WEBVTT - Bloomberg Businessweek Weekend - February 3rd, 2023 0:00:01.320 --> 0:00:05.680 This is Bloomberg business Week Inside from the reporters and 0:00:05.840 --> 0:00:09.400 editors who bring you America's most trusted business magazine, plus 0:00:09.440 --> 0:00:13.640 global business, finance and tech news. The Bloomberg Business Week 0:00:13.680 --> 0:00:18.640 Podcast with Carol Maser and Tim Stinebec from Bloomberg Radio 0:00:20.160 --> 0:00:23.080 with us Now. Is Bloomberg your senior markets reporter Katie Greifeld. 0:00:23.160 --> 0:00:26.079 She co wrote the story essentially investors, Katie, I gotta 0:00:26.120 --> 0:00:28.440 tell you it seems like they're fighting the FED right now. 0:00:28.560 --> 0:00:31.480 And for also congratulations on the cover story. Thank you. Yeah, 0:00:31.560 --> 0:00:34.160 it was definitely a career milestone, and it does seem 0:00:34.240 --> 0:00:36.960 like people are fighting the Fed. We've been here before, 0:00:37.200 --> 0:00:39.200 but is this time different. A lot of people would 0:00:39.240 --> 0:00:41.520 tell you it is because they actually have the data 0:00:41.600 --> 0:00:44.560 on their side. I mean, we've gotten six consecutive months 0:00:44.560 --> 0:00:47.600 of headline CPI coming down. You're seeing other measures start 0:00:47.640 --> 0:00:50.920 to roll over as well. Employment costs have gone down. 0:00:51.120 --> 0:00:54.120 So I mean the people lining up again to bet 0:00:54.120 --> 0:00:56.360 against the Fed, but that they will actually have to 0:00:56.400 --> 0:00:59.360 cut rates this year. They've got a lot of ammunition 0:00:59.600 --> 0:01:02.560 on their side. And the Fed, I don't know. We 0:01:02.640 --> 0:01:05.440 heard from Jerome Pale just this week. It doesn't seem 0:01:05.520 --> 0:01:08.959 like he's necessarily pushing back as forcefully as might have 0:01:08.959 --> 0:01:10.800 been expected at this point. All right, can we take 0:01:10.800 --> 0:01:13.320 a step back. Joe Weber comes to you, the editor 0:01:13.319 --> 0:01:19.479 of the magazine, May Katie Big FED meeting first one, 0:01:19.920 --> 0:01:21.640 talk to us a little bit about the conversation you 0:01:21.640 --> 0:01:23.480 guys had and what you were thinking about, kind of 0:01:23.480 --> 0:01:26.040 going into what you guys wanted to put out there. 0:01:26.160 --> 0:01:28.440 I will just say Joel kept us on our toes. 0:01:28.520 --> 0:01:31.200 We didn't know until the afternoon the day before that 0:01:31.280 --> 0:01:32.920 it was going to be the cover, so that was 0:01:32.959 --> 0:01:36.240 a fun surprise. But Liz McCormick and I work really 0:01:36.280 --> 0:01:38.720 closely together, you know, we've known each other for years, 0:01:39.360 --> 0:01:41.200 and where she sits on the bond side, where I 0:01:41.240 --> 0:01:44.080 sit on the cross asset side. It just made sense 0:01:44.120 --> 0:01:46.720 if you look across asset classes right now, there's so 0:01:46.800 --> 0:01:50.120 much optimism built into every market on the idea that 0:01:50.160 --> 0:01:52.960 the FED is actually going to pause rates. So that 0:01:53.000 --> 0:01:56.320 was the genesis of this story, because I mean, the 0:01:56.360 --> 0:01:58.600 thing you hear over and over again it's so tired, 0:01:58.680 --> 0:02:01.720 don't fight the FED is exactly what's happening in every 0:02:01.800 --> 0:02:04.560 single market right now. So listen, I got together as 0:02:04.600 --> 0:02:07.520 it happened. Joel was looking for a big, sweepy take 0:02:07.680 --> 0:02:10.520 on this FED meeting, so it came together really quickly 0:02:10.560 --> 0:02:12.519 and really nicely. I have to say, it's pretty remarkable. 0:02:12.600 --> 0:02:15.120 The feeling of risk on all of a sudden here 0:02:15.120 --> 0:02:17.400 in very different. I don't know if everybody was just 0:02:17.440 --> 0:02:19.680 tired of all the selling that went on in two 0:02:19.840 --> 0:02:22.600 But what's interesting is is it the market people keep 0:02:22.680 --> 0:02:26.720 tweeting to me, Hey, the market is forward looking? Is 0:02:26.720 --> 0:02:29.120 it the case that they are looking forward to the 0:02:29.160 --> 0:02:32.440 FED slowing down, stopping at some point, whether it's this 0:02:32.520 --> 0:02:35.120 year or early next year, and that maybe things are 0:02:35.120 --> 0:02:37.120 better in the second half. That's the rub that it 0:02:37.200 --> 0:02:39.600 is a discounting mechanism. And I mean, there's been so 0:02:39.639 --> 0:02:42.200 many moments just in the past few years where the 0:02:42.240 --> 0:02:45.760 market is seemingly at odds, which with what's actually happening 0:02:45.760 --> 0:02:48.600 in the economy. So it's totally possible that you know, 0:02:48.639 --> 0:02:51.560 we priced in the recession last year. Wall Street now 0:02:51.639 --> 0:02:53.320 is saying it's going to be short and shallow. They're 0:02:53.360 --> 0:02:56.080 looking ahead to a brighter future, or they're saying, you know, 0:02:56.120 --> 0:02:59.440 maybe there is going to be a downturn that causes 0:02:59.480 --> 0:03:03.480 the FED to cut But what's interesting about the complexion 0:03:03.480 --> 0:03:07.359 of this risk on rally is whether it ultimately backfires. 0:03:07.360 --> 0:03:10.480 If you think about things such as financial conditions, which 0:03:10.600 --> 0:03:13.360 we know the FED watches. If you look at market 0:03:13.440 --> 0:03:17.160 based measures of financial conditions, which are very popular on 0:03:17.240 --> 0:03:21.880 Wall Street, they've been easing, and Pale and Company have 0:03:22.320 --> 0:03:26.040 you know, said repeatedly that financial conditions, the tightening of 0:03:26.080 --> 0:03:30.120 those sort of measures are how monetary policy actually touches 0:03:30.160 --> 0:03:33.520 the real economy. You know, influences the wealth effect that 0:03:33.560 --> 0:03:37.960 people feel, It influences how comfortable companies feel about issuing 0:03:38.040 --> 0:03:41.200 dead and piling on leverage. If you do have financial 0:03:41.240 --> 0:03:43.680 conditions easing at the same time that the FED is 0:03:43.680 --> 0:03:46.840 trying to take the economy off the boil, those two 0:03:46.920 --> 0:03:49.920 are kind of working at cross purposes. I was pretty 0:03:49.920 --> 0:03:53.520 struck by this one comment from one Neil cash Car, 0:03:53.600 --> 0:03:55.960 the president of the Minneapolis FED. Here's what he said, quote, 0:03:56.280 --> 0:03:58.560 I've spent enough time around Wall Street to know that 0:03:58.600 --> 0:04:02.560 they are culturally, in institutionally optimistic. This is a guy 0:04:02.600 --> 0:04:07.280 when we go up, he's a guy who spent um 0:04:07.360 --> 0:04:10.920 kind of pushing back against rallies, and it's interesting for 0:04:11.000 --> 0:04:12.600 him to be doing this because this is a guy 0:04:12.640 --> 0:04:16.440 who's traditionally known as being dubbish, and he's increasingly now 0:04:16.760 --> 0:04:18.960 seen as hawkish. How should we read into his comment, Well, 0:04:19.000 --> 0:04:20.760 you forgot the best part of the quote. So this 0:04:20.800 --> 0:04:23.560 is from a New York Times profile. Uh. The author 0:04:23.600 --> 0:04:25.560 asked him about the fact that you do have the 0:04:25.600 --> 0:04:28.719 market pricing in rate cuts against what the central bank 0:04:28.800 --> 0:04:31.520 is saying, and he said, referring to the markets, they 0:04:31.560 --> 0:04:33.840 are going to lose the game of chicken. I can 0:04:33.839 --> 0:04:36.320 tell you that. So that's Neil cush Car saying I 0:04:36.440 --> 0:04:38.760 dare you to b yeah, basically saying like you are 0:04:38.920 --> 0:04:41.440 going to lose money here. So the fact that you 0:04:41.520 --> 0:04:46.479 did again have a president of the Minneapolis FED saying that, uh, 0:04:46.720 --> 0:04:49.680 is pretty amazing. We'll see in the next few days. 0:04:49.720 --> 0:04:51.560 I mean, after we get a FED meeting, you hear 0:04:51.600 --> 0:04:54.240 from Jerome pal the markets move. In the next few days, 0:04:54.240 --> 0:04:56.200 you have a bunch of FED speakers come out and 0:04:56.240 --> 0:05:00.120 either confirm or walk back that message. So the next 0:05:00.160 --> 0:05:02.039 two days are gonna be critical. I think I agree 0:05:02.040 --> 0:05:03.920 with you, Like it's gonna be so interesting because many 0:05:03.920 --> 0:05:06.800 people set off of j. Powell at that first FED 0:05:06.839 --> 0:05:09.760 meeting that it was kind of like he gave everybody something. 0:05:09.920 --> 0:05:12.039 The hawk's got something that does get something. So it 0:05:12.120 --> 0:05:15.680 was like, what bird, what bird is this? I don't know. Well, 0:05:15.720 --> 0:05:18.880 what's interesting too is you know we are off peak 0:05:18.920 --> 0:05:21.719 inflation right, the trend lines are in our favor, and 0:05:21.760 --> 0:05:24.080 I do wonder the job market holding up. I know 0:05:24.200 --> 0:05:26.359 that's frustrating for the Fed, but it also shows maybe 0:05:26.360 --> 0:05:29.120 we could get to that soft landing. I mean, markets 0:05:29.160 --> 0:05:31.000 could be right. It's like, how do you cross that 0:05:31.040 --> 0:05:33.360 with that whole idea of don't fight the Fed. That's 0:05:33.400 --> 0:05:35.919 the thing, like, we could be right this time. We 0:05:35.960 --> 0:05:39.160 could also turn into a situation into a stop and 0:05:39.200 --> 0:05:42.200 start sort of fed. Maybe they do pause, but maybe 0:05:42.240 --> 0:05:44.800 the next move after the pause isn't a rate cut. 0:05:44.920 --> 0:05:47.120 Maybe they have to hike again if inflation doesn't come. 0:05:47.160 --> 0:05:49.080 But they talked about right, didn't Jay say he goes 0:05:49.200 --> 0:05:51.120 doesn't want to stop and then start again? Yeah, he 0:05:51.200 --> 0:05:55.240 definitely got some questions to that effect on Wednesday. I 0:05:55.279 --> 0:05:58.080 feel like he did a polite little tap dance around it. 0:05:58.120 --> 0:06:01.599 But in terms of what actually pans out this time, 0:06:01.640 --> 0:06:04.560 I mean, the market does have a pretty fraud history 0:06:04.640 --> 0:06:07.880 in fighting the FED. I mean I remember when the September. 0:06:07.960 --> 0:06:12.239 Pause was a conversation for about two weeks at this meeting. 0:06:12.360 --> 0:06:14.560 At one point this past summer, there had been a 0:06:14.600 --> 0:06:18.760 cut priced in for February, which obviously didn't happen. So 0:06:19.520 --> 0:06:21.800 this happens. I mean even again, don't fight the Fed. 0:06:21.880 --> 0:06:24.440 It's one of the most tired sayings in finance, and 0:06:24.520 --> 0:06:27.480 yet we do this every single cycle. It's like Luciana 0:06:28.200 --> 0:06:30.200 Charlie Brown. Yeah, they're going to pull the football. But 0:06:30.240 --> 0:06:32.279 the thing is is the football hasn't been pulled yet 0:06:32.440 --> 0:06:35.159 now and and and there has to be a certain point, Katie, 0:06:35.200 --> 0:06:39.520 when the football isn't pulled, when there is indeed evidence 0:06:39.560 --> 0:06:42.320 from the economy. Wait, so what's the football helping? The 0:06:42.360 --> 0:06:46.320 football is okay, so you know in peanuts, Yeah for sure. 0:06:46.480 --> 0:06:49.360 When Charlie Brown tries to kick the football and over 0:06:49.400 --> 0:06:53.719 and over again, he gets fooled. Yeah, Lucy pulls it. 0:06:53.600 --> 0:06:57.080 And this is like the whole idea of the market's thinking, Okay, 0:06:57.080 --> 0:07:00.120 well we think you're done, so the markets are Lucy, 0:07:00.839 --> 0:07:03.640 no fed the FED chairs Lucy. Okay, I really I 0:07:03.720 --> 0:07:07.360 really want to work with you guys, mat or maybe 0:07:07.440 --> 0:07:10.680 or maybe like potential potential cutting of rates is the football. Okay, 0:07:10.720 --> 0:07:12.840 so maybe this was a bad idea now, but the 0:07:12.880 --> 0:07:16.040 idea of kind of what you write that the markets 0:07:16.120 --> 0:07:20.200 keep thinking one way and J Powell yeah, is kind 0:07:20.200 --> 0:07:22.520 of Lucy, I'm pulling the football kids. We're gonna keep 0:07:22.560 --> 0:07:25.800 raising rates and so they keeping In this case, he's 0:07:25.800 --> 0:07:28.400 being open about it. That's that's the difference I think 0:07:28.400 --> 0:07:31.520 Carol is isn't he always open? Yeah? But but he's 0:07:31.560 --> 0:07:34.360 not like Lucy right, Like, he's not fooling anyone that. 0:07:34.760 --> 0:07:36.960 This is why I like Snoopy. Snoopy is very clear, 0:07:36.960 --> 0:07:40.000 the red baron is clear. Um. Having said this, I 0:07:40.000 --> 0:07:42.600 guess time will tell. But it is interesting when you 0:07:42.640 --> 0:07:46.080 see traders pricing in one thing in the markets, you know, 0:07:46.200 --> 0:07:48.240 especially if you like the bond market, the fixing very 0:07:48.240 --> 0:07:52.120 smart market. And I mean a point to to make 0:07:52.200 --> 0:07:55.040 here which has been made to me, is that you know, 0:07:55.080 --> 0:07:59.680 market participants, investors very loud voices. They get to change 0:07:59.720 --> 0:08:02.720 their mine on the FED every single hour, every single 0:08:02.800 --> 0:08:05.240 day if they want to. Whereas we only hear from 0:08:05.280 --> 0:08:09.080 the Fed in very scheduled regular appearances. We're not going 0:08:09.120 --> 0:08:11.560 to get an update on their dot plot at the 0:08:11.560 --> 0:08:14.800 Summary of Economic Projections until March so there's a long 0:08:14.960 --> 0:08:18.080 time between those sort of updates that we all care 0:08:18.080 --> 0:08:21.840 about and focus on so deeply. Whereas you know we can, 0:08:21.920 --> 0:08:26.000 i mean, public opinion consensus changes so quickly, the FED 0:08:26.640 --> 0:08:29.040 by design doesn't do that. You're in the simulcast with this, 0:08:29.080 --> 0:08:31.240 I feel like we'd go round and round the same conversation. 0:08:31.440 --> 0:08:32.920 The one thing that does stick with me that is 0:08:33.000 --> 0:08:35.320 j Pal saying we're gonna get back to two. So 0:08:35.559 --> 0:08:38.400 that is really their benchmark, and they don't deviate from 0:08:38.400 --> 0:08:41.080 that debate from it, then they're going to have to 0:08:41.120 --> 0:08:43.800 keep raising race. That's the thing. That's where financial conditions 0:08:43.840 --> 0:08:46.840 come in because again, when you think about headline CPI 0:08:47.080 --> 0:08:49.560 at nine point one percent, it's a lot easier to 0:08:49.600 --> 0:08:51.599 get to six and a half percent than it is 0:08:51.640 --> 0:08:53.880 to get to two percent. And that's where you know, 0:08:54.080 --> 0:08:56.600 that's where you maybe need to see some labor market pain. 0:08:56.640 --> 0:08:59.240 We haven't seen it yet, we haven't needed to. But 0:08:59.600 --> 0:09:02.680 to get it back to that benchmark, which they had 0:09:02.679 --> 0:09:05.240 a chance to deviate from, they explicitly said they're not. 0:09:05.880 --> 0:09:08.200 That is a lot more would to chop and they're 0:09:08.200 --> 0:09:10.640 willing to feel that labor pain. They seem to be 0:09:10.760 --> 0:09:13.720 right okay, So apart from the labor market, what could 0:09:13.760 --> 0:09:16.920 derail this? What could derail this in terms, let's say 0:09:16.960 --> 0:09:19.160 linus otherwise you're out of here. I don't know who 0:09:19.240 --> 0:09:23.160 Line is is? Are you kidding? Is he the smelly one? 0:09:23.280 --> 0:09:25.200 He's the sweet one with the blanket and doesn't he 0:09:25.280 --> 0:09:27.520 Isn't he kind of stinky? He's Lucy's little brother, right? 0:09:27.520 --> 0:09:29.880 I don't know anything about sense. Oh my god, there's 0:09:30.040 --> 0:09:32.040 I thought there was like a stench cloud that or 0:09:32.040 --> 0:09:37.160 maybe he's dirty. I don't know, all right, For the FED, 0:09:37.280 --> 0:09:40.679 for the market, for Lucy and Charlie Brown, for the markets. 0:09:40.720 --> 0:09:44.880 I guess which would derail this is inflation that's stickier 0:09:44.920 --> 0:09:48.079 than expected, or re accelerates, because right now, I mean, 0:09:48.200 --> 0:09:51.400 it feels like it's come down a lot quicker than 0:09:51.720 --> 0:09:54.560 maybe consensus has said it would. But you know, if 0:09:54.559 --> 0:09:58.200 you do have waged inflation that remains somewhat elevated, if 0:09:58.240 --> 0:10:01.080 you have other pockets of the economy re accelrat if 0:10:01.120 --> 0:10:03.560 you have commodity prices good. I mean, there's a lot 0:10:03.600 --> 0:10:07.440 of potential risks here. For again, this incredible rally that 0:10:07.480 --> 0:10:09.920 we've built so far into this year, that really started 0:10:09.960 --> 0:10:12.720 in mid October. Yeah, like you think about if right 0:10:12.760 --> 0:10:14.760 way to stay higher and companies have to kind of 0:10:14.800 --> 0:10:16.920 eat those costs right to pay for workers. That's going 0:10:16.960 --> 0:10:19.240 to impact margins, which is something we talked about a 0:10:19.240 --> 0:10:21.800 lot here. We love you, Katie Gray felt, thank you 0:10:21.880 --> 0:10:26.000 so much. You're listening to the Bloomberg Business Week podcast 0:10:26.520 --> 0:10:29.120 just Live week days from two to five pm Eastern 0:10:29.280 --> 0:10:32.720 on Bloomberg Radio, The Bloomberg Business a band you too. 0:10:32.920 --> 0:10:35.640 You can also listen live to our flagship New York 0:10:35.679 --> 0:10:42.160 station Just Say Alexa play Bloomberg, Elove and Dirty So 0:10:42.160 --> 0:10:44.280 so dying to do this story. It was a most 0:10:44.320 --> 0:10:46.080 ready when to hit the Bloomberg this week. By the way, 0:10:46.120 --> 0:10:48.680 it is still is for the week overall. It's in 0:10:48.679 --> 0:10:51.000 the new issue of Bloomberg Business Week, which, as you know, 0:10:51.200 --> 0:10:53.280 out on newsstands, on line of Bloomberg dot com, and 0:10:53.280 --> 0:10:54.680 on the Bloomberg. We just want to get right to 0:10:54.720 --> 0:10:57.120 it because the story is how to be eighteen years 0:10:57.160 --> 0:10:59.760 old again for only two million dollars a year. Here 0:10:59.760 --> 0:11:02.680 to reduce us to Brian Johnson and his mission, We've 0:11:02.679 --> 0:11:05.520 got Ashley Vancey's Bloomberg Business Week features writer, also the 0:11:05.559 --> 0:11:08.440 author of Elon Musk Tesla SpaceX and the Quest for 0:11:08.480 --> 0:11:12.800 a Fantastic Future. So actually answer that question for us, 0:11:13.120 --> 0:11:14.839 who is Brian Johnson. I think a lot of people 0:11:15.080 --> 0:11:17.480 use a product that he was instrumental in bringing in 0:11:17.559 --> 0:11:21.360 market quite frequently. Who is this guy? Yeah, you know, 0:11:21.480 --> 0:11:26.040 he's a he's a software entrepreneur. UM loosely, that's how 0:11:26.040 --> 0:11:30.200 he started. Um. There's a company called Braintree, which which 0:11:30.280 --> 0:11:32.640 is not like a household name, but people use it 0:11:32.679 --> 0:11:36.600 all the time. And and it's also acquired Venmo, which 0:11:36.600 --> 0:11:39.520 people probably do know. So it was helps you, you know, 0:11:39.600 --> 0:11:43.280 process mobile payments on on the internet and and process 0:11:43.360 --> 0:11:47.200 credit cards. And Brian ran that company in his in 0:11:47.280 --> 0:11:50.319 his thirties and sold it to pay Pal a few 0:11:50.400 --> 0:11:54.559 years ago for eight hundred million dollars. And that's kind 0:11:54.559 --> 0:11:56.439 of how he made his fortune, all right, And now 0:11:56.440 --> 0:11:58.920 he wants to be young again or so. Jill Weber, 0:11:59.120 --> 0:12:02.120 the editor of Blieberg this week also in studio with us. Okay, 0:12:02.160 --> 0:12:04.600 so I can be eighteen again. If I have a 0:12:04.640 --> 0:12:07.240 team of thirty doctors and a two million dollar a 0:12:07.320 --> 0:12:09.000 year of budget, what do what do I get for 0:12:09.040 --> 0:12:15.160 that treatment? Actually a lot of work, you know, So 0:12:15.320 --> 0:12:19.480 it does sound exhausting. Actually it looks and it looks exhausting, 0:12:19.760 --> 0:12:22.040 you know, I mean Silicon Valley, and I guess other 0:12:22.120 --> 0:12:26.400 people have been kind of obsessed with longevity and and 0:12:26.600 --> 0:12:29.320 reversing aging for a long time. We we've all heard 0:12:29.320 --> 0:12:32.360 these stories. Brian's kind of taken it to the next level. 0:12:32.440 --> 0:12:36.080 So he's got all these doctors, you know, he's his 0:12:36.080 --> 0:12:39.440 his theories. He's trying to add some metrics and measurements 0:12:39.440 --> 0:12:41.720 and proof to this whole field. And so what all 0:12:41.760 --> 0:12:46.880 these people do is literally test every every part of 0:12:46.920 --> 0:12:50.760 his body with as many research grade instruments as they can. 0:12:50.880 --> 0:12:54.840 So we're talking m ris, ultrasounds, blood tests, stool samples, everything. 0:12:54.920 --> 0:12:57.679 And then you know, he does a series of therapies 0:12:57.960 --> 0:13:01.920 um stuff that begins just like eating well and exercising 0:13:01.960 --> 0:13:04.960 and goes up to two laser treatments on his skin 0:13:05.080 --> 0:13:08.600 and things like that to to try and correct issues 0:13:08.880 --> 0:13:11.680 and give him the body of a much younger person. 0:13:11.880 --> 0:13:14.640 There's eating well, you know, as we know it. But 0:13:14.679 --> 0:13:17.720 then there's also what Brian Johnson does, which is like 0:13:17.880 --> 0:13:22.319 you know, you tried it, you tried it. Actually, what 0:13:23.360 --> 0:13:26.160 is this concoction that he puts in a blender Yeah, 0:13:26.240 --> 0:13:29.480 so every day, Brian, it's exactly one thousand, nine hundred 0:13:29.559 --> 0:13:32.200 seventies seven calories, and like he likes to say that 0:13:32.280 --> 0:13:34.760 each calorie has to has to fight for its life 0:13:34.840 --> 0:13:37.360 in his diet. And I went to his house, his 0:13:37.360 --> 0:13:41.440 his kind of mansion in Venice, California, and yeah, so 0:13:41.480 --> 0:13:43.760 I got to see what he has for his daily diet. 0:13:43.880 --> 0:13:46.000 You know, some of it is okay, there's this thing 0:13:46.080 --> 0:13:49.800 that he calls nutty pudding, and it's it's basically berries 0:13:49.920 --> 0:13:52.840 and some yogurt type stuff and and that's good. But 0:13:52.880 --> 0:13:54.760 then you know, the heart of what he eats is 0:13:54.800 --> 0:13:58.240 this this kind of vegetable sludge which starts out at 0:13:58.920 --> 0:14:01.280 call a flower and accole and lentils and things that 0:14:01.320 --> 0:14:06.400 I actually like. But when you mush, yeah, it tastes 0:14:07.120 --> 0:14:08.840 it taste, I mean, it had almost had just like 0:14:08.920 --> 0:14:13.600 no taste. It tasted like dirt. And Brian swears it's delicious, 0:14:13.600 --> 0:14:16.000 but I had trouble getting it all down. Okay, can 0:14:16.040 --> 0:14:20.160 you talk to us about meeting him at the front door. Yeah, well, 0:14:20.320 --> 0:14:23.040 so you know, I've been following Brian for years and 0:14:23.080 --> 0:14:25.520 so I know exactly what he looks like and and 0:14:25.520 --> 0:14:27.640 and all that and you know, I we were setting 0:14:27.680 --> 0:14:29.400 up for this dinner and he sent me a text 0:14:29.440 --> 0:14:31.480 message while I was waiting in my car for him 0:14:31.520 --> 0:14:33.440 to arrive, and he said, I might look a little 0:14:33.480 --> 0:14:37.560 different this time. I just had um some fat injected 0:14:37.600 --> 0:14:40.720 into my face and I had an allergic reaction. And 0:14:41.040 --> 0:14:43.360 then when he finally did appear, I mean, his face 0:14:43.480 --> 0:14:47.640 was swollen about, you know, three times it's normal size, 0:14:47.680 --> 0:14:51.440 but he still had He's got this glowing, very beautiful, 0:14:51.640 --> 0:14:54.440 pale skin. And so you know, in the story, I 0:14:54.480 --> 0:14:57.200 say he looked like a giant porcelain doll, and he 0:14:57.280 --> 0:15:00.520 really did. And were you tempted to to join in 0:15:00.520 --> 0:15:03.560 that experiment? Not on that one? That one looked a 0:15:03.600 --> 0:15:07.960 little outside of my my comfort zone, you know. But Brian, 0:15:08.200 --> 0:15:11.240 to his credit, man, I mean, he really he takes 0:15:11.280 --> 0:15:13.640 all this stuff. It's stride. He just kind of laughed 0:15:13.640 --> 0:15:16.200 about it. His son came in and he just kind 0:15:16.200 --> 0:15:18.760 of had a giggle, like he's seen all this stuff before. 0:15:19.080 --> 0:15:21.720 And so Brian just does it and moves on. Okay, 0:15:21.760 --> 0:15:24.720 So are there takeaways for us mere mortals who who 0:15:24.800 --> 0:15:28.560 don't actually want to rewind the clock this obsessively that? 0:15:28.920 --> 0:15:31.280 But maybe you know, steal a couple of couple of 0:15:31.280 --> 0:15:33.600 things from his wisdom, like what what have you adopted 0:15:33.640 --> 0:15:36.680 from Brian Brian's routine that that I might want to 0:15:36.680 --> 0:15:39.880 consider not as much as I should, you would think, 0:15:40.400 --> 0:15:44.960 be like ave I wish? I wish I could say 0:15:45.000 --> 0:15:46.880 it was. I mean, if anyone's curious. So there's a 0:15:46.920 --> 0:15:49.120 couple of things I took away. If anyone's curious, they 0:15:49.120 --> 0:15:52.840 could go to if they search project blueprint, that's what 0:15:52.880 --> 0:15:55.360 this is called. And Brian John said he's got everything 0:15:55.520 --> 0:15:57.680 listening on this website, that he eats, that he puts 0:15:57.680 --> 0:15:59.680 on his face, all of that, And so you could 0:15:59.720 --> 0:16:02.640 kind of pick and choose where you want to get 0:16:02.680 --> 0:16:06.080 into this thing. I would say the big picture might 0:16:06.120 --> 0:16:08.360 take away is that you know, there really are people 0:16:08.400 --> 0:16:11.160 who are trying to move this field to to a 0:16:11.200 --> 0:16:13.120 better place. I mean, the whole point of this is 0:16:13.160 --> 0:16:15.440 like we hear about fad diets, you hear about the 0:16:15.480 --> 0:16:18.920 TB twelve method, and like no one knows if any 0:16:18.960 --> 0:16:21.520 of this stuff works. And so you know, he's publishing 0:16:21.680 --> 0:16:25.680 everything out the open, all his his data and and um, 0:16:25.760 --> 0:16:27.600 you know, and he's one of many people who are 0:16:27.640 --> 0:16:30.720 trying to advance this field and be open about what's 0:16:30.720 --> 0:16:32.840 going on. Not sure I'm ready to try the nutty pudding. 0:16:32.880 --> 0:16:37.320 Having said that, though, seriously, folks um in terms of 0:16:37.320 --> 0:16:39.200 what's going on inside his body, though, some of his 0:16:39.280 --> 0:16:42.320 doctors are excited, right, yeah, I mean, you know, some 0:16:42.400 --> 0:16:45.640 of this sounds kind of little nuts at first, blush, 0:16:45.680 --> 0:16:47.440 but then you look at his at his metrics is 0:16:47.520 --> 0:16:49.120 pretty good, you know. I mean, first of all, the 0:16:49.160 --> 0:16:51.040 guy is like I mean, if you look at him, 0:16:51.080 --> 0:16:55.680 he has ripped like professional athlete and beyond ripped, and uh, 0:16:55.800 --> 0:16:58.480 you know, like his resting heart rate is like forty three. 0:16:58.640 --> 0:17:01.160 He's got the lung capacity of an eighteen year old, 0:17:01.200 --> 0:17:04.960 He's got the gum inflammation of a seventeen year old, 0:17:05.000 --> 0:17:10.879 and so um, you know, out on me. Well see 0:17:10.960 --> 0:17:14.800 that's the point here. But yeah, no, I mean there's 0:17:14.840 --> 0:17:17.760 there's parts of him that are just clearly incredibly healthy, 0:17:17.800 --> 0:17:21.160 and according to this data, you know, he really has 0:17:21.240 --> 0:17:25.520 sort of reversed the age and the overall health of 0:17:25.800 --> 0:17:28.159 a lot of his innards. I think a lot of 0:17:28.160 --> 0:17:29.800 people might want to live longer so they can spend 0:17:29.800 --> 0:17:31.520 more time doing things that they love, so they contend 0:17:31.600 --> 0:17:33.280 more time with their families, so they can, you know, 0:17:33.359 --> 0:17:35.640 have a longer life. But there's this conundrum and reading 0:17:35.640 --> 0:17:37.440 your story actually just in the last thirty seconds that 0:17:37.480 --> 0:17:39.639 we have is this is so exhausting, and this is 0:17:39.680 --> 0:17:41.680 so all encompassing that it seems like to me he 0:17:41.720 --> 0:17:45.200 doesn't have time to to do those other things. Well, yeah, 0:17:45.200 --> 0:17:46.840 this is the one trick. I mean, like I said, 0:17:46.840 --> 0:17:48.959 I've known him for a while and we always debate this. 0:17:49.040 --> 0:17:51.320 I'm like, look, man, one of my favorite things on 0:17:51.359 --> 0:17:53.600 earth is to go have a really nice late dinner 0:17:53.640 --> 0:17:56.119 with a bunch of friends, a bit of wine, you know, 0:17:56.200 --> 0:17:58.560 And and he's just not that's not even an option 0:17:58.760 --> 0:18:01.320 for him. And um, you know, what he's doing is 0:18:01.320 --> 0:18:04.520 a full commitment. I think he would argue that he's 0:18:04.560 --> 0:18:07.480 at the forefront of this. He's a pioneer. The stuff 0:18:07.560 --> 0:18:10.000 is gonna get cheaper and easy to use over time. 0:18:10.200 --> 0:18:14.080 Is he happy though, He's beyond happy. I mean, this 0:18:14.119 --> 0:18:17.560 is sort of like a religious calling for him, you know. Well, 0:18:17.600 --> 0:18:19.960 next up gene therapies, as you write about some more 0:18:20.000 --> 0:18:25.000 experimental procedures. So we look forward to seeing what's next, 0:18:25.600 --> 0:18:28.679 uh for Brian Johnson. And I'm sure I'll be written 0:18:28.720 --> 0:18:31.600 by Ashley Vance Ashley a Bloomberg Business Week along week 0:18:31.640 --> 0:18:34.720 till Webber. Check out the new issue of the magazine. 0:18:35.920 --> 0:18:39.520 You're listening to the Bloomberg Business Week Podcast. Catch us 0:18:39.520 --> 0:18:42.199 live week days from two to five pm Eastern on 0:18:42.280 --> 0:18:45.760 Bloomberg Radio, The Bloomberg Business a band You too. You 0:18:45.880 --> 0:18:48.840 can also listen live to our flagship New York station, 0:18:49.240 --> 0:18:54.040 Just Say Alexa play Bloomberg elve and Dirty. We are 0:18:54.080 --> 0:18:56.600 so excited about our next guest. In fact, sorry Charlie 0:18:56.600 --> 0:18:58.080 if I missed the cute because we were talking with 0:18:58.160 --> 0:19:01.479 him over the next week or so. Just big broad picture. 0:19:01.520 --> 0:19:03.080 We're gonna be hearing from some of the big media 0:19:03.119 --> 0:19:05.840 companies when it comes to earnings. Of course, Netflix already 0:19:05.880 --> 0:19:09.480 reported a blockbuster report thanks to a massive subscriber beat. 0:19:09.760 --> 0:19:12.240 When it comes to the media names, it's about grabbing eyeballs, 0:19:12.280 --> 0:19:15.359 boosting and holding out a subscribers by giving them great 0:19:15.400 --> 0:19:19.000 contact content. And our next guest, Tim really gets his 0:19:19.040 --> 0:19:20.760 space in a big way. Yeah, he's been in it 0:19:20.800 --> 0:19:23.120 as it's evolved in a really big way, from traditional 0:19:23.160 --> 0:19:26.640 broadcast and linear to TV to the explosion and streaming 0:19:26.680 --> 0:19:31.159 and mobile DVDs everything. Josh Stapan is the former president 0:19:31.240 --> 0:19:33.840 CEO of AMC Networks. You know him from such hits 0:19:33.840 --> 0:19:36.440 as Mad Men, Breaking Bad, The Walking Dead. It was 0:19:36.480 --> 0:19:38.960 spun off from table Vision Carol back in two thousand eleven, 0:19:38.960 --> 0:19:40.600 and he's got a new book out. I love it 0:19:40.640 --> 0:19:43.120 the title third Act. I think about my third act 0:19:43.119 --> 0:19:46.479 because I'm still in my first act. Reinventing your next chapter. 0:19:47.200 --> 0:19:50.960 Josh Saypan is in our Bloomberg Interactive Broker Studio. Thank you, 0:19:50.960 --> 0:19:52.600 Thank you so much for coming in. Well, thank you 0:19:52.640 --> 0:19:55.040 for having me pleasure. We have so much to talk about. 0:19:55.080 --> 0:19:56.840 Do you still like the media world when you look 0:19:56.840 --> 0:19:58.560 back at it, do you think it's just kind of 0:19:58.800 --> 0:20:01.560 unbelievable and what it's, what it was, what it's become continues, 0:20:02.160 --> 0:20:05.639 it's wonderful. And uh, I can't get enough television. My 0:20:05.640 --> 0:20:08.720