WEBVTT - Once Upon a Time on Wall Street 0:00:01.800 --> 0:00:04.440 This is Bloomberg Business Week. I'm Carole Masser and I'm 0:00:04.480 --> 0:00:07.280 Bloomberg Quick Takes Tim Stanovk. We're here every day bringing 0:00:07.320 --> 0:00:09.840 you the latest news from the world to business and finance, 0:00:09.840 --> 0:00:13.640 plus technology, politics, economics, all partnessing the power of Business 0:00:13.680 --> 0:00:17.159 Week reporters and editors, not to mention our journalists and 0:00:17.120 --> 0:00:20.000 analysts in more than one twenty countries. You can download 0:00:20.000 --> 0:00:23.479 Bloomberg Business Weekend iTunes, SoundCloud, or Bloomberg dot Com. You 0:00:23.480 --> 0:00:25.439 can also listen to our radio show at two pm 0:00:25.440 --> 0:00:28.360 Eastern Time on Bloomberg Radio or watch us on YouTube 0:00:28.400 --> 0:00:31.960 search Bloomberg Global News. There's a lot going on, as 0:00:32.000 --> 0:00:34.519 there is every day when it comes to COVID nineteen 0:00:34.600 --> 0:00:37.440 and the vaccine, watching the impact though that COVID is 0:00:37.440 --> 0:00:41.080 having on public health, specifically Dr Jessica Holzer, Assistant Professor 0:00:41.120 --> 0:00:43.159 in Health Sciences and Director of Public Health at the 0:00:43.240 --> 0:00:45.800 University of New Haven, with us on the phone from 0:00:45.840 --> 0:00:48.800 new Haven, Connecticut. Doctor holds, are nice to have you here, 0:00:48.840 --> 0:00:52.400 How are you? I'm all right, Thank you for having me. 0:00:52.600 --> 0:00:54.680 What's good to have you here? A lot going on 0:00:54.760 --> 0:00:57.720 is there is always in our world, but in particular 0:00:57.760 --> 0:01:00.000 when it comes to COVID, and I think we continue 0:01:00.040 --> 0:01:03.360 you to assess, minute by minute, two steps forward, one 0:01:03.360 --> 0:01:07.559 step back, where are we going? How do you see it? Yeah, 0:01:07.720 --> 0:01:10.760 so I think, Um, even though it might feel like 0:01:10.800 --> 0:01:13.120 two steps forward one step back, I think it's really 0:01:13.200 --> 0:01:15.560 important to keep focused on the fact that we are 0:01:15.560 --> 0:01:17.640 in a much different place today than we were a 0:01:17.720 --> 0:01:20.200 year ago when we were facing some of these other 0:01:20.280 --> 0:01:23.080 return to school questions and return to work questions. We 0:01:23.200 --> 0:01:27.480 do have a vaccine available for people twelves and older. Um, 0:01:27.520 --> 0:01:31.520 and that really sets a tone for what's possible. Because 0:01:31.560 --> 0:01:33.720 we have a vaccine, and because we have enough supply 0:01:33.840 --> 0:01:37.520 now anyone who can get vaccinated, that creates a really 0:01:37.520 --> 0:01:41.800 important avenue for an additional layer of protection. Uh. And 0:01:41.840 --> 0:01:44.320 so I think that really has changed where we are, 0:01:44.480 --> 0:01:47.680 what dance we're dancing now. Um. It's important to recognize 0:01:47.680 --> 0:01:50.280 that the delta variant is a different variant than the 0:01:50.280 --> 0:01:52.960 alpha variant in terms of how the vaccines are effective. 0:01:53.280 --> 0:01:56.040 But even though there seems to be some less effectiveness 0:01:56.040 --> 0:01:59.520 for vaccines, they're still very effective relative to not being 0:01:59.600 --> 0:02:01.600 vaccine at it. And I think that's an important point 0:02:01.600 --> 0:02:04.520 for us. But getting more vaccines out there safe to say, 0:02:05.080 --> 0:02:08.880 is a key activity that needs to be done to 0:02:08.919 --> 0:02:13.120 make sure that this virus doesn't essentially mutate to a 0:02:13.240 --> 0:02:17.440 variant that doesn't react or isn't taken care of by 0:02:17.440 --> 0:02:21.799 the current plate of vaccines exactly. So, the longer that 0:02:21.840 --> 0:02:25.360 we have unvaccinated population, So this includes kids, which is 0:02:25.400 --> 0:02:28.520 why it's still a very high priority for the vaccine 0:02:28.560 --> 0:02:32.680 distributors and vaccine manufacturers to take into account the kids 0:02:32.720 --> 0:02:36.480 under the age of twelve. But we see that particularly 0:02:36.560 --> 0:02:38.919 for that twelve or thirty five population, We see that's 0:02:38.919 --> 0:02:42.880 a population that still has substantially lower vaccination rates than 0:02:42.960 --> 0:02:45.639 population is older than thirty five, and especially the sixty 0:02:45.639 --> 0:02:48.720 six and above population. And it's important to recognize that 0:02:48.800 --> 0:02:51.120 they are going to be the students in schools in 0:02:51.120 --> 0:02:54.840 a lot of cases, um, both in middle school, high school, 0:02:54.840 --> 0:02:57.280 and in college that are going to be prevented with 0:02:57.360 --> 0:03:01.000 opportunities to in that communal setting and continue to infect 0:03:01.000 --> 0:03:03.760 one another and to serve as Petrie dishes who are 0:03:03.880 --> 0:03:07.639 new variants. Uh. And so this delta variant has come 0:03:07.680 --> 0:03:12.000 about in part because of selection pressure, which is just um, 0:03:12.040 --> 0:03:15.080 you know, which which variant can survive in the environment 0:03:15.160 --> 0:03:16.920 the most, and a variant that's going to be able 0:03:16.919 --> 0:03:21.720 to avoid vaccination and be able to um repopulated people 0:03:21.720 --> 0:03:24.040 who are unvaccinated. That's going to be the variant that's 0:03:24.040 --> 0:03:26.359 going to become dominant, as we've seen with Delta. So 0:03:26.840 --> 0:03:30.720 avoiding future variant Lambda and others is going to essentially 0:03:30.760 --> 0:03:33.880 depend on us getting as many people vaccinated as possible, 0:03:33.919 --> 0:03:38.680 getting that vaccine rollout globally, and really trying to reduce 0:03:38.760 --> 0:03:41.720 the available population who is at risk for developing COVID 0:03:42.160 --> 0:03:45.400 and therefore would be at risk for COVID replicating into 0:03:45.440 --> 0:03:48.080 new variants and new variants coming to the floor. What 0:03:48.200 --> 0:03:49.720 do you say to parents who come up to you 0:03:49.760 --> 0:03:51.360 and say, my kids are going back to school. I'm 0:03:51.360 --> 0:03:53.720 a little nervous, they're too young to get the vaccine. 0:03:54.640 --> 0:03:57.800 How should we proceed? Yeah, so I am a parent 0:03:58.040 --> 0:04:00.920 of a child too young to get the vaccine, who 0:04:01.640 --> 0:04:04.760 is herself dealing with those questions though they are very pertinent, 0:04:04.960 --> 0:04:09.240 and uh, it's essential to those parents to recognize that 0:04:09.600 --> 0:04:12.280 the more adults around those children who are vaccinated, the 0:04:12.360 --> 0:04:16.880 safer those children will be. So my child is unable 0:04:16.920 --> 0:04:20.400 to get vaccinated, she just turned for and the way 0:04:20.440 --> 0:04:22.719 that I'm protecting her is that every single adult she 0:04:22.760 --> 0:04:26.560 interacts with is vaccinated. I'm making sure they're vaccinated. I'm 0:04:26.560 --> 0:04:30.839 making sure that they are still practicing safe practices. So 0:04:30.920 --> 0:04:33.719 even if they're vaccinated, I'm asking questions with respect to 0:04:34.160 --> 0:04:36.400 where have they've been traveling, what have their activities? Then 0:04:36.520 --> 0:04:39.200 are they possibly someone who has been exposed to someone 0:04:39.440 --> 0:04:41.840 who had the delta variant? Because we are seeing that 0:04:41.880 --> 0:04:46.880 there are some breakthrough infections for vaccinated individuals. So those parents, 0:04:46.920 --> 0:04:51.039 you know, advocate as much as possible for masking. UM. 0:04:51.160 --> 0:04:54.120 Masking your own child is really important, but it's very 0:04:54.240 --> 0:04:58.560 very essential that if other children are unmasked, like trying 0:04:58.600 --> 0:05:01.279 to get that you place. I know, this is a 0:05:01.440 --> 0:05:07.600 source of some real political friction. And so nevertheless, parents 0:05:07.600 --> 0:05:10.800 have a lot of power to demand masking among their 0:05:10.839 --> 0:05:14.280 schools and those sorts of places. UM, and keeping those 0:05:14.320 --> 0:05:16.880 adults vaccinated is really essential. What are you seeing in 0:05:16.960 --> 0:05:20.400 communities around the country, UM, some of those less fortunate 0:05:20.400 --> 0:05:23.840 communities where people are just struggling maybe to you know, 0:05:23.960 --> 0:05:26.680 keep a roof over the heads of their family and 0:05:26.760 --> 0:05:30.120 get food on the table. Um, how are you seeing 0:05:30.440 --> 0:05:32.800 them in terms of the crisis. I think about New 0:05:32.839 --> 0:05:36.120 Haven certainly one of those communities. Yeah, sure, Yeah. New 0:05:36.160 --> 0:05:41.680 Haven had some substantial economic variation and populations that have 0:05:41.800 --> 0:05:46.320 historically been left out um of economic mobility and a 0:05:46.320 --> 0:05:48.119 lot of other things, and that's been a key issue, 0:05:48.240 --> 0:05:51.200 especially for vaccination. UM. It's been both an information in 0:05:51.279 --> 0:05:54.880 an access question. What we've seen in New Haven is 0:05:54.920 --> 0:05:57.400 that we have had door to door vaccination campaigns and 0:05:57.440 --> 0:05:59.880 I've actually been involved in some of those, uh, and 0:06:00.040 --> 0:06:02.440 most have been really effective at trying to address some 0:06:02.640 --> 0:06:05.720 of the homebound issues, some of the education issues, and 0:06:05.800 --> 0:06:09.080 some of the access issues that have presented themselves. UM. 0:06:09.120 --> 0:06:13.200 I think now it really depends on leaders in community 0:06:13.400 --> 0:06:17.200 right and UM at the state level to keep pressing 0:06:17.279 --> 0:06:20.200 that out so the individuals art responsible themselves. That focus 0:06:20.200 --> 0:06:22.440 on community is so important throughout this We've heard that 0:06:22.480 --> 0:06:24.840 from so many. Jessica, thank you so much. Jessica holds 0:06:24.839 --> 0:06:27.279 her She's assistant professor program director of Public Health at 0:06:27.360 --> 0:06:30.880 University of New Haven. This is Bloomberg Business Week with 0:06:30.960 --> 0:06:35.679 Carol Masser and Bloomberg Quick Takes. Tim Stinovic from Bloomberg Radio. 0:06:36.120 --> 0:06:38.640 One of the discussions that I think surprised some, perhaps 0:06:38.680 --> 0:06:41.120 even many, over the past year or so as we 0:06:41.200 --> 0:06:44.400 often talked about diversity and inclusion, was the lack of 0:06:44.560 --> 0:06:48.640 just that in Silicon Valley, the epicenter of US innovations. 0:06:48.760 --> 0:06:52.320 So feeling that deficiency big time are Asian Americans. And 0:06:52.360 --> 0:06:54.440 that's the subject of a Bloomberg Business Week story that 0:06:54.440 --> 0:06:57.159 you can find online and on the Bloomberg terminal. Let's 0:06:57.200 --> 0:06:59.520 get more on it from pre a non She is 0:06:59.520 --> 0:07:01.919 Bloomberg Venture Capital reporters. She joins us right now on 0:07:01.920 --> 0:07:04.560 the phone in San Francisco and on the remote access 0:07:04.560 --> 0:07:08.159 in Massachusetts. Bloomberg business Week editor Jill WEBARDA, let me 0:07:08.160 --> 0:07:11.200 bring you in. You did the reporting along with our 0:07:11.240 --> 0:07:15.160 Ellen Hewitt. Tell us what you set out to find 0:07:15.200 --> 0:07:18.000 out or what was it that triggered the question that 0:07:18.040 --> 0:07:20.160 you knew that there was. Okay, I've got to ask 0:07:20.280 --> 0:07:23.720 and find out more about the story. That's right. So 0:07:23.760 --> 0:07:26.520 we've known for a while that Silicon Valley is not 0:07:26.640 --> 0:07:29.680 great with diversity. And you would assume these companies, you know, 0:07:30.120 --> 0:07:33.200 um companies crop up every day here. These a lot 0:07:33.240 --> 0:07:36.200 of these companies are are not that many decades old. 0:07:36.240 --> 0:07:38.920 You would assume that they weren't sattled with some of 0:07:38.920 --> 0:07:42.680 the historical issues that other institutions that have been around 0:07:42.760 --> 0:07:46.040 for maybe hundreds of years might be saddled with. But 0:07:46.560 --> 0:07:49.880 one one key thing that we realized was, you know, 0:07:49.960 --> 0:07:53.400 in the demographic reports that these companies put out Alphabet, 0:07:53.400 --> 0:07:57.560 Google's parent company, Facebook, etcetera, one bright spot always appears 0:07:57.600 --> 0:08:01.480 to be that Asian's account for almost as much of 0:08:01.520 --> 0:08:05.680 the company as white folks and sometimes more of the population. 0:08:05.800 --> 0:08:08.760 At a company in the US, at least Facebook, for example, 0:08:08.800 --> 0:08:13.080 Asian people outnumber they're white peers, UM, ever so slightly 0:08:13.520 --> 0:08:16.480 in the US. And so we looked at that a 0:08:16.480 --> 0:08:18.560 little deeper and we realized, you know, there is a 0:08:18.600 --> 0:08:21.480 gap as you move up the ranks at tech companies, 0:08:21.520 --> 0:08:25.200 and the data shows this, um, there are far fewer 0:08:25.520 --> 0:08:30.000 Asian folks in leadership compared to your overall representation at 0:08:30.040 --> 0:08:32.640 the company. UM. So we noticed that gap, and we thought, 0:08:32.640 --> 0:08:35.640 you know what is behind that gap. Let's start asking 0:08:35.640 --> 0:08:38.040 the questions and talking to people. Yeah, and you know, Joel, 0:08:38.080 --> 0:08:39.840 I think it is a surprise. You know, we do 0:08:40.280 --> 0:08:42.400 often cover how tech companies and we talk with tech 0:08:42.400 --> 0:08:45.480 company executives. They love to say we've got a lot 0:08:45.520 --> 0:08:49.319 of diversity and inclusion, and yes, sometimes that is the case, 0:08:49.480 --> 0:08:52.440 but it's not such a clear picture picture. It's a 0:08:52.440 --> 0:08:55.760 lot more complicated. Yeah, and I think that you know 0:08:56.000 --> 0:08:59.000 that is was really the thrust of the story. And 0:08:59.320 --> 0:09:02.400 what pred um I think remarkably well is like there's 0:09:02.400 --> 0:09:03.920 the data set of the story, ben't then there's the 0:09:04.240 --> 0:09:06.760 human one. And so I just wanted to actually like 0:09:06.760 --> 0:09:09.360 take a moment like these are people who haven't often 0:09:09.600 --> 0:09:13.439 spoken on the record about sort of the environment that 0:09:13.559 --> 0:09:16.559 the work environment that they're in. And and there were 0:09:16.600 --> 0:09:19.679 several themes that um uh stuck out I think in 0:09:19.720 --> 0:09:21.840 the reporting and and why don't you just talk to 0:09:21.920 --> 0:09:27.080 us about what some of those were and what people felt. Yeah, 0:09:27.080 --> 0:09:29.360 and Michel said, so, one of the things that is 0:09:29.600 --> 0:09:33.000 most frustrating for Asians in the tech industry is that 0:09:33.040 --> 0:09:36.000 the racism against them is barely acknowledged. There's this idea. 0:09:36.360 --> 0:09:38.600 I spoke with someone yesterday who said, thank you for 0:09:38.600 --> 0:09:41.640 writing this story, because there's been this idea that we 0:09:41.679 --> 0:09:44.559 shouldn't talk about this because at least we're well represented 0:09:44.600 --> 0:09:48.479 at these companies, but there are a lot of challenges 0:09:48.520 --> 0:09:51.359 that come along the ways they're progressing. At a tech company, 0:09:51.480 --> 0:09:55.160 we spoke with folks who are fairly young and their funnies. 0:09:55.720 --> 0:09:59.319 As an intern Um, a woman who moved to San 0:09:59.360 --> 0:10:03.720 Francisco for an internship was told, you know, um, white 0:10:03.760 --> 0:10:06.080 men here will love to date you. And so for 0:10:06.160 --> 0:10:09.040 women in the tech industry, there's this double whammy, right 0:10:09.120 --> 0:10:12.280 of receiving the gendered feedback and also this sort of 0:10:12.760 --> 0:10:17.200 feedback that that fetishizes Asian women. The same woman has 0:10:17.240 --> 0:10:22.080 been told by a manager or by a colleague that, um, 0:10:22.120 --> 0:10:25.360 you know, you only have succeeded here because someone in 0:10:25.440 --> 0:10:28.280 leadership has an Asian fetish and this is someone in 0:10:28.360 --> 0:10:31.880 their twenties. And this person, you know, has also been 0:10:31.880 --> 0:10:34.800 told that they lack executive presence, which for someone in 0:10:34.840 --> 0:10:37.520 their twenties, you know, is this vague kind of coded 0:10:37.559 --> 0:10:40.360 feedback on what does that even mean? You've never managed 0:10:40.400 --> 0:10:44.080 anyone in the first place, um, And when you combine 0:10:44.120 --> 0:10:47.760 all those things together, it's quite a discouraging outlook. And 0:10:47.800 --> 0:10:51.120 then when folks reach middle management stage, this vague feedback 0:10:51.240 --> 0:10:55.079 continues right related to executive pressens. And also people are 0:10:55.080 --> 0:10:58.080 often told, you know, you don't fit the profile of 0:10:58.160 --> 0:11:00.360 what we're looking for in this role, and they look 0:11:00.360 --> 0:11:04.080 at their credentials, they look at um, their successes that 0:11:04.160 --> 0:11:06.959 they've had in their career. They look at their peers 0:11:07.000 --> 0:11:11.959 and sometimes only differences. They're an Asian American compared to 0:11:12.000 --> 0:11:14.640 a lot of their white peers, and they're less wondering 0:11:14.720 --> 0:11:17.199 whether this big feedback had something to do with their 0:11:17.200 --> 0:11:21.720 performance or their credentials, or is it about their identity. So, 0:11:21.880 --> 0:11:23.880 you know, one of the other elements that I thought 0:11:23.920 --> 0:11:25.800 was so significant by the story was that we're not 0:11:25.880 --> 0:11:29.600 just talking about names that you know in the characters 0:11:29.640 --> 0:11:31.559 that you talked to. I mean, it's all it's it's more. 0:11:31.720 --> 0:11:33.640 It feels more like rank and file that you guys 0:11:33.679 --> 0:11:36.680 were able to that you you and Ellen were able 0:11:36.679 --> 0:11:38.680 to speak with. But there is one person that I 0:11:38.720 --> 0:11:41.720 think um is more dientful than others, which is Ellen Powe. 0:11:42.200 --> 0:11:45.120 And you know that she became famous for the case 0:11:45.160 --> 0:11:48.920 that she lost in, but it also, um you know, 0:11:48.960 --> 0:11:52.200 it speaks to sort of what she was able to 0:11:52.240 --> 0:11:54.640 accomplish in the legacy her legacy a little bit. So 0:11:54.679 --> 0:11:57.959 what did you learn from talking with Ellen Powe? Yeah, Well, 0:11:58.000 --> 0:12:00.240 one thing I wanted to shot with Ellen Powe about 0:12:00.240 --> 0:12:04.319 in particular was when she was interim CEO of Reddit. Firstly, 0:12:04.360 --> 0:12:07.440 why was it interim right, Um did did the board 0:12:07.960 --> 0:12:12.040 coming in decide that she wouldn't be staying on forever? 0:12:12.160 --> 0:12:14.240 And why it was that? And she says she looks 0:12:14.280 --> 0:12:16.640 back and wonders the same thing. Why she had that 0:12:16.760 --> 0:12:19.080 taxed under a title and she let it go at 0:12:19.120 --> 0:12:22.200 the time. Um. But one of the things that struck 0:12:22.200 --> 0:12:24.520 me most was looking back on her career while she 0:12:24.720 --> 0:12:27.959 was running Reddit, there were all these racist memes, but 0:12:28.120 --> 0:12:31.760 users would post calling her chairman now or chairman pal 0:12:32.000 --> 0:12:37.200 after you know now style memes. Um And And that 0:12:37.360 --> 0:12:40.040 just seemed really striking right to rebel against the changes 0:12:40.120 --> 0:12:43.200 she was making with not just any kind of meme, 0:12:43.280 --> 0:12:48.120 but these rates, like frankly very racist memes um calling 0:12:48.120 --> 0:12:52.360 her chairman pal. So that that was something that I 0:12:52.400 --> 0:12:55.959 think if that happened now, um, perhaps we look at 0:12:56.000 --> 0:13:00.520 even more than it was covered in the past. Um 0:13:00.559 --> 0:13:03.320 And And Ellen Power is such an example for for 0:13:03.400 --> 0:13:06.200 folks right of someone who rose and who tried to 0:13:06.840 --> 0:13:09.440 um push back against the lack of diversity in the 0:13:09.440 --> 0:13:13.719 tech industry by doing Kleiner Perkins for gender discrimination. And 0:13:14.360 --> 0:13:17.040 she also feels looking back that a lot of what 0:13:17.160 --> 0:13:20.960 she experienced was raised related as well. But as a 0:13:21.000 --> 0:13:23.360 people strategy at the time, where lawyers advised her to 0:13:23.440 --> 0:13:27.640 just building for gender. There's so much, so much in 0:13:27.640 --> 0:13:30.800 this story, including how there are different experiences for different 0:13:30.840 --> 0:13:34.600 Asian Americans. So highly recommend that everyone check it out. 0:13:34.600 --> 0:13:37.000 I'll put it out on Twitter. Uh, Priya, thank you 0:13:37.040 --> 0:13:39.160 so much for bringing it to as Priya Non She's 0:13:39.200 --> 0:13:41.240 Venture Capital report U Blomberg News on the Phone from 0:13:41.280 --> 0:13:44.440 San Francisco, written with our own Ellen hughittt Tilweber, Editor 0:13:44.480 --> 0:13:47.920 Bloomberg Business Week on the remote access from Massachusetts. This 0:13:48.200 --> 0:13:51.960 is Bloomberg Business Week with Carol Masser and Bloomberg Quick 0:13:52.000 --> 0:13:56.480 Takes Tim Stinovic on Bloomberg Radio. Speaking of updates, we're 0:13:56.480 --> 0:13:58.720 gonna get one from the Walt Disney Company. They report 0:13:59.240 --> 0:14:02.840 their latest orderly earnings after the close tomorrow. Ahead of that, 0:14:03.200 --> 0:14:04.599 a story that is among our most read on the 0:14:04.600 --> 0:14:08.120 Bloomberg Today. It's about the company's Star Wars experience, a 0:14:08.160 --> 0:14:11.760 new galactic themed hotel with what some might say is 0:14:11.800 --> 0:14:14.800 an astronomic price tag. Here to fill us in and 0:14:14.840 --> 0:14:17.800 what it may be portends, if you will, when it 0:14:17.840 --> 0:14:21.080 comes to experiences, especially among the wealthy. His Connorsen. He 0:14:21.160 --> 0:14:24.760 is Bloomberg opinion columnist founder Peachtree Creek Investments. He joins 0:14:24.800 --> 0:14:27.200 us on the phone from Atlanta, Connor, good to have 0:14:27.240 --> 0:14:29.400 you here. I love this story. Cut my attention this 0:14:29.480 --> 0:14:32.000 morning when I was reading in So, first of all, 0:14:32.320 --> 0:14:35.760 tell us what Disney is up to? Well, I think 0:14:35.800 --> 0:14:37.960 people look at the price tag and they think about 0:14:38.000 --> 0:14:39.920 what a theme park costs. Maybe Disney World is undred 0:14:39.960 --> 0:14:42.520 twenty third bucks to day hotels the junior dollars, and 0:14:42.520 --> 0:14:44.880 then they see a two day experience for two adults 0:14:44.880 --> 0:14:48.080 that's five thousand dollars, and they're thinking what's going on here? 0:14:48.240 --> 0:14:50.280 But I think they've they've sort of seen that there's 0:14:50.480 --> 0:14:53.560 an appetite for this higher end luxury consumption that isn't 0:14:53.560 --> 0:14:55.400 being met by the marketplace, and they intend to top 0:14:55.400 --> 0:14:57.680 into it. Right because it sounds a little like what 0:14:57.960 --> 0:14:59.720 it's going to be a small audience. But remember when 0:14:59.760 --> 0:15:01.480 we thought there was only gonna be a small audience 0:15:01.520 --> 0:15:04.680 maybe for these expensive Apple iPhones, and yet they have 0:15:04.800 --> 0:15:06.440 created a lot of wealth for that company, and a 0:15:06.480 --> 0:15:08.160 lot of people have snapped them up. What do you 0:15:08.200 --> 0:15:11.800 think is kind of the more significant sign are what 0:15:11.840 --> 0:15:14.240 we should read into kind of what Star Star Wars 0:15:14.240 --> 0:15:15.800 is up to not Star Wars and what Disney is 0:15:15.840 --> 0:15:18.760 up to, well, I think we know that household network, 0:15:18.840 --> 0:15:21.400 especially at the top, has increased significantly of the past 0:15:21.400 --> 0:15:24.120 ten or fifteen years, and particularly over the past twelve months. 0:15:24.280 --> 0:15:26.800 Prices are up a lot, stock portfolio is up a lot. 0:15:26.840 --> 0:15:29.040 If you work from home, you've probably done just fined 0:15:29.040 --> 0:15:31.560 over the past year. And so coming out of this 0:15:31.600 --> 0:15:33.400 pandemic and say next year, after we get through all 0:15:33.400 --> 0:15:36.200 these variants, there's gonna be a lot of untapped appetite 0:15:36.240 --> 0:15:38.960 for sort of luxury consumption, and there really aren't a 0:15:39.000 --> 0:15:41.040 lot of great ways to do that, at least nothing 0:15:41.040 --> 0:15:44.000 that's sort of newish, and so Disney says, here's something new, 0:15:44.360 --> 0:15:46.560 something exclusive, and they think it's going to be a hit. 0:15:47.320 --> 0:15:48.920 Do you really believe that there's not a lot of 0:15:48.920 --> 0:15:52.240 ways for those who are really wealthy to kind of 0:15:52.280 --> 0:15:54.520 spend their money, because because you know the argument that's 0:15:54.560 --> 0:15:57.000 out there though that when it comes to consumers spending, 0:15:57.000 --> 0:16:00.520 it's not the ultrawealthy that really spent all their mon any. 0:16:00.560 --> 0:16:02.920 Is it really from a lack of things to spend 0:16:02.920 --> 0:16:05.600 it on? I mean, I think you could look at 0:16:05.640 --> 0:16:08.400 things like cryptocurrencies and maybe meme trading and some of 0:16:08.400 --> 0:16:10.480 the stuff as people have money to burn and they're 0:16:10.840 --> 0:16:13.280 willing to gamble on sort of crazy things. Just that 0:16:13.400 --> 0:16:16.120 there's so much cash flown around. Were collectible with baseball 0:16:16.160 --> 0:16:18.400 cards and what have you. And and so I think 0:16:18.480 --> 0:16:20.440 when it comes to experiential stuff, a lot of what's 0:16:20.440 --> 0:16:22.240 out there was out there ten or fifteen years ago, 0:16:22.280 --> 0:16:24.520 and there's nothing that's that's quite new and novel. Well, 0:16:24.520 --> 0:16:25.960 and you take us back to the I think it 0:16:26.000 --> 0:16:28.880 was the early to mid nineteen nineties right when we 0:16:29.000 --> 0:16:32.960 kind of saw a similar thing happened in terms of 0:16:33.360 --> 0:16:37.800 more expensive experiences being offered up. Tell us about that, right, So, 0:16:37.920 --> 0:16:41.640 sort of between call it, you had sort of the 0:16:41.680 --> 0:16:43.840 modern Las Vegas popped up with cassine as like the 0:16:43.880 --> 0:16:47.400 Marrage and MGM brand. You had sports stadiums that really 0:16:47.400 --> 0:16:49.680 sort of upscaled and let luxury with luxury suites and 0:16:49.680 --> 0:16:52.560 personal seat licenses, even at movie theaters who have the 0:16:52.600 --> 0:16:55.240 invention of the megaplex and these stadium seatings or climbing 0:16:55.320 --> 0:16:57.120 chairs and what have you. And we haven't had a 0:16:57.160 --> 0:16:58.640 whole lot of that over the past decade or so. 0:16:58.840 --> 0:17:02.000 And so people gotten wealthier. There's an appetite for something 0:17:02.000 --> 0:17:04.200 new and novel, and so you create a price point 0:17:04.200 --> 0:17:08.080 and experience that people want. So what does this mean then? 0:17:08.280 --> 0:17:11.119 Kind of bigger broader You know you're an investor, watch 0:17:11.200 --> 0:17:13.320 the markets. I think about our audience, who are hearing this, 0:17:13.359 --> 0:17:16.360 and so what does this mean? Do you think potentially 0:17:16.359 --> 0:17:22.880 we'll see more uh, costlier experiences being created out there 0:17:23.000 --> 0:17:26.120 for because because the wealthier ready to spend some money. 0:17:26.200 --> 0:17:28.439 If if the you know, if there's options out there, like, 0:17:28.440 --> 0:17:30.359 how do you see it playing out? What's the significance 0:17:30.400 --> 0:17:33.240 that especially when I think about the Bloomberg audience. Yeah, 0:17:33.280 --> 0:17:34.920 I think if you're a corporation and you see the 0:17:34.960 --> 0:17:37.480 star Wars Hotell be a big head at five thousand 0:17:37.520 --> 0:17:39.479 bucks for a couple of nights, You're thinking, what can 0:17:39.520 --> 0:17:41.520 I offer that's a five thousand dollar experience that people 0:17:41.520 --> 0:17:44.160 are willing to pay And so whether that's Universal Studios, 0:17:44.200 --> 0:17:46.680 maybe it's more Disney parks, Naked's cruise ships, it can 0:17:46.720 --> 0:17:49.720 sort of have even more luxurious events. I think there's 0:17:49.720 --> 0:17:51.720 gonna be a real land grab to sort of create 0:17:51.720 --> 0:17:53.719 your own five thousand dollar experience and help people will 0:17:53.760 --> 0:17:55.119 pay for it. What does it mean in terms of 0:17:55.160 --> 0:17:58.160 economic amentum too, because I always think about economic cycles 0:17:58.200 --> 0:18:00.840 often have you know, several lights right and several things 0:18:00.840 --> 0:18:03.240 that kind of either keep it going or ultimately make 0:18:03.280 --> 0:18:06.240 it stop or slow down. Could this potentially provide another 0:18:06.840 --> 0:18:10.200 uh leg to the economic momentum that we're certainly seeing 0:18:10.200 --> 0:18:12.359 at this point. Yeah, I think so. I mean, if 0:18:12.359 --> 0:18:14.480 you have maybe new casinos in Las Vegas get built 0:18:14.480 --> 0:18:17.600 that are several billion dollars of construction and jobs working claps, 0:18:17.680 --> 0:18:20.560 jobs sort of also people working at these resorts, and 0:18:20.600 --> 0:18:22.840 then you know, you see the wealthy spending their money 0:18:22.800 --> 0:18:25.040 and they're creating jobs for the working class to serve them. 0:18:25.080 --> 0:18:27.400 It also helps companies deal with the rising costs they're 0:18:27.400 --> 0:18:29.760 doing with right now. A lot of ways that you 0:18:29.760 --> 0:18:32.000 can sort of power new cycle that's not as dependent 0:18:32.119 --> 0:18:34.520 on maybe tacking what we've seen over the past decade. 0:18:34.680 --> 0:18:36.600 I did think that was really interesting in your column 0:18:36.640 --> 0:18:39.480 when you talked about, you know, presumably Disney will be 0:18:39.520 --> 0:18:41.240 able to pay more than fifteen dollars an hour to 0:18:41.280 --> 0:18:43.280 staff at its Star Wars venue if it needs to. 0:18:43.520 --> 0:18:46.760 So when things cost so much, that gives a company 0:18:46.800 --> 0:18:50.120 that's offering it potentially more room to either pay its 0:18:50.160 --> 0:18:54.199 workers or spend on investments. Right on. One part of 0:18:54.200 --> 0:18:56.160 the pricing power story is just being able to offer 0:18:56.200 --> 0:18:58.359 new products and services at higher price points that people 0:18:58.359 --> 0:19:00.320 are wanted to spend more on. Doesn't necesarily mean just 0:19:00.400 --> 0:19:03.359 charting more for your existing stuff. All right, So are 0:19:03.400 --> 0:19:06.560 you going to take this galactic star cruiser trip. I'm 0:19:06.560 --> 0:19:08.560 gonna see what the rood user like. That's that's pretty 0:19:08.560 --> 0:19:11.119 steep for us, so we'll see alright. Yeah, and we 0:19:11.200 --> 0:19:13.639 thought going up into space with one of the billionaires 0:19:13.680 --> 0:19:16.920 was expensive. Um, and it is, but this is also 0:19:17.400 --> 0:19:21.240 a pretty high price point. A really fascinating column. Connor, 0:19:21.280 --> 0:19:24.080 thank you so much, really appreciate it, counterson his Blueberg 0:19:24.119 --> 0:19:28.320 opinion columnist, the founder Peachtree Creek Investments, joining us on 0:19:28.320 --> 0:19:30.840 the phone from Atlanta. A reminder that Disney will be 0:19:30.880 --> 0:19:33.919 reporting their earnings after the close tomorrow. And I'm just 0:19:33.960 --> 0:19:36.480 bringing up the stock right now in terms of it's 0:19:36.520 --> 0:19:38.960 just done about one and a half percent so far 0:19:39.080 --> 0:19:49.960 here in a journal. Now, but you let me drive, no, no, no, 0:19:52.400 --> 0:20:11.439 all right, please, I want to drive. Try question. This 0:20:11.920 --> 0:20:15.359 is the drive to the globe. Thanks, we'll try us 0:20:15.880 --> 0:20:19.080 down on Bloomberg Radio. It is time for the drive 0:20:19.160 --> 0:20:20.680 to the clothes. We have just about ten and a 0:20:20.680 --> 0:20:23.680 half minutes left in today's trading session, and we are 0:20:23.720 --> 0:20:26.680 off our best levels, just barely on the Dow Jones 0:20:26.720 --> 0:20:29.120 Industrial average. Same story for the S and P five 0:20:29.520 --> 0:20:32.760 records on both of those, we've seen in today's trading session, 0:20:33.119 --> 0:20:35.280 nast act just down a hair and off its worst 0:20:35.359 --> 0:20:37.199 levels of the day. So let's get to it with 0:20:37.280 --> 0:20:40.880 Vinny Catalano. He is Chief Markets Drudges at Stuyveson Capital Management, 0:20:40.880 --> 0:20:44.280 with us once again on the phone in New Jersey. Vinny, 0:20:44.480 --> 0:20:46.840 nice to have you here. Feels like it's a little 0:20:46.840 --> 0:20:49.000 bit of the dog's day dog days of summer. How 0:20:49.040 --> 0:20:52.760