WEBVTT - Bloomberg Businessweek Weekend - November 8th, 2024 0:00:00.120 --> 0:00:06.800 Bloomberg Audio Studios, Podcasts, radio news. 0:00:08.480 --> 0:00:12.840 This is Bloomberg business Week Inside from the reporters and 0:00:13.039 --> 0:00:16.599 editors who bring you America's most trusted business magazine, plus 0:00:16.680 --> 0:00:20.799 global business, finance and tech news. The Bloomberg Business Week 0:00:20.840 --> 0:00:25.760 Podcast with Carol Messer and Tim Stenebek from Bloomberg Radio. 0:00:26.760 --> 0:00:30.240 Hi, everyone, Welcome to the Bloomberg Business Week Weekend Podcast. 0:00:30.640 --> 0:00:34.440 Big Big week. Yes, another FED decision, but what consumed 0:00:34.440 --> 0:00:37.720 most was the US presidential election that will send Donald 0:00:37.760 --> 0:00:40.360 Trump back to the White House. The so called Trump 0:00:40.360 --> 0:00:43.720 Trade kicked into action post election day, driving bitcoin to 0:00:43.800 --> 0:00:48.120 a record, spiking treasury yields, and sending stocks rallying. One 0:00:48.200 --> 0:00:52.120 name benefiting Elon Musk's Tesla. More on the relationship between 0:00:52.120 --> 0:00:55.640 the world's richest man and the President elect, plus r 0:00:55.720 --> 0:00:58.960 convest Kathy wood on elon the elections. 0:00:58.440 --> 0:00:59.640 The FED, and more. 0:01:00.200 --> 0:01:03.120 We begin, though, with the aftermath of the US presidential election. 0:01:03.480 --> 0:01:06.320 The vote count ended a lot sooner than most anticipated, 0:01:06.360 --> 0:01:09.240 as it handed a definitive victory for former President Donald 0:01:09.280 --> 0:01:12.640 Trump and set off some soul searching for the Democratic Party. 0:01:12.959 --> 0:01:16.320 Trump's win is a tale of widespread discontent, creating a 0:01:16.360 --> 0:01:19.800 deficit too deep for Kamala Harris to overcome, so, writes 0:01:19.800 --> 0:01:23.360 Bloomberg BusinessWeek editor brad Stone. Brad joined us to help 0:01:23.360 --> 0:01:25.440 answer the question what happened? 0:01:25.640 --> 0:01:29.039 Well, look, you know we always look back on our 0:01:29.080 --> 0:01:35.720 elections and sort of contemplate a pithy summation of what happened. 0:01:35.760 --> 0:01:39.560 So Trump in twenty sixteen kind of bringing Americans to 0:01:39.600 --> 0:01:44.360 reject Obama's globalist optimism. You know, you can go back 0:01:44.400 --> 0:01:47.120 Obama his message of hope after the Great Recession. And 0:01:47.160 --> 0:01:49.120 so I was really kind of thinking about, well, what 0:01:49.160 --> 0:01:51.000 are we going to take from this? And the most 0:01:51.040 --> 0:01:53.920 obvious explanation, the big one that stands out, is that 0:01:53.960 --> 0:01:58.240 people were just dissatisfied with the current state of things economically. 0:01:58.280 --> 0:02:01.440 I mean, you had a president deep underwater and Biden 0:02:01.560 --> 0:02:05.160 his popularity is approval rating at forty one percent, twenty 0:02:05.200 --> 0:02:08.560 six percent of Americans dissatisfied with the direction of the company. 0:02:08.760 --> 0:02:11.840 That's the easiest and most obvious explanation. But when I 0:02:11.880 --> 0:02:15.760 talk about the kind of muddy factors, I mean, there's 0:02:15.800 --> 0:02:18.440 just so much we don't know the fact that Vice 0:02:18.480 --> 0:02:23.200 President Harris lost ground with Latino voters, non college educated 0:02:23.280 --> 0:02:26.320 female voters, young voters, I mean, there's clearly something else 0:02:26.360 --> 0:02:28.200 going on here, and I think it will take a 0:02:28.200 --> 0:02:30.200 while for us to really look at the data and 0:02:30.360 --> 0:02:31.600 understand what went on. 0:02:31.600 --> 0:02:33.920 One thing that's really striking to me again, the data 0:02:33.960 --> 0:02:36.639 is still continuing to sort of come out here, Brad, 0:02:36.639 --> 0:02:38.639 and there's been a lot of hand ringing by a 0:02:38.720 --> 0:02:42.840 lot of different groups here at this point. But turnout 0:02:43.639 --> 0:02:46.880 just wasn't there, even on the Republican side in terms 0:02:46.919 --> 0:02:49.959 of gross numbers compared to twenty twenty. Do you have 0:02:49.960 --> 0:02:51.880 any idea what happened there? 0:02:52.360 --> 0:02:55.200 I mean, it's yeah, it's remarkable. I mean, maybe there's 0:02:55.280 --> 0:02:57.800 a little bit of political exhaustion. I mean the Vice 0:02:57.919 --> 0:03:02.120 president talked a little bit about that on the campaign trail. 0:03:02.400 --> 0:03:04.960 You know, in twenty twenty, the election we're comparing it 0:03:05.000 --> 0:03:07.320 to we were in the very midst of the pandemic. 0:03:07.639 --> 0:03:10.680 You know, maybe there weren't all that many alternatives at 0:03:10.720 --> 0:03:14.640 the time to getting engaged in the electoral process and voting. 0:03:16.000 --> 0:03:19.280 You know, there might have just been something about the 0:03:19.320 --> 0:03:22.600 options and the candidates that voters had to turn them off. 0:03:23.000 --> 0:03:26.200 So no, I think, you know, when you look, particularly 0:03:26.200 --> 0:03:29.720 on the Democratic side, the depressed voter turnout was a 0:03:29.800 --> 0:03:33.840 major factor behind the across the board defeats Brad. 0:03:33.840 --> 0:03:35.760 You know what's really striking to me, And we actually 0:03:35.760 --> 0:03:38.640 heard this from Jay Powell over and over again. He 0:03:38.720 --> 0:03:41.840 talked about how good of an economy it is right now, 0:03:42.360 --> 0:03:46.360 spot firing on all cylinders, inflations coming back to two percent, 0:03:46.880 --> 0:03:50.680 the unemployment rate is pretty in balance with where he 0:03:50.800 --> 0:03:53.680 wants it to be. That's not the message that I 0:03:53.840 --> 0:03:57.280 got in terms of this election. That's not the message 0:03:57.280 --> 0:04:00.680 that voters sent, especially in those swings dates. What's the 0:04:00.680 --> 0:04:02.920 misery index and explain how you looked at that. 0:04:03.640 --> 0:04:07.160 Yeah, Bloomberg had I thought a very prescient article about 0:04:07.200 --> 0:04:11.119 a week ago that talked about how uneven that economic 0:04:11.360 --> 0:04:15.160 recovery was and that despite the overall positive kind of 0:04:15.200 --> 0:04:19.400 macro numbers on jobs, on inflation, on gas prices, that 0:04:19.560 --> 0:04:22.120 you know, there are pockets of unhappiness. And we looked 0:04:22.120 --> 0:04:25.320 at the swing states where you know, states like Wisconsin 0:04:25.440 --> 0:04:29.720 or Michigan, Ohio, states that did vote for President Trump, 0:04:30.400 --> 0:04:32.520 where the misery index, as you say to him, that 0:04:32.600 --> 0:04:36.799 combination of inflation data unemployment data is still very high. 0:04:36.800 --> 0:04:39.960 And so there are things like population declines in some counties, 0:04:41.480 --> 0:04:45.640 still a stumbling recovery, high unemployment numbers that were clearly 0:04:45.680 --> 0:04:48.120 fueling the dissatisfaction that may have turned the election. 0:04:48.480 --> 0:04:50.760 It's so interesting because it seems like the chattering class 0:04:50.839 --> 0:04:54.760 kind of thought that presidential candidate, who has been accused 0:04:54.800 --> 0:04:57.960 of so many different things, who has been determined by 0:04:57.960 --> 0:05:02.039 a court to actually be a fellon thirty four different counts, 0:05:02.400 --> 0:05:07.279 and has had so many struggles at least with the 0:05:07.400 --> 0:05:11.560 law over the last few years, oversaw not really what 0:05:11.640 --> 0:05:14.640 he would say, but no question that he was there 0:05:14.760 --> 0:05:17.400 on January sixth, and all the comments that he's made 0:05:17.400 --> 0:05:21.320 about that have been well documented. But that just didn't 0:05:21.360 --> 0:05:24.520 matter at all in the end to voters. 0:05:24.680 --> 0:05:27.320 Well, certainly not to a majority of the voters that 0:05:27.400 --> 0:05:30.520 turned out in the selection. You know, maybe it did 0:05:30.640 --> 0:05:34.599 propel some to stay home. You know, it may also 0:05:34.680 --> 0:05:37.080 be that people have short term memories. I mean, my 0:05:37.160 --> 0:05:41.040 colleague Mark Million rights in the BusinessWeek newsletter about nostalgia. 0:05:41.800 --> 0:05:44.599 Nostalgia can be a powerful political force, you know, make 0:05:44.680 --> 0:05:48.920 America great again. Reagan's Shining City on a Hill evoking 0:05:49.000 --> 0:05:52.280 these memories. So, you know, nostalgia as a political force. 0:05:52.320 --> 0:05:54.640 I kind of like the idea, but it also maybe 0:05:54.680 --> 0:05:58.800 suggests that specific memories aren't as powerful as these vague 0:05:58.800 --> 0:06:02.600 memories of a greater time. That in talking about making 0:06:02.680 --> 0:06:06.360 America great again and all the implicit things in that statement, 0:06:06.839 --> 0:06:09.520 you know that Trump is distracting people from the specifics 0:06:09.520 --> 0:06:12.360 of maybe how they felt about his leadership during the pandemic, 0:06:12.640 --> 0:06:14.720 how they felt about some of his you know, crimes 0:06:14.760 --> 0:06:19.120 alleged and otherwise, and brought their attention more on, you know, 0:06:19.200 --> 0:06:23.599 restoring this sense, maybe illusory, that he can help, you know, 0:06:23.640 --> 0:06:26.120 bring America back to some previous greatness. 0:06:26.560 --> 0:06:29.640 So so, you know, I'm wondering about sort of the lesson, 0:06:30.480 --> 0:06:32.839 and it's not our job to sort of give a 0:06:32.920 --> 0:06:35.440 lesson to democrats here. But as I mentioned, there's a 0:06:35.480 --> 0:06:38.279 lot of hand ringing going on, and we've written about that. 0:06:38.320 --> 0:06:42.400 It's been well documented. But the Monday morning or the 0:06:42.400 --> 0:06:44.200 Wednesday morning quarterbacking. 0:06:43.640 --> 0:06:44.640 This should have, would have, could have? 0:06:45.480 --> 0:06:47.839 It sort of seems like in hindsight, some of it 0:06:47.880 --> 0:06:51.440 actually went back to the current president's decision to continue 0:06:51.520 --> 0:06:54.000 running until that became untenable. 0:06:54.240 --> 0:06:54.840 Well, look, I. 0:06:54.760 --> 0:06:58.239 Mean, Tim, I'm not a political analyst by any means, 0:06:58.279 --> 0:06:59.760 but you know, I would say you this. I mean, 0:06:59.760 --> 0:07:02.960 first of all, the margin of the victory you know, 0:07:03.040 --> 0:07:06.000 for Trump, was so big that you know, perhaps any 0:07:06.040 --> 0:07:08.719 one factor might not have even had made a difference. 0:07:09.040 --> 0:07:12.120 And two, you know the Democratic Party. You know the 0:07:12.200 --> 0:07:14.720 fact that there is no longer a chance or a 0:07:14.760 --> 0:07:17.800 hope of changing minds in Ohio, you know, my home state, 0:07:18.160 --> 0:07:20.520 or Florida used to be a swing state. The fact 0:07:20.560 --> 0:07:23.559 that the Democratic Party doesn't speak to you know, middle 0:07:23.560 --> 0:07:26.840 class or lower class voters in states like Arkansas or Oklahoma, 0:07:27.200 --> 0:07:32.160 you know where you know, arguably voters there might appreciate 0:07:32.280 --> 0:07:35.320 some factors of the Democratic agenda, raising the you know, 0:07:35.360 --> 0:07:40.640 the minimum wage, restoring protections for healthcare and insurance. You 0:07:40.640 --> 0:07:43.840 know that they that the Democrats rely on, you know, 0:07:44.000 --> 0:07:48.000 three Midwestern swing states, the so called blue Wall, or 0:07:48.040 --> 0:07:51.400 hope to turn Arizona or Nevada or North Carolina. It 0:07:51.440 --> 0:07:54.560 just feels like there needs to be an overhaul, you know, 0:07:54.960 --> 0:07:58.840 a rebalancing of expectations in the Democratic Party if they 0:07:58.880 --> 0:08:00.440 really hope to compete going forward. 0:08:00.680 --> 0:08:03.040 Yeah, you know, fun you mentioned blue Wall, but I've 0:08:03.040 --> 0:08:05.760 heard people say they might need to rechange change the 0:08:05.800 --> 0:08:08.640 name of that given what's happened in the last three elections. 0:08:08.640 --> 0:08:11.560 Whereas Democrats only won the Blue Wall States in one 0:08:11.600 --> 0:08:14.840 of those last three, and that was in twenty twenty. Hey, 0:08:14.880 --> 0:08:16.840 I wanted to talk about with you some of the 0:08:16.880 --> 0:08:19.880 other stories that you and the team over at Bloomberg 0:08:19.920 --> 0:08:23.480 BusinessWeek have been highlighting in recent days. There's been a 0:08:23.480 --> 0:08:27.400 lot of handwringing about polling and the idea that every 0:08:27.480 --> 0:08:31.440 poll that we got, save for a couple polls that 0:08:31.520 --> 0:08:34.440 people thought were outliers at the time, really showed this 0:08:34.600 --> 0:08:39.120 race neck and neck a coin flip. It's pretty remarkable 0:08:39.440 --> 0:08:43.679 to see the team. Chadwick, Mattlin and Alex Tansey argue 0:08:43.679 --> 0:08:46.280 that even though there was a red wave, we shouldn't 0:08:46.280 --> 0:08:47.040 be blaming the poles. 0:08:47.080 --> 0:08:47.920 What's going on here. 0:08:48.200 --> 0:08:51.640 I may not be so charitable as Alex and Chad 0:08:51.760 --> 0:08:54.360 on this one. You know, there is an argument, and 0:08:54.400 --> 0:08:57.440 polsters make it that, hey, the results were within the 0:08:57.480 --> 0:09:01.559 margin of error, so they weren't technically wrong. And Chad 0:09:01.600 --> 0:09:05.360 and Alex right that polsters are often more accurate than 0:09:05.360 --> 0:09:08.200 they are precise, which to me feels a little bit like, 0:09:08.320 --> 0:09:11.480 you know, when your football team loses and they still 0:09:11.480 --> 0:09:13.640 say they played a great game. You know, it's like 0:09:14.320 --> 0:09:17.480 all these states, all the swing states, Sure they might 0:09:17.480 --> 0:09:19.840 have been within the margin of error, they're still very close, 0:09:20.080 --> 0:09:22.880 but they all underestimated Trump support. They were all sort 0:09:22.920 --> 0:09:25.480 of directionally wrong in the same way. And then you 0:09:25.480 --> 0:09:30.000 look at states like Florida or Texas, and they really 0:09:30.280 --> 0:09:34.600 extremely underestimated Trump's support, well outside the margin of error. 0:09:34.880 --> 0:09:37.680 And I think that, you know, polsters still haven't quite 0:09:37.679 --> 0:09:40.760 figured out Donald Trump's support this time around. They waited 0:09:41.000 --> 0:09:44.000 their results, they tried to account for communities, like is 0:09:44.040 --> 0:09:47.120 the respondent in a rural area or how did they 0:09:47.200 --> 0:09:49.960 vote previously? And I just don't think they have quite 0:09:50.040 --> 0:09:52.400 figured it out or gotten it right. And I think, 0:09:52.440 --> 0:09:54.440 you know, if you were if you made the mistake 0:09:54.520 --> 0:09:57.040 once again of putting your faith in the polls, you 0:09:57.080 --> 0:10:01.120 are probably very disappointed last Tuesday night. 0:10:01.280 --> 0:10:03.319 Yeah, that's a good point. In the outlier polls that 0:10:03.360 --> 0:10:05.320 I was talking about. I mean, there have been these, 0:10:05.400 --> 0:10:08.160 you know, sort of opium polls for Democrats out there, 0:10:08.200 --> 0:10:10.320 like the one we got Saturday night from Ann Seltzer 0:10:10.360 --> 0:10:13.080 that showed that Vice President Harris is actually leading in 0:10:13.200 --> 0:10:15.040 Iowa by a margin. 0:10:14.760 --> 0:10:17.160 Of four Would she lose fourteen points? 0:10:17.400 --> 0:10:21.160 Yeah, it wasn't even close. So it's pretty remarkable to 0:10:21.200 --> 0:10:24.400 see that. Do you think, Brad, that we have to 0:10:24.600 --> 0:10:27.320 as Americans have to adjust the way that we view 0:10:27.440 --> 0:10:31.200 polling or do we have to figure out a better 0:10:31.200 --> 0:10:31.559 way to. 0:10:31.480 --> 0:10:36.720 Pull Yeah, I mean my opinion is it's a broken science. 0:10:36.920 --> 0:10:40.679 You know, it relies on a voluntary response from people 0:10:40.720 --> 0:10:43.520 that are now connected in all sorts of different ways. 0:10:43.800 --> 0:10:48.080 We're all besieged by text messages and spam and other 0:10:48.160 --> 0:10:51.560 kinds of unsolicited email, and so most people's instinct is 0:10:51.600 --> 0:10:55.040 to kind of reject an unsolicited query, and you know, 0:10:55.080 --> 0:10:57.000 and then you layer on top of that that we 0:10:57.080 --> 0:10:59.520 live in such a polarized environment that some people don't 0:10:59.520 --> 0:11:02.360 want to express their opinion because it might be you know, 0:11:02.400 --> 0:11:05.720 they might they might feel judged by their community. And 0:11:05.800 --> 0:11:08.000 so I think, you know, the polling community needs to 0:11:08.080 --> 0:11:09.719 kind of come together and figure out if there is 0:11:09.760 --> 0:11:12.520 a path forward. And then, yeah, as voters is in 0:11:12.559 --> 0:11:15.320 the in the media, as the electorate, I think that 0:11:15.520 --> 0:11:18.600 relying on polling right now is very dangerous. 0:11:19.240 --> 0:11:21.240 Help us figure out the path forward a little bit 0:11:21.640 --> 0:11:24.240 the best you can. Not asking you to make predictions, 0:11:24.280 --> 0:11:26.320 but you are one of the few people who has 0:11:26.400 --> 0:11:30.240 sat down with President elect Trump in recent months. You 0:11:30.280 --> 0:11:32.679 did that down at mar A Lago for a Bloomberg 0:11:32.720 --> 0:11:37.160 BusinessWeek cover story that really covered pretty much every gamut 0:11:37.320 --> 0:11:40.319 of the economic agenda of the president elect. 0:11:40.720 --> 0:11:41.240 Give us an. 0:11:41.200 --> 0:11:44.200 Idea of how you view, if any his agenda has 0:11:44.600 --> 0:11:47.679 shifted since then. It was before his assassination attempt, it 0:11:47.720 --> 0:11:50.280 was before the convention, it was before his selection of J. Dvans, 0:11:50.320 --> 0:11:52.400 and it was of course before he won the election. 0:11:52.800 --> 0:11:55.120 Versus what you've heard from him now and how he 0:11:55.160 --> 0:11:58.000 puts that into action in the coming months during the transition, 0:11:58.080 --> 0:11:59.760 and what that looks like January twentieth. 0:12:00.080 --> 0:12:05.199 I mean, Tim, I just have no idea. He's feeling 0:12:05.320 --> 0:12:12.600 extraordinarily empowered. He's feeling totally vindicated. There will be no 0:12:12.800 --> 0:12:17.480 checks on the appointees to his cabinet, to judicial postings, 0:12:17.640 --> 0:12:19.679 you know. At the same time, like my impression of 0:12:19.760 --> 0:12:22.320 him when we did go down there in July and 0:12:22.440 --> 0:12:24.720 just watching him over these past ten years, is that, 0:12:25.120 --> 0:12:27.560 you know, he does see himself as a man of 0:12:27.600 --> 0:12:31.160 the people. He wants to be liked. It's extraordinarily important 0:12:31.160 --> 0:12:33.960 to him to be liked and respected and admired. And 0:12:34.000 --> 0:12:36.960 I don't think that impulse goes away now that arguably 0:12:37.000 --> 0:12:39.280 he's not going to ever face election again. So when 0:12:39.280 --> 0:12:41.640 it comes to some of the things that he's proposed, 0:12:42.559 --> 0:12:45.760 you know, mass deportations or tariffs that could you know, 0:12:46.920 --> 0:12:50.280 according to economists, raise the rate of inflation. You know, 0:12:50.320 --> 0:12:53.600 he's not going to have any practical moderating influences. But 0:12:53.760 --> 0:12:55.840 you know, he doesn't want to. I don't think it's 0:12:55.840 --> 0:12:58.520 in his nature to want to do broadly unpopular things. 0:12:58.679 --> 0:13:00.559 So I do wonder if that will end up being 0:13:00.600 --> 0:13:04.520 a check on some of his instincts. Although you know, 0:13:04.559 --> 0:13:06.480 the one thing that we heard from him on Tuesday 0:13:06.520 --> 0:13:10.000 night was he said, you know, promises offered, promises. 0:13:09.520 --> 0:13:10.240 Will be fulfilled. 0:13:10.280 --> 0:13:12.800 So I do expect him, you know, to come into 0:13:12.840 --> 0:13:15.960 office looking to immediately put points to the board and 0:13:16.000 --> 0:13:18.480 to fulfill some of the promises that he made on 0:13:18.520 --> 0:13:19.240 the campaign trail. 0:13:19.440 --> 0:13:20.760 Look, I'm not going to ask you to give up 0:13:20.840 --> 0:13:24.080 what you're talking to new reporters about in your editorial meetings, 0:13:24.120 --> 0:13:26.960 but you have a job that requires you to think 0:13:27.440 --> 0:13:29.960 pretty clearly about what things will look like in the 0:13:29.960 --> 0:13:34.040 next few months, because they're responsible for assigning stories and 0:13:34.480 --> 0:13:36.720 understanding what people are going to be talking about in 0:13:36.760 --> 0:13:40.120 the future. How are you thinking about covering the president elect. 0:13:41.640 --> 0:13:44.960 We're going to be looking very precisely at the challenges 0:13:45.000 --> 0:13:48.120 and battles ahead for the new administration, and we have 0:13:48.280 --> 0:13:51.920 reached out into the Bloomberg newsroom around the world to 0:13:51.960 --> 0:13:55.440 look at, you know, what is ahead in Europe and China, 0:13:56.400 --> 0:14:01.520 in immigration, cryptocurrencies, on on Wall Street, and in tech. 0:14:02.600 --> 0:14:03.240 You know, we did. 0:14:03.280 --> 0:14:05.600 We were thinking of it in terms of the battles ahead, 0:14:05.640 --> 0:14:07.719 and it'll be interesting now because I'm not so sure 0:14:07.760 --> 0:14:12.959 there will be battles. You know, Trump isn't going to 0:14:13.040 --> 0:14:15.480 have a lot of political opposition if he does control 0:14:15.679 --> 0:14:18.440 all three branches of Congress. But you know, certainly we 0:14:18.480 --> 0:14:23.000 saw today Gavin Newsom calling a special legislative session in California, 0:14:23.080 --> 0:14:25.440 a lot of the states girding to try to put 0:14:25.520 --> 0:14:28.960 checks on what the administration will do, either legislatively or 0:14:29.080 --> 0:14:31.960 in the courts. And so's that's our approach, you know, 0:14:32.040 --> 0:14:34.760 to cover it carefully and to try to look forward 0:14:34.880 --> 0:14:37.000 rather than back and look at you know, what the 0:14:37.040 --> 0:14:39.640 Trump agenda will look like and what it will mean 0:14:39.680 --> 0:14:40.280 for business. 0:14:40.360 --> 0:14:42.840 Well, we look forward to following the story closely and 0:14:42.840 --> 0:14:46.600 following it at Bloomberg Business Week. Brad really appreciate you 0:14:46.720 --> 0:14:49.320 taking the time to join us this afternoon. Bradstone is 0:14:49.480 --> 0:14:52.280 Bloomberg BusinessWeek Editor. He's also the author of four books, 0:14:52.280 --> 0:14:56.000 including the New York Times bestseller Amazon Unbound, Jeff Bezos 0:14:56.240 --> 0:15:00.480 and The Invention of a Global Empire. If you do 0:15:00.800 --> 0:15:03.760 want to subscribe to Bloomberg Business Week and unlocked deep 0:15:03.760 --> 0:15:06.640 reporting and analysis from our reporters around the world, including 0:15:06.720 --> 0:15:10.040 unlimited access to the magazine, check out our offers right 0:15:10.080 --> 0:15:13.840 now at Bloomberg dot com slash subscribe now. 0:15:14.440 --> 0:15:17.960 You're listening to the Bloomberg Business Week podcast. Catch us 0:15:18.000 --> 0:15:21.240 live weekday afternoons from two to five pm. Easter Listen 0:15:21.280 --> 0:15:24.360 on Applecarplay and then Broud Auto with a Bloomberg Business 0:15:24.360 --> 0:15:26.520 act or watch us live on YouTube. 0:15:28.280 --> 0:15:30.480 The results of Tuesday's election may have come as a 0:15:30.520 --> 0:15:33.400 surprise to a lot of people, but not to Ed Price. 0:15:33.840 --> 0:15:35.800 When he was with us back in October, he shared 0:15:35.840 --> 0:15:37.960 with us what he learned on his summer road trip, 0:15:38.080 --> 0:15:41.880 driving across the country eighty five hundred miles from New 0:15:42.000 --> 0:15:45.080 York to San Francisco through Yellowstone and then back to 0:15:45.120 --> 0:15:48.080 New York through New Orleans. Complains about prices in the 0:15:48.120 --> 0:15:50.720 economy came from many people he spoke to, and there 0:15:50.760 --> 0:15:52.720 was not a Harris sign to be seen in the 0:15:52.800 --> 0:15:55.080 rust belt. So he called it for Trump a few 0:15:55.120 --> 0:15:59.200 months ago. Now he writes, things may get seriously weird ed. 0:15:59.280 --> 0:16:01.920 Price is a former British trade official now non resident 0:16:02.000 --> 0:16:05.320 senior Fellow at NYU. He's advised members of the European 0:16:05.400 --> 0:16:06.640 and British parliaments. 0:16:07.040 --> 0:16:10.880 The people have spoken. The people have spoken loudly. I'm 0:16:10.920 --> 0:16:13.760 just not sure if they've also spoken clearly. And by 0:16:13.800 --> 0:16:16.760 that I mean yes, obviously this is a massive endorsement 0:16:16.800 --> 0:16:19.040 of the Trump we know, is it also a massive 0:16:19.080 --> 0:16:21.840 endorsement of the Trump to come to what extent? Is 0:16:21.840 --> 0:16:25.000 this a cultural shift, a moment that is a pivot 0:16:25.080 --> 0:16:28.320 right in the zeitgeist? Or was it just about the economy? 0:16:28.360 --> 0:16:30.360 Was it really just that CaMLA didn't quite bite with 0:16:30.680 --> 0:16:31.120 the voters. 0:16:31.160 --> 0:16:33.640 I'm not sure what do you mean when you write 0:16:33.880 --> 0:16:36.600 the people who identified Trump as a threat to democracy 0:16:37.000 --> 0:16:41.680 must now recognize him as the product of democracy or 0:16:41.760 --> 0:16:43.280 they risk belittling the system. 0:16:43.760 --> 0:16:45.640 Right. So I'm one of those people, Right, I'm one 0:16:45.680 --> 0:16:47.440 of the people in public who not only called this, 0:16:47.600 --> 0:16:49.440 but I've been going around to anyone that will listen 0:16:49.640 --> 0:16:52.080 saying this guy is dangerous, like let's go and read 0:16:52.080 --> 0:16:54.760 some history, like he's clearly dangerous, and never mind me. Right, 0:16:54.760 --> 0:16:57.000 they are very prominent, famous Americans who have been doing 0:16:57.040 --> 0:16:59.640 the same thing, like Liz Cheney. What I mean by 0:16:59.680 --> 0:17:02.840 that is that now we have to shut up. Now 0:17:02.880 --> 0:17:05.280 we have to get behind this result. Because if we 0:17:05.320 --> 0:17:10.240 now turn around as a cohort of predominantly disgruntled Republicans 0:17:10.320 --> 0:17:14.200 and Democrats and say, hey, you know what, this is illegitimate, 0:17:14.280 --> 0:17:17.680 or we go anywhere near suggesting that somehow it's not right, 0:17:18.240 --> 0:17:20.840 we are doing more or less exactly what Trump did 0:17:21.160 --> 0:17:24.359 on January sixth, maybe not physically, but this is the 0:17:24.359 --> 0:17:25.240 real problem, I think. 0:17:25.600 --> 0:17:28.199 And is this democracy at work or democracy broken? 0:17:28.400 --> 0:17:30.920 Well, I would say Europe is seeing a similar move 0:17:31.560 --> 0:17:35.160 toward what some would refer to as strong men or 0:17:35.200 --> 0:17:38.200 at least populism, that we've seen here in the US 0:17:38.240 --> 0:17:39.320 over the last eight years. 0:17:39.520 --> 0:17:42.720 Right, yeah, okay, so fair, But so I don't know. 0:17:42.760 --> 0:17:45.240 I'm just trying to understand if this is part of 0:17:45.280 --> 0:17:46.520 the democratic process. 0:17:46.560 --> 0:17:49.240 So here's the deep dark secret, guys. Okay, you know, 0:17:49.280 --> 0:17:51.959 hud around, right, We're not supposed to be a democracy 0:17:52.240 --> 0:17:55.040 we're supposed to be a republic, which is different. The 0:17:55.080 --> 0:17:59.359 original design was very mindful of populism. They wouldn't have 0:17:59.359 --> 0:18:03.080 called it that. Yeah, but the founders designed a constitution 0:18:03.200 --> 0:18:06.080 effectively to check a king, to keep a king in 0:18:06.080 --> 0:18:08.199 a box, because you needed some executive We all know this, right, 0:18:08.240 --> 0:18:11.320 the Federalists, Jefferson, and all the rest of it. As 0:18:11.320 --> 0:18:15.280 we've trended through our rightful progressive history and we've sort 0:18:15.320 --> 0:18:18.040 of built this promise of seventeen seventy six into something real. 0:18:18.720 --> 0:18:23.520 We've also extended the franchise, extended this sense that you know, 0:18:23.760 --> 0:18:25.920 of human dignity to the point that we are now 0:18:25.920 --> 0:18:29.119 a mass democracy. That is not what the founders wanted exactly, 0:18:29.160 --> 0:18:33.760 because sometimes people can choose candidates that might be suboptimal 0:18:33.880 --> 0:18:38.040 in their belief regarding democracy. So this is why we're stuck, right, 0:18:38.080 --> 0:18:38.879 This is the paradox. 0:18:39.119 --> 0:18:40.840 I'm obsessed with this essay that was in the New 0:18:40.920 --> 0:18:42.439 York Times and it sent around to the team, and 0:18:42.440 --> 0:18:44.439 it says what we just went through wasn't an election. 0:18:44.520 --> 0:18:49.200 It was a hostage situation our major parties. It's written 0:18:49.240 --> 0:18:52.600 by Tyler Austen Harper, Assistant Professor of Environmental studies at Bates. 0:18:52.920 --> 0:18:55.879 But he says our major parties represents the interests of 0:18:55.920 --> 0:18:59.760 streaming magnets, the arms industry, oil barons, bitcoin ghoules, and 0:18:59.760 --> 0:19:02.680 big tobacco, often without even pretending to hear the needs 0:19:02.680 --> 0:19:05.240 of voters. A political system like that is fundamentally broken. 0:19:05.680 --> 0:19:09.520 We consistently talk about money and the amount of money 0:19:09.520 --> 0:19:12.639 in politics. We talked about how much money was spent, 0:19:13.040 --> 0:19:16.160 how much money was maybe spent by a one billionaire. Yes, 0:19:16.440 --> 0:19:17.040 do you agree? 0:19:17.280 --> 0:19:19.240 No, I don't agree with that. For me, that sounds 0:19:19.320 --> 0:19:21.240 sort of Marxist around the edges, right, just to say 0:19:21.440 --> 0:19:24.640 America's are right off, We're done. This is the line 0:19:24.640 --> 0:19:26.840 I'm trying to walk. Okay, I'll be honest with you. 0:19:26.880 --> 0:19:28.879 I'm horrified. I woke up this morning. I felt like 0:19:28.920 --> 0:19:31.040 I was on over or sick. That's probably a reaction 0:19:31.080 --> 0:19:34.240 a lot of people have had. I don't get it right. 0:19:34.800 --> 0:19:38.360 But he is elected. We cannot now say the whole 0:19:38.400 --> 0:19:41.000 system is broken simply because there was a mass pole. 0:19:41.040 --> 0:19:42.760 I mean, the guy's gonna win the popular vote. What 0:19:42.800 --> 0:19:45.920 we have to do is how better civics. I don't, 0:19:45.960 --> 0:19:47.560 for the life of me know why we extend the 0:19:47.560 --> 0:19:50.560 first amendment to Russian troll farms for example. I mean, 0:19:50.640 --> 0:19:53.360 this is nuts. Okay, So it's third parties as well, 0:19:53.400 --> 0:19:56.959 right outside, right, And here's something that sort of scared me. 0:19:57.600 --> 0:20:02.040 Apparently the Russians were putting in threats in parts of 0:20:02.080 --> 0:20:04.600 the country where you could have swung around, right. 0:20:04.600 --> 0:20:06.200 I mean, that's hey, crazy. 0:20:07.520 --> 0:20:09.720 You said something really interesting, because I think you're feeling 0:20:09.800 --> 0:20:12.439 something that certainly I would imagine other Americans are feeling. 0:20:12.440 --> 0:20:15.159 But at the same time, you had tens of millions 0:20:15.160 --> 0:20:18.000 of people. And again the former president president elect will 0:20:18.040 --> 0:20:20.480 win the popular vote this time around, first time in 0:20:20.480 --> 0:20:22.200 two decades Republicans have done that. 0:20:22.359 --> 0:20:25.800 It's pretty remarkable. They were obviously. 0:20:26.920 --> 0:20:31.639 Saw his economic messages incredibly appealing. But now the rubber 0:20:31.640 --> 0:20:35.240 meets the road, and I would imagine I can't see 0:20:35.240 --> 0:20:39.080 the future, but he has to deliver on that promise. 0:20:39.520 --> 0:20:40.240 Can you do that? 0:20:41.760 --> 0:20:44.159 Look, I mean, the US economy is a powerful beast. 0:20:44.440 --> 0:20:48.320 It's outperformed my home country. For example. It makes money, 0:20:48.359 --> 0:20:51.400 it makes people richer, Right, I don't think that's within 0:20:51.440 --> 0:20:55.720 the gift of economic policymakers or presidents per se. Will 0:20:55.720 --> 0:20:57.560 he deliver on that? Again, I'd be lying to you 0:20:57.560 --> 0:20:59.359 guys how many times we chatted and I said, I 0:20:59.400 --> 0:21:02.520 don't know. Ye okay, I think he probably can if 0:21:02.560 --> 0:21:04.480 he puts certain you know, bits and bobs in place. 0:21:05.520 --> 0:21:07.840 But on that, I mean, let's just say one more 0:21:07.840 --> 0:21:11.560 thing about this. For me, the Democrats have messed up wildly. 0:21:12.480 --> 0:21:14.520 This is not good. And one of the thoughts I 0:21:14.520 --> 0:21:15.960 had this morning when I was looking in the mirror 0:21:16.000 --> 0:21:20.680 was maybe I'm the deplorable, right, Maybe I'm the global elitist, 0:21:20.880 --> 0:21:24.320 elitist deplorable because I've sort of been looking at my 0:21:24.400 --> 0:21:26.880 neighbors thinking, oh god, you know, why would you vote 0:21:26.880 --> 0:21:29.359 for this guy? So if he does deliver it back 0:21:29.400 --> 0:21:32.479 to the core point, right, they were right and I 0:21:32.600 --> 0:21:32.920 was wrong. 0:21:34.200 --> 0:21:39.000 So your net net takeaway bottom line is the democratic 0:21:39.040 --> 0:21:42.760 process has happened. Yes, get behind your president. 0:21:43.200 --> 0:21:47.720 Up and until anything illegal happens. Now, this is also 0:21:47.760 --> 0:21:51.800 something that that could go down, and I worry that 0:21:51.960 --> 0:21:55.359 in a gray area if the new president does things 0:21:55.359 --> 0:21:57.840 that kind of tinker around the edges of the constitution. 0:21:58.000 --> 0:22:00.639 It's not an outright attack. There were many people in 0:22:00.680 --> 0:22:04.240 the system who don't quite know which republic am I 0:22:04.359 --> 0:22:07.399 loyal to? Here the office that is telling me to 0:22:07.400 --> 0:22:10.199 do something that I think is a bit sketchy or 0:22:10.240 --> 0:22:12.880 not right, and so this could be a problem, right. 0:22:12.760 --> 0:22:15.480 I mean, do we still have checks and balances for now? 0:22:15.800 --> 0:22:19.680 I don't know that the Supreme Court is balanced by 0:22:19.720 --> 0:22:24.560 design if he has a full sweep, right, I can't 0:22:24.560 --> 0:22:26.520 believe I'm about to say this on a honestly, the 0:22:26.600 --> 0:22:29.440 ultimate check and balance we have is the US Army. Okay, 0:22:29.440 --> 0:22:32.040 the military. I have full faith and confidence that the 0:22:32.080 --> 0:22:35.480 oath that they take to the Constitution is our ultimate backstop. 0:22:36.200 --> 0:22:38.800 But look, I don't want to be alarmist. I said 0:22:38.840 --> 0:22:42.720 what I've said. He's one somebody somewhere in the Democratic 0:22:42.720 --> 0:22:45.879 Party is going to have to either resign or apologize 0:22:46.640 --> 0:22:48.880 because this is not not good for the Democratic Party 0:22:48.880 --> 0:22:49.160 at all. 0:22:49.280 --> 0:22:51.160 Or he could be someone who gets into the office 0:22:51.160 --> 0:22:55.320 and realizes the kind of weight of that job, an 0:22:55.359 --> 0:22:59.159 importance of the US economy in the global economy, and 0:22:59.640 --> 0:23:01.120 do good. 0:23:00.880 --> 0:23:04.000 Things for the US. I mean, yeah, like we don't. 0:23:03.840 --> 0:23:05.960 Know, right, or the market, Jackson, or. 0:23:05.920 --> 0:23:07.679 The market, like I keep thinking of the market, the 0:23:07.720 --> 0:23:09.040 financial You're going to check you. 0:23:09.280 --> 0:23:10.880 That's a good point, Captain. Markets do what they want 0:23:10.880 --> 0:23:13.680 to do. Yeah, And at some point the way we're 0:23:13.720 --> 0:23:17.679 playing with debt markets will warn us and he may 0:23:17.720 --> 0:23:18.720 be an office when they do that. 0:23:19.000 --> 0:23:22.480 Yeah, so interesting las to think about, to think about it. 0:23:22.480 --> 0:23:24.280 Thank you, Thank you so much. I thanks to Ed Price, 0:23:24.320 --> 0:23:28.040 former British Trade official, non resident Senior Fellow over at NYU, 0:23:28.160 --> 0:23:31.800 Principal for Geopolitical Forecasting at the Global Intelligence and Consulting 0:23:31.840 --> 0:23:34.679 from Ergo, joining us right here in our studio. 0:23:36.720 --> 0:23:40.560 You're listening to the Bloomberg Business Week podcast. Listen live 0:23:40.680 --> 0:23:43.879 each weekday starting at two pm Eastern on applecar Play 0:23:43.880 --> 0:23:46.760 and Androyd Auto with the Bloomberg Business Ad. You can 0:23:46.760 --> 0:23:50.000 also listen live on Amazon Alexa from our flagship New 0:23:50.080 --> 0:23:52.960 York station, Just say Alexa Play Bloomberg. 0:23:52.960 --> 0:23:56.920 Eleven thirty, we continue our post election coverage with a 0:23:56.960 --> 0:24:00.000 look at one of Donald Trump's biggest supporters this election cycle. Yeah, 0:24:00.200 --> 0:24:04.320 we are talking about Elon Musk, the Tesla CEO and 0:24:04.480 --> 0:24:08.360 world's wealthiest person according to the Bloomberg Billionaire's Index, spent 0:24:08.440 --> 0:24:10.600 more than one hundred and thirty million dollars on pro 0:24:10.640 --> 0:24:12.919 Trump efforts. He goes to town halls in the critical 0:24:13.000 --> 0:24:15.880 state of Pennsylvania. He promised a one million dollar giveaway 0:24:15.880 --> 0:24:18.840 for swing state voters and appeared at Trump's Madison Square 0:24:18.880 --> 0:24:22.160 Garden rally with an even higher billing than the Republican's 0:24:22.240 --> 0:24:23.400 own running mate, jd. 0:24:23.560 --> 0:24:23.919 Vance. 0:24:24.400 --> 0:24:27.520 Trump's win sent Tesla's shares surging as much as fifteen 0:24:27.520 --> 0:24:30.440 percent the day after the election, marking its highest level 0:24:30.440 --> 0:24:32.639 this year. For more on the role of Elon in 0:24:32.640 --> 0:24:35.520 a second Trump term, we leaned on Bloomberg business Week 0:24:35.520 --> 0:24:38.920 columnist and contributor to the Elinink podcast, Max Chafkin. 0:24:39.240 --> 0:24:41.560 When all is said and done, and we have all 0:24:41.600 --> 0:24:44.200 the filings, I would not be surprised if Elon Musk's 0:24:44.240 --> 0:24:46.920 contribution was closer to two hundred, if not even higher 0:24:47.000 --> 0:24:50.600 than that. But whatever it was, it's way less than 0:24:50.640 --> 0:24:53.680 the potential. You know, it's a paper gain of say 0:24:53.720 --> 0:24:56.920 fifteen billion dollars. And really that's the tip of the iceberg. 0:24:57.040 --> 0:25:00.760 Because Tesla, although it is a highly red related business, 0:25:00.760 --> 0:25:03.440 it does benefit from lots of government policy that could 0:25:03.480 --> 0:25:06.560 be impacted by by a new presidency. It isn't the 0:25:06.560 --> 0:25:09.480 most direct impact. The most direct one is SpaceX, which 0:25:09.520 --> 0:25:13.920 is Elon Musk's giant defense contractor and rocket you know company, 0:25:14.320 --> 0:25:17.960 and you know SpaceX already has you know, huge contracts 0:25:17.960 --> 0:25:21.280 from the federal government. Trump on the campaign trail talked 0:25:21.320 --> 0:25:23.879 a lot about the potential for more contracts, you know, 0:25:23.920 --> 0:25:27.720 talking about a Mars mission which would would likely feature 0:25:28.320 --> 0:25:31.159 SpaceX prominently and be worth you know, billions, if not 0:25:31.200 --> 0:25:34.200 tens of billions of dollars. There's also potential government money 0:25:34.200 --> 0:25:37.640 for Starlink Elon Musk satellite internet company. You know, Elon 0:25:37.760 --> 0:25:41.119 Musk has other businesses that could also benefit from this, 0:25:41.240 --> 0:25:43.760 the boarding company, which is you know, an infrastructure play, 0:25:44.040 --> 0:25:46.760 you know, Neurallink, that's federally regulated. This is a guy 0:25:47.040 --> 0:25:50.639 who does business with government regulators in one way or 0:25:50.640 --> 0:25:54.040 another all the time. And so he arguably, I think 0:25:54.080 --> 0:25:56.800 from the point of view of the Trump campaign or 0:25:56.840 --> 0:25:59.879 Trump supporters, he understands it. But obviously he has a 0:25:59.880 --> 0:26:00.760 lot to gain. 0:26:00.880 --> 0:26:03.119 How does this work, though, Like I think about the 0:26:03.160 --> 0:26:06.159 training we all do as employees about conflicts of interest, 0:26:06.240 --> 0:26:09.480 and you can't have them, so, you know, we are regulators. 0:26:09.480 --> 0:26:12.520 On having a CEO of a publicly held company that 0:26:12.600 --> 0:26:16.840 has US government contracts, has global government contracts, having possibly 0:26:16.840 --> 0:26:19.520 a job in the US government Secretary of cost cutting perhaps, 0:26:19.800 --> 0:26:22.360 how does that work? How can it work? I mean, 0:26:22.359 --> 0:26:24.240 does he have to sell off his test the holdings 0:26:24.280 --> 0:26:25.280 to do this well. 0:26:25.320 --> 0:26:26.840 So, so first of all, I think you should think 0:26:26.880 --> 0:26:29.879 about Elon Musk's influence in the White House to be 0:26:30.000 --> 0:26:33.760 at least partly informal rather than formal, because formal influence, 0:26:34.040 --> 0:26:37.080 like I don't think we're talking about a Senate confirmed position. 0:26:37.160 --> 0:26:38.959 I think that would be very hard. I think he 0:26:39.000 --> 0:26:41.160 does very much does not want to give up control 0:26:41.200 --> 0:26:43.280 of any of his companies or even have to sell 0:26:43.480 --> 0:26:45.280 stock or even have to put stock in a trust. 0:26:45.280 --> 0:26:49.920 He wants to continue running his companies and also contribute 0:26:49.920 --> 0:26:51.520 to the White House. That's kind of how he has 0:26:51.840 --> 0:26:52.359 framed it. 0:26:52.480 --> 0:26:53.720 So you know, my. 0:26:53.800 --> 0:26:57.240 Guess is some sort of x you know, like not 0:26:57.680 --> 0:27:01.000 in the government, but having some sort of advisory role. 0:27:01.280 --> 0:27:04.560 You know, Trump did this a little bit in twenty sixteen, 0:27:04.880 --> 0:27:07.520 And I should also say one thing we learned during 0:27:07.520 --> 0:27:10.200 that time is that you know, there are formal roles 0:27:10.200 --> 0:27:12.280 in the White House, and then there is probably the 0:27:12.280 --> 0:27:14.760 most important important job, which is like who is speaking 0:27:14.760 --> 0:27:17.520 to Donald Trump regularly? And that I think we we 0:27:17.600 --> 0:27:20.680 know Elon Musk is doing that regularly. He's clearly top 0:27:20.720 --> 0:27:24.080 of mind during that twenty five minute or so victory 0:27:24.160 --> 0:27:27.119 speech Elon Musk praise took up, like I don't know, 0:27:27.200 --> 0:27:30.080 between five and seven minutes. It was a substantial part 0:27:30.359 --> 0:27:32.640 of how Trump framed his candidacy and how he's thinking 0:27:32.720 --> 0:27:33.119 right now. 0:27:33.200 --> 0:27:35.720 What have you learned just in the last I don't 0:27:35.760 --> 0:27:40.320 know six weeks about what Elon Musk's priorities are, given 0:27:40.359 --> 0:27:43.440 what he's posted on X, what he's talked about at rallies, 0:27:43.840 --> 0:27:46.240 and the influence that he would have on a second 0:27:46.240 --> 0:27:47.119 Trump administration. 0:27:47.320 --> 0:27:52.120 Well, I think the priorities are the business priorities probably 0:27:52.160 --> 0:27:55.240 first and foremost. You know, we talked about immigration, all right, Yes, 0:27:55.520 --> 0:27:58.320 But I would say that Elon Musk has emerged. I 0:27:58.320 --> 0:28:01.480 think there were people as Elon Musk started to sort 0:28:01.520 --> 0:28:04.399 of dip his tone into politics, thinking that he would 0:28:04.400 --> 0:28:07.280 be a normal This would be like a normal business 0:28:07.280 --> 0:28:09.520 guy engaging politically, which is you write a check and 0:28:09.560 --> 0:28:12.280 you turn around and you're out of it, right, And 0:28:12.400 --> 0:28:15.600 I think Elon Musk has the intention of being a 0:28:15.640 --> 0:28:18.760 political player going forward. That is, you know, I was 0:28:18.760 --> 0:28:21.840 getting questions from from friends and so on, saying, well, 0:28:22.040 --> 0:28:26.000 what's stopping Trump from just turning around taking Elon's money 0:28:26.160 --> 0:28:27.800 and not doing any of the stuff he wants not 0:28:27.840 --> 0:28:30.639 giving space as another contract. And the answer is, besides 0:28:30.680 --> 0:28:32.840 the fact that Elon Musk is a popular guy, that 0:28:32.880 --> 0:28:36.240 you could make the argument that Elon musk support was meaningful, 0:28:36.560 --> 0:28:38.640 you know, perhaps even push it helping to push Donald 0:28:38.680 --> 0:28:41.120 Trump over the edge. But even if you leave that aside, 0:28:41.560 --> 0:28:43.960 Elon Musk is saying that he is going to be 0:28:43.960 --> 0:28:46.719 a major political donor in the midterm. So he has 0:28:46.800 --> 0:28:50.320 potentially millions, tens of millions, maybe even hundreds of millions 0:28:50.360 --> 0:28:53.000 of dollars more money that he is planning on spending. 0:28:53.040 --> 0:28:55.000 He is going to be, as he said, you know, 0:28:55.120 --> 0:28:58.240 the George Soros of the right, the power broker, the 0:28:58.880 --> 0:29:02.400 business guy who who can make or break your campaign. 0:29:02.560 --> 0:29:06.760 So transactional or he likes politics all of a sudden, I. 0:29:06.680 --> 0:29:10.400 Think he is. I think he's obviously interested in what 0:29:11.080 --> 0:29:13.720 in how he could benefit and that is very and 0:29:13.800 --> 0:29:17.040 so in that sense, yes, transactional, but I think I 0:29:17.080 --> 0:29:19.920 think you really need to look at this as a 0:29:20.040 --> 0:29:23.160 play for influence and for power that goes beyond just 0:29:23.200 --> 0:29:25.480 like any anyone contract or anything like that. 0:29:25.680 --> 0:29:28.040 There's no shortage of folks and they've been all over 0:29:28.080 --> 0:29:32.120 cable news over the last two years former Trump administration 0:29:32.200 --> 0:29:36.800 officials who felt burned by the former president and president 0:29:36.800 --> 0:29:40.840 elect who are now opposed to him within his people, 0:29:40.920 --> 0:29:44.280 very the vice president, for example. What are the chances 0:29:44.320 --> 0:29:47.880 that that Musk relationship goes sour with Trump over the 0:29:47.920 --> 0:29:48.680 next couple of years. 0:29:48.760 --> 0:29:51.040 I mean, I think, just if you look at the personalities, 0:29:51.080 --> 0:29:53.720 these are two men who really like to occupy the 0:29:53.800 --> 0:29:56.760 kind of main role, the central role. It's hard to 0:29:56.840 --> 0:29:59.200 imagine them being able to hang out in a room 0:29:59.240 --> 0:30:04.160 together and and defer to one another. That said, I 0:30:04.200 --> 0:30:07.480 think that the reasons that brought them together will keep 0:30:07.520 --> 0:30:09.920 them together at least for some time. And you got 0:30:09.960 --> 0:30:12.040 to look at you know, we talked about the money, 0:30:12.040 --> 0:30:16.120 the political contributions to president to President elect Trump, but 0:30:16.160 --> 0:30:18.560 we should be talking also about X, these kind of 0:30:18.800 --> 0:30:24.040 in kind contributions. Elon Musk bought Twitter and now X, 0:30:24.320 --> 0:30:26.440 and he he invests a lot of money. He's lost 0:30:26.520 --> 0:30:28.160 a lot of money on this thing, but he has 0:30:28.200 --> 0:30:31.960 really navigated it to a position of influence. He is, arguably, 0:30:32.240 --> 0:30:34.960 in addition to being the richest guy, the most important 0:30:35.000 --> 0:30:37.840 conservative media mogul, and and he's gonna so so he's 0:30:37.840 --> 0:30:40.600 gonna have a lot of influence over Trump over the 0:30:40.600 --> 0:30:41.720 next four years. 0:30:41.840 --> 0:30:43.160 More important than Rupert Murdoch. 0:30:44.440 --> 0:30:45.480 Yes, I think it's. 0:30:45.320 --> 0:30:48.440 More important than more important, important than to Trump's own 0:30:48.520 --> 0:30:49.160 social media. 0:30:49.440 --> 0:30:50.560 I mean, I think we have to. 0:30:52.520 --> 0:30:53.160 How does Trump say? 0:30:53.160 --> 0:30:53.320 Way? 0:30:53.320 --> 0:30:57.160 I want to put it on Trump's social Sorry, we 0:30:57.320 --> 0:30:57.640 you know. 0:30:57.560 --> 0:31:00.720 Elon Musk is already arguably the most powerful person in 0:31:00.760 --> 0:31:04.120 the world, and I think undoubtedly now you have to say, yeah, 0:31:04.200 --> 0:31:04.920 he's a candidate. 0:31:05.240 --> 0:31:10.960 Max Chafkin, thank you. 0:31:10.960 --> 0:31:14.480 You're listening to the Bloomberg Business Week podcast. Catch us 0:31:14.520 --> 0:31:17.760 live weekday afternoons from two to five pm Eastern. Listen 0:31:17.800 --> 0:31:20.480 on applecar Play and and Broud Auto with a Bloomberg 0:31:20.520 --> 0:31:23.680 Business app, or watch us live on YouTube. 0:31:24.560 --> 0:31:26.479 We are very pleased to have Kathy would for her 0:31:26.520 --> 0:31:30.000 first interview since the election of a Donald Trump earlier 0:31:30.040 --> 0:31:33.200 this week. Kathy shares of your flagship fund, the Arch 0:31:33.240 --> 0:31:36.160 Innovation ETF, surged more than eight percent on Wednesday, was 0:31:36.200 --> 0:31:38.280 the best day in more than a year, part of 0:31:38.280 --> 0:31:40.680 the risk entrade that we saw on optimism of a 0:31:40.680 --> 0:31:44.080 second term for Donald Trump in the White House. And 0:31:44.120 --> 0:31:46.680 that's where I want to start with you, because when 0:31:46.720 --> 0:31:49.480 you were back on with us in October, you indicated 0:31:49.720 --> 0:31:53.400 without actually saying the former president's name, that you preferred 0:31:53.400 --> 0:31:55.840 a President Trump over a President Harris strictly from the 0:31:55.840 --> 0:31:59.080 standpoint of the candidate who you saw would ease the 0:31:59.120 --> 0:32:03.360 regulatory environment. So here we are. What does another Trump 0:32:03.400 --> 0:32:06.880 administration mean for you and the companies that are convesting? 0:32:07.280 --> 0:32:09.880 Yes, regulation critical. 0:32:10.840 --> 0:32:16.120 I think the regulations that have been creeping into the system, 0:32:16.920 --> 0:32:19.800 actually they started to creep in, they've just flooded the 0:32:19.840 --> 0:32:26.560 system and really gummed it up. So first, the biggest 0:32:27.120 --> 0:32:31.240 regulatory issues have been around the SEC, especially when it 0:32:31.280 --> 0:32:39.240 comes to digital assets or crypto legislation and the FTC as. 0:32:39.120 --> 0:32:41.400 It relates to M and A activity. 0:32:42.160 --> 0:32:44.680 I think both there are going to be big changes 0:32:44.720 --> 0:32:48.240 there and that is going to be the beginning. 0:32:48.800 --> 0:32:51.440 I think of a lot of regulatory changes. 0:32:52.840 --> 0:32:57.400 In his first administration, President Trump basically said for every 0:32:57.800 --> 0:33:02.280 regulation you want to introduce anyone in my administration, you 0:33:02.400 --> 0:33:04.760 must get rid of too. I think it's going to 0:33:04.800 --> 0:33:08.440 be maybe more dramatic than that this time around. And 0:33:09.040 --> 0:33:12.840 I also think having Elon Musk who announced that he'd 0:33:13.000 --> 0:33:17.880 like to name a new department, the Department of Government Efficiency. 0:33:18.840 --> 0:33:24.920 Get that doge doje he I think he's going to 0:33:25.080 --> 0:33:28.520 come into the administration. I don't think he'll be a 0:33:28.600 --> 0:33:31.600 formal part of the administration. He'll be more in an 0:33:31.640 --> 0:33:34.920 oversight role there as as I understand. 0:33:35.440 --> 0:33:36.360 Yeah. 0:33:36.400 --> 0:33:38.040 Well, hey, Kathy, I want to jump in here because 0:33:38.080 --> 0:33:39.480 you mentioned a few things that I want to follow 0:33:39.520 --> 0:33:41.960 up on. What is Elon Musk? Have you talked to 0:33:42.000 --> 0:33:43.560 Elon since the election? 0:33:44.160 --> 0:33:46.120 No, I have not talked to him since the election. 0:33:46.280 --> 0:33:50.720 I did see on X that he was part of 0:33:50.720 --> 0:33:54.680 the family as they were taking the picture around President 0:33:54.800 --> 0:33:59.320 Trump's acceptance speech, So you know, I know he's obviously 0:33:59.760 --> 0:34:03.080 had a tremendous impact on the election. I think he 0:34:03.160 --> 0:34:08.200 had X made a big difference and his ideas around 0:34:08.239 --> 0:34:14.160 government efficiency, which will revolve importantly around technology. Artificial intelligence 0:34:14.520 --> 0:34:19.719 is doing wonders for the most bureaucratic organizations out there. 0:34:19.760 --> 0:34:24.520 We know from Pallunteer that it is having a tremendous 0:34:24.560 --> 0:34:32.040 impact on insurance companies, underwriting process timelines dropping from two 0:34:32.080 --> 0:34:37.720 weeks to three hours, and even in the military MAVEN 0:34:37.840 --> 0:34:45.040 pallunteers working on MAVEN with the DoD for targeting the enemy. 0:34:45.080 --> 0:34:49.200 They have shrunk that department. They don't need as many people. 0:34:49.239 --> 0:34:52.760 They've gone from twenty to twenty people, which it's pretty 0:34:52.800 --> 0:34:55.400 amazing what's going on. And I think we'll see a 0:34:55.440 --> 0:35:01.719 lot of attrition. Any employee lead the government probably will 0:35:01.719 --> 0:35:02.640 not be replaced. 0:35:03.040 --> 0:35:05.719 I don't think he'll yeah, I just pick up. 0:35:05.960 --> 0:35:10.280 I don't think he'll do two trillion dollars in government 0:35:10.320 --> 0:35:14.480 spending savings in one year. That might be a five 0:35:14.560 --> 0:35:18.280 to ten year And I think between technology and attrition 0:35:19.320 --> 0:35:22.759 and lower regulations, maybe the abolition. 0:35:22.280 --> 0:35:25.319 Of certain departments, that they'll go a long way. 0:35:25.400 --> 0:35:27.759 So you don't see him serving a formal role, but 0:35:27.880 --> 0:35:31.719 still overseeing some sort of department of government efficiency in 0:35:31.760 --> 0:35:34.200 an informal way. Help me understand what you see him 0:35:34.200 --> 0:35:36.359 doing and whether or not it could be some sort 0:35:36.400 --> 0:35:38.719 of threat to you know, he's a very busy man. 0:35:39.120 --> 0:35:44.560 Yes, he's an unbelievable He's the inventor of our age. 0:35:44.600 --> 0:35:48.360 I think I said that in two thousand and fifteen 0:35:48.520 --> 0:35:51.760 for the first time when I was on your show 0:35:51.840 --> 0:35:55.680 with Carol Masser. At the time, he is the inventor 0:35:55.840 --> 0:36:00.560 of our age, and he is He comes into a problem, 0:36:00.960 --> 0:36:05.680 assesses it with first principles thinking, doesn't care how things 0:36:05.680 --> 0:36:10.480 have been done, and comes back with you know ingenious 0:36:10.480 --> 0:36:16.160 solutions to big problems, whether it's autonomous mobility in the 0:36:16.200 --> 0:36:23.680 autonomous taxi space, or in the healthcare space, neuralink. He's 0:36:23.680 --> 0:36:29.960 in the social network space X in AI x AI, 0:36:31.239 --> 0:36:33.360 and a lot of people say and SpaceX of course 0:36:33.400 --> 0:36:36.719 the entire exploration going to Mars. I think a lot 0:36:36.719 --> 0:36:40.759 of people are I can't believe he can do this, 0:36:40.920 --> 0:36:45.240 But again, he cuts to the quick first principles thinking 0:36:45.360 --> 0:36:49.640 and surrounds himself with brilliant people, people who really want 0:36:49.680 --> 0:36:52.640 to solve the hardest problems in the world. And that's 0:36:52.719 --> 0:36:55.440 part of the secret to his success. Very high standards 0:36:55.680 --> 0:36:58.200 and people who want to be held accountable to very 0:36:58.280 --> 0:37:01.200 high standards and want to really transform the world. 0:37:01.520 --> 0:37:03.840 I want to go back to something that you mentioned 0:37:03.880 --> 0:37:05.640 at the top of our interview, Kathy, and that's the 0:37:05.680 --> 0:37:09.040 idea of some of the regulatory challenges that you said 0:37:09.040 --> 0:37:11.000 have cropped up over the last couple of years and 0:37:11.080 --> 0:37:13.800 during the Biden administration, specifically with regard to the FTC 0:37:14.200 --> 0:37:18.120 and the SEC not being present in a second Trump administration, 0:37:18.680 --> 0:37:21.680 how do you think the Trump regime will approach financial 0:37:21.719 --> 0:37:26.040 regulation given that he's vound to replace SEC Chair Gary Gensler. 0:37:26.080 --> 0:37:26.799 What does that look like. 0:37:27.200 --> 0:37:31.760 I think, first as it relates to crypto or digital 0:37:31.880 --> 0:37:36.640 asset regulation, they're going to replace Gary Gensler with someone 0:37:37.040 --> 0:37:39.800 who is much more open minded, I would say, and 0:37:40.280 --> 0:37:46.600 will let the legislative process work go to work. And 0:37:46.960 --> 0:37:51.080 the SEC is supposed to regulate and force laws. They're 0:37:51.080 --> 0:37:55.560 not supposed to create laws by enforcement, which is what 0:37:56.160 --> 0:37:59.880 Gary Gensler was doing. So I think that's going to 0:37:59.920 --> 0:38:03.440 be important. I also think if you look at the 0:38:03.480 --> 0:38:08.480 public equity markets, I think the number of public companies 0:38:08.480 --> 0:38:11.719 out there right now has been cut in half in 0:38:11.880 --> 0:38:17.560 the last fifteen twenty years. The regulatory nightmare of being 0:38:17.600 --> 0:38:21.399 a public company has kept leaders of companies basically saying 0:38:21.400 --> 0:38:23.120 if I don't have to go public, I am not 0:38:23.280 --> 0:38:26.960 going public. And so I think we're going to see 0:38:27.920 --> 0:38:31.799 a lot more work in that regard to give you know, 0:38:31.840 --> 0:38:36.839 the average investor a shot at some of these moonshots. 0:38:37.800 --> 0:38:40.600 So I think that's going to become very important. As 0:38:40.600 --> 0:38:45.600 far as the FTC, you know, the anti trust has 0:38:46.080 --> 0:38:51.239 gone way too far. You know, they were denying mergers 0:38:51.280 --> 0:38:57.960 and acquisitions that really the companies were tangential to one another. 0:38:58.000 --> 0:38:59.960 They weren't even really in the same mind. 0:39:01.320 --> 0:39:04.960 So we're seeing and yet at the time, at the 0:39:05.000 --> 0:39:11.359 same time, we've seen these megatech companies grow into you know, 0:39:11.680 --> 0:39:17.400 massive organizations and dominating their market. So they were denying 0:39:17.880 --> 0:39:21.520 mergers and acquisitions for you know, think about Jet Blue 0:39:21.560 --> 0:39:24.920 and Spirit Airlines. That was ridiculous, that was in the 0:39:24.960 --> 0:39:28.800 same industry, but one is going bankrupt now because because 0:39:28.840 --> 0:39:30.400 they wouldn't allow. 0:39:30.480 --> 0:39:31.319 That m and a. 0:39:31.560 --> 0:39:36.480 They were just dogmatic about it in you know, and 0:39:36.520 --> 0:39:39.960 didn't show to us at least any common sense. 0:39:40.480 --> 0:39:42.000 You also mentioned last time you're on with us, you 0:39:42.000 --> 0:39:45.279 weren't wild about the idea of tariffs, and you know, 0:39:45.320 --> 0:39:47.600 since then President Trump said that tariff is the most 0:39:47.600 --> 0:39:48.960 beautiful word in the dictionary. 0:39:49.520 --> 0:39:50.080 Do you think he. 0:39:50.120 --> 0:39:53.560 Will follow through with his threat of broad tariffs? And 0:39:53.800 --> 0:39:57.399 how are you preparing and changing your investment style given 0:39:57.400 --> 0:39:58.320 the threat of tariffs. 0:39:58.560 --> 0:40:00.799 Yeah, I'd love to talk about that because we've got 0:40:00.840 --> 0:40:05.400 more information. I think the way the President is looking 0:40:06.000 --> 0:40:10.000 at this is if he puts in place tariffs, the 0:40:10.400 --> 0:40:13.800 other side of that will be income tax and corporate 0:40:13.840 --> 0:40:19.520 tax cuts. And if you think about it, this is 0:40:19.680 --> 0:40:25.440 how America started. You know, President George Washington, we had 0:40:25.480 --> 0:40:29.239 no income tax back then. All the taxes were in 0:40:29.280 --> 0:40:32.560 the form of tariffs. I do think that they're not 0:40:32.760 --> 0:40:33.200 going to. 0:40:33.160 --> 0:40:36.320 Be, you know, crazy tariffs. 0:40:36.680 --> 0:40:39.920 They're going to be much more thoughtful and really focused 0:40:40.360 --> 0:40:45.640 away from our free trade agreement partners and towards those 0:40:45.760 --> 0:40:51.720 countries that have not been really letting our companies play 0:40:52.200 --> 0:40:55.080 on a level playing field within their countries. 0:40:55.160 --> 0:40:57.200 So I think there's going to be a lot. 0:40:57.080 --> 0:41:00.600 Of negotiation around that really really helping us. But I 0:41:00.640 --> 0:41:05.000 do think tax cuts, a tax personal and corporate tax 0:41:05.040 --> 0:41:08.640 cuts are going to be much more important than tariffs 0:41:09.520 --> 0:41:14.360 in terms of the growth engine that this economy needs. 0:41:15.080 --> 0:41:17.200 I'll comment on just a couple of other things. I 0:41:17.239 --> 0:41:20.480 know he wants a week dollar, but if he puts 0:41:20.520 --> 0:41:24.200 in place the deregulation and the tax cuts that we 0:41:24.320 --> 0:41:28.799 expect the dollars probably going up. And this reminds me 0:41:29.040 --> 0:41:32.120 very much of the early Reagan years. It's fascinating what's 0:41:32.160 --> 0:41:36.120 going on. Except the first couple of years of the 0:41:36.200 --> 0:41:39.839 Reagan administration he had to deal with back to back 0:41:40.120 --> 0:41:45.360 recessions because Vulker was raising interest rates to fifteen percent plus. 0:41:45.960 --> 0:41:49.600 We've done that. Trump does not have to face that. 0:41:49.760 --> 0:41:52.120 We think that the Fed went too far, and I 0:41:52.120 --> 0:41:56.520 think it's important too, because what we expect now is 0:41:56.719 --> 0:42:00.480 there will be a lot of delayed activity as consumers 0:42:00.520 --> 0:42:03.880 and businesses try and figure out, Okay, how lower tax 0:42:04.000 --> 0:42:06.720 is going and how is the world going to change? 0:42:06.760 --> 0:42:08.439 Am I going to get a better deal? So we're 0:42:08.480 --> 0:42:11.799 going to need lower interest rates. However, if we get 0:42:11.800 --> 0:42:15.279 the growth beyond that that tax cuts and these other 0:42:15.400 --> 0:42:19.120 measures are going to cause the dollar will probably go up. 0:42:20.040 --> 0:42:23.080 So I think that will be a surprise, but it's 0:42:23.120 --> 0:42:28.000 an anti inflationary force as well, and we're seeing commodities 0:42:28.200 --> 0:42:32.400 react to the dollar going up now in anticipation of 0:42:32.600 --> 0:42:35.440 these interesting policies. 0:42:35.520 --> 0:42:37.960 And then I'd love to just say one other thing. 0:42:38.120 --> 0:42:41.680 A lot of people talk about the deficit, and it 0:42:41.760 --> 0:42:45.160 is a big deficit in the middle of it's a 0:42:45.280 --> 0:42:50.440 rolling recession. But this deficit is worse than the worst 0:42:50.680 --> 0:42:54.400 deficit that Reagan faced at five point five percent of GDP. 0:42:54.840 --> 0:42:58.240 How did he get out of that? And Clinton following 0:42:58.280 --> 0:43:05.080 beyond him more through growth, not through tax increases. And 0:43:05.320 --> 0:43:08.400 you can add on top of that government spending restraint. 0:43:08.520 --> 0:43:10.680 So you know, this is this is going to be 0:43:10.880 --> 0:43:13.880 extremely healthy and very important. 0:43:14.040 --> 0:43:18.239 I think for the stock market. The stock market. 0:43:18.000 --> 0:43:21.160 Has gone through a period here of great concentration towards 0:43:21.160 --> 0:43:23.839 a few stocks, and now we think, and we've seen 0:43:23.880 --> 0:43:25.719 it in the last few days, there's. 0:43:25.600 --> 0:43:28.520 Going to be a broadening out. We're very excited about. 0:43:28.280 --> 0:43:30.319 Some Well, we'll talk about that in just a minute. 0:43:30.320 --> 0:43:32.560 If you're just now joining us, we're joined by Kathy Woods. 0:43:32.560 --> 0:43:35.160 She's a founder, CEO, and CIO of ARC and Vest. 0:43:35.239 --> 0:43:39.399 She joins us from Saint Petersburg, Florida. Kathy, I want 0:43:39.440 --> 0:43:42.480 to talk one more question on regulation and then we'll 0:43:42.520 --> 0:43:44.920 get to a little more on Tesla and Elon and 0:43:45.040 --> 0:43:47.400 you know, some of the big themes that you're seeing. 0:43:48.760 --> 0:43:52.160 I'm wondering about from you, what you think specifically in 0:43:52.239 --> 0:43:56.279 terms of financial assets is being held back by regulators, 0:43:56.280 --> 0:43:59.000 Like what financial assets do you think should be opened 0:43:59.080 --> 0:44:01.400 up to the trade masses that haven't been. 0:44:03.080 --> 0:44:03.239 Well. 0:44:03.239 --> 0:44:03.920 It's interesting. 0:44:03.960 --> 0:44:07.680 We launched a venture fund and we put it in 0:44:08.160 --> 0:44:11.839 we put it in an interval fund structure, which is 0:44:11.960 --> 0:44:17.040 regulated by the SEC, and we've had access to open 0:44:17.080 --> 0:44:22.880 AI and thropic data, Bricks, SpaceX, Epic, Discord, lots of 0:44:22.960 --> 0:44:28.200 companies that young people who don't need the income or 0:44:28.440 --> 0:44:33.839 net worth thresholds that venture funds require. They can get 0:44:33.880 --> 0:44:38.640 into our venture fund because it's in the interval fund structure. 0:44:39.280 --> 0:44:41.040 I think we're going. 0:44:40.880 --> 0:44:44.560 To see a much more of a loosening up. You 0:44:44.600 --> 0:44:50.279 know why we can offer our fund to retail investors 0:44:50.280 --> 0:44:53.799 for as little as five hundred dollars, it's because we're 0:44:53.840 --> 0:44:57.800 not taking a carry we're not charging carried interests twenty 0:44:57.800 --> 0:45:02.560 percent of profits. We do charge a higher fee than 0:45:03.000 --> 0:45:07.239 you'd get with public companies. And I think we're going 0:45:07.320 --> 0:45:13.600 to see the democratization increasingly of private companies as well. 0:45:14.000 --> 0:45:19.640 I think this administration will advocate for that and well 0:45:20.680 --> 0:45:26.480 and will lower regulations, whether it's Sarbine Oxley, but regulations 0:45:26.600 --> 0:45:30.759 that have you know, tied companies and knots. It's very 0:45:30.800 --> 0:45:34.880 expensive to be a public company now, and so for 0:45:35.040 --> 0:45:39.600 any company. As the digital world and the physical world converge, 0:45:39.800 --> 0:45:43.319 we think that's a big theme going ahead. We're going 0:45:43.360 --> 0:45:47.480 to need the kind of cabal raising that the public 0:45:47.560 --> 0:45:52.480 markets can offer over a long period of time. I 0:45:52.480 --> 0:45:54.280 think more and more of that's going to happen. 0:45:54.320 --> 0:45:56.920 So, speaking of the digital and physical worlds converging, we 0:45:57.000 --> 0:45:59.920 got to talk crypto because bitcoin at a new rap 0:46:00.280 --> 0:46:04.319 close to seventy seven thousand dollars per bitcoin. Update your 0:46:04.360 --> 0:46:07.080 prediction for us of where you think bitcoin will go 0:46:07.560 --> 0:46:10.080 and when now that Trump will serve another. 0:46:09.880 --> 0:46:14.520 Term, Yes, he's going to be very bitcoin friendly for sure, 0:46:14.680 --> 0:46:20.480 including building a strategic reserve of bitcoin. Senator Lummis has 0:46:20.520 --> 0:46:23.839 been at the forefront of advocating for that, so very 0:46:23.840 --> 0:46:30.480 exciting there. Our price target hasn't changed, except perhaps we're 0:46:30.560 --> 0:46:33.880 leaning more towards our bowlcase. Our base case is a 0:46:33.920 --> 0:46:39.480 million dollars by twenty thirty and if you go into 0:46:39.560 --> 0:46:44.239 Big Ideas Big Ideas from twenty twenty three in the 0:46:44.239 --> 0:46:48.480 bitcoinion section, you'll see how we get to that million dollar, 0:46:48.560 --> 0:46:51.920 the building blocks of it. You know, it's a substitute 0:46:52.000 --> 0:46:57.839 for gold, so it's digital gold. It is going to 0:46:57.880 --> 0:47:02.000 be used as a new asset class. It is a 0:47:02.000 --> 0:47:06.160 new asset class for institutional investors, a very big idea 0:47:06.360 --> 0:47:12.399 starting with the spot bitcoin ETFs launched earlier this year, 0:47:12.840 --> 0:47:16.919 and of course we're very gratified that ARKP was one 0:47:16.960 --> 0:47:20.359 of them. And it's going to be used as an 0:47:20.360 --> 0:47:25.280 insurance policy, both in emerging markets and in developed markets 0:47:25.480 --> 0:47:29.960 against confiscation of wealth, whether that means outright confiscation of 0:47:30.000 --> 0:47:33.480 wealth by corruption and so forth, perhaps in emerging markets, 0:47:34.080 --> 0:47:38.839 or by inflation. Inflation is a highly regressive text. Now, 0:47:38.880 --> 0:47:41.600 we don't think inflation is going to be a problem 0:47:41.719 --> 0:47:42.919 with this administration. 0:47:43.360 --> 0:47:44.280 In fact, we. 0:47:44.239 --> 0:47:48.399 Think that the floodgates of innovation are going to open up, 0:47:48.480 --> 0:47:53.520 and that we're moving into a world tending towards deflation, 0:47:53.760 --> 0:48:00.359 but good deflation. Technologically enabled innovation is deflation. Are so 0:48:00.480 --> 0:48:03.920 I think many people are going to be really surprised 0:48:04.160 --> 0:48:06.760 at how low inflation goes in the years ahead. 0:48:06.880 --> 0:48:09.160 Kathy, I want to talk performance and get an understanding 0:48:09.200 --> 0:48:13.400 for where you see the future, because you've seen outflows 0:48:13.400 --> 0:48:16.640 every month in the ARK Innovation ETF this year except 0:48:16.680 --> 0:48:19.480 for this month, it's a year where you're underperforming the 0:48:19.520 --> 0:48:21.840 S and P five hundred by a wide margin. The 0:48:22.120 --> 0:48:24.560 RK Innovation ETF it's about flat, the S and P 0:48:24.560 --> 0:48:27.319 five hundred up more than twenty five percent. What's your 0:48:27.320 --> 0:48:30.800 message to investors who've lost money with you, and do 0:48:30.840 --> 0:48:33.200 you worry that performance will lead to an extended period 0:48:33.600 --> 0:48:35.120 where you won't attract money. 0:48:35.719 --> 0:48:39.160 Well, I think, as I've just described, innovation had quite 0:48:39.200 --> 0:48:43.759 a few obstacles during the last few years. So that 0:48:43.880 --> 0:48:47.759 speaks for itself. If you look at our performance, let's 0:48:47.760 --> 0:48:50.759 break it down. You look at our ARKW, which is 0:48:50.800 --> 0:48:54.400 our next generation Internet fund, very focused on AI and 0:48:54.480 --> 0:48:58.640 digital assets. It's up more than the market this year, 0:48:59.040 --> 0:49:01.680 more than I think it's twenty seven twenty eight percent. 0:49:03.160 --> 0:49:08.640 If you look at ARKG, which is our Genomic Revolution portfolio, 0:49:09.200 --> 0:49:09.800 it is. 0:49:09.880 --> 0:49:11.880 Down twenty two percent. 0:49:12.000 --> 0:49:16.520 And a big problem for that portfolio has been the 0:49:16.640 --> 0:49:17.480 lack of M and A. 0:49:18.040 --> 0:49:19.680 You know, the absence of M and A. 0:49:19.920 --> 0:49:25.000 This this group, if any, needs those liquidity events because 0:49:25.120 --> 0:49:30.120 big companies, big pharma companies, need the innovation that is 0:49:30.160 --> 0:49:34.680 coming out of the smaller company companies. So we think 0:49:34.880 --> 0:49:37.799 that's going to change. We also if you listen to 0:49:39.560 --> 0:49:43.279 now I don't know, I don't think he'll be FDA commissioner, 0:49:43.280 --> 0:49:46.680 but Robert Kennedy, you know he wants to clean up 0:49:46.719 --> 0:49:48.200 corruption in healthcare. 0:49:48.280 --> 0:49:49.680 You know, they're a. 0:49:49.960 --> 0:49:56.600 Huge lobbying lobbying organizations for pharma. They are not they 0:49:56.600 --> 0:50:03.239 are not out there advocating for the innovators. I think 0:50:03.280 --> 0:50:07.560 the most important thing he said is this, we want 0:50:07.600 --> 0:50:12.400 to go back to the rich tradition of the gold 0:50:12.640 --> 0:50:18.760 standard of evidenced, evidence based science in terms of healthcare, 0:50:19.080 --> 0:50:24.719 and the tools are here for preventative, predictive, personalized, and 0:50:24.760 --> 0:50:27.160 participatory behavior. 0:50:28.320 --> 0:50:28.920 Healthcare. 0:50:29.360 --> 0:50:37.240 So I think healthcare that the convergence of healthcare sequencing technologies, DNA, RNA, 0:50:37.280 --> 0:50:43.520 proteins sequencing technologies, artificial intelligence, and Crisper gene. 0:50:43.880 --> 0:50:45.200 Okay, So I want to jump in here because and 0:50:45.239 --> 0:50:47.120 I'm glad you brought in I'm glad you brought up 0:50:47.200 --> 0:50:49.239 RFK because I had a question about that to you, Kathy, 0:50:49.239 --> 0:50:50.879 And I'm afraid it's probably our last one, just because 0:50:50.880 --> 0:50:54.160 we're running out of time. He's been a vaccine skeptic. 0:50:54.200 --> 0:50:59.120 You mentioned RNA technology, mRNA technology, what the COVID vaccines, 0:50:59.120 --> 0:51:01.480 the newish COVID VACAS scenes we're based on. Are you 0:51:01.640 --> 0:51:06.440 concerned that how he views public health is going to 0:51:06.480 --> 0:51:08.880 affect innovation happening in the space. 0:51:09.520 --> 0:51:10.000 No, I'm not. 0:51:10.120 --> 0:51:14.000 If you read what he said very recently, he sounds 0:51:14.040 --> 0:51:18.400 pretty libertarian about vaccinations. You know, there are some people 0:51:18.719 --> 0:51:22.800 who really feel it's important and others who don't. 0:51:22.840 --> 0:51:27.160 And you live and let live. But one thing I'd 0:51:27.239 --> 0:51:28.720 like to say is. 0:51:30.320 --> 0:51:34.160 This past administration has been a menace to what we're 0:51:34.160 --> 0:51:37.719 calling the multiomics revolution, which is going to be the 0:51:37.719 --> 0:51:43.880 most profound application of artificial intelligence and new technologies in history, 0:51:44.280 --> 0:51:48.680 going to cure disease. And yet as I look at 0:51:48.880 --> 0:51:55.320 the traditional analyst response to these drugs like Chrisper Therapeutics 0:51:55.360 --> 0:52:00.359 and Intelia that are starting to cure disease, and how 0:52:01.000 --> 0:52:04.839 they think that's bad business because they don't have an 0:52:04.920 --> 0:52:11.080 annuity keeping someone keeping someone's symptoms under control. That's an annuity. 0:52:12.120 --> 0:52:17.440 They prefer that to a cure. In our latest Monday newsletter, 0:52:17.480 --> 0:52:23.440 it's called Disrupt ARC Disrupt you can find it on Twitter. 0:52:23.840 --> 0:52:28.680 You'll see that we believe that curing disease is going 0:52:28.719 --> 0:52:31.920 to make the patents of the companies with those cures 0:52:32.320 --> 0:52:37.000 two to twenty times more valuable than those other kinds. 0:52:37.000 --> 0:52:41.200 So I think there's a complete misunderstanding of the dawn 0:52:41.520 --> 0:52:45.160 of the new health age. And I am so excited, 0:52:45.400 --> 0:52:50.880 so excited that the Trump administration is going to bring 0:52:50.920 --> 0:52:53.319 this new world to life for us. 0:52:53.680 --> 0:52:55.919 Kathy would we always want more time with you. Thank 0:52:55.920 --> 0:52:58.400 you so much for spending a big part of your 0:52:58.440 --> 0:53:00.720 afternoon with us. We do appreciate it that it's Kathy Wood, 0:53:00.840 --> 0:53:04.439 the founder CEO and CIO over at Arc invest joining 0:53:04.480 --> 0:53:07.520 us from Saint Petersburg, Florida. 0:53:11.520 --> 0:53:15.360 You're listening to the Bloomberg Business Week podcast. Listen live 0:53:15.440 --> 0:53:18.680 each weekday starting at two pm Eastern on applecar Play 0:53:18.680 --> 0:53:21.560 and ANDROYD Auto with the Bloomberg Business App. You can 0:53:21.600 --> 0:53:24.799 also listen live on Amazon Alexa from our flagship New 0:53:24.880 --> 0:53:28.480 York station, Just Say Alexa Play Bloomberg eleven. 0:53:28.200 --> 0:53:31.640 Thirty plenty ahead in our second hour of the weekend 0:53:31.760 --> 0:53:34.480 edition of Bloomberg Business Week, including the return of the 0:53:34.560 --> 0:53:38.560 New York Comedy Festival. Caroline Hirsch, founder of Caroline's on Broadway, 0:53:38.640 --> 0:53:42.320 joins us on this year's lineup of iconic comics and entertainers, 0:53:42.600 --> 0:53:46.960 including Bill Maher, Jerry Seinfeld, Bruce Springsteen, and Moore. Plus 0:53:47.040 --> 0:53:50.520 Sean White wants to make competitive snowboarding as globally powerful 0:53:50.560 --> 0:53:53.680 as Formula one. It's all in the pursuit Ski Special 0:53:54.120 --> 0:53:56.799 First up this hour, something we like to feature each 0:53:56.840 --> 0:54:00.640 and every year on Bloomberg Business Week. Loriel Pere Women 0:54:00.680 --> 0:54:04.600 of Worth for the nineteenth year is recognizing nonprofit leaders 0:54:04.600 --> 0:54:08.359 from around the US for their philanthropic achievements. This year, 0:54:08.360 --> 0:54:11.239 the beauty brand identified ten change makers from thousands of 0:54:11.400 --> 0:54:14.440 entrants who will receive a host of prizes, including twenty 0:54:14.480 --> 0:54:17.839 five thousand dollars, a mentorship from Lorial Paris on how 0:54:17.840 --> 0:54:20.760 to enhance their business efforts and access to the brand's 0:54:20.840 --> 0:54:23.279 national platform to amplify their messages. 0:54:23.560 --> 0:54:23.920 For more. 0:54:23.960 --> 0:54:26.880 On the twenty twenty four honourees, I was joined by 0:54:26.920 --> 0:54:30.480 Bloomberg's Katie Greifeld. We caught up with Ali Goldstein, president 0:54:30.520 --> 0:54:33.640 of Loreal Paris USA, and John A. V Row one 0:54:33.680 --> 0:54:36.880 of the ten honorees this year. Joonavi is president and 0:54:36.920 --> 0:54:39.880 founder of New Voters. It's a youth led national nonprofit. 0:54:40.200 --> 0:54:42.520 It engages high school students and helps them find their 0:54:42.600 --> 0:54:45.360 voice in politics. Ali kicked it off for us. 0:54:45.440 --> 0:54:47.359 Loreal Paris Women of Worth. As you said, it's our 0:54:47.480 --> 0:54:50.800 nineteenth year of fulfilling This program is our great honor 0:54:51.400 --> 0:54:54.920 and it's really our essential philanthropic program that aligns to 0:54:55.080 --> 0:54:58.760 our tagline because You're worth It. As a brand, Loriel 0:54:58.840 --> 0:55:03.279 Paris strives to really truly support women's empowerment and the 0:55:03.320 --> 0:55:06.880 idea that everyone is worth it, and what that means 0:55:07.160 --> 0:55:10.600 is giving back to those and supporting those who are 0:55:10.600 --> 0:55:15.040 striving to help others. Women helping other women is integrally 0:55:15.120 --> 0:55:17.680 part of our brand. Equity and Women of Worth is 0:55:17.680 --> 0:55:20.600 a program that does just that. So we recognize ten 0:55:20.640 --> 0:55:21.919 honorees every year. 0:55:22.840 --> 0:55:24.200 We have an. 0:55:24.040 --> 0:55:28.160 Extensive application program, and we find ten women doing great 0:55:28.160 --> 0:55:32.080 things with their ten organizations that span a spectrum of causes, 0:55:33.040 --> 0:55:35.480 and we support them and highlight what they're doing and 0:55:35.520 --> 0:55:40.359 really recognize the efforts. For the most part, they're very grassroots, 0:55:40.520 --> 0:55:43.319 so we find programs that really need us and need 0:55:43.360 --> 0:55:46.279 our help, so things that are not fully developed and 0:55:46.320 --> 0:55:50.920 scaled yet, and we bring support, a bit of financial support, 0:55:51.040 --> 0:55:55.279 we bring awareness, we bring networking and mentorship, and we 0:55:55.360 --> 0:55:58.920 help them get this bit of the scale and support 0:55:58.960 --> 0:56:00.840 that they need to do all the great work that 0:56:00.840 --> 0:56:01.359 they're doing. 0:56:01.920 --> 0:56:05.120 And of course, one of those women is joining us 0:56:05.239 --> 0:56:08.360 right now. Jenavi tell us a little bit about new voters. 0:56:08.560 --> 0:56:10.480 Thank you, yeah, thank you so much for having me. 0:56:10.880 --> 0:56:13.560 We're a youth led five oh one c three dedicated 0:56:13.560 --> 0:56:16.520 to helping high school students find their voice in politics 0:56:16.560 --> 0:56:18.560 before they're old enough to vote and then when they 0:56:18.600 --> 0:56:21.760 become old enough to vote. So four million students graduate 0:56:21.800 --> 0:56:24.719 from high school every single year, and around ninety percent 0:56:24.760 --> 0:56:26.680 of them are eligible to register and vote by the 0:56:26.680 --> 0:56:30.080 time they graduate. So this is a basically completely under 0:56:30.560 --> 0:56:36.840 targeted population by voter outreach campaigns, by actual campaigns, and 0:56:36.880 --> 0:56:40.120 when it comes to largely voter registration. And because of 0:56:40.160 --> 0:56:43.479 that massive number, if high school students alone, if eighteen 0:56:43.560 --> 0:56:47.000 year olds alone vote at the same rate as Baby boomers, 0:56:47.400 --> 0:56:49.840 eighteen year olds would be the deciding voice on every 0:56:49.840 --> 0:56:51.760 contested election in the country. 0:56:51.840 --> 0:56:52.719 Well why don't they? 0:56:53.120 --> 0:56:55.320 I mean, I think that a big part of it 0:56:55.400 --> 0:56:58.359 is that lack of outreach. There was a survey by 0:56:58.640 --> 0:57:01.320 a Circle at Top, which is one of the leading 0:57:01.360 --> 0:57:04.120 youth research institutions in the country, and they found that 0:57:04.160 --> 0:57:07.799 in twenty twenty two, less than fifty percent of eighteen 0:57:07.800 --> 0:57:09.400 to twenty four year olds were reached out to by 0:57:09.440 --> 0:57:11.799 any campaign. And when you think about eighteen year olds, 0:57:11.800 --> 0:57:14.680 if you think about just high school students alone, Like 0:57:14.840 --> 0:57:17.720 I know, I'm inundated with those messages being like John Oby, 0:57:17.800 --> 0:57:20.440 we're disappointed in you donate to me. But I know 0:57:20.480 --> 0:57:23.200 that the high school students I work with aren't receiving 0:57:23.240 --> 0:57:25.360 those messages. They're not on these lists because a lot 0:57:25.400 --> 0:57:28.680 of them aren't going to be eighteen. Because you can 0:57:28.720 --> 0:57:31.280 register to vote in most states at seventeen if you'll 0:57:31.320 --> 0:57:34.680 be eighteen by the election, so they're not getting that outreach. 0:57:34.720 --> 0:57:37.040 Maybe they don't know they can register to vote in time. 0:57:37.360 --> 0:57:39.720 And also there is, as i'm sure you guys know, 0:57:39.880 --> 0:57:43.680 just such a microscope on schools right now and fear 0:57:43.720 --> 0:57:47.880 of being political at all that they see civic engagement 0:57:47.880 --> 0:57:50.480 in voter registration as being part of that. And you 0:57:50.520 --> 0:57:53.840 can't really blame them because they are being targeted and 0:57:53.920 --> 0:57:57.440 being harassed for doing things. So because of that, schools 0:57:57.480 --> 0:58:00.920 are really tentative to make voter registration even those schools 0:58:00.960 --> 0:58:04.160 are meant to prepare students for future life and being 0:58:04.160 --> 0:58:06.880 an act of civic and democratic participant is essential to that. 0:58:07.360 --> 0:58:10.440 They are not integrating voter registration into the programming. But 0:58:10.560 --> 0:58:13.720 logistical issues aside of you know, people getting reached out to. 0:58:13.800 --> 0:58:16.280 I also think that there is a lack of civics 0:58:16.360 --> 0:58:18.479 education in this country and a lack of seeing that 0:58:19.120 --> 0:58:21.480 democracy and voting is a way to create change. I 0:58:21.480 --> 0:58:24.600 think that any discussion, and I if you guys have 0:58:24.720 --> 0:58:26.400 young people in your lives, I'm sure you know those 0:58:26.440 --> 0:58:29.760 like young people aren't apathetic, They're desperate to be heard 0:58:29.800 --> 0:58:32.560 on the issues that impact them impact our generation more 0:58:32.560 --> 0:58:36.320 than anybody else. It's just they don't see voting as 0:58:36.360 --> 0:58:37.200 a way to do that. 0:58:37.680 --> 0:58:40.640 Would John Avy have been picked had that's not been 0:58:40.680 --> 0:58:41.880 an election year, So. 0:58:42.080 --> 0:58:44.840 Okay, first, she would have been picked because she's fantastic 0:58:44.880 --> 0:58:48.280 and doing great work. But it is true that the 0:58:48.600 --> 0:58:54.440 honoreeson their question, you know what, I mean to give 0:58:54.520 --> 0:59:00.959 some love to but no, But in all seriousness, what's 0:59:01.000 --> 0:59:05.480 really fascinating about women of worth is the women and 0:59:05.520 --> 0:59:08.840 the organizations that we recognize are truly sort of a 0:59:08.880 --> 0:59:11.720 microcosma of what's happening at the time, and we see 0:59:11.720 --> 0:59:15.120 that each and every year. And so it's true that, 0:59:15.400 --> 0:59:18.720 you know, what we see this year is programs around 0:59:18.760 --> 0:59:23.480 mental health, programs around sustainability, programs around voters like we 0:59:23.520 --> 0:59:27.000 see a surge in topics that are present and relevant 0:59:27.040 --> 0:59:30.560 for these times. You know, coming out of COVID, we 0:59:30.600 --> 0:59:33.880 saw a lot more in healthcare. So there's definitely a 0:59:33.920 --> 0:59:37.880 representative of sort of what's current at the moment in time, 0:59:38.440 --> 0:59:42.240 and we see that represented then in terms of the process. 0:59:42.400 --> 0:59:45.160 You know, we receive a couple thousand, two to three 0:59:45.200 --> 0:59:48.680 thousand applications every year. We have a pretty rigorous process 0:59:48.720 --> 0:59:53.320 for recognizing and selecting the women. We invite our employees 0:59:53.360 --> 0:59:55.680 to get involved. We partner with Points of Light and 0:59:56.520 --> 0:59:59.720 an organization that helps us vent, and then we have, 1:00:00.000 --> 1:00:02.000 you know, we narrow down and we have a final 1:00:02.040 --> 1:00:06.720 group that we select with colleagues that we work with 1:00:06.840 --> 1:00:09.919 as well as our spokeswomen, Asia Naomi Naomi King, who's 1:00:10.040 --> 1:00:12.800 very involved in this as well. Every year she helps 1:00:12.840 --> 1:00:16.720 select the finalists and she's with us at the ceremony 1:00:16.760 --> 1:00:20.480 in November to choose the final ten. 1:00:20.880 --> 1:00:25.120 What does new voters look like post presidential election? 1:00:25.720 --> 1:00:29.200 Yeah, no, I mean, I think the critical thing that 1:00:29.640 --> 1:00:32.360 you guys definitely know. But there are elections every single year. 1:00:32.440 --> 1:00:35.160 There's two elections every year. Some states there's four elections 1:00:35.160 --> 1:00:38.840 in a year, and civic engagement at the amongst everybody, 1:00:38.840 --> 1:00:42.040 but especially among young people has to happen every day, 1:00:42.640 --> 1:00:45.280 three sixty five sometimes three sixty six days a year. 1:00:45.600 --> 1:00:48.720 So we are operational in around four hundred high schools 1:00:48.720 --> 1:00:52.600 across the country, largely in Pennsylvania and Arizona. And what 1:00:52.640 --> 1:00:55.600 we do is we support the students and we empower 1:00:55.720 --> 1:00:58.680 them to run voter tstration drives in their schools and 1:00:58.960 --> 1:01:00.840 get students who are both old enough to vote and 1:01:00.880 --> 1:01:03.479 also not old enough to vote to run a registration drive. 1:01:03.720 --> 1:01:06.080 In addition to that, every student is matched with a 1:01:06.120 --> 1:01:09.160 personal college mentor who helps them, you know, figure out 1:01:09.160 --> 1:01:11.240 how to mobilize their school. How to you know, We're like, 1:01:11.360 --> 1:01:13.880 use the different social clicks at your school, you know, 1:01:13.920 --> 1:01:16.840 like day one, get the lacrosse captain and the football 1:01:16.880 --> 1:01:19.600 captain to get their their team registered, then the drum 1:01:19.640 --> 1:01:21.280 major on day two, and then day three like. 1:01:21.280 --> 1:01:25.120 The mentioned debate team. You know much there. 1:01:25.240 --> 1:01:26.959 Now, there are some there are some pools of people 1:01:26.960 --> 1:01:30.480 who are very civically engaged. There's actually and this actually 1:01:30.520 --> 1:01:32.640 leads into another thing that we do, which is research 1:01:32.640 --> 1:01:36.080 on high school political behavior, because anecdotally, you can probably 1:01:36.120 --> 1:01:38.920 think that, Okay, you know, the music kids and the 1:01:38.920 --> 1:01:41.840 debate kids are very registered to vote, and the stem 1:01:41.920 --> 1:01:44.560 kids and the athletes are probably less so. And there's 1:01:44.560 --> 1:01:47.680 actually no real research into high school political behavior and 1:01:47.760 --> 1:01:50.840 civic engagement. Kind of following along this trend of they're 1:01:50.880 --> 1:01:54.000 not really being resources dedicated to high school students registering 1:01:54.000 --> 1:01:56.280 to vote. However, I do work with a number of 1:01:56.280 --> 1:01:59.640 incredible organizations through we lead a coalition called the New 1:01:59.720 --> 1:02:03.960 Voters Collaborative, which is around thirty forty organizations dedicated to 1:02:04.040 --> 1:02:07.880 high school civic engagement, everything from the YMCA to when 1:02:07.920 --> 1:02:10.400 we all vote, and we meet every month to talk 1:02:10.440 --> 1:02:13.080 about high schoolivic engagement. But we also have a research 1:02:13.160 --> 1:02:18.080 network dedicated to figuring out why high school students vote 1:02:18.120 --> 1:02:20.000 or what makes them want to and that's all done 1:02:20.040 --> 1:02:22.720 by researchers nineteen years old and under John Vy. 1:02:23.280 --> 1:02:26.520 What's the link now to registering these students and them 1:02:26.560 --> 1:02:29.040 actually going out and voting. Just because someone's registered doesn't 1:02:29.040 --> 1:02:29.840 mean they're going to vote. 1:02:29.960 --> 1:02:30.240 Yeah. 1:02:30.240 --> 1:02:30.840 Absolutely. 1:02:30.920 --> 1:02:34.600 However, among high amongst high school students eighteen year olds, 1:02:35.600 --> 1:02:40.000 they actually found that around eighty to eighty three percent 1:02:40.160 --> 1:02:42.320 of eighteen year olds, once registered, vote will turn out 1:02:42.320 --> 1:02:44.960 to vote just as a controlled you know, looking at 1:02:45.000 --> 1:02:47.480 the voter file. So it is a pretty high conversion 1:02:47.520 --> 1:02:49.560 rate of registered voter to voter when it comes to 1:02:49.600 --> 1:02:52.440 eighteen year olds. I think that it is necessary though, 1:02:52.480 --> 1:02:57.600 to follow up any registration with conversations with information about 1:02:57.960 --> 1:02:59.840 registering to vote. I mean, it's something they've found is 1:03:00.160 --> 1:03:03.280 as amazing as automatic voter voter registration is, which is 1:03:03.280 --> 1:03:06.760 when the DMV will automatically redshirt you to vote when 1:03:06.800 --> 1:03:08.840 you read short to vote. They found that that has 1:03:08.960 --> 1:03:13.120 really low conversion rates of registered voter to voter because 1:03:13.560 --> 1:03:15.880 it's not coupled with a conversation. It's not coupled with 1:03:16.440 --> 1:03:19.480 you know, this is why you should readshor to vote. 1:03:19.720 --> 1:03:22.160 So this is in no way saying that AVR shouldn't exist. 1:03:22.160 --> 1:03:26.360 It's incredibly important and essential to eliminating barriers to registering 1:03:26.400 --> 1:03:29.080 to vote. But it also means that you still need 1:03:29.080 --> 1:03:32.120 to have those conversations in the classroom. And again that's 1:03:32.160 --> 1:03:35.120 something that teachers are afraid of doing. And that's why 1:03:35.160 --> 1:03:37.920 as a nonprofit, as a student led organization or youth 1:03:38.000 --> 1:03:42.080 led I'm no longer a student, we really prioritize having 1:03:42.080 --> 1:03:46.400 those conversations across the political divides regularly. 1:03:46.760 --> 1:03:49.080 As we mentioned, John ave a Row just one of 1:03:49.080 --> 1:03:53.600 the honorees of the Looreal Women of Worth program this year. 1:03:53.880 --> 1:03:56.000 Ali give us an idea of some of the other 1:03:56.120 --> 1:03:58.480 nine and where they're from and what they're working on. 1:03:58.680 --> 1:04:01.920 So the ten women are a highly diverse group, so 1:04:01.920 --> 1:04:05.720 they represent many many causes. They're represented across the United States, 1:04:05.720 --> 1:04:09.440 across age, ethnicity, and that is an important part of 1:04:09.440 --> 1:04:12.320 our program to really be as diverse as possible in 1:04:12.400 --> 1:04:17.760 terms of causes. There's quite a few very significant and 1:04:17.840 --> 1:04:20.960 emotional causes. So there's a woman named Laura Pohulis who 1:04:21.040 --> 1:04:24.560 runs an organization called Control Alt Delete, and she provides 1:04:24.640 --> 1:04:28.440 resources for women who are in domestic violence situations to 1:04:28.560 --> 1:04:32.400 literally escape those dangerous environments. So she and her organization 1:04:32.520 --> 1:04:35.880 will literally come and rescue women and their children and 1:04:36.040 --> 1:04:40.000 help them get out of these organizations. There's another organization 1:04:40.760 --> 1:04:44.200 that is about helping refugees. We also know that's a 1:04:44.320 --> 1:04:48.320 very important topic of recent Her name is Mae Muna 1:04:48.320 --> 1:04:51.680 who organization is the Tea Foundation, So she supports helping 1:04:51.720 --> 1:04:55.680 refugees get on their feet following their move. And then 1:04:56.120 --> 1:04:59.560 there are more health focused organizations. So Sherry Mathis les 1:04:59.560 --> 1:05:04.280 an organization called the Mammogram Poster Girls, which seems pretty 1:05:04.280 --> 1:05:08.000 straightforward but is so needed. And I think what she 1:05:08.120 --> 1:05:13.040 has identified is that women in under served, underprivileged neighborhoods 1:05:13.080 --> 1:05:16.240 are underrepresented getting mammograms. And we know you can prevent 1:05:16.400 --> 1:05:19.720 breast cancer through early detection or at least prevent mortality. 1:05:19.880 --> 1:05:24.080 You know, prevent the most significant issues with early detection. 1:05:24.280 --> 1:05:28.640 So her organization is really about providing mammograms, free mammograms 1:05:28.640 --> 1:05:32.120 to women who normally don't have access to them, which 1:05:32.160 --> 1:05:36.480 is really really powerful. So the women are really fantastic. 1:05:37.280 --> 1:05:41.800 It's a fantastic It's a great group, all with amazing causes. 1:05:41.840 --> 1:05:42.640 You've met all of. 1:05:42.600 --> 1:05:49.280 Them, Joonavie, and so you've seen. I think what's also 1:05:49.520 --> 1:05:52.160 very powerful is we don't only just have the ten 1:05:52.240 --> 1:05:54.080 this year, but we have one hundred and ninety women 1:05:54.120 --> 1:05:54.480 behind it. 1:05:54.560 --> 1:05:57.280 Talk about that a little bit because you've been coming 1:05:57.360 --> 1:05:59.080 on this program each and every year for as long 1:05:59.080 --> 1:06:01.480 as I've been doing this program, and every year you 1:06:01.520 --> 1:06:03.960 bring somebody, yes, and what they talk about are the 1:06:04.000 --> 1:06:06.440 resources that they have with this group of alumni. 1:06:06.840 --> 1:06:10.280 Yes, So so you know what we what we do 1:06:10.400 --> 1:06:14.280 over time is you know, we give them awareness. We've 1:06:14.480 --> 1:06:17.920 we've evolved to be much more digitally led social so 1:06:18.000 --> 1:06:21.000 it was a bit more traditional when five years ago, 1:06:21.000 --> 1:06:24.560 when we've really moved how we activate the Women of 1:06:24.600 --> 1:06:28.080 Worth to be much more modernized, so more digital. We've 1:06:28.160 --> 1:06:31.520 enhanced with a program called Global Giving, which not only 1:06:31.560 --> 1:06:33.800 do we give financial resources, but now we have an 1:06:33.800 --> 1:06:37.480 opportunity through GlobalGiving dot org for consumers to contribute to 1:06:37.480 --> 1:06:41.000 the organizations as well, and we've added a network through 1:06:41.040 --> 1:06:44.320 LinkedIn where we've connected all the one hundred and ninety women. 1:06:44.720 --> 1:06:46.360 And what you know, when you have one hundred and 1:06:46.440 --> 1:06:50.439 ninety women, you can imagine there's overlapping causes. But that's 1:06:50.440 --> 1:06:52.920 not a detriment because now we have a network of 1:06:52.960 --> 1:06:55.480 women who can help other women who who've been in 1:06:55.520 --> 1:06:58.360 similar circumstances. So the women who were recognized ten years 1:06:58.360 --> 1:07:01.680 ago have evolved their organizations, they've scaled, they've learned, they've 1:07:01.680 --> 1:07:04.560 made mistakes, and now they can help the younger women, 1:07:04.800 --> 1:07:08.640 the newer women support their organizations. The other thing is 1:07:08.800 --> 1:07:11.520 next year is twenty is our twentieth anniversary, which is 1:07:11.600 --> 1:07:15.600 super exciting. We are planning very big things. Our ambition 1:07:15.800 --> 1:07:18.360 is to bring back all two hundred women and make 1:07:18.440 --> 1:07:21.000 a real celebration of the impact that all of these 1:07:21.000 --> 1:07:24.480 two hundred women have had together over the last twenty years, 1:07:24.520 --> 1:07:26.600 which is really powerful and really exciting. 1:07:27.120 --> 1:07:28.040 Well, now you have to do it. 1:07:28.640 --> 1:07:32.520 I know it's on the record, on the record. 1:07:32.760 --> 1:07:36.640 Ali Goldstein, president of Larel Paris USA, here in our 1:07:36.680 --> 1:07:40.400 Bloomberg Interactive at Brokers Studio. Also with us John A. V. 1:07:40.640 --> 1:07:43.480 Raw honoree, founder and president of New Voters. It's that 1:07:43.520 --> 1:07:46.760 youth led national nonprofit. They work to engage high school 1:07:46.800 --> 1:07:51.240 students to ensure that youth voices are heard and prioritized 1:07:51.480 --> 1:07:52.440 in politics. 1:07:53.440 --> 1:07:56.960 You're listening to the Bloomberg Business Week podcast. Catch us 1:07:57.000 --> 1:08:00.360 Live weekday afternoons from two to five pm Eastern on 1:08:00.400 --> 1:08:02.960 Apple card Play and then broud Otto with a Bloomberg 1:08:03.000 --> 1:08:06.120 Business act or warned us Live on YouTube. 1:08:07.160 --> 1:08:09.760 New York known for its comedy scene, and a big 1:08:09.800 --> 1:08:11.640 part of that has to do with the New York 1:08:11.680 --> 1:08:14.680 Comedy Festival, which kicked off this weekend. It's where the 1:08:14.720 --> 1:08:17.599 best of the best comedians from all over gather each year, 1:08:17.960 --> 1:08:20.640 and this year it's celebrating its twentieth anniversary with more 1:08:20.680 --> 1:08:23.360 than one hundred shows at venues throughout the five boroughs. 1:08:23.760 --> 1:08:27.040 We're talking names like Judd Apatow, Gabriel Iglesias, Bill Maher, 1:08:27.240 --> 1:08:31.120 Miss Pat, Tracy Morgan, and many many more. Caroline Hirsch 1:08:31.240 --> 1:08:34.120 is the founder of Caroline's on Broadway. It operated from 1:08:34.200 --> 1:08:37.799 nineteen eighty one to twenty twenty two. She's also founded 1:08:37.800 --> 1:08:41.000 and produced the New York Comedy Festival for years. She 1:08:41.320 --> 1:08:43.840 joined us to talk about the Comedy Festival this month 1:08:43.840 --> 1:08:47.120 and the fine line between politics and comedy. We spoke 1:08:47.160 --> 1:08:49.479 to Caroline just before election day. 1:08:49.880 --> 1:08:52.160 We purposely had the festival after the election. 1:08:52.400 --> 1:08:53.360 Did you really have something? 1:08:53.360 --> 1:08:56.160 Oh yeah, you can't get in the middle of that makes. 1:08:56.000 --> 1:08:58.000 Sense, right, talk a little bit about that though. 1:08:58.000 --> 1:09:00.160 I mean a lot of the comedians you have that 1:09:00.320 --> 1:09:03.000 who Carol and I just mentioned politics front and center 1:09:03.040 --> 1:09:04.280 for them, and I think a guy like Bill Maher, 1:09:04.320 --> 1:09:05.240 I mean, he's all over it. 1:09:05.520 --> 1:09:06.439 Can't wait to see Bill. 1:09:07.080 --> 1:09:09.519 I think he gave a little promo on his show 1:09:09.560 --> 1:09:11.200 about the New York comedy He's did. 1:09:11.439 --> 1:09:13.720 He did, He's been. You know, he's Bill's kind of 1:09:13.760 --> 1:09:15.720 like a fixture. Last year he took a year off, 1:09:15.760 --> 1:09:17.600 but you know, he's back again. He's been in the 1:09:17.640 --> 1:09:19.800 festival for a number of years now, and we always 1:09:19.840 --> 1:09:23.080 usually have it, like actually one year we didn't have. 1:09:23.160 --> 1:09:25.400 We had it before and I think it was before 1:09:25.439 --> 1:09:28.360 Donald Trump got into office and he had some words 1:09:28.400 --> 1:09:30.880 to say about that. So I have to say, you know, 1:09:30.880 --> 1:09:33.960 Bill's been this guy that is really center. He call 1:09:34.040 --> 1:09:36.240 sings out the way he sees them, and I think 1:09:36.280 --> 1:09:39.080 he's very honest. I mean, I love watching him and 1:09:39.160 --> 1:09:41.040 I think Bill's got a bigger career now than he's 1:09:41.120 --> 1:09:41.519 ever had. 1:09:41.680 --> 1:09:43.400 Well, okay, so that's so interesting to say that, because 1:09:43.400 --> 1:09:45.240 one thing that's different now that he's doing is this 1:09:45.320 --> 1:09:49.760 Club Random podcast, which is so different than his normal show. Right, 1:09:49.800 --> 1:09:52.439 it's a weekly show on HBO is what he's known for, 1:09:52.800 --> 1:09:54.639 but he has this podcast that he like just sits 1:09:54.680 --> 1:09:57.519 down with people and does these long interviews, Like seems 1:09:57.520 --> 1:09:58.720 like everybody's doing this now. 1:09:59.000 --> 1:10:02.840 I think, Yeah, Listen podcast is is the talk radio 1:10:03.080 --> 1:10:06.400 of today. So they're very interesting people. We have lots 1:10:06.400 --> 1:10:09.200 of podcasts in the festival that kind of like, you know, 1:10:09.240 --> 1:10:12.519 so how did he get made? You know, which is great, 1:10:12.520 --> 1:10:14.439 which is a group of people that got together one 1:10:14.520 --> 1:10:16.840 night at a party and said, hey, how did that 1:10:16.880 --> 1:10:19.080 ever get made for TV? And they created a podcast? 1:10:19.120 --> 1:10:21.600 We love that. Well wait, so wait, so when you 1:10:21.640 --> 1:10:23.599 think about what you want to do with the festival 1:10:23.600 --> 1:10:25.000 and you've been doing for such a long time, and 1:10:25.040 --> 1:10:28.479 I'm sure there's evolution, and there's obviously you know, the 1:10:28.640 --> 1:10:31.200 iconic comedians you want, I'm sure our new voices. Tell 1:10:31.280 --> 1:10:32.720 us how you think about it every year? 1:10:32.800 --> 1:10:34.960 Well, we we we think about it like the day 1:10:35.000 --> 1:10:37.759 after we like, you know, the middle of this November 1:10:37.800 --> 1:10:39.759 coming up. We'll think about next year, but it takes 1:10:39.800 --> 1:10:42.000 about a year to get everybody kind of in line 1:10:42.040 --> 1:10:44.960 and between the schedules and this and that. So you know, 1:10:45.000 --> 1:10:47.920 we have close to three hundred shows around New York 1:10:48.000 --> 1:10:50.800 City with you know, two hundred or more comedians that 1:10:50.840 --> 1:10:53.880 are around, so you know, we have something for everyone. 1:10:54.000 --> 1:10:55.800 I mean, you know, we're at the greatest venues in 1:10:55.840 --> 1:10:59.479 the world, you know, the Beacon Theater, Town Hall, Carnegie Hall, 1:11:00.040 --> 1:11:03.799 and it's an array of great comedians like Nikki Glasier, 1:11:03.840 --> 1:11:09.120 Mattato Lane, Randy Rainbow, Michelle Batteaux, Rachel Branahan who played 1:11:09.240 --> 1:11:13.200 Marvelous Missus Mayzell, which is kind of a you know, look, 1:11:13.280 --> 1:11:16.320 there are two hit shows on TV today. They were 1:11:16.640 --> 1:11:20.000 The Marvelous Missus Mazelle and Hacks and they both kind 1:11:20.000 --> 1:11:23.240 of centered around the life of drivers. Right so here 1:11:23.280 --> 1:11:29.400 you god, yeah, which is really good. 1:11:29.400 --> 1:11:31.000 Well, but it's also a combination. 1:11:31.080 --> 1:11:32.120 You've got a lot of musicians. 1:11:32.120 --> 1:11:32.840 Bruce Springsteen. 1:11:32.880 --> 1:11:35.160 We have Bruce, but Bruce is part of our big 1:11:35.160 --> 1:11:38.599 event because why stand up for heroes? Love it. It's 1:11:38.600 --> 1:11:39.360 something that Bruce is. 1:11:39.600 --> 1:11:42.719 Nice, never questioned Bruce being anywhere, but. 1:11:42.240 --> 1:11:45.120 He's been on the show for it's our eighteenth year 1:11:45.160 --> 1:11:47.240 of doing Stand Up for Heroes. He's been on the 1:11:47.280 --> 1:11:50.360 show for seventeen years. He took one year off when 1:11:50.400 --> 1:11:52.920 he was doing his Broadway show, and he's been a 1:11:53.000 --> 1:11:57.519 constant there. And he's very involved with vet issues and 1:11:57.640 --> 1:12:00.479 raising these funds. And we have a Stella line up 1:12:00.560 --> 1:12:01.200 this year. 1:12:01.160 --> 1:12:03.720 And it is It is the twentieth annual New York 1:12:03.720 --> 1:12:06.640 Comedy Festival, and the Stand Up for Here, like the 1:12:06.680 --> 1:12:07.160 Stand Up for. 1:12:07.120 --> 1:12:10.840 Here is eighteen years, it's eighteen years, and it's you know, 1:12:10.960 --> 1:12:14.439 over this time, we've raised over one hundred million dollars 1:12:15.120 --> 1:12:18.160 the veteran causes. And I just went over I'm on 1:12:18.240 --> 1:12:20.439 the board of the Woodchar's Foundation. I just went over 1:12:20.720 --> 1:12:23.599 a number of grants. We get ten million dollars in grants. 1:12:23.600 --> 1:12:26.400 This year. When there was a hurricane in Tampa, we 1:12:26.400 --> 1:12:30.479 were there helping out the vents. So we're like action packed, 1:12:30.840 --> 1:12:33.519 vetted the best way you could possibly be. And this 1:12:33.640 --> 1:12:35.400 money is well spent with the veterans. 1:12:35.400 --> 1:12:37.519 I get to say, with veterans, I mean nothing funny 1:12:37.520 --> 1:12:39.840 about it that you know, we have individuals in our 1:12:39.880 --> 1:12:43.759 country who go over and fight and fight for freedom 1:12:43.920 --> 1:12:48.200 and to protect other countries, to protect Americans and American assets, 1:12:48.360 --> 1:12:51.479 and come home and then it's like they're forgotten and 1:12:51.520 --> 1:12:53.680 it's you know, I'm not going to get political, but 1:12:54.240 --> 1:12:56.360 it is great to see the efforts that you do 1:12:56.439 --> 1:12:58.360 and others to help them out. 1:12:58.560 --> 1:13:02.680 Yeah, you mentioned Bruce Springs, but Jim Gaffagan, Nora Jones, Questlove, 1:13:03.240 --> 1:13:06.679 Jerry Seinfeld, John Stewart, Mark Norman, Yeah, Mark Norman. 1:13:06.960 --> 1:13:08.680 Yeah, it's a great line up. 1:13:09.040 --> 1:13:10.800 It's going to be What are you looking forward to? 1:13:11.240 --> 1:13:13.640 You said, Bill said, yeah, I go to you know, 1:13:13.840 --> 1:13:15.760 get to see Bill. You know, Bill started with me 1:13:15.800 --> 1:13:18.120 in my first club on eighth Avenue, so we've known 1:13:18.160 --> 1:13:21.640 each other for years. I always excited to see him, 1:13:22.040 --> 1:13:25.200 to hear what he has to say. I'm excited for Like, 1:13:25.280 --> 1:13:26.960 did you know Bill was going to do well? 1:13:27.160 --> 1:13:28.479 Did you think, like, what do you like? 1:13:28.520 --> 1:13:31.599 What is it when you see somebody or you know this, 1:13:31.600 --> 1:13:32.880 this person's gonna be Bill. 1:13:32.920 --> 1:13:35.760 Bill had great stand up he did forty years ago. Yes, 1:13:35.800 --> 1:13:37.400 so he was he was great at that and stayed 1:13:37.439 --> 1:13:39.880 with it and then politically incorrect got him to where 1:13:39.920 --> 1:13:42.200 he is today. So you know, he just was there 1:13:42.280 --> 1:13:45.400 tenacity and stayed with it and and did great. But 1:13:45.520 --> 1:13:46.920 we have a lot of people that have worked at 1:13:46.920 --> 1:13:50.200 the club for so many years, like Tracy Morgan, JB. Smooth, 1:13:51.520 --> 1:13:56.360 Miss Pat is at town Hall. Also, Adam Ray is 1:13:56.360 --> 1:13:59.920 playing Doctor Phil at the Beacon Theater. Jabooki Young White 1:14:00.240 --> 1:14:02.080 is also at the hard Rock. The hard Rok is 1:14:02.120 --> 1:14:04.960 playing a big part in the festival. We have shows 1:14:05.000 --> 1:14:07.639 there practically every night at the hard Rock Hotel. It's 1:14:07.760 --> 1:14:10.720 great venues that that's there. We have a tribute to 1:14:10.720 --> 1:14:15.639 Gilbert Gottfried that's there, So it's it's kind of taken 1:14:15.680 --> 1:14:17.680 the place of the Caroline Space and we're doing all 1:14:17.720 --> 1:14:19.760 of those shows there at the hard Rock. 1:14:20.320 --> 1:14:22.679 We're going to talk more about Carolines in just a minute, 1:14:22.720 --> 1:14:23.800 but I do want to get you to weigh in 1:14:23.840 --> 1:14:26.479 on the election stuff and just like the way that 1:14:26.840 --> 1:14:29.240 comedy has played in just over the last week. I mean, 1:14:29.800 --> 1:14:31.920 if you think about what happened at Madison Square Garden 1:14:32.160 --> 1:14:34.200 with Tony Hinchcliff in the way that that comment from 1:14:34.280 --> 1:14:36.559 him just dominated the news cycle, did you think we'd 1:14:36.600 --> 1:14:41.280 be talking about like a comic who's known for roasts, No, in. 1:14:41.200 --> 1:14:43.360 Fact, in the President you know what you call it 1:14:43.439 --> 1:14:45.360 is like a bad booking, you know, just like a 1:14:45.400 --> 1:14:48.559 bad booking, and it shouldn't have happened. But then again, 1:14:48.640 --> 1:14:51.599 you hire Tony, you have to know what comes with Tony. 1:14:51.760 --> 1:14:55.000 It's like, you know, there's no filter, so you really 1:14:55.040 --> 1:14:57.880 can't you really can't filter a comedian like that, as 1:14:57.920 --> 1:15:00.400 you know from the Tom Brady roast. I mean, he 1:15:00.520 --> 1:15:03.720 was really out there, so you have to know, you know, 1:15:04.040 --> 1:15:06.520 so you know, the person that booked him on the show. 1:15:08.320 --> 1:15:12.120 Maybe not something you would suggest for a political closing. 1:15:12.880 --> 1:15:14.840 I would if I was in charge of that, but 1:15:14.920 --> 1:15:17.599 the comedians never, I would never put him up there. 1:15:17.920 --> 1:15:19.720 So what type of comedian would you put up? Well, 1:15:19.760 --> 1:15:20.280 you know we. 1:15:20.200 --> 1:15:23.439 Had we had we had Jim Gaffigan that was at 1:15:23.439 --> 1:15:26.080 the Al Smith dinner. Yeah, and that yeah, I mean 1:15:26.120 --> 1:15:30.160 he made points but a little more, you know, and 1:15:30.280 --> 1:15:33.519 he's tasteful, you know, he's a conservative, but he made 1:15:33.640 --> 1:15:36.320 points a different way. So there's a way to do it. 1:15:36.400 --> 1:15:37.800 So you have to know, you know, you have to 1:15:37.840 --> 1:15:39.640 know how to book it. So Tony was not the 1:15:39.720 --> 1:15:41.200 right person to be there at that time. 1:15:41.400 --> 1:15:45.000 So can we assume that the festival since it'll be 1:15:45.080 --> 1:15:47.960 after the election that there'll be a lot of politically 1:15:50.720 --> 1:15:53.840 all right, close up on Caroline, Are. 1:15:53.760 --> 1:15:54.840 You kidding me with this question? 1:15:55.880 --> 1:15:58.040 I mean, well, what do you make what? 1:15:58.200 --> 1:15:58.439 I know? 1:15:58.520 --> 1:15:58.720 I know? 1:15:58.760 --> 1:16:00.320 All right, so I asked the obvious. 1:16:00.760 --> 1:16:03.840 I mean, I watched the late shows at night, and 1:16:03.880 --> 1:16:06.879 it's not a night that doesn't go by between Kimball 1:16:07.040 --> 1:16:10.479 and Colbert. It just doesn't stop. It's like I have 1:16:10.520 --> 1:16:12.240 to walk out of the room until the monologues over. 1:16:12.320 --> 1:16:14.000 It just it doesn't stop. 1:16:13.960 --> 1:16:14.799 From a comedy. 1:16:14.880 --> 1:16:18.519 From a comedy perspective, though, does SNL still carry the 1:16:18.560 --> 1:16:19.400 weight that it once did? 1:16:19.680 --> 1:16:21.679 I think we're all talking about it, so I guess 1:16:21.720 --> 1:16:22.040 it does. 1:16:22.200 --> 1:16:26.000 Yeah, really, yeah, interesting because I wasn't expecting you to 1:16:26.040 --> 1:16:27.519 say that. I was expecting you to say, Okay, well, 1:16:27.560 --> 1:16:30.439 you know, maybe podcast, YouTube and you know, these sort 1:16:30.439 --> 1:16:32.880 of things that get people. TikTok even it does, we 1:16:32.960 --> 1:16:33.960 talked about with you in the past. 1:16:34.000 --> 1:16:37.400 But they repurpose everything from SNL goes onto all of 1:16:37.439 --> 1:16:39.920 those sites the next day, so that's where they connect 1:16:39.960 --> 1:16:42.720 with young people. They really do. I mean, I think 1:16:42.760 --> 1:16:45.280 I just read that SNL did a big deal right 1:16:45.280 --> 1:16:47.719 now with TikTok. There's a lot of stuff from SNL 1:16:47.800 --> 1:16:50.960 on there, so it gets repurposed and then it gets 1:16:50.960 --> 1:16:53.240 seen and it gets everybody just talking about it, so 1:16:53.280 --> 1:16:56.080 that when the news knows that Kamala Harris goes onto that, 1:16:56.400 --> 1:16:58.320 we all talk about it the next day. So it's 1:16:59.000 --> 1:17:00.240 a it's a good book for her. 1:17:00.400 --> 1:17:01.919 I was gonna say, what about it being a springboard 1:17:01.960 --> 1:17:03.960 for young comedians in this dan and age? I mean, 1:17:04.000 --> 1:17:06.000 you used to be on SNL and that's where so 1:17:06.040 --> 1:17:08.200 many legends got their start, didn't I I thought. 1:17:08.200 --> 1:17:11.360 I also read that Billy Crystal SNL passed on him 1:17:11.880 --> 1:17:16.280 and then he did you did care, and that he 1:17:16.520 --> 1:17:19.280 liked and then ended up on an that was probably 1:17:19.320 --> 1:17:22.880 I believe in nineteen eighty four eighty five, Dick Ebrisol 1:17:23.000 --> 1:17:23.360 came in. 1:17:23.680 --> 1:17:26.840 Lord Michaels was not producing. Then Dick Ebersol came in 1:17:26.920 --> 1:17:30.080 and put him on, and then Billy just exploded again. Yeah, 1:17:30.320 --> 1:17:32.400 it's just kind of interesting. Carolines was like a good 1:17:32.479 --> 1:17:33.679 luck chure on for a lot of people. 1:17:34.800 --> 1:17:37.760 So, so how do you think about bringing it back 1:17:37.800 --> 1:17:38.360 in some form? 1:17:38.439 --> 1:17:39.840 Well, I think we want to bring it back in 1:17:39.880 --> 1:17:42.360 a bigger way, more of a big event that might 1:17:42.439 --> 1:17:47.400 happen or something or than that. Yeah, she looks guilty. 1:17:47.479 --> 1:17:50.799 She looks like she's got something cooking. 1:17:51.040 --> 1:17:52.720 Sat here a year ago. 1:17:53.080 --> 1:17:55.519 You sat here a year ago and said you'll have 1:17:55.600 --> 1:18:00.840 something for us next time you're here. So we're still 1:18:00.840 --> 1:18:01.360 working on it. 1:18:01.400 --> 1:18:02.479 We're still working on it. 1:18:02.560 --> 1:18:05.240 Yeah, when you say bigger, you mean outside of New 1:18:05.320 --> 1:18:06.120 York too, Maybe? 1:18:06.479 --> 1:18:09.800 Yeah, I mean, like you know, Caroline's like as the 1:18:09.840 --> 1:18:13.639 brand taking bigger and just outside of the four Broadway walls, 1:18:13.680 --> 1:18:15.240 it'll be in other people's walls. 1:18:15.360 --> 1:18:18.959 One thing that we've we've talked about at Bloomberg BusinessWeek 1:18:19.040 --> 1:18:21.360 is this idea that Joe Rogan is trying to make 1:18:21.400 --> 1:18:24.000 Austin happen as a center for comedy like it happened 1:18:24.040 --> 1:18:25.320 in LA and New York. 1:18:26.040 --> 1:18:26.559 Do you buy that. 1:18:27.800 --> 1:18:30.000 I think he's done a good job of bringing a 1:18:30.040 --> 1:18:32.559 lot of comedians there. I don't know if it'll be 1:18:32.600 --> 1:18:35.880 the centerpiece of comedy, but he's bringing you know, the 1:18:35.920 --> 1:18:38.960 New York the New York comedians, and the LA comedians 1:18:39.600 --> 1:18:42.720 and the Dave Chappelle's to go in there. But you know, 1:18:42.880 --> 1:18:45.640 at New York is where it's at. New York is 1:18:45.640 --> 1:18:48.120 where it's at. New York is bigger than LA. With 1:18:48.360 --> 1:18:48.919 the comedy. 1:18:49.000 --> 1:18:51.200 So how do you think about comedy and like the 1:18:51.200 --> 1:18:53.280 evolution of it. I mean, I grew up with a dad. 1:18:54.000 --> 1:18:58.040 I'm trying to think the roasts with like Dean Martin 1:18:58.120 --> 1:19:01.680 and like just and they still can you. But does it. 1:19:01.680 --> 1:19:04.400 Really change in terms of what makes people laugh? No, 1:19:04.560 --> 1:19:07.200 I think it's you know, it's it's what makes you laugh. 1:19:07.280 --> 1:19:10.800 Is is the common thread of the joke because it 1:19:10.840 --> 1:19:13.480 happened to you, it happened to me. Hahaha, isn't that funny? 1:19:13.680 --> 1:19:17.160 So that's really why we all love comedy because it 1:19:17.200 --> 1:19:20.679 brings us together in way to enjoy something. And that's 1:19:20.800 --> 1:19:22.960 really why it makes you feel good. Yeah, and it's 1:19:23.000 --> 1:19:24.519 a stress reliever and you know. 1:19:25.160 --> 1:19:26.639 Always talking about loving to laugh. 1:19:27.280 --> 1:19:30.200 With comedy, you can take some of the bad news, 1:19:30.360 --> 1:19:32.400 it could be repurposed in another way. 1:19:33.280 --> 1:19:35.840 That was Caroline Hirsch, founder of Caroline's on Broadway, also 1:19:35.880 --> 1:19:38.880 producer of the New York Comedy Festival taking place right 1:19:38.920 --> 1:19:42.240 now still head on Bloomberg Business Week Sean White's Next 1:19:42.280 --> 1:19:44.840 Big Trick, The best place to ski around the world 1:19:45.240 --> 1:19:48.280 and the right year to get the job done. It's 1:19:48.320 --> 1:19:52.480 all in Pursuits. The Ski Edition that's next This is Bloomberg. 1:19:56.640 --> 1:20:00.479 You're listening to the Bloomberg Business Week podcast. Catch live 1:20:00.520 --> 1:20:03.559 weekday afternoons from two to five pm. Easter Listen on 1:20:03.600 --> 1:20:06.760 Applecarplay and then Broun Auto with a Bloomberg Business act 1:20:06.960 --> 1:20:08.680 or watch us live on YouTube. 1:20:10.320 --> 1:20:13.160 The average person probably won't be able to appreciate the 1:20:13.240 --> 1:20:17.400 acrobatics involved in a cab double cork fourteen forty. Maybe 1:20:17.439 --> 1:20:19.960 Chris Rauser can, but they can surely appreciate ski resorts 1:20:20.000 --> 1:20:23.160 with the best powder, slip side ramen shops, and hot springs. 1:20:23.040 --> 1:20:24.519 To soothe sore muscles. 1:20:24.680 --> 1:20:27.479 It's all in the Pursuit section of BusinessWeek magazine. It's 1:20:27.520 --> 1:20:30.080 out on newsstands now, at Bloomberg dot com and on 1:20:30.080 --> 1:20:33.479 the Bloomberg terminal. It's the Ski Edition, probably one of 1:20:33.520 --> 1:20:35.639 my favorite editions to talk about each and every year. 1:20:35.640 --> 1:20:39.280 We begin with famed Olympic snowboarder Sean White's mission to 1:20:39.479 --> 1:20:42.040 take the sport to new heights with us. We got 1:20:42.040 --> 1:20:46.640 the editor of Bloomberg Pursuits and also the Bloomberg BusinessWeek 1:20:46.640 --> 1:20:51.400 contributor who wrote the story about the Olympic champion, Jen Murphy, 1:20:51.600 --> 1:20:54.800 joining us too. So back when I lived in Colorado 1:20:55.000 --> 1:20:56.559 in veil. After college, they had this thing called the 1:20:56.560 --> 1:21:00.960 snowboarder sandwich, which was free. It's totally free. 1:21:00.960 --> 1:21:01.559 Okay, Okay. 1:21:01.920 --> 1:21:04.160 You go to the place where you get the food, 1:21:05.200 --> 1:21:08.040 and you go to the saltines. You grab the saltines 1:21:08.040 --> 1:21:10.599 and you fill them with chilula sauce, and that's your 1:21:10.680 --> 1:21:11.639 lunch on the ski slopes. 1:21:11.840 --> 1:21:12.240 Salty. 1:21:12.600 --> 1:21:15.400 But it turns out it's not just you know, everybody 1:21:15.400 --> 1:21:19.240 who's a poor snowboarder, it's also the professionals who shockingly 1:21:19.760 --> 1:21:22.760 don't earn any money. Yes, snowboarding Chris, I was shocked. 1:21:22.520 --> 1:21:24.720 To see this story has found his way to. 1:21:24.720 --> 1:21:26.960 Our Everyone needs an editor. My editor is Chris. 1:21:27.080 --> 1:21:28.240 Yeah. 1:21:28.479 --> 1:21:30.880 Yes, snowboarding nationally in the US is on the rise, 1:21:31.439 --> 1:21:33.840 and there were It was up ten percent last year. 1:21:33.840 --> 1:21:36.360 There was something like nine point nine million Americans who 1:21:36.439 --> 1:21:39.639 snowboarded at some point or another. Skiing is actually slightly 1:21:39.640 --> 1:21:43.760 on the decline, But snowboarding as a professional sport has 1:21:43.840 --> 1:21:46.920 sort of only really ever had a patchwork of competitions. 1:21:47.160 --> 1:21:50.120 Professional athletes actually end up spending more money than they 1:21:50.160 --> 1:21:53.479 can possibly earn, and it just doesn't have the sort 1:21:53.520 --> 1:21:55.160 of fan base that a lot of other sports have. 1:21:55.560 --> 1:21:58.839 So Sean White are probably our most famous snowboarder, decided 1:21:58.880 --> 1:22:01.920 to change that with a new organization called the Snow League, 1:22:02.280 --> 1:22:05.240 which is going to be a series of international competitions. 1:22:05.360 --> 1:22:06.160 Hopefully you'll be able. 1:22:06.080 --> 1:22:09.120 To watch it on TV and it'll actually they'll count 1:22:09.160 --> 1:22:10.560 as Olympic qualifiers. 1:22:10.880 --> 1:22:12.559 So Jen Murphy, come on in here because you had 1:22:12.560 --> 1:22:16.400 an exclusive interview with Sean White all about his attempt 1:22:16.439 --> 1:22:19.280 to try to give it the F one effect, what's 1:22:19.280 --> 1:22:20.720 his big plan and who's. 1:22:20.439 --> 1:22:20.880 Back in it. 1:22:21.439 --> 1:22:24.400 You know, it's really exciting, I think for him, he 1:22:24.520 --> 1:22:28.120 obviously had his legacy as an athlete, you know, most 1:22:28.120 --> 1:22:32.719 decorated Olympian in snowboarding, and now this is his next 1:22:32.760 --> 1:22:36.559 legacy to really make this a sustainable career path for athlete. 1:22:36.760 --> 1:22:39.400 So it's going to kick off the snow You will 1:22:39.479 --> 1:22:43.400 kick off this March in Apson, Colorado, which is quite exciting. 1:22:44.400 --> 1:22:46.439 That has been home to the X Games for years 1:22:46.479 --> 1:22:49.720 and will continue to be. Sean has brought in some 1:22:49.840 --> 1:22:54.600 seriously big investors. Some of them include Blackstone Inks, David Slitzer, 1:22:54.880 --> 1:22:58.960 former NFL star Larry Fitzgerald. Junior Range Sports is going 1:22:59.000 --> 1:23:02.000 to be advising on the media rights and the commercial 1:23:02.000 --> 1:23:05.160 partnership strategy, and you know, the big thing I think 1:23:05.200 --> 1:23:07.880 that's gotten attention from particularly from the athletes as a 1:23:07.960 --> 1:23:10.840 price pers you know, as Chris was saying, traditionally you 1:23:10.960 --> 1:23:15.160 just didn't make a lot of money from snowboarding competitions. 1:23:15.200 --> 1:23:18.839 People really had to rely on sponsors to help support 1:23:18.880 --> 1:23:21.439 them and support their travel costs. That snow League is 1:23:21.479 --> 1:23:25.120 promising a one point five million dollars price perse and 1:23:25.160 --> 1:23:29.320 that will be split between men and women equally, and 1:23:29.360 --> 1:23:32.000 that's you know this, this sport hasn't seen that type 1:23:32.040 --> 1:23:35.680 of prize money before, so it's really exciting. And I 1:23:35.720 --> 1:23:37.599 will also note, you know, in the media a lot 1:23:37.600 --> 1:23:40.480 of this cover drum as now League has talked about snowboarding, 1:23:40.520 --> 1:23:43.439 that it will also include free skiing as well, So 1:23:43.560 --> 1:23:45.920 not just snowboarding, but free skiing as well will be 1:23:46.000 --> 1:23:49.720 introduced in the later half of the first season, which 1:23:49.760 --> 1:23:51.960 will be in twenty twenty six. 1:23:52.400 --> 1:23:54.640 We'll talk about the timing of this jen because it 1:23:54.640 --> 1:23:57.519 comes at a really interesting time for snowsports where we're 1:23:57.520 --> 1:23:59.720 seeing not necessarily an increase over the last few years 1:23:59.720 --> 1:24:02.439 in thenumber of people who are skiing, but an increase 1:24:02.479 --> 1:24:05.000 in the number of people who are snowboarding, So what's 1:24:05.040 --> 1:24:05.599 happening there. 1:24:05.880 --> 1:24:07.680 Yeah, you know, this great book just came out, The 1:24:07.800 --> 1:24:12.040 Darkest White, by Eric blem and it looks back at 1:24:12.040 --> 1:24:15.439 the late snowboarder Craig Kelly's life. He sadly died in 1:24:15.479 --> 1:24:17.920 an avalanche, but back in the day, like he was, 1:24:18.120 --> 1:24:20.439 you know, Sean White went to his snowboarding camp like 1:24:20.920 --> 1:24:24.400 he was the first sighting true snowboarding star. And the 1:24:24.479 --> 1:24:28.400 book chronicles the whole history of snowboarding. So, you know, 1:24:28.640 --> 1:24:31.599 in the late nineties and early offs, snowboarding was like 1:24:31.680 --> 1:24:34.200 the cool kind of counterculture thing to do and have 1:24:34.280 --> 1:24:36.679 this rise, and then it kind of started to fall 1:24:36.720 --> 1:24:39.959 off in people. You know, as the year in equipment 1:24:40.000 --> 1:24:43.880 got better and better, more people turned to skiing. And 1:24:43.920 --> 1:24:48.040 now we're seeing that change again and snowboarding is having 1:24:48.040 --> 1:24:53.360 this you know, other comeback, which is really exciting to see. 1:24:53.560 --> 1:24:55.599 There's obviously the X Games, which I think people are 1:24:55.600 --> 1:24:57.479 familiar with, that has a lot of different kinds of 1:24:57.520 --> 1:25:02.600 sports both winter and summer. Are there other snowboard tours 1:25:02.720 --> 1:25:04.800 that are happening that are kind of catching on to 1:25:04.920 --> 1:25:06.000 this moment you're describing. 1:25:06.680 --> 1:25:09.599 So now it's it's very interesting and it's you know, 1:25:10.040 --> 1:25:13.400 these leagues, including the Snow League, really want to move 1:25:13.439 --> 1:25:17.879 away from the term extreme sports and say action sports. 1:25:18.120 --> 1:25:22.559 It still sounds sounds action and extreme to me, but 1:25:22.880 --> 1:25:25.479 you know, they're they're focusing on this action sports. And 1:25:25.520 --> 1:25:28.400 I think that came from the Olympics. Really when the 1:25:28.439 --> 1:25:33.200 Olympics started including the halfpipe for snowboarding, freestyle skiing. Now 1:25:33.200 --> 1:25:36.519 we have surfing, mountain biking. It's really the Olympics has 1:25:36.560 --> 1:25:39.719 put it on the very are of a much broader audience. 1:25:40.280 --> 1:25:43.719 And so a few days before Sean announced the Snow League, 1:25:44.080 --> 1:25:46.879 the X Games actually announced that they will be launching 1:25:46.880 --> 1:25:50.160 for twenty twenty six, the X League, which will be 1:25:50.280 --> 1:25:54.200 a new action sports. Now they have the X Games, 1:25:54.200 --> 1:25:55.800 which is just a competition, but this will be a 1:25:55.880 --> 1:26:00.760 full on league. And then Natural Selection Tour is a 1:26:02.000 --> 1:26:06.920 more of a freestyle snowboarding competition that personnowboarders Travis Rice 1:26:06.960 --> 1:26:10.040 had started a few years ago. He has just I 1:26:10.080 --> 1:26:13.280 think only a week ago and recovered the same pursuits 1:26:13.280 --> 1:26:15.680 as well. He announced that he will be expanding to 1:26:15.720 --> 1:26:20.960 the Natural Selection Tour to surfing, mountain biking, and freestyle skiing. 1:26:21.600 --> 1:26:24.240 So and you know, back in the day we had 1:26:24.280 --> 1:26:26.920 a few different snowboarding competitions like the Dew Tour by 1:26:26.960 --> 1:26:29.479 Mountain Dew and COVID kind of shut them down and 1:26:29.520 --> 1:26:32.080 the prize money wasn't there. But I do think you 1:26:32.160 --> 1:26:36.520 mentioned earlier, you know, the F one effect. The success 1:26:36.640 --> 1:26:41.720 of F one, particularly due to the Netflix series The 1:26:41.840 --> 1:26:45.520 Drive to Survive, really showed people that these more obscure 1:26:46.000 --> 1:26:50.600 sports have huge potential because the characters are so fascinating. 1:26:50.960 --> 1:26:54.080 So both Sean and Travis Rice a natural selection, have 1:26:54.600 --> 1:26:58.120 said they are really leaning heavy on the storytelling and content. 1:26:58.240 --> 1:27:02.479 I mentioned, you know, creating some docu style series inspired 1:27:02.520 --> 1:27:04.519 by er. I've just arrived to really help put these 1:27:04.520 --> 1:27:07.040 athletes on people's radar. And even if you aren't into 1:27:07.680 --> 1:27:10.559 freestyle skiing or snowboarding, you're going to get hooked on 1:27:10.840 --> 1:27:12.160 following these athletes. 1:27:12.560 --> 1:27:14.680 I would watch that, no question, and I think I 1:27:14.720 --> 1:27:16.960 think it's a pretty cool sort of like next move 1:27:17.000 --> 1:27:20.839 for somebody who's spent his entire life Chris in the industry, 1:27:20.880 --> 1:27:22.800 someone like Sean White, who is a legend to so 1:27:22.840 --> 1:27:24.360 many people, and don't forget, he's got the whole video 1:27:24.360 --> 1:27:26.800 game thing too, go for him and the luxury thing. 1:27:26.920 --> 1:27:28.080 The luxury which we love. 1:27:28.160 --> 1:27:31.320 He is he's, you know, made snowboards from Montclair, like 1:27:31.360 --> 1:27:33.080 he has. He's a bunch of luxury sponsors and he 1:27:33.080 --> 1:27:34.560 wants to spread that around. 1:27:34.120 --> 1:27:35.519 Get some of that biz. 1:27:35.720 --> 1:27:37.519 Hey, Jen, I know you have to run because you're 1:27:37.560 --> 1:27:39.559 in Africa. I think you're about to get on a plane. 1:27:39.640 --> 1:27:42.320 But before you boarding a plus sure boarding? Before you 1:27:42.360 --> 1:27:45.360 do that, can we get like one minute on some 1:27:45.439 --> 1:27:47.600 gear ahead of the ski season. Because you've got a 1:27:47.600 --> 1:27:51.840 great piece in Pursuits about boots and skis what should 1:27:51.880 --> 1:27:52.640 we have our eyes on? 1:27:53.520 --> 1:27:56.680 Oh that's such a good question. So I grew up 1:27:56.720 --> 1:27:59.320 snowboarding and I am a news skier, So this is 1:28:00.200 --> 1:28:02.920 gear is really exciting for me because a lot of 1:28:02.920 --> 1:28:08.120 the technology we're seeing out there. If you're an okay skier, 1:28:08.200 --> 1:28:11.519 this will make you feel like you've just improved going 1:28:11.640 --> 1:28:15.880 like you know, leaps and bounds in one season because 1:28:15.920 --> 1:28:19.559 the technology you are seeing. So I would say quickly, 1:28:19.880 --> 1:28:22.479 the Nordic Enforcer ninety nine is the ski I have 1:28:22.600 --> 1:28:26.240 my eye on for this year. It has this cool 1:28:26.280 --> 1:28:28.080 new like they call it a pulse coore, which is 1:28:28.080 --> 1:28:30.920 basically an underfoot layer of rubber to kind of dampen 1:28:30.960 --> 1:28:33.160 the ski so you can get through chop your terrain 1:28:33.240 --> 1:28:36.920 without really like punishing your legs. I kind of joke 1:28:36.960 --> 1:28:39.400 and say it's the Goldilocks of all mountain, all conditioned 1:28:39.400 --> 1:28:42.760 skis this year boots which people have. You know, one 1:28:42.840 --> 1:28:46.280 reason I stayed away from skiing was because friends always 1:28:46.280 --> 1:28:49.640 complained about the boots. And we're seeing saying you're so uncomfortable. 1:28:49.640 --> 1:28:52.559 We're seeing these really cool new boots, including a whole 1:28:52.600 --> 1:28:58.719 new boot brand called Gainom. They are becore certified. They 1:28:59.240 --> 1:29:02.880 have a whole new design which looks really weird, but 1:29:02.920 --> 1:29:05.639 it has a wider toe box and it doesn't sacrifice 1:29:05.680 --> 1:29:08.000 to a hole. So I would check those out there. 1:29:08.120 --> 1:29:10.559 That is from the Faction Company. 1:29:10.560 --> 1:29:12.840 I wish I would haved go back in time and 1:29:12.880 --> 1:29:14.640 save my purchase from a couple of years ago and 1:29:14.920 --> 1:29:15.320 go and. 1:29:15.200 --> 1:29:16.040 Try some of these. 1:29:16.240 --> 1:29:18.160 Jen, really appreciate you taking the time. No, you got 1:29:18.200 --> 1:29:21.640 to run, Jen Murphy. She's a Bloomberg BusinessWeek contributor. 1:29:21.960 --> 1:29:22.200 Chris. 1:29:22.240 --> 1:29:24.320 One place I've always wanted to go skiing and I 1:29:24.400 --> 1:29:26.920 never have, and I'm not going to go this year 1:29:27.360 --> 1:29:30.840 is Japan. It is so hot right now, I know, well, 1:29:30.880 --> 1:29:32.760 so hot in the sense of like everybody wants to 1:29:32.760 --> 1:29:34.960 go skiing there, and part of the reason is because well, 1:29:34.960 --> 1:29:36.920 it hasn't been good snow in other parts of the world. 1:29:37.160 --> 1:29:40.200 Yeah, you know, we should be optimistic about snow this 1:29:40.280 --> 1:29:42.639 year in other parts of the world because of La Nina. 1:29:42.760 --> 1:29:45.760 But I some of my best friends are all going 1:29:45.800 --> 1:29:49.679 Tonseco this year, and I am a fire with jealousy 1:29:49.720 --> 1:29:52.040 because we always write about skiing in Japan and how 1:29:52.040 --> 1:29:55.400 the powder is totally incredible, and it's you know, we 1:29:55.439 --> 1:29:56.040 got a little kids. 1:29:56.080 --> 1:29:56.880 It's gonna be a long. 1:29:56.760 --> 1:29:58.800 Time before I can get all the way out there, 1:29:59.040 --> 1:30:01.360 like you Tim. But yeah, in the in the section 1:30:01.479 --> 1:30:04.080 this week, we have a guide to three of the 1:30:04.120 --> 1:30:07.080 places that three of the skis sort of centers that 1:30:07.120 --> 1:30:10.120 we recommend and that you know, you may not know 1:30:10.160 --> 1:30:11.679 so much about if you're skiing out in the West, 1:30:12.240 --> 1:30:15.479 particularly you may know Noseco, but you may not know 1:30:15.560 --> 1:30:18.840 Hakkaba Valley and Nozawa Onsen, which are two places which 1:30:18.880 --> 1:30:23.200 are actually a little closer to Tokyo and and maybe a 1:30:23.200 --> 1:30:25.519 little bit less known, but they have the same like 1:30:25.600 --> 1:30:29.040 incredible powder. Hakaba Valley is known as the next Niseko, 1:30:29.640 --> 1:30:31.759 and you know, there's fun there's really. 1:30:31.640 --> 1:30:33.080 Good hotels at all the places. 1:30:34.120 --> 1:30:36.320 So if you don't necessarily want to get Toneco, but 1:30:36.360 --> 1:30:38.679 you can get to Japan, there's these other places. 1:30:38.840 --> 1:30:41.880 Yeah, and I love how each of the resorts that 1:30:41.920 --> 1:30:43.800 you take us through sort of gives the pros the 1:30:43.800 --> 1:30:46.280 cons and like what to expect there. Ski passes are 1:30:46.320 --> 1:30:47.880 so much cheaper in Japan than they are. 1:30:47.760 --> 1:30:48.200 In the US. 1:30:48.320 --> 1:30:51.320 Well, everything is cheaper in Japan famously, but like this, 1:30:51.560 --> 1:30:54.840 but yes, oh yeah, like to ski passes everywhere. 1:30:54.560 --> 1:30:56.840 Ski pass Yeah, the US is just so it's gotten 1:30:56.880 --> 1:30:59.920 so expensive for skiing. Speaking of expensive places to ski, 1:31:00.520 --> 1:31:02.280 you got a list of sort of like ski this, 1:31:02.479 --> 1:31:05.600 not that in pursuits right now about different places to 1:31:05.680 --> 1:31:08.960 go in the same region. So you have a couple 1:31:08.960 --> 1:31:11.000 here in the US, but also some in Europe as well. 1:31:11.120 --> 1:31:13.879 Yeah, so in the print edition we have three places 1:31:13.920 --> 1:31:16.639 in Europe that we recommend because you know, a lot 1:31:16.640 --> 1:31:19.280 of times you know about a certain place, you hear 1:31:19.320 --> 1:31:22.400 your friends talking about Kurschevell, Machev something like that, and 1:31:22.479 --> 1:31:24.759 you want to go, and then whoa, it's crowded, expensive, 1:31:24.800 --> 1:31:27.360 I waited too long. And then there's other places right nearby, 1:31:27.479 --> 1:31:31.960 like right around the corner and that are, you know. 1:31:32.000 --> 1:31:34.400 Less crowded but beloved by locals. 1:31:33.960 --> 1:31:36.320 And maybe even better or more interesting. So instead of 1:31:36.360 --> 1:31:39.400 Courchevell France, we recommend you try Saint Nicola de Voce, 1:31:40.640 --> 1:31:43.040 which is which is actually part of the same Mont 1:31:43.080 --> 1:31:47.200 Blanc ski region, but it's less crowded and also less expensive, 1:31:47.240 --> 1:31:50.080 and it's accessible for more levels of skiers. 1:31:50.400 --> 1:31:52.120 We just scratch the surface when it comes to the 1:31:52.120 --> 1:31:54.639 ski special in a Bloomberg Pursuits, so everybody check it out. 1:31:54.640 --> 1:31:57.120 It's on the Bloomberg Terminal, It's at Bloomberg dot com, 1:31:57.120 --> 1:32:01.000 Slash BusinessWeek and also on newsstands now. Chris Rouser, the 1:32:01.120 --> 1:32:05.240 editor of Bloomberg Pursuits. Thanks, thanks guys for Carol Masser. 1:32:05.439 --> 1:32:07.920 I'm Tim Stenevek. Have a good and safe weekend. 1:32:08.200 --> 1:32:12.840 This is the Bloomberg Business Week podcast, available on Apple, Spotify, 1:32:12.960 --> 1:32:16.719 and anywhere else you get your podcasts. Listen live weekday 1:32:16.720 --> 1:32:20.320 afternoons from two to five pm Eastern on Bloomberg dot Com, 1:32:20.360 --> 1:32:23.719 the iHeartRadio app, tune In, and the Bloomberg Business App. 1:32:23.760 --> 1:32:26.720 You can also watch us live every weekday on YouTube 1:32:26.920 --> 1:32:30.960 and always on the Bloomberg Terminale.