Speaker 1: Global business news twenty four hours a day at Bloomberg
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Speaker 1: This is a Bloomberg Business Left Carol Bloomberg World Headquarters.
Speaker 1: I'm Charlie Palton. After the bell, miss from the Walt
Speaker 1: Disney Company's second quarter adjusted EPs a dollar fifty estimates
Speaker 1: were for a dollar forty one. Revenue also missed estimates,
Speaker 1: Shares lower by one point four percent. We also heard
Speaker 1: from Price Line first quarter adjusted EPs nine eight eight
Speaker 1: estimates there eight eighty three. It's second quarter outlook also
Speaker 1: missing estimates. Shares of Price Line down by three and
Speaker 1: a half percent. Mixed picture for US equities today, with
Speaker 1: the Dow and SMP both retreating. Nestack advanced seventeen to
Speaker 1: a record sixty one twenty, up three tenths of one percent,
Speaker 1: the SMP down two points, down one tenth of one
Speaker 1: percent down, indust Reels down thirty six, down two tenths
Speaker 1: of one percent, the Tenure down one thirty second with
Speaker 1: the yield of two point three nine percent. Gold down
Speaker 1: for fifty the twelve twenty two down four tenths of
Speaker 1: one percent. West Texas Intermediate Crew down forty five cents
Speaker 1: a barrel lower by. I'm Charlie Pellett. That's a Bloomberg
Speaker 1: business flash. Thank you very much, Charlie Philly. You're listening
Speaker 1: to Boomer Markets broadcasting live from the Museum of Science
Speaker 1: in Boston. Yes, indeed we are alongside the river, the
Speaker 1: Charles River to be exact, Carol Master, Corey Johnson, Bloomberg
Speaker 1: Markets broadcasting live at the Museum of Science in Boston
Speaker 1: on this Chili Tuesday. Um mention. Our next guy spent
Speaker 1: a decade at the Boston Globe Wall Street Journal today
Speaker 1: is a venture capitalist. John Airbach is partner at CRV
Speaker 1: based in Cambridge, with us here at the Museum of
Speaker 1: Science and Boston. Welcome to bloom the Radio. Thanks for
Speaker 1: having me, although I wish we could host you with
Speaker 1: some better weather. But I think this weather proves the
Speaker 1: point that you don't moved to Boston for the weather. No,
Speaker 1: that's for sure. Um. What's more fun being a journalist
Speaker 1: or being a venture capitalist? They're both the same fun,
Speaker 1: and the reason is is the jobs are surprisingly similar.
Speaker 1: I've been doing this for uh coming on eighteen years now,
Speaker 1: and both jobs allow you to interact with people who
Speaker 1: are smarter than yourself. Which for me is a super
Speaker 1: low bar. It's easy to get over. But the thrill
Speaker 1: of speaking to people and learning about interesting projects they're
Speaker 1: working on is exactly the same. And the two professions.
Speaker 1: One pays a little bit better, but one is much
Speaker 1: harder because as a journalist, you can report a story
Speaker 1: and then you publish the story or you air the
Speaker 1: story and you're done with it. When we make an investment,
Speaker 1: the ten year birthing process begins. You're there for the
Speaker 1: long haul, the very long haul. It's yeah, So I
Speaker 1: went from being a journalist to being a money manager.
Speaker 1: Very different, you know. I was. I was a head
Speaker 1: fund on the principally on the short side, but my
Speaker 1: investment horizons were not here as long as as what
Speaker 1: you guys, uh deal with the venture. On the other hand,
Speaker 1: I would have wake up more at a press of
Speaker 1: press release what really could ruin my day, whether it's
Speaker 1: accurate or not. It's a different kind of stress. But
Speaker 1: talked about the kinds of ideas that that you're seeing, uh,
Speaker 1: you know and what you know the former Charles Adventures
Speaker 1: of CRV, what what are you're looking at? Sure? I
Speaker 1: think in some ways this last tenure period It's interesting
Speaker 1: we're in two thousand seventeen because the iPhone was launched
Speaker 1: in July of two thousand and seven, and that really
Speaker 1: heralded a ten year period of intense focus on apps.
Speaker 1: And I think we're all suffering from a little bit
Speaker 1: of app overload. If you talk to most people on
Speaker 1: the home screens of their phones, they've got you know, eight, ten,
Speaker 1: twelve maximum maps and a couple of utilities. But yet
Speaker 1: you've had global corporations spending billions and billions of dollars
Speaker 1: because even McDonald's needs an app, regardless of whether it's
Speaker 1: been thought through exactly what someone's going to use that for,
Speaker 1: why they'd want it. And in some ways, I think
Speaker 1: we're entering the next chapter, which is it's not about
Speaker 1: the app anymore. Who at our conference last week was
Speaker 1: saying that beckamic haspent over billion dollars developing their mobile strategy. Yeah,
Speaker 1: of cost, but but you can look at the of
Speaker 1: a and say that makes a ton of sense. I
Speaker 1: could point out some fast food joints. I'm not trying
Speaker 1: to throw in any of the bus that no one
Speaker 1: would ever use that app, right, It's just but you
Speaker 1: needed to focus on it. And that showed that the
Speaker 1: most important person in that period and that tenure period
Speaker 1: was the designer, someone who could make something look pretty.
Speaker 1: And that's important, but it was getting away from hard technology.
Speaker 1: And it's so important that we're sitting here in Cambridge,
Speaker 1: which is really one of the global epicenters of hard stuff.
Speaker 1: Steve Kay's founder A Well writes about this. He calls
Speaker 1: it the third wave, and he says that first wave
Speaker 1: was just kind of getting everybody on the internet. Second
Speaker 1: wave was apps, right, mobility, and anybody could create one
Speaker 1: in there, bedroom, the garage, whatever. Third wave is where
Speaker 1: those folks are going to have who have some expertise
Speaker 1: in medicine or whatever that's going to be valuable in
Speaker 1: kind of taking all of this to the next level.
Speaker 1: Steve is absolutely right. The biggest returns, the biggest explosive
Speaker 1: technological innovations happen in times when things are very hard
Speaker 1: and we're entering a hard time where things like machine
Speaker 1: learning and natural language processing artificial intelligence are really coming
Speaker 1: to the front. Because now we're at a point where
Speaker 1: the mobile infrastructure has been built out, the Internet has
Speaker 1: been built out, we're all wired up, we're all unwired
Speaker 1: all the time and now is the time when I
Speaker 1: think technology can start really knocking down much harder challenges
Speaker 1: regulatory environments, biotech, these areas that have been some ways
Speaker 1: locked out of the technology wave. Like we just talked
Speaker 1: about with one of our other guests. We're talking about
Speaker 1: all this genetic material, that information that's out there, tons
Speaker 1: of data. Right, you can now get a genetic mappings
Speaker 1: all those people, all right, stop, but you know, and
Speaker 1: then harnessing that information for treatment modality is and really
Speaker 1: making some kind of an impact and the treatment of
Speaker 1: someone who comes down with some disease or illness. I mean,
Speaker 1: that's pretty powerful, but you need people who understand the
Speaker 1: science and the medicine and so and so forth. I
Speaker 1: think you make a great point because here before these
Speaker 1: two areas of existed in silos. You've got healthcare on
Speaker 1: one side and you've got technology and the other. And
Speaker 1: when you bring them together, real magic can happen. I'll
Speaker 1: give you a great example. There's a researcher Extentford University.
Speaker 1: This did get a lot of press who comes from
Speaker 1: the artificial intelligence side and decided to conduct some experiments
Speaker 1: using UM image processing to look at skin cancers. When
Speaker 1: we go to a dermatologist, they look at your back,
Speaker 1: they try to decide what's what looks good, what looks bad.
Speaker 1: If it looks bad, you get a biopsy. Imagine if
Speaker 1: you could harness millions of images of people's backs and
Speaker 1: suddenly with an iPhone you can actually perform as well
Speaker 1: as a dermatologist. And that's fascinating. That's the conversion, uh,
Speaker 1: the convergence of technology and healthcare. But then it changes rules,
Speaker 1: things about access and things like that, because suddenly lots
Speaker 1: more people who can't get to a doctor, or don't
Speaker 1: have a doctor in their area or whatever, can they
Speaker 1: get that benefit telemedicine. I think that's just what I've
Speaker 1: been talking about forever. UM. Just lastly, do you think that, uh,
Speaker 1: that the silicon aspect, the computing aspect of technological motivation
Speaker 1: that is so dominated Silicon valid could have happened in Boston? Didn't?
Speaker 1: Will that ever come back here? Do you think the
Speaker 1: Boston is really going to be advancing in biotechnicsconds? I
Speaker 1: think biotech this is the most important city maybe in
Speaker 1: the world, and technology is um. I could give you
Speaker 1: a story of hope. It would take more than five
Speaker 1: seconds come back then please great stuff. So glad that
Speaker 1: John rebeca partner at CRV formally Charles with revenuers. You
Speaker 1: also a little bit markets and liberated. Corey Johnson and
Speaker 1: Carol mass are We are here alive outside of the
Speaker 1: Boston Museum Boston Museum of Science are indeed thank you,
Speaker 1: John Blue