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Speaker 1: Hi, it's West Kasova. We're taking a break this week

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Speaker 1: for the holidays, so here's an episode you might have missed.

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Speaker 1: Hey Vicky, you have two sons and two dogs, so

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Speaker 1: here's a question which of them is more expensive.

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Speaker 2: The dog's food is crazy expensive, but the boys are growing,

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Speaker 2: so I feed them sometimes too.

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Speaker 1: From Bloomberg News and iHeartRadio, it's the Big Take. I'm

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Speaker 1: West Kasova today. How much are you spending on your pet?

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Speaker 1: When the conversation turns to pets, and at some point

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Speaker 1: it just always does. After the phones come out and

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Speaker 1: the photos are pat around my.

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Speaker 2: Animals and send them to you all.

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Speaker 3: Oh my god, how cute.

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Speaker 1: It's only a matter of time before it's all about

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Speaker 1: how much the care and upkeep of dogs and cats costs.

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Speaker 1: That's exactly what happened when the Big Take crew was

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Speaker 1: putting together this episode.

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Speaker 4: My cat's son, Sylvie, costs a lot. When it comes

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Speaker 4: to diet. He's on a prescription diet because he is

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Speaker 4: allergic to everything, and that food went up fourteen dollars

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Speaker 4: over the last ten months or so, so it used

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Speaker 4: to be seventy seven now it's ninety one dollars.

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Speaker 1: Ninety one dollars Catherine for food.

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Speaker 4: Yep, and that might sound bad already, but something to

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Speaker 4: know about Sylvie is that he of course hates his

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Speaker 4: prescription food. So I spent about twenty dollars a month

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Speaker 4: extra buying things to sort of doctor up the bowl,

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Speaker 4: like treats, beef toppings. We're trying a new beef broth

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Speaker 4: this week.

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Speaker 3: Funnily, I know Catherine, my cat too has a broth obsession.

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Speaker 3: So Wednesday is my cat. She's a Persian cat. She

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Speaker 3: has the classic grumpy flat face. Basically, I have to

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Speaker 3: give her this thing called lysing. It's like an immune support.

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Speaker 3: So what I do is I take a little scoop

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Speaker 3: of liceing and I mix it into the broth. And

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Speaker 3: the broths are not cheap. It's a liquid and it

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Speaker 3: has solids. She doesn't eat the solids, and I know

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Speaker 3: that's what keeps the cost up.

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Speaker 5: Wow, I lucked out. I have a three legged rescue

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Speaker 5: dog named Igy. She's a little angel. She's not picky

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Speaker 5: at all food wise. She'll eat whatever you put in

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Speaker 5: front of her. But that has also gotten us into

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Speaker 5: trouble because somehow, three legged or not, she managed to

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Speaker 5: get up on the counter while we were gone one

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Speaker 5: day and I had just bought a bag of currants

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Speaker 5: to try on my oatmeal. I was excited. I was like,

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Speaker 5: dried food on the oatmeal.

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Speaker 3: Loo, let me go.

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Speaker 5: And we come back home from dinner, my partner and

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Speaker 5: I and lo and behold there are currents spread across

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Speaker 5: the couch. She ate the whole bag. It's roughly a cup.

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Speaker 5: First we're like, oh haha, how quirky.

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Speaker 1: Then we call.

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Speaker 5: There's apparently a pet poison hotline, so right there, seventy

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Speaker 5: five right off the bat. So you get on the

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Speaker 5: phone and the person goes, okay, there are two options here.

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Speaker 5: One totally harmless, totally fine, option two. Three of them

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Speaker 5: will poison her. So then we had to go to

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Speaker 5: the emergency Vet, which, up front, I think I had

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Speaker 5: to put something like twenty five hundred dollars on my

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Speaker 5: card for them to even do anything. Luckily ended up

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Speaker 5: only being thirteen hundred, so a bargain.

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Speaker 2: Yeah, I will say, I've also had my poor pop

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Speaker 2: astro who ate something. We still don't know what it was,

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Speaker 2: but yeah, trip to the emergency Vet and you know,

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Speaker 2: stomach X rays and everything out the gate. It was

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Speaker 2: a good fifteen hundred at least, and I did have

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Speaker 2: pet insurance so that covered some of it, but that

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Speaker 2: pet insurance does not cover the three hundred dollars a

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Speaker 2: year bill just to get a wellness check. When I

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Speaker 2: adopted my dog Astro, it was required by the adoption

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Speaker 2: agency that I get pet insurance for him. So it

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Speaker 2: started off thirty five bucks a month, but then he

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Speaker 2: had that whole issue where he ate something we weren't

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Speaker 2: sure what it was. After that, the monthly premium went

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Speaker 2: way up and it's almost double, So it's great if

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Speaker 2: you don't need it.

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Speaker 1: Okay, what's the strangest pet expense you've come across.

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Speaker 3: My best friend has an exotic short hair cat named

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Speaker 3: Pistachio Muffin, and he, much like my beloved persian Wednesday,

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Speaker 3: has a flat face. One vet said that he had

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Speaker 3: never seen nostrils on a cat so small, and those

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Speaker 3: small nostrils led to breathing issues, respiratory issues, and it

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Speaker 3: was just a bad time for little Pistachio. So the

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Speaker 3: vet suggested, you can get the nostrils widened. There are

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Speaker 3: surgeons that will do this a cat nose job, a

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Speaker 3: cat knows job. Of course, the only surgeon was on

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Speaker 3: the upper east side, and for this nostril widening surgery

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Speaker 3: it was twelve hundred dollars.

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Speaker 1: So, given how much all of your dogs and cats

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Speaker 1: are draining your bank accounts, do you have any regrets?

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Speaker 1: Would you give them up? Would you not get them

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Speaker 1: if you knew what you were in for?

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Speaker 5: Never?

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Speaker 2: They bring me so much joy it's worth every cent.

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Speaker 3: I used to think that the amount of money people

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Speaker 3: spent on their pets was absurd until I adopted Wednesday,

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Speaker 3: and now I will gladly go into massive debt to

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Speaker 3: keep her happy and healthy.

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Speaker 5: Before adopting I GI, my partner and I sat down

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Speaker 5: and had a budgeting conversation and we kind of thought

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Speaker 5: we had an idea of what it would be and

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Speaker 5: what our backup plan was should the worst happen. And

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Speaker 5: then the Currents happened and we were like, oh, now

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Speaker 5: we get it, but no, wouldn't give her up, would

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Speaker 5: keep her in a heartbeat. I will just never buy

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Speaker 5: Currents again.

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Speaker 4: I die for so hands down.

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Speaker 1: Reporters Knako Katan and Brendan Case wondered, if each of

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Speaker 1: us is spending so much on our pet, how much

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Speaker 1: are we all spending? They set out to put a

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Speaker 1: number on what they call the global pet economy.

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Speaker 6: So the worldwide pet economy right now is well north

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Speaker 6: of three hundred billion dollars, and the next seven years

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Speaker 6: are going to be a big story about growth. Bloomberg

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Speaker 6: Intelligence is predicting that number is going to get up

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Speaker 6: to about half a trillion dollars, very close to five

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Speaker 6: hundred billion dollars. And you've got the US that is

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Speaker 6: accounting for not quite half, but almost half of the total.

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Speaker 6: But you've also got growth in Europe, and you've got

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Speaker 6: the fastest growth in the rest of the world, particularly

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Speaker 6: emerging markets. And so you've got a global trend with

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Speaker 6: certainly more pets because of the pandemic, and especially in

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Speaker 6: the US, there is an uptick in the population. And

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Speaker 6: for each pet, you've got rising average spending because of

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Speaker 6: this new collection of services, healthcare and premium products that

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Speaker 6: pet owners can buy.

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Speaker 4: Now.

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Speaker 1: I remember when I was a kid. Of course people

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Speaker 1: had pets, but they weren't taking them to the doctor

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Speaker 1: for MRIs and doing a lot of these really intensive

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Speaker 1: medical treatments, buying them fancy gourmet food. When did all

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Speaker 1: this start to become a really big thing.

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Speaker 7: It's been growing rapidly for a long time. It was

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Speaker 7: recession proof during two thousand and seven, eight and nine.

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Speaker 7: It was continuing to grow through that. But then I

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Speaker 7: think maybe in the last ten or thirteen years is

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Speaker 7: when the drug companies that we interviewed started to notice

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Speaker 7: this is huge. We have this great anecdote from Zoetis,

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Speaker 7: which is the largest pet healthcare company, saying that their

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Speaker 7: animal livestock portion of their pet business used to be

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Speaker 7: sixty four percent and the rest was pets. In the

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Speaker 7: past ten years, that has completely flipped to the exact opposite.

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Speaker 1: And why is that? Why are people now just spending

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Speaker 1: more on their pets than they did before.

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Speaker 7: You just see pets becoming part of the household. They're

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Speaker 7: treated as one of the family more and more. Then

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Speaker 7: you have the pandemic where there was just a huge

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Speaker 7: uptick in pet adoptions, and then add sort of the

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Speaker 7: lifestyle of the youngest generations Gen Z and millennials that

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Speaker 7: are also kind of contributing to more spending, and they

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Speaker 7: admit they're spending more on their pets than ever before,

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Speaker 7: just you know, before maybe starting families.

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Speaker 6: That's a really big part of the story. You know,

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Speaker 6: you get gen z, you get millennials, and statistically they're

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Speaker 6: starting families a little later, and if you look at

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Speaker 6: the surveys, they're the ones who are out there saying

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Speaker 6: much more than other generations that you know, yes, pets

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Speaker 6: are very much part of the family. They buy into

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Speaker 6: the whole sort of trend towards humanization, and they are

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Speaker 6: willing to spend pretty heavily on their cats and dogs

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Speaker 6: and other pets.

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Speaker 1: Brandon, you mentioned earlier that in the US especially, there

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Speaker 1: was this uptick in people getting pets during the pandemic.

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Speaker 1: How big an increase was it.

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Speaker 6: The increase in pet ownership was one of the big

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Speaker 6: stories in the early stages of the pandemic. And what

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Speaker 6: you end up with three years down the line is

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Speaker 6: that Morgan Stanley estimates that there are about five million

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Speaker 6: more pets in the US as of the middle of

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Speaker 6: last year compared with twenty nineteen. That's an increase of

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Speaker 6: about four percent. So you've got a rising population of

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Speaker 6: companion animals. But it's not just that, it's also rising

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Speaker 6: spending on each pet. So to give you an idea

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Speaker 6: of the numbers, the Labor Department calculates that household pets

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Speaker 6: spending went up about thirteen percent as of twenty twenty

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Speaker 6: one from two twenty nineteen. That thirteen percent increase is

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Speaker 6: not quite twice the average rate of inflation during that period,

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Speaker 6: but it's close. And so if you drill down into

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Speaker 6: dollar terms, what you see is that according to Bloomberg Intelligence,

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Speaker 6: it costs about fifteen hundred dollars to own a dog

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Speaker 6: that's per year in the US, and it costs close

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Speaker 6: to one thousand dollars to own a cat.

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Speaker 7: So those numbers, maybe, on average they're right, but everyone

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Speaker 7: we spoke with for this article, and everyone I know,

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Speaker 7: spends more than that. So for example, we spoke with

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Speaker 7: one woman, Susan Genteel. She's a public school teacher who

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Speaker 7: spent about eight thousand dollars or more on her dog, Elvis,

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Speaker 7: because sadly, he had a heart condition. She was spending

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Speaker 7: on echo cardiograms, she was spending on hyperbaric chambers. You know,

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Speaker 7: she's spending a lot of money to keep her dog healthy.

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Speaker 7: This is another part of what's really taking pet ownership

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Speaker 7: into the next level, you know, the next boom, which

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Speaker 7: is the cost of health care, the cost of vet services,

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Speaker 7: the fact that a lot of the medicine innovation that

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Speaker 7: you're seeing in the human health sector are transferring into

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Speaker 7: the animal health sector more.

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Speaker 1: With Brendan and Naka when we come back. Knaka, before

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Speaker 1: the break, you were talking about how more and more

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Speaker 1: expensive medical procedures for pets are becoming the norm. Now,

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Speaker 1: what are some of these procedures that people are having

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Speaker 1: done on their animals that they just didn't do in

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Speaker 1: past years.

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Speaker 7: I mentioned echo cardiograms. There are also a ton of

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Speaker 7: innovative medicines that have just been approved for these sort

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Speaker 7: of big pharma companies. They sort of have their roots

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Speaker 7: in big pharma, and then some of them spun off

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Speaker 7: and became just focused on pets. So you could be

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Speaker 7: treated for osteoarthritis using monoclonal antibodies, which was used, for example,

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Speaker 7: to fight COVID. And then there are top line diabetes

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Speaker 7: drugs that you can find now used for pets. And

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Speaker 7: in the case that we spoke with a woman whose

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Speaker 7: dog had a heart condition, she was telling us that

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Speaker 7: she used the same medication for her dog, Elvis, that

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Speaker 7: her father took, so she would give half a pill

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Speaker 7: to Elvis and her dad would take a full pill.

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Speaker 6: It's not just medicine. It's also a lot more scans

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Speaker 6: like the electrocardiogram I was talking about. Another example is

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Speaker 6: an MRI. One of the people we talked to said that,

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Speaker 6: you know, time was maybe ten, fifteen, twenty years ago.

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Speaker 6: If you lived near a sort of a teaching hospital

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Speaker 6: veterinary medicine, then yeah, you could probably get an MRI,

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Speaker 6: but not many people did. Now that's a service that

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Speaker 6: you can essentially walk in and get. The downside is

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Speaker 6: that it's going to set you back, you know, two

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Speaker 6: thousand dollars or more.

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Speaker 1: What would it happen to a dog like Elvis five

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Speaker 1: years ago, ten years ago? Was there any kind of

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Speaker 1: treatment like this, let alone the kind of diagnostics that

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Speaker 1: are very common for pets these days, you know.

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Speaker 6: For a dog like Elvis and for a lot of

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Speaker 6: pets out there, the sad answer is probably they would

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Speaker 6: have died earlier. And I think that you have elements

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Speaker 6: of some people being more willing to spend a lot

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Speaker 6: on advanced treatments. You also have a situation where these

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Speaker 6: advanced treatments are out there, and yes, the providers do

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Speaker 6: want to use the expensive equipment to provide the best service.

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Speaker 6: They can't if you talk with some vets, I think

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Speaker 6: that one lesson you come away with is that they,

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Speaker 6: you know, they do have the issue of affordability in mind.

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Speaker 6: It's something that they struggle with as well. But the

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Speaker 6: fact remains that there certainly are people out there, you know,

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Speaker 6: pet owners who are demanding those services. And so you've

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Speaker 6: got the veterinary medicine industry that is, you know, adjusting

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Speaker 6: to provide them and take advantage of a lot of

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Speaker 6: the technology that they can bring to bear.

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Speaker 7: And there are lots of surveys about just how close

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Speaker 7: families feel to their pets. Above ninety percent feel that

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Speaker 7: their pets are part of their family or one of

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Speaker 7: their children. Almost above eighty percent, eighty five percent or

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Speaker 7: so say they would spend any amount of money to

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Speaker 7: care for their pets no matter what. And I think

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Speaker 7: that was one of the most surprising things you mentioned, Wes,

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Speaker 7: is just how much people are willing to spend, and

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Speaker 7: with the available services and diagnostics and drugs out there,

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Speaker 7: they can do that now. And it's interesting what I

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Speaker 7: also found a lot of times people almost underestimate how

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Speaker 7: much they've spent, and when you ask them to itemize it,

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Speaker 7: it's a lot higher than they expected.

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Speaker 6: Yeah, well, you know, Elvis himself had a nine hundred

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Speaker 6: dollars electrocardiogram. An MRI goes for two thousand dollars or more.

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Speaker 6: And that's according to a group called the Pet Fund

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Speaker 6: that exists to try to help people pay for care

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Speaker 6: that they can't afford on their own. And if you

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Speaker 6: talk with them, they say that it used to be

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Speaker 6: once in a blue mood, you would see a ten

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Speaker 6: thousand dollars price tag for total care of an animal

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Speaker 6: having a serious health problem. That we're told is becoming

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Speaker 6: increasingly common. And in fact, the people running the Pet

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Speaker 6: Fund have seen bills that range as high as twenty

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Speaker 6: thousand or thirty thousand.

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Speaker 7: Right, we have in our story the largest insurance claim

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Speaker 7: was it fifty thousand dollars for a dog that was

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Speaker 7: run over in Brooklyn.

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Speaker 1: And you mentioned insurance, which is another big component in

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Speaker 1: this is that a lot of people, in order to

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Speaker 1: pay for this, or in anticipation of having an illness

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Speaker 1: that could cost a lot of money, are buying insurance.

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Speaker 1: How does that work? How does pet insurance work?

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Speaker 7: So there's you know, an annual premium and then the

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Speaker 7: deductibles and then the out of pocket, and we actually

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Speaker 7: have Bloomberg Intelligence doing some of the math coming up

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Speaker 7: with an average number. So if a cancer treatment can

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Speaker 7: cost eight thousand or ten thousand dollars, at the end

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Speaker 7: of the year, the total expenses under insurance can be

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Speaker 7: maybe twenty seven hundred. But there are a lot of

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Speaker 7: people who do say that the premiums are very high.

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Speaker 7: In Susan Gentiel's case, she said that her dog was

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Speaker 7: too old at the point where she wants to get insurance,

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Speaker 7: so it was too expensive. And in general, I think

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Speaker 7: you know, the entire market is about three percent of

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Speaker 7: pets are insured, so that actually opens things up for

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Speaker 7: huge growth in that sector.

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Speaker 6: So the thing about pet insurance is that you do

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Speaker 6: want to go in with your eyes open. This is

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Speaker 6: an industry that's bringing in about two point six billion

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Speaker 6: dollars in annual premiums right now. That's up from a

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Speaker 6: billion dollars in twenty seventeen. But if you look at

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Speaker 6: the numbers, you know, it really depends on the individual

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Speaker 6: case whether it's worth it. You know, the average for

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Speaker 6: a dog if you want accident and illness coverage is

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Speaker 6: almost six hundred dollars, and there are some people out

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Speaker 6: there who say, you know, better to take that money,

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Speaker 6: set it aside for future care for the animal and

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Speaker 6: just pay with cash. Others obviously are deciding that they

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Speaker 6: do want the coverage, but it'll come with a pretty

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Speaker 6: high deductible and so they'll still have to pay out

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Speaker 6: of pocket a fairly significant amount.

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Speaker 1: Are we already starting to see elective procedures for pets,

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Speaker 1: you know, cosmetic surgery, things that aren't purely medical but

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Speaker 1: are just done to, I don't know, make your dog

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Speaker 1: look better.

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Speaker 6: Certainly, there's a lot of gray area, first of all.

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Speaker 6: And then there is the world of what you might

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Speaker 6: call plastic surgery for animals. It's kind of a famous example,

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Speaker 6: which are called neuticles. These are testicular implants for dogs

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Speaker 6: that you can buy if you have your dog neutered,

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Speaker 6: but you kind of want to have them keep the

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Speaker 6: pre operation. Look, there's a market for this, okay, and

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Speaker 6: a pretty good one apparently. You know, this is a

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Speaker 6: company that seems to be doing okay for itself. There's

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Speaker 6: a famous example the actor Jake Jillenhall. He was on

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Speaker 6: The Tonight Show and he said that he got a

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Speaker 6: pair of neuticles for his German shepherd.

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Speaker 1: You should get nuticles.

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Speaker 5: Do you know what those are?

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Speaker 7: I must know.

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Speaker 1: I could guess maybe.

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Speaker 5: But they're prosthetic testicles. Anyway, long story short, he has nuticles.

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Speaker 7: This is not elective surgery, but it's in the realm

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Speaker 7: of psychological costs. We found a lot of owners I

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Speaker 7: spoke with put their pets on doggy Prozact because they

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Speaker 7: had behavioral issues, anxiety, a lot of anxiety, and neighbors

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Speaker 7: filed complaints. You know, some pretty difficult experiences that pet

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Speaker 7: owners say is not talked about a lot. And so

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Speaker 7: they had to put their dogs on prozac or put

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Speaker 7: them into day care training, and so those costs can

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Speaker 7: rise to almost as much as you know, a heart condition.

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Speaker 1: We'll be right back gn We've been talking about how

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Speaker 1: pet ownership and the amount of money people spend on

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Speaker 1: their pets are going up. But there's also the opposite happening,

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Speaker 1: which is a lot more people, especially who got a

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Speaker 1: pet during the pandemic, are trying to return them or

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Speaker 1: finding new homes because they just can't keep up.

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Speaker 6: Yeah, you are starting to see that, and what you

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Speaker 6: see in the data such as it is because again,

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Speaker 6: you know, the data here is not quite as clean

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Speaker 6: as with human activities. But if you look at numbers

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Speaker 6: compiled by a group called Shelter Animals Count, you're certainly

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Speaker 6: seeing an uptick in most states in what what are

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Speaker 6: called pet surrenders compared with the early days of the pandemic.

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Speaker 6: There's an important caveat there, though, which is that by

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Speaker 6: and large those numbers are lower than they were in

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Speaker 6: twenty nineteen, and so it's not quite right yet, at

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Speaker 6: least to say that there's a bunch of people who

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Speaker 6: ran out and got pets during the pandemic and now

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Speaker 6: they just can't deal with them. Certainly, that description fits

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Speaker 6: the case of some people. For many others, you know,

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Speaker 6: I think that they're, you know, at least compared with

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Speaker 6: pre pandemic levels, seem able to keep their pets at

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Speaker 6: home and seem happy.

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Speaker 7: And I think actually that's a really clear sign that

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Speaker 7: pet owners are willing to go very far to keep

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Speaker 7: their pets, even if for whatever reason it was, they

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Speaker 7: might want to rehome their pets. You might have the

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Speaker 7: numbers taking up from the start of the pandemic, but

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Speaker 7: we're still not at twenty nineteen levels. You know, that

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Speaker 7: trend toward humanization and doing whatever you can to make

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Speaker 7: sure your pet is healthy and happy and stays with you.

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Speaker 7: That I think will continue, and that's perhaps where this

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Speaker 7: market will continue to head towards the half trillion target.

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Speaker 6: That's right. In the short term, there is a bit

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Speaker 6: of a question mark just from the economy. There's obviously

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Speaker 6: a lot of economic uncertainty out there, and it is

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Speaker 6: the case that when the economy worsens, there are more

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Speaker 6: people who look to rehome their pets. Whether the economy

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Speaker 6: will worsen to that extent, whether people will react with

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Speaker 6: the same historical pattern, all that remains to be seen.

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Speaker 6: But it's a big question mark. As we go through

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Speaker 6: the rest of this year.

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Speaker 7: We hear from the drug company saying that costs spent

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Speaker 7: on healthcare are sticky, right, They're very recession resilient, and

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Speaker 7: so people would decide to lower their costs in some

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Speaker 7: other area a cheaper car or fewer clothes sooner than

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Speaker 7: actually taking away bending on a pet.

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Speaker 1: As you're reporting on this boom industry that, as you describe,

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Speaker 1: is only going to get bigger and bigger, what are

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Speaker 1: you looking for? What are the trends down the road

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Speaker 1: that you're keeping your eye on.

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Speaker 7: I'm interested in how human health is trickling down into

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Speaker 7: pet health, especially because it takes a lot shorter to

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Speaker 7: go through the approval process FDA approval process to get

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Speaker 7: a new drug for a pet, and so eventually we

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Speaker 7: might see innovation first hitting the pet market before the

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Speaker 7: human market.

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Speaker 6: Yeah, there's a lot of research out there on dog

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Speaker 6: aging for a number of reasons, one of which is

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Speaker 6: that dogs have shorter lifespans, and so a human researcher

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Speaker 6: can track multiple generations of dogs over the course of

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Speaker 6: a career. There's something called the Dog Aging Project, which

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Speaker 6: is based out of the University of Washington and Texas

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Speaker 6: A and M University. It's got forty four thousand dogs enrolled,

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Speaker 6: where the dog owners fill out questionnaires keep track of

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Speaker 6: their pets health and behavior. The hope is that over

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Speaker 6: time they start to generate insights into how dogs age,

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Speaker 6: which genes age the best. It's even conceivable that there

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Speaker 6: could be some insights from that project coming into human health,

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Speaker 6: and you know, there's startups out there with plans to

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Speaker 6: do something similar. You could see a number of so

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Speaker 6: called anti aging drugs on the market within three four

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Speaker 6: years potentially, So that's definitely one thing to watch. Another

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Speaker 6: thing that I keep my eye on is whether the

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Speaker 6: assumption that people will keep accepting higher prices in fact

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Speaker 6: turns out to be right. There's a lot of money

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Speaker 6: behind these industries, right Like Mars Incorporated, the candy bar

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Speaker 6: Company is one of the big investors in veterinary services.

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Speaker 6: And the bet there is that humanization trend rising incomes

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Speaker 6: greater supply of pricier options for pet care. You know,

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Speaker 6: the bet is that those will all come and give

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Speaker 6: this very robust annual average growth over the next five, seven,

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Speaker 6: ten years. But there's a lot that could go wrong too,

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Speaker 6: you know. It could be that people you know, just

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Speaker 6: can't hack it, particularly in the middle or lower income levels.

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Speaker 6: Could be that demand isn't quite where they're expecting it

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Speaker 6: to be. But right now, the people putting money at

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Speaker 6: risk here definitely expecting these numbers to keep rising pretty

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Speaker 6: quickly in terms of spending.

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Speaker 1: And I think it's important for our listeners to know

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Speaker 1: your bias dog or cat.

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Speaker 6: Cat. My wife and my kids know that more of

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Speaker 6: a cat person, but we do have two cats and

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Speaker 6: two dogs. Our house is a bit of a zoo

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Speaker 6: and we love them all.

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Speaker 7: And Naka I grew up with a dog and it

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Speaker 7: would have to be dog again.

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Speaker 1: Knahok, Tan, Brendan Case, thanks so much for coming on

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Speaker 1: the show.

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Speaker 7: Thank you so much for having us, Thanks.

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Speaker 6: For having us.

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Speaker 1: Thanks to Rebecca Shasson, Katherine Fink, Sam Gebauer, and Vicky

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Speaker 1: Ergolina for sharing their cat and dog stories. And thanks

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Speaker 1: to you for listening to us. Here The Big Take.

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Speaker 1: It's a daily podcast from Bloomberg and iHeartRadio. For more

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Speaker 1: Email us questions or comments to Big Take at Bloomberg

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Speaker 1: dot net. The supervising producer of The Big Take is

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Speaker 1: Vicky Ergalina. Our senior producer is Katherine Fink. Our producer

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Speaker 1: is Rebecca Shasson. Our associate producer is Sam Gobauer. Philde

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Speaker 1: Garcia is our engineer. Our original music was composed by

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Speaker 1: Leo Sidrin. I'm Weskasova. We'll be back on Monday with

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Speaker 1: another Big Take. Have a great weekend.