Speaker 1: This is Bloomberg Business Week inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business, finance and tech news. As it happened, Bloomberg
Speaker 1: Business Week with Carol Messier and Bloomberg Quick Takes. Tim
Speaker 1: Stinovic on Bloomberg Radio. Hi, everyone, welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. It was a volatile week
Speaker 1: for markets, thanks in large part too uncertainty over the
Speaker 1: emergence of a new COVID nineteen variant, Amikron, which were
Speaker 1: still trying to figure out how to pronounce. I think
Speaker 1: we figured out it. Got it. I talked to our
Speaker 1: our our Greek colleague. We got it now, Sair Lulu.
Speaker 1: Also Federal Reserve Chair Jerome Powell taking a hawkish tone
Speaker 1: before Congress, vowing to keep inflation in check and saying
Speaker 1: Carol that FEDE officials should consider tapering asset purchases even
Speaker 1: faster than anticipated, setting a stage for potential interest rate
Speaker 1: hikes next year. But as you always remind me, interest
Speaker 1: rates they're low. We need perspective. Everyone exactly the other
Speaker 1: thing is, and this had our attention. He said, it's
Speaker 1: time to retire the word transitory when it comes to
Speaker 1: rising prices. That trend we are seeing in nearly every
Speaker 1: sector of our economy, and several of our guests on
Speaker 1: this program have plenty to say about that tim We're
Speaker 1: coming up in this broadcast, We're gonna hear from a
Speaker 1: pair of e commerce experts from different sides of the aisle.
Speaker 1: Shopify president Harley Finkelstein tells us how his company is
Speaker 1: outpacing the broader retail sector with the holiday shopping season
Speaker 1: already underway, and talk about timing. Wall Street Journal tech
Speaker 1: columnist Christopher Mims. He's got a new book out about
Speaker 1: exactly how we get all of the stuff that we
Speaker 1: have and why the global retail industry is at a
Speaker 1: tipping point. Plus, the Bloomberg fifty is back. It's our
Speaker 1: annual look at the people and ideas that defined global business, entertainment, finance, politics,
Speaker 1: science and technology. I love this list. All of that
Speaker 1: to come. We begin with a story in this week's
Speaker 1: economics section, supply chain carnage creating opportunities, yes, opportunities for
Speaker 1: companies willing to take a chance on random goods, from
Speaker 1: cheese to used cars and maybe even pumpkin seeds think
Speaker 1: of it as storage wars on steroids. Bloomberg Business we
Speaker 1: contributor Jeff Wise wrote the story and he joined us
Speaker 1: along with the editor of the magazine, Joel Weber. Jeff
Speaker 1: tells us his piece came from his coverage of the
Speaker 1: Ever given that, of course, was the monster cargo ship
Speaker 1: that clogged up the Suez Canal back in March. Nobody
Speaker 1: really knew what was on that ship. You know, there
Speaker 1: was something like twenty containers and there were there were
Speaker 1: various reports like um, it had been reported that there
Speaker 1: was a life sized train of Source rex that was
Speaker 1: heading for a mini golf course in England. UM, but
Speaker 1: like nice little details like that, but nobody really knew
Speaker 1: what the bulk of it was. And there was this
Speaker 1: young guy Uh in the UK who um was more
Speaker 1: talkative than most of these these these salvage buyers, and
Speaker 1: he UM kind of became like sort of an internet
Speaker 1: instant media star over in the UK. He was on
Speaker 1: the local news and everything talking about what he had,
Speaker 1: what he had. He had taken about twenty containers off
Speaker 1: the ship and was trying to, you know, figure out
Speaker 1: what to do with it. Um he had actually ten
Speaker 1: containers five tons or something of raw cabbage that had
Speaker 1: been picked by farmers in China putting these containers and
Speaker 1: was destined for Europe. And then of course it was
Speaker 1: stuck for four months the heat and has liquefied that
Speaker 1: had turned into goop. And so this is a guy who,
Speaker 1: um you know, became the centerpiece of my of my
Speaker 1: article for Business Week. Um. You know, he can both
Speaker 1: turn around stuff that has some value left in it, um,
Speaker 1: or he can take stuff that's absolutely toxic or dangerous
Speaker 1: or whatever it has to be disposed of. Um. So
Speaker 1: he can he whatever it is, he kind of uses
Speaker 1: his cleverness and his connections to find out the best
Speaker 1: thing to do with it. And how is it that
Speaker 1: you know in that uh you know, these could be
Speaker 1: mystery bucks? Is is it? Don't the companies that trans
Speaker 1: transport these containers know exactly what's in every container For
Speaker 1: the most part, yes, um can. Each container has a
Speaker 1: manifest and it's sealed and so there's there's not susi
Speaker 1: any tampering, But there's shenanigans that go on and and
Speaker 1: sometimes the manifest is vague. In the case of the
Speaker 1: one that I wrote about in the story, it's just
Speaker 1: said household goods Brancket car and there was what that meant.
Speaker 1: Does anybody's guess like what what what value do its
Speaker 1: on to that? It's like a complete, you know, random gas. Um.
Speaker 1: But he was telling me sometimes this wasn't in the article,
Speaker 1: but there's a trade where people basically because you cost
Speaker 1: money to dispose of stuff, especially dangerous stuff. So what
Speaker 1: they'll sometimes do is they'll they'll bundle up you know correctly, um, say,
Speaker 1: plastic recycling in the front of a container, and then
Speaker 1: behind that it's like either just junk or garbage or
Speaker 1: something hazardous, and then then you ship it, you know,
Speaker 1: to Asia or to Africa, and then it's you know,
Speaker 1: effectively you're disposing of it. The same day I was there,
Speaker 1: he showed me the car. He had a load of
Speaker 1: tires that had been illegally shipped off and had been
Speaker 1: sent back, and so he was going to dispose of that.
Speaker 1: So I understand why someone might not claim twenty containers
Speaker 1: full of what was formerly known as cabbage, But why
Speaker 1: why would something like that car not get claimed? Like
Speaker 1: how how frequently does stuff just not get claimed at
Speaker 1: the port? He is not a detective. His job is
Speaker 1: just to figure out what to do with this stuff,
Speaker 1: and he like the quicker he can do it, the better.
Speaker 1: So yeah, my instinct is the same as yours. I'm like,
Speaker 1: how do you? But he that that's not his approach,
Speaker 1: so he doesn't know, like he has no idea what happens.
Speaker 1: This guy could have died. He could have just like
Speaker 1: looked at the storage charges and been, um, I don't
Speaker 1: want to deal with this anymore. But this is a
Speaker 1: real problem. You know, the containers sit there and whatever
Speaker 1: is in it is not gaining any value, and and
Speaker 1: the the costs are mounting. I actually wound up I
Speaker 1: was I was over in the UK a couple of stories,
Speaker 1: and I wind up sharing a cab with a woman
Speaker 1: whose son was in the furniture importation business, and she
Speaker 1: was telling me he was looking at he might go
Speaker 1: bankrupt because there's such a shortage of truck drivers because
Speaker 1: of Rexit. All their truck drivers left, and they have
Speaker 1: a real problem. They just can't move stuff, and the
Speaker 1: longer it sits, the big worst. That was Bloomberg Business
Speaker 1: Week contributor Jeff Wise, along with Business We Get It
Speaker 1: or Joel Webber with an inside look at what happens
Speaker 1: when supply chains, well, they go haywire, and while not
Speaker 1: everything we order arrives on time, we still really do
Speaker 1: expect them to. Coming up next, we're going to explore
Speaker 1: how consumer demand for that instant gratification is transforming global
Speaker 1: commerce and displacing millions of workers at the same time.
Speaker 1: Wall Street Journal tech columnist Christopher MIM's details his new book,
Speaker 1: and it gives us a firsthand account of the pandemic's
Speaker 1: immediate impact on trade. In the early days, you're listening
Speaker 1: to Bloomberg Business Week. This is Bloomberg. This is Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes. Tim
Speaker 1: Stinovik from Bloomberg Radio. All right, not a day, not
Speaker 1: an hour, seems to go on without us talking about
Speaker 1: the global supply chain. It certainly came up a lot
Speaker 1: this past week on Capitol Hill between lawmakers and Fed
Speaker 1: Chief J. Powell. Shortages and delays persisting even as the
Speaker 1: federal government works to ease these pain points. Our next
Speaker 1: guest started writing a book before the COVID lockdown that
Speaker 1: revealed how our supply chain could be brought to its knees,
Speaker 1: and his trip to Southeast Asia in early twenty ended
Speaker 1: up coinciding with the onset of the deadliest pandemic we've
Speaker 1: seen in more than a century. Well Street Journal technology
Speaker 1: columnist Christopher Mims recently released this book, Arriving Today from
Speaker 1: Factory to Front Door. While everything has changed about how
Speaker 1: and what we buy, the process was already in motion
Speaker 1: once COVID nineteen came around, and the crisis did little
Speaker 1: to change consumer expectations of convenience. It's solidified demand for
Speaker 1: services that could provide the instant gratification that many of
Speaker 1: us have come to know and rely upon. Mims said,
Speaker 1: had to understand the rapidly advancing technologies that are changing
Speaker 1: the way goods are transported and despicing workers in ways
Speaker 1: we've never seen before. And it was all sparked by
Speaker 1: his interest in the world e commerce king. It really
Speaker 1: came from witnessing the transformation in terms of automation and uh,
Speaker 1: you know, other types of technology that was happening in
Speaker 1: supply chains because of Amazon, and I just thought, okay,
Speaker 1: you know, if e commerce is going to become the
Speaker 1: dominant way that we buy things, this is going to
Speaker 1: be huge for millions of American workers and for every
Speaker 1: single one of us, because you know, we're all consumers.
Speaker 1: So I wanted to understand how those supply chains worked
Speaker 1: because it was clear that they were undergoing a transformation
Speaker 1: unprecedented since the invention of the shipping container. It's safe
Speaker 1: to say that we all just expect stuff to show
Speaker 1: up at our door. We don't really think about the process.
Speaker 1: We've gotten so removed from it for many of us.
Speaker 1: There are a lot of workers that are the backbone
Speaker 1: of our supply chains, but for many of us were
Speaker 1: removed from it. Right, Yeah, we're so removed from it,
Speaker 1: and we're even more removed from it than we used
Speaker 1: to be because of globalization, the supply chains are longer
Speaker 1: than ever. So when they get this up to we
Speaker 1: kind of throw up our hands and we're like, what's
Speaker 1: going on? We talked about when you started to write
Speaker 1: this book before the pandemic, So just take us back
Speaker 1: to that time in January when you were exploring supply
Speaker 1: chains in Asia. What what What did you end up
Speaker 1: uh finding out, especially as the pandemic began to ravage
Speaker 1: the globe. Well, what I witnessed was really the supply
Speaker 1: chain disruptions and the congestion that we're seeing now. So
Speaker 1: you know, I was standing on the key side in
Speaker 1: Vietnam when goods are being loaded, just as the World
Speaker 1: Health Organization announced that there was you know, an issue
Speaker 1: in Wuhan, China um and then you know, it was
Speaker 1: inadvertent on my part that the book coincided with the pandemic.
Speaker 1: But you know, as I sort of followed the journey
Speaker 1: of those goods all the way to the US, I
Speaker 1: ended up, you know in places like you know fed
Speaker 1: Exhortation Facility talking to the head of automation at fed
Speaker 1: X about how what used to be the holiday peak
Speaker 1: was now every single day and that they were anticipating
Speaker 1: that when the holidays did, they would have what they
Speaker 1: called peak on top of peak. So you had this
Speaker 1: system that was really sized for you know, maybe a
Speaker 1: holiday peak that was then having to do that holiday
Speaker 1: peak just as part of its normal uh line of business.
Speaker 1: You know, I also wrote along with a UPS driver
Speaker 1: you know, who told me that you know, she was
Speaker 1: really keeping her her everybody on her roots supplied with
Speaker 1: you know, everything from the goods to homeschool their kids,
Speaker 1: to you know, food and other things that they were
Speaker 1: ordering they were being delivered through UPS and that every
Speaker 1: day she was as busy as she would normally be
Speaker 1: during the holidays, but of course this was you know,
Speaker 1: nowhere near the holidays. So the entire system now has
Speaker 1: had to expand to accommodate what used to be its
Speaker 1: maximum capacity. Hey, Chris, I too have written along with
Speaker 1: a UPS driver talk about being impressive, and they have
Speaker 1: technology and data to make sure that, you know, they
Speaker 1: are aware of everything they do, how long it takes,
Speaker 1: and keeping track of it. It blew my mind. Um
Speaker 1: Having said that, So when you look at all the
Speaker 1: work that you did and really understand ending the nitty
Speaker 1: gritty details, the technology, the logistics, the people behind our
Speaker 1: global supply chain, do you clearly understand the mess that
Speaker 1: we're in today? Yeah? I think I do. I mean fundamentally,
Speaker 1: this gets to the heart of you know, the most
Speaker 1: important macroeconomic indicators which drive everything, you know, the entire
Speaker 1: stock market. Like the reason that we're having inflation that
Speaker 1: the FED cannot deal with right now is we're having
Speaker 1: a supply shock. The reason we're having a supply shock
Speaker 1: is that we're having congestion in the supply chain, and
Speaker 1: part of that congestion is due to the labor crisis.
Speaker 1: We don't have enough people to drive the trucks to
Speaker 1: move all the containers out of all these ports. So
Speaker 1: you know, Marisks chairman just said they had more than
Speaker 1: eighty ships waiting on average eighteen days at ports all
Speaker 1: over the world, but in particular on the West Coast.
Speaker 1: So the shocks and the bottlenecks that every one of
Speaker 1: these junctures in the supply chain, I think are key
Speaker 1: to understand because these uh, seemingly small things are what
Speaker 1: are driving ultimately, you know, inflation, and I think a
Speaker 1: lot of investors fears that this new coronavirus will you know,
Speaker 1: hurt the economy and hurt the stock market. Chris, do
Speaker 1: you think that the era of just in time when
Speaker 1: it comes to the way that companies think about getting
Speaker 1: us our goods, the era of globalization, do we see
Speaker 1: any permanent shifts or changes to those things as a
Speaker 1: result of the pandemic and what we've learned. I mean,
Speaker 1: I think you're seeing a lot of smaller manufacturers and
Speaker 1: retailers are having a stockpile more goods. So in that way,
Speaker 1: you know, this era of lean everything is over for
Speaker 1: a lot of retailers. UM and you know, the biggest
Speaker 1: ones that are reporting that the supply chain is starting
Speaker 1: to clear for them, like Target and Walmart. They're the
Speaker 1: ones who order well in advance. So in some ways,
Speaker 1: I think, you know, just in time, you know, is disappearing.
Speaker 1: That said, you know, as soon as this supply chain
Speaker 1: backlog clears, it could be as early as the next
Speaker 1: summer um. You know, I think people will return to
Speaker 1: that because, of course it just drives more returns on everything,
Speaker 1: returns on capital. Nobody wants to have a bunch of
Speaker 1: goods tied up in inventory if they can avoid it, right,
Speaker 1: But you think about those balance sheets and how they
Speaker 1: would change. You know, It's funny I grew up with
Speaker 1: I guess you would say kind of depression era parents
Speaker 1: are parents who grew up with families that you know,
Speaker 1: had to deal with the depression. And we always had
Speaker 1: a utility room that was stock full of so much stuff.
Speaker 1: But I think they remember, you know, when there were
Speaker 1: lean times and you couldn't get stuff. And I do
Speaker 1: wonder the impact that this will have on all of
Speaker 1: us going forward, or perhaps our families going forward, and
Speaker 1: we meet companies as you just talked about, you know,
Speaker 1: going forward so absolutely. I think people are at every
Speaker 1: note of the supply chain, which by the way, includes us,
Speaker 1: includes our individual households. You know, people are being forced
Speaker 1: to stockpile more goods and um, yeah, those depressionary mentalities,
Speaker 1: they don't go away. That was Wall Street Journal technology
Speaker 1: columnist Christopher Mims. He breaks down the wide world of
Speaker 1: supply chains in his new book, Arriving Today from Factory
Speaker 1: at the Front Door. Why everything has changed about how
Speaker 1: and what we buy. It's about logistics, it's about technology.
Speaker 1: More importantly, it's about the people being affected by these
Speaker 1: changes to the global business landscape. Millions of workers will
Speaker 1: be showed when the burden as we moved towards a
Speaker 1: fully automated system. I think what's notable to Carol is
Speaker 1: is the consumer expectation side of this. We've all become
Speaker 1: accustomed to getting things so quickly, regardless of where they
Speaker 1: come from. What's interesting, and I think about this in
Speaker 1: the pandemic, right, we learned so much about how a
Speaker 1: vaccine is made right because we've been living it in
Speaker 1: real time, and every data point, every research study, every
Speaker 1: vaccination that comes out, we've learned about it. The same
Speaker 1: thing for the global supply chain. We just expect stuff
Speaker 1: to be there, and now we're like, well, wait a minute,
Speaker 1: what's that process of you know, from start to finish?
Speaker 1: And we're learning so much more about how complicated it
Speaker 1: is and really truly how global it is. As most
Speaker 1: people say, you can't go back still ahead. On Bloomberg
Speaker 1: Business Week, a dispatch from the epicenter of the Amicron
Speaker 1: variant of COVID nineteen South Africa and executive from de
Speaker 1: Beers explains how the world's largest diamond company is adapting
Speaker 1: to the new threat and what it means for the
Speaker 1: company's bottom line. This is Bloomberg on casting from the
Speaker 1: financial capital of the world Bloomberg eleven Frio in New
Speaker 1: York to Washington, d C. Bloomberg to Boston, Bloomberg one
Speaker 1: oh six one does San Francisco, Bloomberg nine sixty to
Speaker 1: the country Sirius XM Chado one nine team, and around
Speaker 1: the globe the Bloomberg Business app and Bloomberg Radio dot Com.
Speaker 1: This is Bloomberg Business Week. Like most companies involved in
Speaker 1: the retail space, to Beers has had to pivot and
Speaker 1: adjust to change in consumer taste and trends. During the
Speaker 1: pandemic and the world's biggest diamond company now has a
Speaker 1: new challenge to deal with. The latest COVID variant has
Speaker 1: taken root in Southern Africa, where many of its key
Speaker 1: minds are located. We were fortunate enough to catch up
Speaker 1: with Pat Dombi, VP and a head of corporate affairs
Speaker 1: and government relations at the Beers Group of Companies, just
Speaker 1: as word that the omicron strain had begun to circle
Speaker 1: the globe. Pat joined us well in transit from South
Speaker 1: Africa to neighboring Botswana, telling us that regional travel restrictions
Speaker 1: were unlikely to hinder business as usual. It's one of
Speaker 1: the important aspects of the success of our partnership with
Speaker 1: the South African government and the books on a Government.
Speaker 1: It's interesting because they both supported at the same time.
Speaker 1: They obviously they have a very good working relationship, particularly
Speaker 1: when it comes to the border, because a lot of
Speaker 1: us come from both countries, like myself. UM so UM
Speaker 1: the the importance of adaptability. I think that the private
Speaker 1: sectors with government are working together. UM. And for us
Speaker 1: as a business, as you write fully say, kill it,
Speaker 1: it's been having to really figure out how to be
Speaker 1: adaptable UM and how do we refine and be agile
Speaker 1: UM in this market? UM. But I think we've done it, UM,
Speaker 1: And I think that whole focus is really UM focusing
Speaker 1: on our employees UM. And of course the communities in
Speaker 1: which we operate are really critical, and that's also very
Speaker 1: important to our partnerships with with the government. And then
Speaker 1: of course, you know, demonstrating the importance of managing covid
Speaker 1: UM with them. Tell us about the business right now,
Speaker 1: do you guys have all the workers that you need
Speaker 1: to do what you need to do. How has the
Speaker 1: relationship with consumers changed as a result of the pandemic UM? Sure, Carol, Well,
Speaker 1: it's interesting because we're actually pretty excited we had UM.
Speaker 1: You know, the beginning was a little bit tough for
Speaker 1: everyone UM in but UM based on our adaptability and
Speaker 1: being able to refine and and look at what it
Speaker 1: meant to continue our business, we ended with a pretty
Speaker 1: good year UM in and now going into the holiday season. UM.
Speaker 1: You know, we're looking at some of the days that's
Speaker 1: been coming out, like sources UM DAN going Diamond Research
Speaker 1: and data UM that are reporting that US jewelry sales
Speaker 1: advanced to standing from January through May. UM tolpening about
Speaker 1: thirty two billions. So that's up UM by about twenties
Speaker 1: three billion in the same period pre the pandemic UM.
Speaker 1: So that tells us tells us a few things. It
Speaker 1: tells us that American consumers want to celebrate licening in
Speaker 1: each other a little differently. I think he said that
Speaker 1: a little bit earlier in the program UM, and they
Speaker 1: have a real strong love more importantly for diamonds, especially
Speaker 1: at this time of the year. Help me understand and
Speaker 1: help help our audience understand where your job comes in
Speaker 1: when it comes to transparency and sustainability and and helping
Speaker 1: consumers understand that the diamond that they are buying is
Speaker 1: one they can feel good about. It's one that was
Speaker 1: mind sustainably, it was mind in a conflict freeway, and
Speaker 1: it wasn't mind using labor practices that, for lack of
Speaker 1: a better term, aren't appropriate. Well, thank you for that question,
Speaker 1: because it really is paramount to everything we do UM,
Speaker 1: and it's something that as a as a person from
Speaker 1: Botswana UM that I'm really proud of our company. UM.
Speaker 1: You know, we definitely believe in sustainability and we've invested
Speaker 1: heavily in innovation and technology as a link to that. Um,
Speaker 1: we've created a sustainable framework which we call Building Forever,
Speaker 1: and it says exactly what it means. It's at the
Speaker 1: heart of what we do. Tim and I talked about
Speaker 1: this a lot, whether it's wife or friends that he
Speaker 1: knows that aren't necessarily into diamonds. Um, it's just different.
Speaker 1: I look at my daughter, I look at you know,
Speaker 1: different individuals that maybe aren't into jewelry that like my
Speaker 1: mom was, or even myself. Off is it translating and
Speaker 1: and reaching the newer, younger consumer A very good question. UM, Well,
Speaker 1: what we're seeing is that through our insight research. UM,
Speaker 1: we're seeing a generational shift, as you rightfully point up, Um,
Speaker 1: with consumers, particularly young consumers. You're right, Um, what's really
Speaker 1: important for them is the provenance, which is constantly evolving.
Speaker 1: That was Pat Dombay, VP and head of Corporate Affairs
Speaker 1: and Government Relations at the de Beers Group of Companies.
Speaker 1: For more of the company's sustainability framework and commitment to
Speaker 1: ethical sourcing of diamonds, check out our podcast feed for
Speaker 1: our full conversation. You're listening to Bloomberg Business Week. Coming
Speaker 1: up next, the Bloomberg Fifty is unveiled. We're going to
Speaker 1: break down the list of people and ideas that defined
Speaker 1: global business over the past year. This is Bloomberg. You're
Speaker 1: listening to Bloomberg business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stinovik from Bloomberg Radio. It's the most
Speaker 1: wonderful time of the year, and it's not just because
Speaker 1: of the holidays. It's also the fifth installment of Bloomberg
Speaker 1: Business Week's Bloomberg Fifty. It's a list of fifty people
Speaker 1: and trends that deserve recognition in business, entertainment, finance, politics,
Speaker 1: science and tech. Him For where else are you going
Speaker 1: to find Britney Spears, the CEOs of Ford and CVS,
Speaker 1: and even the meme stock Ted Lasso is on there too.
Speaker 1: Here with a look at how it all comes together.
Speaker 1: Who made the list this year is Bloomberg Business Week
Speaker 1: editor Joel Weber. Also Bloomberg Business Week Features editor Brett Vegan. Joel,
Speaker 1: I want to start with you. We know Brett is
Speaker 1: the Bloomberg fifty Maven, but give us some background on
Speaker 1: the issue and really how it got started. So we
Speaker 1: long wanted to do an issue that kind of looks
Speaker 1: back at the most important people of the year, and
Speaker 1: and we've been doing this. This is the fifth annual
Speaker 1: year that we've done, a fifth annual issue. And one
Speaker 1: of the things that I think really distinguishes our list
Speaker 1: is the idea that we obsess around data and that
Speaker 1: every person or idea that makes it on the list
Speaker 1: has some distinguished metric from the year that makes them interesting. Uh.
Speaker 1: And that's different, Like you could put Warren Buffett on
Speaker 1: a list like this almost any given year as a
Speaker 1: very important person in business. But we really hone in
Speaker 1: on a tangible thing from the year that really distinguishes someone.
Speaker 1: And once you've been on the list, you can't be
Speaker 1: on it again. So the other thing that I think
Speaker 1: the list affords is this real amazing sense of discovery.
Speaker 1: We're always looking for up and comers who are breaking through,
Speaker 1: and you know, because business is ever changing, there's never
Speaker 1: a dearth of options. And this list starts as this
Speaker 1: massive spreadsheet and just gets narrowed down until we get
Speaker 1: the most impactful fifty people. Uh. And that that comes
Speaker 1: together in this amazing issue. So, Brett, how how early
Speaker 1: do you start working on this list in the year?
Speaker 1: Because I know that there's emails that go out and
Speaker 1: you really tapped the network that is Bloomberg. I mean,
Speaker 1: are you already thinking about too soon? Okay, I'm sorry.
Speaker 1: It starts pretty early. I mean, basically we started at
Speaker 1: the end of the second quarter because at that point
Speaker 1: you have a pretty good sense of sort of what's
Speaker 1: happened in the first half of the year, and you
Speaker 1: there are some sort of no brainers at that point.
Speaker 1: So they get on sort of what i'd call like
Speaker 1: the they're sort of v I P. They get into
Speaker 1: sort of very early special access to this. But we
Speaker 1: you know, we really canvass reporters all across the world.
Speaker 1: I mean, um, you know, in in Asia and Europe,
Speaker 1: in Middle East, Africa and the America's and you know,
Speaker 1: the jewels point. We're looking for the people that had
Speaker 1: the most impact in their field. There's a lot of
Speaker 1: people that have impact, but we want to make sure
Speaker 1: we're really getting you know, the CEOs of the companies
Speaker 1: that had the most impressive I p O s or
Speaker 1: made the most impressive acquisitions, or the people in entertainment
Speaker 1: who had really sort of the the absolute biggest years.
Speaker 1: And and then we also look for serendipity, you know,
Speaker 1: we look for people as well, said that you may
Speaker 1: not have heard of, and then we can like to
Speaker 1: combine that with people that you may have heard of
Speaker 1: but maybe you don't know why they'd make the list
Speaker 1: in that particular year. I always wonder if there's a
Speaker 1: year like where it's really tough to like you're like,
Speaker 1: oh my god, there's so many really good people and
Speaker 1: you've got to just make some cuts. It's I mean,
Speaker 1: every every single time. And part of what we're trying
Speaker 1: to do here is is look at a mix too.
Speaker 1: Obviously finance less is Bloomberg pretty easy to figure out
Speaker 1: who were some some important people in the finance world.
Speaker 1: Ditto business, but we also try and you know, reach
Speaker 1: out look at science and entertainment, uh, and really have
Speaker 1: this feeling like when you look across the list, it's
Speaker 1: we mean business in many, many, many different senses. So
Speaker 1: can you tell us who didn't make the list? Well,
Speaker 1: I think there are a couple of things that are
Speaker 1: because and like I just got to give you an
Speaker 1: idea of my my thinking behind this question, Jold Brett,
Speaker 1: because I kind of imagine the smoke filled room, right, yeah,
Speaker 1: exactly what happened? Get back, you know, where Brett and
Speaker 1: I are sitting around maybe. So we have two things
Speaker 1: that you're like fighting for your person to get on, right.
Speaker 1: We have a couple of things that we do to
Speaker 1: account for that. One is a thing that we call
Speaker 1: the usual suspects, and that accounts for the Warren Buffets
Speaker 1: or the Jeff Bezos is, which you can basically do
Speaker 1: those those people almost any given year. Right. Um. We
Speaker 1: also have the Alumps page because there are people who
Speaker 1: have fantastic years who we've featured before and you know,
Speaker 1: obviously it's like if we come back and do the
Speaker 1: same people again and again, then the list gets static
Speaker 1: and it's not fun. So but we still think that
Speaker 1: those people are worth honoring. And then the other near
Speaker 1: and dear one is what we call ones to watch,
Speaker 1: which are maybe they haven't had a huge breakthrough. Oftentimes
Speaker 1: they're a little bit younger. And there are people that
Speaker 1: we think either next year or in years to come
Speaker 1: could be people that cracked the regular Bloomberg fifty list.
Speaker 1: And like someone I mean, i'll just give you an example,
Speaker 1: like someone link Latitia James, Right, she was not on
Speaker 1: the list this year because she was on the list
Speaker 1: last year. We don't repeat, but I would say probably
Speaker 1: seven or eight people pitched her, you know, as as
Speaker 1: being in the list. So someone like that who's running
Speaker 1: for governor of New York, who publishes this hundred and
Speaker 1: sixty eight page bombshell report, you would think, yeah, should
Speaker 1: be on the list, but was already on. So he
Speaker 1: put her in the alump section. And and it makes
Speaker 1: sense though, because he was I think perhaps a lot
Speaker 1: more impactful to more people than her. And I guess
Speaker 1: we should actually talk about some of the people on
Speaker 1: on the list. You know, Albert Borla I was the
Speaker 1: one that came to mind CEO of Fighter and and
Speaker 1: you know, you would have maybe thought that he was
Speaker 1: on last year's list, except this was the year that
Speaker 1: they actually started to deliver it and basically created the
Speaker 1: biggest success in the history of of pharma. So and
Speaker 1: I think last year's list was was very covid Centrick.
Speaker 1: We had a lot of amazing people, We had a
Speaker 1: lot of group entries because of that, and and this
Speaker 1: year we I think we tried to focus a little
Speaker 1: bit more on people. And I will segue more into
Speaker 1: the list right now because one of the other things
Speaker 1: we try and do. But I think it's just really fun.
Speaker 1: It's always make room for an inanimate object like chicken sandwich. Well,
Speaker 1: you know the poplines. Chicken sandwich did crack it in
Speaker 1: in twenty nineteen. Last year we had this spack which
Speaker 1: proved as relevant this year as last year. We're just
Speaker 1: ahead of the time. Perhaps we helped make this back
Speaker 1: to this back Brett, what was this year's object? Not
Speaker 1: the chicken sandwich this year, but we did, um, the
Speaker 1: meme stock. Actually, you couldn't get a chicken sandwich or
Speaker 1: some change. Plenty of meme stocks, that's right, plenty of
Speaker 1: memes stocks. Um. Actually, you know, if you look at
Speaker 1: the fifty that Robin Hood put on their restricted list,
Speaker 1: there was a hundred fifty billion dollars worth of market
Speaker 1: cap created early in the year in January. Um, you know,
Speaker 1: based on these memes stocks. So we were trying to
Speaker 1: figure out exactly, you know, what to do here? Should
Speaker 1: we put game Stop on the list? But am seeing
Speaker 1: the list companies on the list who did nothing. They
Speaker 1: didn't do anything right, So then we said, why don't
Speaker 1: we ask Matt Levin what he wants to do? And
Speaker 1: Matt Livin said, sure, I'll be happy to write a
Speaker 1: piece for you. But the meme stock in the Aaron
Speaker 1: meme stocks, and you know, Matt really like focuses in
Speaker 1: here on I guess it's stead of the psychology of
Speaker 1: community really in the psychology of belonging and the way
Speaker 1: in which, um, the meme stock was something that people
Speaker 1: were sitting at home in the pandemic without being able
Speaker 1: to really go out. And there's a community of people
Speaker 1: and they were having fun and they were buying the
Speaker 1: stot and some people just like the stock and they
Speaker 1: bought it for that reason. But Matt talks a lot
Speaker 1: about community and value and um, it's it's really like
Speaker 1: a wonderful piece and really really sort of makes you
Speaker 1: think about this in a different light. We'll speak about community.
Speaker 1: There was a community of junior bankers over Goldman Sacks
Speaker 1: that also made the list. Yeah, so mostly anonymous. We
Speaker 1: ended up getting the name of one of the Bloomberg
Speaker 1: News broke that earlier in the year. But what they
Speaker 1: rallied for, uh ended up becoming this galvanizing force on
Speaker 1: Wall Street, not only at at Goldman, but you know,
Speaker 1: just across across UM the whole community and has led
Speaker 1: to some changes and funny enough, and we did a
Speaker 1: cover story to this effect earlier in the year. Uh,
Speaker 1: they didn't ask for more money, but that's basically what
Speaker 1: they got. Wall Street brought out the money canon to
Speaker 1: sort of, uh, make make amends a little bit more. Yeah,
Speaker 1: and they also looked at things like, maybe you don't
Speaker 1: have to work all weekend, maybe you can have one
Speaker 1: day sort of kind of off. Um. But yeah, I
Speaker 1: mean the Jul's point that this power point presentation that
Speaker 1: went viral in March um led to new you know,
Speaker 1: based pays at a lot of these companies. But the
Speaker 1: other thing that it did is it just sort of
Speaker 1: bought attention to sort the mental health problems that were occurring. Uh.
Speaker 1: They were sort of a self self diagnosis of of
Speaker 1: mental health conditions that were going on. And at least
Speaker 1: we at least that Wassode brought to light and it
Speaker 1: was was given it to do. Do you do you
Speaker 1: think there will be perhaps permanent effects of of these
Speaker 1: junior bankers, not just within finance, but in other industries
Speaker 1: as well. I think it's entirely possible that they started
Speaker 1: a really important conversation in um an area or field
Speaker 1: that that conversation just hadn't really been happening in so
Speaker 1: I think it's the beginning, you know, I don't. I
Speaker 1: will have to see where it goes, but I certainly
Speaker 1: think that that's possible. There's a prominent CEO female CEO
Speaker 1: two that you guys brought recognition to and we're talking
Speaker 1: about Karen lynch Over at CBS. So this was a
Speaker 1: really interesting one because at the beginning of the year
Speaker 1: she got this job and we were immediately interested in
Speaker 1: it because of the role that pharmacies we're going to
Speaker 1: have uh in the distribution of vaccines, at least especially
Speaker 1: here in the US. Highest ranking female executive in the
Speaker 1: US when she took over, and this was the part
Speaker 1: that shocked me. C Yes, fifth largest public company by sales,
Speaker 1: so this is a huge company and what I thought
Speaker 1: was really interesting. We did a Q and A with her.
Speaker 1: That was another thing that we did. An issue is
Speaker 1: start to play with some different formats um and Angelica
Speaker 1: Levito did the interview with her and revealed to me
Speaker 1: was sort of where she wants to take CVS. You
Speaker 1: would think of it as a pharmacy maybe in the
Speaker 1: context of the vaccine distribution. It is her her goal
Speaker 1: and her vision strategy is to become much more of
Speaker 1: the center of your of your healthcare universe. All right,
Speaker 1: we're gonna have to leave it there. We know we're
Speaker 1: gonna get more from you guys a little bit later
Speaker 1: on our thanks to Bloomberg Business we editor Joe Webber
Speaker 1: and Business Week Features editor Bret Vegan. That wraps up
Speaker 1: the first hour of the weekend edition of Bloomberg Business
Speaker 1: Week from Bloomberg Radio, I'm Carol Masser and I'm Tim Stunebeck.
Speaker 1: Ahead in our next hour, the president of Shopify on
Speaker 1: a hot start to the holiday shopping season, the VP
Speaker 1: of Cadillac discussing the next stage of the luxury brand's
Speaker 1: ev transformation, and the CEO of Build a Bear Workshop
Speaker 1: on why there's more room to run after a record
Speaker 1: quarter and a worring share price. Plus, we're gonna have
Speaker 1: more of this year's Bloomberg fifty. We're going to finally
Speaker 1: get to Brittany. I can't wait. We're gonna put that
Speaker 1: here this year. In perspective, this is Bloomberg. This is
Speaker 1: Bloomberg Business Week inside from the reporters and editors who
Speaker 1: bring you America's most trusted business magazine, plus global business
Speaker 1: finance and tech news as it happened, Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes Tim Stinovic on
Speaker 1: Bloomberg Radio. Hi, I'm Carol Masser and I'm Tim stob
Speaker 1: Plenty ahead in our second hour of the weekend edition
Speaker 1: of Bloomberg Business Week, including an American luxury car brands
Speaker 1: place in the electric vehicle revolution. We're talking about Cadillac,
Speaker 1: and a small cap toymaker is rewarding shareholders on the
Speaker 1: heels of a blowout earnings report. Build a Bear Workshops
Speaker 1: CEO Sharon Price John on what's next for a company
Speaker 1: who shares are up about four percent here today, talk
Speaker 1: about a rally, talk about a lot of bears. Plus
Speaker 1: more from our annual Bloomberg Fifty List. This week's issue
Speaker 1: of Bloomberg Business Week magazine dedicated to the individuals and
Speaker 1: ideas that have defined First Up this hour, an e
Speaker 1: commerce power player has a strong start to the holiday
Speaker 1: shopping season. Shopify came out earlier this week with data
Speaker 1: saying that it's merchant sales from Black Friday through Cyber
Speaker 1: Monday hit a record six point three billion dollars. That
Speaker 1: represents increase compared with the same period a year earlier.
Speaker 1: But what's interesting, tim is those figures contrast with some
Speaker 1: of the broader retail trends that we've seen so far
Speaker 1: in the early portion of the holiday shopping season. We
Speaker 1: caught up with Shopify president Harley Finkelstein and asked him
Speaker 1: how the cloud based commerce platform was able to overcome
Speaker 1: and otherwise lackluster weekend from consumers. I think what you
Speaker 1: were seeing is that Shopify merchants really outpaced the industry frankly,
Speaker 1: these astonishing rates, and they committed to do so through
Speaker 1: the entire weekend. We know the consumer spending has stayed strong,
Speaker 1: but I don't think BFCM was simply just a measure
Speaker 1: of consumer confidence. It seems like it was also a
Speaker 1: barometer for consumer interest in supporting independent brands and entrepreneurs,
Speaker 1: and we think that that support is stronger than ever
Speaker 1: for the entire weekend. So from Friday to Monday, we
Speaker 1: saw but six point three billion sold sales on shop
Speaker 1: plants ab growth as you mentioned, uh, and about forty
Speaker 1: seven million consumers made a purchase from a Shopify merchant
Speaker 1: during the weekend. The other thing that's really interesting is
Speaker 1: that average cart size was up from about ninety dollars
Speaker 1: to about a hundred dollars globally. And when you look
Speaker 1: at you know where those sales were coming from. Of course,
Speaker 1: we had the big names that we always talked about here,
Speaker 1: uh you know, companies like All Birds and Bombas and
Speaker 1: and uh Jim Shark and Brooklyn. But we also saw
Speaker 1: some new names emerged the Nugget for example, our place
Speaker 1: for example, and then some traditional retailers that you shopify
Speaker 1: like Lego, Mentel, Spanks, Dockers. But I really, you know,
Speaker 1: relative to the numbers that you were mentioning earlier from
Speaker 1: the industry industry, why it feels like this is a
Speaker 1: tale of two different retail worlds. On one side, you
Speaker 1: have traditional big box stores, but then you have to
Speaker 1: act to consumer. Well, let me just remind our listeners
Speaker 1: of those numbers from Adobe. So US shoppers spent ten
Speaker 1: point seven billion dollars on Cyber Monday. That's, according to Adobe,
Speaker 1: less than the ten point eight billion dollars a year earlier,
Speaker 1: and that missed Adobe's estimate of eleven point three billion dollars.
Speaker 1: So hardly it sounds like the analysis that you're providing
Speaker 1: is it's it's because it's a different type of shopping happening.
Speaker 1: You're saying that that Shopify retailers that use the shopped
Speaker 1: by platform outperformed the industry, and and that's why you
Speaker 1: see the diconomy and the divergence. With the data from Adobe,
Speaker 1: that's exactly right. Yeah, I think you know, when for
Speaker 1: Adobe's first only looking at US where Shopify as a
Speaker 1: global platform, we have more than one point seven million
Speaker 1: stores across a hundred seventy five countries. But what we
Speaker 1: really did see is that consumers unequivocally voted with their
Speaker 1: walllet's this this past four day weekend to buy from
Speaker 1: independent retailers and their favorite brands. And you know, some
Speaker 1: of these brands have now become really incumbent. If you
Speaker 1: look at companies like Figs or All Birds. These are
Speaker 1: stores that started on Shopify just a couple of years
Speaker 1: ago and now they publicly traded companies. And so I
Speaker 1: think you're going to see more of this happening where
Speaker 1: the future retail really does belong to these independent director
Speaker 1: consumer brands as opposed to the big box retailers in
Speaker 1: some cases that aren't really adding any real value. Yeah,
Speaker 1: it's it's an interesting you know, we talked about innovation
Speaker 1: as you know, Um, Harley so much in so many
Speaker 1: different industries, certainly in technology. We've seen it in retail
Speaker 1: in a big way. Um. What does that mean? Then?
Speaker 1: You think, for the major retailers that are out there
Speaker 1: versus many of those that are on your platform, is
Speaker 1: there something more significant going on in terms of the
Speaker 1: retail trends? Well, okay, you know, I've been a student
Speaker 1: of retail and commerce for you know, for the majority
Speaker 1: of my life, um, and I think one of the
Speaker 1: major changes that have happened here is that a lot
Speaker 1: of the retailers that were reselling other people's products simply
Speaker 1: weren't justifying their profit margin. So you know, I'm sitting
Speaker 1: here right now in Canada wearing my favorite T shirt,
Speaker 1: which James Purse, which is a Shopify store. Years ago
Speaker 1: I was able to buy in James Purson T shirt
Speaker 1: at Barney's, for example, and I never did And the
Speaker 1: reason was I didn't feel that I was getting any
Speaker 1: better experience and it was certainly more expensive buying from Barney's,
Speaker 1: Whereas when I go to James first dot com powered
Speaker 1: by Shopify, I get a much better experience. I know,
Speaker 1: that the money that I am I'm paying for is
Speaker 1: a vote with my wallets that I want more of
Speaker 1: those brands to exist in the world. I think that
Speaker 1: the other the other thing is that the big box retailers,
Speaker 1: for a very long time, they had an unfair advantage
Speaker 1: because they had distribution. And the reason that we were
Speaker 1: able to we were going to these big box stores
Speaker 1: is because they were in our cities. But the Internet
Speaker 1: has completely democratized distributions so that today I can be
Speaker 1: sitting anywhere in the world and for I can set
Speaker 1: up a store on Shopify and I can sell online,
Speaker 1: I can sell offline, I can sell on TikTok or
Speaker 1: Spotify or Instagram, and I can I can be default
Speaker 1: global within a matter of minutes. That's where technology is
Speaker 1: driving this, this really incredible innovation in commerce. How do
Speaker 1: you make sure that these companies, as they grow, don't
Speaker 1: graduate from Shopify's platform and they're able to keep using it.
Speaker 1: It's a great question that this the challenge of being
Speaker 1: able to make it really easy for any brand or
Speaker 1: any entrepreneur business to get started on Shopify and then
Speaker 1: when they get to some sort of scale, they continue
Speaker 1: to grow. That is really what shop would make Shopify
Speaker 1: quite unique. So for example, you know, when you're just
Speaker 1: getting started, you may just simply want to set up
Speaker 1: a very simple online store and sell to to consumers.
Speaker 1: But as you grow, you begin to wanting to sell
Speaker 1: across a variety of different places channels. I mentioned Instagram
Speaker 1: and Facebook, but but also you want to sell across
Speaker 1: new channels that are emerged. We announced a partnership to
Speaker 1: each skill with Spotify, so artists on Spotify can open
Speaker 1: online stores on Shopify and sell merchandise. That was Shopify
Speaker 1: President Harley Finkelstein. And we should note that this past week,
Speaker 1: after our conversation with Harley, a group of five educational
Speaker 1: publishers suede Shopify. The group includes Pierson Education and McGraw hill.
Speaker 1: It's filed for copyright and trademark infringement. Just as we
Speaker 1: were putting our broadcast to bed shop if I had
Speaker 1: declined to comment on the specifics of the lawsuit, saying
Speaker 1: that it takes actions against web stores that violate its policies.
Speaker 1: You're listening to Bloomberg business Week. Coming up next, one
Speaker 1: of America's premiere luxury brands is racing into the EV market.
Speaker 1: The question is how fast can it shift gears? This
Speaker 1: is Bloomberg. This is Bloomberg Business Week with Carol Messer
Speaker 1: and Bloomberg Quick takes Tim Stenovan from Bloomberg Radio. So
Speaker 1: check out the EV market. We've got Tesla now ranked
Speaker 1: as the world's most valuable car company by far Rivian,
Speaker 1: sporting the second highest market cap among US car makers,
Speaker 1: despite Tim having generated no sales revenue as of yet. Meantime,
Speaker 1: General Motors plans to double its revenue by as it
Speaker 1: looks to ultimately convert to an all e V lineup,
Speaker 1: and CEO Mary Barra recently said that she expects GM
Speaker 1: to catch up to Tesla in electric vehicle sales by
Speaker 1: as soon as twent Those efforts include GM's iconic luxury brand.
Speaker 1: We're talking about Cadillac now, you might recall. Back in September,
Speaker 1: GM open reservations for its cattle Lyric electric suv, and
Speaker 1: after just ten minutes they are gone. To find out
Speaker 1: what sets the first of its kind model apart, what
Speaker 1: the future holds for its gas powered engines, and how
Speaker 1: Cadillac is navigating supply chain constraints and labor shortages in
Speaker 1: a competitive car market, we spoke with the Brand's vice
Speaker 1: president Rory Harvey. I think there's lots of different data sources.
Speaker 1: I'm sure that you have access to many of them
Speaker 1: that you know extrapolate what is going to happen with
Speaker 1: eb adoption. And from our perspective, we think now that
Speaker 1: the time is right absolutely to put up on the
Speaker 1: accelerated panel. We have a great portfolio today of icicles,
Speaker 1: but we think now is the time to compliment that
Speaker 1: would switching to EV. So I'm going to ask a
Speaker 1: different question that why does it Why is it going
Speaker 1: to take to thirty? Why not sooner? Especially when you've
Speaker 1: got you know, a company like Tesla that has definitely
Speaker 1: at this point is out front and center and has
Speaker 1: the first mover advantage. They're now ranked as the world's
Speaker 1: most valuable car company by far. You've got Riving supporting
Speaker 1: this second highest market cap among US car makers despite
Speaker 1: having no sales revenue yet. I mean, that's a topic
Speaker 1: for another conversation. So I'm just curious, you know, why
Speaker 1: not try and do it sooner rather than later? Is
Speaker 1: it logistically it's just got to take this amount of time. No,
Speaker 1: I think it's a it's balancing basically what we need
Speaker 1: to do what we need to do in terms of
Speaker 1: market opportunity with our ice vehicles, what we need to
Speaker 1: do in terms of evs. So as an example, if
Speaker 1: you looked at the Lyric, which will be the first
Speaker 1: EV in terms of luxury crossover from Cadillac, we pulled
Speaker 1: that forward by nine months, So we brought that forward
Speaker 1: and accelerated it to the back end of March in two.
Speaker 1: That will be followed by the Celestique, which will be
Speaker 1: an ultra luxury brand. And indeed, you know, without giving
Speaker 1: the time in a way of all of the product portfolio,
Speaker 1: if you look at GM across the board, we will
Speaker 1: have thirty products by twenty five that are EV variants,
Speaker 1: with about sixty of those sold in the US. So
Speaker 1: there is a fairly aggressive introduction of the evs moving forward.
Speaker 1: I guess the thirty time scale is, you know, the
Speaker 1: period of time when we will be selling the last
Speaker 1: ICE vehicles from the Cadillac perspective, but we will certainly
Speaker 1: be in the market much earlier than that complementing our
Speaker 1: ice vehicle cells with evy vehicles. You know, Tim and
Speaker 1: I talk for a lot about wanting our next car
Speaker 1: to be an electric vehicle. Uh, Tim lives in the city.
Speaker 1: I lived just outside the city. In the urban environment,
Speaker 1: you do wonder about, Okay, how the heck am I
Speaker 1: going to charge this puppy? How much of your timing
Speaker 1: also is thinking about the bigger, broader infrastructure problems that
Speaker 1: I feel like we've been talking about for a few
Speaker 1: years that in order for ev S to really come,
Speaker 1: you need to have the EV support network to be
Speaker 1: there as well, especially when it comes to charging. You're
Speaker 1: absolutely right, Carol, I mean, that's that's fundamental. And if
Speaker 1: you look at some of the metropolitan areas, you know
Speaker 1: there's a big push in terms of infrastructure. If you
Speaker 1: look at some of the legislation and some of the
Speaker 1: activities that the states are putting in place, you know,
Speaker 1: the momentum is really starting to build. But it's a
Speaker 1: it's a fundamental issue in terms of being able to
Speaker 1: facilitate demand with customer convenience. And from that point of view,
Speaker 1: you know, there's a number of things that we're doing,
Speaker 1: whether it be working with our dealer partners to put
Speaker 1: charging stations in place that we made an announcement the
Speaker 1: week before last in terms of that, whether it be
Speaker 1: are mobile app which basically gives customers the ability to
Speaker 1: be able to determine where to charge, which charges are
Speaker 1: up and running, minimum downtime, et cetera. But it is
Speaker 1: one of the challenges that the industry places in terms
Speaker 1: of ensuring, particularly in some of those densely populated areas,
Speaker 1: that the infrastructure is there. So again, that's part of
Speaker 1: the reason that at the moment we have the need
Speaker 1: to be able to satisfy customers from a nice vehicle perspective,
Speaker 1: but also from an ev perspective. Hey, Rory, is you
Speaker 1: know when it comes to battery charging stations, how much
Speaker 1: of it is the private sector responsibility? How much is
Speaker 1: it public sector? Is it a little bit of both?
Speaker 1: I think it's a it's a little bit of both,
Speaker 1: you know. I think it's uh, it's down to the
Speaker 1: incentives that are available. It's down to the distribution. It's
Speaker 1: down to private companies because there's a business opportunity, it's
Speaker 1: down to public I think this one is a team
Speaker 1: effort in terms of putting the infrastructure in place. Or
Speaker 1: you know, I'm thinking about GM and they're all in
Speaker 1: on electric vehicles. Cadillac obviously a key part of that component. Um,
Speaker 1: I am curious about in the transitioning, especially at a
Speaker 1: time where we're talking so much about supple f chains.
Speaker 1: Are you guys able at this point to get all
Speaker 1: the raw materials, the minerals and things that you need
Speaker 1: to easily and continue to make this transition and keep
Speaker 1: to your timeline. Yes, so I guess there's a there's
Speaker 1: a couple of parts for that, So I will I'll
Speaker 1: answer at first in terms of relating to semi conductors,
Speaker 1: which is one of the challenges that the closal automotive
Speaker 1: industry is is facing today. So you know that has
Speaker 1: been a challenge throughout the course of one and it's
Speaker 1: still a challenge today. Having said that, I would say
Speaker 1: that you know, we are seeing a better flow of
Speaker 1: chips now. There's been a terrific amount of work that
Speaker 1: has been done with the supply chain, indeed getting more
Speaker 1: involved and deeper into the supply chain to be able
Speaker 1: to secure the right level of supply of chips and
Speaker 1: moves in board. Um. It is going to continue into two.
Speaker 1: But as an example, if you looked at North America
Speaker 1: and our plants in North America, we've got the majority
Speaker 1: of them for general motors back up and running and Indeed,
Speaker 1: as of Monday of this week, every single Cadillac plant
Speaker 1: in North America is now operational. So that step one
Speaker 1: in terms of getting inventories to cover so that we
Speaker 1: can fulfill what is very strong customer demand at the
Speaker 1: moment um. So we're looking forward to some stability coming
Speaker 1: during the course of two there Then in addition in
Speaker 1: terms of you know, the materials that are required going
Speaker 1: forward in terms of batteries. Um. Again, we've made some
Speaker 1: recent announcements in terms of some of the ventures and
Speaker 1: infrastructures that we're putting in place to ensure that we
Speaker 1: can secure the right levels of supply to enable and
Speaker 1: support the transition as we need to. And at this
Speaker 1: particular point in time, there is absolutely no delays to
Speaker 1: our EV platforms in terms of rollout schedule. Indeed, I
Speaker 1: mentioned earlier that we're looking to pull the Lyric ahead
Speaker 1: by nine months versus the original plan, so we will
Speaker 1: start producing that vehicle in March of two. It's interesting
Speaker 1: what you know as we moved through this ship. What
Speaker 1: is it that I guess isn't the major risk to
Speaker 1: it progressing as you hope when you look at you
Speaker 1: know your timeline and as you said you moved it
Speaker 1: up for the lyric. But what is the biggest risk
Speaker 1: to all of this? Yeah, I think you know one
Speaker 1: of the challenges that you've got. I'm not sure if
Speaker 1: I describe it as a risk. Is the pace of
Speaker 1: change and the rate of adoption, the rate of infrastructure,
Speaker 1: the range anxiety customers, ability to be able to charge, etcetera.
Speaker 1: So I think as a number of elements that pieced
Speaker 1: together in terms of the jigsaw, and I wouldn't say
Speaker 1: that it's a risk overrule in terms of the change.
Speaker 1: I would say it's a time and impact in terms
Speaker 1: of how aggressive is the adoption rate of ev is
Speaker 1: going to be UM So I think it's more in
Speaker 1: terms of a question as to when rather than if.
Speaker 1: That was Cadillact place President Rory Harvey, your next car
Speaker 1: an electric one, I think so. And we talk about infrastructure,
Speaker 1: especially in the city, right plugging in that's the thing, Carol,
Speaker 1: and I got flak for this people who have I've
Speaker 1: talked about this before on our on our program because
Speaker 1: I've said it's difficult for people who live in cities
Speaker 1: who park on streets, which is a lot of people.
Speaker 1: People who live in apartment buildings who don't have garages
Speaker 1: like me, Like, where would we charge it? No, it's
Speaker 1: a really good point, Like you have to figure that out.
Speaker 1: It's so rare in New York City to walk down
Speaker 1: the street actually see a place where you can charge
Speaker 1: your car. We have a couple in my neighborhood in Brooklyn,
Speaker 1: but they're always being used. We gotta figure that one out.
Speaker 1: Still to come on Bloomberg Business Week, Build a Bear Workshop.
Speaker 1: It's a small cap company that just posted a record
Speaker 1: breaking third quarter performance. It's stock on a tear. We're
Speaker 1: gonna speak with your Sharon Price. John. This is Bloomberg
Speaker 1: Broadcasting from the financial capital of the World, Bloomberg eleven
Speaker 1: Frio in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one oh six one to San Francisco, Bloomberg nine
Speaker 1: sixty to the country Sirius XM Chado one nine team,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week. If you're
Speaker 1: looking for an ap performer in the stock market, check
Speaker 1: out Shares and build a Bear Workshop. That stocked him
Speaker 1: up in the area of around this year This past week,
Speaker 1: the company reported record revenues of more than nine million
Speaker 1: dollars in the third quarter. They also authorized a million
Speaker 1: dollars worth of share buybacks. All this as builder Bear
Speaker 1: prepares to celebrate its twenty fifth anniversary in the new year.
Speaker 1: Sharon Price John has been the firm's president and CEO
Speaker 1: since had previously racked up two decades worth of experience
Speaker 1: in marketing and product development with the likes of Hasbro, Mattel,
Speaker 1: and Stride Right, and now she's got the specialty retailer
Speaker 1: of customized stuffed animals soaring to new heights in the
Speaker 1: midst of the busy holiday season. Sharon joined us from
Speaker 1: the New York Stock Exchange to discuss the company's digitization plans.
Speaker 1: And it's a banner quarterly results. As you mentioned, we
Speaker 1: declared special dividend and the authorized dot by that program,
Speaker 1: but also raised the annual guidance and um, you know
Speaker 1: it's really we're we're looking at a revenue number that's
Speaker 1: the best in about a decade. As well as that
Speaker 1: pretext income that I was speaking of. Um, that's sevest
Speaker 1: in our corporate history for the first the third quarter,
Speaker 1: and the first three quarters of the year. One thing
Speaker 1: I just wanted to ask you, Sharon, is is why
Speaker 1: the buyback, Why the special dividend? Is that the best
Speaker 1: way to use some your cash on hand? Well, it's
Speaker 1: one way to use our cash on hand. We have
Speaker 1: a robust capital plan UM, and a portion of that
Speaker 1: we felt with these record earnings is just a great
Speaker 1: opportunity for us two directly and immediately return some of
Speaker 1: that value to our shareholders. Of course, the stock buy
Speaker 1: back UM has a much different purpose. UH. It's more
Speaker 1: of a recognition of the board noting and believing in
Speaker 1: the future of the company UM. But we also outlined
Speaker 1: some strategic objectives and opportunities for the future and how
Speaker 1: we're investing, and that's inclusive of continued and acceleration of
Speaker 1: our digital transformation as well as the evolution of our
Speaker 1: retail footprints and the way we go to market and
Speaker 1: continue to push into UH more robust approach to omni channel.
Speaker 1: I know that people don't always recognize the Bill to
Speaker 1: Bear as an online retailer, but as with many through
Speaker 1: the Co Good experience, we really did lean heavily into
Speaker 1: e commerce. We had already been on that road from
Speaker 1: a strategic perspective for a number of years. How much
Speaker 1: of your business is e commerce versus store? Well, you know,
Speaker 1: but Build the Bears now, which is important to understand.
Speaker 1: Build Bears now multi generational. So we're coming up on
Speaker 1: our twenty fifth year. Don't let that make you feel old.
Speaker 1: We've just been around for a while. And that's okay
Speaker 1: because not only do parents of kids and want parents
Speaker 1: now want to take their kids, they actually want to
Speaker 1: experience Build the Bear again. And some of that is
Speaker 1: our collectibles product like Pokemon or Harry Potter, and they
Speaker 1: go online. So our business just a few years ago
Speaker 1: was more in the four or five percent range of
Speaker 1: total sales, and now it's up to And what's the goal.
Speaker 1: How high do you want to get that? Well, we're
Speaker 1: really the key is to grow total revenue. And because
Speaker 1: e commerce for us is on par from a profitability
Speaker 1: perspective to the rest of our revenue in stores, we
Speaker 1: just want to be there the way guts want to
Speaker 1: interact with us. If they want to go online and purchase,
Speaker 1: they can do that. If they like to come in
Speaker 1: store and have that very special retail tainment experience that
Speaker 1: we're famous for, they can do that too. Hey, you
Speaker 1: gotta ask you, um, which we ask every leader of
Speaker 1: an institution or organization or company supply chain issues, how
Speaker 1: rough is it for you guys? Yeah, you know, we
Speaker 1: like so many toy industry people, we do source from
Speaker 1: Southeast Asia and it has been a challenge and um,
Speaker 1: you know, we're we're juggling containers and products and reprioritizing
Speaker 1: on a regular basis. We did make a special note
Speaker 1: that we believe we have a robust are a really
Speaker 1: strong inventory position for the remainder of the holiday season. Um,
Speaker 1: we feel like that we have done our projections appropriately
Speaker 1: and really importantly, particularly for that special experience in memory
Speaker 1: that people want to make in our stores. We actually
Speaker 1: have enough bear builders, which would be our sales associate, um,
Speaker 1: to make sure, to the best of our ability, that
Speaker 1: everybody has that that great build a Bear moment that
Speaker 1: Sharon Price, John president and CEO of Build a Bear Workshop,
Speaker 1: she says, Hey, they're gonna be able to satisfy demand
Speaker 1: this holiday season. It's interesting too. I love these like
Speaker 1: kind of traditional kids toy shops or traditional retailers that
Speaker 1: are diversifying. I mean, they've got an entertainment division that
Speaker 1: just released its first live action production as part of
Speaker 1: Hallmark's Christmas movie lineup. I've got to say we had
Speaker 1: a ton of stuffies growing up. It was something that
Speaker 1: my daughter really really loved. But it's interesting, daughter, are
Speaker 1: you gonna like I'm not gonna blow up your spot,
Speaker 1: but you had I have to say I liked it.
Speaker 1: I like Deddy had some old ones, a little collection,
Speaker 1: and then she inherited them. Um. But it is interesting
Speaker 1: to see how they are more interactive in their stores.
Speaker 1: And she talked a lot about the adult component of
Speaker 1: their business. It's not just about kids, Tim, It's not
Speaker 1: I know, I know everybody needs to stuff I'm blushing
Speaker 1: for everybody on radio. You're listening to Bloomberg Business Week.
Speaker 1: Coming up, we turn our attention back to our cover
Speaker 1: story in the Bloomberg Fifty. We'll dig deeper into our
Speaker 1: list of the year's most influential people and ideas. This
Speaker 1: is where we get to talk about Brittany, right, Brittany
Speaker 1: and Beamstocks. And that's right, We're getting to it in
Speaker 1: just a moment. This is Bloomberg. You're listening to Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes. Tim
Speaker 1: Stinovik from Bloomberg Radio. So, the newest issue of Bloomberg
Speaker 1: business Week commemorates the fifth year of the Bloomberg fifty.
Speaker 1: It's our annual look at those in business, entertainment, finance, politics,
Speaker 1: science and technology whose accomplishments deserves some recognition. To highlight
Speaker 1: a few more of the standouts, we welcome back the
Speaker 1: editor of the magazine, Joe Weber, along with Business Week
Speaker 1: Features editor Brett began. Well, let's acknowledge an honoree that
Speaker 1: really stood out to me on the list, somebody who
Speaker 1: really risked everything at a crucial moment in US history
Speaker 1: that was really at the start of the year. Eugene
Speaker 1: good Men. So this was one that, um, really when
Speaker 1: Brett and I started the conversations, we just it was
Speaker 1: like almost was on the list from from the get go, right, um,
Speaker 1: because here was this person in the middle of this
Speaker 1: the quagmire of January six as you were trying to
Speaker 1: understand even what was happening. But in the aftermath we
Speaker 1: learned that there were some heroes, and Eugene Goodman, one
Speaker 1: of the Capital security officers who actually saved probably saved
Speaker 1: lives because of his actions in terms of distracting and
Speaker 1: leading away some of the insurgents, which saved valuable time
Speaker 1: for the people who were inside and were able to
Speaker 1: actually secure some doors and perhaps you know again, saved lives.
Speaker 1: So Eugene Goodman has been utterly quiet about all of this. UM.
Speaker 1: We reached out multiple times to try and talk to
Speaker 1: him about the day and the events and the aftermath,
Speaker 1: because keep in mind there there then multiple Capital Police
Speaker 1: Office serves who have actually taken their own lives in
Speaker 1: the months since UM and he was quiet and did
Speaker 1: not want to participate. And one of the things that
Speaker 1: we also learned is that Bloomberg News had people there
Speaker 1: on the ground who were covering this, Billy House being
Speaker 1: one of them. Billy had also not talking about that day,
Speaker 1: So we used this as a way of talking about
Speaker 1: Eugene Goodman, but also Billy's experience not only covering the
Speaker 1: events of that day and and you know, being Congress
Speaker 1: a reporter for years now, but also the role that
Speaker 1: the Capitol Police officers play in the daily coverage. UM.
Speaker 1: And he has these nice little sides about how he
Speaker 1: talks to these guys for years, right, and you almost
Speaker 1: just take them for granted until all of a sudden,
Speaker 1: they're actually there to do their jobs and protect you,
Speaker 1: And so I thought it was just an encapsulation of
Speaker 1: these quiet American heroes. Um at obviously one of the
Speaker 1: darkest hours of our nation's history. Yeah, I mean you
Speaker 1: think about hero and you really that video, I you know,
Speaker 1: is chilling, and every time I see it, I feel
Speaker 1: like those of us who just saw the video outside
Speaker 1: for a long time, and then once we saw that
Speaker 1: video inside, you lized, Okay, this was a whole other thing.
Speaker 1: And Billy actually didn't even know about that because he
Speaker 1: was there on the ground kind of living it. So,
Speaker 1: you know, he doesn't even really remember when he saw
Speaker 1: that the video of of Goodman um that went viral, right,
Speaker 1: But but that was the you know, for him to
Speaker 1: be on the other side of the building and living
Speaker 1: his own version of it. That was what we tried
Speaker 1: to weave all together that we want to talk at
Speaker 1: bit more about some of the kind of non business types.
Speaker 1: How hard is it or is it easier to put
Speaker 1: this list or do you have a lot more names
Speaker 1: that come in when it comes to the people that
Speaker 1: are kind of the non traditional business kind of Wall
Speaker 1: Street people we cover here at Bloomberg. I think it's
Speaker 1: a it's all about that mix. You want to have
Speaker 1: people that you expect and then some unexpected ones. So
Speaker 1: so Eugene Goodman maybe doesn't have much to do about
Speaker 1: business and the traditional sense, except how could you do
Speaker 1: this list and not honor someone like that one of
Speaker 1: the most important, I think moments of the year. But
Speaker 1: how do you how do you think about putting that
Speaker 1: mix together so we have the right balance of business
Speaker 1: and and sort of curiosity. Yeah, I think you want
Speaker 1: there to be a sense of discovery, right, I mean,
Speaker 1: any any good magazine issue you've opened up, and things
Speaker 1: should feel familiar and other things should not feel familiar.
Speaker 1: And do you say I didn't know about that? And
Speaker 1: we think about that with entertainment, right, I mean, that's
Speaker 1: not the thing that we sort of covered, sort we
Speaker 1: covered business of entertainment, but entertainers not always the thing
Speaker 1: that we cover. So you know, someone like I look
Speaker 1: at like someone less like Jia ling Um, not a
Speaker 1: household name at all, certainly outside of China, but her
Speaker 1: movie High Mom is the highest grossing film ever for
Speaker 1: a female director. She supplanted Patty Jenkins Wonder Woman this year.
Speaker 1: I don't think most people know that, probably because the
Speaker 1: film didn't do much outside of China, but it's it's
Speaker 1: a it was a massive, massive hit in the country.
Speaker 1: Um So someone like that, yeah, we want to put
Speaker 1: something like that on the list. But the thing that
Speaker 1: I really look for, I think, especially in entertainment, is
Speaker 1: what's the larger story that's being told here? Right? So
Speaker 1: someone like Olivia at Rigo, Yes, massive successes here, but
Speaker 1: the cool thing about her is she became immediately famous
Speaker 1: everywhere in the world at the same time him, almost instantaneously.
Speaker 1: That is a new model. You know, even people like
Speaker 1: her that came out of the sort of Disney factory.
Speaker 1: We can talk about maybe you know, Britney Spears or
Speaker 1: something like that, but she came out of Disney and
Speaker 1: but didn't tour, puts out this this single driver's license,
Speaker 1: and she was immediately as popular in the Philippines as
Speaker 1: she was here. And that's what streaming and basically social
Speaker 1: media can do now. So we also look for people
Speaker 1: who were there's sort of a story behind the story.
Speaker 1: So let's talk about Britney Spears, because as we have
Speaker 1: been talking about, when it comes to this list, you'd
Speaker 1: be hard pressed to find another list that included diverse
Speaker 1: characters such as CEOs and meme stocks and Britney Spirits.
Speaker 1: How did she make the list? It's kind of like,
Speaker 1: how could she not honestly just just a huge, huge
Speaker 1: fan trying to find a way to put her on
Speaker 1: the list. I mean no, I mean, okay, wait, let
Speaker 1: me we all we all know that what happened with
Speaker 1: when it came to write the battle that she's waged
Speaker 1: with her father. But I think it's notable that she
Speaker 1: was a household name twenty years ago and now she's
Speaker 1: back in the spotlight for something completely different. Yeah, I mean,
Speaker 1: they're the Free Brittany movement has had gotten a lot
Speaker 1: of attention. You know, these were this was a group
Speaker 1: of supporters that both outside of the courthouse she's having
Speaker 1: these hearings and also especially online. Um was getting a
Speaker 1: lot of attention. There was a Time Near Times documentary
Speaker 1: about this. I got a lot of attention as well.
Speaker 1: And you know, I'm not even sure that I was
Speaker 1: really paying attention to this whole sag until I started
Speaker 1: to read about this stuff, and then he started to
Speaker 1: pay attention. You think, oh my god, like this this
Speaker 1: is a crazy this is a business story because for
Speaker 1: years she is making millions of dollars for the managers
Speaker 1: of the conservatorship. And she goes to testifying court in
Speaker 1: June saying that, um, you know, basically she doesn't have
Speaker 1: a passport, she's not allowed to remove an I U D.
Speaker 1: I mean, really incredible things. And that was in June,
Speaker 1: and and you know, basically in August the courts basically
Speaker 1: he says that her father asked to sort of step down.
Speaker 1: He does so in September, and by November the conservatorship
Speaker 1: is dissolved. It sounds like it's not a business story,
Speaker 1: but it really is. Well it's also I mean, we
Speaker 1: play so much into media content, like you think about
Speaker 1: the role of social media or these films that were done.
Speaker 1: I have to say I binged a bunch over Thanksgiving
Speaker 1: on all this Brittany stuff, having seen snippets of it,
Speaker 1: and it was pretty powerful and and as a society
Speaker 1: we all kind of had to ask some questions about
Speaker 1: what was going on. Yeah, and in addition to that,
Speaker 1: I mean there's there's several politicians now we're saying, hey,
Speaker 1: we really need to look at the laws on this,
Speaker 1: because this is this is kind of crazy. So I
Speaker 1: think that's an example of just something that has impact.
Speaker 1: You might not associate it immediately as a business story,
Speaker 1: and yet there are there are millions of dollars that
Speaker 1: are wrapped up in something like this, and think about
Speaker 1: what this visibility this brings to this style of of cases. So, um,
Speaker 1: I just think it's it was a really uh to
Speaker 1: Tim's point, you know, she could have been on this
Speaker 1: list twenty years ago. But like, also, there's a reason
Speaker 1: in a zeit guys moment that happened here. Um, and
Speaker 1: and this was an example of it. And I'll segue
Speaker 1: from that into another one also has to deal with
Speaker 1: some court cases earlier this year, the the n C
Speaker 1: double A basically had to step out of this business
Speaker 1: of telling athletes college athletes that they couldn't make money
Speaker 1: off of their name, image likeness. These n I L
Speaker 1: deals now are huge because it allows, you know, college
Speaker 1: athletes who previously wouldn't have been able to profit, to
Speaker 1: actually make money off of themselves. And and it was
Speaker 1: really interesting. Brett and I spent a lot of time
Speaker 1: trying to find the right way to frame this one,
Speaker 1: and we landed on an athlete named Page Becker's Who's
Speaker 1: Page Becker's page backers a k A. Page Buckets, UM
Speaker 1: pages at shooting guard at the University Connecticut, which obviously
Speaker 1: is trend out along line of very successful UM college
Speaker 1: basketball players Dianna Tarassi Brand Stewart. But she came along
Speaker 1: at the right time. She's a superstar, she has a
Speaker 1: massive social media following, she's super cool, she's just awesome
Speaker 1: UM and she is among the more high profile athletes
Speaker 1: in college right now are taking advantage of these name,
Speaker 1: image and likeness deals. So on Monday, Bloomberg News UM
Speaker 1: earliest Week reported that she signed a big deal with Gatorade.
Speaker 1: UM that's her first major sponsor and that she's the
Speaker 1: first athlete that Gatorade has ever sponsored in college. But
Speaker 1: the even sort of cooler deal that she has is
Speaker 1: with UM this company called stock x, which is this
Speaker 1: online street where marketplace, and the deal with stock x
Speaker 1: is going to allow her to do a lot of
Speaker 1: branded collaboration, so there could be Page Becker's T shirts
Speaker 1: or really more importantly maybe Page Becker's sneakers. And the
Speaker 1: reason that she wanted this deal is that it's going
Speaker 1: to allow her to get some real hard data So
Speaker 1: when she enters the w n B a presumably three
Speaker 1: years from now, and the brands come to her and say, well,
Speaker 1: you know, female athletes that they don't really generate the
Speaker 1: same sales at the men do, She'll say, actually, of
Speaker 1: their seats right here, you go, take a look, I
Speaker 1: can sell shoes. And so this was really kind of
Speaker 1: like a political act for her. She was very intentional
Speaker 1: intentions or intentional about making sure that, um, she had
Speaker 1: a deal that was going to allow her to sort
Speaker 1: of go to the major brands once she graduated and say,
Speaker 1: look I can I can sell shoes, so don't don't
Speaker 1: ask for dis And this all goes back to her
Speaker 1: having just this rabid social following, you know, like more
Speaker 1: than a million followers between TikTok and Twitter and whatnot.
Speaker 1: So it just does speak to like the ability of
Speaker 1: a person and a person who wouldn't have otherwise been
Speaker 1: been able to crack our Bloomberg fifty list to kind
Speaker 1: of take control of her own future a little bit.
Speaker 1: And I found that just totally totally empowering. Well, guys,
Speaker 1: amazing work is always when it comes to this list.
Speaker 1: Thank you so much for your time and of course
Speaker 1: for your efforts on it. I know it is a
Speaker 1: lot of work. A double dose of Joe Webber and
Speaker 1: Brett began helping us break down the Bloomberg fifty one.
Speaker 1: All right, that's gonna wrap up our weekend edition of
Speaker 1: Bloomberg Business Week from Bloomberg Radio. Thanks so much for
Speaker 1: joining us, Carol Masser and I'm Tim stant. Be sure
Speaker 1: to tune into Bloomberg Business Week Monday through Friday. It
Speaker 1: starts at two pm Wall Street Time on Bloomberg Radio.
Speaker 1: You can also watch our daily broadcast on YouTube. Just
Speaker 1: search Bloomberg Global News and check out our Bloomberg Business
Speaker 1: Week podcast. You can find it at Bloomberg dot com, Apple,
Speaker 1: or wherever you get your podcast. Bloomberg Business Week available
Speaker 1: on newsstands now at Bloomberg dot com, at business week
Speaker 1: dot com, and always on the Bloomberg terminal. You can
Speaker 1: also see me on Bloomberg Quick Take available at Bloomberg
Speaker 1: dot com, slash qt, and streaming platforms like Roku, Apple TV,
Speaker 1: Samsung TV, and more. Have a great weekend. Stay safe everyone.
Speaker 1: This is Bloomberg