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. Another busy week in markets
Speaker 1: with a federate decision, that monthly jobs report and several
Speaker 1: hotly contested political races. Serving tim as our backdrop, and
Speaker 1: a busy program ahead for our listeners. We're going to
Speaker 1: get existential with the former longtime CEO of Google, Eric Schmidt.
Speaker 1: He's going to give us his take on the state
Speaker 1: of Silicon Valley, the metaverse, and talk about his new book,
Speaker 1: The Age of AI and Our Human Future. We're also
Speaker 1: going to speak with TeV president and CEO Corese Scholtz
Speaker 1: on his company's latest earnings and also this week the
Speaker 1: company its record sale a five billion dollars worth of
Speaker 1: sustainability linked bonds. Plus the latest wearable tech device needs
Speaker 1: only a finger to give you personalized health insights, and
Speaker 1: your holiday gift guide is here. We'll tell you how
Speaker 1: to surprise your loved ones this season, regardless of your budget,
Speaker 1: though it helps to you know, want to spend fifty
Speaker 1: on a watch, I want something from the red, blue,
Speaker 1: and green categories. That's all I'm going to say. All
Speaker 1: of that to come. We begin with an overview though,
Speaker 1: of this week's issue. We welcome in the editor of
Speaker 1: Bloomberg Business Week magazine, Joel Webber. Joel, We're going to
Speaker 1: talk about the cover in just a moment, but there's
Speaker 1: a great deep dive into Papa John's This one's memorable obviously. Uh.
Speaker 1: Papa John kind of left in disgrace about three years
Speaker 1: ago as chairman of the company. And boy, those last
Speaker 1: three years he sort of been um wandering through the wilderness,
Speaker 1: trained to find his way, and now he's back and um, amazingly,
Speaker 1: he's really obsessed with his old company that he founded
Speaker 1: all these years ago. Uh. And and Devin Leonard, who
Speaker 1: wrote the story, give us this amazing uh profile of
Speaker 1: him from a visit to his home and um in Nashville.
Speaker 1: Can I just say I'm obsessed with that visit to
Speaker 1: the home and the description that Devon did about what
Speaker 1: it was like. Look He's a memorable character and always
Speaker 1: has been. And Devin I think brought out some of
Speaker 1: the nuances and some interesting ways, like the fountain that's
Speaker 1: under construction in his house, the fire found, the fire fountain,
Speaker 1: the camaro collection, um, he's got a chopper, the mating
Speaker 1: eagle statue um, which I asked to see a photo
Speaker 1: of and and we evidently did not get a photo
Speaker 1: of it, which seems like a huge oversight, I will admit. Uh. Yeah.
Speaker 1: So there's all of that, and then there's obviously him
Speaker 1: trying to reckon with the racist statements he made and
Speaker 1: sort of the legacy of them, including these ongoing feuds
Speaker 1: that he continues to have over them. Well, and I
Speaker 1: feel like you points his finger, you know, we're talking
Speaker 1: about John Schnader, who created Papa John's. I mean, I
Speaker 1: feel like he points his fingers at politics and progressives
Speaker 1: in the NFL and so many society. So and you know,
Speaker 1: being in the South, and you know, he's trying to
Speaker 1: find needs wherever he can. Uh. Fox News is one
Speaker 1: of his preferred places. But you know, he he really
Speaker 1: will will kind of share the gospel of Papa John
Speaker 1: wherever he can and with whomever will listen, and he
Speaker 1: still eats a lot of pieces, eight hundred pizzas that
Speaker 1: he's had from Papa Johnson for research, and he he
Speaker 1: thinks the quality has gone down. He's got a lot
Speaker 1: to say about that. Um, you know what. I what
Speaker 1: I find really interesting about the story though, is to
Speaker 1: have somebody who's actually did create a business really successful,
Speaker 1: has thoughts on the brand and where it's gone, and
Speaker 1: like clearly wants to have a door remain open so
Speaker 1: that at some point he could try and come back,
Speaker 1: I think. And he's still in the company, so you know,
Speaker 1: the lawsuits are are have been interesting. There was some settlements.
Speaker 1: There's also been this feud he had with the company
Speaker 1: that was sort of advising him, which Devin goes into
Speaker 1: into in the story. The other favorite thing here is
Speaker 1: that you know, the stock has gone up and he's
Speaker 1: cashed out a billion dollars, so he's living living a
Speaker 1: good life regardless. And you know, even underd pizzas is
Speaker 1: just like a drop in the bucket. It's another great
Speaker 1: tale by Devon, no doubt about it. I'm still trying
Speaker 1: to figure out how do you eat eight hundred pieces.
Speaker 1: That's a lot of pieces Every day. Alright, So an
Speaker 1: incredible story. Deep dive this one too. I had no
Speaker 1: idea when it comes to all that's going on in Russia.
Speaker 1: We know that there's been suspicions when it comes to
Speaker 1: cyber criminals. Um, Joel tell us about the story. So
Speaker 1: the story in in our tech section that really caught
Speaker 1: my attention, I think all of our attention when we
Speaker 1: started hearing about it. So the story looks at a
Speaker 1: tower that was when it was built a couple of
Speaker 1: years ago, was the tallest in Europe. It's now the
Speaker 1: tallest and in Moscow. And it turns out that there
Speaker 1: are a number of cryptocurrency companies that are that are
Speaker 1: based there, and all this ransomware thing that we we've
Speaker 1: long suspected Russia's involved with, and Biden's called Putin to
Speaker 1: sort of have some very firm conversations about this. A
Speaker 1: lot of those tracks lead back to this tower. And
Speaker 1: what's really interesting about this is like, because of it
Speaker 1: being this really large tower, it's long men sort of
Speaker 1: you know, it's above it all right, And it turns
Speaker 1: out like maybe that's the perfect address to like do
Speaker 1: some nefarious deeds, and it seems like that's kind of
Speaker 1: been what's happening, Yeah, and just a reminder of kind
Speaker 1: of the world we're living in us speaking of the
Speaker 1: world we're living in Yolo. You only live once. Those
Speaker 1: meme stocks we thought it might be a fat dolt,
Speaker 1: not so much. This week we saw play out again
Speaker 1: big time. So I would admit when we started talking
Speaker 1: about this assignment and the story with Annie Massa, that
Speaker 1: I said, this meme thing, we're sort of over it.
Speaker 1: There's now these vintages, right, and like when you think
Speaker 1: back to the beginning of the year and that that
Speaker 1: early craze that sort of happened that was maybe vintage one,
Speaker 1: and then you saw, you know, AMC have that surge
Speaker 1: over the summer or the doge coin moment, and now
Speaker 1: we've seen the Trump the Trump's back and this month
Speaker 1: now you know we've seen you know, Avis go take
Speaker 1: that take that moment, and then we saw bed bath
Speaker 1: and beyond. So I thought it was over, like maybe
Speaker 1: in the summer, and it turns out that we still
Speaker 1: have an appetite for this stuff. I think that also
Speaker 1: speaks to and this is part of the story, this
Speaker 1: robin Hood business model, right, which has gone from being
Speaker 1: an equity centric one to you know, where's the growth
Speaker 1: going to be, Probably more in crypto and we've actually
Speaker 1: seen some of those same traders that were in the
Speaker 1: in the meme stock world kind of transition into the
Speaker 1: crypto one. That's business We get her. Joe Webber joining
Speaker 1: us with a look at this week's issue. Coming up next,
Speaker 1: one of the largest generic drug makers in the world,
Speaker 1: selling billions worth of debt in an effort to make
Speaker 1: its business more sustainable. To have a president and CEO,
Speaker 1: Core Schultz talks earnings and his companies planned to provide
Speaker 1: countries in need with critical medications. You're listening to Bloomberg
Speaker 1: Business Week. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes Tim Stenovik from
Speaker 1: Bloomberg Radio. This week's shares of one of the largest
Speaker 1: generic drug makers in the world. We're talking about tv
Speaker 1: A pharmaceutical industr trees rallied on news that the company
Speaker 1: is selling a record five billion dollars in bonds tied
Speaker 1: to environmental, social and governance targets. We're talking about e
Speaker 1: s G. It's something we recently talked about with ty
Speaker 1: A president and CEO Core Shultz. The Sustainability Links bond
Speaker 1: offering is tied to efforts to increase access to medicines
Speaker 1: and low and middle income countries. And as I mentioned,
Speaker 1: the stock it's been on a tear. It's now proughly
Speaker 1: from its late July lows and despite recent misses on
Speaker 1: both the top and bottom lines for the third quarter earnings.
Speaker 1: Is where we started our conversation. Basically, you could say
Speaker 1: that the expectations that we saw in the marketplace, and
Speaker 1: also the expectations we had at the beginning of the year,
Speaker 1: was that the COVID nineteen effects would sort of start
Speaker 1: to slow down in the second quarter and then in
Speaker 1: the third and the fourth quarter we'll basically be back
Speaker 1: to normal. But what we've seen is that we have
Speaker 1: seen in Europe a lower volume in the total market
Speaker 1: in both the first and the second quarter, and then
Speaker 1: a turn taught normality here in the third quarter, but
Speaker 1: not quite getting there. So we see an improvement in Europe,
Speaker 1: but it's not quite back to where we thought it
Speaker 1: would be based on a full normalization, and that's basically
Speaker 1: because there's still a bad luck of people not getting
Speaker 1: to the doctor, not getting to the specialist and therefore
Speaker 1: not going for those prescriptions that we would be expecting
Speaker 1: they would be going for. It is normalizing, it is
Speaker 1: getting better. We are optimistic about the fourth quarter that
Speaker 1: we will see a further sort of increase in volumes
Speaker 1: in Europe. So so that's really the story on Europe.
Speaker 1: The story on the US is a little different, but
Speaker 1: basically the same. That we did not see the specialist
Speaker 1: opening up in the second quarter the way we were
Speaker 1: hoping for. So we are very dependent on headache specialists
Speaker 1: for Jovie and on psychiatrists for Osteto, and we saw
Speaker 1: that they were opening up their clinics slower. We are
Speaker 1: now at the end of the third quarter here, we're
Speaker 1: getting very close to psychiatrist officers being sort of back
Speaker 1: to where they would have been at the end of
Speaker 1: two thousand nine. But that natural growth you see have
Speaker 1: a couple of percent on on patient population and doctor
Speaker 1: visits we haven't seen. So we've had a setback in
Speaker 1: the sense that the growing brands we have a Joey
Speaker 1: for prevention of migraine or stead of for Charter Diskenesia
Speaker 1: and Korea in hundreds disease, they are growing nicely, but
Speaker 1: the growth slowed down in the first and the second quarter,
Speaker 1: So even though they're growing nicely now in the third quarter,
Speaker 1: the numbers are still below what we hope for at
Speaker 1: the beginning of the year. So basically we're optimistic about
Speaker 1: the growth patterns, but the absolute numbers are probably a
Speaker 1: hundred million below what we were hoping for. Is it
Speaker 1: by the end of this year the first quarter of
Speaker 1: next year that you anticipate in terms of the numbers
Speaker 1: at their back to pre pandemic levels? When does it happen?
Speaker 1: We anticipate that here in the fourth quarter. The numbers
Speaker 1: in terms of script volumes and the numbers in terms
Speaker 1: so they're normalized numbers, you would say, will be back
Speaker 1: to pre pandemic levels here in the fourth quarter of Okay,
Speaker 1: all right, And we know and that that's for both
Speaker 1: of Europe and North America or one of them. Is
Speaker 1: that for every every region. We know the North American
Speaker 1: market is your biggest market based on revenues, both Europe
Speaker 1: and North America and it and it plays a big
Speaker 1: role for us. So we're really not talking about us
Speaker 1: not having the right you know, market shares. We're gaining
Speaker 1: market shares with Jovi in Europe. We're gaining markets here
Speaker 1: with Osteedo, so we're performing nicely, but the total volume
Speaker 1: in the market is just lower than what we were
Speaker 1: moving for are you Are you confident that people return
Speaker 1: to the physical doctor's office, the physical psychiatrist office to
Speaker 1: the same degree that they did before the pandemic. Does
Speaker 1: it ever fully recover with the rise of telemedicine. I
Speaker 1: think the number of consultations will fully recover. Some of
Speaker 1: them will be telemedicine consultations, and that is in principle
Speaker 1: is fine. I mean, the main thing is that people
Speaker 1: have an in depth discussion with their psychiatrists or with
Speaker 1: their headache specialists, because you could say the problem about
Speaker 1: launching new drugs is that you need to communicate with
Speaker 1: the specialist. So our sales reps need to communicate with
Speaker 1: the specialist and you need the specialist to communicate with
Speaker 1: the patients in order to get the conversions to the
Speaker 1: new and better products. Earlier this month, you guys had
Speaker 1: recalled more than two and a half million vials of
Speaker 1: drugs that the company that you guys had said may
Speaker 1: not be sterile um, and there were used inspectors that
Speaker 1: discovered this at a Tever production plant in California. I
Speaker 1: think there were medicine used to help to cancer. They
Speaker 1: may have contained mold contamination. What's the update on that. Yeah, So,
Speaker 1: first of all, just to correct a few facts, we
Speaker 1: actually ourselves discovered some environmental issues related to mold. It
Speaker 1: was not the case that the products were not sterile,
Speaker 1: and we did recalls in the first quarter and the
Speaker 1: second quarter, and that's something we did based on our
Speaker 1: own internal investigations. And then following that, we had an
Speaker 1: FDA inspection which resulted in a D three and we
Speaker 1: are now addressing all the points raised in the three,
Speaker 1: working together with FDA to secure that we get all
Speaker 1: the remediation done. And the factory is still in operation
Speaker 1: from the point and you, we're still packaging and shipping products,
Speaker 1: but in the sterile area. In order to make sure
Speaker 1: that the environment is in completing perfect compliance, we have
Speaker 1: stopped manufacturing for a shorter period where we're doing remediation,
Speaker 1: and we expect to be back manufacturing here at the
Speaker 1: end of the quarter. And this is all done in
Speaker 1: close collaboration with FDA. How far along are you in
Speaker 1: working out all of those issues? How long do you
Speaker 1: think you will be collaborating with the FDA. So some
Speaker 1: of these issues takes, you know, a shorter period to correct.
Speaker 1: Other issues take a longer period. So typically when you
Speaker 1: have a situation like this, before you reach a complete remediation,
Speaker 1: it can be one to two years. But that doesn't
Speaker 1: mean that you can't be manufacturing and supplying your patients
Speaker 1: in the meantime. What's the cost of the company because
Speaker 1: of this the downtime as well as the fixes. So
Speaker 1: it's relatively insignificant. It's not a major manufacturing site, it's
Speaker 1: not a major part of our revenues, so the consequences
Speaker 1: are basically included in our accounting for the third quarter. Hey,
Speaker 1: and also one of the things that we've been watching,
Speaker 1: and I want to get you the way in on
Speaker 1: as Novartists considering selling or spinning off its Sanders generic
Speaker 1: drug business. How do you view that? Is that a
Speaker 1: good thing? Is it something that you're interested in purchasing?
Speaker 1: So I viewed as something and of course you have
Speaker 1: to ask them why they're doing it. I wouldn't know that,
Speaker 1: but if I, if I just took it from the outside,
Speaker 1: it reminds me of what fights I did with their
Speaker 1: up joint unit. They basically had some generic and old
Speaker 1: products that they spun out and put together with my
Speaker 1: Land into Biattress. And I think it looks like novartists
Speaker 1: doing the same. And one of the you would say
Speaker 1: arguments you've heard is that, of course you get better ratios,
Speaker 1: you'd be get better growth rate shows if you have
Speaker 1: an old business that you spin off and you keep
Speaker 1: your innovative specialty business, and your numbers from that point
Speaker 1: of view will look bit And that might be the motivation.
Speaker 1: In terms of us thinking about send us, We're not
Speaker 1: really looking into it. We don't have any appetite for
Speaker 1: any major acquisition simply due to the fact that we're
Speaker 1: focusing on reducing our debt, so it's not something we
Speaker 1: will be interested in. That was Course Schultz, president and
Speaker 1: CEO of generic drugmaker Tava, still ahead on Bloomberg Business Week.
Speaker 1: You only live one, Yolo. Um at least that's the
Speaker 1: mentality taking over financial markets these days, Yolo. Why the
Speaker 1: urge to speculate is stronger than ever tim at the
Speaker 1: age of the meme. We're also going to catch up
Speaker 1: with former Google chairman and CEO Eric Schmidt. All that
Speaker 1: and more to come. This is Bloomberg Broadcasting from the
Speaker 1: financial capital of the World Bloomberg eleven Frio in New
Speaker 1: York to Washington, d C. Bloomberg to Boston, Bloomberg one,
Speaker 1: O six one does San Francisco, Bloomberg nine to the country,
Speaker 1: Sirius XM number one nine and around the globe the
Speaker 1: Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stenovin on Bloomberg Radio. It was among our most read
Speaker 1: stories when it hit the Bloomberg. This week featured in
Speaker 1: the magazine as well, all about the market psychology and
Speaker 1: why the so called meme trade has gripped Wall Street
Speaker 1: and Main Street alike. Well, you know what they say, Carol,
Speaker 1: Yolo You only live once, so why not take a chance.
Speaker 1: The piece in this week's Finance section is entitled just
Speaker 1: when you think yolo trading is done, a new meme
Speaker 1: comes along. We get more with Bloomberg News investing reporter
Speaker 1: any Massa. I was thinking, Hey, maybe it's time to
Speaker 1: write a story about how yolo trading has tapered off.
Speaker 1: And literally that day, the Trump's back happened, and so
Speaker 1: I had to rethink it, and I was like, you
Speaker 1: know what, yolo trading hasn't it pritt off at all?
Speaker 1: What am I talking about? Like? Sure, game Stop and
Speaker 1: AMC have you know fallen. AMC is still trading, you know,
Speaker 1: far above where I was at the beginning of the year. Um.
Speaker 1: But like we've had these cycles almost like different vintages
Speaker 1: of meme stocks, so and crypto. So you had the
Speaker 1: first wave of game stopping AMC, then it was dog Coin,
Speaker 1: then it was she but a new coin, the Trump's back,
Speaker 1: now we have Evith. It's just an never ending cycle.
Speaker 1: It teams. Well. We love how you did this, and
Speaker 1: we talked with Bloomberg Business Week editor Joe Weber about
Speaker 1: your take and how you guys likened it to vintages
Speaker 1: of wine. Right, we're kind of moving through some different vintages. Yeah,
Speaker 1: and each different meme episode has its own ter war
Speaker 1: nicely done. But I'm um, um. What's interesting too, is, uh,
Speaker 1: it is kind of fascinating this week you talked about
Speaker 1: the you know Trump in the last couple of weeks, uh,
Speaker 1: in Digital World acquisition and even bed Bath and Beyond, Like,
Speaker 1: should we can we call that a meme? Stock. Yeah,
Speaker 1: I mean, that's a really good question. What qualifies exactly
Speaker 1: as a meme stock. Now, we had a whole group
Speaker 1: of them at the beginning of the year that became
Speaker 1: popular at the same time, very obviously got hot on
Speaker 1: message boards, but it seems like an expanding definition in
Speaker 1: some ways. And something that we address in the story
Speaker 1: is it's reflective of how investing has really changed in
Speaker 1: the past about six years. It didn't used to. Even
Speaker 1: even when social media and uh, you know, more accessible
Speaker 1: online investing became widespread, it wasn't quite as easy as
Speaker 1: it is today to see something on Reddit or Twitter
Speaker 1: or anywhere else and just quickly click into an app
Speaker 1: on your phone um and and buy a share or
Speaker 1: a fractional share of a company or a new cryptocurrency.
Speaker 1: So the information cycle and the ease of trading have
Speaker 1: both changed remarkably in just the past couple of years. Well.
Speaker 1: Any A big part of the narrative that has emerged
Speaker 1: around meme stocks such as the one we've been talking
Speaker 1: about have been the role of retail traders and retail
Speaker 1: investors that they have in these meme stocks. But I
Speaker 1: wonder about Wall Street's role and to what extent you
Speaker 1: have hedge funds getting involved and the bigger companies actually
Speaker 1: tracking these meme stocks and trying to get in. Well,
Speaker 1: we definitely saw that the hedge funds had a wake
Speaker 1: up call in the game Stop era, and that in
Speaker 1: particular was, um, you know, the things that help happened
Speaker 1: with Melvin Capital for example, just show how there needs
Speaker 1: to be a new awareness around the force with which
Speaker 1: a wave of retail traders can come into the market.
Speaker 1: And I think that hedge funds did take note of that.
Speaker 1: And um, you know, now you hear from some traders
Speaker 1: and from some firms that they have made some tweaks
Speaker 1: around how they monitor um, you know, social media phenomena.
Speaker 1: These people that we all thought were going to go
Speaker 1: back to work and not be able to trade because
Speaker 1: of the ease of doing it on these platforms can
Speaker 1: still be back at work, right and trading is And
Speaker 1: how we see this well, I mean it differs from
Speaker 1: person to person, I guess, but it's definitely easier to
Speaker 1: do just quickly on the side on your phone, maybe
Speaker 1: while you're walking out to get lunch or something, than
Speaker 1: you know, opening a whole desktop application like you might
Speaker 1: have had to do several years ago. Um so it's
Speaker 1: just getting more discreet and easier as time goes on.
Speaker 1: The conversations online changed around me stock um Well, I
Speaker 1: guess one prominent aspect of the game stop run up
Speaker 1: was trying to execute a short squeeze. So I wouldn't
Speaker 1: say that that's uh, that's not the case across the boards.
Speaker 1: Some of the popularity of certain meme names, especially in
Speaker 1: crypto um are just you know, bidding up the price
Speaker 1: of something that almost in the quite case of Shiba
Speaker 1: a new coin, or in the case of doge coins,
Speaker 1: really had almost no value whatsoever. And uh, it's just
Speaker 1: riding a wave of popularity. Basically all right, oh, all right,
Speaker 1: too early to say fad this point. I mean no, really,
Speaker 1: like it's just fascinating how you set out to do
Speaker 1: one story and then it was like, uh yeah, no, Annie,
Speaker 1: it's not going to be the case. Talk about a
Speaker 1: wake up call right now. I'm going to be very
Speaker 1: cautious to call it a fad. Well, I have just
Speaker 1: to say, that's Bloomberg News investing reporter Annie Massa. You're
Speaker 1: listening to Bloomberg Business Week, coming up a Titan of
Speaker 1: Silicon Valley stops by to discuss where technology goes from
Speaker 1: here in the age of Artificial Intelligence, and maybe we'll
Speaker 1: sneak in something about the metaverse. Former Google chairman and
Speaker 1: CEO Eric Schmidt coming up next. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovich from Bloomberg Radio. So if you
Speaker 1: read Bloomberg News, follow our pro having lineup, and if
Speaker 1: you don't, you really should. I'm just going to put
Speaker 1: that out there anyway. You're likely aware that the Age
Speaker 1: of Artificial Intelligence AI it is upon us. Our next
Speaker 1: guest had a hand in bringing us to this point,
Speaker 1: and he's got plenty to say on where we go
Speaker 1: from here to help us understand the challenges facing humankind
Speaker 1: as this technology becomes more pervasive. Bloomberg News cross ass
Speaker 1: At reporter Katie Greifeld and I spoke with Eric Schmidt,
Speaker 1: the co founder of Schmidt Futures and former CEO and
Speaker 1: chairman of Google. He's also the co author of the
Speaker 1: Age of a I and Our Human Future, which he
Speaker 1: co wrote with Henry Kissinger and Daniel Hutton Locker. Well.
Speaker 1: Dr Kissinger when he was in college, which was before
Speaker 1: all of us were born so many five years ago,
Speaker 1: wrote his undergraduate thesis on cont and content invented this
Speaker 1: whole theory of whether objects were real or how did
Speaker 1: we perceive them? And he had been interested in how
Speaker 1: virtual worlds would emerge, although he couldn't artickulate it the
Speaker 1: way we do it today. And when he visited Google
Speaker 1: and then subsequently talked to some of the AI folks,
Speaker 1: in particular a guy named Demostatibus, he realized that we're
Speaker 1: busy building the world that he thought about, but we're
Speaker 1: building it as technologists and without the basis of any
Speaker 1: kind of philosophy. So he set out with myself and
Speaker 1: Dan and a few others to kind of think through
Speaker 1: how do we address these technologies. And we concluded, and
Speaker 1: this is the headline, is that this change in the
Speaker 1: next five to ten years is the beginning of an
Speaker 1: ethical change in human history, similar to the Age of Reformation,
Speaker 1: where age of reason excuse me, where we went from
Speaker 1: the age of faith where people basically just believe that
Speaker 1: whatever God said was correct, versus the notion of having
Speaker 1: reason and the world where we're going to have ourselves
Speaker 1: and then inanimate non human intelligence is helping us is
Speaker 1: a very different world than the one we're in today
Speaker 1: and bridged the gap between the world we're in today
Speaker 1: and the world we're heading into where AI is a
Speaker 1: bigger part of it. Because you know, when I think
Speaker 1: about a I, I struggled to think about how it
Speaker 1: will transform my day to day life. So if we
Speaker 1: go down that path, you know, five, ten, even more
Speaker 1: years into the future, I mean, how do you see
Speaker 1: this shaping the world around us? Well, most people when
Speaker 1: they think about are they think of a killer robot.
Speaker 1: I wasn't going to say that, but yeah, yeah, yeah,
Speaker 1: we're not talking about that. What we're talking about is
Speaker 1: that you will have assistance. Today, you have an assistant
Speaker 1: in the form of Google UM, you have recommendation engines
Speaker 1: and so forth. Those are all AI powered by the way,
Speaker 1: but translations and so forth, that all works very well.
Speaker 1: What will happen in the next five or ten years
Speaker 1: is you're going to have conversational systems that are human
Speaker 1: life that you're going to ask questions and can make
Speaker 1: recommendations and more importantly, generate new things UM. In our book,
Speaker 1: we talk about the h the achievement of AlphaGo, where
Speaker 1: computers developed new game strategies for a game that have
Speaker 1: been played by umans for two thousand private or years,
Speaker 1: that had never been discovered by humans. We highlight the
Speaker 1: discovery of a new antibiotic. They could never have been
Speaker 1: done without using superhuman supercomputer analysis with human collaboration to
Speaker 1: look through all the choices to find a new antibiotic
Speaker 1: that says that saves lives. And we also talk about
Speaker 1: these new language models, which are these immense systems where
Speaker 1: we build them and that we don't know what they
Speaker 1: know and what they really think. And it's called GPT three.
Speaker 1: These are the beginning platforms of a transformation of our
Speaker 1: the world around us. So the answer for you, specifically
Speaker 1: your reporter, Uh, you're you're in the news, You're inundated
Speaker 1: with information. Everyone is going to be pushing more and
Speaker 1: more stuff to you. You're gonna be inundated. You're gonna
Speaker 1: need a digital assistant. It will help you prioritize what
Speaker 1: you what you need to do in your work as
Speaker 1: well as your whole life. Okay, that sounds better than
Speaker 1: a killer robot. Absolutely. So to that end, you write
Speaker 1: in the preface along with your co author, is that
Speaker 1: the three of you differed the extent in which you're
Speaker 1: optimistic about AI. Where do you follow that? Of the
Speaker 1: three of us, I'm the more most optimistic, I think
Speaker 1: because in my world, in my experience, we've we have
Speaker 1: these enormous opportunities with enormous downsides, and somehow we muddle through. Um.
Speaker 1: If I told you the social media would become the
Speaker 1: primary attention source and information source for the most of
Speaker 1: the world, you'd say, great. What I didn't realize when
Speaker 1: we did social media it would also be used to
Speaker 1: manipulated elections and manipulate people through falsehoods and misinformation and
Speaker 1: so forth. We're working on the ladder. So when this
Speaker 1: next generation of much smarter systems come along, we better
Speaker 1: have a notion of what their ethics are, what are
Speaker 1: they promoting? Um, when you put one of these things
Speaker 1: with your kid, who's obviously developmentally vulnerable, what happens if
Speaker 1: the thing has a hidden bug in it, like it's
Speaker 1: slightly racist, or it has the wrong values everyone's are
Speaker 1: all it says something inappropriate? Do you really want your
Speaker 1: child exposed to that in such an important role where
Speaker 1: this is the child's best friend. Eric, I want to
Speaker 1: talk about the metaverse and the context of last week's
Speaker 1: rebranding of Facebook. Now, Facebook is known as Meta Platforms, Inc.
Speaker 1: Mark Zuckerberg said last week it's now a metaverse first company. Indeed,
Speaker 1: if you open up Instagram now, it says instead of
Speaker 1: saying Instagram by Facebook, it says Instagram by Meta. What
Speaker 1: is the relationship between AI and the metaverse? Well, the
Speaker 1: metaverse needs to be defined, you know. As you know,
Speaker 1: the term was coined by Neil Stevenson in a famous
Speaker 1: science fiction book. And most of us think that the
Speaker 1: metaverse is a world where sort of similar to the
Speaker 1: movie Ready Player, one where you would move into a
Speaker 1: digital world that's everyone's smarter, more beautiful, faster, it's more fun,
Speaker 1: and it's really enjoyable. Facebook has not built that product yet,
Speaker 1: and so we have to assume that that's their direction.
Speaker 1: But it seems to me that naming the change seen
Speaker 1: the name of all of Facebook, which is a hundred
Speaker 1: thousand people in an enormous business, based on products that
Speaker 1: have not been announced yet, is a pretty big decision.
Speaker 1: And we'll see, let's see how the products play out. Yeah,
Speaker 1: I can't wait to see how that plays out at
Speaker 1: Facebook now Meta And I love the movie Ready Player one.
Speaker 1: I don't know if I would want to live there though,
Speaker 1: but it's interesting following this announcement from meta Facebook. I mean,
Speaker 1: you've seen Microsoft detailed their plans for the metaverse or
Speaker 1: their ambitions there. Uh Nividia Sword today after Wells Fargo
Speaker 1: said that there's an opportunity for that company in the metaverse.
Speaker 1: Is this a new buzzword? I mean, are we going
Speaker 1: to see every company trying to jump on this bandwagon? Well?
Speaker 1: I think I would rather have them go back to
Speaker 1: hype AI because A I understand what that is to
Speaker 1: transform their businesses in an enormous way. Um, what I
Speaker 1: think of as a meta versus something very interesting and
Speaker 1: very powerful. It's a natural next step. Um. I've been
Speaker 1: in all in various projects associated for more than thirty years.
Speaker 1: Perhaps its time has come. Um. I was in a
Speaker 1: meeting where one person said that that that what will
Speaker 1: happen is Facebook will use its significant cash and engineering
Speaker 1: resources to build this world using its identity services and
Speaker 1: so for and so on, but that there will be
Speaker 1: a competitor set of metaverses that will be based on
Speaker 1: technology known as web three, which is a crypto platform
Speaker 1: which has different different economics, different power structures, different leaders.
Speaker 1: I think we don't know who the leaders are going
Speaker 1: to be. What's exciting about this metaverse idea, once again
Speaker 1: the marketing ahead of the reality, is that it's another
Speaker 1: example of how the industry moves forward. In our book,
Speaker 1: we spent an awful lot of time talking about this
Speaker 1: new set of platforms that are being built in AI
Speaker 1: and their impact on society. The metaphors. If it is
Speaker 1: successful and if we understand ultimately understand what it is
Speaker 1: um may have huge impact on our education systems and
Speaker 1: the way we live and so forth. It doesn't mean
Speaker 1: Facebook will be the lead leader, but probably somebody will
Speaker 1: be the leader in that space. Well. Speaking of Facebook,
Speaker 1: in the wake of Facebook's rebrand too meta platforms, a
Speaker 1: lot of the commentary is focus around the Facebook brand
Speaker 1: and the idea that it's under scrutiny from Democrats and
Speaker 1: Republicans over what it did in terms of censoring or
Speaker 1: not censoring content are promoting hate speech on the platform.
Speaker 1: Our audience is very familiar with the articles that came
Speaker 1: out as part of the Facebook papers recently. Eric, I'm
Speaker 1: curious because you're widely viewed as coming in as the
Speaker 1: quote adult in the room when it came to Google.
Speaker 1: I'm wondering if if Facebook needs an adult to come
Speaker 1: in right now. Well, in fairness to Mark and his team,
Speaker 1: they're now proper adults. Maybe they were, you know, young
Speaker 1: when they were founding the company, but they've they've earned
Speaker 1: the right to drive in the way they are. I
Speaker 1: think we can debate their decisions. One way to understand
Speaker 1: the problem in social media is you want to maximize revenue,
Speaker 1: and by maximizing revenue, the best thing to do is
Speaker 1: to maximize engagement. By maximizing engagement, the best way to
Speaker 1: do this is with outrage. So guess what you get
Speaker 1: more outrage Because outrage drives drives attention. Attention drives revenue,
Speaker 1: and the companies are seeking that, and then the AI
Speaker 1: systems are optimized for that. You shouldn't be surprised we
Speaker 1: got what we got. Um when I was CEO of Google,
Speaker 1: we faced similar choices that we made a decision, which
Speaker 1: was a collective decision that we would take some of
Speaker 1: the games to revenue, but some of it to quality.
Speaker 1: That's a different company's decision. If I were doing Facebook today,
Speaker 1: I would have a hard decision in front of me,
Speaker 1: which is I want to improve the quality of my
Speaker 1: users experience and frankly, peddling misinformation and manipulating people is
Speaker 1: not a high quality outcome. It got to figure out
Speaker 1: a way to address that. They don't, they will eventually
Speaker 1: face some form of regulation. Eric Schmith, thank you so
Speaker 1: much for joining us on Bloomberg Business Week. Is new book,
Speaker 1: The Age of AI and Our Human Future, co written
Speaker 1: with Henry Kissinger and Daniel Hutton Locker Schmidt, the co
Speaker 1: founder of Schmidt Futures and former Google CEO and chairman.
Speaker 1: That rops up the first hour of the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio and Carol Messer,
Speaker 1: and I'm Tim Stanovka. Ahead. In our next hour, we're
Speaker 1: gonna hear from the CEO of Aura Health on the
Speaker 1: company's new wearable sleep tracker and wellness device, the latest
Speaker 1: version of the Aura Ring. It wraps right around your finger.
Speaker 1: It does indeed. Also the individual who helped build Zappos
Speaker 1: into a billion dollar Amazon target, Jen Limb. I'm working
Speaker 1: with Zappos co founder Tony Sheha. She's got a new
Speaker 1: book out Beyond Happiness. How authentic leaders prioritize purpose and
Speaker 1: people for growth and impact. And speaking of happiness, it's
Speaker 1: time to go shopping. Whether you're doing your holiday gift
Speaker 1: buying online or in stores are Bloomberg Pursuits team gives
Speaker 1: you a roadmaptick get it all done in time and
Speaker 1: in style. Do you want something from the red, blue, purple,
Speaker 1: or gold category of the This is a color coordinating
Speaker 1: gift giving guide. We're going to get to it in
Speaker 1: just a moment. This is Bloomberg. This is blue Burg
Speaker 1: Business Week inside from the reporters and editors who bring
Speaker 1: you America's most trusted business magazine, plus global business finance
Speaker 1: and tech news As it happened, Sloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stenovic on Bloomberg Radio.
Speaker 1: Hi am Carol Masser and I'm Tim st Plenty. In
Speaker 1: our second hour of the weekend edition of Bloomberg Business Week,
Speaker 1: including or helps mission to get you a good night's sleep,
Speaker 1: We're gonna check in with the company's CEO, heartbreet Rye.
Speaker 1: Plus she worked alongside the late Tony Sheha during Zappo's
Speaker 1: journey from startup to billion dollar Amazon acquisition. Consulting executive
Speaker 1: Jen Limb stops by to talk about the importance of
Speaker 1: cultivating happiness in business, and of course our Bloomberg Pursuits
Speaker 1: team is out with holiday gift Guide. Gifts in there
Speaker 1: for everybody. We'll talk about happiness. Just to give me
Speaker 1: one of those bubbles that's in the mail order. It's
Speaker 1: on a ship off the coast of you know. L A. Stanovic.
Speaker 1: Not gonna hold my breath. First, up this hour, let's
Speaker 1: get to the cover story. It's about twenty three and Me,
Speaker 1: the consumer genetics and research company that wants to become
Speaker 1: a big time form a company with drugs tailored to
Speaker 1: different genetic profiles. CEO and w Jitski took the company
Speaker 1: public back in June. Kristin Brown wrote the piece on
Speaker 1: the company, which has sold millions of people on mail
Speaker 1: and spit tests as a way to learn about their
Speaker 1: DNA makeup. Bloomberg News US Healthcare team leader Tim and
Speaker 1: Nette joining us. Now, Um, I have not done one.
Speaker 1: Have you done it? One of these tests? I have
Speaker 1: not done one now and it makes that makes three
Speaker 1: of us. I've had siblings who do it. I'm like,
Speaker 1: when you do that, then my genetic material is out there. Um. First,
Speaker 1: of all twenty three and me, most people know it's
Speaker 1: just about finding out about your ancestry, correct, Yeah, that's right.
Speaker 1: I think most people look at it as sort of
Speaker 1: a way they find out you know, oh, you know
Speaker 1: my ancestors from Ireland or you know wherever. And so
Speaker 1: most of the people that have taken those tests are
Speaker 1: looking for that kind of information, right, And they do
Speaker 1: do some health testing, and they have over the years
Speaker 1: sort of you know, evolved on that. But I think
Speaker 1: by and large, to most people, this is a company
Speaker 1: where you go to find out a little bit about
Speaker 1: yourself maybe to talk about around the dinner table. Was
Speaker 1: a startup, now it's a public traded company. What are
Speaker 1: those ambitions moving forward? What does and what Jetski want
Speaker 1: to do for users? So what she wants to do
Speaker 1: is become a drug company. Um. They have amassed a
Speaker 1: huge amount of data right on everybody's genetic makeup, and
Speaker 1: that data is incredibly valuable to companies and and and
Speaker 1: scientists and other people who develop drugs because one of
Speaker 1: the things you need to develop drugs is a huge
Speaker 1: database of you know, all kinds of really nitty gritty
Speaker 1: information on people's physical makeup. Okay, this is what everybody
Speaker 1: warned everyone about when it came to these companies, like, Hello,
Speaker 1: we started this out by saying have we done these before?
Speaker 1: None of us have. When I talk about this with people,
Speaker 1: they're like, but what do they do with your data?
Speaker 1: That's been a big concern for people, Right, is the
Speaker 1: sort of the unanswered question of once you do spit
Speaker 1: into that tube, what becomes of that um and that
Speaker 1: and that's resting somewhere. So what twenty three in me
Speaker 1: wants to do is take all that information and create therapies. Right.
Speaker 1: They want to be able to do clinical trials faster,
Speaker 1: They want to identify drug double targets faster, and they
Speaker 1: say that having all of this information under their roof
Speaker 1: allows them to speed up the process. So drugs that
Speaker 1: you know, could treat conditions that we don't have treatments for,
Speaker 1: or maybe finding new ways to use old drugs. Right,
Speaker 1: we could look at DNA samples and find some new
Speaker 1: way to apply a drug that's been on the market
Speaker 1: for years. These are all things that they say that
Speaker 1: they could do with this information that they've amassed from
Speaker 1: people spitting in their tubes. Well, this is the fascinating
Speaker 1: part of it. And I think even people who are
Speaker 1: truly altruistic um and maybe not running a publicly held company,
Speaker 1: team like that's the whole idea of thinking about the use.
Speaker 1: It's the whole thing of mapping the human genome. Right.
Speaker 1: We were also excited what kind of doors does that
Speaker 1: open in terms of really reworking the medical field and
Speaker 1: how we treat so many different ailments. That's been kind
Speaker 1: of the holy girl that we're all going after. Maybe
Speaker 1: she's onto something. Yeah, No, I think that it's quite
Speaker 1: possible that she is, right, um and um. You know,
Speaker 1: the the early evidence would suggest that they're having some success.
Speaker 1: They've sort of ramped up over the last year, even
Speaker 1: during the pandemic, when they've had people spread out working
Speaker 1: like everybody. You know, they've sort of doubled the number
Speaker 1: of of drugs that they feel that they can you know,
Speaker 1: do something with um and you know, and and so
Speaker 1: that early return suggests, all, right, well, maybe there is
Speaker 1: something to this, right, and so they have partners like
Speaker 1: Laxo Smith Klin that are very excited about working with them,
Speaker 1: A big farma company, big farma company, right, and so
Speaker 1: and you know, down the road, is this a company
Speaker 1: that twenty three and me competes with you know who knows, right.
Speaker 1: But but again there's a lot of early excitement around
Speaker 1: this idea because there is so much information to look at. Okay,
Speaker 1: but big farma is hard. Companies are made or broken
Speaker 1: by the success or failure of the speramental medications that
Speaker 1: ultimately get approved or do not get approved. That's right,
Speaker 1: And it's really hard. The value of death right, so
Speaker 1: that most things that go into the clinic, like the
Speaker 1: odds are a little better than one intent that they're
Speaker 1: going to come out the other end as an approved product.
Speaker 1: So it's a big risk, right, And that's why a
Speaker 1: lot of investors love biotech. Right. There's a huge binary
Speaker 1: risk and there's maybe some huge upside, but then there's
Speaker 1: all this potential downside as well, and more often than not,
Speaker 1: it's the downside that is the thing that washes out.
Speaker 1: So there is a lot of risk here and and
Speaker 1: a lot of unknowns as well. Just quickly. Regulators they're
Speaker 1: cool with all this, I mean not much always. So
Speaker 1: you know, drugs go through approval process, right, and so
Speaker 1: we'll see how that comes out at the end. But
Speaker 1: but they've been keeping an eye in this company. Right. Yes,
Speaker 1: they collect with with the testing, with the data collection,
Speaker 1: and you know other things. Besides, it's a new world order. Tim,
Speaker 1: are you going to do a test? Girl? No? Man,
Speaker 1: at my family who's done it. I'm like, come on,
Speaker 1: have a sibling who did it? So pretty much counted.
Speaker 1: As you know, her results are similar to mine. Well,
Speaker 1: our thanks Steve, Bloomberg News US Healthcare team leader Tim
Speaker 1: and Nett for joining us to talk about this week's
Speaker 1: cover story by Kristen Brown. It's all about three and
Speaker 1: one in five Americans have turned over their genetic material
Speaker 1: to or one of its competitors zero three, but the
Speaker 1: rest of America seems to be willing to give it all. Right,
Speaker 1: you're listening to Bloomberg Business Week. The wearables market continues
Speaker 1: to grow, tapping into all of our different body parts
Speaker 1: and working toward being an early indicator of what ails us.
Speaker 1: We're going to get an update on that and the
Speaker 1: ore ring from the Oor Health CEO. We're gonna speak
Speaker 1: with Harpreet Rye. This is Bloomberg. This is Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg Quick Takes. Tim Stenovik
Speaker 1: from Bloomberg Radio By one estimate, the fast growing wearables
Speaker 1: market could grow to more than seventy six billion dollars
Speaker 1: by the end of eight More companies, including metal platforms,
Speaker 1: looking to move deeper into it. An existing player in
Speaker 1: the space as wearable health platform or a health The
Speaker 1: company just launched its third generation or A ring that
Speaker 1: was in late October. It connects to your Apple or
Speaker 1: Android phone and provides daily health insights to its users.
Speaker 1: Sleep quality, heart rate levels, period prediction just a few
Speaker 1: of the many data points the ring can produce. So
Speaker 1: we asked or a health CEO Heartbreak Rye, how customers
Speaker 1: should keep track of it all. Look, So we make
Speaker 1: a wearable ring called the Aura Ring. You know, it
Speaker 1: looks like sorry, a normal ring, and it connects to
Speaker 1: your phone and we have you know, both both the
Speaker 1: iOS and Android, and you know, we give users daily
Speaker 1: insights about their health um mainly focusing on their sleep,
Speaker 1: activity and something we call readiness. Well, I'm curious about
Speaker 1: how you get that data and then how you present
Speaker 1: the data because if you look at what you can
Speaker 1: do daytime heart rate, period prediction, improved temperature sensing, workout,
Speaker 1: heart rate improve sleep staging, blood oxygen sensing UH, activity score,
Speaker 1: sleep score, activity detection heart rate AR. I mean, the
Speaker 1: list goes on and on and on. How do you
Speaker 1: make this into actionable day DA that improves the life
Speaker 1: of somebody who's using the product, you know, Tim, It's
Speaker 1: a great question, right. It almost seems like it can
Speaker 1: be data overflow, UM, but we we keep it really
Speaker 1: simple and we personalize it to you. So we have
Speaker 1: three main scores, your activity score, your sleep score, and
Speaker 1: something called the writing a score and the reading a score,
Speaker 1: something that takes an overall look at both your sleeping
Speaker 1: activity patterns over over the last two weeks and prior
Speaker 1: you know, frankly a month or so. UM. But then
Speaker 1: as you noted some of these other features, right, like
Speaker 1: things like if you're getting you know, we we we've
Speaker 1: you have done some research on that. During the pandemic UM.
Speaker 1: You know, we will actually have certain alerts that come
Speaker 1: through the the insight messages UM and our scores every day.
Speaker 1: So every day a user actually sees your own data,
Speaker 1: sees your scores that are personalized to them based on
Speaker 1: their baseline, and then it gives you a little bit
Speaker 1: of a tip or you know, an insight and we
Speaker 1: we really feel like that helps contextualize the data. And
Speaker 1: we're now starting to offer a lot more content. UM,
Speaker 1: so you actually get you know, content and ways to
Speaker 1: learn about your how out and actually things that you
Speaker 1: can do guided programs that can actually help you improve.
Speaker 1: So UM, we try to simplify all that data down
Speaker 1: and giving people a little bit of nuggets every day,
Speaker 1: which we call our insight engine. So heartbreak talk to
Speaker 1: us about, um, some of the suggestions you give to people,
Speaker 1: because I'm always curious about the impact. I really love wearables,
Speaker 1: but it is a lot of information. Tell me though,
Speaker 1: how it can improve us, especially when it comes to
Speaker 1: something like sleep, which I have to tell you whenever
Speaker 1: I go into a doctor with a problem, they're like, so,
Speaker 1: how are you sleeping? Because your body can heal unless
Speaker 1: you're sleeping. Well, it really is. I think you've described
Speaker 1: it as kind of the magic pill, uh, and it
Speaker 1: seems so easy, but it's not always that way. Yeah. Look,
Speaker 1: I think all of us, unfortunately know what a poor
Speaker 1: knight of sleep feels like, right, Like we're more stressful,
Speaker 1: more irritable. No. Look, I think unfortunately, as you mentioned
Speaker 1: that the actual impact to sleep in your health, right
Speaker 1: is becoming more and more prevalent in in you know,
Speaker 1: the news as it should be. Um So, you know,
Speaker 1: lack of sleep has actually been you know, linked to
Speaker 1: onset early onset of Alzheimer's too, you know in four
Speaker 1: actually you know, higher incident rate of cancers. Um and
Speaker 1: and even things you know, um, even things is you
Speaker 1: know more simple as like even just your memory recalling
Speaker 1: what you can remember that day. Um So, I you know,
Speaker 1: I think sleep does have a huge impact in your health.
Speaker 1: And but what we find is by giving users this
Speaker 1: information every day, right, they're able to see if something's
Speaker 1: changing and something's off, and then they sort of ask themselves,
Speaker 1: what did I do yesterday? And so you may actually
Speaker 1: see that you're resting heart rate you know, on a
Speaker 1: certain night is actually higher than normal. Right, and we'll
Speaker 1: give you a little message, Hey, it looks like your
Speaker 1: your heart rate was high, you know, higher than normal.
Speaker 1: What is that? Maybe because you ate too late, or
Speaker 1: maybe you're stressed or you know where you up late
Speaker 1: working And so we actually try to give these messages
Speaker 1: to contextualize the data that allow users to ask themselves, hey,
Speaker 1: what did I do? And And frankly, you know, I
Speaker 1: think the analogy I like to use is, you know,
Speaker 1: it's sort of like the car. Right, So cars nowaday
Speaker 1: have all types of sensors, right, and you may have
Speaker 1: higher pressure running low and one tire Now we're not
Speaker 1: you know, the car doesn't say, hey, you're your tires flat.
Speaker 1: It doesn't say why that happened? Is it because you
Speaker 1: ran over a nail? Or you know you parked it
Speaker 1: outside up hill on a cold days? Your name tires?
Speaker 1: So I think it's like that same analogy that if
Speaker 1: you look at that data, you know, what's that saying?
Speaker 1: Peter Drucker? What could what gets measured gets master right
Speaker 1: right right? And you get when you start to see
Speaker 1: this date all the time, you can start to see
Speaker 1: something's off. And I think it's that check engine light
Speaker 1: or that check tire and light. The thing that the
Speaker 1: first thing that I noticed about the Aura ring that's
Speaker 1: different than other wearable devices. It's is that it's on
Speaker 1: the finger rather than being on the wrist like the
Speaker 1: Apple Watch or the Whoop or you know previous examples
Speaker 1: of technology like jaw bone or or a fitbit for example,
Speaker 1: why the why the finger? No? I think from an
Speaker 1: accuracy point of view and convenience. It just ends up
Speaker 1: being sort of the sweet spot um of wearables. So, um,
Speaker 1: you know, every hospital you walk into actually takes your
Speaker 1: heart rate on the finger and your spr two as well.
Speaker 1: And actually most diabetics right measure measure the glucose by
Speaker 1: taking a finger prick, right, um. And it turns out
Speaker 1: that the pulse on your finger, the pulse signal is
Speaker 1: about a hundred times stronger than the rist where your
Speaker 1: typical wristwatch sits. So we use that phenomenon that you
Speaker 1: know other devices have used in the past, and and
Speaker 1: actually made a wearable from that. I think, um, you know,
Speaker 1: what we found is that it's just much more accurate
Speaker 1: for a lot of these health features, including sleep, things
Speaker 1: like heart right veriability which is a sign of stress,
Speaker 1: or even things like illness, and even period prediction and
Speaker 1: some of the women's health features that we've been developing.
Speaker 1: And one thing I'm curious and I'm thinking of people
Speaker 1: are preach who are listening and saying, okay, lots of
Speaker 1: information and give me a heads up. Do you have
Speaker 1: any anecdote stories about the impact that this device has
Speaker 1: had on people's lives? Totally? I think, you know, Frankly,
Speaker 1: we've heard everything from people out people finding out they
Speaker 1: have a serious medical condition, um by realizing they have
Speaker 1: abnormal sleep patterns, or that their heart rate was really high,
Speaker 1: um compared to others that they knew, UM two people
Speaker 1: just realizing like, hey, I try to realize the days
Speaker 1: that I actually have a glass or two of wine,
Speaker 1: you know, with dinner, that that actually, you know, ends
Speaker 1: up producing my sleep score the next day and I
Speaker 1: sort of feel way worse. And I think, you know,
Speaker 1: we found people just adjusting your daily habits to funding
Speaker 1: out about things that may be affecting their health that
Speaker 1: are much more seriously and and you know, frankly, I
Speaker 1: think it's those stories that we hear from our users
Speaker 1: that really keep us on our team going what's the
Speaker 1: endgame for you guys? Because Tim and I were talking
Speaker 1: to you before we get started with ut Man. This
Speaker 1: could be a great add on for a lot of
Speaker 1: well known companies that are out there that are pursuing
Speaker 1: UH wearables are already in the space. Could be an Apple,
Speaker 1: could be a Facebook like you could kind of go
Speaker 1: a lot of different places Amazon. Thank you, Tim. What's
Speaker 1: the plan for you guys? No, look, I think It's
Speaker 1: a great question. I think from from our perspective, you know,
Speaker 1: we'll we'll do whatever you know really allows for the
Speaker 1: best risk return for our shareholders and also frankly what
Speaker 1: allows us that we think to keep executing on our
Speaker 1: mission right and and really to bring the world health
Speaker 1: as a daily practice. And so you know, whether that
Speaker 1: means an I p O or you know what that
Speaker 1: means an acquisition, I think you know we're we're not
Speaker 1: used on that. We're just focused on really making the
Speaker 1: best possible products and solutions for our customers. That's or
Speaker 1: a health CEO, heartbreat rye and executive in a company.
Speaker 1: I certainly expect to hear more from down the road.
Speaker 1: I wouldn't be surprised Carol if this were an acquisition
Speaker 1: target still to come on Bloomberg Business Week. She was
Speaker 1: there as Zappos went from a startup to a billion
Speaker 1: dollar Amazon acquisition. She continues to track happiness in our world.
Speaker 1: She's got a new book out and it talks about
Speaker 1: how happier employees lead to happier customers, more successful companies,
Speaker 1: and more meaningful lives. It's a mission that she and
Speaker 1: the late co founder of Zappos Tony she developed together.
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 oh six one does 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 Stenovin on Bloomberg Radio.
Speaker 1: She's spent feel a decade as a consultant with Zappos
Speaker 1: as that company grew from a startup in the e
Speaker 1: commerce world into a billion dollar business that was ultimately
Speaker 1: bought out by Amazon, and along with the co founder
Speaker 1: and CEO of Zappos, the late Tony Shea, founded the
Speaker 1: consulting firm Delivering Happiness, which helped others realize the impact
Speaker 1: of prioritizing purpose, people and profits. Jen Limb is CEO
Speaker 1: of the consulting firm Delivering Happiness, and she's got a
Speaker 1: new book out. It's called Beyond Happiness. How authentic leaders
Speaker 1: prioritize purpose and people for growth and impact well I
Speaker 1: think well was really I guess most interesting for me
Speaker 1: part of that experience is that around the same time
Speaker 1: Tony and I started ginking out on positive psychology and
Speaker 1: the science of happiness without knowing that there was something
Speaker 1: like that that existed. That was to me became sort
Speaker 1: of this peak tree dish as to how to prototy
Speaker 1: type and experiments with these concepts that have been universally
Speaker 1: known since Aristotle, An Socrates, and then more recently with
Speaker 1: positive psychology, like Marisa Legman, was what would it look
Speaker 1: like to do it in a company setting. That's what
Speaker 1: really broke Zappos into a new barrier of practicing these
Speaker 1: things that are so universal. Everyone wants it, everyone wants
Speaker 1: to be happy, but how can you do that, especially
Speaker 1: in the workplace setting. So, jen Um, we talked little
Speaker 1: bit about the pandemic impact. Tell us a little bit
Speaker 1: more about that for greenhouse conditions that companies really need
Speaker 1: to thrive and survive, because I really do think companies
Speaker 1: coming off the pandemic are rethinking their relationship with employees,
Speaker 1: rethinking their responsibilities because the idea of people purpose and
Speaker 1: profit has been around for a while, but but maybe
Speaker 1: we're thinking about it in a different way going forward. Yeah,
Speaker 1: I think there's been a huge I mean I think
Speaker 1: you ago again, like great reset of what has happened
Speaker 1: in the last and we're still going through it, you know,
Speaker 1: And it's just like eight team plus months, almost two years.
Speaker 1: And what I've learned, even like from Zappa's days to
Speaker 1: the last eleven years of delivering happiness, that formula really
Speaker 1: worked well in terms of if we can make our
Speaker 1: employees happier, we can actually have happier customers and more
Speaker 1: profitable businesses. But what I've learned, especially in the last
Speaker 1: few years, is that those greenhouse elements is making it
Speaker 1: even more impactful and universal that because with all the
Speaker 1: changes that we cannot control around us, what we can
Speaker 1: do is leaders and companies therefore is what can we
Speaker 1: can control what's within us? And these greenhouse elements that
Speaker 1: I talked about has been time and time again from Starbucks,
Speaker 1: two companies in Egypt to Kazakhstan, like, it's been incredible
Speaker 1: to see how they adopted these things. So the elements
Speaker 1: are alignment, belonging, accountability, and commitment. It's interesting though, you know, Jenner,
Speaker 1: at this time, we're company ease or maybe rightfully so
Speaker 1: being asked to do a lot, and I use that
Speaker 1: as private companies, publicly health companies, which we cover so
Speaker 1: much here obviously at Bloomberg, but you know, when it
Speaker 1: comes to E s G. Right, environmental social governance, their responsibilities,
Speaker 1: when it comes to diversity and inclusion, uh, and being
Speaker 1: asked to really step up. And I do wonder about
Speaker 1: what is the responsibility you talk about, you know, managing
Speaker 1: you know, purpose profit people. Can companies kind of be
Speaker 1: all things, especially if you're publicly health companies, you know
Speaker 1: where you are judged quarterly unfortunately by still financial metrics
Speaker 1: for better or worse. So that I would say the
Speaker 1: short answers yet and the reason why, like the freshest
Speaker 1: I like example that I have is the work that
Speaker 1: we did at Starbucks. And you know, here here's the
Speaker 1: company that super public ubiquitous brand has a lot to
Speaker 1: do with how they have to answer to the quarterly earnings.
Speaker 1: And before the pandemic hit, like they were on a high.
Speaker 1: I mean, they were like one of the highest stock
Speaker 1: fractions of all time even after Howard left. So when
Speaker 1: the pandemic hit, it was a trio situation, you know,
Speaker 1: like for the fact that the revenues were plummeting, and
Speaker 1: what I saw was very regulatory as to where we
Speaker 1: can be and learned from this kind of stuff because
Speaker 1: they had all this pressure. But what I saw in
Speaker 1: this leadership team is that they actually held a marriage
Speaker 1: to themselves and they asked themselves, or are we really
Speaker 1: living up to this mission statement which is nurturing and
Speaker 1: inspiring the humosphere at one cup, one one person, one
Speaker 1: one neighborhood at a time. And I saw something pretty
Speaker 1: miraculous because even though they were hurting as a company
Speaker 1: and their profits, they realized that they did have to
Speaker 1: double down on what their mission statement and therefore purpose was.
Speaker 1: And what came out of that, in addition to the
Speaker 1: triage that had to happen, was this whole new programs
Speaker 1: on what to make the company more people positive and
Speaker 1: planet positive in a way that took a real honest
Speaker 1: level check on. But we've been profit driven, how are
Speaker 1: we going to use this profit in a more meaningful way?
Speaker 1: So it can be done, but it does take a
Speaker 1: lot of deep diving and self reflection of what matters most.
Speaker 1: That's Jen Limb, the CEO of the consulting firm delivering
Speaker 1: Happiness Check out a new book. It's called Beyond Happiness.
Speaker 1: You're listening to Bloomberg Business Week. Coming up. Our Bloomberg
Speaker 1: Pursuits team, it's out with its holiday gift giving God
Speaker 1: for One, Tim, and a bit earlier than usual, and
Speaker 1: for good reason. We're going to tell you why right
Speaker 1: after this. This is Bloomberg. You're listening to Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich
Speaker 1: from Bloomberg Radio. Every new watch is like a new
Speaker 1: piece of box. It does in different stories to tell
Speaker 1: the time. Wines as a whole really speak to that
Speaker 1: quintessential need is the most powerful carnate in the US period.
Speaker 1: You get the beautiful interior, the iconic design that's very
Speaker 1: cheek and post. It is time for Bloomberg Pursuits and
Speaker 1: if supply Chain Bottlenecks have taught consumers one thing ahead
Speaker 1: of the holiday shopping season this year, Tim, get your
Speaker 1: presents early. Our Bloomberg Pursuits team is out with its
Speaker 1: holiday gift Guide for One. A wide range of prices
Speaker 1: here and perhaps some extra lead time needed for some
Speaker 1: of these purchases. Hello supply Chain exactly, Can I just
Speaker 1: say to there's some beautiful imagery in this section. You
Speaker 1: gotta check it out to on the terminal online of
Speaker 1: Bloomberg dot com, business Week dot com, or pick up
Speaker 1: a copy of Business Week. It is on newstands near you.
Speaker 1: Christian Shirley contribute to the magazine put together a list
Speaker 1: that will totally blow you away. Well, Carol explain the
Speaker 1: year's gift guide. It goes monochrome. It's color coordinated. It
Speaker 1: features nearly fifty gifts, grouped and photographed by color. They
Speaker 1: range from fourteen dollar bubble bath and a forty dollar
Speaker 1: can to a five thousand dollar bottle of whiskey. And
Speaker 1: there's a watch in there from Bari. It's going to
Speaker 1: cost you close to a hundred and sixty k. You heard,
Speaker 1: I'm chuckling. Let's bring in blue pursuits. Editor Chris Rouser
Speaker 1: here to go through the list. Um, it is a
Speaker 1: really fun list. First of all, you guys do this
Speaker 1: every year, right, yes, every single year in Business Weeks
Speaker 1: we do a gift guide. And in the past we've
Speaker 1: done you know, Okay, this year, let's think about experiences,
Speaker 1: not things. Um, we've done you know, sort of more
Speaker 1: charitable minded gift guides and then this year, the vibe
Speaker 1: that we were getting from everybody was give me my stuff,
Speaker 1: Let's go crazy. I want Amanda and people people have
Speaker 1: you know, like people want to spend some money on
Speaker 1: nice gifts. So we we organized it by color because
Speaker 1: we basically all the most fabulous things were like, okay,
Speaker 1: how do we divide them up? And so we've got
Speaker 1: red and gold and green and blue, um, and some
Speaker 1: really fabulous stuff from our favorite brands. I have a question.
Speaker 1: It's forty seven though? Is it forty seven item? Yeah?
Speaker 1: And what happened? You couldn't come up with three more
Speaker 1: to make it a nice round fifty? Do you know?
Speaker 1: To be totally honest, a couple of things didn't show
Speaker 1: up for the Father show this. But if you go online,
Speaker 1: there's more. There's more than a hundred gifts when it
Speaker 1: when the gift guy goes online. Um, so you should
Speaker 1: definitely check it out. And there's also a bigger price
Speaker 1: range online. All right, come on, Tim, what do you okay?
Speaker 1: I'm gonna you know, I'm gonna start with the watch.
Speaker 1: Start with the top right, there's a watch in here
Speaker 1: by Bulgaria hundred and sixty thousand dollars a hundred and
Speaker 1: fifty eight thousand. I was rounding up, why does this
Speaker 1: make a great gift? Yeah, so I have tried on
Speaker 1: this watch, and technically I think they would say it's
Speaker 1: a watch for ladies because it's covered in pink sapphires.
Speaker 1: But I come on dispute that. Um, you guys are
Speaker 1: welcome to get this for me for Christmas. Um. So,
Speaker 1: the Diva's Dream Watch series from Bulgary is this line
Speaker 1: of watches that they do that has a pattern on
Speaker 1: the dial um that looks like these almost like an
Speaker 1: array of fans. And it's actually modeled after the tiles
Speaker 1: in the caracalabaths in rome Um. And so this pattern
Speaker 1: that Bulgary uses all through their jewelry, and in this
Speaker 1: particular Diva's Dream Watch series, they love to like make
Speaker 1: the dial pattern out of jewels. So it's very blinky
Speaker 1: and it's these beautiful diamonds and these perfect pink sapphires
Speaker 1: and it's just like so glittering on your wrist. How
Speaker 1: long did you wear it? Only a few moments and
Speaker 1: I had to wear a glove. And you are a
Speaker 1: watchcount of store, I mean, you really knows what you watches.
Speaker 1: So when you really are like kind of blown away
Speaker 1: by one. You know, it's spectacular. I have to say
Speaker 1: in that category, I guess it's like the pink pink category.
Speaker 1: There's also some great ear rings that price on request.
Speaker 1: Oh yeah, the Copacabana ear rings are priced upon request,
Speaker 1: and they have ninety carrots of sapphires, but they're actually pink,
Speaker 1: so they kind of go from like a white color
Speaker 1: to our transparent all the way to a deep deep purple.
Speaker 1: And they're from show part and they again, if you
Speaker 1: have to ask, you probably can't afford it. What is
Speaker 1: price upon request? Like, can you give us any number?
Speaker 1: Is number of digits? So that, um, you know, I
Speaker 1: don't know the price of that, but I think, you know,
Speaker 1: I would guess it's anything from six d thousand upwards
Speaker 1: to a million. But a secret about jewelry like that
Speaker 1: is partially you can negotiate on the price. So if
Speaker 1: you are a client and you go in, they might
Speaker 1: throw out a price and then you don't actually pay
Speaker 1: that price or you kind of you know, start to negotiate.
Speaker 1: So my Amazon gift card of a thousand dollars, so
Speaker 1: if you have a million dollars, and then on jewlry.
Speaker 1: I'm just saying what you're saying is you still have
Speaker 1: to be a credited investor to important. First of all,
Speaker 1: I do love that how you did it. I have
Speaker 1: to say, I'm such an idiot, but I first printed
Speaker 1: out at the pursuit section were blue paper in the printer,
Speaker 1: and so I'm coming out, I'm like, this is kind
Speaker 1: of odd. I thought it wasn't be different colors. Anyway,
Speaker 1: I reprinted it sorry trees out there on white paper.
Speaker 1: It's really stunning because it is broken into different colors, red, green, purple, gold, Like,
Speaker 1: it's really cool how you did it well, and you know,
Speaker 1: it's a real mix of things in each of the color.
Speaker 1: So like on that pink page, you've got the Diva's dream,
Speaker 1: You've got those that dream watch, you've got those ear rings,
Speaker 1: and then you have this beautiful fragrance from Louis Vatton
Speaker 1: which has this great sort of mashed up metal cap
Speaker 1: which was designed by Frank Gary. And I'm a big
Speaker 1: collector of um fragrances actually, And I think now that
Speaker 1: we're re emerging from the pandemic and you're actually going
Speaker 1: to the office and you're going to social events like
Speaker 1: let's double down on fragrance. That's sounds nice and it's
Speaker 1: just because we've been smelling your own breath for you. Yeah, exactly.
Speaker 1: Don't you want to smell showering um? And you know,
Speaker 1: there's nothing more lovely than looking at like a little
Speaker 1: collection of beautiful fragrance bottles. And this one called Dancing
Speaker 1: Blossom from Louis Vatan is really beautiful. And then also
Speaker 1: on this pink page, you've got this candle, the scented
Speaker 1: candle from Dante, which is actually a cocktail bar in
Speaker 1: New York. It's one of the best cocktail bars in
Speaker 1: the world. And it's a cosmopolitan candle literally smells like
Speaker 1: the cocktail from Sex in the City. It was drawn
Speaker 1: to the thera a gun, yeah, because I think about
Speaker 1: a farra gun. And this was like a pandemic purchase
Speaker 1: for so many people at the beginning of the pandemic.
Speaker 1: I recently visited my brother and he was having back pain,
Speaker 1: so he went and bought a thera gun. I love
Speaker 1: these things. Yeah, I didn't know what came in this
Speaker 1: mini version. They're legit. Yeah, and this is the first
Speaker 1: mini version that I have seen up with love in personally.
Speaker 1: But they've had them for a little while, and um,
Speaker 1: you know this person is red. The color is red,
Speaker 1: but it's also project red. So portions of the proceeds
Speaker 1: go to fight pandemics, which is great. And it's a
Speaker 1: hundred so it's on the lower end of this list.
Speaker 1: It's not a hundred nine dollars like something. Let's talk
Speaker 1: about crapes. Cake. Oh yes, the purple page or should
Speaker 1: I call it lavender page or violet page? I don't
Speaker 1: know what to call it. So Christian Shirley, who is
Speaker 1: our amazing contributor who also knows everything about luxuries, he
Speaker 1: suggested this beautiful um layer cake. But it's like a
Speaker 1: bunch of layers, probably like a couple dozen layers, and
Speaker 1: it's purple, and it's purple because it's made out of
Speaker 1: purple yams like sweet potatoes. And she suggested and I
Speaker 1: was like, uh no, next me back my watch. And
Speaker 1: then she and our food editor Kate Creator tried it
Speaker 1: and they said, honestly, this is phenomenal and it looks
Speaker 1: it's it's assert it's not like a healthy side. Um,
Speaker 1: it's got sugar all over it, but it's actually really
Speaker 1: sweet and a really surprising treat for a dinner party.
Speaker 1: All right, if Kate says it's good, I'm going to
Speaker 1: go with it. What about thirty year old single malt Scotch? Yes,
Speaker 1: so the doll Moore um is this brand that has
Speaker 1: there's a real you know, they make all sorts of
Speaker 1: really sought after expensive scotches and this one is their
Speaker 1: thirty year the thirty year old, which was released and
Speaker 1: it was finished in thirty year old tawny port pipes
Speaker 1: and um so it's just been aging and it's five
Speaker 1: dollars and it's really if you really want to wow
Speaker 1: somebody who's like all scotch or whiskey person, this is
Speaker 1: an incredibly generous gift. I always wonder, Chris, when you're
Speaker 1: doing this. First of all, I want to be with it,
Speaker 1: like part of your team, because I just think it
Speaker 1: must say that every week I do, because I really
Speaker 1: don't make me feel good. If you're going to that team,
Speaker 1: are you going to take me with you? Maybe we'll
Speaker 1: see yes, I'll take you. Okay. But everyone wants to
Speaker 1: be on Christmas here, We all do, because it's just
Speaker 1: but like, what do you guys do? You guys just
Speaker 1: start kicking around things or like, how do you start,
Speaker 1: because I can only imagine that there's probably tons of
Speaker 1: things that you could consider. How do you, like you said,
Speaker 1: people want nice things right now, but how do you
Speaker 1: whittle it down? Yeah, So everyone on our team specializes
Speaker 1: in a certain area, So Kate Creator a specialized in food,
Speaker 1: Hannah Elliott and cars, Nikki x Sign and travel, you
Speaker 1: know the rest of our team. And so we each
Speaker 1: we've been each like comple collecting things over the past
Speaker 1: year that we think would be great. And we we
Speaker 1: gathered together all the list christ and Shirley who worked
Speaker 1: on this also like she's a real jewelry expert and
Speaker 1: she also fragrances, and so we get we get together
Speaker 1: a big list and then we go through it and
Speaker 1: we think, Okay, what is a good blend? What what
Speaker 1: would surprise people? Because you don't want to put stuff
Speaker 1: on a gift list that's everybody would guess already. And
Speaker 1: and also sometimes things like um clothes are sort of
Speaker 1: actually hard to give to somebody if you don't know
Speaker 1: other size. So we try to stick to like say
Speaker 1: shoes or jewelry, which sort of you can you can
Speaker 1: you know what you're guess getting for somebody. I just said,
Speaker 1: there is a great pair of shoes, a pair of
Speaker 1: Nulablonic they are studying. Yeah, the Lutara mules from Anola Blonic.
Speaker 1: Are these the blue silk and the strap across your foot?
Speaker 1: Is this really blinging crystal? And it just looks so fun?
Speaker 1: It looks like a party on your kid? Can I see?
Speaker 1: During the pandemic? There was a point because I'm home
Speaker 1: and I'm wearing my yoga pants and jeans, and I'm like,
Speaker 1: we're walking on a bare bare feet, bare feet. Like
Speaker 1: I was like, I don't need to do that. But
Speaker 1: there was a point. On my birthday I went and
Speaker 1: bought a crazy pair of high heels because I just
Speaker 1: wanted like some normalcy and something fun. And that's kind
Speaker 1: of I feel like what this plays into. I was
Speaker 1: excited to start wearing shoes again. I mean, they hurt
Speaker 1: when I started wearing them to the office, but I
Speaker 1: was excited. Do you have a favorite here a favorite?
Speaker 1: That's a good question. I mean, you obviously like the watch.
Speaker 1: I like the watches um and you know what, I
Speaker 1: think the thing that is like the most shockingly useful
Speaker 1: is there is a device from the company called Corvin,
Speaker 1: which when you open a bottle of champagne, you can
Speaker 1: just stick it in the top. That's not the sound
Speaker 1: it really makes, and maybe it does. It keeps champagne
Speaker 1: fresh for four weeks. That's amazing. You want to know
Speaker 1: a funny, very true story. Yes, years ago, before I
Speaker 1: worked here, I saw a core of an article about
Speaker 1: Corvin in Bloomberg Business Week. My siblings and I ended
Speaker 1: up buying it for my dad for Christmas that year.
Speaker 1: Now it works for champagne, which is like famously impossible
Speaker 1: to keep fresh. There's also two little tricks, but this
Speaker 1: really works and it's it's amazing alright. Thanks to Bloomberg
Speaker 1: Pursuits editor Chris Rouser for giving us just some great
Speaker 1: ideas for the holiday shopping season. That's going to wrap
Speaker 1: up our weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: Thanks for joining us. I'm Tim Stanoviak and I'm Carol Master.
Speaker 1: Be sure to tune into Bloomberg Business Week daily Monday
Speaker 1: through Friday, starting at two pm Wall Street Time on
Speaker 1: Bloomberg Radio. You can also watch our daily broadcast on YouTube.
Speaker 1: Just search Bloomberg Global News and check out o Bloomberg
Speaker 1: Business Week podcast. Find that at Bloomberg dot com, Apple,
Speaker 1: or wherever you get your podcasts. Bloomberg Business Week is
Speaker 1: available on newsstands at Bloomberg dot com and on the
Speaker 1: Bloomberg Terminal. Also, you can watch me on Bloomberg Quicktake
Speaker 1: available at Bloomberg dot com, slash Qt, and streaming platforms
Speaker 1: like Roku, Apple TV, Samsung TV and more. The Pursuits
Speaker 1: Edition Gift Guide It's there for you and you're shopping Tim,
Speaker 1: The gifts are there for me. The gifts are there
Speaker 1: for you. Have a great weekend everyone. This is gloom Birth. Yeah,