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. Sloomberg
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. Another busy week, including some
Speaker 1: stats on the US employment picture, Labor Department coming out
Speaker 1: saying that job openings rose to eleven million in the
Speaker 1: month of October. That tim is the second highest total
Speaker 1: on record. And keep in mind this is against a
Speaker 1: backdrop of more than twenty four million Americans quitting their
Speaker 1: jobs from April to September and what's been called the
Speaker 1: Great Resignation, something you and I talked about so much.
Speaker 1: That story, by the way, a Bloomberg Big Take, also
Speaker 1: featured in the magazine this week, A really good one.
Speaker 1: We're gonna do a deep dive in just a few minutes.
Speaker 1: In the meantime, Today's changing labor market a major outcome
Speaker 1: of the pandemic. It's affecting the economy in a lot
Speaker 1: of different ways. Carol. It's something that we talked about
Speaker 1: with Carlisle Group co founder and co chairman David Rubinstein.
Speaker 1: I like to think of him as an elder statesman.
Speaker 1: Not just it's an age thing, but he's just seen
Speaker 1: so many different market cycles, economic pictures. He's worked in
Speaker 1: the public sector in the Carter administration, understands, obviously the
Speaker 1: investment world than the private sector. So I always loved
Speaker 1: getting some time with him. Plus a venture capitalist and
Speaker 1: a o L founder Steve Case and Apparvist president David
Speaker 1: Lee talked all about building sustainable brands. Carol. This is
Speaker 1: from a panel that you did this week. In keeping
Speaker 1: with that, our Bloomberg Business Week investigations team also examines
Speaker 1: the s G ratings industry through the lens of the
Speaker 1: rating agency heavyweight m s c I, and its findings
Speaker 1: cast harsh light on what E s G investing actually means.
Speaker 1: All of that to come, we begin with this week's
Speaker 1: cover story. It's also a Bloomberg Big Take, one of
Speaker 1: our most read stories on the terminal as well. This week,
Speaker 1: it's about scientists looking for a super vaccine to beat Delta,
Speaker 1: A macron and all those variants. Bloomberg News Healthcare reporter
Speaker 1: Bob Langrath wrote it. He joined us a on with
Speaker 1: Bloomberg business Week editor Joel Weber. What we're ultimately talking
Speaker 1: about here isn't about just a booster or or even
Speaker 1: anything that's specifically about COVID, although it couldn't solve it
Speaker 1: with but there is a very very very early science
Speaker 1: that suggests that we could actually be able to develop
Speaker 1: something that looks like a pan coronavirus. So that would
Speaker 1: account for not just COVID, but remember mers, remember stars, uh,
Speaker 1: even maybe even the common cold um. And again, let
Speaker 1: me underscore this early science. And if this plays out
Speaker 1: a little bit though, knowing what we know now about
Speaker 1: being able to develop vaccines, it might not be so
Speaker 1: much that the science would be the thing that would
Speaker 1: hold us back so much as the economics of it.
Speaker 1: All Right, So, so Bob, take us to Singapore, where
Speaker 1: the science as part of the sciences is coming from. Yeah,
Speaker 1: So we begin the story with a lead of one
Speaker 1: of the from one of the kind of world's top
Speaker 1: bat coronavirus exports, a guy named Lintha Wang. And Singapore
Speaker 1: has been studying bad born viruses for decades and one
Speaker 1: had led the team that discovered that stars that was
Speaker 1: at one of the the coronavirus UH deadly chroma virus
Speaker 1: epidemic and two US in three he discovered that came
Speaker 1: from bats UH and UH. So when the UH the
Speaker 1: pandemic started to happen early on, he had this idea
Speaker 1: that maybe some of these stars survivors in Singapore some
Speaker 1: kind of special antibodies that they could protect against COVID.
Speaker 1: To look at them. It turns out they didn't. But
Speaker 1: then about a year later, you know, those survivors in Singapore,
Speaker 1: the original stars, you know, started getting UH immunizations for COVID,
Speaker 1: and he had this idea, like, now they've kind of
Speaker 1: this is this rare window into immune systems, have been
Speaker 1: exposed to these different, you know, epidemic strains of coronaviruses,
Speaker 1: and do they have some special cross reactive antibodies And
Speaker 1: looked again and they did. They had antibodies and protections
Speaker 1: against like five different coronaviruses that have never been in
Speaker 1: humans before. It feels like a holy grail. That was
Speaker 1: the first signs like this sort of thing might be possible.
Speaker 1: And he and about you know, ten twelve, thirteen other
Speaker 1: labs and a bunch of smaller Biottack, So, you know,
Speaker 1: racing to work on this, but you know, a long
Speaker 1: term the key question is if if this continues to
Speaker 1: look prompting, who's going to put up the money to
Speaker 1: do it, for the big kind of Manhattan project to
Speaker 1: do it. You know, here we are with the omicron
Speaker 1: variant making its way around the world, and the executives
Speaker 1: of these companies are being asked, are you working already
Speaker 1: on an omicron variant shot? If they're giving us some
Speaker 1: sort of shot every six months to attack a new variant,
Speaker 1: that's money in their pockets. So incentives aren't necessarily aligned
Speaker 1: with them creating this shot to end all shots. All right,
Speaker 1: they have a thing, you know, that works right now,
Speaker 1: and they've a kind of procedure they know that probably
Speaker 1: gonna work to make something for a new variant, at
Speaker 1: least for you know, we don't know how long these
Speaker 1: things are gonna work, that's one thing. And then if
Speaker 1: new variants keep coming, you know, even with m R
Speaker 1: and A, which is faster than other vaccine technowledge, you're
Speaker 1: still scrambling to keep up. You're still gotta know a
Speaker 1: virus that raises ahead of things. So you know, so
Speaker 1: the riskier thing but it could pay off, would be
Speaker 1: to put in a lot of money, a big Manhattan
Speaker 1: style research project by someone to see if this universal
Speaker 1: thing is really possible, but someone has to put big
Speaker 1: bucks behind it if the research continues to be promising. Well,
Speaker 1: the other thing here is like there's there's big bucks
Speaker 1: and and there's some of that, right, and I h
Speaker 1: just put some of that in there. But there's even
Speaker 1: like potentially different technologies, right, Like we've all come to
Speaker 1: understand m R and A is one thing, but nanoparticles, Yeah,
Speaker 1: so that's one of the new tell more. Yeah, i'd
Speaker 1: say like the next next generation like vaccines. So the
Speaker 1: idea behind these nanoparticle vaccines, which is one of the
Speaker 1: main technologies are pursuing for a kind of pan or
Speaker 1: coronavirus shots, is that you have a little kind of
Speaker 1: virus sized particle. It's either some sort of bacterial or
Speaker 1: kind of artificial protein you can of add on a
Speaker 1: little different spike proteins or surface proteins from different coronavirus
Speaker 1: is kind of all over the top, So so it
Speaker 1: looks like to the immune system, looks like a virus
Speaker 1: with pieces of ten different coronaviruses on top, and that
Speaker 1: in theory might train the immune system to kind of
Speaker 1: generate cross reactive antibodies against multiple coronaviruses. And that's what
Speaker 1: they're showing in these lab experiments and and it's more
Speaker 1: to lab experience. There's a few phase one human trials,
Speaker 1: but not many. That's what they're showing that may be
Speaker 1: happening in some of these early experiments. And yeah, so
Speaker 1: it's very intriguing. That was Bloomberg News healthcare reporter bomb
Speaker 1: Langrath along with Business Week editor Joel Weber, coming out
Speaker 1: the pandemic has royal the global travel industry for more
Speaker 1: than a year and a half, you know that, and
Speaker 1: the emergence of the amicron variant not helping things out
Speaker 1: right now. Yeah, Trivago CEO Axel Heifer joined us on
Speaker 1: when businesses might finally turn the corner. You're listening to
Speaker 1: Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business
Speaker 1: Week with Carol Masser and Bloomberg Quick Takes Tim Stinovik
Speaker 1: from Bloomberg Radio. Yeah, it's not easy to be a
Speaker 1: global travel and hospitality company during the pandemic and the
Speaker 1: emergence of yet another coronavirus variant. It's only adding to
Speaker 1: the uncertainty and volatility within the industry. Airlines, cruise lines,
Speaker 1: hotels services we used to book them also taking a
Speaker 1: major hit for the last eighteen months. Our next Yes, well,
Speaker 1: he's right in the middle of it. That is so true,
Speaker 1: and we've seen the stocks kind of moved back and forth,
Speaker 1: sometimes rolling, sometimes taking a hit as a result of
Speaker 1: the news to do with the virus. You mentioned the
Speaker 1: executive right in the middle of it. We're talking about
Speaker 1: Axel Heifer, the CEO of the booking platform Travago. He
Speaker 1: caught up with us from his home base in Germany
Speaker 1: to talk about the latest hurdles brought on by COVID
Speaker 1: and when he expects fingers crossed things to pick up.
Speaker 1: The situation got a lot worse, and particularly in some
Speaker 1: of our core markets in Europe, with infections on record
Speaker 1: highs in Germany and in many other markets. On the
Speaker 1: other hand, um, we continue to believe that the outlook
Speaker 1: and the spring will be very very strong and that
Speaker 1: we will be through the pandemic more or less by
Speaker 1: the middle of next summer. So right now, very tough
Speaker 1: and sometimes also a bit depressing, but the outlooks very positive.
Speaker 1: Well in terms of outlooks, they're in their earnings report
Speaker 1: that you were parted back in November. On November one,
Speaker 1: Treviga said that it does not expect a full rebound
Speaker 1: and travel over the winter. When do you expect a
Speaker 1: full rebound and travel? I do think that that we
Speaker 1: will see a very strong spring. Um. I mean like
Speaker 1: like this year, um we and and also last year
Speaker 1: we've seen that coming out of a winter with high infections,
Speaker 1: with restrictions in many places, um, people want to travel
Speaker 1: and want to actually see friends and family, want to
Speaker 1: get out and then get a break and um, and
Speaker 1: we expect exactly the same pattern. Um. Having said that,
Speaker 1: what will be different from our perspective in two versus
Speaker 1: twenty one, and for sure obviously twenty is that there
Speaker 1: is a signatantly greater number of people vaccinated twice or
Speaker 1: even three times, and to be honest, also a significantly
Speaker 1: greater number of people that God's sick already and have
Speaker 1: antibodies because of that. One thing I wanted to go
Speaker 1: back to is a Thanksgiving weekend. How did that go
Speaker 1: for you guys? And is that an indicator maybe what
Speaker 1: we'll see through the rest of the winter season. I
Speaker 1: mean it went well in the US overall, is uh
Speaker 1: is still much much more stable than Europe, to be honest, um,
Speaker 1: and there is one very big benefit in being in
Speaker 1: the US. You don't have to worry that much about
Speaker 1: travel restrictions being imposed between states, UM, which is a
Speaker 1: problem in Europe, and it is something that adds a
Speaker 1: lot of uncertainty to your travel plans. UM. There are
Speaker 1: there's a regular flow of new restrictions, change and restrictions,
Speaker 1: testing requirements, etcetera. And this distriction is what what is
Speaker 1: is concerning people and holding them off from traveling. UM.
Speaker 1: In terms of looking forward, it is very very difficult
Speaker 1: to say, Um, the new variant is obviously adding uncertainty. UM.
Speaker 1: And like in the past, some governments think that you
Speaker 1: can stop a virus from entering the country by imposing
Speaker 1: very strict travel restrictions, which obviously only works for so long.
Speaker 1: Sounds like you disagree with that assessment. It's very difficult
Speaker 1: to say, to be honest, and I don't want to
Speaker 1: be a politician in in in times like we are
Speaker 1: in today, but it works to slow down the spread
Speaker 1: of a virus, which in particular in winter can make
Speaker 1: sense if your hospitals are full already. But um the
Speaker 1: general idea of of locking out the virus in today's
Speaker 1: world and in the kind of global economy that we're
Speaker 1: living in is just theoretical. And you know, every every
Speaker 1: new virus variant will make it eventually to every single country. Hey, actual,
Speaker 1: tell us about the thing you're doing, the partnership with Huawei.
Speaker 1: It's a strategic partnership. What is that all about. Yeah,
Speaker 1: it's it's actually very interesting. Um. So, Huawei is building
Speaker 1: basically their own ecosystem with Harmony os and their own services,
Speaker 1: and the most important services from our perspective our obviously search,
Speaker 1: pedal search and pedal maps, and we are partnering with
Speaker 1: them to help them to bring similar services to their
Speaker 1: customers that exist or ready on other search engines like
Speaker 1: Being or Google um and leveraging our supply of hotels worldwide.
Speaker 1: I'm curious about Wai Huawei. I mean, anyone who listens
Speaker 1: to our program regularly or follows the news knows that
Speaker 1: Wali has been under scrutiny by governments around the world
Speaker 1: and certainly engaged in a spout with the US government.
Speaker 1: So take us in your thinking here. I mean, we
Speaker 1: are we are interested in basically helping every search engine
Speaker 1: UM to compete more effectively with Google and UM, and
Speaker 1: we are we also in discussions with others, but it
Speaker 1: is it's for sure one of the big search engines
Speaker 1: that is up and rising, given that they have a
Speaker 1: huge installed base of devices UM that will be powered
Speaker 1: by their new search UM over the next years. In
Speaker 1: the break, Tim and I were talking and I'm saying
Speaker 1: that sometimes I just get overwhelmed by the amount of
Speaker 1: travel platforms that are out there, and so how do
Speaker 1: you and and truth be told, I am now looking
Speaker 1: for ease, you know, and platforms that are really clear, UM,
Speaker 1: So how do you think about how you want to
Speaker 1: evolved so that you can catch your users attention or
Speaker 1: more users attentions. So, UM, You're absolutely right, I mean
Speaker 1: they we are in a situation where there are too
Speaker 1: many platforms, and in particularly in the pandemic, we've seen
Speaker 1: that size matters a lot. And it doesn't only matter
Speaker 1: in terms of economics, but also in terms of quality
Speaker 1: of service, because that the more users you're having on
Speaker 1: your platform, the better your data is and the better
Speaker 1: your product is and so what we started to do
Speaker 1: and the Huawei partnership is UM one of the first
Speaker 1: partnerships in that direction is we started to develop business
Speaker 1: to business solutions where we help actually other companies to
Speaker 1: serve their customers better m by accessing our back end
Speaker 1: services and basically benefiting from our our size and our
Speaker 1: scale UM for their own benefit. Actual Because tree Vago
Speaker 1: offers people who use the service weekend stays, cars, flights packages,
Speaker 1: you have this unique in it into how people are
Speaker 1: feeling and booking at any given moment. I did want
Speaker 1: to ask you just about what you're seeing on the
Speaker 1: platform in real time right now. Because this is a
Speaker 1: global platform. You serve customers and get revenue from the U, S,
Speaker 1: from Germany, from Brazil, Australia, the UK. What can you
Speaker 1: tell us about what people are doing on the platform
Speaker 1: right now that does or does not reflect any sort
Speaker 1: of trepidation about Akron. Yeah, so the US is relatively
Speaker 1: speaking UM stable to be honest, so there is not
Speaker 1: that much concern UM about the new variant yet. UM
Speaker 1: Europe has been hit by a combination of of really
Speaker 1: increase in in delta cases UM a significant increasing delta
Speaker 1: cases and concerns about the new variants breathing, and then
Speaker 1: in ature um you see a decline in overall activity
Speaker 1: predominantly coming through through the new variants. So it's a
Speaker 1: bit a mixed back as you as you would expect
Speaker 1: across the globe. But generally speaking, people are nervous and
Speaker 1: they're nervous about making travel plants because they have seen
Speaker 1: in the past that any new variant is likely to
Speaker 1: lead to travel restrictions at some point in time. That
Speaker 1: was Triviago Ceo Axel Heafer still ahead on Bloomberg Business Week,
Speaker 1: the cost of Christmas in that's right, what might those
Speaker 1: nine ladies dancing, seven swans of swimming, six ge lank
Speaker 1: and of course those five golden rings? What are they
Speaker 1: going to cost this year? I believe to have to
Speaker 1: say five golden rings. No, you've gotta sing. I'm also
Speaker 1: partial to the ten Lord de Lapy labor an issue
Speaker 1: on that one, that's for sure. That's all coming up next.
Speaker 1: This is Bloomberg broadcasting from the financial capital of the World,
Speaker 1: Bloomberg eleven Frio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one oh six one does San Francisco,
Speaker 1: Bloomberg nine sixty to the country, Sirius XM Chado one
Speaker 1: nineteen and around the globe of Bloomberg Business is app
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Business Week.
Speaker 1: So twelve Days of Christmas. We're just gonna put that
Speaker 1: out there. What would it maybe cost us this year?
Speaker 1: It's definitely It often goes up from year to year,
Speaker 1: and safe to say it's going to go up this year.
Speaker 1: You got the latest CPI numbers this past Friday, and
Speaker 1: rising prices are proving to be stickier than many had
Speaker 1: hoped for. And those higher costs, well, they can really
Speaker 1: affect people's holiday spending patterns. And with all the supply
Speaker 1: chain snarls we've been covering, we don't even know if
Speaker 1: we're going to be able to get everything we want. Anyway,
Speaker 1: to help us to build out our holiday budget, we
Speaker 1: caught up with the Chief Investment Officer of p NC
Speaker 1: Asset Management Group, Amanda Gotti. She joined us to help
Speaker 1: break down and most expensive installment of the p n
Speaker 1: C Christmas Price INDEXI. It's still cp I, but Christmas
Speaker 1: Price Index right. Five Golden rings. The twelve Days of Christmas.
Speaker 1: The traditional holiday song is really the basket of goods
Speaker 1: and services that we use to price for our annual
Speaker 1: Christmas Price Index. It's literally that simple. We add up
Speaker 1: the cost for one partridge in a pear tree, two
Speaker 1: turtles of and so on as the song goes, Okay,
Speaker 1: well this year, it's it's gonna cost you of tens
Speaker 1: of thousands of dollars two hundred and five dollars and
Speaker 1: fifty eight cents. That's correct to buy all twelve days
Speaker 1: worth of true Love's gifts. That's about what it's going
Speaker 1: to cost. It's about five point seven per cent in
Speaker 1: terms of an increase relative to two thousand and nineteen levels. Um.
Speaker 1: We're comparing versus nineteen because such an unprecedented year in twenty,
Speaker 1: we actually had to remove a number of big components
Speaker 1: of the index, and so we thought a better comparison
Speaker 1: was really to compare versus two thousand and nineteen. If
Speaker 1: you really want to make an impression though out there,
Speaker 1: um and by all three hundred and sixty four gifts,
Speaker 1: that's repeating all the verses of the song, you're really
Speaker 1: gonna have to show out a lot. It's a little
Speaker 1: over a hundred and seventy nine thousand dollars this year. Alright,
Speaker 1: so what we've got inflation at this point already at
Speaker 1: a thirty year high in the US, could approach seven
Speaker 1: percent soon. That's based on a Bloomberg story. So we're
Speaker 1: just a little bit below inflation right in terms of
Speaker 1: the increase from a little bit below, but pretty darn close.
Speaker 1: I think it's a very special basket of goods and services.
Speaker 1: So sometimes we can glean insights relative to what's happening
Speaker 1: in the broader economy, but economy, but this is a
Speaker 1: pretty unique basket. So not surprised at all to see
Speaker 1: the prices up, but um, it is a little bit
Speaker 1: more nuanced than what we're seeing in the broader economy. Well,
Speaker 1: here's what's so interesting, because you do have six gets
Speaker 1: of laying uh, Carol's like trying to keep a straight
Speaker 1: face and not laugh right into the microphone as I'm
Speaker 1: saying that and not singing it. But that's higher this
Speaker 1: year by fifty seven point one percent versus last year.
Speaker 1: But then it's it's really interesting because you have things
Speaker 1: like what is it nine ladies dancing? Uh, the price
Speaker 1: remaining the same, and the point that you're trying to
Speaker 1: make is that live performances where we're out of Christmas
Speaker 1: Price index because because of because of the pandemic, but
Speaker 1: the price hasn't actually changed. Twenty nine. Is that suppliers
Speaker 1: at demand when it comes to live performances, Yeah, there's
Speaker 1: a there's a number of things going in there. So
Speaker 1: last year we had to take this unprecedented step of
Speaker 1: taking all of the live performances out of the index,
Speaker 1: and so the index fell fifty nine per cent. And
Speaker 1: so this year, thankfully, with the progress around the reopening
Speaker 1: bring live performances back, we were able to incorporate them
Speaker 1: into the index. I think a number of you know,
Speaker 1: theater companies and dance companies, while certainly wanting to make
Speaker 1: up for lost time, also don't want to push their
Speaker 1: audiences away by jacking prices up really significantly. And so
Speaker 1: it is a bit of a fine balance and it
Speaker 1: is a little bit nuanced here. And so while the
Speaker 1: ladies dancing didn't move all that much in terms of pricing,
Speaker 1: we did see some movement in terms of the lords
Speaker 1: and in terms of the pipers and the drummers, and
Speaker 1: so again you really have to look under the hood
Speaker 1: to see what each variable is doing. What's the biggest one?
Speaker 1: Is it the geese laying? The biggest move is actually
Speaker 1: the sixth piece a lane. But I would say the
Speaker 1: largest increases by far really what we consider to be
Speaker 1: the exotic pet category. Oh that is well, I'm just
Speaker 1: gonna tell you that is my favorite thing said all year.
Speaker 1: But go ahead, Well, I'm glad to be holding that
Speaker 1: award there for you. Really, when it comes down to it,
Speaker 1: at least when it comes to the birds, we're seeing
Speaker 1: higher food prices, certainly higher labor and wage related crisis.
Speaker 1: Those both apply more broadly across the economy, and so
Speaker 1: that is driving up the increased costs of raising the birds.
Speaker 1: But I would also say, so that's that's the supply
Speaker 1: side thing. But on the demand side, we're actually seeing
Speaker 1: pretty significant demand. They're accelerating t and continuing around backyard farming,
Speaker 1: believe it or not, an even farm to table in
Speaker 1: the bird category. They're really getting it from both sides.
Speaker 1: That was Amanda Gotty. She's the c i O of
Speaker 1: P and C Asset Management Group. You're listening to Bloomberg
Speaker 1: Business Week coming up next. The fallout from what's been
Speaker 1: deemed the Great resignation. We're losing workers faster than we
Speaker 1: can hire them. This is younger generations are rethinking the
Speaker 1: pursuit of wealth. This does feel like a see change
Speaker 1: when it comes to the labor market. We're gonna break
Speaker 1: down the state of America's labor force. Also talk about
Speaker 1: where to find our next generation of innovators and so
Speaker 1: much more. We're gonna do that with Carli Group co
Speaker 1: founder David Rubinstein. 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. There is an unstoppable force that
Speaker 1: exists with human which is humans want to interact with humans,
Speaker 1: and that isn't just for a vacation. Humans needed and
Speaker 1: want to interact on business, to build partnerships, to innovate,
Speaker 1: to build culture, and they want to congregate. All right.
Speaker 1: So that was Hilton Worldwide Presidency of Christmas seta talking
Speaker 1: with our next guest who is not worried about the
Speaker 1: likes of Zoom having a lasting impact on business travel.
Speaker 1: The full chat featured in the latest episode of Peter
Speaker 1: Pierre Conversations this past week on Bloomberg and hosted by conversationalist,
Speaker 1: philanthropist and Carlisle Group co founder and co chair David Rubinstein.
Speaker 1: David joined us with a look at the world's changing
Speaker 1: labor landscape, the prospect of lasting inflation, and his top
Speaker 1: takeaways from his chat with Hilton's Christmas Setta. The hotel
Speaker 1: industry suffered probably as much as any industry, perhaps with
Speaker 1: the sole exception of the cruise industry, which pretty much
Speaker 1: shut down completely. The hotel industry dramatically, UH saw occupancy
Speaker 1: go down. However, occupancy is now coming back, mostly from
Speaker 1: travel and leisure, not as much from business. The business
Speaker 1: is coming back a bit. They stocks though, of the
Speaker 1: travel lodging companies are done quite well. I mean right
Speaker 1: now Hilton is an all time high. I think Marriott
Speaker 1: is near an all time high as well. So the
Speaker 1: market is anticipating future growth and the real challenge that
Speaker 1: they the hotel companies have. In Christmas said, I talked
Speaker 1: about this is where do you get employees. UM, A
Speaker 1: lot of employees went away, and now they got to
Speaker 1: hire them back and probably higher wages, and as a result,
Speaker 1: you're probably going to have some increases in in UH
Speaker 1: in the cost of rooms. In addition, should you provide
Speaker 1: all the services that you were providing before? People are
Speaker 1: used to having daily palel service and daily makeup service
Speaker 1: in their beds. Do you have to do that? Do
Speaker 1: you have to give free breakfasts every morning to some
Speaker 1: of your patrons to Some of these things are going
Speaker 1: to be looked at by companies like Hilton and others.
Speaker 1: So what do you think, David about the potential permanent
Speaker 1: shifts that we see on the other side of the
Speaker 1: pandemic when we when we do get to the other
Speaker 1: side of the pandemic, when it comes to travel, leisure
Speaker 1: and hospitality. Well, I know from the business community, from
Speaker 1: my point of view, if I had to fly across
Speaker 1: the country for one hour meeting, I used to do it.
Speaker 1: Now I'm happy to do a zoom So I'm not
Speaker 1: traveling quite as much as I used to. I suspect
Speaker 1: it will come back at some point. But in the
Speaker 1: in the know, pre pandemic, I would go to the
Speaker 1: Middle East or go to the Far East UH for
Speaker 1: a day or two and now come back. And now
Speaker 1: I just I'm a little more reluctant to do because
Speaker 1: you can do so many things on on zoom. Obviously
Speaker 1: you can't do everything on zoom, and you have to
Speaker 1: have personal contact at some point. But I do think
Speaker 1: that business and business travel will will slower, be much
Speaker 1: more slow to come back, much slower to come back. Hey, David,
Speaker 1: did christ say anything about well, you know, because we
Speaker 1: talk a lot more about more automation coming in robotics,
Speaker 1: there's a lot more things we can do online with
Speaker 1: a hotel industry that we couldn't before. Does he say
Speaker 1: that they're making investments or helping you know, at some
Speaker 1: of their team members by really introducing automation that maybe
Speaker 1: sticks with us going forward. Well, sure, um, they are
Speaker 1: doing that right now. For example, rarely do people uh
Speaker 1: you know, need check in anymore. You can just get
Speaker 1: your ticket online more or less work. Now they're going
Speaker 1: to use face identification to some extent to check in.
Speaker 1: So I think technology is going to dramatically change the industry.
Speaker 1: And and clearly the industry, uh you know, is a
Speaker 1: global industry. I mean, Hilton is all over the world
Speaker 1: and they have thousands of hotels and and they have
Speaker 1: in different categories. That's a big change in the last
Speaker 1: twenty or thirty years. Used to be there was Hilton,
Speaker 1: there was Marriott. Now Hilton has about fifteen different brands.
Speaker 1: Mary has probably something similar, So you can have something
Speaker 1: for every different price point that you want. Hey, one
Speaker 1: thing we were dying to ask you, David Rubinstein, and
Speaker 1: it has to do the couple of stories that are
Speaker 1: among the most read on the Bloomberg. One has to
Speaker 1: do with Goldman talking about young U S workers are
Speaker 1: plotting early retirements. They're, you know, thinking about getting out
Speaker 1: a lot earlier. And then we've got another one on
Speaker 1: the Bloomberg Big Tickets about the Great Resignation, about how
Speaker 1: we've had more than twenty four million from April to
Speaker 1: September here in the US alone quitting their jobs. We're
Speaker 1: seeing it there as a global phenomenon, and in some
Speaker 1: countries we've already seen it happening, even pre pandemic. What's
Speaker 1: going on? Why is everybody quitting? Why are younger folks
Speaker 1: saying I've had it? Are we missing something? What do
Speaker 1: you make of this trend? Well, my generation, basically, you
Speaker 1: after college or graduate school, you went to work and
Speaker 1: you worked until you're sixty five or seventy, and maybe
Speaker 1: some cases even longer than that. Younger people are saying, well,
Speaker 1: I can work out of my home a bit, why
Speaker 1: do I need to work in the traditional way? And secondly,
Speaker 1: maybe I don't need to work quite as long. I
Speaker 1: can make a fair amount of money if I do
Speaker 1: well and retire at fifty five or sixty or even fifty.
Speaker 1: So the world is changing. The world always changes. I'm
Speaker 1: not surprised the pandemic has really changed the way people
Speaker 1: look at the world. I know my own generation has
Speaker 1: looked at the world much differently because we're worried more
Speaker 1: about getting the COVID and getting UM to the point
Speaker 1: where we can survive this because of the age group,
Speaker 1: and more and more people who are older than me,
Speaker 1: even uh there am in my early seventies are saying
Speaker 1: they don't want to work anymore either because they just
Speaker 1: want to retire and recognize that life might be easier
Speaker 1: if they just retired. Are there concerns though about productivity?
Speaker 1: If we see this, well, productivity it generally increases because
Speaker 1: of technology, So technology tends to make productivity get much better,
Speaker 1: some countries better than others. Yeah, product productivity is always
Speaker 1: a challenge, but as a general rule of thum productivity
Speaker 1: does increase even when you have fewer employees, Well, what
Speaker 1: about them an economic or market rethink, David, like I do,
Speaker 1: wonder if you're tiring early, or maybe you're saying, you
Speaker 1: know what, I don't need so much in my wardrobe,
Speaker 1: even if you've done well, like you just pair back. Um,
Speaker 1: are there implications that we need to be thinking about. Well? Sure,
Speaker 1: I mean, people probably don't need to buy I used
Speaker 1: to buy a lot of business suits. Probably don't need
Speaker 1: as many of them. I don't used to buy a
Speaker 1: lot of ties. Probably don't need a lot of them. Um,
Speaker 1: And people probably are gonna just change their life a bit.
Speaker 1: You know. It's interesting that the industrial revolution changed the
Speaker 1: way we live or work over about a hundred year
Speaker 1: period of time, the Internet maybe over twenty five year
Speaker 1: period of time, the smartphone over seven years or so,
Speaker 1: and now over just one and a half years. We're
Speaker 1: changing the way we live and work because of a
Speaker 1: pandemic that was never anticipated. And whether that's a good
Speaker 1: thing or not, it's clearly here and it's a reality,
Speaker 1: and people are much different in the way they look
Speaker 1: at work. They don't view it as an obligation so much.
Speaker 1: If they don't enjoy it, they're not going to do it.
Speaker 1: I wonder if technological innovation, though, has kept up with
Speaker 1: the worker attitudes. We're not. We're not seeing Uh we're
Speaker 1: having a hard time in the United States finding long
Speaker 1: haul truckers, but we're not seeing self driving trucks at
Speaker 1: this point on roads. Um, not yet. Not yet. It's
Speaker 1: a challenge for Amazon to keep employees incredibly high turnover,
Speaker 1: but you know, they're not being replaced by robots at
Speaker 1: this point. So isn't there some concern we're trepidation about
Speaker 1: the idea that that productivity hasn't in technology hasn't caught
Speaker 1: up to worker attitudes. Well, workers are higher ambitions of
Speaker 1: what they want to do, and then the kind of
Speaker 1: jobs you might get by working in a warehouse and
Speaker 1: and fulfilling orders for Amazon may not be as intellectually challenging.
Speaker 1: Is what some people really wanted to do when they
Speaker 1: went to college or or or some kind of vocational training. Uh,
Speaker 1: clearly things are going to have to adjust. But in
Speaker 1: the end, I think the American workforces it is pretty resilient.
Speaker 1: I think we'll come back. We can't compete with the
Speaker 1: workforce in terms of costs in China or Asia, but
Speaker 1: we can I think do a pretty good job in
Speaker 1: making productivity better than it has been. Clearly, technological leaders
Speaker 1: usually come from the United States. Hey, David, you know
Speaker 1: your series of books, your trilogy, you know on leadership historians,
Speaker 1: really looking at uh, the growth of this nation and
Speaker 1: how it's evolved and really talking with leaders as we
Speaker 1: constantly as you say, these invention innovative cycles seem to
Speaker 1: be happening in less time here. Um, how do you see,
Speaker 1: you know, in terms of the next trends or the
Speaker 1: people that you think we really have got to keep
Speaker 1: an eye on that that really are going to be
Speaker 1: determining maybe the future trajectory. And it can be politically
Speaker 1: as well as on a business and market front. Well,
Speaker 1: in the business world, change is usually made, as it
Speaker 1: is in the political world, by people who are younger.
Speaker 1: Revolutions are not usually led by seventy year old people,
Speaker 1: and as a general rule, some business change is usually
Speaker 1: led by demand from people who in their twenties or thirties.
Speaker 1: So how many people have now caught on with the
Speaker 1: kind of social media devices that really the young people
Speaker 1: really focused on and really helped generate. Same with computers,
Speaker 1: and the same with other kinds of services that we
Speaker 1: now rely on. Many of these came from younger people.
Speaker 1: So I think it's a very good thing if boards
Speaker 1: of directors and companies would get younger people on them.
Speaker 1: I think it's a good idea for boards of trustees
Speaker 1: as well, and nonprofits have more and more people on
Speaker 1: them who are younger. I rarely see on the boards
Speaker 1: that I serve people under the age of forty, but
Speaker 1: really that's where the change is coming from, and probably
Speaker 1: it's not a bad idea to have younger people on
Speaker 1: these boards or in senior positions advising boards of directors
Speaker 1: or trustees. Hey, David, let's talk markets here, because you've
Speaker 1: seen lots of market cycles throughout your career, help us
Speaker 1: understand and put into context the one that we're seeing
Speaker 1: right now with the S and P five just continuing
Speaker 1: to to grind higher and you know, the COVID variants
Speaker 1: still making their way around the world, and concerns about
Speaker 1: growth if the markets have got anything wrong. Initially when
Speaker 1: COVID came about, it was that the markets we're going
Speaker 1: to be more resilient than they turned out than than
Speaker 1: than than than people thought. In other words, when we
Speaker 1: went through COVID people thought, Okay, the economy is going
Speaker 1: to collapse, and all of us sudden, the market will collapse.
Speaker 1: But if it turns out maybe because of federal intervention
Speaker 1: for sure, but because of federal support and other factors,
Speaker 1: the stock market actually has gone up. And in the
Speaker 1: private equity world that I operate in, markets have never
Speaker 1: been better. People are making staggering sums of money compared
Speaker 1: to what they did before, So it's very difficult to
Speaker 1: predict right now. I would say that the federal government
Speaker 1: is probably going to increase interest rates next year. That
Speaker 1: should have a somewhat impact on the market of probably
Speaker 1: reducing prices a bit, and I suspect inflation won't go away,
Speaker 1: so that might impede the market a bit. But I
Speaker 1: don't see any collapse in the near term. I don't
Speaker 1: see any kind of uh correction of any consequence. Who
Speaker 1: might have one day to day blip because of something
Speaker 1: that happens, but a ten or fifteen pc market correction,
Speaker 1: I don't see that for an enduring period of time
Speaker 1: in the next year or so. That's kind of a
Speaker 1: group co founder and chairman David Rubinstein, also host of
Speaker 1: Peter Beer conversations on Bloomberg. He's got a bunch of
Speaker 1: books out about the conversations he's had with great leaders
Speaker 1: historian the latest one, it's called The American Experiment, Dialogues
Speaker 1: on a Dream. And that wraps up the first hour
Speaker 1: of the weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: I'm Carol Masser and I'm Tim Stanebeck. Ahead in our
Speaker 1: next hour, a dispatch from the Bloomberg Sustainable Business Summit,
Speaker 1: Carol speaks with Revolution chairman and CEO Steve Case, also
Speaker 1: with am Harvest president David Lee on what it takes
Speaker 1: to build a sustainable brand. Plus n f d s.
Speaker 1: They are incredibly hot right now, so hot that one
Speaker 1: of America's top auction house is just raped in nine
Speaker 1: figures on digital art. You heard that right later on
Speaker 1: also Bloomberg Pursuits, taking you inside the burgeoning world of
Speaker 1: luxury goods in the metaverse, I gotta tell you something,
Speaker 1: I kind of want to own it and feel it.
Speaker 1: Coming up next, Oar Bloomberg Investigations team reveals the e
Speaker 1: S G ratings process for an industry giant. This is
Speaker 1: an unbelievable story, A deep dive into the world of
Speaker 1: E s G. We're on the E s G murage
Speaker 1: that's coming up next. This is Bloomberg. This is Bloomberg
Speaker 1: Business Week inside from the reporters and editors who bring
Speaker 1: you America's most trusted business magazine, plus global business, finance
Speaker 1: and tech news. As it happened, Sloomberg Business Week with
Speaker 1: Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi,
Speaker 1: I'm Carol Masser and I'm Tim st Plenty ahead in
Speaker 1: our second hour of the weekend edition of Bloomberg Business Week,
Speaker 1: including the exploding world of n F T s and
Speaker 1: how Christie's Auction House got in on the action to
Speaker 1: the tune of a nine figure hall. Yeah you heard
Speaker 1: that right. We're also talking luxury goods. They're going digital
Speaker 1: to how the likes of Berbery, Gucci and more. Well,
Speaker 1: they are planting their flags in the old metaverse. I
Speaker 1: guess I could call it the new metaverse. It's happening
Speaker 1: plaus Venture capitalist Steve ks co founder of Course of
Speaker 1: America Online, now chairman and CEO of Revolution. He stops
Speaker 1: by with app Harvest president day Vid Lee. They talk
Speaker 1: about building a sustainable brand First up, this our look
Speaker 1: at a side of s G investing that many of
Speaker 1: us are either misunderstanding or perhaps we're just looking the
Speaker 1: other way. We're simply choosing to ignore it. I guess
Speaker 1: so right. This story is called the E s G Mirage.
Speaker 1: It's incredible. Bloomberg News Projects and Investigations reporter Cam Simpson
Speaker 1: and some colleagues here at Bloomberg wrote it and they
Speaker 1: talk about how sustainable investing is mostly about sustaining profits.
Speaker 1: Are really looking at the company, it's explained to the
Speaker 1: lens of ratings joint m s C. I. Cam joins
Speaker 1: us from London, So Cam a deep dive. I can't
Speaker 1: imagine how long it took you guys to do this.
Speaker 1: Tell us what you set out to do and what
Speaker 1: you did specifically look into you know, thanks so much, girl.
Speaker 1: I mean we you know, we came into we came
Speaker 1: into this year like a lot of people in you
Speaker 1: know who write about business and finance or anybody who
Speaker 1: pays attention to it, thinking about this thing called E
Speaker 1: s G Environmental and social and governance investing and and
Speaker 1: knowing that there was a lot of hyperount it. I
Speaker 1: mean it just completely explo loaded in terms of you know,
Speaker 1: assets under management, and that can be a little bit
Speaker 1: squishy depending on who's doing the definition. But you know
Speaker 1: what's publicly visible are you know, E t s and
Speaker 1: other and other retail funds that just we're going through
Speaker 1: the roof. I mean, um, you know, black Rock at
Speaker 1: the top of the list. And there's a lot of criticism.
Speaker 1: There's been a lot of criticism for a long time
Speaker 1: that this is not what it appears to be and
Speaker 1: that this is just kind of marketing and it really
Speaker 1: has nothing to do with saving the planet, which is
Speaker 1: how it's being marketed. I mean, it's it's marketed, you know,
Speaker 1: as we're investing in companies that have favorable practices on
Speaker 1: environmental practices and social practices without anybody saying what that
Speaker 1: really is. And the foundation of this whole new cash
Speaker 1: machine for Wall Street, I mean it is the fastest
Speaker 1: growing segment of the global financial services industry is are
Speaker 1: the ratings underneath it? Right? So there's a rating system
Speaker 1: that allows black Rock and van Guard and everybody else,
Speaker 1: you know, State Street to say this fund is quote
Speaker 1: unquote sustainable. So let's talk about that because m s
Speaker 1: c I is a really big part of this future
Speaker 1: indexing the world, and they had the whole thing, the
Speaker 1: whole thing exactly. So, so talk about what M s
Speaker 1: c I is and what they've been doing. Yeah, So
Speaker 1: MSCI has kind of, you know, been had this happy
Speaker 1: existence for a long time as kind of a back
Speaker 1: office Wall Street company that nobody really ever talked about.
Speaker 1: They you know, they did well in the era of
Speaker 1: passive investing because they produce indexes for people who sell
Speaker 1: investments and they press a button in a couple hundred
Speaker 1: thousand indexes go out today from m s c I.
Speaker 1: And slowly, over the last decade they were building this
Speaker 1: you know, e s G ratings business through acquisitions. I
Speaker 1: think it happened almost accidentally in the beginning, and then
Speaker 1: some people saw it, well, maybe this will be a thing.
Speaker 1: In two thousand nineteen, when it was clear that this
Speaker 1: stuff was really going to take off, they rebranded the company.
Speaker 1: The CEO, Henry Fernandez, pitched it on on an analyst call,
Speaker 1: analysts who rate his stock, and he said, look what
Speaker 1: we've got. We've got a mission now, and our mission
Speaker 1: is better portfolios for a better world, you know, really
Speaker 1: grabbing onto the sustainable mantra, the sustainable marketing around E
Speaker 1: s G and they really really started pushing that. But
Speaker 1: so they dominate the space of these E s G
Speaker 1: ratings completely and totally. Nobody else is even close they
Speaker 1: you know, Bloomberg Intelligence calculated at least sixty percent of
Speaker 1: the money in retail funds is in funds built on
Speaker 1: M s c i's ratings, and you know, we put
Speaker 1: that to Henry Fernandez and he said, no, no, that
Speaker 1: number is low higher than that. So Fernande's heads M
Speaker 1: s c I has for a long time. Yeah, I know,
Speaker 1: he's the only chairman and CEO they've ever had. What's
Speaker 1: interesting cameras I remember early on talking about E s
Speaker 1: G is the money was starting to flow in and
Speaker 1: we were talking about it and that we really did
Speaker 1: look at it from like, hey, folks, the reason we
Speaker 1: care about climate change for a lot of reasons, we
Speaker 1: cared about it, but is that it was going to
Speaker 1: impact companies and their financial picture. And that is really
Speaker 1: the tack that M s c I has stayed with.
Speaker 1: But at the same time, many investors are thinking, Okay,
Speaker 1: I invest in this company because they are reducing their emissions,
Speaker 1: they're reducing their impact on the environment. But that's not
Speaker 1: the case. That's really the bottom line of what you
Speaker 1: found out, you know, I mean the bottom line is
Speaker 1: when you look at we you know, we went through
Speaker 1: every ratings upgrade that MSc I gave to companies in
Speaker 1: the SMP five undered during this record of historic growth
Speaker 1: for investment, and what we discovered looking under the hood
Speaker 1: and going through all the ratings and building a data
Speaker 1: set was that has absolutely nothing to do with the
Speaker 1: impact of the companies in the world, not absolutely virtually nothing,
Speaker 1: almost nothing incidentally at might but the lens that they
Speaker 1: use in the lens E s G uses in general
Speaker 1: is what is the impact of the world on the company.
Speaker 1: It's the exact opposite of what investors think it is.
Speaker 1: Investors think that they're investing in good environmental practices, which
Speaker 1: is how these are pitched by black Rock and everybody else.
Speaker 1: But it's not. It's it's how how those proud those
Speaker 1: impacts on the world effect the company. Like It's a
Speaker 1: clearly the opposite of what everybody thinks it is cam
Speaker 1: It is a must read and I highly recommend we'll
Speaker 1: put it out on our Twitter feed, but highly recommend
Speaker 1: that everybody check it out. Our thanks to Bloomberg News
Speaker 1: Projects and Investigations reporter Cam Simpson, and as I said,
Speaker 1: check it out. It's in the latest issue of Bloomberg
Speaker 1: Business Week, is available on the terminal, on news stands
Speaker 1: and at business Week and Bloomberg dot com. I love
Speaker 1: this story. It's really good. And one thing we talk
Speaker 1: about a lot, Carol, is if there needs to be
Speaker 1: some sort of different type of measurement. So we talk
Speaker 1: a lot about transparency metrics perhaps, Yeah, the idea of
Speaker 1: metrics that actually move a company's stock when it comes
Speaker 1: to what impact its actually having on the planet and
Speaker 1: the people who live on it. Right, Accountability, like all
Speaker 1: of this really matters. Right, you're listening to Bloomberg business Week.
Speaker 1: Coming up, some actual progress is being made in building
Speaker 1: companies that are not harming the environment and expanding the
Speaker 1: idea of what it means to be truly sustainable venture capitalist.
Speaker 1: And of course the co founder of a o L
Speaker 1: Steve Case, joining us along with the head of one
Speaker 1: of the companies that he's invested in, app Harvest, David
Speaker 1: Lee from app Harvest, joining us as well. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes Tim Stenovik from Bloomberg Radio. The Bloomberg Live
Speaker 1: Sustainable Business Summit took place this past week. It's an
Speaker 1: event that brings together global leaders investors all about driving
Speaker 1: innovation and scale and best practices and sustainable business and finance.
Speaker 1: Carol hosted a panel with two executives intent on doing
Speaker 1: just that, and they're in the a tech space. Chief
Speaker 1: Case you know him, of course, for co founding America Online.
Speaker 1: He's now chairman and CEO of Revolution. He took part
Speaker 1: in the discussion with app Harvest president and board member
Speaker 1: David Lee. App Harvest went public this year. It's also
Speaker 1: a company that Revolution invested in through one of its
Speaker 1: three funds. As for Steve Case, he only expects more
Speaker 1: dollars to flow into similar ventures. I think the broad
Speaker 1: trend in the last decade in terms of the growth
Speaker 1: and interest in the sustainability in the last several years
Speaker 1: of real acceleration investment in E s G, I think
Speaker 1: Boad's really well. I think the perception ten or fifteen
Speaker 1: years ago was this is sort of a good thing
Speaker 1: to do, but wasn't necessarily a profitable thing to do.
Speaker 1: That's clearly changed. Some of the most valuable companies now
Speaker 1: being created are focused on unsustainability. App Harvest obviously being one,
Speaker 1: were also backed Sweet Green recently went to the public
Speaker 1: for a very very strong focus on sustainability and even
Speaker 1: a board committee focused on e s G. Were also
Speaker 1: back Temper Pack, which is trying to focus on sustainable
Speaker 1: packaging work rid the world of styrofoam, which is terrible
Speaker 1: for the environment by by using a better packaging, and
Speaker 1: a lot of big food companies like Hello Fresh and
Speaker 1: and Daily Harvest use it as well as you know
Speaker 1: pharma companies. So it's identifying problems out there that need
Speaker 1: new solutions that are good business opportunities while also being
Speaker 1: much more sustainable in terms of what they're doing and
Speaker 1: the impact that will have on on the planet. I
Speaker 1: think there's a rush to to focus on these from
Speaker 1: the entrepreneurial sector, a rush to invest in these from
Speaker 1: obviously the investor sector, but also a rush from a
Speaker 1: concussed customer stand our consumer standpoint they really want to
Speaker 1: do business with companies that care about the world and
Speaker 1: care about the pliant planet and have a strategy and
Speaker 1: a real commitment to sustainability. Are we being smart enough
Speaker 1: as an investment based Steve to give companies time At
Speaker 1: Harvest you went public this year, it's it's been I
Speaker 1: would say a multile I p O market. Um. But
Speaker 1: I do wonder, Steve, like, are we thinking about that
Speaker 1: balance between we we need to be more sustainable as
Speaker 1: a world right otherwise there ain't gonna be anything left.
Speaker 1: So are we understanding enough? Are we sophisticate enough as
Speaker 1: investors to understand that there's got to be a balance
Speaker 1: to let these companies grow to make their investments um
Speaker 1: and maybe at the risk of short term financial performance,
Speaker 1: but longer term this makes sense because it's got it's
Speaker 1: got to be where the world goes. Yeah, every company
Speaker 1: is a little bit different, but you have to figure
Speaker 1: out what your time horizon is and make sure you're
Speaker 1: educating investors, whether you're a private company or a public
Speaker 1: company on that. On that Sweet Grain, which started fourteen
Speaker 1: years ago, has has done that and have built up
Speaker 1: a significant business us that scaling quite quite nicely. App
Speaker 1: Harvests started just four years ago as I as I mentioned,
Speaker 1: and was able to go public and access the capital
Speaker 1: markets to dramatically expand what they're doing on the production
Speaker 1: side with new facilities, not just the initial one in
Speaker 1: eastern Kentucky, but but many others and also invest heavily
Speaker 1: in technology, particularly robotic technology. So they were able to
Speaker 1: use that capital and they educated the market at the
Speaker 1: time they went public that this really is something that
Speaker 1: will build significantly over the next decade. But we need
Speaker 1: access to the capital markets to be able to execute
Speaker 1: an ambitious plan to really build app Harvests as a
Speaker 1: company and build it as a brand, and that's the
Speaker 1: path they're on right now. David, what is it like
Speaker 1: the conversations you're having with investors like Steve, with others
Speaker 1: now that you're public, a public company, in terms of
Speaker 1: what they want to see, what kind of transparency they
Speaker 1: want to see them to understand, hey, this is a
Speaker 1: true sustainable investment. Well, one of the hallmarks they think
Speaker 1: in in being public when you're interested in in large
Speaker 1: global impact is every day you are edgy hating the
Speaker 1: public investor. Every quarter you have radical transparency, not just
Speaker 1: to what your financial results are, but frankly, the commitment
Speaker 1: we have to sustainability. You know, we we we have
Speaker 1: a high bar because we have gone to investors that
Speaker 1: are most sophisticated in the world. With that access in
Speaker 1: capital comes the chance for us to radically speed up
Speaker 1: how many of these large technology enabled greenhouses we can
Speaker 1: produce four perspective. You know, our first farm in eastern
Speaker 1: Kentucky is two point a million square feet right it.
Speaker 1: It has a water reservoir that allows us to use
Speaker 1: less water. But that water reservoir is something like fifty
Speaker 1: Olympic swimming pools. Large. So the scale of the impact
Speaker 1: that frankly we need as as a community means that
Speaker 1: we have to bear the radical bright light of being
Speaker 1: public has a great benefit, but companies have to be
Speaker 1: prepared every every day recorder to be scrutinized. Um. And
Speaker 1: that is different than when a lot of these companies
Speaker 1: only could access the private capital markets. Um. It is.
Speaker 1: It is a great opportunity, but it has a real,
Speaker 1: a real burden and cost to the team to make
Speaker 1: sure that they can operate to the rigor of the
Speaker 1: public markets. Hey, David, what's more difficult being a public
Speaker 1: company or dealing with kind of the infrastructure the establishment
Speaker 1: of how we do agriculture right now? Um, you know,
Speaker 1: dealing with kind of the old way and coming up
Speaker 1: against that. That's a great question. I'll give you an example.
Speaker 1: You know, back in the yearly two thousand's, I was
Speaker 1: running a food company, public company called Delmonti Foods. And
Speaker 1: you know, back then, we knew at the company level
Speaker 1: that climate change was a problem. You know, people were
Speaker 1: pulling out peach trees in California and planning nut trees
Speaker 1: because the climate couldn't serve it. That was twenty plus
Speaker 1: years ago, and what I would say today, the answer
Speaker 1: to your question is that there's so much more awareness
Speaker 1: by the consumer who is really demanding better food. You
Speaker 1: see it in all the great brands and companies Sweet Green.
Speaker 1: That was mentioned already by Steve. But look at look
Speaker 1: at all the companies that have gone public in the
Speaker 1: last ten years that are really dedicated to a better
Speaker 1: future for food. It's no longer the case that because
Speaker 1: consumers are demanding this, that's staying in the shelter of
Speaker 1: being private is the easier answer. I actually think that
Speaker 1: the infrastructure that is being put in place is now
Speaker 1: part of the broader incumbent food industry. It's no longer
Speaker 1: us versus them. You know, we are in partnership with
Speaker 1: the largest retailers. We are in partnership with the largest
Speaker 1: supply chain providers for our greenhouses, and it's because we're
Speaker 1: trying to be part of the mainstream food industry. It's
Speaker 1: a big change from back in the day when I
Speaker 1: would largely ignore at Delmonti Foods some of these smaller
Speaker 1: sustainably painted entrepreneurs. It can't be ignored anymore because consumers
Speaker 1: and an investors are really demanding it. And then they
Speaker 1: got to That is as we've seen in the last decade,
Speaker 1: a greater focus on sustainability and better access to the
Speaker 1: capital markets, whether they be at the private company level
Speaker 1: or the public company level, and that's actually made companies
Speaker 1: like app Harvests possible. Early on ten fifteen years ago,
Speaker 1: some of the initial investments and sustainability climate text some
Speaker 1: other areas. A lot of those companies failed because they
Speaker 1: were big ideas that required significant capital and required a
Speaker 1: longer runway at ten plus year runway, and it was
Speaker 1: difficult for venture capitalists to back those companies. That's Revolution
Speaker 1: chairman and CEO Steve Case and app Harvest president David Lee.
Speaker 1: You can catch Carroll's entire conversation with them by heading
Speaker 1: to Bloomberg Live dot com and searching Bloomberg Sustainable Business
Speaker 1: Summit still to come on Bloomberg Business Week. You may
Speaker 1: not understand what they are or how they work, and
Speaker 1: yet millions of dollars are being thrown at n f
Speaker 1: t s. We're talking about non fungible tokens. The president
Speaker 1: of Christie's America's on the auction houses two million dollar
Speaker 1: twenty first century evening sale. Yeah you heard that right,
Speaker 1: two hundred million bucks with these alternative assets as the centerpieces.
Speaker 1: This is Bloomberg broadcasting from the financial capital of the world,
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Speaker 1: asset prices have risen during the pandemic, and while price
Speaker 1: collectibles have long been a favorite of the wealthy, the
Speaker 1: future of high end artwork could be really turned on
Speaker 1: its head. I feel like and could be on the
Speaker 1: blockchain instead of hanging over your mantle. Non af fungible
Speaker 1: Tokens or n f t s. While they've exploded in popularity.
Speaker 1: Nowhere was that more evident than last month at a
Speaker 1: christie sale. It was dubbed the twenty one Century Evening.
Speaker 1: So it's interesting as people are coming back to the
Speaker 1: auction house is to participate in auctions, were now bidding
Speaker 1: on virtual pieces. There there, my head is spinning. Well.
Speaker 1: That night of that auction buyer spent a total of
Speaker 1: two nine million dollars on various works of art. It
Speaker 1: included nearly twenty nine million dollars on a digital piece
Speaker 1: was called Human One. It was the first hybrid physical
Speaker 1: and digital artwork by n f T artist people. The
Speaker 1: president of Christie's America's, Bonnie Brennan, stopped by to explain
Speaker 1: why the auction house got in on the digital art craze.
Speaker 1: Our first question was what was an n f T.
Speaker 1: You know, in the last since March of this past year,
Speaker 1: we've all been learning in real time and as you
Speaker 1: said that, the n f T s have really taken
Speaker 1: the art world by store. And we're particularly proud of
Speaker 1: having sort of ushered in this global rush to digital art.
Speaker 1: Back in March and we sold the people for sixty
Speaker 1: nine million, and now to date, if you can believe that,
Speaker 1: we've sold over n f T s for more than
Speaker 1: a thirty six million dollars. So it is an important
Speaker 1: new part of our market. It's had a great impact
Speaker 1: on the entire auction business and certainly our business here.
Speaker 1: I have to just tell you, if you're not watching
Speaker 1: on YouTube, Carol's mouth is just a game because number
Speaker 1: people remember back in March that was sort of I
Speaker 1: think I was, but I think it was like a
Speaker 1: real inflection point. And Ronnie, you can correct me if
Speaker 1: I'm wrong. But is this something that you truly believe
Speaker 1: has staying power or is this a fat you know?
Speaker 1: I think? I will say I think it has stame power.
Speaker 1: We've seen great curiosity from our established buyers. Tim We've
Speaker 1: seen we've tried to introduce n f T s into
Speaker 1: a variety of categories like photography and design. It's been
Speaker 1: met with great interest. We've also introduced n f T
Speaker 1: s into new markets, into our sales rooms in Hong
Speaker 1: Kong and in London. And I'll tell you this fall,
Speaker 1: I stood in the galleries and I had a number
Speaker 1: of traditional, very serious established collectors say take me to
Speaker 1: the people. Was this fall we had a hybrid work.
Speaker 1: It was the first sort of digital slash physical work
Speaker 1: that people had done, called Human One, and all of
Speaker 1: our clients who regularly buy Picassos and old Masters, really
Speaker 1: wanted to see that work. And I think they're becoming
Speaker 1: more fluent about n f t S and they're starting
Speaker 1: to see how n f t S might fit into
Speaker 1: their their collections of again more you know what we're
Speaker 1: what they're expected, aren't you'd expect to see see it
Speaker 1: and buy it or just see it, Bonnie, Your established
Speaker 1: collectors who are used to buying climps and picassos and
Speaker 1: do you name it. No, Definitely they're participating, Carol. They
Speaker 1: are there and they are driving some of the prices
Speaker 1: that we've seen. It's been nice. We've had um we've
Speaker 1: had cross over both ways, traditional collectors Benning on the
Speaker 1: on the n f t S, but we've also the
Speaker 1: best part about n f t S, it's it has
Speaker 1: introduced four new clients to Christie's and about a quarter
Speaker 1: of those have gone on to buy works by artists
Speaker 1: like Warhol and Picasso. Bonnie, you guys, more than anybody
Speaker 1: understand the value of something and the retention of that value.
Speaker 1: And so what's going to be more valuable longer term?
Speaker 1: And I'm stealing a headline from The New York Times
Speaker 1: earlier this year of the summer. They recently asked a
Speaker 1: painting or an n f T of it, which will
Speaker 1: be more valuable? Which will be longer term? I think,
Speaker 1: you know, as always, we have to it's we have
Speaker 1: to listen to our market. Our market tells us what
Speaker 1: they value. And right now there's an equal interest in
Speaker 1: passion and a sense of value being placed on these
Speaker 1: n f T s. I mean, sixty million dollars. It's
Speaker 1: it's right up there. It's it. It leads in the
Speaker 1: sales of any works of our ever sold at auction.
Speaker 1: So I think that's an answer. We don't we don't
Speaker 1: have the answer to that, but I think they will.
Speaker 1: They will play side by side for a long time.
Speaker 1: I'll trade you a jpeg of a Picasso for a
Speaker 1: real Picasso. Yeah, yeah, me too. Well, the thing is
Speaker 1: this is I gotta tell you the conversations we have
Speaker 1: in our newsroom around this, because if it's digital, it
Speaker 1: can be copied ultimately, right, Well, that's the beauty of
Speaker 1: n f T s is that they're really is. It's
Speaker 1: so much grounded in authenticity. We have, for example, we
Speaker 1: have a sale going on we've just announced with open
Speaker 1: c open Sea is the world leading n f T marketplace,
Speaker 1: and that sale is going to allow collectors to purchase
Speaker 1: the n f T s via the Etherium blockchain, and
Speaker 1: that will assure Yes, you can look at the images
Speaker 1: and you can share the visual representation of the n
Speaker 1: f T But Carol, if you were to buy that
Speaker 1: n f T on that open Sea sale the blockchain,
Speaker 1: it would you would be the only owner of that
Speaker 1: work of art, and that really locks in that ownership.
Speaker 1: Do a digital copy, right, so somebody else could do
Speaker 1: a digital copy? Am I missing something? You are? So
Speaker 1: you can? You could certainly have it, you know. That's
Speaker 1: where you and all three of us could print out
Speaker 1: a picture of the people that's sold in March, but
Speaker 1: only the owner owned c and then the actual code.
Speaker 1: That's Bonnie Brandan, president of Christie's America's on the art
Speaker 1: of the n f T s. You're listening to Bloomberg
Speaker 1: Business Week coming up. We know you like the finer
Speaker 1: things in life. I mean, come on, doesn't So what
Speaker 1: exactly does luxury look like in the metaverse? That's a question.
Speaker 1: Our Bloomberg Pursuits team tells us which brands are building
Speaker 1: the digital department store of your dreams. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. So we've
Speaker 1: talked about n f T s in the blockchain being
Speaker 1: used for works of art, so what about for luxury
Speaker 1: goods as well? We're going to broaden out the discussion
Speaker 1: to include every futurist favorite topic. We are talking about
Speaker 1: the metaverse. Well, it's top shelf brands that you know
Speaker 1: and love. They're actually starting to test the waters and
Speaker 1: what they hope could become a new type of digital marketplace.
Speaker 1: Are Bloomberg Pursuits editor Chris Rouser joins us Now, Chris
Speaker 1: um So, in the Pursuit section this week, you have
Speaker 1: a feature about a company that actually sells luxury digital
Speaker 1: goods in the metaverse. And hey, guess what, those margins
Speaker 1: are pretty good? Yeah. Yeah, when you go when no
Speaker 1: one's stitching anything, suddenly the margins look really great. Um.
Speaker 1: I mean this has to be the top, Carol, right, like, yeah,
Speaker 1: we have to look back on this, and we're talking
Speaker 1: about the idea of paying big bucks for something that
Speaker 1: do a lot of people I think they argued doesn't
Speaker 1: actually exist. Alright, So what's going on here, Chris? So
Speaker 1: you know what's really interesting is that luxury brands are
Speaker 1: famously really slow on catching up to the Internet into
Speaker 1: the digital world. They were very slow to have e commerce,
Speaker 1: they were very slow to have websites, even like even
Speaker 1: in the mid two thousands, probably didn't have a website.
Speaker 1: And now they're really tiptoeing into You talked about selling
Speaker 1: stuff like real goods online. Yeah, just likely you want
Speaker 1: to buy a bag online, you couldn't do it. And
Speaker 1: now they're selling stuff that doesn't even really exist in
Speaker 1: the metaverse, and they're selling them like Balenciaga is in Fortnite,
Speaker 1: Gucci is in roadblocks on these metaverses, which you can
Speaker 1: only imagine someone trying to explain to a bunch of
Speaker 1: executives in Italy or Paris, like why all this stuff is?
Speaker 1: So the trend is being led by some really interesting
Speaker 1: innovators who are making basically digital department stores and they're
Speaker 1: selling bags and they're selling clothes uh to people to
Speaker 1: wear in video games uh and in virtual platform social
Speaker 1: media platforms um and people are spending real money on it.
Speaker 1: So I mean, like, what do you mean real money?
Speaker 1: Like are you buying a broken bag? So rmez is
Speaker 1: not quite yet there. Expect them to be later on it.
Speaker 1: But people are spending four thousand dollars on a Gucci bag,
Speaker 1: which is more than that bag actually costs in real life.
Speaker 1: You can't put anything in that bag and actually go
Speaker 1: out to dinner with it, can you. Well, you can
Speaker 1: go out to dinner in a in a metaverse. You
Speaker 1: can go to your apartment or your house that your
Speaker 1: own in a metaverse. Remember sim City, Yeah, remember sim Power.
Speaker 1: This is for gamers, right, yes, So the root I
Speaker 1: feel like the gaming society. This feels new because a
Speaker 1: lot of people are learning about it now. But the
Speaker 1: root of wearing clothes like skins or owning objects that
Speaker 1: belong to you and have to be authentic to you
Speaker 1: is the roots are very deep in gaming and and
Speaker 1: people take what they look like in their avatars very seriously.
Speaker 1: And it was sort of blasted into the mainstream when
Speaker 1: Facebook made its announcement that it's really uh re imagining
Speaker 1: itself as meta. And Mark Zuckerberg made this video where
Speaker 1: he was changing clothes on his avatar. He was he
Speaker 1: had an apartment that he filled with his stuff, and
Speaker 1: he tried to explain how we're in in the future,
Speaker 1: We're going to have our own personal spaces. What we
Speaker 1: look like matters, and we're going to interact in these
Speaker 1: virtual worlds. You know what. Mark Zuckerberg also has though,
Speaker 1: he has like a huge beachfront property in Kawaii that
Speaker 1: exists in the real world. It's actually physics actually physically there. Yeah. Hey,
Speaker 1: um talk about the Demterialized though, because they're they're a
Speaker 1: big part of this. So the de Materialized is a
Speaker 1: British started company and they call themselves the Digital Department
Speaker 1: Store of Your Dreams. And basically what they do is
Speaker 1: they work with artists to create limit to addition products
Speaker 1: like an outfit or a bag. They do them in
Speaker 1: ranges of one to about a hundred and fifty usually,
Speaker 1: and they do drops like a like an Air Jordan
Speaker 1: sneaker drop and people race to buy the clothes. And again,
Speaker 1: you can't wear the clothes in your life, you can
Speaker 1: wear them on the platforms that they partner with like
Speaker 1: vr chat, which is a virtual reality, a social world,
Speaker 1: and it's become quite popular and they always sell out.
Speaker 1: Who are these people? And I feel like these are
Speaker 1: the people that President g Over in China is like, Okay,
Speaker 1: we have to stop this because they have so much
Speaker 1: money to spend on this stuff. Like, I don't get it, Chris.
Speaker 1: Part of why I think it's not easy to wrap
Speaker 1: your mind around is because a lot of the people
Speaker 1: who are doing this are crypto investors, and for them,
Speaker 1: the money is not it's not real the way that
Speaker 1: sort of maybe money is to me or and so speculation, yeah,
Speaker 1: speculation and having fun in these virtual worlds is a
Speaker 1: little detached from normal currency. And these are the people
Speaker 1: who are really fueling the enthusiasm for buying this stuff, um,
Speaker 1: because you know, this kind of thing matters to them
Speaker 1: and it's cool. So why do the big brand names
Speaker 1: do they just want to be part of the conversation,
Speaker 1: Like it's funny that you When I was reading this,
Speaker 1: I had put on my desk a story that came
Speaker 1: out this week about Ralph lauren latest brand, selling digital
Speaker 1: wears on roadblocks, and I'm like, wait, wait, what, what's roadblocks?
Speaker 1: What is going on? So is it because they want
Speaker 1: to make sure they're part of this conversation. They don't
Speaker 1: at least miss a trend forever how long it stays.
Speaker 1: So fashion is after our like. Fashion is probably the
Speaker 1: industry that is the most um forward thinking about this,
Speaker 1: and it's huge upside for them because they can mint clothes,
Speaker 1: they can verify authenticity by attaching their clothes to an
Speaker 1: f T. You know, authenticity has been a huge problem
Speaker 1: for fashion brands. People there's a lot of knockoffs out there,
Speaker 1: and then they can make outfits that they don't actually
Speaker 1: have to sew, and so it's a huge it's a
Speaker 1: huge margin because people will pay real money to wear
Speaker 1: these things in the metaverse or in the future, maybe
Speaker 1: in an augmented reality world where we're all wearing glasses
Speaker 1: and we look around and you know, I'm just wearing sweatsuits,
Speaker 1: but then you look at me with your augmented reality
Speaker 1: glasses and I'm wearing a fabulous cape. Um. Because because
Speaker 1: I know you like watches, you can just have like
Speaker 1: ten up your yeah exactly and then um. And you
Speaker 1: can also go back into your archives and you could
Speaker 1: rerelease you know, old old things that you designed fifty
Speaker 1: years ago. You can bring them back and release them exclusively.
Speaker 1: You don't have to you don't have to go through
Speaker 1: all the production, and you know there's just a ton
Speaker 1: of And then also you can build in resale values,
Speaker 1: so in the n f T, in the contract, you
Speaker 1: can have it so that if someone sells, you know,
Speaker 1: this Gucci back to somebody else, uh, you get five
Speaker 1: percent of that sale. And resale is a huge issue
Speaker 1: that's going on in the fashion industry that the original
Speaker 1: brands are not getting any money back, but people you
Speaker 1: don't actually get the Gucci back. Ye. Let me just say,
Speaker 1: for people who can't see Carol's face right now listening
Speaker 1: to this, what you can tell by looking at her
Speaker 1: face is there there are none of these n f
Speaker 1: T s are on her holiday shopping list. But you know,
Speaker 1: I do wonder if it's a great lesson for all
Speaker 1: of us, Timmy, you and I talked about just how
Speaker 1: much stuff we have and how we're tired of it.
Speaker 1: And so many people have had these conversations coming off
Speaker 1: the pandemic of like what, also, spend too much time online?
Speaker 1: So I don't want to spend Yeah, I sound like
Speaker 1: such a curmudgeon here, but it's it's not hitting me yet,
Speaker 1: I'll be honest. But what about the idea of so
Speaker 1: much of this week our weekend show, we're talking about
Speaker 1: the E S G space and sustainability, and I do
Speaker 1: think about Chris. I think about my immigrant grandparents. They
Speaker 1: had a few good suits, a few pairs of shoes,
Speaker 1: Like I do wonder if we're thinking about the impact
Speaker 1: of all of the stuff that we have and the
Speaker 1: impact it has on the environment, is this a way
Speaker 1: to some extent of kind of dealing with that. Yes,
Speaker 1: there's a there's a few ways that this could actually
Speaker 1: help address over supply in the fashion industry, which is
Speaker 1: a huge problem. There's like a you know, at the
Speaker 1: end of every season, there's tons of discounting and then
Speaker 1: a lot of clothes just get ends up getting destroyed.
Speaker 1: It's a huge waste. So if you so, the futurists
Speaker 1: who are who are looking at this are looking far
Speaker 1: into the future when more when they can train users
Speaker 1: to really get into this system of fashion. But imagine
Speaker 1: if you look at a virtual runway that has all
Speaker 1: these outfits, and you're a consumer and you have your
Speaker 1: avatar and it has all your sizes, and you know that.
Speaker 1: You know, you can try on clothes with your avatar,
Speaker 1: you can watch a fashion show or that looks you like,
Speaker 1: you know it'll fit you, and then that company never
Speaker 1: even has to make the clothes until you order it,
Speaker 1: as opposed to feeling. You know, however, many of the
Speaker 1: czars there are in the world, millions maybe with clothes
Speaker 1: for everyone to try on, which will never be end
Speaker 1: up being purchased, and then they just end up being waste. Eventually.
Speaker 1: People are predicting that this could address that kind of oversupply.
Speaker 1: It's crazy. And I'm also thinking about, all right, let's
Speaker 1: go on to something else that's in the magazine, because
Speaker 1: I think it's interesting because it's another big thing theme
Speaker 1: that we're talking about the real world. It's uh and
Speaker 1: it's something you and I talked about. You know. There's
Speaker 1: the great resignation going on. A lot of people are
Speaker 1: quitting their jobs. We are not. We're all at work.
Speaker 1: Somehow we're here. We are so are we addicted to work?
Speaker 1: There's a book out about this. Yes. So these two journalists,
Speaker 1: Charlie Worzel and an Helen Peterson, who is a very
Speaker 1: popular newsletter that all my friends are addicted to. UM.
Speaker 1: Basically quit their left left their workplaces in New York
Speaker 1: during the pandemic, and went to live in Montana. And
Speaker 1: they thought, Okay, you know, all the time that we
Speaker 1: spent uh commuting and stuff, we're gonna switch that up
Speaker 1: and we're gonna go skiing and hiking and and that
Speaker 1: didn't turn out to be the case. They just filled
Speaker 1: all that extra time with work in including write a book,
Speaker 1: which like maybe more productive work UM. And so they
Speaker 1: went and they looked at, uh, these sort of the
Speaker 1: flaws we have in the American work system because actually,
Speaker 1: in some European countries with more efficiency, uh, people use
Speaker 1: that time for leisure. But Americans and actually the Chinese,
Speaker 1: turns out we're not programmed that way. And so, you know,
Speaker 1: because more of us have been working remotely, they looked
Speaker 1: at all this and they saw all these complicated trends.
Speaker 1: One they call toxic individualism, which is like sort of
Speaker 1: everyone's competing with each other to show up how much
Speaker 1: they work. And then there's hierarchies where if you're not
Speaker 1: in the office, maybe it doesn't look like you're working
Speaker 1: as hard as the people who are in the office.
Speaker 1: So if you're working from home, you work more hours
Speaker 1: to seem more productive. It's you know, it's created all
Speaker 1: these structural issue is that you know, I still need
Speaker 1: to be solved. That's interesting to me about hybrid because
Speaker 1: we can talk about hybrid being the solution. But I
Speaker 1: do think that that's such a great point that are
Speaker 1: those that don't come to the office disadvantage ultimately, and
Speaker 1: so I think that's a really really important point. So, um,
Speaker 1: let's talk about first of all, Hannah Elliott. I love
Speaker 1: when she writes something and about her experience, and she
Speaker 1: talks about um Mercedes Complete ev So it's their first
Speaker 1: electric sitdan and it's about a hundred thousand dollars and
Speaker 1: Hannah put it through the most rigorous tests that you
Speaker 1: possibly could. She drove it over Thanksgiving week when all
Speaker 1: of her family came to visit. So she picked them
Speaker 1: up at the airport and you know, she drove around,
Speaker 1: she took them on tours. And then when she was
Speaker 1: at the grocery store parking lot at the Gelson's, suddenly,
Speaker 1: when she was like racing to get stuff on Thanksgiving morning,
Speaker 1: suddenly she said, wait a minute, I've had this car
Speaker 1: several days and I've forgot to charge it, and so
Speaker 1: she's like, oh no. She gets back to her car,
Speaker 1: she's like, it's going to be out of charge, and
Speaker 1: she still had a hundred miles left. Our thanks to
Speaker 1: Bloomberg Pursuits editor Chris Rouser for joining us with a
Speaker 1: look at the latest and greatest in the section from
Speaker 1: this week's issue, and that reraps up the weekend edition
Speaker 1: to Bloomberg Business Week from Bloomberg Radio. Thanks so much
Speaker 1: for joining us. I'm Carol Masser and I'm Tim Stanavak.
Speaker 1: Be sure to tune into Bloomberg Business Week Monday through Friday.
Speaker 1: It starts at two pm Wall Street Time on Bloomberg Radio.
Speaker 1: You can also watch our daily broadcast on YouTube just
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Speaker 1: dot com, and on the Bloomberg Terminal. You can also
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Speaker 1: and more. Have a great weekend, make some pizza. Just
Speaker 1: gonna say that this is Bloomberg.