WEBVTT - Americans Prioritizing Disposable Income on Travel 0:00:01.280 --> 0:00:05.640 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 0:00:09.480 --> 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 Messer and Tim Stenebec from Bloomberg Radio. 0:00:20.320 --> 0:00:22.599 We are in this interesting time where we're trying to 0:00:22.600 --> 0:00:25.040 figure out what comes next, trying to guess FED policy, 0:00:25.720 --> 0:00:29.000 watching data, some strong, some a little bit weaker. And 0:00:29.040 --> 0:00:31.120 this is why we leaned so much on the c 0:00:31.320 --> 0:00:33.640 suite Jess when it comes to trying to figure out 0:00:33.720 --> 0:00:36.280 what comes next. And one of the companies we've been watching, 0:00:36.479 --> 0:00:39.360 Booking Holdings. They're up nearly thirty percent so far this year. 0:00:39.400 --> 0:00:42.160 It reported earnings last week, beating on both the top 0:00:42.159 --> 0:00:47.239 and bottom lines. And among that company's brands, Priceline. So 0:00:47.280 --> 0:00:50.040 we wanted to get a look at travel trends and demand. 0:00:50.080 --> 0:00:52.680 So with us Priceline CEO Brett Keller. He joins us 0:00:52.720 --> 0:00:54.800 via zoom in Norwalk, Connecticut. By the way, he's been 0:00:54.840 --> 0:00:57.040 with the company for more than twenty years, so he's 0:00:57.040 --> 0:00:59.440 seen a few cycles in his lifetime. Hey Brett, so 0:00:59.480 --> 0:01:02.120 good to have you here with justin myself, how are 0:01:02.160 --> 0:01:04.759 you and how would you describe the travel environment right now? 0:01:06.160 --> 0:01:09.400 Thank you, thank you for having me, And things are 0:01:09.440 --> 0:01:12.840 actually very good if you're in travel right now. Obviously 0:01:13.319 --> 0:01:16.400 a very tough you know, twenty twenty and twenty one, 0:01:16.520 --> 0:01:18.720 twenty twenty two started to show some really nice signs, 0:01:18.760 --> 0:01:22.560 and for the last couple of quarters, the consumer has 0:01:22.680 --> 0:01:25.960 really demonstrated that they're prioritizing travel right now. And if 0:01:25.959 --> 0:01:28.280 you mentioned earlier, you know, we recently came out with 0:01:28.319 --> 0:01:32.880 our fourth quarter results and it's showing real strength across 0:01:33.040 --> 0:01:35.400 especially you know, across the US, but really across all 0:01:35.400 --> 0:01:38.639 markets around the world. And I'm really excited with spring 0:01:38.680 --> 0:01:41.520 coming up, Carol and Brett, just because we have daylight 0:01:41.560 --> 0:01:44.280 savings next weekend, so we'll get that extra hour coming soon. 0:01:44.400 --> 0:01:47.120 But Brett, I was curious about what does the travel 0:01:47.200 --> 0:01:49.800 demand look like as we head into spring. Should we 0:01:49.840 --> 0:01:52.800 expect this strength to continue? I mean, when I think 0:01:52.800 --> 0:01:55.000 back to the holiday travel, there was a little bit 0:01:55.000 --> 0:01:57.120 of chaos when you thought about the airlines and some 0:01:57.160 --> 0:01:59.120 of that in the bookings. But what are you expecting 0:01:59.160 --> 0:02:04.040 for spring travel right now? Sure, well, consumers have essentially 0:02:04.200 --> 0:02:07.480 kind of fallen back into their typical booking patterns, meaning 0:02:07.880 --> 0:02:10.040 they're traveling on the busiest days of the year, so 0:02:10.080 --> 0:02:13.679 they're going to pack those spring break weeks, especially families 0:02:13.720 --> 0:02:17.800 when children have time off from school. Families are really 0:02:17.840 --> 0:02:21.080 prioritizing travel this year more so than last year, and 0:02:21.200 --> 0:02:24.720 most of them are heading to beaches and resort destinations. 0:02:24.800 --> 0:02:27.399 So if you want to go to one of those destinations, 0:02:27.400 --> 0:02:30.480 you can expect to find a lot of people traveling. 0:02:30.919 --> 0:02:35.519 I think the airlines have largely recovered and are operating 0:02:35.639 --> 0:02:37.760 at a pretty good scale now, but they still have 0:02:38.000 --> 0:02:40.799 limited capacity, which means planes will be very, very full. 0:02:40.840 --> 0:02:44.880 There's not really any slack in that industry at this time. 0:02:45.240 --> 0:02:47.080 Gotta say bright, you know, I get that. You know, 0:02:47.200 --> 0:02:48.680 if you try to book a flight right now for 0:02:48.760 --> 0:02:51.919 business or otherwise, Man, those flights are expensive. We're still 0:02:52.000 --> 0:02:55.079 kind of, you know, blown away by how expensive it is. 0:02:55.120 --> 0:02:57.959 Does that continue? Because I'm thinking about the inflationary side 0:02:58.000 --> 0:03:00.680 of this story. What do you see in terms of 0:03:00.680 --> 0:03:05.480 costs for flights, for lodging, How is it playing out? Sure? 0:03:05.560 --> 0:03:07.880 You know, when we look at forward bookings at the 0:03:07.919 --> 0:03:10.880 spring break time frame, which is really you know, most 0:03:10.919 --> 0:03:14.440 of March in April, what we're seeing as flight prices 0:03:14.480 --> 0:03:17.440 are up about twenty five percent over last year, so 0:03:17.880 --> 0:03:20.160 very expensive. If you're trying to travel overseas, which a 0:03:20.160 --> 0:03:23.120 lot of people are now heading out to Europe, you're 0:03:23.160 --> 0:03:25.520 going to see prices up to forty percent over what 0:03:25.560 --> 0:03:28.080 you being what you were paying last year. On the 0:03:28.080 --> 0:03:32.760 hotel side, not so challenging. Hotel prices are about four 0:03:32.840 --> 0:03:35.840 or five percent, so a little easier to consume those. 0:03:36.280 --> 0:03:38.360 But on the if you're trying to fly, you're going 0:03:38.440 --> 0:03:39.760 to pay a lot of money. So I think you'll 0:03:39.760 --> 0:03:42.800 see quite a few consumers in the US choosing to 0:03:42.920 --> 0:03:46.640 drive versus fly, and they'll they'll get to their hotel 0:03:46.680 --> 0:03:50.920 destination that way. But it's a lot to consume right now, 0:03:51.320 --> 0:03:54.040 and consumers so far are inhaling those prices. We haven't 0:03:54.080 --> 0:03:58.080 seen either the hotel industry or the airlines really pull 0:03:58.160 --> 0:04:00.520 back on a lot of their price increase, and so 0:04:00.560 --> 0:04:03.280 as long as demand is there, we can expect those 0:04:03.320 --> 0:04:06.440 prices to stay rather high. Right any sign that capacity 0:04:06.560 --> 0:04:08.920 increased capacity comes into the airline industry, I mean, they've 0:04:08.960 --> 0:04:12.400 gotten so smart at ticking out excess capacity that was 0:04:12.440 --> 0:04:14.320 pre pandemic. We saw that in a big way. They're 0:04:14.360 --> 0:04:17.160 great about charging for everything once you get on a flight, 0:04:17.240 --> 0:04:19.480 or even on your way to that flight. Is there 0:04:19.520 --> 0:04:21.760 any signs or any indications that you're hearing that we 0:04:21.800 --> 0:04:25.159 get an increase in airline capacity. Well, I think there's 0:04:25.200 --> 0:04:27.080 some early signs. I know all of the airlines would 0:04:27.080 --> 0:04:30.320 love to build up capacity. What they've been challenged with, 0:04:30.880 --> 0:04:34.320 of course, is hiring enough pilots and staff and ground 0:04:34.360 --> 0:04:39.919 crew to support the oncoming flow of equipment. There's been 0:04:39.960 --> 0:04:42.160 a number of new orders put in for planes, and 0:04:42.200 --> 0:04:44.479 so I think over the next couple of years we'll 0:04:44.520 --> 0:04:47.279 see that start to ease. But you know, getting us 0:04:47.279 --> 0:04:49.880 through the summer, I think what we have today on 0:04:49.920 --> 0:04:52.559 the market is pretty much what we're living with, which 0:04:52.600 --> 0:04:56.560 means a very stressed environment. When it comes to, you know, 0:04:56.680 --> 0:05:00.880 finding an airline ticket that is reasonably prized to a 0:05:00.920 --> 0:05:04.200 great destination. There are still deals to be found. You 0:05:04.200 --> 0:05:08.599 can still find reasonable locations to travel to, but you 0:05:08.680 --> 0:05:11.440 might have to be flexible if money is a really 0:05:11.480 --> 0:05:14.600 tight concern for you right now, Britt, Where exactly are 0:05:14.680 --> 0:05:18.280 the most affordable deals for spring break, whether it's to 0:05:18.320 --> 0:05:22.000 the US or maybe even internationally. Sure, you know, if 0:05:22.000 --> 0:05:24.960 you're if you're looking for a nice, warm beach destination. 0:05:26.160 --> 0:05:30.240 Fort Lauderdale always a good option. Myrtle Beach, you know, 0:05:30.279 --> 0:05:33.960 not the Miami Beach, but provide the same type of 0:05:34.320 --> 0:05:38.200 experience in some ways, especially for families. Puerto Rico is 0:05:38.279 --> 0:05:41.240 very popular right now. Obviously Dominican Republic, Romaica. So the 0:05:41.240 --> 0:05:46.760 Caribbean continues to be a reasonably affordable place to go overseas. 0:05:47.240 --> 0:05:48.719 You know, if you're trying to travel to the big 0:05:48.760 --> 0:05:51.839 cities like London and Paris, you're going to pay. If 0:05:51.880 --> 0:05:53.800 you are a little bit flexible and want to try 0:05:53.839 --> 0:05:57.800 something new, you can try something like Lisbon, Athens, Munich, 0:05:57.920 --> 0:06:02.640 in the Naples, you know, those destinations. You'll pay maybe 0:06:02.640 --> 0:06:04.520 a touch less on the flight, but you're really going 0:06:04.560 --> 0:06:06.200 to say when it comes to your hotel and the 0:06:06.200 --> 0:06:08.360 average price you're going to pay there as well as 0:06:08.400 --> 0:06:09.840 it's just a little cheaper to travel in some of 0:06:09.880 --> 0:06:13.960 those markets, especially in Greece. A beautiful destination and much 0:06:14.000 --> 0:06:16.919 more reasonable when it comes to the daily expenses for 0:06:16.960 --> 0:06:19.840 a consumer. Sign me up, We're ready. Hey listen, Brett. 0:06:19.880 --> 0:06:21.760 What I do wonder too, is the window that you 0:06:21.760 --> 0:06:24.160 guys see globally, Like, what are you seeing globally in 0:06:24.240 --> 0:06:27.000 terms of where there's lots of activity travel wise, Is 0:06:27.040 --> 0:06:29.600 it mostly Is it largely the US? I know here 0:06:29.600 --> 0:06:31.279 in New York City, as I walk the streets of 0:06:31.279 --> 0:06:34.440 New York, I'm seeing a lot more international travelers back 0:06:34.440 --> 0:06:38.520 on the streets. Yeah. You know, the US recovered first, 0:06:38.800 --> 0:06:43.120 and that was mostly due to domestic travel. The US 0:06:43.400 --> 0:06:45.599 borders obviously opened up a little sooner than some of 0:06:45.600 --> 0:06:47.840 the European boarders, and especially the Asian borders, and so 0:06:47.880 --> 0:06:51.240 we saw a number of international travelers begin to pour 0:06:51.320 --> 0:06:55.359 into the US. But Europe came back very strong in 0:06:55.440 --> 0:06:58.040 twenty twenty two and is now moving at a very 0:06:58.040 --> 0:07:01.080 fast pace and catching up to the US. Asia was 0:07:01.120 --> 0:07:04.040 the longest, they took the longest coming out of COVID 0:07:04.200 --> 0:07:07.760 to really start to recover, But they are now ramping 0:07:07.880 --> 0:07:10.960 up very very quickly, and I think in some countries 0:07:11.040 --> 0:07:16.120 we're seeing demand outpacing twenty nineteen. Because the travel was 0:07:16.160 --> 0:07:19.600 so constrained for so long, people aren't just desperate to 0:07:19.640 --> 0:07:22.040 go out and take vacations, visit friends and family and 0:07:22.720 --> 0:07:26.000 just see the world. Something else I thought was interesting 0:07:26.040 --> 0:07:28.040 in a survey that y'all had, was looking at how 0:07:28.080 --> 0:07:32.240 spring breakers are basically split between going someplace new versus 0:07:32.280 --> 0:07:37.880 returning to a favorite destination. Why do you think that is? Well, 0:07:38.160 --> 0:07:40.280 you know, travel is one of those things that if 0:07:40.280 --> 0:07:43.120 you've had a great experience, you want to repeat it. 0:07:43.440 --> 0:07:45.440 And a lot of consumers, you know, when they find 0:07:45.440 --> 0:07:48.120 a favorite hotel or a favorite location, they know they 0:07:48.160 --> 0:07:49.640 can bank on that head and count on that and 0:07:49.640 --> 0:07:51.640 if they can get the price that they want, they're 0:07:51.680 --> 0:07:53.520 going to return to that destination. We see that a 0:07:53.520 --> 0:07:56.560 lot with Priceline customers, right they come back and repeat 0:07:56.600 --> 0:07:59.600 and stay many times at the same hotel. And I 0:07:59.640 --> 0:08:02.040 think that's just you know, when you've had a poor 0:08:02.080 --> 0:08:05.240 travel experience, it just reminds you how much you love 0:08:05.280 --> 0:08:06.880 the good ones. And so I think people are just 0:08:06.880 --> 0:08:08.320 a little bit of a creature of habit there you're 0:08:08.320 --> 0:08:10.800 going to return to where you where you feel most comfortable, 0:08:11.000 --> 0:08:13.640 you know the area, etc. But there's always a mix 0:08:13.640 --> 0:08:15.800 of people who want to try something new every time 0:08:15.960 --> 0:08:19.040 they head out. And with the world now really opening up, 0:08:19.440 --> 0:08:21.640 I think it's much more possible to do that now, 0:08:22.240 --> 0:08:24.880 you know. The UN World Tourism Organization came out with 0:08:24.880 --> 0:08:28.080 a stat that said over nine hundred million tourists traveled 0:08:28.120 --> 0:08:31.000 in twenty twenty two, that's still only sixty three percent 0:08:31.040 --> 0:08:33.960 of where we were in twenty nineteen. But this year 0:08:34.240 --> 0:08:36.199 that number could get as high as ninety five percent, 0:08:36.320 --> 0:08:39.920 so almost back to a fully worldwide travel recovery. I 0:08:39.960 --> 0:08:42.040 gotta tell you, I'm one of those people. There's a 0:08:42.040 --> 0:08:44.240 few places I know, I know, I'm gonna love it, 0:08:44.480 --> 0:08:46.600 and I go back. Hey, listen, Brett just got about 0:08:46.640 --> 0:08:51.080 twenty five seconds here. Lots of geopolitical concerns. Doctor's remind 0:08:51.120 --> 0:08:53.360 us were still not over COVID completely. What is it 0:08:53.440 --> 0:08:55.880 that you worry about most when you look at the outlook? 0:08:55.880 --> 0:08:59.000 And again just about twenty twenty five seconds. You know, 0:08:59.080 --> 0:09:04.400 I think our primary concern obviously is the longstanding impact 0:09:04.400 --> 0:09:06.959 of inflation on consumer's wallet. I think that really is 0:09:07.000 --> 0:09:10.200 the primary concern now. I think consumers are largely over 0:09:10.800 --> 0:09:13.120 concerns about health as they travel, and it's now really 0:09:13.200 --> 0:09:15.280 more about the pocketbook. And you know, that's what we 0:09:15.320 --> 0:09:16.679 do here at Priceline. We try to help you get 0:09:16.720 --> 0:09:19.120 a great deal and get you where you want to go. Well, listen, 0:09:19.160 --> 0:09:21.840 great inside, and so appreciate you spending some time with 0:09:21.960 --> 0:09:24.559 us on this Friday. Brick Keller, He's chief executive officer 0:09:24.600 --> 0:09:28.400 at Priceline, joining us via zoom from Norwalk, Connecticut. I'm 0:09:28.440 --> 0:09:30.280 Carol Masser along with just met and you are listening 0:09:30.320 --> 0:09:37.000 in watching Bloomberg Business Week and this Bloomberg Radio. This 0:09:37.559 --> 0:09:41.720 is Bloomberg Business Week inside from the reporters and editors 0:09:41.720 --> 0:09:45.400 who bring you America's most trusted business magazine, plus global 0:09:45.520 --> 0:09:49.760 business finance and tech news. The Bloomberg Business Week Podcast 0:09:50.040 --> 0:09:57.360 with Carol Masser and Tim Stenebec from Bloomberg Radio. So 0:09:57.640 --> 0:09:59.880 it was just a year ago we were all, I think, 0:10:00.040 --> 0:10:01.760 safe to say a bit's done with a news hit 0:10:02.000 --> 0:10:04.400 that actor Bruce Willis would step away from acting due 0:10:04.440 --> 0:10:07.400 to a battle with aphasia. That's a language disorder caused 0:10:07.679 --> 0:10:09.520 by damage in a specific area of the brain that 0:10:09.559 --> 0:10:14.200 controls language expression and comprehension. And then last month more 0:10:14.280 --> 0:10:18.520 news on a specific diagnosis, fronto temporal dementia, something known 0:10:18.520 --> 0:10:21.600 as FTD. Safe to say it also sent us all 0:10:21.640 --> 0:10:24.679 googling to understand what this was all about, Jess. So 0:10:24.760 --> 0:10:26.640 lucky for us we have back with us doctor Ian 0:10:26.679 --> 0:10:30.200 LUs Beata, clinical Professor of Medicine at NYU Langone Medical Center. 0:10:30.520 --> 0:10:32.760 He joins us via zoom in New York City Ian. 0:10:32.920 --> 0:10:36.360 Good to have you here on this Friday. I do 0:10:36.440 --> 0:10:39.040 think we're all wondering what the heck this is about, 0:10:39.120 --> 0:10:42.000 so tell us little bit more about it, and good 0:10:42.040 --> 0:10:44.920 to have you here with us and on zoom. Absolutely 0:10:44.960 --> 0:10:48.400 thanks Carol and Jess, thanks for having me. Dementia really 0:10:48.520 --> 0:10:52.200 is a problem nationally. At least six million people in 0:10:52.240 --> 0:10:55.960 the United States have it, and it's estimated that about 0:10:56.040 --> 0:10:59.920 ten percent of people sixty five and older have signed 0:11:00.120 --> 0:11:03.560 shore early dementia, and really as much as over thirty 0:11:03.559 --> 0:11:08.280 percent of people who are over ninety, so it's really common. 0:11:09.280 --> 0:11:12.400 The causes are not totally clear. Dementia really is a 0:11:12.440 --> 0:11:19.200 group of diseases that present with similar symptoms, usually brain changes, 0:11:19.520 --> 0:11:23.600 and they can present with memory issues and personality changes. 0:11:24.040 --> 0:11:28.520 Fronto temporal dementia is actually not that common Alzheimer's. Fifty 0:11:28.559 --> 0:11:32.160 to sixty percent of all dementia is Alzheimer's and frontotemporal 0:11:32.200 --> 0:11:34.680 really describes where in the brain it is. The frontal 0:11:34.760 --> 0:11:37.920 lobes are here and the temporal lobes are on the side, 0:11:38.320 --> 0:11:43.360 and the frontal lobes really help us with personality decision making, 0:11:44.800 --> 0:11:48.760 an inhibition kind of thinking before speaking or acting, and 0:11:49.000 --> 0:11:53.120 patients who are frontotemporal dementia, unfortunately over time as a decline, 0:11:53.440 --> 0:11:58.560 often have disinhibition. They may speak inappropriately, they may act inappropriately, 0:12:00.080 --> 0:12:04.559 they may have processing issues with hearing and speaking word 0:12:04.600 --> 0:12:10.160 finding ability, and that can overlap with other kinds of 0:12:10.200 --> 0:12:14.080 dementia classic sort of Alzheimer's dementia, but there are other 0:12:14.160 --> 0:12:18.200 kinds of dementia Louis body dementia, Parkinsons can have a 0:12:18.280 --> 0:12:22.760 variant of dementia alcohol use. So it's really a problem, 0:12:22.880 --> 0:12:27.200 and it becomes a real problem for caretakers because people 0:12:27.440 --> 0:12:31.880 initially begin to lose thinking function, but physically they're okay, 0:12:32.080 --> 0:12:34.679 so they may wander, they may think they can still 0:12:34.760 --> 0:12:39.240 drive or make decisions when they really can't. And sometimes 0:12:39.280 --> 0:12:42.840 they can be agitated and not really fully understand their 0:12:42.880 --> 0:12:47.560 decline and not really cooperate. So it really is a nightmare. 0:12:48.280 --> 0:12:50.560 I was curious because you were talking about how rare 0:12:50.640 --> 0:12:56.120 it is for someone to have frontotemporal dementia like Bruce Willists. 0:12:56.240 --> 0:12:58.559 Do you have a scope of how many Americans or 0:12:58.600 --> 0:13:03.840 even just globally people are impacted by this. It's a 0:13:03.880 --> 0:13:07.040 big number and unfortunately growing front to temporal dementia is 0:13:07.080 --> 0:13:12.920 somewhere about five to six percent of dementia's. Alzheimer's is 0:13:12.960 --> 0:13:17.000 the classic sort of fifty or sixty percent of dementias, 0:13:17.040 --> 0:13:20.240 and then they're a host of other ones. So, of 0:13:20.320 --> 0:13:23.280 the six million people in the United States and growing 0:13:24.040 --> 0:13:27.920 with dementia, about five percent of them have fronto temporal 0:13:28.200 --> 0:13:32.080 and it's not always diagnosed right away. Many people come 0:13:32.120 --> 0:13:36.880 into the office, I have word finding difficulty. I can't 0:13:36.920 --> 0:13:39.720 remember where I put my keys. You know, most of 0:13:39.720 --> 0:13:43.880 those are not significant, but over time that may progress, 0:13:44.000 --> 0:13:48.200 and doctors need to be more aware of it. Referral 0:13:48.200 --> 0:13:52.280 to an urologist is helpful. Sometimes brain imaging is helpful. 0:13:52.320 --> 0:13:55.760 We'll see, for example, with FTD you'll see a decline 0:13:55.760 --> 0:13:59.520 in the frontal lobes and temporal lobes. Alzheimer's general brain 0:13:59.600 --> 0:14:04.040 shrink and some of these are associated with protein deposition, 0:14:04.120 --> 0:14:07.360 either amoloid or TAW protein, which is why a lot 0:14:07.400 --> 0:14:10.320 of the company's biogen east Side. Many are looking to 0:14:11.040 --> 0:14:15.480 kind of slow the amoloid or TAW protein. But how 0:14:15.559 --> 0:14:18.440 much that really affects the progression is yet to be seen. 0:14:18.920 --> 0:14:21.600 But the problem is it's an aging population just and 0:14:21.720 --> 0:14:24.920 exactly as you say, whatever the numbers are. Now, let's 0:14:24.920 --> 0:14:28.440 say five percent fronto temporal of the six million people, 0:14:28.480 --> 0:14:30.480 that number is growing. Well, you know, that's the thing 0:14:30.520 --> 0:14:32.160 I was thinking about you and is that you know, 0:14:32.240 --> 0:14:36.920 I've certainly had older family members in my life, you know, 0:14:37.040 --> 0:14:39.560 that have had dementia, but not everybody who gets old 0:14:39.600 --> 0:14:42.960 gets dementia. So what is it like you talk about? 0:14:43.000 --> 0:14:45.360 You know, what's going on that maybe is you know, 0:14:45.400 --> 0:14:48.120 brings this all about. But I guess as we all 0:14:48.160 --> 0:14:50.240 think about it, is there a way to avoid it? 0:14:50.360 --> 0:14:53.160 Or is it just the luck or not luck of 0:14:53.200 --> 0:14:59.040 your genes? That's why you're the anchor Carrold's place. Now 0:14:59.040 --> 0:15:01.720 that's really the key thing, or one of the key things, 0:15:01.800 --> 0:15:03.800 is how do you prevent it and how do you 0:15:03.880 --> 0:15:07.560 treat it? So certainly we know overall health makes a difference. 0:15:07.680 --> 0:15:14.920 Obesity increases many problems diabetes, heart disease, sleep at me, 0:15:15.080 --> 0:15:20.280 but it also increases cognitive function. Hypertension needs to be controlled, 0:15:20.360 --> 0:15:24.120 cholesterol needs to be controlled, so real alcohol needs to 0:15:24.160 --> 0:15:26.600 be controlled. We now see, unfortunately, we used to think 0:15:26.600 --> 0:15:28.920 that one drink a day was okay, and now now 0:15:29.000 --> 0:15:31.640 unfortunately we see the more you drink, the more complications 0:15:31.680 --> 0:15:34.960 you can have. So really the best advice is to 0:15:35.040 --> 0:15:38.920 be healthy, keep your blood pressure under control, keep your 0:15:38.960 --> 0:15:42.120 cholesterol under control, keep your weight under control. And people 0:15:42.120 --> 0:15:46.040 who remain active, thinking maybe an argument to work later, 0:15:46.120 --> 0:15:49.960 don't retire so early. People who are more active physically 0:15:50.000 --> 0:15:53.760 and mentally seem to have a slower decline. Some of 0:15:53.800 --> 0:15:57.000 these can run in families, but often it's sporadic, and 0:15:57.080 --> 0:16:00.960 we don't really know why some people get these proteins 0:16:01.000 --> 0:16:05.160 in the brain that begin to damage your function, and 0:16:05.200 --> 0:16:08.640 why others do not, and why it's increasing. That's also 0:16:08.680 --> 0:16:11.840 a bit unclear, but certainly there are a few treatable 0:16:11.880 --> 0:16:15.560 causes like normal pressure hydrocephalous where you can put in 0:16:15.600 --> 0:16:17.600 a shunt and do some things to kind of slow 0:16:17.680 --> 0:16:21.160 the decline, and medications really don't reverse it. They just 0:16:21.200 --> 0:16:24.160 slow the decline. So it is you're asking the right question. 0:16:24.280 --> 0:16:27.960 We do not know why some people get these abnormal 0:16:27.960 --> 0:16:30.960 proteins that cause well, let me put it this way, 0:16:31.040 --> 0:16:33.800 it's associated with decline. We're not even sure it is 0:16:33.880 --> 0:16:35.960 forcing the decline because I'm trying to figure out, are 0:16:35.960 --> 0:16:37.800 you telling me I'm not out of ice cream? Like 0:16:37.880 --> 0:16:41.520 every day? Is that what you're telling me it sounds 0:16:41.560 --> 0:16:47.080 like it ian moderation. I think moderation is and really 0:16:47.120 --> 0:16:49.280 in all areas, and that would be the best thing. 0:16:49.640 --> 0:16:52.400 And you know, continue to ask smart questions and be 0:16:52.480 --> 0:16:57.720 engaged with many people social activities, cognitive activities as you do. 0:16:58.120 --> 0:17:01.560 Definitely will Is lowers the risk of dementia. The one 0:17:01.560 --> 0:17:03.200 thing I will say about Bruce willis, like, if you've 0:17:03.200 --> 0:17:08.159 ever I mean, he was so funny, so bright, so 0:17:08.400 --> 0:17:11.120 with it, and so it just seems like such an 0:17:11.119 --> 0:17:14.200 evil thing to have this kind of illness for someone 0:17:14.240 --> 0:17:17.439 who's so articulate and like I said, so clever. You 0:17:17.600 --> 0:17:21.560 lose yourself and the family loses their loved one, and 0:17:21.680 --> 0:17:25.200 it's really horrific. And we need more funding and more 0:17:25.320 --> 0:17:28.880 energy to really get to the cause and cure. Well, 0:17:28.880 --> 0:17:30.680 I wasn't going to ask you what the main challenges 0:17:30.720 --> 0:17:32.679 were as far as trying to find a cure, but 0:17:32.680 --> 0:17:35.160 you were just talking about the funding. Is that the 0:17:35.200 --> 0:17:39.120 main obstacle standing in the way. You know, drug companies 0:17:39.160 --> 0:17:42.760 obviously have a huge incentive. Many companies I mentioned a 0:17:42.800 --> 0:17:48.560 few are actively trying to develop a cure or a 0:17:48.600 --> 0:17:51.440 way to reverse this. Part of the problem is what 0:17:51.480 --> 0:17:55.560 we think is reversible, like these ambeloid deposits or tab 0:17:55.640 --> 0:17:58.880 protein or neurofibroli tangles. You know, when you do brain 0:17:58.920 --> 0:18:03.000 biopsies in some of the patients you see not only shrinkets, 0:18:03.040 --> 0:18:07.520 but these abnormal deposits. What's not clear is if you 0:18:07.520 --> 0:18:10.439 can reduce those, are you really changing the course of 0:18:10.480 --> 0:18:13.560 the disease? That is yet to be seen. That's the 0:18:13.600 --> 0:18:16.800 hope that if you can reduce, for example, amoloid protein, 0:18:17.000 --> 0:18:19.080 and that can occur in other error is. Amoloid can 0:18:19.119 --> 0:18:21.720 occur in the kidneys and the liver and other places. 0:18:21.720 --> 0:18:24.880 But the real thing is if you slow that down 0:18:24.960 --> 0:18:29.600 or stop that, are you really affecting the endpoint of 0:18:29.640 --> 0:18:32.240 the disease, and that we don't really know yet. Well, 0:18:33.280 --> 0:18:36.960 money is needed, Yeah, no, absolutely, And it's interesting, especially 0:18:37.000 --> 0:18:38.640 when you go back to the Alzheimer's part of it. 0:18:39.359 --> 0:18:42.679 You see drug companies certainly in the pursuit of figuring 0:18:42.720 --> 0:18:44.280 out how to treat that or come up with some 0:18:44.320 --> 0:18:46.840 kind of treatment. The stocks often move on any kind 0:18:46.880 --> 0:18:49.800 of indications in a positive way. And thank you so much, 0:18:49.840 --> 0:18:51.920 great to see you and have you here via zoom. 0:18:52.440 --> 0:18:54.320 Have a good week at doctor ian Lusbad or Clinical 0:18:54.320 --> 0:18:57.960 professor of Medicine at NYU Landgoing Medical Center. Joining us 0:18:58.080 --> 0:19:01.320 via zoom in New York City, listening to the Bloomberg 0:19:01.359 --> 0:19:04.800 Business Week podcast. Catch us live weekdays from two to 0:19:04.880 --> 0:19:08.520 five pm Eastern on Bloomberg Radio the Bloomberg Business app 0:19:08.600 --> 0:19:11.280 band you Doo. You can also listen live to our 0:19:11.320 --> 0:19:19.199 flagship New York station Just Say Alexa play Bloomberg ELBM Dierdi. Well, 0:19:19.240 --> 0:19:21.000 you might say they're mad as hell and they're not 0:19:21.000 --> 0:19:23.879 going to take it anymore. Female exects. They're exhausted, frustrated 0:19:23.920 --> 0:19:26.359 and calling it quits. The story in the new issue 0:19:26.359 --> 0:19:29.720 of Bloomberg BusinessWeek, now out on newsstands, online, up Bloomberg 0:19:29.760 --> 0:19:31.720 dot com, Slash business Week, and of course on the 0:19:31.760 --> 0:19:35.080 Bloomberg terminal. Let's get to exactly what's going on, Bloomberg 0:19:35.119 --> 0:19:38.520 News Economics reporter Joan al Marte in our Washington DC bureau. 0:19:38.800 --> 0:19:40.760 She wrote it. She joins us along with the editor 0:19:40.840 --> 0:19:43.440 Bloomberg Business Week, Joe Webber here in our Bloomberg Interactive 0:19:43.440 --> 0:19:47.600 Broker studio. Not a good trend, It's not. And the 0:19:48.040 --> 0:19:50.639 thing that really stood out to me is that, you know, 0:19:50.760 --> 0:19:56.640 there has been some progress about what female executives, how 0:19:56.720 --> 0:19:59.160 high they could go, whether it could look like those 0:19:59.240 --> 0:20:01.240 numbers were trending in the right way. And then what 0:20:01.440 --> 0:20:03.399 really stood out to me in this story it was 0:20:03.800 --> 0:20:06.800 the number of sort of you know, high profile, big 0:20:06.880 --> 0:20:10.959 names that suddenly are leading. So so break down your reporting, Janelle, 0:20:10.920 --> 0:20:13.480 and tell us about what you learned as you dug 0:20:13.480 --> 0:20:17.320 into it. So this is something that is going on 0:20:17.400 --> 0:20:20.600 and it's not fully captured in government data. And what's 0:20:20.720 --> 0:20:23.320 what's happening is that a lot of women in senior 0:20:23.400 --> 0:20:26.919 level positions. We're talking about people who work through the 0:20:26.920 --> 0:20:30.480 most intense phase of the pandemic. We're not the group 0:20:30.520 --> 0:20:33.359 that was laid off initially, you know, we're really trying 0:20:33.359 --> 0:20:37.880 to keep their staffs together, their families intact, and how 0:20:37.960 --> 0:20:41.480 to belated told to what happened. The stress and exhaustion 0:20:42.400 --> 0:20:46.440 caused during this crisis really is causing some of them 0:20:46.480 --> 0:20:49.879 to bow out. Now, what does that look like? It depends. 0:20:50.119 --> 0:20:53.640 So for some women they're moving into lower or less 0:20:53.640 --> 0:20:58.280 demanding positions. Other others are changing industries. We know there's 0:20:58.320 --> 0:21:01.600 research that shows that women were than men changed industries 0:21:01.680 --> 0:21:04.520 during the pandemic. And for other people and for other 0:21:04.560 --> 0:21:07.240 women in this position, it really means just taking a 0:21:07.280 --> 0:21:11.040 step back, walking away from their job, leaving it in 0:21:11.080 --> 0:21:15.120 some cases really lucrative paychecks behind, and saying that it's 0:21:15.160 --> 0:21:16.880 just not worth it for them. It's not what they 0:21:16.920 --> 0:21:19.440 need in their lives at this moment or what they 0:21:19.560 --> 0:21:22.280 need for their families. Okay, so there's some big name 0:21:22.520 --> 0:21:26.399 companies that are trying to help solve this problem because 0:21:26.400 --> 0:21:30.040 of how acute it's become. What are they doing so? 0:21:30.280 --> 0:21:33.040 Good point there, Joel, So what's going on is that 0:21:33.160 --> 0:21:37.600 we're seeing companies take some action. You know, these departures 0:21:37.680 --> 0:21:40.280 are not good for them, not good for the efforts 0:21:40.320 --> 0:21:44.400 that have been made to diversify corporate leadership. And it's 0:21:44.440 --> 0:21:48.920 interesting to see companies like Amazon and Goldman Sachs either 0:21:49.119 --> 0:21:54.760 invest in or relaunch or expand programs that are called returnships. 0:21:55.119 --> 0:21:59.399 And what these initiatives do is it gives people who 0:21:59.480 --> 0:22:02.000 have left workforce there a lot of them are targeted 0:22:02.040 --> 0:22:04.400 at women. It gives them a way to come back 0:22:04.400 --> 0:22:07.159 to work in a mid level position as opposed to 0:22:07.200 --> 0:22:10.280 having to start all over. And it's just one way 0:22:10.320 --> 0:22:13.879 to retain or recruit, for example, more women who might 0:22:13.920 --> 0:22:18.359 have left for whatever reason. You know, just how costly 0:22:18.600 --> 0:22:20.880