Speaker 1: This is Bloomberg Business Week from Bloomberg Radio. Hi, I'm
Speaker 1: Jason Kelley and I'm Carol Masser. Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. Over the next couple of hours,
Speaker 1: we'll bring you news of the week, insights from the
Speaker 1: magazine and more. And safe to say, Jason, that the
Speaker 1: big story. I mean, there was a lot going on
Speaker 1: this week, no doubt about it, between the impeachment and
Speaker 1: of course state of the Union, but the virus was
Speaker 1: definitely front and center the whole world looking at it. Well,
Speaker 1: and not to mention the Iowa Caucuses, which we thought, okay,
Speaker 1: that'll give us some clarity, it gave us exactly the opposite.
Speaker 1: And coming up, I was gonna say, if there was
Speaker 1: a theme this week, it was uncertainty on so many
Speaker 1: different levels, and that really played out in the magazine
Speaker 1: and certainly with a lot of conversations we had. So
Speaker 1: we're gonna bring you all of that in the first
Speaker 1: hour and next hour we're gonna bring you highlights from
Speaker 1: our trip last week to the Bloomberg Power Player's Summit
Speaker 1: down in Miami. We're gonna hear from the owner of
Speaker 1: the Buffalo Bills as well as John Skipper. He used
Speaker 1: to run ESPN, now he runs to Zone And now
Speaker 1: this week's cover story, let's understand what's underneath it. This
Speaker 1: is the big story of the week obviously. Here's editor
Speaker 1: Joel weber Man versus microbe and arresting cover to say
Speaker 1: the least, on a really important story. How did you
Speaker 1: get there? Yeah, this was the story of the moment,
Speaker 1: really right, and we've seen it just continue to capture
Speaker 1: attention worldwide as this virus has spread. Our measures have
Speaker 1: been largely adequate so far in terms of containing it,
Speaker 1: you know, and China has been very aggressive and sort
Speaker 1: of quarantining, as have the US. But there's a bigger
Speaker 1: problem here that I think this story really addresses, which
Speaker 1: is we don't have a long term focus around incentivizing
Speaker 1: anyone to deal with these things in a really proactive way.
Speaker 1: It's always fire, fight, fire, fight, fight, or fight, And
Speaker 1: the drugs aren't working and the viruses are becoming more
Speaker 1: prolific and spreading faster. Well, I think that's a really
Speaker 1: and you guys asked the question are we ready for it?
Speaker 1: And it's obviously that we're not, because all of a sudden,
Speaker 1: we are chasing a vaccine, And you do talk about incentives,
Speaker 1: and I think that's a really interesting component to this,
Speaker 1: that the public sector policymakers need to be involved, not
Speaker 1: not just the public sector, but the private sector. Right,
Speaker 1: there's no incentive for a drug maker to put down
Speaker 1: everything it's working on and immediately scramble something in the market,
Speaker 1: especially when you know, the patents become someone of an issue,
Speaker 1: which we saw pop up here with China this week.
Speaker 1: So I think the real question here is like how
Speaker 1: as a society do we deal with this, Like microbes
Speaker 1: aren't going away. They've been with us for a really
Speaker 1: long time. We've actually gotten very good at fighting them.
Speaker 1: But that's a recent phenomenon, you know, polio, that's only
Speaker 1: a hundred your history with our success in that matter,
Speaker 1: and as these things proliferate, we're not ready for it.
Speaker 1: All right, Joe Weber, thank you so much. A really
Speaker 1: powerful look from a number of different angles at this.
Speaker 1: And well, companies are warning that they may be hit.
Speaker 1: It still might be too early to tell. And that
Speaker 1: brings us to this week's remarks. Here's Economics editor Peter coy.
Speaker 1: He wrote those remarks taking a look at the economics
Speaker 1: so far and where we may go. How did you
Speaker 1: get into this? I mean, it's the obvious question, where
Speaker 1: is this going. I'm focusing less on the death toll,
Speaker 1: as serious as that is. That was more the other
Speaker 1: story in the package, more in the economic consequences. So
Speaker 1: the surprising thing is if you talk to people at
Speaker 1: Bloomberg Economics, people like Tom Rolick, they're saying the outcome
Speaker 1: is likely to be fairly modest. So they're saying that
Speaker 1: they predict that for the full year, China's GDP should
Speaker 1: go about five point seven, which only two tenths of
Speaker 1: a percentage point less than they had predicted before the
Speaker 1: outbreak of the virus. And that's in their baseline scenario.
Speaker 1: If things are a little worse, let's say they can't
Speaker 1: contain it, they're there their worst not quite worst case
Speaker 1: in theari, but they're somewhat worse. Scenario is that contained
Speaker 1: in the second quarter, that'd be five point six GDP
Speaker 1: growth for the years old. So what they're predicting is
Speaker 1: that this will be contained and then there'll be a
Speaker 1: v shaped recovery, downs deeply and then right back up again.
Speaker 1: But I feel like the conversation initially was like you know,
Speaker 1: this might just be a little bit of I'm a blip,
Speaker 1: but I feel like it's turned a little bit Peter
Speaker 1: to what we don't know, what we don't know kind
Speaker 1: of thing. There's still a lot of questions out there.
Speaker 1: There are certainly a lot of questions, and Tom Raleck
Speaker 1: and team are the first to admit that things could
Speaker 1: turn out differently. You know, if you're an economist, you
Speaker 1: kind of got to go with what you have at
Speaker 1: the time, and that's what they've come up with. But
Speaker 1: as my story gets into there are a lot of
Speaker 1: ways in which this could turn really sour, and the
Speaker 1: obvious one is that the virus is less containable than predicted.
Speaker 1: So far, we've seen spreading to dozens of countries already
Speaker 1: deaths outside of China. China, of course itself is by
Speaker 1: far the worst hit, especially Hubei Province and Wuhan, but
Speaker 1: we're seeing cases Europe, Asia and uh of course North
Speaker 1: American United States well. And one of the things to
Speaker 1: the point of the unknown unknowns is is even in
Speaker 1: countries like Kimbodi and the Philippines, they've essentially been saying,
Speaker 1: you know, it's not a big deal, and yet they're
Speaker 1: just maybe cases. We don't know. That's that's really scary
Speaker 1: because you know, certainly the United States, Western Europe have
Speaker 1: highly sophisticated technology for monitoring and testing. Some of these
Speaker 1: countries don't. And so China is special in that it
Speaker 1: has uh the worst outbreak, but also the ability to
Speaker 1: pose draconian restrictions on its own population, a lot of
Speaker 1: shut this thing down. You go to another country with
Speaker 1: a weak health public health infrastructure and a lack of
Speaker 1: that ability, and you can easily imagine the disease raging
Speaker 1: out of control. I also think once we hopefully get
Speaker 1: beyond this right and new cases and hopefully it's it's
Speaker 1: um minimal, you know, ultimately uh, and that the economic
Speaker 1: impact is reduced as well. But I do wonder about,
Speaker 1: as you say, kind of the long term consequences on
Speaker 1: the relationship between US. Funny, we've had some US officials
Speaker 1: make some comments that certainly feel like they're well see.
Speaker 1: Of course, the chi America, the tight union between the
Speaker 1: China and the United States, which benefited both countries, is
Speaker 1: becoming apart already over US concern about job loss, the
Speaker 1: heightening military contest between the two countries. Trump's trade war
Speaker 1: and so on. This becomes yet another thing that would
Speaker 1: tend to drive these two world's two largest, most powerful
Speaker 1: economies apart. And you can imagine that lasting even after
Speaker 1: this virus dies down. And that's Economics editor Peter Coy
Speaker 1: a very smart take because aside from the obvious human
Speaker 1: tragedy here, the economic implications are still very much unknown, right,
Speaker 1: And that's exactly what he gets into. Despite people putting
Speaker 1: out numbers and projections, you have to remember that there
Speaker 1: is still so many things that could make it a
Speaker 1: very different outcome. The comments heard around the financial world
Speaker 1: it happened late last year, saying it one billionaire someone
Speaker 1: who was among the most successful money managers in America, Jason.
Speaker 1: We're talking about Ken Fisher, and he took a big
Speaker 1: hit as a result, big institutional investors pulling their money.
Speaker 1: And yet here he is grinding on the retail machine.
Speaker 1: And Sabrina Wilmer and Jena Lauren, they describe everything that's
Speaker 1: happened and described the state of play and where it
Speaker 1: may go from here. Sabrina's here with this in New York,
Speaker 1: phenomenal story. You have been following this from the beginning,
Speaker 1: really from those first comments remind us how we got here.
Speaker 1: In October, Ken Fisher spoke out of San Francisco conference
Speaker 1: and he made some sexual remarks which caused a person
Speaker 1: to go on to Twitter and express how upset he
Speaker 1: was about the remarks, and then other people came forward
Speaker 1: and it just caused a lot of anger among people. Um.
Speaker 1: And then I actually interviewed him shortly after that, and
Speaker 1: he said he said those types of words, um, but
Speaker 1: they were taken out of context, and that he said
Speaker 1: similar things in the past many times and nobody questioned it.
Speaker 1: And then following that, some of some big institutions started
Speaker 1: pulling money, like Goldman, Sacks and Fidelity, and about four
Speaker 1: billion left the firm in a month. But you know,
Speaker 1: I gotta tell you what blew my mind to. Yes,
Speaker 1: four billion dollars sounds like a lot, but from what
Speaker 1: I understand, he still manages about billion dollars. He still
Speaker 1: manages a lot of money, and assets have actually grown
Speaker 1: since the crisis, and part of that has to do
Speaker 1: with the stock market, and he puts a lot of
Speaker 1: his retirees mostly in stocks, so that helps. And I mean,
Speaker 1: this story kind of takes a step back and looks
Speaker 1: at how he built his business. He's quadrupled assets since
Speaker 1: two thousand nine, and a lot of that has to
Speaker 1: do with his marketing and sales operate. Step back, though,
Speaker 1: A lot of who invests with him, though, are individual investors.
Speaker 1: Like that's mind everybody that even though a Goldman and
Speaker 1: a Fidelity pulled out some money, the bulk of his
Speaker 1: investments at a hundred and twenty one billion is individual investors, right,
Speaker 1: It's mostly individuals across the country. And I interviewed some
Speaker 1: of them for the story and asked them what they
Speaker 1: thought about Ken's remarks, and one woman that I quoted
Speaker 1: said she doesn't really mind what he said, and she
Speaker 1: thought that political correctness has gone too far, and what
Speaker 1: she cares about is how her portfolio is doing, and
Speaker 1: she's pleased with the performance in the portfolio. So you
Speaker 1: went out to see Ken and some attorneys out in
Speaker 1: California and take us there, because even the way you
Speaker 1: described the scene is really really well done because it
Speaker 1: speaks to essentially what he's very successfully built over decades. Yeah,
Speaker 1: I mean, he's very different from anybody else in finance,
Speaker 1: and his whole thing is to basically try to get
Speaker 1: away from Wall Street and he tells customers, you know,
Speaker 1: you can't trust you can't trust brokers and hit. This
Speaker 1: location that I went to is as far away from
Speaker 1: Wall Street as you can get. I took an uber
Speaker 1: all the way up this you know steep mountain with
Speaker 1: you know redwoods, and you could see half Moon Baye
Speaker 1: from there. It was beautiful, but it's not the place
Speaker 1: that you would imagine, you know, a multibillion dollar asset
Speaker 1: manager UM running their operations like it's sort of a
Speaker 1: compound on the Yeah, And when I got there, I
Speaker 1: thought maybe I was in the wrong spot because I
Speaker 1: just saw this sign saying Country Store and then the
Speaker 1: it's it's kind of the office is set back where
Speaker 1: you can't really see it from the street and there's
Speaker 1: really nothing around you don't you just hear tweeting? Uh?
Speaker 1: So when I went in there, I mean, it's beautiful views.
Speaker 1: You see this bowl in a bear and bear statue
Speaker 1: out on the patio. UM, But that's not where you
Speaker 1: were in the right place, yes, but that yeah, that's
Speaker 1: that's where he started. Uh you know, that's where his
Speaker 1: first headquarters was UM and he actually lived in that
Speaker 1: office with his family. So what I think is cool
Speaker 1: is you got some time with him, and I'm curious
Speaker 1: about what he had to say about everything that happened.
Speaker 1: And you know, I think there's been some concerns about
Speaker 1: culture at his company as well. So what did he
Speaker 1: have to say about all of this? Because he really
Speaker 1: I think you're right in saying he hearkens back to
Speaker 1: a different era in Wall Street. I'm not forgiving it.
Speaker 1: I'm just saying a different time, right, I mean, he
Speaker 1: he apologized a number of times for what he said.
Speaker 1: He still said that his words were taken out of context.
Speaker 1: He also said that the media was in part to
Speaker 1: blame for some of these outflows. He said that some
Speaker 1: of the institutions probably wouldn't have pulled money if it
Speaker 1: wasn't for pressure from the press. Um. In terms of
Speaker 1: his culture, he said that he uh, you know, he
Speaker 1: he disputes the boys club type description. And I did
Speaker 1: interview a number of employees who described this sort of
Speaker 1: boys club And you know how Ken's words were part
Speaker 1: of this macho environment, particularly with some of the salespeople
Speaker 1: to count executives, and he he hires these people right
Speaker 1: out of college, and from my interviews, these people had
Speaker 1: a lot of like a frat boy type, you know, attitude,
Speaker 1: and you can kind of see that in my story
Speaker 1: through some email exchanges in one incident. Well, and it's
Speaker 1: interesting too because you do really go deep into this
Speaker 1: culture that is, as Carol says, sort of hearkens back
Speaker 1: to this very you know, almost cinematic like cell Cell Cell.
Speaker 1: I mean, I think do you have a line in
Speaker 1: the story which is great because it really evoked it
Speaker 1: for me. It's like a David Mammott play, you know,
Speaker 1: just like always be selling, you know, two plus calls
Speaker 1: a day, and it has been, to be fair an
Speaker 1: incredibly successful model. You know, this sort of blanket marketing
Speaker 1: approach has won a lot of customers. That's right. I
Speaker 1: mean it's it's a big part of his whole business.
Speaker 1: I mean, Ken Fisher came back and basically said, well,
Speaker 1: there's more to my business than just sales. It's about
Speaker 1: the customer service. And you do hear about that from
Speaker 1: some of his customers just they love the luncheons that
Speaker 1: he puts on. And um, so he's talking about how
Speaker 1: it's and then he talks about his performances right well,
Speaker 1: and well and he sorry, I just want to follow
Speaker 1: up on that because you know, part of what he's
Speaker 1: selling is a fairly high fee product in a world
Speaker 1: that's getting closer and closer to free for money management.
Speaker 1: So it's anachronistic in some way. That's right, because you
Speaker 1: know he is an act even though he disputes us,
Speaker 1: he is an active manager. They pick stocks, but he
Speaker 1: says that, oh, this is what we do different We
Speaker 1: we provide service to and advice unlike other companies. So
Speaker 1: that's kind of there his argument um, but it is
Speaker 1: kind of I think it is based on my reporting.
Speaker 1: Most of this has been driven by marketing, because he's
Speaker 1: written all these books too, and you know you kind
Speaker 1: of recognize him from the ads that he puts out
Speaker 1: bashing annuities, and to be fair, I think we Bloomberg
Speaker 1: at different times have certainly run his ads on our
Speaker 1: media properties and as a guest as well. So let's
Speaker 1: get to it. I mean, that's a lot of money
Speaker 1: to have under management, and it hasn't got away, even
Speaker 1: though there's some controversy over those comments. There's been some
Speaker 1: charges about how money is managed. What has been his performance?
Speaker 1: What kind of performance returns have we seen from him? Well,
Speaker 1: it hasn't been spectacular. If you look at the ten
Speaker 1: year performance he does. They have a specific benchmark that
Speaker 1: they said, it's not the SMP it's m s c
Speaker 1: I Global Index, And on a tenure basis, it actually
Speaker 1: misses the benchmark. Three and five year basis, it beats
Speaker 1: it by one percentage point um. The shorter term it's
Speaker 1: been beating, but longer term it has not. Yes for
Speaker 1: the ten year, right, so it's kind of mixed. So
Speaker 1: what was your takeaway from all this? I mean, you've
Speaker 1: you've followed it literally from from the beginning, You've covered
Speaker 1: the money management industry for for a long time. As
Speaker 1: you finished this story up, what do you make of it?
Speaker 1: It was an unusual process, um, And I've yeah, I've
Speaker 1: never kind of encountered this situation before. Um And I mean,
Speaker 1: this is kind of a shift in financial sort this
Speaker 1: says where people are starting to speak out about uh,
Speaker 1: you know, sort of uh you know language, sexual language.
Speaker 1: And I think this marks like a maybe a turning
Speaker 1: point um for the financial services industry where people are
Speaker 1: held accountable. So that's part of what I learned. It
Speaker 1: was just a very interesting process. Yet he's still very successful,
Speaker 1: still managing a lot of money. I mean, that's that's right.
Speaker 1: I mean, I I think most of the outflows have
Speaker 1: already happened, so it's really yet to be seen how
Speaker 1: the company internally is going to change. He is vowed
Speaker 1: not to say these types of things ever again. Um,
Speaker 1: they've started Diversity and Inclusion task Force and that's just
Speaker 1: starting to get off the ground, So it's yet to
Speaker 1: be seen what's going to happen with that. You know,
Speaker 1: one of the things that struck me, you know, knowing
Speaker 1: and following your work very closely over the years, Sabrina,
Speaker 1: is that you know, you have a keen understanding two
Speaker 1: of the difference between institutional and individual behavior, and that
Speaker 1: does seem to be at the core of this. Right,
Speaker 1: you know that institutions are feeling more and more pressure,
Speaker 1: public pressure to act in a certain way, and yet
Speaker 1: you have individuals in this case, it feels like who
Speaker 1: are essentially saying, listen, if the guy's making me money.
Speaker 1: You know, it feels almost like a political statement to
Speaker 1: some extent, Right, that's right. And if you go on
Speaker 1: social media after this, you can see the divide on this.
Speaker 1: I mean, some people reacted saying, oh, what Ken's side
Speaker 1: is wrong? And other people were like, this is political
Speaker 1: correctness gone too far. So it was a very it
Speaker 1: is a political divide, right. That's Sabrina Wilmer and Jason.
Speaker 1: What I love about this she's been covering this story
Speaker 1: since last ball when ken Fisher made those comments that
Speaker 1: really were heard throughout the financial world, and looks at
Speaker 1: the repercussions. What I love is she's met with the man.
Speaker 1: She's talked with Ken Fisher, she went to his company
Speaker 1: and really digs into who he is, his background, and
Speaker 1: also takes a look at the company culture well, and
Speaker 1: that company culture and really just the relatively novel way
Speaker 1: that they have marketed. That's what's gotten them to a
Speaker 1: hundred plus billion dollars and there are some questions as
Speaker 1: to how it all works, and so much of that,
Speaker 1: of course is individual investors were not We're talking about
Speaker 1: the retail community, that's right, not the institutional community. This week,
Speaker 1: caucus chaos, a technical glitch in Iowa up ended the
Speaker 1: opening act of the Democratic presidential primary. Plus China coronavirus
Speaker 1: outbreak has triggered an unprecedented travel band to and from
Speaker 1: the world's second largest economy. We break down the potential
Speaker 1: impact on global markets only one of our big stories
Speaker 1: this week and Business Week Talks, we speak with Verizon
Speaker 1: CEO Hans Vestberg on the company's partnerships with Apple Music
Speaker 1: and Disney Plus and Amazon. First up, the caucus. Here's
Speaker 1: Josh Green. He was there and now he's back in
Speaker 1: d C. That's where he joins us. He writes on
Speaker 1: the mess that Iowa made. The ramifications of this are
Speaker 1: going to be widespread. They already are in many ways. Josh,
Speaker 1: what is going on? Uh? Well, nobody really knows. I
Speaker 1: mean that the Iowa caucuses, which traditionally, uh you know,
Speaker 1: shape the field, winnow the lesser candidates and deliver two
Speaker 1: or three winners who typically go on to become the nominee. Instead,
Speaker 1: this year, the entire process broke down on caucus day. Uh.
Speaker 1: There was a faulty app, a bug in the code.
Speaker 1: It's days later. Uh, you know, we're just now getting
Speaker 1: what looked like full election results. And on top of
Speaker 1: all that, the takeaway is a virtual tie between a
Speaker 1: modern and radical uh, somebody who draws older voters and
Speaker 1: younger voters. So essentially, the Iowa caucus settled nothing at all. Uh,
Speaker 1: And now the whole party moves on to New Hampshire. Well,
Speaker 1: they move on to New Hampshire, but they also missed
Speaker 1: an opportunity, right, Josh, Because um Iowa was often seen
Speaker 1: as a launching pad, whether it's for fundraising, with it's
Speaker 1: for media coverage. I mean this is an important or
Speaker 1: usually an important first step. Yeah, that's right. I mean, look,
Speaker 1: the party really really screwed up here. I mean, typically
Speaker 1: the winner of the Iowa caucus gets a bump in
Speaker 1: national polls of about twelve percent. You get glowing media coverage.
Speaker 1: Very often, you get millions and millions of dollars as
Speaker 1: a candidate, and a lot of candidates, especially those who
Speaker 1: don't have a big fundraising apparatus, count on that in
Speaker 1: order to be able to to to move forward and
Speaker 1: have a viable path to the nomination. So if you're
Speaker 1: someone like Pete Buddha Judge who doesn't have a ton
Speaker 1: of money but but looks as if he performed well
Speaker 1: in this campaign, if he'd gotten a clean win, he
Speaker 1: could have been that guy rocketing to the top of
Speaker 1: the polls. Bernie Sanders, if he had gotten a clean win,
Speaker 1: you know, he could have really pushed aside other people
Speaker 1: in the field and set an emerging narrative that the
Speaker 1: Democratic race is taking a big shift to the left instead.
Speaker 1: It's still not clear exactly who won a functional it
Speaker 1: was a tie, but because there weren't clear results, it
Speaker 1: also didn't force out some of the weaker candidates who underperformed,
Speaker 1: like Amy Klobascher, Joe Biden Well and Josh I want
Speaker 1: to take you back to the screw up itself because
Speaker 1: you documented an effort by the Democratic Party last year
Speaker 1: to really engage in a much more sophisticated technical, high
Speaker 1: tech way that was underneath all of this tell us
Speaker 1: about that. Well, you know, basically both parties are looking
Speaker 1: to modernize and Democrats have invested a lot of money
Speaker 1: and trying to improve their technology. The the breakdown in
Speaker 1: the caucus process stem from an app, uh and I
Speaker 1: got an exclusive interview with the CEO of Shadow Inc.
Speaker 1: Which is the company that built the faulty app, and
Speaker 1: got him to explain to us essentially what happened on
Speaker 1: this nightmare caucus day, how it broke down, and where
Speaker 1: that left Democrats. But where it left Democrats is looking
Speaker 1: very badly. I mean, the process failed in the fact
Speaker 1: act that they can't run a caucus when they're trying
Speaker 1: to make an argument that they should be given the
Speaker 1: reins to the country and Alice, Donald Trump isn't a
Speaker 1: good look for Democrats and as I said, does nothing
Speaker 1: to clarify who the eventual nominee could be. We might
Speaker 1: even be headed for a contested convention, which would be
Speaker 1: unprecedented in modern American politics. And that's Josh Green always
Speaker 1: a treat to catch up with him. He is exactly
Speaker 1: who we wanted on the ground in Iowa, especially when
Speaker 1: things went awry, and you were the first to really
Speaker 1: connect the dots, and he certainly connected the dots while
Speaker 1: he was out there, because this was meant to be
Speaker 1: this amazing evolution, almost revolution in the Democratic Party using
Speaker 1: technology in a way that the Trump campaign did back
Speaker 1: in twos sixteen to really take this process to the
Speaker 1: next level, and it went exactly the other direction. Think
Speaker 1: about the conversations we've had this week Um talking about
Speaker 1: Silicon Valley, how they are considered certainly UM big supporters
Speaker 1: of course of the Democratic Party. So you would think
Speaker 1: the Democratic Party would have the latest and greatest when
Speaker 1: it comes to technology, and yet to see this debacle
Speaker 1: play out in the Iowa caucus is um, just kind
Speaker 1: of blows your mind. And I feel like it was
Speaker 1: one of these things that over the course of the
Speaker 1: week we kept waiting. It's like, Okay, are the results
Speaker 1: out yet? Are they out yet? I mean I was
Speaker 1: reading something that said some people just had to put
Speaker 1: it in the mail, you know. So it goes from
Speaker 1: basically relatively low tech to potentially high tech to the
Speaker 1: lowest of low tech, and candidly it robbed. As you
Speaker 1: heard Josh say, a lot of the potential front runners
Speaker 1: from a fundraising boost and any sort of momentum going
Speaker 1: into New Hampshire. I love in his story and I
Speaker 1: think this is just a really kind of smart bottom
Speaker 1: line on what he wrote. Josh wrote. He says a
Speaker 1: full year of campaigning has done nothing to settle the
Speaker 1: central debate within the party between those who believe a
Speaker 1: nominee muste left word to excite and attract new voters,
Speaker 1: and those who believe that such a course would guarantee
Speaker 1: President Trump. Another term I was neck and neck finished
Speaker 1: between budaj the moderate and Sanders the radical is the
Speaker 1: parties can nundrum uh that you know has come to
Speaker 1: life and right, the party still has not kind of
Speaker 1: come behind who they need to be going forward to
Speaker 1: beat the president. Well, and you couldn't have predicted worst
Speaker 1: timings in and you couldn't have predicted worst timing in
Speaker 1: many way for the Democrats. It comes on a week
Speaker 1: where the president is acquitted. The President gives his State
Speaker 1: of the Union address, which for a president in a
Speaker 1: re election year is really a campaign speech. And check
Speaker 1: out the polls, he's more popular than ever. Right, so
Speaker 1: it really has come together, certainly for the President and
Speaker 1: the Republicans this week, and not so for the Democrats.
Speaker 1: Will see what happens going forward, right, New Hampshire next,
Speaker 1: then on to Nevada and then South Carolina. So we'll see,
Speaker 1: as you say, where this goes and how far reaching
Speaker 1: the implications of this debacle in Iowa are. So don
Speaker 1: to check out Pursuits. The editor Pursuits is with us
Speaker 1: Chris Rouser, and the open to pursuits this week has
Speaker 1: to do with bonuses, and we cover bonuses a lot
Speaker 1: right here, most read stories on the terminal they are
Speaker 1: the pursuits has their own unique twist on it. They do.
Speaker 1: I like it. So where did you go with this?
Speaker 1: So you know some of the coverage that we've been
Speaker 1: doing about bonuses, is that they're flat this year, or
Speaker 1: that bonuses reflect less individual performance and more company wide performance,
Speaker 1: so you might not be getting this crazy surprise. Um.
Speaker 1: So since you know the end of what we used
Speaker 1: to think of the bonus that might be coming, we thought, okay,
Speaker 1: you should take your bonus and you should buy it.
Speaker 1: You should spend it on something that will appreciate. So
Speaker 1: you know, your bonus is an appreciation of yourself. You
Speaker 1: should get something that will appreciate in the world. So
Speaker 1: spend it well. Spend it well something that will be
Speaker 1: worth more in the future, either worth more with money,
Speaker 1: or worth more in your life or in culture or
Speaker 1: in helping people right exactly. And it's not a boring list.
Speaker 1: It's really a mixture that you guys have come up with.
Speaker 1: It's really a fun list. Yeah, so we wanted to
Speaker 1: have a lot of different things. You know, you don't
Speaker 1: have to buy the specific piece of property that we
Speaker 1: recommend up state, but you know, thinking about buying, Yeah,
Speaker 1: it does look nice. We have a farm up state,
Speaker 1: like a working farms you actually maybe like make money
Speaker 1: off of for three million dollars up in the Hudson
Speaker 1: Valley Acres that's that's a lot that's maybe too much
Speaker 1: land for me, but then have people for that exactly. Um.
Speaker 1: But you know, you can buy a pair of limited
Speaker 1: edition Nike Airmax sneakers for a D twenty dollars and
Speaker 1: those actually rate go up in value. A Chanelle boy
Speaker 1: bag can go up in value seventy percent. You know,
Speaker 1: you can buy a piece of art. You can buy
Speaker 1: a nice knife for your kitchen so you never have
Speaker 1: to buy a knife again. All these different things are
Speaker 1: things that become more valuable over time. Well and talk
Speaker 1: about some of the investments as it were, and they
Speaker 1: appreciate the appreciation. I should say that comes from like
Speaker 1: a museum membership, you know, like those sorts of things
Speaker 1: that was intriguing to me. Yeah, so, um, there's a
Speaker 1: there's different tier memberships that than the Metropolitan Museum of
Speaker 1: Art here in New York, and sometimes they give you
Speaker 1: access to early openings so you don't have to wait
Speaker 1: in line for all those crazy shows, or you know,
Speaker 1: you have special access to curators who walk around and
Speaker 1: teach you about the art that you're seeing in the
Speaker 1: background of it, and then you can use that information
Speaker 1: to impress people at a cocktail party, you can use
Speaker 1: it to invest in art yourself. That that's like useful
Speaker 1: information that people don't always think about. Well you do,
Speaker 1: and you kind of take that to another level because
Speaker 1: take that art appreciation and you can actually buy a
Speaker 1: piece of art like a Hockney, Right, Yeah, exactly, like
Speaker 1: Hockney has got has got a super hot market right now,
Speaker 1: there's a lot of stuff coming up to auction, really
Speaker 1: stuff that's beautiful to look at and vibrant, interesting, um,
Speaker 1: and you know he's a person that the market is
Speaker 1: just going up and up. Right. You also touch on
Speaker 1: essentially what's almost the next level of eco tourism in
Speaker 1: in some ways where you're seeing some beautiful things but
Speaker 1: then contributing some work and then in some way sort
Speaker 1: of paying it forward by paying for somebody else to
Speaker 1: go on something of an excursion. Yeah. So a company
Speaker 1: that we love is called Elevate Destinations, and when you
Speaker 1: go on a trip, you can actually help them do
Speaker 1: research about elephants, uh, and they invest in sort of
Speaker 1: improving the relationship between humans and elephants. Can most trips
Speaker 1: where you interact with elephants are actually not good for
Speaker 1: the elephant elephants. So like this is something people need
Speaker 1: to learn about. And then also that company gives money
Speaker 1: to kids to visit local cultural sites in the region,
Speaker 1: which is which is just paying it forward in a
Speaker 1: way where you're not even there. I have to say
Speaker 1: one of the things that really jumped out for me.
Speaker 1: I love animals is um the one about helping out
Speaker 1: pets in as at Puerto Rico specifically. I love that
Speaker 1: idea because there's a lot of animals that were hit
Speaker 1: by the storms they are the hurricanes. For four dollars,
Speaker 1: you can adopt a pet and as we say, your
Speaker 1: your heart will grow more than you ever thought possible. Um.
Speaker 1: All right, Oh wait, you have that one really good one.
Speaker 1: The LiPo sculpting for guys. Yeah, yeah, invested you can.
Speaker 1: You can do it on your body, you can do
Speaker 1: it on your face, actually around your mouth. This is
Speaker 1: Dr Ryan nine seen in New York, who is one
Speaker 1: of our favorites. Plastic surgeon always has like the new
Speaker 1: hot thing, and this is one of his Renuvian Yeah,
Speaker 1: that's what it's called. Just just adopted or adopted. Maybe
Speaker 1: we've already had it done and you just didn't notice.
Speaker 1: How good. That's the best kind of vacation. Little healing
Speaker 1: there that wasn't actually adopting a dog in Puerto Rico.
Speaker 1: Well maybe not a just being a dog, but maybe
Speaker 1: adopting a title. We love this story. Tell us about
Speaker 1: this one's amazing. So Bennetta Kamal in Germany, it's one
Speaker 1: of our favorite writers. You guys know him. He pitched
Speaker 1: this story about how in Germany and also in some
Speaker 1: other countries in Europe, you can actually buy a title.
Speaker 1: So by your way into the aristocracy. In the way
Speaker 1: that you do it in Germany is you get somebody
Speaker 1: like a princess or a countest to adopt you as
Speaker 1: an adult, you become their child. And okay, can I
Speaker 1: just sayd radio they can't see Jason's face. Really, it's
Speaker 1: just amazing. So, and it's a thing, you know, can
Speaker 1: cost eighty thousand euro to become a count it can
Speaker 1: cost up to eight hundred thousand euro or way more
Speaker 1: to become a prince or a princess. Different titles obviously, Yeah,
Speaker 1: so like and there's you know, there's there's a lot
Speaker 1: of aristocracy in Germany, which is why this is a
Speaker 1: little bit more common there, and people who do it
Speaker 1: report that it actually makes a difference in the way
Speaker 1: they go through life. So the Van whatever Habsburg family
Speaker 1: that also finds out that a crazy aunt like adopted
Speaker 1: somebody and gave them a title. They have no say
Speaker 1: in any of this. Yeah, So people try to protest
Speaker 1: it because they don't they don't like to dilute sort
Speaker 1: of the value of their name. But there's not really
Speaker 1: if you're legally adopting somebody, there's nothing that you can
Speaker 1: actually do about it. So they you know, there's Jansa
Speaker 1: go Boer's husband, Prince Frederick bought his title because he
Speaker 1: got a princess to adopt him, and then he's passed
Speaker 1: it on to a bunch of people. A brothel owner,
Speaker 1: you know, all these someone who wants a bunch of gym's. Yeah, Like,
Speaker 1: I know, I love the I love the detail about
Speaker 1: like the guy who owns Killer Sports and parades around
Speaker 1: I'm reading for Benny's story here parades around in tasseled
Speaker 1: military uniform. Yeah, it's incredible. You know, most people don't know.
Speaker 1: And if you're in Germany, if you have a van
Speaker 1: on your name, people treat you differently. Right, you go
Speaker 1: to restaurants and it helps you go bank loan. We
Speaker 1: hear so like it really actually does change these people.
Speaker 1: We hear that James Charmy, who writes for Pursuits, also
Speaker 1: has a title. But that's all right. So if you're
Speaker 1: not wearing military tassels, maybe you're wearing a brooch, emphasis
Speaker 1: on bro bro We're trying to make it a thing.
Speaker 1: Which fun did you guys have in the news room
Speaker 1: with this one? This was great and you know, we
Speaker 1: did a lot. You know this, we did the story
Speaker 1: because we've seen this a lot. So man, especially on
Speaker 1: the Red Carpet in Hollywood, are wearing jewelry on or
Speaker 1: lapel's lapel pin. Jason Momoa had this great Art Deco
Speaker 1: piece when he was at the Golden Globes recently. Um
Speaker 1: and you know Stilas when he was actually wearing his
Speaker 1: jacket and wasn't sleeveless. That's amazing. They can kind of
Speaker 1: wear anything. And so but we've seen it out and
Speaker 1: here in New York too. I was at a party
Speaker 1: at Sacks last night and I saw a bunch of
Speaker 1: men wearing a pretty like blingy jewelry on their lapels.
Speaker 1: And it's it's just another way for you know, jewelry
Speaker 1: companies to sell and they've really been struggling or trying
Speaker 1: to find ways to open this market up to men.
Speaker 1: Tiffany just launched a men's jewelry collection and it was
Speaker 1: trying to be sort of really masculine, was like jeweled
Speaker 1: dog tags and things. But some companies are just saying, no,
Speaker 1: we just want like some fancy jewelry and we just
Speaker 1: want to I mean, because the fact matter is is
Speaker 1: and we've talked about this visa these the watches before.
Speaker 1: I mean, it is difficult, sorry, smallest violin for men
Speaker 1: to accessorize in a lot of ways. It's the best
Speaker 1: you can do is like wear some bunky socks. You know,
Speaker 1: there's just not a lot you can do. I know
Speaker 1: it's horrible, but you could also get a really cool watch.
Speaker 1: You cover that as well. Talk to us about these
Speaker 1: perpetual calendar watches. I love perpetual calendar watches. I do
Speaker 1: love all watches. I absolutely cannot afford a perpetual calendar watches.
Speaker 1: But these are watches that, um, they give you the day,
Speaker 1: the month, sometimes the week of the year, the year,
Speaker 1: and they don't screw up on leap here so like
Speaker 1: they ever well in that were as humanity we're gonna
Speaker 1: screw up the Gregorian calendar a little bit to get climate,
Speaker 1: but until then, these watches are totally accurate. Most of
Speaker 1: them are self winding, so you wear it around, it
Speaker 1: winds itself and it's just perfectly time for such a
Speaker 1: long time. And because it's so complicated to do that,
Speaker 1: they're very expensive. The cheapest one that we have is
Speaker 1: an IWC, which is twenty eight dollars, and then we
Speaker 1: have ones that go up to eight hundred thousand. Al Right,
Speaker 1: my phone, my phone, I mean a thousand dollars. Your
Speaker 1: phone is never wrongs, well kind of, I guess I
Speaker 1: have to ask you about I would dub the anti Castanza.
Speaker 1: I'm very big into this wallet. I have to say
Speaker 1: I thought a lot about this because I my wallet
Speaker 1: got a little two castanza is way too fat, and
Speaker 1: I just sort of paired it back. It is hard
Speaker 1: to find like the right one though, the right sort
Speaker 1: of thin wall with my husban's paired down to like
Speaker 1: something very tiny for just his cards and just RelA.
Speaker 1: Often you have to when you wear a small wallet,
Speaker 1: like a bill fold style wall. Often you have to
Speaker 1: have a money clip too, because you can't fit a
Speaker 1: lot of bills in there, so you put your money
Speaker 1: in your front pocket. But if you wear this slim
Speaker 1: kind of bill fold style wallet, doesn't screw up your back.
Speaker 1: Like people don't realize that they're getting sciatica or whatever
Speaker 1: that is because they're sitting on their wallet. And um,
Speaker 1: so we have this beautiful, very very soft, like unbelievably
Speaker 1: soft one from the way they two undred and sixty
Speaker 1: five dollars. It's based on their puzzle bag which women
Speaker 1: carry and I just fell in love yeah, or other
Speaker 1: people doing it, like I feel like the brands like
Speaker 1: Coach and so stuff with him. I have a mont
Speaker 1: Blanc one that I really love. Um well, Shinola does
Speaker 1: a really nice one too, because in their sort of
Speaker 1: leather collections, right yeah, and there you know, they can
Speaker 1: be kind of boring. The one of the thing I
Speaker 1: like about the Law one is it's not of colors.
Speaker 1: It's kind of interesting. So people, I got my husband
Speaker 1: one that has a hedgehog painted on it, like people,
Speaker 1: just um, that's Chris Rouse or the editor of the
Speaker 1: pursuit section. I had so much fun with this. First
Speaker 1: of all, of course, the opener talking about how to
Speaker 1: be smarter basically with your bonus dollars because they're not
Speaker 1: as big as they were before. But come on, let's
Speaker 1: get right to it. Don't you want to buy a title?
Speaker 1: Don't you want to be Prince Kelly? Don't you think
Speaker 1: that people would pay even more attention to our show
Speaker 1: if it was Lady von Masser and Baron von Kelly?
Speaker 1: Oh my god, totally it would. It would take us
Speaker 1: to a whole new level. I think we need to
Speaker 1: look into that working on that, haven't you. I just
Speaker 1: came to my mind. It's just clever. Um, it's a
Speaker 1: fun thing. I can expense them. It would be really
Speaker 1: good for business. Jason about this eighty dollars to become
Speaker 1: a prince? And also you got adopted or Barren? Can
Speaker 1: you imagine explaining that one to Debbie Kelly? That is
Speaker 1: so nuts. Anyway, it's a fun read. You must check
Speaker 1: it out. It's something to talk about over the weekend
Speaker 1: with your friends and then for you guys out there
Speaker 1: by broach broach, emphasis on the brow. First, we want
Speaker 1: to start with, of course, the coronavirus still the biggest
Speaker 1: global story. It is the cover of Business Week magazine
Speaker 1: this week. Nobelle Laurid, Paul Krugman stop by our daily
Speaker 1: show this week to talk about the virus, specifically his
Speaker 1: thoughts on what's going on in China and beyond those borders. So, Paul,
Speaker 1: from an economic perspective, from a market perspective, the market
Speaker 1: still seems to be trying to figure out. But you
Speaker 1: mentioned this new world that we're living in, this value supplied,
Speaker 1: value based supply chain. I think is what is what
Speaker 1: you said, help us understand the economic implications here? Okay,
Speaker 1: so you know I was I got a column because
Speaker 1: Wilbert Ross said something truly bone headed, which is not
Speaker 1: that unusual, but it was a good jumping off point
Speaker 1: where he said, this is great for America, help us
Speaker 1: compete with the Chinese. Uh. And that wouldn't have been
Speaker 1: totally bone headed forty years ago, when you actually did
Speaker 1: have a world where kind of national manufacturing bases competed
Speaker 1: head to head with each other. But now we're in
Speaker 1: this world of these complicated interlinked value chains where um,
Speaker 1: you know they I've got an iPhone in my pocket
Speaker 1: here where was that iPhone made? Well? There the last
Speaker 1: step was China, But in fact that that's the last
Speaker 1: step of a very long and winding chain. And there
Speaker 1: are pieces of it that were made in many places,
Speaker 1: and it's been shipped across multiple borders. Um and in
Speaker 1: that kind of world, anything that disrupts manufacturing anywhere is
Speaker 1: actually going to hurt manufacturing everywhere. And so the coronavirus,
Speaker 1: and that's actually by the rate, most most of the
Speaker 1: evidence says that actually all of the people who have
Speaker 1: actually done evidence said that the Trump trade war has
Speaker 1: actually hurt US manufacturing, not helped it. And the reason
Speaker 1: is because of the value chains. What it did was
Speaker 1: it disrupted that raised the cost of US manufacturers by
Speaker 1: raising the cost of imported inputs. And the coronavirus is
Speaker 1: kind of like the Trump trade war on on steroid. Uh.
Speaker 1: If it turns out to be as serious as we
Speaker 1: fear it might be, it's going to be a really
Speaker 1: pretty nasty thing, even for people who are not at
Speaker 1: all at risk of being infected themselves. I feel like,
Speaker 1: going back to your book, that we're at risk two
Speaker 1: of kind of creating a better future if we have
Speaker 1: folks putting out these ideas that have been you know,
Speaker 1: disproven if you will, and that they don't make sense.
Speaker 1: And we certainly see that among politicians. I do wonder
Speaker 1: do you have faith and maybe the private sector to
Speaker 1: kind of move things along. Elon Musk, for instance, like
Speaker 1: him or not, he has certainly pushed forward the idea
Speaker 1: of an e v UM that many traditional auto automakers
Speaker 1: Paul would have said, it's gonna take much longer to do,
Speaker 1: and I feel like he's moved up that. So do
Speaker 1: you have any faith in kind of the private sector
Speaker 1: moving along some of these ideas well? Sometimes I mean
Speaker 1: the look one of the I do say in arguing
Speaker 1: with zombies, that that the the overwhelming problem, the one
Speaker 1: I have Sometimes I asked, why isn't it? The only
Speaker 1: thing I write about is is climate change um? And
Speaker 1: the private sector has actually set us up to solve problem.
Speaker 1: We've had this incredible technological revolution, and renewable energy and
Speaker 1: electric vehicles is part of that because it means that
Speaker 1: we can electrify a lot of transport as well, and
Speaker 1: we can generate the electricity in ways that don't regenerate
Speaker 1: greenhouse gases, and that that technology is already now. Government
Speaker 1: policy helped. Without some of the investments that took place,
Speaker 1: particularly under the much maligned Obama Stimulus, we green energy
Speaker 1: wouldn't be where it is right now. But the private
Speaker 1: sector also did its part and delivered this great technological stuff.
Speaker 1: The trouble is, first that's sometimes not enough, and sometimes
Speaker 1: the politicians are fighting it. So we have the Trump
Speaker 1: administration trying to force us to burn coal even though
Speaker 1: the private sector really doesn't want the coal anymore. What's
Speaker 1: the best economic lens to look at the Iowa caucus
Speaker 1: and the early Democratic vying for the nomination? Boy, I mean,
Speaker 1: I have by way to zero idea what's going to happen? Uh?
Speaker 1: And the but the caucus is it's a you know,
Speaker 1: it's a deeply unrepresentative state and a deeply peculiar If
Speaker 1: somebody want to said that caucus is an artisanal primary, right,
Speaker 1: it's a it's it's a really bad way to judge
Speaker 1: what voters actually want, and with a highly unrepresentative set
Speaker 1: of voters. So this is a this is really bad,
Speaker 1: God knows. I mean, it's but let me tell you
Speaker 1: it might be decisive for the nomination, particularly Biden wins
Speaker 1: that he may that may be a kind of it. Uh,
Speaker 1: But if he doesn't, then probably slog on for quite
Speaker 1: a while. But my insight is that in terms of
Speaker 1: actual policy it hardly matters which Democrat wins that it
Speaker 1: as long as a Democrat wins the general election. Um
Speaker 1: that Bernie Sanders has a lot of big plans, but
Speaker 1: in reality he would only be able to do part
Speaker 1: of them. And Biden, you know, maybe kind of old guard,
Speaker 1: but he's actually offering a pretty progressive economic program and
Speaker 1: his party would force him to go through with that.
Speaker 1: So the reality is that we're going to get a
Speaker 1: Democrat who in practice would be a what Europeans would
Speaker 1: call a social Democrat, would expand the safety net, raised
Speaker 1: taxes on the rich. And I'm not going to get
Speaker 1: worked up at all about about who ends up, you know,
Speaker 1: in the lead. Well, and one of the zombie ideas
Speaker 1: that you talk about in your book is the myth
Speaker 1: of the socially liberal fiscally conservative vote or so there's
Speaker 1: a lot of things that are very relevant. Well, yeah,
Speaker 1: there are I know some socially liberal fiscally conservative I
Speaker 1: had to actually tend to encounter. Well, I basically encountered
Speaker 1: them in in the breakfast meetings at Bloomberg. Uh. And
Speaker 1: they have an average net worth of maybe a thousand
Speaker 1: times mine at least. Uh. And they all wear gray suits,
Speaker 1: and they are absolutely not there. There's nobody out there.
Speaker 1: They are effectively represent maybe three percent of the electorate.
Speaker 1: We just want to spend a couple more minutes with
Speaker 1: Paul Krugman, because we've got him here obviously teaching now
Speaker 1: at the Graduate Center of the City University of New York.
Speaker 1: And when you came in, Paul, you and Carol were
Speaker 1: talking about an interview she did with you down in Princeton.
Speaker 1: You're now a full on resident of Manhattan. What do
Speaker 1: you make of New York City right now? Oh, you know,
Speaker 1: if if you can afford a place to live, which
Speaker 1: is the hard part. Uh, it's a golden age of
Speaker 1: New York City. I mean, crime is low, the cultural richness,
Speaker 1: whatever your tastes are, is enormous. The food is better
Speaker 1: by far than it was when I was growing up.
Speaker 1: You know, it's it's a um and and life is
Speaker 1: surprisingly easy, uh, you know, and anything you want is
Speaker 1: five minutes away. So uh, no, it's it's I'm a
Speaker 1: huge fan of New York I even love I'm a
Speaker 1: fan of the subway. For all of its problems, it's
Speaker 1: a it's a very efficient means of transport. So no,
Speaker 1: I'm a Uh, you're a bull. I'm a bull. And
Speaker 1: you know I grew up in this on Long Island.
Speaker 1: I always thought that would someday grow up to be
Speaker 1: in a New York intellectual and finally in my sixties,
Speaker 1: I made it. You made it. But you made it,
Speaker 1: which is great. Well, and I do wonder about, um,
Speaker 1: you know, bringing more people and making it more equal
Speaker 1: with in the city. Do you think that's something that
Speaker 1: we can fix, whether it's developers responsibility or whoever. No,
Speaker 1: we definitely need housing. Affordable housing is probably the biggest
Speaker 1: single thing that you can do. I mean, there are
Speaker 1: other things. Universal pre K is great, but we should
Speaker 1: have even more child support and that's something that the
Speaker 1: city can do. But building more housing for regular people, um,
Speaker 1: it's you know, it's a dense city, but there was
Speaker 1: there's in fact still plenty of room for that. And
Speaker 1: that's that's the biggest you know, it's always gonna be
Speaker 1: highly unequal city because it's a place where billionaires want
Speaker 1: to live, right, so there's always gonna be some of
Speaker 1: those ten seconds. Got a favorite part of the neighborhood? Well,
Speaker 1: I mean I because I live on the Upper West
Speaker 1: Side and it's it's you know, it's it's a wonderful place,
Speaker 1: and that's Nobel Laureate Paul Krugman excited to catch up
Speaker 1: with him, especially because this new book arguing with the Zombies, economics, politics,
Speaker 1: and the fight for a better Future, couldn't be more timely.
Speaker 1: So we were down in Miami last week. We were
Speaker 1: there just a few days ahead of the Super Bowl.
Speaker 1: We brought cast from Radio Row they call it, and
Speaker 1: with all sorts of folks, but we also helped host
Speaker 1: an event was called the Bloomberg Power Players Summit. That's right, Jason,
Speaker 1: and we had a chance to have a conversation with
Speaker 1: Kim Pagoula. She's the owner and president of the Buffalo
Speaker 1: Bills also the Buffalo Sabers, so they have she and
Speaker 1: her husband a lot of exposure to the sports industry
Speaker 1: and it was fun to talk to her about a
Speaker 1: lot of things. We did talk a little bit about
Speaker 1: being a woman and what is predominantly a field and
Speaker 1: industry dominating by men, but also about becoming really connected
Speaker 1: with your community where the team is based, right, the
Speaker 1: future of football fan engagement, and her priorities for the
Speaker 1: next decade. One of the questions I want to ask
Speaker 1: you and forgive me. But what's it like being a
Speaker 1: very successful woman in a sport that is so dominated
Speaker 1: by men. It's it's awesome. I'm sorry, isn't really all awesome.
Speaker 1: I'm not trying to make anyone jealous, but um, I
Speaker 1: have the best job in the world, as you know
Speaker 1: what I this is. You know, there's a lot the challenges,
Speaker 1: of course, but I can tell you just I'm having
Speaker 1: so much fun. I've ever any moment though where they're like, oh, Kim,
Speaker 1: what does your husband think about this? Oh? Um no,
Speaker 1: you know what my my um my husband and I
Speaker 1: we're we've been married for about twenty seven years and
Speaker 1: he has been a great partner of mine and I
Speaker 1: remember when he when we talked about the bid coming
Speaker 1: off to buy the bills. He's like him, like, like,
Speaker 1: you gotta get on board because I can't do this
Speaker 1: and you know without without you and I and certainly that. Um.
Speaker 1: So he's always been my biggest supporter and it's been
Speaker 1: very grateful. But then at the same time he's like,
Speaker 1: all right, you go do it. So he'said it's great
Speaker 1: to have the support, but then you realize you're the
Speaker 1: one doing all the work, not always but sometimes times.
Speaker 1: But it's great being an owner. I'm so blessed. I
Speaker 1: love it every day. So what's the big challenge for
Speaker 1: you right now? In in obviously a lot of focus
Speaker 1: this weekend because it is the Super Bowl. It's a
Speaker 1: good time to sort of take off of where you
Speaker 1: are as an owner. What's number one on your list?
Speaker 1: You know, really we would not be here without our players,
Speaker 1: and they get in our fans, and so every year,
Speaker 1: regardless of our our wins our losses, every year is
Speaker 1: a new challenge because you I mean, the forty niners
Speaker 1: were you know, they were almost one of the worst
Speaker 1: teams last year and this year they're in the big game,
Speaker 1: and so every year is different and you can't always
Speaker 1: like count on what you did right or what you
Speaker 1: did wrong. Um, but the just the fan base, UM,
Speaker 1: trying to re engage with them, all the new technology
Speaker 1: that comes through, you got new players, the struggles that
Speaker 1: any business have when you don't know what it is.
Speaker 1: So I think that's really is just how do we
Speaker 1: keep engaging our fans, how do we keep building on
Speaker 1: what we have? How do you do that? Because we
Speaker 1: you know, we've had some conversations and planning for this.
Speaker 1: Jason I talked about it with our own families, that
Speaker 1: there is so much UM. I think George Pine used
Speaker 1: this expression like competing for some mind space. You know,
Speaker 1: you want the fans at the games, but you all
Speaker 1: to want to keep them engaged when they're a way.
Speaker 1: So how do you compete with so much that's out there? Well? Yeah,
Speaker 1: and and we found that, you know, we used to
Speaker 1: think that you could kind of compete with another club.
Speaker 1: You're a you're competing against another league, you know, basketball, hockey,
Speaker 1: whatever it is, UM. But we found that we're really
Speaker 1: competing for people's time and the convenience because they're able
Speaker 1: to do, you know, go on their phone and get
Speaker 1: a ride to wherever they want to go. They can
Speaker 1: have groceries delivered right to right to your door. And
Speaker 1: so people are now expecting out of their experience all
Speaker 1: the ease and convenience that they're getting from all these
Speaker 1: other industries that you know, before we didn't think we're
Speaker 1: our competitors, UM, but certainly now now they are because
Speaker 1: they want that same level of expectations for our fans.
Speaker 1: Do Kim, how do you create a club and create
Speaker 1: sort of an ethos around the club that's reflective of
Speaker 1: the city. I mean, Buffalo is an American city in
Speaker 1: so many ways for good and bad, especially now in
Speaker 1: so what is it about the team that reflects this
Speaker 1: sitting well, you know what I really do, there's um,
Speaker 1: you know, sometimes I feel like we can't as a
Speaker 1: club in the league. Sometimes they have a lot of rules, right,
Speaker 1: and of course, you know, we gotta play within those rules.
Speaker 1: But I think that authenticity that you know, we we
Speaker 1: talk about a lot, I think that you have to
Speaker 1: really embrace that. So in Buffalo we have this is
Speaker 1: called Bill's Mafia. Was not started by the club. In fact,
Speaker 1: we kind of really shied away for because we're like, oh,
Speaker 1: that's kind of like a negative and tones we're not,
Speaker 1: you know, not that kind of family. But that's what
Speaker 1: the fans like felt like they just embraced it as
Speaker 1: their own. And now we're like, no, let's partner with that.
Speaker 1: Let's embrace me that because that's who we are. So
Speaker 1: really understanding our core fan who we are and then
Speaker 1: allowing them organically naturally to help us really be who
Speaker 1: we are as a team and any of our players
Speaker 1: you'll see there'll be like a shout out to Bill's mafia,
Speaker 1: like they get it too, they feel it all right.
Speaker 1: For our Bloomberg Business Week listeners tuning in around the country,
Speaker 1: we're here in Miami talking to Kim list. She is
Speaker 1: the president CEO of the GOOLA Sports and Entertainment owner
Speaker 1: and president of the Buffalo Bills and the Buffalo Savers.
Speaker 1: We should point up. So one thing I want to
Speaker 1: ask you is you are thinking about and it's some
Speaker 1: of the conversations you've been having here up on stage,
Speaker 1: is that you want to think about your existing maybe
Speaker 1: older fan base, right who want to interact with the
Speaker 1: game and the team a certain way, and then you
Speaker 1: got your younger consumer who you also want to engage
Speaker 1: because you want to have them around for decades to come.
Speaker 1: How do you balance that as a team owner? You know,
Speaker 1: you've got to think about resources and so on and
Speaker 1: so forth. I think that is is so hard. I mean,
Speaker 1: that is one of you asked me earlier about one
Speaker 1: of the struggles, and I think that, truly is It's
Speaker 1: the best thing about sports, Like our fan base is
Speaker 1: anyone from like you know, a new baby that's got there,
Speaker 1: like my first game shirt, and then I've got you know,
Speaker 1: people that like a hundred years celebrating their hundredth birthday
Speaker 1: out of football game, and so how do you cover
Speaker 1: that whole? I mean it's the best thing, Like do
Speaker 1: you have that fan base, Um, that's fans, so many generations. Um.
Speaker 1: But if it presents a lot of alenges. Well, speaking
Speaker 1: of challenges, we just had four you know, incredibly successful
Speaker 1: athletes who have moved on in some ways, you know,
Speaker 1: co founding businesses, co founding a league, some still playing.
Speaker 1: We talked a lot about the role of social media,
Speaker 1: players using social media, managing their own brands. How do you,
Speaker 1: as a team owner kind of get your hands around that.
Speaker 1: What's your view on that? No, I I am very
Speaker 1: big proponent of our players having a voice in a
Speaker 1: brand because I do think, like said, they are representing
Speaker 1: your team, and the players aren't coming to see me,
Speaker 1: They're coming to see our players, and I think there's
Speaker 1: such power that they have with the influence and and
Speaker 1: if we can help them. So we have a program.
Speaker 1: The league has done a much better job than recent
Speaker 1: years of allowing for that, and so we have a
Speaker 1: program where we actually well because you know, the players
Speaker 1: on game day, like they're supposed to be focusing on
Speaker 1: the game, but they've got fansday got family, they want
Speaker 1: to have fun, and so we like provide extra videographers,
Speaker 1: extra camera crew, extra people that we'll take pictures and
Speaker 1: we'll send it to them and say, hey, we're not
Speaker 1: using this, why don't you can share it with your
Speaker 1: fans or where you can share it with your family.
Speaker 1: You can do whatever you want with them. Because it's
Speaker 1: social media's time consuming. Oh my goodness, I have a
Speaker 1: Twitter account and I got an Instagram and it's like,
Speaker 1: it's it's a lot. And now we're on TikTok, right,
Speaker 1: So like you gotta do the Facebook for your older generation. Now,
Speaker 1: then you gotta do TikTok, which are completely and everything
Speaker 1: in between. It's a lot. That's Buffalo Bill's owner and
Speaker 1: president Kim Pagoula talking to us from the Bloomberg Power
Speaker 1: Players Summit. Interesting to hear, as you said, Jason, you know,
Speaker 1: it's a new type of owner. This is someone she said,
Speaker 1: took over the franchise after the previous owner was there
Speaker 1: for a long time, so for the whole history of
Speaker 1: the team exactly. So it took several years to kind
Speaker 1: of make your own imprint, and that's kind of where
Speaker 1: they are right now. So we were down in Miami
Speaker 1: last week. I just like saying that ahead of the
Speaker 1: Super Bowl. We were there for the Bloomberg Power Players
Speaker 1: Summit exactly, and Jason I had a panel focusing on
Speaker 1: tackling sustainability through sports. And when you talk about sustainability,
Speaker 1: you're talking about a lot of things, yes, going green,
Speaker 1: being green, but you're also talking about diversity and inclusion.
Speaker 1: So we covered a lot of things, and I have
Speaker 1: to say this was such an interesting sort of pairing
Speaker 1: of people in some ways. Joining you was Alguido, the
Speaker 1: president of the San Francisco forty Niners, Dallas Maverick CEO
Speaker 1: Cynthia Marshall, and Kirk Tanner, he's the CEO of PEPSI
Speaker 1: North America. Let's start with you, all right, San Francisco.
Speaker 1: You have this amazing stadium. I mean you even have
Speaker 1: a dashboard I believe when you go there where fans
Speaker 1: can check out how green you are. Tell us about
Speaker 1: this stadium. Why you guys did it look? I think
Speaker 1: for us being in the Bay Area, it's sort of
Speaker 1: it was a staple that we wanted to be green
Speaker 1: we wanted to be sustainable. It came down it was
Speaker 1: an edict from our ownership group, Jed York. We wanted
Speaker 1: to be the first stadium that was ever built lead gold.
Speaker 1: There have been a number of stadiums that have opened
Speaker 1: and then became lead gold, but it was important for
Speaker 1: us to do so, and a lot of things went
Speaker 1: into it. Some of it is the location in the
Speaker 1: stadium and where where we picked it. Obviously, all of
Speaker 1: us in the sports business have this challenge of having
Speaker 1: seventy thousand people come down to a stadium, So how
Speaker 1: do you actually do that? How do you reduce the
Speaker 1: carbon footprint the number of cars. Well, build a stadium
Speaker 1: next to two forms of public transit, get fifteen to
Speaker 1: eight percent of your people using those publican forms of
Speaker 1: transit on game day. It's very fair. It was great
Speaker 1: for us. The second we really wanted to be. You know,
Speaker 1: it was ambitious, but we wanted our game days to
Speaker 1: be powered by the sun. So we partner with NRG
Speaker 1: and sun Power. We have over eighteen hundred fold of
Speaker 1: voltaic panels in our building. We use that stored energy
Speaker 1: and we literally power Sunday via the sun and then
Speaker 1: there's a number of other things in the recycled water.
Speaker 1: On top of our stadium, we actually have a twenty
Speaker 1: seven thousand square foot green roof where we actually use
Speaker 1: those products. Um inside of our concession stands from our
Speaker 1: cooking perspective, but at the very highest levels, I would
Speaker 1: say it starts with ownership. It starts with leadership. It
Speaker 1: was important for our organization to really put a flag
Speaker 1: in the ground and make this an important thing for us,
Speaker 1: and I think a lot of the other stadiums that
Speaker 1: that came on board after us followed synthing. I wanted
Speaker 1: to come into it because speaking of sustainability, you were
Speaker 1: brought into a situation at the Dallas Mavericks that wasn't sustainable.
Speaker 1: So talk to us. First of all, I think everybody's
Speaker 1: probably heard the story. Mark Cuban, I think calls you,
Speaker 1: right and you're like, who is this? I didn't know him,
Speaker 1: You didn't know who he was, all right, not me either,
Speaker 1: So it's okay. But you're a smart lady and you
Speaker 1: get up to speed and you find out and you
Speaker 1: go to meet with him, but you don't think you're
Speaker 1: going to take the job to work with the Dallas Mavericks.
Speaker 1: Tell us a little bit about what was going through
Speaker 1: your head and what you knew of the problem. Right. Well,
Speaker 1: first of all, I had just retired from a T
Speaker 1: n T. Your retirement, right, So I just retired start
Speaker 1: a consulting company and it was a consulting company focused
Speaker 1: on leadership development, diversity and inclusion, culture transformation. And so
Speaker 1: then I get this call and I want to talk
Speaker 1: to him, and on my way over to his office,
Speaker 1: I read the Sports Illustrated story and that's when I thought,
Speaker 1: I don't know if I want to do this. I
Speaker 1: don't I don't know if I'm gonna want to be
Speaker 1: a part of this. But obviously the person who I
Speaker 1: talked to was so focused on a culture transformation. And
Speaker 1: Mark says, I need you to come in. We have
Speaker 1: some issues here. I need you to come in and
Speaker 1: help us. And as I was leaving his office, two
Speaker 1: women stopped me to tell me their stories. I came
Speaker 1: back the next day and said, I gotta do this.
Speaker 1: I just have to do this, because what I have
Speaker 1: learned is it takes leadership, and you talked about that
Speaker 1: and the tone has to be said at the top.
Speaker 1: So here's an opportunity to come in be a part
Speaker 1: of something truly that would be sustainable to create a
Speaker 1: culture and a climate of diversity and inclusion. Not just
Speaker 1: diversity because there's a difference, but true inclusion, since of belonging,
Speaker 1: are really having people wanting to be a part of it,
Speaker 1: really appreciating people. And so I got a chance to
Speaker 1: do it, I said yes. And it's been twenty three
Speaker 1: months and the NBA just gave us the Inclusion Leadership
Speaker 1: Award for the progress. The work is not done, but
Speaker 1: we've made a lot of progress. That's congratulations. And I
Speaker 1: have to say I've been quoting you because you say
Speaker 1: there's diversity and inclusion. Diversity being asked to the party,
Speaker 1: being invited to the party. Inclusion is being asked to dance.
Speaker 1: So you can invite me to the party and have
Speaker 1: me as the only black at the table, the only
Speaker 1: woman at the table, and your numbers look good and
Speaker 1: I look good, and we think we've done something great.
Speaker 1: But then I don't feel included because you haven't taught
Speaker 1: me the rules, you haven't taught me the dance steps.
Speaker 1: Everybody's doing something, all the fellows are doing it, but
Speaker 1: I don't know what you're doing. And so inclusion is
Speaker 1: about teaching me those moves and making sure that I
Speaker 1: can be successful at that table and let's go. I
Speaker 1: would love that. That's how Guido the president of the
Speaker 1: San Francisco forty nine ers, Dallas Maverick CEO Cynthia Marshall,
Speaker 1: and kirktown are the CEO of PEPSI North America. I
Speaker 1: love this conversation. It was about sustainability, diversity, inclusion. But
Speaker 1: what was really unique, Jason is they all came at
Speaker 1: it from a little bit of a different perspective and
Speaker 1: so together you've got a really rich conversation. So we
Speaker 1: were in Miami last week. It was really nice and warm,
Speaker 1: love being there. It was just ahead of the big game,
Speaker 1: the Super Bowl for the Bloomberg Power Players, so it
Speaker 1: was this incredible networking and gathering of athletes, of team owners,
Speaker 1: so many different folks involved in the sports world, and
Speaker 1: one of those people care. I was really excited about
Speaker 1: this conversation ahead of time, and man did he deliver.
Speaker 1: John Skipper we talked about streaming. Of course, he knows
Speaker 1: the media world, the sports media world, as well as
Speaker 1: anyone who's the president of ESPN now with a fast
Speaker 1: growing startup called The Zone. Well, in my career. I mean,
Speaker 1: it was an extraordinary inflection point when you went from
Speaker 1: a pulsity of sports on broadcast, right they did, the
Speaker 1: broadcast networks did less than a thousand hours a year
Speaker 1: of television. Uh. In my last year as president of ESPN,
Speaker 1: we did ninety thousand hours. Um. So that was a
Speaker 1: an inflection point of availability of content to fans. And
Speaker 1: that was cable really that created that, right, And it
Speaker 1: was of course also a transition from an over the
Speaker 1: air broadcast signal to a more stable connection, whether it
Speaker 1: be satellite or co acle cable. But this inflection point,
Speaker 1: which is moving from pay television two over the top
Speaker 1: streaming is going to be just as profound. I mean, look,
Speaker 1: it's already happened in music, and look how profound that is.
Speaker 1: Instead of going to your tywer records and bringing home
Speaker 1: a sack full of vinyl, you pay a very small
Speaker 1: amount of money and have all the music, or I
Speaker 1: just made the number up of all the music in
Speaker 1: the world available to you on your smartphone. That's a
Speaker 1: spectacular consumer experience. Change the business model you now have.
Speaker 1: We're right in the middle of the movement of general
Speaker 1: entertainment two over the top streaming, and all you read
Speaker 1: about every day is the introduction of Disney Plus. Here
Speaker 1: comes the new Peacock. What what is the next series
Speaker 1: of content on Apple TV? What's HBO Max gonna look like?
Speaker 1: What is Amazon gonna do? What is Facebook gonna do? Uh?
Speaker 1: It's a remarkable change over time. It's a better value
Speaker 1: to the consumer. It unbundles the bundle, which doesn't mean
Speaker 1: you won't have a reaggregation of over the top content.
Speaker 1: You will. And it also provides advantages in more volume.
Speaker 1: You're gonna ago now from one thousand hours to nine
Speaker 1: eight thousand hours to two million hours, and pretty much
Speaker 1: everything is going to be available. You're gonna be able
Speaker 1: to pick and choose more. And then you have the
Speaker 1: advantage of interactivity two A communication which will allow people
Speaker 1: to have personalized experiences betting, fantasy, gamification, chat rooms and
Speaker 1: and uh conversations happening during the broadcast. So it's a
Speaker 1: profound change and a better consumer experience. The question is
Speaker 1: what happens to the business model? Right? Okay, so let's talk,
Speaker 1: I mean, let's get into it. Because everything you said
Speaker 1: sounds awesome, sounds amazing, especially from a consumer perspective. And
Speaker 1: yet you know the joke that people will sit down
Speaker 1: to try and watch a movie on a Friday night
Speaker 1: and they'll spend an hour just on Netflix, and by
Speaker 1: the time they decide what they're gonna watch, it's time
Speaker 1: to go to bed. You know what I mean that
Speaker 1: that's sort of paralysis. I'm more efficient to that. Well,
Speaker 1: you're a more efficient guy in general. But you know,
Speaker 1: and that's just with a couple of platforms. Some of
Speaker 1: the things that you've talked about haven't even fully rolled
Speaker 1: out yet. How is a consumer to make sense of
Speaker 1: what they're gonna put their dollars to? Um. I don't
Speaker 1: actually know that this is literally what happens, but I
Speaker 1: think it's instructive to think about a family sitting around
Speaker 1: the dinner table and deciding what they're going to buy,
Speaker 1: and the winners are gonna be those people who are
Speaker 1: the first choice, or the second choice, or the third choice,
Speaker 1: because not many people are going to subscribe to more
Speaker 1: than five or six services, which by the way, may
Speaker 1: still include a light aggregated pay TV bundle, but they're
Speaker 1: gonna add Netflix. I mean, Netflix is fairly ubiquitous now
Speaker 1: within a certain socioeconomic group of people. In the United States.
Speaker 1: Even if you go to a place, um, if you're
Speaker 1: gonna Brazil, you know the plurality of homes at a
Speaker 1: certain socio economic level. And above all have Netflix. They
Speaker 1: have it in Canada. They you know they're gonna have
Speaker 1: it in India and everywhere else. So the fight now
Speaker 1: is between HBO, Max and Peacock and Disney and Apple
Speaker 1: and Amazon Prime for where are they in the lineup
Speaker 1: of which services people are gonna choose. We are sports only,
Speaker 1: so we have to work our way into that consideration set.
Speaker 1: We have a very simple way to do that. That
Speaker 1: does not mean that it is trivial to execute, but
Speaker 1: we know from our experience in Germany, Japan, Italy that
Speaker 1: if you have first tier sports content, you're going to
Speaker 1: make the cut. In Italy we have Syria, which means
Speaker 1: if you're a Javentus fan, three out of every ten
Speaker 1: Juventus games are owned his own. It's the only way
Speaker 1: to watch them. We have a very large number of
Speaker 1: subscribers in Italy. Uh same thing in Japan where we
Speaker 1: have the j League football, flip soccer, and we have
Speaker 1: the Japanese Baseball so we have a large business in Japan.
Speaker 1: We have had. We have bund some Bundesliga games in Germany.
Speaker 1: We've got to high business. It's easy to do, it
Speaker 1: is not inexpensive. The technology is complex. The reason music
Speaker 1: happened is audio is easier to stream than video. The
Speaker 1: reason entertainment happens before sports is because our archived entertainment
Speaker 1: that sits at the head end of in the cloud
Speaker 1: is easier. And the hardest thing to do is we're
Speaker 1: gonna have a live game, and we're going to produce
Speaker 1: that and deliver it to you at the same time
Speaker 1: as everybody else. Last year we did one hundred more
Speaker 1: than one games events in which we had an audience
Speaker 1: of over a million people watching the same thing at
Speaker 1: one time. I do not think anybody else in the
Speaker 1: world has had that experience. Uh. And that is the
Speaker 1: complexity of That is why this will happen over a
Speaker 1: certain period of time. It's funny. I was just talking
Speaker 1: to somebody who said, when's the super Bowl gonna be on?
Speaker 1: Over the top? The super Bowl might be very quickly
Speaker 1: over the top as a choice, exclusively over the top.
Speaker 1: That you couldn't do it right now. You just couldn't.
Speaker 1: It wouldn't be stable. It wouldn't be a good experience.
Speaker 1: But if five million people wanted to do it because
Speaker 1: they weren't in front of that, you know, they weren't
Speaker 1: at home, or they didn't have a pay TV subscription. Uh,
Speaker 1: that could certainly be a compliment. Which what urge the
Speaker 1: NFL to think about in their next round of deals. Well,
Speaker 1: let's talk about that very point, because for a long time,
Speaker 1: media rights when it comes to sports have been to
Speaker 1: keep me honest here exclusive, right, I mean, and you
Speaker 1: don't have so much of these sort of complimentary situations.
Speaker 1: Is that changing? Is it changing fast? Well, it's interesting
Speaker 1: depends on where you're talking about. UM. At ESPN, our
Speaker 1: point of view was it is not acceptable to bifur
Speaker 1: kate the linear stream and the over the top. Of course,
Speaker 1: the NFL did that on Thursday night when they sold
Speaker 1: a linear stream to Fox and they sold over the
Speaker 1: top stream to Amazon. So I think you will see
Speaker 1: some uh positioning and struggle and and I think some
Speaker 1: leagues will try to bifurcate the two. Now, I'll tell
Speaker 1: you something ironic that while I just said that our
Speaker 1: point of view and at the zone is that we
Speaker 1: want exclusive content, we may in certain cases be willing
Speaker 1: to be non exclusive. I take the Super Bowl night exclusively.
Speaker 1: But when we bought the serial rights in Italy or
Speaker 1: the Japanese baseball rights, we bought them exclusively. They are
Speaker 1: not for It's okay if you want to get your
Speaker 1: pay TV subscription. We want to move people over. We
Speaker 1: want a transformation. We don't want to be a complementary service.
Speaker 1: And for those of you listening on Bloomberg Radio Bloomberg
Speaker 1: Business Week, I'm speaking with John Skipper of just Zone,
Speaker 1: formerly of ESPN. So as you think about sort of
Speaker 1: sport by sport, you guys have a really nice footprint
Speaker 1: in boxing obviously here in the United States. You talked
Speaker 1: about some of your soccer slash football rights overseas. What's
Speaker 1: the next big growth area for you that takes the
Speaker 1: Zone to the next level. Look, it is you want
Speaker 1: to what you need to do to build a subscription service.
Speaker 1: And we're in nine countries of four continents. Were in
Speaker 1: Brazil or in Spain, where in Italy were the United States?
Speaker 1: Were in Canada? Where in Austria, Switzerland and Germany. You've
Speaker 1: got to start with something that matters right here. We
Speaker 1: started with Slovaz Canella. He matters, so you can move
Speaker 1: people over. You gotta start um. In Canada, we have
Speaker 1: a Sunday ticket. Uh. You gotta start with something that matters.
Speaker 1: You gotta build around it so that people, well, you
Speaker 1: can retain their subscription. You can make sure that they're
Speaker 1: all the year and that they watch more. If we
Speaker 1: can get people to watch five events in a month,
Speaker 1: it's almost certain that they'll stay with us the next month.
Speaker 1: And that's John Skipper, executive chairman of his own former
Speaker 1: president of ESPN. He sort of can't make this guy
Speaker 1: up in many ways. I love his accent. I just
Speaker 1: love his whole approach. You know, he rocks up onto
Speaker 1: the stage, you know, not wearing socks and his shoes.
Speaker 1: He was full on Miami. He was full on Miami. Alright.
Speaker 1: That wraps up the weekend edition to Bloomberg Business Week
Speaker 1: from Bloomberg Radio. I thinks so much for joining us.
Speaker 1: I'm Carol Masser and I'm Jason Kelly. Be sure to
Speaker 1: tune into Bloomberg Business Week Radio live Monday through Friday,
Speaker 1: starting at two pm Wall Time. And if you can't
Speaker 1: catch us live, check out our daily podcast wherever you
Speaker 1: download your podcast, and you can also watch the show
Speaker 1: live on YouTube. Just search for Bloomberg Global News, and
Speaker 1: of course you can get this week's edition of the magazine.
Speaker 1: It is on newsstands now, and we'll be back right
Speaker 1: here next week at the same time. This is Bloomberg