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Speaker 3: Hi, everyone, Welcome to the Bloomberg Business Week Weekend Podcast.
Speaker 3: Big Big week. Yes, another FED decision, but what consumed
Speaker 3: most was the US presidential election that will send Donald
Speaker 3: Trump back to the White House. The so called Trump
Speaker 3: Trade kicked into action post election day, driving bitcoin to
Speaker 3: a record, spiking treasury yields, and sending stocks rallying. One
Speaker 3: name benefiting Elon Musk's Tesla. More on the relationship between
Speaker 3: the world's richest man and the President elect, plus r
Speaker 3: convest Kathy wood on elon the elections.
Speaker 4: The FED, and more.
Speaker 3: We begin, though, with the aftermath of the US presidential election.
Speaker 3: The vote count ended a lot sooner than most anticipated,
Speaker 3: as it handed a definitive victory for former President Donald
Speaker 3: Trump and set off some soul searching for the Democratic Party.
Speaker 3: Trump's win is a tale of widespread discontent, creating a
Speaker 3: deficit too deep for Kamala Harris to overcome, so, writes
Speaker 3: Bloomberg BusinessWeek editor brad Stone. Brad joined us to help
Speaker 3: answer the question what happened?
Speaker 5: Well, look, you know we always look back on our
Speaker 5: elections and sort of contemplate a pithy summation of what happened.
Speaker 5: So Trump in twenty sixteen kind of bringing Americans to
Speaker 5: reject Obama's globalist optimism. You know, you can go back
Speaker 5: Obama his message of hope after the Great Recession. And
Speaker 5: so I was really kind of thinking about, well, what
Speaker 5: are we going to take from this? And the most
Speaker 5: obvious explanation, the big one that stands out, is that
Speaker 5: people were just dissatisfied with the current state of things economically.
Speaker 5: I mean, you had a president deep underwater and Biden
Speaker 5: his popularity is approval rating at forty one percent, twenty
Speaker 5: six percent of Americans dissatisfied with the direction of the company.
Speaker 5: That's the easiest and most obvious explanation. But when I
Speaker 5: talk about the kind of muddy factors, I mean, there's
Speaker 5: just so much we don't know the fact that Vice
Speaker 5: President Harris lost ground with Latino voters, non college educated
Speaker 5: female voters, young voters, I mean, there's clearly something else
Speaker 5: going on here, and I think it will take a
Speaker 5: while for us to really look at the data and
Speaker 5: understand what went on.
Speaker 3: One thing that's really striking to me again, the data
Speaker 3: is still continuing to sort of come out here, Brad,
Speaker 3: and there's been a lot of hand ringing by a
Speaker 3: lot of different groups here at this point. But turnout
Speaker 3: just wasn't there, even on the Republican side in terms
Speaker 3: of gross numbers compared to twenty twenty. Do you have
Speaker 3: any idea what happened there?
Speaker 5: I mean, it's yeah, it's remarkable. I mean, maybe there's
Speaker 5: a little bit of political exhaustion. I mean the Vice
Speaker 5: president talked a little bit about that on the campaign trail.
Speaker 5: You know, in twenty twenty, the election we're comparing it
Speaker 5: to we were in the very midst of the pandemic.
Speaker 5: You know, maybe there weren't all that many alternatives at
Speaker 5: the time to getting engaged in the electoral process and voting.
Speaker 5: You know, there might have just been something about the
Speaker 5: options and the candidates that voters had to turn them off.
Speaker 5: So no, I think, you know, when you look, particularly
Speaker 5: on the Democratic side, the depressed voter turnout was a
Speaker 5: major factor behind the across the board defeats Brad.
Speaker 3: You know what's really striking to me, And we actually
Speaker 3: heard this from Jay Powell over and over again. He
Speaker 3: talked about how good of an economy it is right now,
Speaker 3: spot firing on all cylinders, inflations coming back to two percent,
Speaker 3: the unemployment rate is pretty in balance with where he
Speaker 3: wants it to be. That's not the message that I
Speaker 3: got in terms of this election. That's not the message
Speaker 3: that voters sent, especially in those swings dates. What's the
Speaker 3: misery index and explain how you looked at that.
Speaker 5: Yeah, Bloomberg had I thought a very prescient article about
Speaker 5: a week ago that talked about how uneven that economic
Speaker 5: recovery was and that despite the overall positive kind of
Speaker 5: macro numbers on jobs, on inflation, on gas prices, that
Speaker 5: you know, there are pockets of unhappiness. And we looked
Speaker 5: at the swing states where you know, states like Wisconsin
Speaker 5: or Michigan, Ohio, states that did vote for President Trump,
Speaker 5: where the misery index, as you say to him, that
Speaker 5: combination of inflation data unemployment data is still very high.
Speaker 5: And so there are things like population declines in some counties,
Speaker 5: still a stumbling recovery, high unemployment numbers that were clearly
Speaker 5: fueling the dissatisfaction that may have turned the election.
Speaker 3: It's so interesting because it seems like the chattering class
Speaker 3: kind of thought that presidential candidate, who has been accused
Speaker 3: of so many different things, who has been determined by
Speaker 3: a court to actually be a fellon thirty four different counts,
Speaker 3: and has had so many struggles at least with the
Speaker 3: law over the last few years, oversaw not really what
Speaker 3: he would say, but no question that he was there
Speaker 3: on January sixth, and all the comments that he's made
Speaker 3: about that have been well documented. But that just didn't
Speaker 3: matter at all in the end to voters.
Speaker 5: Well, certainly not to a majority of the voters that
Speaker 5: turned out in the selection. You know, maybe it did
Speaker 5: propel some to stay home. You know, it may also
Speaker 5: be that people have short term memories. I mean, my
Speaker 5: colleague Mark Million rights in the BusinessWeek newsletter about nostalgia.
Speaker 5: Nostalgia can be a powerful political force, you know, make
Speaker 5: America great again. Reagan's Shining City on a Hill evoking
Speaker 5: these memories. So, you know, nostalgia as a political force.
Speaker 5: I kind of like the idea, but it also maybe
Speaker 5: suggests that specific memories aren't as powerful as these vague
Speaker 5: memories of a greater time. That in talking about making
Speaker 5: America great again and all the implicit things in that statement,
Speaker 5: you know that Trump is distracting people from the specifics
Speaker 5: of maybe how they felt about his leadership during the pandemic,
Speaker 5: how they felt about some of his you know, crimes
Speaker 5: alleged and otherwise, and brought their attention more on, you know,
Speaker 5: restoring this sense, maybe illusory, that he can help, you know,
Speaker 5: bring America back to some previous greatness.
Speaker 3: So so, you know, I'm wondering about sort of the lesson,
Speaker 3: and it's not our job to sort of give a
Speaker 3: lesson to democrats here. But as I mentioned, there's a
Speaker 3: lot of hand ringing going on, and we've written about that.
Speaker 3: It's been well documented. But the Monday morning or the
Speaker 3: Wednesday morning quarterbacking.
Speaker 4: This should have, would have, could have?
Speaker 3: It sort of seems like in hindsight, some of it
Speaker 3: actually went back to the current president's decision to continue
Speaker 3: running until that became untenable.
Speaker 4: Well, look, I.
Speaker 5: Mean, Tim, I'm not a political analyst by any means,
Speaker 5: but you know, I would say you this. I mean,
Speaker 5: first of all, the margin of the victory you know,
Speaker 5: for Trump, was so big that you know, perhaps any
Speaker 5: one factor might not have even had made a difference.
Speaker 5: And two, you know the Democratic Party. You know the
Speaker 5: fact that there is no longer a chance or a
Speaker 5: hope of changing minds in Ohio, you know, my home state,
Speaker 5: or Florida used to be a swing state. The fact
Speaker 5: that the Democratic Party doesn't speak to you know, middle
Speaker 5: class or lower class voters in states like Arkansas or Oklahoma,
Speaker 5: you know where you know, arguably voters there might appreciate
Speaker 5: some factors of the Democratic agenda, raising the you know,
Speaker 5: the minimum wage, restoring protections for healthcare and insurance. You
Speaker 5: know that they that the Democrats rely on, you know,
Speaker 5: three Midwestern swing states, the so called blue Wall, or
Speaker 5: hope to turn Arizona or Nevada or North Carolina. It
Speaker 5: just feels like there needs to be an overhaul, you know,
Speaker 5: a rebalancing of expectations in the Democratic Party if they
Speaker 5: really hope to compete going forward.
Speaker 3: Yeah, you know, fun you mentioned blue Wall, but I've
Speaker 3: heard people say they might need to rechange change the
Speaker 3: name of that given what's happened in the last three elections.
Speaker 3: Whereas Democrats only won the Blue Wall States in one
Speaker 3: of those last three, and that was in twenty twenty. Hey,
Speaker 3: I wanted to talk about with you some of the
Speaker 3: other stories that you and the team over at Bloomberg
Speaker 3: BusinessWeek have been highlighting in recent days. There's been a
Speaker 3: lot of handwringing about polling and the idea that every
Speaker 3: poll that we got, save for a couple polls that
Speaker 3: people thought were outliers at the time, really showed this
Speaker 3: race neck and neck a coin flip. It's pretty remarkable
Speaker 3: to see the team. Chadwick, Mattlin and Alex Tansey argue
Speaker 3: that even though there was a red wave, we shouldn't
Speaker 3: be blaming the poles.
Speaker 4: What's going on here.
Speaker 5: I may not be so charitable as Alex and Chad
Speaker 5: on this one. You know, there is an argument, and
Speaker 5: polsters make it that, hey, the results were within the
Speaker 5: margin of error, so they weren't technically wrong. And Chad
Speaker 5: and Alex right that polsters are often more accurate than
Speaker 5: they are precise, which to me feels a little bit like,
Speaker 5: you know, when your football team loses and they still
Speaker 5: say they played a great game. You know, it's like
Speaker 5: all these states, all the swing states, Sure they might
Speaker 5: have been within the margin of error, they're still very close,
Speaker 5: but they all underestimated Trump support. They were all sort
Speaker 5: of directionally wrong in the same way. And then you
Speaker 5: look at states like Florida or Texas, and they really
Speaker 5: extremely underestimated Trump's support, well outside the margin of error.
Speaker 5: And I think that, you know, polsters still haven't quite
Speaker 5: figured out Donald Trump's support this time around. They waited
Speaker 5: their results, they tried to account for communities, like is
Speaker 5: the respondent in a rural area or how did they
Speaker 5: vote previously? And I just don't think they have quite
Speaker 5: figured it out or gotten it right. And I think,
Speaker 5: you know, if you were if you made the mistake
Speaker 5: once again of putting your faith in the polls, you
Speaker 5: are probably very disappointed last Tuesday night.
Speaker 3: Yeah, that's a good point. In the outlier polls that
Speaker 3: I was talking about. I mean, there have been these,
Speaker 3: you know, sort of opium polls for Democrats out there,
Speaker 3: like the one we got Saturday night from Ann Seltzer
Speaker 3: that showed that Vice President Harris is actually leading in
Speaker 3: Iowa by a margin.
Speaker 5: Of four Would she lose fourteen points?
Speaker 3: Yeah, it wasn't even close. So it's pretty remarkable to
Speaker 3: see that. Do you think, Brad, that we have to
Speaker 3: as Americans have to adjust the way that we view
Speaker 3: polling or do we have to figure out a better
Speaker 3: way to.
Speaker 5: Pull Yeah, I mean my opinion is it's a broken science.
Speaker 5: You know, it relies on a voluntary response from people
Speaker 5: that are now connected in all sorts of different ways.
Speaker 5: We're all besieged by text messages and spam and other
Speaker 5: kinds of unsolicited email, and so most people's instinct is
Speaker 5: to kind of reject an unsolicited query, and you know,
Speaker 5: and then you layer on top of that that we
Speaker 5: live in such a polarized environment that some people don't
Speaker 5: want to express their opinion because it might be you know,
Speaker 5: they might they might feel judged by their community. And
Speaker 5: so I think, you know, the polling community needs to
Speaker 5: kind of come together and figure out if there is
Speaker 5: a path forward. And then, yeah, as voters is in
Speaker 5: the in the media, as the electorate, I think that
Speaker 5: relying on polling right now is very dangerous.
Speaker 3: Help us figure out the path forward a little bit
Speaker 3: the best you can. Not asking you to make predictions,
Speaker 3: but you are one of the few people who has
Speaker 3: sat down with President elect Trump in recent months. You
Speaker 3: did that down at mar A Lago for a Bloomberg
Speaker 3: BusinessWeek cover story that really covered pretty much every gamut
Speaker 3: of the economic agenda of the president elect.
Speaker 4: Give us an.
Speaker 3: Idea of how you view, if any his agenda has
Speaker 3: shifted since then. It was before his assassination attempt, it
Speaker 3: was before the convention, it was before his selection of J. Dvans,
Speaker 3: and it was of course before he won the election.
Speaker 3: Versus what you've heard from him now and how he
Speaker 3: puts that into action in the coming months during the transition,
Speaker 3: and what that looks like January twentieth.
Speaker 5: I mean, Tim, I just have no idea. He's feeling
Speaker 5: extraordinarily empowered. He's feeling totally vindicated. There will be no
Speaker 5: checks on the appointees to his cabinet, to judicial postings,
Speaker 5: you know. At the same time, like my impression of
Speaker 5: him when we did go down there in July and
Speaker 5: just watching him over these past ten years, is that,
Speaker 5: you know, he does see himself as a man of
Speaker 5: the people. He wants to be liked. It's extraordinarily important
Speaker 5: to him to be liked and respected and admired. And
Speaker 5: I don't think that impulse goes away now that arguably
Speaker 5: he's not going to ever face election again. So when
Speaker 5: it comes to some of the things that he's proposed,
Speaker 5: you know, mass deportations or tariffs that could you know,
Speaker 5: according to economists, raise the rate of inflation. You know,
Speaker 5: he's not going to have any practical moderating influences. But
Speaker 5: you know, he doesn't want to. I don't think it's
Speaker 5: in his nature to want to do broadly unpopular things.
Speaker 5: So I do wonder if that will end up being
Speaker 5: a check on some of his instincts. Although you know,
Speaker 5: the one thing that we heard from him on Tuesday
Speaker 5: night was he said, you know, promises offered, promises.
Speaker 6: Will be fulfilled.
Speaker 5: So I do expect him, you know, to come into
Speaker 5: office looking to immediately put points to the board and
Speaker 5: to fulfill some of the promises that he made on
Speaker 5: the campaign trail.
Speaker 3: Look, I'm not going to ask you to give up
Speaker 3: what you're talking to new reporters about in your editorial meetings,
Speaker 3: but you have a job that requires you to think
Speaker 3: pretty clearly about what things will look like in the
Speaker 3: next few months, because they're responsible for assigning stories and
Speaker 3: understanding what people are going to be talking about in
Speaker 3: the future. How are you thinking about covering the president elect.
Speaker 5: We're going to be looking very precisely at the challenges
Speaker 5: and battles ahead for the new administration, and we have
Speaker 5: reached out into the Bloomberg newsroom around the world to
Speaker 5: look at, you know, what is ahead in Europe and China,
Speaker 5: in immigration, cryptocurrencies, on on Wall Street, and in tech.
Speaker 3: You know, we did.
Speaker 5: We were thinking of it in terms of the battles ahead,
Speaker 5: and it'll be interesting now because I'm not so sure
Speaker 5: there will be battles. You know, Trump isn't going to
Speaker 5: have a lot of political opposition if he does control
Speaker 5: all three branches of Congress. But you know, certainly we
Speaker 5: saw today Gavin Newsom calling a special legislative session in California,
Speaker 5: a lot of the states girding to try to put
Speaker 5: checks on what the administration will do, either legislatively or
Speaker 5: in the courts. And so's that's our approach, you know,
Speaker 5: to cover it carefully and to try to look forward
Speaker 5: rather than back and look at you know, what the
Speaker 5: Trump agenda will look like and what it will mean
Speaker 5: for business.
Speaker 3: Well, we look forward to following the story closely and
Speaker 3: following it at Bloomberg Business Week. Brad really appreciate you
Speaker 3: taking the time to join us this afternoon. Bradstone is
Speaker 3: Bloomberg BusinessWeek Editor. He's also the author of four books,
Speaker 3: including the New York Times bestseller Amazon Unbound, Jeff Bezos
Speaker 3: and The Invention of a Global Empire. If you do
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Speaker 3: The results of Tuesday's election may have come as a
Speaker 3: surprise to a lot of people, but not to Ed Price.
Speaker 3: When he was with us back in October, he shared
Speaker 3: with us what he learned on his summer road trip,
Speaker 3: driving across the country eighty five hundred miles from New
Speaker 3: York to San Francisco through Yellowstone and then back to
Speaker 3: New York through New Orleans. Complains about prices in the
Speaker 3: economy came from many people he spoke to, and there
Speaker 3: was not a Harris sign to be seen in the
Speaker 3: rust belt. So he called it for Trump a few
Speaker 3: months ago. Now he writes, things may get seriously weird ed.
Speaker 3: Price is a former British trade official now non resident
Speaker 3: senior Fellow at NYU. He's advised members of the European
Speaker 3: and British parliaments.
Speaker 7: The people have spoken. The people have spoken loudly. I'm
Speaker 7: just not sure if they've also spoken clearly. And by
Speaker 7: that I mean yes, obviously this is a massive endorsement
Speaker 7: of the Trump we know, is it also a massive
Speaker 7: endorsement of the Trump to come to what extent? Is
Speaker 7: this a cultural shift, a moment that is a pivot
Speaker 7: right in the zeitgeist? Or was it just about the economy?
Speaker 7: Was it really just that CaMLA didn't quite bite with
Speaker 7: the voters.
Speaker 3: I'm not sure what do you mean when you write
Speaker 3: the people who identified Trump as a threat to democracy
Speaker 3: must now recognize him as the product of democracy or
Speaker 3: they risk belittling the system.
Speaker 7: Right. So I'm one of those people, Right, I'm one
Speaker 7: of the people in public who not only called this,
Speaker 7: but I've been going around to anyone that will listen
Speaker 7: saying this guy is dangerous, like let's go and read
Speaker 7: some history, like he's clearly dangerous, and never mind me. Right,
Speaker 7: they are very prominent, famous Americans who have been doing
Speaker 7: the same thing, like Liz Cheney. What I mean by
Speaker 7: that is that now we have to shut up. Now
Speaker 7: we have to get behind this result. Because if we
Speaker 7: now turn around as a cohort of predominantly disgruntled Republicans
Speaker 7: and Democrats and say, hey, you know what, this is illegitimate,
Speaker 7: or we go anywhere near suggesting that somehow it's not right,
Speaker 7: we are doing more or less exactly what Trump did
Speaker 7: on January sixth, maybe not physically, but this is the
Speaker 7: real problem, I think.
Speaker 8: And is this democracy at work or democracy broken?
Speaker 3: Well, I would say Europe is seeing a similar move
Speaker 3: toward what some would refer to as strong men or
Speaker 3: at least populism, that we've seen here in the US
Speaker 3: over the last eight years.
Speaker 8: Right, yeah, okay, so fair, But so I don't know.
Speaker 8: I'm just trying to understand if this is part of
Speaker 8: the democratic process.
Speaker 7: So here's the deep dark secret, guys. Okay, you know,
Speaker 7: hud around, right, We're not supposed to be a democracy
Speaker 7: we're supposed to be a republic, which is different. The
Speaker 7: original design was very mindful of populism. They wouldn't have
Speaker 7: called it that. Yeah, but the founders designed a constitution
Speaker 7: effectively to check a king, to keep a king in
Speaker 7: a box, because you needed some executive We all know this, right,
Speaker 7: the Federalists, Jefferson, and all the rest of it. As
Speaker 7: we've trended through our rightful progressive history and we've sort
Speaker 7: of built this promise of seventeen seventy six into something real.
Speaker 7: We've also extended the franchise, extended this sense that you know,
Speaker 7: of human dignity to the point that we are now
Speaker 7: a mass democracy. That is not what the founders wanted exactly,
Speaker 7: because sometimes people can choose candidates that might be suboptimal
Speaker 7: in their belief regarding democracy. So this is why we're stuck, right,
Speaker 7: This is the paradox.
Speaker 8: I'm obsessed with this essay that was in the New
Speaker 8: York Times and it sent around to the team, and
Speaker 8: it says what we just went through wasn't an election.
Speaker 8: It was a hostage situation our major parties. It's written
Speaker 8: by Tyler Austen Harper, Assistant Professor of Environmental studies at Bates.
Speaker 8: But he says our major parties represents the interests of
Speaker 8: streaming magnets, the arms industry, oil barons, bitcoin ghoules, and
Speaker 8: big tobacco, often without even pretending to hear the needs
Speaker 8: of voters. A political system like that is fundamentally broken.
Speaker 8: We consistently talk about money and the amount of money
Speaker 8: in politics. We talked about how much money was spent,
Speaker 8: how much money was maybe spent by a one billionaire. Yes,
Speaker 8: do you agree?
Speaker 7: No, I don't agree with that. For me, that sounds
Speaker 7: sort of Marxist around the edges, right, just to say
Speaker 7: America's are right off, We're done. This is the line
Speaker 7: I'm trying to walk. Okay, I'll be honest with you.
Speaker 7: I'm horrified. I woke up this morning. I felt like
Speaker 7: I was on over or sick. That's probably a reaction
Speaker 7: a lot of people have had. I don't get it right.
Speaker 7: But he is elected. We cannot now say the whole
Speaker 7: system is broken simply because there was a mass pole.
Speaker 7: I mean, the guy's gonna win the popular vote. What
Speaker 7: we have to do is how better civics. I don't,
Speaker 7: for the life of me know why we extend the
Speaker 7: first amendment to Russian troll farms for example. I mean,
Speaker 7: this is nuts. Okay, So it's third parties as well,
Speaker 7: right outside, right, And here's something that sort of scared me.
Speaker 7: Apparently the Russians were putting in threats in parts of
Speaker 7: the country where you could have swung around, right.
Speaker 4: I mean, that's hey, crazy.
Speaker 3: You said something really interesting, because I think you're feeling
Speaker 3: something that certainly I would imagine other Americans are feeling.
Speaker 3: But at the same time, you had tens of millions
Speaker 3: of people. And again the former president president elect will
Speaker 3: win the popular vote this time around, first time in
Speaker 3: two decades Republicans have done that.
Speaker 4: It's pretty remarkable. They were obviously.
Speaker 3: Saw his economic messages incredibly appealing. But now the rubber
Speaker 3: meets the road, and I would imagine I can't see
Speaker 3: the future, but he has to deliver on that promise.
Speaker 4: Can you do that?
Speaker 7: Look, I mean, the US economy is a powerful beast.
Speaker 7: It's outperformed my home country. For example. It makes money,
Speaker 7: it makes people richer, Right, I don't think that's within
Speaker 7: the gift of economic policymakers or presidents per se. Will
Speaker 7: he deliver on that? Again, I'd be lying to you
Speaker 7: guys how many times we chatted and I said, I
Speaker 7: don't know. Ye okay, I think he probably can if
Speaker 7: he puts certain you know, bits and bobs in place.
Speaker 7: But on that, I mean, let's just say one more
Speaker 7: thing about this. For me, the Democrats have messed up wildly.
Speaker 7: This is not good. And one of the thoughts I
Speaker 7: had this morning when I was looking in the mirror
Speaker 7: was maybe I'm the deplorable, right, Maybe I'm the global elitist,
Speaker 7: elitist deplorable because I've sort of been looking at my
Speaker 7: neighbors thinking, oh god, you know, why would you vote
Speaker 7: for this guy? So if he does deliver it back
Speaker 7: to the core point, right, they were right and I
Speaker 7: was wrong.
Speaker 8: So your net net takeaway bottom line is the democratic
Speaker 8: process has happened. Yes, get behind your president.
Speaker 7: Up and until anything illegal happens. Now, this is also
Speaker 7: something that that could go down, and I worry that
Speaker 7: in a gray area if the new president does things
Speaker 7: that kind of tinker around the edges of the constitution.
Speaker 7: It's not an outright attack. There were many people in
Speaker 7: the system who don't quite know which republic am I
Speaker 7: loyal to? Here the office that is telling me to
Speaker 7: do something that I think is a bit sketchy or
Speaker 7: not right, and so this could be a problem, right.
Speaker 8: I mean, do we still have checks and balances for now?
Speaker 7: I don't know that the Supreme Court is balanced by
Speaker 7: design if he has a full sweep, right, I can't
Speaker 7: believe I'm about to say this on a honestly, the
Speaker 7: ultimate check and balance we have is the US Army. Okay,
Speaker 7: the military. I have full faith and confidence that the
Speaker 7: oath that they take to the Constitution is our ultimate backstop.
Speaker 7: But look, I don't want to be alarmist. I said
Speaker 7: what I've said. He's one somebody somewhere in the Democratic
Speaker 7: Party is going to have to either resign or apologize
Speaker 7: because this is not not good for the Democratic Party
Speaker 7: at all.
Speaker 8: Or he could be someone who gets into the office
Speaker 8: and realizes the kind of weight of that job, an
Speaker 8: importance of the US economy in the global economy, and
Speaker 8: do good.
Speaker 9: Things for the US. I mean, yeah, like we don't.
Speaker 4: Know, right, or the market, Jackson, or.
Speaker 8: The market, like I keep thinking of the market, the
Speaker 8: financial You're going to check you.
Speaker 7: That's a good point, Captain. Markets do what they want
Speaker 7: to do. Yeah, And at some point the way we're
Speaker 7: playing with debt markets will warn us and he may
Speaker 7: be an office when they do that.
Speaker 8: Yeah, so interesting las to think about, to think about it.
Speaker 8: Thank you, Thank you so much. I thanks to Ed Price,
Speaker 8: former British Trade official, non resident Senior Fellow over at NYU,
Speaker 8: Principal for Geopolitical Forecasting at the Global Intelligence and Consulting
Speaker 8: from Ergo, joining us right here in our studio.
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Speaker 3: Eleven thirty, we continue our post election coverage with a
Speaker 3: look at one of Donald Trump's biggest supporters this election cycle. Yeah,
Speaker 3: we are talking about Elon Musk, the Tesla CEO and
Speaker 3: world's wealthiest person according to the Bloomberg Billionaire's Index, spent
Speaker 3: more than one hundred and thirty million dollars on pro
Speaker 3: Trump efforts. He goes to town halls in the critical
Speaker 3: state of Pennsylvania. He promised a one million dollar giveaway
Speaker 3: for swing state voters and appeared at Trump's Madison Square
Speaker 3: Garden rally with an even higher billing than the Republican's
Speaker 3: own running mate, jd.
Speaker 4: Vance.
Speaker 3: Trump's win sent Tesla's shares surging as much as fifteen
Speaker 3: percent the day after the election, marking its highest level
Speaker 3: this year. For more on the role of Elon in
Speaker 3: a second Trump term, we leaned on Bloomberg business Week
Speaker 3: columnist and contributor to the Elinink podcast, Max Chafkin.
Speaker 10: When all is said and done, and we have all
Speaker 10: the filings, I would not be surprised if Elon Musk's
Speaker 10: contribution was closer to two hundred, if not even higher
Speaker 10: than that. But whatever it was, it's way less than
Speaker 10: the potential. You know, it's a paper gain of say
Speaker 10: fifteen billion dollars. And really that's the tip of the iceberg.
Speaker 10: Because Tesla, although it is a highly red related business,
Speaker 10: it does benefit from lots of government policy that could
Speaker 10: be impacted by by a new presidency. It isn't the
Speaker 10: most direct impact. The most direct one is SpaceX, which
Speaker 10: is Elon Musk's giant defense contractor and rocket you know company,
Speaker 10: and you know SpaceX already has you know, huge contracts
Speaker 10: from the federal government. Trump on the campaign trail talked
Speaker 10: a lot about the potential for more contracts, you know,
Speaker 10: talking about a Mars mission which would would likely feature
Speaker 10: SpaceX prominently and be worth you know, billions, if not
Speaker 10: tens of billions of dollars. There's also potential government money
Speaker 10: for Starlink Elon Musk satellite internet company. You know, Elon
Speaker 10: Musk has other businesses that could also benefit from this,
Speaker 10: the boarding company, which is you know, an infrastructure play,
Speaker 10: you know, Neurallink, that's federally regulated. This is a guy
Speaker 10: who does business with government regulators in one way or
Speaker 10: another all the time. And so he arguably, I think
Speaker 10: from the point of view of the Trump campaign or
Speaker 10: Trump supporters, he understands it. But obviously he has a
Speaker 10: lot to gain.
Speaker 8: How does this work, though, Like I think about the
Speaker 8: training we all do as employees about conflicts of interest,
Speaker 8: and you can't have them, so, you know, we are regulators.
Speaker 8: On having a CEO of a publicly held company that
Speaker 8: has US government contracts, has global government contracts, having possibly
Speaker 8: a job in the US government Secretary of cost cutting perhaps,
Speaker 8: how does that work? How can it work? I mean,
Speaker 8: does he have to sell off his test the holdings
Speaker 8: to do this well.
Speaker 10: So, so first of all, I think you should think
Speaker 10: about Elon Musk's influence in the White House to be
Speaker 10: at least partly informal rather than formal, because formal influence,
Speaker 10: like I don't think we're talking about a Senate confirmed position.
Speaker 10: I think that would be very hard. I think he
Speaker 10: does very much does not want to give up control
Speaker 10: of any of his companies or even have to sell
Speaker 10: stock or even have to put stock in a trust.
Speaker 10: He wants to continue running his companies and also contribute
Speaker 10: to the White House. That's kind of how he has
Speaker 10: framed it.
Speaker 2: So you know, my.
Speaker 10: Guess is some sort of x you know, like not
Speaker 10: in the government, but having some sort of advisory role.
Speaker 10: You know, Trump did this a little bit in twenty sixteen,
Speaker 10: And I should also say one thing we learned during
Speaker 10: that time is that you know, there are formal roles
Speaker 10: in the White House, and then there is probably the
Speaker 10: most important important job, which is like who is speaking
Speaker 10: to Donald Trump regularly? And that I think we we
Speaker 10: know Elon Musk is doing that regularly. He's clearly top
Speaker 10: of mind during that twenty five minute or so victory
Speaker 10: speech Elon Musk praise took up, like I don't know,
Speaker 10: between five and seven minutes. It was a substantial part
Speaker 10: of how Trump framed his candidacy and how he's thinking
Speaker 10: right now.
Speaker 3: What have you learned just in the last I don't
Speaker 3: know six weeks about what Elon Musk's priorities are, given
Speaker 3: what he's posted on X, what he's talked about at rallies,
Speaker 3: and the influence that he would have on a second
Speaker 3: Trump administration.
Speaker 10: Well, I think the priorities are the business priorities probably
Speaker 10: first and foremost. You know, we talked about immigration, all right, Yes,
Speaker 10: But I would say that Elon Musk has emerged. I
Speaker 10: think there were people as Elon Musk started to sort
Speaker 10: of dip his tone into politics, thinking that he would
Speaker 10: be a normal This would be like a normal business
Speaker 10: guy engaging politically, which is you write a check and
Speaker 10: you turn around and you're out of it, right, And
Speaker 10: I think Elon Musk has the intention of being a
Speaker 10: political player going forward. That is, you know, I was
Speaker 10: getting questions from from friends and so on, saying, well,
Speaker 10: what's stopping Trump from just turning around taking Elon's money
Speaker 10: and not doing any of the stuff he wants not
Speaker 10: giving space as another contract. And the answer is, besides
Speaker 10: the fact that Elon Musk is a popular guy, that
Speaker 10: you could make the argument that Elon musk support was meaningful,
Speaker 10: you know, perhaps even push it helping to push Donald
Speaker 10: Trump over the edge. But even if you leave that aside,
Speaker 10: Elon Musk is saying that he is going to be
Speaker 10: a major political donor in the midterm. So he has
Speaker 10: potentially millions, tens of millions, maybe even hundreds of millions
Speaker 10: of dollars more money that he is planning on spending.
Speaker 10: He is going to be, as he said, you know,
Speaker 10: the George Soros of the right, the power broker, the
Speaker 10: business guy who who can make or break your campaign.
Speaker 8: So transactional or he likes politics all of a sudden, I.
Speaker 10: Think he is. I think he's obviously interested in what
Speaker 10: in how he could benefit and that is very and
Speaker 10: so in that sense, yes, transactional, but I think I
Speaker 10: think you really need to look at this as a
Speaker 10: play for influence and for power that goes beyond just
Speaker 10: like any anyone contract or anything like that.
Speaker 3: There's no shortage of folks and they've been all over
Speaker 3: cable news over the last two years former Trump administration
Speaker 3: officials who felt burned by the former president and president
Speaker 3: elect who are now opposed to him within his people,
Speaker 3: very the vice president, for example. What are the chances
Speaker 3: that that Musk relationship goes sour with Trump over the
Speaker 3: next couple of years.
Speaker 10: I mean, I think, just if you look at the personalities,
Speaker 10: these are two men who really like to occupy the
Speaker 10: kind of main role, the central role. It's hard to
Speaker 10: imagine them being able to hang out in a room
Speaker 10: together and and defer to one another. That said, I
Speaker 10: think that the reasons that brought them together will keep
Speaker 10: them together at least for some time. And you got
Speaker 10: to look at you know, we talked about the money,
Speaker 10: the political contributions to president to President elect Trump, but
Speaker 10: we should be talking also about X, these kind of
Speaker 10: in kind contributions. Elon Musk bought Twitter and now X,
Speaker 10: and he he invests a lot of money. He's lost
Speaker 10: a lot of money on this thing, but he has
Speaker 10: really navigated it to a position of influence. He is, arguably,
Speaker 10: in addition to being the richest guy, the most important
Speaker 10: conservative media mogul, and and he's gonna so so he's
Speaker 10: gonna have a lot of influence over Trump over the
Speaker 10: next four years.
Speaker 4: More important than Rupert Murdoch.
Speaker 10: Yes, I think it's.
Speaker 8: More important than more important, important than to Trump's own
Speaker 8: social media.
Speaker 10: I mean, I think we have to.
Speaker 8: How does Trump say?
Speaker 2: Way?
Speaker 8: I want to put it on Trump's social Sorry, we
Speaker 8: you know.
Speaker 10: Elon Musk is already arguably the most powerful person in
Speaker 10: the world, and I think undoubtedly now you have to say, yeah,
Speaker 10: he's a candidate.
Speaker 8: Max Chafkin, thank you.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Catch us
Speaker 2: live weekday afternoons from two to five pm Eastern. Listen
Speaker 2: on applecar Play and and Broud Auto with a Bloomberg
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Speaker 3: We are very pleased to have Kathy would for her
Speaker 3: first interview since the election of a Donald Trump earlier
Speaker 3: this week. Kathy shares of your flagship fund, the Arch
Speaker 3: Innovation ETF, surged more than eight percent on Wednesday, was
Speaker 3: the best day in more than a year, part of
Speaker 3: the risk entrade that we saw on optimism of a
Speaker 3: second term for Donald Trump in the White House. And
Speaker 3: that's where I want to start with you, because when
Speaker 3: you were back on with us in October, you indicated
Speaker 3: without actually saying the former president's name, that you preferred
Speaker 3: a President Trump over a President Harris strictly from the
Speaker 3: standpoint of the candidate who you saw would ease the
Speaker 3: regulatory environment. So here we are. What does another Trump
Speaker 3: administration mean for you and the companies that are convesting?
Speaker 6: Yes, regulation critical.
Speaker 11: I think the regulations that have been creeping into the system,
Speaker 11: actually they started to creep in, they've just flooded the
Speaker 11: system and really gummed it up. So first, the biggest
Speaker 11: regulatory issues have been around the SEC, especially when it
Speaker 11: comes to digital assets or crypto legislation and the FTC as.
Speaker 6: It relates to M and A activity.
Speaker 11: I think both there are going to be big changes
Speaker 11: there and that is going to be the beginning.
Speaker 6: I think of a lot of regulatory changes.
Speaker 11: In his first administration, President Trump basically said for every
Speaker 11: regulation you want to introduce anyone in my administration, you
Speaker 11: must get rid of too. I think it's going to
Speaker 11: be maybe more dramatic than that this time around. And
Speaker 11: I also think having Elon Musk who announced that he'd
Speaker 11: like to name a new department, the Department of Government Efficiency.
Speaker 11: Get that doge doje he I think he's going to
Speaker 11: come into the administration. I don't think he'll be a
Speaker 11: formal part of the administration. He'll be more in an
Speaker 11: oversight role there as as I understand.
Speaker 6: Yeah.
Speaker 3: Well, hey, Kathy, I want to jump in here because
Speaker 3: you mentioned a few things that I want to follow
Speaker 3: up on. What is Elon Musk? Have you talked to
Speaker 3: Elon since the election?
Speaker 6: No, I have not talked to him since the election.
Speaker 11: I did see on X that he was part of
Speaker 11: the family as they were taking the picture around President
Speaker 11: Trump's acceptance speech, So you know, I know he's obviously
Speaker 11: had a tremendous impact on the election. I think he
Speaker 11: had X made a big difference and his ideas around
Speaker 11: government efficiency, which will revolve importantly around technology. Artificial intelligence
Speaker 11: is doing wonders for the most bureaucratic organizations out there.
Speaker 11: We know from Pallunteer that it is having a tremendous
Speaker 11: impact on insurance companies, underwriting process timelines dropping from two
Speaker 11: weeks to three hours, and even in the military MAVEN
Speaker 11: pallunteers working on MAVEN with the DoD for targeting the enemy.
Speaker 11: They have shrunk that department. They don't need as many people.
Speaker 11: They've gone from twenty to twenty people, which it's pretty
Speaker 11: amazing what's going on. And I think we'll see a
Speaker 11: lot of attrition. Any employee lead the government probably will
Speaker 11: not be replaced.
Speaker 6: I don't think he'll yeah, I just pick up.
Speaker 11: I don't think he'll do two trillion dollars in government
Speaker 11: spending savings in one year. That might be a five
Speaker 11: to ten year And I think between technology and attrition
Speaker 11: and lower regulations, maybe the abolition.
Speaker 6: Of certain departments, that they'll go a long way.
Speaker 3: So you don't see him serving a formal role, but
Speaker 3: still overseeing some sort of department of government efficiency in
Speaker 3: an informal way. Help me understand what you see him
Speaker 3: doing and whether or not it could be some sort
Speaker 3: of threat to you know, he's a very busy man.
Speaker 11: Yes, he's an unbelievable He's the inventor of our age.
Speaker 11: I think I said that in two thousand and fifteen
Speaker 11: for the first time when I was on your show
Speaker 11: with Carol Masser. At the time, he is the inventor
Speaker 11: of our age, and he is He comes into a problem,
Speaker 11: assesses it with first principles thinking, doesn't care how things
Speaker 11: have been done, and comes back with you know ingenious
Speaker 11: solutions to big problems, whether it's autonomous mobility in the
Speaker 11: autonomous taxi space, or in the healthcare space, neuralink. He's
Speaker 11: in the social network space X in AI x AI,
Speaker 11: and a lot of people say and SpaceX of course
Speaker 11: the entire exploration going to Mars. I think a lot
Speaker 11: of people are I can't believe he can do this,
Speaker 11: But again, he cuts to the quick first principles thinking
Speaker 11: and surrounds himself with brilliant people, people who really want
Speaker 11: to solve the hardest problems in the world. And that's
Speaker 11: part of the secret to his success. Very high standards
Speaker 11: and people who want to be held accountable to very
Speaker 11: high standards and want to really transform the world.
Speaker 3: I want to go back to something that you mentioned
Speaker 3: at the top of our interview, Kathy, and that's the
Speaker 3: idea of some of the regulatory challenges that you said
Speaker 3: have cropped up over the last couple of years and
Speaker 3: during the Biden administration, specifically with regard to the FTC
Speaker 3: and the SEC not being present in a second Trump administration,
Speaker 3: how do you think the Trump regime will approach financial
Speaker 3: regulation given that he's vound to replace SEC Chair Gary Gensler.
Speaker 4: What does that look like.
Speaker 11: I think, first as it relates to crypto or digital
Speaker 11: asset regulation, they're going to replace Gary Gensler with someone
Speaker 11: who is much more open minded, I would say, and
Speaker 11: will let the legislative process work go to work. And
Speaker 11: the SEC is supposed to regulate and force laws. They're
Speaker 11: not supposed to create laws by enforcement, which is what
Speaker 11: Gary Gensler was doing. So I think that's going to
Speaker 11: be important. I also think if you look at the
Speaker 11: public equity markets, I think the number of public companies
Speaker 11: out there right now has been cut in half in
Speaker 11: the last fifteen twenty years. The regulatory nightmare of being
Speaker 11: a public company has kept leaders of companies basically saying
Speaker 11: if I don't have to go public, I am not
Speaker 11: going public. And so I think we're going to see
Speaker 11: a lot more work in that regard to give you know,
Speaker 11: the average investor a shot at some of these moonshots.
Speaker 11: So I think that's going to become very important. As
Speaker 11: far as the FTC, you know, the anti trust has
Speaker 11: gone way too far. You know, they were denying mergers
Speaker 11: and acquisitions that really the companies were tangential to one another.
Speaker 6: They weren't even really in the same mind.
Speaker 11: So we're seeing and yet at the time, at the
Speaker 11: same time, we've seen these megatech companies grow into you know,
Speaker 11: massive organizations and dominating their market. So they were denying
Speaker 11: mergers and acquisitions for you know, think about Jet Blue
Speaker 11: and Spirit Airlines. That was ridiculous, that was in the
Speaker 11: same industry, but one is going bankrupt now because because
Speaker 11: they wouldn't allow.
Speaker 6: That m and a.
Speaker 11: They were just dogmatic about it in you know, and
Speaker 11: didn't show to us at least any common sense.
Speaker 3: You also mentioned last time you're on with us, you
Speaker 3: weren't wild about the idea of tariffs, and you know,
Speaker 3: since then President Trump said that tariff is the most
Speaker 3: beautiful word in the dictionary.
Speaker 4: Do you think he.
Speaker 3: Will follow through with his threat of broad tariffs? And
Speaker 3: how are you preparing and changing your investment style given
Speaker 3: the threat of tariffs.
Speaker 11: Yeah, I'd love to talk about that because we've got
Speaker 11: more information. I think the way the President is looking
Speaker 11: at this is if he puts in place tariffs, the
Speaker 11: other side of that will be income tax and corporate
Speaker 11: tax cuts. And if you think about it, this is
Speaker 11: how America started. You know, President George Washington, we had
Speaker 11: no income tax back then. All the taxes were in
Speaker 11: the form of tariffs. I do think that they're not
Speaker 11: going to.
Speaker 6: Be, you know, crazy tariffs.
Speaker 11: They're going to be much more thoughtful and really focused
Speaker 11: away from our free trade agreement partners and towards those
Speaker 11: countries that have not been really letting our companies play
Speaker 11: on a level playing field within their countries.
Speaker 6: So I think there's going to be a lot.
Speaker 11: Of negotiation around that really really helping us. But I
Speaker 11: do think tax cuts, a tax personal and corporate tax
Speaker 11: cuts are going to be much more important than tariffs
Speaker 11: in terms of the growth engine that this economy needs.
Speaker 11: I'll comment on just a couple of other things. I
Speaker 11: know he wants a week dollar, but if he puts
Speaker 11: in place the deregulation and the tax cuts that we
Speaker 11: expect the dollars probably going up. And this reminds me
Speaker 11: very much of the early Reagan years. It's fascinating what's
Speaker 11: going on. Except the first couple of years of the
Speaker 11: Reagan administration he had to deal with back to back
Speaker 11: recessions because Vulker was raising interest rates to fifteen percent plus.
Speaker 11: We've done that. Trump does not have to face that.
Speaker 11: We think that the Fed went too far, and I
Speaker 11: think it's important too, because what we expect now is
Speaker 11: there will be a lot of delayed activity as consumers
Speaker 11: and businesses try and figure out, Okay, how lower tax
Speaker 11: is going and how is the world going to change?
Speaker 11: Am I going to get a better deal? So we're
Speaker 11: going to need lower interest rates. However, if we get
Speaker 11: the growth beyond that that tax cuts and these other
Speaker 11: measures are going to cause the dollar will probably go up.
Speaker 11: So I think that will be a surprise, but it's
Speaker 11: an anti inflationary force as well, and we're seeing commodities
Speaker 11: react to the dollar going up now in anticipation of
Speaker 11: these interesting policies.
Speaker 6: And then I'd love to just say one other thing.
Speaker 11: A lot of people talk about the deficit, and it
Speaker 11: is a big deficit in the middle of it's a
Speaker 11: rolling recession. But this deficit is worse than the worst
Speaker 11: deficit that Reagan faced at five point five percent of GDP.
Speaker 11: How did he get out of that? And Clinton following
Speaker 11: beyond him more through growth, not through tax increases. And
Speaker 11: you can add on top of that government spending restraint.
Speaker 11: So you know, this is this is going to be
Speaker 11: extremely healthy and very important.
Speaker 6: I think for the stock market. The stock market.
Speaker 11: Has gone through a period here of great concentration towards
Speaker 11: a few stocks, and now we think, and we've seen
Speaker 11: it in the last few days, there's.
Speaker 6: Going to be a broadening out. We're very excited about.
Speaker 3: Some Well, we'll talk about that in just a minute.
Speaker 3: If you're just now joining us, we're joined by Kathy Woods.
Speaker 3: She's a founder, CEO, and CIO of ARC and Vest.
Speaker 3: She joins us from Saint Petersburg, Florida. Kathy, I want
Speaker 3: to talk one more question on regulation and then we'll
Speaker 3: get to a little more on Tesla and Elon and
Speaker 3: you know, some of the big themes that you're seeing.
Speaker 3: I'm wondering about from you, what you think specifically in
Speaker 3: terms of financial assets is being held back by regulators,
Speaker 3: Like what financial assets do you think should be opened
Speaker 3: up to the trade masses that haven't been.
Speaker 9: Well.
Speaker 6: It's interesting.
Speaker 11: We launched a venture fund and we put it in
Speaker 11: we put it in an interval fund structure, which is
Speaker 11: regulated by the SEC, and we've had access to open
Speaker 11: AI and thropic data, Bricks, SpaceX, Epic, Discord, lots of
Speaker 11: companies that young people who don't need the income or
Speaker 11: net worth thresholds that venture funds require. They can get
Speaker 11: into our venture fund because it's in the interval fund structure.
Speaker 6: I think we're going.
Speaker 11: To see a much more of a loosening up. You
Speaker 11: know why we can offer our fund to retail investors
Speaker 11: for as little as five hundred dollars, it's because we're
Speaker 11: not taking a carry we're not charging carried interests twenty
Speaker 11: percent of profits. We do charge a higher fee than
Speaker 11: you'd get with public companies. And I think we're going
Speaker 11: to see the democratization increasingly of private companies as well.
Speaker 11: I think this administration will advocate for that and well
Speaker 11: and will lower regulations, whether it's Sarbine Oxley, but regulations
Speaker 11: that have you know, tied companies and knots. It's very
Speaker 11: expensive to be a public company now, and so for
Speaker 11: any company. As the digital world and the physical world converge,
Speaker 11: we think that's a big theme going ahead. We're going
Speaker 11: to need the kind of cabal raising that the public
Speaker 11: markets can offer over a long period of time. I
Speaker 11: think more and more of that's going to happen.
Speaker 3: So, speaking of the digital and physical worlds converging, we
Speaker 3: got to talk crypto because bitcoin at a new rap
Speaker 3: close to seventy seven thousand dollars per bitcoin. Update your
Speaker 3: prediction for us of where you think bitcoin will go
Speaker 3: and when now that Trump will serve another.
Speaker 11: Term, Yes, he's going to be very bitcoin friendly for sure,
Speaker 11: including building a strategic reserve of bitcoin. Senator Lummis has
Speaker 11: been at the forefront of advocating for that, so very
Speaker 11: exciting there. Our price target hasn't changed, except perhaps we're
Speaker 11: leaning more towards our bowlcase. Our base case is a
Speaker 11: million dollars by twenty thirty and if you go into
Speaker 11: Big Ideas Big Ideas from twenty twenty three in the
Speaker 11: bitcoinion section, you'll see how we get to that million dollar,
Speaker 11: the building blocks of it. You know, it's a substitute
Speaker 11: for gold, so it's digital gold. It is going to
Speaker 11: be used as a new asset class. It is a
Speaker 11: new asset class for institutional investors, a very big idea
Speaker 11: starting with the spot bitcoin ETFs launched earlier this year,
Speaker 11: and of course we're very gratified that ARKP was one
Speaker 11: of them. And it's going to be used as an
Speaker 11: insurance policy, both in emerging markets and in developed markets
Speaker 11: against confiscation of wealth, whether that means outright confiscation of
Speaker 11: wealth by corruption and so forth, perhaps in emerging markets,
Speaker 11: or by inflation. Inflation is a highly regressive text. Now,
Speaker 11: we don't think inflation is going to be a problem
Speaker 11: with this administration.
Speaker 6: In fact, we.
Speaker 11: Think that the floodgates of innovation are going to open up,
Speaker 11: and that we're moving into a world tending towards deflation,
Speaker 11: but good deflation. Technologically enabled innovation is deflation. Are so
Speaker 11: I think many people are going to be really surprised
Speaker 11: at how low inflation goes in the years ahead.
Speaker 3: Kathy, I want to talk performance and get an understanding
Speaker 3: for where you see the future, because you've seen outflows
Speaker 3: every month in the ARK Innovation ETF this year except
Speaker 3: for this month, it's a year where you're underperforming the
Speaker 3: S and P five hundred by a wide margin. The
Speaker 3: RK Innovation ETF it's about flat, the S and P
Speaker 3: five hundred up more than twenty five percent. What's your
Speaker 3: message to investors who've lost money with you, and do
Speaker 3: you worry that performance will lead to an extended period
Speaker 3: where you won't attract money.
Speaker 11: Well, I think, as I've just described, innovation had quite
Speaker 11: a few obstacles during the last few years. So that
Speaker 11: speaks for itself. If you look at our performance, let's
Speaker 11: break it down. You look at our ARKW, which is
Speaker 11: our next generation Internet fund, very focused on AI and
Speaker 11: digital assets. It's up more than the market this year,
Speaker 11: more than I think it's twenty seven twenty eight percent.
Speaker 11: If you look at ARKG, which is our Genomic Revolution portfolio,
Speaker 11: it is.
Speaker 6: Down twenty two percent.
Speaker 11: And a big problem for that portfolio has been the
Speaker 11: lack of M and A.
Speaker 6: You know, the absence of M and A.
Speaker 11: This this group, if any, needs those liquidity events because
Speaker 11: big companies, big pharma companies, need the innovation that is
Speaker 11: coming out of the smaller company companies. So we think
Speaker 11: that's going to change. We also if you listen to
Speaker 11: now I don't know, I don't think he'll be FDA commissioner,
Speaker 11: but Robert Kennedy, you know he wants to clean up
Speaker 11: corruption in healthcare.
Speaker 6: You know, they're a.
Speaker 11: Huge lobbying lobbying organizations for pharma. They are not they
Speaker 11: are not out there advocating for the innovators. I think
Speaker 11: the most important thing he said is this, we want
Speaker 11: to go back to the rich tradition of the gold
Speaker 11: standard of evidenced, evidence based science in terms of healthcare,
Speaker 11: and the tools are here for preventative, predictive, personalized, and
Speaker 11: participatory behavior.
Speaker 6: Healthcare.
Speaker 11: So I think healthcare that the convergence of healthcare sequencing technologies, DNA, RNA,
Speaker 11: proteins sequencing technologies, artificial intelligence, and Crisper gene.
Speaker 3: Okay, So I want to jump in here because and
Speaker 3: I'm glad you brought in I'm glad you brought up
Speaker 3: RFK because I had a question about that to you, Kathy,
Speaker 3: And I'm afraid it's probably our last one, just because
Speaker 3: we're running out of time. He's been a vaccine skeptic.
Speaker 3: You mentioned RNA technology, mRNA technology, what the COVID vaccines,
Speaker 3: the newish COVID VACAS scenes we're based on. Are you
Speaker 3: concerned that how he views public health is going to
Speaker 3: affect innovation happening in the space.
Speaker 6: No, I'm not.
Speaker 11: If you read what he said very recently, he sounds
Speaker 11: pretty libertarian about vaccinations. You know, there are some people
Speaker 11: who really feel it's important and others who don't.
Speaker 6: And you live and let live. But one thing I'd
Speaker 6: like to say is.
Speaker 11: This past administration has been a menace to what we're
Speaker 11: calling the multiomics revolution, which is going to be the
Speaker 11: most profound application of artificial intelligence and new technologies in history,
Speaker 11: going to cure disease. And yet as I look at
Speaker 11: the traditional analyst response to these drugs like Chrisper Therapeutics
Speaker 11: and Intelia that are starting to cure disease, and how
Speaker 11: they think that's bad business because they don't have an
Speaker 11: annuity keeping someone keeping someone's symptoms under control. That's an annuity.
Speaker 11: They prefer that to a cure. In our latest Monday newsletter,
Speaker 11: it's called Disrupt ARC Disrupt you can find it on Twitter.
Speaker 11: You'll see that we believe that curing disease is going
Speaker 11: to make the patents of the companies with those cures
Speaker 11: two to twenty times more valuable than those other kinds.
Speaker 11: So I think there's a complete misunderstanding of the dawn
Speaker 11: of the new health age. And I am so excited,
Speaker 11: so excited that the Trump administration is going to bring
Speaker 11: this new world to life for us.
Speaker 3: Kathy would we always want more time with you. Thank
Speaker 3: you so much for spending a big part of your
Speaker 3: afternoon with us. We do appreciate it that it's Kathy Wood,
Speaker 3: the founder CEO and CIO over at Arc invest joining
Speaker 3: us from Saint Petersburg, Florida.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Listen live
Speaker 2: each weekday starting at two pm Eastern on applecar Play
Speaker 2: and ANDROYD Auto with the Bloomberg Business App. You can
Speaker 2: also listen live on Amazon Alexa from our flagship New
Speaker 2: York station, Just Say Alexa Play Bloomberg eleven.
Speaker 3: Thirty plenty ahead in our second hour of the weekend
Speaker 3: edition of Bloomberg Business Week, including the return of the
Speaker 3: New York Comedy Festival. Caroline Hirsch, founder of Caroline's on Broadway,
Speaker 3: joins us on this year's lineup of iconic comics and entertainers,
Speaker 3: including Bill Maher, Jerry Seinfeld, Bruce Springsteen, and Moore. Plus
Speaker 3: Sean White wants to make competitive snowboarding as globally powerful
Speaker 3: as Formula one. It's all in the pursuit Ski Special
Speaker 3: First up this hour, something we like to feature each
Speaker 3: and every year on Bloomberg Business Week. Loriel Pere Women
Speaker 3: of Worth for the nineteenth year is recognizing nonprofit leaders
Speaker 3: from around the US for their philanthropic achievements. This year,
Speaker 3: the beauty brand identified ten change makers from thousands of
Speaker 3: entrants who will receive a host of prizes, including twenty
Speaker 3: five thousand dollars, a mentorship from Lorial Paris on how
Speaker 3: to enhance their business efforts and access to the brand's
Speaker 3: national platform to amplify their messages.
Speaker 12: For more.
Speaker 3: On the twenty twenty four honourees, I was joined by
Speaker 3: Bloomberg's Katie Greifeld. We caught up with Ali Goldstein, president
Speaker 3: of Loreal Paris USA, and John A. V Row one
Speaker 3: of the ten honorees this year. Joonavi is president and
Speaker 3: founder of New Voters. It's a youth led national nonprofit.
Speaker 3: It engages high school students and helps them find their
Speaker 3: voice in politics. Ali kicked it off for us.
Speaker 13: Loreal Paris Women of Worth. As you said, it's our
Speaker 13: nineteenth year of fulfilling This program is our great honor
Speaker 13: and it's really our essential philanthropic program that aligns to
Speaker 13: our tagline because You're worth It. As a brand, Loriel
Speaker 13: Paris strives to really truly support women's empowerment and the
Speaker 13: idea that everyone is worth it, and what that means
Speaker 13: is giving back to those and supporting those who are
Speaker 13: striving to help others. Women helping other women is integrally
Speaker 13: part of our brand. Equity and Women of Worth is
Speaker 13: a program that does just that. So we recognize ten
Speaker 13: honorees every year.
Speaker 8: We have an.
Speaker 13: Extensive application program, and we find ten women doing great
Speaker 13: things with their ten organizations that span a spectrum of causes,
Speaker 13: and we support them and highlight what they're doing and
Speaker 13: really recognize the efforts. For the most part, they're very grassroots,
Speaker 13: so we find programs that really need us and need
Speaker 13: our help, so things that are not fully developed and
Speaker 13: scaled yet, and we bring support, a bit of financial support,
Speaker 13: we bring awareness, we bring networking and mentorship, and we
Speaker 13: help them get this bit of the scale and support
Speaker 13: that they need to do all the great work that
Speaker 13: they're doing.
Speaker 1: And of course, one of those women is joining us
Speaker 1: right now. Jenavi tell us a little bit about new voters.
Speaker 14: Thank you, yeah, thank you so much for having me.
Speaker 14: We're a youth led five oh one c three dedicated
Speaker 14: to helping high school students find their voice in politics
Speaker 14: before they're old enough to vote and then when they
Speaker 14: become old enough to vote. So four million students graduate
Speaker 14: from high school every single year, and around ninety percent
Speaker 14: of them are eligible to register and vote by the
Speaker 14: time they graduate. So this is a basically completely under
Speaker 14: targeted population by voter outreach campaigns, by actual campaigns, and
Speaker 14: when it comes to largely voter registration. And because of
Speaker 14: that massive number, if high school students alone, if eighteen
Speaker 14: year olds alone vote at the same rate as Baby boomers,
Speaker 14: eighteen year olds would be the deciding voice on every
Speaker 14: contested election in the country.
Speaker 4: Well why don't they?
Speaker 14: I mean, I think that a big part of it
Speaker 14: is that lack of outreach. There was a survey by
Speaker 14: a Circle at Top, which is one of the leading
Speaker 14: youth research institutions in the country, and they found that
Speaker 14: in twenty twenty two, less than fifty percent of eighteen
Speaker 14: to twenty four year olds were reached out to by
Speaker 14: any campaign. And when you think about eighteen year olds,
Speaker 14: if you think about just high school students alone, Like
Speaker 14: I know, I'm inundated with those messages being like John Oby,
Speaker 14: we're disappointed in you donate to me. But I know
Speaker 14: that the high school students I work with aren't receiving
Speaker 14: those messages. They're not on these lists because a lot
Speaker 14: of them aren't going to be eighteen. Because you can
Speaker 14: register to vote in most states at seventeen if you'll
Speaker 14: be eighteen by the election, so they're not getting that outreach.
Speaker 14: Maybe they don't know they can register to vote in time.
Speaker 14: And also there is, as i'm sure you guys know,
Speaker 14: just such a microscope on schools right now and fear
Speaker 14: of being political at all that they see civic engagement
Speaker 14: in voter registration as being part of that. And you
Speaker 14: can't really blame them because they are being targeted and
Speaker 14: being harassed for doing things. So because of that, schools
Speaker 14: are really tentative to make voter registration even those schools
Speaker 14: are meant to prepare students for future life and being
Speaker 14: an act of civic and democratic participant is essential to that.
Speaker 14: They are not integrating voter registration into the programming. But
Speaker 14: logistical issues aside of you know, people getting reached out to.
Speaker 14: I also think that there is a lack of civics
Speaker 14: education in this country and a lack of seeing that
Speaker 14: democracy and voting is a way to create change. I
Speaker 14: think that any discussion, and I if you guys have
Speaker 14: young people in your lives, I'm sure you know those
Speaker 14: like young people aren't apathetic, They're desperate to be heard
Speaker 14: on the issues that impact them impact our generation more
Speaker 14: than anybody else. It's just they don't see voting as
Speaker 14: a way to do that.
Speaker 3: Would John Avy have been picked had that's not been
Speaker 3: an election year, So.
Speaker 13: Okay, first, she would have been picked because she's fantastic
Speaker 13: and doing great work. But it is true that the
Speaker 13: honoreeson their question, you know what, I mean to give
Speaker 13: some love to but no, But in all seriousness, what's
Speaker 13: really fascinating about women of worth is the women and
Speaker 13: the organizations that we recognize are truly sort of a
Speaker 13: microcosma of what's happening at the time, and we see
Speaker 13: that each and every year. And so it's true that,
Speaker 13: you know, what we see this year is programs around
Speaker 13: mental health, programs around sustainability, programs around voters like we
Speaker 13: see a surge in topics that are present and relevant
Speaker 13: for these times. You know, coming out of COVID, we
Speaker 13: saw a lot more in healthcare. So there's definitely a
Speaker 13: representative of sort of what's current at the moment in time,
Speaker 13: and we see that represented then in terms of the process.
Speaker 13: You know, we receive a couple thousand, two to three
Speaker 13: thousand applications every year. We have a pretty rigorous process
Speaker 13: for recognizing and selecting the women. We invite our employees
Speaker 13: to get involved. We partner with Points of Light and
Speaker 13: an organization that helps us vent, and then we have,
Speaker 13: you know, we narrow down and we have a final
Speaker 13: group that we select with colleagues that we work with
Speaker 13: as well as our spokeswomen, Asia Naomi Naomi King, who's
Speaker 13: very involved in this as well. Every year she helps
Speaker 13: select the finalists and she's with us at the ceremony
Speaker 13: in November to choose the final ten.
Speaker 1: What does new voters look like post presidential election?
Speaker 14: Yeah, no, I mean, I think the critical thing that
Speaker 14: you guys definitely know. But there are elections every single year.
Speaker 14: There's two elections every year. Some states there's four elections
Speaker 14: in a year, and civic engagement at the amongst everybody,
Speaker 14: but especially among young people has to happen every day,
Speaker 14: three sixty five sometimes three sixty six days a year.
Speaker 14: So we are operational in around four hundred high schools
Speaker 14: across the country, largely in Pennsylvania and Arizona. And what
Speaker 14: we do is we support the students and we empower
Speaker 14: them to run voter tstration drives in their schools and
Speaker 14: get students who are both old enough to vote and
Speaker 14: also not old enough to vote to run a registration drive.
Speaker 14: In addition to that, every student is matched with a
Speaker 14: personal college mentor who helps them, you know, figure out
Speaker 14: how to mobilize their school. How to you know, We're like,
Speaker 14: use the different social clicks at your school, you know,
Speaker 14: like day one, get the lacrosse captain and the football
Speaker 14: captain to get their their team registered, then the drum
Speaker 14: major on day two, and then day three like.
Speaker 1: The mentioned debate team. You know much there.
Speaker 14: Now, there are some there are some pools of people
Speaker 14: who are very civically engaged. There's actually and this actually
Speaker 14: leads into another thing that we do, which is research
Speaker 14: on high school political behavior, because anecdotally, you can probably
Speaker 14: think that, Okay, you know, the music kids and the
Speaker 14: debate kids are very registered to vote, and the stem
Speaker 14: kids and the athletes are probably less so. And there's
Speaker 14: actually no real research into high school political behavior and
Speaker 14: civic engagement. Kind of following along this trend of they're
Speaker 14: not really being resources dedicated to high school students registering
Speaker 14: to vote. However, I do work with a number of
Speaker 14: incredible organizations through we lead a coalition called the New
Speaker 14: Voters Collaborative, which is around thirty forty organizations dedicated to
Speaker 14: high school civic engagement, everything from the YMCA to when
Speaker 14: we all vote, and we meet every month to talk
Speaker 14: about high schoolivic engagement. But we also have a research
Speaker 14: network dedicated to figuring out why high school students vote
Speaker 14: or what makes them want to and that's all done
Speaker 14: by researchers nineteen years old and under John Vy.
Speaker 3: What's the link now to registering these students and them
Speaker 3: actually going out and voting. Just because someone's registered doesn't
Speaker 3: mean they're going to vote.
Speaker 10: Yeah.
Speaker 9: Absolutely.
Speaker 14: However, among high amongst high school students eighteen year olds,
Speaker 14: they actually found that around eighty to eighty three percent
Speaker 14: of eighteen year olds, once registered, vote will turn out
Speaker 14: to vote just as a controlled you know, looking at
Speaker 14: the voter file. So it is a pretty high conversion
Speaker 14: rate of registered voter to voter when it comes to
Speaker 14: eighteen year olds. I think that it is necessary though,
Speaker 14: to follow up any registration with conversations with information about
Speaker 14: registering to vote. I mean, it's something they've found is
Speaker 14: as amazing as automatic voter voter registration is, which is
Speaker 14: when the DMV will automatically redshirt you to vote when
Speaker 14: you read short to vote. They found that that has
Speaker 14: really low conversion rates of registered voter to voter because
Speaker 14: it's not coupled with a conversation. It's not coupled with
Speaker 14: you know, this is why you should readshor to vote.
Speaker 14: So this is in no way saying that AVR shouldn't exist.
Speaker 14: It's incredibly important and essential to eliminating barriers to registering
Speaker 14: to vote. But it also means that you still need
Speaker 14: to have those conversations in the classroom. And again that's
Speaker 14: something that teachers are afraid of doing. And that's why
Speaker 14: as a nonprofit, as a student led organization or youth
Speaker 14: led I'm no longer a student, we really prioritize having
Speaker 14: those conversations across the political divides regularly.
Speaker 3: As we mentioned, John ave a Row just one of
Speaker 3: the honorees of the Looreal Women of Worth program this year.
Speaker 3: Ali give us an idea of some of the other
Speaker 3: nine and where they're from and what they're working on.
Speaker 13: So the ten women are a highly diverse group, so
Speaker 13: they represent many many causes. They're represented across the United States,
Speaker 13: across age, ethnicity, and that is an important part of
Speaker 13: our program to really be as diverse as possible in
Speaker 13: terms of causes. There's quite a few very significant and
Speaker 13: emotional causes. So there's a woman named Laura Pohulis who
Speaker 13: runs an organization called Control Alt Delete, and she provides
Speaker 13: resources for women who are in domestic violence situations to
Speaker 13: literally escape those dangerous environments. So she and her organization
Speaker 13: will literally come and rescue women and their children and
Speaker 13: help them get out of these organizations. There's another organization
Speaker 13: that is about helping refugees. We also know that's a
Speaker 13: very important topic of recent Her name is Mae Muna
Speaker 13: who organization is the Tea Foundation, So she supports helping
Speaker 13: refugees get on their feet following their move. And then
Speaker 13: there are more health focused organizations. So Sherry Mathis les
Speaker 13: an organization called the Mammogram Poster Girls, which seems pretty
Speaker 13: straightforward but is so needed. And I think what she
Speaker 13: has identified is that women in under served, underprivileged neighborhoods
Speaker 13: are underrepresented getting mammograms. And we know you can prevent
Speaker 13: breast cancer through early detection or at least prevent mortality.
Speaker 13: You know, prevent the most significant issues with early detection.
Speaker 13: So her organization is really about providing mammograms, free mammograms
Speaker 13: to women who normally don't have access to them, which
Speaker 13: is really really powerful. So the women are really fantastic.
Speaker 13: It's a fantastic It's a great group, all with amazing causes.
Speaker 6: You've met all of.
Speaker 13: Them, Joonavie, and so you've seen. I think what's also
Speaker 13: very powerful is we don't only just have the ten
Speaker 13: this year, but we have one hundred and ninety women
Speaker 13: behind it.
Speaker 3: Talk about that a little bit because you've been coming
Speaker 3: on this program each and every year for as long
Speaker 3: as I've been doing this program, and every year you
Speaker 3: bring somebody, yes, and what they talk about are the
Speaker 3: resources that they have with this group of alumni.
Speaker 13: Yes, So so you know what we what we do
Speaker 13: over time is you know, we give them awareness. We've
Speaker 13: we've evolved to be much more digitally led social so
Speaker 13: it was a bit more traditional when five years ago,
Speaker 13: when we've really moved how we activate the Women of
Speaker 13: Worth to be much more modernized, so more digital. We've
Speaker 13: enhanced with a program called Global Giving, which not only
Speaker 13: do we give financial resources, but now we have an
Speaker 13: opportunity through GlobalGiving dot org for consumers to contribute to
Speaker 13: the organizations as well, and we've added a network through
Speaker 13: LinkedIn where we've connected all the one hundred and ninety women.
Speaker 13: And what you know, when you have one hundred and
Speaker 13: ninety women, you can imagine there's overlapping causes. But that's
Speaker 13: not a detriment because now we have a network of
Speaker 13: women who can help other women who who've been in
Speaker 13: similar circumstances. So the women who were recognized ten years
Speaker 13: ago have evolved their organizations, they've scaled, they've learned, they've
Speaker 13: made mistakes, and now they can help the younger women,
Speaker 13: the newer women support their organizations. The other thing is
Speaker 13: next year is twenty is our twentieth anniversary, which is
Speaker 13: super exciting. We are planning very big things. Our ambition
Speaker 13: is to bring back all two hundred women and make
Speaker 13: a real celebration of the impact that all of these
Speaker 13: two hundred women have had together over the last twenty years,
Speaker 13: which is really powerful and really exciting.
Speaker 4: Well, now you have to do it.
Speaker 1: I know it's on the record, on the record.
Speaker 3: Ali Goldstein, president of Larel Paris USA, here in our
Speaker 3: Bloomberg Interactive at Brokers Studio. Also with us John A. V.
Speaker 3: Raw honoree, founder and president of New Voters. It's that
Speaker 3: youth led national nonprofit. They work to engage high school
Speaker 3: students to ensure that youth voices are heard and prioritized
Speaker 3: in politics.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Catch us
Speaker 2: Live weekday afternoons from two to five pm Eastern on
Speaker 2: Apple card Play and then broud Otto with a Bloomberg
Speaker 2: Business act or warned us Live on YouTube.
Speaker 3: New York known for its comedy scene, and a big
Speaker 3: part of that has to do with the New York
Speaker 3: Comedy Festival, which kicked off this weekend. It's where the
Speaker 3: best of the best comedians from all over gather each year,
Speaker 3: and this year it's celebrating its twentieth anniversary with more
Speaker 3: than one hundred shows at venues throughout the five boroughs.
Speaker 3: We're talking names like Judd Apatow, Gabriel Iglesias, Bill Maher,
Speaker 3: Miss Pat, Tracy Morgan, and many many more. Caroline Hirsch
Speaker 3: is the founder of Caroline's on Broadway. It operated from
Speaker 3: nineteen eighty one to twenty twenty two. She's also founded
Speaker 3: and produced the New York Comedy Festival for years. She
Speaker 3: joined us to talk about the Comedy Festival this month
Speaker 3: and the fine line between politics and comedy. We spoke
Speaker 3: to Caroline just before election day.
Speaker 9: We purposely had the festival after the election.
Speaker 4: Did you really have something?
Speaker 9: Oh yeah, you can't get in the middle of that makes.
Speaker 4: Sense, right, talk a little bit about that though.
Speaker 3: I mean a lot of the comedians you have that
Speaker 3: who Carol and I just mentioned politics front and center
Speaker 3: for them, and I think a guy like Bill Maher,
Speaker 3: I mean, he's all over it.
Speaker 9: Can't wait to see Bill.
Speaker 3: I think he gave a little promo on his show
Speaker 3: about the New York comedy He's did.
Speaker 9: He did, He's been. You know, he's Bill's kind of
Speaker 9: like a fixture. Last year he took a year off,
Speaker 9: but you know, he's back again. He's been in the
Speaker 9: festival for a number of years now, and we always
Speaker 9: usually have it, like actually one year we didn't have.
Speaker 9: We had it before and I think it was before
Speaker 9: Donald Trump got into office and he had some words
Speaker 9: to say about that. So I have to say, you know,
Speaker 9: Bill's been this guy that is really center. He call
Speaker 9: sings out the way he sees them, and I think
Speaker 9: he's very honest. I mean, I love watching him and
Speaker 9: I think Bill's got a bigger career now than he's
Speaker 9: ever had.
Speaker 3: Well, okay, so that's so interesting to say that, because
Speaker 3: one thing that's different now that he's doing is this
Speaker 3: Club Random podcast, which is so different than his normal show. Right,
Speaker 3: it's a weekly show on HBO is what he's known for,
Speaker 3: but he has this podcast that he like just sits
Speaker 3: down with people and does these long interviews, Like seems
Speaker 3: like everybody's doing this now.
Speaker 9: I think, Yeah, Listen podcast is is the talk radio
Speaker 9: of today. So they're very interesting people. We have lots
Speaker 9: of podcasts in the festival that kind of like, you know,
Speaker 9: so how did he get made? You know, which is great,
Speaker 9: which is a group of people that got together one
Speaker 9: night at a party and said, hey, how did that
Speaker 9: ever get made for TV? And they created a podcast?
Speaker 8: We love that. Well wait, so wait, so when you
Speaker 8: think about what you want to do with the festival
Speaker 8: and you've been doing for such a long time, and
Speaker 8: I'm sure there's evolution, and there's obviously you know, the
Speaker 8: iconic comedians you want, I'm sure our new voices. Tell
Speaker 8: us how you think about it every year?
Speaker 9: Well, we we we think about it like the day
Speaker 9: after we like, you know, the middle of this November
Speaker 9: coming up. We'll think about next year, but it takes
Speaker 9: about a year to get everybody kind of in line
Speaker 9: and between the schedules and this and that. So you know,
Speaker 9: we have close to three hundred shows around New York
Speaker 9: City with you know, two hundred or more comedians that
Speaker 9: are around, so you know, we have something for everyone.
Speaker 9: I mean, you know, we're at the greatest venues in
Speaker 9: the world, you know, the Beacon Theater, Town Hall, Carnegie Hall,
Speaker 9: and it's an array of great comedians like Nikki Glasier,
Speaker 9: Mattato Lane, Randy Rainbow, Michelle Batteaux, Rachel Branahan who played
Speaker 9: Marvelous Missus Mayzell, which is kind of a you know, look,
Speaker 9: there are two hit shows on TV today. They were
Speaker 9: The Marvelous Missus Mazelle and Hacks and they both kind
Speaker 9: of centered around the life of drivers. Right so here
Speaker 9: you god, yeah, which is really good.
Speaker 6: Well, but it's also a combination.
Speaker 8: You've got a lot of musicians.
Speaker 6: Bruce Springsteen.
Speaker 9: We have Bruce, but Bruce is part of our big
Speaker 9: event because why stand up for heroes? Love it. It's
Speaker 9: something that Bruce is.
Speaker 8: Nice, never questioned Bruce being anywhere, but.
Speaker 9: He's been on the show for it's our eighteenth year
Speaker 9: of doing Stand Up for Heroes. He's been on the
Speaker 9: show for seventeen years. He took one year off when
Speaker 9: he was doing his Broadway show, and he's been a
Speaker 9: constant there. And he's very involved with vet issues and
Speaker 9: raising these funds. And we have a Stella line up
Speaker 9: this year.
Speaker 8: And it is It is the twentieth annual New York
Speaker 8: Comedy Festival, and the Stand Up for Here, like the
Speaker 8: Stand Up for.
Speaker 9: Here is eighteen years, it's eighteen years, and it's you know,
Speaker 9: over this time, we've raised over one hundred million dollars
Speaker 9: the veteran causes. And I just went over I'm on
Speaker 9: the board of the Woodchar's Foundation. I just went over
Speaker 9: a number of grants. We get ten million dollars in grants.
Speaker 9: This year. When there was a hurricane in Tampa, we
Speaker 9: were there helping out the vents. So we're like action packed,
Speaker 9: vetted the best way you could possibly be. And this
Speaker 9: money is well spent with the veterans.
Speaker 8: I get to say, with veterans, I mean nothing funny
Speaker 8: about it that you know, we have individuals in our
Speaker 8: country who go over and fight and fight for freedom
Speaker 8: and to protect other countries, to protect Americans and American assets,
Speaker 8: and come home and then it's like they're forgotten and
Speaker 8: it's you know, I'm not going to get political, but
Speaker 8: it is great to see the efforts that you do
Speaker 8: and others to help them out.
Speaker 3: Yeah, you mentioned Bruce Springs, but Jim Gaffagan, Nora Jones, Questlove,
Speaker 3: Jerry Seinfeld, John Stewart, Mark Norman, Yeah, Mark Norman.
Speaker 9: Yeah, it's a great line up.
Speaker 8: It's going to be What are you looking forward to?
Speaker 9: You said, Bill said, yeah, I go to you know,
Speaker 9: get to see Bill. You know, Bill started with me
Speaker 9: in my first club on eighth Avenue, so we've known
Speaker 9: each other for years. I always excited to see him,
Speaker 9: to hear what he has to say. I'm excited for Like,
Speaker 9: did you know Bill was going to do well?
Speaker 6: Did you think, like, what do you like?
Speaker 8: What is it when you see somebody or you know this,
Speaker 8: this person's gonna be Bill.
Speaker 9: Bill had great stand up he did forty years ago. Yes,
Speaker 9: so he was he was great at that and stayed
Speaker 9: with it and then politically incorrect got him to where
Speaker 9: he is today. So you know, he just was there
Speaker 9: tenacity and stayed with it and and did great. But
Speaker 9: we have a lot of people that have worked at
Speaker 9: the club for so many years, like Tracy Morgan, JB. Smooth,
Speaker 9: Miss Pat is at town Hall. Also, Adam Ray is
Speaker 9: playing Doctor Phil at the Beacon Theater. Jabooki Young White
Speaker 9: is also at the hard Rock. The hard Rok is
Speaker 9: playing a big part in the festival. We have shows
Speaker 9: there practically every night at the hard Rock Hotel. It's
Speaker 9: great venues that that's there. We have a tribute to
Speaker 9: Gilbert Gottfried that's there, So it's it's kind of taken
Speaker 9: the place of the Caroline Space and we're doing all
Speaker 9: of those shows there at the hard Rock.
Speaker 3: We're going to talk more about Carolines in just a minute,
Speaker 3: but I do want to get you to weigh in
Speaker 3: on the election stuff and just like the way that
Speaker 3: comedy has played in just over the last week. I mean,
Speaker 3: if you think about what happened at Madison Square Garden
Speaker 3: with Tony Hinchcliff in the way that that comment from
Speaker 3: him just dominated the news cycle, did you think we'd
Speaker 3: be talking about like a comic who's known for roasts, No, in.
Speaker 9: Fact, in the President you know what you call it
Speaker 9: is like a bad booking, you know, just like a
Speaker 9: bad booking, and it shouldn't have happened. But then again,
Speaker 9: you hire Tony, you have to know what comes with Tony.
Speaker 9: It's like, you know, there's no filter, so you really
Speaker 9: can't you really can't filter a comedian like that, as
Speaker 9: you know from the Tom Brady roast. I mean, he
Speaker 9: was really out there, so you have to know, you know,
Speaker 9: so you know, the person that booked him on the show.
Speaker 3: Maybe not something you would suggest for a political closing.
Speaker 9: I would if I was in charge of that, but
Speaker 9: the comedians never, I would never put him up there.
Speaker 4: So what type of comedian would you put up? Well,
Speaker 4: you know we.
Speaker 9: Had we had we had Jim Gaffigan that was at
Speaker 9: the Al Smith dinner. Yeah, and that yeah, I mean
Speaker 9: he made points but a little more, you know, and
Speaker 9: he's tasteful, you know, he's a conservative, but he made
Speaker 9: points a different way. So there's a way to do it.
Speaker 9: So you have to know, you know, you have to
Speaker 9: know how to book it. So Tony was not the
Speaker 9: right person to be there at that time.
Speaker 8: So can we assume that the festival since it'll be
Speaker 8: after the election that there'll be a lot of politically
Speaker 8: all right, close up on Caroline, Are.
Speaker 3: You kidding me with this question?
Speaker 6: I mean, well, what do you make what?
Speaker 11: I know?
Speaker 2: I know?
Speaker 8: All right, so I asked the obvious.
Speaker 9: I mean, I watched the late shows at night, and
Speaker 9: it's not a night that doesn't go by between Kimball
Speaker 9: and Colbert. It just doesn't stop. It's like I have
Speaker 9: to walk out of the room until the monologues over.
Speaker 9: It just it doesn't stop.
Speaker 4: From a comedy.
Speaker 3: From a comedy perspective, though, does SNL still carry the
Speaker 3: weight that it once did?
Speaker 9: I think we're all talking about it, so I guess
Speaker 9: it does.
Speaker 3: Yeah, really, yeah, interesting because I wasn't expecting you to
Speaker 3: say that. I was expecting you to say, Okay, well,
Speaker 3: you know, maybe podcast, YouTube and you know, these sort
Speaker 3: of things that get people. TikTok even it does, we
Speaker 3: talked about with you in the past.
Speaker 9: But they repurpose everything from SNL goes onto all of
Speaker 9: those sites the next day, so that's where they connect
Speaker 9: with young people. They really do. I mean, I think
Speaker 9: I just read that SNL did a big deal right
Speaker 9: now with TikTok. There's a lot of stuff from SNL
Speaker 9: on there, so it gets repurposed and then it gets
Speaker 9: seen and it gets everybody just talking about it, so
Speaker 9: that when the news knows that Kamala Harris goes onto that,
Speaker 9: we all talk about it the next day. So it's
Speaker 9: a it's a good book for her.
Speaker 3: I was gonna say, what about it being a springboard
Speaker 3: for young comedians in this dan and age? I mean,
Speaker 3: you used to be on SNL and that's where so
Speaker 3: many legends got their start, didn't I I thought.
Speaker 8: I also read that Billy Crystal SNL passed on him
Speaker 8: and then he did you did care, and that he
Speaker 8: liked and then ended up on an that was probably
Speaker 8: I believe in nineteen eighty four eighty five, Dick Ebrisol
Speaker 8: came in.
Speaker 9: Lord Michaels was not producing. Then Dick Ebersol came in
Speaker 9: and put him on, and then Billy just exploded again. Yeah,
Speaker 9: it's just kind of interesting. Carolines was like a good
Speaker 9: luck chure on for a lot of people.
Speaker 8: So, so how do you think about bringing it back
Speaker 8: in some form?
Speaker 9: Well, I think we want to bring it back in
Speaker 9: a bigger way, more of a big event that might
Speaker 9: happen or something or than that. Yeah, she looks guilty.
Speaker 8: She looks like she's got something cooking.
Speaker 9: Sat here a year ago.
Speaker 3: You sat here a year ago and said you'll have
Speaker 3: something for us next time you're here. So we're still
Speaker 3: working on it.
Speaker 9: We're still working on it.
Speaker 3: Yeah, when you say bigger, you mean outside of New
Speaker 3: York too, Maybe?
Speaker 9: Yeah, I mean, like you know, Caroline's like as the
Speaker 9: brand taking bigger and just outside of the four Broadway walls,
Speaker 9: it'll be in other people's walls.
Speaker 3: One thing that we've we've talked about at Bloomberg BusinessWeek
Speaker 3: is this idea that Joe Rogan is trying to make
Speaker 3: Austin happen as a center for comedy like it happened
Speaker 3: in LA and New York.
Speaker 4: Do you buy that.
Speaker 9: I think he's done a good job of bringing a
Speaker 9: lot of comedians there. I don't know if it'll be
Speaker 9: the centerpiece of comedy, but he's bringing you know, the
Speaker 9: New York the New York comedians, and the LA comedians
Speaker 9: and the Dave Chappelle's to go in there. But you know,
Speaker 9: at New York is where it's at. New York is
Speaker 9: where it's at. New York is bigger than LA. With
Speaker 9: the comedy.
Speaker 8: So how do you think about comedy and like the
Speaker 8: evolution of it. I mean, I grew up with a dad.
Speaker 8: I'm trying to think the roasts with like Dean Martin
Speaker 8: and like just and they still can you. But does it.
Speaker 9: Really change in terms of what makes people laugh? No,
Speaker 9: I think it's you know, it's it's what makes you laugh.
Speaker 9: Is is the common thread of the joke because it
Speaker 9: happened to you, it happened to me. Hahaha, isn't that funny?
Speaker 9: So that's really why we all love comedy because it
Speaker 9: brings us together in way to enjoy something. And that's
Speaker 9: really why it makes you feel good. Yeah, and it's
Speaker 9: a stress reliever and you know.
Speaker 8: Always talking about loving to laugh.
Speaker 9: With comedy, you can take some of the bad news,
Speaker 9: it could be repurposed in another way.
Speaker 3: That was Caroline Hirsch, founder of Caroline's on Broadway, also
Speaker 3: producer of the New York Comedy Festival taking place right
Speaker 3: now still head on Bloomberg Business Week Sean White's Next
Speaker 3: Big Trick, The best place to ski around the world
Speaker 3: and the right year to get the job done. It's
Speaker 3: all in Pursuits. The Ski Edition that's next This is Bloomberg.
Speaker 2: You're listening to the Bloomberg Business Week podcast. Catch live
Speaker 2: weekday afternoons from two to five pm. Easter Listen on
Speaker 2: Applecarplay and then Broun Auto with a Bloomberg Business act
Speaker 2: or watch us live on YouTube.
Speaker 3: The average person probably won't be able to appreciate the
Speaker 3: acrobatics involved in a cab double cork fourteen forty. Maybe
Speaker 3: Chris Rauser can, but they can surely appreciate ski resorts
Speaker 3: with the best powder, slip side ramen shops, and hot springs.
Speaker 15: To soothe sore muscles.
Speaker 3: It's all in the Pursuit section of BusinessWeek magazine. It's
Speaker 3: out on newsstands now, at Bloomberg dot com and on
Speaker 3: the Bloomberg terminal. It's the Ski Edition, probably one of
Speaker 3: my favorite editions to talk about each and every year.
Speaker 3: We begin with famed Olympic snowboarder Sean White's mission to
Speaker 3: take the sport to new heights with us. We got
Speaker 3: the editor of Bloomberg Pursuits and also the Bloomberg BusinessWeek
Speaker 3: contributor who wrote the story about the Olympic champion, Jen Murphy,
Speaker 3: joining us too. So back when I lived in Colorado
Speaker 3: in veil. After college, they had this thing called the
Speaker 3: snowboarder sandwich, which was free. It's totally free.
Speaker 15: Okay, Okay.
Speaker 3: You go to the place where you get the food,
Speaker 3: and you go to the saltines. You grab the saltines
Speaker 3: and you fill them with chilula sauce, and that's your
Speaker 3: lunch on the ski slopes.
Speaker 15: Salty.
Speaker 3: But it turns out it's not just you know, everybody
Speaker 3: who's a poor snowboarder, it's also the professionals who shockingly
Speaker 3: don't earn any money. Yes, snowboarding Chris, I was shocked.
Speaker 15: To see this story has found his way to.
Speaker 3: Our Everyone needs an editor. My editor is Chris.
Speaker 15: Yeah.
Speaker 16: Yes, snowboarding nationally in the US is on the rise,
Speaker 16: and there were It was up ten percent last year.
Speaker 16: There was something like nine point nine million Americans who
Speaker 16: snowboarded at some point or another. Skiing is actually slightly
Speaker 16: on the decline, But snowboarding as a professional sport has
Speaker 16: sort of only really ever had a patchwork of competitions.
Speaker 16: Professional athletes actually end up spending more money than they
Speaker 16: can possibly earn, and it just doesn't have the sort
Speaker 16: of fan base that a lot of other sports have.
Speaker 16: So Sean White are probably our most famous snowboarder, decided
Speaker 16: to change that with a new organization called the Snow League,
Speaker 16: which is going to be a series of international competitions.
Speaker 15: Hopefully you'll be able.
Speaker 16: To watch it on TV and it'll actually they'll count
Speaker 16: as Olympic qualifiers.
Speaker 3: So Jen Murphy, come on in here because you had
Speaker 3: an exclusive interview with Sean White all about his attempt
Speaker 3: to try to give it the F one effect, what's
Speaker 3: his big plan and who's.
Speaker 4: Back in it.
Speaker 12: You know, it's really exciting, I think for him, he
Speaker 12: obviously had his legacy as an athlete, you know, most
Speaker 12: decorated Olympian in snowboarding, and now this is his next
Speaker 12: legacy to really make this a sustainable career path for athlete.
Speaker 12: So it's going to kick off the snow You will
Speaker 12: kick off this March in Apson, Colorado, which is quite exciting.
Speaker 12: That has been home to the X Games for years
Speaker 12: and will continue to be. Sean has brought in some
Speaker 12: seriously big investors. Some of them include Blackstone Inks, David Slitzer,
Speaker 12: former NFL star Larry Fitzgerald. Junior Range Sports is going
Speaker 12: to be advising on the media rights and the commercial
Speaker 12: partnership strategy, and you know, the big thing I think
Speaker 12: that's gotten attention from particularly from the athletes as a
Speaker 12: price pers you know, as Chris was saying, traditionally you
Speaker 12: just didn't make a lot of money from snowboarding competitions.
Speaker 12: People really had to rely on sponsors to help support
Speaker 12: them and support their travel costs. That snow League is
Speaker 12: promising a one point five million dollars price perse and
Speaker 12: that will be split between men and women equally, and
Speaker 12: that's you know this, this sport hasn't seen that type
Speaker 12: of prize money before, so it's really exciting. And I
Speaker 12: will also note, you know, in the media a lot
Speaker 12: of this cover drum as now League has talked about snowboarding,
Speaker 12: that it will also include free skiing as well, So
Speaker 12: not just snowboarding, but free skiing as well will be
Speaker 12: introduced in the later half of the first season, which
Speaker 12: will be in twenty twenty six.
Speaker 3: We'll talk about the timing of this jen because it
Speaker 3: comes at a really interesting time for snowsports where we're
Speaker 3: seeing not necessarily an increase over the last few years
Speaker 3: in thenumber of people who are skiing, but an increase
Speaker 3: in the number of people who are snowboarding, So what's
Speaker 3: happening there.
Speaker 12: Yeah, you know, this great book just came out, The
Speaker 12: Darkest White, by Eric blem and it looks back at
Speaker 12: the late snowboarder Craig Kelly's life. He sadly died in
Speaker 12: an avalanche, but back in the day, like he was,
Speaker 12: you know, Sean White went to his snowboarding camp like
Speaker 12: he was the first sighting true snowboarding star. And the
Speaker 12: book chronicles the whole history of snowboarding. So, you know,
Speaker 12: in the late nineties and early offs, snowboarding was like
Speaker 12: the cool kind of counterculture thing to do and have
Speaker 12: this rise, and then it kind of started to fall
Speaker 12: off in people. You know, as the year in equipment
Speaker 12: got better and better, more people turned to skiing. And
Speaker 12: now we're seeing that change again and snowboarding is having
Speaker 12: this you know, other comeback, which is really exciting to see.
Speaker 16: There's obviously the X Games, which I think people are
Speaker 16: familiar with, that has a lot of different kinds of
Speaker 16: sports both winter and summer. Are there other snowboard tours
Speaker 16: that are happening that are kind of catching on to
Speaker 16: this moment you're describing.
Speaker 12: So now it's it's very interesting and it's you know,
Speaker 12: these leagues, including the Snow League, really want to move
Speaker 12: away from the term extreme sports and say action sports.
Speaker 12: It still sounds sounds action and extreme to me, but
Speaker 12: you know, they're they're focusing on this action sports. And
Speaker 12: I think that came from the Olympics. Really when the
Speaker 12: Olympics started including the halfpipe for snowboarding, freestyle skiing. Now
Speaker 12: we have surfing, mountain biking. It's really the Olympics has
Speaker 12: put it on the very are of a much broader audience.
Speaker 12: And so a few days before Sean announced the Snow League,
Speaker 12: the X Games actually announced that they will be launching
Speaker 12: for twenty twenty six, the X League, which will be
Speaker 12: a new action sports. Now they have the X Games,
Speaker 12: which is just a competition, but this will be a
Speaker 12: full on league. And then Natural Selection Tour is a
Speaker 12: more of a freestyle snowboarding competition that personnowboarders Travis Rice
Speaker 12: had started a few years ago. He has just I
Speaker 12: think only a week ago and recovered the same pursuits
Speaker 12: as well. He announced that he will be expanding to
Speaker 12: the Natural Selection Tour to surfing, mountain biking, and freestyle skiing.
Speaker 12: So and you know, back in the day we had
Speaker 12: a few different snowboarding competitions like the Dew Tour by
Speaker 12: Mountain Dew and COVID kind of shut them down and
Speaker 12: the prize money wasn't there. But I do think you
Speaker 12: mentioned earlier, you know, the F one effect. The success
Speaker 12: of F one, particularly due to the Netflix series The
Speaker 12: Drive to Survive, really showed people that these more obscure
Speaker 12: sports have huge potential because the characters are so fascinating.
Speaker 12: So both Sean and Travis Rice a natural selection, have
Speaker 12: said they are really leaning heavy on the storytelling and content.
Speaker 12: I mentioned, you know, creating some docu style series inspired
Speaker 12: by er. I've just arrived to really help put these
Speaker 12: athletes on people's radar. And even if you aren't into
Speaker 12: freestyle skiing or snowboarding, you're going to get hooked on
Speaker 12: following these athletes.
Speaker 3: I would watch that, no question, and I think I
Speaker 3: think it's a pretty cool sort of like next move
Speaker 3: for somebody who's spent his entire life Chris in the industry,
Speaker 3: someone like Sean White, who is a legend to so
Speaker 3: many people, and don't forget, he's got the whole video
Speaker 3: game thing too, go for him and the luxury thing.
Speaker 3: The luxury which we love.
Speaker 16: He is he's, you know, made snowboards from Montclair, like
Speaker 16: he has. He's a bunch of luxury sponsors and he
Speaker 16: wants to spread that around.
Speaker 15: Get some of that biz.
Speaker 3: Hey, Jen, I know you have to run because you're
Speaker 3: in Africa. I think you're about to get on a plane.
Speaker 3: But before you boarding a plus sure boarding? Before you
Speaker 3: do that, can we get like one minute on some
Speaker 3: gear ahead of the ski season. Because you've got a
Speaker 3: great piece in Pursuits about boots and skis what should
Speaker 3: we have our eyes on?
Speaker 12: Oh that's such a good question. So I grew up
Speaker 12: snowboarding and I am a news skier, So this is
Speaker 12: gear is really exciting for me because a lot of
Speaker 12: the technology we're seeing out there. If you're an okay skier,
Speaker 12: this will make you feel like you've just improved going
Speaker 12: like you know, leaps and bounds in one season because
Speaker 12: the technology you are seeing. So I would say quickly,
Speaker 12: the Nordic Enforcer ninety nine is the ski I have
Speaker 12: my eye on for this year. It has this cool
Speaker 12: new like they call it a pulse coore, which is
Speaker 12: basically an underfoot layer of rubber to kind of dampen
Speaker 12: the ski so you can get through chop your terrain
Speaker 12: without really like punishing your legs. I kind of joke
Speaker 12: and say it's the Goldilocks of all mountain, all conditioned
Speaker 12: skis this year boots which people have. You know, one
Speaker 12: reason I stayed away from skiing was because friends always
Speaker 12: complained about the boots. And we're seeing saying you're so uncomfortable.
Speaker 12: We're seeing these really cool new boots, including a whole
Speaker 12: new boot brand called Gainom. They are becore certified. They
Speaker 12: have a whole new design which looks really weird, but
Speaker 12: it has a wider toe box and it doesn't sacrifice
Speaker 12: to a hole. So I would check those out there.
Speaker 12: That is from the Faction Company.
Speaker 3: I wish I would haved go back in time and
Speaker 3: save my purchase from a couple of years ago and
Speaker 3: go and.
Speaker 4: Try some of these.
Speaker 3: Jen, really appreciate you taking the time. No, you got
Speaker 3: to run, Jen Murphy. She's a Bloomberg BusinessWeek contributor.
Speaker 4: Chris.
Speaker 3: One place I've always wanted to go skiing and I
Speaker 3: never have, and I'm not going to go this year
Speaker 3: is Japan. It is so hot right now, I know, well,
Speaker 3: so hot in the sense of like everybody wants to
Speaker 3: go skiing there, and part of the reason is because well,
Speaker 3: it hasn't been good snow in other parts of the world.
Speaker 16: Yeah, you know, we should be optimistic about snow this
Speaker 16: year in other parts of the world because of La Nina.
Speaker 16: But I some of my best friends are all going
Speaker 16: Tonseco this year, and I am a fire with jealousy
Speaker 16: because we always write about skiing in Japan and how
Speaker 16: the powder is totally incredible, and it's you know, we
Speaker 16: got a little kids.
Speaker 15: It's gonna be a long.
Speaker 16: Time before I can get all the way out there,
Speaker 16: like you Tim. But yeah, in the in the section
Speaker 16: this week, we have a guide to three of the
Speaker 16: places that three of the skis sort of centers that
Speaker 16: we recommend and that you know, you may not know
Speaker 16: so much about if you're skiing out in the West,
Speaker 16: particularly you may know Noseco, but you may not know
Speaker 16: Hakkaba Valley and Nozawa Onsen, which are two places which
Speaker 16: are actually a little closer to Tokyo and and maybe a
Speaker 16: little bit less known, but they have the same like
Speaker 16: incredible powder. Hakaba Valley is known as the next Niseko,
Speaker 16: and you know, there's fun there's really.
Speaker 15: Good hotels at all the places.
Speaker 16: So if you don't necessarily want to get Toneco, but
Speaker 16: you can get to Japan, there's these other places.
Speaker 3: Yeah, and I love how each of the resorts that
Speaker 3: you take us through sort of gives the pros the
Speaker 3: cons and like what to expect there. Ski passes are
Speaker 3: so much cheaper in Japan than they are.
Speaker 4: In the US.
Speaker 15: Well, everything is cheaper in Japan famously, but like this,
Speaker 15: but yes, oh yeah, like to ski passes everywhere.
Speaker 3: Ski pass Yeah, the US is just so it's gotten
Speaker 3: so expensive for skiing. Speaking of expensive places to ski,
Speaker 3: you got a list of sort of like ski this,
Speaker 3: not that in pursuits right now about different places to
Speaker 3: go in the same region. So you have a couple
Speaker 3: here in the US, but also some in Europe as well.
Speaker 16: Yeah, so in the print edition we have three places
Speaker 16: in Europe that we recommend because you know, a lot
Speaker 16: of times you know about a certain place, you hear
Speaker 16: your friends talking about Kurschevell, Machev something like that, and
Speaker 16: you want to go, and then whoa, it's crowded, expensive,
Speaker 16: I waited too long. And then there's other places right nearby,
Speaker 16: like right around the corner and that are, you know.
Speaker 15: Less crowded but beloved by locals.
Speaker 16: And maybe even better or more interesting. So instead of
Speaker 16: Courchevell France, we recommend you try Saint Nicola de Voce,
Speaker 16: which is which is actually part of the same Mont
Speaker 16: Blanc ski region, but it's less crowded and also less expensive,
Speaker 16: and it's accessible for more levels of skiers.
Speaker 3: We just scratch the surface when it comes to the
Speaker 3: ski special in a Bloomberg Pursuits, so everybody check it out.
Speaker 3: It's on the Bloomberg Terminal, It's at Bloomberg dot com,
Speaker 3: Slash BusinessWeek and also on newsstands now. Chris Rouser, the
Speaker 3: editor of Bloomberg Pursuits. Thanks, thanks guys for Carol Masser.
Speaker 3: I'm Tim Stenevek. Have a good and safe weekend.
Speaker 2: This is the Bloomberg Business Week podcast, available on Apple, Spotify,
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