Speaker 1: This is Bloomberg Business Week with Carol Masser and Jason
Speaker 1: Kelly from Bloomberg Radio. Hi. I'm Jason Kelly and I'm
Speaker 1: Carol Masser. Welcome to the weekend edition of Bloomberg Business Week.
Speaker 1: Over the next couple of hours, we're going to bring
Speaker 1: you news of the week, insights from the magazine, and more.
Speaker 1: And Jason, let's not forget it's week twenty one, dog
Speaker 1: days of summer, and yet an incredibly busy week on
Speaker 1: many fronts. We talked a lot about the virus and vaccine.
Speaker 1: We're going to cover that over the next couple of hours,
Speaker 1: and a lot of talk about education and what they're
Speaker 1: ultimately going to do this fall. And I think it's
Speaker 1: safe to say that the virus and its economic, social
Speaker 1: cultural effects have really started to embed themselves broadly in
Speaker 1: the world. And the cover story this week it's all
Speaker 1: about Google's push into healthcare. How it's a case study
Speaker 1: on how tech giants dominate small businesses. And again, this
Speaker 1: is partially and largely, i should say, related to the pandemic. Yeah,
Speaker 1: and also related to the pandemic sports and we got
Speaker 1: to check in with the owner of the sack Gramento
Speaker 1: Kings what they are doing. He's actually in the bubble
Speaker 1: in Disney World, so we talked to him about playing
Speaker 1: sports in a pandemic. We also talked with him about
Speaker 1: upping his bet on something that's become Wall Street's favorite
Speaker 1: new toy. We're talking about SPACs. That's right, those blank
Speaker 1: check companies. It feels like anyone who's anyone has got
Speaker 1: one of those these days. Raising money going public in
Speaker 1: a slightly different way. First, we spoke with Dr Joanne Roberts,
Speaker 1: the Chief value officer over at Providence St. Joseph Health. Remember,
Speaker 1: and I know you know this girl, but let's remind
Speaker 1: everybody this was the first health system in the United
Speaker 1: States with a confirmed case of coronavirus back earlier in
Speaker 1: the year, so they have seen this all along the way. Yeah,
Speaker 1: from day one. It's a massive health care system. So
Speaker 1: we checked in with her about the virus, about the
Speaker 1: race to get a vaccine and all those treatments to
Speaker 1: really get control of COVID nineteen. What we're seeing in
Speaker 1: Providence is our hospitalizations remain relatively high, but they are
Speaker 1: leveling off. What we are seeing in the community, however,
Speaker 1: is an increasing number of positive tests in the community,
Speaker 1: um uh, pretty much up and down the West coast,
Speaker 1: especially in the Pacific Northwest. So we are by no
Speaker 1: means out of the woods yet, even though we are
Speaker 1: happy about the leveling off of the hospitalizations. So Dr Roberts,
Speaker 1: as you look across the country and having had the experience,
Speaker 1: as we often point out when we have guests from
Speaker 1: your institution, you guys had the first US case that
Speaker 1: the coronavirus confirmed. You have seen this develop from essentially
Speaker 1: start to finish the United States. What's the biggest mistake
Speaker 1: people are making when it comes to reopening? Well, I
Speaker 1: think we we hear it uh and and all of
Speaker 1: our from all of our scientists. It is the distancing
Speaker 1: the masks, avoiding crowds, and maintaining good hand hygiene. If
Speaker 1: we could stick to those four things, I think we
Speaker 1: could get to an opening faster with some of the
Speaker 1: institutions in our in our country. But since not everybody
Speaker 1: is abiding by that, what does it mean? I mean,
Speaker 1: do we need to shut down again in order to
Speaker 1: get control of this? Gosh? You know, I I look
Speaker 1: at the news shows myself and I tell myself, I'm
Speaker 1: glad I'm a doctor and not a policymaker, these are
Speaker 1: difficult choices for our country to make. Um. What I
Speaker 1: can say is, if we exercise those four things, we
Speaker 1: would probably be able to open school safely, maybe some
Speaker 1: other institutions safely, but maybe not bars um, maybe not
Speaker 1: you know, maybe not sports events yet. But we could
Speaker 1: move faster than we are moving. But we haven't all
Speaker 1: come together, as you said, on just those four for
Speaker 1: so we need to do so. Dr Arwards talked to
Speaker 1: us about schools. It's top of mind for both Carol
Speaker 1: and me having school aged kids. I know for a
Speaker 1: lot of our listeners it's the thing that they think
Speaker 1: about all the time, both on behalf of their kids,
Speaker 1: but also behalf on behalf of themselves, because it affects
Speaker 1: where you can work, if you can work, etcetera. What
Speaker 1: are the main things, you know, sort of taking those
Speaker 1: four things as givens, how do you execute that at
Speaker 1: a school, at an elementary school or a high school
Speaker 1: where proximity is baked in? How do you actually do
Speaker 1: it mechanically and logistically. I think every school has to
Speaker 1: figure out their own solutions for this, or at least
Speaker 1: every district, And and maybe that's one of the blessings
Speaker 1: of having so many districts, because the other factor when
Speaker 1: it comes to schools that's really crucial is what the
Speaker 1: prevalence of infection rate is in your community. If the
Speaker 1: prevalence rate is very, very low, then it's much it's
Speaker 1: relatively safer to open up based to face schools the
Speaker 1: prevalence is very high, probably not, and I think so
Speaker 1: each district test it has to gauge that. So let
Speaker 1: me go one level down on you with you on this,
Speaker 1: because it is you know, what we've heard from the
Speaker 1: Mayor of New York City is three percent is sort
Speaker 1: of the threshold in terms of an infection rate. I
Speaker 1: believe it gets above three percent, then you can't open
Speaker 1: Is that just owing to the nature of the spread.
Speaker 1: I'm just trying to understand this from a layman's perspective
Speaker 1: as to sort of what the magic numbers are here.
Speaker 1: If there are magic numbers, there probably isn't a magic number.
Speaker 1: I mean, in our in our institution, we we often
Speaker 1: use one percent as a guide, but there's no perfect number.
Speaker 1: But the issue is that the risk goes up exponentially
Speaker 1: as the rate of infection goes up. So just if
Speaker 1: you have one in five kids who is infected in
Speaker 1: the classroom, the rate of infection that they're going to
Speaker 1: spread is much much higher than I, say, one in
Speaker 1: And that's Dr Joe and Roberts, the Chief Value Officer
Speaker 1: Providence St. Joseph Health. Really, you know, we have this
Speaker 1: small stable, even very fortunate, Carol, to have this small
Speaker 1: stable of go to voices, and the folks at Providence St.
Speaker 1: Joseph Health they've seen it literally from the beginning here
Speaker 1: in the United States, and they're keeping a very close
Speaker 1: eye along with their colleagues. It's a big healthcare system,
Speaker 1: but they're also talking to folks all across the country. Yeah,
Speaker 1: and one of the next hurdles, you know that really
Speaker 1: jumped out for me and our conversation was making sure
Speaker 1: um that we have enough vaccines, production and allocation of
Speaker 1: them and making sure we protect the people that need
Speaker 1: it the most and get them out in a really
Speaker 1: fast way. By the way, that entire interview can be
Speaker 1: found on our Bloomberg Business Week podcast, so check that out.
Speaker 1: Another obstacle Jason to overcome that we are minded about
Speaker 1: daily because of the virus is the problems with our
Speaker 1: overall healthcare system. What needs to change to get it right.
Speaker 1: That conversation with Dr Vivian Lee, president of health Platforms
Speaker 1: at Verily Life Sciences, that's coming up. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Jason
Speaker 1: Kelly from Bloomberg Radio. Today we're being some most important
Speaker 1: and informative conversations we had on our daily Bloomberg Business
Speaker 1: Week radio show this week, and Carol spent a lot
Speaker 1: of time with doctors, as we tend to do every week. Yeah,
Speaker 1: and that included Jason. Dr Vivian Lee. She's president of
Speaker 1: health Platforms at Verily Life Sciences. She's the former CEO
Speaker 1: of the University of Utah Health System. She's also written
Speaker 1: a book, The Long Fix, Solving America's healthcare crisis with
Speaker 1: strategies that work for everyone. So we talked with her
Speaker 1: about the healthcare systems and also opening up schools. You know,
Speaker 1: we're pretty much struggling on almost all fronts except for one,
Speaker 1: which is I have to say that I think that
Speaker 1: the heroic measures that are frontline healthcare workers have been demonstrating.
Speaker 1: I think that that is something that we should all
Speaker 1: continue to celebrate. But in terms of the system itself,
Speaker 1: I think we we are seeing, as you say, so
Speaker 1: many of its flaws right now. All right, so let'sten
Speaker 1: vision that we have a strategy session right of all
Speaker 1: the great minds in the medical community, global medical community
Speaker 1: for that matter, and we can make this system better.
Speaker 1: What would be the three things you would change from
Speaker 1: day one? Well, for the for to start with, we
Speaker 1: have to really change how we're paying for health care
Speaker 1: and what we're paying for. Right now, we are paying
Speaker 1: in a fee for service model for things to be
Speaker 1: done to us regardless of whether they make us healthier
Speaker 1: or not. And that fee for service kind of model
Speaker 1: means that our health care systems just live from fee
Speaker 1: to fee, and as you can see with COVID, as
Speaker 1: many of them have been having, you know, empty clinics
Speaker 1: and empty hospitals, they're actually being forced to shut down
Speaker 1: or even lay off people in so many in so
Speaker 1: many different parts of the country, especially rule parts of
Speaker 1: the country. So first as we really have to change
Speaker 1: the way in which we are paying for healthcare. The
Speaker 1: second thing is we really have to um take advantage
Speaker 1: of the new technologies. Telehealth is one example. We're seeing
Speaker 1: a lot greater use of that more digital health solutions
Speaker 1: so that people can look after their own health in
Speaker 1: their homes, in their in their workplace environments for example.
Speaker 1: But those have to again be used in a way
Speaker 1: in which they're paid for generating better health, not just
Speaker 1: for doing more things to people. So take advantage of
Speaker 1: more of the technology. And then the third is I
Speaker 1: think we need a lot more transparency about what it
Speaker 1: is we're going to have to pay for, how much
Speaker 1: it's going to cost, why it cost, what it does,
Speaker 1: so that we can really start to link up the
Speaker 1: costs with what we're actually getting for those dollars. And so,
Speaker 1: dr Lee part of what you're talking about. A lot
Speaker 1: of what you're talking about, especially in that description, goes
Speaker 1: against some very entrenched economic interest. There are a lot
Speaker 1: of folks, especially big companies on the managed care side,
Speaker 1: on the health care system side, on the pharmaceutical side,
Speaker 1: they and maybe they wouldn't admit this in the cold
Speaker 1: light of day, they kind of like the way it were.
Speaker 1: They're making a lot of money. How do you essentially
Speaker 1: make the case to policy officials, many of whom hear
Speaker 1: from these companies through lobbying. How do you sort of
Speaker 1: make this change? How do you break the system in
Speaker 1: a way that people might be okay with. Well, there's
Speaker 1: no question that change is hard, but I think you'd
Speaker 1: be surprised at how much support there is for change,
Speaker 1: especially right now. So when you talk about managed care,
Speaker 1: companies are insurers, they actually really want people to stay healthy.
Speaker 1: The healthier people are, the less they have to pay out,
Speaker 1: and the better they do. Most health care systems, most
Speaker 1: people who come into healthcare, physicians, nurses, therapists, we want
Speaker 1: our patients to be healthy. We are not hoping for
Speaker 1: them to be sick. But what we want to do
Speaker 1: is to have just better alignment. So we're paid for
Speaker 1: them to be healthier. You know, right now, we just
Speaker 1: have the wrong incentives, right we are only paid if
Speaker 1: they're sick. But actually, in some cases, like some clinics
Speaker 1: that are welling in a Medicare advantage model, and there
Speaker 1: are these clinics that are all over the country where
Speaker 1: they're just paid a fixed amount of money to keep
Speaker 1: their UH seniors healthy, and they get paid that fixed
Speaker 1: amount no matter what happens. They actually are are doing
Speaker 1: much better. They're actually spending more time with patients, there's
Speaker 1: less burnout, the patients are hospitalized much less and so
Speaker 1: they actually do better. So there really are some some
Speaker 1: strong incentives right now for moving to what we call
Speaker 1: it paying for better health or paying for outcomes model,
Speaker 1: But we just have to get it all aligned at
Speaker 1: the same time so that we all make that transition together.
Speaker 1: We do want to bring you a little piece of
Speaker 1: an interview that are David Weston did with Dr Anthony Fauci.
Speaker 1: Check it out. Everybody, if you're talking about a medical question,
Speaker 1: listen to the medical experts. That's the advice, and you
Speaker 1: won't get it. You will not get a conflicting message
Speaker 1: from the medical experts about things like hydroxy chloroquine, about
Speaker 1: what the results of the vaccine trial aw or what
Speaker 1: the results of monoclonal anybody. So when it comes to
Speaker 1: pure public health medical things, listen to what the medical
Speaker 1: experts say. So, Dr Lee, you are a medical expert,
Speaker 1: I'm assuming you agree with what we heard from Dr Fauci.
Speaker 1: What would you say, then, is the right thing to
Speaker 1: do when it comes to reopening schools and colleges and universities.
Speaker 1: You know, we are in such a difficult situation right
Speaker 1: now because we need to keep our economy going. We
Speaker 1: actually need to invest in our future, which is I
Speaker 1: think a big part of why we need to get
Speaker 1: our universities back up this fall. Those students need to
Speaker 1: continue study because there are future And at the same time,
Speaker 1: we have this massive upswing in COVID across the country
Speaker 1: and we have to keep healthy. We have to keep
Speaker 1: everyone healthy, so there's a tension. I think it's pretty
Speaker 1: clear that wearing masks, social distancing, handwashing, making sure that
Speaker 1: if you're sick or have been exposed, that you isolate. UM,
Speaker 1: that these precautions or these measures do work. UM for
Speaker 1: college campuses. We actually just put out a paper last
Speaker 1: week recommending putting forward a series of four recommendations for
Speaker 1: reopening our college campuses, and I'm happy to just go
Speaker 1: through those very quickly. UM. The first is that we're
Speaker 1: really recommending that on top of all of the social
Speaker 1: discipue mask and everything, this is specifically around COVID nineteen testing.
Speaker 1: It's recognizing that so many people, especially and including college
Speaker 1: aged kids, um, are asymptomatic, even though they may be
Speaker 1: COVID nineteen positive and may be able to infect other people,
Speaker 1: and so as a result, testing is really central to
Speaker 1: our strategies. So first, we're recommending that everyone get tested
Speaker 1: before they really engage back in the college campus, so
Speaker 1: either before they arrived back or right after they arrive. Secondly,
Speaker 1: we're recommending that they get tested about a week afterwards
Speaker 1: to pick up those people who might have gotten sick
Speaker 1: along the way or whose tests were inaccurate, because there
Speaker 1: are sometimes people may have the exposure but the test
Speaker 1: might not be positive. Then we recommend everyone who does
Speaker 1: become symptomatic get tested of course. And then finally we're
Speaker 1: also recommending that at least a subset of people who
Speaker 1: are asymptomatic get tested regularly throughout the semester. So those
Speaker 1: are some of our recommendation. That's Dr Vivian Lee, the
Speaker 1: president of Health Platforms at Verily Life Sciences, and Jason.
Speaker 1: Many things stuck with me, especially our conversation around opening
Speaker 1: up schools, what needs to be done, and that we
Speaker 1: need to get them opened up because those students at
Speaker 1: colleges and universities they are our future. So check out
Speaker 1: that full conversation it's on our podcast speed Well. And
Speaker 1: obviously this is the big question for everyone. I mean,
Speaker 1: the schools sit at the center of the entire economy.
Speaker 1: I think we've really come to realize that as we've
Speaker 1: talked about what reopening looks like and what getting the
Speaker 1: economy back on track really looks like. You're listening to
Speaker 1: Bloomberg Business Week, Well, as we try to figure out
Speaker 1: what happens X, we're spending more time at home and
Speaker 1: probably listening to some music. We're going to hear from
Speaker 1: the president and CEO of Sonos, Patrick Spence. Yeah, they
Speaker 1: reported earnings and the stock moved on that report that's
Speaker 1: coming up. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Masser and Jason Kelly from Bloomberg Radio. We'll
Speaker 1: bring you some of the most important and informative conversations
Speaker 1: we had on our daily radio show throughout the week.
Speaker 1: And Jason would like to remind everybody this was happening
Speaker 1: in real time as news continued to evolve across the
Speaker 1: Bloomberg terminal. Well, that's absolutely true. And one of the
Speaker 1: things that we've been in the midst of over the
Speaker 1: past few weeks is earnings, and we're starting to get
Speaker 1: a window into what different companies are experiencing in this
Speaker 1: very uncertain time. That's certainly true at Sons. We caught
Speaker 1: up with that company's president and CEO of Patrick Spence.
Speaker 1: We were ahead of an expectations both on top and
Speaker 1: bottom line, and we actually re established guidance for for
Speaker 1: Q four, our next quarter as well, which is also
Speaker 1: ahead of guidance. So we're feeling very good about what
Speaker 1: we've been able to achieve UM in the face of
Speaker 1: the pandemic and in the face of so many retail closures.
Speaker 1: I think that's the story to me, is really the
Speaker 1: adaptability and resilience of the team. Our our team has
Speaker 1: done an amazing job this quarter to really refocus on
Speaker 1: direct to consumer and to launch three new products UM
Speaker 1: in a different way. Given everything that was happening at
Speaker 1: the pandemic, we couldn't do our usual type of big
Speaker 1: product launch in person, couldn't meet with all the reviewers,
Speaker 1: couldn't give them, you know, an ability to look at
Speaker 1: and here our products. But I'm sure hasn't stopped customers
Speaker 1: from buying a lot of them. Yeah, including us. We
Speaker 1: picked up a couple of the move UM because we're
Speaker 1: spending more time in our backyard. You're welcome, Uh, you know,
Speaker 1: I really do think that focus Patrick on everybody's homes.
Speaker 1: I think we're seeing it play out in multiple ways
Speaker 1: with some of the companies that we talked to. I
Speaker 1: do want to take a step back. Tell me what
Speaker 1: life has been like for you all, um, you know,
Speaker 1: your team, your company, and then really for you, for
Speaker 1: you personally since since really mid March. Yeah, it's been
Speaker 1: a lot of time at home. You know, a lot
Speaker 1: of people talk about working from home, but we're also
Speaker 1: living at work, as I said to UH to my team, right,
Speaker 1: and so it's been challenging, UH in terms of doing that.
Speaker 1: I think there's been a lot of adrenaline quite frankly,
Speaker 1: that has carried us through and everybody wanted to be
Speaker 1: able to step in and figure this all out. Thankfully,
Speaker 1: we've always been distributed across Santa Barbara, Boston, Seattle, Amsterdam, China,
Speaker 1: so we we we already were using to have like
Speaker 1: Zoom and slack um, but we've really had to up
Speaker 1: the communication. And then for us, since we build hardware,
Speaker 1: you know, it's it's actually quite difficult because we need
Speaker 1: people that are actually working and testing products in some
Speaker 1: of our physical locations. So we've had to put some
Speaker 1: really strict measures in place to ensure their safety because
Speaker 1: you know, the primary thing through all of this has
Speaker 1: had to been you know, really keeping our people safe
Speaker 1: and healthy. And so we do have a few people
Speaker 1: in some of our offices that that need access to
Speaker 1: certain equipment and those types of things. So we've really
Speaker 1: put a lot into making sure that we can do that. Um.
Speaker 1: And I'm so proud of the team and grateful quite frankly,
Speaker 1: giving everything going on in the world, that most of
Speaker 1: our people can work from home, and so it's been challenging.
Speaker 1: People have really stepped up, right. Yeah, we were certainly
Speaker 1: I think starting to to see that, I mean candidly
Speaker 1: among colleagues and friends and neighbors and everybody. I mean,
Speaker 1: you're starting to see the stress and strain, I think
Speaker 1: especially so exactly. I can see it. I can see
Speaker 1: it on the video gun right now. Oh wait, I'm
Speaker 1: looking in the mirror. Um. Sorry, Patrick, you know, speaking
Speaker 1: of physical space, I mean, I do wonder you know
Speaker 1: what it has meant to really have to shift, you know,
Speaker 1: almost exclusively or certainly primarily to an online direct to
Speaker 1: consumer channel versus retail stores. How does that change how
Speaker 1: you sell? How does it change how you spend money?
Speaker 1: How does it change how you sort of get to
Speaker 1: those customers? That's exactly the thing that we've basically you know,
Speaker 1: faced this whole quarter. And so, um, if you had
Speaker 1: asked me back in March April, if we would have
Speaker 1: been able to live at the quarter we just did,
Speaker 1: given the closures we saw across the board, I would
Speaker 1: have I would have thought that would be nearly impossible.
Speaker 1: I mean it was incredible to watch how quickly the
Speaker 1: team throughout the existing playbook and was able then to pivot.
Speaker 1: And we look, our product has been made for this period.
Speaker 1: We could bring a little bit of extra joy to
Speaker 1: people that are stuck at home. That's a good thing
Speaker 1: and that's what we do. And so we said, you
Speaker 1: know what, let's launch this campaign. We launched and at
Speaker 1: home with onners campaign. We gave people some tips and
Speaker 1: tricks on um how to use products. We reintroduced kind
Speaker 1: of move to them as well. So to Carol's point
Speaker 1: and buying that product, that products has been selling out
Speaker 1: like crazy. UM, so it's meant a lot of adapting, right,
Speaker 1: and that's meant, you know, just a lot of change,
Speaker 1: which again is harder when you're distributed. Um, it's put
Speaker 1: stress on the system in terms of you know that
Speaker 1: three year year growth. It's hard at any point to
Speaker 1: be able to support that when you're not together. Just
Speaker 1: things like additional customer service people right that need be
Speaker 1: able to take those calls, putting pressure on the distribution
Speaker 1: channel in terms of getting product out to people on time.
Speaker 1: All of the things that come with that have been
Speaker 1: a challenge that we've had to step up to UM
Speaker 1: and then I do think it's changed, that is something
Speaker 1: that will carry on from here. So I have been
Speaker 1: pleasantly surprised by the willingness of customers to purchase some
Speaker 1: of our new products. You know, our ur is eight
Speaker 1: hundred dollars um site and sound unseen right on soas
Speaker 1: dot com and so that that gives me a lot
Speaker 1: of confidence in the brand and the trust that our
Speaker 1: customers have in the brand UM and so that's been
Speaker 1: a pleasant surprise of silver lining, if you will, through
Speaker 1: all of this. And that so no CEO Patrick spends
Speaker 1: joining us. We're both very familiar with their systems and
Speaker 1: obviously it's a tough market right now for a lot
Speaker 1: of folks, even though we're all nested at home, so
Speaker 1: some uneven things going on in that business. To sit
Speaker 1: the least, Yeah, full transparency We've got a bunch of
Speaker 1: Sona's products in our homes, and I do want to
Speaker 1: point out Sona's is price target was raised by Morgan
Speaker 1: Stanley following their earnings reports, So Wall Street definitely weighing in. Alright,
Speaker 1: come up next tracking how to raise bold, courageous and
Speaker 1: resilient women. It's a subject of a book by a
Speaker 1: former U. S. Naval officer and senior advisor to the
Speaker 1: Obama White House, a topic very familiar to you and me.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Jason Kelly from Bloomberg Radio. Well, we're bringing
Speaker 1: you some of the most important and informative conversations we
Speaker 1: had on our daily radio show this week. Bloomberg Business
Speaker 1: Week catch at two pm Wall Street time every weekday.
Speaker 1: Love this next guest, Carol, because we both are trying
Speaker 1: to raise bold, courageous and resilient women. And talk about
Speaker 1: a bold and resilient woman. She's a former U. S.
Speaker 1: Naval officer, former senior advisor to the White House during
Speaker 1: the Obama administration. We're talking about Dr Marissa Poor Jess.
Speaker 1: She's head of the Baldwin School. She's got a book out.
Speaker 1: It's called What Girls Need How to Raise Bold, courageous
Speaker 1: and Resilient Women. Check out this conversation. Yeah, I think
Speaker 1: it's the sense that we need to give our girls
Speaker 1: earlier and earlier some of the key skills that would
Speaker 1: differentiate them when are adults. Things that came to me
Speaker 1: later in life. You may have your own stories about that,
Speaker 1: when you learn to negotiate, when you learn to self adgegate,
Speaker 1: these things that you know, by large come more naturally
Speaker 1: to young boys, um social norms, the way their ways.
Speaker 1: But we meet our girls who have those strong voices
Speaker 1: to be able to step into a room and negotiate,
Speaker 1: haven't ask, and have it be effective in a way
Speaker 1: that feels personal to them. It's also interesting to think
Speaker 1: about some of the key skills that are very natural
Speaker 1: to our girls, how they empathize and communicate, and if
Speaker 1: we can lean into those strengths, that will be their
Speaker 1: competitive advantage when they're older too. So it's both, you know,
Speaker 1: bridging the gap and helping them lean enter their strength.
Speaker 1: We were speaking with the dean of the business school
Speaker 1: down at Fuqua uh Fuqua Business School at Duke University,
Speaker 1: and he was talking about sort of this three three
Speaker 1: layered approach to some extent around leadership, which I'm guessing
Speaker 1: you would agree with because he talked about I Q
Speaker 1: and EQ, which we talked so much about, but also
Speaker 1: d Q, which I would say is dairy queen, but
Speaker 1: he would say is the decency quotation, which I think
Speaker 1: is so interesting to think about as we try and
Speaker 1: raise empathetic young people, and I wonder, how do you
Speaker 1: teach something like that or how do you nurture it? Well,
Speaker 1: it's such a critical part of how we need to
Speaker 1: raise the next generation, and this idea that it can
Speaker 1: actually be taught. It's a learned skill that can be
Speaker 1: reanforth even in how in what books you choose to
Speaker 1: be your your kids. We learn empathy by taking other
Speaker 1: people's perspectives, by stepping into other people's shoes and then thinking, well,
Speaker 1: not just how would we want to feel, but how
Speaker 1: would they want to feel? So read fiction, Read fiction
Speaker 1: where the protagonist, especially for young girls, is someone who
Speaker 1: is a young girl themselves but has a different background.
Speaker 1: You know, It's something that we weave into our curriculum
Speaker 1: at Baldwin and I know, Carol, I'm sure your daughter
Speaker 1: school does as well. But when you think about this
Speaker 1: for all our girls and there are boys too, specially
Speaker 1: these days when we're really trying to bridge gaps and
Speaker 1: understand different perspectives. So that is a key way you
Speaker 1: can actually teach the skill of of excuse me, empathy, um,
Speaker 1: alongside these other skills that we know we've talked about
Speaker 1: already so far. Right, So I do want to ask you,
Speaker 1: I mean not to take this in too much of
Speaker 1: a turn, but Carol mentioned your background, and I do wonder,
Speaker 1: I mean, give us the one minute version of you know,
Speaker 1: sort of how you touch those different things and end
Speaker 1: up um doing what you're doing leading in school. Well,
Speaker 1: I think it's uh one of the things we want
Speaker 1: to teach our goals to risk a getters and follow
Speaker 1: their follow their personal passions and see where it gets them.
Speaker 1: And I had the good portion of going to Baldwin
Speaker 1: myself by too, and I'm along with an all girls school.
Speaker 1: And when I was young, my dream job was the
Speaker 1: fly just for the navy, and I pursued that passion
Speaker 1: and then it took me different directions and one day
Speaker 1: was given the opportunity to give back to the community
Speaker 1: that gave me so much and set the stage for
Speaker 1: the next generation. So it's one of those moments where
Speaker 1: we take risks in new ways and learn to lean
Speaker 1: into leadership. So it's it's both the fact that I
Speaker 1: had my own uh chance, and then I'm ready to
Speaker 1: give it to the next generation to make sure they're
Speaker 1: set up for success. To what was your experience? So
Speaker 1: uh in the in the U S. Military, in the
Speaker 1: U S. Navy, because I feel like that can be
Speaker 1: such a difficult world for women. Still, Yeah, you know,
Speaker 1: it's it's uh part and parcel of having navigated a
Speaker 1: lot of male dominated fields and for everyone who's listening,
Speaker 1: and it's in a tech industry, on a corporate industry
Speaker 1: and finance, it's still a place where there's so many
Speaker 1: barriers that we see in a daily basis that you
Speaker 1: get used to them. Um, it's the moment when you
Speaker 1: put on your equipment and you realize the equipment was
Speaker 1: made for a man of a different size, in different
Speaker 1: shape and doesn't really fit me. So I actually had
Speaker 1: a final waiver saying if anything happened, I'd be okay
Speaker 1: with it and wants through the US military, and yet um,
Speaker 1: yet it was you know what I wanted to do
Speaker 1: when I had a good portion of having mentors male
Speaker 1: mentors as well, who set the stage for me and
Speaker 1: allow me to pursue that passion. But I do think
Speaker 1: that it does take a certain um resilience, a certain
Speaker 1: uh petitive spirit. I mean that was for me something
Speaker 1: that really made a big difference, UM, and that we
Speaker 1: want to make sure our girls have those core skills
Speaker 1: they can pursue these fields no matter um, you know,
Speaker 1: when they get older, no matter what the gender bias
Speaker 1: looks like. Then Well, I'm thinking about your book too,
Speaker 1: and I'm wondering what the Marissa today would tell the
Speaker 1: younger Marissa UM based on what you've learned. Yeah, yeah,
Speaker 1: I think it's interesting. I Um, I came to my
Speaker 1: voice despite my all girls upbringing UM, and despite a
Speaker 1: lot of what I was told. I think, UM, in
Speaker 1: some ways, I came to a little bit of my
Speaker 1: voice leap. I mean, there's one story in the book
Speaker 1: where I had the most pivotal moment of my career
Speaker 1: at some level. UM was sitting around the table and
Speaker 1: the West Wing with the President of the United States.
Speaker 1: That moment we all dream about where you're like stuff,
Speaker 1: you know, literally you know, asking talking about national security
Speaker 1: talking about my area of expertise, and it was the
Speaker 1: cliche of cat got your tongue, And I watched other
Speaker 1: people around the table UM speak to my issue set,
Speaker 1: and I left just thinking, Wow, you missed my opportunity.
Speaker 1: I had the good fortune of being able to sit
Speaker 1: down with UM the President later and speak to him
Speaker 1: about Um al Qaeda and isis in my issues and
Speaker 1: so I did recover UM. But I do think those
Speaker 1: moments when I too realize that there was just a
Speaker 1: hurdle I had to overcome, and I had to still
Speaker 1: train myself even as a young adult to do these things.
Speaker 1: And I think we want to the next generation not
Speaker 1: to have those moments. So I do wonder when you
Speaker 1: came into this job, what was one thing or a
Speaker 1: couple of things that you changed or adapted or or
Speaker 1: did differently based on your experience there as a student,
Speaker 1: but then your later experience in the military and then
Speaker 1: uh in the government. Yeah. Well on you know, on
Speaker 1: one hand, we have such expert teachers and administrators that
Speaker 1: I you know, have the good portion of letting them.
Speaker 1: We invent the curriculum, daily basis and things that go
Speaker 1: on in school these days. It's just it blows your mind.
Speaker 1: So UM, you know, on that level, I was walking
Speaker 1: into a really wonderful situation Agent UM. And yet I
Speaker 1: always think we can do more to talk to our
Speaker 1: girls and really be honest with them about what it
Speaker 1: takes for UM for young women to grow into their
Speaker 1: best leadership self. And so we did start a leadership
Speaker 1: course for our seniors, and we talked very directly about
Speaker 1: some of the challenges that both faced, particularly as women,
Speaker 1: not just in college, but as they leave and enter
Speaker 1: the real world. And I think as the system is changing,
Speaker 1: there's still a lot of barriers to entery and things
Speaker 1: that we want our girls to know about before they
Speaker 1: meet these situations so they can face them head on.
Speaker 1: And I think it's also about UM teaching really how
Speaker 1: our girls want to, you know, learn from failure, how
Speaker 1: they should be taking risks, how they need to be resilient.
Speaker 1: And that's part of this book as well, is really
Speaker 1: what we can do to teach the skills of resilience,
Speaker 1: the skills of risk taking UM from an early age
Speaker 1: so that you know they're ready to be the entrepreneurs
Speaker 1: that we know they need to be and want to
Speaker 1: be when they get older. I have to say, Bam,
Speaker 1: Marissa Man, when you said about this idea of taking risks,
Speaker 1: like I mentor a lot of younger women, and I
Speaker 1: constantly am saying, and I say this to my daughter
Speaker 1: who's seventeen, you know, make yourself uncomfortable and don't be
Speaker 1: afraid and and take those risks, because I do think
Speaker 1: that there is a big difference between men and women.
Speaker 1: And I know that there are studies out there that
Speaker 1: even for jobs that women feel like they have to
Speaker 1: take the boxes on everything and men are like, yeah,
Speaker 1: I got most of them. You know, I'm perfect for
Speaker 1: the job there. I don't know whether it's just the
Speaker 1: d NA what it is, but I feel like that's
Speaker 1: something that women and young girls have to be more
Speaker 1: comfortable with, and studies show exactly what you're saying. And
Speaker 1: I think every woman listening to those show can can
Speaker 1: remember a moment when they realize they let some guide
Speaker 1: take an opportunity that could have been there if only
Speaker 1: they were a little more of a risk take or
Speaker 1: put themselves forward. Um. And I think if we can
Speaker 1: talk about this from an early age, and there are
Speaker 1: things we can do completely to push all girls to
Speaker 1: practice feeling uncomfortable. It used to those moments, and they
Speaker 1: build a muscle that later on when there are bills,
Speaker 1: will be like, yeah, I know, I got this. I'm
Speaker 1: okay with that moment because when I was little, my parents,
Speaker 1: my teachers, by family member encourage that in me. And
Speaker 1: there's tricks and skills and strategies that work for that,
Speaker 1: and that's what the book is about. I have to
Speaker 1: follow up Jason. I I'm like pointing at him and
Speaker 1: I'm like, yeah, see it's you man. But no, I
Speaker 1: don't really mean that, but I mean there is something
Speaker 1: about you mean that you're just hopefully not talking about me.
Speaker 1: But now I was around. I have a lot of
Speaker 1: nieces and they're in their mid you know, or young twenties.
Speaker 1: But this whole idea of like women are so quick
Speaker 1: to say sorry and back off, and and I do
Speaker 1: think that there is something in society that has yet
Speaker 1: to change to accept women who are powerful and strong
Speaker 1: and aggressive very much though. And there's interesting studies that
Speaker 1: show about competitiveness, right, and how we nurture this healthy
Speaker 1: competitive nature. We think competition is. You know, I thought
Speaker 1: of a dad for a lot of our young girls,
Speaker 1: they think, no, it's about I don't want to beat
Speaker 1: my friend. I don't want to stand out at the
Speaker 1: spelling be or on the soccer field. And need our
Speaker 1: girls to slide in a competitive environment because it's a
Speaker 1: good thing. You know, Guys don't when we know that
Speaker 1: it takes that to get to the top in any industry. Um,
Speaker 1: and it's healthy too. It's not a malad adaptation. So
Speaker 1: you know, it's a about that. It's about how we
Speaker 1: own our best self and you know, and and have
Speaker 1: a little fighty gess with it. You know, you could
Speaker 1: call it aggressiveness, but you could also just toup right, yeah,
Speaker 1: and being in the game, right, Jason. That's Dr Marissa Porgeous.
Speaker 1: She's the head of the Baldwin School. It's an all
Speaker 1: girls school pre K through twelfth grade. And I like
Speaker 1: what she said, you know, kids and the skills that
Speaker 1: they need to succeed. She stresses that in girls in particular,
Speaker 1: they must nurture essential traits to fully flourish. I also
Speaker 1: love her story, you know, this sort of like personal
Speaker 1: boomerang where she goes to this school and then has
Speaker 1: this amazing career trailblazing in many ways. She told us
Speaker 1: a great story about being at the table, literally at
Speaker 1: the table with the President United States and sort of
Speaker 1: what happened then, So really good to catch up with
Speaker 1: her the book What Girls Need How to Raise Bold,
Speaker 1: Courageous and Resilient Women. Well, that wraps up the first
Speaker 1: hour the weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: I'm Jason Kelly and I'm Carol Masser. Plenty. Coming up
Speaker 1: in our next hour, we're gonna take a look at
Speaker 1: the future of travel with the founder and CEO of
Speaker 1: Abercrombie and Kent. This is like if you want to
Speaker 1: take a safari to Africa, if you want to climb
Speaker 1: a mountain. I mean, there's lots of crazy trips you
Speaker 1: can take. Yeah, looking forward to traveling once again, and
Speaker 1: this guy has a window into what it's going to
Speaker 1: look like. Plus the magazine's cover story, it's all about
Speaker 1: Google's push into healthcare and how it may be a
Speaker 1: case study on how tech giants dominate small businesses. This
Speaker 1: is Bloomberg. This is Bloomberg Business Week with Carol Masser
Speaker 1: and Jason Kelly from Bloomberg Radio. Hello, I'm Carol Masser
Speaker 1: and I'm Jason Kelly. Plenty. A few in this hour
Speaker 1: of the weekend edition of Bloomberg Business Week, including a
Speaker 1: guest Jason that your family is pretty familiar with. We're
Speaker 1: talking about Jeffrey Kent. He's the founder and CEO of
Speaker 1: Abercrombie and Kent. We're gonna talk about the future of travel,
Speaker 1: especially in a post COVID nineteen world. Yeah, these guys
Speaker 1: do really cool adventures. I've never actually been on one
Speaker 1: of these trips, but I know people who have. Plus,
Speaker 1: we're gonna look at Google's push into healthcare. It's this
Speaker 1: week's cover story, a fascinating look maybe at a side
Speaker 1: of Google you don't know. First up the vet ground
Speaker 1: of DVA. He's the co founder and managing director of
Speaker 1: the venture capital from Bok Capital, owner and chairman of
Speaker 1: the Sacramento King's NBA franchise. He's also the founder of Tibaco.
Speaker 1: But what's interesting, Jason, he has joined the blank Check
Speaker 1: Company parade. So we talked with him about that and
Speaker 1: also what it's like being the NBA bubble down in
Speaker 1: Disney World. Well, it's great. Uh, you know, we get
Speaker 1: tested like once or twyce today. But kudos to Adam
Speaker 1: Silver and the NBA for creating the bubble. Everyone is
Speaker 1: buyers free, the games are going on. I wish my
Speaker 1: team was doing better, but it's been. It's fantastic here. Yeah,
Speaker 1: I wasn't going to bring that up. It's been a
Speaker 1: tough run, but um, but listen, an amazing experience and
Speaker 1: hopefully we can talk a little basketball in a second.
Speaker 1: I do want to ask you, though, because you are
Speaker 1: in the midst of another boom of sorts, which is
Speaker 1: in these blank check companies, the spack special purpose acquisition companies,
Speaker 1: tell us about why you chose this way of going public.
Speaker 1: Tell us about bo X. Yeah, so I started boy
Speaker 1: X a few years ago. It stands for Better our World.
Speaker 1: And there's just two investors in the venture capital part
Speaker 1: of Bowl, which is the ten campus you see system.
Speaker 1: Is that our largest research platform in the country and
Speaker 1: myself and where the board, the entrepreneurs, the arrow, and
Speaker 1: it's really the mission is to fund companies that use
Speaker 1: technology to advance society. So I built this platform out
Speaker 1: and I was seeing companies stay private longer, and many
Speaker 1: of the entrepreneurs were coming to me. They called me
Speaker 1: the o G, which they say stands for original Gangster,
Speaker 1: Ready to get me. In the old guy, and they
Speaker 1: were coming to me and asking me for help and saying, hey,
Speaker 1: can you invest? Can you help? Uh? And we're entering
Speaker 1: a really exciting era right now. I call it kind
Speaker 1: of civilization three old, where they're transitioning from the industrial
Speaker 1: age to the digital age and it's going to create
Speaker 1: the largest wealth creation opportunity in human history. So there's
Speaker 1: a trillion dollars plus that's gone into these private tech
Speaker 1: companies and they still remain private and they need to
Speaker 1: come out on the other end. So we have these
Speaker 1: rocket ships that are waiting to burst out, just get
Speaker 1: out of it and reached other stars. And what they
Speaker 1: need is rocket field. They need. They need money, they
Speaker 1: need it quickly. They need coaching, they need mentorship, they
Speaker 1: need connections. Uh, they need certainty, and they need to
Speaker 1: be able to execute on all of that. Now, one
Speaker 1: of the things about great entrepreneurs, and I was lucky
Speaker 1: to be friends with guys like Steve Jobs, is that
Speaker 1: they were also great storytellers. And the new generation of
Speaker 1: entrepreneurs is no different. They want all the same things.
Speaker 1: They want certainty, they want steed, they want execution, and
Speaker 1: they too are great storytellers. Now, the beauty of the
Speaker 1: pack is that you go out under a S four
Speaker 1: which is a murger agreement as opposed to S one
Speaker 1: with an I P O. So with that you can
Speaker 1: actually tell the story, you can provide future projections. And
Speaker 1: so it's the absolute perfect fuel for these new rockets
Speaker 1: that we're seeing. It sounds like you already have some
Speaker 1: entrepreneurs in mind, is that fair to say? And if so,
Speaker 1: I'm just curious about the types of technologies, you know,
Speaker 1: the visions or the visionaries that are capturing your attention
Speaker 1: right now, EVAC. Yeah. So we have about companies that
Speaker 1: we've been tracking. You know, think of us as a
Speaker 1: reverse SoftBank. SoftBank comes in at the end and gives
Speaker 1: you big checks and you know with the one hour meeting.
Speaker 1: So on the other hand, we're working with these companies.
Speaker 1: Many of them are in our portfolio. We see the
Speaker 1: first deck, we see the second deck. We get to
Speaker 1: know them, we have data, we have history, we have
Speaker 1: a relationship. Uh. And so these are game changing companies,
Speaker 1: you know, these are companies that are using data to
Speaker 1: completely disrupt entire sectors. So we have a company called
Speaker 1: Farmers Business Network in our portfolio. Uh. And you know
Speaker 1: they are using data to disrupt agriculture. They started as
Speaker 1: a uh Bloomberg for farmers and have now become kind
Speaker 1: of a Amazon for farmers. Gigantic market, brilliant, visionary entrepreneurs,
Speaker 1: already doing hundreds of millions in revenues doubling every year.
Speaker 1: So we have like a hundred and fifty companies that
Speaker 1: we think are stackable, and about fifty of them that
Speaker 1: are stackable in the not too distant future. You know,
Speaker 1: you said something really interesting the that that we only
Speaker 1: have a minute to talk about player of empowerment, the
Speaker 1: players league. This has been quite a moment for the NBA.
Speaker 1: What do you do in a minute or less as
Speaker 1: an owner to ensure that players have the voice that
Speaker 1: they need. Yeah, So I've always been all about the players,
Speaker 1: and so uh, you know we uh you know, in
Speaker 1: my mind, I was the first person to support Black
Speaker 1: Lives Matter, which was important to our players. You know,
Speaker 1: I was the first person to speak out against what
Speaker 1: happened at the Clippers. So we talked to our players.
Speaker 1: You know, we hold uh sessions where we get together players,
Speaker 1: kids from the inner city, you know, the police. So
Speaker 1: the players have a huge voice in the NBA. Uh.
Speaker 1: You know, one of the things I love about basketball
Speaker 1: in the NBA is that, you know, we don't really
Speaker 1: care what the color of your skin is, what your ethnicity,
Speaker 1: your religion, your sexual orientation. You know, we just got
Speaker 1: one question. You've got game. If you've got games, then
Speaker 1: come join us. And that's what I love about sports.
Speaker 1: That's five ran A Dva. He's the owner of the
Speaker 1: Sacramento Kings and I think pretty wild Jason to talk
Speaker 1: with him as he's actually in the bubble at Disney
Speaker 1: World where he's getting tested want to do times a day.
Speaker 1: I'm guessing everybody's getting tested that much. Yeah, listen, They've
Speaker 1: been very fortunate so far. He's also got an eye
Speaker 1: on Wall Street, everything going on with these blank check companies.
Speaker 1: It is all the rage. So really good to catch
Speaker 1: up with him. He's a character. He is a character.
Speaker 1: So he's living in a bubble and also working on
Speaker 1: creating a kind of bubble. Community is Duke University, and
Speaker 1: we caught up with the dean of Duke's FUCA Business
Speaker 1: School to talk about getting back to school in the fall.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Jason Kelly from Bloomberg Radio. We're bringing some
Speaker 1: of the most important and informative conversations we had throughout
Speaker 1: the week on our daily radio show. A lot of
Speaker 1: our chats Jason, we're about education and getting back to
Speaker 1: school in the fall. Listen. This has been a theme
Speaker 1: we have been teasing out just about every week. It's
Speaker 1: important to us. We also know that it's really important
Speaker 1: to folks out there who have high school, college age kids,
Speaker 1: even elementary school kids. We also have a special place
Speaker 1: in our hearts for business schools, so we checked him
Speaker 1: with Bill Bolding. He is the dean of the Fuqua
Speaker 1: School of Business down at Duke University. Check it out.
Speaker 1: It's been unbelievably challenging to navigate this pandemic. We are
Speaker 1: reopening in the next few weeks. Our plan is to
Speaker 1: bring our students into into our buildings and that our
Speaker 1: classrooms will be a combination of face to face instruction,
Speaker 1: some people in the room, other people participating virtually, and
Speaker 1: so we have the ability to allow the simultaneous uh
Speaker 1: kind of physical and digital participation. And we're telling both
Speaker 1: our faculty and students that no one has to be
Speaker 1: physically in the building because we want to make sure
Speaker 1: that our number one priority is making people feel as
Speaker 1: safe as possible. In order to do that, there there
Speaker 1: are a bunch of things that have to be put
Speaker 1: in a place, uh in order to UH to ensure
Speaker 1: the safety of our community though such as So, the
Speaker 1: first thing is that with with all the kind of
Speaker 1: the moving advances around testing, we're going to require that
Speaker 1: all of our students be tested before and receive a
Speaker 1: negative test before they're allowed into our building. Once they've
Speaker 1: passed the first hurdle around the initial tests, they'll be
Speaker 1: follow up testing through the term for the students, the faculty,
Speaker 1: and the staff that are engaging with one another. There's
Speaker 1: a monitoring process where every person who comes into our
Speaker 1: building every day has to fill out a health app
Speaker 1: UM and make sure that they're not experiencing any symptoms
Speaker 1: UM once they're they're in the building. UH, we're going
Speaker 1: to be following strict rules around social distancing, and so
Speaker 1: a classroom that would normally comfortably hold seventy five people
Speaker 1: with physical distancing requirements of six ft or more, that
Speaker 1: that number goes down to twenty two. And so we're
Speaker 1: doing creative things like using UM bigger space is like
Speaker 1: our library like a ballroom space where normally you might
Speaker 1: have say three people in that space, you could fit
Speaker 1: seventy people. We're also adding tents to the campus so
Speaker 1: that people can safely interact with one another outside. And
Speaker 1: we're making everybody sign a compact because a lot of
Speaker 1: the concerns that people have are around the behaviors. Are
Speaker 1: they going to follow the basic protocols that are needed
Speaker 1: um and and we will be requiring masks both for
Speaker 1: faculty and students at the minute that they step on
Speaker 1: a campus, and that will continue while they're in the
Speaker 1: classroom together. So it's going to look and feel very different,
Speaker 1: but we will be bringing people back into our building.
Speaker 1: It sounds like you are essentially creating a bubble community.
Speaker 1: That's where I think about it that way quite a bit.
Speaker 1: We're not quite at the level of the NBA where
Speaker 1: they truly have created a bubble. We we can't do
Speaker 1: that because we're not at Disney World. Uh And so
Speaker 1: our students go home in the evening and and we
Speaker 1: lose the control over the bubble. But that's essentially what
Speaker 1: we're trying to do, is we're trying to control as
Speaker 1: much as we can about the environment. So that we
Speaker 1: can give people the comfort level UM in this environment
Speaker 1: where as you well know, people are just scared, they're
Speaker 1: anxious given the health crisis, and then they're they're kind
Speaker 1: of two other layers of this crisis in terms of
Speaker 1: the your economic well being and a crisis of values
Speaker 1: and and is is our society going to live up
Speaker 1: to the social contract around fairness and justice? So there's
Speaker 1: an enormous amount of stress as we as we work
Speaker 1: with people bring them back into our programs, we want
Speaker 1: to make sure that we take out of the equation
Speaker 1: the stress around health issues. I feel like, Bill, this
Speaker 1: is such a charged year because of the virus, but
Speaker 1: also because of what happened in Minneapolis, And I just
Speaker 1: do wonder, you know, I always feel like we turned
Speaker 1: to academia to kind of help our way through this. UM.
Speaker 1: I'm curious how that's you know, affecting you folks at
Speaker 1: your institution and maybe some of the teachings that might
Speaker 1: happen come fall. Yes, So when it comes to events
Speaker 1: happening in the world, we absolutely don't want a bubble.
Speaker 1: We don't want to isolate our students from the realities
Speaker 1: of of these incredibly difficult circumstances that we're facing. So
Speaker 1: we want the outside world to permeate the experience and
Speaker 1: make sure that everyone in our community understands our responsibility
Speaker 1: to to step up and to provide some some guidance,
Speaker 1: some uh, some leadership in this environment. I think that
Speaker 1: this this crisis has has laid bare in some sense
Speaker 1: the need for what I call triple threat leadership capability.
Speaker 1: With with the things that are happening around the pandemic,
Speaker 1: you have people who are incredibly scared, justifiably so incredibly anxious,
Speaker 1: and so we need we need the kind of leadership
Speaker 1: capability that can bring people through this crisis, get them
Speaker 1: to the other side of the crisis, and make them
Speaker 1: feel like they've actually advanced in some way. So what
Speaker 1: does that triple start capability. The first thing is that
Speaker 1: people need to have the i Q to understand and
Speaker 1: make sense of the environment. Second thing is they need
Speaker 1: to have the the EQ or the emotional intelligence so
Speaker 1: that you understand the anxiety that people are facing, that
Speaker 1: the stress and can feel what they feel. And the
Speaker 1: third thing is something called d Q or a decency quotient,
Speaker 1: which is to actually care about other people and to
Speaker 1: give them a sense of belonging at a moment in
Speaker 1: time when when they're simply so afraid, and also the
Speaker 1: integrity to be honest and transparent with people about the
Speaker 1: very real challenge is that we're facing not to sweep
Speaker 1: these challenges under the rug. But then ultimately I come
Speaker 1: back full circle two. You need to in these bad
Speaker 1: times you you also have to have a plan. Uh,
Speaker 1: you have to have the ability to think through what's
Speaker 1: going on to come up with a plan, because ultimately
Speaker 1: people want to know are they going to be okay?
Speaker 1: And so we feel like we have a responsibility for
Speaker 1: all of our students to absolutely address issues of racial
Speaker 1: equity injustice, absolutely address issues around health disparities, economic disparities.
Speaker 1: All of that will be a part of the conversation,
Speaker 1: part of the curriculum that our students experience. And that's
Speaker 1: Buill building. He is dean of the Fuqua School of
Speaker 1: Business down at Duke University, well ranked of course in
Speaker 1: the Bloomberg Business Week rankings. And what a challenge these
Speaker 1: guys have. I do not envy them trying to manage
Speaker 1: all these different stakeholders and candidly manage customers. That's what
Speaker 1: Ulter really These students are they are making a big
Speaker 1: investment in their education. They are, and listen to do
Speaker 1: it safely. He said, a lot of testing is going
Speaker 1: to be going on. They're going to have a hybrid
Speaker 1: approach that includes virtual learning along with in classroom teachings.
Speaker 1: But he said, ultimately, no one has to be in
Speaker 1: the building if they don't feel comfortable about it. All right,
Speaker 1: coming up, this week's cover story virus related and about
Speaker 1: Google's push into healthcare and what it's doing to some
Speaker 1: small businesses. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Masser and Jason Kelly from Bloomberg Radio. Well,
Speaker 1: let's take a look at this week's cover story in
Speaker 1: Bloomberg Business Week. It's all about Google, but maybe not
Speaker 1: exactly what you expected. It follows really nicely on that
Speaker 1: testimony Carol in front of Congress. This story specifically about
Speaker 1: Google's push into healthcare. It's a case study in how
Speaker 1: tech giants dominate small businesses, and it's a reminder that
Speaker 1: all the things that the big tech companies are doing,
Speaker 1: it's all happening under the watchful eye of the U. S. Government.
Speaker 1: We checked in with Shelley Banjo Bloomberg News senior writer
Speaker 1: and Bloomberg Business Week editor Jill Weber. The craziest thing
Speaker 1: about this story is that, um, you know, as these
Speaker 1: things go, is that we didn't actually set out to
Speaker 1: write shut Out to write an antitrust story. We were
Speaker 1: kind of curious about all these ads that kept popping
Speaker 1: up during the pandemic around mental health. I wanted to
Speaker 1: figure out, like, is someone profiting off of this pandemic
Speaker 1: from like a mental health perspective, And we just started
Speaker 1: talking to therapists, and every big, single time we spoke
Speaker 1: to a therapist, it was Google, Google, Google, Google and um. Particularly,
Speaker 1: the one that we um end up featuring the most
Speaker 1: in our story is the therapist UM named Ellen Ross,
Speaker 1: who said, UM, you know, you can't have a business,
Speaker 1: my kind of business without without Google Search. It's um,
Speaker 1: you know, it's just like you know, she goes through
Speaker 1: her list of monthly bills and it's you know rent, uh,
Speaker 1: you know, heating or air conditioning, power and and Google.
Speaker 1: But what you noticed, Shelley, this is such a great
Speaker 1: story is that during the pandemic, UM, I think you know,
Speaker 1: you guys know in your story that the prices for
Speaker 1: her regular keywords up sharply, and this is kind of
Speaker 1: a key way of getting noticed, uh in the online world. Right.
Speaker 1: So during the pandemic, everything else shut down except for
Speaker 1: the Internet, and so um that was really the only
Speaker 1: way for people to find you UM. And all of
Speaker 1: a sudden, searches for online therapy shot up as people
Speaker 1: started to realize, oh, shoot, like this is not something
Speaker 1: that's going to be over quickly. I'm going to need
Speaker 1: some help with those UM. And it just became prohibitively
Speaker 1: expensive for UM some of these therapists to keep putting
Speaker 1: Google search ads and keep paying for them. But the
Speaker 1: problem is if you don't pay for the search ads,
Speaker 1: you're not going to get to the customers. And Google's
Speaker 1: really pushing this. I mean you you have some great
Speaker 1: anecdotes about you know, the sales reps calling up you know,
Speaker 1: these therapists and and kind of putting the hard sell
Speaker 1: in them and using the the economics and the economics
Speaker 1: of crisis really uh in many ways is to drive
Speaker 1: the business. Yeah. I mean, it's an interesting nuance because
Speaker 1: it's there's something wrong or illegal about making money especially
Speaker 1: during um, you know, pandemics or natural disasters. Every Bloomberg.
Speaker 1: Uh story regarding natural disasters will look into who's making
Speaker 1: money off off of these kinds of things um. But
Speaker 1: at the same time, these people have no other choice
Speaker 1: and Google can kind of take advantage of that by
Speaker 1: pushing things like automation um um, you know, not having
Speaker 1: as good as customer service and thinks that these people
Speaker 1: really rely on because there's no other place to go.
Speaker 1: And so the question is, once you become that monopoly
Speaker 1: and you have so much power, does it become then
Speaker 1: an antitrust issue? Play that out a little bit, Shelly,
Speaker 1: Where where will lawmakers put their gaze um? And how
Speaker 1: does how does all of this fit together in the
Speaker 1: weeks ahead? Yeah, So, I mean search dominance in itself
Speaker 1: is not illegal um, And so the issue from lawmakers
Speaker 1: is trying to figure out, um, is Google actually abusing
Speaker 1: that power? And so one other part of the story
Speaker 1: that we look into is this idea of Google directing
Speaker 1: people to certain places that make the most money for them.
Speaker 1: So with therapy, for example, now if you type in therapists,
Speaker 1: it's going to go up to UM. You're you're gonna
Speaker 1: spit out some um therapists near you that on Google
Speaker 1: Maps that have paid for these services, and so um,
Speaker 1: you know, just Google then take take over UM healthcare
Speaker 1: and search and and those types of things that previously
Speaker 1: might have gone UM to other businesses. Are they going
Speaker 1: to be abusing that power? And what law lawmakers need
Speaker 1: to find out is, you know, does it go beyond
Speaker 1: just being big? Does it go beyond just UM having power?
Speaker 1: It's what you do with that power, and UM is
Speaker 1: that part of that illegal? And socially, the you know what,
Speaker 1: the Google conversation is one that is obviously uh, something
Speaker 1: that the eltmakers will probably focus on more more so
Speaker 1: than other big tech companies even perhaps, and and that
Speaker 1: that power that they have. When you actually talked to
Speaker 1: the small business owners and and the therapists that are
Speaker 1: in the story, you know, the thing that I found
Speaker 1: sort of so fascinating about it was like, at the
Speaker 1: end of the day, this is the option for them, right,
Speaker 1: So what other options do do they feel like they
Speaker 1: even have? Yeah? I mean when you ask about being
Speaker 1: which is the second church engine, the therapists would just laugh, honestly,
Speaker 1: they would just feel like that's not a thing. Um,
Speaker 1: we we only have Google. UM. And the interesting thing
Speaker 1: is that Google likes to paint this big picture of competition.
Speaker 1: Would add, Oh, there's Facebook, and there's um all sorts
Speaker 1: of different companies that um, even television and billboards like
Speaker 1: we fight with everyone, um but you know, uh at Amazon.
Speaker 1: But like nobody's going on Amazon to search for a therapist,
Speaker 1: but at least not yet. That's one book this week,
Speaker 1: editor Joe Weber, along with reporter Shelley Banjo. She wrote
Speaker 1: that story along with Mark Bergen. And as they point out, Jason,
Speaker 1: the US Justice Department and almost every state attorney general
Speaker 1: they are preparing antitrust cases that are expected to allege
Speaker 1: that Google's dominance is illegal. So listen, stay tuned, there's
Speaker 1: gonna be a lot more on this. You're listening to
Speaker 1: Bloomberg this week. Coming up, the CEO of Abercrombie and
Speaker 1: Kent on the future travel, especially when it comes to
Speaker 1: adventures right and how to do it safely in today's world.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Jason Kelly from Bloomberg Radio. So Carol, let's
Speaker 1: finish off the show thinking maybe they're dreaming a little
Speaker 1: bit about what's to come when we're able to get
Speaker 1: back on planes and not just back on planes, but
Speaker 1: climbing mountains, you know, tumbling through the tundra looking at
Speaker 1: wild animals. This is a cool conversation. Yeah, I'm ready
Speaker 1: for a safari to Africa. What's interesting is this next guest.
Speaker 1: They pioneered the luxury adventure more than fifty years ago.
Speaker 1: We're talking about Abercrombie and Kent. We caught up with
Speaker 1: the founder and CEO, Jeffrey Kent. Yeah. I was actually
Speaker 1: born in Zambia, um on a far my mom and
Speaker 1: dad and I've learned there about a week and then
Speaker 1: we flew back to Kenya where we had a fall
Speaker 1: and that's where I grew up and when the school
Speaker 1: and everything else. Yeah. So yeah, I was born onto faring,
Speaker 1: very typical, born into this business. That's amazing. Um, so
Speaker 1: bring us up to the present. What what is business
Speaker 1: like right now? Because the world has been shut down
Speaker 1: for a few months. Yeah, I'm much are this pandemic
Speaker 1: has been proptical industries towards it has been back, you know.
Speaker 1: I mean obviously you never to can travel. Um beginning
Speaker 1: to uh open up a little bit of the United States.
Speaker 1: People who wanted to grow drive, I mean you have
Speaker 1: a beautiful country in the States, and you know, people
Speaker 1: wanted to be American rent in Alaska and just at
Speaker 1: the turne down somebody want to yourself family because in
Speaker 1: his WiFi they can take a private ranch and they
Speaker 1: can have fun out side rather than to be cooped
Speaker 1: up in their home. So the first thing that is
Speaker 1: opening up in Europe, the English are taking um. They
Speaker 1: tend to be taking villains getting to Greece into France. Um.
Speaker 1: So that's opening up. And also another quarter today something
Speaker 1: who want to do a big satary and we'll put
Speaker 1: it off to we're doing twenty and they're moving everything
Speaker 1: in twenty twenty to twenty one. So we have a
Speaker 1: lot of life without actual big traveling right now. But
Speaker 1: everybody wants to travel, that's for sure, So forgive me.
Speaker 1: And we're kind of nerdy, um, Jeffrey. In terms of numbers,
Speaker 1: So how much has was business down because of the
Speaker 1: pandemic and how much has bounced back? I mean, I
Speaker 1: mean business is down, you know, over over and but
Speaker 1: it's dging that slowly. It's sort of glad. The problem
Speaker 1: with the was this COVID is that today we love
Speaker 1: one of the youth Americans can travel again. However, many
Speaker 1: countries don't have a mess to go. There's always there's
Speaker 1: always one thing or the other. But you know the
Speaker 1: fact is there's a great core of people who want
Speaker 1: to travel and we're there and they will travel. So
Speaker 1: we're not we're little despond them, not very disponding, you
Speaker 1: know what I was going to say. Different Like I
Speaker 1: think about some of the things, whether it's a safari
Speaker 1: or some other things. You know, it's wide open spaces.
Speaker 1: And I do think that as people start to travel,
Speaker 1: I know from me, I want to go to places
Speaker 1: where there are on a lot of people exactly. That's
Speaker 1: that's why people right now, I mean, I'm favorite things
Speaker 1: that you're feeling. Well, the big call it green shoot,
Speaker 1: but I'd like to have this sort of big bambook clubs,
Speaker 1: jobs and shoots. It what is selling or the national
Speaker 1: part of the United States. And we're doing it by air.
Speaker 1: They're getting the cemetery, Grand Canyon, yellow Son and the
Speaker 1: fly as family goods to get that they have a
Speaker 1: private plane, private cars and enjoy this, enjoy your beautiful country.
Speaker 1: And that is right, and it it sounds like you're
Speaker 1: also able to create situations where whether it is part
Speaker 1: of a resort or a ranch or something like that,
Speaker 1: you can essentially kind of wall it off and almost
Speaker 1: create a quarantine environment, as it were for a family,
Speaker 1: even if it's multi generations. Just had about the generational family.
Speaker 1: They went to Wyoming. We took over, dude, I mean
Speaker 1: three generations of one family, and they raised about the
Speaker 1: horse back whidating in the shadow of the tree Top
Speaker 1: by day that the seventh Days in the banks of
Speaker 1: the Snake River, incredible star games, and they love the
Speaker 1: whole trip. Actually, they wondered why they hadn't done it before.
Speaker 1: Exist Jeffrey, though, how have you, as you just mentioned
Speaker 1: to Jason and me before, you know, you talked about
Speaker 1: the big national parks in the United States, how people
Speaker 1: are rediscovering them and that's certainly in demand. Are you
Speaker 1: making any shifts in your business, you know, strategically because
Speaker 1: of what has happened as a result of the pandemic. Actually,
Speaker 1: we've already made the shift. You know. They have always
Speaker 1: wanted to have a ground operating company in the United States,
Speaker 1: and they started up two years ago. But the timing
Speaker 1: was excellent in every state. But um, that's one big ship.
Speaker 1: But also you know, we've also anticipated because we really
Speaker 1: created ex creential trips. All of our camp in Africa
Speaker 1: are small, they take only like twenty four people. They
Speaker 1: have private entrances, uh. They you can eat outside, you
Speaker 1: can have all the social distancing, and above all we
Speaker 1: have great experiences. I mean, if you go to East
Speaker 1: Africa and you mentioned Mount kilerman Jara just now and
Speaker 1: my time did twice by the way, but you've got
Speaker 1: to do it naneteen thousand, three hundred forty two people.
Speaker 1: But also you can see the great migration of the
Speaker 1: word to be can you and Tandania and if you
Speaker 1: have time going to Uganda to guerrillas the first to them. Yeah. Now,
Speaker 1: I I have looked with envy at some of these
Speaker 1: same trips that my uh father has done through a
Speaker 1: number of parts of Africa with you guys and with others. Um.
Speaker 1: I do want to ask you though, Jeffrey, I mean,
Speaker 1: what have you heard from from customers about, you know,
Speaker 1: things that they might want to do differently? What are
Speaker 1: their expectations when it comes to social distancing and those
Speaker 1: sorts of different kinds of amenities are different kinds of
Speaker 1: approaches you know you mentioned and Carol rightly said some
Speaker 1: of these are very naturally sort of socially distant activities.
Speaker 1: But but I do wonder are there certain even sort
Speaker 1: of minor things that you have to do, whether it
Speaker 1: relates to how they get there or dining once they
Speaker 1: are there. What are the tweaks you have to make? Well,
Speaker 1: you know, we're modeling everything around the worldshop and toys
Speaker 1: and council who have had their own um you know,
Speaker 1: their got a complete panel on it. And I was
Speaker 1: Shaman w t T about six years and I found
Speaker 1: a member and we're putting in all the all the
Speaker 1: survivors that they require. But you know, our clients, I
Speaker 1: don't know the very adventures. They trusted that we're going
Speaker 1: to do the things. And you've just been discussing that
Speaker 1: it's my personal, separate, separate engincis dining outside if you
Speaker 1: can do it, and all these things, and all they're
Speaker 1: really interesting is getting away and going. That's that's really
Speaker 1: excited about. And uh so, yeah, luckily they just want
Speaker 1: the excitement. What's I gotta ask you, though, Um, what's
Speaker 1: your favorite trip? You know? Said I. I've traveled seventeen
Speaker 1: million miles, I've been to one hundred and fifty seven countries.
Speaker 1: And actually I'm a Kenyon, you know, I've worn brought
Speaker 1: up when the school and my favorite trip is still
Speaker 1: the martime a month earliest September. When you see the
Speaker 1: whole world of these migrations coming in and crossing Tomorrow River.
Speaker 1: You know, it's so exciting and so wonderful and so um.
Speaker 1: You know, that's that's that's probably so my favorite. But
Speaker 1: you know, Afi Botswana, it's very special to the lackav Ago.
Speaker 1: We have a wonderful camp called Chief camp Um right
Speaker 1: in the middle of it, right in the world in it,
Speaker 1: and that's an amazing trip too. I will say my
Speaker 1: daughter has done been to Tanzania and and just talked
Speaker 1: about you know, there's pictures of them just you know,
Speaker 1: align right, you know, just it's just unbelievable at the
Speaker 1: animals that were around them, um and just out there
Speaker 1: in their natural habitat. And you know, it's memories like
Speaker 1: that you just never forget. And also, you know, I
Speaker 1: love exhibition cruising. You know, we're celebrating our thirty of
Speaker 1: the anniversary of Luxury exhibition cruising and I'm taking a
Speaker 1: trip to the Northeast Pastage next year. The Russian Arctic
Speaker 1: in August of next year, which will be very very exciting.
Speaker 1: How do you how do you do that safely? How
Speaker 1: many people are on the boat? I probably only take
Speaker 1: about a hundred of people on the boat and take
Speaker 1: up to two hundreds, so they'd be well spaced out. Obviously,
Speaker 1: the cool going to quarantine so they get on it,
Speaker 1: and the people who have obviously previd chests before they
Speaker 1: get on the by then that's Abercrombie and Kent founder
Speaker 1: and co chairman Jeffrey Kent. And I gotta say, Jason
Speaker 1: kind of salivating. I would love to go on so
Speaker 1: many of those different trips me too. Yeah, and my family,
Speaker 1: as we mentioned, has been on a couple of them,
Speaker 1: so I got to get in on that action for sure.
Speaker 1: And listen, uh, socially distanced safaris and running out dude ranches.
Speaker 1: They're good for that sort of thing. Um. It does
Speaker 1: remind us too that people are moving around, they're also
Speaker 1: making big decisions about where they're going to live and
Speaker 1: where they're gonna work. And that was the subject that
Speaker 1: we really dove into in our Business Week extra podcasts
Speaker 1: this week. The issue is walking in the store, right,
Speaker 1: and I think when we look at um, you know,
Speaker 1: how do you get people set on bump into each other?
Speaker 1: So I think there's we'll see what's streaming shopping and like.
Speaker 1: So we're releasing a platform very shortly to go after this.
Speaker 1: I think that's gonna be a way for you to
Speaker 1: releast engage and ask questions in your home and then
Speaker 1: you'll be able to buy or or do a curbside
Speaker 1: pickup or you know, And I think that's that's really
Speaker 1: where the future is going to be. Yeah. That was
Speaker 1: Rob Lacasio, founder and CEO of Live Person that is
Speaker 1: our Bloomberg Business Week Extra podcast, and Jason, you and
Speaker 1: I man, that conversation went a lot of places that
Speaker 1: I did not expect. We expected to talk about the
Speaker 1: role of technology and AI on consumer based companies. He
Speaker 1: talked a lot about how retail is changing, gave us
Speaker 1: some very specific examples. But as you said and how
Speaker 1: you kicked it off in this little teaser, is what
Speaker 1: they are doing as a company, and they have no
Speaker 1: plans at all to go back to their New York
Speaker 1: City offices. And Rob is a diehard New Yorker, so
Speaker 1: for him to say this, it's pretty remarkable. Yeah, cities
Speaker 1: are changing, and we don't know exactly what that's gonna
Speaker 1: look like. Some are optimistic that it will change them
Speaker 1: for the better. Some think that maybe this is the
Speaker 1: reset that cities needed because we know from living in
Speaker 1: and around New York it's incredibly expensive. Same can be
Speaker 1: said for San Francisco, same can be said for Los
Speaker 1: Angeles and other big cities around the country. So check
Speaker 1: out that conversation. It's thought provoking, especially as a lot
Speaker 1: of people take a step back and think about what's next. Well,
Speaker 1: that's going to wrap up the weekend edition of Bloomberg
Speaker 1: Business Week from Bloomberg Radio. Thanks so much for joining us.
Speaker 1: I'm Jason Kelly and I'm Carol Masser. Be sure to
Speaker 1: tune into Bloomberg Business Week Radio Live Monday through Friday
Speaker 1: starting at two pm Wall Street Time. And if you
Speaker 1: can't catch us live, get our daily Bloomberg Business Week
Speaker 1: podcast wherever you get your podcasts, and be sure to
Speaker 1: watch our show live on YouTube. Just search for Bloomberg
Speaker 1: Global News. We'll be back right here next week at
Speaker 1: the same time. Stay safe, everyone, This is Bloomberg