Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news as it happened. Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi everyone, Happy New Year. Welcome
Speaker 1: too into the latest weekend edition of Bloomberg Business Week.
Speaker 1: We hope you had a great and safe celebration everyone,
Speaker 1: And as we turn the page and start fresh on
Speaker 1: the calendar, we're dedicating this holiday program to our entire
Speaker 1: Bloomberg Business Week team. We are indeed one news cycled churn,
Speaker 1: perhaps more rapidly than ever before in the magazine. Was
Speaker 1: there each and every week to capture all the key
Speaker 1: storylines in business and finance, politics, technology, economics, and so
Speaker 1: much more. Over the next two hours, we'll be reflecting
Speaker 1: on some of the very best Bloomberg News coverage. We're
Speaker 1: also going to bring you the best when it comes
Speaker 1: to travel, Auto's food, all to get you primed for
Speaker 1: two with our friends at Bloomberg Pursuit that's coming up
Speaker 1: a little bit later on. We begin though this hour
Speaker 1: with the editor of Bloomberg Business Week magazine Joel Weber
Speaker 1: until this past year got started with a bang for
Speaker 1: your team. You were all set to publish an issue,
Speaker 1: and then came the riot at the US Capital on
Speaker 1: January six. To take us back there, well, it's always
Speaker 1: an especially difficult issue because you're coming straight out of
Speaker 1: the out of the holidays, you've got a cold start,
Speaker 1: and then all of a sudden, January six happens. And
Speaker 1: we typically transmit a cover um and cover story about
Speaker 1: three pm on a Wednesday, which is more or less
Speaker 1: about when everything took a turn for the worst in Washington,
Speaker 1: d C. And at that moment, I just looked at
Speaker 1: the cover that we were about to transmit and realized
Speaker 1: that we couldn't and really let that when go into
Speaker 1: the wild, knowing that something was happening at that point,
Speaker 1: we we still didn't totally understand what. So began our
Speaker 1: own crazy little wild dance to try and figure out
Speaker 1: how to actually say something about January six. As the
Speaker 1: clock was ticking um as the printer was like, where
Speaker 1: where's your cover, where's your cover story? It was just
Speaker 1: a little bit of a magazine making feet in and
Speaker 1: of itself, and one that I'm so grateful to have
Speaker 1: a talented staff for because we managed to pull it together. Well,
Speaker 1: how did you handle something like that from a storytelling perspective,
Speaker 1: because if you think about where we are now, almost
Speaker 1: a year later, we're still learning about what happened on
Speaker 1: January six, We're learning about text messages that people that
Speaker 1: lawmakers sent. So I often think about the secret to
Speaker 1: what we do is trying to take what we know
Speaker 1: and then also tell you why it matters and what
Speaker 1: it could mean going forward, which was, I will tell
Speaker 1: tell you straight up, almost impossible at that moment um.
Speaker 1: So what we did was rearranged a few things in
Speaker 1: the magazine, put that cover story and that cover on
Speaker 1: the shelf, just put it away, stop thinking about it,
Speaker 1: and and actually just started to think about how do
Speaker 1: we mark the moment? And that's a really significant way
Speaker 1: that that I think, um, when all else fails, just
Speaker 1: say this, something's happening here, how do we mark that
Speaker 1: moment um? Because we actually the timing of the way
Speaker 1: the magazines come together. You actually have to transmit that
Speaker 1: cover before you have to transmit the stories. So that
Speaker 1: was an example. We actually did a cover. You had
Speaker 1: to put the cart before the horse exactly. And and
Speaker 1: it was called it said New Low. It was a
Speaker 1: shot um of the capitol um with the basically mid
Speaker 1: mid insurrection and Uh. Once we had that out of
Speaker 1: the way, then it was sort of attempting to account
Speaker 1: for everything that we could actually say in the magazine, UM,
Speaker 1: which we we kept the pages open as late as
Speaker 1: we possibly could. UM. I think by the time it
Speaker 1: was all done, I think we're transmitting the story at
Speaker 1: about eleven PM, which allowed us to basically uh know
Speaker 1: that the capital by that point had become secure and
Speaker 1: that in the not too distant future, uh, lawmakers were
Speaker 1: going to come back into the capital and I actually
Speaker 1: do what they had set out to do. Um. And
Speaker 1: so what we did really was just try and put
Speaker 1: together a timeline of of what we knew of what
Speaker 1: had happened at that moment in time. UM. And it
Speaker 1: was a first draft of history, which is sometimes what
Speaker 1: journalism looks like, and that's what it was. But but
Speaker 1: we had the foresight enough to know it was a
Speaker 1: new Low, uh, and we stitched together truly. Like the
Speaker 1: most remarkable part was just working at Bloomberg News. We
Speaker 1: had we had people there in the capital who were
Speaker 1: affected by this and also UM covering covering what happened
Speaker 1: outside the building. So we had a lot of material
Speaker 1: to pull on and obviously there are plenty of people
Speaker 1: coming from all over the place, UM, just just pitching
Speaker 1: in with stuff. So it became a huge team sport.
Speaker 1: We actually just used you know, the Bloomberg version of
Speaker 1: of a zoom called NEXTI, and we just were the
Speaker 1: magazine group was just huddled in an exci trying to
Speaker 1: figure out and we're all looking at layouts, UM putting
Speaker 1: it together in real time. It was really compelling. So
Speaker 1: politics and where we started, but as one went on,
Speaker 1: it became clear that the financial world would also find
Speaker 1: itself and uncharted warders as well. Let's bring in Bloomberg
Speaker 1: Business Week Markets and Finance editor Pat right near to
Speaker 1: help us put us to help with that in perspective,
Speaker 1: and I know one of the December cover stories kind
Speaker 1: of summed it up so well, investings wildest year. It
Speaker 1: was nuts. I'd even go so far to say it
Speaker 1: was investing weirdest year. UM. I've been through a few
Speaker 1: bull markets in my life, UM, and I've never seen
Speaker 1: anything like this. People reach for comparisons to the Dot
Speaker 1: com Era. That was my first professional bull market. UM.
Speaker 1: But I actually think that this was uh stranger involved UM,
Speaker 1: a wider group of people, a younger group of people, UM,
Speaker 1: different kinds of assets that I think people hadn't really
Speaker 1: had a chance to think about any before. UM. And
Speaker 1: UH we have just tried to watch it and we've
Speaker 1: seen it change. You know. This Uh, to to get
Speaker 1: into the making of this cover package was something that UM,
Speaker 1: we started to conceive of in some ways, UM all
Speaker 1: the way back in summer after the sort of the
Speaker 1: Reddit and game Stop affairs which we covered, and we
Speaker 1: were kind of thinking, like, we want to talk about
Speaker 1: how it seems like everybody we know is becoming a
Speaker 1: kind of a trader. And then you know, the meme
Speaker 1: stocks kind of went off the boil for a little bit. Um.
Speaker 1: You haven't made a lot of money on the meme
Speaker 1: stocks after that point, and we thought, well, okay, so
Speaker 1: maybe that moment was over and it wasn't. UM, you know,
Speaker 1: Mike Reagan described it, This hasn't been so much an
Speaker 1: inflating bubble as a series of waves that just keep
Speaker 1: coming and crashing on the shore, just to be followed
Speaker 1: by another. UM. And now we're really looking at crypto
Speaker 1: and not just bitcoin, in fact, not even primarily bitcoin. Well,
Speaker 1: the way you guys have covered everything throughout when it
Speaker 1: comes to markets and just our changing investment themes has
Speaker 1: been just pretty incredible. Thanks to Bloomberg Business Week Markets
Speaker 1: and Finance editor Pat right Near as well as Joe Weber.
Speaker 1: He's gonna stick around with us. We're gonna take a
Speaker 1: look coming up next, some of the areas the markets
Speaker 1: burned down by that pandemic, especially big pharma and the
Speaker 1: race to develop a COVID vaccine. You're listening to Bloomberg
Speaker 1: Business Week. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes Tim Stinovik from
Speaker 1: Bloomberg Radio. Was defined by the emergence of COVID N
Speaker 1: one was dominated by headlines about vaccines. You know, pharmaceutical
Speaker 1: companies all engaging in a race to develop those life
Speaker 1: saving shots at a breakneck pace. Well, to help us
Speaker 1: understand some of the past year's biggest business themes, we
Speaker 1: welcome in Bloomberg Business Week Assistant Managing editor Jim Ellis
Speaker 1: and the editor of the magazine, Joel Weber. Who's also
Speaker 1: still with us. So, Joel, what was some of the
Speaker 1: conversations that you guys were having in the newsroom about, like,
Speaker 1: how do we, you know, cover COVID this year? I
Speaker 1: mean it really was largely about vaccines, right, and if
Speaker 1: you if you rewin the clock to late December, we
Speaker 1: actually did a good business cover story called Miracle on Ice,
Speaker 1: which was, um, you know, at that point, we're trying
Speaker 1: transmitting and transporting um, all the RNA is on dry ice,
Speaker 1: which was a feat and of itself, um, just to
Speaker 1: get the first you know, waves of Americans vaccinated, and
Speaker 1: slowly but surely we saw an amazing rollout UM and
Speaker 1: millions upon millions of Americans of course of the year,
Speaker 1: uh get vaccinated, and obviously many many more around the world, um,
Speaker 1: of all different types of the vaccines. That is an
Speaker 1: amazing accomplishment and of itself, like the science to get
Speaker 1: that vaccine made within a year, and then to have
Speaker 1: so many people around the world actually protected, um, that
Speaker 1: in of itself just huge, huge, huge feet UM. What
Speaker 1: we've also just been all over as a newsroom, I
Speaker 1: think is is just covering these companies, um and what
Speaker 1: they're doing and how well the science is going to
Speaker 1: hold up against the boosters UM. And you know, I
Speaker 1: think we've been very focused on the fives in the
Speaker 1: Madernas and the the J and j's and maybe do
Speaker 1: a lesser extent, at least here in New York, like
Speaker 1: focusing on on the ones that are international. But I
Speaker 1: think that that international part has actually been a huge
Speaker 1: part of the story. UM. Geopolitically, there's the soft power
Speaker 1: struggle with China, and China is trying to get its
Speaker 1: vaccines a lot of places. UM. The nonprofit KOVACS has
Speaker 1: actually struggled to really get a lot of vaccines to
Speaker 1: merging corners of the of the world. That remains a
Speaker 1: huge issue because you know, most recently here with the
Speaker 1: omicron like, we're going to continue to see variants UM,
Speaker 1: and they will probably come from other places, right. And
Speaker 1: the nature of of COVID is that it can morph
Speaker 1: and mutate very quickly, and as we're seeing now, this
Speaker 1: is highly transmissible, maybe less lethal, but highly transmissible UM.
Speaker 1: And you know, against it all, we've got to we've
Speaker 1: got vaccines that that seemed to work well. Jim, come
Speaker 1: on in here and talk a little bit abo out
Speaker 1: one of the stories that I remember from the past year,
Speaker 1: which was the changing view of pharmaceutical companies because I
Speaker 1: think for a lot of people are certainly politicians, they
Speaker 1: were seen as sort of boogeymen punching bags throughout many
Speaker 1: of the past years. But there's sort of this changing
Speaker 1: public perception associated with vaccine makers. Yeah. I mean one
Speaker 1: of the things that you know, uh, this definitely did
Speaker 1: was changed the views that a lot of people had
Speaker 1: of big format as, basically being that big companies that
Speaker 1: were all out to um make a lot of money
Speaker 1: off of essentially the health of other people. And I
Speaker 1: think that when we had a crisis where all of
Speaker 1: a sudden we were dependent on formative sort of come
Speaker 1: up with a solution in record time, I think it
Speaker 1: actually bolstered the view that most people have of them.
Speaker 1: I mean, it's a true, true, sort of a sort
Speaker 1: of success story here. I mean typically, you know, any
Speaker 1: kind of formacy cutical is developed over the course of years,
Speaker 1: years of you know, sometimes in years of lab work,
Speaker 1: then years of going through trials and trying to get approvals,
Speaker 1: and this was done licked the split. I mean, a
Speaker 1: lot of this work was done in the course of
Speaker 1: a year, and then we sort of uh, you know,
Speaker 1: we were able to fast forward through the normal approval
Speaker 1: process because even though people have to talk about approvals,
Speaker 1: most of these drugs were basically just authorized. They were
Speaker 1: just you know, fast tracked to get out there and
Speaker 1: get out. But that's also been one of the things
Speaker 1: that causes a challenge for them going forward, which is
Speaker 1: that a lot of anti vaxers and people who just
Speaker 1: want to complain about, you know, the restrictions that go
Speaker 1: along with um masking vaccines whatever, are saying, well, these
Speaker 1: aren't real. I mean, look at you know, the fast
Speaker 1: forwarding that happened here, look at the fact that they're
Speaker 1: authorized but not approved and whatever. But in the end,
Speaker 1: there was very very good science. And this is science
Speaker 1: that has been actually reviewed probably more than almost any
Speaker 1: drug prior to this, and certainly it's been used by
Speaker 1: you know, most of the world now with very good results.
Speaker 1: And so this is quite an amazement for an industry
Speaker 1: that used to take it on the chint as being
Speaker 1: sort of greedy and non public based. Yeah, I remember
Speaker 1: a great cover story when it comes to vaccine passports.
Speaker 1: Um I want to shift gears a little bit, no
Speaker 1: pun intended, but you guys did a lot of coverage
Speaker 1: about what's going on in the auto sector electric vehicles
Speaker 1: in particular and Tesla, but also the other players. Jim,
Speaker 1: how did you think about the strategy about that because
Speaker 1: there was so much going on. I mean, this was
Speaker 1: definitely the year when UM, I guess a lot of
Speaker 1: investors as well as regular people suddenly started to take
Speaker 1: the e V business seriously. You've certainly seen it in
Speaker 1: the UH market values that have gone on to UM.
Speaker 1: You know a lot of new EV startups that you know,
Speaker 1: it's sort of hard to imagine it. Rivan, which is
Speaker 1: a truck maker that's a competitor. I guess you could see.
Speaker 1: I think it's a competitor a long term to test flaw,
Speaker 1: you know, has a market value is bigger than General Motors.
Speaker 1: I mean, this is a company that even this year
Speaker 1: UM only planned to produce twelve hundred units that's it trucks,
Speaker 1: and they're not even gonna make that. I mean they
Speaker 1: announced that they this today, but they're not going to
Speaker 1: make that yet. They've got these you know, sort of
Speaker 1: multi multibillion dollar valuations because investors are convinced that you know,
Speaker 1: this is there's a change of foot here that you know,
Speaker 1: the internal combustion engine is going to go away, and
Speaker 1: everybody wants to be in the ground floor hoping that
Speaker 1: they're going to get the next Tesla. Now, I would
Speaker 1: probably say that's very unlikely, simply because Tesla came into
Speaker 1: a market that was not there, and Tesla got a
Speaker 1: lot of attention and people jumped in because they figured
Speaker 1: it was the only way. Nowadays, um, the traditional car
Speaker 1: companies are jumping in very aggressively. Look at people like UM,
Speaker 1: Look at people like Volkswagen with it's I D line,
Speaker 1: which is not only success well, um, it's becoming successful
Speaker 1: in China, which had been a pretty much a Tesla market,
Speaker 1: and it's becoming successful in Europe. Certainly not a big
Speaker 1: big deal here, but there's a lot of changes that
Speaker 1: are going to happen in the next up of years,
Speaker 1: as truck makers get into evs and truck makers are
Speaker 1: it's gonna be a really big deal here in the US.
Speaker 1: Because the US companies make their money making trucks and SUVs.
Speaker 1: They do not make money making cars, and so therefore
Speaker 1: they've been willing to let Tesla do its thing. But
Speaker 1: now that Tesla wants to get into trucks and riving
Speaker 1: in and all these other companies are popping up, you know,
Speaker 1: all of a sudden, we're gonna see the real competition here.
Speaker 1: We're gonna talk with Hannah Elliot little bit later on
Speaker 1: to certainly the luxury space. You're seeing an explosion as well. Alright, guys,
Speaker 1: we get a round. Thank you so much, Bloomberg Business
Speaker 1: Week Assistant Managing editor Jim Ellis and the editor of
Speaker 1: Business Week Magazine, of course, Joe Weber. Thanks you guys
Speaker 1: for joining us. Happy New Year to both of you,
Speaker 1: and we're looking forward to uh, talking a lot more
Speaker 1: in two. We'll still ahead. On this special holiday weekend
Speaker 1: edition of Bloomberg Business Week, we dive deeper into the
Speaker 1: biggest economics stories that are sure to follow us into
Speaker 1: the new year. You know them well by now, the
Speaker 1: eye word, inflation, supply chains, also the Great Resignation. Yeah,
Speaker 1: all that and more ahead. This is Bloomberg broadcasting from
Speaker 1: the financial capital of the world, Bloomberg eleven Frio in
Speaker 1: New York to Washington, d C. Bloomberg to Boston, Bloomberg
Speaker 1: one O six one to San Francisco, Bloomberg nine sixty
Speaker 1: to the country Sirius XM Chado one nineteen and around
Speaker 1: the globe, the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week as the US and really
Speaker 1: the world of transition from the depths of the pandemic
Speaker 1: to an economic recovery. Over the past twelve months, three
Speaker 1: themes have emerged that appear to be sticking with us
Speaker 1: for the foreseeable future. Rising prices, supply chain congestion, and
Speaker 1: a labor forcet has left a record number of jobs
Speaker 1: on the table. Bloomberg Business Week Economics editor Christina Lindbladd
Speaker 1: is here to help put the past year in some context.
Speaker 1: So back in November, Christina the magazine did a takeover section.
Speaker 1: It really centered around a surge in prices not seen
Speaker 1: in America in decades. How should we think about this
Speaker 1: as the Federal Reserve gets ready to end its asset
Speaker 1: purchases and look likely hike interest rates come next year.
Speaker 1: This year, well, the good news is almost everyone expects
Speaker 1: prices to moderate next year. The question is how fast.
Speaker 1: I mean. Powell formally retired the word transitory in November,
Speaker 1: which I think was a relief to everybody. There are
Speaker 1: still questions though about kind of the balance of what
Speaker 1: is like this, you know, supply chain factors and demand shock,
Speaker 1: and maybe once some of the supply chain stuff starts,
Speaker 1: you know, kind of receding, we'll get a better sense
Speaker 1: of sort of how much the consumer is driving this.
Speaker 1: And one of the my favorite stories that we did
Speaker 1: this year was the story about this training that they
Speaker 1: do at m I T called the Beer Game, which
Speaker 1: talked about this sort of bullwhip effect that you haven't
Speaker 1: supply chains when people start panic buying. And now, for example,
Speaker 1: in recent weeks, people have started saying there might be
Speaker 1: a bull whip effect in semiconductor supply chains because you know,
Speaker 1: companies maybe putting in two or three orders because they
Speaker 1: don't know which ones are actually going to come through.
Speaker 1: I feel like still there's like dust settling, and you know,
Speaker 1: like you don't have total clarity on what's happening. But
Speaker 1: clearly the FED in its most recent policy meeting, did
Speaker 1: a very clear pivot and in saying that they're just
Speaker 1: going to speed up the taper, they're basically they're freeing
Speaker 1: the runway to be able to start to lift off rates.
Speaker 1: I always think though about your coverage and your team's coverage.
Speaker 1: It's you know, and Tim and I talked about all
Speaker 1: the time, like inflation, it's a global problems and supply
Speaker 1: chain disruptions are a global situation. You guys, you know,
Speaker 1: had to be obviously focusing. We talked a lot about
Speaker 1: the U S and what's going on, but it really
Speaker 1: is a global, you know, situation with global central bankers
Speaker 1: having to deal with it, right, and some countries are
Speaker 1: very much ahead of this in the US and tightening
Speaker 1: many in Latin America already have started started much earlier
Speaker 1: in the year trying to get a group on this. Politically,
Speaker 1: you know, we think about the political coverage of this,
Speaker 1: right and the idea that that politics and in this
Speaker 1: case the economy is so intertwined. Josh Green had a
Speaker 1: story earlier this year that talked about the idea of
Speaker 1: inflation being if even if it isn't President Biden's fault
Speaker 1: and look around the world that central banks around the
Speaker 1: world and Europe are dealing with this, He's still gonna
Speaker 1: get blamed for it politically, he is. It's going to
Speaker 1: be very tough to outrun that in a year when
Speaker 1: we're gonna have mid terms, right, Yeah, Um, I mean
Speaker 1: they're talking a lot. I mean, they're responding. They're out
Speaker 1: there talking about how you know, these task force for
Speaker 1: shipping for example, what you know they're they're they're shouting
Speaker 1: from the rooftops whenever they see an improvement. But it
Speaker 1: hasn't you know, some of the measures they are taking,
Speaker 1: for example, their efforts to get more domestic capacity to
Speaker 1: build semi conduct those are gonna take years to yield fruit. Um.
Speaker 1: So yeah, I mean, I think, but you know, let's
Speaker 1: see if prices are raging at this level as we
Speaker 1: get to November. You know, the thing about the inflation story,
Speaker 1: it has obscured some, you know, some of the good
Speaker 1: news story about the economy. I mean, if you compare
Speaker 1: this recovery to the last one, this is amazing. I Mean,
Speaker 1: at the FED policy meeting, they basically said we could
Speaker 1: get to full employment like sometime next year. You know.
Speaker 1: In the last recovery, twenty fifteen was when we started
Speaker 1: lifting off rates. You know, that was when the FED
Speaker 1: decided we had gotten back to full employment. Yeah. Hey, listen,
Speaker 1: one of the things we want to just talk about
Speaker 1: it is you oversaw a special New Economy issue the
Speaker 1: magazine in the fall a bunch of folks, you know,
Speaker 1: providing you and all of us really with some startling
Speaker 1: numbers from the youngest members of the global workforce. We're
Speaker 1: not just having labor problems in the United States. It's
Speaker 1: happening everywhere. Yeah, I think there's a segment, especially we
Speaker 1: we put a finger on on sort of a demographic effect,
Speaker 1: you know, with the young people which had been overrepresented
Speaker 1: in the sectors that got slammed by the lockdowns and
Speaker 1: the pandemic in general being um, you know, they were
Speaker 1: just thrown off course. Really, you know, people who were
Speaker 1: starting their careers or were a sort of in you know,
Speaker 1: had accumulated a certain number of years on a job
Speaker 1: and thought they were going somewhere and just completely thrown
Speaker 1: off track. I have a feeling, well, we're talking about
Speaker 1: the great resignation inflational lot and supply chain. Still, what
Speaker 1: are they going to call it? I don't know. I'm
Speaker 1: ready to have some new new names for new phenomenon
Speaker 1: about no more pandemic, that would be nice. Fingers crossed
Speaker 1: wants to know what people slip up and say, like now,
Speaker 1: you know, now in the end of the pandemic, and
Speaker 1: you're like, what yeah, exactly. Our big thanks to Bloomberg
Speaker 1: business Week Economics editor Christina Lynn Blad for joining us.
Speaker 1: As always, the major macroeconomic issues will paying close attention
Speaker 1: to in the coming weeks and in the coming months,
Speaker 1: as we always do on Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week, our first broadcast of two Up. Next, we're
Speaker 1: gonna look at some of the favorite feature stories from
Speaker 1: the year that we're in the magazine. We are listening
Speaker 1: to Bloomy. You're listening to Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio.
Speaker 1: At the top of our special holiday weekend program, we
Speaker 1: covered the wildest year investors have ever seen. It has
Speaker 1: been incredible. Digital currencies have certainly contributed to that. Tim.
Speaker 1: We're not just talking about Bitcoin, we're talking stable coins
Speaker 1: to They're becoming a factor in the growing, often misunderstood
Speaker 1: part of growing crypto market. All right, one of the
Speaker 1: coins companies at the center of all of this and
Speaker 1: the intrigue is Tether, and our features editor at Bloomberg
Speaker 1: Business Week is Max Chafkin. He's here to take us
Speaker 1: back too. An October cover story from our own Zeke
Speaker 1: Fox about what turned into a sixty nine billion dollar mystery.
Speaker 1: I gotta say, Zeke did some great stories on Tether
Speaker 1: and another one we'll talk about in a moment. Uh,
Speaker 1: we're talking about this back King. Yeah. So Tether, if
Speaker 1: you follow um the crypto world at all, it's super important.
Speaker 1: It has it's it's one of the most heavily traded
Speaker 1: coins out there. It's basically the main way that people
Speaker 1: who are are trading crypto get in and out of
Speaker 1: of say bitcoin or anything else. And you know, it's
Speaker 1: it's widely used, as as he talks about. But within
Speaker 1: this world there's just this sense and this is includes
Speaker 1: among many you know, many of the crypto heads, many
Speaker 1: of people who use this currency. You know every day
Speaker 1: that it's not totally normal. It's it's it's sort of
Speaker 1: like a bank account in the sense that you know,
Speaker 1: the Tether's big brand promise is that you will give
Speaker 1: it a dollar, and it will give you these coins
Speaker 1: um that that that are in theory um exchangeable at
Speaker 1: any point for for the an equal amount of of
Speaker 1: kind of US currency, and and and and yet for
Speaker 1: a long time, no one has known exactly where Teather
Speaker 1: is keeping these coins that it had reserves, but it's
Speaker 1: never been clear, and we sent Zeke Fox, you know,
Speaker 1: on a mission to try to solve the mystery. Okay,
Speaker 1: so this involved a former child actor who had missed
Speaker 1: a penalty shot in the Mighty Ducks, crypto billionaire named
Speaker 1: brock Pierce a worldwide journey. What did he find? So, yeah,
Speaker 1: I mean the Tether it's it's so colorful and in
Speaker 1: a lot of ways it it really reflects kind of
Speaker 1: both the money and also craziness of this world. You know,
Speaker 1: you left out like three other crazy things about brock Piercy.
Speaker 1: At one point he uh, he employed Steve Bannon, you
Speaker 1: know Trump's you know, one time bigulariary. He also ran
Speaker 1: for president. Basically, the company has had trouble with banking
Speaker 1: relationships for the same reason that a lot of crypto
Speaker 1: companies have had trouble as a result. And and this
Speaker 1: is according to Zeke's reporting, which Tether disputed in places.
Speaker 1: Tether had to move the money around a lot, and eventually,
Speaker 1: as we discovered, began and putting it into some you know,
Speaker 1: pretty questionable investments, at least for a company promising the
Speaker 1: kind of stability that tether has been promising. So we're
Speaker 1: talking about you know, large quantities basically of Chinese commercial paper.
Speaker 1: And again these investments are are our normal investments, They're
Speaker 1: just not normal investments for a bank. And so that
Speaker 1: that creates some question you know, both in part of
Speaker 1: kind of like crypto critics but also economic regulators that
Speaker 1: maybe this currency, you know, if if the crypto markets
Speaker 1: started to collapse, this currency could lead to a lot
Speaker 1: of you know, economic contagent not just in the in
Speaker 1: the crypto market, but in other financial markets because it
Speaker 1: owns so much of this of this commercial paper, I mean,
Speaker 1: business echo so incredible and really just you know, covering
Speaker 1: what was a wild year and financial markets, and that
Speaker 1: included you know, SPACs. They're not new, we know that,
Speaker 1: but we definitely saw a huge wave, especially earlier this year.
Speaker 1: We're talking about the special purpose acquisition companies as Blake
Speaker 1: Jack companies. Zeke had another story on what we have
Speaker 1: or what you guys called or who you guys called
Speaker 1: the spack King. Yeah, this is Shamas Polly Appatia. Um
Speaker 1: really recommend this profile if anyone, if anyone missed it, Um.
Speaker 1: He is a fascinating figure who's just been kind of
Speaker 1: right in the middle of not just the sort of
Speaker 1: spack boom, but many other like sort of hot trends
Speaker 1: in the world of of of technology and money. So
Speaker 1: so um Chamath Pollyopatia basically became Facebook's growth guy just
Speaker 1: as Facebook was growing. He was an early Facebook employee,
Speaker 1: uh sort of friend of Mark Zuckerberg. Then he got
Speaker 1: in on kind of the green investing boom, and now
Speaker 1: he's onto um SPACs and and he is, you know,
Speaker 1: just an amazing marketer and amazing kind of like packager
Speaker 1: of of you investing ideas and of his own uh
Speaker 1: personal brand, and and he has really found a way
Speaker 1: to you know, make a lot of money taking these
Speaker 1: companies public. But of course, the way that um SPACs
Speaker 1: are structured, you know, it's it's gonna be great for
Speaker 1: Shmat Paul Aptia. It's not clear that um that spack
Speaker 1: investors are going to do quite so well because the
Speaker 1: way these deals are structured, you know, they really, um
Speaker 1: they really work out well for the SPAC sponsors, not
Speaker 1: necessarily for the individual investors. Yeah, we're talking about companies
Speaker 1: like Virgin Galactic Ticker SPCE, Sophie Clover Health, Open Door
Speaker 1: technologies as well. I'm wondering though, because this is also
Speaker 1: coincided with the time where where SPACs have kind of
Speaker 1: lost their luster over the last year. I mean, if
Speaker 1: we think about what the word the inanimate object of
Speaker 1: the Year on the Bloomberg fifty list was for, it
Speaker 1: was spack not though. Yeah, and that's kind of what
Speaker 1: I mean. This was even happening. You know, at the
Speaker 1: time we wrote the story, which was you know, way
Speaker 1: back in May, and you know, the cover or was
Speaker 1: the cover lines is a blank check companies hit the wall?
Speaker 1: And you know, the point was that, you know, the
Speaker 1: market was already starting to kind of get a little
Speaker 1: bit soft. Um and and and these SPAC sponsors were
Speaker 1: doing quite well and so and so that certainly happened
Speaker 1: and and and you know it's that's not to say
Speaker 1: that like that these companies are necessarily you know, all
Speaker 1: bad companies, um, but but we did have a situation
Speaker 1: where you had a bunch of kind of really smart
Speaker 1: finance guys who were able to kind of take advantage
Speaker 1: of a moment. And and with um Schmont, Polly Abatilla,
Speaker 1: you know, it wasn't just kind of realizing that SPACs
Speaker 1: were big deal was kind of like the whole meme
Speaker 1: stock thing. I mean, he he got you know when
Speaker 1: when um, when the Wall Street bets thing happened. You know,
Speaker 1: he threw himself into the middle of that. He's been
Speaker 1: very good at kind of um both recognizing um, recognizing
Speaker 1: that world and and of course profiting from it. But
Speaker 1: of course you know that that that some of that
Speaker 1: interest has died down, and we've seen a lot of
Speaker 1: these stocks um you know, fall back to earth, and
Speaker 1: that's that's you know, creating some you know, losses for
Speaker 1: anyone who kind of brought into the hype at the
Speaker 1: wrong moment. Hey, Max, we hit on politics at the
Speaker 1: top of the show with Joe weber Um and talking
Speaker 1: about the chaos of the riot at the Capital back
Speaker 1: on January six. In the months that followed, we learned
Speaker 1: a lot about a group called q and On and
Speaker 1: the conspiracy theorists around the nation. We also learned that
Speaker 1: they needed tech support as well, and that's where Nick
Speaker 1: lim comes in. Yeah. So, Nick Lim, as as we
Speaker 1: wrote about in this in this piece which you know
Speaker 1: it was so weird and mind expanding, is basically the
Speaker 1: web master to all of the kind of unsavory groups
Speaker 1: of the Internet. He runs the company UM. He's a
Speaker 1: he's a sort of radical free speech advocate, and he
Speaker 1: runs a company that provides UM back end web services,
Speaker 1: you know, to the likes of basically q and on
Speaker 1: supporters and and other UM folks who are not able
Speaker 1: to get UM get get UH server space, ason and
Speaker 1: and technical uh support you know from big companies like
Speaker 1: like Amazon and what. I what's really interesting about this story.
Speaker 1: First of all, it's like a window into this weird subculture.
Speaker 1: You know. Nick limb Is is a total character. I mean,
Speaker 1: you know, he's he's like about a hundred eight degrees
Speaker 1: removed from like, you know, the folks running like Amazon
Speaker 1: web services, but he's kind of in the same business.
Speaker 1: And he shows number one, you know, just how much
Speaker 1: power these companies have, you know, Amazon and these companies
Speaker 1: that provide UM either UH basically you know web services,
Speaker 1: you know, servers to to websites, or security firms that
Speaker 1: prevent UM websites from getting hit with denial of service attacks,
Speaker 1: which is actually the business that this guy Nickolm is in. UM.
Speaker 1: They basically have enough power to essentially take someone off
Speaker 1: the Internet in less another company steps in and and
Speaker 1: that's kind of who that's that's kind of what Nick
Speaker 1: Lam is doing. And so he is kind of, uh,
Speaker 1: the the service provider of the last resort to these
Speaker 1: kind of unsavory groups. And it sort of shows you,
Speaker 1: number one, how much power him is on hands. But
Speaker 1: also if you want to kind of crack down on
Speaker 1: Q and on, or you want to crack down a
Speaker 1: white national so you want to, you know, crack down
Speaker 1: on violent extremists, it's pretty hard because there's always going
Speaker 1: to be somebody out there who's basically willing to to
Speaker 1: do business with them and keep them on the internet. Hey, Max,
Speaker 1: before we let you go, speaking of technology, we want
Speaker 1: to hit on Apple. The Mark German and Austin car
Speaker 1: piece about Tim Cook that hit back in February. It
Speaker 1: called at the time, and this is kind of I'm chuckling, right, yeah,
Speaker 1: two point three trillion dollar fortress. Now the number we're
Speaker 1: talking about isn't focused on right now, is three trillion
Speaker 1: dollars in market capital um. How has Tim Cook been
Speaker 1: able to avoid a lot of the heat that the
Speaker 1: other big tech CEOs have felt over the past year plus.
Speaker 1: So I think some of this has to do with
Speaker 1: and you know heat you're not just not even the
Speaker 1: past year, but going back during the during the Trump right,
Speaker 1: the trade war with the Trump administration. Yeah, you know,
Speaker 1: no company arguably was as bone or bowl to kind
Speaker 1: of the currents of UM you know, nationalism, isolationism, you know,
Speaker 1: the sort of wave that Trump was riding. You would
Speaker 1: think would crash right down an Apple because Apple makes
Speaker 1: all of its products at the time, right was making
Speaker 1: like all of its products UM in shine or most
Speaker 1: of its products in China, and also its most important
Speaker 1: you know, new growth market is China. So so you
Speaker 1: would think like this would be a company that would
Speaker 1: be you know, kind of uniquely vulnerable UM. And you know,
Speaker 1: as the story shows, you know, Tim Cook is a
Speaker 1: very savvy business person and like a very savvy uh
Speaker 1: sort of uh you know user and and and director
Speaker 1: of Global markets UM and he's also a pretty savvy politician. Well,
Speaker 1: it's an incredible it was unbelievable deep dive into it,
Speaker 1: and it is really pretty remarkable considering a Semni big
Speaker 1: tex c EO is really on certainly politicians radar, and
Speaker 1: to see how Tim Cook really navigated it and going
Speaker 1: from administration to administration X it was an incredible year
Speaker 1: of your team. Really some great dives and I highly
Speaker 1: recommend everybody check them out online if you did not
Speaker 1: get to read them. Um, what a great year you've
Speaker 1: had in your team. Yeah, thank you, and also shout
Speaker 1: out for Max Uh. It was a big year for
Speaker 1: Max as well. His new book, The Contrarian Peter Thiel
Speaker 1: and Silicon Valley's Pursuit of Power. It came out back
Speaker 1: in September. If you haven't read it, it is a
Speaker 1: great book. Check it out. Max. Congratulations, thanks a lot,
Speaker 1: all right, Max, Happy new year. Max Chafkin, features editor
Speaker 1: of Bloomberg Business Week magazine, and that reps up the
Speaker 1: first hour of the weekend edition of Bloomberg Business Week
Speaker 1: from Bloomberg Radio. I'm Carol Masser and I'm Tim stead Of.
Speaker 1: Coming up in our next hour, we ring in the
Speaker 1: new year with the team at Bloomberg Pursuits. We're gonna
Speaker 1: be the best tips on travel, cars, food, in all
Speaker 1: forms of luxury for the coming year, maybe even talking
Speaker 1: about luxury in the metaverse and stick arout. It is
Speaker 1: a thing. This is Bloomberg, This is Bloomberg Business Week
Speaker 1: inside from the reporters and editors who bring you America's
Speaker 1: most trusted business magazine, plus blow Wild, Business finance, and
Speaker 1: tech news As it Happened, Sloomberg business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio.
Speaker 1: I am Carol Masser, plentyhead in our second hour of
Speaker 1: the weekend edition of Bloomberg business Week. It's a special hour.
Speaker 1: It's all things pursuits, travel, luxury, autos, food. The Bloomberg
Speaker 1: Business Week Pursuits team has some of the best jobs
Speaker 1: in the business. It's always fun to get some time
Speaker 1: with them, and we're very pleased to have the head
Speaker 1: of our pursuits team with us for the rest of
Speaker 1: the broadcast. Chris Rouser is here to help us welcome
Speaker 1: in style. Uh. By the way, you and Nikki, I
Speaker 1: know I say this all the time, you've the best
Speaker 1: jobs here. Well, I'm the one that stays at the
Speaker 1: desk and mostly Nicky and Hannah and Kate's have the
Speaker 1: best jobs. Does somebody ever come to you like you
Speaker 1: we need to go to like some really posh place
Speaker 1: and I don't know, I don't know South France And
Speaker 1: you're like, I don't think that's like I don't know.
Speaker 1: It sounds really good, but it sounds like a boondoggle. Yes,
Speaker 1: that happens all the time. All right, So let's get
Speaker 1: to someone who checks out a lot of great places
Speaker 1: that we can all go to. Let's talk about travel.
Speaker 1: I mean, many of us started getting back on planes,
Speaker 1: maybe even cruise ships, and the travel in hospitality world
Speaker 1: was more than ready. Nikki Eckstein is the Bloomberg Pursuits
Speaker 1: travel editor. She joins us as well. First of all, Nikki,
Speaker 1: you know, what was your year like and some of
Speaker 1: the story storylines that were jumping out as the well
Speaker 1: did kind of start to reopen, right hey you guys, Well, okay,
Speaker 1: First of all, there's never a bad time for the
Speaker 1: south of France. And second of how I didn't quite
Speaker 1: get that far this year. I have a small child
Speaker 1: who's still not old enough to be vaccinated and m
Speaker 1: and you know that's a consideration for families and for me,
Speaker 1: so I was cautious like a lot of other people
Speaker 1: in the world. You know, it's kind of crazy. International
Speaker 1: arrivals are still down seven five percent. So you look
Speaker 1: at Instagram, you think everyone's going everywhere. We're really still
Speaker 1: keeping it close to home. But people dreamed big this
Speaker 1: year and that helped a lot. How did you know,
Speaker 1: coming off of lockdowns and coming at the same time
Speaker 1: as the rise of vaccinations make you think about when
Speaker 1: it came to writing about travel for pursuits, oh Man,
Speaker 1: was a real roller coaster ride for us over here.
Speaker 1: If you think about where we were at the beginning
Speaker 1: of the year, we were just starting to see the
Speaker 1: hope that came with vaccines. Borders were largely closed, we
Speaker 1: were still grounded, right, So at the beginning of the year,
Speaker 1: we were still taking an incredibly cautious stance where we
Speaker 1: were really talking about what CEOs were saying and predicting
Speaker 1: within the travel industry, what innovations were happening to allow
Speaker 1: travel to start coming back, how businesses were responding to
Speaker 1: the ongoing crisis that just kind of kept going and
Speaker 1: going and still does um And then in the middle
Speaker 1: of the year hit and borders started to open in
Speaker 1: time for summer vacations. We started to pivot to you know,
Speaker 1: where is myself dream a little bit and put some
Speaker 1: practicalities in place for people, How should I think about
Speaker 1: traveling now that I'm vaccinated? What's safe? And where should
Speaker 1: I go? And what am I What am I going
Speaker 1: to do when I'm there? So we've run that gamnet
Speaker 1: and now here we are at the end of the
Speaker 1: year with a macron who knows what's happening next. And
Speaker 1: throughout the year Nikki oversaw a series of very helpful
Speaker 1: pieces where we talked to bureau chiefs in different cities
Speaker 1: around the world to get a lay of the land
Speaker 1: of what it's like there now, so you know, you
Speaker 1: may be able to look online about what what the
Speaker 1: like vaccine requirements are if you're going to go to
Speaker 1: London or Miami or Paris. But okay, is it fun
Speaker 1: to go? Is it? Does it feel good? And so
Speaker 1: you know, once every couple of weeks we had a
Speaker 1: different journalists in these cities say, Okay, here's what it's like,
Speaker 1: here's what neighborhoods people are hanging out in, and you know,
Speaker 1: you know, does it feel comfortable, Yeah, people are going out?
Speaker 1: Does it feel really restrictive? Is it safe? And uh?
Speaker 1: And there's also an amazing travel track or graphic where
Speaker 1: you can actually search the rules between where you are
Speaker 1: and where you want to go, which the graphics scene built.
Speaker 1: So we had a lot of data to help people,
Speaker 1: you know, figure these kinds of things out. But um,
Speaker 1: Nikki did a tremendous amount of work just figuring out,
Speaker 1: you know, what the outlook was, what the changes would be.
Speaker 1: And and we actually have a piece coming up in
Speaker 1: our Year Ahead issue where she says, like, here's what
Speaker 1: the travel recovery was that wasn't And you know, Nikki,
Speaker 1: what are some of the places that kind of did
Speaker 1: okay this year? Places that lent themselves to outdoor leisure trips,
Speaker 1: generally on beaches. So in the US that was the
Speaker 1: Florida Keys. The Florida Keys had a runaway success of
Speaker 1: a year. And in Europe, interestingly, it was the Turkish
Speaker 1: Rivera that was the number one performer, and both of
Speaker 1: those markets exceeded their twenty nineteen norms by kind of
Speaker 1: all the standard industry metrics, and it was really like
Speaker 1: a big cash cow of a year for them. And
Speaker 1: that cities did really they did poorly. You know, they struggled.
Speaker 1: They had a hard time because they're so dependent on
Speaker 1: business tourism and that's still not a thing. There were
Speaker 1: two sides of the coin. And in terms of hotels,
Speaker 1: you know, if you were BlackBerry Farm or I'm Onngary
Speaker 1: or Ranch at Rock Creek. These are all US luxury
Speaker 1: resorts that are based on heavily outdoor experiences leisure. Want
Speaker 1: to go now scaacular setting with great smoky mountains, you know,
Speaker 1: Utah National Parks like these are the types of spaces
Speaker 1: that people felt comfortable in and still said that wanderlust,
Speaker 1: that desire to go somewhere that will jaw drop. I
Speaker 1: gotta ask you about Richard Branson the Virgin Voyages. No
Speaker 1: kids tell us what was going on, because the cruise
Speaker 1: line industry was just decimated during the shutdown, But this
Speaker 1: was like a different kind of cruise right, Oh my goodness.
Speaker 1: So Richard Branson has been talking about his cruise line
Speaker 1: since well before the pandemic, and it's called Virgin Voyages.
Speaker 1: The whole kind of marketing premise was trying to get
Speaker 1: young millennials who think that cruising is the least cool
Speaker 1: thing on the planet to buy into this concept a
Speaker 1: cruise ship where they would be in each other's company
Speaker 1: and actually be able to have like edgy nightlife and
Speaker 1: really awesome cutting edge food and beverage, you know, things
Speaker 1: that would feel at home in the East Village of
Speaker 1: New York and not on a Royal Caribbean cruise ship.
Speaker 1: The poor concept just got dragged on in a series
Speaker 1: of pandemic induced delays, and finally, finally they were able
Speaker 1: to set sail on their maiden voyages this past ball
Speaker 1: and we sent our cruise correspondent on the maiden voyage,
Speaker 1: and the stories that she told were just spectacular. It
Speaker 1: sounds literally like burning man on a cruise ship, but
Speaker 1: for all ages. Sometimes it's the South of France, sometimes
Speaker 1: it's a Virgin cruise. That's all I'm gonna say. Hey, Nikki,
Speaker 1: thank you so much, really really appreciated our thanks to
Speaker 1: Bloomberg Pursuits Travel editor Nikki Eckstein, Chris Rowser, he's going
Speaker 1: to stay with us for the rest of the year
Speaker 1: and Cote up next, we're going for a ride. Yeah,
Speaker 1: we're gonna be speaking to Hannah Elliott. She's Bloomberg's auto columnist.
Speaker 1: She's going to talk all about demand for cars of
Speaker 1: all types being a big trend. In one we're gonna
Speaker 1: get her favorites. If you could get the car. I'm
Speaker 1: just gonna put chip shortage. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick takes Tim Spinovik from
Speaker 1: Bloomberg Radio. Earlier, in our New Year's broadcast at Bloomberg
Speaker 1: Business Week, we talked about the growing impact of electric
Speaker 1: vehicles on the global auto markets. I mean, it's not
Speaker 1: just about Tesla. It's definitely not just about Tesla. And
Speaker 1: here to talk all things electric vehicles and more is
Speaker 1: editor of Pursuits, Chris Rouser. Also Bloomberg Pursuits auto columnist
Speaker 1: Hannah Elliott joins us. Now, Chris, I want to start
Speaker 1: with you and just talk a little bit about how
Speaker 1: you and the Pursuits team approach auto coverage when thinking
Speaker 1: about the types of stories that you want to tell
Speaker 1: for the Business Week audience. Well, for us, it's a
Speaker 1: mix of fantasy and reality. So we love to talk
Speaker 1: about the cars that you use and why you use them.
Speaker 1: So why would you buy a riv and electric truck,
Speaker 1: Why would you buy maybe an electric sedan for Mercedes,
Speaker 1: Or why would you daydream about a Conics egg or
Speaker 1: a you know, a Hennessy supercar that's going to go
Speaker 1: from zero to sixty and one point nine seconds um.
Speaker 1: And you know, we try to create a mix of
Speaker 1: both the fantasy and the reality and Hannah, who gets
Speaker 1: to drive all of those cars, is the perfect person
Speaker 1: to help us figure it out. So how to come
Speaker 1: on in on this like talk us, talk to us
Speaker 1: about the year that was. I mean, we were still
Speaker 1: dealing with the pandemic, but you were out there on
Speaker 1: the road and you were driving some really cool vehicles. Yeah,
Speaker 1: you know. I think the way that Chris talked about
Speaker 1: fantasy and reality is a very good way to characterize
Speaker 1: the year in electric vehicles, specifically UM. And I say
Speaker 1: that because this was the year of electric cars. First
Speaker 1: of all, we had actual drivable electrics come out from
Speaker 1: out e BMW, Mercedes, UM, more from Pole Star, more
Speaker 1: from Porsche. These are all very real electric cars that
Speaker 1: you can drive today. You can drive off a lot
Speaker 1: if you can get get one. I mean that's another conversation,
Speaker 1: but these are real cars that you can drive, and
Speaker 1: that's really exciting. And we're seeing more and more. Everyone
Speaker 1: is still playing catch up to Tesla, but we're seeing
Speaker 1: more and more offered, which is great. Then on the
Speaker 1: fantasy side, like Chris said, we are seeing you know,
Speaker 1: supercars from conig Site that have four seats that are electric,
Speaker 1: to Hennessy's new electric car they're calling Deep Space that
Speaker 1: has six wheels and it costs three million dollars and
Speaker 1: they're not going to make it for a couple of
Speaker 1: more years. And that is something still in the world
Speaker 1: of fantasy. And then you have automakers like Rivian that
Speaker 1: are kind of in the middle because they have produced
Speaker 1: some early cars. They are in the production line producing vehicles,
Speaker 1: but they are largely untested, so they kind of bridge
Speaker 1: the gap between the old brands like Mercedes, BMW, Audi
Speaker 1: that are making electrics and the brands that are going
Speaker 1: to be making supercar electrics in the next few years.
Speaker 1: So it's a it's a whole universe. Um, let's talk
Speaker 1: about Let's talk about the riv In for a second,
Speaker 1: because I saw one in the wild. The barely exists.
Speaker 1: I saw. I saw a Rivian makes this electric truck. Um,
Speaker 1: and it's been very highly anticipated in the company was
Speaker 1: valued at billion dollars and you know, um, we they
Speaker 1: don't really have a lot of products, so we don't
Speaker 1: really know what this is going to be like. But
Speaker 1: but Hannah reviewed it and took one off off road,
Speaker 1: and then not long after I saw one in Brooklyn
Speaker 1: and I said, oh my god, so the person that
Speaker 1: was next to I was like, it's a it's a Rivian.
Speaker 1: I've never seen one, and he said, well, what is it?
Speaker 1: And I was like, it's an electric truck for people
Speaker 1: who live in Brooklyn. So Hannah explained what this car is.
Speaker 1: It's that is the perfect way to describe it. Also,
Speaker 1: Rivian likes to say they want to be the Patagonia
Speaker 1: of trucks UM, which also helped describe it basically. UM.
Speaker 1: They are a ten year old startup company UM founded
Speaker 1: by a guy named R. J. Scaringe who believes that
Speaker 1: the electric truck can save the world. And his rationale
Speaker 1: is that when you know of car sales in the
Speaker 1: US are built on a truck hot form, we should
Speaker 1: have those be electric because everyone seems to be buying
Speaker 1: that size of vehicle. And UM, until now, we haven't
Speaker 1: really had electric pickup trucks. We've had some fleet sales
Speaker 1: and the hydrogen and other things, but this is really
Speaker 1: the first electric pickup truck that someone has said we're
Speaker 1: gonna do this. We're gonna do it big, We're gonna
Speaker 1: do it like Tesla did UM and the truck is great,
Speaker 1: you know, it's I do like it it's not a perfect,
Speaker 1: uh specimen, but it is really interesting and good and
Speaker 1: you know, Rivan did come up with very interesting things
Speaker 1: to make it usable for camping and biking and that
Speaker 1: sort of thing. They've got, um really in in innovative
Speaker 1: um storage spaces in the truck. It comes with a
Speaker 1: camp kitchen that you can plug in. It comes with
Speaker 1: an air compressor so you can pump up your tires
Speaker 1: out in the sand dunes. It comes with a lot
Speaker 1: of really great innovations. It relatively fairly priced. That started
Speaker 1: around seventy three dollars UM and the range you know
Speaker 1: they're saying is is above three hundred miles, which is
Speaker 1: you know, par for the course. UM. So it's really
Speaker 1: interesting and people are very excited about it. Hey, Hannah
Speaker 1: san very many. No, but well, so you liked you
Speaker 1: liked the Rivian, but you know, by the by the
Speaker 1: time we got to the end of the year where
Speaker 1: we are now, it actually wasn't your favorite car of
Speaker 1: the year. And in fact, it wasn't even an electric
Speaker 1: car that was your favorite car of the year, which
Speaker 1: is which I think probably surprised a lot of people
Speaker 1: given that one was the year of the electric car. Yeah,
Speaker 1: This is kind of a thing that I want to
Speaker 1: keep reminding people because and I know I'm part of
Speaker 1: the problem, because there's so much hype and excitement around
Speaker 1: electric vehicles, of course, and this is the most exciting
Speaker 1: time we've seen in the auto industry in the past
Speaker 1: hundred years, and it's because of what's happening with electric vehicles.
Speaker 1: But the thing that we need to realize and remember
Speaker 1: is that two of the cars on the road right
Speaker 1: now in the United States are electric. That leaves a big,
Speaker 1: big chunk of cars that are not electric. And even
Speaker 1: you know, in twenty years, the vast majority of cars
Speaker 1: on the road will still be um combustion engine vehicles.
Speaker 1: So to that end, I've wanted to say and just
Speaker 1: remind people that there are some great conventionally powered vehicles
Speaker 1: coming onto the market. And my favorite car of the
Speaker 1: year was the Mercedes Benz S Class, which is their
Speaker 1: big expensive executive saloon that is just it's just perfect.
Speaker 1: I mean, it's it's just it feels like being in
Speaker 1: a limousine, but not cheesy like a limousine. It feels
Speaker 1: very stately and stylish. Is there an evy in your
Speaker 1: in your near future? Personally? I have to say I
Speaker 1: am a very old fashioned person. I love driving the
Speaker 1: e vs for work, but my heart is still tied
Speaker 1: to the Vintage. I have to admit fair enough, Chris,
Speaker 1: is there in your future? I think so. Yeah. They're
Speaker 1: They're very zippy, and I I can see myself being
Speaker 1: a person who's not haunted by range anxiety. I think
Speaker 1: it's a real mental thing that that Hannah talks about
Speaker 1: a lot, and you know, you need to get over
Speaker 1: either you're the kind of person that's always going to
Speaker 1: be anxious about that until you learn more, or you
Speaker 1: can kind of be easy pc about it. And I
Speaker 1: think I think that's me. I kind of can't wait, right,
Speaker 1: You and I talked about it all. Yeah. I mean,
Speaker 1: I just you know, Chris and I both live in Brooklyn,
Speaker 1: and it's like kind of tough with the charging situation
Speaker 1: with alternate side parking and New Yorkers know what I'm
Speaker 1: talking about. That's Chris Rouser, editor of Bloomberg Pursuits. Also
Speaker 1: joining us is our Bloomberg Pursuits auto columnist Hannah Elliott.
Speaker 1: We love hitting the road with her. We are excited
Speaker 1: to find out what she's gonna be driving in two
Speaker 1: I'm guessing it's gonna be um electric, it's gonna be hybrid,
Speaker 1: it's gonna be supercars, probably some motorcycles in there as well.
Speaker 1: Now it's gonna be our rules, right all right? Still, look,
Speaker 1: come on Bloomberg Business Week. Restaurants acting as cops, on
Speaker 1: vaccine cards and more. It was a tough year for
Speaker 1: eateries everywhere, and we saw it up close in the
Speaker 1: dining capital of the world right here in New York
Speaker 1: City where the survivors go from here and one needs
Speaker 1: to be on your menu for twenty twenty two. This
Speaker 1: is Bloomberg Broadcasting from the financial capital of the world,
Speaker 1: Bloomberg Eleve in Frio in New York, to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Chado one
Speaker 1: nine team, and around the globe the Bloomberg Business app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Business Week.
Speaker 1: It has not been easy running a restaurant during the pandemic,
Speaker 1: you know that. I mean, it's really an understatement. The
Speaker 1: eateries that have survived nearly two years of pandemic uncertainty
Speaker 1: still not quite out of the woods yet. Well. Here
Speaker 1: to give us a snapshot of the restaurant business in
Speaker 1: New York and beyond New York is Bloomberg Pursuits food
Speaker 1: editor Kate creator Chris Rouser, also the head of Bloomberg Pursuits.
Speaker 1: He's still with us now, but kid, I want to
Speaker 1: start with you. Um, just give us an idea of
Speaker 1: where the food industry is in New York and then
Speaker 1: move more broadly as we do enter the new year,
Speaker 1: because the last two years, well, they've just been brutal. Yeah,
Speaker 1: I know, it's been such a roller coaster ride, and
Speaker 1: I just feel excepts are working so hard, and just
Speaker 1: when I think they start to seek daylight and things
Speaker 1: seem like they're coming down, then all of a sudden
Speaker 1: there's new outbreak or staffing crisis has been just as
Speaker 1: as you've read and heard, not to mentioned, supply chain
Speaker 1: are all putting big squeezes on restaurants and chefs and
Speaker 1: everybody in the food industry. As we watched over the
Speaker 1: past couple of years, we saw so many restaurants clothes,
Speaker 1: especially in New York, around US hundreds and actually I
Speaker 1: think in the thousands and and we sort of felt
Speaker 1: like maybe there was gonna be a moment of new reinvention.
Speaker 1: We were going to rethink the way restaurants looked and behave.
Speaker 1: Certainly in New York we have the outdoor dining sheds,
Speaker 1: and they have that in a lot of other cities
Speaker 1: in the US. UM, where are we in terms of
Speaker 1: reinventing the restaurant and are we seeing creative new openings
Speaker 1: either now or going into next year that you're excited about? UM?
Speaker 1: You know what? UM. One of these huge success stories
Speaker 1: of this year was an Indian restaurant called Demaca. That's
Speaker 1: UM downtown on the Lower East Side, UM, and it's
Speaker 1: by UM, a group called Unapologetic Indian and they have
Speaker 1: done this this great, vibrant, delicious food that's not your
Speaker 1: average you know, it's not like just take a massala.
Speaker 1: They do. I'm I've just finished my best dishes of
Speaker 1: the year, and they make a paneer that's like from
Speaker 1: another planet. It's so like lovely and ploe and delicious.
Speaker 1: Was like these great this great UM darren Sala Spice
Speaker 1: Cross and they have a bunch of new concepts coming
Speaker 1: next year, UM, including a skewer one and if I
Speaker 1: kick in one and then food that focuses on Calcutta,
Speaker 1: where one of its owners is Froun Morning Masam Door
Speaker 1: And so that's really exciting, Like it's exciting to think
Speaker 1: that it's not just steakhouses, you know in New York
Speaker 1: City where we love steakhouses, but there's this like fantastic
Speaker 1: food that we have haven't seen that much, that we
Speaker 1: don't always get to see that much, like real flavors
Speaker 1: um coming through, and that's going to be great. I
Speaker 1: also think New York City is going to have a
Speaker 1: really good year because Eric Adams, our new mayor, has
Speaker 1: really like he's vegan, so I get we'll see he's
Speaker 1: been more vegan restaurants, but you know, he's definitely planted
Speaker 1: a flag and say people should go out as it
Speaker 1: as it stakes with him to go out, of course,
Speaker 1: but like nightlife and restaurants and everything. So I think
Speaker 1: that's actually going to help pump up our local restaurants
Speaker 1: seen here in New York. Speaking of vegan starving shod
Speaker 1: right now, I'm just gonna put it out there, Kate,
Speaker 1: speaking of vegan Um, you were one of the first
Speaker 1: people to review eleven Madison Park, which switched to an
Speaker 1: all vegan menu. Uh, and your your first experience with
Speaker 1: it was good. Some other critics notably did not like
Speaker 1: it's what do you see as the outlook for the
Speaker 1: flagship vegan restaurant in New York City? That's it's a
Speaker 1: good crust. That's such a good question. Um. I think
Speaker 1: that they are going to continue. We know what. What
Speaker 1: I really think absolutely is that they are going to
Speaker 1: keep doing vegan like through the first quarter maybe two
Speaker 1: quarters of the year and then probably just say, you
Speaker 1: know what, we couldn't. It's you know, it's not viable.
Speaker 1: You have to start. I mean, they're not. It's not
Speaker 1: going to become a steak has let's be clear. But
Speaker 1: I think like they might see their way towards certainly
Speaker 1: at least being vegetarian and using butter and milk. But
Speaker 1: I also think that restaurant is so I mean, and
Speaker 1: I will say I've had a terrific meal and opening night,
Speaker 1: like I really did, And I would say I would
Speaker 1: say that that review um from a critic at a
Speaker 1: major newspaper in New York, Um, I would call into
Speaker 1: question some of the things you said. But that's another story. Um,
Speaker 1: but I would say, um, I think that as long
Speaker 1: as their tourists coming into New York City as as
Speaker 1: tourism hoping knocking Wood, the tourism comes back in a
Speaker 1: big way. Um, there's a huge audience to support a
Speaker 1: restaurant like that. But you know, didn't read about the
Speaker 1: secret meet room, etcetera, etcetera. A big thank you to
Speaker 1: Bloomberg Pursuits Food editor Kate Creator. We thank her for
Speaker 1: her time and I know the hard work that she
Speaker 1: has covering one of the Uh you know, I'm not
Speaker 1: I'm kind of being sarcastic, but not being sarcastic too
Speaker 1: at the same time, because like people look at Kate's
Speaker 1: job and they're like, this is the coolest job ever.
Speaker 1: But you know, Kate, you work so hard to bring
Speaker 1: this stuff to us and we do really appreciate it. Oh,
Speaker 1: thanks so much, you guys. It's so glad to talk
Speaker 1: to you. Happy New Year, kiddo, be well, happy holiday's,
Speaker 1: Happy New Year, all right. Of course that's Bloomberg Pursuits
Speaker 1: Food editor Kate Creator. I've say one of my favorite
Speaker 1: stories was also like the best pizza and like going
Speaker 1: around the country. I'm someone who drives for good pizza.
Speaker 1: So yeah, which also just makes me more hungry. I mean, look,
Speaker 1: full disclosure in the stunt of that household and in
Speaker 1: the master household. If you don't know this by now,
Speaker 1: if your longtime listeners, Friday's Pizza Night, Okay, totally. So
Speaker 1: we're working towards the weekend. All right, you're listening to
Speaker 1: a special New Year's we get edition of Bloomberg Business
Speaker 1: Week coming up. Chris is going to stay with us.
Speaker 1: We'll unveil some of disney world best kept secrets and
Speaker 1: tell you how to go shopping in the metaverse. Yep,
Speaker 1: it's a thing. This is Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinovich from Bloomberg Radio one and down our special New
Speaker 1: Year's Weekend additional Bloomberg Business Week Bloomberg Pursuits editor Chris
Speaker 1: Rouser still with us to put a bow on our
Speaker 1: first broadcast of Let's kick off our final segment by
Speaker 1: going back to October and a really fun story from
Speaker 1: Bloomberg contributor Brandon Presser. He went behind the scenes as
Speaker 1: a worker at Disney World. Uh, this was like, I'm
Speaker 1: sinking back to this. I love when he goes behind
Speaker 1: the scenes. Yeah, I mean, I'm trying to keep it
Speaker 1: PG because there's some serious stuff there that you know
Speaker 1: happens at Disney World. Where do you want to start,
Speaker 1: Chris Well, actually like what Brandon does. So Brandon Pressor
Speaker 1: is travel journalist and freelance writer who works with us
Speaker 1: and he does a series of stories where he goes
Speaker 1: undercover at luxury establishments and he works there, so he'll work.
Speaker 1: He worked as a butler at the Plaza Hotel. He
Speaker 1: was a ski instructor in Aspen. He worked on mega yachts,
Speaker 1: and he's done it. He was a flight attendant. He's
Speaker 1: done it in a ton of different places. And the
Speaker 1: companies let him do this, and we set it up
Speaker 1: with the companies. We don't do that. We don't like
Speaker 1: undercover he's written about. They do. They do read it,
Speaker 1: and actually they do read the stories, and we work
Speaker 1: with them and they know what's going on. And because
Speaker 1: the stories are he works there and he finds out
Speaker 1: fun and sort of salacious and silly secrets. So it's
Speaker 1: you know, it is sort of oriented towards finding things
Speaker 1: that you wouldn't believe about working there, and in almost
Speaker 1: all of the places you find stuff that really is
Speaker 1: a testament to how tough it is to work in
Speaker 1: those places and how dedicated the people are who work there.
Speaker 1: I'm gonna say I'm shocked that Disney allowed him to
Speaker 1: do this. Yeah, I think based on the feedback afterwards
Speaker 1: from Disney, they maybe didn't read all the stories before
Speaker 1: are but but Disney um celebrating their fiftieth anniversary this year,
Speaker 1: and so Disney World in Orlando, and they want are
Speaker 1: celebrating in a lot of different ways, and they wanted
Speaker 1: to do a highlight of the of the staff and
Speaker 1: how hard they work. And this story really highlighted how
Speaker 1: hard they work, um because you know a lot of
Speaker 1: so the staff at Disney World are incredibly well trained
Speaker 1: from you know, every time you see a costume character
Speaker 1: out in the park, so maybe you see Ariel the Mermaid,
Speaker 1: or you see Goofy, there's somebody else standing near them
Speaker 1: watching them to make sure that nobody, you know, gets
Speaker 1: rowdy with them or ask them to do something inappropriate.
Speaker 1: And they have like little hand signals that they do
Speaker 1: because the most of the costume characters don't talk um
Speaker 1: and so, and then somebody will come up and sort
Speaker 1: of intervene. But they never break character, even to the
Speaker 1: point where if you say, oh, like I heard you
Speaker 1: got a job at Disney, I heard you're playing Ariel,
Speaker 1: a person will say, oh, no, I'm a friend to Arials.
Speaker 1: All the people who are in those roles are friends
Speaker 1: of the character. No one plays anybody right. And what
Speaker 1: it does, though, and I found reading the article, is
Speaker 1: that it kind of makes the people who are there,
Speaker 1: even the adults, think that they're living in some sort
Speaker 1: of fantasy world as well. And they even interact with
Speaker 1: these characters, these adults who are addressed as characters in
Speaker 1: ways that are kind of bizarre. Yeah. One of my um,
Speaker 1: I'm not going to say favorite, but one are the
Speaker 1: things that jumped out of me to me the most
Speaker 1: was that parents will occasionally be so taken in by
Speaker 1: Mary Poppins that they think, oh, here's a nanny, I
Speaker 1: can leave my child with them, and then they will
Speaker 1: leave the children and they will depart and then the Mary,
Speaker 1: but they to center for lost children in Disney World.
Speaker 1: Is that? Is that? Is that a testament to how
Speaker 1: good Disney is it creating of this experience or a
Speaker 1: testament to the type of parents who are there. I
Speaker 1: think it's both, honestly. I mean people get very carried away.
Speaker 1: Also parents are tired. If you're an up caught maybe
Speaker 1: you've been drinking, so like, you know, you can you
Speaker 1: can kind of lose your head a little bit. Another
Speaker 1: another way people lose their head is um they will
Speaker 1: sometimes hit on the costume characters. And when we went
Speaker 1: into this story, I thought, oh God, we're gonna hear
Speaker 1: all these like kind of not great stories about people
Speaker 1: hitting on Cinderella, and that was not the case. Actually,
Speaker 1: the most the number one most hit on character at
Speaker 1: Disney is Captain Jack Sparrow to the Caribbean, and women
Speaker 1: will go up to him and slip their hotel room
Speaker 1: key into his pocket, one of his many pockets, and say,
Speaker 1: keep the costume on, I'll be there all nice. Which
Speaker 1: is wild. What was the wildest thing or what was
Speaker 1: he surprised at? Was there something anything that like, yes,
Speaker 1: he was doing it, like he just was like, whoa,
Speaker 1: I didn't expect that. Um. You know, there is a
Speaker 1: little there's a little bit of Shenanigan that go on
Speaker 1: on some of the rides where there's like dark and
Speaker 1: um private areas, so he was a little surprised that
Speaker 1: people get frisky in those areas. And you know, everything
Speaker 1: on Disney and Disneys on camera, so like, if you're
Speaker 1: thinking of getting romantic on Splash Mountain, think again. But
Speaker 1: also you know, there's like a full circle of life.
Speaker 1: So um, you know people actually will drop ashes of
Speaker 1: loved ones in the Haunted Mansion. Uh, you're not allowed
Speaker 1: to do that. You're not allowed to do that. That
Speaker 1: If if you ever walk by it and it's shut down,
Speaker 1: it's almost certainly because they're closing it because somebody tried
Speaker 1: to do that and they had to clean it. Chris,
Speaker 1: This is really tough work, though, and the people who
Speaker 1: do this work are are very dedicated. What did what
Speaker 1: did you find about what it takes to succeed in
Speaker 1: this role? I mean the people that work at Disney,
Speaker 1: it's not by accident. They are people who love Disney
Speaker 1: more than the people who pay to go there. So
Speaker 1: you know, people very frequently when they get their Disney
Speaker 1: name tag that has their name it says you know,
Speaker 1: I'm Chris from Orlando, they will cry. You know, it's
Speaker 1: very meaningful to them. Um, and they are are taught
Speaker 1: never to become impatient with anybody, and they have to
Speaker 1: deal with You can only imagine that. You know, people
Speaker 1: who get really frustrated, people who are going to the
Speaker 1: bathroom in line, People who asked them why didn't they
Speaker 1: build a dome over this park because it's raining? Um?
Speaker 1: And you know, why didn't I think of that? Of course?
Speaker 1: You know what, I'll talk to somebody about that. Who
Speaker 1: was Chris from Orlando? So Chris from Orlando? Um is
Speaker 1: Actually if you forget your name tag. They have just
Speaker 1: a bunch of Chris from Orlando named tags and you
Speaker 1: wear it. And you have to have a name tag
Speaker 1: to identify yourself when you're working. So you if you forget,
Speaker 1: if you're Julie from Topeka, you forget your name tag,
Speaker 1: you're Chris from Orlando for the day, poor real Chris
Speaker 1: from Orlando, like Karen every day. And there are some
Speaker 1: I do feel I do feel for Chris. UM. I
Speaker 1: also wonder when is it Brandon comes to ideas with you?
Speaker 1: Are you guys just like percolating and you like get
Speaker 1: like a little list of things that you want him
Speaker 1: to do or places to go kind of not undercover,
Speaker 1: but just go behind the scenes. Yeah, we do. We
Speaker 1: brainstorm a lot for this and we you know, we
Speaker 1: have like a dream list of ideas of where we
Speaker 1: would want him to try to work, and Disney was
Speaker 1: really like always at the top of the list, and
Speaker 1: we didn't think we'd get it. Um, you know, we
Speaker 1: want him to work at a as a valet at
Speaker 1: a very fabulous hotel that we've been negotiating with because
Speaker 1: we think that might be like a really fun one. Um.
Speaker 1: But it's now places approach us, which is surprising, and
Speaker 1: some of them such a great thing. Some of them
Speaker 1: come back like I want more, come back to the hotel,
Speaker 1: was like, do you guys want to do this again?
Speaker 1: Because that that story from the Plaza hotel where he
Speaker 1: was a butler like grown ups asked the butlers to
Speaker 1: read them stories in bed before they go to sleep,
Speaker 1: like people do. Very forward, just kidding, and they'll do
Speaker 1: it like butlers will do it. All right, Can we
Speaker 1: go to this is I know we talked about it
Speaker 1: recently so our listeners. I know this might be still
Speaker 1: fresh in your memory, but I constantly talked Abo and
Speaker 1: we talked about air still every day. UM. Metaverse and
Speaker 1: retail actually read tell it's a thing. Yeah, it's really
Speaker 1: a thing. Um. So we did a story a couple
Speaker 1: of weeks ago about how luxury brands and other designers
Speaker 1: are beginning to sell goods in the metaverse, you know,
Speaker 1: and by sell goods, I mean sell things that will
Speaker 1: never actually exist in real life. Uh. So, brands like
Speaker 1: Balenciaga and Gucci and Dulta and Gabana um have had
Speaker 1: showcases or sales rooms or you know, they work with
Speaker 1: platforms so that people can buy a bag online, a
Speaker 1: costume for a character online, um, or just fashion that
Speaker 1: you know, maybe you'll make an avatar in a in
Speaker 1: a virtual world like Roadblocks or Fortnite or Halo, and
Speaker 1: you'll just wear it there. Um. A lot of them
Speaker 1: are attached to n f T s to prove their authenticity.
Speaker 1: And even the day that we came out with our story,
Speaker 1: Ralph Lauren announced that they were doing something so like
Speaker 1: it's it's really snowballing. Now, well, how is this helping
Speaker 1: the businesses? I mean, you think about something that doesn't
Speaker 1: have any margins, doesn't cost it, or doesn't doesn't cost
Speaker 1: anything to produce, so it has great margins, I should say, uh,
Speaker 1: and it still has this idea of um, you know,
Speaker 1: when you buy one of these things in real life,
Speaker 1: there's this element of scarcity to it, and you can
Speaker 1: recreate that with n f t S too, So it's
Speaker 1: kind of a perfect fit for luxury. Yeah, it makes
Speaker 1: a lot of sense. Luxury has traditionally not been great
Speaker 1: about adopting the Internet and digital ideas. They were very
Speaker 1: slow to sell anywheres online or even have websites at all.
Speaker 1: Uh and so, but it makes a lot of sense
Speaker 1: when you think about, Okay, you don't have to use
Speaker 1: the labor to make address and you know, and three
Speaker 1: D modeling is difficult, and and some of the things
Speaker 1: that they are making actually can be quite time intensive.
Speaker 1: But you don't have to buy any of the resources,
Speaker 1: and you can sell versions of new things, or you
Speaker 1: can sell old like old designs that are in your archive.
Speaker 1: Private equity could go and find, you know, a defunct
Speaker 1: company and then buy their archive and just sell it
Speaker 1: all online as n f T s or in these
Speaker 1: virtual worlds. Um. So you know, right now, brands are
Speaker 1: tiptoeing into this, and they're trying to appeal to communities
Speaker 1: of games and people who are already in these virtual worlds,
Speaker 1: who are used to wearing skins, which are basically costumes
Speaker 1: or outer shells for game players, or who are just
Speaker 1: getting into buying items, storing items in their private spaces
Speaker 1: in virtual worlds, uh, and exchanging them and investing in
Speaker 1: trying to make money. Um, but you know this has
Speaker 1: the possibility of changing the whole game for fashion in
Speaker 1: the future by cutting down on overstock, cutting down on waste.
Speaker 1: There's just a lot of possibilities for it. Thank you
Speaker 1: so much. Keep hanging out with us in real life. Yes,
Speaker 1: happy people, gladly do that. Okay, we love having you.
Speaker 1: Happy New Year, all right, that's of course. Bloomberg Pursuits
Speaker 1: editor Chris Rowseer. We think of so much for spending
Speaker 1: the hour with us, and we just love love everything
Speaker 1: his team does. They're just the best. And that reps
Speaker 1: ut the New Year's weeken additional Bloomberg Business Week from
Speaker 1: Bloomberg Radio a special edition. Thanks so much for joining us,
Speaker 1: and welcome to I'm Carol Masser and I'm Tim Stanovk.
Speaker 1: Be sure to tune into our Bloomberg Business Week daily show.
Speaker 1: It's Monday through Friday, starts at two pm. Wall Street
Speaker 1: time Bloomberg Radio not in the metaverse, at least not yet.
Speaker 1: You can also watch your daily broadcast that's on YouTube.
Speaker 1: Just search Bloomberg Global News and check out our Bloomberg
Speaker 1: Business Week podcast. You can find it at Bloomberg dot com, Apple,
Speaker 1: or wherever you get your podcast. Bloomberg Business Week. It's
Speaker 1: available on newsstands now at Bloomberg dot com, business week
Speaker 1: dot com, and on the Bloomberg terminal. You can also
Speaker 1: see me on Bloomberg quick Take. It's available on Bloomberg
Speaker 1: dot com, slash Qt, and streaming platforms like Roku, Apple TV,
Speaker 1: Samsung TV, and more. Have a great weekend everyone, and
Speaker 1: happy New Year. Stay say this is Bloomberg