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 happens. Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes. Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. Stocks and commodities seeing big
Speaker 1: swings this past week, with the war in Ukraine still
Speaker 1: raging and another thing as expected, CPI in the United
Speaker 1: States hitting a fresh forty year high in the month
Speaker 1: of February. That latest inflation print comes against the backdrop
Speaker 1: of this week's coming f O M C rate decision
Speaker 1: on Wednesday, with an interest rate hike all but certain,
Speaker 1: We're going to discuss the Fed's path forward in just
Speaker 1: a bit. Safe to say, Tim, it ain't easy for
Speaker 1: the fan. No. I think I've said this many times,
Speaker 1: but I wouldn't want to be in j palace spot
Speaker 1: right now, that's for sure. Also ahead on our broadcast,
Speaker 1: renewable energy, how soon can it be scaled up? In
Speaker 1: a world where false fuels are increasingly being shown for
Speaker 1: both political and environmental reasons. We'll find out from the
Speaker 1: CEO of SunPower, and our investigative team spotlights the latest
Speaker 1: Olympic sport to be plagued by revelations of young female
Speaker 1: athletes being sexually abused by respected older men. All that
Speaker 1: to come. We begin, though, with the cover story of
Speaker 1: the new issue of Bloomberg business Week, Russian President Vladimir
Speaker 1: Putin's endgame for the war in Ukraine. That story from
Speaker 1: Bloomberg News Senior reporter for International Affairs, Mark Champion. He
Speaker 1: joined us along with Bloomberg business Week editor Joel Webber
Speaker 1: to help us understand what exactly Putin's objective is now
Speaker 1: that an easy victory that's out of reach. It started
Speaker 1: as one thing, and I think, as uh, the invasion
Speaker 1: probably is not going quite as he had hoped or
Speaker 1: or even planned. I think that has the potential to change,
Speaker 1: and probably has more potential change from from here. But
Speaker 1: when Mark and I first started talking about this article,
Speaker 1: it was like it was a little bit of a
Speaker 1: mind meld because I went to someplace that he was like, wait, wait,
Speaker 1: I got I got this all right, and we're gonna
Speaker 1: write it. And he said, all we gotta do is
Speaker 1: look at Putin's history. So Mark walk us through a
Speaker 1: little bit of that, because that if we if we
Speaker 1: spend out forward, might tell us what the in game
Speaker 1: in Ukraine becomes. Yes, so you know, essentially Putin wanted
Speaker 1: control of Ukraine, uh. And you know, so that involves
Speaker 1: putting someone in charge. And so his initial strategy was
Speaker 1: to move in very quickly, light footed, send special forces
Speaker 1: into the centers of Kiev and other cities, take out
Speaker 1: the government, replaced them with something more friendly, uh, and
Speaker 1: then he would be able to have them fulfill whatever
Speaker 1: needs he had. UM. But the difficult none of that happened,
Speaker 1: of course, and so he's now in a much more
Speaker 1: traditional way of trying to subdue populations, which he's done before.
Speaker 1: He did it in Church again, or rather Russia did
Speaker 1: in nine and then he in two thousand UM and
Speaker 1: again in Syria. He's done something similar. Russia has done
Speaker 1: something you know, somewhat similar in Georgia. But what they
Speaker 1: kind of had in common was that he was able
Speaker 1: to crush these places to reduce I mean, the Russians
Speaker 1: reduced gross needs to rubble Um and Aleppo to rubble,
Speaker 1: and Harms to rubble all these places, Um and he
Speaker 1: was able in Syria to maintain someone in power who
Speaker 1: you know, was the guy he wanted um, and in
Speaker 1: in Churchenya he was able to put someone in power.
Speaker 1: But the situations are so different. Ukraine is so much
Speaker 1: bigger that I think, you know, it's it's very clear
Speaker 1: he can't he can't do that here. So what he
Speaker 1: has to do is just keep crushing resistance until Zelenski,
Speaker 1: President's Lensky gives him what he wants. Right, it is
Speaker 1: hard Mark to figure out how at this stage of
Speaker 1: the game, how does President Putin, you know, create a
Speaker 1: neighbor that is friendly and pro Russia. It's hard to
Speaker 1: see that. It's it's absolutely not happening. And so that
Speaker 1: you know that Plan A has completely failed. Uh, and
Speaker 1: it is a disaster for him. Frankly, you know it's
Speaker 1: a strategic disaster already. Um. But you know he will
Speaker 1: hope to come out of it with something and you
Speaker 1: can see it in the in the his his spokesman
Speaker 1: d metro Pskoff a couple of days ago said, you know, well,
Speaker 1: you know we could stop this immediately, and instead of saying,
Speaker 1: as you know Putain had done before, once we denatified
Speaker 1: the country, which basically meant regime change, and once we
Speaker 1: demilitarize it, which means the army being obliterated basically and
Speaker 1: and disarmed, um, and there would be no Ukrainian Army.
Speaker 1: So he's instead of using those words, he said, you know,
Speaker 1: we need nature neutrality. We need recognition of Crimea as Russian.
Speaker 1: We need recogn nition of the Don busts, these separatist
Speaker 1: territories that they've been finding over eight years, that we
Speaker 1: need recognition of those as independent states. Um. That's not
Speaker 1: something that presidents the Aliensky can do. But he's now said,
Speaker 1: you know, well we can talk about NATO neutrality. UM,
Speaker 1: but there's still a long way to go. What's a
Speaker 1: realistic way for for us to try to understand how
Speaker 1: this continues? If I'm going to be very pessimistic, UM,
Speaker 1: I cannot see a situation in which Zienski can sell uh,
Speaker 1: the recognition of any of these um, these territories. He
Speaker 1: said that he's willing to negotiate about their status. And
Speaker 1: you can imagine, you know, going back to the kind
Speaker 1: of talks that they've had before about how much autonomy
Speaker 1: and on what terms should the Don beast territories have autonomy. Um,
Speaker 1: and you could, you know, finesse something on Crimeanson. But
Speaker 1: Butin needs something more than that. He needs, you know,
Speaker 1: he wants to he needs to win his Aren't it
Speaker 1: a huge war here, the largest since World War Two
Speaker 1: in Europe? And he needs more than just you know,
Speaker 1: a statement from the Ukrainians that they won't join NATO.
Speaker 1: And you know, you have to remember that, you know,
Speaker 1: in the weeks before this started, Yankees again already said
Speaker 1: that he was willing to talk about NATO. UM. And
Speaker 1: you have to remember too that before any of this started,
Speaker 1: in two thousand and fourteen, before the annexation of Crimea,
Speaker 1: Ukraine had it written into law that it was a
Speaker 1: neutral country. That was Bloomberg New Senior Reporter for International Affairs,
Speaker 1: Mark Champion on this week's cover story. You can find
Speaker 1: it on the Bloomberg Terminal, online at Bloomberg dot com
Speaker 1: and on newsstands now. Coming up next are Editors round
Speaker 1: Table on the Fed's uneasy quest to keep the US
Speaker 1: out of recession and Vladimir Putin's difficult mission maintaining a
Speaker 1: market economy. You're listening to Bloomberg Business Week. This is
Speaker 1: Bloomberg This is Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes. Tim Stenovan from Bloomberg Radio. Welcome to
Speaker 1: the Bloomberg Business Week Editors Round Table, our weekly conversation
Speaker 1: with the editors of the magazine talking about one of
Speaker 1: the stories that we all should be talking about, and
Speaker 1: that is the US Federal Reserve. Joining us is a
Speaker 1: Business Week editor Joel Weber, along with the economics editor
Speaker 1: of the magazine, Christina Lynn Blad. Also joining us Bloomberg
Speaker 1: News FED reporter Matt Bosler. Joel, Look, every FED meeting
Speaker 1: of late has been one that's watched really closely, but
Speaker 1: I gotta say this one certainly feels like the one
Speaker 1: that we're going to be watching the most closely in
Speaker 1: a very long time. I mean, you're right, like every
Speaker 1: one of these things, it's like every everybody stops what
Speaker 1: they're doing Bloomberg and like tunes in. And I really
Speaker 1: think that this this coming week is going to be
Speaker 1: um even even quieter as this happens, and you know,
Speaker 1: expected rate hike. The question is going to be if
Speaker 1: it's twenty five basis points, which which would be sort
Speaker 1: of a dovish move all things considered. But within the
Speaker 1: FED there's this dynamic of of a very hawkish UH
Speaker 1: quotient and there's an open question of like how much, um,
Speaker 1: how much the room will go with that hawk ish
Speaker 1: uh sentiment, right, And if that happens, then we might
Speaker 1: be looking at a fifty basis point move. And all
Speaker 1: of this sets up sort of what's to come over
Speaker 1: the rest of the year. Where heading into it all,
Speaker 1: the FED has been very clear that uh, that they
Speaker 1: will be raising rates. But now that the now we
Speaker 1: have inflation numbers really bad, forty year high in the US, right.
Speaker 1: We also have a war, we have oil prices increasing.
Speaker 1: All of these things create this enormous challenge for the
Speaker 1: FED to do what's called effectively a soft landing, which
Speaker 1: is bring us down land this plane. It was already
Speaker 1: gonna be hard. Everything's just stacking up against them, right, um, Christina,
Speaker 1: We've had a soft landing from the FED before, but
Speaker 1: it's been a while. It's been in the nineties. Yeah,
Speaker 1: and they're greenspan um. But it can be people out
Speaker 1: there in the auditive like who what I mean as legendaries,
Speaker 1: I think about a younger, right, you know, individual out
Speaker 1: there who's like why do I need to worry about
Speaker 1: this stuff. There's what we talked to some people who
Speaker 1: are like, there have been sort of semi soft landings,
Speaker 1: not completely skating off the runway right. So, um, you know,
Speaker 1: I think Powell has talked a lot about how it
Speaker 1: may be possible, how you know that the damage to
Speaker 1: the job market in particular could be less than might
Speaker 1: have been anticipated in in years prior you know, trying
Speaker 1: to do this. But there is this question about sort
Speaker 1: of how well they have to frontload bigger increases um
Speaker 1: in order to tain inflation that now has even more
Speaker 1: upward pressure on it from energy prices. So, Matt, come
Speaker 1: on in here, because you cover the FED really closely.
Speaker 1: Talk about the tools that the Fed actually has at
Speaker 1: its disposal to stick this soft landing. And look the
Speaker 1: context here and stable prices not achieved right now, maxim
Speaker 1: employment by a lot of measures that is achieved. Yeah,
Speaker 1: the short answer might be they don't really have the
Speaker 1: tools because you know, especially when you look at what's
Speaker 1: going on with inflation right now and what's likely to
Speaker 1: happen with inflation as a result of the war in Ukraine,
Speaker 1: these are a lot of things that are you know,
Speaker 1: far outside of the fed's control in terms of the
Speaker 1: things that they're able to affect. So when you're talking
Speaker 1: about global food prices, global energy prices, things like that,
Speaker 1: higher interest rates aren't really going to do much to
Speaker 1: curb those and so I think for the FED they're
Speaker 1: more thinking of it. From the perspective of the risk
Speaker 1: is that people see these higher prices, inflation expectations go up.
Speaker 1: This becomes a sort of self self fulfilling spiral that
Speaker 1: then becomes harder to uh, you know, bring down more
Speaker 1: in the medium term. I think the big risk for
Speaker 1: the FED, you know, at this coming meeting is they're
Speaker 1: putting out new projections for interest rates for the first
Speaker 1: time since December, and so from that perspective, the dot
Speaker 1: plot correct and they've been getting really hawkish since December,
Speaker 1: since the last time those projections came out. This war
Speaker 1: started kind of right at the beginning of the you know,
Speaker 1: multiweek planning process that takes place before these fo MC meetings,
Speaker 1: and so there's just no way that as they're compiling
Speaker 1: their projections and trying to figure out, you know, where
Speaker 1: they're at versus December, that this has gone on far
Speaker 1: enough for them to really account for it, and so
Speaker 1: I think the risk is that you see projections for
Speaker 1: interest rates marked up rather dramatically from December to March,
Speaker 1: and that itself might already be stale, and the market
Speaker 1: might look at that and get a little spooked out. Okay.
Speaker 1: The other elephant in this room is the one that
Speaker 1: Christina and I have talked about a lot, which is, Okay,
Speaker 1: we're gonna raise rates, right, whether it starts at or fifty.
Speaker 1: But say over the course of the year we see
Speaker 1: rates go up every single time that there's a chance
Speaker 1: to rease them, what if that doesn't actually address inflation. Matt, Well,
Speaker 1: at least the Fed will have higher interest rates and
Speaker 1: then they'll be able to cut them, you know, when
Speaker 1: we get this slow down real activity. Right. But I mean,
Speaker 1: that's that's why this inflation expectations point is really important,
Speaker 1: and it's something that um Our economist David Wilcox wrote
Speaker 1: about recently. You know, despite the high inflation we're seeing,
Speaker 1: you know, inflation at forty year high and it keeps
Speaker 1: going up a month after month, we haven't really seen
Speaker 1: this bleed through to consumer household inflation expectations yet. And
Speaker 1: so in that sense, you know, the Fed's task here
Speaker 1: is not necessarily a huge one, you know. They just
Speaker 1: have to start moving interest rates up towards what they
Speaker 1: consider to be more normal levels. And I think that
Speaker 1: will kind of, you know, cool things off for everyone
Speaker 1: in terms of the pressure that everybody is feeling to
Speaker 1: respond to this situation right now, even if higher interest
Speaker 1: rates in and of themselves aren't really going to help
Speaker 1: bring inflation down much in the near term. I mean,
Speaker 1: this is like one of the things you guys do
Speaker 1: so well, and I think about, you know, in terms
Speaker 1: of explaining the FED what they do and the implications.
Speaker 1: But I do wonder Christina. You know, so many people
Speaker 1: have come on air and said, how does the FED
Speaker 1: kentuct monetary policy when what's going on with the supply
Speaker 1: chain disruptions and a lot of the inflationary pressures are
Speaker 1: way beyond their control. Well, I mean that's what's been
Speaker 1: raised in a lot of countries. And one of tho
Speaker 1: stories we did in this section also was about Brazil,
Speaker 1: where um, they've been hiking. Now that they've done more
Speaker 1: than eight hundred basis points of hikes, um and and
Speaker 1: more coming and inflation is taking a while to come down.
Speaker 1: But I think this idea of anchoring expectations is really important,
Speaker 1: and it's important everywhere in Latin American countries. There, you know,
Speaker 1: it's tougher because people are used to it. But this,
Speaker 1: this paper that Matt mentioned about Wilcox did, it was
Speaker 1: really interesting to me because it brought up the idea
Speaker 1: that in the US there's people who have never experienced inflation,
Speaker 1: so they don't have this kind of knee jerk responses
Speaker 1: like that they that they had in the seventies, where
Speaker 1: people had been actually for several decades experienced you know,
Speaker 1: pretty high you know, periods of high prices. So um,
Speaker 1: I think I would say the American consumer is I said, flustered,
Speaker 1: but not panicked, uh necessarily. And if you look at projections,
Speaker 1: you see you know, people seeing prices moderating. That's that's
Speaker 1: just super important to what the FED are you saying? Transitory?
Speaker 1: I didn't hear that wants to camp now? And that's
Speaker 1: this week's Bloomberg Business Week Editors Round Table. Our thanks
Speaker 1: to Business Week editor Joe Weber, along the economics editor
Speaker 1: of the magazine, Christina Linblad, and Bloomberg News Fed reporter
Speaker 1: Matthew Bosler. Still ahead on Bloomberg Business Week. With energy
Speaker 1: prices soaring, firms in the renewable space or getting a
Speaker 1: big lift, the question is are they ready to fill
Speaker 1: the void of traditional fossil fuels right now? Our conversation
Speaker 1: with SunPower CEO on the other side. This is Bloomberg
Speaker 1: broadcasting from the financial capital of the world, Bloomberg Eleve
Speaker 1: in Frio in New York to Washington, d C. Bloomberg
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the Country Sirius XM Chado one
Speaker 1: nineteen and around the globe the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Business Week. As
Speaker 1: we've been reporting, the Russian invasion and subsequent war with
Speaker 1: Ukraine has many fronts and moving parts, most importantly the
Speaker 1: humanitarian want the impact, of course on the lives of Ukrainians.
Speaker 1: It's also leading to a big rethink on where the
Speaker 1: world gets its energy and what type of energy it
Speaker 1: should be using. With that in mind, we had the
Speaker 1: opportunity to talk with the chairman and CEO of SunPower,
Speaker 1: Peter Farisee. Tim it's a renewable energy company has got
Speaker 1: about a three point six billion dollar market cap. It
Speaker 1: shares jump nearly or so earlier in the week, driven
Speaker 1: by rising prices and sweeping sanctions on Russian imports. All
Speaker 1: of a sudden, the world again right aggressively investors to
Speaker 1: looking at those alternative energy companies. It's really interesting. You know,
Speaker 1: last year, the residential solar business grew across the US
Speaker 1: about thirty year over year. So far this year we're
Speaker 1: seeing double that, you know, maybe triple that in terms
Speaker 1: of customer interest. So just over the past couple of weeks,
Speaker 1: we've seen a record number of appointments and record number
Speaker 1: of bookings. And I think it all has to do
Speaker 1: with what you're describing. You know, people are becoming more
Speaker 1: and more aware of their energy needs. They're becoming more
Speaker 1: and more aware of how much their utility bills are
Speaker 1: increasing dramatically, and renewable energy, specifically solar is such a great,
Speaker 1: great alternative for consumers here in the US. So it
Speaker 1: seems to be. And look, this is based on my
Speaker 1: cursory research, because um, I live in an apartment building
Speaker 1: in Brooklyn. Uh we I mean, I gotta tell you guys,
Speaker 1: we are we got our Connent billt UH. The charge
Speaker 1: for electricity last month went up three x. It was
Speaker 1: three x costs from the previous month, so a massive increase.
Speaker 1: We looked into solar. The bid that we got for
Speaker 1: solar says that it could only cover six percent of
Speaker 1: our buildings electric electric use, so it's not necessarily great
Speaker 1: at least at this point for big buildings. My friends
Speaker 1: who live in the suburbs, however, can't get solar installed
Speaker 1: on their roofs fast enough and they are giving electricity
Speaker 1: to the grid. Totally true. You know, even out here
Speaker 1: you said, I'm coming in from Seattle. I want you
Speaker 1: to know, actually it's a partly sunny, partly cloudy day
Speaker 1: out here, and my solar panels have generated fifty lots
Speaker 1: of energy and I'm taking about ten of that and
Speaker 1: selling it back to the grid. So you know, it's
Speaker 1: it's kind of a misconception that solars only for the
Speaker 1: southern part of the US, or you know, only for
Speaker 1: areas that have, um, you know, a lot of government subsidy.
Speaker 1: Our our research indicates that you know, as many as
Speaker 1: a hundred million holmeowners here in the US would save
Speaker 1: money every month net of their solar costs if they
Speaker 1: put solar on the then, um, you know, I don't
Speaker 1: know if you've seen this trend, tim, but more and
Speaker 1: more people were also getting solar plus battery storage, and
Speaker 1: battery storage permits you to build up, you know, your
Speaker 1: storage from the sun during the day and then use
Speaker 1: that to power your house at night and power your
Speaker 1: house through any unexpected interruptions and power. So it's really
Speaker 1: you know, for residential consumers. I think it's a business
Speaker 1: that we expect to grow dramatically over the next decade.
Speaker 1: And we're glad it is because if you read the
Speaker 1: u N Report, you know the impact of climate change
Speaker 1: is dramatic. So in addition to saving money, people love
Speaker 1: being able to make a positive difference in the world.
Speaker 1: So help me out, Peter, and my team knows, um,
Speaker 1: because I say this whenever we talk solar. I remember
Speaker 1: growing up and we had a golf course near us
Speaker 1: and there was some new homes built and they put
Speaker 1: solar panels and then they never know which was cool,
Speaker 1: it made soundse they could tap into the sun. They
Speaker 1: didn't sell until the solar panels were removed. I know
Speaker 1: the dynamics and business has changed. I'm older, so that's
Speaker 1: a while ago. But why is it taking so long
Speaker 1: for alternative energy to ramp up more aggressively? What's where
Speaker 1: is it in the supply chain or um the process
Speaker 1: that things get hung up? Is it cost? Is it efficiency?
Speaker 1: Is it? What? Well? Carol, First of all, I think
Speaker 1: your perception is a good example. I think many people
Speaker 1: in the US still think of solar from that timeframe.
Speaker 1: You know, the panels were ugly, they were kind of
Speaker 1: big and bulky. Maybe the energy savings was low enough
Speaker 1: that it wasn't worth, uh, the investment. And that's what's
Speaker 1: changed dramatically. The cost of solar has actually come down
Speaker 1: about over the last eight years, which is dramatic obviously,
Speaker 1: and because of more and more efficiencies in production. So
Speaker 1: these new panels, which are you know, mostly clean, kind
Speaker 1: of black glass, almost like a flat screen TV looking,
Speaker 1: they look more attractive, They're much lower cost. And then
Speaker 1: at the same time, you know, as Tim was saying
Speaker 1: with his bill to hold, the bills you know, are
Speaker 1: rising much faster than the consumer price index, much faster
Speaker 1: than inflation. You put those two things together, it's become
Speaker 1: much more economically attractive. And then I think the products
Speaker 1: themselves are a lot more attractive on people's homes. So
Speaker 1: from our research, people who put solar on the rooftop
Speaker 1: it actually adds value to their home at resale because
Speaker 1: people know coming in, Wow, I'm gonna have a very
Speaker 1: small utility bill because this home already has solo on.
Speaker 1: That was Peter Pharisee. He's chairman and CEO of sun Power.
Speaker 1: You're listening to Bloomberg Business Week. Coming up next, we're
Speaker 1: gonna take a look back at our Bloomberg Live event
Speaker 1: from this past week. It's all about the transformation of
Speaker 1: work post pandemic, or as we get out of this pandemic.
Speaker 1: We're talking work shifting. Two point oh top executives sharing
Speaker 1: their vision for the future of work and the key
Speaker 1: to talent retention. Today, here's a hint, not just about
Speaker 1: the money. Surprise you. Yeah, that did surprise me. Actually,
Speaker 1: I wonder if all of you out there, if that's
Speaker 1: a surprise to you as well. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovich from Bloomberg Radio. This week, Bloomberg
Speaker 1: Live hosted an event. It was called Work shifting two
Speaker 1: point out, redefining normal. The event held in person. It
Speaker 1: was our first Bloomberg Live event in New York City
Speaker 1: in person since the gatherings aimed to dig into what
Speaker 1: our work life is in two as we increasingly are
Speaker 1: getting back to the office, at least some of us are. Yeah,
Speaker 1: there's a lot of office buildings still empty. Tim and
Speaker 1: I participate in the event and led several discussions. Among
Speaker 1: them was what I did with Frank because suits she's
Speaker 1: executive vice president and chief People, Policy and Purpose officer
Speaker 1: over at Cisco. It's a company with dozens of employees
Speaker 1: caught right now though in the midst of war in
Speaker 1: Eastern Europe, it's really hard. UM and uh, you know,
Speaker 1: about four weeks ago we started to offer our employees
Speaker 1: in Ukraine the ability to relocate out of the country
Speaker 1: and I had a small number of our employees take
Speaker 1: us up on that. In the last we have about
Speaker 1: seventy employees in Ukraine. UM. In the last week and
Speaker 1: a half, we've had about thirty families up to leave,
Speaker 1: and so we're helping them get to Poland. UM. From
Speaker 1: a Russia perspective, our employees are struggling to UM and
Speaker 1: so we have a much bigger operation there, and we
Speaker 1: have UM put our employees on a paid leave given
Speaker 1: the the U S sanctions, and we're doing our best
Speaker 1: just to of course adhere to the sanctions and and
Speaker 1: take care of our people. But it's it's heavy and
Speaker 1: it's hard. Is it changing strategy? Rethink and what this
Speaker 1: year looks like. I mean, we are at this point
Speaker 1: where our in house strategists are saying that the longer
Speaker 1: this goes on, we've got to rethink what the second
Speaker 1: half of this year looks like. It's significant, you know,
Speaker 1: I will tell you it's another really challenging example of
Speaker 1: a huge event putting the focus on people and then
Speaker 1: putting the focus on business and what needs to evolve.
Speaker 1: And so it's something that we're staying close to. We're
Speaker 1: trying our best to remain hopeful UM in an environment
Speaker 1: where there's not a lot of that. Right now. It
Speaker 1: does feel like it's a reminder of the last couple
Speaker 1: of years. There's things are coming at us from so
Speaker 1: many different angles, all right, So the American workforce, the
Speaker 1: Cisco workforce in general, if we can take a step
Speaker 1: back prior to kind of the latest UM I don't
Speaker 1: want to call it a black Swan event, but stress
Speaker 1: on our system, UM, how are they doing? So I
Speaker 1: would say they're they're doing well. And I saw some
Speaker 1: of the poll numbers that you do agree with them.
Speaker 1: I agree with most. I felt like the productivity number
Speaker 1: was a little bit lower, UM, so we have felt
Speaker 1: like we didn't see a productivity dip whatsoever. We are
Speaker 1: trying really hard to get that well being perception up UM.
Speaker 1: And so you know, what I would say is that
Speaker 1: our people have found a new way to work and
Speaker 1: the market right now for talent, as you all know,
Speaker 1: it's so incredibly hot that I think people are asking
Speaker 1: the question right now is it worth it? Where do
Speaker 1: I want to be? And so I think you have
Speaker 1: this moment where companies are trying to be their best
Speaker 1: for their people, and their people are really thinking about
Speaker 1: what's next. Well, it's interesting you guys go out and
Speaker 1: survey quarterly do your work for us, UM, How has
Speaker 1: it changed through the life of the pandemic, and what
Speaker 1: of the results do you think stick with us longer term?
Speaker 1: Because I think we're trying to find out is the
Speaker 1: normal with us for a little while? Memories are short,
Speaker 1: we go back to the way it was or does
Speaker 1: it stay with us? Okay, So it's really interesting. So
Speaker 1: I'll tell you about the elements that have changed the
Speaker 1: most over the last two years. So the first is
Speaker 1: around well being. So about two years ago, what we
Speaker 1: could see was that women and our people leaders had
Speaker 1: lower well being than our individual contributors. And what we
Speaker 1: basically said at that moment was, our people are caregivers
Speaker 1: in every aspect of their life. You're caring for your teams,
Speaker 1: you're caring for loved ones, and so we we started
Speaker 1: to reconcile that and put programs around how to help it. Recently,
Speaker 1: what we saw is that men's well being has also dropped.
Speaker 1: So women have held men have met them there and
Speaker 1: so we just see a lot of our employees struggling
Speaker 1: with well being. And so that's one thing that we've seen.
Speaker 1: Does that stay with us? I feel like we are
Speaker 1: all very sensitive, very aware. We're asking about everybody. Managers
Speaker 1: are asking they seem to care. Does it stay? I
Speaker 1: think it does stay? I do um. I think you're
Speaker 1: also going to see companies get more and more creative
Speaker 1: around how they address well being and some of the
Speaker 1: root cause issues, not just how do I help you
Speaker 1: at work with this issue, like how do I help
Speaker 1: you where you are at the moment. That's how we're
Speaker 1: looking at it from a Cisco perspective, and so I
Speaker 1: can see that shift, which makes me optimistic that well
Speaker 1: being will be a conversation for us into the future.
Speaker 1: I think the other thing that the Engagement Pull survey
Speaker 1: show is that when leaders are checking in with their people,
Speaker 1: when our people feel attention and um, that really impacts
Speaker 1: retention for the company, connection to the executives, into the
Speaker 1: overall strategy of the company. And so there's some basic
Speaker 1: things that our surveys tell us there as well that
Speaker 1: will continue to lean into the relationship with manager management. Yes, boys, yes,
Speaker 1: there's probably been a lot written about it, but we
Speaker 1: really understand that it does make a difference in terms
Speaker 1: of retention and connection for workers, especially at a time
Speaker 1: when it's such a tight labor force that a lot
Speaker 1: of workers can go. They have a lot of choices, right,
Speaker 1: that's right. I think what we see is that at Cisco,
Speaker 1: the data shows us that when a leader says, hey,
Speaker 1: how is it going, what can we be doing better?
Speaker 1: You have twenty one times higher likelihood of holding onto
Speaker 1: that talent and so just the curiosity and the interest
Speaker 1: in what can be better is so huge. That's Bark
Speaker 1: of Students, Executive vice president and chief People, Policy and
Speaker 1: Purpose Officer over at Cisco and Tim you also had
Speaker 1: a really good conversation at the event. Well, thank you,
Speaker 1: that's really kind of you. But it actually happened right
Speaker 1: after your your chat with Fran Rob thousand and I
Speaker 1: took the stage. You might recognize Rob's name. He's Vice
Speaker 1: chair Preudential Financial, formally CFO of the company. He's been
Speaker 1: doing research into the state of the American workforce at
Speaker 1: Predential for years. We started, though, by talking about what
Speaker 1: Russia's invasion of Ukraine means for the US, which is
Speaker 1: ce coming out of this, there is a lot of
Speaker 1: a hotility in the marketplace. Um you know, outside of
Speaker 1: the Amanitarian issue. It's a it's a it adds uncertainty
Speaker 1: into the economic outlook, and you know, the FEDS going
Speaker 1: through a process of figuring out, you know, how do
Speaker 1: we normalize interest rates in light of inflation environment and
Speaker 1: and try to balance um that with with you know,
Speaker 1: sort of the implications the economy. This makes all of
Speaker 1: that much more difficult and so UM. You know, in
Speaker 1: the pulsing American Worker UM survey, one of the things
Speaker 1: that comes through there is this insecurity that individuals have
Speaker 1: around their own financial outlook. This only compounds that, right,
Speaker 1: So for every individual you're sort of looking at UM
Speaker 1: before this UM an uncertain sort of economic environment and
Speaker 1: are are you making enough progress against inflation and other
Speaker 1: and other needs? Uh? And now I think that picture
Speaker 1: gets murkier and adds even more anxiety to the individual
Speaker 1: American It's interesting that you mentioned that worded security. Did
Speaker 1: go back and watch the conversation that we had a
Speaker 1: year ago and I opened by asking you how the
Speaker 1: American worker is doing? And you use some words that
Speaker 1: that hit me pretty hard. Uh. Recently you've said they
Speaker 1: felt quote insecure about having relevant skills in a rapidly
Speaker 1: changing environment. They felt vulnerable about the lack of financial
Speaker 1: stability to get through a pandemic. Here we are a
Speaker 1: year later, lots of stimulus later. Unemployment rate at that
Speaker 1: point was just under six point five percent. Now it's
Speaker 1: under four percent. How's the American worker doing right now? Yeah? So, UM,
Speaker 1: it's interesting when we look at survey to survey overt
Speaker 1: as you said, we've been doing this in two thousands seventeen,
Speaker 1: and you look at the trends over that period of time.
Speaker 1: The two things that I spent a lot of time
Speaker 1: looking at are around financial security. Obviously, we care a
Speaker 1: lot about that, both for our own employees and because
Speaker 1: you know, American workers are customer at the end of
Speaker 1: the day too, so we're we spent a lot of
Speaker 1: time thinking about that and then skilling because um ultimately,
Speaker 1: financial security starts with having a good job with benefits.
Speaker 1: To have a good job with benefits requires that you
Speaker 1: have a skill base, and unfortunately, tim what we're finding
Speaker 1: is that we're not making much progress on either of
Speaker 1: those fronts. For actually maybe even going backwards. Our most
Speaker 1: recent survey said seventy of the survey indicated that they're
Speaker 1: actually in a better financial position today than they were
Speaker 1: a year ago. But seventy percent of which is pretty
Speaker 1: pretty remarkable. Yeah, it's a it's a good number, right,
Speaker 1: sort of have better off. But the problem is they're
Speaker 1: still insecure because we had this gap, and all they've
Speaker 1: done is they've been progress against the gap, but there's
Speaker 1: still a remaining gap. So seventy percent of them are
Speaker 1: insecure about their financial future in retirement. That's up ten
Speaker 1: points from the beginning of the pandemic and five points
Speaker 1: from when we surveyed just you know, a quarter or
Speaker 1: so ago. So how does how do you square that
Speaker 1: with the great resignation and what we've seen coming from
Speaker 1: the American worker in terms of not just jobs switching,
Speaker 1: but leaving the workforce entirely. Yeah, So it's you know,
Speaker 1: it's interesting. On the surface of it looks like, you know,
Speaker 1: these things don't sort of fit with each other. If
Speaker 1: people are insecure, why are they leaving. Well, part of
Speaker 1: the reason they're leaving, there's sort of as we think
Speaker 1: about those motivators, compensation is in there. They are looking
Speaker 1: to leave in order to find sort of a better
Speaker 1: financial equation. That financial equation includes not just direct combook
Speaker 1: benefits as well, um, and so there is a motivation
Speaker 1: there that's that's sort of behind this great resignation. But
Speaker 1: in the other pieces of that actually have to do
Speaker 1: with part of the topics that we're in this earlier panel,
Speaker 1: which is it's really about a big motivator. There is
Speaker 1: around this whole work life balance. People are looking for
Speaker 1: greater flexibility than they're able to get and they're also
Speaker 1: looking for career development. Those are the two things outside
Speaker 1: of compensation that come up repeatedly in our surveys. Um
Speaker 1: and if you look in fact, so in our survey
Speaker 1: of the people we survey, it had recently changed jobs. Right,
Speaker 1: one third of them took a pay cut when they
Speaker 1: changed jobs. That that blew me away when I saw
Speaker 1: that statistic. They took a pay cut because ostensibly they
Speaker 1: wanted a job with a better quality of life or
Speaker 1: what they interpreted as a better quality of life, more flexible. Yeah, yeah,
Speaker 1: and so um sot percent of them actually took a
Speaker 1: part time job or a gig job because they were
Speaker 1: trying to find that kind of a balance. But yeah,
Speaker 1: so the motivator seems to be that, you know, compensation
Speaker 1: is always is always a motivator that becomes table stakes
Speaker 1: as as leaders think about these things in their own workforce.
Speaker 1: But the reality is it's so much deeper than that.
Speaker 1: And this, this flexibility around balancing work and life has
Speaker 1: become a major motivation for individuals. So what's a manager
Speaker 1: to do? And and look answer this question from the
Speaker 1: perspective of what you're doing at at Prudential and what
Speaker 1: managers are doing at Prudential when it comes to talent retention,
Speaker 1: can you give us some insight there and who's leaving,
Speaker 1: how you're keeping them? Yeah, so you know, so you
Speaker 1: start with, as I said, compensations, table stakes. You need
Speaker 1: to be at market. But if if all you focus
Speaker 1: on and I hear a lot of narrative around this, well,
Speaker 1: we've gotta pay competitively. Yes, we have to pay competitively.
Speaker 1: But if that's where you stop, your relationship with your
Speaker 1: employee becomes transactional. That was Rob VAL's advice chair at
Speaker 1: Prudential Financial. Catch the full interviews with him, Cisco's fran
Speaker 1: kitt Suitis, and more top executives. You can do that
Speaker 1: by going to Bloomberg Live dot com and searching for
Speaker 1: are workshifting two point oh events. That wraps up the
Speaker 1: first hour of the weekend edition of Bloomberg Business Week
Speaker 1: from Bloomberg Radio. I'm Carol Masser and I'm Tim Stanovac.
Speaker 1: Ahead in the next hour, the CEO of Petco on growth,
Speaker 1: the story of a sports dynasty in Los Angeles coming
Speaker 1: to the small screen, and our investigative team reveals a
Speaker 1: pattern of sexual abuse in the sport of show jumping
Speaker 1: in the upheaval taking place inside the rich and powerful
Speaker 1: equestrian community. All of that to come. This is Bloomberg.
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 Masser and Bloomberg Quick Takes Tim
Speaker 1: Stinovik on Bloomberg Radio. Hi, I'm Carol Masser and I'm
Speaker 1: Tim Stanovk. Lenny ahead in our second hour of the
Speaker 1: weekend edition of Bloomberg Business Week, including Petco CEO Ron
Speaker 1: Coglin on the company's latest round of earnings and also
Speaker 1: about growth to come. Plus Hollywood meets Sports. We're going
Speaker 1: behind the scenes of HBO's new series Winning Time, the
Speaker 1: Rise of the Lakers Dynasty. First up this hour a
Speaker 1: story by Bloomberg's Olivia Carville, who you might remember reported
Speaker 1: out a revealing Business Week cover story last summer about
Speaker 1: Airbnb's handling of violent crimes at its listings. This week,
Speaker 1: she looks at sexual abuse in the world of show
Speaker 1: jumping and the efforts to impede safe sport. It's an
Speaker 1: organization that was set up to help young athletes who
Speaker 1: have been victimized by misconduct. Olivia joined us along with
Speaker 1: Business Week editor Joe Weber. It's a rarefied world. The
Speaker 1: sport that we're talking about here is equestrian, Uh, it's
Speaker 1: an Olympic sport. Olivia Carverlo's reporting on this has just
Speaker 1: been an amazing one. UM was really just honored to
Speaker 1: publish it in the magazine and and also talk about
Speaker 1: it UM today because ultimately a lot of this legacy
Speaker 1: of what she writes about in the story actually goes
Speaker 1: back to Larry Nassa and what happened in the gymnastics world,
Speaker 1: and there there have been many things that have changed
Speaker 1: since that moment um a couple of years ago, one
Speaker 1: being this organization Safe Sport that was founded by US
Speaker 1: Congress to basically help police sex abuse and protect young athletes. UM.
Speaker 1: But what's happened and what Olivia's reporting revealed is that
Speaker 1: there's sort of one community that has resisted any sense
Speaker 1: of discussion about this and has not liked watching its
Speaker 1: heroes fall. So Olivia bring us into the story and
Speaker 1: what happened at the stables? Yeah, sure, and thanks so
Speaker 1: much for having me on This was a really important
Speaker 1: story from my perspective as well, just to be able
Speaker 1: to tell these young writers um stories, to hear it
Speaker 1: in their own words, what happened to them, what does
Speaker 1: grooming look like to them, and why their community was
Speaker 1: in a sense actually attacking them in some cases. I
Speaker 1: think with an equestrian we have seen really a late
Speaker 1: sport be torn apart by um by safe sport be
Speaker 1: torn apart by its history. And here you've actually got
Speaker 1: some you know, pretty wealthy individuals who have spent their
Speaker 1: life within the sport coming out and attacking safe sport,
Speaker 1: this watchdog agency and also questioning the antics of some
Speaker 1: of these survivors, which has been really sad to see. Um,
Speaker 1: I'm kind of starcked that this hasn't come out sooner. Again,
Speaker 1: it's like what it was once again, a situation of
Speaker 1: the institution protecting itself. Yeah, that's right. I think if
Speaker 1: you look back in Olympic sporting communities, there has been
Speaker 1: a history of prominent figures who have been accused of
Speaker 1: sexual misconduct being covered up by the national governing bodies,
Speaker 1: and we've certainly seen that within equestrian some of the
Speaker 1: most prominent figures that we mentioned in this piece, Um,
Speaker 1: you know, headhead complaints about sexual misconduct raised against them,
Speaker 1: but it had never really resulted in them being banned
Speaker 1: at all. And yet with the creation of Safe Sport,
Speaker 1: we're seeing some of these individuals finally being held accountable,
Speaker 1: and the sport doesn't like that, Olivia. The pieces filled
Speaker 1: with powerful but harrowing anecdotes and stories about people who
Speaker 1: were affected, but also some really startling statistics. Through the
Speaker 1: end of seven of the one thousand two sanctions that
Speaker 1: the Center had handed down and publicized, we're talking Safe
Speaker 1: Sport here UM in its discipline and database, had been
Speaker 1: against members of the US Equestrian Federation. By comparison, members
Speaker 1: of the U S t A, the U S Tennis
Speaker 1: Associations eight times as big have only received thirty five
Speaker 1: Safe Sport sanctions. What's going on with equestrian Yeah, I
Speaker 1: think we're seeing a bigger number of equestrians sanctioned by
Speaker 1: Safe Sport than other sports, and that is causing a
Speaker 1: pushback from within the sport as well. I think that
Speaker 1: this is a sport that has historically been very insular,
Speaker 1: very exclusive. They don't like to let outsiders in. It
Speaker 1: was quite a challenging story to write because it's hard
Speaker 1: to break into this community. And so when they started
Speaker 1: to be sanction from historic cases going back to the
Speaker 1: seventies eighties, the sport started to fight against that. It's
Speaker 1: a sporting community that doesn't like being told what to
Speaker 1: do and is willing to push back and challenge those
Speaker 1: in power when it doesn't believe they're getting it right.
Speaker 1: So Juris Cologne was appointed Chief executive Officier of Safe Sport.
Speaker 1: Had a background where she was. She previously had worked
Speaker 1: at the National Center for Missing and Exploited Children. What
Speaker 1: was her experience coming in to Safe Sport and taking
Speaker 1: over the rens of the organization. Yeah, Juris was a
Speaker 1: pretty incredible interview. Actually, she um she was shocked when
Speaker 1: she came in and started running Safe Sport. She had
Speaker 1: been working in child safety before, but she had never
Speaker 1: experienced so much animosity, so much hostility, so much anger.
Speaker 1: Because when you're working within child's safety at the elite
Speaker 1: sporting level, the the people who want their children to win.
Speaker 1: There is a sense of desire to win, but also ambition.
Speaker 1: This is particularly equestrian. It's a community of very rich
Speaker 1: and very powerful individuals and they did push back against Juriss,
Speaker 1: and she actually mentioned to me and in her interview
Speaker 1: how on her first week on the job, she received
Speaker 1: a call from the mother of a young writer who
Speaker 1: wanted her daughter's trainer to be reinstated, had been removed
Speaker 1: for sexual misconduct, and she wanted him back in the
Speaker 1: job because she wanted her child to win. And that's
Speaker 1: something that Juris had never really experienced before in any
Speaker 1: in any of her previous roles in this area. Let's
Speaker 1: kind of talk about who she's had to struggle with.
Speaker 1: The critics, the people who are critical of Safe Sport.
Speaker 1: What's the rationale? What are they objecting to. The critics
Speaker 1: are saying Safe Sport lacks transparency, it lacks to process.
Speaker 1: They believe that it is unconstitutional in the US to
Speaker 1: have an organization set up that is labeling people guilty
Speaker 1: before proven innocent. And they're coming off to Jeras and
Speaker 1: they're coming off to Safe Sport for that reason. That
Speaker 1: was Bloomberg investigative reporter Olivia Carrville and Business Week gator
Speaker 1: Joe Webber. For more on this story, check out this
Speaker 1: week's issue and go to Bloomberg dot com slash qt
Speaker 1: for the latest installment of our Business Week storyline series
Speaker 1: on Bloomberg Quicktake. You're listening to Bloomberg Business Week coming up.
Speaker 1: Another strong earnings report from Peto has investors pretty excited.
Speaker 1: The CEO says, though there's a lot more to come.
Speaker 1: Ron Coglin on the pet care giants key to sustained growth.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes. Tim Spinovik from Bloomberg Radio
Speaker 1: shares a Peto rolling this past week after the company
Speaker 1: revealed earnings beats on both the top and bottom line
Speaker 1: for the fourth quarter and it up to its full
Speaker 1: your outlook for adjusted earnings and revenues. Okay, we all
Speaker 1: know this pets all the rage during the pandemic. I
Speaker 1: know somebody sitting close to me right now who got
Speaker 1: a new doggie, got a new puppy? Did? How's your
Speaker 1: puppy done? Really good? Okay? Good? Well it really really well? Yeah?
Speaker 1: Well probably good and well if it's being trained well right, well,
Speaker 1: it does seem that the trend is continuing even as
Speaker 1: the threat of COVID. Waynes with more on how the
Speaker 1: business achieved a seventh consecutive quarter of double digit COMPS
Speaker 1: store sales growth. We spoke with pet Co chairman and
Speaker 1: ce L of pet Ki Ron Coglin. We made a
Speaker 1: big bet that we were going to develop an ecosystem
Speaker 1: of that's the full offering that pet parents want. So
Speaker 1: we have our own vets, we have grooming, we have training,
Speaker 1: we have supplies, we have food, and we do it
Speaker 1: in stores. We also do it digitally and that was
Speaker 1: a big bet versus trying to be expert at one
Speaker 1: part of the thing, which is what basically everyone else does. Um.
Speaker 1: Pet parents say that's what they want. They want a
Speaker 1: partner to manage their pet lives. I'm sure it's not
Speaker 1: easy for you. I used to go to one place
Speaker 1: for a vet, one place for a grooming, one place
Speaker 1: for food my hunches. You probably do that right now,
Speaker 1: kind of still do. But I do a lot online
Speaker 1: in terms of products like and that simplifies my world. Yeah.
Speaker 1: But if you could do it all in one place
Speaker 1: and then that company knows you and knows your data,
Speaker 1: and the groomer knows the same thing that the vet knows,
Speaker 1: we take better care of you, and so that strategy
Speaker 1: is working. The second thing that's working is our omni
Speaker 1: channel strategy. UM eight p of our online orders get
Speaker 1: fulfilled through our pet care centers we call the micro
Speaker 1: distribution centers. That means there's faster the customer and lower cost.
Speaker 1: Does that mean they walk into or no, it's separate
Speaker 1: distribution centers. There's three. It's your local petc right. It
Speaker 1: had three different versions. One we might ship from that
Speaker 1: store to you if you order it online too, you
Speaker 1: could same day delivery what you can't do online. Or
Speaker 1: three you might go in and pick it up if
Speaker 1: you're short on order. Oh I need to get food
Speaker 1: and on my way home and you you know, bopus
Speaker 1: it's just like you you order a head on your
Speaker 1: Starbucks as an example. UM. So that's really working for us.
Speaker 1: And then our vet business is working. And we had
Speaker 1: a big announcement last week. We we had a joint
Speaker 1: venture with a vet partner and we bought them out
Speaker 1: last week we announced it and so we're bringing eight
Speaker 1: hundred veterinary professionals into our system. And one of the
Speaker 1: biggest questions I get from investors is can you hire
Speaker 1: enough vets? And you might have hired my vet who
Speaker 1: we loved and adored and he became part of a
Speaker 1: bigger practice and then is gone Avana. Is our investors
Speaker 1: seeing the story? Though? Though? Are they hearing the story?
Speaker 1: Because the stock is doing well today, but it did
Speaker 1: hit a hit a record low in late February. It's
Speaker 1: down thirty percent from its highs of last year. What
Speaker 1: are investors missing here? Yeah? I mean we got caught
Speaker 1: in some of the market downturn. Um that that happened,
Speaker 1: and we just need to prove it over time. And
Speaker 1: that's why I'm so proud of the seven quarters of
Speaker 1: a double digit growth with the margin expansion, and also
Speaker 1: our bullishnists was evidenced by our guide which was above consensus.
Speaker 1: There were people who questioned whether we could grow in
Speaker 1: the second half of the year. We did so at
Speaker 1: double digit rate. There are people who questioned whether we
Speaker 1: can lap next year? Uh, And we showed a big
Speaker 1: you know, a nice guide going forward that people appreciate,
Speaker 1: and I think that's why the stock is responding. In
Speaker 1: addition to the fact that I think that there is
Speaker 1: a premium for companies that can execute in these times,
Speaker 1: whether it's the labor issues, um, whether it's the different
Speaker 1: economic issues. People who can execute are getting a premium
Speaker 1: Right now, what segment of your business sees the biggest growth?
Speaker 1: Because you talked about a couple of different things, and
Speaker 1: I'm you know, there's omni channel, there's digital, there's in
Speaker 1: the store, there's you know, the vet services they're selling pets.
Speaker 1: What is it? What is it that really juices the
Speaker 1: top and bottom line and profitability? Uh? I love all
Speaker 1: my kids and uh that's not my love a little
Speaker 1: bit more. Um. The truth is they're all growing. But
Speaker 1: if you look at our digital business, yeah, we grew
Speaker 1: a hundred and forty three on a two year basis.
Speaker 1: We more than doubled our digital business in the last
Speaker 1: two years. I mean that's astounding. How much How often
Speaker 1: do you more than double a business that already had
Speaker 1: scale in two years? We did last quarter. So how
Speaker 1: bunch of revenues is digital? Purely digital? Digital is between
Speaker 1: fift and how much of Somebody who is digital then
Speaker 1: walked in the store, like, what are you looking for
Speaker 1: when you're when you're omni channel? I was just talking
Speaker 1: to Chippotle their omni channel, Right, they have Chippotland. You're
Speaker 1: digital only. You can go to the store, you can
Speaker 1: use the app, there's all these different things. How many
Speaker 1: like how many people are going to the stores buying online?
Speaker 1: Like you want somebody who's all in. That's the way
Speaker 1: the world is going. So if I go through the
Speaker 1: recent sequence two thousand twenty happened and everyone went online, right,
Speaker 1: even my father who loves going to stores, all of
Speaker 1: a sudden became an online customer for the first time.
Speaker 1: Then in twenty one people thought maybe they won't come back,
Speaker 1: they came back to our stores in droves and more
Speaker 1: and more. It is this omni channel customer we call
Speaker 1: it retail three data where you really bring this promise
Speaker 1: of amni channel that we've all been talking about for
Speaker 1: years together, not only for that experience, but also as
Speaker 1: fulfillment centers. You hear Target talking about using their targets
Speaker 1: as fulfillment center and we're the strategy got me to
Speaker 1: go to a Target store in a long time, very time,
Speaker 1: And we truly believe we're one of the retail three
Speaker 1: out a leaders in defining that. Where are you seeing
Speaker 1: inflationary pressure beyond what every other business talks about transportation
Speaker 1: and wages? I mean, is it pet food going to
Speaker 1: get so much more expensive because of the rise in
Speaker 1: commodity costs, fertilizer, getting more expensive, meat, getting more expensive grain,
Speaker 1: being shut off from so much of the world with
Speaker 1: Russia's invasion of Ukraine. Where are you concerned about inflationary pressure? Yeah,
Speaker 1: you never like to see inflationary pressure come at you
Speaker 1: as a retailer, and you don't like to pass it through. UM.
Speaker 1: There's been quite a bit in UM. We have the
Speaker 1: highest end customer in the category UM, so we've been
Speaker 1: able to pass that on. But at the same time,
Speaker 1: we're making sure that we provide options for customers, so
Speaker 1: whether that you know, all the way from the top
Speaker 1: end of fresh frozen too high end kibble to medium
Speaker 1: price wholehearted own brand UM to our vital care program
Speaker 1: that we actually announce an enhancement to where for nineteen
Speaker 1: dollars a month you can get grooming veterinary discounts on
Speaker 1: products and you can save two three d dollars. So, yes,
Speaker 1: we're having to pass it through, but we're also coming
Speaker 1: up with options and ways for customers to save to
Speaker 1: offset some of that, so you're able to maintain margins.
Speaker 1: We're able to we actually we we had sequential improvement
Speaker 1: in our margins this past quarter and that can continue
Speaker 1: with those inflationary pressures, whether it's food, whether it's labor.
Speaker 1: At mein trust, we're talking about energy, and that's a
Speaker 1: throughput for everything. So the guide that we provided had
Speaker 1: EBITDA margin expansion, WEBDA margin expansion pretty much every quarter.
Speaker 1: How do you feel about the second half? And I
Speaker 1: think about the conversation we have with Gina Martin Adams earlier,
Speaker 1: who covers the markets, and she said another month of
Speaker 1: maybe the war and things that I start to rethink, um,
Speaker 1: how the second half looks. In terms of the equity front.
Speaker 1: We have yet to hear companies taking down the revenue numbers.
Speaker 1: You raise them for the year, you feel really confident
Speaker 1: or is there something out there that says this could change?
Speaker 1: You know, we haven't no excuse mentality in our companies.
Speaker 1: So we took labor hits, we took supply chain hits,
Speaker 1: and we still delivered eighteen percent growth on the year
Speaker 1: and growth on the quarter. So yes, we're we take those,
Speaker 1: but at the same time we have massive addressable market opportunities.
Speaker 1: That was PET co chairman and CEO Ron Coglin. Still
Speaker 1: to come on Bloomberg Business Week. A sports story that
Speaker 1: was destined for Hollywood. In fact, that's where it all began.
Speaker 1: How The Rise of the l A Lakers basketball Dynasty
Speaker 1: became the subject at a star studded HBO series. This
Speaker 1: is Bloomberg Broadcasting from the financial capital of the World,
Speaker 1: Bloomberg Eleve in Frio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the Country Sirius XM Chado one
Speaker 1: nineteen and around the globe the Bloomberg Business app and
Speaker 1: Bloomberg Radio dot Com. This is Bloomberg Business Week. I
Speaker 1: don't care who you are. If you're a human being
Speaker 1: with two eyes and a heart, this game, this industry
Speaker 1: makes you feel good. What industry sweatsocks? No show business.
Speaker 1: The voices you just heard they were those of actors
Speaker 1: John C. Riley and Sally Field, Riley playing the role
Speaker 1: of late l A Lakers owner Jerry Buss and Field
Speaker 1: playing his mom Jesse. It's all in the new HBO
Speaker 1: series Winning Time, The Rise of the Lakers Dynasty. It
Speaker 1: premiered on HBO last weekend. The new limited series recounts
Speaker 1: the team's dominant decade long run and the bond it
Speaker 1: created between the world's sports and entertainment. It's based on
Speaker 1: book by author Jeff Perlman. It was called Showtime Magic,
Speaker 1: Kareem Riley and the Los Angeles Lakers Dynasty of the
Speaker 1: nineteen eighties, and Jim Hecked, co creator, writer and executive
Speaker 1: producer of the TV adaptation, Well, he just had to
Speaker 1: bring it to the screen. And it's whole thing came
Speaker 1: about because I was in a really bad part of
Speaker 1: my life, Like it was a really dark time. I
Speaker 1: was like going through a horrible break up. My career
Speaker 1: was not doing well. I was super depressed, and so
Speaker 1: I took up like meditation. Not to sound to l a,
Speaker 1: but like I just was desperate and and in the
Speaker 1: you know, early experimenting with that, like I had this thought, like,
Speaker 1: you you need to stop trying to write stuff that
Speaker 1: you think other people would want to see and only
Speaker 1: do the show that you would want to see. And
Speaker 1: it was the very next day I heard about Jeff's
Speaker 1: book on the radio and I stood in on I
Speaker 1: was at book Soup at nine o'clock in the morning
Speaker 1: when the doors opened to buy it. When the book
Speaker 1: came out, the first day it was out, and then
Speaker 1: I read it, you know, by eleven, and I called
Speaker 1: my age and it was like, I want to do
Speaker 1: like Friday Nights with the Lakers in the eighties. And
Speaker 1: he was like, Jim, this is the thing that's going
Speaker 1: to be written on your gravestone. So I love that.
Speaker 1: I'm not looking forward to any gravestones. But so I
Speaker 1: threw across the water. I showed up. This is two
Speaker 1: thousand fourteen Easter Sunday, two thousand fourteen. I showed up
Speaker 1: on Jeff's doorstep in New Rochelle with a tomato, a
Speaker 1: block of chocolate, and a bottle of non alcoholic line.
Speaker 1: And because he had had some stuff option and nothing
Speaker 1: ever came out of it, had zero expectations, you know,
Speaker 1: I was like, yeah, sure, take a shot at it. Whatever,
Speaker 1: and he said, you know, as soon as the door closed,
Speaker 1: he turned to his wife and they're like, nothing's ever
Speaker 1: going to come out of that, uh, And for a
Speaker 1: while nothing did. We got a lot of notes. People
Speaker 1: are like, you'll never be able to cast magic and create,
Speaker 1: you know, but you did. You did? What what What
Speaker 1: went into the thinking of how you had to cast them?
Speaker 1: Because you're not gonna you know, these are iconic players,
Speaker 1: iconic individuals. Yeah. I mean everybody said it was impossible.
Speaker 1: Were you going to find a guy six nine seven
Speaker 1: foot that can play basketball and also act on the
Speaker 1: level that they'll be, you know, capable of being in
Speaker 1: a premier HBO drama. And Francie mas Or, a casting director,
Speaker 1: did an open call. She found those two guys the
Speaker 1: second we saw magic on the tape, like that's him.
Speaker 1: You see the camera, I'm sorry, you see the smile,
Speaker 1: and you're like, that's the guy. And then in Solomon Hughes,
Speaker 1: who plays Kareem, we found a PhD. You know, who's
Speaker 1: a professor who can capture that intellectual, interne internal, you know,
Speaker 1: world of Kareem and had no acting experience because like
Speaker 1: a natural and just gets better and better, and he's
Speaker 1: the guy's an amazing actor. You know. It's it's it's
Speaker 1: it's just watching genius talents at work because they have
Speaker 1: no background and and they're incredible. I I stayed by
Speaker 1: reputation on their performances. Hey take us back, as a
Speaker 1: fan of the l A Lakers, is there a game
Speaker 1: that you remember a moment in time watching them play
Speaker 1: that just really stands out for you. Yeah, it's so
Speaker 1: funny because it's probably the bad moments I remember the most,
Speaker 1: Like when they lost to the Celtics in Game seven
Speaker 1: of the eighty four finals. I don't want to spoil
Speaker 1: this stuff that you can look it up in my
Speaker 1: mind and find out if they want are lost, but like, yeah,
Speaker 1: I cried my eyes out of that. My dad took
Speaker 1: me to the finals in eighty three and they got
Speaker 1: swept by the Sixers, And uh, those are the ones,
Speaker 1: probably unfortunately, that I remember the most. Those are the
Speaker 1: ones to stand out, you know, even even with all
Speaker 1: the wins, it's the losses that kind of stick with you.
Speaker 1: And I've talked to some of the players and stuff.
Speaker 1: They say the same thing, you always remember the losses more.
Speaker 1: I'm wondering if you, you know, you go back to
Speaker 1: your childhood and you think about these games, you think
Speaker 1: about watching him in person, you think about watching them
Speaker 1: on TV. And I'm wondering when you were shooting this
Speaker 1: and actually going back and looking at that footage, if
Speaker 1: if any of your memories were kind of very different
Speaker 1: from what that ended up being. Surprisingly, I did not
Speaker 1: remember what it was like to watch Magic Johnson play basketball.
Speaker 1: And when I went back on YouTube, I was like, well,
Speaker 1: you know, and probably a lot of people into thirty
Speaker 1: I've never seen him play, and it's like, it's incredible
Speaker 1: what he does with the ball. Sometimes you can't even
Speaker 1: you know, figure out what he did with the ball
Speaker 1: to get there. And and so that was like way
Speaker 1: better than I thought it was. Hey, Jim, when you
Speaker 1: look at the NBA today or perhaps the NBA of
Speaker 1: the last decade, where do you see the rise of
Speaker 1: the Lakers? I mean, look, the Jerry Bust changed everything
Speaker 1: about the way that we experienced sports and entertainment. Like
Speaker 1: he merged the two. He created a rock concert at
Speaker 1: a sporting event. The Laker girls came in. Yeah, there
Speaker 1: weren't cheerleaders at basketball games. I want something like the
Speaker 1: Dallas Cowboys have. There wasn't, you know, there was just
Speaker 1: the organ would occasionally go da da da charge. You know.
Speaker 1: It wasn't the lights and the he changed the lighting.
Speaker 1: He just lit the cord and kept the rat with
Speaker 1: the rest dark like a concert. That's Jim Hacked. He's
Speaker 1: co creator, writer, and executive producer of the new HBO
Speaker 1: series Winning Time. You're listening to Bloomberg Business Week Coming up,
Speaker 1: how to build a portfolio of luxury. Our Pursuits team
Speaker 1: on the keys to collecting fine jewelry and writing in style.
Speaker 1: This is Bloomberg. You're listening to Bloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio.
Speaker 1: This week, our Bloomberg Pursuits team is shining a light
Speaker 1: on an alternative asset class. Well, if you're thinking it's cryptocurrency,
Speaker 1: your n f T s not this time around. This
Speaker 1: one that we're going to talk about has a long
Speaker 1: history of bringing return on investment and the market has
Speaker 1: never been hotter. We are talking about find Jewelry for
Speaker 1: more on the keys to building your own portfolio of
Speaker 1: precious stones. We're not talking watches here, by the way,
Speaker 1: We turned to Bloomberg Pursuits editor Chris Rouser. Chris, these
Speaker 1: high priced items, they kind of never go out of style.
Speaker 1: Let's let's start at the beginning here at that that
Speaker 1: kind of the base. So for for those who are
Speaker 1: looking to add to their collections or even start a collection,
Speaker 1: what do we need to know. Well, one of the
Speaker 1: great things about jewelry actually Tim is that it doesn't
Speaker 1: have to be super high priced. I mean, jewelry generally
Speaker 1: is a luxury. But with when you're investing in art,
Speaker 1: you know you're not really going to get much of
Speaker 1: a return on your investment unless you're spending more than
Speaker 1: a hundred thousand dollars or up. Whereas with jewelry, actually
Speaker 1: much more, much less valuable items can hold their value. Um,
Speaker 1: so you don't have to be shelling out tons and
Speaker 1: tons of money. You can get something for a few
Speaker 1: thous dollars that may hold its value and grow in
Speaker 1: in the coming years. But the things to start with
Speaker 1: are you should look for jewelry that's vintage, so that
Speaker 1: jewelry that's between years old, that's high quality, so it
Speaker 1: looks nice. Uh, it's in good conditions, so it's not
Speaker 1: been batter too much, and it's signed by the jeweler
Speaker 1: that made it, so it has a stamp from like
Speaker 1: Cardier or or something like that. Hold on, how do
Speaker 1: you know if this stuff is legit? How do you
Speaker 1: not watch Antique road Show? I have not come on right, Chris.
Speaker 1: We all know about what to look for. Yes, well,
Speaker 1: just go on Antique road Show and have them check
Speaker 1: out what you should do is find a jeweler in
Speaker 1: your city or town um that is reliable that you
Speaker 1: can work with, and they'll have certificates of authenticity for
Speaker 1: everything from the designer to the gem itself, and they'll
Speaker 1: get the gem checked out. So you know, once you
Speaker 1: buy something from a dealer like that, then you can
Speaker 1: go back to that same dealer if you want to
Speaker 1: sell it again. I love too that you included in
Speaker 1: the store, right. I mean, there is a great book.
Speaker 1: There's also online courses, but as you said, there's I guess,
Speaker 1: kind of the industry bible right when you really kind
Speaker 1: of want to educate yourself about starting to invest in
Speaker 1: in fine or older jewelry. For those people who don't
Speaker 1: want to, let who don't see this as a hobby,
Speaker 1: there's the book Understanding Jewelry, which is by two former
Speaker 1: son of these jewelry executives, and that really explains the
Speaker 1: history of jewelry and what you need to know and
Speaker 1: what the good periods from the different designers are, which
Speaker 1: is a great place to start. Okay, Well, I just
Speaker 1: but I'm curious, like what makes something rare? Right, Like
Speaker 1: I feel like there's tons of stuff out there and
Speaker 1: I understand about like the looking for marks. My mom
Speaker 1: had a good friend that she's like, whatever you're buying,
Speaker 1: always turn it over and looking like what the prints
Speaker 1: are and the marks on the back of something. Um.
Speaker 1: But but what what's rare? I mean? Is it just
Speaker 1: limited quantities? Is it? What is it? Chris? Yeah? So
Speaker 1: some A lot of the jewelry houses that are really uh,
Speaker 1: that really have stuff that holds its value are once
Speaker 1: you've heard of so Bulgari and Cartier and Rankles and
Speaker 1: our Pels and Tiffany. But those companies do make a
Speaker 1: lot of certain things, So like a Tiffany bean necklace
Speaker 1: is something that every girl I knew growing up wanted
Speaker 1: to get. We're the same you and I, Chris, are
Speaker 1: the same vintage Okay, I think we're the exact same
Speaker 1: anage or maybe is that still? Are they as well? Yes?
Speaker 1: Totally um. But but those companies and other companies make
Speaker 1: limited edition items that are harder to find or things
Speaker 1: that they only made for a certain period of time.
Speaker 1: So things that are deliberately limited or if you can
Speaker 1: find something one of a kind are the things that
Speaker 1: are going to go up in value the most. And
Speaker 1: and one of a kind things. You know, a lot
Speaker 1: of jewelries jewelers make something custom for their clients. Doesn't
Speaker 1: have to be a huge, famous jeweler. It could be
Speaker 1: someone you know, an artisan where you live or whatever,
Speaker 1: and those one of a kind things actually can go
Speaker 1: up in value. So, Chris, how much are we talking
Speaker 1: money wise here? Um? You know you said that it
Speaker 1: doesn't have to be expensive, but a lot of the
Speaker 1: examples in this pursuits p We're talking hundreds of thousands
Speaker 1: of dollars at least what they're selling for now. Yeah.
Speaker 1: So some of the examples we list are things that
Speaker 1: are sold at auctions, so there's public records of them.
Speaker 1: So in two thousand twelve, six point seven cash six
Speaker 1: point seven carrot cash near Sapphire auctioned for two hundred
Speaker 1: and six thousand dollars, and then last year a very
Speaker 1: similar size one was bought for five hundred and fifty
Speaker 1: thousand dollars. So that's more than doubling in value in
Speaker 1: in ten years. Um and amethyst cuff from Bell Prone
Speaker 1: sold in two thousand three for twenty six thousand dollars,
Speaker 1: and in twenties twenty one that same cuff went for
Speaker 1: eighty seven thousand dollars um. So that's you know, almost
Speaker 1: three growth in less than twenty years. All right, So
Speaker 1: Tims thinking I can do this. I can buy this
Speaker 1: like really cool old ballll, or I could send my
Speaker 1: son to college, or I could think about buying another
Speaker 1: piece of real estate. Hey, before we move on, because
Speaker 1: we want to get to Hannah Hannah Elliott, who covers
Speaker 1: all things when it comes to cars. Um, what kind
Speaker 1: of stones though do we want to by? Is it diamonds?
Speaker 1: Is it rubies? What is it? The big three are emeralds,
Speaker 1: rubies and sapphires, and those, especially if they're from the
Speaker 1: coveted places, are really extremely investment worthy. So uh, pigeons, blood,
Speaker 1: rubies from from Burma, which used to be uh problematic
Speaker 1: and are less so now. Um. And then also diamonds,
Speaker 1: I mean diamonds sort of reigned supreme as the investment.
Speaker 1: You should see the notes Tim is taking totally getting
Speaker 1: ready to do some of this. It's always like do
Speaker 1: I send my kids to college? Or do I have
Speaker 1: some fun? I don't Why is it always about college?
Speaker 1: It's always about college reality? Alright, So maybe you want
Speaker 1: to pick up a pricey gem, uh, and then get
Speaker 1: into your Ferrari to t B because I don't know
Speaker 1: if that's exactly what Hannah Elliott did, but she covers
Speaker 1: all things cars when it comes to pursuits. Hannah, good
Speaker 1: to have you here with us. UM, tell us about
Speaker 1: this this new car from Ferrari. I have to say,
Speaker 1: I would love to pick up, you know, a diamond
Speaker 1: or a ruby and then get into my Ferrari and right,
Speaker 1: that sounds great. Um, this is the new V six Ferrari,
Speaker 1: which is a really big deal. Um. Ferrari made a
Speaker 1: V six engine in the late nineteen fifties and sixties.
Speaker 1: You might have heard something called a Ferrari Dino or
Speaker 1: a Dino UM, and that at the time was considered
Speaker 1: kind of an entry level car. In fact, Ferrari didn't
Speaker 1: even put its own badge on the Dinos, even though
Speaker 1: they were making them. And even though you know that
Speaker 1: car was named after in the Ferrari Sun who had
Speaker 1: been killed, you know, Ferrari Um. But because that was
Speaker 1: a V six engine and Ferrari was so famous for
Speaker 1: making the V twelves, it was kind of considered, oh,
Speaker 1: it's just you know, as a little as a little thing,
Speaker 1: but it's not a real Ferrari quote unquote, So fast
Speaker 1: forward to last week in Spain and Saville, and now
Speaker 1: we're in this new B six Ferrari, which also has
Speaker 1: hybrid technology, the V six compared with the hybrid votor. Um,
Speaker 1: this is anything but an entry level Ferrari. This is
Speaker 1: eight hundred and nineteen horse powers worth a Ferrari um
Speaker 1: and with a price tag about three d and two
Speaker 1: dollars starting. It's definitely not the entry level Ferrari. But
Speaker 1: it is really fast, fun, beautiful. Um, it's a real treat.
Speaker 1: Well what was it like to drive it? You? You
Speaker 1: got up, you know, you went over a hundred and
Speaker 1: six in Spain in this thing? What did it feel like? Um?
Speaker 1: I have to say this has to be maybe the
Speaker 1: lightest and most elegant Ferrari i've driven. Um. It weighs
Speaker 1: like Towns, which is really incredibly light and is so
Speaker 1: dialed in. Um. We were on the track called Monte Blanco,
Speaker 1: which is outside the Ville, which is how we were
Speaker 1: able to drive so quickly. UM, and you know it
Speaker 1: just I think it does if I remember right, zero
Speaker 1: to sixty two and two point nine seconds. UM. So
Speaker 1: this is a really fast, fast car. And you know,
Speaker 1: one of the pro drivers I was with told me
Speaker 1: it was actually faster than the law Ferrari around the
Speaker 1: Fiorano circuit, which is the home the home track in Italy.
Speaker 1: It's a lat Ferrari. If you'll remember, this is a
Speaker 1: two million dollar supercar, and yet here we are with
Speaker 1: this v six, this NEWVIE six that's actually faster around
Speaker 1: the track because it's so light, because it's so dialed in,
Speaker 1: because it has that whopping power even though it is
Speaker 1: a six. It's incredible specs zero as you said, to
Speaker 1: sixty two and two point nine seconds top speed, more
Speaker 1: than two d five total horsepower. Chris, I have to say,
Speaker 1: when I was reading Hannah's column, um, I'm thinking she
Speaker 1: was not though, going more than a hundred sixty miles
Speaker 1: an hour when she was behind that herd of goats. Yeah,
Speaker 1: I love this. I love when Hannah gets to go
Speaker 1: out into the wilderness with these cars because Ferrari's um,
Speaker 1: these cars are like very low to the ground, and
Speaker 1: they're not they're not usually design to be really taken
Speaker 1: out on the rough roads. But Hannah got to do
Speaker 1: it in sort of the hills of the Ville. So
Speaker 1: tell us about that Hannah. Yeah, it was. I have
Speaker 1: to say, in Ferrari's defense, both of the road course
Speaker 1: that we drove was gorgeous, completely flat, you know, roads
Speaker 1: that didn't even have a dividing line, which was a
Speaker 1: little bit jarring. I mean it was just like at
Speaker 1: this open flat road in the hills. So I give
Speaker 1: Ferrari full credit for a beautiful driving course, but there
Speaker 1: were some pockets that were very um chewed up, let's say,
Speaker 1: because this is really rural Spain. And when I mean rural,
Speaker 1: I mean like I heard of God walking down the road. Um.
Speaker 1: They actually told me this is a big hunting this
Speaker 1: this area that we were driving was a big hunting area. Um.
Speaker 1: And so it's just you know, life in the countryside.
Speaker 1: And I have to say I have I have been
Speaker 1: another sports cars that are they're odd, but they're also
Speaker 1: really stressful to drive because the littlest um incline or
Speaker 1: divid can really scrape underneath. And I have been to
Speaker 1: say the TTP passed with slide colors. Thanks for all
Speaker 1: of that reporting in that update on that we gotta
Speaker 1: run guys, Thank you so much. That's our Bloomberg Pursuits
Speaker 1: editor Chris Rouser, also our Auto columnist Hannah Elliott. A
Speaker 1: big thanks to them for taking us through this week's
Speaker 1: pursuit section and beyond getting behind the wheel that Ferrario,
Speaker 1: I kind of felt like I was there in Spain
Speaker 1: with Hannah. All Right. That wraps up the weekend edition
Speaker 1: of Bloomberg Business Week from Bloomberg Radio. Thanks so much
Speaker 1: for joining us. I'm Carol Masser and I'm Tim Stanivik.
Speaker 1: Be sure to tune into Bloomberg Business Week Monday through Friday,
Speaker 1: starts at two pm Wall Street Time on Bloomberg Radio.
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Speaker 1: a great weekend, everyone, Stay safe. This is Bloomberg mmmm