WEBVTT - Bloomberg Businessweek Weekend - June 11th, 2021 0:00:01.080 --> 0:00:05.480 This is Bloomberg Business Week Inside from the reporters and 0:00:05.600 --> 0:00:09.240 editors who bring you America's most trusted business magazine, plus 0:00:09.240 --> 0:00:12.600 global business, finance and tech news as it happened. Its 0:00:12.640 --> 0:00:16.480 Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. 0:00:16.560 --> 0:00:21.200 Tim Stinovik on Bloomberg Radio. Hi, everyone, welcome to the 0:00:21.200 --> 0:00:23.800 weekend edition of Bloomberg Business Week. This week, how we 0:00:24.000 --> 0:00:26.560 can't seem to get enough of sporting and outdoor goods 0:00:26.800 --> 0:00:29.159 here what's flying off the shelves at Academy Sports and 0:00:29.200 --> 0:00:31.960 Outdoors from the company CEO. Plus, we talked to our 0:00:32.040 --> 0:00:34.839 Dr Rachel Do, the co founder of Mody Health, on 0:00:34.920 --> 0:00:38.360 how her company changed during the pandemic. Also, Tim, we 0:00:38.479 --> 0:00:41.040 get a fascinating tale on the life cycle of a 0:00:41.040 --> 0:00:43.080 pair of jeans, tour and jeans not right now, but 0:00:43.120 --> 0:00:45.920 I do every day, all right? Well, listen, that pair 0:00:45.920 --> 0:00:48.680 of jeans when you are wearing them, goes through a lot. 0:00:48.960 --> 0:00:51.479 We'll get the story from the author of Unraveled, The 0:00:51.520 --> 0:00:54.840 Life and Death of a garment and later on Margaritaville 0:00:54.880 --> 0:00:58.240 in Times Square, Jimmy Buffett's laid back state of mind 0:00:58.320 --> 0:01:02.200 finding a home in the heart of Manhattan Marguerite Deville 0:01:02.640 --> 0:01:06.440 in New York as a performing musician. New York is 0:01:06.520 --> 0:01:09.520 probably the hardest market to ever crack as a lot 0:01:09.520 --> 0:01:12.720 of performer. But I broke through, and I did it 0:01:12.720 --> 0:01:14.000 with a lot of hard work and a lot of 0:01:14.040 --> 0:01:16.720 inspiration from other people. I had to just look at 0:01:16.720 --> 0:01:19.959 it as this. It's an island, and I've I've been 0:01:20.000 --> 0:01:22.240 an island boy for a long time. It's a little 0:01:22.240 --> 0:01:24.520 different island, So I got to figure out how to 0:01:24.560 --> 0:01:27.800 get these islanders, to figure out what those other island 0:01:27.920 --> 0:01:29.840 just like about what I'll do. For more on that 0:01:29.920 --> 0:01:32.360 story in an overview of our latest issue, let's bring 0:01:32.360 --> 0:01:35.399 in the editor of the magazine, Joel Webber. Joel will 0:01:35.520 --> 0:01:38.040 go inside this unusual attraction in just a moment, but 0:01:38.080 --> 0:01:40.520 I want to start on a more serious note. This week, 0:01:40.520 --> 0:01:43.760 a Senate report is blaming intelligence and security failures for 0:01:43.800 --> 0:01:46.560 the January six riot at the US Capitol, and a 0:01:46.600 --> 0:01:49.600 group of online salutes is helping to I d some 0:01:49.680 --> 0:01:52.600 of those who took part that story in the politics section. 0:01:52.960 --> 0:01:55.440 That's right that they called themselves this edition hunters, and 0:01:55.480 --> 0:01:59.800 it's really a total amateur network who following the January 0:02:00.040 --> 0:02:04.640 January six insurrection turned the Internet into basically a man 0:02:04.720 --> 0:02:07.440 hunt in an attempt to find some of the people 0:02:07.440 --> 0:02:11.840 who were perpetrators. And they've been successful, um, but they've 0:02:11.880 --> 0:02:16.080 also not been successful. What motivates them, Joel, It's really 0:02:16.120 --> 0:02:19.000 a quest for justice. And when you think about the 0:02:19.120 --> 0:02:22.079 historical president for something like this, like I was fascinated 0:02:22.080 --> 0:02:24.560 by this, this idea that you know, when when JFK 0:02:24.800 --> 0:02:28.440 was assassinated, there was really just one piece of footage 0:02:28.480 --> 0:02:32.480 that you know, millions of people spent decades boring over 0:02:33.000 --> 0:02:36.360 this time. Because of the amount of cameras and footage 0:02:36.360 --> 0:02:40.240 and everything that we that we have at at our availability, 0:02:40.520 --> 0:02:45.519 it's it's a mountain of options for everyone to sleuth through. 0:02:45.720 --> 0:02:47.560 All right, Tel, So let's get to a story now 0:02:47.760 --> 0:02:50.800 in the feature section. President Trump has been kind of 0:02:50.960 --> 0:02:54.600 quiet until last weekend. Uh, he did make a speech 0:02:54.639 --> 0:02:58.519 in North Carolina. So let's talk about his life post 0:02:58.800 --> 0:03:01.720 White House. It's a little bit different from other past presidents. Well, 0:03:01.960 --> 0:03:06.239 mar Lago is really the center of that, and it's 0:03:06.280 --> 0:03:09.480 almost like a like a retreat, a winter retreat, if 0:03:09.480 --> 0:03:11.959 you will. And and granted he's now in New Jersey 0:03:12.400 --> 0:03:15.480 at his home in Bedminster, but what Josh really, Josh Green, 0:03:15.720 --> 0:03:17.880 who wrote the story, really writes about here is that 0:03:18.760 --> 0:03:22.720 mar Lago is basically the center of an alternative universe 0:03:22.840 --> 0:03:27.359 for GOP hardliners who are in favor of Trump and 0:03:27.600 --> 0:03:31.560 his presidency, and it's really the center of its own universe, 0:03:31.919 --> 0:03:35.720 and it has had a gravitational poll on really a 0:03:35.800 --> 0:03:40.720 lot of the heavyweights within the Trump orbit. So center 0:03:40.760 --> 0:03:43.520 of certainly he is the center of attention, I should say, 0:03:43.560 --> 0:03:45.200 down there in mar Lago, when he's down there in 0:03:45.200 --> 0:03:48.320 Florida specifically, but I do wonder about his grasp on 0:03:48.360 --> 0:03:51.600 the Republican Party. Is the center of the Republican Party 0:03:51.680 --> 0:03:54.520 right now? Yeah, And that's really big, Hume. What's clear, 0:03:54.720 --> 0:03:58.280 and we've seen that just within the last weeks and months, 0:03:58.480 --> 0:04:01.920 as the whole law in the party is very much 0:04:01.920 --> 0:04:06.440 still in his hands. Um, that it's and that's been 0:04:06.480 --> 0:04:08.960 the draw to Florida is that there's one of the 0:04:09.120 --> 0:04:11.080 one of the sources that Josh got was an amazing 0:04:11.120 --> 0:04:13.840 quote from was as long as the fish are still biting, 0:04:13.920 --> 0:04:17.839 you don't take your your lure out of the water, right. 0:04:17.880 --> 0:04:21.160 And this is the sense that from from fundraising, from 0:04:21.200 --> 0:04:25.320 even just being shouldering up to the former president. To 0:04:25.400 --> 0:04:28.039 do all of that stuff, you have to be in 0:04:28.160 --> 0:04:32.120 South Florida near him, and that has created like this 0:04:32.279 --> 0:04:34.920 um sticky quality of being down there too. Whereas a 0:04:35.000 --> 0:04:38.520 lot of people would usually be leaving, now South Florida 0:04:38.560 --> 0:04:41.880 has become this this little universe of for the GOP. 0:04:42.320 --> 0:04:43.920 All Right, I gotta talk to us about a story 0:04:43.920 --> 0:04:46.880 in the finance section FOMO big time, whether it's something 0:04:46.920 --> 0:04:50.000 Elon Musk is tweeting about, or a meme stock or 0:04:50.160 --> 0:04:53.320 buying a house. At this point, there's an incredible fear 0:04:53.360 --> 0:04:56.840 of missing out right now. Yeah, So Leonel Lauren wrote 0:04:56.839 --> 0:04:59.280 the story and and it really I think helps some 0:04:59.520 --> 0:05:02.120 up not only multiple stories in the issue, but just 0:05:02.160 --> 0:05:05.240 the zeitgeist that I think many investors feel right now. 0:05:05.760 --> 0:05:07.640 I mean, we have some of the most prominent investors 0:05:07.680 --> 0:05:10.400 in the world, professional investors in the world saying that 0:05:10.480 --> 0:05:13.080 they're even feeling like they've been missing out on stuff. 0:05:13.480 --> 0:05:16.760 And and just as a as a normal person who's 0:05:16.800 --> 0:05:18.480 like goes to the playground with his son and it's 0:05:18.520 --> 0:05:22.800 like I'm getting tons of inquiries and and people pitching 0:05:22.800 --> 0:05:25.680 different stuff, and it just feels like it's what it's 0:05:25.800 --> 0:05:31.840 this cacophony of alternative things that are suddenly captivating us 0:05:31.960 --> 0:05:35.960 and as a society. And I thought Leonel did a 0:05:36.000 --> 0:05:38.200 really good job of pulling that together. Whether it's meme, 0:05:38.279 --> 0:05:42.360 stocks or housing, you name it, it's trading cards, it's 0:05:42.400 --> 0:05:44.520 like it's all over the place. Well back to our 0:05:44.560 --> 0:05:47.279 cover story now, Joel. And usually when the name Buffett 0:05:47.360 --> 0:05:50.400 is uttered on Bloomberg, we're not talking we're talking about Warren, 0:05:50.480 --> 0:05:54.479 but not this time. We are talking about Jimmy Buffett. Joel. Uh. 0:05:54.600 --> 0:05:59.839 Margaritaville Enterprises just just a massive, massive company. What's with 0:05:59.880 --> 0:06:02.760 the latest project happening right here in New York City? Well, 0:06:02.960 --> 0:06:05.720 you hit it right. This is the other Buffett and 0:06:06.120 --> 0:06:11.520 Jimmy Buffett basically had a song, Margariteville, that inspired a 0:06:11.560 --> 0:06:15.200 business empire. And it's really never been written about how 0:06:15.560 --> 0:06:20.120 parrot heads um his followers. It's this cult following. And 0:06:20.400 --> 0:06:23.840 now he's basically conquered New York, which has long been 0:06:23.960 --> 0:06:26.839 even as a musician. It was a tip that somebody 0:06:26.880 --> 0:06:28.160 told him, is like, you've got to be able to 0:06:28.200 --> 0:06:30.719 conquer New York. And so now years later, here he 0:06:30.839 --> 0:06:34.479 is with this three and seventy million dollar hotel that's 0:06:34.560 --> 0:06:38.480 just opening in New York. As New York reopens, it's 0:06:39.440 --> 0:06:42.479 its own economy, the perfect symbol for getting things back 0:06:42.480 --> 0:06:46.000 to normal. Jimmy Buffett being back here in New York City. 0:06:46.040 --> 0:06:48.320 Joel Webber, editor of the magazine, thanks so much for 0:06:48.400 --> 0:06:51.880 joining us. Coming up as summer approaches, one sporting goods 0:06:51.920 --> 0:06:55.040 company is having trouble keeping up with the demand offense. 0:06:55.240 --> 0:06:58.640 Everybody wants to get outside. I love it too. You're 0:06:58.680 --> 0:07:09.880 listening to Bloomberg Business Week is Bloomberg. This is Bloomberg 0:07:09.880 --> 0:07:13.520 Business Week with Carol Messer and Bloomberg Quick Takes Tim 0:07:13.560 --> 0:07:18.760 Spinovik from Bloomberg Radio. Academy Sports and Outdoors. Tim, they 0:07:18.760 --> 0:07:22.160 went public back in October. It's up of that from 0:07:22.160 --> 0:07:24.920 its I p O, the KKR back company. It has 0:07:24.960 --> 0:07:27.480 certainly seen its stock on a tear this year alone, 0:07:27.760 --> 0:07:30.600 nearly double A and Academy reported earnings this week, raising 0:07:30.640 --> 0:07:33.880 its forecast for its fiscal year despite some ongoing issues 0:07:33.920 --> 0:07:36.520 tied to the COVID nineteen pandemic. That's right, they laid 0:07:36.520 --> 0:07:39.120 it out in their financial filing. Ken Hicks is Chairman 0:07:39.120 --> 0:07:42.400 Presidency of Academy Sports and Outdoors. He's also former chairman 0:07:42.400 --> 0:07:45.320 and CEO Foot Locker and Ken began with an update 0:07:45.520 --> 0:07:51.320 on academies business. We're obviously seeing some very strong business. Uh. 0:07:51.360 --> 0:07:56.400 We're you know, reported sales up almost thirty nine percent 0:07:56.640 --> 0:07:59.360 and and very strong profits. And we've up to our 0:07:59.480 --> 0:08:03.920 estimate for a year two between UH six and nine percent. Uh. 0:08:04.000 --> 0:08:08.920 And what we're seeing is the customer who found the 0:08:08.960 --> 0:08:13.920 new hobby, found fishing or camping, were riding bikes, built 0:08:13.960 --> 0:08:17.200 their home gym, is coming back and buying more. And 0:08:17.280 --> 0:08:22.000 so people who got into the outdoors uh or into 0:08:22.040 --> 0:08:26.960 a sport are really continuing with that. Well, that's interesting. 0:08:27.160 --> 0:08:29.720 And your supply chain, you guys have had no problem 0:08:29.760 --> 0:08:33.280 meeting everything that you needed to. Well, no, the s 0:08:33.360 --> 0:08:37.360 fly chain, the supply chain is a challenge, but you know, 0:08:37.920 --> 0:08:41.440 we never closed during COVID and we were able to 0:08:41.480 --> 0:08:44.760 stay open and that allowed us to be able to 0:08:44.880 --> 0:08:47.560 order goods and see what was happening. And so i'd 0:08:47.559 --> 0:08:49.920 say we're a little bit ahead of some of the 0:08:49.960 --> 0:08:52.920 others and our team is just doing a terrific job 0:08:54.440 --> 0:08:58.400 getting the merchandise through. But it is not easy. So 0:08:58.559 --> 0:09:01.680 we still don't have of inventory issues in some areas, 0:09:01.760 --> 0:09:05.079 but overall it's at an acceptable level. Is it getting easier. 0:09:05.280 --> 0:09:07.240 Are you seeing things you know, kind of lighten up 0:09:07.240 --> 0:09:10.720 in terms of the supply chain getting more you know normal? 0:09:11.160 --> 0:09:14.120 If I can, I think we're going to see this 0:09:14.200 --> 0:09:16.640 through the remainder of the year. How does that make 0:09:16.679 --> 0:09:19.080 you change? You're thinking about how you want your supply 0:09:19.160 --> 0:09:23.240 chain to work going forward? Well, we actually, uh have 0:09:23.400 --> 0:09:27.559 a major study underway right now. We're going to take 0:09:27.600 --> 0:09:32.720 some significant actions to improve our supply chain going forward 0:09:32.760 --> 0:09:37.600 to really make it more flexible and more up to date. 0:09:38.200 --> 0:09:43.880 We you know, it works okay, but we're gonna need 0:09:43.960 --> 0:09:46.559 as we grow, a much stronger supply chain. What does 0:09:46.600 --> 0:09:48.240 that mean though, Ken? Does that mean more stuff in 0:09:48.320 --> 0:09:51.079 your backyard to where you're selling? What does it mean? 0:09:51.120 --> 0:09:54.000 Because I'm assuming most of your your sales are helped 0:09:54.000 --> 0:09:56.839 me out here, remind me, is it mostly North America? US? 0:09:58.160 --> 0:10:00.760 All of our sales are US. We're in uh the 0:10:00.800 --> 0:10:04.640 south central part of the United States. And you know 0:10:04.720 --> 0:10:09.240 the thing better systems, better processes. Uh. You know, we've 0:10:09.280 --> 0:10:13.400 got the infrastructure in terms of buildings, but what we 0:10:13.440 --> 0:10:17.440 need now are better processes and systems to be able 0:10:17.480 --> 0:10:21.480 to track and flow the goods through the system faster 0:10:22.160 --> 0:10:24.720 and more accurately and keep a better eye on it. 0:10:24.760 --> 0:10:27.720 So it's not necessarily manufacturing bringing manufacturing back home to 0:10:27.760 --> 0:10:30.000 the U S. You just need systems that can track it. 0:10:30.080 --> 0:10:31.880 I think I've always the Apple model where I could 0:10:31.880 --> 0:10:34.000 buy a phone and I could tell where it was 0:10:34.040 --> 0:10:37.000 at every step of the you know, the stages. That's 0:10:37.000 --> 0:10:39.720 what you're looking to do. Yeah, car right on. Hey, 0:10:39.760 --> 0:10:42.920 listen in the ken in the corporate earnings release, you 0:10:42.920 --> 0:10:45.760 guys noted there. Here's a direct quote. There is still 0:10:45.800 --> 0:10:48.400 economic concertainty from the impact of COVID, niteen and other 0:10:48.440 --> 0:10:51.600 external factors. Is that the supply chain or something else? 0:10:52.400 --> 0:10:55.720 I would say, just it's the supply chain is part 0:10:55.760 --> 0:11:00.000 of it. But also you know, people are still uh 0:11:00.280 --> 0:11:03.599 trying to find their way in what they do in 0:11:04.120 --> 0:11:06.120 our markets. A lot of people have been out for 0:11:06.160 --> 0:11:10.680 a while, but you know, how will people spend their money? Uh, 0:11:10.720 --> 0:11:13.760 and how long people will continue with some of the 0:11:13.760 --> 0:11:17.040 hobbies and habits that they've got. We're seeing that they're continuing. 0:11:17.440 --> 0:11:20.319 But as people go out to eat more, go on 0:11:20.520 --> 0:11:24.200 vacations and things, you know that there's a there's always 0:11:24.240 --> 0:11:27.120 a risk of of how much money they have to 0:11:27.160 --> 0:11:30.080 spend on other adventures right the while it is just 0:11:30.120 --> 0:11:33.560 so wide and so you make choices, and most people 0:11:33.600 --> 0:11:37.400 would say so thin, exactly exactly, especially you've got a 0:11:37.480 --> 0:11:39.560 kid in college. Hey, listen, when they want to ask you, 0:11:39.559 --> 0:11:45.160 your stock is nearly shorted the float as a percentage 0:11:45.160 --> 0:11:47.400 excuse me of the float. I know CEOs don't like 0:11:47.440 --> 0:11:49.360 to talk about their stock price, But in the world 0:11:49.400 --> 0:11:52.360 of meme stocks, where high short positions get the attention 0:11:52.720 --> 0:11:55.040 of the retail redded investor crowd, are you a little 0:11:55.080 --> 0:11:59.040 concerned about getting caught up in that? Not really, because 0:11:59.640 --> 0:12:02.000 the the I think the lift we we saw it 0:12:02.040 --> 0:12:04.920 today and we've seen so far is based on the 0:12:04.960 --> 0:12:09.040 performance that we had. And unlike some of the other 0:12:09.080 --> 0:12:13.400 stocks that you you're referring to, they don't have the 0:12:13.520 --> 0:12:17.560 underlying foundation of a good, solid business. We do. We've 0:12:17.559 --> 0:12:20.320 got sales growth, we've got profit growth, and we have 0:12:20.440 --> 0:12:25.320 opportunities for uh, you know, expansion online and in other 0:12:25.440 --> 0:12:28.280 markets that a lot of other people don't have. So 0:12:29.120 --> 0:12:32.440 we've got that solid foundation to continue to grow, and 0:12:32.480 --> 0:12:36.000 I think that's what will allow us to whether through 0:12:36.720 --> 0:12:40.600 some of the challenges that other other stocks have seen. 0:12:40.840 --> 0:12:43.680 Can really quickly twenty seconds one item that's just flying 0:12:43.720 --> 0:12:49.160 off the shelfs right now. Uh tense ten people. People 0:12:49.200 --> 0:12:53.360 are camping like crazy, tens flying off the shells. Everybody 0:12:53.360 --> 0:12:56.320 wants to go camping this summer. Listen. I spent a 0:12:56.320 --> 0:12:57.920 lot of time in the last week or so now 0:12:57.960 --> 0:13:00.480 that the weather is better outside, and I get it, 0:13:00.559 --> 0:13:03.640 I've kind of forgotten we've had a pandemic. I haven't 0:13:03.640 --> 0:13:06.520 had a mask on. Uh, from the minute I get up, 0:13:06.520 --> 0:13:08.440 from the minute I go to bed. It's a different 0:13:08.440 --> 0:13:11.400 experience outdoors, way better than indoors any day of the week. 0:13:11.440 --> 0:13:15.360 Ken Hicks's chairman, president and CEO of Academy Sports and Outdoors. 0:13:15.400 --> 0:13:18.360 Still ahead on Bloomberg Business Week Holistic Approach to Health, 0:13:18.559 --> 0:13:21.560 and later on our cover story on the Pirate taking 0:13:21.600 --> 0:13:24.520 on New York City Jimmy Buffett, Margueritaville and its new 0:13:24.559 --> 0:13:27.120 attraction in Times Square. Can't say it enough, but it's 0:13:27.160 --> 0:13:35.320 five o'clock somewhere well, Martin. Marinaville is kind of an enigma. 0:13:35.920 --> 0:13:41.000 That's where the something that I never envisioned happening when 0:13:41.000 --> 0:13:43.160 I wrote that song in about five minutes on the 0:13:43.200 --> 0:13:45.840 seven Mile Bridge. It just goes to show you that 0:13:45.920 --> 0:13:54.040 anything can happen in America. That story is still to go. 0:13:54.400 --> 0:14:01.800 This is Bloomberg Broadcasting from the financial capital of the World, 0:14:01.920 --> 0:14:05.360 Bloomberg eleven Rio in New York to Washington, d C. 0:14:05.559 --> 0:14:10.280 Bloomberg to Boston, Bloomberg one oh six one does San Francisco, 0:14:10.320 --> 0:14:13.800 Bloomberg nine sixty to the country Sirius xm Chado one 0:14:13.840 --> 0:14:16.800 nine team, and around the globe the Bloomberg Business app 0:14:16.920 --> 0:14:21.280 and Bloomberg Radio dot Com. This is Bloomberg Business Week. 0:14:22.360 --> 0:14:24.440 And the health of Americans has really been in the spotlight, 0:14:24.520 --> 0:14:28.000 yes because of the pandemic, but also because of comorbidities 0:14:28.160 --> 0:14:31.080 during this health crisis, and we're now looking at our health, 0:14:31.120 --> 0:14:33.400 not just our physical well being, but also our well being. 0:14:33.560 --> 0:14:37.440 Everything matters. Yet that holistic approach to medicine and health 0:14:37.520 --> 0:14:40.720 that Dr Eva Do focuses on. She's the co founder 0:14:40.760 --> 0:14:43.160 of Moody Health. It's a platform that offers both live 0:14:43.200 --> 0:14:47.040 telemedicine and telewellness consultations, as well as an on demand 0:14:47.160 --> 0:14:50.640 health and wellness streaming service. Here's Dr Do. We've seen 0:14:50.680 --> 0:14:55.360 a dramatic increase of users and patients on our platform. 0:14:55.400 --> 0:14:58.800 Obviously during the pandemic when things were shut down and 0:14:58.920 --> 0:15:03.120 people were staying in. Having access to virtual care as 0:15:03.160 --> 0:15:08.160 well as virtual health and well being support was critically important. 0:15:08.240 --> 0:15:12.880 So the pandemic has really um skyrocketed us and really 0:15:12.920 --> 0:15:18.360 expanded our our platform significantly over the last fourteen months. 0:15:18.520 --> 0:15:22.040 Dr Do are you offering vaccinations? No, we're not. We're 0:15:22.200 --> 0:15:27.680 a truly virtually not even hybrid exactly. So we are 0:15:27.760 --> 0:15:31.760 a virtual platform that offers virtual care with every type 0:15:31.760 --> 0:15:34.040 of practitioner you could possibly want, so you can really 0:15:34.080 --> 0:15:38.320 get a holistic approach everything from traditional primary care to 0:15:38.600 --> 0:15:44.040 mental health, to complementary alternative life coaches, nutrition, as well 0:15:44.080 --> 0:15:48.120 as a streaming service and health memberships that allow a 0:15:48.280 --> 0:15:52.440 holistic approach to getting the support, guidance and tools you need. 0:15:53.240 --> 0:15:56.320 I'm really curious about the holistic approach because one thing 0:15:56.320 --> 0:15:58.400 that the pandemic has done, among the many things, is 0:15:58.440 --> 0:16:02.360 it's it's shown us the verities between many different types 0:16:02.400 --> 0:16:05.040 of people in the US and around the world, and indeed, 0:16:05.080 --> 0:16:08.080 we've seen those with cold morbidities suffer worse fates when 0:16:08.080 --> 0:16:11.720 they do get sick with coronavirus. And I'm wondering if 0:16:11.720 --> 0:16:14.120 you can speak to the way that you perhaps think 0:16:14.680 --> 0:16:18.200 that we may start to actually think differently about taking 0:16:18.200 --> 0:16:20.440 a holistic approach to medicine on the other side of 0:16:20.480 --> 0:16:23.720 the pandemic, it's such a critically important issue right now. 0:16:23.880 --> 0:16:26.960 You're absolutely right, people are really looking at their health 0:16:27.000 --> 0:16:30.080 from a different perspective. You know what we're seeing at 0:16:30.120 --> 0:16:33.400 MOTI Health and really within the industry of health and 0:16:33.440 --> 0:16:36.600 well being care is a higher level of interest and 0:16:36.680 --> 0:16:41.360 attention to preventative health and wellness, including mental health, and 0:16:41.400 --> 0:16:45.920 the pandemics really created a significant amount of stress and 0:16:46.000 --> 0:16:48.720 emotional strain on so many who are now also in 0:16:48.840 --> 0:16:53.240 need of mental and emotional health support. And you're completely 0:16:53.280 --> 0:16:57.200 correct when you're talking about the need for a holistic approach, 0:16:57.320 --> 0:17:02.480 more inclusive ability these and access to people of all 0:17:02.560 --> 0:17:05.879 different backgrounds. And that's one of the reasons why a 0:17:06.040 --> 0:17:10.920 virtual health platform is such such a timely and important 0:17:11.160 --> 0:17:15.560 need right now within the industry. So having virtual access 0:17:15.800 --> 0:17:20.800 really does create more accessibility to people being able no 0:17:20.840 --> 0:17:23.439 matter what type of income, level of background, that you 0:17:23.520 --> 0:17:27.280 are being able to have access to whole person care 0:17:27.480 --> 0:17:30.760 to really optimize your health and well being. Not only 0:17:30.840 --> 0:17:35.840 during the era of COVID, decreasing risk of getting COVID 0:17:36.320 --> 0:17:39.800 or becoming extremely ill from COVID, but also on the 0:17:39.840 --> 0:17:43.280 other side of the pandemic. To really optimize your health 0:17:43.320 --> 0:17:48.800 and well being so that you can experience health, wellness 0:17:48.880 --> 0:17:51.960 and really thrive as a human being is so important. 0:17:52.119 --> 0:17:55.280 But there is still this technological gap between many people 0:17:55.480 --> 0:17:57.480 in the United States, and we saw that really play 0:17:57.520 --> 0:17:59.280 out when it came to the way that people were 0:17:59.280 --> 0:18:03.200 scheduling and given access to vaccines. There were many people 0:18:03.200 --> 0:18:05.840 in the US who didn't necessarily have the technological know 0:18:05.960 --> 0:18:08.280 how in order to schedule those appointments, and I'm wondering 0:18:08.280 --> 0:18:12.560 how you account for that with a telemedicine service. Unfortunately, 0:18:12.720 --> 0:18:14.840 you know, a system that was rolled out very quickly. 0:18:15.040 --> 0:18:18.760 It was an emergency UM you know response, and so 0:18:18.800 --> 0:18:22.960 it wasn't necessarily set up in the most accessible way 0:18:23.040 --> 0:18:25.800 to those who are elderly or those who didn't have 0:18:26.000 --> 0:18:29.880 access to a computer or a smartphone for example. So 0:18:30.000 --> 0:18:33.600 when it comes to platforms like ours, um, really all 0:18:33.640 --> 0:18:36.280 you need is Internet access and it's as simple and 0:18:36.440 --> 0:18:39.960 easy to use as something like a Facebook, right. So 0:18:40.040 --> 0:18:44.000 being able when it comes to health technology to make 0:18:44.040 --> 0:18:47.480 it more accessible, it's not only about having access to 0:18:47.520 --> 0:18:51.440 the physical platform, right, So that's Internet connectivity but you 0:18:51.480 --> 0:18:56.280 really have to be designing the user experience for people 0:18:56.400 --> 0:18:59.720 of all different technology levels and skills. That's Dr Rachel 0:18:59.760 --> 0:19:02.560 even Do. She's the co founder of Moody Health and listen, 0:19:02.600 --> 0:19:04.760 we've had these conversations a lot over the past year 0:19:04.880 --> 0:19:09.280 or so and just talking about holistic health. It had 0:19:09.320 --> 0:19:12.399 some momentum pre pandemic him, but definitely has picked up 0:19:12.400 --> 0:19:14.520 a lot of speed. And this whole idea of the 0:19:14.560 --> 0:19:17.040 digitization of our world has also picked up speed. And 0:19:17.040 --> 0:19:19.760 that includes finally in medicine. And I think as we 0:19:19.800 --> 0:19:22.119 hear from these medical professionals, tell the medicine it's here 0:19:22.160 --> 0:19:24.040 to stay. It is, and even beyond that, Carol, I 0:19:24.040 --> 0:19:25.840 think it made a lot of people rethink their own 0:19:25.840 --> 0:19:28.080 priorities in life and what they wanted to be doing. 0:19:28.080 --> 0:19:30.440 And this holistic approach to health, it not only includes 0:19:30.520 --> 0:19:33.000 physical health, but it includes mental health and mental state 0:19:33.040 --> 0:19:35.480 and how you're feeling about things. How many meditation apps 0:19:35.520 --> 0:19:37.160 do you have on your phone? How many do I use? 0:19:37.359 --> 0:19:39.639 The question? That's true, I have several. I don't know 0:19:39.720 --> 0:19:41.399 he's using as much as I should. You're listening to 0:19:41.440 --> 0:19:43.639 Bloomberg Business Week coming up next. We're looking at the 0:19:43.680 --> 0:19:46.119 life cycle of a pair of genes. I'll tell you 0:19:46.119 --> 0:19:56.720 it goes around the world. This is Bloomberg. You're listening 0:19:56.760 --> 0:20:00.240 to Bloomberg Business Week with Carol Messer and bloom Burg 0:20:00.320 --> 0:20:05.240 Quick Takes Tim Stinovik from Bloomberg Radio. We've talked about 0:20:05.240 --> 0:20:07.680 this a lot, the fashion and retail industry's impact on 0:20:07.720 --> 0:20:09.840 the environment, and Tim, there's a new book out it 0:20:09.880 --> 0:20:13.120 looks into this. It's entitled Unraveled, The Life and Death 0:20:13.160 --> 0:20:16.160 of a Garment. It's by Maxine Beta, founder and director 0:20:16.200 --> 0:20:19.119 of the think tank New Standard Institute, which describes itself 0:20:19.160 --> 0:20:21.359 as a think in due tank using data and the 0:20:21.400 --> 0:20:24.240 power of citizens to turn the fashion industry into a 0:20:24.320 --> 0:20:26.600 force for good. And prior to running NSI, she co 0:20:26.720 --> 0:20:28.399 founded and was the CEO of z D. It's a 0:20:28.400 --> 0:20:31.639 fashion Brandon lifestyle destination. It's got the goal of creating 0:20:31.640 --> 0:20:34.879 a transparent and sustainable future for the apparel industry. But 0:20:34.960 --> 0:20:36.880 let's get back to her book, because it is called 0:20:36.960 --> 0:20:40.600 Unraveled and Tim, it truly follows the life cycle of 0:20:40.600 --> 0:20:42.840 a pair of genes. You know about that, right, Yeah, 0:20:42.880 --> 0:20:48.200 It's involves so mining resources. The book part the story 0:20:48.480 --> 0:20:51.440 of a pair of gene It starts in a cotton 0:20:51.520 --> 0:20:56.359 field in West text it travels to UM, then China 0:20:56.440 --> 0:21:00.760 to see where that cotton is turned into a textile. 0:21:01.000 --> 0:21:04.439 Then it goes from UM China to Bangladesh where that 0:21:04.480 --> 0:21:08.160 text stile is cut and sown into a garment UM 0:21:08.200 --> 0:21:10.560 and then travels back to the United States to the 0:21:10.640 --> 0:21:15.560 distribution centers the Amazon facilities, where I got the opportunity 0:21:15.640 --> 0:21:19.840 to speak to the UM workers there as well. UM 0:21:19.880 --> 0:21:22.560 and then it it UM. I spoke to a lot 0:21:22.640 --> 0:21:25.720 of shoppers understanding their relationship to clothing, why they're buying 0:21:26.080 --> 0:21:29.440 the clothes UM and after the brief stop in UM 0:21:29.760 --> 0:21:33.280 a shopper's closet that the clothes are donated or are 0:21:33.280 --> 0:21:36.679 thrown out and and UM. The book UH follows that 0:21:36.880 --> 0:21:42.680 along UM Sugana, where the second hand market of clothing 0:21:43.000 --> 0:21:46.840 UH is significant, UM and the landfill there where a 0:21:46.880 --> 0:21:48.879 lot of our clothing actually ends up. I don't know 0:21:48.920 --> 0:21:51.080 how you feel, but the pandemic has made me kind 0:21:51.080 --> 0:21:54.080 of rethink a lot of things in my life, and 0:21:54.119 --> 0:21:57.320 that includes stuff. I grew up with a mom who 0:21:57.320 --> 0:21:59.560 was like, by quality, you don't need a lot of stuff, 0:21:59.560 --> 0:22:01.119 you just need good stuff. You know, and think it 0:22:01.119 --> 0:22:05.040 would be thoughtful. We've really evolved into a consumption society 0:22:05.080 --> 0:22:06.959 where you know, when we talk a lot about fast fashion, 0:22:07.040 --> 0:22:08.720 you weard a couple of times it was inexpensive, you 0:22:08.760 --> 0:22:11.760 toss it out. Um, what was the most disturbing thing? 0:22:12.280 --> 0:22:18.120 Are things that you found out in doing this book? Yeah, 0:22:18.160 --> 0:22:24.600 I think it's it's really the the speed, um, the accumulation, um. 0:22:24.840 --> 0:22:29.840 You know, the scale of the industry and where where 0:22:29.840 --> 0:22:33.280 it's leaving workers and workers not you know, workers in 0:22:33.359 --> 0:22:37.720 women in bangladeshion and women make up a large percentage 0:22:38.359 --> 0:22:44.360 of the garment workers Googly and also the workers domestically. UM. 0:22:44.400 --> 0:22:46.840 You know, we not tend not to think about Amazon 0:22:46.960 --> 0:22:49.640 as a session company, but it is the largest online 0:22:49.680 --> 0:22:54.080 apparel retailer um in terms of number of shoppers. In 0:22:54.160 --> 0:22:56.919 the book, you know, I I got to go to 0:22:57.600 --> 0:23:02.480 China and see these rivers that are black, and then 0:23:02.480 --> 0:23:05.160 I went to Bangladesh and the rivers became even more 0:23:05.359 --> 0:23:08.960 black and Ghana at the end, which was, um, you know, 0:23:09.080 --> 0:23:13.320 the most black rivers you got to actually see. I 0:23:13.359 --> 0:23:17.679 was able to see the impact that our clothing has 0:23:17.760 --> 0:23:20.600 and that's something that's such a huge shift from even 0:23:20.640 --> 0:23:25.600