1 00:00:02,520 --> 00:00:07,000 Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. 2 00:00:08,160 --> 00:00:11,879 Speaker 2: You're listening to Bloomberg Business Week with Carol Masser and 3 00:00:11,960 --> 00:00:14,520 Speaker 2: Tim Stenebeck on Bloomberg Radio. 4 00:00:15,120 --> 00:00:16,960 Speaker 3: Well, speaking of the weekend, might be good to go 5 00:00:17,360 --> 00:00:17,959 Speaker 3: out to eat? 6 00:00:19,079 --> 00:00:19,960 Speaker 1: Yes, yes, and yes. 7 00:00:20,040 --> 00:00:22,720 Speaker 3: How's uh Well? Our next guest is behind nearly twenty 8 00:00:22,720 --> 00:00:26,000 Speaker 3: different restaurant concepts and cities in nine states, in the 9 00:00:26,040 --> 00:00:28,159 Speaker 3: Middle East. We're talking to Bay and Riod in the 10 00:00:28,160 --> 00:00:31,639 Speaker 3: Middle East. Even on a Ritz Carlton yacht. We're talking 11 00:00:31,680 --> 00:00:34,960 Speaker 3: Bourbon Steak, International Smoke in San Francisco, Wit and Wisdom 12 00:00:34,960 --> 00:00:38,360 Speaker 3: and Sonoma and many many more. We've got Michael Mina 13 00:00:38,440 --> 00:00:41,280 Speaker 3: with a chef, founder and executive chairman of the Mina Group. 14 00:00:41,360 --> 00:00:43,800 Speaker 2: Welcome, How are you wonderful? Thank you, Thank you so 15 00:00:43,880 --> 00:00:45,239 Speaker 2: much for having me. Nice to have you. 16 00:00:46,120 --> 00:00:50,120 Speaker 3: Wow you didn't bring food, which is okay, but you know, 17 00:00:50,520 --> 00:00:52,320 Speaker 3: looking at your website, we are just like, okay, we 18 00:00:52,360 --> 00:00:54,560 Speaker 3: need a steak right now. What is it you know 19 00:00:54,560 --> 00:00:57,760 Speaker 3: when you have so many different concepts range from seafood 20 00:00:57,960 --> 00:01:02,920 Speaker 3: to to a lot of different variations of steakhouses, what 21 00:01:02,920 --> 00:01:05,240 Speaker 3: would you say is that the concept that ties everything 22 00:01:05,280 --> 00:01:07,040 Speaker 3: together that people should know you for. 23 00:01:07,880 --> 00:01:10,160 Speaker 2: Well, you know. I mean, I think part of the 24 00:01:10,600 --> 00:01:13,400 Speaker 2: part of the allure and part of the great part 25 00:01:13,440 --> 00:01:16,200 Speaker 2: about being a chef is being able to be creative 26 00:01:16,240 --> 00:01:19,319 Speaker 2: and to be able to work with your team and 27 00:01:19,480 --> 00:01:23,120 Speaker 2: come up with, you know, great concepts. But the concept 28 00:01:23,120 --> 00:01:26,400 Speaker 2: that we have the most outlets of is Bourbon steak, 29 00:01:26,440 --> 00:01:29,200 Speaker 2: and so we have the most Bourbon steak restaurants, and 30 00:01:29,280 --> 00:01:31,840 Speaker 2: so it's probably the one that I'm most known for. 31 00:01:31,920 --> 00:01:33,640 Speaker 2: And it's also the one here in New York at 32 00:01:33,680 --> 00:01:36,040 Speaker 2: the Essex House, and so it's probably the one that 33 00:01:36,080 --> 00:01:39,600 Speaker 2: I'm most known for. But I started out in nineteen 34 00:01:39,680 --> 00:01:42,839 Speaker 2: ninety one with a restaurant called Aqua in San Francisco, 35 00:01:42,920 --> 00:01:45,520 Speaker 2: and that was a fish restaurant that was kind of 36 00:01:44,760 --> 00:01:49,760 Speaker 2: the launching, the launch restaurant, and the second one ended 37 00:01:49,840 --> 00:01:53,120 Speaker 2: up at the Billaggio when the Bolagio opened, and now 38 00:01:53,160 --> 00:01:54,160 Speaker 2: that is Michael Mina. 39 00:01:54,800 --> 00:01:57,680 Speaker 1: It's not an easy industry. You know this, I don't 40 00:01:57,720 --> 00:02:02,000 Speaker 1: have to tell you. And yet you have variety, you know, 41 00:02:02,160 --> 00:02:04,600 Speaker 1: in terms of what you offer. How do you kind 42 00:02:04,600 --> 00:02:06,600 Speaker 1: of keep it going? How do you again, like in 43 00:02:06,640 --> 00:02:10,480 Speaker 1: an industry where margins can be tight and yeah, slam 44 00:02:10,919 --> 00:02:12,959 Speaker 1: costs or high we talk about higher food costs like, 45 00:02:13,080 --> 00:02:15,040 Speaker 1: it's a tough, tough business. 46 00:02:15,680 --> 00:02:18,520 Speaker 2: It really is. And and I'm you know, I wouldn't 47 00:02:18,520 --> 00:02:21,680 Speaker 2: sit here and say that I have the answers. I 48 00:02:21,720 --> 00:02:24,960 Speaker 2: have all the answers. I think that anyone that thinks 49 00:02:25,000 --> 00:02:27,560 Speaker 2: they have all the answers in this industry will, well, 50 00:02:27,720 --> 00:02:29,920 Speaker 2: We'll wake up one morning and realize that, you know, 51 00:02:30,000 --> 00:02:32,639 Speaker 2: there's there's a lot. That's what's so great about it 52 00:02:32,680 --> 00:02:36,400 Speaker 2: is it's constantly evolving and it's constantly changing, and you 53 00:02:36,440 --> 00:02:40,560 Speaker 2: think about it, you know, like in our industry, you know, 54 00:02:40,840 --> 00:02:43,480 Speaker 2: you you have to really try to work very hard 55 00:02:43,520 --> 00:02:46,680 Speaker 2: to stay relevant in this industry, but you also have 56 00:02:46,760 --> 00:02:50,000 Speaker 2: to work really hard to build loyalty. And I would 57 00:02:50,000 --> 00:02:55,400 Speaker 2: say that the one, you know, the one, uh, one 58 00:02:55,440 --> 00:02:59,079 Speaker 2: of the biggest factors of success in this industry is loyalty. 59 00:02:59,240 --> 00:03:02,160 Speaker 2: And you know that's who are you know, We're three 60 00:03:02,240 --> 00:03:05,440 Speaker 2: generations into it and I have close to forty restaurants, 61 00:03:05,440 --> 00:03:08,960 Speaker 2: and I'm very blessed in that, in the fact that 62 00:03:09,160 --> 00:03:12,160 Speaker 2: we've just had so many great loyal customers and that's 63 00:03:12,160 --> 00:03:14,000 Speaker 2: what gets you through the down times. 64 00:03:14,120 --> 00:03:17,320 Speaker 1: Yeah, that's the thing that I thought was really interesting 65 00:03:17,400 --> 00:03:20,639 Speaker 1: during COVID. It's just even well known like well known 66 00:03:20,720 --> 00:03:25,280 Speaker 1: restaurants and chefs and groups. How difficult it was because 67 00:03:25,400 --> 00:03:27,520 Speaker 1: it is such a kind of slim margin business and 68 00:03:27,520 --> 00:03:30,359 Speaker 1: it can be really tricky, and it just I thought, oh, 69 00:03:30,360 --> 00:03:32,919 Speaker 1: the successful guys will be no problem, but it was. 70 00:03:33,040 --> 00:03:33,959 Speaker 1: It was amazing. 71 00:03:34,040 --> 00:03:36,320 Speaker 2: Well, you also got to remember, I mean, you're in 72 00:03:36,360 --> 00:03:40,120 Speaker 2: an industry where shiny objects. You got very creative people 73 00:03:40,520 --> 00:03:43,440 Speaker 2: that love shiny objects and love to chase shiny objects, 74 00:03:43,560 --> 00:03:45,920 Speaker 2: and I'm one of them, right and so and so 75 00:03:46,320 --> 00:03:49,440 Speaker 2: getting really disciplined about what your business plan is going 76 00:03:49,480 --> 00:03:52,600 Speaker 2: to be and then sticking to it. That I would say, 77 00:03:52,600 --> 00:03:56,640 Speaker 2: that's just as hard, because you know, there's an allure 78 00:03:56,720 --> 00:04:00,000 Speaker 2: to like, oh my gosh, look at this beautiful probus 79 00:04:00,320 --> 00:04:02,880 Speaker 2: that somebody's you know, offering you and everything else, but 80 00:04:02,960 --> 00:04:05,400 Speaker 2: it might be way outside of your scope. And I've 81 00:04:05,440 --> 00:04:08,960 Speaker 2: made those mistakes and look back at them and I'm like, okay, 82 00:04:09,040 --> 00:04:12,080 Speaker 2: you know, I think kind of unfortunately, I have to 83 00:04:12,080 --> 00:04:14,520 Speaker 2: say with age now I kind of have learned to 84 00:04:14,880 --> 00:04:17,240 Speaker 2: not chase these shiny objects and say, Okay, this is 85 00:04:17,279 --> 00:04:20,159 Speaker 2: our lane, this is what's going to be best for us. 86 00:04:20,480 --> 00:04:22,000 Speaker 3: One of the reasons we wanted to talk to you 87 00:04:22,080 --> 00:04:24,479 Speaker 3: is because you have this footprint around the US and 88 00:04:24,640 --> 00:04:28,479 Speaker 3: Washington d C. Ranging from Hawaiian Arizona to California to 89 00:04:28,520 --> 00:04:31,960 Speaker 3: New York. Restaurants in Florida too. I'm wondering about a 90 00:04:32,160 --> 00:04:34,640 Speaker 3: sort of regional strength that you're seeing right now in 91 00:04:34,720 --> 00:04:38,160 Speaker 3: the US. Where are the pockets of Boomtown's right now? 92 00:04:38,560 --> 00:04:43,080 Speaker 2: You know what's interesting is you you see cities that 93 00:04:43,080 --> 00:04:47,279 Speaker 2: that I'll tell you, like, I have fourteen bourbon steaks. 94 00:04:47,279 --> 00:04:50,279 Speaker 2: Our number one bourbon steak is in Nashville. It's number 95 00:04:50,279 --> 00:04:52,880 Speaker 2: one in the company and number one by a little 96 00:04:52,920 --> 00:04:56,919 Speaker 2: waste as well. And you know, you'll see you know 97 00:04:57,000 --> 00:05:00,400 Speaker 2: you and obviously, like you know, if you're may go 98 00:05:00,480 --> 00:05:02,320 Speaker 2: compete in a city like New York or a city 99 00:05:02,400 --> 00:05:05,919 Speaker 2: like San Francisco or Los Angeles, there's a lot of competition. 100 00:05:06,200 --> 00:05:10,479 Speaker 2: They're always great cities and they're always going to be 101 00:05:10,680 --> 00:05:13,640 Speaker 2: there's always a big upside to being in those cities. 102 00:05:14,120 --> 00:05:18,240 Speaker 2: They're great for your brand, they're great for they're great 103 00:05:18,240 --> 00:05:19,039 Speaker 2: for your clientele. 104 00:05:19,200 --> 00:05:20,960 Speaker 3: Why is the Nashville one so successful? 105 00:05:21,680 --> 00:05:25,040 Speaker 2: You know, it's really interesting. It's a lot of times 106 00:05:26,480 --> 00:05:29,000 Speaker 2: you get to a city right at the right time. 107 00:05:29,040 --> 00:05:31,840 Speaker 2: And I think we got to Nashville, you know, close 108 00:05:31,920 --> 00:05:34,560 Speaker 2: ten years now, and we got there at the right time. 109 00:05:35,080 --> 00:05:37,159 Speaker 2: It's at the top of the JW. Marriott, And it 110 00:05:37,200 --> 00:05:40,000 Speaker 2: was really interesting because when we opened it, everyone was like, 111 00:05:40,520 --> 00:05:43,200 Speaker 2: you're coming to Nashville and you're opening a steakhouse. There's 112 00:05:43,240 --> 00:05:45,320 Speaker 2: a lot of steakhouses in Nashville, And I said, but 113 00:05:45,400 --> 00:05:47,279 Speaker 2: they're you know, but you have to say, Okay, I 114 00:05:47,360 --> 00:05:49,760 Speaker 2: believe in what we're doing, and this is how we're 115 00:05:49,760 --> 00:05:52,679 Speaker 2: going to do our steakhouse. If that's what you're doing, 116 00:05:52,960 --> 00:05:58,119 Speaker 2: and we happen to really hit hit I think hitting 117 00:05:58,440 --> 00:06:01,760 Speaker 2: a real niche there that that is missing in their steakhouses. 118 00:06:02,240 --> 00:06:05,160 Speaker 1: Can you tell us, you know, you talk about just 119 00:06:05,360 --> 00:06:06,560 Speaker 1: you know, some of the things that you guys have 120 00:06:06,600 --> 00:06:12,200 Speaker 1: to deal with, and we're thinking about your your exposure 121 00:06:12,320 --> 00:06:14,680 Speaker 1: over in the Middle East, you guy, what can you 122 00:06:14,720 --> 00:06:18,200 Speaker 1: tell us about what this war has has done? 123 00:06:18,960 --> 00:06:21,600 Speaker 2: It's done a lot. I mean, we're at the Four Seasons. 124 00:06:21,600 --> 00:06:23,680 Speaker 2: We do all the food and beverage at the Four 125 00:06:23,760 --> 00:06:26,080 Speaker 2: Seasons in the d I f C, which is the 126 00:06:26,080 --> 00:06:29,159 Speaker 2: financial district of it, and the hotel had to close 127 00:06:30,240 --> 00:06:34,719 Speaker 2: and you know, and so it definitely there's an impact 128 00:06:34,920 --> 00:06:37,760 Speaker 2: obviously on travel. There's a major impact on travel. But 129 00:06:39,120 --> 00:06:42,960 Speaker 2: and I think that, you know, uncertainty is never good 130 00:06:43,000 --> 00:06:46,599 Speaker 2: for our industry. It's you know, it's never good for 131 00:06:47,440 --> 00:06:49,680 Speaker 2: I guess it's not good for a lot of industries, 132 00:06:49,680 --> 00:06:53,240 Speaker 2: but just and I know more about mine, and so 133 00:06:53,400 --> 00:06:57,119 Speaker 2: I would say for for ours, uncertainty is is not good. 134 00:06:57,160 --> 00:07:02,200 Speaker 2: And I think that you know, people don't necessarily want 135 00:07:02,240 --> 00:07:06,560 Speaker 2: to be out celebrating as much during those type of times. 136 00:07:06,640 --> 00:07:09,760 Speaker 3: You know, what about more domestic challenges, like like beef 137 00:07:09,800 --> 00:07:12,920 Speaker 3: prices here in the US, sourcing beef at a time 138 00:07:13,000 --> 00:07:15,520 Speaker 3: when when cattle herds over the last couple of years 139 00:07:15,520 --> 00:07:17,840 Speaker 3: have been smaller, beef has been more expensive. You have 140 00:07:17,880 --> 00:07:21,960 Speaker 3: this challenge with the president now wanting to import beef 141 00:07:22,000 --> 00:07:25,240 Speaker 3: and those tariffs not hitting those beef importers. 142 00:07:25,360 --> 00:07:28,640 Speaker 2: Yeah, beef prices have gone up. Beef prices have gone up. 143 00:07:28,720 --> 00:07:31,680 Speaker 2: And when and also too when when fuel prices go up, 144 00:07:31,680 --> 00:07:34,400 Speaker 2: the prices go. Where do you get your beef all over? 145 00:07:35,080 --> 00:07:40,720 Speaker 2: So it really depends regionally, So depending on where we 146 00:07:40,760 --> 00:07:44,240 Speaker 2: are regionally. But we'll buy, you know, we'll buy Japanese beef, 147 00:07:44,240 --> 00:07:47,560 Speaker 2: we buy American beef, we buy from many different ranchers, 148 00:07:47,600 --> 00:07:50,800 Speaker 2: will buy regionally depending on where we are, will buy 149 00:07:50,920 --> 00:07:56,880 Speaker 2: certain cuts from certain farms and certain ranchers. But really 150 00:07:56,960 --> 00:08:01,040 Speaker 2: we do not We don't say, Okay, this is what 151 00:08:01,080 --> 00:08:03,760 Speaker 2: we're going to use across the country because I think 152 00:08:04,240 --> 00:08:08,440 Speaker 2: for us in particular, sometimes it's really it's really enjoyable 153 00:08:08,440 --> 00:08:11,160 Speaker 2: to get to work with with a particular ranch and 154 00:08:11,280 --> 00:08:14,240 Speaker 2: really get to spend that time with them that when 155 00:08:14,240 --> 00:08:15,640 Speaker 2: they're localized. 156 00:08:17,880 --> 00:08:18,640 Speaker 1: I'm just hungry. 157 00:08:18,800 --> 00:08:20,960 Speaker 3: Okay, I got one for your girls. What's the best 158 00:08:21,000 --> 00:08:22,200 Speaker 3: way to cook a steak at home? 159 00:08:22,720 --> 00:08:25,920 Speaker 2: At home? At home? Well, I'm going to tell you 160 00:08:25,920 --> 00:08:27,080 Speaker 2: how we do it at Bourbon Steak. 161 00:08:27,080 --> 00:08:28,680 Speaker 3: Okay, can we do it at home? 162 00:08:28,880 --> 00:08:30,880 Speaker 2: You can do it at home, Okay. It takes a 163 00:08:30,880 --> 00:08:32,880 Speaker 2: little bit of a commitment. It takes a little bit 164 00:08:32,920 --> 00:08:35,920 Speaker 2: of a commitment. Okay. So you can get some gee 165 00:08:36,040 --> 00:08:37,439 Speaker 2: or some clarified butter. 166 00:08:37,880 --> 00:08:40,360 Speaker 1: Okay, and on a stove all the time. 167 00:08:40,440 --> 00:08:43,040 Speaker 2: Okay. And but you can freeze it so you don't 168 00:08:43,080 --> 00:08:45,680 Speaker 2: think you're gonna throw it away. Okay. So the best 169 00:08:45,679 --> 00:08:48,280 Speaker 2: way to do it is to take it and make 170 00:08:48,320 --> 00:08:51,800 Speaker 2: what we call like a you know, like a double boiler, 171 00:08:51,920 --> 00:08:55,120 Speaker 2: put it into an oven. At one hundred and twenty 172 00:08:55,120 --> 00:09:00,280 Speaker 2: degrees in the oven and slow poach the beef for 173 00:09:00,320 --> 00:09:03,000 Speaker 2: about thirty minutes, like if it's a steak, you know, 174 00:09:03,320 --> 00:09:06,600 Speaker 2: slow poach it and it'll stay under rare. It's just it. 175 00:09:07,040 --> 00:09:09,199 Speaker 2: And you can put some herbs in it, some shouts 176 00:09:09,200 --> 00:09:11,360 Speaker 2: in it, and then strain that and throw it in 177 00:09:11,400 --> 00:09:13,840 Speaker 2: the freezer at that butter so you can reuse it. 178 00:09:13,880 --> 00:09:16,720 Speaker 2: And then after you slow poach it, then grill it 179 00:09:16,720 --> 00:09:18,600 Speaker 2: on a really hot grill or sere it in a 180 00:09:18,600 --> 00:09:21,000 Speaker 2: really hot pan, and that'll keep it from shrinking and 181 00:09:21,440 --> 00:09:23,800 Speaker 2: it doesn't saturate the meat at all, like you won't 182 00:09:23,880 --> 00:09:26,760 Speaker 2: even know that the meat was actually slow poached in 183 00:09:26,800 --> 00:09:29,760 Speaker 2: the butter. It gives it a great flavor it and 184 00:09:29,960 --> 00:09:34,440 Speaker 2: so it tenderizes. It keeps it from shrinking, and great 185 00:09:34,480 --> 00:09:35,319 Speaker 2: with filet like. 186 00:09:35,360 --> 00:09:36,520 Speaker 1: Some double boiler. 187 00:09:37,200 --> 00:09:38,959 Speaker 2: You can do it on a double boiler. You can 188 00:09:39,000 --> 00:09:41,080 Speaker 2: just put it in in your oven, but just keep 189 00:09:41,120 --> 00:09:43,880 Speaker 2: your oven really low like and keep a thermometer in 190 00:09:43,920 --> 00:09:45,480 Speaker 2: the butter and don't let the butter go over one 191 00:09:45,559 --> 00:09:46,439 Speaker 2: hundred and thirty deo. 192 00:09:46,960 --> 00:09:49,600 Speaker 3: There it is is not as much of a not 193 00:09:49,600 --> 00:09:51,560 Speaker 3: as difficult as I thought. I think I'm gonna actually try. 194 00:09:51,440 --> 00:09:53,120 Speaker 2: It yeah, or you can, like, if you want to 195 00:09:53,240 --> 00:09:56,439 Speaker 2: make a tiny investment, you can get a you can 196 00:09:56,440 --> 00:10:00,200 Speaker 2: go to Williamson im and get a chocolate melter and 197 00:10:00,280 --> 00:10:01,960 Speaker 2: it'll do the same thing. You just feel the better 198 00:10:01,960 --> 00:10:02,920 Speaker 2: where the chocolate would go. 199 00:10:03,000 --> 00:10:05,440 Speaker 1: Yeah, oh my god, Michael, come back soon. 200 00:10:05,640 --> 00:10:06,440 Speaker 2: Oh thank you. 201 00:10:06,600 --> 00:10:10,360 Speaker 1: It's really sweet, Thank you sincere and just fun to 202 00:10:10,400 --> 00:10:12,000 Speaker 1: hear what your world is up to. It sounds busy 203 00:10:12,080 --> 00:10:12,960 Speaker 1: and you're gonna go cook. 204 00:10:13,200 --> 00:10:15,560 Speaker 2: Yeah, thank you so much. Thanks for having you. Bet 205 00:10:15,640 --> 00:10:16,160 Speaker 2: Michael Mina. 206 00:10:16,200 --> 00:10:18,360 Speaker 1: He's chef, founder and executive chairman of the media group 207 00:10:18,440 --> 00:10:19,960 Speaker 1: Journeying us of course right here in studio