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 a holiday
Speaker 1: weekend edition of Bloomberg Business Week. A cornucopia of conversations
Speaker 1: you might say as you would cover to match your
Speaker 1: feast this Thanksgiving weekend. In this hour, concerns about charter
Speaker 1: airlines inside one of the world's most influential consulting firms,
Speaker 1: Meta's digital ad dilemma brought on by none other than Apple,
Speaker 1: and at once great pandemic play tries to regain its mojo.
Speaker 1: We're going to speak to the CEO of so No.
Speaker 1: That's the fun conversation. Then in our second hour, some
Speaker 1: lighter fair as you indulge, perhaps in another slice of
Speaker 1: apple or pecan pie. How do you say it? Pecan
Speaker 1: pecan tomato tomato, Carol pecan pie, including speaking of food,
Speaker 1: Bam Emerald Legassi, renowned chef and restaurate tour also grub
Speaker 1: Hub founder Mike Evans, and then we've got the CEO
Speaker 1: b Et Scott Mills on Tyler Perry and Oprah all
Speaker 1: of that to come. We begin, though, with a word
Speaker 1: of caution as travelers take to the air this holiday season.
Speaker 1: In the current double issue of Bloomberg Business Week, Alan
Speaker 1: Levin sheds light on the dark corners of the private
Speaker 1: aviation market, specifically charter flights. This story was also a
Speaker 1: Bloomberg Big Take. Alan is Aviation safety and f a reporter.
Speaker 1: He joined us along with the editor of Bloomberg Business Week,
Speaker 1: Joe Weber. Private aviation has become almost sort of the
Speaker 1: shadow world that is very attractive. You can get places
Speaker 1: far easier, and all you need is a little bit
Speaker 1: more money than flying via normal one. And Alan's reporting
Speaker 1: here reveals that it comes with a host of problems
Speaker 1: and worries. Alan, Yeah, yeah, that's correct, um. And you know,
Speaker 1: in our world today, we can assume when you get in,
Speaker 1: if you call on Uber or you're getting a taxi,
Speaker 1: that it's sort of been vetted by the government. It's
Speaker 1: not perfect, but at least you know they're looking at it.
Speaker 1: And I think that's that assumption carries over into the
Speaker 1: charter world, not least, you know, at least in part
Speaker 1: it's due to the fact that there are lots of
Speaker 1: apps you can get that will get you a charter flight,
Speaker 1: and some people just assume it's the same thing. But
Speaker 1: unless you know what you're doing, it's really hard to
Speaker 1: tell the legitimate operators from the ones who are not licensed,
Speaker 1: and you know, in some cases are really cutting corners
Speaker 1: on safety. I'm sorry, I'm just having like ft X
Speaker 1: flashbacks and your accountability. You assume that parent has a
Speaker 1: fancy app that you know, and that it has ads
Speaker 1: that it's going to be okay. So this is really interesting.
Speaker 1: There's this also this this part in the piece, Allan,
Speaker 1: and you have just some you know, really heart wrenching examples.
Speaker 1: Marcy Wilhelm is somebody who spoke to you for the
Speaker 1: piece tell us about her experience flying privately. Yeah, let
Speaker 1: me just start by saying, I've been covering air crashes
Speaker 1: for a couple of decades now, and this is really
Speaker 1: one of the most heart wrenching ones. Marcy is was amazing,
Speaker 1: had an amazing success story. She had co founded a
Speaker 1: healthcare company and they'd sold it for almost two hundred
Speaker 1: million dollars was back in she'd been hired to be
Speaker 1: the CEO of the successor company, and um, you know,
Speaker 1: she had was going away on a long weekend to
Speaker 1: Nantucket with some friends from her house in Florida. They
Speaker 1: stopped in uh, South Carolina to pick up some some
Speaker 1: folks and the plane essentially did not have breaks. And
Speaker 1: it's a fairly big corporate jet um with high speeds
Speaker 1: compared to some other planes, and it just went screaming
Speaker 1: off the end of the runway down an embankment and
Speaker 1: broke into pieces. Killed both pilots and marsiennor your husband
Speaker 1: were both severely injured. And what investigators came to learn
Speaker 1: very quickly was that the plane never should have been
Speaker 1: in service on many different levels. For one thing, Marcy
Speaker 1: booked the flight on a legitimate charter operator, but they're
Speaker 1: required to put each and every aircraft on their certification.
Speaker 1: This aircraft was not. Beyond that, it had dozens of
Speaker 1: maintenance items that weren't complete. And the most stunning thing
Speaker 1: of all is a mechanic had noticed that the brakes
Speaker 1: weren't working, had put a bright orange placard kind of
Speaker 1: a sticky note if you will, on the brake panel
Speaker 1: right in front of the pilot's faces that said inoperable,
Speaker 1: and they still landed without the brakes and had this accident.
Speaker 1: How is this happening still? What are the blind spots here?
Speaker 1: You know? In the legitimate air charter world, I don't
Speaker 1: want to leave listeners confused. In the legitimate world, there
Speaker 1: is a ton of f A oversight. It's not perfect.
Speaker 1: Occasionally we see flaws, but they're required to everything from
Speaker 1: pilot training to drug testing employees, on and on and on.
Speaker 1: But there's twenty thousand or so private jets that are
Speaker 1: privately owned in the US. And let's say our business
Speaker 1: and you bought this jet and suddenly the costs of
Speaker 1: maintenance are adding up. You might say, well, jeez, why
Speaker 1: don't we just rent it out, you know, to somebody.
Speaker 1: And if you do that, you're not following all those
Speaker 1: safety measures that the legitimate guys do. And from the
Speaker 1: outside of the plane, it's almost impossible to tell the difference.
Speaker 1: What's your advice to folks out there who might be
Speaker 1: interested in chartering. Well, it turns out the f A
Speaker 1: a partly in a reaction to this a few years ago,
Speaker 1: be in publishing a list of all the aircraft are
Speaker 1: legitimately licensed to carry people for hire. So you can
Speaker 1: look that up. If you google f A A Air
Speaker 1: charter safety, you'll find a link to it. There's a
Speaker 1: trade group that has been very involved in this as well,
Speaker 1: and there are also several private companies that do auditing
Speaker 1: of charter companies sort of save the customer the hassle
Speaker 1: of doing that and so so there are definitely ways
Speaker 1: to figure out who's legit and who's not. That was
Speaker 1: Bloomberg News Aviation Safety and A reporter Alan Levin, along
Speaker 1: with the editor of the magazine, Joel Weber. Check out
Speaker 1: Allen's full story in the Business section of the magazine
Speaker 1: and this story it also involves members of the Hollywood
Speaker 1: Carol and political elites. Yeah, names you will definitely know.
Speaker 1: Coming up an inside look at one of the most
Speaker 1: powerful and secretive consulting firms on the planet. We're talking
Speaker 1: about McKenzie Company. You're listening to Bloomberg Business Week. This
Speaker 1: is Bloomberg. This is Bloomberg Business Week with Carol Masser
Speaker 1: and Bloomberg Quick Takes. Tim Stenovik from Bloomberg Radio. Thank consulting,
Speaker 1: and yeah, you think of McKenzie and Company. It's a
Speaker 1: firm that's nearly a hundred years old, with more than
Speaker 1: forty thou employees, a firm with an alumni network of
Speaker 1: more than thirty four thousand working in just about every
Speaker 1: business sector out there in a hundred twenty countries. Speaking
Speaker 1: of those alums, many household names, I mean Carol, We're
Speaker 1: talking people like Cheryl Sandberg, Chelsea Clinton, current CEO is
Speaker 1: all over, including a city group, Alphabet and Morgan Stanley.
Speaker 1: McKinsey itself though a household name, and it's the subject
Speaker 1: of a new book. It's called When McKenzie Comes to Town,
Speaker 1: The Hidden Influence of the World's most powerful consulting Firm.
Speaker 1: The co authors are decorated New York Times investigative reporters
Speaker 1: Walt Bogdanich and Michael Forsythe our conversation began with Walt
Speaker 1: explaining how he managed to gather information about the ultra
Speaker 1: clandestine private firm. Well, when we started, we knew it
Speaker 1: would be a challenge because Mackenzie's entire business model is
Speaker 1: based on secrecy. You know, never disclose our client lists,
Speaker 1: never dispose what they pay us um and and they're
Speaker 1: hugely powerful. I mean they have no accountability um. And
Speaker 1: what we wanted to do was look at the secretive
Speaker 1: company see what we could find and uh and find
Speaker 1: out whether you know they're they're doing good things are
Speaker 1: bad things. That's what journalists do. That's true, right, that's
Speaker 1: what they're supposed to do. UM. Well, you did get
Speaker 1: ahold of that McKenzie client list, which they do hold
Speaker 1: near and dear. So what did it as you went through?
Speaker 1: What did it reveal to you? I think we were
Speaker 1: most interested in the conflicts of interest that emerged from
Speaker 1: that list. These are conflicts of interest that would never
Speaker 1: have been known. What kind of conflicts I'm talking about? Well,
Speaker 1: you know advising you know, the biggest pharmaceutical companies in
Speaker 1: the world at the same time that they're advising the
Speaker 1: Food and Drug Administration. That would seem to be a
Speaker 1: magic problem. They were advising all the big cigarette companies
Speaker 1: at a time when they were advising the Office of
Speaker 1: Smoking in Health or Office of Smoking UM within the FDA.
Speaker 1: So those are glaring examples that we would not have
Speaker 1: learned about until if we had not obtained that list. Well,
Speaker 1: is there any type of work that McKenzie won't take
Speaker 1: these days? I think they'll say yes, Um, But I
Speaker 1: mean I won't know until I see the proof. I
Speaker 1: mean what they did and to their credit, and let's
Speaker 1: see whether they carry through on it. After a lot
Speaker 1: of the expose as that were in the media, mostly
Speaker 1: in the Times, Um, you know, they decided to change.
Speaker 1: They decided to screen their clients more carefully and to
Speaker 1: monitor them to do a better risk assessment. You know
Speaker 1: how well that's working. How you know thoroughly they they
Speaker 1: are engaged in that new policy. I hate to use
Speaker 1: the time will tell, but time will tell. One thing
Speaker 1: I did want to share is that mckensey um has
Speaker 1: actually put out a statement and it's on their website.
Speaker 1: It's in the media section, and it says, quote, a
Speaker 1: recently published book fundamentally fundamentally misrepresents our firm in our work.
Speaker 1: The book also seeks to associate our firm with events
Speaker 1: like the two financial crisis, a Major League Baseball cheating scandal,
Speaker 1: or safety incidents at a theme park that we simply
Speaker 1: had nothing to do with. Perhaps this is why the
Speaker 1: book contains more than a dozen disclaimers across these and
Speaker 1: other issues, acknowledging that our work did not cause or
Speaker 1: was not associated with the trend or event for which
Speaker 1: the authors criticize us. And I would love for maybe
Speaker 1: both of you to weigh in on this, Michael, why
Speaker 1: don't you take it first? So, Um, you know, mckensey
Speaker 1: did put out that statement that they we published the book. Um.
Speaker 1: You know, we in the book look at so many
Speaker 1: issues across the world. You know where mckensey has had
Speaker 1: a very big impact and in many cases very negative
Speaker 1: impact to South Africa, China, Saudi Arabia. UM. You know,
Speaker 1: looking at the opioid crisis, their work with tobacco companies. Um,
Speaker 1: there are so many instances where they did have a
Speaker 1: big impact. I don't think we ever would have written
Speaker 1: this book if we didn't think McKinsey made a difference. Um.
Speaker 1: And of course there are many many projects at McKinsey,
Speaker 1: many things that we never hear about because you know,
Speaker 1: they go fine and they do plenty of good work
Speaker 1: as well. But like well it often likes to say,
Speaker 1: you know, as journalists, we don't write about the aircraft
Speaker 1: that safely take off and land. We write about the crashes.
Speaker 1: And the fact is that a McKinsey, there are so
Speaker 1: many airplane crashes so to speak. And that's what we
Speaker 1: we've compiled in the book. It's it's more than just
Speaker 1: a one off incident. Hey Michael, what did you guys
Speaker 1: find about the company's financials? And you know, I think
Speaker 1: a lot of people hear about, you know, at least
Speaker 1: in my experience, I've learned about and hear about the
Speaker 1: consultants who spend four or five days on the road
Speaker 1: working on secretive projects and traveling to different places for
Speaker 1: a year at a time, for example, and maybe doing
Speaker 1: that for a few years, and then they get into
Speaker 1: their thirties and they go off and they do something
Speaker 1: else and you know, potentially become the CEO of a
Speaker 1: different company. What about the partners who stay there and
Speaker 1: how is their wealth tied to these projects? You know?
Speaker 1: So so they're very well paid, maybe not as well
Speaker 1: paid as a private equity you know partner or you know,
Speaker 1: a hedge fund manager or or the CEO of a
Speaker 1: bank on Wall Street, but you know, we're talking millions
Speaker 1: of dollars, you know, three or four million dollars for
Speaker 1: senior partners at times, so or even more so, they're
Speaker 1: they're well compensated. Um, you know, they also can invest
Speaker 1: there's an internal hedge fund called the McKinsey Investment Office
Speaker 1: where they can make and put their money as well. UM,
Speaker 1: so you know these they're well paid. But as you said,
Speaker 1: a lot of people do leave McKinsey and go on
Speaker 1: to do other things. Uh. And you know many CEOs
Speaker 1: of Wall Street Bank to see of Morgan Stanley is
Speaker 1: a former McKenzie uh consultant. Hey, well, come on back in.
Speaker 1: Tell us about who you talked to, both of you.
Speaker 1: Who you talked to you to do some of this book.
Speaker 1: A lot of I'm assuming right, former McKenzie insiders. I'm
Speaker 1: glad you asked that question, because every mackenzie consultant signs
Speaker 1: a nondisclosure agreement. That's a tall mountain for us to climb.
Speaker 1: We don't have subpoena power, but let me tell you this.
Speaker 1: We kept digging and digging, and by the end of
Speaker 1: it we interviewed nearly a hundred current and former Mackensey consultants,
Speaker 1: which I think is astounding. And the reason we did
Speaker 1: that is because Mackenzie hires by and large responsible, you know,
Speaker 1: idealistic people, the best at the schools where they recruit,
Speaker 1: and when you hire those kinds of people, and they
Speaker 1: see a difference between what they were told when they
Speaker 1: were hired and the McKenzie's actions in the real world.
Speaker 1: They get unhappy. And fortunately they were able to find
Speaker 1: our phone numbers and they called us, well, have you
Speaker 1: heard from more folks at McKenzie are formerly at McKenzie
Speaker 1: since the book came out? I would say, like in
Speaker 1: the last ten minutes, yes, Wow, from around the world.
Speaker 1: And and if they you know, at this point, you know,
Speaker 1: what are we going to do with that? I don't know,
Speaker 1: but we're certainly collecting it. And if after discussing it
Speaker 1: with our editors and we decide there's more to be written,
Speaker 1: we will write our Thanks to New York Times investigative
Speaker 1: reporters Waltoke Danich and Michael forsythe their book called When
Speaker 1: McKenzie Comes to Town, The Hidden Influence of the World's
Speaker 1: most powerful consulting firm, and it's out now, still ahead
Speaker 1: on Bloomberg Business Week. While the world's biggest social media
Speaker 1: company is seeing its digital ad dollars squeeze the hardest,
Speaker 1: there might be kind of the bigger reason that Meta,
Speaker 1: in particular ad business um it has a big hole
Speaker 1: in it and that pole is shaped like Apple. Our
Speaker 1: tech team breaks down Meta's most pressing issues. Next, this
Speaker 1: is bloom Berg Broadcasting from the financial capital of the
Speaker 1: World Bloomberg eleven Rio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine six to the country Sirius XM Channel one
Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovan on Bloomberg Radio.
Speaker 1: Last year's changes to Apple's privacy policies have shaken the
Speaker 1: foundations of the targeted advertising industry. Meta Platforms has felt it.
Speaker 1: As revenue in the third quarter total Yeah, twenty seven
Speaker 1: point seven billion. That's a lot, but it was four
Speaker 1: and a half percent lower than the same quarter in one.
Speaker 1: In the Technology section of the current double issue of
Speaker 1: Bloomberg Business Week, It's out now, online, on newsstands and
Speaker 1: on the terminal, is a story about how Meta is
Speaker 1: confronting a huge hit to its once mighty ad business.
Speaker 1: We get more from bloom Burg News Technology Reporter Alex Brinka.
Speaker 1: We've heard a lot of anger at the general economic
Speaker 1: conditions from all of the Internet companies like Meta that
Speaker 1: depend on digital ads, blaming the economy for the really
Speaker 1: bad quarters they've had over the last six months or so.
Speaker 1: I'm writing that there might be kind of a bigger
Speaker 1: reason that Meta in particulars ad business. Um, it has
Speaker 1: a big hole in it, and that pole is shaped
Speaker 1: like Apple. About a year ago, Apple changed its privacy
Speaker 1: policies for the iPhone that made ads on social media
Speaker 1: both harder to target specific people and harder to track
Speaker 1: the return on the spend on those ads. And a
Speaker 1: year in Meta has estimated that that's had a ten
Speaker 1: billion dollar hit on its pad business. And you know,
Speaker 1: myself and a lot of the analysts and insiders I
Speaker 1: spoke for this story would also argue that that's what's
Speaker 1: dragging Meta down to potentially it's there. It's third quite
Speaker 1: straight quarter of revenue declines. It's more Apple than the economy.
Speaker 1: Um and I tried to break that down for folks
Speaker 1: this week. Well, there's a stark chart included in your
Speaker 1: piece that shows how other companies are faring or projected
Speaker 1: to fair between two TikTok, according to e Marketer, has
Speaker 1: a projected change of one fifty versus Meta down at
Speaker 1: the bottom of which project a change of negative. Why
Speaker 1: is TikTok able to capitalize on something when you know
Speaker 1: they're using the same hardware in the same operating systems
Speaker 1: to deliver those ads. I think there's two key reasons.
Speaker 1: So Meta, as you mentioned Facebook, Instagram, those are metas
Speaker 1: companies have historically been based on who you know your
Speaker 1: friend graph is how they derive kind of insights on
Speaker 1: you um and plus the information that they were able
Speaker 1: to glean from Apple to make sure that advertisers are
Speaker 1: reaching the people they want to reach. Picktok. On the
Speaker 1: other hand, Um has built out an ai UM kind
Speaker 1: of focused recommendation engine that is derived on our users interests,
Speaker 1: so they know more about you than just who you know.
Speaker 1: They know who you're actually interested in. That is some
Speaker 1: of the information UM. It's not quite apples to apples
Speaker 1: that Meta has lost, So TikTok has been able to
Speaker 1: kind of really lean into this interest based recommendations. Now,
Speaker 1: the one caveat I would give is Meta is still
Speaker 1: an advertising giant. They're still expected to bran about a
Speaker 1: hundred and sixteen billion dollars in rapids this year. TikTok
Speaker 1: is only about a tenth of that. So there is
Speaker 1: some kind of youth in growth there for TikTok. But
Speaker 1: that is kind of the big reason um that folks
Speaker 1: might be looking too platforms where they can target people
Speaker 1: a little bit more effectively than maybe what's been lost
Speaker 1: on Facebook and Instagram. I gotta say, Alex, one of
Speaker 1: the lines I love in your story, you say the
Speaker 1: company has no experience managing decline. There's something to be said.
Speaker 1: I mean, this is a company that has been on fire,
Speaker 1: maybe a little bit of you know, trouble about that.
Speaker 1: I p o initially but figured it out right of
Speaker 1: the ship. But when things start to go wrong, like
Speaker 1: you might not have a playbook or the people in
Speaker 1: place to be like, well wait, how do we fix
Speaker 1: this right? And you'll remember they laid off workforce in
Speaker 1: their biggest layoff ever. So this is a company now
Speaker 1: that's going to be expected to do more with less.
Speaker 1: So this Apple thing is a big problem, But there
Speaker 1: are a lot of other problems that meta. You have
Speaker 1: the economic conditions, you have the scrutiny on the political
Speaker 1: power that Facebook and Instagram have on the world. You
Speaker 1: have this big bet that Mark Zuckerberg is making trying
Speaker 1: to build a virtual reality world called the metaverse and
Speaker 1: funneling ten billion dollars a year into that direction. So
Speaker 1: there's a lot going on there, and now it's going
Speaker 1: on with eleven thousand people, fewer than just two weeks ago,
Speaker 1: so it seems like they're really going to have to
Speaker 1: kind of buckle down. So this will definitely be one
Speaker 1: to watch as they kind of juggle both coming back
Speaker 1: from these changes that Apple forced upon their business, battling
Speaker 1: economic conditions, and trying to paint the future of computing
Speaker 1: in the metaverse. Hey, Alex, kind of want to throw
Speaker 1: a little bit of a curveball at you because it's,
Speaker 1: you know, not necessarily what your most recent pieces about,
Speaker 1: but I know you've done so much reporting about this.
Speaker 1: I'm wondering what small busin this is think of this change,
Speaker 1: because they're the ones who have done a lot of
Speaker 1: advertising historically on meta platforms including Facebook and Instagram, and
Speaker 1: now ostensibly it's more difficult for them to target their
Speaker 1: potential customers. Yep, throw those curveballs away. Um, I will
Speaker 1: say they have been okay um, they've spent more on
Speaker 1: like newspapers or buying ads on TV channel. So the
Speaker 1: big companies can do that because they have the budgets.
Speaker 1: Small businesses have kind of historically been stuck with two
Speaker 1: options basically meta or Google alphabets UM search ads when
Speaker 1: it comes to reaching customers on the Internet. So they've
Speaker 1: been the folks who basically have had to kind of
Speaker 1: go roll with the punches here, and that's also why
Speaker 1: we think there's been such a big decline in overall
Speaker 1: ad spending. That's Bloomberg News Technology reporter Alex Brinka. You're
Speaker 1: listening to Bloomberg Business Week. Coming up next, how a
Speaker 1: high end audio equipment maker is fighting for market share
Speaker 1: amid stiff economic headwinds. The number one way that new
Speaker 1: customers coming to the system is existing customers telling their
Speaker 1: friends and family. So it's a it's a powerful model
Speaker 1: in that way, and we've got a good balance between
Speaker 1: existing and new. So no CEO Patrick Spence joins us
Speaker 1: on the other side. This is Bloomberg. You're listening to
Speaker 1: Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes.
Speaker 1: Tim Stinovich from Bloomberg Radio. We'll share. Some Sons traded
Speaker 1: higher right after reporting earnings this past week, stock, though
Speaker 1: still down around forty year to date. Among the quarterly headlines,
Speaker 1: though that stood out. Fourth quarter revenue beat estimates, and
Speaker 1: analysts found the print to be quote solid well. The
Speaker 1: reaction to guidance for three was mixed, with some impressed
Speaker 1: and others seeing it as a little light. We dug
Speaker 1: into all of that and more with the CEO of
Speaker 1: son Nos, Patrick Spence. We've seen things stabilized. So we
Speaker 1: obviously took a hit back in June in terms of
Speaker 1: kind of the trajectory in our business, and so since
Speaker 1: then post pandemic, our continuation of a post pandemic reason,
Speaker 1: I think was more macro economic in terms of just
Speaker 1: generally like what consumers are doing and in the summer
Speaker 1: traveling and all of those things, and so you know,
Speaker 1: we did a bit of a reset at that point,
Speaker 1: and what we've seen in this quarter is we got
Speaker 1: it right. Our business stabilized, and we shared a few
Speaker 1: data points on the call around registrations which are kind
Speaker 1: of like the underlying activations of new son No speakers
Speaker 1: that show in fact, it's kind of we're pretty optimistic
Speaker 1: in terms of where we are right now and what
Speaker 1: we're seeing and so, um, it's stable. Uh, And that's
Speaker 1: kind of the way we we've set our guidance as
Speaker 1: we go forward, and we're not expecting, you know, things
Speaker 1: to get much worse. We're not expecting it to get
Speaker 1: much better. So we're just trying to be prudent in
Speaker 1: this kind of environment. A lot of competition in this space.
Speaker 1: You guys are still relatively small, as you point out
Speaker 1: when you join us. You know, every few months, Um,
Speaker 1: I'm wondering about who your customer is. And I think
Speaker 1: about this in the context of what we saw from
Speaker 1: Walmart Tennis. Well that's the thing. Yeah, we all that
Speaker 1: that's true, but but I'm wondering, you know, as you
Speaker 1: try to grow. You know, we see a company like
Speaker 1: Walmart report results and they say that, you know, upper
Speaker 1: middle class customers are now trading down and shopping at
Speaker 1: Walmart rather than Target. Who's your customer and are you
Speaker 1: worried about people trading down to less expensive competitors. We're not.
Speaker 1: And I'm watching during a period like this, you want
Speaker 1: to watch market share very closely, and from what we're seeing,
Speaker 1: we're gaining share in this period Um, and I think
Speaker 1: that speaks to the brand. But but we do talk
Speaker 1: about the more affluent homes that we're in, and and
Speaker 1: again you pointed it out. You know, we're so small
Speaker 1: in the grand scheme of things. We're in nine percent
Speaker 1: of the homes that we think we can be in ultimately,
Speaker 1: so we have a lot of room to go. Um,
Speaker 1: we don't you know, we don't get overly promotional. We
Speaker 1: kind of approached this in a very sustainable, kind of
Speaker 1: steady way, and so we feel like there's lots of
Speaker 1: opportunity ahead. Um. They'll be obviously ups and downs because
Speaker 1: of the economy, but overall, we feel like our customer
Speaker 1: um is stable right now from what we can see,
Speaker 1: and so we'll be watching it closely. You know, if
Speaker 1: if things change, will definitely make adjustments in our business.
Speaker 1: But right now, UM, it appears our customers are pretty stable.
Speaker 1: So you're not talking recession or thinking recession internally in
Speaker 1: terms of meetings and saying, hey guys, we're gonna have
Speaker 1: to be thinking about this now. We're watching it very carefully. UM.
Speaker 1: Obviously an economists, so I don't know whether recession or not,
Speaker 1: but it has slowed down, you know, it slowed down.
Speaker 1: We kind of took that that change in June and then,
Speaker 1: but since then it's been stable. So we haven't seen
Speaker 1: it get worse. I haven't seen it get better. Um.
Speaker 1: I do expect at some point it will get better,
Speaker 1: but I don't know if that's twelve months, eighteen months.
Speaker 1: You know, from from now as well, Patrick, who's your
Speaker 1: best customer? Is it existing customers like a Tim and
Speaker 1: myself and others who already have Sennis equipment, or is
Speaker 1: it the new guy? So we added one point four
Speaker 1: million new ones in the last twelve months, were up
Speaker 1: to over fourteen million homes now and it's remarkably steady
Speaker 1: in the sense that forty of our sales every year
Speaker 1: come from our existing customers adding more, and then the
Speaker 1: rest of it comes from new customers and so, and
Speaker 1: the number one way that new customers coming to the
Speaker 1: system is existing customers telling their friends and family. So
Speaker 1: it's a it's a pretty powerful model in that way,
Speaker 1: and we've got a good balance between existing and new.
Speaker 1: Guilty I said this all the time, and I'm guilty of,
Speaker 1: you know, buying gifts. So no gifts from my sister
Speaker 1: and my dad, who are big customers. Hey Patrick, UM,
Speaker 1: you're not an economy, you said, but you've got to
Speaker 1: make decisions based on what you think the economy is
Speaker 1: going to look like. What's headcount looking like in three
Speaker 1: Have you had to pull back and lay anyone off?
Speaker 1: Are you planning to lay anyone off? So we focused
Speaker 1: on sustainable, profitable growth before it was fashionable. So you know,
Speaker 1: we've been profitable for four years. UM. You know, we
Speaker 1: didn't get to what I say crazy in terms of hiring.
Speaker 1: You know, through these periods, we've been investing in a
Speaker 1: very disciplined way. UM. So I'd say we're kind of
Speaker 1: zigging while other zag we're still hiring people. We're looking
Speaker 1: at expanding into four new categories, and so we've been
Speaker 1: hiring people that help us actually do some things and
Speaker 1: bring some skills we don't have UM yet today. So
Speaker 1: I feel like this is one of those times where
Speaker 1: there's opportunity for us to emerge from this period even stronger. UM.
Speaker 1: And that's why we've focused on being profitable and being
Speaker 1: able to be in control of our own destiny. What
Speaker 1: does worry our own ability to execute and deliver on
Speaker 1: the new problems? CEOs in presidents say this all the time. Well,
Speaker 1: it's much more about what you can control and what
Speaker 1: you can do, so making sure we bring out I
Speaker 1: know what you mean, but it really is about our
Speaker 1: ability to get the new products out, you know, be
Speaker 1: able to do the things that we need to do.
Speaker 1: Because we can't control the economy, we can't control the consumer.
Speaker 1: All we can do is make sure that we're showing
Speaker 1: up in the best way possible and adjust accordingly. So, Patrick, innovation,
Speaker 1: how do you think about it in the space? Um,
Speaker 1: you know, we're playing in a few different areas of
Speaker 1: audio today, so about four different categories, and we are
Speaker 1: always balancing do we do something new to raise the
Speaker 1: bar in the existing category that we're already playing in,
Speaker 1: or do we expand into a new one? Um? And
Speaker 1: so we go through really an assessment of kind of
Speaker 1: where our capabilities are and the opportunities we see in
Speaker 1: the market. And uh and then we kind of you know,
Speaker 1: follow our instinct quite frankly in terms of okay, we
Speaker 1: think this is somewhere that our customers will want to
Speaker 1: go with us. And so and our story has really
Speaker 1: been you know, software eating audio. So where can we
Speaker 1: bring our system and our software and do something differentiated, uh,
Speaker 1: in a new space or in the space we're in,
Speaker 1: like raise the bar if you will. So you will
Speaker 1: see us at times bring out things that are new,
Speaker 1: like we it with the Rome like a portable speaker,
Speaker 1: and into a new area or um like we've done
Speaker 1: with Submini recently, where okay, we're going to do something
Speaker 1: different in a space we're already in, and we try
Speaker 1: then if we're doing something in the space we're already in,
Speaker 1: have a good, better, best approach to our portfolio. So
Speaker 1: we've got products for a variety of price points and
Speaker 1: customers and um, you know, different aesthetic appeals as well.
Speaker 1: Where's the room left to innovate? Uh? You know this
Speaker 1: is the thing that I think companies are always looking
Speaker 1: at and trying to understand, you know, where to go next.
Speaker 1: And in our world, you know, we really only play
Speaker 1: in about twenty billion of the audio market today and
Speaker 1: our revenue last year was one point seven so you
Speaker 1: have a lot of room in the home. But then
Speaker 1: there's a whole bunch of categories beyond that. They take
Speaker 1: us to nine billion dollars. So we're investing in the
Speaker 1: categories that we're already in, but we're as well investing
Speaker 1: in four new ones UM that we think called a
Speaker 1: lot of potential UM as well. So we're excited that
Speaker 1: we're working on those and we're looking forward to bring
Speaker 1: out those products over time too. But I mean, apart
Speaker 1: from getting smaller, batteries lasting longer, audio quality getting better,
Speaker 1: and you know, you already have speakers for what seemed
Speaker 1: like to me as a Sons customer kind of every
Speaker 1: occasion right now, I've heard that for ten years, UM.
Speaker 1: And we keep coming out with the woods that reach
Speaker 1: into you know, new customers and new ideas, and that's
Speaker 1: the fun part of the job is to come out
Speaker 1: with these products that then our our existing customers rush
Speaker 1: out and by let's no of course not our customers
Speaker 1: will go out and by and that with the tracts
Speaker 1: new ones right as well. So we're always thinking about
Speaker 1: how are we servicing those existing customers but at the
Speaker 1: same time attracting a new set of customers into the products.
Speaker 1: And so it's this you know, this balance kind of
Speaker 1: that we're doing from year to year in terms of
Speaker 1: what products we're going to bring out and how we
Speaker 1: attract more people into the system. But it is a
Speaker 1: long term view. Two right, like, I don't you know
Speaker 1: next year will be next year? For for me, the
Speaker 1: biggest thing is what happens over the next ten years.
Speaker 1: And so we're investing in software and a and all
Speaker 1: the all the kind of stuff that everybody knows is
Speaker 1: happening in tech to make sure that we can bring
Speaker 1: out products and experiences that will continue to surprise people.
Speaker 1: How do you deal with Okay, wait, two questions metaverse?
Speaker 1: Do you think about that? Um? For you? I think, yeah,
Speaker 1: I think the whole idea of augmented reality, virtual reality,
Speaker 1: there's definitely something to that and audio will play a
Speaker 1: big role. UM. So it's definitely something that we think
Speaker 1: about today. Don't know exactly what it looks like yet,
Speaker 1: but um, you know, we've we're pretty good about partnering
Speaker 1: with a variety different companies and trying to figure out
Speaker 1: our ways into spaces like that. So we're watching it
Speaker 1: very closely, all right. And I asked this of a
Speaker 1: lot of leaders of publicly health companies. Stock down for
Speaker 1: you two percent this year? How do you think about it?
Speaker 1: Wor get into the conversations, Um, how does the board
Speaker 1: kind of approach like, how do you think about that?
Speaker 1: And there's a lot of names that are beaten down,
Speaker 1: menage down. So I'm just but I'm curious. It's got
Speaker 1: to be something you keep in mind. Oh, absolutely, it
Speaker 1: has to be. And I think those that claim that
Speaker 1: they don't, I don't think are necessarily being genuine because
Speaker 1: it is a factor. And all of our people, you know,
Speaker 1: all of our people UM get compensation through restricted stock units,
Speaker 1: so that matters. UM. I feel responsibility to our people
Speaker 1: and to our investors, and so I think it's important
Speaker 1: too in these times, like really make sure you're telling
Speaker 1: your story clearly. So when we did our earnings call
Speaker 1: last night, we disclose some data points that we hadn't
Speaker 1: before around registrations inventry UM and as well future products,
Speaker 1: even about the number of categories we're going into to
Speaker 1: help people better understand where we're going. So we can
Speaker 1: always do a better job I think of telling our story.
Speaker 1: And then there then there are some things that are
Speaker 1: out of our control in terms of the markets and
Speaker 1: those kind of things. But fundamentally, you know, I do think, UM,
Speaker 1: you have to be mindful of it, and then you
Speaker 1: also have to understand you can't control it, but you
Speaker 1: can control your communications. And then the number one thing
Speaker 1: you can control is your own execution and the ability
Speaker 1: to actually deliver you know, on those things over time
Speaker 1: and build you know, build a real business. Right thirty seconds, Patrick,
Speaker 1: you're based in Santa Barbara, a very desirable place to live.
Speaker 1: Not a lot of companies based there. Do you have
Speaker 1: to overpay to attract talent or do you have to
Speaker 1: do you underpay because it is such a desirable place
Speaker 1: to be. So we uh through the pandemic, We've been
Speaker 1: hiring all over the United States. We pay the same
Speaker 1: you know, salary whether you happen to live in city
Speaker 1: A or city B. Um, as we go through it
Speaker 1: across the country, because I figured, as as we try
Speaker 1: to attract you know, the group of like amazing talent,
Speaker 1: a group of diverse talent that we can why you know,
Speaker 1: if you're doing the same job as somebody in city
Speaker 1: A versus City B, why would you be paid I
Speaker 1: need differently, right, I think at less to live in CITYB. Well,
Speaker 1: but but that doesn't mean you should get paid less
Speaker 1: for your impact at a company. So you know, like
Speaker 1: I think it should be, I'm just going double advocate. Yeah, yeah, no,
Speaker 1: I understand, But but I think a personal question, but
Speaker 1: I do think, you know, people should be paid based
Speaker 1: on the impact they're having in their organization. That was
Speaker 1: the CEO of so Nos, Patrick Spence, and that reps
Speaker 1: up the first hour of the weekend edition of Bloomberg
Speaker 1: Business Week from Bloomberg Radio. I'm Carol Masser and I'm
Speaker 1: Tim Snaneek. Ahead in our next hour, if you're still
Speaker 1: hungry after your Thanksgiving feast, world renowned celebrity chef Emerald
Speaker 1: Legazi stops by with some culinary tips and a pulse
Speaker 1: check on the restaurant business. Can I just tell you
Speaker 1: all of Thanksgiving food the day after? I kind of
Speaker 1: love it. That is the best part, Carol, all those
Speaker 1: leftoverers man turkey sandwiches. I have it for breakfast hosted pie.
Speaker 1: All right. We're also going to check in with Grubhub
Speaker 1: founder Mike Evans. He shares his story, Yeah, he shares
Speaker 1: his story turning a pizza craving into a multi billion
Speaker 1: dollar business. Also, the president CEO b Et Scott Mills
Speaker 1: on his game changing deal with Tyler Perry that needed
Speaker 1: a blessing from Oprah. 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
Speaker 1: Radio Plenty. Hen in our second hour of this holiday
Speaker 1: weekend edition of Bloomberg Business Week, including some later fair
Speaker 1: to just kind of back with relax this holiday weekend,
Speaker 1: including a conversation with celebrity chef Emerald Legassi on his
Speaker 1: latest project and the changing landscape of the hospitality sector.
Speaker 1: We'll also speak with grubhub founder Mike Evans on his
Speaker 1: groundbreaking journey into the food delivery space, and Laural Paris
Speaker 1: USA president Ali Goldstein on the company's outlook and its
Speaker 1: signature philanthropic program, Women of Worth. I was impressed by
Speaker 1: the work that they are doing. First up this hour
Speaker 1: more from the recent Bloomberg Live Growth Summit two weeks ago.
Speaker 1: You might recall we featured a conversation with Tony Vince Aquera,
Speaker 1: chairman and CEO at Sony Pictures Entertainment. From the event.
Speaker 1: Will also there with Scott Mills President CEO b et which,
Speaker 1: among other things, provides black content from black creators. We
Speaker 1: talked about a lot, including a years long pursuit of
Speaker 1: a game changing deal with one of America's most popular showman.
Speaker 1: The starting point really when we started recrafting BT for
Speaker 1: the future was entering to a strategic partnership with Tyler Perry.
Speaker 1: And and that is really the first of a number
Speaker 1: of key steps that we made to transform the ekey
Speaker 1: and it's worked really well. He's been an amazing partner.
Speaker 1: It was extraordinary challenging to pull off. Well, wait, let's
Speaker 1: talk about that. And this is I think a great
Speaker 1: lesson for everybody. This is something you thought about a
Speaker 1: long time ago, yes, and suggested it to the folks
Speaker 1: in Viacom. Yes, how many years ago? Yeah, two thousand
Speaker 1: and six, two thousand and seven was when we when
Speaker 1: when when we started we that I started evangelizing about
Speaker 1: the merits of b ET doing a partnership with Tyler Perry.
Speaker 1: And the analog that I use is that if you
Speaker 1: accept that be ET is to the black community, what
Speaker 1: say Disney is to children that when Pixar came along, right,
Speaker 1: we all know, it was hugely disruptive to Disney, and
Speaker 1: it really took them off of their game. With respect
Speaker 1: to to creating content for kids. Tyler Perry was a
Speaker 1: similar phenomena. The ET was striving. He came, he entered
Speaker 1: the television landscape, and his content was transformative, much like
Speaker 1: Pixar as animated movies were transformative. And b ET did
Speaker 1: exactly what Disney did. We tried to compete with him
Speaker 1: and what have you, and and realized that Tyler was
Speaker 1: singular in creating a particular type of content that resonated
Speaker 1: with audiences. And my view was we shouldn't try to
Speaker 1: out Tyler Tyler. We should partner with Tyler, bring him
Speaker 1: into the b ET ecosystem. Tyler, right, We should be
Speaker 1: with Tyler. We should allow him to thrive in third
Speaker 1: flourish in our ecosystem, and then the rest of the
Speaker 1: ET can do the things that it's really great at,
Speaker 1: much like Mr. Iger did with with with Pixar. Right.
Speaker 1: And eventually they stopped competing. They brought them into the ecosystem.
Speaker 1: They bought them. We did not buy Tyler. He's not
Speaker 1: for sale. To be clear, um right that Tyler? I
Speaker 1: said that, Um the U. But so you can partner
Speaker 1: with Tyler, and we brought him into the ecosystem, and
Speaker 1: in bringing him in, he has flourished in a way
Speaker 1: that exceeded all of the success that he had prior.
Speaker 1: And also be Et has flourished. And so it is
Speaker 1: very much like a Disney Pixar dynamic. But in two
Speaker 1: thousand and eight we tried to sell it in um
Speaker 1: Ultimately we couldn't get buy off at the Viacom corporate
Speaker 1: level because Tyler it was a big undertaking. And then
Speaker 1: we came back to it in two thousand seventeen. Uh,
Speaker 1: and we're able to get it done. Time for to
Speaker 1: get it done in a little bit more expensive. You know.
Speaker 1: The trick is if you don't move early and um,
Speaker 1: you know, people have extraordinary that's right, people have extraordinary success.
Speaker 1: You'll have to pay for that. Well, there's one fun
Speaker 1: nugget to this story. Because Tyler Perry actually had to
Speaker 1: break up with Oprah to do this. That's that's exactly right.
Speaker 1: That's exactly right. And I didn't have a relationship with Tyler.
Speaker 1: So when we when when in two thousand and sixteen,
Speaker 1: two thousand and seventeen, we've got a green light to
Speaker 1: go and pursue this. The issue was Tyler was in
Speaker 1: a deal with Oprah and Discovery Networks. So the issue was, Okay,
Speaker 1: it's challenging enough because when you know that, we understood
Speaker 1: he was going to come to the end of his deal,
Speaker 1: and so the view was, can you get him to
Speaker 1: not renew and come with you? And UM, So you're
Speaker 1: always comfortable competing with other companies, but you're really not
Speaker 1: comfortable competing with Oprah Winford, UM and there, and they
Speaker 1: were right and they were great friends and UM. But
Speaker 1: long story short, Tyler had a vision for what he
Speaker 1: could do in partnership with b ET and then via
Speaker 1: Common now Paramount, and he was able to articulate that
Speaker 1: vision and why he thought it was a unique opportunity
Speaker 1: to Oprah and she she generously understood and and said,
Speaker 1: we can still be friends even if you leave me.
Speaker 1: So it worked out. Were a little nervous, I mean,
Speaker 1: that's risk. It was tremendous risk. It was tremendous risk.
Speaker 1: And so what we had was extraordinary high conviction. And
Speaker 1: that conviction was anchored in all of the analysis and
Speaker 1: research that we've done with respect to really understanding how
Speaker 1: his content performed relative to under other content, relative to
Speaker 1: other price points. And it gave us extraordinary conviction that
Speaker 1: we had to use a hundred and fifty percent of
Speaker 1: that conviction that actually get the deal done. And it
Speaker 1: was understood that if it didn't work, that the consequent
Speaker 1: to this would be profound UM. But because we were
Speaker 1: so anchored in that conviction, right, I think it's fair
Speaker 1: like without question, they're they're been keep No, it's true.
Speaker 1: There's been key points where you've had to put your
Speaker 1: career on the line for these high conviction plays, high risk,
Speaker 1: high conviction plays. And I think to the credit of
Speaker 1: Bob Bakis, the CEO of Paramount, when we walked him
Speaker 1: through the logic of it, he said he saw the logic.
Speaker 1: He said he appreciated that it was it was a
Speaker 1: risky undertaking, but that the logic made sense and he
Speaker 1: supported the initiative. And actually the partnership has over delivered UM.
Speaker 1: And it then set us up for the next big
Speaker 1: idea that we wanted to take. And we said, okay,
Speaker 1: we've done that one. That one worked, here's the next
Speaker 1: big idea. That was Scott Mills. He's president and CEO
Speaker 1: of Black Entertainment Television, better known to many as b ET.
Speaker 1: Check out his full conversation with Carol. It was at
Speaker 1: the Bloomberg Growth Summit. You can find it at Bloomberg
Speaker 1: Live dot com, including his thoughts on the explosion of
Speaker 1: streaming and where b Et fits in. You're listening to
Speaker 1: Bloomberg Business Week. Coming up, cosmetics giant. Loreal's annual philanthropy
Speaker 1: competition is back and better than ever. It's really about
Speaker 1: celebrating women who were leading grassroots organizations and giving back
Speaker 1: to their communities against probably some of the most important
Speaker 1: causes out there. Loreal Paris USA President Ali Goldstein talks
Speaker 1: Women of Worth. This is Bloomberg, This is Bloomberg Business
Speaker 1: Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik
Speaker 1: from Bloomberg Radio. I gotta say I love this time
Speaker 1: for many reasons, including the pie. There is the pie.
Speaker 1: It's also when the city starts to really feel like
Speaker 1: the holidays are coming. It's always fun. It's also when
Speaker 1: you get a super uber feel good moment. Courtesy of
Speaker 1: the team over at Lorial Paris USA. They put on
Speaker 1: an event, an initiative. It's called Women of Worth. It's
Speaker 1: an annual honoring of women who are committed to improving
Speaker 1: the lives and worlds of vulnerable communities. Their philanthropy covers
Speaker 1: everything from civil rights advocacy and financial hardships for families
Speaker 1: and medical treatment to literacy and our therapy programs for
Speaker 1: kids and more. These women are recognized and then given
Speaker 1: a major assist in their mission thanks to Loreal for
Speaker 1: more back with us. As Ali Goldstein Loreal Paris USA President,
Speaker 1: we're in our seventeenth year of doing this. We will
Speaker 1: honor We honor ten women every single year, so we
Speaker 1: have a a now a an alumni web network of
Speaker 1: a hundred and sixty women. This year we will add
Speaker 1: ten more women. And it's really about celebrating women who
Speaker 1: were leading grassroots organizations and giving back to their communities
Speaker 1: against probably some of the most important causes out there
Speaker 1: UM and and our job as a brand is really
Speaker 1: to support them financially. We do give them dollars each,
Speaker 1: but it's really about giving them access awareness to everything
Speaker 1: that Loreal Paris can offer um and giving visibility to
Speaker 1: the causes that they represent and dig deeper because I mean,
Speaker 1: I've been at the event. It's really heartwarming because there's
Speaker 1: some really tough issues that are out there and some
Speaker 1: of them are people who see it firsthand or some
Speaker 1: people who just realize there's a vulnerable community and there's
Speaker 1: a way to do it better. So dig a little
Speaker 1: bit deeper to what it is because it's just unbelievable.
Speaker 1: So we we look for the causes often that people
Speaker 1: don't want to talk about, and and we look for
Speaker 1: a variety of causes. And this year actually when we
Speaker 1: surfaced and we were screening all of the applications, we
Speaker 1: had over one thousand applications for this, of which we
Speaker 1: select ten and people nominate, people nominate other summer self nominations,
Speaker 1: summer friends and colleagues that nominate the women UM. And
Speaker 1: this year we basically where we net it out is
Speaker 1: there were three big themes that emerged. One mental health,
Speaker 1: no surprise to issues related to SOI socioeconomic issues, and
Speaker 1: three a host of causes at our Supporting Children UM.
Speaker 1: And that was really this year the big themes that
Speaker 1: are merged, which I think we are so excited and
Speaker 1: proud to be helping these organizations. I want to talk
Speaker 1: about one of the winners and their accomplishments, specifically Mindy Atwood.
Speaker 1: She's got two sons who dealt with life changing illnesses
Speaker 1: at a young age, and the inspired her to launch
Speaker 1: an organization that helps families who are dealing with financial
Speaker 1: hardships for children who are in treatment and recovery as well.
Speaker 1: What what really stuck out about her story, so I
Speaker 1: think so so. Mindy's organization is called Patches of Light.
Speaker 1: And what's so great about her organization, which is similar
Speaker 1: for many others, is that it's really started through a
Speaker 1: personal challenge. You know, she faced issues where her own
Speaker 1: children were suffering as as you said, from health issues.
Speaker 1: And oftentimes what we find out is the parents are
Speaker 1: so overwhelmed by the health issues and taking care of
Speaker 1: their children that they're not able to pay their rent,
Speaker 1: pay their utility bills. And the organization really supports people
Speaker 1: who are in similar situations to what she was in,
Speaker 1: and that was sort of the impetus for her creating
Speaker 1: this organization to basically help people who need to be
Speaker 1: able to focus on their children and can't worry about
Speaker 1: continuing their jobs and paying their bills, and so it's
Speaker 1: truly grassroots. And she provides care packages, financial support, baby
Speaker 1: sitting for the siblings, whatever is needed to these organizations.
Speaker 1: And that's one really great example as you look back
Speaker 1: and you look at what some of them have accomplished. UM,
Speaker 1: how do you think about the impact that these women
Speaker 1: have had overall on so many important parts of our
Speaker 1: society and forgotten parts often. I mean, I think these
Speaker 1: women have really just brought awareness and and support for
Speaker 1: organizations that are so difficult to deal with. And many
Speaker 1: of the women in our alumni network, I mean and
Speaker 1: now hundred and sixty women have really gone on and
Speaker 1: accomplished the amazing things. We have one Nobel Prize winner,
Speaker 1: we have a few have who have received Presidential Medals
Speaker 1: of honor. I mean, we actually have a pretty good
Speaker 1: track record. We've we've identified some fantastic women, and we've
Speaker 1: also just launched, um it seems it's finally, but we've
Speaker 1: just launched a LinkedIn and alumni network because what we're
Speaker 1: also recognizing is the women themselves can help each other.
Speaker 1: So so many of the causes are become similar over time,
Speaker 1: and so the older women of worth the more seasons
Speaker 1: can help the new ones, and Lorill Paris can kind
Speaker 1: of create this network that that brings them all together.
Speaker 1: Can you talk a little bit about how in the
Speaker 1: earlier years, how the themes change to what the focus
Speaker 1: is in recent years, or but the themes are in
Speaker 1: recent years, you know, the themes themselves don't change that much, UM,
Speaker 1: although I think we're more comfortable talking about the dirtier
Speaker 1: topic what you're saying, um, you know. And and things
Speaker 1: in terms of abuse have really become front and center.
Speaker 1: Mental health has become front and center, um, you know.
Speaker 1: And then there are things that are timely. This year,
Speaker 1: one of the honorees UM is a nurse UM Shannon
Speaker 1: and Peak from Operation Happiness. So and you can imagine
Speaker 1: with COVID and the pres sure of being in hospitals,
Speaker 1: the mental health crisis that our nurses are facing. And
Speaker 1: so this organization provides support for nurses. UM that's extremely
Speaker 1: timely right now. Probably has existed for a long time,
Speaker 1: but with COVID it's rampant. UM And so we we
Speaker 1: see trends sort of come up and down depending upon
Speaker 1: what's happening in the world. All Right, we have to
Speaker 1: ask you you know this because we're at a funny
Speaker 1: time and you talk about issues, there's so many different
Speaker 1: when we last, well, yes, but there's still lots of
Speaker 1: questions about kind of the global economic environment and we
Speaker 1: feel like some things we could count on, you know,
Speaker 1: whether it was supply chains and so on and so forth,
Speaker 1: Like there's still in question. We're talking about recession. How
Speaker 1: do you guys see your global company, you deal with
Speaker 1: supply chains, How do you see it right now? I
Speaker 1: think I think we're learning to live in a very
Speaker 1: volatile world and that's the new normal that we face.
Speaker 1: You know. UM, I think generally people like beauty. We've
Speaker 1: seen over the last few months, it's been pretty resilient
Speaker 1: in UM. I can't predict what's going to happen in
Speaker 1: the next six months, but but I can tell you that,
Speaker 1: you know, there's an emotional piece of beauty and you know,
Speaker 1: doing your hair, putting on some making the pandemic, yeah,
Speaker 1: we saw you know, we see ups and downs, but generally, UM,
Speaker 1: we see, you know, a pretty decent resilience in the market.
Speaker 1: Have you seen any shift yet in the way that
Speaker 1: customers are spending? I mean, you have so many different
Speaker 1: brands at and I'm wondering if you're seeing some of
Speaker 1: the brands that aren't expensive see higher sales and essentially,
Speaker 1: you know, for lack of a better term, some customers
Speaker 1: trading down to buy those I think we see very
Speaker 1: different There's there's dynamics all over the place. So there
Speaker 1: are some group of individuals who might decide to switch
Speaker 1: from a like a department store product to a mass
Speaker 1: market product. In some cases, someone might take a break
Speaker 1: and spread their hair coloring and stretch it out a bit.
Speaker 1: Some people might decide, you know what, instead of going
Speaker 1: on vacation, I'm going to invest in a great skin cream.
Speaker 1: So there's lots of different dynamics that are happening, and
Speaker 1: and all of it takes effect, you know. And so
Speaker 1: we we have a very diverse portfolio of products of
Speaker 1: brands at all different price points. And that's our goal
Speaker 1: is to reach everyone and provide an option no matter
Speaker 1: who you are and what you can afford. That's Alie Goldstein.
Speaker 1: She's the president of Loreal Paris USA. Check out their
Speaker 1: website for more on the latest installment of their Women
Speaker 1: of Worth program. Still to come on Bloomberg Business Week.
Speaker 1: We've got a pair of food luminaries, you might say,
Speaker 1: grub Hub founder Mike Evans and then Bam celebrity chef
Speaker 1: and Malagassia Bam. That's why he's so cool. Let's stick around.
Speaker 1: This is Bloomberg Broadcasting from the financial capital of the
Speaker 1: world Bloomberg eleven Rio in New York to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one O six one to San Francisco,
Speaker 1: Bloomberg nine six to the country Sirius XM Channel one
Speaker 1: nine and around the globe the Bloomberg Business and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week with Carol
Speaker 1: Messer and Bloomberg Quick Takes Tim Stinovan on Bloomberg Radio.
Speaker 1: We've got two great guests from the world of food
Speaker 1: coming your way in our last half hour. Here. We've
Speaker 1: got Emerald Legassi in just a bit, and we're going
Speaker 1: to begin though with someone who really really brought disruptions
Speaker 1: to the food space. It's the story of how a
Speaker 1: pizza craving turned into a hobby and then became a
Speaker 1: business and then ultimately grew into a multi billion dollar
Speaker 1: behemoth that changed the way we eat Grubhubs. Mike Evans
Speaker 1: is out with a memoir called Hangry, a startup journey.
Speaker 1: Bloomberg News senior markets reporter Katie Gratfield and I asked
Speaker 1: him about the company's journey to the public markets. It
Speaker 1: was not a straight line from A to B. And
Speaker 1: that's the nature of startups, you know, every time that
Speaker 1: you you innovate something and you create something new. So
Speaker 1: that start, it was just finding all the restaurants that
Speaker 1: delivered to you, and then it became online ordering, and
Speaker 1: every time we did that, there was all sorts of
Speaker 1: other companies that copied us, and so we the only
Speaker 1: true competitive differentiator is to keep innovating to sort of
Speaker 1: stay ahead of that curve. And so ultimately we've really
Speaker 1: doubled down on customer service and by the time of
Speaker 1: the I p O we had eighty thou restaurants on
Speaker 1: the platform and uh and it was it was homming along. Mike,
Speaker 1: you're no longer involved in grubhub. You started another business
Speaker 1: since then. But I want to talk about the food
Speaker 1: delivery food delivery as a business because with the likes
Speaker 1: of Uber Eat, with the lights likes of you know,
Speaker 1: so many platforms that restaurants can choose from right now,
Speaker 1: and also the way how much it cost restaurants to
Speaker 1: actually make food. I'm wondering about the business if there
Speaker 1: is a chance for this type of thing to become
Speaker 1: profitable on a wide scale. Yeah, I think so. Grubhub
Speaker 1: was profitable before every finance thing we took. We started
Speaker 1: it without investment money and bootstrapped. It was profitable at
Speaker 1: the I p O and for eight quarters before and
Speaker 1: after the I p O. And that was at scale.
Speaker 1: And so I absolutely think that it's possible to run
Speaker 1: these companies at ad problem why isn't that happening now?
Speaker 1: Really two reasons. One is there has been pressure from
Speaker 1: public markets for companies to show growth as opposed to profitability.
Speaker 1: And so when everybody's banging that banging that drum as
Speaker 1: loudly as possible, eventually companies listen and uh. And so
Speaker 1: there's there's certainly no motivation to drive for profitability within
Speaker 1: within pull up market markets. For startups, they don't get
Speaker 1: a market cap as a result of being profitable. But
Speaker 1: maybe more importantly, as competition has entered the space, the
Speaker 1: differentiation between the different entities has really decreased. And so
Speaker 1: because of that, um the companies have to spend a
Speaker 1: lot more on marketing and re marketing back to customers
Speaker 1: that they already had, instead of enjoying loyalty and frequency
Speaker 1: um like you do when you really have a differentiated product.
Speaker 1: I want to go back to the early days of
Speaker 1: grub hub and the idea of toiling away for eighty
Speaker 1: hour weeks and the startup story there. I'm wondering when
Speaker 1: you look at the landscape this year, like what you're
Speaker 1: optimistic about, what you're excited about in terms of startups. Yeah,
Speaker 1: you know, there's this narrative that people have this go
Speaker 1: to go and get a business plan and they um,
Speaker 1: then they get this friends and family money, and then
Speaker 1: venture capitalists throw millions of dollars at them, and then
Speaker 1: suddenly their idea is a real company. And that is
Speaker 1: the extraordinarily like small percentage of businesses that are started
Speaker 1: in the United States. Um grub hub was started, we bootstrapped.
Speaker 1: We we had no investment for the first four years,
Speaker 1: and we got all the way up to just just
Speaker 1: about half a million dollars in revenue before we took investment.
Speaker 1: And so, you know, I always suggest to other entrepreneurs
Speaker 1: just start like, you don't need a ton of investment.
Speaker 1: You can you can learn almost every skill that you
Speaker 1: need to know to do is start up and do
Speaker 1: it yourself, which does take a lot of work. It
Speaker 1: does take It is a bit of a Grindum but
Speaker 1: it's a lot more Uh, it's a lot more controllable
Speaker 1: output than sort of hoping that a VC will invest
Speaker 1: in you. And so I think there's still plenty of
Speaker 1: um startup activity, entrepreneurial activity happening in the very early
Speaker 1: seed stages right now that doesn't necessarily have to depend
Speaker 1: on venture capital investment. Mike, you touch on something I
Speaker 1: actually think about a lot, because obviously on Bloomberg Radio
Speaker 1: we talked to a lot of this successful founders, the
Speaker 1: successful entrepreneur as. We don't talk to a lot of people,
Speaker 1: you know, who have tried to start something new, to
Speaker 1: create a business and it ultimately didn't work out. And
Speaker 1: I'm curious. I mean, in those four years, for example,
Speaker 1: where you didn't have necessarily investor funding, I mean, did
Speaker 1: you know that grub hub would be a success? Talk
Speaker 1: us through some of the self reflection that you went on. Yeah,
Speaker 1: I was pretty clear with my goals. Early on, I
Speaker 1: wanted to make it a funny to pay off my
Speaker 1: school debt, and then later on I wanted to create
Speaker 1: a business that really leveled the playing field for independent
Speaker 1: restaurants and its like. As I was going through that,
Speaker 1: I tried things that didn't work right. I tried things
Speaker 1: that did work, and I tried things that it didn't.
Speaker 1: And because of that, because it's the nature of innovation
Speaker 1: is experimental, you have to be willing to quit the
Speaker 1: things that aren't working. You have to put the work
Speaker 1: in on the things that might work and that are working.
Speaker 1: But it's really important to not get a blind spot
Speaker 1: and just get stuck in beating your head against something
Speaker 1: where it's it's just not working out. And and that like,
Speaker 1: that was the nature of the thing that I really
Speaker 1: learned in those first few years. Um and in venture
Speaker 1: capital can hide that if you have enough cash to
Speaker 1: not make tough choices, then you don't you don't necessarily
Speaker 1: have as much motivation to stop the things that aren't working.
Speaker 1: That was grubbub founder Mike Evans with me and Katie
Speaker 1: Greifeld his memoir Angry, a Startup Journey is out now.
Speaker 1: All right, you're listening to Bloomberg Business Week, still ahead.
Speaker 1: All of a sudden, the camera people, you know, they
Speaker 1: need all this food. All of a sudden, I'm like,
Speaker 1: I'm losing them. And so Bam came about waking everybody
Speaker 1: up to like, yes, can I get your attention everybody,
Speaker 1: and Real Legassi is up next. This is Bloomberg. You're
Speaker 1: listening to Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes. Tim Stinovich from Bloomberg Radio. I getta say,
Speaker 1: we've been blessed with having the best of the best
Speaker 1: when it comes to the world's great chefs visiting and
Speaker 1: talking with us in our teams at Bloomberg. That includes
Speaker 1: someone who is one of the original iconic chefs. Emerald
Speaker 1: Legassi is a world renowned chef and restaurateur. He's the
Speaker 1: host of Emerald Cooks and Emerald Tailgates. It's on Roku.
Speaker 1: He stopped by our studio here at Bloomberg Headquarters to
Speaker 1: talk about the state of the restaurant at Business the
Speaker 1: Big Easy in his four decade long career in the kitchen,
Speaker 1: it's been a few years and a lot of content
Speaker 1: and it continues. You know. It's just like it doesn't stop,
Speaker 1: because the restaurant business doesn't stop. If once you stop,
Speaker 1: then the customer stops, the excitement stops. You know, the
Speaker 1: creativity has to keep going on and you have to
Speaker 1: keep driving every single day. So that's that's the message
Speaker 1: of the staff every day. Let's get up today and
Speaker 1: let's try to do a little bit better than we
Speaker 1: did yesterday. And let's make it exciting so that the
Speaker 1: guests are excited to come back. Well, it's interesting. I mean,
Speaker 1: I mean, I want to get back to the program
Speaker 1: in the show and in just a minute. But before
Speaker 1: we do that, I want to get an update from
Speaker 1: you about what's been happening over the last couple of years. Um.
Speaker 1: Because when we do sep then and speaking of sometimes
Speaker 1: things do stop. And we saw the world shut down
Speaker 1: during the pandemic. And know that the fact the restaurant
Speaker 1: industry so much, you had to close some restaurants during
Speaker 1: the pandemic. Talk about what the last two and a
Speaker 1: half years were like for you. I you know, I
Speaker 1: was closed for a little over two years. Um uh
Speaker 1: do you ever think about that? It's amazing. But you know,
Speaker 1: there's good, there's good and bad. Right, So a good
Speaker 1: thing is is that it gave me a chance to
Speaker 1: really be at home, which I never really had a
Speaker 1: lot of time to be at home with the family.
Speaker 1: It gave me a chance to really sort of dig
Speaker 1: in my inner soul to say, okay, where are we here?
Speaker 1: And you know, where do we want to go and
Speaker 1: how are we going to get there? Because some things
Speaker 1: are great and some things on so great, and so
Speaker 1: what happens to close seven restaurants? Um, we have five
Speaker 1: open now, not counting the amazing UH B Strow at
Speaker 1: sea at Carnival Cruise Line. Soon to be two. We're
Speaker 1: going to do our second uh EMERALDT. B. Strow on
Speaker 1: a new ship called Celebration. First restaurant is on Mardi Gras.
Speaker 1: Go figure. But getting back to the restaurant business, it
Speaker 1: was it was a difficult time because here's no revenue
Speaker 1: coming in. But I kept my staff for the five restaurants. So, um,
Speaker 1: you know that's expensive, very expensive, and obviously a very
Speaker 1: big commitment to the communities that were in too. In
Speaker 1: Las Vegas. How many people is that? Well, I went
Speaker 1: from a little less than eight staff members right now
Speaker 1: we have just a little under eight hundred. So but
Speaker 1: I don't know where they went. That's that's the other thing.
Speaker 1: You talked to the restaurant tours and chefs. It's like
Speaker 1: you know, the label pool out there, talked to Danielle,
Speaker 1: talked to Ericapare, etcetera. Where do they go? It's like,
Speaker 1: you know, I talked to my doctor friend. He's having
Speaker 1: trouble getting a nurse. You know, it's just it's crazy.
Speaker 1: We've talked about it with economist market watchers. It's just like,
Speaker 1: how is it persistently that so many people have just
Speaker 1: kind of left the workforce and state of it and
Speaker 1: some of it I get of retirees and sort of something,
Speaker 1: but that's not necessarily the case. But you know what
Speaker 1: his His's the thing is that, um, the majority of
Speaker 1: those people went retirees or even close to being retirees.
Speaker 1: They were you know, they were young people twenties, thirties, forties,
Speaker 1: right that you know, still had a lot in them
Speaker 1: and a lot more to go. But I just don't
Speaker 1: it's it's so difficult these days, Uh, staffing supplies, purveyors.
Speaker 1: I mean, it's still you still today. I mean we're
Speaker 1: we are working on a renovation project right now, and um,
Speaker 1: you don't have to order stoves like a year in advance,
Speaker 1: you know, ten months in advance. Because it used to
Speaker 1: be like you could pick up the phone, O case,
Speaker 1: six months, six weeks, you know, boom. Now now it's
Speaker 1: it's not like that at all. It's it's all the
Speaker 1: way around. So it's still those persistent problems. It's it's
Speaker 1: it's difficult operating out there. But you know what what
Speaker 1: you have to do is you gotta pull back the
Speaker 1: reins and you gotta go back and say okay, and
Speaker 1: then you got to go to the team and say, right,
Speaker 1: how are we going to do this better? And how
Speaker 1: are we you know, we've already passed survival, right, so
Speaker 1: we're already passed that stage. Gate one is gone, so
Speaker 1: you know, how how we how are we going to
Speaker 1: get there? I have to say, I'm in the k
Speaker 1: on Twitter is saying please tell him my wife and
Speaker 1: I missed his restaurant in the South Beach. Yes, yes,
Speaker 1: we had a great restaurant, a couple of great restaurants
Speaker 1: in Orlando as well. But you know that you gotta
Speaker 1: do what you gotta do, said Bam. I'm just gonna
Speaker 1: tell you. I'll make it. I'll make the story really
Speaker 1: quick ready, Because there's there's a lot that we do.
Speaker 1: Back in the old days when I was doing Essence
Speaker 1: of Member, we're doing eight shows a day, and so
Speaker 1: you guys know television, it's unheard of to do eight
Speaker 1: shows a day. Okay, unheard of. Right. So being a
Speaker 1: food show, we do three four shows, try and get
Speaker 1: for lunch, we had we had what we called a
Speaker 1: shift table, so all the food that we cooked, we'd
Speaker 1: put on that table because the staff wanted to eat it.
Speaker 1: That's that's that's why I would be yeah, that's all right.
Speaker 1: So we would come back after after the break, and
Speaker 1: all of a sudden, it was a very tiny crew,
Speaker 1: you know, four camera, one stage person, people in the
Speaker 1: control room, etcetera. And all of a sudden the camera
Speaker 1: people out, you know, they need all this food. All
Speaker 1: of a sudden, I'm like, I'm losing them. And so
Speaker 1: Bam came about waking everybody up to like, yes, can
Speaker 1: I get your attention everybody, because we've gotta we got
Speaker 1: three more shows to do. Work. It did, all right.
Speaker 1: We want to talk about crew ships. I want to
Speaker 1: go back there because you guys you got deals with
Speaker 1: Carnival and your food, your restaurants. Right, it's my It's
Speaker 1: really my food, and it's a it's a remarkable experience
Speaker 1: working with the staff. You know, first of all, it's
Speaker 1: worldwide people, so they're from all over the world. The
Speaker 1: kitchen staff predominantly is from India. Um, it's been an
Speaker 1: absolute pleasure working with them. Of course I'm a huge
Speaker 1: fan of the president, Christina, and of course Arnold, who's
Speaker 1: really a driving force. But it's been a remarkable, remarkable
Speaker 1: experience working with them because it's not just about like, Okay, here,
Speaker 1: here's a dish that you can do. It's about training,
Speaker 1: training manuals, working with the kitchen team, the food and
Speaker 1: beverage team, and then doing a really really awesome job
Speaker 1: executing because what they do really well is execute well.
Speaker 1: How do you So, how do you do that when
Speaker 1: it comes to consistency in a floating city as you've
Speaker 1: described it before, Carol, but also you know in Las
Speaker 1: Vegas and Florida, how do you do it? Yeah? So
Speaker 1: it's it's not easy, but you know what, Um, you know,
Speaker 1: I've been, I've been to the route where I've had many,
Speaker 1: many restaurants, and obviously since the pandemic and by choice,
Speaker 1: I've really tailored that down to now where it's manageable.
Speaker 1: Great people, great team. Can't win a Super Bowl without
Speaker 1: a great team, right, It's not just a quarterback, So
Speaker 1: you can't. You can't. You know, you've gotta have a
Speaker 1: great team. And great leadership. Um so, um, you know,
Speaker 1: I just tried to remind the staff every day that
Speaker 1: we're going to get up and we're gonna do a
Speaker 1: little bit better than we did yesterday. And um, it's
Speaker 1: it's a constant it's a constant movement. It's every day
Speaker 1: we're just pushing and pushing and pushing, whether it's service
Speaker 1: or whether it's the food, the seasonal menu, etcetera, etcetera.
Speaker 1: It's just it's it's a constant, constant push. But once
Speaker 1: you're in it, and that's I've been in it since
Speaker 1: I was ten years old, so you it's very hard.
Speaker 1: Once it gets in your blood, it's very hard to
Speaker 1: you know, to you know, I thought at times that
Speaker 1: I wanted to do something else. Wow, I'm gonna become
Speaker 1: a wine guy, you know, gonna you know whatever. It's No,
Speaker 1: it's not gonna happen. No, No, it gets into it
Speaker 1: gets in your blood. And uh, you know, I have
Speaker 1: I have four kids. Um My son is the only
Speaker 1: one interested in the business. And uh, the girls are
Speaker 1: just kind of ons a c p A you know
Speaker 1: once Uh also valuable when you're running a business. Yeah,
Speaker 1: you know, one does a cup massage the other one
Speaker 1: is a senior in high school soon to go to college.
Speaker 1: So they're interested, but they're not interested. And you know,
Speaker 1: many times the girls have told me, you know, dad,
Speaker 1: why do I want to do this? It's that's that's
Speaker 1: too much work. Okay. What do you cook at home
Speaker 1: when you're with your whole family? It depends. I'm a
Speaker 1: very seasonal kind of weather kind of guy. I love seafood,
Speaker 1: I love fish, so that's usually what kind of comes
Speaker 1: to the top. But it could be a great roast chicken,
Speaker 1: it could be bowl as, it could be uh, you know,
Speaker 1: it could be after after spending. But after spending they
Speaker 1: have more out there, by the way, spending twelve hours,
Speaker 1: you know, shooting cooking. Do you actually want to come
Speaker 1: home and cook? What do you order out? Very very rarely,
Speaker 1: I don't need I don't really eat fast food, and
Speaker 1: I don't really very very occasionally do we order out?
Speaker 1: Mostly Vietnamese food in New Orleans has such an incredible
Speaker 1: Vietnamese population and such incredible Vietnamese food, So that's really
Speaker 1: I guess that would be called ordering out, I guess right.
Speaker 1: And having far and bombies and and rolls, you know,
Speaker 1: spring rolls, delivered to your house. Maybe that that's ordering
Speaker 1: love New Orleans. I do. Yeah, Well, I moved there
Speaker 1: in a D two to take over Commander's Palace. I
Speaker 1: fell in love with the city, the architecture, the music.
Speaker 1: Of course I have a little slight background in music,
Speaker 1: so that that appeal. Yeah. Later, um, and then all
Speaker 1: of a sudden, I just fell in love. The food
Speaker 1: is just it's one of America's greatest food cities. In
Speaker 1: my opinion, I think people in New Orleans, even after
Speaker 1: the pandemic, eat dollar for dollar the better than most
Speaker 1: places in the world, and certainly in this country. Uh.
Speaker 1: It has you know, hundreds of years of traditions, so
Speaker 1: you know, it's not just about Creole and Cajun and
Speaker 1: so there's a lot of history. There's a lot of
Speaker 1: tradition there and now you know, you add all of
Speaker 1: the ingredients and techniques from other ultures that are influencing
Speaker 1: you know, the city beside you know, the Cajun and
Speaker 1: Creole aspect of it, and it's really really just a
Speaker 1: remarkable food shuitio our thanks to celebrity chef Emerald Lagassi
Speaker 1: for joining us in studio. He's host of Emerald Cooks
Speaker 1: and Emerald Tailgates on Roku. Alright, that wraps up the
Speaker 1: Thanksgiving special weekend edition of Bloomberg Business Week from Bloomberg Radio.
Speaker 1: Thank you so much for joining us in our thanks
Speaker 1: as always to Bloomberg's Katie Greifeld for helping us out
Speaker 1: as well. I'm Carol Masser and I'm Tim Stanovik. Be
Speaker 1: 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
Speaker 1: search Bloomberg Global News and check out our Bloomberg Business
Speaker 1: Week podcast. You can find that at Bloomberg dot com, Apple,
Speaker 1: or wherever you get your podcasts. Bloomberg Business Week is
Speaker 1: available on newsstands now, at Bloomberg dot com and always
Speaker 1: on the Bloomberg Terminal. You can also see us on
Speaker 1: Bloomberg Quick Take, available at Bloomberg dot com, slash qt,
Speaker 1: and streaming platforms like Roku, Apple TV, Samsung TV, and more.
Speaker 1: Have a great weekend, everyone. Have another piece of hie
Speaker 1: in Stacy. This is