1 00:00:02,560 --> 00:00:07,040 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:09,000 --> 00:00:13,119 Speaker 2: Stacy, you have a hot new topic that you wanted 3 00:00:13,119 --> 00:00:14,080 Speaker 2: to talk about this week. 4 00:00:14,480 --> 00:00:17,440 Speaker 3: Well, my hot new topic is neither hot nor new, 5 00:00:17,840 --> 00:00:20,640 Speaker 3: but it is an important topic. 6 00:00:21,160 --> 00:00:24,800 Speaker 4: It is the bond market, So brace yourself. 7 00:00:25,079 --> 00:00:27,440 Speaker 2: Well, you brought this up a couple days ago when 8 00:00:27,440 --> 00:00:29,960 Speaker 2: we were meeting, and it made me think about the 9 00:00:30,000 --> 00:00:32,519 Speaker 2: conversation we had last week with Kyla. 10 00:00:32,720 --> 00:00:33,760 Speaker 4: Yeah, Kyla Scanlon. 11 00:00:34,200 --> 00:00:39,120 Speaker 3: She was talking about all of the not great economic indicators. 12 00:00:39,159 --> 00:00:40,159 Speaker 4: We've been getting. 13 00:00:39,840 --> 00:00:42,919 Speaker 3: Oil prices going up, job market kind of stagnant. At 14 00:00:42,920 --> 00:00:45,400 Speaker 3: the same time, the stock market has been just going 15 00:00:45,520 --> 00:00:46,640 Speaker 3: gangbusters all year. 16 00:00:47,120 --> 00:00:49,479 Speaker 5: So I think the worry is that the market is 17 00:00:49,560 --> 00:00:53,240 Speaker 5: not pricing risk properly, Like it doesn't seem very aware 18 00:00:53,520 --> 00:00:55,880 Speaker 5: that there's this like very big thing happening that it 19 00:00:55,920 --> 00:00:58,920 Speaker 5: should have more of a concept around rather than betting 20 00:00:58,960 --> 00:01:01,160 Speaker 5: that this ali trade, which is reliant on the strait 21 00:01:01,200 --> 00:01:04,000 Speaker 5: of hor moves being open, that that'll just carry us 22 00:01:04,000 --> 00:01:04,440 Speaker 5: all through. 23 00:01:04,720 --> 00:01:04,959 Speaker 6: Yeah. 24 00:01:05,000 --> 00:01:08,160 Speaker 3: I mean, basically, Kyla made this point to us that 25 00:01:09,280 --> 00:01:12,400 Speaker 3: the market isn't necessarily a good sign of our country's 26 00:01:12,520 --> 00:01:13,760 Speaker 3: and economies. 27 00:01:13,280 --> 00:01:13,920 Speaker 7: Health right now. 28 00:01:13,959 --> 00:01:17,240 Speaker 2: Stock market because stock marked doock market is at record 29 00:01:17,319 --> 00:01:21,640 Speaker 2: his Now the bond market, though, is not doing so well. 30 00:01:22,000 --> 00:01:25,360 Speaker 4: Yeah, the bond market's been flashing red. Another day, another 31 00:01:25,400 --> 00:01:27,920 Speaker 4: set off in the bond market, and although the moves 32 00:01:27,959 --> 00:01:30,600 Speaker 4: today is not as drastic, the levels that we're seeing 33 00:01:30,680 --> 00:01:32,040 Speaker 4: are pretty eye popping. 34 00:01:32,160 --> 00:01:34,399 Speaker 8: But did you stay focused on the US treasury market. 35 00:01:34,480 --> 00:01:37,480 Speaker 8: We're seeing the thirty year yield hit its highest since 36 00:01:37,520 --> 00:01:40,600 Speaker 8: two thousand and seven, so that's before the Great financial crash, 37 00:01:40,640 --> 00:01:43,640 Speaker 8: the big big banking crash of two thousand and eight. 38 00:01:43,840 --> 00:01:48,240 Speaker 3: So oil prices, the job market, AI worries, none of 39 00:01:48,280 --> 00:01:52,160 Speaker 3: that could quell the stock market. But the bond market 40 00:01:52,200 --> 00:01:55,280 Speaker 3: finally did it and has been kind of rattling the 41 00:01:55,280 --> 00:01:56,680 Speaker 3: stock market for the last week. 42 00:01:56,760 --> 00:01:59,560 Speaker 2: Wait, just back up, though, Yeah, I know, and I 43 00:01:59,560 --> 00:02:03,240 Speaker 2: think most listeners have a very intuitive sense of what 44 00:02:03,400 --> 00:02:05,560 Speaker 2: we're talking about. What we're talking about the stock market. 45 00:02:06,160 --> 00:02:08,959 Speaker 2: Those are people you're buying a little piece of a company. Yeah, 46 00:02:09,080 --> 00:02:11,760 Speaker 2: bond prices just tell people what they. 47 00:02:11,680 --> 00:02:13,519 Speaker 4: Are, Oh my god, because it gets. 48 00:02:13,360 --> 00:02:17,280 Speaker 2: Confusing because when they go up, that's actually bad. Yeah. 49 00:02:17,360 --> 00:02:19,680 Speaker 9: Right, And I have to remind myself of that every time. 50 00:02:20,000 --> 00:02:22,360 Speaker 3: I feel like the reason people talk about the stock 51 00:02:22,360 --> 00:02:23,680 Speaker 3: market instead of the bond market. 52 00:02:23,760 --> 00:02:25,680 Speaker 4: Even though the bond market is. 53 00:02:26,639 --> 00:02:30,760 Speaker 3: Pretty definitively more important than the stock market, is just 54 00:02:30,800 --> 00:02:33,440 Speaker 3: that it's so hard to talk about because it gets 55 00:02:33,480 --> 00:02:37,760 Speaker 3: really confusing really fast. So essentially, the bond market, these 56 00:02:37,760 --> 00:02:41,640 Speaker 3: are little loans. When you get a bond, you're essentially 57 00:02:41,680 --> 00:02:44,520 Speaker 3: giving the government a loan, and the government pays you 58 00:02:44,520 --> 00:02:45,720 Speaker 3: a little interest on that loan. 59 00:02:45,840 --> 00:02:47,720 Speaker 9: Could be a company as well, but often a government. 60 00:02:47,840 --> 00:02:49,880 Speaker 3: So this is a loan that you are giving to 61 00:02:50,080 --> 00:02:54,280 Speaker 3: the US, and the appeal for you is like, this 62 00:02:54,320 --> 00:02:55,959 Speaker 3: is a really safe place to put my money. 63 00:02:56,240 --> 00:02:57,239 Speaker 4: Nothing bad's going to happen. 64 00:02:57,280 --> 00:02:59,919 Speaker 3: There aren't that many really safe places put your money 65 00:02:59,919 --> 00:03:04,880 Speaker 3: in the world. So governments, companies, they're pouring money into. 66 00:03:04,680 --> 00:03:07,160 Speaker 4: The US bond market. It's very popular. 67 00:03:07,280 --> 00:03:10,160 Speaker 3: And for the government they basically get a bunch of 68 00:03:10,200 --> 00:03:12,960 Speaker 3: free money because it's seen is so safe and stable. 69 00:03:13,120 --> 00:03:15,480 Speaker 4: The US does not have to pay a high interest rate. 70 00:03:16,160 --> 00:03:19,840 Speaker 3: Essentially for these loans, it's like maybe I'll loan you money. Sure, 71 00:03:20,320 --> 00:03:23,880 Speaker 3: I will do you the favor of accepting your money. 72 00:03:24,000 --> 00:03:25,840 Speaker 4: I will take this money off your hands. 73 00:03:26,000 --> 00:03:26,760 Speaker 9: You are welcome. 74 00:03:27,120 --> 00:03:28,120 Speaker 4: Here's a little something. 75 00:03:28,120 --> 00:03:30,480 Speaker 3: So at the end of ten years, thirty years, if 76 00:03:30,480 --> 00:03:33,000 Speaker 3: you lend the US government, stay a thousand bucks, maybe 77 00:03:33,000 --> 00:03:35,480 Speaker 3: you get back one thousand and fifty bucks. Like it's 78 00:03:35,840 --> 00:03:40,560 Speaker 3: really really low money, but very safe, traditional. 79 00:03:40,200 --> 00:03:42,640 Speaker 2: Low interest rates, but they are going up and like 80 00:03:42,680 --> 00:03:47,320 Speaker 2: that's what's so interesting because investors are now asking for 81 00:03:47,520 --> 00:03:50,760 Speaker 2: more return when they loan the US money. And that 82 00:03:50,880 --> 00:03:54,120 Speaker 2: kind of raises a question, which is which market. 83 00:03:54,120 --> 00:03:55,280 Speaker 9: Should we trust? 84 00:03:55,840 --> 00:03:58,080 Speaker 2: All Right, We're going to keep an eye on these 85 00:03:58,240 --> 00:04:00,240 Speaker 2: shifting markets, and we do want to hear for you. 86 00:04:00,320 --> 00:04:02,680 Speaker 2: Do listeners, do you think we should be listening to 87 00:04:02,720 --> 00:04:04,760 Speaker 2: the bomb market or the stock market? Send us an 88 00:04:04,800 --> 00:04:07,480 Speaker 2: email or voice memo. Everybody's at Bloomberg dot net. That's 89 00:04:07,480 --> 00:04:09,800 Speaker 2: everybody's with an ass at Bloomberg dot net. 90 00:04:14,240 --> 00:04:18,960 Speaker 3: Speaking of shakeups, we have three stories this week that 91 00:04:19,040 --> 00:04:24,599 Speaker 3: are all about unexpected shifts. So the first one is Everlane, 92 00:04:24,800 --> 00:04:28,520 Speaker 3: which is its beloved millennial fashion brand. It has a 93 00:04:28,600 --> 00:04:34,120 Speaker 3: new owner shin the Chinese company that sells closed and 94 00:04:34,240 --> 00:04:35,320 Speaker 3: lots and lots of other das. 95 00:04:35,279 --> 00:04:37,160 Speaker 9: Two peas in a pup and. 96 00:04:37,320 --> 00:04:40,400 Speaker 3: What this means for the future of our closets as 97 00:04:40,440 --> 00:04:42,359 Speaker 3: a whole. We are going to break this down with 98 00:04:42,400 --> 00:04:43,880 Speaker 3: fashion reporter Lauren Sherman. 99 00:04:44,040 --> 00:04:46,120 Speaker 2: Yeah, and Stacey, I've been so excited for this one. 100 00:04:46,120 --> 00:04:50,480 Speaker 2: The WNBA is back. It is one of the fastest 101 00:04:50,480 --> 00:04:52,000 Speaker 2: growing sports leagues. 102 00:04:51,920 --> 00:04:52,560 Speaker 9: In the world. 103 00:04:52,600 --> 00:04:55,960 Speaker 2: They're attracting record at tenants numbers new fans, and that 104 00:04:56,160 --> 00:05:00,680 Speaker 2: success is translating to the salaries of the play. Reporter 105 00:05:00,760 --> 00:05:05,279 Speaker 2: Megan Greenwell has the story and I spoke to somebody 106 00:05:05,400 --> 00:05:09,760 Speaker 2: about the unique ways that you can save money while 107 00:05:09,880 --> 00:05:13,080 Speaker 2: still going to these very very expensive World Cup matches. 108 00:05:13,440 --> 00:05:13,560 Speaker 10: Uh. 109 00:05:13,720 --> 00:05:17,159 Speaker 9: That is for our brand new Super Savors segment. We've 110 00:05:17,160 --> 00:05:18,920 Speaker 9: got a pack show. I'm Max Schafkins and. 111 00:05:18,880 --> 00:05:22,760 Speaker 3: I'm Stacey Vanocksmith and this is everybody's business from Bloomberg 112 00:05:22,800 --> 00:05:35,680 Speaker 3: Business Week. So Max, Uh, I know that you are 113 00:05:35,720 --> 00:05:39,560 Speaker 3: not like super super into close but harsh. 114 00:05:39,600 --> 00:05:41,320 Speaker 4: But no, no, not in a bad way. 115 00:05:41,360 --> 00:05:43,400 Speaker 3: But you know, I know you've got you've got kids, 116 00:05:43,480 --> 00:05:45,960 Speaker 3: and you're married and so like, clothes come up a 117 00:05:45,960 --> 00:05:46,720 Speaker 3: lot in your life. 118 00:05:46,760 --> 00:05:49,159 Speaker 4: I'm sure do you know about Everlane? 119 00:05:49,600 --> 00:05:54,200 Speaker 2: Yeah, I know about Everlaine. Everlaine makes kind of drab basics. 120 00:05:54,600 --> 00:05:57,839 Speaker 4: I would would make yes basics. 121 00:05:57,279 --> 00:05:59,640 Speaker 9: Like Mark Zuckerberg. That's how I would define it. 122 00:05:59,760 --> 00:06:00,159 Speaker 6: Wow. 123 00:06:00,680 --> 00:06:03,120 Speaker 2: That voice you heard is Lauren Sherman, friend of the 124 00:06:03,160 --> 00:06:06,679 Speaker 2: show Fashion correspondent and Puck joining us down the line 125 00:06:06,720 --> 00:06:07,279 Speaker 2: in Paris. 126 00:06:07,320 --> 00:06:10,520 Speaker 11: Hey Lauren, Hi, guys, nice to see you. 127 00:06:10,600 --> 00:06:13,919 Speaker 9: We should note that Lauren broke a huge story. What 128 00:06:14,040 --> 00:06:16,360 Speaker 9: was it, Lauren? Like earlier this week or last week? 129 00:06:16,560 --> 00:06:19,880 Speaker 1: It was Sunday afternoon and I was like, guys, I 130 00:06:19,960 --> 00:06:22,960 Speaker 1: have a scoop that is so goofy. 131 00:06:23,120 --> 00:06:24,520 Speaker 11: But it was true. 132 00:06:25,440 --> 00:06:29,560 Speaker 2: The goofy scoop was that Everlane, this clothing brand that 133 00:06:29,560 --> 00:06:31,440 Speaker 2: Stacey and I were talking about that I think I 134 00:06:31,600 --> 00:06:35,920 Speaker 2: defined badly is being bought by Sheen, which is the 135 00:06:35,960 --> 00:06:38,320 Speaker 2: big Chinese fash fashion thing. 136 00:06:39,200 --> 00:06:43,080 Speaker 3: Yes, so okay, Lauren, how do you define Everline and 137 00:06:43,440 --> 00:06:44,640 Speaker 3: tell us about this scoop? 138 00:06:44,680 --> 00:06:46,920 Speaker 4: Why is this? Why is this a big deal? 139 00:06:47,480 --> 00:06:51,479 Speaker 1: Everlane is many things too many people, are actually many 140 00:06:51,520 --> 00:06:52,800 Speaker 1: things to very few people. 141 00:06:52,839 --> 00:06:55,120 Speaker 11: That's why they were sold to she because no one 142 00:06:55,240 --> 00:06:55,719 Speaker 11: was buying it. 143 00:06:56,320 --> 00:06:59,400 Speaker 1: But I'd say it was like ewer do you remember 144 00:06:59,400 --> 00:07:04,479 Speaker 1: that term noisecore? It was essentials, it was post modern gap. 145 00:07:04,920 --> 00:07:07,200 Speaker 1: The whole thing that they kind of built the business 146 00:07:07,200 --> 00:07:11,160 Speaker 1: around was this idea of quote unquote radical transparency. So 147 00:07:11,200 --> 00:07:15,000 Speaker 1: it was it was with the rise of venture capital 148 00:07:15,080 --> 00:07:18,080 Speaker 1: back direct to consumer brands. It was in that sort 149 00:07:18,120 --> 00:07:21,120 Speaker 1: of chunk of brands like where We Parker and Glossier 150 00:07:21,400 --> 00:07:24,559 Speaker 1: and Outdoor Voices. But I would say that their big 151 00:07:24,640 --> 00:07:28,120 Speaker 1: thing was like, we're selling it directly to you to 152 00:07:28,200 --> 00:07:31,280 Speaker 1: cut out the third party middleman. We're going to sell 153 00:07:31,320 --> 00:07:34,720 Speaker 1: it for cheaper than other people would, and we're going 154 00:07:34,800 --> 00:07:36,840 Speaker 1: to show you exactly how much money we're making, how 155 00:07:36,920 --> 00:07:40,440 Speaker 1: much money you're saving, and also the product looks good. Yeah. 156 00:07:40,440 --> 00:07:42,000 Speaker 2: I don't know who said it, but but you know, 157 00:07:42,080 --> 00:07:46,120 Speaker 2: somebody's referred to it as it's like SeaWorld buying Pta 158 00:07:46,280 --> 00:07:48,840 Speaker 2: or something like that. It's like the company that is 159 00:07:48,880 --> 00:07:54,480 Speaker 2: the opposite of sort of ethical shopping or whatever. 160 00:07:54,720 --> 00:07:58,640 Speaker 3: Yeah, transparency, ethical sourcing, price breakdown. 161 00:07:58,960 --> 00:08:00,840 Speaker 2: Yeah, because I mean I think the brand promise of 162 00:08:00,920 --> 00:08:02,920 Speaker 2: Sheen is like we made this in a sweatshop. 163 00:08:03,280 --> 00:08:06,160 Speaker 4: This isn't eight The problem is like this is eight dollars. 164 00:08:07,600 --> 00:08:07,800 Speaker 12: Yeah. 165 00:08:07,880 --> 00:08:11,880 Speaker 1: Are Their supply chain is very opaque, so we don't 166 00:08:11,920 --> 00:08:14,280 Speaker 1: know where it's being made or if it's being made 167 00:08:14,320 --> 00:08:17,760 Speaker 1: by humans or robots, which is possible and would actually 168 00:08:17,800 --> 00:08:21,760 Speaker 1: be better I think than the sweatshop scenario. People on 169 00:08:21,800 --> 00:08:25,200 Speaker 1: my Instagram posts were like, was this an onion? This 170 00:08:25,520 --> 00:08:28,840 Speaker 1: onion headline and it's true. You know, the founders aren't 171 00:08:29,080 --> 00:08:32,400 Speaker 1: with the company anymore. Most of the early I don't 172 00:08:32,440 --> 00:08:36,160 Speaker 1: think anyone who's started out there in the court leadership 173 00:08:36,240 --> 00:08:37,120 Speaker 1: team is still around. 174 00:08:37,200 --> 00:08:40,439 Speaker 11: The board is basically all gone. 175 00:08:40,480 --> 00:08:43,240 Speaker 1: They were owned by private equity firm el Catterton, and 176 00:08:43,920 --> 00:08:47,240 Speaker 1: they had some debt that needed to be cleared and 177 00:08:47,320 --> 00:08:50,600 Speaker 1: al Caterton. I did some reporting in March that al 178 00:08:50,679 --> 00:08:52,840 Speaker 1: Catertin was willing to put a little more money in 179 00:08:52,920 --> 00:08:55,880 Speaker 1: if someone else came in and took the debt. All 180 00:08:55,920 --> 00:08:58,040 Speaker 1: they could find is she in which is going to 181 00:08:58,120 --> 00:08:59,960 Speaker 1: start buying more Western brands. 182 00:09:00,559 --> 00:09:03,400 Speaker 11: That's what I was told this week. 183 00:09:03,160 --> 00:09:05,560 Speaker 1: That they're looking at a bunch of different companies and 184 00:09:05,600 --> 00:09:12,120 Speaker 1: they were interested in Everline's very good supply chain. So 185 00:09:12,280 --> 00:09:16,280 Speaker 1: it's yeah, the irony is just crazy. And then you 186 00:09:16,320 --> 00:09:18,840 Speaker 1: get you just get so many people on the internet 187 00:09:18,920 --> 00:09:22,640 Speaker 1: with these sorts of things who are like, I will 188 00:09:22,679 --> 00:09:26,200 Speaker 1: never shop at Everlane again. I can't believe this. I'm 189 00:09:26,240 --> 00:09:31,200 Speaker 1: so disappointed and sure, but then you're also kind of like, when. 190 00:09:31,080 --> 00:09:33,080 Speaker 11: Was the last thing you shopped at Everlane? 191 00:09:33,360 --> 00:09:33,640 Speaker 7: Lauren. 192 00:09:33,679 --> 00:09:35,640 Speaker 3: I think you'll be really interested to hear this. We 193 00:09:35,679 --> 00:09:38,760 Speaker 3: have not heard this yet. We sent a producer of 194 00:09:38,760 --> 00:09:40,520 Speaker 3: ours out into the streets. 195 00:09:40,160 --> 00:09:42,480 Speaker 9: Of New York to as j Hersenhorn. 196 00:09:42,080 --> 00:09:43,840 Speaker 3: To talk to the people of New York to see 197 00:09:44,320 --> 00:09:46,840 Speaker 3: what they thought about this, if they knew Everlane, if 198 00:09:46,840 --> 00:09:49,120 Speaker 3: they knew Shean, and what they thought about this whole deal. 199 00:09:49,559 --> 00:09:51,960 Speaker 9: So Everline just got purchased by Sane. Do you have 200 00:09:52,000 --> 00:09:54,439 Speaker 9: any thoughts on that development. 201 00:09:54,679 --> 00:09:56,920 Speaker 12: It's not going to be a good thing for the 202 00:09:57,000 --> 00:09:59,720 Speaker 12: fast fashion industry. I mean a good thing for the 203 00:09:59,720 --> 00:10:03,000 Speaker 12: fast fashion industry, but not a good thing if we're 204 00:10:03,040 --> 00:10:06,520 Speaker 12: trying to work towards getting rid of the fast fashion industry. 205 00:10:06,600 --> 00:10:08,520 Speaker 12: I used to shop on Seen a lot when I 206 00:10:08,600 --> 00:10:10,400 Speaker 12: was like younger and stuff, but then I realized how 207 00:10:10,440 --> 00:10:12,559 Speaker 12: bad it was, So yeah, I try not to do 208 00:10:12,600 --> 00:10:13,120 Speaker 12: it anymore. 209 00:10:13,280 --> 00:10:14,640 Speaker 9: What do you think of fast fashion? 210 00:10:16,280 --> 00:10:17,880 Speaker 8: I try to avoid it. 211 00:10:18,120 --> 00:10:20,840 Speaker 13: The problem with fast fashion is that a lot of 212 00:10:20,880 --> 00:10:24,040 Speaker 13: the materials are made of a lot of plastic. So 213 00:10:24,120 --> 00:10:27,880 Speaker 13: I noticed a degradation of the Adidas track suit I 214 00:10:27,880 --> 00:10:30,880 Speaker 13: bought ten years ago to the one that I bought 215 00:10:31,240 --> 00:10:34,800 Speaker 13: last year. It has a lot more polyester in it 216 00:10:35,160 --> 00:10:37,920 Speaker 13: then it used to be a lot more cotton. What 217 00:10:37,960 --> 00:10:39,000 Speaker 13: are your shopping habits? 218 00:10:39,000 --> 00:10:41,559 Speaker 14: How would you describe them? 219 00:10:41,600 --> 00:10:45,920 Speaker 12: Probably like I'm like super not into over consumerism, so 220 00:10:45,960 --> 00:10:47,480 Speaker 12: I try not to shop that much more. If I do, 221 00:10:47,520 --> 00:10:49,480 Speaker 12: I go to thrift stores, but probably like. 222 00:10:49,520 --> 00:10:50,440 Speaker 9: Once or twice a month. 223 00:10:51,840 --> 00:10:54,040 Speaker 14: Sometimes I will find myself though in like the TikTok 224 00:10:54,080 --> 00:11:00,400 Speaker 14: shop by really cheap like running pants or something. I 225 00:11:00,440 --> 00:11:02,880 Speaker 14: do try to because I just don't like ethically, I 226 00:11:02,920 --> 00:11:09,920 Speaker 14: don't find how it's made. 227 00:11:08,000 --> 00:11:08,560 Speaker 6: To be good. 228 00:11:08,840 --> 00:11:12,480 Speaker 12: I would say, I do purchase quite a bit of 229 00:11:12,559 --> 00:11:15,839 Speaker 12: clothes living so clos by to sohole, so it does 230 00:11:15,880 --> 00:11:17,000 Speaker 12: not help my case. 231 00:11:17,080 --> 00:11:19,800 Speaker 7: But yeah, I'm a frequent buyer. 232 00:11:19,960 --> 00:11:23,240 Speaker 13: I would say, what's the last item of clothing that 233 00:11:23,280 --> 00:11:23,760 Speaker 13: you purchased? 234 00:11:24,000 --> 00:11:28,760 Speaker 12: It was a cardigan from Zarah so some fast fashion. 235 00:11:28,960 --> 00:11:33,280 Speaker 2: Yeah yeah, Lauren, Why do you think that this company 236 00:11:33,320 --> 00:11:37,480 Speaker 2: that clearly means something to a lot of people you know, 237 00:11:37,520 --> 00:11:39,680 Speaker 2: nonetheless managed to run into all this trouble. 238 00:11:40,000 --> 00:11:40,200 Speaker 7: Yeah. 239 00:11:40,280 --> 00:11:41,880 Speaker 11: Look a few things. 240 00:11:41,920 --> 00:11:47,600 Speaker 1: One is the sort of promise of venture capital for 241 00:11:47,760 --> 00:11:51,079 Speaker 1: product companies. In the twenty tens, there was this idea 242 00:11:51,120 --> 00:11:53,280 Speaker 1: that you could scale a product company the way you 243 00:11:53,320 --> 00:11:55,960 Speaker 1: scale a tech company, and you simply can't, and so 244 00:11:56,679 --> 00:12:03,000 Speaker 1: pouring a significant amount of money to a startup that 245 00:12:03,160 --> 00:12:05,880 Speaker 1: a product startup isn't you really need to sort of 246 00:12:05,880 --> 00:12:07,640 Speaker 1: build the business and build the brand, then you can 247 00:12:07,679 --> 00:12:09,920 Speaker 1: put a bunch of money into it. But like the 248 00:12:10,080 --> 00:12:13,960 Speaker 1: Row for instance, the luxury brand owned by the Mary 249 00:12:14,040 --> 00:12:19,120 Speaker 1: Kay Nashley Olsen, they raised at a billion dollar valuation 250 00:12:19,840 --> 00:12:21,560 Speaker 1: I think last year or the year before. 251 00:12:21,640 --> 00:12:23,720 Speaker 11: But they yeah, it's huge. 252 00:12:23,480 --> 00:12:26,880 Speaker 1: But they make, you know, four hundred million dollars a 253 00:12:27,000 --> 00:12:29,360 Speaker 1: year in sales and that took twenty years to get 254 00:12:29,400 --> 00:12:33,040 Speaker 1: to that point. Product takes time. You have to build 255 00:12:33,040 --> 00:12:36,480 Speaker 1: the trust to the customer. You need them to believe 256 00:12:36,520 --> 00:12:39,880 Speaker 1: in it. And if you want a nice T shirt 257 00:12:39,960 --> 00:12:44,160 Speaker 1: in a really good fabric that's made at a good factory, 258 00:12:44,280 --> 00:12:46,760 Speaker 1: you go to Uniklo. If you don't care about any 259 00:12:46,800 --> 00:12:48,960 Speaker 1: of that stuff, you go to Amazon or or Shean. 260 00:12:49,280 --> 00:12:52,960 Speaker 3: So what is the appeal for Shean? Why would they 261 00:12:53,000 --> 00:12:54,079 Speaker 3: want to buy Everlane? 262 00:12:54,400 --> 00:13:00,400 Speaker 1: They are interested in buying Western brands. They first, they're 263 00:13:00,480 --> 00:13:03,400 Speaker 1: valued at one hundred billion dollars and they will IPO 264 00:13:03,559 --> 00:13:07,360 Speaker 1: someday or they hope to IPO someday. So they need 265 00:13:07,400 --> 00:13:11,240 Speaker 1: to understand this market better. They need to understand different 266 00:13:11,320 --> 00:13:14,080 Speaker 1: areas of this market. And to buy Everlane for one 267 00:13:14,160 --> 00:13:18,280 Speaker 1: hundred million dollars and get a peek into their supply chain, 268 00:13:18,360 --> 00:13:22,960 Speaker 1: which is really good. So I think that's probably why, 269 00:13:23,000 --> 00:13:25,720 Speaker 1: more than anything, they have the money and why not 270 00:13:25,880 --> 00:13:29,840 Speaker 1: experiment and see how different consumers consume. 271 00:13:30,559 --> 00:13:34,280 Speaker 2: But it also for me raises a question like why 272 00:13:34,520 --> 00:13:37,080 Speaker 2: And we heard it on that in that sort of 273 00:13:37,679 --> 00:13:41,200 Speaker 2: bit of tape, people talking about how much they dislike 274 00:13:41,280 --> 00:13:44,079 Speaker 2: fast fashion and how much they want to not buy 275 00:13:44,200 --> 00:13:46,520 Speaker 2: fast fashion. This comes up a lot when we talk 276 00:13:46,559 --> 00:13:48,280 Speaker 2: about AI too. There are a lot of people who 277 00:13:48,320 --> 00:13:50,440 Speaker 2: are saying, oh, yeah, I hate AI, right, But then 278 00:13:51,080 --> 00:13:53,480 Speaker 2: it's not like they're you know, not using chatch ebt 279 00:13:53,640 --> 00:13:55,200 Speaker 2: or whatever to write their emails. 280 00:13:55,679 --> 00:13:57,000 Speaker 9: How do you think about that? 281 00:13:57,160 --> 00:14:00,480 Speaker 2: Like everyone hates fast fashion, they say, But it's also 282 00:14:01,000 --> 00:14:02,000 Speaker 2: this huge business. 283 00:14:02,640 --> 00:14:03,480 Speaker 11: Yeah exactly. 284 00:14:03,559 --> 00:14:09,600 Speaker 1: I think that people don't always realize what they're buying 285 00:14:10,360 --> 00:14:13,120 Speaker 1: is could also be fast fashion, and what is fast 286 00:14:13,160 --> 00:14:16,560 Speaker 1: fashion and what is them? It just means quick turnaround. Zara, 287 00:14:16,679 --> 00:14:19,920 Speaker 1: for instance, is totally vertically integrated. A lot of their 288 00:14:20,800 --> 00:14:26,120 Speaker 1: manufacturing happens near their corporate headquarters in Spain, So is 289 00:14:26,160 --> 00:14:31,720 Speaker 1: that environmentally if you're doing localized manufacturing. There's so many 290 00:14:31,760 --> 00:14:34,760 Speaker 1: things that go into this stuff that it's really hard 291 00:14:34,840 --> 00:14:35,600 Speaker 1: to measure. 292 00:14:35,360 --> 00:14:36,880 Speaker 11: What is good and what is bad. 293 00:14:37,440 --> 00:14:39,240 Speaker 3: One thing that did occur to me was that I 294 00:14:39,320 --> 00:14:42,160 Speaker 3: know that Chian has been kind of hit with all 295 00:14:42,160 --> 00:14:46,360 Speaker 3: the changes to tariffs that President Trump put into office. Particularly, 296 00:14:46,400 --> 00:14:50,680 Speaker 3: there was something called the Deminimus Law, which essentially let 297 00:14:51,360 --> 00:14:55,480 Speaker 3: you know, very inexpensive imports come into the US for free. 298 00:14:55,880 --> 00:14:58,280 Speaker 3: And I know Shan and Timu really took advantage of that, 299 00:14:58,360 --> 00:15:01,400 Speaker 3: and that was really built into their business model, at 300 00:15:01,440 --> 00:15:04,600 Speaker 3: least as far as their like US business was concerned. 301 00:15:05,160 --> 00:15:08,840 Speaker 3: Is this possibly a response to that? Does this help 302 00:15:08,920 --> 00:15:11,680 Speaker 3: them navigate that in any way? 303 00:15:11,760 --> 00:15:15,400 Speaker 1: Are they Shean is a huge operation. I'm sure they are. 304 00:15:15,880 --> 00:15:18,080 Speaker 1: One of one thing they've done is they've moved their 305 00:15:18,400 --> 00:15:23,479 Speaker 1: headquarters to Singapore. I'm sure that there is many strategic 306 00:15:23,560 --> 00:15:26,240 Speaker 1: reasons why they moved their headquarters out of China to 307 00:15:26,280 --> 00:15:29,440 Speaker 1: be based in Singapore. The thing that I've found is 308 00:15:29,440 --> 00:15:34,960 Speaker 1: that the sheanside has been extremely as they always are, like, 309 00:15:35,080 --> 00:15:39,560 Speaker 1: extremely opaque about the reasons. All I know is that 310 00:15:39,560 --> 00:15:43,720 Speaker 1: they're looking for brands and they are not stopping at everline. 311 00:15:43,800 --> 00:15:46,760 Speaker 2: Now, maybe the values of transparency and sustainability are going 312 00:15:46,840 --> 00:15:50,240 Speaker 2: to go to the millennial cringe graveyard or whatever, and 313 00:15:50,840 --> 00:15:53,640 Speaker 2: we won't have them. But for consumers who do care 314 00:15:53,680 --> 00:15:57,160 Speaker 2: about these things, like where should they shop? And and 315 00:15:57,240 --> 00:15:59,640 Speaker 2: if it's not Everlane, where is it like? 316 00:15:59,760 --> 00:16:00,200 Speaker 9: Or what which? 317 00:16:00,200 --> 00:16:02,120 Speaker 2: If you're giving advice to a friend about you know, 318 00:16:02,520 --> 00:16:05,200 Speaker 2: if you want to bring that spirit of Everline. 319 00:16:04,720 --> 00:16:06,600 Speaker 9: To twenty twenty six, where would you look? 320 00:16:07,360 --> 00:16:07,600 Speaker 8: Yeah? 321 00:16:07,640 --> 00:16:10,360 Speaker 1: And I should say, I know I sound cynical about 322 00:16:10,360 --> 00:16:12,800 Speaker 1: this stuff because I've just been doing this for so 323 00:16:13,000 --> 00:16:17,520 Speaker 1: long that I'm always kind of like, you know, anything 324 00:16:17,640 --> 00:16:19,880 Speaker 1: made or put into the environment is not good for 325 00:16:19,920 --> 00:16:24,200 Speaker 1: the environment. But look, I think that the thing if 326 00:16:24,240 --> 00:16:26,920 Speaker 1: you care, and there are people who really care, I 327 00:16:27,000 --> 00:16:31,560 Speaker 1: think shopping secondhand is a good first start. I remember 328 00:16:31,600 --> 00:16:34,440 Speaker 1: there was this sweater that I wanted. This is ten 329 00:16:34,520 --> 00:16:38,840 Speaker 1: years ago now, from the lvmh O and bran Selene. 330 00:16:39,120 --> 00:16:41,560 Speaker 1: It was this chunky turtle neck sweater and it was 331 00:16:42,040 --> 00:16:45,680 Speaker 1: now in twenty twenty six terms, it would have cost 332 00:16:45,760 --> 00:16:49,160 Speaker 1: four times the amount because the prices of luxury goods 333 00:16:49,200 --> 00:16:51,200 Speaker 1: have gone so high. But it was so expensive and 334 00:16:51,240 --> 00:16:53,240 Speaker 1: I thought, I can never buy this, I can never 335 00:16:53,280 --> 00:16:55,080 Speaker 1: buy this. But you know what I ended up doing 336 00:16:55,200 --> 00:17:00,640 Speaker 1: just buying the same sweater like knockoffs less nice knockoffs 337 00:17:00,640 --> 00:17:05,440 Speaker 1: of a similar sweater ten times, and never. It wasn't 338 00:17:05,520 --> 00:17:07,919 Speaker 1: until I finally just spent the money on the sweater 339 00:17:08,000 --> 00:17:11,320 Speaker 1: that I was satisfied. You want something new immediately. We're 340 00:17:11,320 --> 00:17:15,520 Speaker 1: in such a quick Instagram gratification culture. 341 00:17:16,280 --> 00:17:16,760 Speaker 11: You wouldn't. 342 00:17:16,960 --> 00:17:19,280 Speaker 1: You wouldn't buy a new couch every week, Like you 343 00:17:19,320 --> 00:17:21,600 Speaker 1: spend money on a couch and then you have it 344 00:17:21,640 --> 00:17:24,520 Speaker 1: for twenty years. And so I think if people thought 345 00:17:24,520 --> 00:17:26,760 Speaker 1: about clothes like that a little bit more, they would 346 00:17:26,800 --> 00:17:31,439 Speaker 1: be be more satisfied with what they wear. Like no 347 00:17:31,480 --> 00:17:34,600 Speaker 1: one enjoys their clothes. Enjoy your clothes. Like maybe if 348 00:17:34,640 --> 00:17:38,080 Speaker 1: you don't have a lot of money, go to goodwill 349 00:17:38,119 --> 00:17:41,040 Speaker 1: and get something tailored, but like take pride in it. 350 00:17:41,080 --> 00:17:43,399 Speaker 1: And I think that's what's sort of been lost in 351 00:17:43,440 --> 00:17:44,320 Speaker 1: the last decade. 352 00:17:45,000 --> 00:17:48,320 Speaker 4: Thank you so much, Lauren, Enjoy Enjoy Paris. 353 00:17:48,960 --> 00:17:49,920 Speaker 11: Thank you all so much. 354 00:17:57,359 --> 00:18:01,399 Speaker 2: In the fourth quarter of game three seconds your Nescu 355 00:18:01,520 --> 00:18:10,840 Speaker 2: will tea Sopriina young Nescu with the biggest shot in 356 00:18:10,960 --> 00:18:12,120 Speaker 2: Liberty history. 357 00:18:15,880 --> 00:18:17,520 Speaker 9: Stacey, you remember this moment. 358 00:18:17,600 --> 00:18:23,919 Speaker 2: Twenty twenty four, Sabrina Yuenescu Game three WNBA Finals, huge 359 00:18:23,960 --> 00:18:27,119 Speaker 2: moment for the New York Liberty our home team, and 360 00:18:27,560 --> 00:18:31,679 Speaker 2: I wanted to play this because the WNBA season is 361 00:18:31,920 --> 00:18:35,880 Speaker 2: back that it's really exciting. I am going to try 362 00:18:35,920 --> 00:18:37,960 Speaker 2: to get to a game this year. I actually haven't 363 00:18:37,960 --> 00:18:40,800 Speaker 2: been yet. There's so much going on here, not just 364 00:18:40,840 --> 00:18:43,760 Speaker 2: with the WNBA, but in sports in general. 365 00:18:44,320 --> 00:18:47,720 Speaker 3: Yes, there are, I mean women's especially basketball. I feel 366 00:18:47,760 --> 00:18:51,040 Speaker 3: like this blown up in recent years. I feel like 367 00:18:51,080 --> 00:18:53,879 Speaker 3: there are all kinds of deals being made. And then earlier, 368 00:18:54,240 --> 00:18:56,199 Speaker 3: was it last year or this year, there was like 369 00:18:56,240 --> 00:18:59,280 Speaker 3: the big salary negotiation, which I was very excited about 370 00:19:00,000 --> 00:19:01,720 Speaker 3: where I think the player's got something like a four 371 00:19:01,800 --> 00:19:02,680 Speaker 3: hundred percent raise. 372 00:19:03,440 --> 00:19:06,280 Speaker 2: Yes, that negotiation happened just a couple of months ago, 373 00:19:06,560 --> 00:19:10,679 Speaker 2: and we wanted to bring in BusinessWeek contributing writer Megan 374 00:19:10,720 --> 00:19:14,520 Speaker 2: Greenwell to talk both about the pay deal, which, like 375 00:19:14,560 --> 00:19:18,960 Speaker 2: you said, it was huge, and also just the growth 376 00:19:19,040 --> 00:19:21,840 Speaker 2: of the WNBA and women's sports in general. Meghan's also 377 00:19:21,880 --> 00:19:25,480 Speaker 2: the author of Bad Company. She's a friend of the podcast, 378 00:19:25,480 --> 00:19:28,360 Speaker 2: friend of the magazine. Megan, Welcome to Everybody's Business. 379 00:19:28,640 --> 00:19:29,399 Speaker 7: Thanks for having me. 380 00:19:29,520 --> 00:19:34,560 Speaker 2: Al So, just to start, how do you see this 381 00:19:34,560 --> 00:19:38,720 Speaker 2: this pay deal that was struck between the WNBA players 382 00:19:38,840 --> 00:19:42,199 Speaker 2: and the league. As Stacy said, when you look at 383 00:19:42,280 --> 00:19:45,520 Speaker 2: the kind of pay increases, it was pretty substantial. 384 00:19:46,080 --> 00:19:50,840 Speaker 15: Yeah, the pay increases are wild. So my favorite stat 385 00:19:50,880 --> 00:19:54,800 Speaker 15: is that the minimum salary is now higher than the 386 00:19:55,000 --> 00:19:59,159 Speaker 15: average salary was last year. So no players, you know, 387 00:19:59,240 --> 00:20:02,760 Speaker 15: no matter how you were drafted as a rookie, nobody 388 00:20:02,800 --> 00:20:05,520 Speaker 15: is making less than two hundred and seventy thousand dollars. 389 00:20:05,720 --> 00:20:06,560 Speaker 11: That's pretty good. 390 00:20:07,119 --> 00:20:11,760 Speaker 3: I mean, it's not professional sports money really, but it's it's. 391 00:20:11,640 --> 00:20:14,840 Speaker 15: Not professional sports money. But a lot of people have 392 00:20:14,880 --> 00:20:19,879 Speaker 15: also pointed out that, like men's professional sports money was 393 00:20:19,920 --> 00:20:22,520 Speaker 15: not what it is now when they were thirty years. 394 00:20:22,320 --> 00:20:25,040 Speaker 9: In, right, which is the age of the WNBA. 395 00:20:25,520 --> 00:20:30,560 Speaker 15: Exactly, And so the growth is like starting to get serious. 396 00:20:30,920 --> 00:20:34,880 Speaker 15: And the reason the players won this deal was because, 397 00:20:35,119 --> 00:20:38,159 Speaker 15: like there was just no denying that it is a 398 00:20:38,320 --> 00:20:42,760 Speaker 15: dramatically bigger business than the last time the contract was struck. Also, 399 00:20:42,840 --> 00:20:46,600 Speaker 15: the total salary cap for each team rose from one 400 00:20:46,640 --> 00:20:50,960 Speaker 15: point five million to seven million, so all of a sudden, 401 00:20:51,080 --> 00:20:54,840 Speaker 15: teams can do a lot more, you know, in terms 402 00:20:54,880 --> 00:20:57,240 Speaker 15: of like how you build out your roster. They're now 403 00:20:57,720 --> 00:21:01,520 Speaker 15: required to have twelve players, which they weren't before, so 404 00:21:01,560 --> 00:21:04,680 Speaker 15: you could kind of understaff your team, So it's a 405 00:21:04,720 --> 00:21:07,920 Speaker 15: really big deal and a huge leap forward. The other 406 00:21:07,920 --> 00:21:11,040 Speaker 15: thing I'll mention is, even aside from the salaries, for 407 00:21:11,119 --> 00:21:14,680 Speaker 15: the first time, WNBA players get a revenue share, and 408 00:21:14,800 --> 00:21:17,960 Speaker 15: that was the thing that they were really really pushing for, 409 00:21:18,440 --> 00:21:20,960 Speaker 15: was to say, Okay, look, when the revenue grows, it 410 00:21:21,000 --> 00:21:24,639 Speaker 15: grows because of us, and we want a portion of that. 411 00:21:25,119 --> 00:21:28,439 Speaker 15: The NBA has about a fifty percent revenue share, so 412 00:21:28,560 --> 00:21:32,440 Speaker 15: this is not as much as the WNBA players were 413 00:21:32,480 --> 00:21:35,359 Speaker 15: asking for, but they went from zero to twenty percent. 414 00:21:36,040 --> 00:21:40,040 Speaker 4: So how did this growth happen? From one million to 415 00:21:40,119 --> 00:21:40,680 Speaker 4: seven million? 416 00:21:40,720 --> 00:21:44,800 Speaker 3: I mean, these raises are big and I imagine quite overdue, 417 00:21:44,880 --> 00:21:47,440 Speaker 3: but like, how did this happen? Was it the popularity 418 00:21:47,480 --> 00:21:50,360 Speaker 3: that drove this? Was it other things that drove this? 419 00:21:50,760 --> 00:21:51,520 Speaker 3: How do we get here? 420 00:21:51,800 --> 00:21:55,240 Speaker 15: Yeah, the popularity has really just skyrocketed, and a lot 421 00:21:55,280 --> 00:21:59,920 Speaker 15: of the conventional wisdom attributes that to Caitlin Clark, who is, 422 00:22:00,200 --> 00:22:02,040 Speaker 15: you know, by far, the biggest name in the league 423 00:22:02,119 --> 00:22:05,879 Speaker 15: right now. I pushed back against that conventional wisdom a 424 00:22:05,920 --> 00:22:09,399 Speaker 15: little bit because the growth did start before that. So 425 00:22:09,560 --> 00:22:12,600 Speaker 15: I am a big New York Liberty fan. You saw 426 00:22:13,160 --> 00:22:17,359 Speaker 15: Liberty games really start to take off a year before 427 00:22:17,480 --> 00:22:19,080 Speaker 15: Caitlyn Clark entered the league. 428 00:22:19,240 --> 00:22:20,280 Speaker 4: When was that? 429 00:22:20,280 --> 00:22:23,920 Speaker 15: That was in twenty twenty three, And then in twenty 430 00:22:23,960 --> 00:22:27,199 Speaker 15: twenty four, the Liberty won the championship and it was 431 00:22:27,359 --> 00:22:32,280 Speaker 15: I mean, the vibes were so good. I profiled Clara Wusai, 432 00:22:32,440 --> 00:22:34,960 Speaker 15: the owner of the Liberty, for Business Week last year, 433 00:22:35,560 --> 00:22:39,919 Speaker 15: and she had really made this change where she was 434 00:22:40,040 --> 00:22:43,199 Speaker 15: treating her team like a business and investing in it 435 00:22:43,359 --> 00:22:46,199 Speaker 15: like a business in a way that you know, for 436 00:22:46,359 --> 00:22:48,679 Speaker 15: most of the thirty year existence of the league, a 437 00:22:48,680 --> 00:22:51,240 Speaker 15: lot of the owners were sort of like treating it 438 00:22:51,400 --> 00:22:55,160 Speaker 15: like a cute little charity project. And it turns out 439 00:22:55,160 --> 00:22:58,080 Speaker 15: that when you start treating things like a serious business 440 00:22:58,080 --> 00:23:00,240 Speaker 15: and really marketing them and trying to bring in the 441 00:23:00,240 --> 00:23:04,000 Speaker 15: biggest stars, the popularity will naturally increase. 442 00:23:04,560 --> 00:23:08,679 Speaker 3: One of my favorite details of this latest round of 443 00:23:08,720 --> 00:23:12,560 Speaker 3: negotiations was that they got an economist to come help. 444 00:23:12,720 --> 00:23:17,439 Speaker 3: I guess economist Claudia Golden, who's a Nobel Prize winning 445 00:23:17,840 --> 00:23:19,280 Speaker 3: economists at Harvard. 446 00:23:19,680 --> 00:23:21,120 Speaker 4: Can you talk a little bit about that. 447 00:23:21,240 --> 00:23:23,280 Speaker 3: I mean, they really brought in like I mean, she 448 00:23:23,359 --> 00:23:28,639 Speaker 3: has been studying like gender and pay equity for decades. 449 00:23:29,280 --> 00:23:30,160 Speaker 7: Yeah, I love this. 450 00:23:30,400 --> 00:23:35,240 Speaker 15: So the WNBA Players Association, I guess, emailed Claudia. 451 00:23:34,800 --> 00:23:37,240 Speaker 4: Golden, who was at Harvard, and. 452 00:23:37,280 --> 00:23:39,199 Speaker 15: Just said like, would you can we hire you as 453 00:23:39,240 --> 00:23:44,760 Speaker 15: a consultant essentially, and she said, listen, I'll happily work 454 00:23:44,800 --> 00:23:45,280 Speaker 15: for you. 455 00:23:44,920 --> 00:23:46,040 Speaker 7: You can't pay me. 456 00:23:46,480 --> 00:23:49,400 Speaker 15: So she was just doing this like out of passion 457 00:23:49,560 --> 00:23:52,320 Speaker 15: and out of a belief that they should be paid better. 458 00:23:53,160 --> 00:23:56,919 Speaker 15: And I've read multiple stories that make really clear that 459 00:23:57,119 --> 00:24:02,080 Speaker 15: her research was incredibly crucial to getting that revenue sharing 460 00:24:02,119 --> 00:24:05,960 Speaker 15: agreement because the WNBA did not want to share revenue 461 00:24:06,119 --> 00:24:09,840 Speaker 15: and she made all these charts that essentially said, Okay, 462 00:24:10,080 --> 00:24:14,680 Speaker 15: here's how this measures up to other leagues and basically 463 00:24:14,720 --> 00:24:16,560 Speaker 15: making the case through data that if you want to 464 00:24:16,600 --> 00:24:19,880 Speaker 15: be taken seriously as a professional organization, this is. 465 00:24:19,800 --> 00:24:20,960 Speaker 7: What you have to do. 466 00:24:21,680 --> 00:24:26,080 Speaker 15: And I've heard multiple players say we probably don't get 467 00:24:26,119 --> 00:24:29,800 Speaker 15: revenue sharing if it's not for Claudia Golden. So I mean, 468 00:24:29,840 --> 00:24:32,680 Speaker 15: it's it's just a really delightful part of the story. 469 00:24:32,920 --> 00:24:34,199 Speaker 4: You've said this a couple of times now. 470 00:24:34,240 --> 00:24:36,399 Speaker 3: You said, when you treat something more like a business, 471 00:24:36,480 --> 00:24:38,399 Speaker 3: then it kind of performs more like a business. And 472 00:24:38,440 --> 00:24:41,680 Speaker 3: when you treat players more like professionals like that kind 473 00:24:41,680 --> 00:24:43,840 Speaker 3: of has this positive feedback loop. Can you talk a 474 00:24:43,840 --> 00:24:45,879 Speaker 3: little bit about that, Like, what does that mean, treating 475 00:24:45,880 --> 00:24:48,280 Speaker 3: it more like a business, treating people more like professionals, 476 00:24:48,280 --> 00:24:49,439 Speaker 3: Like what is this transformation? 477 00:24:50,400 --> 00:24:54,720 Speaker 15: Yeah, So Clara Wusai when she came in as the 478 00:24:54,760 --> 00:24:57,359 Speaker 15: owner of the Liberty, so the Liberty had been owned 479 00:24:57,440 --> 00:25:00,159 Speaker 15: by James Dolan, still the owner of the. 480 00:25:00,160 --> 00:25:03,159 Speaker 9: Knicks, famous non vindictive billionaire. 481 00:25:03,520 --> 00:25:07,119 Speaker 15: Yes, exactly, totally normal, well adjusted person. We love the 482 00:25:07,240 --> 00:25:11,240 Speaker 15: next we grow questions about James Dolan. But James Dolan 483 00:25:11,359 --> 00:25:13,640 Speaker 15: did not care at all about the New York Liberty, 484 00:25:14,000 --> 00:25:16,920 Speaker 15: and so it was just a matter of like when 485 00:25:17,000 --> 00:25:19,440 Speaker 15: he was going to let go of them. And so 486 00:25:19,720 --> 00:25:23,399 Speaker 15: Clara Wousai, she and her husband Joseph sie one of 487 00:25:23,400 --> 00:25:26,879 Speaker 15: the founders of Ali Baba, already owned the Brooklyn Nets 488 00:25:26,880 --> 00:25:30,359 Speaker 15: and owned the majority of Barclay Center. You know, she 489 00:25:30,480 --> 00:25:33,080 Speaker 15: takes the most active role in the Liberty, even though 490 00:25:33,080 --> 00:25:35,439 Speaker 15: she and her husband co owned the team. And she 491 00:25:35,640 --> 00:25:39,240 Speaker 15: kind of came in with the assumption that if I 492 00:25:39,440 --> 00:25:44,320 Speaker 15: pour a ton of money into this business to you know, 493 00:25:44,640 --> 00:25:47,240 Speaker 15: at the time, she couldn't do anything in terms of 494 00:25:47,320 --> 00:25:50,760 Speaker 15: raising salaries, right because those were limited by the salary cap. 495 00:25:51,040 --> 00:25:52,320 Speaker 7: What she could do. 496 00:25:52,960 --> 00:25:56,680 Speaker 15: Was create the biggest training staff in the league. They 497 00:25:56,840 --> 00:26:00,640 Speaker 15: would only have one trainer for an entire team. Charter 498 00:26:00,800 --> 00:26:04,359 Speaker 15: flights were a huge deal. Clara Wusai really pushed to 499 00:26:04,400 --> 00:26:08,520 Speaker 15: get everybody on charter airplanes, when at the time it 500 00:26:08,560 --> 00:26:12,600 Speaker 15: was not just that not everybody was taking charter flights, 501 00:26:12,680 --> 00:26:15,200 Speaker 15: it was that you literally were not allowed to take 502 00:26:15,280 --> 00:26:18,199 Speaker 15: charter flights, and so you ended up with all of 503 00:26:18,240 --> 00:26:23,280 Speaker 15: these situations where like people would miss games because their 504 00:26:23,320 --> 00:26:27,280 Speaker 15: Delta Airlines flight or whatever was delayed. It's just sort 505 00:26:27,359 --> 00:26:32,360 Speaker 15: of like amateur kind of stuff. And I think, you know, 506 00:26:32,480 --> 00:26:34,919 Speaker 15: the argument of my piece last year was, in some 507 00:26:35,080 --> 00:26:38,359 Speaker 15: ways Claara Wusai is actually the most powerful person in 508 00:26:38,359 --> 00:26:41,560 Speaker 15: the WNBA right now, and I really think the CBA 509 00:26:41,800 --> 00:26:47,080 Speaker 15: bore that out because it forced every team to treat 510 00:26:47,240 --> 00:26:50,760 Speaker 15: its players the way she was treating her players. 511 00:26:51,200 --> 00:26:53,679 Speaker 2: You mentioned James Dolan, you mentioned the Knicks. Knicks are 512 00:26:53,680 --> 00:26:57,240 Speaker 2: in the playoffs right now in New York. Also, the 513 00:26:58,119 --> 00:27:01,080 Speaker 2: NBA season is just starting. Been thinking about this because 514 00:27:01,320 --> 00:27:03,960 Speaker 2: you know, I would love to see the Eastern Conference 515 00:27:04,000 --> 00:27:06,399 Speaker 2: finals in person, but like the cost is going to 516 00:27:06,400 --> 00:27:10,080 Speaker 2: be prohibitive, like the average price in Madison Square Garden 517 00:27:10,119 --> 00:27:12,040 Speaker 2: right now. I haven't looked lately, but it's it's in 518 00:27:12,119 --> 00:27:14,879 Speaker 2: the sort of five hundred dollars range or something like it, 519 00:27:14,920 --> 00:27:15,640 Speaker 2: maybe even more. 520 00:27:15,840 --> 00:27:17,360 Speaker 7: I think it's send up four figures. 521 00:27:17,440 --> 00:27:20,200 Speaker 2: Yeah, yeah, yeah, it huge fees. You know, you want 522 00:27:20,240 --> 00:27:24,000 Speaker 2: to see the liberty in the next couple of days. 523 00:27:24,280 --> 00:27:27,439 Speaker 2: You're talking about the get in price being something like 524 00:27:27,440 --> 00:27:31,960 Speaker 2: twenty bucks to get like decent seats, you know, in 525 00:27:32,000 --> 00:27:35,120 Speaker 2: the kind of sixty dollars range or whatever. We've talked 526 00:27:35,119 --> 00:27:38,240 Speaker 2: a lot on this podcast about the way that sports 527 00:27:38,359 --> 00:27:40,840 Speaker 2: in general, and this has to do with, you know, 528 00:27:40,920 --> 00:27:44,119 Speaker 2: your world of private equity. They've gotten more expensive, and 529 00:27:44,160 --> 00:27:47,760 Speaker 2: it's it's gotten more expensive to like take your family 530 00:27:48,160 --> 00:27:51,040 Speaker 2: to a major sporting event. Do you think the WNBA 531 00:27:51,160 --> 00:27:54,200 Speaker 2: has benefited to some extent from that as the fact. 532 00:27:54,000 --> 00:27:56,720 Speaker 9: That like the the NBA or. 533 00:27:56,600 --> 00:28:00,119 Speaker 2: Major League Baseball or the NFL have just put themselves 534 00:28:00,160 --> 00:28:02,560 Speaker 2: more and more out of touch in terms of like 535 00:28:03,119 --> 00:28:06,120 Speaker 2: getting into the venue and seeing some live sports. 536 00:28:06,359 --> 00:28:09,760 Speaker 15: There's a tricky transition happening because as the league gets 537 00:28:09,760 --> 00:28:13,840 Speaker 15: more popular, those prices have to rise. And so I 538 00:28:14,000 --> 00:28:17,560 Speaker 15: have friends who have been really frustrated because they've been 539 00:28:17,960 --> 00:28:22,359 Speaker 15: hardcore Liberty fans for years and now you know, I 540 00:28:22,359 --> 00:28:25,159 Speaker 15: have one friend who's a season ticket holder, and his 541 00:28:25,280 --> 00:28:29,320 Speaker 15: season ticket price has increased dramatically in just a couple 542 00:28:29,359 --> 00:28:32,840 Speaker 15: of years because there is so much more demand. And 543 00:28:33,280 --> 00:28:35,880 Speaker 15: I went to a couple of like late season games 544 00:28:36,359 --> 00:28:39,040 Speaker 15: last year, right before the Liberty started in the playoffs, 545 00:28:39,640 --> 00:28:43,440 Speaker 15: and I think I paid over one hundred bucks for 546 00:28:43,600 --> 00:28:47,360 Speaker 15: like sort of mid tier seats, you know, not great seats. 547 00:28:47,640 --> 00:28:48,440 Speaker 7: So there is this. 548 00:28:48,520 --> 00:28:50,760 Speaker 15: Interesting challenge that I think is common to a lot 549 00:28:50,800 --> 00:28:55,320 Speaker 15: of businesses of how do you prevent yourself from like 550 00:28:56,520 --> 00:28:59,440 Speaker 15: alienating those folks who were with you from the very 551 00:28:59,480 --> 00:29:04,400 Speaker 15: beginning while still bringing in massive new audiences. 552 00:29:05,080 --> 00:29:07,840 Speaker 2: Just to bring it back full circle, you know, we've 553 00:29:07,880 --> 00:29:12,160 Speaker 2: been talking about money and ownership and the revenue increase, 554 00:29:12,440 --> 00:29:16,320 Speaker 2: but you know, ultimately it's it is the players. It's 555 00:29:16,320 --> 00:29:20,160 Speaker 2: it's the sports that make this sport uh wonderful and 556 00:29:20,200 --> 00:29:22,920 Speaker 2: that to bring people in. And our producer Stacy Wong 557 00:29:23,200 --> 00:29:26,480 Speaker 2: found a really cool clip of Courtney Williams, who plays 558 00:29:26,480 --> 00:29:27,280 Speaker 2: for the. 559 00:29:27,120 --> 00:29:29,760 Speaker 9: Minnesota Links, talking about this deal. Let's give a listen. 560 00:29:30,600 --> 00:29:33,240 Speaker 1: Yeah, I understand the history of that just happened today. 561 00:29:33,320 --> 00:29:36,000 Speaker 11: Bro, We're gonna be millionaires. 562 00:29:36,080 --> 00:29:38,720 Speaker 4: Bro, the Burdis millionaires in our families. 563 00:29:38,760 --> 00:29:41,280 Speaker 12: The biggest jump in any all the professional sports, all 564 00:29:41,320 --> 00:29:44,960 Speaker 12: the professional girls, me boy women, whatever. 565 00:29:45,280 --> 00:29:46,480 Speaker 9: This is a historical day. 566 00:29:46,480 --> 00:29:46,600 Speaker 12: Bro. 567 00:29:50,480 --> 00:29:52,960 Speaker 4: Oh, I love that. 568 00:29:52,960 --> 00:29:53,680 Speaker 7: That's so great. 569 00:29:53,720 --> 00:29:55,960 Speaker 15: I mean I hadn't heard that clip before, but I mean, 570 00:29:56,120 --> 00:29:58,600 Speaker 15: she's right, and the players did this. You know, you 571 00:29:58,640 --> 00:30:02,840 Speaker 15: can talk about the importance of Claire Wusai and other figures, 572 00:30:02,880 --> 00:30:09,120 Speaker 15: but the reason this happened is because the players improved 573 00:30:09,200 --> 00:30:14,800 Speaker 15: the league so much and had so much fan support 574 00:30:14,920 --> 00:30:19,600 Speaker 15: on their side. The league didn't have much choice but 575 00:30:19,840 --> 00:30:22,480 Speaker 15: to give the players a lot of what they were demanding. 576 00:30:22,480 --> 00:30:26,600 Speaker 15: They didn't get everything, but you know, they should be proud. 577 00:30:26,640 --> 00:30:29,440 Speaker 7: It is huge. It is absolutely historic. 578 00:30:29,320 --> 00:30:32,800 Speaker 2: Megan, before we go, Liberty three to one as of 579 00:30:32,840 --> 00:30:36,240 Speaker 2: this recording, are they your pick to win win the 580 00:30:36,320 --> 00:30:37,320 Speaker 2: championship this year? 581 00:30:37,960 --> 00:30:42,120 Speaker 15: I mean, they're the pick of my heart. I'm going 582 00:30:42,160 --> 00:30:44,640 Speaker 15: on Monday to see them play the Portland Fire, one 583 00:30:44,640 --> 00:30:49,760 Speaker 15: of the newest expansion teams. I'm very scared of the Aces. 584 00:30:49,800 --> 00:30:52,480 Speaker 15: I mean, the Aces are just they won last year. 585 00:30:52,880 --> 00:30:56,120 Speaker 15: Asia Wilson is maybe the greatest player of all time. 586 00:30:57,360 --> 00:31:00,600 Speaker 15: They're looking really, really good except for a disastrous first game. 587 00:31:03,040 --> 00:31:04,600 Speaker 7: But I'm going with the Liberty. 588 00:31:04,640 --> 00:31:08,680 Speaker 15: I feel like Satu Sabili was an incredible ad this offseason, 589 00:31:09,920 --> 00:31:12,880 Speaker 15: so yeah, I'm going Liberty Champions twenty twenty six. 590 00:31:13,320 --> 00:31:15,960 Speaker 4: All right, thank you so much, Megan, thanks. 591 00:31:15,640 --> 00:31:16,160 Speaker 7: For having me. 592 00:31:23,120 --> 00:31:26,240 Speaker 1: Speaking of sports, there is something very disturbing about the 593 00:31:26,240 --> 00:31:27,120 Speaker 1: FIFA World Cup. 594 00:31:27,240 --> 00:31:29,720 Speaker 9: They want to say that this is a public transit event. 595 00:31:29,800 --> 00:31:32,880 Speaker 11: Well, those are not public transit prices. I went to 596 00:31:32,920 --> 00:31:33,920 Speaker 11: the World Cup in Qatar. 597 00:31:34,120 --> 00:31:35,120 Speaker 6: I spent one. 598 00:31:34,880 --> 00:31:39,720 Speaker 14: Thousand dollars on nine games for the price of one 599 00:31:39,840 --> 00:31:41,000 Speaker 14: game at this World Cup. 600 00:31:41,240 --> 00:31:42,280 Speaker 11: I'm not doing that. 601 00:31:42,360 --> 00:31:44,920 Speaker 6: They just dropped the ticket prices for the World. 602 00:31:44,760 --> 00:31:47,120 Speaker 9: Cup and La La la the most expensive. 603 00:31:46,640 --> 00:31:47,280 Speaker 6: Ones in the US. 604 00:31:47,280 --> 00:31:48,120 Speaker 9: That's not surprising. 605 00:31:48,200 --> 00:31:51,040 Speaker 14: Four thousand dollars for the cheapest ticket just for us 606 00:31:51,080 --> 00:31:51,520 Speaker 14: to watch. 607 00:31:51,400 --> 00:31:55,200 Speaker 2: A group stage in Missouri, FEMA, how can you get 608 00:31:55,200 --> 00:31:56,200 Speaker 2: away with these prices? 609 00:31:56,240 --> 00:31:57,080 Speaker 8: The American Dream. 610 00:31:57,120 --> 00:31:59,960 Speaker 2: Hey, this is a story I've been following really close 611 00:32:00,480 --> 00:32:04,560 Speaker 2: this week, says and it's the perfect introduction to a 612 00:32:04,600 --> 00:32:07,360 Speaker 2: brand new segment that we have been working hard on 613 00:32:07,400 --> 00:32:10,320 Speaker 2: here at Everybody's Business called super Savers. 614 00:32:10,640 --> 00:32:13,760 Speaker 3: Yes, this is where we highlight the kind of unique 615 00:32:13,760 --> 00:32:17,640 Speaker 3: and sometimes extreme lengths that people go through to save money. 616 00:32:18,200 --> 00:32:23,160 Speaker 2: Yeah, and for our first ever Super Saver Tam, I'd 617 00:32:23,200 --> 00:32:24,840 Speaker 2: like to introduce you to Luke. 618 00:32:25,040 --> 00:32:26,640 Speaker 9: Luke is his first name. 619 00:32:26,680 --> 00:32:28,720 Speaker 2: He has for a bit of privacy, and I'll just 620 00:32:28,880 --> 00:32:31,239 Speaker 2: let Luke explain what he's been working on. 621 00:32:31,640 --> 00:32:36,240 Speaker 10: What I built was a website that is called seat Sidekick. 622 00:32:37,400 --> 00:32:41,880 Speaker 10: And what this website does is it pulls data in 623 00:32:42,000 --> 00:32:47,360 Speaker 10: terms of ticket listings from the FIFA resale marketplace as 624 00:32:47,400 --> 00:32:53,160 Speaker 10: well as the FIFA Last Minute Sales portal and helps 625 00:32:53,280 --> 00:32:56,040 Speaker 10: fans view all the tickets that are available to purchase 626 00:32:56,120 --> 00:33:00,240 Speaker 10: directly from FIFA in one view, and they can track 627 00:33:00,280 --> 00:33:03,760 Speaker 10: by price, they can sort by different prices, by how 628 00:33:03,800 --> 00:33:04,960 Speaker 10: many seats are available. 629 00:33:05,240 --> 00:33:08,720 Speaker 2: It's basically like it takes all of this World Cup 630 00:33:08,800 --> 00:33:12,160 Speaker 2: data that is very hard to make sense of, and 631 00:33:12,200 --> 00:33:14,040 Speaker 2: make sense of it so you can create a list 632 00:33:14,080 --> 00:33:17,320 Speaker 2: of the prices of games in a given city. You 633 00:33:17,360 --> 00:33:19,320 Speaker 2: can slice and dice this you get a sense of 634 00:33:19,320 --> 00:33:22,239 Speaker 2: what tickets cost. The way I've been using it is 635 00:33:22,280 --> 00:33:24,000 Speaker 2: that like I would like to go to a World 636 00:33:24,040 --> 00:33:26,560 Speaker 2: Cup game, but the prices are crazy high, right, and 637 00:33:26,640 --> 00:33:30,040 Speaker 2: so high it's almost discouraging and at the same time, 638 00:33:30,520 --> 00:33:34,400 Speaker 2: this is a fluid market because FIFA is pursuing dynamic 639 00:33:34,440 --> 00:33:38,280 Speaker 2: pricing and because they started with prices super duper high, 640 00:33:38,360 --> 00:33:41,120 Speaker 2: like in the thousands of dollars, there's a dynamic where 641 00:33:41,160 --> 00:33:43,800 Speaker 2: you can kind of wait and see. And right now, 642 00:33:43,920 --> 00:33:46,920 Speaker 2: the thing that's really interesting, like as we speak, prices 643 00:33:46,960 --> 00:33:50,080 Speaker 2: are falling. There's a lot of conversation from fans about 644 00:33:50,280 --> 00:33:54,760 Speaker 2: potentially empty stadiums, and the Luke's website actually went viral 645 00:33:54,800 --> 00:33:58,080 Speaker 2: earlier this week because a single game the price dipped 646 00:33:58,120 --> 00:33:59,240 Speaker 2: below one hundred dollars. 647 00:33:59,280 --> 00:34:00,000 Speaker 9: So what you can do with. 648 00:34:00,600 --> 00:34:04,360 Speaker 2: Is like set a certain games or certain regions and 649 00:34:04,400 --> 00:34:07,440 Speaker 2: get alerts like if the price falls below a certain level, 650 00:34:07,720 --> 00:34:09,800 Speaker 2: then you know you can go and grab a ticket, 651 00:34:10,000 --> 00:34:13,480 Speaker 2: so you're not overpaying for a ticket that you don't 652 00:34:13,480 --> 00:34:16,960 Speaker 2: otherwise need. Luke, what was the situation like for ticket buyers? 653 00:34:17,000 --> 00:34:17,759 Speaker 2: What's it been like? 654 00:34:18,280 --> 00:34:22,840 Speaker 10: Yeah, it's been quite difficult for myself included when I 655 00:34:22,960 --> 00:34:25,120 Speaker 10: first found out about the World Cup coming to the 656 00:34:25,239 --> 00:34:27,880 Speaker 10: United States, I was extremely excited. I've never been to 657 00:34:27,920 --> 00:34:31,120 Speaker 10: a World Cup game. Soccer is not really huge in 658 00:34:31,160 --> 00:34:31,840 Speaker 10: this country. 659 00:34:31,960 --> 00:34:32,560 Speaker 4: Are you a fan? 660 00:34:33,200 --> 00:34:35,239 Speaker 10: I am a fan. I am a fan. My team 661 00:34:35,320 --> 00:34:39,120 Speaker 10: is Poland, but unfortunately that team did not qualify. Okay, sadly, 662 00:34:39,320 --> 00:34:41,600 Speaker 10: but I was very excited about the World Cup coming 663 00:34:41,680 --> 00:34:46,480 Speaker 10: to the United States. When I first heard that tickets 664 00:34:46,480 --> 00:34:49,400 Speaker 10: were going for on sale, you had to apply for 665 00:34:49,440 --> 00:34:53,680 Speaker 10: these lotteries to potentially even get a chance to buy tickets. 666 00:34:53,800 --> 00:34:57,520 Speaker 10: I applied for I think like three four lotteries that 667 00:34:57,760 --> 00:35:02,560 Speaker 10: FIFA would be doing to buy tickets. The reason why 668 00:35:02,760 --> 00:35:07,279 Speaker 10: I originally built the website was I didn't get a 669 00:35:07,360 --> 00:35:10,600 Speaker 10: chance to win in any of the lotteries, didn't get 670 00:35:10,600 --> 00:35:12,480 Speaker 10: a chance to get any of the pre sales from 671 00:35:12,560 --> 00:35:15,600 Speaker 10: Chase or Capital One, so I had to result to 672 00:35:15,640 --> 00:35:19,080 Speaker 10: the FIFA Marketplace where it opened, which is the official 673 00:35:19,160 --> 00:35:24,520 Speaker 10: resale platform for FIFA. When I first logged into the website, 674 00:35:24,760 --> 00:35:30,320 Speaker 10: super excited, and that excitement was demolished within like seconds 675 00:35:30,440 --> 00:35:34,680 Speaker 10: when I realized that the only way to view tickets 676 00:35:34,840 --> 00:35:37,640 Speaker 10: is by looking on a seat map. You have to 677 00:35:37,920 --> 00:35:41,319 Speaker 10: zoom into each section of a seat map, click on 678 00:35:41,360 --> 00:35:44,319 Speaker 10: a specific ticket just to see the price, and you 679 00:35:44,400 --> 00:35:46,960 Speaker 10: have to zoom out and do that two hundred times 680 00:35:47,080 --> 00:35:51,320 Speaker 10: over again around the whole stadium until you can see 681 00:35:51,440 --> 00:35:53,200 Speaker 10: a ticket that you'd be comfortable buying. 682 00:35:53,480 --> 00:35:55,520 Speaker 4: So you're experiencing all this frustration. 683 00:35:56,000 --> 00:35:59,160 Speaker 3: You try to get in line to get tickets, you 684 00:35:59,200 --> 00:36:01,680 Speaker 3: try to go to the secondary marketplace. 685 00:36:01,800 --> 00:36:02,920 Speaker 4: The prices were crazy. 686 00:36:03,560 --> 00:36:06,880 Speaker 3: So what was the moment you decided to develop this 687 00:36:07,000 --> 00:36:08,359 Speaker 3: tool and what is it? 688 00:36:09,200 --> 00:36:12,160 Speaker 10: Yeah, so I think what I the reason why I 689 00:36:12,200 --> 00:36:15,759 Speaker 10: built it in the first place was for me personally. 690 00:36:15,920 --> 00:36:18,839 Speaker 10: I just wanted it to have a better way of 691 00:36:18,880 --> 00:36:22,759 Speaker 10: being able to see cheapest ticket or tickets in a 692 00:36:22,760 --> 00:36:26,480 Speaker 10: certain section without having to like click into every single section. 693 00:36:26,600 --> 00:36:28,680 Speaker 10: I can just see everything in a list view and 694 00:36:28,680 --> 00:36:31,160 Speaker 10: then I can go and buy directly from FIFA. 695 00:36:31,280 --> 00:36:34,040 Speaker 6: At that point, and. 696 00:36:35,640 --> 00:36:38,680 Speaker 10: Primarily, I think I saw on Reddit that people were 697 00:36:38,680 --> 00:36:41,320 Speaker 10: having the same kind of frustrations that they were complaining 698 00:36:41,360 --> 00:36:45,800 Speaker 10: about how the user interface for the marketplace was difficult 699 00:36:45,800 --> 00:36:49,920 Speaker 10: to use. There's no way to like sort or filter, 700 00:36:51,200 --> 00:36:54,000 Speaker 10: and they just were asking for something better, And at 701 00:36:54,040 --> 00:36:58,520 Speaker 10: that point I already had something figured out, so posted 702 00:36:58,560 --> 00:36:59,280 Speaker 10: it on Reddit. 703 00:36:59,360 --> 00:37:00,880 Speaker 6: It kind of floated from there. 704 00:37:01,360 --> 00:37:04,120 Speaker 9: But Luke, FIFA has been trying to shut you down, right. 705 00:37:04,680 --> 00:37:07,799 Speaker 10: Yeah, it seems like I like to think that this 706 00:37:07,960 --> 00:37:09,839 Speaker 10: is just part of their regular housekeeping. 707 00:37:10,120 --> 00:37:11,760 Speaker 6: But the data that I collected. 708 00:37:11,760 --> 00:37:16,279 Speaker 10: It comes from directly from the FIFA's own websites, so 709 00:37:16,320 --> 00:37:20,839 Speaker 10: it's publicly accessible information. But I do think that there 710 00:37:20,960 --> 00:37:24,760 Speaker 10: is patterns that they see, and they can see somebody 711 00:37:24,760 --> 00:37:29,160 Speaker 10: putting pulling data and potentially extracting it and posting it 712 00:37:29,160 --> 00:37:32,400 Speaker 10: somewhere else. And I do think that at points they 713 00:37:32,440 --> 00:37:35,120 Speaker 10: have made it very difficult to obtain that data and 714 00:37:35,200 --> 00:37:39,440 Speaker 10: shut down ways that I usually would extract that data 715 00:37:39,480 --> 00:37:40,840 Speaker 10: directly from their website. 716 00:37:41,320 --> 00:37:43,000 Speaker 6: So it's been a little bit of a cat and 717 00:37:43,000 --> 00:37:43,520 Speaker 6: mouse game. 718 00:37:43,680 --> 00:37:46,359 Speaker 2: Luke, where did this journey on for you? What games 719 00:37:46,400 --> 00:37:48,279 Speaker 2: are you going to go to? Kind of what's your 720 00:37:48,320 --> 00:37:49,640 Speaker 2: personal World Cup plan? 721 00:37:49,960 --> 00:37:54,080 Speaker 10: Yeah, so I originally tried to get tickets to a 722 00:37:54,200 --> 00:38:00,120 Speaker 10: match in Dallas. This was a potentially a game that 723 00:38:00,200 --> 00:38:02,719 Speaker 10: Poland could have been in if they qualified for the 724 00:38:02,719 --> 00:38:07,799 Speaker 10: World Cup. It's a game against Japan. Unfortunately Poland did 725 00:38:07,880 --> 00:38:10,400 Speaker 10: not qualify for the World Cup, so it's going to 726 00:38:10,440 --> 00:38:12,960 Speaker 10: be Japan versus Sweden. I feel like I did overpay 727 00:38:13,800 --> 00:38:18,239 Speaker 10: substantially based on the market and what the prices are 728 00:38:18,280 --> 00:38:19,920 Speaker 10: going for on the resale marketplace. 729 00:38:20,000 --> 00:38:21,279 Speaker 9: How much did you overpay by? 730 00:38:21,640 --> 00:38:23,600 Speaker 10: I think the cheapest ticket right now is like around 731 00:38:23,760 --> 00:38:27,240 Speaker 10: five hundred dollars for that game I paid like eight hundred. 732 00:38:27,600 --> 00:38:27,880 Speaker 5: Yeah. 733 00:38:27,920 --> 00:38:30,120 Speaker 3: Well, when I feel like if you're seeing tickets for 734 00:38:30,160 --> 00:38:33,439 Speaker 3: eleven million dollars like eight hundred, You're like, well, that's 735 00:38:33,440 --> 00:38:35,120 Speaker 3: an amount of money that I have had at one 736 00:38:35,120 --> 00:38:37,640 Speaker 3: point in my life. You know, Like it's like these big, 737 00:38:37,640 --> 00:38:39,239 Speaker 3: iveryly high prices get normalized. 738 00:38:40,080 --> 00:38:41,640 Speaker 9: Luke, thank you so much for being here. 739 00:38:41,760 --> 00:38:42,439 Speaker 6: Thank you so much. 740 00:38:50,360 --> 00:38:53,279 Speaker 3: Our show was produced by Jasmine JT. Green, Stacey Wong, 741 00:38:53,360 --> 00:38:53,920 Speaker 3: and Miles J. 742 00:38:54,080 --> 00:38:54,640 Speaker 7: Hrson Horn. 743 00:38:54,800 --> 00:38:58,640 Speaker 3: Magnus Hendrickson is our supervising producer, Sam Rogan handles engineering 744 00:38:58,719 --> 00:39:02,520 Speaker 3: and Dave Purcell. FactCheck special thanks to Jeff Muscus, Julia 745 00:39:02,600 --> 00:39:04,840 Speaker 3: Rubin and Maria Ling. And if you have a minute, 746 00:39:04,840 --> 00:39:06,839 Speaker 3: please rate and review the show. It means a lot 747 00:39:06,880 --> 00:39:08,759 Speaker 3: to us. And if you have a story that should 748 00:39:08,800 --> 00:39:12,480 Speaker 3: be our business, email us at Everybody's at Bloomberg dot net. 749 00:39:12,760 --> 00:39:15,359 Speaker 4: That is Everybody's with an us at Bloomberg dot net. 750 00:39:15,400 --> 00:39:19,520 Speaker 4: And thank you for listening. We will see you next week.