Speaker 1: This is Bloomberg Business Week Inside from the reporters and
Speaker 1: editors who bring you America's most trusted business magazine, plus
Speaker 1: global business finance and tech news as it happened. Bloomberg
Speaker 1: Business Week with Carol Messer and Bloomberg Quick Takes Tim
Speaker 1: Stinevin on Bloomberg Radio. Hello, and welcome to the weekend
Speaker 1: edition of Bloomberg Business Week. I'm Tim Stannavat. Carol Masser
Speaker 1: is off this week. Coming up on the show, We're
Speaker 1: going to hear from venture capitalist Kai Fu Lee, chairman
Speaker 1: and CEO of Signovation Ventures on his new fiction book,
Speaker 1: A Ten Visions for Our Future. We're also gonna take
Speaker 1: a look at what impact an infrastructure bill could have
Speaker 1: on cryptocurrencies, plus how Peter Teal games tech, Trump and
Speaker 1: the i R s to make billions all tax free.
Speaker 1: It's this week's cover story. All of that to come,
Speaker 1: but we begin with Bloomberg Business Week's annual ranking of
Speaker 1: best business Schools. It's the Best B Schools one and two,
Speaker 1: and perhaps not a surprise that the one that comes
Speaker 1: out on top. Katie Greifeld and I spoke with the
Speaker 1: editor of Bloomberg Business Week, Joel Weber, also Bloomberg's managing
Speaker 1: editor for diversity. Do we do a drum roll, Joel?
Speaker 1: Why not roll Stanford? Stanford? Repeat? Uh? Not a Stanford
Speaker 1: not coming as a surprise to anyone who follows business
Speaker 1: schools closely, I think well, and and it has been
Speaker 1: one that, um, we've had them at the top before,
Speaker 1: they've been knocked off the top of four. Um, but
Speaker 1: they are back on top. Another one that has been
Speaker 1: kind of a sleeper and has and has repeatedly shown
Speaker 1: up in our rankings as Dartmouth's Tuck that came in
Speaker 1: number two, and then Harvard at number three to around
Speaker 1: out the top three. Uh. Business Week has long been
Speaker 1: known for its business school ranking thirty plus years that
Speaker 1: we've been been doing this. Um, so we and I
Speaker 1: think the thing that we've really uh doubled down on
Speaker 1: and and UH props to Caleb Solomon, who has been
Speaker 1: one of the main architects of this is we've really
Speaker 1: like leaned into the data and the surveys, We talked
Speaker 1: to hundreds and hundreds of students and let that inform
Speaker 1: so much of what ends up being part of the ranks.
Speaker 1: Alumni to alumni is a huge part of it. And
Speaker 1: then this year, which is I think really exciting and
Speaker 1: and I can happily share the mic care is that
Speaker 1: we've look, we're always looking for ways that we can
Speaker 1: make this ranking be more full throated even and this
Speaker 1: is an example of it. We've added a significant amount
Speaker 1: of diversity into that. Uh. So, so, Jeff, let's bring
Speaker 1: you in how did you uh, how did you grapple
Speaker 1: with that in all the articles and stuff that you
Speaker 1: got to write in in uh accompanying the ranking. Well,
Speaker 1: it's kind of interesting. There's sort of two things going
Speaker 1: on at the at the top level, sort of the
Speaker 1: macro look. The schools are surprisingly not diverse. Um, I
Speaker 1: guess we're not. Surprisingly they kind of mimical you see
Speaker 1: in the C suite in terms of when you look
Speaker 1: at college overall and graduate school overall, it tends to
Speaker 1: be sixty forty women to men, and when you look
Speaker 1: at the school it's flipped where women are still in
Speaker 1: the minority and with gender, I mean, with with race
Speaker 1: and ethnicity. You still see the applicants lagging where they
Speaker 1: should would be in the population based on where they're
Speaker 1: in the schools, which is that's more of a universal
Speaker 1: truth across all education. But it was interesting kind of
Speaker 1: look at what's working and how different the rankings are
Speaker 1: when you compare the best schools for diversity to the
Speaker 1: best schools in the ranking. Your top three schools were
Speaker 1: not in the top ten of the ranking that I
Speaker 1: was writing about. They were, however, in the top twenty.
Speaker 1: So Jeff. When it comes to diversity, for the universities
Speaker 1: that aren't doing so well in terms of the diversity
Speaker 1: of their student bodies, do they seem concerned about it?
Speaker 1: Are their efforts underway at these universities and colleges to
Speaker 1: improve on their diversity measures? Yeah, I mean we I
Speaker 1: actually went out of my way to view the last
Speaker 1: place school um Uyu. And you know, even they're just
Speaker 1: in this their last sort of round of employee reviews.
Speaker 1: Every employee at the BIS school has to say what
Speaker 1: did you do in the last year to improve diversity
Speaker 1: and what are you going to do in the in
Speaker 1: the next year. And they have a checklist of all
Speaker 1: the kinds of things they consider, like three pages of
Speaker 1: things they could be doing depending on their job in
Speaker 1: various aspects of the university, recognizing that they can't just say,
Speaker 1: you know, that's something that's not our thing. Or whatever
Speaker 1: nobody says, just as nobody says in corporate America, diversity
Speaker 1: is not really our priority. It's it's clearly top of minds,
Speaker 1: particularly in the last year and a half. Jeff, you're
Speaker 1: managing diversity reporter. We've gotten to talk to you a
Speaker 1: lot here on Bloomberg Business Week Radio and Bloomberg Quick
Speaker 1: Take about the way that the C suite is or
Speaker 1: is not diversifying, the way that diversity efforts are are
Speaker 1: not working at America's publicly traded companies. Who's doing a
Speaker 1: better job US companies are US business schools when it
Speaker 1: comes to the big US companies versus Big U S
Speaker 1: NBA programs. Definitely big US companies, But I think the
Speaker 1: pressure is differently at different I mean the big the
Speaker 1: top one companies in the SUP you know, can't hide
Speaker 1: UM and they're under like really direct pressure to do
Speaker 1: something different, and they're the top one D companies and
Speaker 1: people want to work there. It's it's an easier sell.
Speaker 1: Where I think there's some issues in the way that
Speaker 1: enrollment works and how people come into colleges um into
Speaker 1: business school that kind of restrict the pipeline and to
Speaker 1: some degree is maybe even more challenging, unfortunately in in
Speaker 1: the NBA world than it is in the corporate world.
Speaker 1: But but I would like to say one of the
Speaker 1: things I found really interesting that is a really big
Speaker 1: opportunity that corporate Americas should be looking at is a
Speaker 1: lot of these programs are like a hundred students are less.
Speaker 1: And in US, if you have a program that has
Speaker 1: a hundred students or less and it comes anywhere near
Speaker 1: reflecting the diversity of America, this is a great laboratory
Speaker 1: for even much jority executives to learn about what the
Speaker 1: future holds for for for business. So you should really
Speaker 1: be looking at the graduates from these smaller schools who
Speaker 1: are in diverse programs as as maybe somebody who's kind
Speaker 1: of been there, done that, where if you get to
Speaker 1: one of the big schools with a thousand students, you
Speaker 1: can still kind of stick to your own. That's a
Speaker 1: Bloomberg's Jeff Green and Joel Webber, the editor of Bloomberg
Speaker 1: Business Week. Coming up, we're gonna look at crypto banking
Speaker 1: with the CEO of Vast Bank. You're listening to Bloomberg
Speaker 1: Business Week. This is Bloomberg. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Bloomberg Quick Takes. Tim Spinovik from
Speaker 1: Bloomberg Radio, Walmart and a press release distributor are investigating
Speaker 1: a hoax tying the retailer to a supposed cryptocurrency deal
Speaker 1: after an announcement later determined to be false that caused
Speaker 1: a surge in light coin. For more on this and
Speaker 1: all things do Currencies, I, along with Bloomberg's Creedy Gupta,
Speaker 1: spoke with Brad Scrivener, the CEO of Vast Bank. It's
Speaker 1: the first bank in the country to offer crypto banking. Brad,
Speaker 1: what went through your mind earlier this week when when
Speaker 1: you saw those headlines? You know, when you see things
Speaker 1: like that, you know that crypto has certainly arrived, right,
Speaker 1: I mean for it to pop up on the headlines
Speaker 1: like that, and uh, you know, where we are a
Speaker 1: national bank, we're highly regulated, We're going to do the
Speaker 1: right things and uh, you know for us, I feel
Speaker 1: good to be positioned where we are, uh and knowing that,
Speaker 1: like I said, we're going to do the right things
Speaker 1: when it comes to the crypto markets. But I do,
Speaker 1: Brad wonder if it you know, there's this fight for legimnacy.
Speaker 1: I think when it comes to the crypto community, and
Speaker 1: correct me if I'm wrong, but it certainly seems like
Speaker 1: that that fight is continuing, and I'm wondering if if
Speaker 1: this type of thing sets that that that fight for
Speaker 1: legitimacy back. I think you're hitting on a really key
Speaker 1: point here, and some the research shows this right there.
Speaker 1: There are those crypto curious out there, there are those
Speaker 1: institutions out there, and what they're looking for is some certainty.
Speaker 1: They're looking for the things that here in the United
Speaker 1: States that we have, which is, you know, a a
Speaker 1: legal way to participate in these types of things. So
Speaker 1: that's why as a national bank, I think this is
Speaker 1: a really good thing. Those folks that are crypto curious,
Speaker 1: they would like to participate, but they're just not going
Speaker 1: to go out there and opening up an account with
Speaker 1: someone that that they may not know. Uh. You know,
Speaker 1: we've been around for thirty nine years, highly regulated from
Speaker 1: the Office of the Controller of the Currency, and I
Speaker 1: think it's things like that that are going to give
Speaker 1: institutions and individuals greater confidence to be able to come
Speaker 1: into the market to the extent that they want to. Well,
Speaker 1: that's interesting that you mentioned that there is is this
Speaker 1: kind of desire for for people to use this more broadly.
Speaker 1: But what's it going to take to get that kind
Speaker 1: of normalcy that perhaps the dollar, the gold, that other
Speaker 1: other currencies really have here at a time when you
Speaker 1: do actually have some major companies PayPal, Venmo, um Tesla
Speaker 1: that have come out and actually supported the currency. Overstock
Speaker 1: is another one, So how what is it going to take?
Speaker 1: Who do you need the bit from? Judging from the
Speaker 1: reaction that we've had since our announcement, you know, as
Speaker 1: the first national bank to to come out with this
Speaker 1: capability to purchase directly from your account, okay up to
Speaker 1: eight current cryptocurrencies. So I think folks are out there
Speaker 1: looking for certainty, and we had people contacting us saying, hey,
Speaker 1: we want to participate, but we were waiting for a
Speaker 1: national bank to get involved because there's this expectation that, um,
Speaker 1: we are highly regulated. We do have people that are
Speaker 1: that are reviewing us regularly, uh and in terms of
Speaker 1: our our regulators. So I think this is a really
Speaker 1: really good first step. And when the O c C
Speaker 1: came out with the interpretive letter that said that this
Speaker 1: was an acceptable activity, meaning custody of a of a
Speaker 1: crypto assets. You know, that was a really good first step,
Speaker 1: and I think it's good for our country to bring
Speaker 1: this into a regulated banner and people will have greater confidence. Probab.
Speaker 1: Let me follow that up with asking about the bank specifically.
Speaker 1: How exposed is the bank specifically to crypto as opposed
Speaker 1: to as opposed to simply through your clients. Well, when
Speaker 1: you say exposed to crypto, we do not bring on
Speaker 1: crypto assets directly onto our balance chiefs, so there would
Speaker 1: be no exposure, uh, in terms of safety and soundness
Speaker 1: like that. You know, I've used this analogy before. Think
Speaker 1: about you know, what's going on like a safety part
Speaker 1: a box, right, everybody's familiar with that inside of your
Speaker 1: your bank. Well, that's the equivalent of like the digital wallet,
Speaker 1: and those digital currencies inside of that safety deposit box
Speaker 1: are yours, just like if you are storing you know,
Speaker 1: jewelry or whatever the case may be inside of a
Speaker 1: safety deposit box. So the value of that going up
Speaker 1: and down, that is the customer's responsibility to understand those pieces.
Speaker 1: But the bank directly is not exposed to that volatility.
Speaker 1: The bank has been around since so it's not new,
Speaker 1: even though many people listening right now, probably haven't heard
Speaker 1: of it because it is a local bank. I'm wondering,
Speaker 1: as the CEO of the company, how you're thinking about
Speaker 1: turning this bank's local profile into a national profile as
Speaker 1: you adopt cryptocurrency. Yeah. So we're a family owned bank
Speaker 1: like they've been around thirty nine years. And at the
Speaker 1: end of the day, we know customer preferences have continued
Speaker 1: to change. Technology has changed rapidly, so we knew we
Speaker 1: needed to be able to remain relevant to those ever
Speaker 1: changing customer needs. And uh we may had a partnership
Speaker 1: that we put in place starting in with S A P.
Speaker 1: So we came the first bank in the country to
Speaker 1: do the S A P banking services starting them and
Speaker 1: then in when Mr Brooks in the O c C
Speaker 1: made the announcement that under our charter, national banks could
Speaker 1: custody crypto assets, we were positioned with a technology stack
Speaker 1: that enabled us to pivot and then be able to
Speaker 1: bring forward to the custody of these digital assets. I'm
Speaker 1: wondering right now, what portion of your bank is made
Speaker 1: up of people doing you know, quote un traditional banking
Speaker 1: not involving cryptocurrencies, versus people who do crypto banking yeah,
Speaker 1: so we've had a really strong update. We are in
Speaker 1: all fifty states, uh in terms of the digital assets
Speaker 1: side with the bank, also in the in the territories
Speaker 1: Puerto Rico, Guam, and d C. And we've only been
Speaker 1: at us for two weeks, so we feel really good
Speaker 1: about that now. Obviously, from a revenue standpoint, the traditional
Speaker 1: bank still dominates that side of the revenue stream, but
Speaker 1: we're very pleased with the folks that have come on.
Speaker 1: And you know it's in the app stores right now,
Speaker 1: so app Store, Google Play, you can go downloaded and
Speaker 1: basically within five minutes to be ready to go. Where
Speaker 1: are you seeing the interest coming from? Geographically here in
Speaker 1: the U S? Where are most people signing up from?
Speaker 1: You know, we're California, New York, UM, Texas, Oklahoma, clearly
Speaker 1: that's our backyard and Florida would be the top five
Speaker 1: from memory right now, we've got a real time recording
Speaker 1: system that shows us as you know. In fact, if
Speaker 1: you guys wanted to sign up right now, I could
Speaker 1: see it as you as you came on. What's cryptocurrencies
Speaker 1: are you seeing as the most popular in your accounts?
Speaker 1: Bitcoin has been the top one, Ethereum and then Cardono.
Speaker 1: I believe I heard like coin earlier was the you know,
Speaker 1: the Walmart announcement. That's that's one of them as well, right,
Speaker 1: the one that what didn't end up being we should
Speaker 1: note it wasn't a real announcement. Yeah, that's the fake
Speaker 1: announce Yeah, thank you. Right. Yeah. So file coin, orchid
Speaker 1: algorand in bitcoin cash, those are the I think I
Speaker 1: named the eight. That was Brad Scrivener, the CEO of
Speaker 1: vast Bank. Still ahead on Bloomberg Business Week, we stay
Speaker 1: in the crypto space and look at how the infrastructure
Speaker 1: bill could impact digital currencies. This is Bloomberg broadcasting from
Speaker 1: the financial capital of the world, Bloomberg you live in
Speaker 1: Frio in New York, to Washington, d C. Bloomberg to
Speaker 1: Boston Bloomberg one oh six one, does San Francisco, Bloomberg
Speaker 1: nine sixty to the country Sirius XM Chado one nine ten,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week. One way
Speaker 1: that lawmaker is proposed to pay for the one trillion
Speaker 1: dollar infrastructure bill that the Senator approved last month is
Speaker 1: by imposing tax reporting requirements for cryptocurrency brokers the same
Speaker 1: way stockbrokers report its customer sales to the I r S.
Speaker 1: It could open the way for tighter regulation in the
Speaker 1: crypto space. It's something that the Biden administration is moving toward,
Speaker 1: as it also pushes for tax compliance for more I
Speaker 1: along with a Bloomberg Quicktake. In Bloomberg News process at
Speaker 1: reporter Katie Greifeld spoke with Danelle Dixon. She's the CEO
Speaker 1: and executive director at Stellar Development Foundation. Danelle, this was
Speaker 1: a contentious part of the infrastructure bill. What's your takeaway here, Yeah,
Speaker 1: it certainly became so it was really fun for us
Speaker 1: to see the influence that we could have from the
Speaker 1: block pain and crypto space. Uh, and for us just
Speaker 1: to really engage with policymakers. But in the end, I
Speaker 1: mean the languages with the languages, so it didn't change,
Speaker 1: but it was really fun to be to engage and
Speaker 1: to to try to really create that educational opportunity I
Speaker 1: run with these policy makers. And so, Donnell, this bill,
Speaker 1: I know it was roundly criticized by the crypto industry
Speaker 1: for being too broad. Can so can you walk us
Speaker 1: through exactly what was the language that got crypto advocates
Speaker 1: so upset. I mean, what was the biggest point of
Speaker 1: contention there. Yeah, so I think it was the definition
Speaker 1: of broker. So that was defined as any person who,
Speaker 1: for consideration, is responsible for regulator regularly providing any service
Speaker 1: effectuating transfers of digital assets on behalf of another person.
Speaker 1: And so the argument and the concern was that there
Speaker 1: are many players in the space that run for example,
Speaker 1: validators that just validate transactions on working on blockchains, but
Speaker 1: they don't actually have access to any information that traditional
Speaker 1: brokers would and they don't act as brokers. So there
Speaker 1: was just concerned that this was very very broad language
Speaker 1: with technology that's very new and maybe not widely understood.
Speaker 1: If you could write the regulation or write the legislation,
Speaker 1: what would you wanted to say. It's a great question.
Speaker 1: I think that the regulation itself should just have exclusions
Speaker 1: in it at the very least, to talk about they
Speaker 1: would think about blockchain more itself as infrastructure, and think
Speaker 1: about these providers that are allowing and helping these transactions
Speaker 1: just to progress that they actually are excluded from the bill,
Speaker 1: for example, like validators and folks who run notes. There
Speaker 1: was language that was proposed that we were comfortable with
Speaker 1: and that we actually you know that that it didn't
Speaker 1: ultimately make it through um, but it would really just
Speaker 1: be excluding and making clear that it's not actually trying
Speaker 1: to go after these true infrastructure providers that are just
Speaker 1: helping blockchain to operate. And so we've seen some efforts
Speaker 1: to try to change the language. Last month, there actually
Speaker 1: was an amendment that would change the reporting rules, but
Speaker 1: that was blocked by the Senate. So I'm curious what's
Speaker 1: the path forward from here. Well, I think that this
Speaker 1: actually created a really great opportunity for us because it
Speaker 1: showed that, first of all, there is this large constitution
Speaker 1: and see that policy makers are willing to engage with
Speaker 1: and listen to. And I think that the pass forward
Speaker 1: is to create those open dialogues before you get to
Speaker 1: the language of the bill. I think that it's crucial
Speaker 1: to engage with lawmakers to discuss the use cases and
Speaker 1: the roles for different participants, and that's bringing industry experts
Speaker 1: and policymakers together. And so that's what we're really focused
Speaker 1: on doing. Now. Which policymakers can you single out for
Speaker 1: us that that really seemed to get it well? I
Speaker 1: think that there are many I can't single out any
Speaker 1: particular prob Like, you know, we actually had some that
Speaker 1: supportive language that we wanted to bring to the table.
Speaker 1: But most importantly, I think it's that when you actually
Speaker 1: understand how the technology operates and what we're trying to
Speaker 1: do here, I think that you know, you'll understand that
Speaker 1: the definition of broker doesn't and shouldn't cover some of
Speaker 1: these players that don't have access to that type of
Speaker 1: information and frankly, have no relationships to any of the
Speaker 1: participants who are making these transactions. So I think it's
Speaker 1: really all of the senators and the members of how
Speaker 1: the House that we need to really engaged with, but
Speaker 1: it's also the regulatory agencies that we're really focused on
Speaker 1: participating with and engaging with. I think some of them
Speaker 1: understand what the technology does, but they don't have a
Speaker 1: knowledge of what the use cases can do and what
Speaker 1: it can and the value that that can bring to
Speaker 1: their constituents. So it's a lot of work for us
Speaker 1: to do in the US, but I think it's actually
Speaker 1: really good work. And I think that you know, once
Speaker 1: we demonstrate that excluding their own constituents from this really
Speaker 1: useful and valuable services that are offered through blockchain. They're
Speaker 1: going to want to be a part of it in there,
Speaker 1: and we're going to be able to help them to
Speaker 1: get there. And so Daniell's stepping back a little bit.
Speaker 1: It definitely feels over the past few months that regulators
Speaker 1: have started to circle crypto, whether it's the US Congress
Speaker 1: with the Infrastructure bill or just the SEC this week
Speaker 1: cracking down on coin Base and really investigating their proposed
Speaker 1: lending product. I'm curious, what do you think is on
Speaker 1: the radar next? And we have just about thirty seconds here.
Speaker 1: A lot of focus right now is on the decentralized
Speaker 1: finance space, and so I think that we're going to
Speaker 1: see we just have to provide a lot more education
Speaker 1: and around that. I want us to be able to
Speaker 1: demonstrate the value of this technology neutral opportunities that we
Speaker 1: have and that's made in the open and valuable to everyone.
Speaker 1: I think we need to focus on a lot of
Speaker 1: different areas, but that's I think that the next target space.
Speaker 1: That's Denial Dixon, the CEO of Stellar Development Foundation. You're
Speaker 1: listening to Bloomberg Business Week and coming up next, you
Speaker 1: may know Kai Fu Lee as the chairman, CEO and
Speaker 1: founder of the VC firm Signovation Adventures. But he's also
Speaker 1: an author of fiction. He's gonna tell you all about
Speaker 1: his new book A 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. Kai fou Lee has spent
Speaker 1: nearly forty years at the forefront of artificial intelligence. He's
Speaker 1: the chairman, CEO, and co founder of Signovation Ventures. It's
Speaker 1: a venture capital firm with about two point five billion
Speaker 1: dollars in assets. It focuses on AI, healthcare, and other
Speaker 1: high tech and has made more than three hundred investments.
Speaker 1: It's one of the first Chinese VC firms to have
Speaker 1: a presence in the US, and he's also the co
Speaker 1: chair of the Artificial Intelligence Council at the World Economic Forum.
Speaker 1: He's the former president of Google China and before that
Speaker 1: was an executive at Microsoft and at Apple. His newest
Speaker 1: book is AI Ten Visions for Our Future, and unlike
Speaker 1: his last book, it's a work of fiction. He and
Speaker 1: his co author, the sci fi novelist chen Cho fen
Speaker 1: Right ten stories. They're all set twenty years from now
Speaker 1: in ten forty one. Now, these stories illustrate a world
Speaker 1: that's layered with artificial intelligence. They cover themes like AI
Speaker 1: displacing workers, deep bakes, and how AI will reimagine education.
Speaker 1: Of course, also imagines what could go wrong. Kai Fu
Speaker 1: Lei joins us now from Beijing. Kai Fu, great to
Speaker 1: chat with you. Thanks so much for taking the time.
Speaker 1: Why are these stories? Why is sci fi? Why is
Speaker 1: it the best way to communicate what you envision AI
Speaker 1: doing to society in twenty years. AI is such an
Speaker 1: important technology, perhaps the most important in the history of mankind,
Speaker 1: and yet it's sometimes viewed as rocket science, very hard
Speaker 1: to understand. So I wanted to see if there's a
Speaker 1: way to make it accessible to people and that it's
Speaker 1: actually not only understandable, but also fun to read. That's
Speaker 1: why I found a science fiction writer to work with me.
Speaker 1: He writes the stories, I write the analysis, and then
Speaker 1: we make sure that the stories are realistic within the
Speaker 1: twenty year time frame, so that the stories you read
Speaker 1: will be roughly what life will be like twenty years
Speaker 1: from now. Do you think the companies that deploy AI
Speaker 1: today that are working on solving these issues, do you
Speaker 1: think they're taking into account the pitfalls the perils that
Speaker 1: that you associate with AI. I think they are trying,
Speaker 1: but because it's a new technology, so the tools to
Speaker 1: come bad the problems aren't there yet, and the engineers
Speaker 1: building the products weren't aware of the problems. None of
Speaker 1: the problems were intentionally created. Issues with respect to personal
Speaker 1: data and explainability and what happens when a makes a
Speaker 1: mistake and accountability UH and also bias. So these were
Speaker 1: not intentional by the companies or the engineers who build it.
Speaker 1: But now that we know these are real problems, we
Speaker 1: need to put the training regulations UH and investigating new
Speaker 1: technologies to come back technology problems. Do you think the incentives, though,
Speaker 1: are aligned for companies that do work on this type
Speaker 1: of technology to create solutions or are they mainly concerned
Speaker 1: with us getting to to buy more, to engage more,
Speaker 1: to to read more, to spend more time on the
Speaker 1: platform without being concerned about the consequences. It is exactly
Speaker 1: because the incentives are not aligned. So I think the
Speaker 1: only way to fix it is to realign the incentives,
Speaker 1: and in the short term, the Internet companies could have
Speaker 1: an incentive realignment if there were either regulations or certain
Speaker 1: parties that may do an AI audit, or maybe there
Speaker 1: would be a watchdog functions that are estimating percentage of
Speaker 1: fake news and things like that. That forces them before
Speaker 1: their brand and reputation to consider that, because if they
Speaker 1: lose their brand and have a some kind of a
Speaker 1: media disaster, they will lose customers. So that would is
Speaker 1: one way to externally force an approximation to an alignment,
Speaker 1: but there are also otherwise. Why can't we not um
Speaker 1: encourage building of applications and products that help us in
Speaker 1: the long term. So if there were a product that
Speaker 1: could make me more intelligent, more knowledgeable, more wealthy, m
Speaker 1: more happier, than that would be a product I would
Speaker 1: want to buy more than I would want the Facebook,
Speaker 1: New speed Um or YouTube. So I think there are
Speaker 1: ways to align user interests. I think people just um
Speaker 1: the company's just felt like they got such a good
Speaker 1: AI tool. It can make money directly, so use it
Speaker 1: for that singular purpose and forget really that companies should
Speaker 1: be focused on user needs first, and users want more
Speaker 1: than um just watching some videos and and reading some blogs.
Speaker 1: There are long term goals that we have and when
Speaker 1: we have such a powerful AI tool that can optimize
Speaker 1: our long term goals. It would be such a unfortunate
Speaker 1: um events if nobody tried to build something that that's
Speaker 1: for our long term interests. So let's stick with Facebook
Speaker 1: because it's one of the companies that you mentioned. So
Speaker 1: who should regulate Facebook? Should it be the US government
Speaker 1: or should there be some sort of Internet national body
Speaker 1: that takes these difficult questions into account to come up
Speaker 1: with some regulatory framework. After all, for all intents and purposes,
Speaker 1: Facebook is a global company, right right. I'm not an
Speaker 1: expert in regulation, and I think regulation, in my opinion,
Speaker 1: is just usually the last resort because, especially given the
Speaker 1: tools that the US has generally used, such as breaking
Speaker 1: a company up, that's just too brittle. So I think
Speaker 1: there needs to be ways to push the company into
Speaker 1: an alignment with the goals that we the users have,
Speaker 1: and I mentioned a few of them. Uh. You know,
Speaker 1: when I work for Google, there were third parties that
Speaker 1: measured the relevance quality of Google Search engine, and Google
Speaker 1: paid a lot of attention to that. So if there
Speaker 1: could be similar third party watchdog measures of level of
Speaker 1: fake news, number of deep faith, and uh, how much spam? Uh?
Speaker 1: And then this measured externally. That would put a pressure
Speaker 1: on the engineering team to figure out at least to
Speaker 1: spend part of their time to make the content higher quality, uh,
Speaker 1: instead of just getting us to click more and more. So, okay,
Speaker 1: feel let's take a step back and just think about
Speaker 1: how we interact with AI in just just take us through,
Speaker 1: because I think that there are a lot of people
Speaker 1: who don't necessarily think about it each and every day
Speaker 1: that we are interacting with this technology. We are experiencing
Speaker 1: this technology, So so what does it look like for
Speaker 1: in our daily lives globally? So one example is that
Speaker 1: AI language capabilities to converse with us will grow significantly,
Speaker 1: in many cases indistintinguishable from human human communication. And that
Speaker 1: means a I will become a companion, UH. And that
Speaker 1: companion can learn our interests and try to help us
Speaker 1: improve ourselves. That would be an educational companion or to
Speaker 1: figure out how how we might be healthier. That it
Speaker 1: might be a more of a doctor or psychiatrist companion,
Speaker 1: or it could just be a friend, a power for
Speaker 1: for a young kid. And they take and take shapes
Speaker 1: in UH, both in the in the phone and and
Speaker 1: the computer of course, but but also v R and
Speaker 1: a R will be really realistic by then that if
Speaker 1: we put on something like glasses, we will see UH
Speaker 1: figures and avatars superimposed on the glasses and and then
Speaker 1: there there there is as though they were in the
Speaker 1: actual environment. So it would be UM, really virtual reality
Speaker 1: that's indistinguishable from the real reality. UH. In transportation, autonomous
Speaker 1: vehicles should just about work by then, get all the
Speaker 1: kings worked out. Of course, throughout the way we will
Speaker 1: see incrementally robot buses and shuttles and trucks and so on.
Speaker 1: But truly the steering feed wheel free car that we
Speaker 1: can either share right or buy will be just about
Speaker 1: fifteen to twenty years from now. UM. That will dramatically
Speaker 1: change our habits because we will have um something like
Speaker 1: ten hours a week freed up that when we're in
Speaker 1: the car, we can educate and entertain, communicate, no longer
Speaker 1: have to drive or look at the road UM. And
Speaker 1: also cars can be on demand available UM. And they
Speaker 1: will be smart. They will talk to each other, they
Speaker 1: will avoid accidents, they will miss each other by one
Speaker 1: enemy there in a very calculated way. They will drive
Speaker 1: more safely, probably eventually reducing fatalities. So it will be
Speaker 1: more efficient, lower costs, save us time, more comfortable um
Speaker 1: and and also safer uh. And finally, in healthcare, AI
Speaker 1: will be able to with a very high likelihood predict
Speaker 1: the next pandemic because if it could be watching a
Speaker 1: lot of data all over the world, and AI will
Speaker 1: be used to alongside with scientists invent new drugs and
Speaker 1: that the cost of the new drugs probably could be
Speaker 1: as little as ten percent of new drug inventions today.
Speaker 1: And what that means is today's pharmaceuticals can only go
Speaker 1: after blockbuster drugs for common diseases. But in the future,
Speaker 1: when the cost is slashed because AI is proposing treatment
Speaker 1: that are highly accurate working with scientists, reducing the cost
Speaker 1: by that means rare diseases for which is not economical
Speaker 1: for pharmaceuticals to book go after will become possible. And
Speaker 1: and also AI will be keeping us healthy by taking
Speaker 1: all of our m R I and gene sequencing and
Speaker 1: blood to regularly monitor our health and give us hints
Speaker 1: on how to be healthier and a little longer, and
Speaker 1: both of which will happen in twenty years. That's Kai
Speaker 1: fu Lee, chairman and CEO of Signivation Venture, is also
Speaker 1: the author of the new fiction book A Ten Visions
Speaker 1: for Our Future that wraps up the first hour of
Speaker 1: the weekend edition of Bloomberg Business Week From Bloomberg Radio.
Speaker 1: I'm Tim Stanovick. Coming up in our next hour. A
Speaker 1: new book describes that we can end climate change in
Speaker 1: one generation. We're going to hear from the author, and
Speaker 1: in our Pursuit section, COVID nineteen has kick started a
Speaker 1: resurgence in golf real estate. Plus how Peter til Game, Tech,
Speaker 1: Trump and the I R s to make billions all
Speaker 1: tax free. It's this week's cover story. All that to come.
Speaker 1: This is Bloomberg. This is Bloomberg Business Week inside from
Speaker 1: the reporters and editors who bring you America's most trusted
Speaker 1: business magazine, plus global business, finance and tech news As
Speaker 1: it happened. Bloomberg Business Week with Carol Messer and Bloomberg
Speaker 1: Quick Takes. Tim stenovic on Bloomberg Radio. Hello, I'm Tim Stenovik.
Speaker 1: Planning ahead in our second hour of the weekend edition
Speaker 1: of Bloomberg Business Week, including how one company is looking
Speaker 1: to make a whole woman, whole life healthcare model. We're
Speaker 1: gonna hear from the CEO, plus a new book examines
Speaker 1: how we can end the climate crisis in one generation,
Speaker 1: and in our pursuit section, how a house made of bread. Yes,
Speaker 1: bread is one of the highlights of this year's art Basil.
Speaker 1: It's gonna cost you millions of dollars if you want it.
Speaker 1: We begin this hour, though, with the magazine's cover story.
Speaker 1: For more details, we turned to Bloomberg's Katie Greifeld, also
Speaker 1: my Business Week co host Carol master Well a Bloomberg exclusive.
Speaker 1: It's also the Bloomberg Business Week cover story. It's about
Speaker 1: Peter Teal, you know, the Silicon Valley billionaire investor and disruptor.
Speaker 1: Turns out he's kind of just like all the their
Speaker 1: rich folks out there, so writes Max Chafkin in his
Speaker 1: new biography of Teal. Let's get more on this Bloomberg
Speaker 1: Business wee get or Joe Weber, along with Bloomberg u
Speaker 1: S Technology Managing editor Mark Millian. He is on the
Speaker 1: phone in our New York City bureau, Peter till. We've
Speaker 1: talked about him a lot in his relationship, interesting one
Speaker 1: with Trump. The cover story this week begins this uh
Speaker 1: meeting in Trump Tower right in the transition period after
Speaker 1: Trump had been elected where Peter Teal, who you may
Speaker 1: recall was on the stage at the Republican National Convention
Speaker 1: just a couple of weeks before that, months before that,
Speaker 1: and and basically he was able to bring a bunch
Speaker 1: of tech CEOs to Trump and basically be this bridge
Speaker 1: between tech and the recently elected president uh in a
Speaker 1: way that was somewhat unexpected. And it speaks to the
Speaker 1: power that Teal wields in Silicon Valley. Like obviously he's
Speaker 1: been integral part of this PayPal mafia for years, first
Speaker 1: outside investor in Facebook, and there's a lot of roads
Speaker 1: in Silicon Valley that leads to Peter Teal. And what's
Speaker 1: interesting was this sort of little marriage that happened between
Speaker 1: Trump and Teal, and that proved um not great for
Speaker 1: a lot of people in Trump's circle, and and it
Speaker 1: seemed to have worked out really well for Peter Teal,
Speaker 1: who we think um more than double misfortune during that
Speaker 1: during that time, Mark want to bring you into this
Speaker 1: conversation because it's been really wonderful throughout the Trump presidency
Speaker 1: and thereafter. Is you know, exploring these relationships that the
Speaker 1: former president had with some likely subjects and someonelikely subjects
Speaker 1: and Peter Tell seems to fall into that category. Yes,
Speaker 1: I would definitely agree with that. And one of the
Speaker 1: spite holding hands at that meeting at Trump Tower, that
Speaker 1: is a dark image, the bro hand holding love best
Speaker 1: they had their um. But yeah, I mean Teal is uh,
Speaker 1: long time technologists from Silicon Valley, foreign born, um gay.
Speaker 1: I mean there are a lot of things about his
Speaker 1: background that would suggest that he would not be um
Speaker 1: part of the MAGA contingent um. And yet he is
Speaker 1: a contrarian investor above all else. And he's made a
Speaker 1: lot of bad bets over the years, um, but he's
Speaker 1: made some some fantastic ones. Facebook is certainly in that camp,
Speaker 1: and I think Trump is is in that camp. Yeah, Mark,
Speaker 1: That's what I want to dig into because I mean,
Speaker 1: like you said, this is what Teal does. I mean,
Speaker 1: he's a venture capitalist, a capitalist. This whole thing is
Speaker 1: finding you know, startups to invest in. I mean, how
Speaker 1: much does this? Is there a parallel to draw between
Speaker 1: his m O when it comes to you know, investing,
Speaker 1: being a venture capitalist and this kind of unlikely relationship
Speaker 1: he forged with Donald Trump. I think there's a direct line.
Speaker 1: I think his his entire investment strategy Speaks is the
Speaker 1: reflection of the title of Max's book, which is contrarian.
Speaker 1: I mean he looks at where the popular opinions are
Speaker 1: and where the where the winds are blowing, and he
Speaker 1: goes the opposite direction, and oftentimes that doesn't work. Max
Speaker 1: chronicles in the book his hedge fund Clarium Capital, which
Speaker 1: was like very early to seeing the housing crisis, but
Speaker 1: in fact was too early and just went so far
Speaker 1: down this contrarian path that it it led to disaster. Um.
Speaker 1: And so this strategy is not bull proof, but when
Speaker 1: you nail it, I mean, it can really pay off.
Speaker 1: And I think um Trump was was an example of
Speaker 1: of where he saw it early and he went in
Speaker 1: pretty big and and it did pay off in some ways. Matt,
Speaker 1: as you go through you know Max's book, and this
Speaker 1: excerpt which is the cover story, Um again, like you
Speaker 1: said that that picture of the two of them holding hands,
Speaker 1: I mean, I think for a long time, early on,
Speaker 1: we were all just trying to make sense of this relationship.
Speaker 1: But in the end, Uh, Peter Cheel benefited big time. Yes,
Speaker 1: it certainly did. I mean not to the extent maybe
Speaker 1: he envisioned in his wildest imaginations of sort of remaking
Speaker 1: government in his image. Um, you know, Max, this excerpt
Speaker 1: goes into some detail about how he offered, you know,
Speaker 1: a long list of of picks for various administrative positions
Speaker 1: that the campaign deemed too extreme. Um so, which is
Speaker 1: something really said something for sure? But you know the
Speaker 1: other thing that I think is important, and this is
Speaker 1: sort of the where Max's excerpt culminates. And and I
Speaker 1: think it's uh. One of the reasons that this this
Speaker 1: biography um by Max Jeffkin have I mentioned out next
Speaker 1: week is so important is that what we're really going
Speaker 1: to be watching here's Peter Teel's transition from from being
Speaker 1: a silicone Silicon valley power broker to something that maybe
Speaker 1: is more about the GOP and politics going forward, and
Speaker 1: that will play out in mid terms. First and foremost
Speaker 1: really good point. This story cover on the new issue
Speaker 1: of Bloomberg Business Week, which is available Bloomberg Business Week,
Speaker 1: of course, and that's Max Chafkin's book, The Contrarian. We're
Speaker 1: gonna be talking to Max next week, Joel, and thanks,
Speaker 1: you're listening to Bloomberg Business Week. Coming up a new
Speaker 1: book looks at how to end the climate crisis. In
Speaker 1: One Generation. We're gonna hear from the author. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Masser and Bloomberg
Speaker 1: Quick takes Tim Stenoviek from Bloomberg Radio. I'm Tim Stenovik
Speaker 1: with Katie Greifeld. Well, Katie, I think a lot of
Speaker 1: people feel powerless when it comes to addressing the climate crisis.
Speaker 1: And they do see stories about what's happened to the
Speaker 1: world and they say, well, I can try to recycle,
Speaker 1: I can try to drive less, but ultimately, what can
Speaker 1: I do? That's something that our next guest, Paul Hawkin,
Speaker 1: tries to address in his latest book, Regeneration, Ending the
Speaker 1: Climate Crisis in One Generation. Paul Hawkins is an environmentalist
Speaker 1: and author. He's an entrepreneur, he's an activist. He's dedicated
Speaker 1: his life to environmental sustainability and changing the relationship between
Speaker 1: business and the environment. And he joins us now on
Speaker 1: the phone from the San Francisco Bay area. Paul, it's
Speaker 1: really great to have you on the show. Congratulations on
Speaker 1: your most recent book, Regeneration, Ending the Climate Crisis in
Speaker 1: One Generation. How do we get how do we do it?
Speaker 1: How do we how do we get to the point
Speaker 1: where we don't feel powerless, well, I think we feel
Speaker 1: powerless and thank you very much for inviting me on
Speaker 1: in the program. We're feel powerless because it was being
Speaker 1: told to us. And the climate narrative is that we
Speaker 1: can call it, that has been for quite a long time.
Speaker 1: Uh fun. The science point of view, which is future
Speaker 1: existential threat and we don't do this is things are
Speaker 1: going to get worse, and great science and they've been
Speaker 1: absolutely spot on in terms of their predictions. Um. And
Speaker 1: then what happened is that a tactic there was really
Speaker 1: adopted from tobacco, which was taken up by British petroleum
Speaker 1: and there was individuated the problem, which is that we
Speaker 1: just drove, you know, oil wells and sell gas. You
Speaker 1: can calculate your carbon footprint, you know, as if you
Speaker 1: can solve the problem, you know, and so yeah, you
Speaker 1: can drive, let's get a bike, recycle, use cold water
Speaker 1: and washing machine, put power strips in your home entertainment center.
Speaker 1: These are some of the solutions that are coming out,
Speaker 1: you know. And what happened is individuals will listen to
Speaker 1: that and understand that that made sense, that did lower impact.
Speaker 1: But unless you had you know, I Q lowering the
Speaker 1: room temperature. You knew that they were completely inadequate to
Speaker 1: the task at hand because you're reading the headlines, right,
Speaker 1: it's like it's like sustainability theater. Right. Yeah, it's like
Speaker 1: you know, and it makes you feel disempowered as an individual,
Speaker 1: go oh man, this is worse than I thought, and
Speaker 1: so um, and then people didn't turn the big government.
Speaker 1: You know, government is big by the facto, but I
Speaker 1: mean government and just say, well, you know, you should
Speaker 1: do something, you know, but there's only certain things government
Speaker 1: can do and they should and they're not and they
Speaker 1: haven't been. But that's so I'm for that government is
Speaker 1: the slowest institution to move, not the fastest. Then people
Speaker 1: feel like, well if they think that the only thing
Speaker 1: that can happen is between the individual, the individuated he
Speaker 1: she by himself herself, and then government in its enormity,
Speaker 1: and where the generation talks about is actually the golden
Speaker 1: juice is in the between those two. You know, it's
Speaker 1: not the two opposites at all. Where do we go
Speaker 1: from here? Because at the individual level, there's frustration, like
Speaker 1: you say, government can be slow to move, how do
Speaker 1: we ultimately get started and and fix this two things.
Speaker 1: One is right now, there's no difference between our climate
Speaker 1: denier and somebody who understands the problem and does nothing
Speaker 1: from the host point of view of the same people,
Speaker 1: you know. And so you have four people who understand
Speaker 1: it and we're doing nothing. You have ninetent of the
Speaker 1: world just disengaged. And no matter how you see this,
Speaker 1: you can't read the science and not understand that this
Speaker 1: is the greatest crisis humanity has ever faced, and probably will,
Speaker 1: you know when you think about it. And so how
Speaker 1: do you become disengaged? And that's your question reverse, you know,
Speaker 1: which is how do we become engaged? And the way
Speaker 1: we do it is we've talked about it in a
Speaker 1: very different way, and we talked about possibilities instead of
Speaker 1: probabilities number one. Number two, the rhetoric that came out
Speaker 1: of science, which was good, which is about existential threat
Speaker 1: which occasions. Fear activists took that over got the science.
Speaker 1: Then they blamed, shamed, you know, and pointed thinkers and
Speaker 1: so forth. You know, you're the cause, you're the problem X,
Speaker 1: and you're it, you know, so and and then and
Speaker 1: then you then communicate to people with fear threat you know, shame, blame,
Speaker 1: you know, fingerpointing, and you know cabin glaciers, right, and
Speaker 1: then you expect them to do something, They're gone, They're off.
Speaker 1: That channel has been turned off. And so Paul, let's
Speaker 1: talk about the regeneration process. Because I'm looking at page
Speaker 1: two nine of your book. You've laid out a few guidelines.
Speaker 1: I mean, what principles should people be keeping in mind?
Speaker 1: As you know they try to regenerate, which, like you
Speaker 1: lay out, our bodies are doing every day, every minute. Well,
Speaker 1: the first principle is to understand just a working definition,
Speaker 1: which is mine and you can do it yourself, your
Speaker 1: own definition, but mine is to put life at the
Speaker 1: center of every act and decision. Nor does this harm life?
Speaker 1: Or does it increased life? You know? I think about
Speaker 1: it from the perspective of you know what what I'm
Speaker 1: gonna do for dinner tonight? Right? I think We're gonna
Speaker 1: order pizza? Does does that hard? You know it's going
Speaker 1: to be delivered on to us? Um how in a bicycle?
Speaker 1: There you go, which is which I guess is good?
Speaker 1: You know, But but does that harm life? Does it
Speaker 1: does it reduce life? Does it help? Does it? Should
Speaker 1: I have gone to the grocery store. Should I not
Speaker 1: have ordered groceries online? Should I go walk by foot
Speaker 1: to groceries? I mean, there are all these questions that
Speaker 1: we can try to answer with that checklist every day,
Speaker 1: and we don't necessarily know the answers to them. Of
Speaker 1: course not. Let's just turn the question around and say,
Speaker 1: do you want to to degenerate lifeliners? I don't think so.
Speaker 1: That's not your purpose, that's not why you're here. And
Speaker 1: that's what the entire economic sector does. It extracts life.
Speaker 1: If you just go down a supply chain, you'll find
Speaker 1: when you get to it not very far, that it
Speaker 1: is taking life itself, you know, removing it, killing it,
Speaker 1: you know. And the fact is that that's degeneration. So
Speaker 1: the book is saying, well, that road doesn't go much further.
Speaker 1: We can see the end of that. That's the ocean
Speaker 1: of certification. That is extreme, whether that is fires we
Speaker 1: can't even put out, you know, not not not just fires,
Speaker 1: not such know, the hemispheres on fire. We don't even
Speaker 1: know how to put the fire out anymore. They're so big.
Speaker 1: And so we can see, like, do we still want
Speaker 1: to go down that road any further? I don't think so.
Speaker 1: So we generation is just a one eighties a pivot,
Speaker 1: and it is step by step, bit by bit, but
Speaker 1: at least the question is there, for example, does it
Speaker 1: or does it not? And does it create more life
Speaker 1: or reduce it? Does it most importantly, does it steal
Speaker 1: the future or does it heal it? And we have
Speaker 1: this idea of the world economic system works the way
Speaker 1: it does and makes much money for so many people
Speaker 1: blah blah blah blah because it works well. Yes, and
Speaker 1: it is also stealing our future. If it wasn't stealing
Speaker 1: our future, there wasn't be all these headlines about what's
Speaker 1: happening to the environment, earth, people, et cetera. And so
Speaker 1: we pose the question as what would it look like
Speaker 1: to have an economy that heals the future. That would
Speaker 1: be a GDP two. That would be revenues too, that
Speaker 1: would be companies as well, but very very different orientation.
Speaker 1: And it is a question. But you have companies. The
Speaker 1: biggest food company in the world is Nestlee and they
Speaker 1: announced that their mottel going ahead is Generation regeneration, and
Speaker 1: they're taking very seriously about, Okay, we need to pivot
Speaker 1: the regenitive agricultural systems, if we're going to continue to
Speaker 1: exist as a company, as a food company in this world,
Speaker 1: in this earth, at this time. That's author Paul Hawkin
Speaker 1: on his new book Regeneration, Ending the climate crisis in
Speaker 1: one Generation and still come. On Bloomberg Business Week. The
Speaker 1: CEO of TIA on raising new funds to create a
Speaker 1: whole women, whole life healthcare model. This is Bloomberg Broadcasting
Speaker 1: from the financial capital of the world, Bloomberg Eleve in
Speaker 1: Rio in New York to Washington, d C. Bloomberg to Boston,
Speaker 1: Bloomberg one O six one does San Francisco, Bloomberg nine
Speaker 1: six to the country Syria, Sex m Cheddal one Mine Team,
Speaker 1: and around the globe the Bloomberg Business app and Bloomberg
Speaker 1: Radio dot Com. This is Bloomberg Business Week. We've talked
Speaker 1: a lot about health tech over the past year, as
Speaker 1: the pandemic and lockdown quickly forced people to start doing
Speaker 1: virtual visits and change the way they think about their health.
Speaker 1: Carolyn Whitty is the co founder and CEO of TIA.
Speaker 1: It's a company that just raised a hundred million dollars
Speaker 1: in Series be funding to create a whole women, whole
Speaker 1: life healthcare model. Joined by Bloomberg's Katie Greifeld. We caught
Speaker 1: up with Carolyn and she described her company so zooming out.
Speaker 1: KIA is creating a fundamentally new paradigm for modern women's healthcare.
Speaker 1: And what that means is we are a healthcare provider
Speaker 1: at the core who delivers comprehensive healthcare to women online
Speaker 1: and offline that supports women's whole health needs, mental, physical,
Speaker 1: and emotional support them throughout their lives from puberty to menopause.
Speaker 1: So when people think of women's health, they mostly think
Speaker 1: of reproductive health. But how do you move beyond that?
Speaker 1: You're exactly right. I think part of the part of
Speaker 1: the challenge that PI has faced over the less for
Speaker 1: years of building this company is a mental model shift
Speaker 1: redefine him fundamentally, what is women's health from beyond a
Speaker 1: body part or life stage pregnancy, fertility, menopause, to care
Speaker 1: for the population. And that's really what PIA is all about.
Speaker 1: And there's a reason for this. We know that while
Speaker 1: pregnancy is a very very critical and important journey in
Speaker 1: a woman's life, one that TIA is investing into support
Speaker 1: through our integrative care model, there are many, many other
Speaker 1: needs that women have that are all too often ignored
Speaker 1: that fall outside of your reproductive organs. We know that
Speaker 1: cardiovascular disease is the number one killer of women. We
Speaker 1: know that women are diagnosed with anxiety and depression at
Speaker 1: two to three times the rate of men um There's
Speaker 1: so many issues facing women. We are not body parts
Speaker 1: but whole people, and it's time that the health care
Speaker 1: system was built for us to serve us in all
Speaker 1: of our needs. The kiln. As far as membership options go,
Speaker 1: you offer a fifteen dollar a month membership or an
Speaker 1: annual fifty dollars a year. How does insurance play into this?
Speaker 1: And is the cost of an actual appointment supplemental to
Speaker 1: that membership feed Yeah, so TIA is a membership based
Speaker 1: women's healthcare practice. What this meane is women don't use TIA,
Speaker 1: but they joined TIA and it's more of a community
Speaker 1: driven care model. Your membership pe covers benefits that go
Speaker 1: beyond what a typical doctor's office for insurance covers. Chiefly
Speaker 1: thinks like care coordination, community events, seamless access to same
Speaker 1: day bookings, referrals, and so forth. Once you are a
Speaker 1: member of ts the price of for which moost women
Speaker 1: pay for Spotify and Netflix each funds you can actually
Speaker 1: use your insurance for all of our services, from primary
Speaker 1: care to acupuncture, to mental health and gynecology. UH. It's
Speaker 1: a really proud that women are able to help women,
Speaker 1: I should say, really squeeze the sponge out of their
Speaker 1: insurance benefits to get the preventative healthcare that we know
Speaker 1: that all women need and deserves. And so, Caroline, I
Speaker 1: want to talk more about your latest funding around a
Speaker 1: hundred mill lillion dollars. That is one of the largest
Speaker 1: Series B investments ever for a woman led healthcare startup.
Speaker 1: What does to your plan to do with that money.
Speaker 1: We're gonna do three core things. First is scale our
Speaker 1: whole woman, whole life care model to more women in
Speaker 1: more places. UH. Today he is live in three markets
Speaker 1: New York City, Los Angeles, and Phoenix, and were launching
Speaker 1: in San Francisco and across the Day area later this year.
Speaker 1: So we're opening a lot more clinics in those markets
Speaker 1: and rolling out new markets as well, with the goal
Speaker 1: of opening fifteen clinics next year, serving a hundred thousand
Speaker 1: women across our virtual and in person care platform by
Speaker 1: the end of the Second thing we're doing is rolling
Speaker 1: out additional services that better support women throughout their lives
Speaker 1: from puberty to metopause, with a specific focus on the
Speaker 1: pregnancy journey. UH deeply investing in the preconception and postpartum
Speaker 1: care parts of this journey that are under invested in
Speaker 1: where we think it can have the biggest impact. In
Speaker 1: the third area is continuing to strike strategic partnerships with
Speaker 1: the leading health systems in every market in which we operate.
Speaker 1: Health system partnerships like our partnership with Common Spirit in Arizona,
Speaker 1: is really critical to enabling PIA to provide continuous care
Speaker 1: and not only within TIA's four walls, but across outpatient
Speaker 1: to intatient care through the obstetrical journey, labor and delivery. Nick,
Speaker 1: you and so forth were able to provide a higher
Speaker 1: quality or easily accessible experience by partnering with health system Carolyn,
Speaker 1: just in the last forty seconds that we have with you,
Speaker 1: every story right now is a labor story, and I
Speaker 1: want to know the struggle or ease you have had
Speaker 1: in attracting providers doctors to the platform. Yes. So, one
Speaker 1: of the things that make TIA really distinct is the
Speaker 1: way we actually hire trains that are providers. Unlike other
Speaker 1: virtual only players, we are not a networker marketplace model,
Speaker 1: but actually employ all of our clinicians, which is really
Speaker 1: key for integration of services, clinical quality, UH in a
Speaker 1: continuous relationship based care experience that we deliver to all
Speaker 1: of our patients. So we believe TIA. TIA's model a
Speaker 1: full stack platform model based many say technology, brand experienced
Speaker 1: clinical practice. It's really the right way to truly overhaul
Speaker 1: everything about healthcare is delivered and do it in a
Speaker 1: higher quality, lower cost way. That's Carolyn Witty, the CEO
Speaker 1: of TIA. You're listening to Bloomberg Business Week. Coming up,
Speaker 1: we take you through this week's pursuit section, from golf
Speaker 1: course living to a house made of bread. It's the
Speaker 1: stories you definitely do not want to miss. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. We head
Speaker 1: to the back of the book now with the magazine's
Speaker 1: pursuit section and joining me now as Chris Rouser, editor
Speaker 1: of the Pursuit section for bloom Burg Business Week. Chris
Speaker 1: a handful of different subjects in the Pursuit section in
Speaker 1: this week's magazine. What is the common thread that ties
Speaker 1: together a house of bread, new hotel in Paris and
Speaker 1: and living on the golf course. You know, it's all
Speaker 1: different kinds of ways that you could possibly live your life. Um,
Speaker 1: it's all about structures and shelter. Our section opens this
Speaker 1: week with UM a new trend, which is that people
Speaker 1: in how houses and how home communities around golf courses
Speaker 1: are actually really selling out like crazy ever since the
Speaker 1: pandemic started. And this was a trend that was actually
Speaker 1: not going well before the pandemic. There was a big
Speaker 1: boom in the two thousands of building basically too many
Speaker 1: houses inside golf clubs and golf course developers had to
Speaker 1: essentially donate some of the unused golf courses to parks. Yes, exactly.
Speaker 1: There are hundreds of clubs in the nineties and two
Speaker 1: thousands were shut down actually because it was too much.
Speaker 1: They had built too many. Uh. And now because people
Speaker 1: want to have a little privacy, um, live in a
Speaker 1: private community. Uh, these courses are actually really selling through.
Speaker 1: And some of them are quite expensive and quite lavish. Yeah.
Speaker 1: For example, in Hawaii, a home that is four better
Speaker 1: than four point five bats runs you five point six
Speaker 1: million dollars. Geographically, they're all over the country. Uh, South Carolina. Uh,
Speaker 1: you have one available or you talk about one that's
Speaker 1: available in new community available in UM ninety minutes f
Speaker 1: New York City to yes. Now, Silo Ridge is a
Speaker 1: community that we've had our eye on UM for for
Speaker 1: a couple of years now, and it's up in Wassaic,
Speaker 1: New York. And you basically you can take the train
Speaker 1: up there, you can drive, you can take your helicopter
Speaker 1: and as one does, one does, and you know, you
Speaker 1: can build a house there. You can buy a lot,
Speaker 1: or you can buy a condo in these these buildings
Speaker 1: which like to a lay person may look like a
Speaker 1: ski condo, but these are three or four million dollar
Speaker 1: apartments in this in that ski condo, and they're on
Speaker 1: the golf course and UM and they've actually developed up
Speaker 1: uh summer programming for families because you know, what they've
Speaker 1: found is most popular is the family stuff. You know,
Speaker 1: people love the golf and being in being there and
Speaker 1: being out there in the outdoors. But also just like
Speaker 1: programming for kids is very valuable these days. You also,
Speaker 1: right in the pursuit section, your team of journalists writes
Speaker 1: about a house made of bread. It's art, but it's
Speaker 1: gonna cost you, and it's not even permanent because it's
Speaker 1: made of bread. Take us into it, right exactly, how
Speaker 1: could a house made of bread be anything but art?
Speaker 1: Um So this coming we've we've got the return of
Speaker 1: art Bossel, which is the first major major or the
Speaker 1: biggest art fair that's returning after the time after the pandemic.
Speaker 1: Masked vaccinated, right, yes, mass vaccinated, and it's it's in Switzerland.
Speaker 1: The big hot thing is going to be bringing artists
Speaker 1: that collectors haven't been aware of or haven't been able
Speaker 1: to see in person for the past year and a half.
Speaker 1: And a lot of those people are painters. They appreciate
Speaker 1: a lot. They're very hot in the art market and
Speaker 1: they have been for the past few years. But one
Speaker 1: Galerus is bringing an ER's Fisher sculpture, which is a
Speaker 1: giant house made of sour dough bread and they're they're
Speaker 1: building it in the unlimited section of our buzzle, which
Speaker 1: is where they have these big sort of immersive works
Speaker 1: and if you buy it, it costs you. It'll cost
Speaker 1: you around three million dollars and it comes with detailed
Speaker 1: instructions on how to rebuild it right. You have to
Speaker 1: have artists come in or bread sculptors come in, which
Speaker 1: I didn't know until Bred house builders Thread house builders.
Speaker 1: I didn't know that was a thing. Gingerbread house yes, uh,
Speaker 1: and actually maintain it because it will rot and that's
Speaker 1: part of the art. And you know, not a lot
Speaker 1: of people have room for that necessarily in their houses.
Speaker 1: But it was our favorite thing that we saw that
Speaker 1: was going to our buzzles. Yeah, one of my favorite
Speaker 1: things in the magazine this week. And you've got to
Speaker 1: check out a picture of it because it looks exactly
Speaker 1: like you would imagine a log cabin. Instead of being
Speaker 1: made of logs, it's made of loaves of sour I guess,
Speaker 1: and they're falling from the ceiling. It's really it's a
Speaker 1: very active I was telling someone about this. Is it edible?
Speaker 1: I think that's a lot that um. There's like a
Speaker 1: mortar that they made out of um, out of an
Speaker 1: organic material. But I don't know if it's like super adible.
Speaker 1: I don't know if you would want to, Yeah, you know,
Speaker 1: don't eat the art is always a good yeah, unless
Speaker 1: it's like a banana stuck to a wall, right, right,
Speaker 1: which you're supposed to Yeah, exactly. Um, let's talk about
Speaker 1: a new hotel that is opening up in Paris. This
Speaker 1: is one of my favorite juxtapositions in the section, and
Speaker 1: you turn the page from a house made of bread
Speaker 1: to the most fabulous hotel in Paris. Cheval Blanc is
Speaker 1: a resort chain owned by l v m H and
Speaker 1: they've had they have previous to this. They had four
Speaker 1: resorts in like uh St Merits and in the cab
Speaker 1: in St Parts and now they've built one in a city.
Speaker 1: It's their first city project, and it's in this complex
Speaker 1: that l v m H bought right on the sun
Speaker 1: overlooking the Eiffel Tower called the Samaritan, and they it
Speaker 1: was an old department store and now they've they've spent
Speaker 1: sixteen years, nine million dollars renovating it. Part of the
Speaker 1: new complex is a shopping center, very LVMH focus, and
Speaker 1: then part of it is this Cheval Blanc hotel and
Speaker 1: it was designed by Peter Marino, who does a lot
Speaker 1: of luxury stores. This is his first ever hotel and
Speaker 1: it's just fabulous. What's what's so special about it? You know?
Speaker 1: The main thing that struck our writer, as our couple
Speaker 1: writers actually as they were touring around, was um, almost
Speaker 1: every room has a balcony. So you you have your room,
Speaker 1: it may cost a night, it may cost a lot
Speaker 1: more UM, and but you have your own private terrorists
Speaker 1: and you walk out and it's like floating over um
Speaker 1: the sin. You're so close to the river, you have
Speaker 1: that great view of the Eiffel Tower. Um. But also
Speaker 1: you know the I was gonna say, costumes. The uniforms
Speaker 1: of the staff are LVMH designed. The rooms smell have
Speaker 1: a like a fragrance design from someone who worked at
Speaker 1: Dr Partfoons Like it just is super luxurious and um,
Speaker 1: and it has that great access to that great part
Speaker 1: of Paris. Well, if you are going to be traveling,
Speaker 1: perhaps you're planning on going skiing, or you're hitting the
Speaker 1: links on one of those new homes that you bought
Speaker 1: on a golf course, you're gonna need some new gear.
Speaker 1: And there's an interesting story in the Pursuit section this
Speaker 1: week about a handful of LinkedIn executives who've gotten together
Speaker 1: to to help make gear shopping easier. And it's not
Speaker 1: quite a bot. You're you're actually talking to former professional
Speaker 1: cyclists or golfers to help you get the right gear.
Speaker 1: Take us into it. Yes, so um, there's this website
Speaker 1: called Curated and it helps you, as you said, by
Speaker 1: sports gear because a lot of what a lot of
Speaker 1: mistakes that people make because they buy the most expensive gear.
Speaker 1: You're like, Okay, what's the best I'm gonna learn how
Speaker 1: to ski? What are the best skis? Were the best boots?
Speaker 1: And you know what, if you are learning how to ski,
Speaker 1: you don't want the best skis and you don't want
Speaker 1: the best boots. You don't want anything fast. You want
Speaker 1: things really generous with your turns um and so this
Speaker 1: this one guy who was a LinkedIn executive actually made
Speaker 1: that mistake himself. When you're trying to learn how to
Speaker 1: ski about way to expensive gear, how to turn it
Speaker 1: all in after his instructor was like, no, no, no,
Speaker 1: you need the basics. So Curated collects experts in all
Speaker 1: these different sports fields to help you find the equipment
Speaker 1: that's right for you. So again, you wouldn't want like
Speaker 1: a super elite set of golf clubs if you were starting.
Speaker 1: You want something with a generous, sweet spa. You know,
Speaker 1: the right wait for you so we had our writer
Speaker 1: go through and experiment with some of their experts to
Speaker 1: see what they recommended. And and our writer is a
Speaker 1: ski writer, so he has tested thousands of skis, and
Speaker 1: when he was talking to the ski expert, the guy
Speaker 1: actually was like, Okay, I have two recommendations for you.
Speaker 1: This pair in that pair, and one of them was
Speaker 1: the pair that was literally the writer's favorite pair of
Speaker 1: skis and the winky skis on all the time. So like,
Speaker 1: so they're pretty good, and so we recommend this service.
Speaker 1: Interestingly enough, it was growing kind of slowly before the pandemic,
Speaker 1: as you as your team rights. But then the pandemic
Speaker 1: hit and people were thinking, wait a second, I need
Speaker 1: gear and I need to figure out what to buy. Yeah,
Speaker 1: a lot of people were playing sort of socially distance
Speaker 1: sports like skiing, like golf, uh, like tennis, where their
Speaker 1: equipment actually really matters, and people were shopping online a
Speaker 1: lot more so this was this was sort of their moment. Well.
Speaker 1: Speaking of equipment, there's a class of relatively new hardware
Speaker 1: that helps people try to relax and get to sleep. There.
Speaker 1: They're sort of headphones that you wear at night. Do
Speaker 1: we need these? Do you need these well, Um, I
Speaker 1: don't know if anyone needs this kind of device, but
Speaker 1: I will say if you're a grown up and you've
Speaker 1: lived in the world, probably probably at various times, you've
Speaker 1: been like I wish that I had less stress, and
Speaker 1: I wish I could fall asleep and stay asleep easier.
Speaker 1: And every you know, you people try everything from melotone
Speaker 1: into headspace, the meditation app to not having any screens
Speaker 1: in bed. If chances are you've tried all this stuff,
Speaker 1: and um there I got word of this device which
Speaker 1: is called a cove and you wear it around your head.
Speaker 1: It's like it almost looks like headphones, but it actually
Speaker 1: contacts your head behind the skin behind your ears, and
Speaker 1: you wear it for twenty minutes every day and it vibrates.
Speaker 1: And what it does is what they say it does,
Speaker 1: is they say it sends um these calming signals to
Speaker 1: your brain, which helps your brain better manage the connection
Speaker 1: between your brain and your body. Um. And they call
Speaker 1: it inter reception. And so when I first heard about it,
Speaker 1: I was like, this sounds like a bunch of balogny.
Speaker 1: Like I've tried everything, I'll try it um. And I
Speaker 1: tried it for almost three months now and I actually
Speaker 1: found that it did help improve my sleep quality and
Speaker 1: it did help my base level of stress during the day.
Speaker 1: I'm not a super stressed out person. Um, but you
Speaker 1: know I I thought it worked well enough that we
Speaker 1: should show it to our readers and and have them
Speaker 1: give it a shot. If they wanted five it's five dollars.
Speaker 1: You have to have an app with it. I think
Speaker 1: if you're something someone that has tried everything and and
Speaker 1: like a small but noticeable improvement in sleep quality would
Speaker 1: have an effect on your life, I think it is
Speaker 1: worth it all. If you're having trouble falling asleep at
Speaker 1: the LVMH hotel and hopefully you're not hopefully you're not
Speaker 1: this one, but in your breadhouse you might be having
Speaker 1: That's true. It doesn't have great installation when it comes
Speaker 1: to sound quality. Chris Rouser, editor of Pursuit Section, check
Speaker 1: it out in the back of the book. This week,
Speaker 1: and that wraps up the weekend edition of Bloomberg Business
Speaker 1: Week from Bloomberg Radio. Thanks so much for joining us.
Speaker 1: I'm Tim Stanovic. Be sure to tune into our Bloomberg
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Speaker 1: a great weekend. This is Bloomberg