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Speaker 1: This is Bloomberg Business Week. I'm Carole Masser and I'm

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Speaker 1: Bloomberg Quick Takes Tim Stanovik. We're here every day bringing

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Speaker 1: you the latest news from the world to business and finance,

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Speaker 1: plus technology, politics, economics, all furnishing the power of Business

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Speaker 1: analysts in more than one twenty countries. You can download

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Speaker 1: Bloomberg Business Week and iTunes, SoundCloud, or Bloomberg dot Com.

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Speaker 1: You can also listen to our radio show at two

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Speaker 1: pm Eastern Time on Bloomberg Radio, or watch us on

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Speaker 1: YouTube search Bloomberg Clovel News. Alright, bunch of headlines when

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Speaker 1: it comes to COVID. Today's City Bank. Uh, Tim, you

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Speaker 1: pointed this out just before we got going today, requiring

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Speaker 1: all use employees to be vaccinated against COVID as a

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Speaker 1: condition of their employment, citing new orders from President Biden.

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Speaker 1: I think that we're going to start seeing more and

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Speaker 1: more of this from the big companies. Also Florida suing

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Speaker 1: the Biden administration over vaccine mandates for federal contractors. This

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Speaker 1: is the latest in a wave of Republican pushbacks against

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Speaker 1: the President's orders to fight off the pandemic Closer to

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Speaker 1: home where we are in New York City, the city

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Speaker 1: saying it will temporarily outlaw days off for sanitation workers

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Speaker 1: as needed ahead of an anticipated employee shortage stemming from

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Speaker 1: a vaccine mandate is going into effect next week. We

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Speaker 1: talked about supply chains. The U. S. Government has bought

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Speaker 1: an additial fifty million doses of the fiser beyond bion

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Speaker 1: Tech vaccine, and a push to secure supply for kids.

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Speaker 1: All right, let's get to it. The Dr Anna Durban,

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Speaker 1: Professor of International Health, Director of the Center for Immunization

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Speaker 1: Research at the Johns Hopkins Bloomberg School of Public Health,

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Speaker 1: supported by Michael R. Bloomberg, Founder, Bloomberg LP and Bloomberg Philanthropies.

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Speaker 1: Dr Durban on the phone once again from Baltimore. Dr Durbin,

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Speaker 1: Nice to have you back here on Bloomberg Radio. It's

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Speaker 1: all about kids. Uh, what do you make of the

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Speaker 1: progress so far? I think it's really excellent. I mean,

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Speaker 1: I think it's it's good news that we're we have

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Speaker 1: a vaccine that um will likely get approval from the

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Speaker 1: CDC and their meeting next week. As we saw it

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Speaker 1: was shown to be safe and efficacious. Uh, and the

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Speaker 1: FDA approved the use of the vaccine and kids. It

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Speaker 1: is a lower os um which I think is important

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Speaker 1: to know because these kids are much smaller and don't

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Speaker 1: need as much vaccine as adults, and that means that

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Speaker 1: the side effects are are you know, less severing kids,

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Speaker 1: which is good news. Dr Durban I was at the

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Speaker 1: doctor yesterday. I was talking to a woman there who

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Speaker 1: is a healthcare worker. She we're talking about our family.

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Speaker 1: She said that her kids are over the age of five,

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Speaker 1: and I said, that's great. They can get the vaccines

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Speaker 1: very soon. And she said, I'm not going to get

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Speaker 1: it for them now. I'm going to hold off on it.

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Speaker 1: What would you say to parents who want to hold

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Speaker 1: off and wait for more information. Well, what I would

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Speaker 1: say is this, we know that, um, you know, the

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Speaker 1: group now that's probably most susceptible to COVID is kids

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Speaker 1: younger than twelve because they haven't had a vaccine available.

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Speaker 1: We know that the virus can infect kids. We know

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Speaker 1: that they can become symptomatic. It's true they aren't hospitalized

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Speaker 1: to the high degree that particularly older adults are, but

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Speaker 1: we do see severe disease in kids. We see multisystem

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Speaker 1: inflammatory syndrome in kids. We see kids who are hospitalized

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Speaker 1: to go to the i c U and we don't

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Speaker 1: really understand why. You know, it's some kids may be

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Speaker 1: affected more than others. Um I would try to reassure

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Speaker 1: her that there is a lot of safety data of

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Speaker 1: the vaccine, that we these vaccines have been studied in

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Speaker 1: young kids, that the safety profile looks excellent, and that

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Speaker 1: we can prevent again, we can prevent more transmission of

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Speaker 1: the virus when kids are vaccinated when they're in schools. UM.

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Speaker 1: It just provides greater safety for the population. The more

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Speaker 1: people that we get vaccinated. So there's a headline, we've

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Speaker 1: got a story on the Bloomberg. Vaccinated people also spread

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Speaker 1: the delta variant. This is according to a year long study.

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Speaker 1: So we're talking about people inoculated against COVID nineteen are

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Speaker 1: just as likely to spread the delta variant of the

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Speaker 1: virus to contacts in their household as those who have

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Speaker 1: not had shots as according to some new research. It

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Speaker 1: was a study a year long study people in the

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Speaker 1: UK with mild COVID nineteam and scientists an that their

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Speaker 1: peak viral load was similar regardless of vaccination status. According

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Speaker 1: to paper published today in the Lancet Infectious Diseases Medical Journal.

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Speaker 1: People are going to see the see that it probably

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Speaker 1: sees on and say, see, I don't need to get

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Speaker 1: the vaccine. Help us here. Yeah, So I think there's

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Speaker 1: a couple of really important things to keep in mind

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Speaker 1: when we look at PCR. When we look at at

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Speaker 1: you know, measurements of the virus by PCR, it doesn't

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Speaker 1: tell you whether that virus is a live or debt.

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Speaker 1: It just tells you that there's pieces of the virus.

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Speaker 1: We do know from studies that people who are vaccinated

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Speaker 1: shed the virus for a shorter period of time, so

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Speaker 1: they transmit the virus for a shorter period of time,

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Speaker 1: and they actually transmit less live virus than people who

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Speaker 1: are unvaccinated. It is true that vaccinated people can transmit

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Speaker 1: the virus. We steam break Dr Durban forgive me just

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Speaker 1: because we have been nuts and I know our audiences

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Speaker 1: nuts about this. But Facebook is rebranding their company. The

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Speaker 1: name change will be a m et A Facebook changing

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Speaker 1: its name to Meta m E t A. We're gonna

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Speaker 1: get back to that in just a moment um. But

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Speaker 1: again it's something that we know our audience has been

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Speaker 1: waiting for. We were expecting that name change as a

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Speaker 1: host that event out there at Facebook headquarters. We're gonna

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Speaker 1: get back to it in just a moment. Forgive me,

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Speaker 1: Dr Durbin, please finish your thought. No no, I was

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Speaker 1: just going to say, we you know, it's true that

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Speaker 1: their breakthrough infections and vaccinated people, but we know that

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Speaker 1: vaccinated people, even though they can shed the virus to

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Speaker 1: transmit the virus, it's for a shorter period of time

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Speaker 1: and it does provide protection. Um. The other thing that

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Speaker 1: I would say is that how much virus shoes shed

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Speaker 1: also is dependent on how ill you are, and we

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Speaker 1: know that vaccines reduced the severity of illness incredibly. You know,

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Speaker 1: people hospitalized now are unvaccinated, so there are a lot

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Speaker 1: of factors that go into it. Their studies that have

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Speaker 1: shown that vaccinated people are less likely to effect family

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Speaker 1: members who are unvaccinated. So, um, you know, just having

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Speaker 1: recovery of the virus by PCR isn't the whole story.

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Speaker 1: And we know from multiple studies that vaccination reduces transmission.

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Speaker 1: Dr Drvin, thank you so much, as always, over JOHNS. Hopkins,

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Speaker 1: Bloomberg School of Public Health, on the phone from Baltimore.

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Speaker 1: All right, we've got it. The name change for Facebook.

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Speaker 1: It is Meta M E T A. And this obviously

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Speaker 1: plays into the new focus, or a big focus at

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Speaker 1: the company, the metaverse. Let's get to Tom Giles. He's

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Speaker 1: Bloomberg Technology executive editor, joining us from our Bloomberg got

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Speaker 1: San Francisco bureau. Tom, We've got it. Yeah, they finally

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Speaker 1: they finally unveiled the new name. As you said, it's Meta. Um.

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Speaker 1: This is really about Mark Zuckerberg and the rest of

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Speaker 1: the executives at Facebook trying to rebrand, reimagine, get you

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Speaker 1: to think about Facebook in a different way. UM. It's

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Speaker 1: really emphasizing their planned multibillion dollar bet on the metaverse.

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Speaker 1: This is this immersive world. UM. Think of it as

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Speaker 1: a three D worldwide web that they want to be

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Speaker 1: at the ground level of creating. UM, and they want

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Speaker 1: you to think about their company as really a pioneer

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Speaker 1: in this space. Um. They just spent an hour talking

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Speaker 1: about the new hardware and software and other tools that

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Speaker 1: they're created to give users the opportunity to immerse themselves

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Speaker 1: in this thing called the metaverse, and they just chuckle. There.

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Speaker 1: I did was a fascinating study of of kind of

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Speaker 1: what they're what they're thinking about. It was really a

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Speaker 1: trip inside the heads of Mark Zuckerberg and the other

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Speaker 1: executives there um. And they're taking it very seriously and

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Speaker 1: it's a big, bold and risky bet that they're taking.

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Speaker 1: They're going to spend billions of dollars over the next

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Speaker 1: five to ten years to build this out. How do

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Speaker 1: they monetize this? I mean, I was watching part of

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Speaker 1: this presentation as I was prepared for our programs. Tim,

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Speaker 1: You're so silly monetization, But that's what investors care about,

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Speaker 1: and first you got to get the eyeballs right. Well,

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Speaker 1: I gotta tell you, even after watching that, I like

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Speaker 1: life as it is and don't necessarily want to live

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Speaker 1: in the metaverse or any time in the metaverse. How

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Speaker 1: do they convince us to do that? And how do

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Speaker 1: they make money doing it right? That's going to be

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Speaker 1: a big challenge. So to answer your first question about

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Speaker 1: the monetization, they are talking about all kinds of tools

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Speaker 1: that you are going to be able to use. Spend

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Speaker 1: a lot of time talking about e commerce. So you know,

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Speaker 1: we've seen lots of big tech companies Amazon comes to mind,

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Speaker 1: that have been able to monetize the way you buy

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Speaker 1: and sell stuff, you know, virtually. Um, that's one thing

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Speaker 1: they're also gaming. Um. They talked about Grand Theft Auto

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Speaker 1: being one of the games that they're going to sell.

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Speaker 1: And certainly as you look at wearing headsets, immersing yourself

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Speaker 1: in these worlds, whether it's through a VR Virtual reality

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Speaker 1: experience or an a R experience, you can imagine that

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Speaker 1: there's going to be advertising sales. They didn't talk a

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Speaker 1: lot about that, um, but I think that they will

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Speaker 1: find ways to absolutely monetize this, although you know, and

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Speaker 1: probably not right at the outset. Hey, Tom, I'm struck

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Speaker 1: by something that I saw Shinali Bask, our colleague on

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Speaker 1: Bloomberg TV right now, just tweet. She said that Zuckerberg said,

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Speaker 1: from now on, we're going to be metaverse first, not

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Speaker 1: Facebook first. It really makes me think back to when

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Speaker 1: Mark Zuckerberg said that Facebook was going to be a

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Speaker 1: mobile first company, and it emerged that he was making

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Speaker 1: everybody only use their phones to access Facebook to build

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Speaker 1: a mobile product. Fast forward where we are now. This

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Speaker 1: is a company that is that really succeeded when it

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Speaker 1: came to mobile and really surprised investors by by holding

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Speaker 1: onto that. Yeah. Remember, and you know, at the time

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Speaker 1: of their I p O, one of the things that

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Speaker 1: really tripped them up for those first scary several months

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Speaker 1: of their publicly tried but after their debut was that

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Speaker 1: they hadn't mastered mobile. But as you said, that's something

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Speaker 1: that they really tackled. They got us all, uh or

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Speaker 1: all their users or many of their users to experience

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Speaker 1: Facebook on the smartphone, and now they want to kind

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Speaker 1: of move beyond that, and they want to be what's

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Speaker 1: what's interesting about, you know, kind of making you think

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Speaker 1: about Facebook differently. Facebook's name has really been the brand

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Speaker 1: has really been tarnished by all of the things that

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Speaker 1: we and others have been writing about for weeks and

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Speaker 1: months and years, which is the preponderance of harmful content,

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Speaker 1: whether it's hate speech, whether it's dis or disc or misinformation,

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Speaker 1: um anti vax um, conspiracy theories. The list goes on

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Speaker 1: and on and on the ways that Facebook has become

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Speaker 1: a place that we associate with a lack of safety

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Speaker 1: and a lack of protection. They want to start kind

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Speaker 1: of over um and this is how they're going to

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Speaker 1: do it. Right. Hey, you know, Mark Zuckerberg putting out

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Speaker 1: a letter I'm just reading through it as as I

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Speaker 1: wrote no original founders letter quote. We don't build services

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Speaker 1: to make money. We make money to build better services.

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Speaker 1: It's interesting, though, Tom, it comes at a time, just

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Speaker 1: quickly twenty seconds as you say, this company is being

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Speaker 1: looked at very very closely for its impact negatively on society. Absolutely,

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Speaker 1: and you have a lot of lawmakers out there really

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Speaker 1: taking a jaundice view of Facebook and the things that

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Speaker 1: they say. Um, the stock is up, interestingly, so somebody

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Speaker 1: likes what he's selling right now. Well, it could have

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Speaker 1: been Facebook two point oh, that wouldn't have been so good.

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Speaker 1: Tom Giles, you are amazing. Thank you for breaking it

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Speaker 1: down and just making sense when it comes to Facebook's history.

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Speaker 1: We're gonna talk and continue this conversation on Facebook's new name.

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Speaker 1: It's meta at Level. Will be joining us from Menlo Park.

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Speaker 1: He's on the ground there at Facebook headquarters. You're listening

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Speaker 1: to Bloomberg Radio. This is Bloomberg Business Week with Carol

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Speaker 1: Messer and Bloomberg Quick Takes. Tim Stinovich from Bloomberg Radio.

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Speaker 1: I must read in the new shoe Bloomberg Business Week

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Speaker 1: by pri and Non and Mark Bergen. It's about a

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Speaker 1: company called Go Guardian, the leading developer of ed text

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Speaker 1: software educational tech software, and I guessed him to be fair,

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Speaker 1: to be transparent. It's really about kind of educational surveillance software.

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Speaker 1: That's right, Big teacher is watching spyware business sneaks into schools.

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Speaker 1: Joe Weber is editor at Bloomberg Business Week. He's with

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Speaker 1: us in the Bloomberg Interactive Broker Studio. Pre Ada's venture

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Speaker 1: capital reporter for Bloomberg News. She joins us from San Francisco. Joel,

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Speaker 1: What is the software Go Guardian? So it's it's one

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Speaker 1: of a few that have become incredibly popular, uh, since

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Speaker 1: the beginning of the pandemic, where you know, if you

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Speaker 1: had a kid and the kid was in school maybe

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Speaker 1: or not in school, but at home. Um, there was

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Speaker 1: just this proliferation of devices all of a sudden. So

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Speaker 1: so kids had iPads and laptops in a way that

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Speaker 1: maybe they didn't always have before. And if it came

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Speaker 1: from a school, if it was a you know, the

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Speaker 1: Department of Education issued thing, chances are the school wanted

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Speaker 1: to make sure that he could keep an eye on

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Speaker 1: what the kid was doing. And now these companies have

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Speaker 1: really boomed. Go guardian is the one that pre uh

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Speaker 1: dug into for the story. Uh and yeah, what what

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Speaker 1: do you think a kid is looking at during the

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Speaker 1: school other than school? Right? Well, you know if you

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Speaker 1: have gil guard Yeah, that's right. Uh So it also

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Speaker 1: raises all kinds of privacy issues. So so pre what

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Speaker 1: did you learn as you dug into this uh story?

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Speaker 1: That's right? So the pandemic, I mean every school that

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Speaker 1: hadn't given kids, um a laptop or a tablet of

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Speaker 1: some sort, so many schools were forced to gross these

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Speaker 1: things into kids's hands. And when they did that, they

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Speaker 1: wanted to make sure they could ensure that kids weren't

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Speaker 1: searching for I guess for our radio listeners all say

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Speaker 1: problematic stuff on their school computers right when they're giving

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Speaker 1: them access to the internet. So administrators at schools principles

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Speaker 1: teachers we spoke with for this story, they all love this.

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Speaker 1: Teachers say that even in the classroom when they're not

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Speaker 1: you know, remote, now that they're back, it helps them

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Speaker 1: when they want kids to look at maybe a worksheet

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Speaker 1: of some sort, or have an exam open that's online,

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Speaker 1: which is much easier to grade for them, um, And

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Speaker 1: then they can make sure that the kid only has

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Speaker 1: the certain tabs open that they have said are okay

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Speaker 1: during class. So a math teacher can block YouTube, for example,

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Speaker 1: during their class. If they see a kid open another

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Speaker 1: tab with a game or something like that, they can

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Speaker 1: close out that tab immediately for them from their own

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Speaker 1: computer at their desk. And teachers think that this is

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Speaker 1: a way to like, you know, actually be able to

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Speaker 1: focus on teaching, right if you can block all the

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Speaker 1: other stuff that, you know, the kid can't access anything

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Speaker 1: else in their computer. Kind of sounds like the Bloomberg

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Speaker 1: firewalls just putting it out there. Um, but we understand

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Speaker 1: why we have a lot of information to protect here. Um.

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Speaker 1: The schools decide, though, right what to block on kids computers.

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Speaker 1: The schools decide what to block on kids as computers.

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Speaker 1: But the interesting thing is that the schools can also

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Speaker 1: decide to turn on a feature that allows them too.

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Speaker 1: If the kids logged into their school account on a

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Speaker 1: personal computer at home, go Guardian can still continue tracking, monitoring,

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Speaker 1: et cetera while the kid has logged into that school account. Now,

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Speaker 1: not every school turns this on. Go Guardian wouldn't give

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Speaker 1: us a bigger on how many schools that they're involved

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Speaker 1: with have turned this on. But there was protests in Montclair,

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Speaker 1: New Jersey over this um and parents wondered, you know,

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Speaker 1: where does the tracking end then if if this can

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Speaker 1: happen on a personal device preta. One thing that you

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Speaker 1: explore in the piece is just about the role of

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Speaker 1: computers in school because for your Silicon Valley and even

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Speaker 1: Mark Zuckerberg in Newark almost a decade ago, wanted to

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Speaker 1: help connect classrooms. And I'm wondering what you learned and

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Speaker 1: what you can tell us about the role of computers

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Speaker 1: in school. Did they reach a turning point during the

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Speaker 1: pandemic because of remote learning? That's right. So what struck

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Speaker 1: me about companies like go Guardian is how much scale

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Speaker 1: they've been able to achieve the far right, just how

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Speaker 1: many schools across the country they reach and how many

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Speaker 1: students across the country reach Go Guardian, for example, they're

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Speaker 1: one of the biggest companies that makes these kind of

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Speaker 1: tracking tools and their reach is a potential twenty three

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Speaker 1: million and students or more. Entire states have signed up,

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Speaker 1: like Delaware and West Virginia, giving access to all the

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Speaker 1: schools in their states, which means the school can decide

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Speaker 1: whether or not they want to use these tools. But um,

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Speaker 1: you know, New York City has signed up large school

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Speaker 1: district in the country. So that's what struck us as

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Speaker 1: as quite different from a lot of the other efforts

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Speaker 1: in education technology. Right. I mean, a bunch of Googlers

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Speaker 1: started a company called Old School a couple of years back. Um,

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Speaker 1: it ended up shutting down the schools it started. The

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Speaker 1: schools had like three D printers and and all this

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Speaker 1: fancy high tech stuff. But then they got out of

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Speaker 1: the business spout bring of schools and they only even

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Speaker 1: had you know, not that many, nothing at this scale.

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Speaker 1: And the Zuckerberg New Work relationship that was that was

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Speaker 1: just new Work, right, It wasn't UM across the country.

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Speaker 1: So so this really struck us as something that you know,

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Speaker 1: even though the pandemic UM really gave them a big

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Speaker 1: boost in popularity, it doesn't seem like this kind of

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Speaker 1: monitoring technology is going away. Um now that things are

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Speaker 1: are back in person and they have achieved just a

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Speaker 1: much larger base of users across the country. I gotta

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Speaker 1: say it seems pretty basic to put a little firewall

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Speaker 1: on an education device and limit what kids might be

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Speaker 1: able to access and give some teachers ability to see

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Speaker 1: what they're looking at. What are the numbers? Like, how

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Speaker 1: lucrative of a business idea is this? Go Guardian UM

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Speaker 1: They themselves charge about five dollars per student per product

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Speaker 1: at a school or school district on that's more than

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Speaker 1: the school lunch I think they've got. They've got multiple

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Speaker 1: products going on too. There's like a you know, a

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Speaker 1: whole host of tools for teachers, specifically a host of

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Speaker 1: tools for administrators, UM, a host of tools to kind

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Speaker 1: of assigned devices to different kids and like track where

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Speaker 1: they are. So it's depended on how they set up

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Speaker 1: you know, the service, but you have five dollars per

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Speaker 1: student at minimum, right, So okay, the most one of

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Speaker 1: the one of the most uh searched for things that

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Speaker 1: out when students are on Go Guardian is how do

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Speaker 1: you get around Go Guardian? How do you get around it?

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Speaker 1: You know? So actually we asked a company about this

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Speaker 1: and you're like, hey, you know we heard that kids

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Speaker 1: kids do constantly search like how to get around your

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Speaker 1: tech and and their engineers watch those videos too, and

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Speaker 1: if they see something, they you know, close it up.

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Speaker 1: But it's not something they seem to be that worried

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Speaker 1: about they think they've got things pretty locked down. I

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Speaker 1: just think it's funny on a day where we just

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Speaker 1: had Facebook getting a new name Meta because we know

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Speaker 1: they're focusing on the metaverse and that actually with Go Guardian,

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Speaker 1: there is a penalty box, right kind of, I guess

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Speaker 1: a virtual one that they can that kids can be

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Speaker 1: put in. And I just think you can see a

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Speaker 1: melding of the metaverse, right the kids are put in

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Speaker 1: like a penalty metaverse. Remembering the kids I went to

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Speaker 1: school with who were in that box. Now you know,

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Speaker 1: like they probably are still in it. You know, it's

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Speaker 1: just crazy, like how it's all gonna meil together? Um?

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Speaker 1: Is this a company that's going to probably go public

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Speaker 1: at sometime just quickly? You know. Earlier this year they

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Speaker 1: raised two million dollars put their valuation at over a

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Speaker 1: billion dollars. So given the recent fundraising, who knows right

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Speaker 1: that they have a lot of money right now at

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Speaker 1: least sixth band unbelievable, Um and fascinating and deep dive.

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Speaker 1: There's so much to this story. Thank you so much,

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Speaker 1: really appreciate Bloomberg News Venture Capital reporter Priya and Non

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Speaker 1: joining us on the phone. From San Francisco on with

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Speaker 1: Bloomberg business Week at or Joel Webber, what do you

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Speaker 1: think of Meta? Uh? Roofline in the magazine coming out now?

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Speaker 1: That shift yesterday is Facebook's meta pivot. I feel like

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Speaker 1: I should be in the gambling universe. I just go

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Speaker 1: ahead of the curve man. All right, everybody, we gotta

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Speaker 1: run um Joe Weber, thank you so much, Business Week editor,

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Speaker 1: of course, and check out that new issue. It is

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Speaker 1: on newsstands on the Bloomberg and at business Week dot com.

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Speaker 1: You're listening to Bloomberg business Week with Carol Messer and

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Speaker 1: Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. So it's official, uh,

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Speaker 1: Meta formerly known as Facebook the artist formerly known as Facebook?

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Speaker 1: Are you gonna keep calling it Facebook? Are you gonna

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Speaker 1: start calling from three? Technically, it's still trading right under Facebook.

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Speaker 1: It doesn't start trading under the new ticker until December one,

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Speaker 1: So I guess it's going to be kind of one

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Speaker 1: of those Google slash alphabet like you know that confusion

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Speaker 1: that we went through initially when they made the name change. Well,

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Speaker 1: that's what I'm wondering. Unfortunately, now Ed Lovelow is joining US.

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Speaker 1: He's West Coast corresponding at Bloomberg News. He's on site

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Speaker 1: from Facebook headquarters in Menlo Park, California. I believe he's

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Speaker 1: a one hacker away in front of what was until

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Speaker 1: today a famous Facebook like sign thumbs up that you're

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Speaker 1: seeing on YouTube right now. But now the sign has changed.

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Speaker 1: Ed when did they When did they pull the cover

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Speaker 1: off that brand new sign that you're standing in front

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Speaker 1: of nine seconds well to Mark Zuckerberg announced it nine

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Speaker 1: and it was amazing. Over my shoulder, you know, they're

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Speaker 1: standing there, had this temporary canvas over it, and whoosh,

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Speaker 1: they just pull the canvas off. The sign is that

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Speaker 1: famous sign everyone knows, right for our radio audience as well,

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Speaker 1: with the thumbs up like symbol, and it's changed now

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Speaker 1: to this meta symbol. But what you guys were discussing

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Speaker 1: in the intro is the most important part. What changes,

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Speaker 1: And really this is a change in name only, no

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Speaker 1: change to Facebook's corporate structure and no change to the

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Speaker 1: names of his properties. Right Facebook, the website and apps

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Speaker 1: stays the same. What's that? The same? Instagram the same,

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Speaker 1: And many had speculated that they might form a new

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Speaker 1: entity restructure with a holding company like Alphabet did, but

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Speaker 1: that wasn't the case. So what's the significance of this?

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Speaker 1: Is this a company just like when they were late

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Speaker 1: to mobile but quickly pivoted to mobile? Um? Is this

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Speaker 1: a company realizing the future is going to be different

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Speaker 1: going forward and we're gonna pivot now and we're gonna,

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Speaker 1: you know, telegraph that very clearly to the world. What

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Speaker 1: are we as investors? The stats up three percent and

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Speaker 1: now as we did see a kick up on this news,

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Speaker 1: what are we supposed to take away from the set?

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Speaker 1: To be fair, Zuckerberg and other executives have been talking

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Speaker 1: about the metaverse for some time, about how for Facebook,

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Speaker 1: the metaverseus the future where we interact with one another virtually,

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Speaker 1: not just for simply gaming. But during his presentation, Zuckerberg

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Speaker 1: talks about e commerce, about conducting business eatings through virtual

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Speaker 1: and augmented reality using the Oculus headsets. He talks about

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Speaker 1: healthcare using the Oculus headset, exercising in virtual spaces with

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Speaker 1: other imagine a Peloton class that is virtual. I can't

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Speaker 1: quite get my head around that. But what has been

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Speaker 1: made so clear about the Facebook equity story in the

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Speaker 1: prior court in the court had just gone this week.

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Speaker 1: In the prior courter is its vulnerability to those Apple

429
00:22:21,680 --> 00:22:26,920
Speaker 1: iOS changes, and by extension, it's dependence on ad revenues.

430
00:22:27,000 --> 00:22:29,199
Speaker 1: And they we know that they bought Instagram, we know

431
00:22:29,240 --> 00:22:31,000
Speaker 1: that they bought what bought, whatsopp but they've found it

432
00:22:31,000 --> 00:22:34,200
Speaker 1: hard to monetize those And really this is face Zackerberg

433
00:22:34,280 --> 00:22:36,800
Speaker 1: saying this is the first big step for us towards

434
00:22:36,800 --> 00:22:39,640
Speaker 1: the future where we monetize through our virtual reality investment

435
00:22:39,640 --> 00:22:42,280
Speaker 1: in Oculus, which is two thousand fourteen. It also has

436
00:22:42,280 --> 00:22:44,320
Speaker 1: made me think a lot over the last Go ahead, girl,

437
00:22:44,440 --> 00:22:46,159
Speaker 1: Now you know what I'm thinking. Now, I'm I'm like

438
00:22:46,240 --> 00:22:50,239
Speaker 1: watching the video that Mark Zuckerberg put out here. And

439
00:22:50,720 --> 00:22:53,480
Speaker 1: at a time where we are talking about the world

440
00:22:53,520 --> 00:22:57,439
Speaker 1: needing greater transparency, we're now talking about creating, you know,

441
00:22:57,680 --> 00:23:01,840
Speaker 1: an alt reality that could mask so much. And so

442
00:23:01,920 --> 00:23:03,439
Speaker 1: I guess I'm trying to get my head around it.

443
00:23:03,480 --> 00:23:06,960
Speaker 1: Just call me a purist, what can I say? Well,

444
00:23:07,000 --> 00:23:09,800
Speaker 1: one of the big big points that Facebook stressed was

445
00:23:09,880 --> 00:23:12,520
Speaker 1: that privacy is going to be central to this right.

446
00:23:12,520 --> 00:23:14,800
Speaker 1: They said that there will be the same parental controls,

447
00:23:15,040 --> 00:23:19,240
Speaker 1: the same privacy policies in Horizon, the Apple platform that

448
00:23:19,280 --> 00:23:22,360
Speaker 1: the metaverse will exist in or you know what I mean,

449
00:23:23,000 --> 00:23:25,520
Speaker 1: but also that there will be no substantive changes to

450
00:23:25,720 --> 00:23:28,040
Speaker 1: data to use a data, how they handle it. I

451
00:23:28,040 --> 00:23:30,679
Speaker 1: think there's a big questions. One hypothesis put forward by

452
00:23:30,680 --> 00:23:34,000
Speaker 1: Wall Street is that if Facebook had gone further and

453
00:23:34,280 --> 00:23:36,960
Speaker 1: had done a holding company where each individual business unit

454
00:23:37,040 --> 00:23:39,720
Speaker 1: was separate and isolated, it might have given them some

455
00:23:40,160 --> 00:23:44,359
Speaker 1: reprieve or insulation from antitrust interest right from regulators. But

456
00:23:44,400 --> 00:23:47,200
Speaker 1: they didn't do that, And really, likes of Reid Hoffman

457
00:23:47,240 --> 00:23:49,760
Speaker 1: have raised this question. Right, this doesn't change anything from

458
00:23:49,800 --> 00:23:52,920
Speaker 1: Facebook's existing problems. Right. What I was going to say is,

459
00:23:52,920 --> 00:23:55,199
Speaker 1: almost twenty years ago to the day, Philip Morris in

460
00:23:55,240 --> 00:23:58,720
Speaker 1: the US changed its name to Altria, and they did

461
00:23:58,720 --> 00:24:01,600
Speaker 1: that partly to associate the name of the company from

462
00:24:01,840 --> 00:24:05,240
Speaker 1: cigarettes and from the danger that cigarettes have caused the

463
00:24:05,280 --> 00:24:07,600
Speaker 1: world and the and the the US. And I'm wondering

464
00:24:07,600 --> 00:24:09,840
Speaker 1: if this changes anything for regulators or makes them makes

465
00:24:09,880 --> 00:24:13,520
Speaker 1: them think at all differently about the company. Yeah, I

466
00:24:13,760 --> 00:24:15,240
Speaker 1: don't have the answer to that, and I know that's

467
00:24:15,280 --> 00:24:16,919
Speaker 1: a bit of a cop out, but you know, as

468
00:24:16,960 --> 00:24:19,399
Speaker 1: I said, it's a change in name. Only you know

469
00:24:19,600 --> 00:24:22,960
Speaker 1: Zuckerberg and Nick Klegg, who's the vice president of corporate affairs,

470
00:24:23,000 --> 00:24:27,160
Speaker 1: you know, the former British Deputy Prime minister, just stress that, look,

471
00:24:27,520 --> 00:24:30,720
Speaker 1: we are aware of the criticisms that people level at Facebook.

472
00:24:30,800 --> 00:24:33,600
Speaker 1: Zuckerberg actually said there's no good time for Facebook to

473
00:24:33,640 --> 00:24:35,560
Speaker 1: set out its plan for the future because people will

474
00:24:35,640 --> 00:24:38,760
Speaker 1: raise questions about what it's doing with its present issues.

475
00:24:39,080 --> 00:24:41,080
Speaker 1: But he said there's no time like the present. You

476
00:24:41,080 --> 00:24:44,120
Speaker 1: know that they acknowledge all of the criticism around content moderation,

477
00:24:44,320 --> 00:24:46,639
Speaker 1: about the safety of the platform for children. But at

478
00:24:46,640 --> 00:24:48,200
Speaker 1: the end of the day, as they said, this is

479
00:24:48,240 --> 00:24:51,280
Speaker 1: about diversifying, moving away from the ad platform that we know,

480
00:24:51,400 --> 00:24:55,000
Speaker 1: the core blue Facebook dot com platform, to a future

481
00:24:55,000 --> 00:24:57,240
Speaker 1: where people engage differently with one another. Well, and to

482
00:24:57,320 --> 00:24:59,480
Speaker 1: be fair, we are now having a very different conversation

483
00:24:59,520 --> 00:25:02,160
Speaker 1: about face Book slash Meta right now because we're talking

484
00:25:02,160 --> 00:25:06,040
Speaker 1: about the name change and then the focus of the company.

485
00:25:06,080 --> 00:25:08,879
Speaker 1: And if I look at Wall Street, you know, investors

486
00:25:08,880 --> 00:25:12,200
Speaker 1: are cool. More than of the analysts that cover it

487
00:25:12,240 --> 00:25:14,600
Speaker 1: put a by rating fifty. One of the analysts that

488
00:25:14,600 --> 00:25:16,720
Speaker 1: we survey here at Bloomberg have a by rating eight

489
00:25:16,760 --> 00:25:20,399
Speaker 1: holds three cells. I mean overwhelmingly like investors seem to

490
00:25:20,400 --> 00:25:24,760
Speaker 1: be okay about all of it. Ed, we're talking about

491
00:25:24,760 --> 00:25:27,280
Speaker 1: a company that is going to record a hundred and

492
00:25:27,280 --> 00:25:31,080
Speaker 1: eighteen billion dollars in fiscal twenty one according to estimates,

493
00:25:31,119 --> 00:25:34,119
Speaker 1: that regularly post top and bottom line growth that is

494
00:25:34,119 --> 00:25:36,879
Speaker 1: in the very high double digits. There was disappointment in

495
00:25:36,880 --> 00:25:39,320
Speaker 1: this quarter. Why because we saw the brunt of the

496
00:25:39,320 --> 00:25:42,720
Speaker 1: impact from the Apple privacy tracking changes. Right, that was clear,

497
00:25:42,760 --> 00:25:44,520
Speaker 1: and there was commentary about it on the call. But

498
00:25:44,600 --> 00:25:46,240
Speaker 1: at the end of the day, this is an incredibly

499
00:25:46,320 --> 00:25:49,320
Speaker 1: high margin business that is setting out the future where

500
00:25:49,359 --> 00:25:51,640
Speaker 1: it's not dependent on that high margin business. It's going

501
00:25:51,680 --> 00:25:54,960
Speaker 1: into other areas that it's confident that can generate revenue.

502
00:25:55,240 --> 00:25:57,560
Speaker 1: One real quick one, Zuckerberg said, by the end of

503
00:25:57,560 --> 00:26:01,600
Speaker 1: the decade, the metaverse may each a billion people, one billion,

504
00:26:01,680 --> 00:26:03,800
Speaker 1: but it will generate in the region of hundreds of

505
00:26:03,840 --> 00:26:07,000
Speaker 1: millions of dollars of revenue. That gives you a sense

506
00:26:07,040 --> 00:26:08,840
Speaker 1: of scale. Right, It's going to be a long long

507
00:26:08,880 --> 00:26:11,359
Speaker 1: time before this is the core of the business, but

508
00:26:11,560 --> 00:26:15,439
Speaker 1: it's the first big step to diversify. Just very very briefly,

509
00:26:15,440 --> 00:26:20,119
Speaker 1: twenty seconds, how do they monetize the metaverse? Two ways?

510
00:26:20,200 --> 00:26:24,080
Speaker 1: Hardware Oculus brand new headset announced today. High end, expensive,

511
00:26:24,240 --> 00:26:28,919
Speaker 1: high level of functionality, second wave services. Think about video games, roadblocks, Minecraft,

512
00:26:29,119 --> 00:26:31,800
Speaker 1: you buy things within the game, and that's in zeed

513
00:26:31,880 --> 00:26:33,439
Speaker 1: what Facebook wants to do. But it wants to do

514
00:26:33,520 --> 00:26:36,840
Speaker 1: e commerce. It wants to do business to business interactions, meeting,

515
00:26:36,880 --> 00:26:39,080
Speaker 1: so you don't take an airplane. And as I said,

516
00:26:39,119 --> 00:26:41,680
Speaker 1: healthcare was a really interesting take for me. Another headline

517
00:26:41,680 --> 00:26:45,320
Speaker 1: crossing from that event Meta unifying payments financial services under

518
00:26:45,320 --> 00:26:48,120
Speaker 1: Facebook's Novie brand. That was a brand name I think

519
00:26:48,400 --> 00:26:52,040
Speaker 1: created back in for kind of the digital wallet, uh

520
00:26:52,080 --> 00:26:54,840
Speaker 1: that they created. Um, ever, will be careful get off

521
00:26:54,840 --> 00:26:59,960
Speaker 1: that highway. We're worried about you outside Facebook slash Meta headquarters.

522
00:27:00,359 --> 00:27:05,320
Speaker 1: You're listening to Blueberg Radio. Bro. Yeah, but you let

523
00:27:05,320 --> 00:27:07,639
Speaker 1: me drive? Oh no, no, no no, this is not

524
00:27:07,760 --> 00:27:15,919
Speaker 1: a toy. All right, please, I'll goodridevels. I want to drive.

525
00:27:14,600 --> 00:27:22,680
Speaker 1: It's a good question. Good drive. This is the drive

526
00:27:22,760 --> 00:27:28,600
Speaker 1: to the globe down on Bluemberg Radio. All right, just

527
00:27:28,640 --> 00:27:31,320
Speaker 1: about ten and a half minutes left from the end

528
00:27:31,359 --> 00:27:35,400
Speaker 1: of trading on this Thursday, this Friday's Eve and bouncing around.

529
00:27:35,440 --> 00:27:36,639
Speaker 1: But it looks like we're take a little bit of

530
00:27:36,640 --> 00:27:39,720
Speaker 1: a lake up here on those major equity averages near

531
00:27:39,840 --> 00:27:42,239
Speaker 1: our highs of the day, certainly on the SNP and

532
00:27:42,280 --> 00:27:45,160
Speaker 1: the Nastac Nastac once again the app performer. This whole

533
00:27:45,160 --> 00:27:47,720
Speaker 1: week is about those big tech names, and then include

534
00:27:47,760 --> 00:27:49,480
Speaker 1: some of the results we're gonna get after the closing bell.

535
00:27:49,560 --> 00:27:52,680
Speaker 1: We have Amazon with Apple what am I missing? Not

536
00:27:53,240 --> 00:27:56,159
Speaker 1: really call themselves tech with the online or there is

537
00:27:56,200 --> 00:27:58,720
Speaker 1: an app apps the app is huge and there will

538
00:27:58,720 --> 00:28:00,720
Speaker 1: be a lot of questions about the app. Well. Someone

539
00:28:00,720 --> 00:28:03,240
Speaker 1: who knows about all these brands is our next guest,

540
00:28:03,400 --> 00:28:06,240
Speaker 1: Eric Clark, his portfolio manager at Rational Dynamic Brands Fund.

541
00:28:06,240 --> 00:28:08,080
Speaker 1: His fund, by the way, continued to be just about

542
00:28:08,080 --> 00:28:09,959
Speaker 1: all of its peers over the last five years, up

543
00:28:09,960 --> 00:28:13,879
Speaker 1: on average annually, putting his fund in the nine percent

544
00:28:14,200 --> 00:28:16,720
Speaker 1: according to Bloomberg Data. He's back with us on the

545
00:28:16,760 --> 00:28:18,639
Speaker 1: phone from San Diego. By the way. Top holdings in

546
00:28:18,680 --> 00:28:21,240
Speaker 1: the fund include Alphabet and Apple, which, as we said,

547
00:28:21,240 --> 00:28:24,919
Speaker 1: report after uh no, Apple reports after the close. Google

548
00:28:24,920 --> 00:28:27,359
Speaker 1: already reported Google already earlier this week. Trying to keep

549
00:28:27,400 --> 00:28:32,960
Speaker 1: it straight. Um, yeah, exactly, Eric, How are you? I'm great?

550
00:28:33,000 --> 00:28:36,040
Speaker 1: How are you? Carol? Doing well? Doing well? So let's

551
00:28:36,080 --> 00:28:38,280
Speaker 1: talk about Um. First of all, can we just go

552
00:28:38,320 --> 00:28:40,080
Speaker 1: to a tweet because you put out a tweet and

553
00:28:40,120 --> 00:28:43,280
Speaker 1: you tweeted about the name change of Facebook to meta

554
00:28:43,720 --> 00:28:45,800
Speaker 1: and you said, what happens in a few years when

555
00:28:45,800 --> 00:28:49,520
Speaker 1: we all realized we actually like being outside and enjoying

556
00:28:49,800 --> 00:28:52,640
Speaker 1: real life. Um, what happens? Do you have some thoughts

557
00:28:52,680 --> 00:28:57,080
Speaker 1: about this one? Well, you know, probably about three years ago,

558
00:28:57,280 --> 00:29:00,520
Speaker 1: I was constantly saying, you know, in my opinion, Facebook

559
00:29:00,560 --> 00:29:04,520
Speaker 1: has a real brand problem, and it stems from a

560
00:29:04,600 --> 00:29:07,560
Speaker 1: lot of their business practices, etcetera. So I mean, on

561
00:29:07,560 --> 00:29:10,240
Speaker 1: one hand, it's good to see them finally addressed that

562
00:29:10,360 --> 00:29:13,560
Speaker 1: that's an issue. You know, they've told people in their

563
00:29:13,560 --> 00:29:16,000
Speaker 1: earnings release that they're going to spend like ten billion

564
00:29:16,040 --> 00:29:20,720
Speaker 1: dollars on the development of this metaverse through Capex, and so,

565
00:29:20,920 --> 00:29:25,520
Speaker 1: you know, a brand name change focused on the future

566
00:29:25,640 --> 00:29:28,600
Speaker 1: driver of growth. Is that that's logical and it makes

567
00:29:28,600 --> 00:29:31,320
Speaker 1: a lot of sense. I'm just skeptical about what the

568
00:29:31,360 --> 00:29:34,520
Speaker 1: metaverse looks like and what kind of revenue can be generated.

569
00:29:34,520 --> 00:29:37,880
Speaker 1: And you know, my cynical nature even from my tweet

570
00:29:38,000 --> 00:29:39,640
Speaker 1: that could that's great If I go in the metaverse,

571
00:29:39,640 --> 00:29:41,520
Speaker 1: Am I going to be advertised to death there too,

572
00:29:41,560 --> 00:29:44,000
Speaker 1: So when the real world and on the betaverse, I

573
00:29:44,000 --> 00:29:46,680
Speaker 1: don't know. I don't love Facebook in general, so I'm

574
00:29:46,680 --> 00:29:49,160
Speaker 1: probably not the best guy, you know, to opine on

575
00:29:49,160 --> 00:29:51,400
Speaker 1: the positive parts of Facebook. Do you do you hold

576
00:29:51,440 --> 00:29:54,480
Speaker 1: any Facebook? We do not know. It's been a it's

577
00:29:54,480 --> 00:29:57,520
Speaker 1: been a good trade for us. We traded it, you know, Uh,

578
00:29:57,920 --> 00:30:00,560
Speaker 1: I don't know. I I put a a little note

579
00:30:00,600 --> 00:30:02,880
Speaker 1: to my team saying, hey, you know, we're about eight

580
00:30:02,880 --> 00:30:05,120
Speaker 1: percent of the way from the trillion dollar mark, and

581
00:30:05,400 --> 00:30:08,120
Speaker 1: be shocking if we didn't kiss that level, just like

582
00:30:08,160 --> 00:30:11,240
Speaker 1: Tesla did the other day. And when that happens, If

583
00:30:11,240 --> 00:30:12,960
Speaker 1: that happens, we're out. And that's what we did, and

584
00:30:12,960 --> 00:30:15,680
Speaker 1: we haven't been back since. You know, what's interesting to

585
00:30:15,760 --> 00:30:18,560
Speaker 1: staying on Facebook is the idea that the company is

586
00:30:18,600 --> 00:30:21,520
Speaker 1: going all in on this. They're saying, hey, we are

587
00:30:21,760 --> 00:30:23,960
Speaker 1: we believe in that this is the future so much

588
00:30:24,480 --> 00:30:28,080
Speaker 1: we're changing our name. What if it doesn't work, what

589
00:30:28,160 --> 00:30:29,680
Speaker 1: if we don't want to be in that metaverse? Like

590
00:30:29,720 --> 00:30:35,800
Speaker 1: you said, I I think I think that it certainly

591
00:30:35,880 --> 00:30:39,520
Speaker 1: changes the risk profile of the business. And you know

592
00:30:39,720 --> 00:30:42,760
Speaker 1: that's okay, you know, that's their decision to make. I

593
00:30:42,840 --> 00:30:46,600
Speaker 1: just it's such an unknown, and I do see there's

594
00:30:46,640 --> 00:30:50,120
Speaker 1: some real value in the metaverse or work and for business,

595
00:30:50,600 --> 00:30:53,800
Speaker 1: it's already there with gaming, and there's a there's social

596
00:30:53,840 --> 00:30:57,480
Speaker 1: commerce happening inside of gaming already. So in some way

597
00:30:57,520 --> 00:31:00,200
Speaker 1: it's just an extension of that. But the other part

598
00:31:00,200 --> 00:31:03,720
Speaker 1: of that, what that actually looks like, what the demographic

599
00:31:03,760 --> 00:31:05,800
Speaker 1: of people that are going to be in the metaverse

600
00:31:05,920 --> 00:31:08,600
Speaker 1: is clearly i'm'm fifty three, I'm you know, call me

601
00:31:08,640 --> 00:31:11,240
Speaker 1: a dinosaur. I like the real world. I like the smell, touch,

602
00:31:11,320 --> 00:31:13,160
Speaker 1: and and taste. I don't know that you're gonna be

603
00:31:13,160 --> 00:31:15,480
Speaker 1: able to overcome that in the metaverse though. This is

604
00:31:15,520 --> 00:31:20,800
Speaker 1: clearly a next generation demographic story. And you know, we'll

605
00:31:20,800 --> 00:31:23,240
Speaker 1: have to just see how they how they build this thing.

606
00:31:23,240 --> 00:31:26,960
Speaker 1: And they're certainly they've gone all in from a CAPEX perspective, Well,

607
00:31:26,960 --> 00:31:29,600
Speaker 1: if I go all dystopian on everybody, if if we

608
00:31:29,680 --> 00:31:31,960
Speaker 1: continue on this trajectory, when it comes to our environment

609
00:31:31,960 --> 00:31:33,920
Speaker 1: and climate, we will be allowed to be outside and

610
00:31:34,000 --> 00:31:37,520
Speaker 1: so a metaverse no, I'm sorry, but if you think

611
00:31:37,560 --> 00:31:39,440
Speaker 1: about it, that we might need to be inside and

612
00:31:39,440 --> 00:31:42,240
Speaker 1: that all we will have our metaversees, uh in terms

613
00:31:42,280 --> 00:31:44,200
Speaker 1: of safety, So there you have it. Sorry, dark day,

614
00:31:44,240 --> 00:31:46,560
Speaker 1: I'm not that out of this world. There are parts

615
00:31:47,160 --> 00:31:49,600
Speaker 1: where you don't want to be outside because of pollution. Alright,

616
00:31:49,640 --> 00:31:54,440
Speaker 1: so okay, Eric, let's let's get away from the Eric. Meanwhile,

617
00:31:54,480 --> 00:31:57,320
Speaker 1: back at the ranch, um you do own Amazon, They're

618
00:31:57,320 --> 00:31:58,840
Speaker 1: going to be a report after the closes. We're gonna

619
00:31:58,840 --> 00:32:00,200
Speaker 1: be all over. We want to see what's going on

620
00:32:00,320 --> 00:32:04,520
Speaker 1: with e commerce? You know, might the web Amazon web services,

621
00:32:04,640 --> 00:32:08,440
Speaker 1: uh take care of any weakness within the e commerce

622
00:32:08,480 --> 00:32:10,880
Speaker 1: part of their business? What are you expecting? What is

623
00:32:10,920 --> 00:32:12,720
Speaker 1: it that you like and continue to like about this

624
00:32:12,760 --> 00:32:15,800
Speaker 1: company in this brand? Well, I mean the stock in

625
00:32:15,840 --> 00:32:18,480
Speaker 1: general hasn't really done much for the last twelve months.

626
00:32:18,520 --> 00:32:21,719
Speaker 1: I don't love any stock that goes hot into a print.

627
00:32:22,320 --> 00:32:26,240
Speaker 1: But you know, overall, the things largely underperformed because they're

628
00:32:26,280 --> 00:32:29,000
Speaker 1: in their spending mode and when you know, when they

629
00:32:29,040 --> 00:32:32,400
Speaker 1: spend their hiring you know, some an absurd amount of

630
00:32:32,600 --> 00:32:36,880
Speaker 1: workers with with higher pay. So certainly one side of

631
00:32:36,880 --> 00:32:40,600
Speaker 1: the business is going to be you know, higher and spend,

632
00:32:40,640 --> 00:32:42,760
Speaker 1: so a lot of big expenses. But you know the

633
00:32:42,880 --> 00:32:45,840
Speaker 1: history of Amazon is when we spend for a period

634
00:32:45,840 --> 00:32:48,760
Speaker 1: of time, then we reap the benefits of that spend

635
00:32:49,200 --> 00:32:51,640
Speaker 1: in forward quarters, So you know, I don't really know

636
00:32:52,120 --> 00:32:55,160
Speaker 1: one quarter to the next, but I'm sure AWS is

637
00:32:55,160 --> 00:32:57,120
Speaker 1: probably going to be strong. The trends on that side

638
00:32:57,160 --> 00:32:59,560
Speaker 1: of the business will be good, maybe to offset some

639
00:32:59,640 --> 00:33:02,440
Speaker 1: of the the capex and the spending that's happening on

640
00:33:02,480 --> 00:33:05,840
Speaker 1: the other side of the business. But you know, I

641
00:33:05,920 --> 00:33:09,280
Speaker 1: love the business, I love the brand, So it's just

642
00:33:09,360 --> 00:33:11,120
Speaker 1: a buy on dip for me. It's just it's been

643
00:33:11,160 --> 00:33:13,440
Speaker 1: a top holding, and you know, you don't love it

644
00:33:13,440 --> 00:33:15,600
Speaker 1: that it hasn't performed real well for for a year

645
00:33:15,680 --> 00:33:17,800
Speaker 1: or so, but it tends to do that. It ramps

646
00:33:17,840 --> 00:33:19,680
Speaker 1: up and then it tends to consolidate for a while,

647
00:33:19,720 --> 00:33:21,560
Speaker 1: and then it ramps up again. Do you love both

648
00:33:21,560 --> 00:33:23,800
Speaker 1: the e commerce? Do you love the Amazon Web services?

649
00:33:23,840 --> 00:33:26,640
Speaker 1: Do you love all the business? Just quickly, yeah, I

650
00:33:26,680 --> 00:33:28,120
Speaker 1: love it all. I love it all. I mean, it

651
00:33:28,200 --> 00:33:30,920
Speaker 1: serves different markets, and you know, if you're a small business,

652
00:33:30,920 --> 00:33:33,920
Speaker 1: you hate Amazon. But the reality has served a purpose

653
00:33:34,240 --> 00:33:36,640
Speaker 1: and we all love it even more after after cope,

654
00:33:36,760 --> 00:33:39,760
Speaker 1: so we're that much more loyal to the business and

655
00:33:39,760 --> 00:33:43,360
Speaker 1: and their logistics is no joke. Okay, just thirty seconds left.

656
00:33:43,440 --> 00:33:45,640
Speaker 1: Eric Apple, also one of your top holdings. They're reporting

657
00:33:45,640 --> 00:33:47,920
Speaker 1: after the bell too. What are you looking for? Yeah,

658
00:33:47,920 --> 00:33:50,960
Speaker 1: I mean could see some softness because of the supply issues.

659
00:33:50,960 --> 00:33:53,960
Speaker 1: I mean, demand is not a problem for for their products,

660
00:33:53,960 --> 00:33:56,600
Speaker 1: in particularly the iPhone thirteen. It's just hard to come by,

661
00:33:57,000 --> 00:34:00,440
Speaker 1: So any any misses that come today will just be

662
00:34:00,560 --> 00:34:03,200
Speaker 1: made up when they have some supply. So any dips

663
00:34:03,200 --> 00:34:05,480
Speaker 1: on that one, I'll be aggressive and BUYO to any

664
00:34:05,480 --> 00:34:08,000
Speaker 1: dips You'll be buying. So any dips on that or Amazon,

665
00:34:08,040 --> 00:34:12,359
Speaker 1: you'll be buying correct. All right, good to know. Um,

666
00:34:12,560 --> 00:34:14,600
Speaker 1: really love it. Thank you so much, really appreciate it.

667
00:34:14,600 --> 00:34:17,399
Speaker 1: In front of follow your tweets as well. Eric Eric

668
00:34:17,520 --> 00:34:21,160
Speaker 1: Clark excuse me, portfolio manager of the Rational Dynamic Brands Fund,

669
00:34:21,200 --> 00:34:23,759
Speaker 1: top performer in the past five years, joining us on

670
00:34:23,800 --> 00:34:28,120
Speaker 1: the phone from San Diego. Thanks for listening to Bloomberg

671
00:34:28,160 --> 00:34:31,839
Speaker 1: Business Week. Download the podcast on iTunes, SoundCloud, or Bloomberg

672
00:34:31,880 --> 00:34:33,719
Speaker 1: dot com, and you can also listen to our radio

673
00:34:33,760 --> 00:34:36,319
Speaker 1: show at two pm Eastern on Bloomberg Radio or watch

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00:34:36,440 --> 00:34:38,800
Speaker 1: us on YouTube. Sarah to Bloomberg Global News