Speaker 1: This is Bloomberg business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happened. Sloomberg
Speaker 1: Business Week with Carol Messer and Tim Stanovic on Bloomberg Radio. Hi, everyone,
Speaker 1: welcome to the weekend edition of Bloomberg Business Week. Happy holidays,
Speaker 1: Happy holidays, and we had a special holiday program this weekend.
Speaker 1: As we look back on our early December visit to
Speaker 1: the Stanford Graduate School of Business, Carol, it once again
Speaker 1: topped Bloomberg Business Week's list of top US and B
Speaker 1: schools for the academic year. That's right, Tim, Stanford takes
Speaker 1: the number one slot for the fourth consecutive year, scoring
Speaker 1: highest overall among eighty two US NBA programs and a
Speaker 1: hundred and seventeen globally. The University of Chicago's Booth School
Speaker 1: came in second, and Harvard ranked third. Over the next hour,
Speaker 1: we'll hear from some prominent Stanford GSB alumni, including the
Speaker 1: CEO of General Motors, Mary Barra, and we'll go off
Speaker 1: camp this in our second hour to talk crypto with
Speaker 1: Cathy Wood and then catch up with the chef Danielle
Speaker 1: Blue on his newest kitchen. All of that to come.
Speaker 1: We begin with the man at the helm of Business
Speaker 1: Week's top ranked business school in the United States. We're
Speaker 1: talking about the dean of the Stanford Graduate School of Business,
Speaker 1: Jonathan Levin. In the five key categories that comprise the
Speaker 1: magazine's rankings, his school led the way in compensation, networking,
Speaker 1: and entrepreneurship. It ranked sixth and learning, and eighteenth when
Speaker 1: it came to diversity and tim We just want to
Speaker 1: remind our listeners it was an incredibly rainy day when
Speaker 1: we were on the Stanford campus, and that's how everybody
Speaker 1: reminded us. Rare and so we couldn't be mad about
Speaker 1: it because the area needs the rain. But nonetheless you're
Speaker 1: going to hear a lot of rain in the background,
Speaker 1: especially when we spoke with d Levin on campus. As
Speaker 1: for what we wanted to know, we did begin with
Speaker 1: where the next generation of business leaders are headed. It's
Speaker 1: been a period over the last five years, just in general,
Speaker 1: of a lot of questioning and business about what is
Speaker 1: the purpose of corporations, what is the role of business
Speaker 1: leaders in addressing societal issues? I mean, this has been
Speaker 1: front and center for every company, for every investor, and
Speaker 1: our students. Of course, this is the world they're going
Speaker 1: to enter into when they leave. Do you think that
Speaker 1: those questions remain in a down market? It's easy for
Speaker 1: us to to ask, right, It's easy for us to say,
Speaker 1: you know, the goal of a company is to serve
Speaker 1: many different stakeholders, but you know there are no atheists
Speaker 1: and a Foxville right when you're in a bear market?
Speaker 1: Are are are those questions? Even being I love that question.
Speaker 1: So when I think about it is I think, to
Speaker 1: some extent, yes, your answer is right. And one one
Speaker 1: way I think about that is if you look at
Speaker 1: the places in the economy where questions about corporate purpose
Speaker 1: and and whether companies should, for example, pursue sustainability goals
Speaker 1: internalized externalities, where those come up most powerfully. It's it
Speaker 1: tends to be in industries and in areas where companies
Speaker 1: have a lot of market pot where they're making significant
Speaker 1: money and they have some flexibility and their decision things.
Speaker 1: A company that's on the threshold of barely surviving, they
Speaker 1: just don't have that much leeway in terms of the
Speaker 1: decision making that they can they can make, And so
Speaker 1: when you go into a down term. Of course, it's
Speaker 1: that people are more focused on traditional profitability measures. Having
Speaker 1: said that, I think some of the generational changes that
Speaker 1: in the way young people, for example, think about companies,
Speaker 1: think about capitalism, those are not. I don't think those
Speaker 1: will change with the recession. I think those are those
Speaker 1: are those are there. I'll give you just quickly one
Speaker 1: piece of evidence on that. So there was a very
Speaker 1: nice study that just came out this fall by a
Speaker 1: few of our faculty members, a survey of investors around
Speaker 1: E s G preferences. Many interesting findings, but the most
Speaker 1: interesting finding to me, the most striking, was stark generational
Speaker 1: differences millennials, young people, all saying, many of them saying
Speaker 1: how much they wanted, first of all, their investments to
Speaker 1: be aligned with their values, and secondly, how much they
Speaker 1: wanted to see companies make decisions that would align with
Speaker 1: their values. And I think you see that reflected in
Speaker 1: the young employees and so forth. Retirees not so much.
Speaker 1: They want to see the value of their bur one
Speaker 1: K go up. When you look at your student population,
Speaker 1: you know, where is it that most of them want
Speaker 1: to end up? Is there any kind of trend, like
Speaker 1: we said, you know when Mary talked about going geck Go.
Speaker 1: I remember years of just everybody wanted to go to
Speaker 1: Wall Street like that was, you know, the holy Grail.
Speaker 1: And I don't know, and you guys are in Silicon
Speaker 1: Valley a lot of entrepreneurship. What is it? So Mary
Speaker 1: Barth followed a very interesting past. She went to Kettering
Speaker 1: and then she eventually came to Stanford Business School only
Speaker 1: the General Motors General Motors University started at General Motors.
Speaker 1: She was enter team and the general responsored her to
Speaker 1: come sponsored, to come lifetime single firm, rose all the
Speaker 1: way from the bottom, all the way up to be
Speaker 1: a great CEO of you know, one of the kind
Speaker 1: at companies in the United States. That is not the
Speaker 1: path that most of our students today will follow. They're
Speaker 1: going to follow pass where they have many jobs. They
Speaker 1: may move around across sectors. They may be entrepreneurs at
Speaker 1: some point, they may be employees, they may be CEOs,
Speaker 1: they may be investors. They're gonna touch they may go
Speaker 1: to the nonprofit sector. And so I think, when when
Speaker 1: we think about education, particularly business school education, the model
Speaker 1: where we're rung on the ladder for people to move
Speaker 1: up on a linear career. That's the wrong way to
Speaker 1: think about what we're trying to do. We're trying to
Speaker 1: give people the tools and the opportunities to go in
Speaker 1: lots of directions and to have many chapters in their career.
Speaker 1: Said mid twenties, which kind of piqued my interest because
Speaker 1: that's that still seems pretty young to me. What is
Speaker 1: the typical age of a student here? Is it getting older?
Speaker 1: Our students from around the world working more before they're
Speaker 1: coming here. So students are coming to business school. There's
Speaker 1: a big range first of all, so some students come
Speaker 1: relatively soon out of college. We have students who have
Speaker 1: spent ten fifteen years stay in the U. S. Military,
Speaker 1: and then they come back to the business school and
Speaker 1: get an NBA and launch off a new chapter of
Speaker 1: their career. The modal student is four to five years out.
Speaker 1: They had one or two jobs, they come in and
Speaker 1: then they and then they got that's older than years
Speaker 1: ago in the world of NBAS, when people might work
Speaker 1: go have two years of work experience. So people are
Speaker 1: getting a little bit older in school. They bring a
Speaker 1: little more experience into the campus. In some ways, it's
Speaker 1: a richer experience here because we've got people who have
Speaker 1: really seen a little bit more of the world, and
Speaker 1: and that you know, that makes for a really dynamic environment.
Speaker 1: Stanford Business School a tough business school to get into,
Speaker 1: a lot of applications for a handful of spaces. I
Speaker 1: remember during the last downturn, the Great Financial Crisis, there
Speaker 1: were lots of articles about people who couldn't find jobs
Speaker 1: deciding to go to business school, sort of as an
Speaker 1: alternate route. What are you planning for when it comes
Speaker 1: to admissions. Do you think that if we do see
Speaker 1: a significant downturn, it will get even more competitive to
Speaker 1: get in here? For those reasons, it's always hard to
Speaker 1: predict the applications, and but the historical trend has been
Speaker 1: that when the economy cools off, people come back to
Speaker 1: school to some extent, and we see some upturn in
Speaker 1: in our in our application numbers. And you know, the
Speaker 1: drum markets has still been even until the beginning of
Speaker 1: this fall, was still even though everyone was talking about
Speaker 1: how it was going to get bad, it was still
Speaker 1: pretty strong. So we may start to see that over
Speaker 1: the course of this year and then the next year.
Speaker 1: Um obviously I hope the economy will live, market will
Speaker 1: stay strong, and you know, even if that means we
Speaker 1: don't see quite as many applications. So I know, in
Speaker 1: some of the past conversations we've had for you, depending
Speaker 1: on maybe who was in the White House and concerns
Speaker 1: abou immigration policies, this was a big topic because international students,
Speaker 1: whether it's your business school or other business schools, that's
Speaker 1: an important part of the experience. Are you at all
Speaker 1: starting to think about we're just coming off the mid terms,
Speaker 1: getting ready for another presidential run that could look a
Speaker 1: lot like the last presidential run potentially, you know, are
Speaker 1: you all a little nervous and just trying to think about, okay,
Speaker 1: how this might play out, how that might impact you guys. Yeah,
Speaker 1: I mean so, my view on being at a place
Speaker 1: like Stanford is that part of our role is to
Speaker 1: be a magnet for talent from everywhere in the world
Speaker 1: and to bring people from wherever they are, you know,
Speaker 1: whatever their backgrounds, whatever their circumstances, give them the opportunity
Speaker 1: to come to the United States, to get an education,
Speaker 1: and in many cases to stay here. And you know,
Speaker 1: you of course, we also have important roles in national
Speaker 1: institution as well to educate students from the us. You know,
Speaker 1: I what I, of course would always like to see
Speaker 1: is that federal policy or and imigation immigration facilitates institutions
Speaker 1: like Stanford to bring great talent from around the world
Speaker 1: bring to us. It's it's actually in the interests of
Speaker 1: the country. It brings innovative capacity to the country, It
Speaker 1: brings town to workforce, it brings good ideas. You look
Speaker 1: at many of the great companies that have started in
Speaker 1: the United States, They've been founded, many of them found
Speaker 1: by immigrants. It's the story of America, and we're part
Speaker 1: of that story. Well, and was talking about ins of
Speaker 1: immigration maybe at a different level, but not even availed
Speaker 1: recommendation to policymakers about immigration reform. Going back to what
Speaker 1: you just said, Dean Levin, I'm wondering how you make
Speaker 1: sure that the idea is that you just espoused about diversity,
Speaker 1: about what immigration does to this country, what it does
Speaker 1: to the workforce. How do you make sure those ideas
Speaker 1: are not just ideas on Stanford's campus and ideas on
Speaker 1: other college campuses. Do you actively talk to policymakers, to
Speaker 1: politicians on the local, on the state, on the national
Speaker 1: level in order to make sure they hear that input, absolutely,
Speaker 1: and that's part of the part part of the role
Speaker 1: of LEAs like Stanford is to is to articulate some
Speaker 1: of the benefits of of the things that that that
Speaker 1: that we do. And we're not a political institution though
Speaker 1: we're an educational institution, and it's true, but you have
Speaker 1: dat to keep our role clear in that sense. The
Speaker 1: economy like that's certainly comes into teaching, right well, what
Speaker 1: is core to the institution at a place like Stanford
Speaker 1: is the ability the free flow of people and ideas
Speaker 1: that is central to what we do and so controversial
Speaker 1: sometimes even if they're controversial, but but but just in general,
Speaker 1: and so having a policy that will federal place that
Speaker 1: will allow us to to bring people in that allow
Speaker 1: people who are here to then have the chance to
Speaker 1: stay in the country. You know, that's that really goes
Speaker 1: to the core of who we are as institution. That
Speaker 1: was Jonathan Levin E's dean of the Stanford Graduate School
Speaker 1: of Business coming up to Stanford b School alum now
Speaker 1: running a public company that provides localized social networking services.
Speaker 1: Next door CEO Sarah Fryer. Advertising is always a place
Speaker 1: that people will go to first when they're worried about
Speaker 1: a recession, and clearly the economic indicators are pointing that way. Um,
Speaker 1: it's a quick way sometimes to just pull back on
Speaker 1: more variable Sending that said, in a downturn, you can't
Speaker 1: afford to completely turn it off. You still need to
Speaker 1: be drive revenue and advertise that you're mindful of that.
Speaker 1: You're listening to Bloomberg Business Week. This is Bloomberg. Please
Speaker 1: sees Bloomberg Business Week with Carol Messer and Tim Stinebeck
Speaker 1: from Bloomberg Radio. Welcome back for a special holiday weekend broadcast.
Speaker 1: This hour, we're looking back on our trip to the
Speaker 1: Stanford Graduate School of Business, which has once again topped
Speaker 1: Bloomberg Business Week magazine's annual ranking of the best business
Speaker 1: schools in the US. You know all, there were seventeen
Speaker 1: programs included in this year's Best b School's list. In
Speaker 1: the past few months have marked the fullest return to
Speaker 1: normalcy since the onset of the pandemic. At the same time,
Speaker 1: many of those who are already out in the business world,
Speaker 1: whether armed with an advanced degree or not, are seeing
Speaker 1: economic conditions that are anything but normal. That certainly includes
Speaker 1: our next guest, absolutely Tim Sarah Fryar graduated from Stanford
Speaker 1: Graduate School of Business in two thousand. She has since
Speaker 1: served as CFO at Square, now known as Block. She
Speaker 1: was senior vice president of Finance and Strategy at Salesforce
Speaker 1: and was lead Software Analysts and business unit leader over
Speaker 1: at Goldman Sachs. Now she is the CEO of the
Speaker 1: publicly held Neighborhoods social networking site next Door. Her company
Speaker 1: is heavily reliant on digital advertising revenue at a moment
Speaker 1: when players of all sizes in that category are really struggling.
Speaker 1: We asked Sarah about the challenges that she and her
Speaker 1: team are facing as they try to serve millions of
Speaker 1: the world's upstart entrepreneurs and small businesses. She has a
Speaker 1: great focus right on that small business community so important
Speaker 1: to the US economy. We remind our audience once again,
Speaker 1: it was a very rainy day when we were on
Speaker 1: campus earlier this month, so please forgive the background noise.
Speaker 1: Sarah joined us remotely from our Bloomberg San Francisco bureau.
Speaker 1: Always great to talk about Stanford GSC on next Door
Speaker 1: right now. We're there to meet the moment so we
Speaker 1: can be there for neighbors in their time of need.
Speaker 1: They might be finding a side hustle. Sometimes it's selling
Speaker 1: something on our first sale and free platform. And clearly
Speaker 1: we're there for businesses. So the small businesses are actually
Speaker 1: coming to next Door because that's where they're finding new
Speaker 1: customers or maybe finding why it's the upsells to those
Speaker 1: current customers. We have about three point nine million on
Speaker 1: the on the site today. And then of course for
Speaker 1: larger advertisers, they are absolutely looking for a performance probably
Speaker 1: segueing a little away from brand type marketing and too
Speaker 1: much more performance type marketing. It's a place where next
Speaker 1: Door can really sing for them, and so that's been
Speaker 1: our focus. How can we help those advertisers do what
Speaker 1: they need to do, get more sales, get more customers.
Speaker 1: And so we want to get into certainly your experience
Speaker 1: here at Stanford, but a little bit more on the business,
Speaker 1: if you will, because you guys really played to such
Speaker 1: a space that we talked about so much at Bloomberg
Speaker 1: in terms of the social space, the advertising space. I mean,
Speaker 1: is advertiser interest slowing? Are you seeing that? And if so,
Speaker 1: can you can you quantify it for us? Give us
Speaker 1: an idea of what you're seeing? I mean, for sure,
Speaker 1: when you look at the whole space. You already mentioned
Speaker 1: many of the competitors in the space. UM advertising is
Speaker 1: always a place that people will go to first when
Speaker 1: they're worried about a recession, and clearly the economic indicators
Speaker 1: are pointing that way. UM it's a quick way sometimes
Speaker 1: to just pull back on more variable spending. That said,
Speaker 1: in a downturn, you can't afford to completely turn it off.
Speaker 1: You still need to be driving revenue, and advertisers are
Speaker 1: mindful of that. UM. It also tends to be, as
Speaker 1: I tell my team all the time, the first thing
Speaker 1: that will be a recovery in so whether it's a
Speaker 1: stop landing in or maybe a harder landing and we're
Speaker 1: at in at spending is definitely the one to watch.
Speaker 1: I think as a very early barometer on the overall environment.
Speaker 1: When I talk to advertisers right now, they are focusing
Speaker 1: on again what they can control, So what are the
Speaker 1: parts of their businesses that are still growing. I was
Speaker 1: with a bank. Clearly they're not spending as much on
Speaker 1: mortgage based advertising, but they're definitely spending in areas like
Speaker 1: consumer banking and in small business banking because they know
Speaker 1: that small businesses are going to need them if times
Speaker 1: are getting tougher. Just one example, sir, what's the mix
Speaker 1: between local businesses advertising from like local businesses versus global companies? UM?
Speaker 1: Is there a difference in terms of the level of
Speaker 1: activity that you're seeing, a level of slowdown that you're seeing,
Speaker 1: and what's more important to your business. For us, it's
Speaker 1: all about local. Next Door is the neighborhood, and that's
Speaker 1: our unique competitive advantage being able to bring local at scale.
Speaker 1: The people on the next door today where one in
Speaker 1: three households in the United States, But the people tend
Speaker 1: to be the household decision maker, right, the person who says,
Speaker 1: what's going in the fridge, what's your car? Am I
Speaker 1: going to buy? Maybe I'm going to take a vacation,
Speaker 1: although with the recession coming, maybe I'm not and I
Speaker 1: want to do something more locally. So for us, local
Speaker 1: is certainly what matters, UM, But don't think about it
Speaker 1: as only say smaller companies, because they're clearly are global
Speaker 1: as you point out, and national brands that wants to
Speaker 1: act local. Walmart is a good example, m McDonald's is
Speaker 1: a great example. Even tech companies like a door dash right,
Speaker 1: they're all thinking about local on wanting to show up
Speaker 1: for individual communities, but they need to be able to
Speaker 1: do that at scale, and for our viewers and listeners
Speaker 1: not familiar. You're on the Walmart board, so you definitely
Speaker 1: have some unique insight into how that company is thinking. Hey, hey, Sarah,
Speaker 1: I'm curious because you know the changes that Apple made
Speaker 1: to its operating system in the last couple of years,
Speaker 1: specifically around privacy and I d f A, the challenges
Speaker 1: that that's posed to Facebook and Snap that's been really
Speaker 1: well documented. One thing we've also heard though, that it's
Speaker 1: been a challenge for small and medium sized businesses to
Speaker 1: actually reach their audience as a result of those privacy changes.
Speaker 1: Just in the last minute that we have with you
Speaker 1: thirty seconds, do you is that is that next Door's gain?
Speaker 1: It should certainly help us because you're right, I think
Speaker 1: small businesses were used to a certain level of performance
Speaker 1: and we've definitely heard that as we've gone out and
Speaker 1: done more of our insights driven research that all of
Speaker 1: a sudden, they're not seeing that on platforms that they
Speaker 1: were used to spending a lot on. So again we
Speaker 1: come back to what can we do for you as
Speaker 1: a small local business. Next door gives you a free page,
Speaker 1: a free presence on the site, a way to talk
Speaker 1: to the customers that can literally walk into your corner shop,
Speaker 1: walk into your hair salon, walk into your fitness gudeo. Um.
Speaker 1: The second thing we do is very trusted. Do you know,
Speaker 1: it's real neighbors, real people at a real address. And
Speaker 1: then finally there's that community aspect. The thing I always
Speaker 1: love about local businesses is they're not just there to
Speaker 1: make a dime. They're also they're often to do good
Speaker 1: in their community. We saw this just through the Thanksgiving
Speaker 1: period um with a lot of businesses giving back particulats
Speaker 1: of folks that may not have what they need to
Speaker 1: put food on the table. We're right now actually offering
Speaker 1: a small business grant with the n A a c
Speaker 1: P to really get to minority businesses as well. So
Speaker 1: just some examples up how next door can help local
Speaker 1: businesses at a local level. Hey Sarah, before we go,
Speaker 1: we do have to ask you about your time at Stanford.
Speaker 1: You you were here at the height of the dot
Speaker 1: com bubble. Do you see any like comparisons or similarities
Speaker 1: between that time and maybe I don't know, is it
Speaker 1: a crypto bust. I'm not quite sure we saw kind
Speaker 1: of loosen froth over the last year. Yeah, it's it's interesting.
Speaker 1: I was actually just at the Business School a few
Speaker 1: weeks back teaching a class about Where's I p O.
Speaker 1: You mentioned square UM and you know the cost I've
Speaker 1: taught now for a couple of years. A year ago
Speaker 1: we were in full frost mode UM, and as we
Speaker 1: talked about valuation and multiples, it felt like there was
Speaker 1: almost no feeling to it. This year's class was a
Speaker 1: much more somber, But I think our message to them, UM,
Speaker 1: I teach it with another x m G sp R
Speaker 1: who's on the on the BI side, is you know,
Speaker 1: it's a great time to pivot the fundamentals. Some of
Speaker 1: the greatest businesses I've seen have been created in the downturn,
Speaker 1: because you've got to be great if you're going to
Speaker 1: make it through say a public markets um issuance when
Speaker 1: the market is low, so it can actually be a
Speaker 1: time of great opportunity. That's what I'm thinking about my
Speaker 1: business right now. It's certainly what I learned when I
Speaker 1: came out of Stanford Business School into a world that
Speaker 1: was going through its own mega crisis. UM and of course,
Speaker 1: you know, I was at a financial institution during the
Speaker 1: financial crisis, So there's lives experiences that tell us these
Speaker 1: are cycles. It will get better, but we have to
Speaker 1: be really mindful and real effect about what we can
Speaker 1: do for our business today. That was Sarah Fryer, CEO
Speaker 1: of next Door and a member of the Stanford Graduate
Speaker 1: School of Business class of two thousand. Still Ahead, on
Speaker 1: Bloomberg Business Week, we check in with another high profile
Speaker 1: Stanford gs b Alum General Motors Chair and CEO, Mary Barra,
Speaker 1: and the iconic American automaker is adjusting its plans as
Speaker 1: signs of economic recession begin to mount. We decided to
Speaker 1: put our plan around a more conservative market around fifteen
Speaker 1: million star, which is a seasonable adjusted sales rate. And
Speaker 1: because we understand that, you know, we set everything up,
Speaker 1: if there's been more opportunities, will be able to seize
Speaker 1: the opportunity. But we're taking the approach that we're going
Speaker 1: to be very mindful of costs as we go into
Speaker 1: next year. We have a strong product portfolio with new
Speaker 1: new midsize trucks coming off of you know, new trucks
Speaker 1: that we've just launched this year. So We're confident in
Speaker 1: our product portfolio, but we're going to be conservative with costs.
Speaker 1: And later we'll go deep on the latest Crypto winter
Speaker 1: with our invests Kathy Wood and we'll break down the
Speaker 1: Bloomberg fifty. It's the magazine's annual look at key figures
Speaker 1: impacting the business world. Stick around. This is Bloomberg Broadcasting
Speaker 1: from the financial capital of the world, Bloomberg eleven Frio
Speaker 1: in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one to San Francisco, Bloomberg nine
Speaker 1: six to the country Sirius XM Chadel one nine team,
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Business Week with Carol Masser
Speaker 1: and Tim Stentive from Bloomberg Radio. More. Now, from our
Speaker 1: early December visit to the Graduate School of Business, our
Speaker 1: Business Week team has once again selected it as the
Speaker 1: pre eminent business school in the United States, and right
Speaker 1: now we've got a conversation with one of its most
Speaker 1: distinguished alumni. We're talking about General Motors Chair and CEO
Speaker 1: Mary Barra. We spoke about her career path earlier with
Speaker 1: Stanford at GSB Dean Jonathan Levin. Barra has been known
Speaker 1: for making big changes at the automaker since taking over back,
Speaker 1: going all in on a more sustainable course for the future,
Speaker 1: that of course being electrification. Yeah, big time, and even
Speaker 1: as the company lays out targets for its e V future,
Speaker 1: it cannot ignore the prospects every session in the near term.
Speaker 1: Mary Barra joined us remotely during our rain sad visit
Speaker 1: to her alma mater. We're still seeing very strong demand,
Speaker 1: uh in pricing. It's moderated a little but so well
Speaker 1: well ahead of levels. You know that we're pre pre
Speaker 1: COVID in pre dy semiconductor shortage, so it's something we're
Speaker 1: continuing to watch on a daily a daily basis. But
Speaker 1: for the auto industry, you know, we're seeing a little
Speaker 1: bit from a used car pricing, but but still very strong.
Speaker 1: To me, how does that change your look at all
Speaker 1: for three and what you're expecting next year? Give us
Speaker 1: an idea of any caters that you're watching. Sure, well,
Speaker 1: one of the things is we are planning for um.
Speaker 1: You know, we we decided to put our plan around
Speaker 1: a more conservative market around fifteen millions are which is
Speaker 1: a seasonal adjusted sales rate, and because we understand that,
Speaker 1: you know, we set everything up, if there's been more opportunity,
Speaker 1: will be able to seize the opportunity. But we're taking
Speaker 1: the approach that we're going to be very mindful of
Speaker 1: costs as we go into next year. We have a
Speaker 1: strong product portfolio with new new midsized trucks coming off
Speaker 1: of you know, new trucks that we've just launched this year,
Speaker 1: So we're confident in our product portfolio, but we're going
Speaker 1: to be conservative with costs. Some of the things that
Speaker 1: General Motors has talked about, those e the incentives to
Speaker 1: those incentives will help largins like it's not a bad
Speaker 1: thing to have, right Well, no, I mean because if
Speaker 1: you think about it, um you know, from an electric
Speaker 1: vehicle perspective, the battery is the most expensive piece, and
Speaker 1: where everyone is working to improve battery technology. I think
Speaker 1: General Motors is in a leading um position or among
Speaker 1: the leaders from a battery cost perspective. Our plant in
Speaker 1: Ohio is now producing cells, so that's a that's a
Speaker 1: big advantage, and we have another plant having out next
Speaker 1: year and the year after, so I think that's going
Speaker 1: to be important. But to really get all companies and
Speaker 1: consumers to move forward to e v s. I think
Speaker 1: this is very important. So yes, we we think that
Speaker 1: it will be helpful UH and allow us to continue
Speaker 1: to invest in the United States. Hey, one thing we
Speaker 1: wanted to ask you too, man Like the news for
Speaker 1: General Motors just comes fast and furious. There was a
Speaker 1: report about these rides sharing robo taxis with no steering wheels.
Speaker 1: I don't know, what can you tell us about this?
Speaker 1: And this is coming through the damn Cruise divisions? What
Speaker 1: can you tell us about this? Is this something that
Speaker 1: you guys are working on and really pushing ahead on. Absolutely,
Speaker 1: we will will be ready to launch the Origin next year,
Speaker 1: and it is a vehicle that's purpose built for rides.
Speaker 1: Here Crews has the technology. We're the only company that
Speaker 1: is operating and naturally charging for rides in San Francisco.
Speaker 1: By the end of the year, we'll have vehicles operating
Speaker 1: UH and Phoenix as well as Austin. And so we
Speaker 1: think a lot of people think this technology is five
Speaker 1: or ten years away. It's here now and UM couldn't
Speaker 1: be more proud of the Cruise team. And I think
Speaker 1: when you we have the Origin and people are going
Speaker 1: to see that it really takes right here up and
Speaker 1: match with the comfort the convenience that you have with
Speaker 1: autonomous vehicle right here. So I couldn't couldn't be more supportive,
Speaker 1: and I'm very excited about this technology. Okay, so Robotaxi
Speaker 1: is coming soon. Maybe we'll take a ride and the
Speaker 1: next time we're here at Stanford. Hey, Mary, you're on
Speaker 1: the board of Walt Disney. So I gotta ask about
Speaker 1: the recent shakeup there. Um, when did the discussions start
Speaker 1: to make a change and bring back Bob Iger. Well,
Speaker 1: you know, I'm really not here to talk about Disney, um,
Speaker 1: and I'm not going to talk about this specific timing.
Speaker 1: That's you know, confidential from a board perspective. But what
Speaker 1: I will say is we are incredibly competent. I'm personally
Speaker 1: incompetent in Bob's ability to set the strategic direction for
Speaker 1: renew of growth, just as he has done in the past. Uh.
Speaker 1: You know, this is a period of enormous change and
Speaker 1: Bob understands that, and he's really uniquely suited to navigate
Speaker 1: the challenges facing Disney and the broader industry, and he'll
Speaker 1: focus and take the right steps as it relates to
Speaker 1: efficiencies and a cost effective structure. But I think, you know,
Speaker 1: the initial message that he has so important that creativity
Speaker 1: is the heart and soul of the company. So uh,
Speaker 1: the board will will work closely with him, um to
Speaker 1: identify and and have the right succession process in this
Speaker 1: two years. But UM, I think right now, if you
Speaker 1: look at what he accomplished in fifteen years, he's the
Speaker 1: right leader. His legacy on storytelling and what he accomplished
Speaker 1: with the company is really undeniable. So I think he's
Speaker 1: the right person for the job. Mary. You know, we
Speaker 1: said a lot of things coming at you fast and furiously.
Speaker 1: I think about Twitter and GM and advertising. You know,
Speaker 1: what are your expectations about Twitter going forward? Is it
Speaker 1: just kind of a wait and see approach to see
Speaker 1: whether or not you want to have advertising back on
Speaker 1: the plot form? How do you feel about that? Yeah,
Speaker 1: we just want to better understand, you know, and make
Speaker 1: sure that there's the right UM monitoring of content. Uh.
Speaker 1: You know, our brands are very important, and so we
Speaker 1: were continuing to to work with the Twitter team and
Speaker 1: understand where they're going, and we'll continue to monitor that.
Speaker 1: I have to say, one of the things and prepping
Speaker 1: for this is You gave a speech I think it
Speaker 1: was back in to graduates and you talked about how
Speaker 1: when getting an m b A, everybody thought about Gordon
Speaker 1: Gecko of the Wall Street movie. I think it has
Speaker 1: definitely evolved when you think about all the different people
Speaker 1: get MBAs and where they go. What is the smart
Speaker 1: conversation about women specifically in senior roles? You did it, um,
Speaker 1: but it's interesting even though there's parody among men and
Speaker 1: women maybe at business schools, it's not necessarily in the
Speaker 1: c suite. And I just I'm curious what your thoughts are.
Speaker 1: What's the smart conversation about getting more women in senior roles? Well,
Speaker 1: I think you know, for me personally, my time at
Speaker 1: Stanford was transformational. I always say in some cases I
Speaker 1: didn't know when I didn't know, and you know, taught
Speaker 1: you so much about business being the fact that I
Speaker 1: had a engineering degree and that's what I the degree
Speaker 1: I pursued before I lived there. So I mean, you know,
Speaker 1: continuing to to attract women into business school is very
Speaker 1: very important. But then you know, like Stanford, they have
Speaker 1: specific um, you know, uh, initiatives to work to make
Speaker 1: sure women are prepared for getting to the c suite
Speaker 1: and have a network and support to do that. So
Speaker 1: I think we just kind of keep working in I
Speaker 1: think a lot of it rests on companies to have
Speaker 1: the right pipeline. It's not you know, it's not something
Speaker 1: you do with the last minute, it's it's it's what
Speaker 1: you do, you know, the minute someone joins the company,
Speaker 1: and having a strong pipeline through each of the different
Speaker 1: areas of the company. And that's what we try to
Speaker 1: do at General Voters. But I think the learning um
Speaker 1: that an MBA provides definitely allows you know both both
Speaker 1: you know, everyone who attends the opportunity to be better
Speaker 1: prepared to succeed. Mary twenty seconds. One twin that you've
Speaker 1: got from being at Stanford that you take with you today.
Speaker 1: Oh my gosh. There are so many things, UM that
Speaker 1: I learned at Stanford UM. But I think one of
Speaker 1: the key things is it's and what is I think
Speaker 1: so special about the Stanford Graduate School of Business is
Speaker 1: their focus on leadership. Because leadership, no matter what challenge
Speaker 1: you face, engaging people been able to set the strategic direction.
Speaker 1: It all centers on having strong leadership. And that's a
Speaker 1: focus and I think a big distinguisher of what the
Speaker 1: Stanford Graduate School of Business has a complaint. That's Mary Barr,
Speaker 1: Chair and CEO of GM and Stanford GSPS class of
Speaker 1: you're listening to Bloomberg Business Week. Up next, we come
Speaker 1: full circle and here from a graduate who's already co
Speaker 1: founded an agricultural tech firm that's focused on carbon reduction
Speaker 1: practices when it comes to farming. Last, it is Nicole
Speaker 1: Rojas joins us. In just a moment for me going
Speaker 1: into this space, it was this fantastic intersection of this
Speaker 1: industry that's near and dear to my heart as a
Speaker 1: proud Wisconsin night, but also that has a profound impact
Speaker 1: on the climate. And what's really exciting about agriculture and
Speaker 1: working in sustainability here is that we really see it's
Speaker 1: a win win. It's both for environmental sustainability and improving
Speaker 1: the land that we're farming on and the cattle that
Speaker 1: we're working with, but also financial sustainability that by doing
Speaker 1: these emission reduction practices, it's improving the financial viability of
Speaker 1: these farms. And we'll go off campus in our second
Speaker 1: hour to talk crypto with Cathy Wood. You know, sometimes
Speaker 1: you need to battle tests. You need to go through
Speaker 1: crises uh to see uh, to see who the real m,
Speaker 1: to see the survivors first of all, but really to
Speaker 1: test battle test the infrastructure and the thesis. And again
Speaker 1: we think bitcoin is coming out of this smelling like
Speaker 1: a rose. And then catch up with the chef Daniel
Speaker 1: Blue on his newest kitchen in New York City. We
Speaker 1: have the tourism, we have the business. We have Uh.
Speaker 1: Definitely uh uh. New York City has a lot of rebounds.
Speaker 1: I will say older time for different purpose and different reasons.
Speaker 1: I think company will still up to entertain, company will
Speaker 1: still have to do business. So I think I see
Speaker 1: the optimism. Maybe not only for next year it's ought
Speaker 1: to be optimistic, but definitely for the next five years.
Speaker 1: Stick around. This is Bob. You're listening to Bloomberg Business
Speaker 1: Week with Carol Messer and Tim Stinevic from Bloomberg Radio.
Speaker 1: As we finish up our recap of our early December
Speaker 1: visit to the Stanford Graduate School of Business, we did
Speaker 1: want to highlight a very recent a lump who's tackling
Speaker 1: one of the biggest challenges of our time and one
Speaker 1: that threatens all of our existence. Climate change. Before Nicole
Speaker 1: Rojas became a member of the school's class of two,
Speaker 1: she had already co founded an agricultural and climate tech
Speaker 1: focused company called Lasso. Nicole joined us remotely from her
Speaker 1: home state. It was Johnson to explain her mission. At
Speaker 1: the end of the day, what LASSO does is it
Speaker 1: makes a business case for on farm emissions reductions. If
Speaker 1: you're a business or a farm and you you want
Speaker 1: to implement a new practice, it has to make financial sense.
Speaker 1: And in order to make financial sense, you have to
Speaker 1: have data to back up showing that you're doing what
Speaker 1: you say you're doing, whether it's to back up you know,
Speaker 1: claims that you're making on your brand, or to apply
Speaker 1: for external funding, and today it's to get this data.
Speaker 1: It's really manual, you know, lots of phone calls, farm visits,
Speaker 1: fragmented Excel spreadsheets. So what LASSO does is automates this
Speaker 1: largely manual process to to make financial sense, uh for
Speaker 1: the beef and dairy companies as well as the dairy
Speaker 1: farmers and be Francis. And you've come to us today
Speaker 1: from Wisconsin, right, we see a lot of dairy farming. Obviously,
Speaker 1: they tell us about kind of your personal experience of
Speaker 1: growing up in the area and how that impacted what
Speaker 1: you wanted to do, you know ultimately today. Yeah, absolutely.
Speaker 1: So I'm originally from Green Bay, Wisconsin, so I'm a
Speaker 1: proud she's had for me going into this space. It
Speaker 1: was this fantastic intersection of this industry that's near and
Speaker 1: dear to my heart as a proud Wisconsin night, but
Speaker 1: also that has a profound impact on the climate. And
Speaker 1: what's really exciting about agriculture and working in sustainability here
Speaker 1: is that we really see it's a win win. It's
Speaker 1: both for environmental sustainability and improving the land that we're
Speaker 1: farming on and the cattle that we're working with, but
Speaker 1: also financial sustainability that by doing these emission reduction practices,
Speaker 1: it's improving the financial viability of these farms. Well, it's
Speaker 1: funny when I think about E. S. G. Right and E. S. G.
Speaker 1: Tim and I talked a lot about it going through reckoning,
Speaker 1: But I think initially the thinking was what was the
Speaker 1: financial impact that climate change was going to have on
Speaker 1: industries and companies. Um, you know, we know the importance
Speaker 1: of saving the climate to make or that we're all
Speaker 1: around in the future but that financial you know, using
Speaker 1: the data to kind of understand financially how climate change
Speaker 1: is impacting financially again UH, Gary's companies, and I feel
Speaker 1: like that speaks to what you guys are doing, that
Speaker 1: you're using the data to kind of get an understanding. Absolutely,
Speaker 1: and more than ever now it makes financial sense. Whether
Speaker 1: you see government support like the U. S d A
Speaker 1: Smart Commodities UH bill that's you know, or the grants
Speaker 1: is three billion dollars that's distributed to both farmers and
Speaker 1: companies alike to support these emissions reduction projects, or even
Speaker 1: the Inflation Reduction Act that was passed recently that satisfied
Speaker 1: twenty billion dollars for emissions reduction in agriculture. There has
Speaker 1: never been a better time to address emissions um cattle farms. Today.
Speaker 1: That wraps up our first hour of the weekend edition,
Speaker 1: our special holiday weekend edition of Bloomberg Business Week from
Speaker 1: Bloomberg Radio and Carol Masser and I Tim Stanivik. We'd
Speaker 1: like to thank the team at Stanford's GSP for welcoming
Speaker 1: us back on campus. Check out additional coverage and all
Speaker 1: of the rankings of top NBA programs in the US
Speaker 1: by heading to Bloomberg dot Com slash a Business Week Carol,
Speaker 1: You've been to Stanford, what four times in a row? Now, yeah,
Speaker 1: I think so. And it hadn't rained once right now,
Speaker 1: it's the only time. And you know it wasn't even
Speaker 1: just a little drizzle. It was a downport. It was
Speaker 1: from like the minute we all got up that morning
Speaker 1: until I think it was still raining a little bit
Speaker 1: by the time we left. Oh yeah, he says, you
Speaker 1: know California, Well right, yeah, I mean, it's always good
Speaker 1: when it gets rained, no matter where. Hey, listen, A
Speaker 1: special not of appreciation to our incredible team on site
Speaker 1: for braving the rainy conditions. Matt Tomlin, our shooter Ariel Burger,
Speaker 1: who was our producer, oversaw it all. They really made
Speaker 1: it all work for all of our broadcast teams, so
Speaker 1: we really appreciate it. We're coming up in the next
Speaker 1: hour of our holiday weekend edition of Bloomberg Business Week,
Speaker 1: We'll bring you the best of our recent interview with
Speaker 1: our innvest Cathy Wood. We'll check in on chef Daniel
Speaker 1: Blue's latest big Apple venture, and revealed the latest Bloomberg
Speaker 1: fifty drumroll please, Plus what the twelve days of Christmas
Speaker 1: are really costing you this year? Any idea tim expensive
Speaker 1: more than last year? Inflation? Little inflation. Hello, that's coming up.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week. Inside from
Speaker 1: the reporters and editors who bring you America's most trusted
Speaker 1: business magazine, plus global business, finance and tech news as
Speaker 1: it happened Sloomberg Business Week with Carol Messer and Tim
Speaker 1: Stentovic on Bloomberg Radio plenty hand our second hour of
Speaker 1: this holiday weekend edition of Bloomberg Business Week. Merry Christmas,
Speaker 1: Happy Hanukah to everybody out there. We do have a
Speaker 1: special hour still to come, including the latest and veiling
Speaker 1: of the Bloomberg Fifty. That's the magazine's annual breakdown of
Speaker 1: the fifty business icons and innovators that you need to
Speaker 1: be keeping an eye on. Plus, we're joined by world
Speaker 1: famous chef Daniel Blue, who's going to give us the
Speaker 1: scoop on a pair of new culinary destinations, and we'll
Speaker 1: get a pulse check from him on the state of
Speaker 1: the Beligue restaurant industry. There's nothing wrong with that interview.
Speaker 1: We weren't on site with him eat when he was
Speaker 1: at the restaurant his latest venture. All right, first up
Speaker 1: this hour, Kathy Would, Tim and I spoke with the founder, CEO,
Speaker 1: and ce IO of our investment management just prior to
Speaker 1: Thanksgiving and just in the wake of Sam Bankman Freed's
Speaker 1: ft X exchange going belly up and despite the deepest
Speaker 1: trees yet in the crypto winter, Kathy Would, she's staying
Speaker 1: the course. If you look at the block chains, let's
Speaker 1: let's use UH the Bitcoin blockchain and ethereum. What you'll
Speaker 1: find is they have the infrastructure. The technology has not
Speaker 1: skipped a beat throughout this entire crisis. In fact, the
Speaker 1: hash rate, Bitcoin's hash rate is at an all time
Speaker 1: high and that is a real indication of the security
Speaker 1: of the network. So we think the infrastructure is working
Speaker 1: beautifully UM. As far as coin base, UH, this is
Speaker 1: an onshore regulated UH company and wanting to help shape regulations.
Speaker 1: Brian Armstrong, the CEO, and Alicia uh CFO have been
Speaker 1: leaning in into what's going on right now and saying, okay, regulators,
Speaker 1: we need more clarity in order to protect to protect investors,
Speaker 1: those who wanted to get involved with a certain types
Speaker 1: of crypto were forced off shore. And look at what's happened. So, um,
Speaker 1: I I think that coin base is going to come
Speaker 1: out here looking very very strong. It just lost a
Speaker 1: very big competitor in t X. Well what is the
Speaker 1: market missing though, because you know, that could be one narrative, Cathy.
Speaker 1: But at the same time, we haven't exactly seen shares
Speaker 1: of coin based rally since f t x is collapse.
Speaker 1: Do you think to you that represents potentially broader concern
Speaker 1: about just people's interest in crypto following ft x is collapse. No,
Speaker 1: I think it's more fear. I think, uh, many people say,
Speaker 1: we don't know what we don't know? Uh and uh
Speaker 1: so what we do is we step back, uh, you know,
Speaker 1: put a little perspective into the situation here, and what
Speaker 1: do we have? So the entire crypto asset ecosystem is
Speaker 1: an eight hundred billion dollar ecosystem. Apple is three times
Speaker 1: larger in terms of market cap. So that's some perspective.
Speaker 1: Many people are saying, well, okay, is this another lehman?
Speaker 1: Could this be uh? You know, could could we see
Speaker 1: the domino effect here? I've just given you one reason
Speaker 1: why the banking system back in oh eight oh nine,
Speaker 1: trillions and trillions of dollars and it was the global
Speaker 1: banking system. Right now we have it seems from fd
Speaker 1: X five to ten billion dollars in creditors. If as
Speaker 1: uh as f t X has filed bankruptcy, they will
Speaker 1: be making claims. If you look at Lehman, that was
Speaker 1: one point to trillion dollars in claims. So again just
Speaker 1: trying to put perspective, this is fraud, this is made off.
Speaker 1: Made off was sixty four billion dollars in claims. Again,
Speaker 1: f t X five to ten billion. Now I know
Speaker 1: that crypto assets are you know, they attract a lot
Speaker 1: of attention. This is um you know the three revolutions
Speaker 1: we talk about all the time. You know, a new
Speaker 1: monetary system in terms of the first global private meaning
Speaker 1: not government controlled, digital rules based monetary system, that's bitcoin.
Speaker 1: A very big idea. Defy is a very big idea.
Speaker 1: And uh, while that has been thrown into question in
Speaker 1: terms of you know, shifting from one exchange to another,
Speaker 1: we've had a lot of shifting around. But I think
Speaker 1: I think Defy in terms of taking the middle men
Speaker 1: out of financial services and and making the ecosystem much
Speaker 1: more transparent with much less counterparty risk, is going to
Speaker 1: take off. It will continue to move forward. We believe
Speaker 1: they think. One of the things we're trying to figure
Speaker 1: out is how long that we think the industry will
Speaker 1: be feeling the ramifications of f t X. I mean,
Speaker 1: one thing we've learned right with SPF and f t
Speaker 1: X is what we didn't know. So how long do
Speaker 1: you think this goes on? Because you obviously have faith
Speaker 1: in it, You've been buying into it, and you think
Speaker 1: this is a good entry point at this point, whether
Speaker 1: it's gray scale, whether it's coin base, But um, how
Speaker 1: long do you think we continue to feel the effect?
Speaker 1: And do you think there's more contagion to be felt? Um? Well,
Speaker 1: we always look for the whale, uh, in in a
Speaker 1: situation like this, and if if there was a whale
Speaker 1: out there, it was f t X and and Sam
Speaker 1: Bankman freed, you know, king of the hill. Uh. So
Speaker 1: I think we found the way and uh, you know,
Speaker 1: I'm sure they are going there's going to be more fallout,
Speaker 1: but we see how big the whale is. And yes,
Speaker 1: a lot of people have lost a lot of money
Speaker 1: around uh the crypto acid ecosystem, uh losing value here.
Speaker 1: But if we're right on the underlying technology and the
Speaker 1: underlying roles that bitcoin and ether ethereum are going to
Speaker 1: play in this new world. Uh. Then I think we're
Speaker 1: going to recover pretty quickly. Are there any other opportunities
Speaker 1: in crypto that you see right now in the wake
Speaker 1: of f t xs collapse as prices have been beaten up.
Speaker 1: Well again for our e t F s we uh
Speaker 1: we as you mentioned on coin base, we also owned
Speaker 1: Square And it is interesting that Jack Dorsey has chosen
Speaker 1: the most transparent, most decentralized crypto asset to center UH
Speaker 1: blocks crypto exposure too, and I realize he's trying to
Speaker 1: from a developer community point of view, leave them on
Speaker 1: their their own, But we do think bitcoin UH, and
Speaker 1: you can see through the behavior of the infrastructure hasn't
Speaker 1: skipped a beat, not one beat, at more secure than
Speaker 1: it was yesterday, the day before, and the day before.
Speaker 1: So I have a feeling this is going to elevate
Speaker 1: bitcoin in the eyes of not only the crypto world,
Speaker 1: but the investment world at large. And I have a
Speaker 1: feeling it's going to have more running room through the
Speaker 1: rest of the world. I think this is the way
Speaker 1: that this is blocked to go to market, uh, to
Speaker 1: get into the rest of the world, and we think
Speaker 1: they're going to be very successful. So then I'm assuming Kathy,
Speaker 1: that you're going to hold to your bitcoin forecast for
Speaker 1: what is it a million per coin by that still
Speaker 1: feels good to you, Yes, and you can you know,
Speaker 1: sometimes you need to battle tests. You need to go
Speaker 1: through crises uh to see UH, to see who the
Speaker 1: real UM, to see the survivors first of all, but
Speaker 1: really to test battle test the infrastructure and the thesis.
Speaker 1: And again, we think bitcoin is coming out of this
Speaker 1: smelling like a rose because of what I have mentioned previously.
Speaker 1: And I do think that the one thing that will
Speaker 1: be delayed is UM perhaps institutions stepping back and just saying, Okay,
Speaker 1: do we really understand this uh, And once they actually
Speaker 1: do the homework and see what's happened here, I think
Speaker 1: they might be more comfortable moving into into bitcoin UH
Speaker 1: and and perhaps ether as a first stop, you know,
Speaker 1: as they'll understand it more. Kathy, unfortunately, have a couple
Speaker 1: of minutes left here. One thing we did want to
Speaker 1: squeeze in UM. We've been talking about in the newsroom
Speaker 1: that Alliance Bernstein is getting ready to launch actively Manage
Speaker 1: Disruptor e T f s and from what I and
Speaker 1: you pitch them you know years ago. Um, how does
Speaker 1: that make you feel? And you know, to see a
Speaker 1: firm from that you worked at kind of doing a
Speaker 1: very similar thing or looking to do something similar. Yes, well,
Speaker 1: um Allions Bernstein I believe got the first fully active,
Speaker 1: fully transparent e t F in I think it was early.
Speaker 1: It got the approved in early two thousand thirteen. So
Speaker 1: that's when I put my hand up and said I'll
Speaker 1: do that. And um uh, there were there was a
Speaker 1: belief that e t f s were not safe or
Speaker 1: you know, there were a lot of arguments against it.
Speaker 1: Probably the biggest one was mutual funds, which are much
Speaker 1: more profitable. I would say the economics there are higher
Speaker 1: than e t f s. How does it make me feel?
Speaker 1: You know, I'm the more the merrier. I think this
Speaker 1: is a fantastic rapper for the end consumer. It's fully liquid,
Speaker 1: unlike mutual funds you have to wait till the end
Speaker 1: of the day. Transparent, fully transparent, that's what that's what
Speaker 1: investors want. Uh. It is more tax effective, much more
Speaker 1: tax effective. We're seeing mutual funds that are down thirty
Speaker 1: this year, but they're slapping their investors with in capital
Speaker 1: tax gains UH. And then finally, it's more cost effective
Speaker 1: when you because all of the what you see is
Speaker 1: what you get with these fees. There aren't a bunch
Speaker 1: of hidden fees, so it's a great rapper for the
Speaker 1: end consumer. I highly recommend it and we're happy that
Speaker 1: that they that they are seeing the light now. Always
Speaker 1: great to catch up with Kathy and that a really
Speaker 1: wide ranging conversation from late last month. Always a good
Speaker 1: perspective from the Ark invest founder, CEO and c i O.
Speaker 1: And if you missed any of that conversation or want
Speaker 1: to hear more, just head on over to our podcast feed.
Speaker 1: We covered so much and she's really goes in depth
Speaker 1: on her thinking, so I'm really worth sitting down and
Speaker 1: listen to this weekend UH. And you are, of course
Speaker 1: listening to Bloomberg Business Week coming up, breaking down an
Speaker 1: important list that Kathy would found herself on. Back in
Speaker 1: we delve into the latest annual installment of the Bloomberg Fifty.
Speaker 1: This is Bloomberg, Please sees Bloomberg Business Week with Carol
Speaker 1: Messer and Tim Stinevic from Bloomberg Radio. Next up on
Speaker 1: our special holiday weekend broadcast is look at the first
Speaker 1: issue of Bloomberg business Week magazine to be released for
Speaker 1: The double issue is available on newstands online on the
Speaker 1: Bloomberg terminal, and it highlights the sixth annual Bloomberg Fifty.
Speaker 1: The Bloomberg Fifty is Bloomberg Business Week's annual look at
Speaker 1: the icons and innovators who have shaped global business. These
Speaker 1: are the people in business, finance, politics, entertainment, and science
Speaker 1: and technology who've had the most impact year in their fields,
Speaker 1: according to Bloomberg reporters and editors. Jending us with a
Speaker 1: breakdown of the key figures to watch in the coming year.
Speaker 1: Our senior editor for the magazine, Brett Began, and Bloomberg
Speaker 1: Business Week editor Joe Weber hard not to talk about
Speaker 1: crypto right now. I think, you know, and and uh,
Speaker 1: we have a certain someone on the lift who um
Speaker 1: has really emerged as the dominant figure in sort of
Speaker 1: the ft X fall up, and that's the new CEO
Speaker 1: of ft X. But of course the beauty of this
Speaker 1: list is that you have to kind of like rewind
Speaker 1: the clock and start from the beginning of the year.
Speaker 1: And I don't think that there's any more dominant theme
Speaker 1: acrocess was then Russia's invasion of Ukraine, and again and
Speaker 1: again and again people emerged from that situation one days
Speaker 1: the Lynskey and how could you not talk about when
Speaker 1: you talk about two? But there are many, many more,
Speaker 1: And Brett Vegan has passed lift on the Business Week
Speaker 1: team is canvassing the newsroom to help put spotlights on
Speaker 1: important people, some of which you probably know. And then
Speaker 1: all of people the special part of this list, like
Speaker 1: Carol said, it's like this little cross section that happens
Speaker 1: when you bring together a lot of various people in
Speaker 1: themes and there's just there's these gyms that sort of
Speaker 1: emerge that are not household names. And that's what I
Speaker 1: love is like you take as a Linsky and you
Speaker 1: put them next to bread. Take your pick. Who's Who's
Speaker 1: an unheralded name that people will surprise people. Let's see
Speaker 1: someone like Pinky Cole is probably someone that a lot
Speaker 1: of listeners haven't heard of. So Pinky Um is the
Speaker 1: founder of a vegan fast food restaurant chain called I
Speaker 1: think I'm allowed to say this on the air, Slutty Vegan.
Speaker 1: She started the year with four restaurants and by the
Speaker 1: end the next year, we'll have more than twenty. These
Speaker 1: are vegan fast food burger chains. Um and she's just
Speaker 1: a great story. Basically raised million dollars this year with
Speaker 1: the help of Danny Meyer. Um famous of course for
Speaker 1: many reasons, including shake shack and valuing the company now
Speaker 1: about a hundred million dollars. She's undergoing a massive expansion.
Speaker 1: I don't know. And then another name is someone like
Speaker 1: Tom Oxley, who founded synchron uh. Tom is both an
Speaker 1: entrepreneur but also someone with a deep medical background, and
Speaker 1: they did something kind of crazy this year where they
Speaker 1: were able to implant something in someone's brain that allowed
Speaker 1: them essentially to communicate via bluetooth and share their thoughts.
Speaker 1: This is a patient who was suffering from Luke Garrig's disease.
Speaker 1: You know, I want to know about how you put
Speaker 1: the list together, and I know a lot goes into this,
Speaker 1: and I know you reach across the newsroom. My experience
Speaker 1: was sending you names over the last few months is
Speaker 1: like thanks, but no thanks because and there's always a
Speaker 1: great reason why. You know, somebody I spent hours thinking
Speaker 1: about and I write you up this little bio and
Speaker 1: you know, and I get this email back that's you know,
Speaker 1: a gentle sort of let down. Um, it's pretty incredible
Speaker 1: though to see this list and how it comes to together. Um,
Speaker 1: how many people do you think you consider before you're
Speaker 1: coming up with getting it down to fifty? Well, I
Speaker 1: just want to say thank you, of course for your country.
Speaker 1: I'll try again next year. Okay, we really appreciate we
Speaker 1: are always always looking for uh people next year. So, UM,
Speaker 1: I don't know, I would say that probably we wind
Speaker 1: up giving about a hundred and fifty or so people
Speaker 1: will look and the thing that really separates those who
Speaker 1: wind up on the list from those who don't is data.
Speaker 1: We look for a hard data point. We look for
Speaker 1: a metric. We look for something that underpins the nomination,
Speaker 1: something that we can point to and say in this
Speaker 1: is a fact that really deserves recognition. And um Merrett,
Speaker 1: there are a lot of people that we consider who
Speaker 1: had good years maybe last year, or expected to have
Speaker 1: good years next year. But we don't have that sort
Speaker 1: of hard metric. And with out that, it is really
Speaker 1: hard to sort of get on the list. But now
Speaker 1: you know, right, so we know for for next year.
Speaker 1: Thank you, well, you know, and sometimes it's Popeye's chicken
Speaker 1: sandwich or something that makes the list. You always have
Speaker 1: something that's not quite human. And thank you, Joel Webber.
Speaker 1: I kind of always loved Joel that you can include
Speaker 1: these kind of things on the list. I think it
Speaker 1: makes it charming. But Brett, how did how did we
Speaker 1: appushed the inanimate object in the wake of Meme Stock
Speaker 1: last year? You know, you would think that this would
Speaker 1: be the hardest one to find every year, and for
Speaker 1: some reason, it's always one of the first things that
Speaker 1: I think of every year and get very excited once
Speaker 1: I figured it out. So, as Joel said, we did
Speaker 1: the Meme Stock last year, we did SPACs two years ago,
Speaker 1: we did the Popeye's Chicken Sandwich year before that. Um,
Speaker 1: this year, it was kind of a no brainer to
Speaker 1: put the James Webb telescope on the list. In July.
Speaker 1: I think we can all think back and remember just
Speaker 1: how loud we were by some of these, uh, some
Speaker 1: of the first pictures that we saw, which were some
Speaker 1: of the deepest and sharpest ever taken of the universe,
Speaker 1: and um, we are I actually was when I was
Speaker 1: in the office the other day. I'm noticing now that
Speaker 1: and some of the TVs and computers were using some
Speaker 1: of these photos as screensavers. So if you can imagine,
Speaker 1: that's the impact that this has had. So that to
Speaker 1: me was kind of kind of our no brainer inanimate objects.
Speaker 1: Although I guess technically it is moving right because it's
Speaker 1: in space. Yeah, but it's not alive. It is not
Speaker 1: a line that's correct, correct. Okay, So I think we
Speaker 1: can't really talk about two without a certain blockbuster that
Speaker 1: it was actually kind of decades in the making. Uh,
Speaker 1: you want to bring us up to speed on why
Speaker 1: a certain Maverick filmmaker ended up on the list? Yeah,
Speaker 1: I mean this is a great example of I think
Speaker 1: someone who everybody knows. Everybody knows Tom Cruise, and everybody
Speaker 1: knows the movie Top Gun. What you may not know
Speaker 1: is that Top Gun Maverick is actually the biggest movie
Speaker 1: of his career. And if you think back to all
Speaker 1: of the huge movies he's been in, the Mission Impossible,
Speaker 1: Risky Business, the original Top Gun, this is actually number
Speaker 1: one and it's the biggest movie all year. And the
Speaker 1: thing that I think is kind of cool about including
Speaker 1: someone like Tom Cruise for this is that you know,
Speaker 1: this is actually a story about COVID in many ways
Speaker 1: a story about the pandemic because many streaming services attempted
Speaker 1: to buy this movie during the early days of the
Speaker 1: pandemic when there wasn't uh weren't a ton of blockbusters
Speaker 1: coming out obviously, people who weren't going to theaters, and
Speaker 1: Tom Cruise, because of his power in Hollywood, basically said no,
Speaker 1: I make movies for the big screen and this is
Speaker 1: gonna be in movie theaters when the time is right.
Speaker 1: And he got his wish. And that's kind of a
Speaker 1: story that I like, where you have a celebrity, but
Speaker 1: actual he touches on a much sort of larger story. Well,
Speaker 1: and we just got about thirty seconds left, just quickly.
Speaker 1: We know you guys are down to the last second
Speaker 1: when you put this list together, because on it is
Speaker 1: John Ray the Third. Yeah, I don't I know, Joel,
Speaker 1: and I did not expect that John Read the third
Speaker 1: would wind up on this list about a little more
Speaker 1: than a month ago. Um, somebody. We might have been
Speaker 1: considering somebody else for the list at that point. Um,
Speaker 1: but yeah, you know, we have to be reactive to
Speaker 1: the news, and he deserved the spot and wound up
Speaker 1: being just about the last one on It is such
Speaker 1: a fun list and always fun to go through. Okay,
Speaker 1: one more, Brett, Who's who's one to watch? In ten seconds,
Speaker 1: who's one to watch? Keep an eye on these people
Speaker 1: because they could be on next year's Bloomberg fifty. Oh
Speaker 1: you know, I love Jimmy O'Brien from John Boy Media.
Speaker 1: I don't know if you guys ever follow them, but
Speaker 1: they do these meticulous reconstructions of sports plays that are
Speaker 1: so fun to watch on our thanks to Business Week
Speaker 1: senior editor Brett Began, as well as the editor of
Speaker 1: the magazine, Joel Weber. Check out the rest of the
Speaker 1: Bloomberg fifty on newsstands, online, and of course, on the
Speaker 1: Bloomberg Still to come on Bloomberg business Week Chef and
Speaker 1: Restaurant Tour Danielle Blue on inflation, supply chains and a
Speaker 1: resurgence in New York City is high end dining scene,
Speaker 1: you know, gradually and carefully monitoring uh the business and
Speaker 1: of course making sure that we always stay on the
Speaker 1: fair side for all the decisions we make with price,
Speaker 1: and at the same time, never never ever go for
Speaker 1: lesser quality in order to go with you know, maybe
Speaker 1: a better profitability. This is Bloomberg Broadcasting from the financial
Speaker 1: capital of the world, Bloomberg eleven Frio in New York
Speaker 1: to Washington, d C. Bloomberg to Boston, Bloomberg one O
Speaker 1: six one does San Francisco, Bloomberg nine sixty to the Country,
Speaker 1: Rio s x M, Chad one Mine Team, and around
Speaker 1: the globe the Bloomberg Business and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Tim
Speaker 1: Stenova from Bloomberg Radio. New York City office landlord sl Green.
Speaker 1: They're huge in the city and renowned chef Danielle Blue
Speaker 1: just announced a partnership on two new food and beverage
Speaker 1: concepts at sl Green's newest office development, one Madison Avenue.
Speaker 1: It brings together retail, wellness, and dining. Danielle is well
Speaker 1: known around the Big Apple and the world, of course
Speaker 1: for his culinary skills. He currently has seven restaurants in
Speaker 1: the city and another six in national and international destinations
Speaker 1: like Singapore Antipi. He's even got a catering service, so
Speaker 1: as holiday schedule, it's pretty jammed up these days. Yeah,
Speaker 1: he's really busy. We caught up with him earlier this
Speaker 1: month to talk about his latest venture at the Oculus
Speaker 1: and World Trade Center in downtown New York City and
Speaker 1: to get an update on his overall businesses. When he
Speaker 1: was with us last May, he said there was an
Speaker 1: incredible energy and excitement here in New York City that
Speaker 1: hasn't been felt for years, and staid that Manhattan just
Speaker 1: continues to be active and that activity will grow as
Speaker 1: companies bring workers back to offices. So the big question,
Speaker 1: how's he feeling now? Well, of course we're all conscious
Speaker 1: and there have been, of course, an increase in price
Speaker 1: of supply, an increase in price of cost of labor.
Speaker 1: But we are you know, gradually and carefully monitoring UH
Speaker 1: the business and of course making sure that we always
Speaker 1: stay on the fair side for all the decisions we
Speaker 1: make with price, and at the same time never never
Speaker 1: ever go for lesser quality in order to cope with
Speaker 1: you know, maybe a better profitability. So on that side,
Speaker 1: we are very very conscious that you know, any any
Speaker 1: tivty such as UH inflation like now, it's it's a challenge,
Speaker 1: but we are very careful with it. Hopefully it's stopped there,
Speaker 1: so I know we all have our fingers crossed. M. Danielle,
Speaker 1: you know, when you were on with us last May,
Speaker 1: you said there was an incredible energy and excitement in
Speaker 1: New York City that hasn't been felt for years. We
Speaker 1: all felt it as people were coming back, and you
Speaker 1: said Manhattan continues to be active and that activity will
Speaker 1: grow as companies bring workers back to offices. Are you
Speaker 1: is it even better than May? And are you seeing
Speaker 1: signs that indeed people are back at work and they're
Speaker 1: doing either lunches or work dinners. You're just you're seeing, Okay,
Speaker 1: we are, we are, We are very busy. I mean,
Speaker 1: for example, is upen at lunch when mid down Manhattan
Speaker 1: and we have very busy at lunch. But even in
Speaker 1: our amnity flow of one Vanderbilt, which maybe an occupancy
Speaker 1: of seventy percent in the office right now, which seventhep
Speaker 1: said is a good number of people at the office,
Speaker 1: we can see that amenity throw packed back at lunch
Speaker 1: with people. So it's definitely is stable. Uh, it's it's
Speaker 1: finding its stability. Now. I will say that the Thursday night,
Speaker 1: the old Friday night happy hours, let's go on weekend.
Speaker 1: We see sometimes and it's Thursday night more than Friday.
Speaker 1: So that means, yeah, we see that in traffic to
Speaker 1: Tim and I always talking about Mondays and Fridays. I
Speaker 1: feel like Friday if it's what they call it after all, Carol,
Speaker 1: exactly Friday Day, Friday like coming in the city, there's
Speaker 1: like nobody around. Hey, Danielle, I'm wondering about holiday parties
Speaker 1: and what you're seeing this month with regard to holiday parties.
Speaker 1: Are we back to levels? Are we still seeing a
Speaker 1: little pull back? What are companies doing in terms of
Speaker 1: spend right now? What's your take? It's hard to say,
Speaker 1: but we definitely sit down with every everyone we want
Speaker 1: to do a part and we have restaurants like on
Speaker 1: the Upper West Side that bub Boo and Buddhi shit
Speaker 1: that offer a much more affordable option for private events,
Speaker 1: and we have a lot of party there. We see
Speaker 1: that UH offices and things also like the cater party
Speaker 1: in their own office as well as Earliday party, and
Speaker 1: of course in Danielle and UH we have a classic
Speaker 1: regular customers that do their event and still carry on
Speaker 1: doing those events. But I think overall we are very
Speaker 1: happy with the way this year had been and how
Speaker 1: we're going to close the year. But you know, next
Speaker 1: year we're gonna roll with the punch. If we have
Speaker 1: to roll with the punch. Well, does that mean recession.
Speaker 1: We've just spent the whole day and we want to
Speaker 1: talk about you know, your partnership and deal that you
Speaker 1: do working together with us. All green. But we just
Speaker 1: heard from the big bank CEO is the Jamie the
Speaker 1: David Solomon's of Goldman and others, you know, Brian moynihan,
Speaker 1: a Bank of America, and they all seem to be
Speaker 1: a negative tone in terms of what to expect any
Speaker 1: signs Danielle that things are slowing down and that we
Speaker 1: maybe all are going to rein it in a little bit. No,
Speaker 1: not now, and I think when, Um, of course we're
Speaker 1: gonna see in New York City. We have the tourism,
Speaker 1: we have the business. We have definitely uh uh. New
Speaker 1: York City has a lot of rebounds, I will say
Speaker 1: all the time for different purpose and different reasons. But
Speaker 1: we are preparing, we are careful, and we are looking
Speaker 1: to you know, of course being accommodating and and creative.
Speaker 1: If we see that there's a little bit of a squeeze.
Speaker 1: But I think company will still have to entertain, company
Speaker 1: will still have to do business. I mean, jam Morgan
Speaker 1: is building a hundred floor tower next door here, and
Speaker 1: they are full trottal on the building and they are
Speaker 1: hoping to fill up that building with people. So I
Speaker 1: think I see the optimism. Maybe, you know, not only
Speaker 1: for next year, it's ought to be optimistic, but definitely
Speaker 1: for the next five years. I think there'll be you know,
Speaker 1: maybe a turn now and then we'll should see the
Speaker 1: straight line. Daniel, you use the term creative, and I
Speaker 1: think that's a good way to describe the new concepts
Speaker 1: that SL Green's newest office development, one Madison Avenue. It
Speaker 1: brings together retail, wellness and dining. Given the landscape that
Speaker 1: you just described to us and the news that you
Speaker 1: just announced this month along with sl Green, how did
Speaker 1: that go into planning these two new concepts. Well, one
Speaker 1: Medicine is in full not only renovation of that corner
Speaker 1: of twenty third Street, but it's also building a tower
Speaker 1: both and uh they have many high quality amenities for
Speaker 1: their tenants there. And uh they also we're gonna also
Speaker 1: create together a market, a market that where uh, you know,
Speaker 1: there'll be counter dining, which counter dining is affordable, is delicious,
Speaker 1: it's fresh, it's to waters, but it is very much
Speaker 1: for um a balance between you know, fine quality ingredients
Speaker 1: done very simply. And we also people can either eat
Speaker 1: in or they can buy and to go take them
Speaker 1: to go food, or they can also buy food and
Speaker 1: make it at home. And I think we with this
Speaker 1: option of offering in that neighborhood, I think it's gonna
Speaker 1: be very welcome. It's gonna certainly something like that can
Speaker 1: go through the high end low of the economy much
Speaker 1: better maybe than trying to build a four style restaurants.
Speaker 1: I love this, Daniel. It sounds like strategy, right. You
Speaker 1: guys are thinking about maybe you know, where's another part
Speaker 1: of the market and go after and and it sounds like,
Speaker 1: as you said, maybe this is somewhat economic resilient. Is
Speaker 1: that that was a big part of the push very
Speaker 1: much and and also an opportunity in this netborhood. You know,
Speaker 1: twenty thirds to Weet is really where um business, midtown
Speaker 1: business meet downtown social and I think, uh, the entire
Speaker 1: Flat Aron district. It's I think a great district to
Speaker 1: be in where you really want the locals to be
Speaker 1: able to come and you want the business to entertain
Speaker 1: an um and really bring also the tourists in New
Speaker 1: York keep bringing tourists, giving them reason to come to
Speaker 1: New York and see us our thanks to chef and
Speaker 1: restaurateur Daniel Blou. Still ahead on Bloomberg Business Week, the
Speaker 1: cost of Christmas in that's right, What might do nine
Speaker 1: ladies dancing, seven swansa swimming, six geese of laying in
Speaker 1: five golden rings run you this year? I got bad
Speaker 1: news for you. It's gonna cost you to buy all
Speaker 1: twelve days worth of true love gifts from the classic
Speaker 1: holiday song. It's up ten and a half percent. We
Speaker 1: dive into p n c's latest Christmas price index. This
Speaker 1: is Bloomberg. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Tim Stinovic from Bloomberg Radio on Sorry the
Speaker 1: twelve Days of Christmas? What are they costing us this year? Well,
Speaker 1: I gotta tell you more than any years past, and
Speaker 1: those higher prices can really affect people's holiday spending patterns.
Speaker 1: To help us stay conscious of our holiday budgets, we
Speaker 1: caught up with the Chief Investment Officer of PNC Asset
Speaker 1: Management Group, Amanda A. Gotti. She stopped by to help
Speaker 1: us make sense of the thirty ninth and most expensive
Speaker 1: installment yet of the P and C Christmas Price Index. Well,
Speaker 1: it's definitely going to be a doozy of a year.
Speaker 1: I'm delighted to be back with you to talk about this.
Speaker 1: This is always such a fun analysis and project that
Speaker 1: we do every year. But I got bad news for you.
Speaker 1: It's gonna cost you to buy all twelve days worth
Speaker 1: of true love gifts from the classic holiday song. It's
Speaker 1: up ten and a half percent. You're every year way
Speaker 1: far ahead of inflationary trends in the broader economy. Well
Speaker 1: blows my mind. It's the third highest year over year
Speaker 1: increase in the index. Is uh history? Was it more expensive?
Speaker 1: Was the game more last year? Last year was a
Speaker 1: pretty sizable year, but not not as big as what
Speaker 1: we've seen in the past. The biggest increase year ever
Speaker 1: year was all the way back in two thousand and three.
Speaker 1: Second biggest increases in two thousand and eight. So we
Speaker 1: got pretty darn close to the second biggest with this year.
Speaker 1: Five and twenty seven cents. That's how much it's going
Speaker 1: to cost you to buy the twelve days at Christmas? Why? What?
Speaker 1: What is the what is the you wanna do the
Speaker 1: cumulative version? Really want to make an impression on your
Speaker 1: love this holiday season. It's going to be not a
Speaker 1: hundred ninety seven thousand dollars sound all that? Hold on,
Speaker 1: what's the difference between those? Oh, I see what you're saying.
Speaker 1: That's like if you repeat the verses in the song
Speaker 1: three hundred and sixty four gifts. So the math on
Speaker 1: that not doing it's a little over yeah, a little
Speaker 1: over a d that's like an s a T question.
Speaker 1: So I'm going to go there, but not that much alright,
Speaker 1: So what costs the most? Give us an idea, Um,
Speaker 1: walk us through some of the highlights. Well, much to
Speaker 1: my chagrin, my all time favorite gift is up the most.
Speaker 1: It's the single biggest mover year over year, and that's
Speaker 1: of course the five golden rings. Um, they're up a
Speaker 1: whopping thirty nine percent year over year. And what's interesting
Speaker 1: about this one and the even though the spot price
Speaker 1: of gold is down here today, we're still seeing the
Speaker 1: gold rings that be the biggest mover, and it really
Speaker 1: reinforces trends in the broader services economy. We're seeing really
Speaker 1: strong premiums and christing power, especially when it comes to
Speaker 1: jewelry making. So that's that's the big one. But the
Speaker 1: birds are also a big mover again this year, just
Speaker 1: like last year. All right, before we get to talk
Speaker 1: about the turtle doves, are the French hands? Are the geese?
Speaker 1: All of them? I like to describe them as the
Speaker 1: exotic pet categories. It's really the collection of all of
Speaker 1: the birds with the those are not just so you know,
Speaker 1: those are not all being used as pets. I don't
Speaker 1: want to first anyone's bubbled here. But isn't an airports
Speaker 1: there also being okay, there's the partridge, the call right,
Speaker 1: the swans, gosh, I forgot a few. There's a lot there.
Speaker 1: What about when it comes to that? Of course? Was
Speaker 1: Amanda Gotti, the c i O of P and C
Speaker 1: Asset Management Group, Carol. I think this is the third
Speaker 1: year that I've been here that she's joined us to
Speaker 1: talk about Is it already three years? Already three years? Wait?
Speaker 1: Are you kidding me? No? Holy moly, I know. I
Speaker 1: love it all right, we love having you. Happy holiday's kiddo,
Speaker 1: thank you, Happy holidays to you too. That is going
Speaker 1: to do it for our special holiday weekend edition of
Speaker 1: Bloomberg Business Week. I'm Tim Stanovick, and I'm Carol Masser.
Speaker 1: Be sure to tune into Bloomberg Business Week Monday through Friday,
Speaker 1: starting at two pm Wall Street Time on Bloomberg Radio.
Speaker 1: You can also watch our daily broadcast on YouTube. Just
Speaker 1: search at Bloomberg Global News and check out our Bloomberg
Speaker 1: Business Week podcast. Find that at Bloomberg dot com, Apple,
Speaker 1: or wherever you get your podcasts. Bloomberg Business Week is
Speaker 1: available on newstands, now at Bloomberg dot com and on
Speaker 1: the Bloomberg Terminal, and you can see tim on Bloomberg Quicktake.
Speaker 1: It's available at Bloomberg dot com, slash Qt and streaming platform.
Speaker 1: It's like Roku, Apple TV, Samsung TV and more. Happy
Speaker 1: holidays and have a great weekend for holidays. We spent
Speaker 1: together already. This is the third, the third, all right, well,
Speaker 1: I hope you stick around for a lot more so,
Speaker 1: do I? Al Right, Merry Christmas, everybody, Happy Hanukah, Happy holidays,
Speaker 1: Stay safe. This is Bloomber