Speaker 1: This is Bloomberg Business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news As it happened, Sloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, Welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. A special holiday program this week,
Speaker 1: as we look back on our recent visit to the
Speaker 1: Stamford Graduate School of Business, it of course topped Bloomberg
Speaker 1: Business Week's list of America's top B schools for the
Speaker 1: academic year, Stanford taking the number one slot. It's a
Speaker 1: repeat winner, scoring highest overall along eighty four us NBA
Speaker 1: programs and compensation Networking in Entrepreneurship, Dartmouth's Tech School coming
Speaker 1: in second, Harvard Frank third. Over the next two hours,
Speaker 1: we'll hear from some prominent alumni who got their MBA's
Speaker 1: at Stanford, including TPG executive chairman and founding partner Jim
Speaker 1: Coulter and the former and longtime CEO of a b NBEV,
Speaker 1: Carlos Brito. Also speak with some key members of the
Speaker 1: academic staff that are helping to shape the next generation
Speaker 1: of business leaders and dig a bit deeper into the
Speaker 1: criteria that make this NBA program the very best America
Speaker 1: has to offer. Let's begin with the man at the
Speaker 1: helm of the institution, the Dean of the Stanford Graduate
Speaker 1: School of Business, Jonathan Levin. It's just a wonderful thing
Speaker 1: for the school. I think it mostly because it just
Speaker 1: puts a spotlight on what we do here. And I've
Speaker 1: been at the GSP now for five years, and I
Speaker 1: think if there's one thing that I have learned in
Speaker 1: that five years, it's about the value that gets created
Speaker 1: in a place like this where we're have these academic
Speaker 1: faculty who are doing great scholarship, and that was exemplified
Speaker 1: when one of our faculty members, hedo in Beans, won
Speaker 1: the Nobel Prize in Economics. And these amazing business leaders
Speaker 1: who come in and meet with our students, and the
Speaker 1: activity that just places place on this campus, and having
Speaker 1: you here is a great way for you to see
Speaker 1: all of that and what goes on here at the
Speaker 1: g s B. I'm looking around campus right now, is
Speaker 1: are we in the midst of a global pandemic? I
Speaker 1: don't actually know. I mean it seems like things are
Speaker 1: pretty much back to normal here, So give us an
Speaker 1: update about how the pandemic has affected academics and and
Speaker 1: really how you're pushing through it in Yeah, so we
Speaker 1: it's wonderful to have our students back on campus. And
Speaker 1: I think one thing that we have learned from the pandemic.
Speaker 1: We've learned a lot about technology and opportunities to deliver
Speaker 1: education technology, but we've also learned about the incredible value
Speaker 1: of a residential education, residential NBA education, and how much
Speaker 1: of the value that's gets created here actually for research
Speaker 1: and scholarship, faculty interacting, and for education just comes from
Speaker 1: having people together in a physical environment and the serendipitous
Speaker 1: interactions that take place on the campus. You know, Dean Leven,
Speaker 1: we had kind of a real world life experience of
Speaker 1: learning how a vaccine was made in the last year
Speaker 1: and a half, so many different real world experiments we
Speaker 1: lived through them. I do wonder about the experiment of
Speaker 1: hybrid education or virtual education. I think some thought, wow,
Speaker 1: we can do it. Others said no way. I don't know.
Speaker 1: We've we've lived through it. You lived through it. Does
Speaker 1: it work? I think we learned a huge amount during COVID.
Speaker 1: We moved the school online over a weekend, and the
Speaker 1: faculty and our staff and the students people dove into
Speaker 1: virtual education and doing it remotely on Zoom. And I
Speaker 1: think it went way better than anyone had any right
Speaker 1: to expect. Incredibly proud of the way. That is great,
Speaker 1: But what you lose is the unplanned encounters, the unexpected meetings,
Speaker 1: the chance things out. Just to give you an example,
Speaker 1: one of the stories that he to Women's Are Nobel
Speaker 1: Prize winner told was that he came up with the
Speaker 1: ideas that won him the Nobel Prize talking to one
Speaker 1: of his colleagues in a laundromat. And you don't have
Speaker 1: that on Zoom. And what we're creating here in this
Speaker 1: physical environment is lots of laundromat meetings, lots of meetings
Speaker 1: where students bump into other students and they come with
Speaker 1: an idea for a career or a company, or maybe
Speaker 1: they bump into some from the School of Engineering, or
Speaker 1: a faculty member runs into another factor number a student
Speaker 1: and that's where the next Nobel Price comes from. And
Speaker 1: it's so good to have everyone back on campus so
Speaker 1: we can have more wondermats. Does it become a tougher
Speaker 1: sell at any point in the near future, at any
Speaker 1: point during your tenure, in terms of convincing people that
Speaker 1: the education is worth the cost. After all, more than
Speaker 1: one point six trillion dollars in outstanding student loan debt
Speaker 1: for Americans. I think this is a really transformative and
Speaker 1: important time for business generally. And you think about the
Speaker 1: forces that are shaping business today. Very rapid advances in technology,
Speaker 1: major changes in global economics, concern about social equity, about
Speaker 1: climate change, these are these are big challenges for business
Speaker 1: and big challenges for educating business leaders. And where could
Speaker 1: you better learn and get prepared to tackle those big
Speaker 1: challenges in the world and in business. Then by coming
Speaker 1: to a class like Stanford, where you will get to
Speaker 1: meet other people and get exposed to the technology that's
Speaker 1: going to change the world and to the ideas of
Speaker 1: social science ideas, and be with a set of peers
Speaker 1: who can help you assimilate them and prepare you for
Speaker 1: your career. I'm not worried at all about the value
Speaker 1: of NBA programs. Hey, One of the value of coming
Speaker 1: to school like Stanford is diversity of thought and diversity
Speaker 1: of people from different backgrounds. From all around the world, minorities,
Speaker 1: you know, obviously, men, women, people just of all kinds
Speaker 1: of genders. Um, what I'm curious is there was a
Speaker 1: diversity component to the rankings this time. Most schools didn't
Speaker 1: do well, and even top schools like yourself, you know
Speaker 1: has we're ranked a little bit lower when it comes
Speaker 1: to diversity ranking. So how do you square that? And
Speaker 1: how do you teach a population of students that are diverse,
Speaker 1: and yet they're going to go out in the work
Speaker 1: world and they're going to be met with employers who
Speaker 1: aren't very diverse. How do you deal with that? Look,
Speaker 1: education is fundamental about encountering difference different people, different ideas,
Speaker 1: different cultures, and the way that you create a great
Speaker 1: educational experience. And I think the way many companies are
Speaker 1: now trying to create a great workplace in productive environment
Speaker 1: is to bring in a broader range of people and
Speaker 1: then to create an environment where everyone can be at
Speaker 1: their best and you get the most out of different
Speaker 1: people's perspectives. But they're not doing very fast. So I
Speaker 1: think when we and I think about what we're doing here,
Speaker 1: first of all, we're thinking about that aspect of diversity,
Speaker 1: diversity of ideas and diversity of people. It's a long
Speaker 1: term investment to add more diversity to institutions like Stanford,
Speaker 1: but we also have to approach it with urgency, and
Speaker 1: that's the way we're going at it. That was Jonathan Levin,
Speaker 1: the dean of the Stanford Graduate School of Business, coming
Speaker 1: up the Stanford b School product making waves in the
Speaker 1: world of venture capital. G two venture partner and Celo
Speaker 1: Valerie Shan. You're listening to Bloomberg Business Week. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stenovik from Bloomberg Radio. So the Bloward
Speaker 1: Business Week ranking of the best business school starts with
Speaker 1: the premise that the best judges of MBA programs are
Speaker 1: graduating students, recent alumni, and the companies that recruit MBA's.
Speaker 1: The magazine staff passed through nearly twenty thousand surveys to
Speaker 1: find out whether top institutions are really offering what millennial
Speaker 1: students need, especially in the midst of the COVID nineteen pandemic. Now,
Speaker 1: part of what makes a great NBA program is the
Speaker 1: ability for recent grads to leverage what they've learned and
Speaker 1: tap into their schools networks and to really understand what
Speaker 1: businesses value most in recruits as they enter the workforce
Speaker 1: or advance in their own careers. Our next guest is
Speaker 1: adamant that her alma mater did just that. Valerie Shan
Speaker 1: is a partner and the CEO at G two Venture Partners.
Speaker 1: She oversees all operational aspects of the firm, including fundraising, recruiting, administration,
Speaker 1: impact reporting, legal compliance, and marketing. Just got a pretty
Speaker 1: cool background to tam. Prior to attending Stanford Business School,
Speaker 1: Valerie was an analyst over at Kleiner Perkins one billion
Speaker 1: dollar Green Growth Fund, where she helped the team found
Speaker 1: G two. She was also a management consultant at McKenzie
Speaker 1: and Company, and despite boasting a resume that stacks up
Speaker 1: against many Silicon Valley heavyweights, she does still hope to
Speaker 1: do more at Stanford's Business School. My goal is actually
Speaker 1: to come back as a professor one day. So hopefully
Speaker 1: that's really and that's something we heard about earlier in
Speaker 1: our conversation with one of the professors. So tell us
Speaker 1: about your time here and how it really set you
Speaker 1: up for what you're doing now. Yeah, So the most
Speaker 1: spectacular two and a half years was spent here. I
Speaker 1: think what's really amazing about Stanford is you're constantly having
Speaker 1: great people paraded in front of you in the classroom
Speaker 1: speaker series, your classmates alum, and they've just done the
Speaker 1: most extraordinary things, and they're so transparent and honest about
Speaker 1: how they got to where they are today. And they
Speaker 1: almost always say, you know, I was just sitting there
Speaker 1: in your seat. I was actually skiing all the time.
Speaker 1: It makes me really feel like the people that are
Speaker 1: changing the world were just like us, and therefore there's
Speaker 1: no reason that we, as students stay can't be changing
Speaker 1: the world in the very near future. And I think
Speaker 1: that sort of just confidence that the GSP gives you
Speaker 1: is what carries a lot of us through the rest
Speaker 1: of our careers. I can't help but make the connection
Speaker 1: geographically where we are to the career that you're in
Speaker 1: now in venture capital and I wonder to what extent
Speaker 1: you were exupposed to venture capitalists being here in Silicon
Speaker 1: Valley during your time at Stanford. I took a number
Speaker 1: of classes here thinking about entrepreneurship. I think what I
Speaker 1: learned a lot at Stanford was actually how entrepreneurs think.
Speaker 1: I didn't have that experience going in. I worked in
Speaker 1: venture capital, but almost all with people who came from
Speaker 1: banking or consulting, not from people who were on the ground.
Speaker 1: And then the classes at the GSP you hear about
Speaker 1: what founders go through, actually, how founders think about venture capitalists,
Speaker 1: and the things that often venture capitalists do that founders
Speaker 1: don't like to the other side of the coin exactly.
Speaker 1: That was a perspective that I don't think I would
Speaker 1: have gotten otherwise from my job. Well, how do you
Speaker 1: carry that over then to what you were doing now
Speaker 1: as you make investments in entrepreneurs and companies. I think
Speaker 1: that I just always think about my classmates who are
Speaker 1: going through the entrepreneurial journey themselves, and hearing about their
Speaker 1: day to day struggles, and thinking about how we can
Speaker 1: be sort of less annoying venture capitalists, whether that's just
Speaker 1: making sure that you're responding to the emails in a
Speaker 1: timely manner, understanding which portions of our term street we
Speaker 1: should be careful about, because some term that we're just
Speaker 1: throwing in there is actually going to cause a lot
Speaker 1: of heartache to the entrepreneur. Also, just thinking about you know,
Speaker 1: our reporting requirements and whether that's going to be a
Speaker 1: struggle and all the little things that we can be
Speaker 1: helping with because the entrepreneurs are likely struggling with that.
Speaker 1: When the companies that come to you for funding or
Speaker 1: when you actually interact with these companies when they do
Speaker 1: come to you, give us a characterization of them, like
Speaker 1: what excites you, what what makes you want to say, Yeah,
Speaker 1: that's something that we want to bet on, we want
Speaker 1: to bet our LP's money on. Yeah. So the fund
Speaker 1: I work at you to venture partners, we invest in
Speaker 1: what we think of as the sustainable digitization of traditional industries.
Speaker 1: So and sort of say what exactly, like, yeah, there's
Speaker 1: a lot of words. Basically, we look at anything that's
Speaker 1: heavy asset, real economy based. So if there's something in
Speaker 1: that sector that you can drop on your foot and
Speaker 1: hurt yourself, that's something we do. Transportation, logistics, energy, anything
Speaker 1: that we think can substantially impact the pathway of emissions
Speaker 1: and environmental sustainability moving forward. And what we want to
Speaker 1: invest in is businesses that can change those sectors in
Speaker 1: sustainable ways, and businesses that can get really big and
Speaker 1: that have customers that love them. So that doesn't necessarily
Speaker 1: mean we're trying to count you know, like you're reducing
Speaker 1: this amount of carbon today, and we're going to invest
Speaker 1: in the greatest carbon emissions. We're going to invest in
Speaker 1: something that works, that people love, that makes our lives better,
Speaker 1: and it's also better for the environment, and as that
Speaker 1: grows bigger, our impact will get bigger as well. I
Speaker 1: love talking with venture capitalists, whether it's early angel or
Speaker 1: moving it along, because I think you guys are seeing
Speaker 1: some of the stuff that's being thrown about that we
Speaker 1: are maybe going to be talking about, as you know,
Speaker 1: part of our everyday life in five years or ten years.
Speaker 1: What would you say that might be you look at
Speaker 1: some of the investments you're making, or some of the
Speaker 1: investments that are put before you, that might be something
Speaker 1: that nobody's really talking about that we probably should be
Speaker 1: watching closely. One space that we're really excited about now
Speaker 1: is digitizing warehouses and logistics. I think it's a movement
Speaker 1: that people were thinking about a bit before COVID, but
Speaker 1: now has really been accelerated really not digitally yet, So
Speaker 1: there's certain problems that are very difficult. For example, if
Speaker 1: you think about an Amazon warehouse there's still so many
Speaker 1: people working there and jobs that are often you know,
Speaker 1: not that exciting, a little bit dangerous, a lot of
Speaker 1: probability that you're going to hurt yourself, and some specific
Speaker 1: problems such as just getting a robotic arm to pick
Speaker 1: up an item, a specific small item and put it
Speaker 1: in another specific bin are surprisingly difficult, especially if you
Speaker 1: need a percent accuracy and you need to be doing
Speaker 1: it for all sorts of different shapes and objects. But
Speaker 1: as we can figure that out and then figure out scanning,
Speaker 1: figure out last mile transit, so all the goods and
Speaker 1: services that we're ordering can get to people's homes, and then,
Speaker 1: by the way, when we return them, we want to
Speaker 1: make sure those return items are actually sent somewhere where
Speaker 1: that you can be used as opposed to just going
Speaker 1: directly their landfill, so that whole logistics supply chain we
Speaker 1: think about a lot, and we think there's a ton
Speaker 1: of potential to reduce waste there. Do you ever hear
Speaker 1: from founders in the area that there's concerned that there's
Speaker 1: crowding out from some of the largest tech companies around.
Speaker 1: I mean, there's several multi trillion dollars trillion dollar tech
Speaker 1: companies that have the resources to develop a lot of
Speaker 1: this stuff from within or or develop their own technology
Speaker 1: when they see a startup working on it. You work
Speaker 1: for one of them, Google, think Facebook. Well, I think
Speaker 1: there's a couple of things. There's one is it is
Speaker 1: true that the big technology companies are thinking about a
Speaker 1: lot of these problems, but they can't do it all right,
Speaker 1: just the number of different things we could be working on,
Speaker 1: there's space for a lot of the startups. And then
Speaker 1: I also think the big tech companies are a great
Speaker 1: exit for a lot of these founders. So there's multiple paths.
Speaker 1: Now you can get fully to the point where you're
Speaker 1: going to I P O or maybe Amazon wants to
Speaker 1: buy you, maybe Google wants to buy you. Lots of
Speaker 1: potential paths. All right, Gotta ask you, because we have
Speaker 1: done the stories at Bloomberg about women in Silicon Valley,
Speaker 1: what's been your EXPERI ar in so far as a
Speaker 1: woman working in venture capital it's still largely male dominated.
Speaker 1: I've got a tremendous experience. I work with great people.
Speaker 1: I've never felt discriminator and never felt that there's been
Speaker 1: any sort of issue, but it exists, right. I haven't
Speaker 1: found that any discrimination that exists. I think the problem
Speaker 1: is just how you think about your family, because do
Speaker 1: you want to, you know, go at it all the
Speaker 1: way and do you want to have a stay at
Speaker 1: home spouse or do you want to really make the
Speaker 1: dual income family work. I think that's the biggest struggle
Speaker 1: for men or for women as opposed to any specific
Speaker 1: sort of discrimination against me as a woman. That was
Speaker 1: Valerie Shan partner and the CEO at G two Venture
Speaker 1: Partners still ahead. On the special holiday edition of Bloomberg
Speaker 1: Business Week, we'll speak with an executive from a company
Speaker 1: that's been in the news a lot lately, and not
Speaker 1: all that news tim safe to say has been good.
Speaker 1: We're talking about Peloton Interactive. It's at a volatile few weeks,
Speaker 1: from a disappointed quarterly earnings report earlier this month to
Speaker 1: an unexpected one billion dollar share sale the week before Thanksgiving.
Speaker 1: Do you have any charge of relaying difficult messages to
Speaker 1: investors and customers alike? Explains her process. We check in
Speaker 1: with Peloton's Chief marketing and Communications officer, Dr Troceedar. This
Speaker 1: is Bloomberg broadcasting from the financial capital of the world,
Speaker 1: Bloomberg eleven Rio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one of six, one does San Francisco,
Speaker 1: Bloomberg nine sixty to the country Sirius XM Chamber one
Speaker 1: ninety and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio.
Speaker 1: One of the reasons a Stanford Graduate School of Business
Speaker 1: is back on top of the Bloomberg Business Week b
Speaker 1: School rankings is because it prepares its students for the
Speaker 1: corporate world's most difficult challenges. That's based on the surveys.
Speaker 1: One company that we talk a lot about on Bloomberg
Speaker 1: and of course our audience is very familiar with this
Speaker 1: Peloton Interactive Carol, you have a Peloton I do, indeed,
Speaker 1: and to say the firm has become accustomed to volatility
Speaker 1: would be an understatement. Earlier this month, Peloton shares jumped
Speaker 1: after one billion dollar stock offering through the interest of
Speaker 1: major investors. This is a sign that Wall Street is
Speaker 1: ready to look past a grim forecast. Earlier this month,
Speaker 1: it was a big bump up that share price increase
Speaker 1: mark the biggest one day gain since May, and shares
Speaker 1: a Peloton had to decline about forty five percent since
Speaker 1: the company slash that annual revenue forecast by up to
Speaker 1: a billion That happened on November four. Company also lowered
Speaker 1: its projections for subscribers and profit margins at the time,
Speaker 1: really renewing some concerns at the end of the pandemic
Speaker 1: would bring a prolonged slump, but definitely a different view
Speaker 1: from Wall Street after it did that one billion dollar
Speaker 1: stock offering. Oh last month. Before all of this news,
Speaker 1: we caught up with Stanford Business School alum of the
Speaker 1: class of derritrue Cedar. She's Peloton's chief marketing communications officer.
Speaker 1: She said to help the firm navigate a really dark
Speaker 1: period earlier this year. Most notably it was back in
Speaker 1: the spring when the Peloton tread Plus treadmill was recalled
Speaker 1: following dozens of reporting injuries, including a child's death. It's
Speaker 1: been a really tough time and Or is sensitive to
Speaker 1: all of that, and she's also in wavering about the
Speaker 1: company's message of providing better access to fitness for people
Speaker 1: around the world. She spoke with us about her journey
Speaker 1: from customer to the company c suite. Our goal has
Speaker 1: always been to make sure that many more people have
Speaker 1: access to fitness, and so communicating that has to do
Speaker 1: with making sure people see that Peloton is for people
Speaker 1: like them, and so we've been doing that by telling
Speaker 1: the real stories of our real members and and having
Speaker 1: people see, Wow, if Peloton really worked for that person,
Speaker 1: I can I can see that it will work for
Speaker 1: me too. If that mom can finally find you know,
Speaker 1: twenty minutes in her day to invest in her physical health,
Speaker 1: in her mental health, in our overall well being, oh,
Speaker 1: that might be able to work for me too. And
Speaker 1: so I think that what's been really powerful about what
Speaker 1: we've been able to do is really communicate that. And
Speaker 1: then recently we lower the price of our original much
Speaker 1: loved bike, right, we lowered our price by four hundred
Speaker 1: dollars and so Peloton is now accessible but thirty nine
Speaker 1: dollars a month. So that again is another step and
Speaker 1: another action that we've taken to make sure that people
Speaker 1: really see that Peloton is something that they can bring
Speaker 1: into their lives and immediately start using to improve their
Speaker 1: physical health and their mental health. Full transparency. I've got
Speaker 1: a Peloton so I just want to put it out there.
Speaker 1: You guys have also moved aggressively to digital, which lowers
Speaker 1: the price point for a lot of people. When you're
Speaker 1: trying to widen the brand, widen the access, tell us
Speaker 1: as a marketing officer who's looking to really create strategies
Speaker 1: to broaden out the base of Peloton, how do you
Speaker 1: do it with the backdrop of the problems with the treadmill?
Speaker 1: Plus we know that that is still an overhang on
Speaker 1: the company. How do you do it as the world
Speaker 1: reopens that we're at Stanford outside with people, you know,
Speaker 1: Jim's are reopening, and there's increased competition for the fitness
Speaker 1: world of pieces of equipment in your home. How do
Speaker 1: you do it with all of that? Well, I think,
Speaker 1: you know, before the pandemic, people were using Peloton, And
Speaker 1: I think what's been really amazing is the continued engagement
Speaker 1: with our member base because our our content team continues
Speaker 1: to put out really really great classes, a wide variety
Speaker 1: of classes. You are trying to widen the base and
Speaker 1: reach customers. When you've got a product that's had, you know,
Speaker 1: the bad press and the problems like the treadmill, how
Speaker 1: do you kind of deal with that. Investors have certainly
Speaker 1: noticed the stock is pulled back about so far. You
Speaker 1: are in charge of communicating. I'm assuming even investors have
Speaker 1: got to be listening with you. So how do you
Speaker 1: kind of get beyond that? How do you how do
Speaker 1: you how does that make your job more difficulty? You know,
Speaker 1: are to start Peloton is improving the lives of our members.
Speaker 1: That's what we focus on, right, That's what we get
Speaker 1: up every day excited about. That's what That's what keeps
Speaker 1: us motivated. And I think continuing to show the myriad
Speaker 1: of ways that we are doing that, and so I
Speaker 1: think continuing to tell those stories that continue to show
Speaker 1: how we're tangibly addressing these things. Those are some of
Speaker 1: the concrete ways, Um, that we are continuing to push
Speaker 1: the business on the brand forward. Of course, like every
Speaker 1: business we've dealt, we've delta down Barram's share of challenges.
Speaker 1: That's Peloton Chief Marketing and Communications officer, and of course
Speaker 1: Stanford Graduate School of Business alum Daratroceder joining us remotely
Speaker 1: during that broadcast and Tim, her team and the entire
Speaker 1: organization have had an eventful month of November to say
Speaker 1: the least. You mentioned volatility earlier. When it comes to
Speaker 1: Peloton Interactive, that has certainly been the case this year. Yeah.
Speaker 1: We talked about that earnings report at the top, and
Speaker 1: yet the company was able to flip the script, as
Speaker 1: we mentioned just the week before Thanksgiving by announcing that
Speaker 1: one billion dollar stock offering. Yeah, Tim, it was actually
Speaker 1: the first public stock sale for Peloton. Since it's I
Speaker 1: p O. I'll have to wait and see if that's
Speaker 1: enough to help the company right the ship. You're listening
Speaker 1: to Bloomberg Business Week, our special holiday program from the
Speaker 1: Stanford Graduate School of Business, once again topping the Bloomberg
Speaker 1: Business Week list of America's top business schools for academic year.
Speaker 1: Up next a prominent alum TPG executive chairman and founding partner,
Speaker 1: Jim Colter. He's also a Stanford trustee. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Investment, risk, climate, change,
Speaker 1: in E s G, investing, hybrid work, leadership just a
Speaker 1: few of the many topics we cover with Jim Coulter
Speaker 1: during our recent broadcast from the Stanford Graduate School of
Speaker 1: Business once again. Ranks is Bloomberg Business Week's top American
Speaker 1: business school, and it counts figures like the TPG Capital
Speaker 1: executive chairman among its alumni. He's been very involved in
Speaker 1: the school, really the university overall. Colter joined us remotely
Speaker 1: from our Bloomberg Washington d C. Bureau while we were
Speaker 1: on campus in northern California last month, and he urged
Speaker 1: our listeners not to be deterred by near term volatility.
Speaker 1: My advice has been strapped in. It's going to be
Speaker 1: interesting and volatile, but at moments like this, as as
Speaker 1: a long term investor, I say double down on the
Speaker 1: long term trends, and so we're spend in our time
Speaker 1: thinking about what's going to be happening next year, what's
Speaker 1: going to be happy next decade, and making sure we
Speaker 1: position ourselves for that reality. Are you concerned that some
Speaker 1: of the volatility that we're seeing right now could last
Speaker 1: into next year, could last into the next decade. I mean,
Speaker 1: I'm thinking about the tensions between the US and China.
Speaker 1: I'm thinking about the story of transitory inflation, James Warman
Speaker 1: and Morgan Stanley saying this is not transitory rates. Tim
Speaker 1: I've been doing this a long time and one of
Speaker 1: the things I've I've learned is what's behind is not
Speaker 1: what's ahead. So we've been through a period of time
Speaker 1: that has been quite positive, extraordinary market returns and uh
Speaker 1: snap back, and so I think looking forward, we have
Speaker 1: to be prepared for more complexity. We have to be
Speaker 1: prepared for an era of alpha, not beta, and we
Speaker 1: have to get to work, well, what does that alpha
Speaker 1: look like? We are in this innovative, disruptive time. You've
Speaker 1: got the rise fund, you're thinking about you know, certainly
Speaker 1: the climate, the impact companies and technologies that play to it. So, um,
Speaker 1: how do we think about that as an investor? An investor,
Speaker 1: I think we're going to be encouraged to increasingly wade
Speaker 1: into industries that are undergoing cyclical and secular change, whether
Speaker 1: it be content creation, cybersecurity, um, supply chains. Uh. There's
Speaker 1: a whole variety of broad themes that are coming in
Speaker 1: the post COVID world, and my advice would be get
Speaker 1: in the middle of them, sort them out. That's where
Speaker 1: you'll find alpha. Well what specifically in terms of how
Speaker 1: we play it, because you could you could invest it
Speaker 1: in a major oil company that is starting to look
Speaker 1: at alternative energies. Maybe not your classic you know, uh,
Speaker 1: clean energy play. But so how do you think about it?
Speaker 1: You made the investment along with another in terms of
Speaker 1: Tata in their e V battery world, So how do
Speaker 1: you think about that specifically? I think there's opportunities both
Speaker 1: in emerging technologies and companies and in helping existing companies change.
Speaker 1: What you just saw us participate in at Tata is
Speaker 1: a fascinating case study. Here's a major corporation that has
Speaker 1: a set of assets and e V s that in
Speaker 1: the e VIS at the market leading position in India,
Speaker 1: and yet in some ways the market didn't quite understand
Speaker 1: that position. So the ability to drop those assets into
Speaker 1: a separate company, bringing capital from investors like us who
Speaker 1: are dedicated to climate change and making a difference really
Speaker 1: has fundamentally changed how people are thinking about that business.
Speaker 1: So this opportunity to will support young and growing companies
Speaker 1: something we learned in the tech revolution and help existing
Speaker 1: companies spotlight their climate assets is I think a quite
Speaker 1: extraordinary opportunity. I'm wondering out spotlighting those climate assets. What
Speaker 1: moves the company's stock is revenue. It's the top line
Speaker 1: and it's the bottom line, and I'm wondering if we
Speaker 1: need some other metric at least when we talk about
Speaker 1: publicly traded companies that holds them accountable from an E
Speaker 1: s G perspective, that holds them accountable from a climate perspective,
Speaker 1: because I don't think we're seeing investors really care about that. Well.
Speaker 1: I think you are um and I think increasingly there
Speaker 1: is what I think of as a new we are
Speaker 1: of business, and perhaps we can get into that where
Speaker 1: companies are going to be held accountable not just for
Speaker 1: what they do, but for how they do it. For example,
Speaker 1: if you look deeply into the E s G world today,
Speaker 1: companies that are highly rated on E s G standards,
Speaker 1: according to recent Bank of American report, have tenent lower
Speaker 1: cost of capital. So capital is looking to invest in
Speaker 1: companies that care that deliver on E s G ratings.
Speaker 1: There's still a lot of uncertainty as to what those
Speaker 1: ratings will be over time, how they'll develop, But to
Speaker 1: be clear, the trend is happening and it makes a
Speaker 1: difference how you do things. But I do wonder we
Speaker 1: talked about like when a company reports earning is certainly
Speaker 1: for the publicly held companies. Do we need to have okay,
Speaker 1: top bottom line? We look at margins, but we also
Speaker 1: are looking at okay, here's your E S G metric
Speaker 1: and if you don't do well, um, you get penalized.
Speaker 1: There's got to be some consequences. Do we get to
Speaker 1: that point? Do we need to have that kind of point?
Speaker 1: I think we will get there over time, but we
Speaker 1: can't wait for it. What the market is looking for,
Speaker 1: when I'm looking for as an investor is authenticity in action.
Speaker 1: I'd remind you, Carol, that it took seven years to
Speaker 1: develop GAP our accounting standards, and it will take a
Speaker 1: while to develop the standards that will lead the s
Speaker 1: G ERA. But we can't afford to wait. We need
Speaker 1: to get to work, and capital is flowing to these opportunities. Well,
Speaker 1: one of that is, you know, Tim and I were
Speaker 1: talking about kind of planning for this, about everything that
Speaker 1: NBA students. Tim, you have an NBA YEA from a
Speaker 1: couple of years ago. In terms of what you study.
Speaker 1: Leadership is such a big part in terms of getting
Speaker 1: there right. So what is it that the NBA student
Speaker 1: today on Stanford's you know, uh here at Stanford or elsewhere?
Speaker 1: What do they need to be learning when it comes
Speaker 1: to leadership, because I think it's safe to say that
Speaker 1: a lot of people would say leadership failed us in
Speaker 1: the last couple of years. I think they need to
Speaker 1: learn to lead in a new era. Now. Business changes
Speaker 1: every day, but there's times where business ethos change. When
Speaker 1: I got out of business school in a long time ago,
Speaker 1: we were studying Japanese these business practices. In the nineties,
Speaker 1: the ethos changed to the Jack Welsh era, where suddenly
Speaker 1: strategic planning and KPI shove everything. Two thousand it changed
Speaker 1: radically again, where suddenly we were told to move fast
Speaker 1: and break things, the ear of entrepreneurship where Stanford leads. Today,
Speaker 1: there's a new era, a new ethos developing. As I said,
Speaker 1: it's not only what you do, but how you do it.
Speaker 1: Some call it the E. S. G Era. Some call
Speaker 1: it responsible capitalism, stakeholder capitalism. We don't quite know the name,
Speaker 1: but it's real and it's happening. So Stanford has an
Speaker 1: opportunity to continue to lead and prepare business leaders societal
Speaker 1: leaders for that new hero. Jim, there's this conversation happening
Speaker 1: right now about the value of education, especially really expensive
Speaker 1: education so make the case to us, to our viewers,
Speaker 1: to future NBA students that the NBA is still worth
Speaker 1: it for me in I walked out of Stanford and
Speaker 1: it was a special place. Then it remains a special
Speaker 1: place today. There's something in the air ideas, innovation and
Speaker 1: risk taking, and at that moment I chose to take
Speaker 1: the lowest paying job I was offered. I entered an
Speaker 1: industry that didn't have a name. Fast forward thirty years.
Speaker 1: That industry is now called private equity. It's four trillion dollars.
Speaker 1: I've helped build organizations within it, and today I'm sitting
Speaker 1: here talking about how to drive a new idea impact investing.
Speaker 1: So Stanford's motto is change lives, change organizations, change the world.
Speaker 1: It changed my life. It allowed me to change organizations,
Speaker 1: and we're working hard on changing the world. That has
Speaker 1: immense value. It doesn't play out necessarily always in year one,
Speaker 1: although it did for me, but it plays out over
Speaker 1: the arc of a career. So you said, thirty years
Speaker 1: you walked into private equity, and just earlier this year
Speaker 1: your executive chairman still in the company um that you
Speaker 1: founded it, but yet you're not CEO. How do you
Speaker 1: as a as a founder, think about succession UH and
Speaker 1: the next step for your company. As a leader, well,
Speaker 1: succession is out there for me. But what I constantly
Speaker 1: have to ask myself as a leader is what is
Speaker 1: my highest and best use. We had a co CEO structure,
Speaker 1: and my highest and best use is actually to invest
Speaker 1: and to innovate. So I chose to evolve my focus
Speaker 1: to this question of how can business make a difference
Speaker 1: in society? How can we address this intersection of social
Speaker 1: responsibility and corporate UH and corporate effectiveness? And that ability
Speaker 1: to continue to invest in innovating is liberating and is
Speaker 1: something that I think is good for me and good
Speaker 1: for the company. I'm wondering where else you're thinking about
Speaker 1: the flying capital when you can think about rise climate
Speaker 1: right now, where can we expect to see your money
Speaker 1: in the near future. You know, we're defining climate as
Speaker 1: a sector, stretching from the grid through e v s
Speaker 1: into agriculture, and so if you look at the investments
Speaker 1: we've already made in this area, I think it will
Speaker 1: indicate where we're going. UH. We recently made an investment
Speaker 1: in a company called form Energy, which is creating grid
Speaker 1: scale batteries. The ability to store power not just for
Speaker 1: hours and miles, but for days and weeks. We've invested
Speaker 1: in a company called grid Serve, which is a e
Speaker 1: V charging business across the UK, and we're seeing extraordinary
Speaker 1: opportunities across everything from the software that will enable this
Speaker 1: energy transition to farther out issues like carbon capture and
Speaker 1: direct air capture. So I have been investing for a
Speaker 1: long time, but the landscape of what's happening here really
Speaker 1: echoes the fascinating landscape of circuit in the tech world.
Speaker 1: We know what's happening, we don't know quite how, but
Speaker 1: being in the middle of it is creating extraordinary opportunities.
Speaker 1: Well that's what we're thinking about when you were here
Speaker 1: on the on the campus of Stanford. I mean, the
Speaker 1: iPhone wasn't created and it's I'm looking at everybody around me.
Speaker 1: They're all on their iPhones or their smartphones. What's the
Speaker 1: technology that you think is as transformative as maybe the
Speaker 1: iPhone was for our world today? What is the next
Speaker 1: one that you think that we need to just keep
Speaker 1: our eyes on. Well, I think we have to be
Speaker 1: careful not to assume that the climate revolution will be
Speaker 1: exactly like the technological revolution. Uh, what I've been saying
Speaker 1: about climate is there is no silver bullet. What we
Speaker 1: need is silver buckshot. So just as carbon has been
Speaker 1: put into everything, it has to come out of everything
Speaker 1: in different ways. So I think what you'll find is
Speaker 1: a portfolio of technologies that together address this issue. In
Speaker 1: some ways, the same was true of technology. The iPhone
Speaker 1: was only enabled by massive advances and everything from chicks
Speaker 1: chips to touch screens. That's Jim Colter, executive chairman and
Speaker 1: co founder of the private equity firm TPG Capital. He's
Speaker 1: also co managing partner of the Rise Fund. He is
Speaker 1: an active member of the Stanford community, including serving on
Speaker 1: the Graduate School of This Advisory Council, and was elected
Speaker 1: to the Stanford Board of Trustees just this year. That
Speaker 1: wraps up the first hour of the weekend edition of
Speaker 1: Bloomberg Business Week from Bloomberg Radio. I'm Tim Stanobeck and
Speaker 1: I'm Carol master Head. In our next hour, more luminaries
Speaker 1: from the Stanford Graduate School of Business, including a graduate
Speaker 1: you definitely have heard of, former a b in BEV CEO,
Speaker 1: Carlos Brito. It will also hear from the founder and
Speaker 1: co CEO of Minted Miriam Nafisi on her company's next
Speaker 1: big expansion. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: Inside from the reporters and editors who bring you America's
Speaker 1: most trusted business magazine, plus global business, finance and tech
Speaker 1: news as it happened, Sloomberg Business Week with Carol Masser
Speaker 1: and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. I
Speaker 1: am Carol Masser and I'm Tim stock Plenty ahead in
Speaker 1: our second hour of this holiday weekend edition of Bloomberg
Speaker 1: Business Week. It's our Thanksgiving special recapping our recent visit
Speaker 1: to the Stanford Graduate School Business. We were there because
Speaker 1: the school again appeared at the top of Bloomberg Business
Speaker 1: Week's list of America's top business schools. We had the
Speaker 1: chance to engage with students, key faculty, and administrators, as
Speaker 1: well as some of Stanford's most successful NBA recipients ever,
Speaker 1: among them Carlos Brito of a BNBB. Will hear from
Speaker 1: him shortly. First up though this hour, a conversation with
Speaker 1: a woman who has emerged as a pioneer of the
Speaker 1: Creator economy. Miriam Defisi is the founder and co CEO
Speaker 1: of Minted, her business focuses on stationary I know because
Speaker 1: I use them for my wedding, something that we talked about,
Speaker 1: as well as our home goods and digital content, and
Speaker 1: now Minted is expanding into furniture, having debuted its first
Speaker 1: line exclusively at West Elm earlier this year. Well, I
Speaker 1: think the fundamental thread through all of these businesses is
Speaker 1: this idea that great talent can come from anywhere, great
Speaker 1: ideas can come from anywhere, and so what we're trying
Speaker 1: to do is bring great independent, unique art and design
Speaker 1: two people everywhere and um empower artists around the globe
Speaker 1: to put their hat in the ring and then really
Speaker 1: build businesses off of our platform, regardless of where they
Speaker 1: were educated, where they're from, um, whether they had any
Speaker 1: connections to be able to get into business. This helps
Speaker 1: anyone really, you know, be part of a marketplace. What
Speaker 1: are you finding is the best way to communicate what
Speaker 1: you're doing and how you're growing, Because I do think
Speaker 1: a lot of people know meant it for invitations, I
Speaker 1: mean full disclosure. It's what we used for you know,
Speaker 1: my wife and I used for our wedding and and
Speaker 1: I think people know it for for holiday cards. But
Speaker 1: but how do you then communicate that you're doing furniture
Speaker 1: as well. Yeah, I think it's a great question. I mean,
Speaker 1: we are targeting niche audiences through niche marketing, so you know,
Speaker 1: you might not see that the very highest level of
Speaker 1: corporate marketing, but we are. We are marketing to different audiences.
Speaker 1: But I think also you'll see more brand building campaigns
Speaker 1: from us at the higher level this Christmas season where
Speaker 1: we really are focusing on the artist as the common
Speaker 1: thread through all these businesses, so that I think people
Speaker 1: really understand that it's about it's it's really about an
Speaker 1: artist marketplace and community that is participating across textiles, paper, furniture,
Speaker 1: while are many different goods and bring me, but really
Speaker 1: centering it around the artist story and their journey. And
Speaker 1: you'll see that coming out too. You were so great
Speaker 1: about highlighting other people's journeys and artists journeys, but what
Speaker 1: about your own journey here? Because you didn't get accepted
Speaker 1: the first time around, but you came back the next year.
Speaker 1: How did you make that happen? Yeah, I mean I
Speaker 1: think it's this idea of being persistent and fighting for
Speaker 1: what you really what your dream is, and um, you know,
Speaker 1: I had come into Stanford knowing I wanted to be
Speaker 1: an entrepreneur. I'd landed in California after graduating from college.
Speaker 1: I'd spent some time at some other businesses uh in investment, banking,
Speaker 1: and consulting, and I knew that I wanted to carve
Speaker 1: my own path. UM. I felt that if I had
Speaker 1: gone more of the bigger corporate route, I wasn't sure
Speaker 1: if that was a good fit for me and or
Speaker 1: if I would be given the responsibility that I thought
Speaker 1: maybe in my year old mind, I thought I may
Speaker 1: be deserved. And so I really felt that the US
Speaker 1: is you know, I'm a I'm an immigrant to the US.
Speaker 1: I felt like, um, this is really a country of
Speaker 1: great opportunity uh, and that the American consumer would be
Speaker 1: the ultimate judge of merit, that they wouldn't really care
Speaker 1: necessarily who made the product. If they liked the product,
Speaker 1: they would buy the product. And so I was really
Speaker 1: motivated around entrepreneurship as a way to create the world
Speaker 1: I wanted to live in and create the products I
Speaker 1: wanted to see. Um, have you found out to be
Speaker 1: the case about the American consumer? I do think so,
Speaker 1: I mean, we have this is one of the best
Speaker 1: things about being American is that we have this huge
Speaker 1: Peatree dish of like several hundred million consumers who can
Speaker 1: buy your product and test your products. So it's a
Speaker 1: fantastic It's why we are so good at product development
Speaker 1: and marketing actually because we have this great we have
Speaker 1: a great Peatrie dish and so, um, that's exactly what's happened.
Speaker 1: And um, that's why I wanted to pursue entrepreneurship and
Speaker 1: come to Stanford. Um, So when I came out, I
Speaker 1: knew that that's what I wanted to do. So what's
Speaker 1: the endgame? And you know, it's a Bloomberg question. I mean,
Speaker 1: it's got to be nice being private but having investors involved, right,
Speaker 1: But I mean, is the ultimate goal to be a
Speaker 1: public company? How do you think about it? Because there
Speaker 1: are options today. I think it used to be it
Speaker 1: was a direct path. You stayed private for a long time,
Speaker 1: but as soon as you could you get to the
Speaker 1: public markets. It doesn't have to be that way. There's
Speaker 1: a lot of cash out there with investor support to
Speaker 1: keep a business going for years. We see that. Yeah,
Speaker 1: I mean, I think we're always trying to keep all
Speaker 1: options open. Um. But you know, it is an independent
Speaker 1: company in the sense that our artists are independent too.
Speaker 1: It's a fungible community. People can come and go, and
Speaker 1: I think the idea of capturing trying to capture that
Speaker 1: community inside another company is probably a little bit of
Speaker 1: a forced a forced It would be forced and kind
Speaker 1: of strange. Probably. So I think of ourselves as an
Speaker 1: independent business, that we're building independent company, and certainly we
Speaker 1: could continue private financing or or go public, and we're
Speaker 1: just preparing for, you know, for either, you know, both
Speaker 1: both paths, and we always keep we always keep ourselves
Speaker 1: prepared for both. We haven't raised money in a couple
Speaker 1: of years since. But you are cash flow positive, Um,
Speaker 1: what can you share with us, and all known that
Speaker 1: you're a private company, Sure, well I can share there
Speaker 1: were several hundred million dollars in sales. Um, we are
Speaker 1: cashala positive. Um, we are growing rapidly. Uh. And we
Speaker 1: haven't even begun to tap our international markets at all
Speaker 1: in terms of you know, consumer marketing or sales. So
Speaker 1: I think there's a lot of a lot of room
Speaker 1: ahead to grow. And finally, just give us an idea
Speaker 1: of how you made it through the pandemic during wedding
Speaker 1: season when it completely just dried up. Well, this is
Speaker 1: the kind of thing that I think, uh, you know,
Speaker 1: you know Stanford and getting a great education on frameworks
Speaker 1: and how to how to learn more quickly. I think
Speaker 1: at Stanford and the GSP teach you how to how
Speaker 1: to learn, you learn how to learn that. If that
Speaker 1: makes sense, so I would say, um, we had to quickly.
Speaker 1: We did have to quickly cut expenditures for a while
Speaker 1: because revenue dropped. We ended up cashlaw positive anyway for
Speaker 1: this for the year, and we did really focus on
Speaker 1: different um different product lines that we thought we thought
Speaker 1: people would find very popular home goods for example, that's
Speaker 1: been booming. That's Miriam the Feec. She's the founder and
Speaker 1: co CEO of Minted. She joined us on campus at
Speaker 1: the Stanford Graduate School Will of Business. You're listening to
Speaker 1: Bloomberg Business Week coming up. He led the world's biggest
Speaker 1: brewer for more than fifteen years, and at age sixty one,
Speaker 1: our next guest says his career far from over. Carlos
Speaker 1: Brito tells us what's in store for his second act.
Speaker 1: You're listening to the Bloomberg Business Week the School special.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week with Carol
Speaker 1: Masser and Bloomberg Quick Takes Tim Stenovik from Bloomberg Radio.
Speaker 1: As you may know, Bloomberg Business Week has once again
Speaker 1: ranked the Stanford Graduate School of Business as the top
Speaker 1: NBA program in the United States. The eighty four American
Speaker 1: institutions ranked by the magazine are evaluated based on four
Speaker 1: indexes that capture key elements of business school education, compensation, learning, networking,
Speaker 1: and entrepreneurship, and a fifth category to diversity, was added
Speaker 1: in this year. One lightly less formal measure of academic quality.
Speaker 1: I guess you could say is the type of leaders
Speaker 1: and NBA program produces and the list of stay for
Speaker 1: his Pea school alumni. No shortage of movers and shakers,
Speaker 1: that's for sure. Carlos Brito received his NBA from Stanford
Speaker 1: in nine and went on to work for more than
Speaker 1: three decades at the company that would become the world's
Speaker 1: largest beer maker. He spent fifteen years as CEO of
Speaker 1: Anheuser Busch in BEV before stepping down over the summer.
Speaker 1: Now Brito joined our program from his home in Washington,
Speaker 1: d C. And we began our conversation by asking about
Speaker 1: the challenges facing global brewers today with supply chain slowdowns
Speaker 1: and labor shortages weighing on every sector of the global economy.
Speaker 1: We built in having a global a global brewer is today.
Speaker 1: Uh by was very lucky to be part of a
Speaker 1: very talented team. We didn't altogether and uh we was
Speaker 1: started in one country in Latin America, one country Europe,
Speaker 1: and it became a global company with presents in all
Speaker 1: continents and uh in terms of trends and then you know,
Speaker 1: the the industry continues to be very healthy. I mean
Speaker 1: consumers continue to primonize to trade, to to pay more
Speaker 1: for beer. That's very good. Consumers continued to look for
Speaker 1: opportunities to engage with beer and they had to go
Speaker 1: to their homes when bars and pubs were were closed.
Speaker 1: But they were very connected to our brands, big brands
Speaker 1: that very well during COVID. Global brands also did very
Speaker 1: well continue to grow. So the beer industry a local
Speaker 1: business to more of a global brand business. Innovation could
Speaker 1: us to play a big rolling beer and uh you know,
Speaker 1: being a natural product, it's made a natural ingredients through
Speaker 1: a natural process which is fermentation, the same way we
Speaker 1: use for wine or make bread. It's a day. It
Speaker 1: has a clean label, which consumers favor a lot these days.
Speaker 1: And we offer a portfolio that goes from you know,
Speaker 1: full beer all the way to zero zero beer. So
Speaker 1: the thing about moderation and uh so this is some
Speaker 1: of the trans we see great industry to the end.
Speaker 1: In terms of challenges to your question, I think, like
Speaker 1: every business you're reading the paper every day, it's about
Speaker 1: supply chain being very you know, toughtlation creeping up and
Speaker 1: uh and also some still for beers, some countries that
Speaker 1: were traveled is yet restricted. And our business is a
Speaker 1: lot to do with entertaining it with consumers moving, people
Speaker 1: having fun, and this is still restricted in any parts
Speaker 1: of the world. If you were still at the helmet
Speaker 1: of the company Breed, how would you navigate these supply
Speaker 1: chain challenges right now? What would you be doing to
Speaker 1: ensure that you can keep costs down when so many
Speaker 1: costs of raw materials like aluminum are continuing to move higher. Yeah,
Speaker 1: I mean we've always been a very efficient brewer. We
Speaker 1: are a high quality brewer with very high efficiency abe
Speaker 1: I'm talking about and cominities. Of course, there's nothing what
Speaker 1: you can do a b I has a hedging program,
Speaker 1: the twelve months programs that to react to plan um
Speaker 1: and everything else. We tried to be as efficient as
Speaker 1: we can so we can also have last impact on
Speaker 1: the environment. So we tried to use one of the
Speaker 1: best way we can fomity products the most efficient way
Speaker 1: we can, so we can have high quality with leasting
Speaker 1: back from the world that surroundses. You know, you're talking
Speaker 1: about the future. UM, what are the trends that you
Speaker 1: think are coming this way? Is it more non alcoholic?
Speaker 1: I know Tim likes that hard seltzer is fad? Does
Speaker 1: that stay around? Uh? Consumer tastes can change pretty quickly. Yeah.
Speaker 1: I mean there are many trends that were there before COVID,
Speaker 1: and COVID made some of them escalate or progressive and faster.
Speaker 1: But some of the trends were clear during COVID. People
Speaker 1: were discovered the home and way to entertain at home.
Speaker 1: Consumers continue to be you know, treading an episodes saved before, uh,
Speaker 1: because they continued to consume more beaverages with meals, which
Speaker 1: for beer is something new. UM. For soft drinks has
Speaker 1: always been the case, but for beer, because of the
Speaker 1: home as a hub became more of the case. Consumers
Speaker 1: continued to look for alternatives in terms of health and wellness,
Speaker 1: and that's where Seltzer plays a role. Less carps, less calories,
Speaker 1: less bloating, and clean labors remains a big prayer party
Speaker 1: inconvenious consumers and retailers became very usual to interact with
Speaker 1: companies via apps and had things delivered to them. And
Speaker 1: that you'ing COVID as we all know, was the name
Speaker 1: of the game. And B two, B and B to
Speaker 1: see wait of adopting went up each time during last year.
Speaker 1: But it is is hard Selter one of those healthier
Speaker 1: fans that consumers will continue to move forward, especially consumers
Speaker 1: here in the United States. And I gotta ask because
Speaker 1: just last month Boston Beer withdrew its guidance over softness
Speaker 1: in the hard Selter market. So are you seeing hard
Speaker 1: Selter as a fat and Americans are going to move
Speaker 1: past that? Yeah? I mean Selzer was was a very
Speaker 1: strong product the last two summers, not just leveled awful
Speaker 1: little bit, and because of the vision, was strong in
Speaker 1: the beer category and adjacent categories who continue to have
Speaker 1: every year new products that will come and capture consumers imagination.
Speaker 1: So consumers cites a big thing in our business. Trying
Speaker 1: to understand what consumers are looking for and proved iid
Speaker 1: in them. What those experiences, that's what let's make a
Speaker 1: d I successful. Hey, Rito, what do we want to
Speaker 1: ask you? As we said, you know, fifteen years of
Speaker 1: the CEO of the company. From what I understand, from
Speaker 1: what Tim and I have been reading, is that you've
Speaker 1: got a lot of people calling you about your next act.
Speaker 1: You know, what are people calling you about? What kinds
Speaker 1: of offers? What might be your second act? Yeah, you're right.
Speaker 1: I mean when I when I sat down on Jump,
Speaker 1: you know, people called me even before that, when he
Speaker 1: became public as was stepping down and with ideas with
Speaker 1: you know, things we can do together, and I said, hey,
Speaker 1: I don't have time now, I'll call you in July, August,
Speaker 1: September time frame. That's what I've been doing. And it's
Speaker 1: interesting because for the first time, after thirty two years
Speaker 1: in the same industry, an industry that was always exciting,
Speaker 1: changing in consolidating and becoming global. So there was never
Speaker 1: the board the board moment there, you know, there was
Speaker 1: never board and it was always very exciting. But now
Speaker 1: I've had the time, a flexibility to really go deep
Speaker 1: in many different businesses. And I'm meaning very interesting people
Speaker 1: learning avelops Asian business that I knew because I was
Speaker 1: during the paper, but I didn't know much about them.
Speaker 1: I have the tact to go deep, and I want
Speaker 1: to make a decision the next couple of months. I
Speaker 1: have a couple of things that are now you go
Speaker 1: becoming more and more interesting it terms of ideas, but
Speaker 1: right now I still haven't made a decision yet. That's
Speaker 1: Carlos Brito, longtime CEO of the world's largest brewer and
Speaker 1: hazer busch in Bev. Well, I'm certainly looking forward to
Speaker 1: hear what Brito doesn't Actually, he's got so much energy
Speaker 1: and I just love his enthusiasm about this world. He
Speaker 1: knows that he's been in, he's grown up in it,
Speaker 1: so I can't wait to see where he lands now.
Speaker 1: I think it'll be, I have no idea. He's also
Speaker 1: on the board of directors at Ambev, a Brazilian brewer
Speaker 1: that is part of the A b InBev Empire. Not
Speaker 1: exactly slowing down, you can definitely feel that neither are we,
Speaker 1: because still it come we go inside the classroom at
Speaker 1: Bloomberg Business Week's top ranked business school. We're gonna learn
Speaker 1: how the Stanford faculty are preparing students for the boardroom.
Speaker 1: This is so interesting. I love when we catch up
Speaker 1: with the faculty. You just get an idea of what's
Speaker 1: on their radar, how they are taking, especially coming off
Speaker 1: the pandemic, taking real life experiences, which is what you
Speaker 1: know so well. Tim, Having gone to a graduate school
Speaker 1: of business program, you understand about taking the real world
Speaker 1: and bringing it into the classroom. Stanford does it really well. Yeah.
Speaker 1: We're gonna talk to Sarah's Soul, professor of Organizational Behavior.
Speaker 1: We also shift our focus to the world of ethics
Speaker 1: and business with political economy professor ten Shots. This is
Speaker 1: Bloomberg Broadcasting from the financial capital of the world Bloomberg
Speaker 1: eleven Rio in New York to Washington, d C. Bloomberg
Speaker 1: to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine six to the country Sirius XM Channel one nine,
Speaker 1: and around the globe the Bloomberg Business and Bloomberg Radio
Speaker 1: dot Com. This is Bloomberg Business Week with Carol Messer
Speaker 1: and Bloomberg Quick Takes. Tim Stenovan on Bloomberg Radio. Back
Speaker 1: in September, Bloomberg News Managing diversity reporter Jeff Green wrote
Speaker 1: the following, The ranks of C suite trainees enrolled in
Speaker 1: today's NBA programs are a microcosm of the challenges playing
Speaker 1: out across America's corporate landscape. By and large, they are
Speaker 1: still too male and lack the diversity to reflect the
Speaker 1: demographics of future business culture. For the latest Peace school rankings,
Speaker 1: Bloomberg Business Week factored in its inaugural diversity index and
Speaker 1: found that women had parody at just five of the
Speaker 1: eight four schools in the study, and Stanford was one
Speaker 1: of just twenty with enough black and Hispanic students to
Speaker 1: equal their respective shares of the broader population. Tim safe
Speaker 1: to say that all business school programs are really struggling
Speaker 1: with diversity. They're all working on it, but they still
Speaker 1: have a lot of progress to make. As we wind
Speaker 1: down our special holiday weekend installment of Bloomberg Business Week,
Speaker 1: we want to take you inside the classrooms of this
Speaker 1: prestigious institution, though, to find out what students actually have
Speaker 1: on their minds in the midst of a period of
Speaker 1: social unrest in America, and also find out what's that
Speaker 1: top of mind for professors there? And to do that,
Speaker 1: we're going to turn to Stanford Business School Sarah Soul.
Speaker 1: She's a professor of organizational behavior in a leading voice
Speaker 1: on diversity, equity and inclusion on campus, and she believes
Speaker 1: some good will ultimately come out of a painful period
Speaker 1: for both the country and for academia. And it was
Speaker 1: a very tough year, but it was a year of learning.
Speaker 1: You know, we were so fortunate to have so many students, faculty, staff,
Speaker 1: and alums who wanted to help us as an institution
Speaker 1: get through the pandemic and also get through the divisions
Speaker 1: that we're tearing apart this country with respect to race
Speaker 1: and systemic racism. So we were very fortunate and the
Speaker 1: conversations that we had with our alums, with our students,
Speaker 1: with our faculty and staff were conversations that were geared
Speaker 1: toward our growth as an institution and towards us being
Speaker 1: better on the diversity, equity and inclusion front. You're also
Speaker 1: a professor of organizational behavior, and I'm wondering how your research,
Speaker 1: how your background, how your education helps you communicate with faculty,
Speaker 1: with students and help them facilitate these difficult conversations in
Speaker 1: the classroom. That's such a great question because one of
Speaker 1: the things that we have, it's brand new here at
Speaker 1: the GSP this fall is a mandatory training for all
Speaker 1: NBA students which I'm leading along with one of my
Speaker 1: colleagues who's helping with some exercises, and it's allowed me
Speaker 1: to tap into some of my own research, but also
Speaker 1: research of many of my colleagues around issues related to
Speaker 1: implicit bias, to um ally ship to thinking about how
Speaker 1: we can build a more conclusive culture here at the
Speaker 1: school and so we can train our leaders to go
Speaker 1: out after they leave this program and lead inclusive organizations
Speaker 1: in an equitable way and to build diversity, equity, and
Speaker 1: inclusion into all that they do. So that's one of
Speaker 1: the new things that's happened and that I feel very
Speaker 1: fortunate to be part of and allows me to draw
Speaker 1: on my own research and teaching. So this has been
Speaker 1: a wonderful new addition to our curriculum. How do you
Speaker 1: though think that we something is different that we've talked
Speaker 1: about bias and racism for decades to be fair, hundreds
Speaker 1: of years, If you want to really think about, how
Speaker 1: do we know that this time, it's going to be different.
Speaker 1: That's so it's going to change in terms of action.
Speaker 1: Hope lives eternal. Part of what I think is happening
Speaker 1: is that the new generation of leaders, those who have
Speaker 1: come to business school now um have I have a
Speaker 1: different approach to this than I've certainly seen in the past.
Speaker 1: They're craving um uh leadership in diversity, equity and inclusion,
Speaker 1: leadership training in diversity, equity and inclusion in ways that
Speaker 1: I haven't seen in the past. And so I believe,
Speaker 1: and I hope. I am an optimist Carol knows that,
Speaker 1: but I believe in hope that this generation of leaders,
Speaker 1: the leaders were training at top business schools and other
Speaker 1: business schools, are going to be the ones to carry
Speaker 1: forward these goals and make for a better, more equitable society.
Speaker 1: How do you think about what you're doing on campus
Speaker 1: attracting a more diverse student body one year from now,
Speaker 1: two years from now, five years from now. What are
Speaker 1: your goals there. One of the things I think that
Speaker 1: you've probably read a little bit about is we've expanded
Speaker 1: financial aid in a way with our Bold Fellows program.
Speaker 1: We have twenty Bold Fellows this year, and we planned
Speaker 1: to enroll twenty or more if we can every year.
Speaker 1: And that's a new program of financial aid which specifically
Speaker 1: geared towards students who have had financial hardship, either because
Speaker 1: of um less, intergenerational wealth transfer, or some sort of
Speaker 1: financial disadvantage. So one way that we're trying to UM.
Speaker 1: We kept hearing from students who had applied and had
Speaker 1: gotten gotten in but couldn't come that the financial burden
Speaker 1: was too great and the risk perhaps too high. And
Speaker 1: so one of the things that we're trying to do
Speaker 1: is make it possible for students to come here because
Speaker 1: we really believe that to UM to train the next
Speaker 1: generations of leaders, we need absolutely need a diverse student body,
Speaker 1: we need a diverse faculty, and we are absolutely committed
Speaker 1: to continuing our games thus far in those areas that
Speaker 1: Sarah Soul, Professor of Organizational Behavior at the Stanford Graduate
Speaker 1: School of Business. You're listening to Bloomberg Business Week. We're
Speaker 1: going to wrap up with a frank conversation on ethics
Speaker 1: and business and why that's part of responsible management and governance.
Speaker 1: Stanford Professor of Political Economy Ken Shots explains how Business
Speaker 1: Week's top ranked graduate program is helping shape the hearts
Speaker 1: and minds of tomorrow's corporate leaders. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovich from Bloomberg Radio. Alright, So, ethics
Speaker 1: and business and increasingly important topic, no doubt about it.
Speaker 1: We talked about it a lot on our daily show.
Speaker 1: It's one that may not be getting enough attention though
Speaker 1: in C suites around the world, many would argue that
Speaker 1: that's something that Stanford Graduate School of Business Professor of
Speaker 1: Political economy Ken Shots hopes to change. Professor Shots uses
Speaker 1: game theory to analyze how elections and political institutions influence
Speaker 1: policy choices made by government officials. Such a timely conversation.
Speaker 1: His new book By the Way out next month called
Speaker 1: Eating with Value Strategies for making Ethical Decisions in Business
Speaker 1: in Life. He joined us on campus at his alma mater,
Speaker 1: Stanford to explain exactly how to cultivate those strategies by
Speaker 1: giving students a sense of purpose and helping them understand
Speaker 1: how to make moral decisions. I think that you know,
Speaker 1: when you think about those high profile issues in society recently,
Speaker 1: we see that This is part of responsible leadership. So
Speaker 1: at the g s B, we're really trying to train
Speaker 1: leaders of companies and other organizations, but really the people
Speaker 1: who are at the top, who are the most successful
Speaker 1: and having the most impact in the world. This is
Speaker 1: a core part of what it is to be a
Speaker 1: responsible leader nowadays is grappling with these issues um and
Speaker 1: And that's not just in the sense of like something
Speaker 1: gets in the public eye and you could ask questions
Speaker 1: about it by the media or your employees or activist
Speaker 1: groups or things like that. It's also because companies foundationally
Speaker 1: have all sorts of impacts in the world and major,
Speaker 1: major impacts, and a responsible leader is someone who thinks
Speaker 1: about those impacts. And there's a variety of different ways
Speaker 1: that they could sort out those decisions, but they need
Speaker 1: to be aware of those impacts. But how does that
Speaker 1: square with the company's bottom line? Here we are in
Speaker 1: the midst of earning season. We care about the top
Speaker 1: line growth, we care about earnings, we care about projections.
Speaker 1: There are no questions from analysts on investor calls about ethics.
Speaker 1: I think there are questions about things that are related
Speaker 1: to ethics, like what are you doing about sustainability or
Speaker 1: some commitments you've made about this, that or the other thing. Um.
Speaker 1: But yeah, there aren't questions about like ethics per se.
Speaker 1: And I should say I like your question because it
Speaker 1: doesn't presume that everything is a win win win. I
Speaker 1: think there's a tendency for a lot of people to
Speaker 1: talk as if there are no trade offs, and especially
Speaker 1: to say, well, in the long run, there are no
Speaker 1: trade offs, because if you do something that is problematic
Speaker 1: in some way, it's going to harm your reputation in
Speaker 1: the long run. And I think a lot of the
Speaker 1: time the short run benefits can exceed you know, the
Speaker 1: long run reputational harms. So the short run financial benefits
Speaker 1: for a company, and I think the question that's a
Speaker 1: company claims it has values and wants to live by
Speaker 1: those values, it actually needs to do it. So you know,
Speaker 1: in the book that Niel Mahotra and I recently wrote,
Speaker 1: we have this framework we call the five p s,
Speaker 1: which is you first got to set your priorities. Saying
Speaker 1: we care about the world isn't enough, right, you need
Speaker 1: there's all sorts of things in the world you can
Speaker 1: care about. Set the priorities, measure those priorities have performance metrics,
Speaker 1: then US incentives, paying promotions and put people in positions
Speaker 1: of power who are aligned with those things. And that's
Speaker 1: just like many other things that companies do. If a
Speaker 1: company says we care about these things, they've got to
Speaker 1: do it deeply in the organization will help us out
Speaker 1: with right, I think about how much we talk about
Speaker 1: all the companies that are over in China, and there's
Speaker 1: lots of questions obviously in terms of human rights issues
Speaker 1: and kind of pick your area, the impact on the climate. Um,
Speaker 1: what do we make of a company like Nike that
Speaker 1: stays there, uh, sells their works there? LinkedIn who pulls
Speaker 1: out is LinkedIn ethical company because they do that. There's
Speaker 1: both normative and by which I mean values based questions there,
Speaker 1: and there's also implicitly positive or social scientific questions. So
Speaker 1: companies often say if we stay in it will have
Speaker 1: the following positive consequences, or if we get out will
Speaker 1: have the following effects. Those are those are questions for
Speaker 1: social science, right, and so you need, you know, scholars
Speaker 1: to study those things. It's not enough. You don't want to.
Speaker 1: We don't know yet. Well, it's hard to tell, right,
Speaker 1: because to really know at an empirical level. Right, you
Speaker 1: need to run a randomized control trial. Right, you do
Speaker 1: what you do with COVID vaccines. You see it doesn't work,
Speaker 1: doesn't not work, turns out they work. It's awesome. You
Speaker 1: want to do that same thing as a scientist, as
Speaker 1: a social scientist, we can't do that typically, So you
Speaker 1: need and actually this is related to what might call
Speaker 1: hedo invents. Just when the Nobel Prize for you need
Speaker 1: ways of thinking about you know, how you get sources
Speaker 1: of variation that are sort of quasi random, and how
Speaker 1: to interpret causal effects from those things. But it's also
Speaker 1: questions of values. You can have all the social science
Speaker 1: linked up, and then you can have deep values based
Speaker 1: disagreements about is your responsibility to investors, to the people
Speaker 1: of China, to people in the United States? Yes, yes,
Speaker 1: and yes perhaps right, And it's hard to weigh those things.
Speaker 1: And this is the challenge. And you know, back when
Speaker 1: Milton Friedman was the way that everyone was talking about everything,
Speaker 1: you know, it's easy to say, long run shareholder value, right,
Speaker 1: that's the only social responsibility that matters. But then if
Speaker 1: you say we have these other things that matter, then
Speaker 1: you gotta start weighing those and honestly, I haven't seen
Speaker 1: a really clear articulation from the Business Roundtable or anyone
Speaker 1: else about how one ultimately should do that. And the
Speaker 1: reason is because different people have different deeply health value.
Speaker 1: When you see a company leader make a statement in
Speaker 1: the wake of George Floyd, for example, how do you
Speaker 1: think about it? Do you think about it from the
Speaker 1: perspective of this leader is taking a stand because this
Speaker 1: leader believes it's the right thing to do. This leader's
Speaker 1: employees are demanding it. This leader is doing this because
Speaker 1: he or she needs to say, this is the type
Speaker 1: of company we are, and our values align with your values,
Speaker 1: and we want you to work for a place. I
Speaker 1: think it. It really varies, and I can't know what's
Speaker 1: inside anyone's head, right, So each of these is a possibility. Well,
Speaker 1: I guess is it more cynical, right? Yeah? Yeah, And
Speaker 1: that's that's really my question. But to me, if someone
Speaker 1: the way that I think about it is it's it's
Speaker 1: great to have good intentions. People like to talk about
Speaker 1: all their good intentions, but it's even better to have
Speaker 1: good institutions, right, And what do I mean by having
Speaker 1: good institutions? I mean that within a company, it's things
Speaker 1: like that five piece that I was talking about earlier.
Speaker 1: Things we claim that we care about this, here's how
Speaker 1: we're actually doing it with their our company. This is
Speaker 1: how we're delivering on those commitments. But it's not just
Speaker 1: within the company institutions, and this is a really important point,
Speaker 1: it's institutions of society. You know. So when business leaders
Speaker 1: talk about we care about sustainability, we care about you know, inequality,
Speaker 1: we care about supply chains, we care about all those things.
Speaker 1: To me, I think it's wonderful that they care about
Speaker 1: all those things. But it's even better if they're supportive
Speaker 1: of public policy and frankly government regulation, which is how
Speaker 1: you deliver on this overall within an economic system. Well,
Speaker 1: let's talk about the January six, you know, capital riot.
Speaker 1: Not a lot of leaders necessarily came out, certainly in
Speaker 1: the business community. I mean, is that wrong? Should they
Speaker 1: have what's their responsibility? Public? Private sector? Yeah? And I
Speaker 1: think a lot of us have strong This is I mean,
Speaker 1: the January six riot is like the height of a
Speaker 1: hot button issue, right, you know, an insurrection to the
Speaker 1: US capital. So this is something that a lot of
Speaker 1: us have very strong feelings about and you know, part
Speaker 1: of what we're trying to teach at the school is
Speaker 1: how to deal with those deeply emotional disagreements, some of
Speaker 1: which are actually anchored in values. Ultimately, UM, I'm not
Speaker 1: so sure about the January six stuff, but you know,
Speaker 1: but some of some of the deep politics, yeah, they're
Speaker 1: anchored in values, and there are real into to set
Speaker 1: aside someone else's values and they're deeply held commitments and feelings.
Speaker 1: Isn't effective. It doesn't. I can't go to someone and
Speaker 1: be like, you should hold my values. Not very effective there, Um,
Speaker 1: But what we're trying to do is we're trying to
Speaker 1: teach students like, not this is the right thing to
Speaker 1: do in this instance on January six, But here's how
Speaker 1: you should think about such things as a leader, and
Speaker 1: how you should figure out what your values are and
Speaker 1: your company's values are, so that you can act in
Speaker 1: a way align with those when the moment comes. If
Speaker 1: you have the clarity on the core values beforehand, then
Speaker 1: when that moment comes, you have a much more clear
Speaker 1: guidance for what to actually do. If you just have
Speaker 1: some wishy wash these statements about what we care about,
Speaker 1: you're not going to be as well set up one
Speaker 1: last quiet question. How much do students care though about
Speaker 1: what a company stands for in their culture? I think
Speaker 1: it matters a lot to our students. Frankly, our students
Speaker 1: have a lot of different employment opportunities, and frankly, the
Speaker 1: more power someone has in choosing who their employer is
Speaker 1: going to be received this a lot in Silicon Valley right.
Speaker 1: A lot of the tech companies, who are they responding
Speaker 1: to it's not activists or consumers, often as their own
Speaker 1: employees who could choose to leave and go elsewhere. So
Speaker 1: I think that matters for people who have that power.
Speaker 1: A lot of people in society don't have that sort
Speaker 1: of power and leverage and and frankly don't have the
Speaker 1: sort of opportunity to make those values based choices as
Speaker 1: easily as our students do. That's Ken Shots, professor of
Speaker 1: Political Economy at the Stanford Graduate School of Business. His
Speaker 1: book Leading with Values Strategies for Making Ethical Decisions in
Speaker 1: Business and Life is coming out next month. We do
Speaker 1: want to think the faculty and administrators at the Stanford
Speaker 1: Graduate School of Business for welcoming us on campus a
Speaker 1: few weeks back, Carroll and and for being part of
Speaker 1: our broadcast. It was it was great to be on campus.
Speaker 1: I mean we were in the field for the first
Speaker 1: time in a long time. Yeah, it's really funny, and
Speaker 1: it was remarkable to think about it had been a
Speaker 1: couple of years before we had been on the campus
Speaker 1: really talking about them being a top of this list again.
Speaker 1: So obviously, so much has happened, the pandemic and all
Speaker 1: of that is being brought in, But it was great
Speaker 1: to be on the campus, students all around us. It
Speaker 1: felt quote unquote normal, if I can say. That was
Speaker 1: the first time I got on a plane to go
Speaker 1: anywhere in about eighteen months. But it was just great
Speaker 1: to see. It felt very vital, very alive, and people
Speaker 1: are just trying to figure out what are the next
Speaker 1: trends investment, business, uh, technology or in the heart of
Speaker 1: Silicon Valley. Uh, it just felt like a lot was
Speaker 1: happening and it felt really good and luck as a
Speaker 1: California and I never needed an excuse to get back
Speaker 1: to Northern California. Another gorgeous day in California. All Right.
Speaker 1: That wraps up our holiday weekend edition of Bloomberg Business
Speaker 1: Week from the Graduate School of Business, once again taking
Speaker 1: the top spot in the Bloomberg Business Week ranking of
Speaker 1: America's top business school for the two academic your thanks
Speaker 1: so much for joining us on Bloomberg Radio. I hope
Speaker 1: you're having a good weekend. I'm Carol Masser and I'm
Speaker 1: Tim Stanovik. Could be sure to tune into our Bloomberg
Speaker 1: Business Week Radio show Monday through Friday. It starts at
Speaker 1: two pm a Wall Street time on Bloomberg Radio. You
Speaker 1: can also watch our daily broadcast on YouTube. Just search
Speaker 1: Bloomberg Global News. Also check out our Bloomberg Business Week podcast.
Speaker 1: You can find it at Bloomberg dot com, Apple, or
Speaker 1: wherever you get your podcast. Bloomberg Business Week is available
Speaker 1: on newsstands now at Bloomberg dot com, business Week dot com,
Speaker 1: and on the Bloomberg Terminal. You can also see me
Speaker 1: on Bloomberg Quicktake, available on Bloomberg dot com, slash Qt,
Speaker 1: and streaming platforms like Roku, Apple TV, Samsung TV, and more.
Speaker 1: Enjoy the rest of your Thanksgiving weekend. We'll see you
Speaker 1: again on Monday. I'm going for some more pie. Me
Speaker 1: to beacon. I'm just chocolate, peanut butter, a little bit
Speaker 1: of everything. This is Bloomberg