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Speaker 1: Welcome to the Bloomberg P and L Podcast. I'm Pim Fox.

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Speaker 1: Along with my co host Lisa Abramowitz. Each day we

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Speaker 1: bring you the most important, noteworthy, and useful interviews for

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Speaker 1: you and your money, whether you at the grocery store

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Speaker 1: or the trading floor. Find the Bloomberg P L Podcast

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Speaker 1: on iTunes, SoundCloud and at Bloomberg dot com. All right,

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Speaker 1: let's go to our nation's capital and Chris Lou. He's

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Speaker 1: a Deputy secretary for the Department of Labor, here to

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Speaker 1: tell us more about the just released at eight thirty

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Speaker 1: Wall Street time November payroll report. Deputy Secretary Lou, thanks

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Speaker 1: very much for being with us. Thank you for having me.

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Speaker 1: All right, so just give us the specific details and

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Speaker 1: then we'll get into things like the participation rating song.

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Speaker 1: But the one and seventy eight thousand on the payroll

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Speaker 1: and four point six on unemployment. One seventy eight thousand

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Speaker 1: jobs that created in the month in November. That essentially

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Speaker 1: matches the average that we've had during over the past

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Speaker 1: seventy four months. We've created fifteen point six million private

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Speaker 1: sector jobs. That continues the longest trip of job creation

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Speaker 1: in history. As you said, four point six percent unemployment.

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Speaker 1: Uh that's the lowest than the August of two thousand seven.

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Speaker 1: Uh in comparison to where we were at the peak

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Speaker 1: of the recession about ten percent. Well, so what do

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Speaker 1: you say about the wages? I mean, we were hearing

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Speaker 1: earlier from Bloomberg Intelligence is Carl Rickadonna about how perhaps

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Speaker 1: the decline in wages that we saw in November was

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Speaker 1: really due to a quirk really in October, so it

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Speaker 1: was not such a big deal. But still, why has

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Speaker 1: there been such a lack of momentum in wage growth? Well, look,

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Speaker 1: you're right, there was an uptick in November that some

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Speaker 1: of that pulled back. So over the past twelve months

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Speaker 1: wages have grown two point five p m. That's good,

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Speaker 1: but it's only to be better when you consider the

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Speaker 1: long term stagnational wages that most workers have felt. You know,

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Speaker 1: when you take a look at this long term trend

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Speaker 1: though in for instance, the household income grew by the

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Speaker 1: fastest amount and records, So, um, the trend is going

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Speaker 1: in the right direction, but clearly much more needs to

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Speaker 1: be done, which is why the President continues to call

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Speaker 1: for increase in the minimum wage while we're pushing to

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Speaker 1: provide greater overtime protection to American workers. Have have you

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Speaker 1: done any workers or maybe just give us your perspective

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Speaker 1: on the ability for companies to pass along the price

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Speaker 1: increases that they may experience if they do increase wages,

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Speaker 1: because many companies are now able to avail themselves of

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Speaker 1: labor saving technology, which means that they don't even have

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Speaker 1: to worry about passing along those increased wage costs. Well,

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Speaker 1: what has been interesting, and today the White House released

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Speaker 1: the new reports showing how the minimum wage increases that

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Speaker 1: have um gone into effect in a number of states

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Speaker 1: have not led to any decline and employment. And you

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Speaker 1: actually see many companies raising wages. That's what happens when

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Speaker 1: you have unemployment at for point six. In order to

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Speaker 1: attract the workers you need and keep them, wages are

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Speaker 1: going to go up and that you you start to

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Speaker 1: see that trend over the last couple of years. UM.

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Speaker 1: One thing that has been talked about is that the

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Speaker 1: job growth among millennials, among the younger generation just as

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Speaker 1: lagged behind UM. How concerned are you about that? What?

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Speaker 1: What kind of information did you kind of glean from

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Speaker 1: this report? Well, I'm not sure, right, I'm not sure

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Speaker 1: there's anything particularly in this report. Although I think your

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Speaker 1: point is an important one. It's not only meant millennials

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Speaker 1: who are unemployed, it's millennials who are underemployed as well. Um,

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Speaker 1: you know, we're in the middle of kind of longer

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Speaker 1: term changes in the demographics of the workforce. You have

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Speaker 1: older workers who are staying longer, which is probably diminishing

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Speaker 1: opportunities for younger workers. You have more young people in

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Speaker 1: school that weren't thirty years ago, and it's one of

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Speaker 1: the reasons why labor force participation is where it is

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Speaker 1: right now. Well, that's what I was going to ask

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Speaker 1: you next, is so if it sounds all great, then

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Speaker 1: why is the labor force participation rate at the lowest

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Speaker 1: level since nine eight? Well, again, you know, it's it's

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Speaker 1: hard to it's hard, and this has been a long

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Speaker 1: term trend. I mean, with all due respect, I mean,

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Speaker 1: you know this is a move lower from a rate

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Speaker 1: last month of sixty two point eight percent. Okay, now

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Speaker 1: this is sixty two point seven. But this has been

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Speaker 1: a long term trend. You're right, it's been a longer

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Speaker 1: term training over the last forty years where you've seen

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Speaker 1: the drop in the labor force participation. In part, it's

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Speaker 1: because you have more people UM now who are in

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Speaker 1: school that um weren't in school before. You have people

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Speaker 1: older workers, some working long or some not working as long.

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Speaker 1: It does speak to the importance of sensible policies to

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Speaker 1: get people off the sidelines and into the workforce. One

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Speaker 1: of the ways we know that you can do that

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Speaker 1: is through paid leaf policies. We have far too many

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Speaker 1: UM women who are not working UH and staying at home.

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Speaker 1: And I shouldn't say women, fathers and mothers who are

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Speaker 1: staying at home who's through sensible paid leaf policies would

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Speaker 1: be able to work again. It was certainly seen that

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Speaker 1: happen in other countries. So you were talking about how

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Speaker 1: the increase in wage UH, the increase in wages has

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Speaker 1: been about two point five over the past twelve months.

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Speaker 1: What's your projection for the next twelve months of what

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Speaker 1: those how much those wages will increase. Well, I'm not

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Speaker 1: sure I can make a projection. I will tell you though,

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Speaker 1: that UM, when you have an economy that is at

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Speaker 1: four point six percent unemployment, you would expect to see

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Speaker 1: continued wage growth simply as employers need to pay more

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Speaker 1: to keep more workers. But again, whether it's two and

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Speaker 1: a half percent or three and a half percent, that's

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Speaker 1: just not enough. I mean, we need there's been a

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Speaker 1: longer term wage stagnation that's happened over the last couple

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Speaker 1: of decades. The President is called for an increase in

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Speaker 1: the minimum wage. It's one of the reasons why we're

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Speaker 1: pushing to increase the overtime salary thresholds. But more broadly,

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Speaker 1: why we are as focused as we are on training

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Speaker 1: people for the good paying jobs of the twenty first century,

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Speaker 1: whether it's advanced manufacturing, I T healthcare, that is really

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Speaker 1: the ultimate solution to wage stagnation. If that's the solution

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Speaker 1: to wage stagnation, I just want to bring your attention

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Speaker 1: back to that labor force participation rate. I mean, it's

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Speaker 1: been declining, but it's been declining from two thousand Before

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Speaker 1: that it was rising. So for the following sixteen years,

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Speaker 1: for the two four year terms of President Obama, we've

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Speaker 1: we've seen a small uptick in two thousand five, but

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Speaker 1: then a precipitates dropped. Do you think that that's because

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Speaker 1: of the increased availability of credit inexpensive credit? You know,

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Speaker 1: I'm not sure I would I would claim that as

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Speaker 1: a reason as much as the demographic changes we've seen

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Speaker 1: in the country. But you're right. I mean, whether it's

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Speaker 1: UH mothers and fathers who would be working but aren't

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Speaker 1: because of the lack of paid leave policy, whether it's

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Speaker 1: younger people who can't find employment or who are underemployed. UM,

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Speaker 1: there are broader demographic issues that we need to address.

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Speaker 1: UM going forward, what are you sort of looking for

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Speaker 1: with respect to where jobs are, where people are gaining jobs,

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Speaker 1: and what are you hoping for. What's the best case

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Speaker 1: scenario for employment rates over the next year? And well,

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Speaker 1: I would tell you that, I mean this past month,

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Speaker 1: we have seen a strong growth and professional business services, UH, construction, healthcare,

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Speaker 1: particularly when you look at healthcare UM, that's been a

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Speaker 1: long term positive trend. UM. I would note that since

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Speaker 1: the passage of the Affordable Care Act, we've created two

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Speaker 1: million jobs in the healthcare sector. So there are many

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Speaker 1: many jobs that continue to do well. We know how

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Speaker 1: to get some of these other ones kick started. One

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Speaker 1: of them is through a long term UM infrastructure built,

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Speaker 1: which not only creates good paying construction jobs, but good

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Speaker 1: paying manufacturing jobs as well. Chris Leu thank you so

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Speaker 1: much for joining US. Unbridled optimism has been the key

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Speaker 1: to stock markets since the US election when Donald Trump

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Speaker 1: was selected as the next president of the US. Will

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Speaker 1: it continue with us? Here is Peter Kenny, senior market

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Speaker 1: strategist at Global Markets Advisory Group. He has been in

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Speaker 1: the market for more than three decades. He sits on

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Speaker 1: the boards of companies, he advises governments. Uh, Peter, you

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Speaker 1: have a good read on markets. How are the people

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Speaker 1: you're talking about allocating now and are they shifting after

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Speaker 1: the U s election? Well, I think it's very interesting, Lisa.

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Speaker 1: We're seeing several major themes really impacting US equities specifically,

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Speaker 1: and the largest of those themes, of course, is the

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Speaker 1: rotation out of dead instruments and into equities because of

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Speaker 1: the the expectation that as a result of the stimulus

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Speaker 1: provided by the incoming Trump administration, you will see some

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Speaker 1: very significant gains in sectors of the economy that have

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Speaker 1: really not really generated a lot of investor enthusiasm. And

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Speaker 1: I'm speaking specifically of infrastructure and defense areas where we

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Speaker 1: have over the lay of state you've seen tremendous performance

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Speaker 1: and investor enthusiasm. Like large cap tech probably going to

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Speaker 1: be an underperforming sector moving forward, at least in time frame. Peter,

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Speaker 1: I want to just press you a little bit here

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Speaker 1: because this idea of infrastructure spending and more spending and

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Speaker 1: the defense and aerospace industry, I mean I got that.

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Speaker 1: You can read that in the headlines, but the details

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Speaker 1: are that none of that money is going to be

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Speaker 1: allocated unless it is proposed and then ratified and passed

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Speaker 1: by the House and the Senate. That could take quite

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Speaker 1: a while. And last time I checked stock markets, they

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Speaker 1: love to buy the rumor and they love to sell

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Speaker 1: the news. You hit the nail on the head. Markets,

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Speaker 1: particularly those sectors, are way ahead of themselves. I wrote

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Speaker 1: a piece way overbought, way overbought. I wrote a piece

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Speaker 1: two days before the election. I said, by infrastructure, by

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Speaker 1: US steel bar by Martin Marietta. US steel in the

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Speaker 1: last four weeks is up seventy and it was up

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Speaker 1: a lot before because of those towiffs that had been

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Speaker 1: previously imposed because of the cheap imports. When you see

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Speaker 1: am of your wise to take some money off the table,

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Speaker 1: I mean it's should There's no technical or fundamental reason

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Speaker 1: to own something in that with that kind of a

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Speaker 1: move in four weeks in my in my opinion, now,

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Speaker 1: I do think that you're right about the infrastructure over

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Speaker 1: this degree of over enthusiasm for the for the space,

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Speaker 1: and we are going to probably see some modulation in

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Speaker 1: that performance and probably a reset lower in the near term,

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Speaker 1: but in the longer term, I do think it's a

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Speaker 1: trend that investors must pay attention to. You know, you

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Speaker 1: started talking about the rotation out of fixing co instruments

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Speaker 1: into equities. How much has that gone on already? I mean,

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Speaker 1: is this is this sort of some a trend that

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Speaker 1: will gain momentum and accelerat Yes, okay, so I uh,

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Speaker 1: let's see November where was the worst month? I mean

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Speaker 1: it was an absolute and you know you you at

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Speaker 1: least you cover it was. Yeah, it was the worst

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Speaker 1: month on record. And depending on benchmark, you had that

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Speaker 1: on a safe get key for for your columns. I

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Speaker 1: think worst month, worst month, yeah, no, of course, yeah, yeah,

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Speaker 1: best worst. So absolutely you were spot on absolutely a

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Speaker 1: blood path. Now will that continue? I don't think to

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Speaker 1: that degree we're not going to see that's sort of

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Speaker 1: dramatic turn in velocity in terms of rotation, but it's

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Speaker 1: a trend um and I do think it's a trend

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Speaker 1: that is going to fuel equity market appreciation because that

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Speaker 1: rotation into equities and out of debt instruments is going

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Speaker 1: to be dramatic. Well, can I just challenge that. One

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Speaker 1: measure that I look at is the earnings yield in

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Speaker 1: the spire and I compare that to uh say, ten

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Speaker 1: year treasury yields, and you can see that that gap

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Speaker 1: the extra yield that stocks are paying above benchmark bonds

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Speaker 1: has narrowed to the lowest since two tent At what

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Speaker 1: point are people going to say, look, sort of looking

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Speaker 1: to stocks as a as a yielding investment doesn't cut

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Speaker 1: it anymore. Maybe I'd be better off than treasure. Okay,

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Speaker 1: great point, But I don't think that that's the way

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Speaker 1: people look at equities. I think the way people look

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Speaker 1: at equities is, hey, there's an opportunity here for price

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Speaker 1: appreciation away from yield, and that expectation is what's driving

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Speaker 1: this investor enthusiasm. And oftentimes enthusiasm is not a wise

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Speaker 1: investment strategy, but you have to be able to identify

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Speaker 1: it to take advantage of it. I'm just looking at

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Speaker 1: things like CD rates, right, I mean, you know, no

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Speaker 1: one ever even talked about CD rates over the last

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Speaker 1: what eight ten years one point eight eight five percent.

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Speaker 1: If you want to get something from a synchrony, that's

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Speaker 1: the former Capital Bank com minimum balance two thousand dollars

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Speaker 1: one point eight five percent got open to account. So

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Speaker 1: you're gonna see more people do that or should they

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Speaker 1: just wait a little bit and see what happens. Don't

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Speaker 1: make any big decisions right now. I think it would

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Speaker 1: be a mistake to make to draw line in the sand.

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Speaker 1: But you are going to see you are going to

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Speaker 1: see people putting money into instruments, even as short lived

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Speaker 1: is one year, because frankly, they're accustomed to something that

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Speaker 1: is significantly lower in yield, and it's abtractive. Even at

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Speaker 1: one point one, it's very very attractive. It's a place

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Speaker 1: to park money until you can guarantee it's guarantee and

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Speaker 1: its guarantee. You know. One thing that surprises me is um, Peter,

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Speaker 1: you not the first person to talk about this rotation

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Speaker 1: out of bonds and its stocks. I don't understand about

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Speaker 1: all the cash people were talking about that was slashing

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Speaker 1: around the portfolios. Why isn't it as that like are

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Speaker 1: you know and and are you seeing people actually just

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Speaker 1: using their cash to be more fully invested in the market.

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Speaker 1: An interesting study was released by csfb UH two days ago.

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Speaker 1: In the study, it was highlighted that the average r

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Speaker 1: I A is UH currently modeling fifty in equities and

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Speaker 1: the balance in debt instruments UM. That is well below

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Speaker 1: the historical norm exactly, and that alone speaks to a

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Speaker 1: shift in the way people are looking at the opportunity

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Speaker 1: in equity markets. And I think that is going to

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Speaker 1: that's gonna turn over time. And it's it's not that

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Speaker 1: there's no room for dead instruments in your portfolio. For

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Speaker 1: heaven's sakes, you have to have them. There's a certainty there,

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Speaker 1: there's a yield there that you can bank on. But

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Speaker 1: I do think that people are going to step one

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Speaker 1: or two three steps outside that that what what they've

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Speaker 1: perceived to be an acceptable norm for risk. Peter Kennedy

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Speaker 1: just quickly, I was looking at the thirty year right

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Speaker 1: now trades at three point oh five percent, the ten

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Speaker 1: year trades at two point three eight. You think short term,

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Speaker 1: let's say you know, next quarter, we're going to see

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Speaker 1: your back up in rates. I actually I do. I

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Speaker 1: think you're right I think we will see you back

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Speaker 1: up in rates. And I think that we've seen such

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Speaker 1: a move in such a short period of time that

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Speaker 1: you know, the reversion to the mean always plays plays

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Speaker 1: a role in whether it's you're talking about debt yields,

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Speaker 1: whether you're talking about equities, it's it's it's whenever you

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Speaker 1: see that that kind of a move, you you've got

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Speaker 1: to see a reversion. But I want to bring in

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Speaker 1: Alberto Gallo, portfolio managing manager and head of macro Strategies

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Speaker 1: at Algebras Investments in London. Alberto, thank you so much

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Speaker 1: for being with us. Good morning, Good morning. So first

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Speaker 1: I want to I want to talk about sort of

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Speaker 1: the movement that we saw yesterday in UH in German

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Speaker 1: bond yields, in particular yields climbing to the highest of

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Speaker 1: the year. UM. Do you think that the ECB will

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Speaker 1: start tapering in the near future and do you think

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Speaker 1: that UH markets are adequately prepared for that. I do

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Speaker 1: say they have discussed tapering. They will extend the maturity

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Speaker 1: of quantity division from March two seventeen to September or

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Speaker 1: perhaps December two thousand seventeen, and they will taper after that,

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Speaker 1: so it's an extension of maturity and then tapering. They

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Speaker 1: cannot talk about it. They are afraid of spook in

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Speaker 1: the market. It's like fight club. You know, you can't

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Speaker 1: talk about fight club, but they have to do it.

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Speaker 1: Data is better, growth is better, inflation across across the

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Speaker 1: eurosone despite the fears about various selections and votes that

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Speaker 1: we see. So they're getting closer to their target. And

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Speaker 1: also remember Mario drugg is going to finish his mandates

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Speaker 1: in January two, so there needs to be a transition

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Speaker 1: from eighty billion euros purchases per month to something a

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Speaker 1: lot to something lower um. I think market expectations are

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Speaker 1: very high on the e c b UM. There's a

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Speaker 1: lot of investors still thinking about Queen infinity, about central

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Speaker 1: banks buying ussets forever um, and everyone is long bonds,

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Speaker 1: so people both bonds for capital gains and equities for

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Speaker 1: for yield and it doesn't work. This trade is over

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Speaker 1: and the rotation is is just starting alright, So that

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Speaker 1: rotation is starting. Alberto Gallo, who's going to buy all

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Speaker 1: the debt of all the banks in Europe? Where is

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Speaker 1: it going to go? And how is the banking system

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Speaker 1: going to survive. Well, let's remember that we still have

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Speaker 1: the liquidity assistance facility of the c B, the t

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Speaker 1: L t r O in jargon, which means ec we

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Speaker 1: can still lend two banks close to the deposit rate

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Speaker 1: which is a very very low rat from near zero basically,

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Speaker 1: I mean banks normally with banks normally with pay, but

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Speaker 1: with the t L t r O they don't pay.

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Speaker 1: Actually they receive some money. Um they get paid for

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Speaker 1: borrowing correct from d CB. So especially if they're lending

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Speaker 1: so effectively. The liquidity across European banks is fine that

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Speaker 1: there is no run on deposits. The problem, however, that

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Speaker 1: we have in some regions is capital, So banking systems

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Speaker 1: that need to um show up capital and consolidate and

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Speaker 1: improve their profitability. Alberto, how are you positioning heading into

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Speaker 1: this stretch of popular discontent? We have the Italian referendum

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Speaker 1: on Sunday night, followed by the Austrian election, followed by

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Speaker 1: uh what promises to be a very interesting French election,

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Speaker 1: just a lot of political uncertainty. How are you positioning? Well?

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Speaker 1: I would say that after the Brexit vote and after

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Speaker 1: after the US elections, which poll agency has got wrong.

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Speaker 1: Every investor has been very heavily hedging for the Italian

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Speaker 1: vote this Sunday and the Austrian vote as well, so

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Speaker 1: it's also at the end of the year, so everyone

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Speaker 1: is very long cash and very very short on on

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Speaker 1: Italy or generally on Europe. So we we have been

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Speaker 1: we have been very light on on Italy until last

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Speaker 1: week where we saw some headlines talking about bank failures

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Speaker 1: and things that were extremely catastrophic, which we're not really

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Speaker 1: painting the true picture. The true picture is lack of capital,

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Speaker 1: is some profitability issues. But actually the vote the Yes

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Speaker 1: novel is very close to fifty fifty and the market

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Speaker 1: is pricing a percent probability of a no. So I

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Speaker 1: think here you're supposed to be a bit more optimistic

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Speaker 1: because if the poll is wrong again and actually you

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Speaker 1: have a yes win for the change in the constitution,

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Speaker 1: this opens up the road to a lot of reforms,

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Speaker 1: to a lot of change which Italian governments weren't weren't

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Speaker 1: able to do over the last thirty years. So we're

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Speaker 1: cauxiously optimistic here against the market that has gone one way.

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Speaker 1: Perish Caffeine Coffee International expand Shin Are you gonna are

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Speaker 1: you gonna find me coffee and give me an option

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Speaker 1: for international expansion? Well, if you happen to be at Starbucks,

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Speaker 1: I mean you might be able to qualify. You know

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Speaker 1: that they have over I think it's over four locations

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Speaker 1: in China, and it's they want to expand even further

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Speaker 1: in Asia. I bet you knew that at anyway, I

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Speaker 1: was going to say the reason I think you know

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Speaker 1: that is because Bloomberg Gatflight Columns. Shelley Banjo is sitting

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Speaker 1: right next to you, and she's here to tell us

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Speaker 1: all about Starbucks, Starbucks whisper our Starbucks Whisper and Howard

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Speaker 1: and Howard Schultz, who is the founder of Starbucks. He

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Speaker 1: is turning over the reins the CEO rains rather to

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Speaker 1: Kevin Johnson. Shelley, thanks for being with us, tell us

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Speaker 1: about this, Thanks so much for having me. Yes, this

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Speaker 1: was big news yesterday. Um, you know this guy is

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Speaker 1: synonymous with Starbucks. He built Starbucks and Howard. Yes, rags

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Speaker 1: really almost a Rags the Richest story. It's an amazing

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Speaker 1: story and and people are right to worry about what's

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Speaker 1: going to happened because we've seen this story before. He

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Speaker 1: left the company between two thousand and two thousand and eight,

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Speaker 1: and it did not do very well. Their sales tank,

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Speaker 1: the stock tanked, everything was kind of a mess. Um

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Speaker 1: went through a couple of CEOs, and during the recession,

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Speaker 1: he said, I'm coming back and I'm going to write

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Speaker 1: it right right these wrongs, and he did, and he

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Speaker 1: turned it around and now it's doing really well. And

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Speaker 1: so people are worried what's going to happen now once

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Speaker 1: once he's gone, But he says that this time is

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Speaker 1: different that previously he left at the beginning of the

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Speaker 1: cataclysmic financial crisis UM, and that now things are different.

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Speaker 1: Let's talk about one thing that's different. Kevin Johnson, who

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Speaker 1: is coming in to fill his shoes. He's a thirty

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Speaker 1: three year veteran of the tech industry, joined the company

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Speaker 1: last year. What are his challenges going forward and what

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Speaker 1: does he bring. Kevin Johnson has a really close relationship

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Speaker 1: with Howard Schultz, so they you know, they've really forged

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Speaker 1: this relationship over the past couple of years, and he's

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Speaker 1: been he's a tenured executive. He was at Microsoft for

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Speaker 1: a really long time. He brought a lot of the

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Speaker 1: tech stuff to Starbucks that has really helped them and

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Speaker 1: kind of been ahead of the curve for Starbucks. So

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Speaker 1: it isn't kind of a knock on Kevin Johnson. It's

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Speaker 1: just well, what's going to happen? Now? You know? Schultz

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Speaker 1: has this kind of gravitas, He's he's looked upon as

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Speaker 1: this genius, and so Kevin Johnson is an operator, and

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Speaker 1: so do you need that kind of genius or do

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Speaker 1: you need the operator at this point in Starbucks? Is

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Speaker 1: you know kind of trajectory. I just want to correct myself.

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Speaker 1: I said that Johnson joined last year. He became the

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Speaker 1: chief operating officer last year, but he joined the Starbucks

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Speaker 1: board in two nine. Correct, Yeah, he's been drinking the

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Speaker 1: coffee for a for a lot longer. Can we just

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Speaker 1: I just want to offer you just a moment or

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Speaker 1: two to talk a little bit about Howard Schultz and

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Speaker 1: his background. Born in Brooklyn, Uh in a public housing Uh. Father,

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Speaker 1: I believe it like when Howard was seven, father broke

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Speaker 1: his ankle. He was a truck driver. There was no

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00:22:52,800 --> 00:22:56,080
Speaker 1: health insurance, there was no income. And this has really

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Speaker 1: infused the way Howard Schultz runs Starbucks, whether it's way

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Speaker 1: age increases for employees or his commitment to social issues. Yeah,

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Speaker 1: that's exactly right, and that's why there's a lot of

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Speaker 1: the whole rumor's fury yesterday was oh, he must be

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Speaker 1: going to government then, because he has been so active,

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Speaker 1: um with these social causes. And he even said on

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Speaker 1: the on the call that they had with investors after

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Speaker 1: the announcement that you know, he Shoultz is not leaving.

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Speaker 1: He's still gonna be a chair on the board. He's

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Speaker 1: going to focus on this UM reserve rosteries, UM. Kind

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Speaker 1: of his higher end concept at Starbucks is trying to

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Speaker 1: roll out and focus on Starbucks is social agenda. And

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Speaker 1: he didn't really expand on that, but he said, you

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Speaker 1: know this is these are causes that are still really

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Speaker 1: important to us, and we want someone working on them

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Speaker 1: full time and Howard is going to be that person.

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Speaker 1: UM with Kevin, what could he bring to the table,

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Speaker 1: What kinds of initiatives, what could he push along that

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Speaker 1: would help with Starbucks? Well, the best and most obvious

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Speaker 1: thing is his tech experience, and so that is going

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Speaker 1: to continue to be important for Starbucks. They get a

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Speaker 1: ton of orders, digital orders, you know, getting people through

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Speaker 1: that line even faster to get their coffee. Get their

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Speaker 1: fixed and UM, that's going to continue to be important.

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Speaker 1: Their loyalty program is going to continue to be important.

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Speaker 1: And those are two things that Kevin can really bring

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Speaker 1: to Starbucks. The thing I'm most worried about with Kevin

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Speaker 1: is their food. Starbucks is struggle to be able to

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Speaker 1: really serve food. They're awesome at coffee, but their food

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Speaker 1: has never been really up to part. And so in

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Speaker 1: order to keep growing that, um, in order to keep

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Speaker 1: growing Starbucks, They're going to have to bring on good food.

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Speaker 1: And I'm just not sure that Kevin Johnson has the

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Speaker 1: chops to be able to do that yet, because I'll

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Speaker 1: take innovation in a certain degree of creativity to correct. Yeah, definitely.

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Speaker 1: Shelly Banjo, Bloomberg gad Fly columnist, Thank you so much

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Speaker 1: for joining us. Thank you, Shelly Banjo. Favorite Starbucks is,

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Speaker 1: by the way, stocks down about two and UM, I

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Speaker 1: like the soy misto, which is just a fancy way

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Speaker 1: of saying coffee with hot, warm milk. Nice. That sounds

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Speaker 1: pretty good right about now. Shelly Banjo, Bloomberg gad Fly

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Speaker 1: speaking with myself, Lisa Brown Ways and Pim Fox. This

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Speaker 1: is Bloomberg. Thanks for listening to the Bloomberg pien L Podcast.

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Speaker 1: You can subscribe and listen to interviews at iTunes, SoundCloud,

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Speaker 1: or whatever podcast platform you prefer. I'm pim Fox. I'm

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Speaker 1: out there on Twitter at pim Fox. I'm out there

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Speaker 1: on Twitter at Lisa Abramo. It's one before the podcast.

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Speaker 1: You can always catch us worldwide on Bloomberg Radio