrigley North America is coming up next. You're listening to
Speaker 1: Bloomberg Business Week. This is Bloomberg. This is bloom Earn
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovik from Bloomberg Radio. Recently, Bloomberg Live hosted its Growth Summit,
Speaker 1: focusing on the customer. It featured leaders from large, well
Speaker 1: known companies to talk about growing their own businesses and
Speaker 1: connecting with their customers. One company that's been doing that
Speaker 1: for over a century, Mars Anton Vincent, is president of
Speaker 1: Mars Wrigley North America, you know, home to Snickers, Twicks, Eminem, Skittles,
Speaker 1: Milky Way, Dove Chocolate Bars, and so much more. He
Speaker 1: and I talked about a lot, including the business and
Speaker 1: the continued price pressure is being felt by companies and
Speaker 1: consumers alike. Inflation is real, There's no doubt about it.
Speaker 1: When we're at year high as highest. I mean, I'm
Speaker 1: all enough to know when my parents had a mortgage rate,
Speaker 1: you know, and we had inflation from the oil barger
Speaker 1: back in the late seventies and stuff, and so you know,
Speaker 1: we've seen this before. We haven't seen it in this
Speaker 1: modern context and a highly globalized economy that's what actually
Speaker 1: makes it different, and so we see it. The first
Speaker 1: thing we always try to do is we try to
Speaker 1: offset it with product. We look on our own balance sheep,
Speaker 1: We look at our own p and on, so to say, look,
Speaker 1: how can we not sacrifice quality, get cost down, get
Speaker 1: expense down, and try to get very innovative in terms
Speaker 1: of how we get cost down over time. But this
Speaker 1: is not just inflation. This is extreme inflation. This is
Speaker 1: extreme inflation has come at us suddenly, right, so we
Speaker 1: didn't see it on the horizon. We came out of
Speaker 1: the pandemic and then demand shut up. Right, that's a
Speaker 1: recipe for extreme inflation. And the great thing about it
Speaker 1: is we have maintained relatively low unemployment levels, so there's
Speaker 1: still dollars out there to be spending put into the economy,
Speaker 1: and so a couple of things we do. We always
Speaker 1: look at our side first, and then you know, we
Speaker 1: understand that pricing is a necessity, and so we obviously
Speaker 1: do that. If you look at the data we have
Speaker 1: priced with the category, we're not out of bound with
Speaker 1: the category. But also we're trying to deliver value to
Speaker 1: the extent that we can deliver value over time. That
Speaker 1: is really our objective. If you look at it on
Speaker 1: a price program or a price pronouncer basis, you know
Speaker 1: we're still delivering that value in a way that's been
Speaker 1: consistent over time. We will always do that. At the
Speaker 1: same time, we want to be able to spend back
Speaker 1: against the business to draft new consumers, and you know
Speaker 1: you at a certain level of margin to do that.
Speaker 1: So it's not the concept of that we price and
Speaker 1: we take all of that and drop it to the
Speaker 1: bottom line. As a private company, as a private family company,
Speaker 1: we have a very long horizon, right, So we're not
Speaker 1: luxury of being right, it's a luxury now, nothing wrong.
Speaker 1: You know, we're financially driven company, but we drive our
Speaker 1: finances to drive a broader idea around how to make
Speaker 1: the world a better place. So so there's a different
Speaker 1: construct in terms of how you create economy and what
Speaker 1: you do with that excess for us, and for us
Speaker 1: we invest, We invest in sustainability, we invest in innovation,
Speaker 1: we invest in people. And you can still do that
Speaker 1: even when we can hire input costs. We can absolutely
Speaker 1: steal do that. You can afolutely steal what is the
Speaker 1: most important component of your long term growth strategy yeah,
Speaker 1: I would definitely say technology, because technology allows us to
Speaker 1: go and drive value across the value chain. I think
Speaker 1: that's going to be obviously be a fundamental for us.
Speaker 1: But sustainability is really huge for us. You know, we
Speaker 1: were about spent five years ago, um we introduced Sustainable
Speaker 1: in a Generation, which is our master plan in terms
Speaker 1: of how we're going to go after some very aggressive
Speaker 1: sustainability goals. And so I will tell you that Mars,
Speaker 1: there is no way that we're gonna grow without making
Speaker 1: the planet uh safer and with the lower carbon footprint.
Speaker 1: Those two things are actually interconnected for us. You know,
Speaker 1: it's funny moving like factories and things around so that
Speaker 1: it's closer to where you're seeing. Are we seeing are
Speaker 1: you guys doing I wouldn't say that we're doing that
Speaker 1: because we're a global business and so we believe in
Speaker 1: a global supply chain. We need to have a global
Speaker 1: supply still still now, now, don't get me wrong, the
Speaker 1: pandemic has taught us a few things around location and
Speaker 1: sourcing circles, around how do we make that, how do
Speaker 1: we make that more efficient, and how do we make
Speaker 1: sure that if we get out of business In terms
Speaker 1: of supply in one place that we have some type
Speaker 1: of redundancy in a certain part of the world. So
Speaker 1: I think we're getting stronger with in terms of our
Speaker 1: supply chain designs as well. But our ours is a
Speaker 1: very holistic approach, and I think the thing about it
Speaker 1: is not just the money and then if we have
Speaker 1: some left overs to some sustainability, it's very integrated. A
Speaker 1: matter of fact, part of my loan term compensation is
Speaker 1: how do I deal with making the world a better place,
Speaker 1: making it more sustainable, and building more trusted partnerships as well. Right,
Speaker 1: And so that's the great tension that we had with
Speaker 1: our economic model and then our purpose part of our
Speaker 1: business in terms of driving how we want to be
Speaker 1: in the world and how do we want to change
Speaker 1: the world for good. So let me ask can time
Speaker 1: because we do talk about too like E. S G.
Speaker 1: I fel like coming through reckoning. So profitability as important
Speaker 1: to sustainability. Well, no, we don't distinguish between the two, right.
Speaker 1: What we say is we need to generate profits to
Speaker 1: go interest your goals on sustainability, but not a profitability.
Speaker 1: I don't think we can hit our goals on stainability
Speaker 1: with our hitting our goals on profitability. Interesting, sustainability is
Speaker 1: an investment. This investment takes place over a very long
Speaker 1: period of time, and our concept is, uh, look, we
Speaker 1: need our profits now. The trick is how do we
Speaker 1: deploy those profits to now go and drive sustainability and
Speaker 1: how do we make that a virtual circle. Keep in
Speaker 1: mind we're a global manufacturer. We we need to have
Speaker 1: sustainable agriculture, we need have sustainable supply, we need to
Speaker 1: have security supply. It's impossible to do that without having
Speaker 1: a sustainable construct and that's what we believe and that's
Speaker 1: what we invested. Well, since you guys are globally and
Speaker 1: we talked about the outlook in the beginning, are you
Speaker 1: worried about a global recession? I wouldn't say them worried
Speaker 1: about a global resective. I do think we're gonna have
Speaker 1: some form of global recession. I think the question is
Speaker 1: how deep and how long? Right? I think that's the
Speaker 1: things that we're always trying to say. Hard to say
Speaker 1: right now. And by the way, it's going to be
Speaker 1: different in different parts of the world. You know, China
Speaker 1: looks very different because we got three hundred cities and
Speaker 1: one hundred and we're closed, well they open when they open.
Speaker 1: At the same time, there's a lot of conversation around that.
Speaker 1: We have a conflict in Ukraine and Russia. UM, big
Speaker 1: part of sort of where we do business as well.
Speaker 1: Who knows how that's going to go as well. Uh,
Speaker 1: Europe is a very complex place for a lot of reasons,
Speaker 1: so multi market areas. Prime minister and Prime minister out
Speaker 1: economic policies all over the place. You know, at some point,
Speaker 1: I think they're going to settle down. Um, So you
Speaker 1: ask the strongest right now? Yeah, I would say the
Speaker 1: Western hemisphere. I think it's probably the strongest, and probably
Speaker 1: the ones that are they're going to be able to
Speaker 1: withstand as well. Now with that portend is what is
Speaker 1: what does that do to your capital strategy? What does
Speaker 1: it do for in terms of M and A potentially
Speaker 1: those types of things. I think we're evaluating all those
Speaker 1: types of things to make sure that the business last
Speaker 1: another hundred years. Question every leader should be asking themselves
Speaker 1: today when it comes to their customers quickly, yeah, um,
Speaker 1: do me and my customers see value the same way?
Speaker 1: I don't think we can move forward in in a
Speaker 1: construct where I need to get as much as I
Speaker 1: get or the customer need to get as much. I
Speaker 1: think we have to have joint outcomes and joint plans
Speaker 1: because a customer can't do by themselves, the manufacturer can't
Speaker 1: do it ourselves. The customer community and the manufacturer community
Speaker 1: can't do them by the stuff. This has to be
Speaker 1: joint objectives. What is something you think we all should
Speaker 1: keep an eye on for clues about trends that may
Speaker 1: impact the growth interaction of our world. For me, it's
Speaker 1: pretty simple. The next generation, it's gen z uh. Look,
Speaker 1: they're going to form the households and they don't want
Speaker 1: to come to the office, but they need to work,
Speaker 1: and they need to work, and when they work, they consume,
Speaker 1: and so that's our economy. So look, like anybody would
Speaker 1: tell you, whether whether you're running elections or running a business, like,
Speaker 1: the next generation is telling you what's going to happen.
Speaker 1: They're telling you what you want. And so I think
Speaker 1: for us as leaders, regardless of age, you have to
Speaker 1: listen to them. You have to build a construct and
Speaker 1: operating model that accommodates their hopes and dreams and expectations.
Speaker 1: If you don't, you'll be dead in the water, all right,
Speaker 1: and if you have twenty minutes of found time in
Speaker 1: any given work day, how would you spend it to
Speaker 1: further grow your business and strategy? And as I said earlier,
Speaker 1: meditating taking a walk, doing nothing or okay answers, Yeah,
Speaker 1: you know, Um, I try to be steal as much
Speaker 1: as I can, because yes, because still just still, because
Speaker 1: we're running around so much. We're on planes, trains and automobiles,
Speaker 1: We're in meetings, we're in media, were everything, and so
Speaker 1: I think being steal, but I found in my best
Speaker 1: ideas where I get in touch with myself, as when
Speaker 1: I'm alone and I have time to think and I
Speaker 1: have time to challenge my own thoughts, which is very
Speaker 1: important as a leader. That was Anton Vincent, president of
Speaker 1: Mars Wrigley North America. Check out our full conversation. You
Speaker 1: could do that by heading to Bloomberg Live dot com.
Speaker 1: And we talked a little bit about whether or not
Speaker 1: he actually brought us any Eminem's or Snickers to sample
Speaker 1: at the event. All right, still ahead on Bloomberg Business Week,
Speaker 1: from sharing suites to sharing car is decorated. Entrepreneur Andre
Speaker 1: Haddad talks about it, talk about his current venture. He
Speaker 1: is the CEO of Toro. This is Bloomberg Broadcasting from
Speaker 1: the financial capital of the World Bloomberg eleven Frio in
Speaker 1: New York to Washington, d C. Bloomberg to Boston, Bloomberg
Speaker 1: one of six, one to San Francisco, Bloomberg nine sixty
Speaker 1: to the country Sirius XM Jenner one nine and around
Speaker 1: the globe the Bloomberg Business and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Bloomberg
Speaker 1: Quick Takes. Tim Stenovan on Bloomberg Radio. He has already
Speaker 1: sold two businesses to eBay. I Bizarre, the European auction
Speaker 1: marketplace he co founded and then sold to eBay in
Speaker 1: two thousand one for a hundred and forty million dollars,
Speaker 1: and then was CEO of Shopping dot Com when it
Speaker 1: was acquired by eBay in two thousand five or six
Speaker 1: hundred billion dollars. Today he is now CEO of the
Speaker 1: company that describes itself as the Airbnb of cars. Andrea
Speaker 1: Dodd is the CEO of the car sharing platform Touro.
Speaker 1: Bloomberg Radio is Paul Sweeney, and I asked him about
Speaker 1: how it works and why it's been so successful Turo.
Speaker 1: We have pioneered Peter Pierre car sharing, so we've built
Speaker 1: the very first and now largest car sharing platform on
Speaker 1: the internet. So you can unless your car and earn
Speaker 1: money with your car when you're not using it, or
Speaker 1: actually build a small business using our platform, which is
Speaker 1: increasingly what many of our hosts are doing. And also
Speaker 1: as a consumer, you can become a guest and book
Speaker 1: any kind of car whenever you want to go in
Speaker 1: whatever destination, across all the markets that we serve. All right,
Speaker 1: so here's a stat Many cars are underutilized assets that
Speaker 1: sit idle at the time, and it's Touro's mission to
Speaker 1: put the world's one point five billion cars to better use.
Speaker 1: How Come I didn't think of that? I mean, that
Speaker 1: seems like it's right out under you knows, I didn't
Speaker 1: think about it. What's the legal side of this? The
Speaker 1: liability side of this? How do you guys deal with that?
Speaker 1: We figured that out many years ago. So we have
Speaker 1: insurance that we offer through our Partner Travelers here in
Speaker 1: the US to all of our hosts and guests, and
Speaker 1: you know, the experience is pretty simple, you know, when
Speaker 1: you don't need any particular type of coverage, for your vehicle.
Speaker 1: You just have to have your personal coverage and then
Speaker 1: we provide that supplemental coverage when you start sharing your
Speaker 1: car on our platform. I love it. I love it,
Speaker 1: and I can also get a portion on eleven seventeen
Speaker 1: and it's about two and six dollars a day. This
Speaker 1: is fascinating, really really cool. So talk to us about
Speaker 1: the growth metrics were Bloomberg. We're kind of really into
Speaker 1: this stuff. Talk to us about the growth and the
Speaker 1: revenue line, your profitability, margin, expansion, walk us through it
Speaker 1: if you would. Sure, the business has been growing quite
Speaker 1: a bit actually over the last few years. As you
Speaker 1: can imagine, Initially with COVID, we were hit quite hard
Speaker 1: when everybody's uh, you know, businesses shut down, they're all
Speaker 1: shelter in place. But after one and this year we've
Speaker 1: seen tremendous growth. Last year, what's tremendous. One one, we
Speaker 1: grew by two percent instruments are revenue. That's to my
Speaker 1: this the first half of twenty two we grew our
Speaker 1: revenue by so we're continuing to see very strong growth
Speaker 1: and in the second half of twenty two, so we're
Speaker 1: we're very excited about the growth of the business, and
Speaker 1: for us, it's been tremendous also because it's been profitable growth.
Speaker 1: You know, we've hit our first IBIDA profitable quarter in
Speaker 1: Q three and we've been profitable ever since, you know,
Speaker 1: every quarter since. One of the big, if not the
Speaker 1: big trend in the auto business is the switch or
Speaker 1: the evolution to electric vehicles. How's that impacting your business. Yes,
Speaker 1: it's a huge trend in our business. We've actually pioneered
Speaker 1: the e vs on Touro now for for many years.
Speaker 1: Around of our GBV or gross booking value in twenty
Speaker 1: one came from trips that were taken by vehicles that
Speaker 1: are running on alternative energy, so that's primarily e v s,
Speaker 1: and more recently, in June of this year, e v
Speaker 1: s represented eight percent of all of our listing, so
Speaker 1: that's quite a bit higher than the overall percentage of
Speaker 1: vehicle registrations in the US, which is around two So
Speaker 1: adoption of evs has been much higher on Turo than
Speaker 1: in other other places. And you know, I'm a host
Speaker 1: myself on the platform, and I've shared several of my
Speaker 1: EV's over the last few years. A lot of people
Speaker 1: are using Turo to try out the EV for the
Speaker 1: first time. You know, there's a lot of questions are
Speaker 1: on evs. There's a lot of questions about charging in particular.
Speaker 1: So many consumers who are interested in purchasing one have
Speaker 1: used turo as a way to try it for a
Speaker 1: few days and see how their commute goes, see how
Speaker 1: charging works, etcetera. Gotta ask you filed in January for
Speaker 1: an I p O. What's the status of that? What
Speaker 1: can you tell us? Yeah, we filed, We've you know,
Speaker 1: we've flipped our S one public in in January of
Speaker 1: twenty two. We've updated it twice. You know, we are
Speaker 1: continuing to look at the financial markets. You know, they
Speaker 1: haven't been particularly hospitable to tech I p O s
Speaker 1: as you know, though, you know, we're not in a
Speaker 1: hurry to go public. You know, we're we're profitable, we're
Speaker 1: growing fast. I really do want to do it because
Speaker 1: I think it's a great opportunity for us to make
Speaker 1: the brand better known by the public. Uh and to
Speaker 1: you know, bring Peter Peter car Shang to the masses.
Speaker 1: So I I definitely they want to do it, but
Speaker 1: we're gonna do it when the time is right. That
Speaker 1: was Andre Haddad He is the CEO of the car
Speaker 1: sharing platform Toro. Bloomberg Radio is Paul Sweeney with us
Speaker 1: there as well. You're listening to Bloomberg Business Week. Up next,
Speaker 1: we'll talk to Spider Man's boss. If you read the press,
Speaker 1: everyone talks about how in theater is the only thing
Speaker 1: is working is the big temples, the Spider Man's the
Speaker 1: top guns. That's not true. We have four films this
Speaker 1: summer that did really well and they were all originals.
Speaker 1: Sony Pictures CEO Tony Vince Aquera on the global movie
Speaker 1: business and political headwinds pressuring the company's bottom line. That's
Speaker 1: coming up. This is Bloomberg. You're listening to Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik
Speaker 1: from Bloomberg Radio. As we mentioned earlier, Bloomberg Live hosted
Speaker 1: this week It's Growth Summit. It was all about the
Speaker 1: customer and we talked to a lot of well known
Speaker 1: leaders of well known companies. They talked about how they
Speaker 1: are pursuing growth and connecting with their customers, and that
Speaker 1: included a conversation I had with Tony Vince Aquera. He
Speaker 1: is the chairman and CEO of Sony Pictures Entertainment to
Speaker 1: someone who has been in the media industry for a long,
Speaker 1: long time. We discussed today's ever changing, an increasingly crowded
Speaker 1: media and content environment and what movie and TV viewers
Speaker 1: and just what consumers really want to watch. It is
Speaker 1: interesting that different times, different environments in the world do
Speaker 1: lend to the popularity of certain genres of film and television.
Speaker 1: Right now, I think, you know people, I think people,
Speaker 1: and it's hard to know because this is definitely or
Speaker 1: not a science as you know, I mean you know that. Um,
Speaker 1: I think people are looking for more like some more
Speaker 1: lighthearted things, some more interesting things, maybe some romantic comedies.
Speaker 1: One just open not ours. Unfortunately, UM with with George
Speaker 1: Clooney and Julia Roberts doing very well, we do have
Speaker 1: a kind of a roum comp coming up with Jennifer Lawrence,
Speaker 1: WHI should actually taking or filming in Long Island at
Speaker 1: the moment, So that'll be that'll be a good one. Um.
Speaker 1: But you know, it's it is interesting right now that
Speaker 1: the interesting, interesting, interesting, challenging, interesting from the perspective of
Speaker 1: what you think is going to work. You know, if
Speaker 1: you read the press, everyone talks about how in theater
Speaker 1: is the only thing is working as the Big Temple,
Speaker 1: as the Spider Man's the top Guns. But it's not true.
Speaker 1: We had four films this summer that did really well
Speaker 1: and they're all originals. So but it's funny. I was
Speaker 1: actually talking about Lucas Shaw, you know, we were talking
Speaker 1: about it feels like my husband says the same thing.
Speaker 1: Why do I go to the theater? It's all heroes,
Speaker 1: superheroes or horror? Um, you know the real money? I mean,
Speaker 1: well where the crew, dad saying? Was the film we
Speaker 1: put out the summer did really really well. The Woman
Speaker 1: King did really really well. Certainly not a here. Well,
Speaker 1: it's a hero Violet Davis plays the hero, but it's
Speaker 1: not a superhero movie. It's a based on truth and history. Um,
Speaker 1: Lila Crocodile you mentioned is if you have kids between
Speaker 1: five and twelve, great film to go see. And interestingly
Speaker 1: enough in the US not working terribly well, but internationally
Speaker 1: working really well. Yeah. I mean you guys are global, right,
Speaker 1: I mean different markets. I know you and I talked
Speaker 1: on our planing call. How about like what's going on
Speaker 1: in India specifically, So when you look at the global sphere.
Speaker 1: It is not smart of us, I know. I asked,
Speaker 1: like global recession, there's gonna be areas that are rougher
Speaker 1: than the others. When you look at the world, how
Speaker 1: do you see it? Well, Spider Man, which we released
Speaker 1: last December, almost a year ago, did one almost two
Speaker 1: billion dollars in box office without China. You know, in
Speaker 1: the past that probably would have done between four and
Speaker 1: five million dollars in China. We don't have Russia anymore.
Speaker 1: That Russia was our top five markets, So you know,
Speaker 1: it makes it's a challenge, but you know, you have
Speaker 1: to go with what you have. How do you think
Speaker 1: about those markets? Because I do think about the importance
Speaker 1: of content. We think about it certainly as a news organization.
Speaker 1: I mean, there's a lot of stuff going on, a
Speaker 1: lot of it troubling. What do you see is your
Speaker 1: role in terms of the narrative and the conversations that
Speaker 1: are going on in a world where we have some
Speaker 1: really tricky topics. Well, we try not to get too
Speaker 1: much into politics. And you know, in my past life
Speaker 1: I was very involved in in the news coverage and
Speaker 1: TV stations and things, and I'm very happy not to
Speaker 1: be in that business. Right now. It's it's a difficult world.
Speaker 1: What about Like you talk about China, right and you
Speaker 1: guys are not well, mostly not are mostly not. I
Speaker 1: haven't had We didn't have Venom our film. Venom didn't
Speaker 1: get into China. Spiderman didn't into China. The first Venom
Speaker 1: the million dollars in box office in China zero the
Speaker 1: second time. You know, it's not a market that we
Speaker 1: expect to do business in right now. It's basically it's
Speaker 1: royal and geopolitical relations obviously, and something that we're not
Speaker 1: going to have any impact on. Well, and that's what
Speaker 1: I guess what you know, what is the role of
Speaker 1: companies that are global and when there's either a part
Speaker 1: of the world a country where there's issues I say
Speaker 1: that delicately, you know, is it your responsibility to say
Speaker 1: I mean, obviously when there's governments involved and saying you
Speaker 1: can't do business here or whatever, that's a whole other issue.
Speaker 1: But you know, what is the role of companies when
Speaker 1: you when you can have such an impact in terms
Speaker 1: of what you do and you reach so many different people,
Speaker 1: do you feel like a responsibility to not be in
Speaker 1: a certain market because of Russia? We did we did,
Speaker 1: as most people people. But would you go back do
Speaker 1: anticipate don't that this? Well, we've we've sold our businesses there,
Speaker 1: so we're not in Russia and I don't anticipate getting
Speaker 1: back there or anytime soon. But I wouldn't predict that forever.
Speaker 1: I just I mean, the world does change. We are
Speaker 1: doing business in Germany and World War two, so you know,
Speaker 1: things do change. Yeah, the same thing you think China
Speaker 1: will change. I don't know. I don't know. I don't
Speaker 1: have a good and have a good sense of what's happening.
Speaker 1: All right, So talk to me a little bit about
Speaker 1: your strategy, because you guys, your profit came out outlook
Speaker 1: pretty good. Yeah, you did, you pumped out. It's a
Speaker 1: good read. A few reasons, including that movies, music and
Speaker 1: TV have slowly crept up to become a major profit
Speaker 1: driver over the past year for the Sony group at home,
Speaker 1: the study group. But that's also your world, close our
Speaker 1: world as well. Yes, so you know, five years ago
Speaker 1: we took a strategy that we were heavily criticized for
Speaker 1: saying that everyone had to be in the streaming business.
Speaker 1: We decided and by the way, we are in the
Speaker 1: streaming business. We'll talk about that a little bit later,
Speaker 1: but in a profitable way as opposed to most companies today. UM,
Speaker 1: we decided to not go into the streaming business because
Speaker 1: we saw all of our competitors jumping into this pool
Speaker 1: and they were taking all of their product and putting
Speaker 1: it on their services. And I learned a long time
Speaker 1: ago you can't program a streaming service or in network,
Speaker 1: or a cable net broadcast network or a cable network yourself.
Speaker 1: You have to have side help, you have to have
Speaker 1: outside producers to do it. So we decided to go
Speaker 1: as what we euphemistically call the uh the arms dealer
Speaker 1: of the business. So you're happy to supplied everybody, happy
Speaker 1: displayed everybody. And it's turned out remarkably well. We've had,
Speaker 1: you know, five unbelievably successful years. We started out with
Speaker 1: about two and fifty million dollars in profit, and last
Speaker 1: year we did two billion in five years. So this year,
Speaker 1: but that included Spider Man and included a couple of
Speaker 1: other big things that won't be repeated this year, we're
Speaker 1: gonna have a very good year this year as well.
Speaker 1: When you said you guys weren't going to do streaming,
Speaker 1: like directly have a service general entertainment streaming. We're given
Speaker 1: a hard time about absolutely, yeah, internally and externally, but
Speaker 1: it was very clear that somebody had to do that.
Speaker 1: When we sold our pay one film package, which is
Speaker 1: the window following theatrical and home entertainment, we had six
Speaker 1: bids for it because nobody else was selling the product
Speaker 1: and it was arguably the best pay one deal that's
Speaker 1: ever been done in the film world. So you know,
Speaker 1: our company is a pretty good shape. You know, I
Speaker 1: was thinking about who we were talking, I mean, Seinfeld.
Speaker 1: This was great for you guys, I mean and for Jerry,
Speaker 1: but an incredible series that just continues to churn money.
Speaker 1: So it's seventh cycle right now. It's unbelievable and you
Speaker 1: guys benefited from it. Can you create do you feel
Speaker 1: like something of that stature again that would that kind
Speaker 1: of payoff In this environment, TV business has changed degrees
Speaker 1: that when it's gone from you know, having run a
Speaker 1: broadcast network, the Fox Network for ten years, you know,
Speaker 1: the business revolved around the upfront period April in May,
Speaker 1: where you decided on what programs you're going to put
Speaker 1: on your network. You marketed them to advertisers, and you
Speaker 1: put them on there in September and then you hopefully
Speaker 1: got five seasons out of them, and you definiceit finance
Speaker 1: those program programs meeting you sold them to a network
Speaker 1: for lesser than the cost of the program. The network
Speaker 1: with payless in the cost of the program. So today
Speaker 1: it's the exact opposite. Now you sell a program for
Speaker 1: what's called a premium, where whatever the production cost is,
Speaker 1: you get a premium on top of that. You don't
Speaker 1: deficit finance for the most but there's a few shows
Speaker 1: still doing that, but you are doing on a premium basis,
Speaker 1: and you license it for a long time. And we've
Speaker 1: gone from twenty two to twenty four episodes of program
Speaker 1: to eight or ten, sometimes six, and you get two
Speaker 1: or three seasons instead of hopefully the five or six
Speaker 1: that you might have. We have we have several shows
Speaker 1: going right now that are still in the old old mode.
Speaker 1: Um The Goldbergs it's in its tenth tense season, Blacklist
Speaker 1: is in its tense season, UM Spot and Good Doctor
Speaker 1: in their sixth season. So you know they're still there,
Speaker 1: but not to the degree there were, and those will
Speaker 1: eventually not be there either. And the world has changed
Speaker 1: in the television business. What's most speaking of changes, I
Speaker 1: mean I was thinking about just some of the headlines
Speaker 1: that head over the last couple of weeks. I mean
Speaker 1: Ford Murdoch wanting to put Fox News and news Core
Speaker 1: back together again. Mark Zuckerberg all in on meta spending
Speaker 1: billions that we know will cost the company for a while,
Speaker 1: and a lot of look at investors, look at the
Speaker 1: share price, people questioning that move, men and snap jumping
Speaker 1: out of report. An FCC commissioner wants the US to
Speaker 1: ban TikTok right um streaming moving more and more aggressively
Speaker 1: into live sports. So you're also on the investment side
Speaker 1: of TPG looking out for the next big thing. So
Speaker 1: what do you think is most striking about what's going
Speaker 1: on in the media world that you think just a
Speaker 1: general audience anybody who runs a business needs to know
Speaker 1: about and kind of where we're going. Well, we talked
Speaker 1: about the television business. On the film side, it is
Speaker 1: it's also changed, not to the same drastic degree, but
Speaker 1: theatricality has risen dramatically in order to get people to
Speaker 1: get out of their chairs or sofas, to get in
Speaker 1: the car to drive to the theater to part to
Speaker 1: go into the theater by the popcorn. You have to
Speaker 1: have a draw and you have to make sure that
Speaker 1: the product you're putting on the on the screens in
Speaker 1: those theaters is a draw. And it's hard, it's really hard,
Speaker 1: but you guys are still committed to it. We're very
Speaker 1: committed to it, and we think, you know right now
Speaker 1: we're in what we call the COVID the COVID intermission
Speaker 1: because two years ago we weren't producing a lot of
Speaker 1: films because of COVID, and now is when those films
Speaker 1: would have been in theaters. That's why you don't see
Speaker 1: a lot of films in theaters today and that. But
Speaker 1: if you put a good film in the theater, people
Speaker 1: are going to see it. That's Tony vince Aquera, chairman
Speaker 1: and CEO of Sony Pictures Entertainment. Check out our full conversation.
Speaker 1: It was a fun one. You could find it at
Speaker 1: Bloomberg Live dot com. And that wraps up the first
Speaker 1: hour of the weekend edition of Bloomberg Business Week from
Speaker 1: Bloomberg Radio. I'm Carol masser Head. In our next hour,
Speaker 1: more than eleven thousand Meta employees are about to be
Speaker 1: out of a job, and Mark Zuckerberg says he's the
Speaker 1: one to blame. It's not really a case of, you know,
Speaker 1: turning off the lights and locking the door and leaving
Speaker 1: it until the war in Ukraine is over. These things
Speaker 1: require a huge, uge amount of time, effort, and money
Speaker 1: to keep in court and to make sure that they
Speaker 1: don't degrade in value. Plus, our Business Week team investigates
Speaker 1: why US and European taxpayers are incurring some of the
Speaker 1: maintenance costs, meaning footing the bill for those impounded Russian
Speaker 1: super yachts worth millions of dollars. That story is coming up.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week inside from
Speaker 1: the reporters and editors who bring you America's most trusted
Speaker 1: business magazine, plus global business, finance and tech news as
Speaker 1: it happened. Sloomberg Business Week with Carol Messier and Bloomberg
Speaker 1: Quick Takes Tim Stinovic on Bloomberg Radio. Plenty ahead in
Speaker 1: our second hour of the weekend edition of Bloomberg Business Week,
Speaker 1: including an investigation into why it's costing the US and
Speaker 1: European allies so much money just to maintain the super
Speaker 1: yachts sees by authorities amid the Russian invasion of Ukraine.
Speaker 1: Will also get a look at an category of accommodations
Speaker 1: emerging in the hospitality sector. The chief financial officer of
Speaker 1: Minhouse stops by plus decade in gift ideas to delight
Speaker 1: the people you love or maybe hope that they actually
Speaker 1: give you. Our Bloomberg Pursuits team is out with its
Speaker 1: holiday gift giving guide for two First up this hour,
Speaker 1: Mark Suckerberg, who has graced the cover of Bloomberg Business
Speaker 1: Week before, albeit in caricature, Well this week, kudos to
Speaker 1: him for accountability. I think the co founder and CEO
Speaker 1: of Meta said I got this wrong in a statement
Speaker 1: sent to his employees, as he said about cutting eleven
Speaker 1: thousand jobs, about thirteen percent of the company's employees, making
Speaker 1: it the first major round of layoffs in the social
Speaker 1: media giants history. Well, the stock rallied on the news.
Speaker 1: It is still off though roughly year to date. Bloomberg
Speaker 1: Intelligence Senior technology Analyice Mandep Singh Gay, Bloomberg's Katie Greifeld,
Speaker 1: and me an update on Meta, Well, they just had
Speaker 1: an earnings called two weeks back and they told us,
Speaker 1: you know, expenses will grow almost fifteen to eighteen percent
Speaker 1: so early. This is welcome news that they are able
Speaker 1: to just you know, toned down the expense growth. They
Speaker 1: know the revenue growth is going to be slow next
Speaker 1: year because of ad pricing and all the head winds
Speaker 1: we're seeing on the ad side. But look, I mean,
Speaker 1: in my mind, he's not telling us that Reality Labs
Speaker 1: will be you know, less of a drain next year.
Speaker 1: That's a matter worse. And in fact, he's saying that,
Speaker 1: you know, Reality Labs will lose more money next year.
Speaker 1: Based on our projections, it could be close to fifteen billion,
Speaker 1: So when you think about the cost cuts, it could
Speaker 1: save about maybe three billion, uh, you know depend given
Speaker 1: the size of the cost cuts. And so they're still
Speaker 1: losing over ten billion because they're betting so big on
Speaker 1: the Meta worse. And look, maybe in the long term
Speaker 1: it's the right thing to do. You need that runway
Speaker 1: for growth for a company like Meta. But at the
Speaker 1: same time, there are things they could do in the
Speaker 1: core business. TikTok is taking share from them, So why
Speaker 1: are they not focused on that aspect? Because Sticktok, based
Speaker 1: on our calculations, is growing you know percent even in
Speaker 1: this kind of environment, and obviously Meta is not growing,
Speaker 1: So that's the part that should be emphasized more as
Speaker 1: opposed to the metal works part where they're losing almost
Speaker 1: you know, fifteen billion dollars a year. I will say,
Speaker 1: I'm a TikTok person. My husband uses reels. Uh, it's
Speaker 1: a whole thing. But it's given what you just said,
Speaker 1: the fact that we're looking at billions and billions of
Speaker 1: dollars of losses, the fact that we are getting these
Speaker 1: job cuts. You know, you make the point in a
Speaker 1: recent Bloomberg Intelligence piece that these Meta job cuts they help,
Speaker 1: but upset offsetting that fifteen billion dollar loss is really
Speaker 1: tough to do. Is this an overreaction? No, because the
Speaker 1: stock is down almost so six percent bump doesn't do anything.
Speaker 1: Doesn't excite you know, the long term shareholders. They are
Speaker 1: more looking for sustainable top line growth. And look, this
Speaker 1: company will be no generated fort free cash flow margins
Speaker 1: in the past before it, you know, ventured into the
Speaker 1: metalworse bet and look, there's nothing wrong in investing for
Speaker 1: the long term. Alphabet is losing about ten billion dollars
Speaker 1: a year. It's a combination of three billion dollars in
Speaker 1: cloud and six billion in other bets, which included its Faymale.
Speaker 1: It's just a matter needs to tone down the size
Speaker 1: of its bet, especially for something that doesn't have proven
Speaker 1: commercial success at least so far. And it's still a
Speaker 1: very niche market. So this was a company in one
Speaker 1: that had a market cap of over tillion dollars. We're
Speaker 1: now at two seventy billion dollars. Like you said, it's
Speaker 1: down seventy this year alone. I mean, talk about a haircut.
Speaker 1: Is this a company that has a business model that could, though,
Speaker 1: at some point, get back to that one trillion, and
Speaker 1: if they do what you just said, they maybe should
Speaker 1: do well. So look, the core business is still a
Speaker 1: forty fifty percent free cash flow margin business. And look
Speaker 1: at this company has a hundred billion dollars in revenue.
Speaker 1: Yes it's not growing, but they're still maintaining that impressions
Speaker 1: growth and they're pivoting to real So they have a
Speaker 1: growth problem that they're trying to address to the meta works.
Speaker 1: We don't know how far out that is, but if
Speaker 1: they are successful, and for that they need to build
Speaker 1: an ecosystem. They just can't do meta works in isolation.
Speaker 1: They need more content. They need like Microsoft Partnership was
Speaker 1: a good one, but that's more of on the commercial side.
Speaker 1: That doesn't do anything on the consumer side where you
Speaker 1: need Apple, you need you know, the large consumer internet companies,
Speaker 1: and that is where there are a lot of unknowns
Speaker 1: how viable that bet is on the consumer side. Thirty seconds.
Speaker 1: I feel like a big problem with reels is that
Speaker 1: when my husband shows me a real I saw it
Speaker 1: on TikTok two weeks ago. I mean, how do you
Speaker 1: bring creators to reels? You need to have a revenue
Speaker 1: sharing model like a YouTube where you share almost six
Speaker 1: of the revenue with the creators. Right now, Meta keeps
Speaker 1: everything they don't do, uh, they share very minimal with
Speaker 1: the creator. So to bring the creators on the platform,
Speaker 1: to create original content on the platform, you need to
Speaker 1: have a revenue sharing model. I hope they're listening, honey,
Speaker 1: you're like, yeah, I saw that two weeks ago, and
Speaker 1: it's nice that he's showing me. Its sweet. Should they
Speaker 1: go back to calling himselves Facebook? Maybe this Meta thing
Speaker 1: first Boston situation yea, or or come up with another
Speaker 1: name that has definitely in work. That was Bloomberg Intelligence
Speaker 1: Senior technology analyst man Deep sing with me and Bloomberg's
Speaker 1: Katie Greifeld. You're listening to Bloomberg Business Week coming up,
Speaker 1: find out what happens when the comforts of home meet
Speaker 1: the perks of a modern hotel. We operate luxurious apartment
Speaker 1: style hotels that have the service and the reliability of
Speaker 1: a high Endforce Star hotel, but the amenities of a
Speaker 1: residence kitchens, living rooms, dedicated workspaces, and we power that
Speaker 1: guest experience through technology. We talked to the CFO of
Speaker 1: hospitality startup mint House. This is Bloomberg Markets. You can't
Speaker 1: predict that much like a yesterday sell off on Wall Street,
Speaker 1: Big vas in terms of Boldom Markets. When you're listening
Speaker 1: to us, you'll come pretty close. Let's take a look
Speaker 1: at those small cap stocks. Bloomberg Radio, the Bloomberg Business
Speaker 1: Appen Bloomberg Radio dot Com. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from
Speaker 1: Bloomberg Radio. So what do you get when you mix
Speaker 1: the comforts of home, sweet home and the perks of
Speaker 1: a modern luxury hotel. If you put that question to
Speaker 1: our next guest, well, you get ment House. It's a
Speaker 1: company whose board and investors include former CEOs and chief
Speaker 1: executives from Four Seasons, Disney Club, Med, Starwood Hotels, St.
Speaker 1: Regis Hotels, and so much more Travelosity as well. One
Speaker 1: of their investors Revolution Venture, as you know Steve Cases Firm.
Speaker 1: So we are delighted to have with us to talk
Speaker 1: about the business. Samantha Greenberg, she's the chief financial officer
Speaker 1: of Minhouse. So it is great to have you here.
Speaker 1: And I feel like this plays so much into a
Speaker 1: company that is a sign of the times. Tell us
Speaker 1: about it because it was founded about five years ago, correct,
Speaker 1: And it's a pleasure to be here. Carol, thanks for
Speaker 1: having me to talk about Minthouse. We are a tech
Speaker 1: led residential hospitality company. What does that mean. That means
Speaker 1: we operate luxurious apartment style hotels that have the service
Speaker 1: and the reliability of a high enforce star hotel, but
Speaker 1: the amenities of a residence kitchens, living rooms, dedicated workspaces,
Speaker 1: and we power that guest experience through technology, which also
Speaker 1: removes a lot of the pain points of the hotel.
Speaker 1: So samitha like, how is it different from an extended
Speaker 1: stay hotel? So tech powering the end to end experience
Speaker 1: is a huge differentiating factor for us, you can from
Speaker 1: the time you pull up to a mintouse, you can
Speaker 1: be in your room in there in under thirty seconds.
Speaker 1: You can do everything through the app. It's contactless, keyless,
Speaker 1: and also powering the experience through technology allows us to
Speaker 1: provide many more services from on demand fitness, to personalization
Speaker 1: and customization in room, curated retail stock, your stay in
Speaker 1: the kitchen. So this in the word, you guys are
Speaker 1: taking care of all of it. Correct. We are providing
Speaker 1: the service you would expect in a high end for
Speaker 1: star hotel, but with the more space and the amenities
Speaker 1: of a residence and that you're right, it's important to
Speaker 1: have seven security on site, someone you can go to,
Speaker 1: whether it's a front of house person or a concierge.
Speaker 1: We provide all of that. But because again we power
Speaker 1: the whole experience, where a tech first business where you
Speaker 1: can do everything in app, you don't have to deal
Speaker 1: with people and lines should you not want to, but
Speaker 1: if you choose is to the right there. And then
Speaker 1: on a separate note, it also makes our product purpose
Speaker 1: built for large corporations because corporations have what are called
Speaker 1: duty of care obligations to their employees, which means they
Speaker 1: cannot allow their employees to stay on a property that
Speaker 1: doesn't have safe locking door mechanisms, security cameras in the hallways,
Speaker 1: and so most Airbnb listings aren't suitable for for employees
Speaker 1: of large corporations, whereas ours are. So let's get to that, Smith, Like,
Speaker 1: it sounds to me like your customer base is largely businesses.
Speaker 1: It's the corporate clientele. Is that true? That's that's exactly right. Ironically,
Speaker 1: in a world whereas we know, you know, business travel
Speaker 1: has been affected by the pandemic, hasn't fully come back
Speaker 1: to levels sixty of our travelers, our business travelers. And
Speaker 1: as you can imagine, if you are a producer filming
Speaker 1: a movie in New York City or you're a consultant
Speaker 1: on a multi weeek assignment, you are not staying in
Speaker 1: the ninet nineties hotel room the size of a box
Speaker 1: buref to sit in your bed with your laptop to
Speaker 1: do it a low budget film you might be, But
Speaker 1: I'm curious, like, who are your typical customers? Is it
Speaker 1: those well known, publicly traded companies that we talk about
Speaker 1: all the time in terms of your corporate clientele? Is
Speaker 1: it a mixture of startups, private company like who is it?
Speaker 1: Is it? The movie industry like what is it? Netflix
Speaker 1: is a huge customer, as as is Disney. So they
Speaker 1: are certainly people who appreciate again who have to be
Speaker 1: on longer stay assignments. So for a traditional four star
Speaker 1: hotel like a Marriott or a Hilton, more than of
Speaker 1: their bookings are sub seven days days, and so we appeal.
Speaker 1: We were the first department style hotel company to be
Speaker 1: on all three of the global distribution systems GDS providers,
Speaker 1: and we have over a hundred corporate partnerships with very
Speaker 1: like media, you're on hotels dot right, you're at all
Speaker 1: of those platforms exactly okay, but again you're focusing on
Speaker 1: is a pent of your business? Corporate? No one around
Speaker 1: see stepercent of travelers or business travelers. We believe that
Speaker 1: we're just as differentiated to someone who's staying for two
Speaker 1: nights in New Orleans for jazz Fest. Because again, you
Speaker 1: still would love, haven't You can have a fully stocked
Speaker 1: kitchen so you can stay on your particular diet if
Speaker 1: you want to take a long weekend and work remotely
Speaker 1: of a dedicated workspace a living room. So we think
Speaker 1: our product is superior whether you're a leisure or a
Speaker 1: business traveler, although it is ideal and very differentiated. Samantha,
Speaker 1: you're the CFO. We're Bloomberg where we love to talk
Speaker 1: to companies like you, guys that are still relatively young.
Speaker 1: Talk to us about the growth that you guys are seeing.
Speaker 1: What kind of growth have you seen the past year?
Speaker 1: Were kind of growth considering or expecting for the current
Speaker 1: year that we're in, And I'm talking like top line
Speaker 1: bottom line growth? Are you profitable? We we expect to
Speaker 1: be profitable by the end of because we don't own
Speaker 1: our properties. We operate them like Hilton and Marriott via
Speaker 1: management agreements. That's an sit late minimally capital intensive model.
Speaker 1: Our capital expenditures are less than one percent of our revenue.
Speaker 1: High margin UM, just very low cashburn business, even at
Speaker 1: this earlier stage of our life. So what kind of
Speaker 1: growth rates are you saying in terms of revenues? So
Speaker 1: we tripled our revenue last year, UM, what was the base?
Speaker 1: Was it low? So we will do sixty five to
Speaker 1: seventy five million of revenue over the next year. Around
Speaker 1: forty million of revenue this year across our system, and
Speaker 1: so We hope over the next twelve months we can
Speaker 1: grow our unit count at least fifty percent. We expect
Speaker 1: to double our markets, so that we'll end next year
Speaker 1: with three thousand units in thirty markets. Just to wrap up,
Speaker 1: what's kind of the end game for you guys, is
Speaker 1: the plan to go public at some point, maybe not
Speaker 1: this year because the market well it's almost done, but
Speaker 1: the market has been a tough one. Is the plan
Speaker 1: to go public. Um So, as you point out, and
Speaker 1: we went from your record I p O issuance last
Speaker 1: year a hundred and fifty billions to a year of
Speaker 1: sub ten billion dollars I PO issuance. So at some
Speaker 1: point though, the I p O market will come back
Speaker 1: our cat agory, Airbnb has really proved to the world
Speaker 1: that the addressable market for alternative accommodations is so large
Speaker 1: today alternative accommodations are nine already of the lodging industry,
Speaker 1: and companies in our space have been able to come
Speaker 1: public earlier than other categories like saunder, Selena and Sperrato Vikasa,
Speaker 1: to name a few. We want to get to profitability
Speaker 1: first and demonstrate to the world how profitable this management
Speaker 1: agreement model can be and then either an I P
Speaker 1: O or you know, we certainly appreciate that traditional hotel
Speaker 1: participants are looking at the space, looking at the secular trends,
Speaker 1: and figuring out what they're going to do with an
Speaker 1: acquisition partner, and so we think all of those things.
Speaker 1: Since we have the same business model operating through management
Speaker 1: agreements as some of the larger hotel companies, we wouldn't
Speaker 1: be a delutive acquisition the way we would be if
Speaker 1: we were asking until lots of opportunities. That's a question
Speaker 1: you would have to ask our That is so fair.
Speaker 1: That is so fair, um, Samantha, thank you so much.
Speaker 1: We covered a lot of ground and looking forward to
Speaker 1: hearing as you move towards profitability to come back and
Speaker 1: talk some more. Thank you so much, Carol, This was
Speaker 1: a pleasure. Thank you. Samantha Greenberg. She's the chief financial
Speaker 1: officer of Minhouse joining us here on Bloomberg Business Week.
Speaker 1: Coming up all those Russian super yachts and pounded following
Speaker 1: the Russian invasion of Ukraine. Guests, who is putting the
Speaker 1: bill to maintain them? How about you? Me and lots
Speaker 1: of other global taxpayers. That story it's coming up next
Speaker 1: this is Bloomberg Broadcasting from the financial capital of the
Speaker 1: world Bloomberg eleven Rio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one of six one to San Francisco,
Speaker 1: Bloomberg nine six to the country Sirius XM Channel one
Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio.
Speaker 1: Remember all those super yachts being seized because of sanctions
Speaker 1: against the owners of the yachts, you know, those ultra
Speaker 1: wealthy Russian businessmen following the Russian invasion of Ukraine. Well, great, right,
Speaker 1: certainly making a point. But super yachts, well, they require
Speaker 1: a lot of care, and that care costs millions of
Speaker 1: dollars a year. This was the subject of a Bloomberg
Speaker 1: Big Take this past week. It's also a story featured
Speaker 1: in the current issue of Bloomberg Business Week magazine. Bloomberg
Speaker 1: Radio is Paul Sweeney, and I talked about it with
Speaker 1: the editor of the magazine, Jil Webber. He's back with us,
Speaker 1: as well as the reporter who wrote the piece Bloomberg
Speaker 1: News Financial Investigations Senior writer Stephanie Baker, we wanted to
Speaker 1: know who's paying for all of that upkeep. In the
Speaker 1: US and Italy, it is taxpayers that are footing the
Speaker 1: bill for maintaining these super yachts. And it's not cheap
Speaker 1: to keep a super yacht, even in a court. It
Speaker 1: costs millions of dollars to keep these things staffed with crew,
Speaker 1: to make sure that they are safe in case of accidents,
Speaker 1: fuel spills, fires. Um, you know, the systems need to
Speaker 1: be run. It's not really a case of you know,
Speaker 1: turning off the lights and locking the door and leaving
Speaker 1: it until the war in Ukraine is over. These things
Speaker 1: require a huge amount of time, effort, and money to
Speaker 1: keep import and to make sure that they don't degrade
Speaker 1: in value, because at least in the case of the US,
Speaker 1: the goal of the U S government is for them
Speaker 1: to sell eventually some of these s s super yachts
Speaker 1: and then perhaps recoup the costs that they have shelled
Speaker 1: out on maintaining them. You'll be surprised to know that
Speaker 1: I'm not a super yacht owner, but um, the rule
Speaker 1: of thumb is ten percent of the purchase price is
Speaker 1: your annual cost to maintain this thing, whether it's a
Speaker 1: yacht or a plane. So my question is, if I
Speaker 1: were the US government, why don't I just turn on
Speaker 1: it sell these things? Well, it's not so simple. Um.
Speaker 1: They need to go through a complicated process call old forfeiture,
Speaker 1: whereby they need to prove before a judge that this
Speaker 1: yacht has been either purchased with or involved in a crime.
Speaker 1: So unless there are there is a change of legislation
Speaker 1: to speed up this process, and there is legislation before
Speaker 1: Congress right now that would give President Biden emergency powers
Speaker 1: that would help speed this up and enable the proceeds
Speaker 1: of any sale to go to Ukraine. But short of that,
Speaker 1: it has to go through a legal process. And as
Speaker 1: Joel alluded to, and many of these cases, it's not
Speaker 1: clear who the owners are. It's not a straightforward case
Speaker 1: of uh, you know, Oligarch X owns yacht? Why Uh,
Speaker 1: it's the Russian billionaires tend to use very complicated shell companies.
Speaker 1: They have a tendency and I'm speaking generally here, to
Speaker 1: have unwritten agreements to have others hold assets on their behalf.
Speaker 1: So establishing ownership requires actually not who is the owner
Speaker 1: on paper, but who is actually controlling the asset, who
Speaker 1: is using it, who is making decisions about it. They
Speaker 1: need to go through this process of establishing who is
Speaker 1: actually the owner. And it's not such a straightforward issue. Okay.
Speaker 1: So the story opens with some reporting about the Ahmadeva,
Speaker 1: which is a super yacht that is parked in San Diego.
Speaker 1: Um I thought how the US got it was a
Speaker 1: great way to start the story. Can you put us
Speaker 1: on the front lines of how that went down? Yes?
Speaker 1: So Amadeva is a three D and twenty five million
Speaker 1: dollar super yacht that um sailed on the day that
Speaker 1: Russia invaded Ukraine from um St Martin and the Caribbean
Speaker 1: to Fiji, where it was frozen by Fiji authorities at
Speaker 1: the request of the U. S. Government, and what proceeded
Speaker 1: was several weeks of legal wrangling until a court and
Speaker 1: Fiji approved the US request to seize it. The U S.
Speaker 1: Marshall Service turned around hired a company to sail it
Speaker 1: to US waters, where it's been sitting in the port
Speaker 1: of San Diego. Sends June. I went, I went that job.
Speaker 1: By the way, like can you go to Fiji? And
Speaker 1: like get this supri yacht and like tow it into
Speaker 1: the US. Not saying below death happen. It can happen anyway.
Speaker 1: But in the process they grilled many crew members um
Speaker 1: as part of this process of establishing who was really
Speaker 1: using this yacht, who was controlling it, who was directing it,
Speaker 1: and you know, hauled various crew members including the captain's
Speaker 1: aside one in l a airport other the other captain
Speaker 1: hauled aside in an air condition shipping container in Fiji
Speaker 1: and questioned them for hours to try to establish, uh,
Speaker 1: you know, who was really using it. Um. So it
Speaker 1: chose the extent that the US government has gone to
Speaker 1: really go after chase down the assets of sanctioned Russians,
Speaker 1: many of whom were actually sanctioned in and the US
Speaker 1: government did very little to enforce those sanctions. That was
Speaker 1: Bloomberg News Financial Investigations Senior writer Stephanie Baker and Business
Speaker 1: Week editor Joe Weber joining me and Paul Sweeney. You're
Speaker 1: listening to Bloomberg business Week. Still ahead. If you haven't
Speaker 1: started your holiday shopping yet, fear not. Our Bloomberg Pursuits
Speaker 1: team brings you the perfect gift ideas to suit every
Speaker 1: holiday spirit and every holiday pocketbook. The kreme de la
Speaker 1: creme of our two gift guy is straight ahead. This
Speaker 1: is Bloomberg. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stenovik from Bloomberg Radio.
Speaker 1: Time Now for deep dive in a special holiday themed
Speaker 1: edition of Bloomberg Pursuits, always a must read in Business
Speaker 1: Week magazine, online and on the Bloomberg terminal. And this
Speaker 1: week we've got your definitive gift buying guide for the
Speaker 1: final weeks of Too many of them well cost you
Speaker 1: a pretty penny, so hopefully your loved ones appreciate what
Speaker 1: you spend. Or I was thinking that these are some
Speaker 1: of the gifts I want to put on my list.
Speaker 1: There's something for everyone on that list. Some you can eat,
Speaker 1: some you can smell, some you can wear, and some
Speaker 1: are just super nice to look at. So let's get
Speaker 1: into it with Bloomberg Pursuits editor Chris Rouser and Business
Speaker 1: Week contributor Kristen Shirley And Chris and Kristen, so good
Speaker 1: to have you here. This is always a fun list.
Speaker 1: First of all, I've got to ask you, Chris, when
Speaker 1: you put this list together. I mean, you guys do
Speaker 1: it every year. First of all, what's up at the
Speaker 1: fifty nine? I was trying to figure out what's this number?
Speaker 1: You know, it's funny. Our our photo editor, Lenora is
Speaker 1: going to kill me because every year, I say, more
Speaker 1: gifts on every page. More and you don't. You don't
Speaker 1: want to just have like a heap of gifts on
Speaker 1: a page. But this is probably the most we've ever
Speaker 1: had in the magazine. And we have an expanded version
Speaker 1: online so you can look at even more. But fifty
Speaker 1: nine was just the amount that we could sit on
Speaker 1: the pages of the section. And this year, okay, I
Speaker 1: have to say there was some were's Waldo moments for
Speaker 1: me as I was like reading, wait, where is it?
Speaker 1: Where is it? Um? But I love it? I love
Speaker 1: it all right? So how do you put this together? Chris? Like? How?
Speaker 1: I think? I ask you this every year because I'm
Speaker 1: really interested in how it actually all comes together. Is
Speaker 1: it just stuff you guys have been accumulating all year
Speaker 1: or what is it as a theme? Tell us a
Speaker 1: little bit about that. It's a yeah, you know, it's
Speaker 1: a mix of things that that we've been keeping our
Speaker 1: eye on. All year long, things we've been coveting, things
Speaker 1: we've seen at trade shows or showcases or just out
Speaker 1: in the world. This year I had two things in mind. One,
Speaker 1: a lot of the jewelry brands that we really love,
Speaker 1: like Bulgary and Tiffany and Van Cliff all had gardens
Speaker 1: themes and there in their high jewelry collections this year,
Speaker 1: and it just inspired me to say, you know what,
Speaker 1: I want this gift guy to be a garden. I
Speaker 1: want us to walk through, uh, like flowers and forests
Speaker 1: and woods and just like sort of see beautiful gifts.
Speaker 1: A lot of them are sustainably minded in that kind
Speaker 1: of environment. So that was my first sort of theme
Speaker 1: that I went to Kristin Li. And then the second
Speaker 1: thing is this year has been tough. It's been a
Speaker 1: hard year. The last year was a hard year, the
Speaker 1: year before that was a hard year. So you know
Speaker 1: what our scene this year is boil your friends and
Speaker 1: your loved ones. And so these are real luxury gifts,
Speaker 1: these are treats, These are decade into lights. So you know,
Speaker 1: it's just a very lush garden of opportunities for your
Speaker 1: friends and your family. And so I went to Kristen
Speaker 1: and I said, okay, gardens, and we're going to spoil
Speaker 1: the crap out of me. I love all right, Kristen,
Speaker 1: come on in on this. Tell us a little bit
Speaker 1: about how you went about this. Yeah, when Chris said
Speaker 1: garden beings, I was really excited, and I started to
Speaker 1: make lists of every type of garden that I could
Speaker 1: think of so that it wouldn't be repetitive and we
Speaker 1: would be able to showcase a wide range of products
Speaker 1: and not just the typical flowers. So I thought about
Speaker 1: winter gardens, kitchen gardens, floral gardens, um and then even like,
Speaker 1: I went a little crazy with some gilded gardens because
Speaker 1: I was seeing a lot of goal old out there.
Speaker 1: So once I came up with, you know, a list
Speaker 1: of you know, eleven or so different gardens that I
Speaker 1: thought would be appropriate, we had a meeting, paired it
Speaker 1: down to the ones that we thought and then I
Speaker 1: went crazy finding pieces to the themes. Well, I gotta say,
Speaker 1: I even love just to cover gifts to suit the mood.
Speaker 1: But it's a range, right, It's an array of types
Speaker 1: of gifts and a range of price points. I mean
Speaker 1: fifteen dollars to hundred dollars, and I know, there's a
Speaker 1: lot of things that are a lot price here there,
Speaker 1: but you guys really do cover the gamut the categories.
Speaker 1: Let's go through it. Animal instincts. Can we start there
Speaker 1: with the first one that is in the section, I
Speaker 1: mean some really crazy, crazy gorgeous jewelry Kristen. Yeah, Chris
Speaker 1: and I decided that having an all animal jewelry page
Speaker 1: would make a really strong statement. Jewelers can really go
Speaker 1: wild with craftsmanship using different techniques. You see here um
Speaker 1: an enamel bracelet from David Webb and enamal watch from Bulgary,
Speaker 1: and then also you know, fully jumped at pieces from
Speaker 1: Shopard and Cartier. It was really fun to mind different
Speaker 1: houses to find pieces that were emblematic of their brand
Speaker 1: but also came together in a cohesive light. On this stage,
Speaker 1: we have a snake, we have a zebra, we have
Speaker 1: a panther, we have a leper, we have a fox.
Speaker 1: And you know the Bulgary snake bracelet bracelet watch I
Speaker 1: saw almost a year ago and I said, we have
Speaker 1: to put this in the gift guide. It's so cool.
Speaker 1: It's this black enamel rose gold watch that wraps around
Speaker 1: your wrist twice in the mouth of the snake opens
Speaker 1: and there's a little automatic watch inside, and that's unusual. Usually,
Speaker 1: like for a jewelry watch, you have a court watch,
Speaker 1: but this is like a real mechanical movement in there.
Speaker 1: And yeah, it's very cool. I gotta say on this
Speaker 1: page two, I love the Chopard necklace. I wrote next
Speaker 1: to it as I was going through the section art
Speaker 1: exclamation point, exclamation point, and then I put in quotation
Speaker 1: marks sick. I mean, it is unbelievable, Christen, Yeah, it's wild.
Speaker 1: I love that it has this parrot that's covered in
Speaker 1: gemstones in the heratists clutching up black opal. She is
Speaker 1: a very rare type of opal that's over forty carrots.
Speaker 1: So the opal on its own would be impressive, but
Speaker 1: show part approaching it in this playful way by having
Speaker 1: a bird hold it in its claws I thought was
Speaker 1: really cool. And it's on a four strand pearl necklace,
Speaker 1: which is pretty unusual for high jewelry, and it's just
Speaker 1: such a unique, beautiful piece work for sure. Carol Chris,
Speaker 1: I just want to note the David Webb bracelet. I
Speaker 1: had a wooden version from Banana Republic when it was
Speaker 1: really and it's far as it was it was a giraffe,
Speaker 1: but it's nothing like that. All right, let's get to
Speaker 1: um possibilities in bloom Chris, what let's do that for
Speaker 1: you in this one. So this was great. So this
Speaker 1: is our flower page because a lot there's obviously there's
Speaker 1: a lot of like flower stuff in jewelry that you
Speaker 1: can future, but we kind of wanted to do a
Speaker 1: lot of table things. So we have these great coasters
Speaker 1: from Louis Vuitton which are in a box that shaped
Speaker 1: like a big mac box like for McDonald and uh,
Speaker 1: and the different coasters are like a slice of tomato,
Speaker 1: a lettuce leaf um, which is very funny, and from
Speaker 1: moving Anton, sort of fancy brand. There's also a couple
Speaker 1: of flower vases from one of my favorite artists, this
Speaker 1: flower Farmer and ceramicis in Connecticut, justin Reese and he
Speaker 1: has these beautiful handmade items that are two of them
Speaker 1: are there too. Those are really sweet and they're not
Speaker 1: crazy expensive. Seventy eight eight dollars not too bad, right, Yeah,
Speaker 1: something like that, something handmade is a really thoughtful gift
Speaker 1: for somebody. Christen, anything in there that really just jumped
Speaker 1: out for you. I'm obsessed with the burger box. I
Speaker 1: just thought it was so fun. Um. And then I
Speaker 1: also think the teapot from a Double Jay is beautiful.
Speaker 1: It's it's very whimsical, but it doesn't hit that fairy
Speaker 1: tale element that sometimes you see with teapot, So I
Speaker 1: think it's elevated and we're still fashionable. All right. You
Speaker 1: did talk about kind of this gilded garden idea, and
Speaker 1: there's a section called stay Golden. Um, Kristen, what they're
Speaker 1: I mean, you've got honey, and you've got a really
Speaker 1: expensive watch. That's one of the things I love so
Speaker 1: much about this gift guide is that it really runs
Speaker 1: through a wide range of prices, so you can find
Speaker 1: things that are stocking stuffers, things that are great for
Speaker 1: your colleagues, and then also things that are going to
Speaker 1: make your significant other very very happy. And we'll make
Speaker 1: a big tent in your bank account. Chris, what what
Speaker 1: here for you? In particular? I mean there's really some
Speaker 1: beautiful items. Well, you know me, I'm a watch for you.
Speaker 1: Um and so outoo. Marp Gay has a jumbo Royal
Speaker 1: oak that's extra thin that we have here, which is
Speaker 1: the very expensive watch we were talking about. It's seventy
Speaker 1: four thousand dollars. It's limited edition. It's one of those
Speaker 1: things that you have to make really good friends with
Speaker 1: your watch dealer to get to get. But if you
Speaker 1: have it, it's got this great sort of fumet dial.
Speaker 1: It's very interesting. And then I also love Louis Vuitton
Speaker 1: has a has a new find jewelry collection, Empriente, and
Speaker 1: it has this medallion necklace with their little floral motif
Speaker 1: in it, which I also really kind of think is cool.
Speaker 1: I thought that was really beautiful, Like for someone our
Speaker 1: brand is so known for its logos, right, it's kind
Speaker 1: of a subtle. Take Chris on the logo and listen,
Speaker 1: it just goes for what twelve Yeah, exactly for everybody.
Speaker 1: Hey guys. Um there's a couple of other sections into
Speaker 1: the Woods, Seeing Green, Garden Gourmet Chris, what, go ahead,
Speaker 1: go anywhere you want it of things that you like.
Speaker 1: So the Garden Gourmet page we really love because it
Speaker 1: was like a kitchen garden, you know, where you would
Speaker 1: grow fruits and vegetables, nerves to cook, and so we
Speaker 1: really went with that theme. Both Kristen and I love
Speaker 1: this oyster company called Island Creek, which is out of Duxbury, Massachusetts,
Speaker 1: and um, they they now have can't like tinned fishes
Speaker 1: um that they sell, which is a very popular thing
Speaker 1: these days. UM and you know, very healthy actually, and
Speaker 1: so they have these tinned razor clams which we thought
Speaker 1: were really cute. Um. And then also on that page
Speaker 1: or mes fragrances are among my favorite. I have therroal
Speaker 1: that I wear, uh, and they had I think they
Speaker 1: have a rhubarb fragrance which doesn't sound very like high
Speaker 1: fashion um, but it's really beautiful bottle and it's it's
Speaker 1: kind of a musky smell. It doesn't it doesn't make
Speaker 1: you smell like sort of straight bar um. But I
Speaker 1: love that. And we've got some edibles on that page.
Speaker 1: And I don't know that was that was sort of
Speaker 1: my favorite page, Christen, what else do you like? I
Speaker 1: loved seeing green. I thought that was such a beautiful page.
Speaker 1: The Nixes high jewelry from Tiffany and Co. With um
Speaker 1: two of my favorite watches of the year from Rolex
Speaker 1: and protect Fully. They're both um complicated women's watches. The
Speaker 1: protect is the World Timer, which is really a favorite
Speaker 1: movement of mine. And then the Rolets just has a
Speaker 1: really beautiful green dial um and you don't see a
Speaker 1: lot of um decorated dials from Rolex, so I thought
Speaker 1: this was really interesting. It has green flowers on it,
Speaker 1: so that was my favorite page. It's so beautiful, you guys,
Speaker 1: all right, ten seconds each. Which gift would you want? Chris?
Speaker 1: What would you want from somebody? What would you want
Speaker 1: somebody to do you? I would want someone to give
Speaker 1: me that protect Fully World Time. I'd love that watch.
Speaker 1: It's so beautiful. Surprise, how an't you, Kristen. I want
Speaker 1: the Bullgrace or Penty watch. I love a mechanical movement
Speaker 1: and a women's watch, and it's just so special. It
Speaker 1: sounds like watches for the holidays. All right, guys, so
Speaker 1: many great gift ideas and so fun to catch up
Speaker 1: with you um and talk about it. That is Bloomberg
Speaker 1: Pursuits editor Chris Rouser and Business Week contributor Kristen Shirley
Speaker 1: with the best from the magazine's twenty twenty two holiday
Speaker 1: gift guide the Pursuit section. And that wraps up the
Speaker 1: weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks
Speaker 1: so much for joining us. I'm Carol Masser, Tim Stanovic
Speaker 1: will be back next week. A big thank you too
Speaker 1: to Paul Sweeney and Katie Greifeld for helping us out
Speaker 1: in Tim's absence this week. Be sure to tune into
Speaker 1: Bloomberg Business Week Monday through Friday, starting at two pm
Speaker 1: Wall Street Time on Bloomberg Radio. You can also watch
Speaker 1: your daily broadcast on YouTube. Just search Bloomberg Global News
Speaker 1: and check out our Bloomberg Business Week podcast. Find that
Speaker 1: at Bloomberg dot com, Apple, or wherever you get your podcasts.
Speaker 1: Bloomberg Business Week is available on newsstands now at Bloomberg
Speaker 1: dot com and always on the Bloomberg Terminal. Have a
Speaker 1: great and safe weekend everyone. This is Bloomberg