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Speaker 1: Oh, you didn't mean all day yet.

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Speaker 2: Jared Pollium begins this Monday morning, like many mornings, he's

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Speaker 2: weighing out six hundred pounds of malt. That's the grain

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Speaker 2: used to make beer.

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Speaker 3: These specialty malts add these specific flavor profiles that we're

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Speaker 3: looking for in each beer, and so they'll always be

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Speaker 3: different depending.

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Speaker 2: Jared and and Chow are co owners of Lost Generation,

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Speaker 2: a micro brewery in Washington, d C. They're also married,

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Speaker 2: and they're showing me around where they make their signature

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Speaker 2: ales pilsners and laggers and then seal them into cans.

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Speaker 4: When we first opened, we were kind of the neighborhood bar,

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Speaker 4: so can sales weren't quite as prominent. But now that

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Speaker 4: we're making a name for ourselves as a great brewery,

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Speaker 4: then a lot more can sales are starting to go

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Speaker 4: out the door.

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Speaker 2: And Jared opened the brewery less than a year ago

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Speaker 2: in a former Nobisco factory that's one hundred and twenty

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Speaker 2: years old. And today they're getting started on a batch

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Speaker 2: of one of their original creations. That's our ale, made

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Speaker 2: with passion fruit the hopper so.

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Speaker 3: That it can go through the mill and get crushed.

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Speaker 1: We have to open up the husks of the mall, so.

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Speaker 3: That way it can extract the maximum amount of water

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Speaker 3: from it.

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Speaker 2: Lost Generation is part of a wave of small businesses

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Speaker 2: that have opened in the US in the last few years.

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Speaker 2: You might imagine the pandemic would have put a damper

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Speaker 2: on entrepreneurs, but it's actually the opposite. In twenty twenty

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Speaker 2: two alone, more than five million small businesses were registered.

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Speaker 2: That's up forty two percent from pre pandemic levels. Bloomberg's

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Speaker 2: end a current dug into why small businesses are having

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Speaker 2: a moment and the challenges owners are facing in this

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Speaker 2: uncertain economy.

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Speaker 5: Ultimately, at a core of any successful economy is innovation

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Speaker 5: and a willingness take on risk, and lots of people

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Speaker 5: I spoke to you said I haven't seen this kind

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Speaker 5: of scale of ambition for some time in the US economy.

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Speaker 2: We'll hear more from Enda in just bit, and later

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Speaker 2: on we'll talk to a bakery owner who just entered

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Speaker 2: a new chapter with her business.

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Speaker 6: It is a very scary time, but it's also a

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Speaker 6: very exciting time. We've been wanting our own space for

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Speaker 6: a very long time, and we were very lucky to

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Speaker 6: grow during the pandemic.

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Speaker 2: I'm Westkasova today on the big take the Pandemics small

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Speaker 2: business boom. The tap room in the Lost Generation Brewery

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Speaker 2: is equal parts nineteen twenties and twenty twenties. You can

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Speaker 2: see the original bones of the building everywhere.

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Speaker 4: Original cathedral wooden ceilings, original interior exposed.

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Speaker 2: Brick, and then there are the contemporary features, a vibrant

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Speaker 2: mural bio, a local artist, and industrial grade brewing machinery

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Speaker 2: that you can see through a Florida ceiling glass wall

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Speaker 2: in the back of the tap room. Jared and Anne

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Speaker 2: say the Lost Generation theme is a nod to the

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Speaker 2: past and to their own business story.

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Speaker 3: The Lost Generation is a reference to the art movement

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Speaker 3: of the nineteen twenties and thirties with Hemingway Fitzgerald. They

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Speaker 3: found that the art and inspiration from where they were at,

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Speaker 3: you know, whether it be New York or the Midwest

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Speaker 3: or anything like that, was lacking in their time period

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Speaker 3: and it wasn't speaking to them.

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Speaker 1: So they went out to places.

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Speaker 3: That had thriving artistic inspiration to really find themselves, and

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Speaker 3: that's how Anne and I did it as well.

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Speaker 2: They'd been planning to open this brewery for more than

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Speaker 2: a decade. Building on the experience they'd gain in the industry,

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Speaker 2: They were set to begin work in early twenty twenty,

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Speaker 2: so yeah, you can probably guess where this is heading.

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Speaker 3: We were supposed to sign our lease in March of

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Speaker 3: that year, and then the landlord, their representative, took a vacation.

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Speaker 3: So they asked if we could push back to April

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Speaker 3: first for signing the lease, and we said, yes, you know,

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Speaker 3: we can wait two weeks, it's fine.

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Speaker 1: And then the pandemic hit and the landlord was like.

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Speaker 3: Hey, so we're still good for April first, right, And

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Speaker 3: you know, we had never seen anything like this before,

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Speaker 3: and it was all of it's our entire life savings,

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Speaker 3: and so we backed away, you know, cautiously, and then

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Speaker 3: we honestly weren't certain that we'd ever revisit this again,

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Speaker 3: since you know, there's so many businesses in the hospitality industry.

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Speaker 3: We're just struggling so hard during that period of time

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Speaker 3: and it was just a very rough thing to watch.

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Speaker 2: A year later, they did revisit it, and they secured

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Speaker 2: the location, but banks were much more cautious about lending

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Speaker 2: money to restaurants and bars.

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Speaker 3: And they weren't giving loans anymore to those types of businesses.

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Speaker 3: So we fought bank after bank after bank looking for

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Speaker 3: anyone who would extend alone, and we did find a

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Speaker 3: wonderful bank that did. However, the down payment had doubled from.

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Speaker 1: What it was pre pandemic.

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Speaker 2: And why did they tell you?

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Speaker 1: Is it just more risk? Absolutely?

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Speaker 3: Yeah, Like you know, going into the pandemic, we were

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Speaker 3: more like a middle aged driver for a car insurance company,

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Speaker 3: and coming out we were now a sixteen year old

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Speaker 3: with a red car. And so just yeah, they I mean,

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Speaker 3: you could just see the bankers just hear our thing

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Speaker 3: and say, hey, that's a great business plan. You have

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Speaker 3: so much experience, but I'm sorry, like I ran it

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Speaker 3: up the flagpole, We're just not doing that industry right now.

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Speaker 3: And in fairness, I mean, there were still so many

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Speaker 3: of the restaurants and bars that were still had not

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Speaker 3: yet fully defaulted or anything, and so we were coming

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Speaker 3: out of the pandemic, they hadn't even seen who was

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Speaker 3: or wasn't going to survive, and so like, I get it,

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Speaker 3: but it did make it very tough for us to

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Speaker 3: actually solidify alone.

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Speaker 1: But obviously we were able to.

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Speaker 3: It cost us more that we had to really scround

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Speaker 3: our life savings and dig into some pots that we

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Speaker 3: promised we would never would but we made it work.

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Speaker 2: Ann and Jared always knew that opening a brewery would

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Speaker 2: require hefty upfront costs. First, there's the machinery. The brewhouse

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Speaker 2: behind that glass wall in the back is full of

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Speaker 2: enormous tanks for mashing, boiling, and fermenting the grain. There's

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Speaker 2: also the canning operation for to go beer, which was

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Speaker 2: a condition of their loan in case COVID shut down

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Speaker 2: their tap room. Then there are the raw materials like

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Speaker 2: grain and hops that come from all over. Some of

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Speaker 2: it comes from the Pacific Northwest, like Oregon, but also

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Speaker 2: from as far away as Germany and New Zealand. But

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Speaker 2: on top of all that, there are the economic challenges

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Speaker 2: you can't plan for.

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Speaker 4: So we had over budgeted and overestimated to make sure

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Speaker 4: that we were covering our costs. And yet because of

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Speaker 4: supply chain issues, because of you know, things that were

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Speaker 4: happening post pandemic, it was more challenging.

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Speaker 3: And things freight and all of that became much much

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Speaker 3: more difficult, and so a twenty thousand dollars freight costs

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Speaker 3: suddenly becomes almost forty thousand dollars.

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Speaker 2: And so it's like, despite the false starts and high costs,

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Speaker 2: Jared and and say, the business in its first year

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Speaker 2: is doing better than they expected. Their staff of ten

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Speaker 2: even got a pay raise this summer.

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Speaker 4: We are very lucky. Honestly, we've exceeded projections. We usually

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Speaker 4: most businesses expect to lose money within the first year,

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Speaker 4: and we are not in that position.

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Speaker 3: Yeah, and we've even had quite a few saturdays where

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Speaker 3: she'll send me outside and I have to start being

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Speaker 3: the doorman because we want to make sure that we

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Speaker 3: don't go over capacity and a place will just be

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Speaker 3: absolutely packed.

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Speaker 2: So that's the story of one microbrewery in DC. But

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Speaker 2: now let's take a look at the bigger picture and

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Speaker 2: why small businesses like Lost Generation are popping up in

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Speaker 2: record numbers. And that's where Bloomberg's end up Current comes

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Speaker 2: back into the picture. The last time, and it was

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Speaker 2: here we were talking about President Biden's industrial policy, how

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Speaker 2: he's trying to bring big business in manufacturing back to

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Speaker 2: the US, and it says is actually small businesses that

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Speaker 2: are the backbone of the economy.

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Speaker 5: It's kind of one of the untold stories almost of

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Speaker 5: the US economy over the past few years. Everybody built

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Speaker 5: up their savings during the pandemic thanks to the physical

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Speaker 5: similus and money that they were saving anyway. And you

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Speaker 5: know another factor in all of this is just the

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Speaker 5: ease of startups nowadays. You know, there are websites out

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Speaker 5: there offering you to set up an e commerce portal

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Speaker 5: in you know, a matter of half an hour or

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Speaker 5: two hours. You can be up and running in a

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Speaker 5: short time. And by the way, instead of paying for

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Speaker 5: the expensive NBA, you just go on YouTube and you

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Speaker 5: watch some online program or course, or you listen to

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Speaker 5: somebody and you get up and running. This is what's

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Speaker 5: happening out there. Then throw in the general influence world

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Speaker 5: that we're in now, the Elon Musks of the world.

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Speaker 5: Everybody wants to be the next Elon Musk. And that's great,

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Speaker 5: that's ambition. That's what drives economies. But there is absolutely

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Speaker 5: a point that with the pandemic changing work practices the

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Speaker 5: way it has, even with the return to offices on

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Speaker 5: their way. But broadly speaking, people who realize I don't

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Speaker 5: need to commute to have a job, I don't need

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Speaker 5: to live in the city center. And you know what

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Speaker 5: a laptop on a home downing on table. I can

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Speaker 5: do so much more anyway. So they're taking chances. They're

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Speaker 5: taking risks with ideas that they once had rather necessarily

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Speaker 5: maybe say the only route for me in life is

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Speaker 5: the nine to five kind of a schleip. They're having

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Speaker 5: a look at what their options are. So it is

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Speaker 5: definitely part of the mix that the mindset has shifted

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Speaker 5: a bit, and a lot of it is down to

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Speaker 5: the pandemic.

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Speaker 2: And it says small businesses are now powering the US

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Speaker 2: economy in a way we haven't seen for a long time.

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Speaker 5: It is one of the biggest drivers of economic growth

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Speaker 5: in the US. Of the country's thirty million small companies,

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Speaker 5: they have created more than two thirds of the new

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Speaker 5: jobs creating in the US between nineteen ninety five and

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Speaker 5: twenty twenty one. These small companies, they really are one

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Speaker 5: of the biggest bulwarks of the jobs market in America.

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Speaker 2: And what do we know about the kinds businesses they

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Speaker 2: are or what are they making, what are they selling.

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Speaker 5: It's across the spectrum of activities. Whereas I spoke to

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Speaker 5: one company, for example, who's in the business of selling

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Speaker 5: graduating mementos that might be a school ring or a

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Speaker 5: school hoodie for instance. These are the kind of businesses

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Speaker 5: that operate at the heart of your local community. It

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Speaker 5: could be anything from the bakery up to increasingly online

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Speaker 5: or e commerce. That's obviously a whole new opportunity for

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Speaker 5: people whereby it's see an opportunity to sell products online

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Speaker 5: or sell the service online. That's giving people a new outlet.

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Speaker 2: And is it less expensive to start a business than

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Speaker 2: it used to be.

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Speaker 5: Well, here's where you get into the trade offs. I mean,

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Speaker 5: certainly it isn't easy of setting up a business, that's

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Speaker 5: for sure. As we just spoke about, You've got all

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Speaker 5: this knowledge online and of course the process it's much

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Speaker 5: smoother than it was. But this is where we go

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Speaker 5: back to the cost of doing business nowadays. I mean,

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Speaker 5: you are dealing with the higher industrates, you are dealing

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Speaker 5: with the labor costs. So it depends on how advance

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Speaker 5: of where you are in that stream. If you have

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Speaker 5: your own financing and you can kind of lean on

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Speaker 5: yourself or your whatever kind of family workers you have

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Speaker 5: to get things up and running, you're you're okay. But

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Speaker 5: if you really need after walking the door, or if

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Speaker 5: you really need to be loan. Obviously, that's expense at

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Speaker 5: the moment.

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Speaker 2: When you look at a company like Amazon, where you

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Speaker 2: just know you're going to find some version of what

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Speaker 2: you want and it's all easy to order and it's

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Speaker 2: going to come quickly. How can a small online commerce

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Speaker 2: business even compete with that shipping costs? Even people knowing

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Speaker 2: that they exist.

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Speaker 5: There's no doubt. I mean, that's the challenge. But there's

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Speaker 5: a local aspect to it. There's a local appeal if

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Speaker 5: you're in the local community or you're selling something that's

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Speaker 5: related to the local community. Like I mentioned to you

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Speaker 5: earlier about the graduation momento, is that kind of thing.

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Speaker 5: That market is out there and there's a hunger and

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Speaker 5: an appetite for that amongst say communities around the country.

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Speaker 5: But obviously, you know, if you're a small company and

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Speaker 5: you want to go online against Amazon, well that's probably

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Speaker 5: a David versus Golds story.

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Speaker 2: When we come back what it takes for these small

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Speaker 2: businesses to survive in this rocky economy. So we've heard

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Speaker 2: how millions of new businesses are popping up all across

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Speaker 2: the United States, but it's not always easy for them

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Speaker 2: to survive in this unpredictable economy, I asked, and what

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Speaker 2: the numbers tell us about how many of these small

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Speaker 2: businesses will actually make it.

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Speaker 5: It's tough to track at the moment how many of

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Speaker 5: these businesses will actually survive to what you might call

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Speaker 5: it being an established business, say the five million established

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Speaker 5: last year. It will take a few years to understand

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Speaker 5: how many of them thrived, how many of them are

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Speaker 5: employing staffed way you're saying and our bone feed the

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Speaker 5: business versus how many were someone's interesting idea on the

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Speaker 5: couch with their laptop and they registered with the authorities.

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Speaker 5: I'm setting up this new business dot com right. It

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Speaker 5: takes a while to figure that out because there is

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Speaker 5: a high attrition rate. All this has been For example,

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Speaker 5: at the moment, inflation is hurting these small business people.

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Speaker 5: If you go to get a loan from your bank,

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Speaker 5: it's expensive. At the moment, the bank might not even

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Speaker 5: want to give it to you. Then there are some

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Speaker 5: other issues in the US, for example, demographics is a challenge,

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Speaker 5: like a longer term structural challenge. There's really practical issues too,

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Speaker 5: like childcare. You know, you can set up your business

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Speaker 5: on your laptop. That's great, and then you want to

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Speaker 5: go and do it, and you realize you've got this

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Speaker 5: problem with childcare, for example, and of course the labor

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Speaker 5: shortage that we all know about. So you know, as

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Speaker 5: I say to you, there is a headline, and it's

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Speaker 5: a very positive headline and it's real, but under the bonnet,

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Speaker 5: there are a lot of complications that do weigh against

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Speaker 5: some of these businesses properly maturing.

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Speaker 2: So it's impossible to talk about employment in the US

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Speaker 2: without talking about health care because so many of us

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Speaker 2: have our health care tied to jobs, and it's one

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Speaker 2: of the things that workers want the most and employers

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Speaker 2: have a hard time paying for because it's so expensive.

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Speaker 2: How many of these small businesses can afford things like benefits,

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Speaker 2: healthcare for or one K, these kinds of things that

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Speaker 2: people expect.

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Speaker 5: It's an expense. But if your business is getting up

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Speaker 5: and running and it's successful, well then you know the

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Speaker 5: incentive is there. You want to have your staff and

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Speaker 5: you want to pay the benefits. There are companies out

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Speaker 5: there that specialize in bundling the services you need. You

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Speaker 5: need your payrolls, you need your health care, you you know,

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Speaker 5: whatever it is for your staff. If there are companies

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Speaker 5: out there that do all of these services for small businesses.

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Speaker 5: So you don't need to hire your own, say, your

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Speaker 5: own accountant or in house kind of staff to handle

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Speaker 5: the benefits side of it. You can make your own

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Speaker 5: savings through outsourcing it through different companies to specialized in and

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Speaker 5: that's one way companies can afford to manage this this

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Speaker 5: side of it. What have hapened, of course, to have

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Speaker 5: a full time staff member processing benefits and perils and

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Speaker 5: that kind of thing.

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Speaker 2: Let's hear from another small business owner who's dealing with

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Speaker 2: the kinds of challenges that Enda is talking about right

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Speaker 2: now and has been all through the pandemic. Rose Avenue

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Speaker 2: Bakery is also located here in DC. They open their

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Speaker 2: doors in March of twenty twenty, right as COVID lockdowns began.

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Speaker 6: When you walk in, there's a foyer area. On our

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Speaker 6: left side is a rustic wall with some plants. My

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Speaker 6: partner really wanted it to be minimalists, a little bit

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Speaker 6: of modern by a little bit homey as well.

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Speaker 2: We have Like I first met co owner late last

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Speaker 2: year when we did an episode about the state of

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Speaker 2: the economy. You might remember her talking about the high

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Speaker 2: cost of ingredients like eggs and flour, and more unusual

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Speaker 2: ones like yuzu. Since last year, Rose Avenue Bakery moved

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Speaker 2: out of their shared space and found a new home

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Speaker 2: in a former dunkin Donuts location. I went by to

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Speaker 2: check it out, Paula, Great to see you again.

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Speaker 6: Nice to see you.

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Speaker 2: The first thing you notice when you get to the

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Speaker 2: counter are all the different kinds of pastries, sweet and

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Speaker 2: savory that are displayed behind the glass.

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Speaker 6: And it's a take on a Filipino street food that's

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Speaker 6: like a spring worlled wrap plantain with jackfruit. It features

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Speaker 6: of roasted plantains with brown sugar and a caramel glaze.

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Speaker 6: It's also Palla.

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Speaker 2: Says business is going well. Lots of customers from the

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Speaker 2: old location have now become regulars at the new one,

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Speaker 2: and she and her co owner Rose Wind have been

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Speaker 2: able to offer more variety on the menu.

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Speaker 6: At our previous location, we were only will to serve

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Speaker 6: maybe two or three kinds of savory items. Now half

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Speaker 6: our weekend menu is savory items because it's very popular

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Speaker 6: in DC. Of course, brunch is this like epic thing

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Speaker 6: on the weekend, so we do get a brunch rush.

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Speaker 6: We've got to expand on our sweet menu as well.

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Speaker 6: We still have our iconic donuts like the Passion Food

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Speaker 6: pond on Block sessimy donut.

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Speaker 7: And what are you selling these for and how does

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Speaker 7: it compare to say a year.

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Speaker 6: Again, some of the items have maintained their price, like

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Speaker 6: the cookies, it's still at three twenty five. We increase

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Speaker 6: the donut prices by twenty five cents each. The Queen

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Speaker 6: of Months have stayed also the same price. But our

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Speaker 6: savory items like the sandwiches, especially with bacon, we had

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Speaker 6: to increase the price by a dollar or so just

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Speaker 6: because of how expensive meat can be.

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Speaker 2: Paula says they've had to raise some prices in part

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Speaker 2: because ingredients are more expensive, but also to meet other

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Speaker 2: unexpected costs.

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Speaker 6: It's been still challenging, especially because we've moved here and

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Speaker 6: costs to moving and getting a new bakery up and running.

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Speaker 6: Of course, our profit margins are a little slim because

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Speaker 6: we're in a new space. The cost of utilities we're

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Speaker 6: not really anticipated in like because we were in a

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Speaker 6: shared space before. When things break down it's on us

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Speaker 6: to fix. We had a lot of issues with our

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Speaker 6: age back during this summer, so having somebody to look

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Speaker 6: at that almost every week got very costly.

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Speaker 2: One major cost of running a business like Rose Avenue

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Speaker 2: is paying employees. There are six bakers in the back,

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Speaker 2: three managers, and five part time employees in the front

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Speaker 2: of the house, plus Paula and her partner Rose.

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Speaker 6: The earliest person comes in at three o'clock. They start

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Speaker 6: the day. They pull out all the donuts from the

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Speaker 6: refrigerator that' been proofing overnight because our Brioche show does

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Speaker 6: proof for several days. Then the bakers kind of trickle

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Speaker 6: in between three and four and they bake off everything

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Speaker 6: fresh every day. They fry the donuts fresh every day.

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Speaker 6: Around seven o'clock is when our front of the house

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Speaker 6: starts where they wiped on the table.

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Speaker 2: I asked Paula how expanding the business has impacted her

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Speaker 2: ability to pay these early risers of living wage.

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Speaker 6: We're lucky that we've maintained the same ladies that were

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Speaker 6: with us at our old location. But you know, because

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Speaker 6: of this big place and how busy we are now,

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Speaker 6: we really need extra help back there. But unfortunately it's

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Speaker 6: been very hard to find help.

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Speaker 7: Why are you having trouble finding people? It's a big

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Speaker 7: challenge that's getting.

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Speaker 2: In your way.

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Speaker 6: I think because everything is so costly, everybody wants a

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Speaker 6: little bit more money, which is you know, normal for sure.

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Speaker 6: But because we are a small business, we can only

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Speaker 6: afford salaries within our price range obviously, so there is

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Speaker 6: this competition with where we're going to get that money for.

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Speaker 7: Salaries and what sort of benefits are you able to offer.

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Speaker 6: We have paid time off here. We also offer health benefits,

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Speaker 6: which is not typical of the food industry. My partner

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Speaker 6: and I don't make Liverpool wages ourselves, and we're putting

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Speaker 6: in our own personal money to keep this place afloat.

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Speaker 6: So it is a very scary time, but it's also

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Speaker 6: a very exciting time. We've been wanting our own space

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Speaker 6: for a very long time and we were very lucky

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Speaker 6: to grow during the pandemic.

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Speaker 2: After the break, can this small business boom last? One

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Speaker 2: of the more surprising takeaways from this small business surge

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Speaker 2: is who's actually starting these companies, And it told me

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Speaker 2: about two groups in particular who've made gains in entrepreneurship,

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Speaker 2: women and black business owners. A payroll company called Gusto

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Speaker 2: has been tracking these changes in business ownership over the years.

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Speaker 2: They found that in twenty twenty one. Forty nine percent

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Speaker 2: of new business owners were women. That's up from twenty

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Speaker 2: nine percent since the start of the pandemic, and black

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Speaker 2: new business owners tripled from three percent in twenty nineteen

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Speaker 2: to nine percent in twenty twenty one.

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Speaker 5: Women are being given a better opportunity to get in

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Speaker 5: on this in the way they haven't been in the past.

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Speaker 5: The African American community is also notably featuring in setting

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Speaker 5: up these new businesses, and that is being welcomed, as

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Speaker 5: you know, an example of where diversity is making some progress.

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Speaker 5: But you know, they're facing the same challenges as everybody else.

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Speaker 5: That's that's the downside of all this. So obviously a

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Speaker 5: long way to go there, but at least making some progress.

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Speaker 5: And there is the argument that that's an opportunity for

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Speaker 5: a group of entrepreneurs by part of society that weren't

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Speaker 5: getting in on the small business Act in the past.

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Speaker 2: I asked, and where all this goes from here, whether

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Speaker 2: small businesses will keep opening at such a fast pace,

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Speaker 2: and whether they'll continue to be such a powerful economic engine.

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Speaker 5: You know, there are open questions at the moment, given

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Speaker 5: what's happened with inflation. So there is an air of

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Speaker 5: caution out there, and this probably is feeling that you know,

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Speaker 5: the boom will will flatline at some point. But listening

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Speaker 5: to people though, they do say ultimately at the core

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Speaker 5: of any successful economy is innovation and a willingness to

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Speaker 5: take on risk. And lots of people I spoke to

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Speaker 5: you said they haven't seen this kind of the scale

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Speaker 5: of ambition for some time in the US economy. Despite

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Speaker 5: the challenges, it is an undeniable positive for any economy

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Speaker 5: to have so many people willing to set up a

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Speaker 5: new business and of course spurge upcreation. So right here,

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Speaker 5: right now, I would say to you, this looks like

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Speaker 5: a positive story with a lot of potential for the

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Speaker 5: US and any other economy. But of course, who's to

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Speaker 5: say what I would say to you maybe twelve months from.

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Speaker 2: Now for Paul along of Rose Avenue Bakery and and

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Speaker 2: show of Lost Generation Brewery, the RoadHead isn't certain in

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Speaker 2: business large or small, it never is. But they're focusing

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Speaker 2: on what brought them here in the first place, an

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Speaker 2: idea in a community to serve.

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Speaker 6: We get lots of messages from loyal customers who have

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Speaker 6: taught us during the pandemic. This was the weekend treat.

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Speaker 6: They awaited by the computer for our pre order selections,

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Speaker 6: and now they love being able to come into the cafe.

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Speaker 4: We are luckily in an area where people understand that

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Speaker 4: raw materials have gone up, and so they're willing to

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Speaker 4: support local business, and so they're willing to spend. These

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Speaker 4: prices are to keep us afloat. You know, we don't

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Speaker 4: ever try to be these multimillionaires. You know, we just

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Speaker 4: want to do what we love and love what we do.

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Speaker 2: Thanks for listening to us here at The Big Take.

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Speaker 2: It's a daily podcast from Bloomberg and iHeartRadio. For more

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Speaker 2: shows from iHeartRadio, visit the iHeartRadio app, Apple Podcasts, or

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Speaker 2: wherever you listen, and we'd love to hear from you.

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Speaker 2: Email us questions or comments to Big Take at Bloomberg

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Speaker 2: dot net. The supervising producer of The Big Take is

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Speaker 2: Vicky Bergolina. This episode was produced by senior producer Catherine

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Speaker 2: Fink and Molly Nugent. Phil de Garcia is our engineer.

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Speaker 2: Our original music was posed by Leo Sidron. I'm Weskasova.

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Speaker 2: We'll be back tomorrow with another Big Take