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Speaker 2: Welcome to the Bloomberg Markets Podcast. I'm Paul Sweeney, alongside

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Speaker 2: my co host Matt Miller.

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Speaker 1: Every business day we bring you interviews from CEOs, market pros,

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Speaker 1: and Bloomberg experts, along with essential market moven News.

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Speaker 2: Find the Bloomberg Markets Podcast called Apple Podcasts or wherever

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Speaker 2: you listen to podcasts, and at Bloomberg dot com slash podcast.

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Speaker 2: All right, let's get a sense here of kind of

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Speaker 2: how this is playing out terms of retail sales holiday shopping.

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Speaker 2: I'd tell you my train was pretty full today with people.

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Speaker 2: They were not coming into work. I think they were

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Speaker 2: coming into shop a great Let's check in with Julie

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Speaker 2: Van Allen. She's a chief revenue officer Rocketent. Julie, thanks

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Speaker 2: so much for joining us here on Zoom. Here, you

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Speaker 2: guys see kind of retail sales at the store level

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Speaker 2: and you kind of aggregated it up to kind of

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Speaker 2: some big macro call here. How do you think the

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Speaker 2: holiday shopping season is going to unwind this year because

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Speaker 2: there's probably there's some stress on the consumer out there.

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Speaker 3: Yeah, well, I got to tell you, guys, I am

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Speaker 3: so excited with what I woke up to see today.

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Speaker 3: From a trend standpoint on our site, what we're seeing

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Speaker 3: is that this is I think the technical term has

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Speaker 3: to be just a thoroughly bonkers year in terms of

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Speaker 3: retailers and brands competing for consumer dollars in the term

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Speaker 3: in the form of promotions on their own sites and

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Speaker 3: then layering on cash back and other incentives and on

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Speaker 3: the consumer front. Ready this morning, we'll see a significant

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Speaker 3: increase in shopping trips year over year.

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Speaker 4: Hey, Julie, just remind the world what Racketin does and

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Speaker 4: how you guys, cause you've got a bunch of stores

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Speaker 4: you log on write consumers and then get deals. Those

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Speaker 4: stores pay you right for sending them shoppers. Just remind

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Speaker 4: us and remind us how big your network is in

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Speaker 4: terms of members.

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Speaker 3: Yeah, we have seventeen million shoppers shopping on the Racketen

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Speaker 3: site with about four thousand partner stores. So those retailers

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Speaker 3: and brands join racketin to attract the shoppers that are

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Speaker 3: excited and rewarded to shop through Racketin's platform to get

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Speaker 3: cash back on the stores that they love so much.

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Speaker 4: So one of the things I wonder when I'm talking

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Speaker 4: retail is, what do you compare what you're seeing today

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Speaker 4: with Is it going back to twenty nineteen pre pandemic

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Speaker 4: or is it from the peak kind of coming off

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Speaker 4: the pandemic. Give us some perspective so that we get

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Speaker 4: a real idea of how healthy the consumer is or

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Speaker 4: there or not. Retailers are feeling some pain because they're

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Speaker 4: offering higher incentives than they were before.

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Speaker 3: It's a great question, and I think it comes down

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Speaker 3: to it being a very different year this year than

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Speaker 3: it has been for the last two because from a

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Speaker 3: consumer standpoint, coming out of COVID, there were a lot

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Speaker 3: of people who saved up dollars right So for the

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Speaker 3: last couple of years, there was a push a pull

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Speaker 3: forward of the holiday shopping season, where consumers were shopping

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Speaker 3: starting in October for gifting and retailers met them where

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Speaker 3: they were, and there was a spread of the amount

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Speaker 3: of offers that were in market and discounts throughout the year.

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Speaker 3: This year is a very different year because retailers knew

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Speaker 3: that consumers had been patiently waiting given the different economic

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Speaker 3: conditions coming into this year. So it's very very consolidated

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Speaker 3: around Black Friday, Cyber Monday, and essentially really the next

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Speaker 3: five days. So yeah, I mean, it's just a very

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Speaker 3: different look and feel this year. That said, I think

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Speaker 3: brands are always cognizant about profitability, and so while we

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Speaker 3: know that we need to compete for the consumer dollars,

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Speaker 3: especially in a year like this year, so everyone's going

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Speaker 3: to be super promotional right now, the smart brands think

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Speaker 3: about how to pivot and change that up a little

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Speaker 3: bit as we get into December.

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Speaker 2: Hey, Julie, is there any kind of go to category

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Speaker 2: here or gift that is going to drive this year's

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Speaker 2: or's something along electronics front?

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Speaker 5: What are people buying?

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Speaker 6: You're buying platform ugs, aren't you buying.

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Speaker 5: Of course, right, that's the new thing. Sorry, I love

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Speaker 5: an UG, that's what I want.

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Speaker 3: Yeah, So, I mean right now we have over eight

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Speaker 3: hundred brands on our site offering twelve percent cash back

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Speaker 3: on top of the amazing deals they're already offering. And

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Speaker 3: I can tell you from categories that we're already seeing

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Speaker 3: growth coming out of department stores. Is one, health and beauty.

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Speaker 3: Big marketplaces, so think like Walmart and Target. And I

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Speaker 3: think what you can tie that to is that the

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Speaker 3: consumer isn't just looking for discretionary gifting spend, it's also

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Speaker 3: how to get the best deals on essentials. Footwear to

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Speaker 3: the ugs is up, and then poor retailers in the

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Speaker 3: luxury space even versus yesterday, up pretty significantly, which shows

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Speaker 3: you what we I think already knew, which is that

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Speaker 3: consumers are waiting to make those big discretionary buys for

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Speaker 3: when they know the discounts and the incentives will be highest.

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Speaker 3: And then, probably most interestingly, the unconventional category of travel

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Speaker 3: is up high, which again high price point consumers waiting

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Speaker 3: for those deals.

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Speaker 6: It feels like we're all waiting for discounts more now.

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Speaker 5: Yeah, again, Paul, I think we've been trained that way.

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Speaker 4: Yeah, but it felt like the retailer companies were in

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Speaker 4: the driver's seat, Julie for a while. And it feels

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Speaker 4: like it's been reversing because it feels like consumers are

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Speaker 4: more and more pinch We had a great story about

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Speaker 4: even those making like one hundred thousand dollars out, they're

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Speaker 4: kind of trading down and being a lot more cautious

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Speaker 4: when it comes to shopping. And I feel like so

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Speaker 4: many retailers have come out right, Walmart and among them,

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Speaker 4: but even you know, I feel like some higher end

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Speaker 4: have run into some trouble here. So it does feel

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Speaker 4: like increasingly all consumers are feeling a bit pinched, certainly.

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Speaker 3: I mean core inflation, student loan debt, repayments, I mean,

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Speaker 3: there's something affects everybody, right, and it just drives concerns.

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Speaker 3: This year was definitely a year that we knew that

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Speaker 3: consumers were holding on to their dollars. It's definitely different

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Speaker 3: than the last couple of years. But that said, you know,

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Speaker 3: it's not sustainable for retailers and brands to be this

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Speaker 3: promotional all year. That's why we have the partners that

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Speaker 3: we do, because things like cash back can be a

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Speaker 3: great incentive for brands to help create rewards for shoppers

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Speaker 3: to even pay full price as we exit this highly

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Speaker 3: promotional period.

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Speaker 2: Hey, Julie, when I ack my five hours of radio today,

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Speaker 2: I will walk to Penn Station and I won't be

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Speaker 2: on Fifth Avenue. I walk down Madison Avenue and I

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Speaker 2: pass a lot of I pass by, I don't go in.

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Speaker 2: I pass by a lot of luxury brand stores. How's

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Speaker 2: luxury these days?

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Speaker 3: Luxury is a really interesting category, and like I said,

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Speaker 3: we see that up today. But I think once you

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Speaker 3: dig a little bit deeper into the luxury shopper, the

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Speaker 3: core luxury high end shoppers are not the ones that

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Speaker 3: are driving growth right now from what we see. It's

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Speaker 3: not to say that they won't come back and spend,

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Speaker 3: but a lot of those super high end handbags are

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Speaker 3: a little bit more expensive this year than they used

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Speaker 3: to be. And I think what you see is a

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Speaker 3: more aspirational shopper looking at buying or making these purchases

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Speaker 3: that are an investment for them. So a younger, more

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Speaker 3: aspirational shopper, which really creates an interesting pathway for these

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Speaker 3: brands to welcome new and exciting shoppers to their brands

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Speaker 3: buying the high end goods, but they're also carving off

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Speaker 3: parts of their businesses like beauty to be more discount driven,

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Speaker 3: to be more promotional in terms of price points, in

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Speaker 3: order to usher the new shoppers their way.

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Speaker 4: So, Julie, too early to kind of come out and say, right,

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Speaker 4: this is going to be the winner for this holiday

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Speaker 4: shopping season, because it sounds like from what you say,

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Speaker 4: we're going to get a good feel of consumer shopping

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Speaker 4: in the next week or so, and then it might

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Speaker 4: trail off a little bit. So thirty seconds, who do

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Speaker 4: you think is going to be the winner?

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Speaker 3: I mean, everyone's going to be the winner if they

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Speaker 3: know how to pivot. I think that's at the end

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Speaker 3: of the day, We're going to see a tremendous amount

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Speaker 3: of shopping happening over the next couple of days. But

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Speaker 3: then what happens after that? Are there inventory gluts that

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Speaker 3: need to be offloaded through incentives? Do we need to

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Speaker 3: incentivize folks to get in store through buy online, pickup

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Speaker 3: in store. It's all about reaction.

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Speaker 2: Hi, Julie, thank you so much for joining us. Juli

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Speaker 2: Van Allen, she's a chief revenue officer Racketon.

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Speaker 7: You're listening to the team. Ken's her live program Bloomberg

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Speaker 7: Markets weekdays at ten am Eastern on Bloomberg dot Com,

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Speaker 4: Paul, you know, we talk so much about people continuing

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Speaker 4: to spend on experiences rather than buy stuff, and I

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Speaker 4: feel like our next guest has a great window into

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Speaker 4: all of that. So Dexol Live it's the hospitality partner

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Speaker 4: to Global Venues. They've had a lot going on this year,

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Speaker 4: everything from hosting the Formula one Miami Grand Prix at

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Speaker 4: hard Rocks Stadium, the twenty twenty three MLB All Star

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Speaker 4: Game at Seattle's t Mobile Park, to events at convention centers,

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Speaker 4: cultural attractions, and airport lounge business, which if you've been

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Speaker 4: to an airport lounge, they are packed.

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Speaker 5: Yep, they are all right.

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Speaker 4: So let's get to it with us. As Blinda Oakley CEO,

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Speaker 4: it's Adexhi Live joining us on zoom on this Friday.

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Speaker 4: Great to have you here, Belinda. You know, your first

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Speaker 4: year on the job, what's that been like?

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Speaker 8: Oh hi everyone, Hi Carol, high Poul and happy Thanksgiving.

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Speaker 8: You know, the first year has been a whirlwind, but

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Speaker 8: what a great time to be in the live events business.

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Speaker 8: I think, as you mentioned, the focus on experience continues

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Speaker 8: to lead people back to those packed environments, those environments

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Speaker 8: where you can do something a little different than how

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Speaker 8: we used to spend our time. And to be in

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Speaker 8: a birthseye seat for that is a true gift in

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Speaker 8: an honor.

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Speaker 2: So Blinda, I'm completely ignorant of your company, and you're

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Speaker 2: part of the hospitality business.

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Speaker 5: When I walk into a stadium.

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Speaker 2: I don't know get beer, I just get my peerer,

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Speaker 2: and I just assume they're employees of the team or

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Speaker 2: of the I don't know what's you guys have four

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Speaker 2: hundred thousand employees at fifty sites all over the world.

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Speaker 2: Just amazing. Can you tell us about kind of coming

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Speaker 2: out of the pandemic. What are you seeing in your business,

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Speaker 2: because again, it seems like everybody just wants to get

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Speaker 2: out and they've been getting out over the past couple

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Speaker 2: of years and going to big events and maybe you know,

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Speaker 2: ticking off bucket list items.

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Speaker 5: What have you seen in your business?

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Speaker 6: Yeah, look, you've said a few things there that I'll

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Speaker 6: jump on.

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Speaker 8: I think first and foremost, if you're going to a

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Speaker 8: game and you're getting your beer and your hot dog

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Speaker 8: and back to your seat, then that's what's supposed to happen. Yeah,

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Speaker 8: I think you shouldn't spend too much time thinking about

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Speaker 8: the magic behind the scenes that makes it all happen.

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Speaker 8: But as you mentioned, we are fortunate. We have about

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Speaker 8: twenty thousand associates just in the sports and leisure division

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Speaker 8: across about one hundred and fifty venues just here in

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Speaker 8: the US and Canada, and it takes a lot to

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Speaker 8: make that magic happen, and in a way that as

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Speaker 8: a fan, you get to focus on what you're.

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Speaker 6: There to experience, and that food.

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Speaker 8: And beverage just is an augmentation to a great service experience.

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Speaker 8: But I think first and foremost, as you mentioned, the

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Speaker 8: hospitality industry has changed greatly. Obviously through the pandemic we

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Speaker 8: see we see a real shift in who is working

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Speaker 8: in hospitality.

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Speaker 6: Obviously, with the unemployment rate.

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Speaker 8: Getting back to a lower level, the labor market is

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Speaker 8: still tight and finding those folks who who have a

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Speaker 8: love of being a part of live events is a

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Speaker 8: different challenge than.

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Speaker 6: What we're facing before COVID. I think in.

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Speaker 8: Terms of what we're seeing from consumers. It's fascinating. Whether

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Speaker 8: it's the pitch clock changes in MLB, whether it's the

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Speaker 8: introduction of autonomous experiences where you can get your beer

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Speaker 8: and your hot dog and sometimes not even speak to

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Speaker 8: an individual. We are seeing the consumers still want to

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Speaker 8: be back in those big live environments.

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Speaker 6: They want to actually spend more when they're there.

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Speaker 8: They want to get out of their seat more often

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Speaker 8: because they trust that they can get back to their

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Speaker 8: seat and not miss.

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Speaker 6: A moment of the game.

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Speaker 8: So certainly, I think we've seen all the trends of

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Speaker 8: pre pandemic in terms of consumers wanting things faster, wanting

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Speaker 8: to elevate their experience.

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Speaker 6: We're just seeing it all moving at a more rapid pace.

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Speaker 4: Well, And I'm curious about the labor components side of it,

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Speaker 4: because you say it's still tight, although we're starting to

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Speaker 4: see some signs of maybe a little bit softening. But

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Speaker 4: I agree it's still a tight labor market. I increasingly

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Speaker 4: on the retail.

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Speaker 6: Side, if I'm shopping.

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Speaker 4: More and more often, checking myself out, even taking off

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Speaker 4: security tabs, what are you guys doing? Are you increasingly

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Speaker 4: more pressure to automate things in your industry because you

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Speaker 4: can't find those workers.

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Speaker 6: Look, it's funny.

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Speaker 8: I think there was a lot of fear, certainly a

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Speaker 8: few years ago, that automizing the retail experience or the

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Speaker 8: consumer experience was going.

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Speaker 6: To take hospitality jobs away.

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Speaker 8: But what's interesting is we are seeing we've got the

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Speaker 8: same number of individuals employed. If it takes somewhere like

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Speaker 8: the Mariners T Mobile Stadium in Seattle. We have four

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Speaker 8: autonomous retail environments by Amazon just walk out, we have

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Speaker 8: no we have the same number of.

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Speaker 6: Employees because what people has shifted.

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Speaker 8: I think while you're checking yourself out, the expectations of

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Speaker 8: the level of service and hospitality in greeting, in going

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Speaker 8: that little bit above and beyond to make sure you've

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Speaker 8: had a great day, I think that that need has elevated.

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Speaker 8: So we're seeing the type of labor need change. I

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Speaker 8: think the days of you know, going through the checkout

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Speaker 8: and not having any kind of interaction are well and

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Speaker 8: truly over.

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Speaker 6: That's what autonomous is for.

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Speaker 8: But the spirit of service and hospitality that is still

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Speaker 8: high demand and highly sought after in an employee base.

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Speaker 2: Hey, well, lin, it just seems I'm not sure if

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Speaker 2: it's just in the US, but certainly in the US

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Speaker 2: it seems to be an arms race for these stadiums.

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Speaker 2: The bigger and more luxurious and have more services, and

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Speaker 2: it's not just the beer and a hot dog anymore.

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Speaker 2: You can get all kinds of stuff there.

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Speaker 6: How do you beating caviare exactly?

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Speaker 5: How do you how do you keep up? Who kind

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Speaker 5: of drives that? Is that you guys driving it?

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Speaker 2: Or is that the owner of a franchise saying I

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Speaker 2: need more, I need better.

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Speaker 8: M Well, I think every owner of every franchise is

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Speaker 8: saying I need more, I need better, because we're all

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Speaker 8: fighting for the same share of mind. I think now

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Speaker 8: that that's a really healthy level of I think it's

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Speaker 8: a healthy paranoia to make sure that you are always

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Speaker 8: trying to elevate, stay on top. We're very fortunate we

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Speaker 8: have talented teams of chefs and operators in our venues.

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Speaker 8: We also get the benefits, especially doing some of these

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Speaker 8: really high end clubs and restaurants, which, of course as

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Speaker 8: the as the experience is elevated from hot dogs and

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Speaker 8: burgers to as you mentioned, champagne and caviat and all

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Speaker 8: the rest of the local favorites.

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Speaker 6: We do work with a lot of restaurant tour partners.

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Speaker 8: So I think ultimately who drives that constant pushing of

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Speaker 8: the envelope is the fan you look at, whether it's

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Speaker 8: the food Network, today's consumer is just so they have

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Speaker 8: such a higher expectation of what wows. So you have

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Speaker 8: to be constantly going a little bit outside of the norm.

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Speaker 8: Whether that is you know, again you're still going to

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Speaker 8: get your traditional favorites, but whether it's sweet Tea fried

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Speaker 8: Chicken in Indianapolis or Jambalaya in New Orleans, you know

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Speaker 8: you have to bring that local flavor in. But the

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Speaker 8: one thing I would say is what we have to

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Speaker 8: be careful about as we can continue to elevate and

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Speaker 8: expand the experience is the heart of consumers coming to

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Speaker 8: these events is not based on elevation. Is it is

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Speaker 8: the experience we all remember growing up. So having those

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Speaker 8: game day favorites, having them affordable for everyone to keep

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Speaker 8: bringing their kids and their grandkids to these experiences, you know,

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Speaker 8: it just means we have more tears. I would say,

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Speaker 8: of what you can experience. If you want a high

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Speaker 8: end experience, you got it. If you want to come

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Speaker 8: for a beer and a hot dog, it won't break

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Speaker 8: the bank. You got that, Hey, thirty seconds.

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Speaker 4: So you've got to feel inflationary pressures, whether it's on

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Speaker 4: wages or food costs. I mean you are construction costs?

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Speaker 5: How much?

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Speaker 6: How difficult is that? And again just about thirty seconds.

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Speaker 6: Yeah absolutely, I mean you've hit it.

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Speaker 8: Concrete is still through the roof, but truckings have obviously

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Speaker 8: been mitigated.

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Speaker 6: You know, inflation. We are certainly in deflation.

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Speaker 8: So I think in terms of what have we done,

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Speaker 8: we have learned to be much better at working in.

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Speaker 6: This environment menu engineering.

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Speaker 8: We have a twenty billion dollar purchasing network as an organization,

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Speaker 8: so we get to take advantage of that scale.

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Speaker 6: But I think this inflationary environment, it's going to keep

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Speaker 6: switching where the pressure is. But our job and so

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Speaker 6: Live's job is to be better than the best at that.

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Speaker 6: And thanks to us yall, we're able.

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Speaker 4: To looking forward to experiencing some events, certainly in the

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Speaker 4: New York. Blinda Oerkley, CEO is SADEXO Live. Thank you

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Speaker 4: so much, really appreciate it.

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Speaker 7: You're listening to the tape cats Are Live program Bloomberg

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Speaker 7: Markets weekdays at ten am Eastern on Bloomberg Radio. The

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00:17:32,600 --> 00:17:35,840
Speaker 7: tune in app, Bloomberg dot Com and the Bloomberg Business app.

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Speaker 7: You can also listen live on Amazon Alexa from our

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Speaker 7: flagship New York station Just say Alexa playing Bloomberg eleven thirty.

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Speaker 5: Yeah, we get into the you said, another huge sports

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Speaker 5: weekend here.

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Speaker 2: We've got college football, NFL, professional basketball, means a little bit.

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Speaker 5: Everything's coming together.

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Speaker 2: And one of the biggest areas of sports in this

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Speaker 2: country over the last several years has been sportsmbling, and

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Speaker 2: the amount of money that is now being wagered is

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Speaker 2: just extraordinary. Seems like all of the leagues, after decades

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Speaker 2: and decades of trying to keep sports betting out of

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Speaker 2: their business, are now opening arms and welcoming them in.

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Speaker 2: One of the players there is Charles Gillespie. He's the

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Speaker 2: CEO of Gambling dot Com. Unfortunately he's also graduated in

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Speaker 2: the University of North Carolina, so that's a check mark

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Speaker 2: against him. To crowd exactly, Hey, Charles, talk to us

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Speaker 2: about just how your business has evolved over the last

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Speaker 2: three or four years. It's just almost night and day.

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Speaker 9: It really is.

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Speaker 10: You know, as many of the listeners will know, the

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Speaker 10: Supreme Court decision in twenty eighteen really upended the world

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Speaker 10: of sports betting in the United States. We've been running

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Speaker 10: this business for going on twenty years, but mainly in Europe,

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Speaker 10: in the UK, Ireland and a number of other European markets,

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Speaker 10: and we had to turn the whole ship around and

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Speaker 10: pointed at the United States. In twenty eighteen nineteen, we

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Speaker 10: had just a couple of million dollars in revenue in

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Speaker 10: North America. And this year we'll have our guidances to

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Speaker 10: exceed one hundred million in revenue for the whole group,

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Speaker 10: and we expect an absolute majority of that to come

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Speaker 10: from North America. So, you know, it's completely transformed our business,

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Speaker 10: and the US is now the center at gravity for

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Speaker 10: the global online gambling industry.

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Speaker 4: You know, we talked earlier about people want to experience thing,

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Speaker 4: but people do also want to gamble increasingly. Hey, tell

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Speaker 4: us about your business, because from what I understand, I

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Speaker 4: just want to understand exactly what the business model is.

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Speaker 4: I mean, you guys are provider digital marketing services for

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Speaker 4: the online gambling industry. What exactly does that mean laid

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Speaker 4: out for us all?

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Speaker 10: So we do the same thing for online sports betting

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Speaker 10: and online casinos that essentially like a hotels dot Com

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Speaker 10: does for an online hotel. You know, if you're going

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Speaker 10: to travel to Paris, you're not going to go to

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Speaker 10: ten different Parisian hotel websites to find a tell You're

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Speaker 10: going to go to a website that has all that

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Speaker 10: information in one place. So, for example, if you want

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Speaker 10: to bet on sports in New York, there's a variety

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Speaker 10: of different options. They have different strengths, they have different

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Speaker 10: bonus offers, they have different levels of customer support, et cetera,

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Speaker 10: et cetera. So you come to a website like gambling

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Speaker 10: dot Com, but we we run over fifty websites. We've

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Speaker 10: also got Bookies dot Com, casinos dot Com, and a

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Speaker 10: number of others, and there we will show you all

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Speaker 10: the information that would be relevant to you as a

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Speaker 10: sports vetter or online casino customer and help you make

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Speaker 10: the best decision for you in terms of where to play.

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Speaker 10: So then people would leave one of our websites, they'll

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Speaker 10: go to the online gambling operator's website and there are

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Speaker 10: our clients, and they pay us on a performance basis

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Speaker 10: for the number of new depositing customers that we can

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Speaker 10: send to them from our portfolio of websites.

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Speaker 2: You know, I never thought I'd see this, Charles, but

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Speaker 2: Mickey Mouse is now in the sports betting business. Espn

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Speaker 2: bet just launched here. What does that mean for the

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Speaker 2: industry and what does it mean for you guys.

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Speaker 10: Up until they launched, you know, I think it was

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Speaker 10: a lot of wait and see and speculation about whether

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Speaker 10: or not this was going to be as big of

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Speaker 10: a deal as everyone's making it out to be.

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Speaker 9: And since they have launched and.

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Speaker 10: They are a client of ours, we are helping them

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Speaker 10: acquire customers. The initial numbers have been spectacular, unlike anything

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Speaker 10: we've ever seen before. So what's clear to us at

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Speaker 10: this point is that espn bet will will no doubt

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Speaker 10: be able to acquire customers. And the next question is

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Speaker 10: will they be able to retain those customers. Will they

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Speaker 10: stick around, will they like the products? Will they get

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Speaker 10: the right sort of CRM engagement to make sure that

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Speaker 10: they're not just there to kick the tires once, but

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Speaker 10: that they actually become long term customers. And if they

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Speaker 10: do that, they will be a major force to be

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Speaker 10: reckoned with in the United States.

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Speaker 4: I'm thinking if I was a gambling AI chatbot, I

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Speaker 4: would want to be linked in to you because you

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Speaker 4: probably have a lot of data and information on gambling trends.

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Speaker 4: Give me an idea first of all, of like, what

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Speaker 4: is it that people really really want to bet on?

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Speaker 4: Where's the most activity seemingly happening or at least the

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Speaker 4: inquiries based on what you guys are seeing. Give me

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Speaker 4: an idea, and I'm curious too, take it to the

441
00:22:33,240 --> 00:22:34,440
Speaker 4: next level generative AI.

442
00:22:34,520 --> 00:22:35,840
Speaker 6: How it plays into your business.

443
00:22:37,040 --> 00:22:41,600
Speaker 10: Yeah, well, people bet on the biggest sports in America. Obviously,

444
00:22:41,680 --> 00:22:46,600
Speaker 10: you know, it's NFL and it's NBA. For an NFL event,

445
00:22:46,720 --> 00:22:49,239
Speaker 10: you'll get more, you know, betting on the match than

446
00:22:49,240 --> 00:22:51,920
Speaker 10: you would on anything else. But you know, there's a

447
00:22:51,960 --> 00:22:54,399
Speaker 10: lot more NBA games and there's a lot more MLB

448
00:22:54,600 --> 00:22:59,040
Speaker 10: games than there are NFL games, So in aggregate that

449
00:22:58,560 --> 00:23:01,320
Speaker 10: can that can total to more than than NFL. But

450
00:23:01,880 --> 00:23:04,040
Speaker 10: you know, for on a kind of per match event,

451
00:23:04,080 --> 00:23:08,320
Speaker 10: you'll see the most handle on that. Generative AI for

452
00:23:08,480 --> 00:23:11,560
Speaker 10: us has been fantastic. You know, we've used it internally

453
00:23:11,640 --> 00:23:15,159
Speaker 10: to streamline a lot of our internal process in terms

454
00:23:15,320 --> 00:23:19,720
Speaker 10: of producing content. You know, we employ hundreds of people,

455
00:23:20,160 --> 00:23:24,600
Speaker 10: uh internally and and and you know hundreds more externally

456
00:23:25,000 --> 00:23:27,119
Speaker 10: to make sure that we have the best content on

457
00:23:27,160 --> 00:23:29,920
Speaker 10: the Internet when it comes to anything related to gambling.

458
00:23:31,040 --> 00:23:34,080
Speaker 10: You know, we produce an enormous amount of original content,

459
00:23:34,240 --> 00:23:37,359
Speaker 10: but uh, you know, the the generative AI can be

460
00:23:37,440 --> 00:23:41,159
Speaker 10: helpful at the margins to to you know, buff and

461
00:23:41,160 --> 00:23:43,560
Speaker 10: polish and check things in addition to what we do

462
00:23:43,600 --> 00:23:46,240
Speaker 10: with our editors. But on the development side, in terms

463
00:23:46,280 --> 00:23:49,919
Speaker 10: of just making software, it's also been hugely helpful. You know,

464
00:23:50,480 --> 00:23:53,960
Speaker 10: a developer with these co pilot tools now is in

465
00:23:54,080 --> 00:23:56,919
Speaker 10: order of magnitude, more productive than they were previously. And

466
00:23:56,920 --> 00:23:59,320
Speaker 10: and you know that has all sorts of implications and

467
00:23:59,680 --> 00:24:02,200
Speaker 10: it'll allows us to be more ambitious in terms of

468
00:24:02,440 --> 00:24:07,240
Speaker 10: the features and development plans that we can take on.

469
00:24:07,880 --> 00:24:09,840
Speaker 5: Hey, Charles, thank you very much for joining us. Really

470
00:24:09,880 --> 00:24:10,320
Speaker 5: appreciate it.

471
00:24:10,400 --> 00:24:13,639
Speaker 2: Charles Gillespie, CEO of gambling dot com. That is a

472
00:24:13,800 --> 00:24:19,679
Speaker 2: Nastak traded company, Gambas and boy is there and you

473
00:24:19,720 --> 00:24:22,719
Speaker 2: can check that out. And I'm just shocked at how

474
00:24:22,760 --> 00:24:25,640
Speaker 2: quickly this sports betting has just exploded. Maybe you shouldn't

475
00:24:25,640 --> 00:24:27,479
Speaker 2: have been, because it's always been an active, you know,

476
00:24:27,560 --> 00:24:28,840
Speaker 2: underground kind of.

477
00:24:29,240 --> 00:24:31,040
Speaker 5: Business with absolutely huge numbers.

478
00:24:31,080 --> 00:24:34,520
Speaker 2: But you're seeing all these leagues that publicly publicly said, oh,

479
00:24:34,520 --> 00:24:37,080
Speaker 2: will never associate ourselves with this sort kind.

480
00:24:36,960 --> 00:24:37,960
Speaker 6: Of find it talking a little bit.

481
00:24:38,000 --> 00:24:40,840
Speaker 4: I don't knows a little bit. Yeah, kind of interesting

482
00:24:40,880 --> 00:24:42,760
Speaker 4: to just see it. I should put out that that stock,

483
00:24:42,840 --> 00:24:44,879
Speaker 4: by the way, saying about twenty percent. When it reported

484
00:24:44,920 --> 00:24:48,280
Speaker 4: earnings in November sixteenth, they put out their full year guidance.

485
00:24:48,320 --> 00:24:50,919
Speaker 4: They affirmed it, but I think analysts think it might

486
00:24:50,960 --> 00:24:52,960
Speaker 4: be on the low end, so maybe people looking for more.

487
00:24:55,160 --> 00:24:58,280
Speaker 7: You're listening to the tape catch a live program Bloomberg

488
00:24:58,359 --> 00:25:02,240
Speaker 7: Markets weekdays at ten am on Bloomberg Radio, the tune

489
00:25:02,280 --> 00:25:05,240
Speaker 7: in app, Bloomberg dot Com, and the Bloomberg Business app.

490
00:25:05,280 --> 00:25:08,080
Speaker 7: You can also listen live on Amazon Alexa from our

491
00:25:08,119 --> 00:25:13,080
Speaker 7: flagship New York station, Just say Alexa play Bloomberg eleven thirty.

492
00:25:14,160 --> 00:25:15,680
Speaker 6: We're going to stick with the retail sector.

493
00:25:15,680 --> 00:25:18,399
Speaker 4: I'm looking at our blog, our live blog that's on

494
00:25:18,400 --> 00:25:19,320
Speaker 4: the Bloomberg terminal.

495
00:25:19,320 --> 00:25:19,680
Speaker 5: In person.

496
00:25:19,680 --> 00:25:23,159
Speaker 4: Black Friday shopping appears relatively muted this year. Online shopping up,

497
00:25:23,160 --> 00:25:26,280
Speaker 4: with many sales starting days or weeks ago, Consumers looking

498
00:25:26,320 --> 00:25:29,640
Speaker 4: for deals as they grapple with elevated inflation. So that's

499
00:25:29,680 --> 00:25:32,640
Speaker 4: kind of our backdrop as we head to Tom mcgeeh

500
00:25:32,760 --> 00:25:36,600
Speaker 4: CEO on president at ICSC. It's the industry group that,

501
00:25:36,920 --> 00:25:40,720
Speaker 4: as its website reminds, US, represents marketplaces and spaces where

502
00:25:40,720 --> 00:25:42,639
Speaker 4: people shop, dyne, workplay, and gather.

503
00:25:42,840 --> 00:25:44,200
Speaker 6: So they do it all.

504
00:25:44,200 --> 00:25:47,040
Speaker 4: So think shopping centers and malls and mixed use centers

505
00:25:47,040 --> 00:25:50,480
Speaker 4: and street level storefronts. Tom is on Zoom from Los Angeles. Hey, Tom,

506
00:25:50,520 --> 00:25:52,800
Speaker 4: Great to be talking with you again. I'm here with

507
00:25:52,880 --> 00:25:53,640
Speaker 4: Paul Sweeney.

508
00:25:54,640 --> 00:25:55,399
Speaker 5: What are you hearing?

509
00:25:56,000 --> 00:25:56,280
Speaker 11: Yeah?

510
00:25:56,359 --> 00:25:56,960
Speaker 5: What are you happy?

511
00:25:57,000 --> 00:26:00,520
Speaker 4: Thanksgiving? Happy holidays? What are you hearing as you do

512
00:26:00,680 --> 00:26:03,480
Speaker 4: channel checks about what's going on in these mixed use

513
00:26:03,520 --> 00:26:06,440
Speaker 4: spaces and at malls and shopping centers.

514
00:26:07,040 --> 00:26:09,920
Speaker 9: I expect this to be a strong Thanksgiving weekend.

515
00:26:10,160 --> 00:26:12,680
Speaker 11: The you know, our expectations will be one hundred and

516
00:26:12,720 --> 00:26:14,639
Speaker 11: thirty billion dollars spent this weekend.

517
00:26:14,720 --> 00:26:16,640
Speaker 9: That's about four percent more than last year.

518
00:26:17,840 --> 00:26:21,320
Speaker 11: You know, consumers continue to be concerned around inflation.

519
00:26:21,640 --> 00:26:24,080
Speaker 9: I was listening to your conversation with Charlie.

520
00:26:24,160 --> 00:26:28,280
Speaker 11: I think he's very reflective of consumer mindset one in

521
00:26:29,119 --> 00:26:32,640
Speaker 11: focusing upon food and beverage and experiences. I mean that

522
00:26:32,640 --> 00:26:35,080
Speaker 11: that will be up over the holiday season almost eight percent,

523
00:26:35,160 --> 00:26:39,840
Speaker 11: seven point six percent. But looking at discounts this There's

524
00:26:39,880 --> 00:26:41,720
Speaker 11: going to be a lot of promotions this weekend, and

525
00:26:41,800 --> 00:26:44,080
Speaker 11: I think that will drive a lot of traffic, both

526
00:26:44,119 --> 00:26:48,080
Speaker 11: in person and online. People with the concern, you know,

527
00:26:48,160 --> 00:26:53,160
Speaker 11: with the concern, with the concern around pricing and inflation,

528
00:26:54,000 --> 00:26:56,680
Speaker 11: you know, retailers are going to lean in. This will

529
00:26:56,680 --> 00:27:01,280
Speaker 11: be a heavy promotion year. As a consumers are price sensitive.

530
00:27:01,480 --> 00:27:05,919
Speaker 2: Hey exactly, Hey, Tom, I know you guys se do

531
00:27:05,960 --> 00:27:07,720
Speaker 2: a big survey here about what people are going to

532
00:27:07,760 --> 00:27:11,000
Speaker 2: be doing over this Thanksgiving weekend and the holidays. Are

533
00:27:11,040 --> 00:27:13,240
Speaker 2: people going to be going to stores? I mean people

534
00:27:13,280 --> 00:27:16,480
Speaker 2: still do that or is it just point and click now?

535
00:27:16,640 --> 00:27:18,119
Speaker 9: People, of course people go to stores.

536
00:27:18,359 --> 00:27:21,200
Speaker 11: If people want to go to stores, the communities would

537
00:27:21,240 --> 00:27:26,120
Speaker 11: not flourish around the country. So we represent everything, as

538
00:27:26,200 --> 00:27:30,960
Speaker 11: Carol's introduction suggested, street retail in every neighborhood across the

539
00:27:31,040 --> 00:27:33,640
Speaker 11: United States to large regional malls.

540
00:27:34,160 --> 00:27:36,280
Speaker 9: And so people will go on shopping.

541
00:27:36,400 --> 00:27:39,720
Speaker 11: Ninety percent of consumers will hit a store over this

542
00:27:39,800 --> 00:27:43,520
Speaker 11: holiday season. I think discount department stores will clearly be

543
00:27:44,080 --> 00:27:48,119
Speaker 11: the biggest winners over the holiday because of the concern

544
00:27:48,160 --> 00:27:50,879
Speaker 11: around pricing. We've seen that trend over the course of

545
00:27:50,920 --> 00:27:54,919
Speaker 11: the year, and gift cards will be you know, highly

546
00:27:55,480 --> 00:27:57,960
Speaker 11: highly sought after. You know, the big tread and retail,

547
00:27:58,480 --> 00:28:01,800
Speaker 11: as we've talked about the past, is the integration between

548
00:28:02,240 --> 00:28:05,359
Speaker 11: the physical and digital world. So you will retailers are

549
00:28:05,359 --> 00:28:08,560
Speaker 11: somewhat agnostic as to where you buy the product, you

550
00:28:08,680 --> 00:28:12,000
Speaker 11: where you initiate the transaction. They would, however, prefer you

551
00:28:12,040 --> 00:28:14,159
Speaker 11: go to the store to pick it up. That's the

552
00:28:14,160 --> 00:28:19,920
Speaker 11: most profit effective way for them to serve their consumer,

553
00:28:20,680 --> 00:28:23,280
Speaker 11: and consumers are you know, focused upon efficiency and so

554
00:28:23,320 --> 00:28:27,080
Speaker 11: you're really seeing those retailers that are particularly in proximity

555
00:28:27,080 --> 00:28:30,960
Speaker 11: to where people live, do quite well. And you know,

556
00:28:31,000 --> 00:28:34,640
Speaker 11: occupancy is super high right now as retailers are using

557
00:28:34,640 --> 00:28:37,119
Speaker 11: their stores for both traditional shopping but also as a

558
00:28:37,119 --> 00:28:38,760
Speaker 11: little mini fulfillment centers.

559
00:28:38,920 --> 00:28:42,160
Speaker 4: Tom, I know we talked earlier this year. I'm just

560
00:28:42,200 --> 00:28:44,520
Speaker 4: curious and just remind our audience. I mean, are we're back.

561
00:28:45,080 --> 00:28:46,920
Speaker 4: I'm trying to figure out because we talked about demise

562
00:28:46,960 --> 00:28:47,360
Speaker 4: of them.

563
00:28:47,240 --> 00:28:49,800
Speaker 6: All for so long. So where are we are?

564
00:28:49,880 --> 00:28:53,600
Speaker 4: What's the what's the uh you know data point that

565
00:28:53,640 --> 00:28:56,760
Speaker 4: you kind of compare where today is to where it was.

566
00:28:57,160 --> 00:28:59,560
Speaker 4: That's important and gives us kind of some smart perspective.

567
00:29:00,000 --> 00:29:02,600
Speaker 11: Look, I think the narrative around the demise of the

568
00:29:02,640 --> 00:29:06,400
Speaker 11: mall has been in existence for forty years. I mean,

569
00:29:06,440 --> 00:29:09,840
Speaker 11: the people have talked about the mall dying, and here

570
00:29:09,880 --> 00:29:13,240
Speaker 11: we are today, and principally there's about the same number

571
00:29:13,280 --> 00:29:15,120
Speaker 11: of malls in the United States as there was a

572
00:29:15,160 --> 00:29:15,840
Speaker 11: decade ago.

573
00:29:16,440 --> 00:29:19,480
Speaker 9: There are clearly some thriving malls. There's clearly some malls

574
00:29:19,480 --> 00:29:20,280
Speaker 9: that are struggling.

575
00:29:21,040 --> 00:29:24,120
Speaker 11: But you know, and that is such an iconic part

576
00:29:24,280 --> 00:29:28,560
Speaker 11: of people's perspective of retail, but it's a relatively small

577
00:29:28,640 --> 00:29:31,400
Speaker 11: percentage of the total retail square footage in the United States.

578
00:29:31,800 --> 00:29:36,240
Speaker 11: That said, occupanceeing malls across the entire sector is in

579
00:29:36,280 --> 00:29:39,960
Speaker 11: the mid eighty percent. Class A malls, high end malls.

580
00:29:39,680 --> 00:29:41,640
Speaker 9: Are doing much much better than that.

581
00:29:42,240 --> 00:29:46,320
Speaker 11: And then open air retail, you know, everything from grocery

582
00:29:46,320 --> 00:29:50,440
Speaker 11: anchored retail in suburban America to Target and Costco and

583
00:29:50,480 --> 00:29:54,600
Speaker 11: Walmart anchored retail, that's in the mid to high ninety percent.

584
00:29:54,840 --> 00:29:57,080
Speaker 9: And so physical retail.

585
00:29:57,280 --> 00:29:59,840
Speaker 11: There has been no really new supply put on the

586
00:29:59,840 --> 00:30:04,080
Speaker 11: MA market since the Great Financial Crisis, and yet retail

587
00:30:04,120 --> 00:30:05,160
Speaker 11: sales have almost.

588
00:30:04,960 --> 00:30:06,480
Speaker 9: Doubled over that period of time.

589
00:30:06,920 --> 00:30:09,800
Speaker 11: And so you know, there's there's really a lack of

590
00:30:09,800 --> 00:30:12,560
Speaker 11: supply in the market for the demand for physical space

591
00:30:12,600 --> 00:30:16,840
Speaker 11: that retailers want, but clearly open air retail in proximity

592
00:30:16,880 --> 00:30:19,960
Speaker 11: to where people live is particularly strong right.

593
00:30:19,880 --> 00:30:23,960
Speaker 2: Now, Tom, are there any hot categories of purchases this

594
00:30:24,040 --> 00:30:26,760
Speaker 2: season or maybe products that are kind of getting the

595
00:30:26,760 --> 00:30:27,760
Speaker 2: attention of retailers.

596
00:30:29,520 --> 00:30:31,320
Speaker 9: Well, obviously it's the holiday season.

597
00:30:31,400 --> 00:30:34,160
Speaker 11: So I think that you know, toys and electronics will

598
00:30:34,200 --> 00:30:36,400
Speaker 11: always be will always be, you know.

599
00:30:36,400 --> 00:30:39,640
Speaker 9: In vogue. But I think the category.

600
00:30:39,040 --> 00:30:41,560
Speaker 11: That's going to do particularly well this the part of

601
00:30:41,640 --> 00:30:43,840
Speaker 11: retail that's going to go do particularly well is discount.

602
00:30:44,000 --> 00:30:46,000
Speaker 11: You know, discount retail is going to do well because

603
00:30:46,280 --> 00:30:49,720
Speaker 11: consumers are very price conscious and people do you know,

604
00:30:49,800 --> 00:30:53,080
Speaker 11: it's hard, as you're, as Charlie suggested, to know exactly

605
00:30:53,120 --> 00:30:55,880
Speaker 11: what to buy, even when it's somebody you've known for

606
00:30:56,560 --> 00:30:59,160
Speaker 11: three decades. And so I think gift cards are often,

607
00:30:59,800 --> 00:31:02,440
Speaker 11: you know, very very are quite frankly the most popular

608
00:31:02,520 --> 00:31:05,840
Speaker 11: gift category because people want to give the recipient the

609
00:31:05,880 --> 00:31:07,120
Speaker 11: flexibility to buy what they want.

610
00:31:07,160 --> 00:31:09,120
Speaker 4: Well, apparently, if you've got young kids in your life,

611
00:31:09,120 --> 00:31:14,000
Speaker 4: the Squish mellow Squish mallow, a plush stuff animal our

612
00:31:14,120 --> 00:31:18,840
Speaker 4: Live retail Sales blog. Apparently at a Virginia Walmart Charlotteessvale,

613
00:31:18,840 --> 00:31:22,640
Speaker 4: three customers asked about the five dollars squishmllow, Am I

614
00:31:22,680 --> 00:31:25,200
Speaker 4: saying it right? In a matter of minutes. Apparently they've

615
00:31:25,240 --> 00:31:28,840
Speaker 4: sold out and it's just kind of this squishy little pillow.

616
00:31:29,080 --> 00:31:29,560
Speaker 11: I don't know.

617
00:31:30,880 --> 00:31:33,720
Speaker 4: That seems to be what is interesting. I do wonder

618
00:31:33,720 --> 00:31:35,680
Speaker 4: about the toy retailers. Right, there's so much you can

619
00:31:35,720 --> 00:31:38,960
Speaker 4: buy online here. What are you hearing about that sector specifically?

620
00:31:40,280 --> 00:31:41,000
Speaker 9: Well, I think you're right.

621
00:31:41,040 --> 00:31:43,920
Speaker 11: I think that, you know, I think the toy the

622
00:31:43,920 --> 00:31:47,480
Speaker 11: toy sector has been you know, it's been disrupted for

623
00:31:47,480 --> 00:31:51,120
Speaker 11: the last twenty years or so, right in multiple dimensions,

624
00:31:51,120 --> 00:31:55,880
Speaker 11: one online, but also back to discount retailers, discount department stories.

625
00:31:55,880 --> 00:31:59,720
Speaker 11: I mean, obviously they've grown out there their toy space,

626
00:32:00,040 --> 00:32:03,720
Speaker 11: amount of space devoted to toys, and so a toy

627
00:32:03,800 --> 00:32:06,760
Speaker 11: specific retailer is going to be challenged because they're getting

628
00:32:07,320 --> 00:32:11,560
Speaker 11: a competition in multiple fronts. That said, you know, specialty

629
00:32:11,640 --> 00:32:15,440
Speaker 11: retail if it's unique and it provides an experience, you know,

630
00:32:15,520 --> 00:32:16,520
Speaker 11: could do quite well.

631
00:32:16,520 --> 00:32:20,480
Speaker 9: But kind of the mass merchant toy retailer is really not.

632
00:32:21,040 --> 00:32:23,280
Speaker 11: You know, it's not the same as it was twenty

633
00:32:23,360 --> 00:32:25,720
Speaker 11: years ago or even forty years ago when we.

634
00:32:25,560 --> 00:32:27,600
Speaker 4: Were growing I remember going to the Seers and it

635
00:32:27,640 --> 00:32:30,520
Speaker 4: was like the Barbie isle and it was like who

636
00:32:31,040 --> 00:32:33,640
Speaker 4: you walk down, it was pretty cool stuff. It's a

637
00:32:33,720 --> 00:32:35,120
Speaker 4: very different environment today, Paul.

638
00:32:35,240 --> 00:32:37,760
Speaker 2: Yeah, Hey, Tom, if I actually find myself in a

639
00:32:37,800 --> 00:32:40,280
Speaker 2: store and it's a very low probability that that's going

640
00:32:40,360 --> 00:32:42,520
Speaker 2: to happen. Am I going to find stuff on the shelves?

641
00:32:42,520 --> 00:32:44,880
Speaker 2: Hell's the inventory, supply chain all that stuff?

642
00:32:46,120 --> 00:32:48,480
Speaker 9: Yeah, of course, of course. You well, I think you

643
00:32:48,520 --> 00:32:50,920
Speaker 9: know one thing, it's just implicit in your question.

644
00:32:51,240 --> 00:32:52,840
Speaker 11: I don't know exactly where you live, Paul, but I

645
00:32:52,840 --> 00:32:56,000
Speaker 11: think that it's important to recognize that New York City

646
00:32:56,000 --> 00:32:59,360
Speaker 11: and Manhattan is its own ecosystem, and there is clearly

647
00:32:59,400 --> 00:33:02,520
Speaker 11: a lot of people that's chopped online in Manhattan for

648
00:33:02,520 --> 00:33:03,520
Speaker 11: a variety of reasons.

649
00:33:03,600 --> 00:33:05,880
Speaker 9: Yeah, but when you get off the island and you

650
00:33:05,920 --> 00:33:07,960
Speaker 9: go to the rest of America.

651
00:33:08,000 --> 00:33:10,720
Speaker 11: People do go to stores, and that is still by

652
00:33:10,720 --> 00:33:15,920
Speaker 11: far the most popular way to shop in suburban America.

653
00:33:16,280 --> 00:33:18,920
Speaker 11: And of course, remember what's happened in the course of

654
00:33:18,960 --> 00:33:21,360
Speaker 11: the pandemic is people have moved back to the suburbs.

655
00:33:21,360 --> 00:33:24,760
Speaker 11: Suburban retail, suburban real estate is back in vogue, and

656
00:33:24,800 --> 00:33:27,520
Speaker 11: so people will go out and masses to the stores

657
00:33:27,840 --> 00:33:31,400
Speaker 11: this weekend. And the supply chain issues that we're experienced

658
00:33:31,400 --> 00:33:34,280
Speaker 11: at the height of the pandemic have really retailers have

659
00:33:34,360 --> 00:33:35,600
Speaker 11: kind of managed their way through that.

660
00:33:35,800 --> 00:33:37,920
Speaker 9: So I don't think that's going to be an issue.

661
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Speaker 4: Good, right, Yeah, interesting, right, Yeah, absolutely, it's true that

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00:33:41,040 --> 00:33:43,800
Speaker 4: migration right post pandemic of people back out to the burbs,

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00:33:44,280 --> 00:33:46,520
Speaker 4: that's a good thing for a lot of retail, traditional retail.

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Speaker 4: Hey Tom McGee, thank you so much, CEO and president

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00:33:49,040 --> 00:33:51,760
Speaker 4: of ICSSE joining us on Zoom from Los Angeles. Happy,

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00:33:51,800 --> 00:33:54,320
Speaker 4: Happy post Thanksgiving, and I'm sure we're going to be

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00:33:54,440 --> 00:33:56,160
Speaker 4: checking in with him throughout the holiday season.

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00:33:56,360 --> 00:33:56,680
Speaker 5: Yeah.

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Speaker 2: Absolutely, So I can tell you that Short Hills Mall

670
00:33:59,320 --> 00:34:01,920
Speaker 2: will be today and they will be lined up on

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Speaker 2: Route twenty four waiting to get in.

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Speaker 6: For the line is like outside to exit.

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00:34:06,280 --> 00:34:09,120
Speaker 2: Yeah, it's just extraordinary and it's a great great mom

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00:34:09,239 --> 00:34:10,360
Speaker 2: people still love going to that.

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Speaker 1: Thanks for listening to the Bloomberg Markets podcasts. You can

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00:34:15,280 --> 00:34:19,080
Speaker 1: subscribe and listen to interviews at Apple Podcasts or whatever.

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00:34:19,160 --> 00:34:22,880
Speaker 1: Podcast platform you prefer. I'm Matt Miller. I'm on Twitter

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00:34:23,080 --> 00:34:25,000
Speaker 1: at Matt Miller nineteen seventy three.

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00:34:25,440 --> 00:34:26,320
Speaker 2: And I'm fall Sweeney.

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00:34:26,360 --> 00:34:27,840
Speaker 5: I'm on Twitter at pt Sweeney.

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Speaker 2: Before the podcast, you can always catch us worldwide at

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Speaker 2: Bloomberg Radio