00:00:02 Speaker 1: Bloomberg Audio Studios. Podcasts. 00:00:05 Speaker 2: Radio. 00:00:06 Speaker 3: News. 00:00:07 Speaker 4: Bloomberg Money. This is the Bloomberg Money Podcast. I'm Tom Keen with Scarlett Fu. Join us each week for a smart look at the forces shaping your financial life on personal finance, on retirement, and wealth management. We will explore how people are earning, investing, and building wealth. We are live Fridays at noon Eastern on Bloomberg Television. Subscribe to the podcast wherever you listen, and as always on the Bloomberg Terminal and the Bloomberg Business app. 00:00:55 Speaker 5: Good noon, everyone. 00:00:56 Speaker 4: A special edition of Bloomberg Money on personal finance, retirement, wealth management, the joys of Labor Day, the children go back to school. We're going to talk to Lisa Mateo about that. 00:01:06 Speaker 2: There were tears. 00:01:07 Speaker 5: She took the offer to go to school. 00:01:08 Speaker 1: Yes, I know. But you know what? We'll get through it. We'll be right there. 00:01:12 Speaker 5: We'll somehow survive. 00:01:13 Speaker 2: What do you do on Labor Day? I mean, when we're done here, what are you doing? 00:01:16 Speaker 6: I'm actually obsessed with this trial, the Lindsey Clancy trial. 00:01:19 Speaker 2: Oh, you're the celebrity load. So why did I know this? 00:01:21 Speaker 1: One hour delay for defense to appeal. So it could happen any minute now. 00:01:24 Speaker 4: It's happening right now. Breaking news here on Bloomberg Money. Of course, again, it's on personal finance, retirement and wealth management. We've got a really, really interesting show for you today. Coming up, we thought we'd do it. He was so kind to come in. Brian Kelly will be with us, who changed the way all of us travel. All of us use our charts. The guy is absolutely foundational. to each and every one of us in our personal finance. 00:01:48 Speaker 6: He actually wrote the book on it. We're also going to continue the conversation on how we spend our money. Dana Telsey, the authority on specialty retail, on the affordability crisis in your closet, in apparel. 00:02:00 Speaker 1: Is fast fashion dead? 00:02:01 Speaker 4: Well, finish in his dad, but also, like, what are they wearing at the tennis tournament? 00:02:06 Speaker 2: I mean, they're draped in Tiffany and draped in this. 00:02:09 Speaker 1: I don't know how you can play tennis with all that. 00:02:11 Speaker 2: I don't understand. I don't get it. 00:02:12 Speaker 5: We'll have to see on that. 00:02:14 Speaker 4: That's Dana Telsey to be with us. We're really looking forward to that. We've got a great lineup in a few moments as well. I think we've got a stagger of stocks right now. And look at what's going on in the stock market. 00:02:26 Speaker 2: And he answers, we can do this quickly. Down 300 points. Pulling back. 00:02:30 Speaker 4: McKee's going to explain why. Good jobs report, stocks go down. I don't get it. 00:02:35 Speaker 6: Yeah, President Trump doesn't like to see this dynamic, and he's made that very clear. Let's look at the cross-asset board as well. Stocks are a little changed on the week, we should note. The 10-year yield, not doing a whole lot, but sitting near the highest in one month. The dollar is slightly higher, but it is down for the week. And the big mover, of course, the yen, strengthening. Oil prices, you can see, down for the first time this week. However, still above $ 90 a barrel. 00:02:58 Speaker 5: Very good. 00:02:58 Speaker 4: We've got a great lineup of people, the only three people at. 00:03:01 Speaker 2: Bloomberg that came into the office today. Stacey Vanek-Smith is with us. 00:03:06 Speaker 4: We're thrilled she's with us with everybody's business and all of her good work. 00:03:09 Speaker 5: She has to work with Max. 00:03:12 Speaker 6: I think it's a privilege that they get to do this podcast and that they're both in today. 00:03:17 Speaker 1: I mean, we're just grateful. 00:03:18 Speaker 5: McKee with us as well. We'll cover the Red Sox Orioles here in a bit. 00:03:21 Speaker 4: But Mike McKee, of course, importantly on a jobs report, the state of the American economy. And what a special treat. Jeffrey Mason with us. Jeff Mason covers the White House and is in this weekend for David Gurra. Bloomberg this weekend. I mean, it's going to be interesting to say the least. 00:03:36 Speaker 7: Yeah, we've got a good show coming up. 00:03:37 Speaker 2: And we'll see. 00:03:38 Speaker 4: We'll talk about the convention here in a moment. Let me get right to it. Mike McKee, first to you on the job economy. Down last time. 00:03:48 Speaker 2: Up this time, you just blend them together and say, state of play? Well, essentially, that's what economists are going to do. 00:03:53 Speaker 8: They're going to look at the three-month moving average, which is about 77,000, which is a good number, considering you only need somewhere between 30 and 50 to keep the unemployment rate from rising, essentially, now that we have a much smaller labor force. Although the labor force did grow this last month by quite a bit, and that has kept the unemployment rate at 4.1%. 00:04:13 Speaker 2: I've got eight. 00:04:14 Speaker 5: Ways to go here. 00:04:15 Speaker 4: There's just so much to talk about. But the bottom line is there's a wage and there's this inflation. 100% of the people I talk to say, I'm losing ground every single month. 00:04:26 Speaker 5: Where's the real wage right now? 00:04:28 Speaker 2: Well, they are losing ground every single month. 00:04:30 Speaker 8: Basically, average hourly earnings are running below and have been for a couple of months, the inflation rate. And so, yes, you're losing ground. Now, not every measure shows that. And I had an interesting discussion with the chairman of the Council of Economic Advisors who wants to look at average weekly wages because he says those are still low. 00:04:49 Speaker 2: Outpacing inflation. But basically, the American people are right. 00:04:53 Speaker 8: They're losing ground because the level of prices isn't going down. We may see a slowdown in the change, the monthly change, but the level of price is still high. 00:05:03 Speaker 1: Yeah, and that's proven to be very sticky. 00:05:05 Speaker 6: Now, speaking of sticky inflation, Stacey, you've been monitoring gas prices, and in particular, diesel prices, because that is the engine of how we move things, move goods around this country. 00:05:15 Speaker 9: Yes, this is apparently going to be the most expensive Labor Day ever in terms of gas prices, but diesel especially is at a. 00:05:22 Speaker 10: Record high for all time, $ 5. 00:05:24 Speaker 5: 85 a gallon. 00:05:24 Speaker 11: It's up. 00:05:27 Speaker 9: Almost 60 percent over just last year, but also average gas prices of about 30 percent. If you're for people who are traveling this weekend, it's going to be the most expensive Labor Day ever. 00:05:38 Speaker 4: But diesels, it's a huge deal and it's not in the political discussion. 00:05:43 Speaker 6: No, because the truckers deal with it and people in Europe deal with it. But it just means that every time you buy something, it becomes more expensive because of the transport. 00:05:50 Speaker 4: Yeah, but I mean, it's $ 5. 00:05:52 Speaker 11: 85. 00:05:52 Speaker 4: I think in London it's $ 9 something with the tax override as well. Jeff Mason with us, and what he's going to see next week, I guess, is simply the great commonwealth of Massachusetts, the home of Adlai Rutschman, who hit homers against his Orioles. 00:06:10 Speaker 5: It's not a convention. Stop it. It's not a convention, right? 00:06:14 Speaker 7: Well, they're calling it a convention, Tom, but it's not an actual convention. You're absolutely right, because there's no one being nominated. The president is not running for anything, but they're calling it a convention basically to use a word that people understand to have a gathering. And they're going to have a gathering and it's going to be as big sales pitch. 00:06:32 Speaker 5: For the Republicans. 00:06:32 Speaker 2: Will there be a Vance or Rubio sighting? 00:06:34 Speaker 7: There will certainly be a Vance sighting. He's speaking on Wednesday night. The president is speaking on both nights. I think you'll hear a lot from him. I think you'll also hear a lot about Ken Paxton, who's running for Senate from Texas and not doing very well in terms of fundraising. 00:06:48 Speaker 6: Is the president losing support among the GOP constituents and even the GOP leadership? Because you had the Congressman Pat Harrigan admitting that when it comes to Iran, very clearly, militarily, we are stalled. 00:07:02 Speaker 1: And a lot of candidates don't want him there when they're campaigning. 00:07:05 Speaker 5: It depends on where they are. 00:07:06 Speaker 7: So the base is still very supportive of President Trump, for sure, and he knows that. But there are places, swing districts, swing states, where they probably don't want to campaign with President Trump, whose poll ratings broadly across the country are pretty low. 00:07:20 Speaker 5: Scarlett, Mr. McKee would like the floor. 00:07:23 Speaker 2: I was just going to point out that you said you will hear from. 00:07:27 Speaker 8: I don't think very many people are going to hear from the Republican meeting down in Dallas because we're always talking about how can they say how can they do this? They scheduled their meetings up against the opening of the National Football League season. First night, Patriots and Seahawks Super Bowl rematch. Second night, Rams and 49ers rematch. I suspect that the ratings for the extravaganza in Dallas are. 00:07:53 Speaker 2: Going to be very low. 00:07:54 Speaker 8: Perhaps the only good news is that the Cowboys are not playing or nobody in Texas would watch. 00:07:59 Speaker 7: And the president, as we all know, is a former reality TV host who likes to talk about ratings. So that's going to be a challenge for him. 00:08:05 Speaker 4: Can we juxtapose the world of everybody's business, which is a hipster thing? I mean, you guys are doing such a great job capturing a zeitgeist of a group of people disassociated from me and McKee. In his world of fancy people in suits and ties and Chanel dresses. I mean, it's like, Stacey, it's like two worlds apart in America. 00:08:27 Speaker 10: It is very much two worlds apart. 00:08:29 Speaker 9: And I think that's probably one of the challenges that's going to come up at the convention is I think a lot of people feel like there are an increasingly separated world in the U.S. There are people who are struggling for their wages to keep up with inflation. And then there are people who are making a lot of money, like almost unimaginable amounts. And I think that divide is certainly a major political issue right now. 00:08:50 Speaker 7: And the president, I think, he likes to talk about wealth. He likes to talk about presiding over a bunch of stock market highs. But he also has been very dismissive of the word affordability. He's called that a democratic hoax. And yet he and his people are very aware that that's probably the key issue in. 00:09:07 Speaker 2: The midterm elections. 00:09:08 Speaker 6: I mean, even places like Ohio, North Carolina, Michigan, and Pennsylvania, property prices and property taxes have been rising so rapidly that they are starting to benefit from SALT tax breaks that were once upon a time just the province of the Northeast in California. 00:09:22 Speaker 2: Super interesting. 00:09:23 Speaker 7: And you're seeing some increased support in those places for those SALT taxes, which is fascinating. 00:09:28 Speaker 5: Around the table, round table, how many miles do you have? 00:09:31 Speaker 9: How many miles do I have to travel? 00:09:33 Speaker 2: Like the miles, the charge card miles, you add them up, airline miles. 00:09:37 Speaker 9: Credit card points. I'm not so great about credit card points, but I do have quite a few saved up on my change. 00:09:42 Speaker 5: Mickey, how many do you have? 00:09:43 Speaker 8: Well, in terms of what I could spend right now on airlines, a little over $ 100, 000 because my kids use them all. 00:09:50 Speaker 2: The kids use them all the time. It's a scam. But I'm close to two million total. 00:09:55 Speaker 5: It's two million miles. Jeff, how many miles do you have? 00:09:58 Speaker 7: I'm doing something wrong because I don't know and I don't think I have anywhere near that many. 00:10:04 Speaker 5: The Foo, how many miles do you have? 00:10:05 Speaker 1: 70,000 on one card, 40,000 on the other. 00:10:08 Speaker 4: I have 500,000 total, and I'm with McKee, they all go to the kids. 00:10:12 Speaker 5: It's a racket. 00:10:13 Speaker 2: Yeah, exactly. 00:10:14 Speaker 4: It's Brian Kelly's fault. Thank you, you three, for showing up on Labor Day. Really appreciate it. Brian Kelly changed our world. He's the one that figured out charge cards and miles. We're going to talk to Brian Kelly here, the points guy, the founder of the website. 00:10:31 Speaker 5: Stay with us. This is Bloomberg Money. 00:10:32 Speaker 2: It's a special edition, a Labor Day edition. Around the table, quick. Hot, hot, cold lobsters. Cold lobster. 00:10:41 Speaker 4: Cold. 00:10:41 Speaker 12: Hot. 00:10:42 Speaker 13: Hot. 00:10:43 Speaker 2: It's un-American. Hot. 00:10:50 Speaker 4: Special edition Bloomberg Money, the Labor Day edition. It's Gardner Fu and Tom Grumman. A lot of fun here. It's a lighter show on personal finance, on retirement, wealth management, and you don't have enough miles. Joining us now, without question, one, two, maybe three people who seriously changed. personal finance. Brian Kelly did it with the Points Guy. How did the website start? What was the first week like, the first month. 00:11:15 Speaker 2: Of the Points Guy? The first week, June of 2010, I was working at Morgan Stanley. I was a corporate recruiter going to all the college career fairs and a I was so good with my points because I would put all of the career fairs on my corporate Amex. And you could call and for $ 95 a year, you could get all the points. So I became the guy, the expense guy at Morgan Stanley. I put all the career fairs on my credit card. So I was raking in the points. So I started the points guy as just like a way to share my tips as a corporate traveler. And within 11 months, it just blew up. So- It took off. 00:11:46 Speaker 6: Your book, How to Win at Travel, came out in 2025 in which you really lay out your thesis that points are real and non-liquid assets. 00:11:52 Speaker 1: They are a currency. 00:11:54 Speaker 6: My question to you is how much devaluation have we seen in this currency after the pandemic ended and the world embarked on revenge travel? 00:12:01 Speaker 2: Yeah. So loyalty, the airlines are just planes. They're banks masquerading as airlines. The loyalty business is bigger than ever. It's what's driving all the profit. You see Delta and United are just doing incredibly because of their co-brand portfolio. So yes, there is an increase in inflation, how many miles it takes to get a flight in general. But the foreign frequent flyer programs, that's where the value is. So for example, Flying Blue, which is Air France's They have 60,000-mile business class awards all throughout the year. That's unheard of. The same flight using Delta SkyMiles can be 500,000 points. So the real experts, there's still many deals to be had, but all the value is mostly with the foreign frequent flyer programs. 00:12:42 Speaker 5: Right, right. 00:12:43 Speaker 2: For partners of Amex, Chase, Citi, Cap One, so... The. 00:12:46 Speaker 4: Racket here is you came up with this, it's your fault, and we're all going to be doobies and pay down our charge cards every month. Bloomberg money, it's on personal finance. What percent of people actually do the Brian Kelly formula and zero out their charge cards every month? 00:13:01 Speaker 2: A huge amount. And the banks want them because in the United States, we have a large fee, about 2% every time you use a card. So even if you're paying your balances off, Amex wants that. They certainly still make money on interest, but- That interchange fee is still very lucrative and they get you on other products. So this whole rewards ecosystem is very lucrative for banks. All the banks are doing well. The airlines who have leaned into it are doing well. And I argue in my book that consumers can do well, too, as long as you know how to play the game, pay the bills off, avoid interest and then maximize the redemption of those points. 00:13:33 Speaker 6: However, right now in this economy, a lot of consumers are not doing that well. And it's a sign of the times that people are increasingly using the points that they accumulate to pay for food and gas rather than trips to Italy, for instance. Are you seeing more people use their points for daily necessities? 00:13:47 Speaker 2: No. I actually think in the airline space, we're seeing airlines all retrofit their planes to have more business class, more premium economy. So while the broader economy, you know, there are sectors struggling. 00:13:58 Speaker 3: Right. 00:13:58 Speaker 2: The premium travelers are driving. What did you do? 00:14:01 Speaker 5: Read her script. Bring it up, Luigi. Come on. 00:14:04 Speaker 4: Kelly's way out front here. The money mustery with Brian Kelly. This is from his website. He was traveling somewhere for $ 58. 00:14:12 Speaker 5: And didn't write this. 00:14:13 Speaker 4: How many first class seats is too many? Delta, a whopping 44 recliners, 11 rows, almost half the aircraft. They expect to offer 8% more premium seats. When's the economy die? 00:14:26 Speaker 11: Yeah. 00:14:26 Speaker 2: I mean, economy, they keep making economy tighter and tighter because there are still, you know, cost focused travelers. But as we saw with Spirit, the purely economy budget airline model does not work in the U.S. with expensive oil, with expensive airports. You know, Ryanair is the model that works in Europe. That's because they go to these third rate airports. We don't have those in New York City. We don't have those across the U.S. So The airlines, you know, we just saw JetBlue is putting first class. They just announced Frontier. You know, everyone is going premium. That is how you win in travel. 00:14:58 Speaker 6: Southwest has its new lounge network that it's launching with Chase as well. Is there a ceiling to credit card annual fees? Because we're rapidly approaching four figures. We're not there yet. Amex Platinum is $ 895. Is there a level that you see at which consumers would just resist paying that fee? 00:15:13 Speaker 5: It depends. 00:15:14 Speaker 2: I mean, we've seen last year was big increases with Sapphire Reserve, Amex Platinum. My understanding, if you look at the public results of those companies, they're doing quite well. And certainly, they'll have a drop-off. Not everyone wants to pay $ 900 or $ 800. But then what happens is they go to the other products, the Amex Gold Card. is Forex on dining and groceries at a much lower annual fee. That's actually a better points card for most people. So some people might realize, hey, platinum might not be for me, but, you know, so they still stay within the Amex family. 00:15:42 Speaker 4: You wanted to run from this because you're such a premium guy. 00:15:45 Speaker 5: What's the biggest flight you've ever done where you went for $ 48 to the moon? 00:15:49 Speaker 4: What was the biggest Brian Kelly, you know, wealth management fight? 00:15:54 Speaker 2: You know, I redeem all the time. I love, I mean, the Air France example, because it still exists. Anyone can book these Air France 60,000 mile rewards. Yeah, I've done it. 00:16:04 Speaker 5: Full disclosure. 00:16:05 Speaker 2: And I love Air France La Premiere. So if you have elite status. Oh, please. They pick you up at the plane in Paris. Are you kidding me? So that's 350,000 points. That's a splurge. But when you think about it, I can redeem for Air France La Premiere for less than what Delta charges business class. 00:16:20 Speaker 1: Quick question. What's more valuable, points or cash back? 00:16:24 Speaker 2: Points, in my opinion. 00:16:25 Speaker 1: I mean, it's more fun for you, but cashback is. 00:16:27 Speaker 2: But if you don't want to travel, get cashback. What I dislike is when people have premium credit cards and then redeem them for gift cards or statement credit. That is a losing strategy. If you want gift cards, just get a 2% cashback card. Don't pay to have a fancy credit card and then... Redeem those points for Saks gift cards. 00:16:44 Speaker 4: In terms of personal finance, as Scarlett mentioned earlier, Ed Duffner shops, power shop here at Bloomberg. If he's in aisle four buying Wagyu beef, he's not using points, you said? They're not using points for groceries and bases? 00:16:57 Speaker 2: Well, I don't think enough. There's a lot of people on your, you know, there's a lot of points hoarders out there. I know billionaires with, you know. 20 million points in an increasing, I would argue to them, just get a cash back card because there are a lot of people who hoard points. There is a certain mentality of let me save them for later. 00:17:12 Speaker 5: Right. 00:17:12 Speaker 1: And they will devalue. 00:17:14 Speaker 2: They will devalue. So if you have too much of a currency, you're not using switch to cash because 2% cash back is King. And there are bank of America has a product. You can get almost 3% back. So, you know, I think for wealthy travelers, they want to have that fancy credit card, but a cash back card would be better financially. 00:17:30 Speaker 14: Yeah. 00:17:30 Speaker 1: All right, Brian, stay with us. 00:17:31 Speaker 6: And later on in the show, we're going to talk about how teens are starting to invest sooner. And according to a survey, the top reason is because they just want to get started as soon as possible. 00:17:40 Speaker 1: Compounding. It's all about compounding. 00:17:41 Speaker 2: All right. 00:17:42 Speaker 1: This is Bloomberg Money. 00:17:44 Speaker 2: Does Sephora count as investment? 00:17:47 Speaker 1: Not for you. Not for me. 00:17:52 Speaker 4: You're listening to Bloomberg Money. Stay with us with more to come after this. 00:18:04 Speaker 2: Yes, the fish are real. 00:18:05 Speaker 5: Somebody emailed me and said, they're fake fish. I said, no, they're not. 00:18:09 Speaker 4: We have like 400 aquarium around the world or whatever. Bloomberg Money on Labor Day, a special edition with Scarlett Fu. 00:18:17 Speaker 5: Thrilled that you're. 00:18:17 Speaker 2: With us today. 00:18:18 Speaker 4: And what's so important is after her tearful Olymp-mondieu, her Olympic coverage at Paris Olympics, Celine Dion's doing it again, and only Brian Kelly could fly La Premier to Paris to see Celine. 00:18:32 Speaker 2: Celine, you're really doing it. Celine is, funny story, when I wanted to start The Points Guy, all my friends, even my parents were like, you can't quit Morgan Stanley. And I believed in it, I knew I was onto something, and Celine Dion has a song called Taking Chances, and I was walking through Times Square. 00:18:46 Speaker 13: Oh. 00:18:47 Speaker 2: And I listened to the song and I went straight to my boss and I was like, you know, I need to take a chance. And I quit my job. So Celine Dion is the reason why the points guy is what it is today. 00:18:54 Speaker 11: Okay. 00:18:55 Speaker 1: You paid for the Celine Dion concert in cash, right? You didn't use points. 00:18:59 Speaker 2: Well, I used a credit card. Always use credit cards. I never pay cash. 00:19:02 Speaker 5: Okay. 00:19:02 Speaker 2: Credit cards. And also the Sapphire Reserve has a StubHub credit. So I've used it twice. 00:19:07 Speaker 11: Yes. 00:19:08 Speaker 5: Thank you. 00:19:08 Speaker 2: Yes. Alex. 00:19:10 Speaker 11: Yes. 00:19:12 Speaker 2: So, yeah. So, Celine, I will pay all my flights and hotels are free. So, yeah, I spent big to be front row center because, you know, this is my this is my Olympics. 00:19:20 Speaker 1: This is your score. 00:19:22 Speaker 6: So in 2025, I think you had 28 credit cards. How many do you have in your wallet? 00:19:26 Speaker 2: I have about 30 now. I'm keeping it. I'm keeping it, you know. I'm not going too crazy. There are people with over 100 credit cards, by the way. 00:19:34 Speaker 1: Do you have a default card? 00:19:35 Speaker 2: I do. The Bilt Palladium card. So Bilt, you can now earn points on your mortgage. I have two mortgages. And the Bilt Palladium, you get 2X on everything plus rent or mortgage payment. 00:19:47 Speaker 5: Was that through Wells Fargo? 00:19:48 Speaker 2: It was. Now it's through... a company called Cardless. Because when you think about your everyday spend, most credit cards only give you one point. 00:19:56 Speaker 6: Yes. 00:19:57 Speaker 2: Back to the whole inflation thing. There are now credit cards... that allow you to earn so many more points than before. So the Bill Playdam at 2x on everything is like my solid go-to. 00:20:07 Speaker 4: Not to be Debbie Downer, but I'll be Tom Downer. Is there a downside to this thing? 00:20:11 Speaker 2: I mean, what's your annual fees on 28 credit cards? Is there a downside where people screw up the Brian Kelly formula? The downside would be, you know, on your cards like the Amex Platinum that comes with all these different credits is if you're not taking advantage. And I will admit, even with the Sapphire, you get free Apple Music. And you actually have to go in and click a single button to link everything. your different accounts, which I hadn't done. So I hadn't for a couple of the credits that I thought I was getting. So it takes a little bit. Um, but I, you know, the 795 on the Sapphire card, I get way more than that in value a year from the stub hub, from the travel credit. So, uh, I actually think no annual fee cards are huge waste. My dad always said cheap is expensive. So for the people out there who with no annual fee cards and who are spending a lot, you're actually losing, um, value. 00:21:00 Speaker 1: Um, When was the last time you paid full fare for an airplane flight? 00:21:05 Speaker 2: I just, you know, it's funny because I can through, you know, and I pay for all my travels when I review airlines. Even though I can, I just still am like, it's against, but I mean, domestic flights all often pay, but I'm using the travel portal points, like Amex points. 00:21:19 Speaker 1: You're still gaming it. 00:21:20 Speaker 2: Yeah, but yeah. 00:21:21 Speaker 1: It goes against your grain. 00:21:22 Speaker 2: To pay for it, yeah. 00:21:23 Speaker 1: Yeah, I get it. 00:21:24 Speaker 6: All right, Points Guy, Brian Kelly, thank you so much. A real pleasure to have you here right before Labor Day, the three-day weekend. He is a founder of the Points Guy and author of How to Win at Travel. 00:21:37 Speaker 4: I'm on the phone with Dana Telsey. We're checking the Saturday schedule. 00:21:41 Speaker 5: At the U.S. 00:21:42 Speaker 2: Open. 00:21:42 Speaker 5: So we can see who's wearing Tiffany at the U.S. 00:21:45 Speaker 2: Open. 00:21:45 Speaker 1: Look at how they can play tennis and wear jewelry. 00:21:47 Speaker 4: And some of it's very big. It's not the Tiffany mortals would buy. It's like big time. But we're both waiting for the Saturday schedule to come out. 00:21:54 Speaker 5: And it hasn't come out yet. It's an outrage. 00:21:56 Speaker 10: We're still waiting. 00:21:58 Speaker 6: In due time, it will come. Let's get a check on where things stand. We had a big jobs report today, much stronger than anticipated. That sent stocks lower because good bad news or I should say good news is bad news in the stock market. 00:22:09 Speaker 5: Jeff Mason earlier said, why is that, Mike McKee? 00:22:12 Speaker 6: Well, the president doesn't understand why that is. And it's because people think that the Federal Reserve will. perhaps increased interest rates later this month. You can see the S & P down about. 00:22:22 Speaker 1: A third of 1%. 00:22:23 Speaker 6: Consumer discretionary that covers retailers are among the worst. 00:22:26 Speaker 4: On that cross asset, the VIX 14.01 is a bull market statistic just across the equity base. 00:22:33 Speaker 2: You know, that's the way it is today. The dollar 99.10 as well. 00:22:36 Speaker 4: It'll be interesting to watch hydrocarbism, particularly as Stacey Vanek-Smith said, that price of diesel. 00:22:42 Speaker 2: In America and worldwide in the next week. 00:22:45 Speaker 5: As well. 00:22:46 Speaker 2: This is a treat. 00:22:47 Speaker 4: It's a special edition, which means only Dana Tulsi can show up. 00:22:51 Speaker 5: CEO, Chief Research Officer. 00:22:53 Speaker 2: Tulsi Advisory. 00:22:54 Speaker 5: More than anyone I know with her childhood. 00:22:57 Speaker 4: She is viscerally attached to 57th Street at Fifth Avenue. I mean, I just can't say enough about the family tieback to Bergdorf Goodman and all that. How you doing and how's American retail doing? How's our aspiration? 00:23:12 Speaker 13: Doing well in American retail, frankly, pivoting along, but doing nicely. We saw some great results out of Victoria's Secret yesterday. At the same time, Lululemon is obviously falling a lot today as they have work to do. And then you saw terrific results out of Abercrombie & Fitch. You have companies like Oxford Industries who are still working to improve Lulipulitzer. 00:23:33 Speaker 10: So for the most part, companies are managing inventory. 00:23:36 Speaker 13: They're using marketing and social marketing to drive new customer growth. And you have companies like Tapestry and Ralph Lauren that are continuing. 00:23:45 Speaker 10: To see more new customer growth and AUR increases. 00:23:47 Speaker 2: I've got to give you a victory lap. 00:23:49 Speaker 4: The Australian Financial Review magazine wrote an article on the new Hermes store in London. which is the Dana Telsey story. Let's bring it up here right now. First of all, Hermes is struggling now. The stock down, it used to be it cost five Hermes scarves, and now the price of a share is three Hermes scarves. But this is Florian Crane writing up here. In 2011, our point was saying, if people go to a store, that will be for a reason. It's not to get the product. The product will be available on a click. He took that from you. He stole that concept. You're the one I know who said, stop panicking. Stores won't die. 00:24:27 Speaker 10: Exactly. 00:24:28 Speaker 13: And they're not dying. If anything, stores are more relevant than ever before. You're seeing companies reinvest. Look at companies like Aritzia, the beautiful stores they have here in New York. Look at, frankly, look what Bloomingdale's has done. And it's like a reinvention of what Bloomingdale's used. 00:24:43 Speaker 10: To look like. 00:24:44 Speaker 13: Social interaction happens in stores. And post-COVID, people want that more than ever. 00:24:50 Speaker 6: The reinvention, though, often pivots to focusing on a premium customer who wants a premium experience because that premium customer, their spending is more resilient and that's where the growth is, frankly. Does that mean that the selection, the opportunities, the options for the higher income consumer just grows and the options for the lower income consumer just shrivels? 00:25:09 Speaker 10: Well, a couple things. 00:25:10 Speaker 13: I mean, I think you're seeing options for even lower-income consumers in physical retail expand. Look what just opened here in May. We had the first Primark in New York City open, and that is a value retailer. The fastest-growing number of store openings is coming out of. 00:25:25 Speaker 10: The off-price retailers. Ross Stores, TJX, Burlington. 00:25:29 Speaker 13: You look at Walmart remodeling nearly 600 stores a year. So I think the pivot point is every type of retailer is figuring out new ways to capture more traffic. 00:25:40 Speaker 6: I want to ask about Shein and fast fashion because there's a legitimate question here about whether fast fashion is dead. Shein went public, but it definitely did not time it right because it should have been a couple of years ago when the growth was at its peak. 00:25:54 Speaker 13: Well, also, I think you have competition. You look what Zara and Zara's done so well. H & M is trying to get its groove back. And there are privately held companies like Addicted, E-D-I-K-T-E-D. 00:26:05 Speaker 1: How do you keep track of this? 00:26:06 Speaker 10: That's opening stores. 00:26:07 Speaker 13: They have one here in the old Scrivener's Bookstore on Fifth Avenue near Saks on 49th Street that just opened. 00:26:12 Speaker 10: We're seeing a ton of traffic. 00:26:14 Speaker 4: Within personal finance, retirement, and particularly wealth management, what spans that is this crazy thing, aspiration. I want to own, as we mentioned earlier, the Hermes scarf. I'll never own one, but boy, they're beautiful. I think I'll look at it. Or people that say, I'm never going to own one at all, but I'm fascinated. Is our aspiration now the same as it was 10 years ago or 30 years ago? 00:26:40 Speaker 13: I think there will always be aspiration, but what you aspire is something different. 00:26:44 Speaker 10: Today, you just had the points guy on. What are people doing? Look at the prices at the US Open. 00:26:50 Speaker 13: They are very high. So people are basically paying up for experiences. because experiences create memories. And it could be memories with purchases, it could be memories with doing. And I think there's a lot of interest in doing these days. 00:27:04 Speaker 6: Which specialty retailers are doing a good job delivering on that experience, providing that experience to the customer? 00:27:10 Speaker 13: I think there are a couple that are doing some interesting things. Frankly, you look at Ralph Lauren and, frankly, Ralph's Coffee, you have lines there. They're creating that experience that's exciting. Frankly, you look at Zara, which has something new all the time, it creates a destination. Sephora, there are crowds to get in the Sephora stores. So it blends product and experience at the same time. 00:27:31 Speaker 4: A joke at the house is the daily Sephora. What they do is they bring the price down and go every day. And I see it on the Visa run. Okay, let's go to the open because you and I are fans. We're getting scarlet into this as well. The dream is to get Alex Ayala. to play Coco, and there you've got Nike playing New Balance, and who in God's name knows what jewelry they're wearing. Talk about the aspirational luxury of most of the women, to be honest, draped at the US Open. 00:28:01 Speaker 5: The money's, it's millions, right? 00:28:03 Speaker 13: It is millions, but also you're creating style trends. Look what Sabalenka's wearing. Everyone looks every day. What is Osaka wearing every day when she walks in the match? It's something new and different. So yes, it's become fashion and function at the same time. 00:28:18 Speaker 5: Is Arno winning at that? 00:28:20 Speaker 10: I think he plays a big game in it. He wins. 00:28:22 Speaker 13: Ralph Lauren wins at it. Frankly, Nike also wins at that, too. 00:28:27 Speaker 6: So when Tom said you were out front and saying that stores were not dead, it's not just stores anymore. It's the venue for people to see the products available. But it's also at events like the U.S. 00:28:37 Speaker 9: Open. 00:28:37 Speaker 2: Exactly. 00:28:38 Speaker 10: It is at events. And frankly, you look at what stores are doing these days. 00:28:41 Speaker 13: Whether they're creating styling sessions and bring your friend, whether they're introducing you to a new designer, there's a. 00:28:48 Speaker 10: Reason to go. 00:28:50 Speaker 13: And frankly, every time you have a reason to go, it's a click, click, because you're buying one thing, but oh, I didn't know I needed that, I'll buy that too. 00:28:57 Speaker 5: Your heart and soul is Bergdorf. 00:28:59 Speaker 11: Yes. 00:29:00 Speaker 5: How does Bergdorf survive? 00:29:02 Speaker 2: Out of the world. 00:29:03 Speaker 5: London, Bergdorf, Printemps, and Paris. How do they survive? 00:29:07 Speaker 2: Service. 00:29:08 Speaker 13: The service that they have is differentiated than others. They build relationships with their customers. They know their closets. And they can talk to them first, talk to them fast, and get them to the store. 00:29:19 Speaker 4: You just heard there, folks, is classic Dana Telsey back to Bear Stearns. 00:29:23 Speaker 5: Scarlett, they know their closets. 00:29:25 Speaker 2: They know. 00:29:27 Speaker 1: They know their customers, too. 00:29:29 Speaker 6: I'm curious as to these frictionless payment systems that have been introduced and rolled out, Apple Pay, Google Pay, all of that. How do you see that changing consumer spending habits, the way we spend? 00:29:39 Speaker 1: What are retailers doing? 00:29:40 Speaker 6: To adapt to these new payment methods, and do we actually spend more because it's frictionless? 00:29:45 Speaker 10: Some of that, but the other thing it gives retailers, data. 00:29:48 Speaker 13: It gives them data on what the customer is buying, when they're buying, where they're buying, so they know more about their customer that they can curate the assortments. Frictionless payments is becoming standard right now. Look at how we all, whether you take a train, whether you pay for something, it's just tap and go. 00:30:06 Speaker 10: And that's become, frankly, normal cost of business. 00:30:10 Speaker 4: Joseph Feldman emails in. He says, ask a Joe Feldman question. Joe's wonderful. He works with Dana on the big box. Why is Walmart trading at 40 times earnings? I still don't get it. 00:30:22 Speaker 13: Well, why Walmart trades that way is because look at the growth opportunities. Walmart's become a modern technology company, too. Look at their ability to capture all income levels. And frankly, you look at what they have, a global space in order to be able to. 00:30:37 Speaker 2: And the other thing in. 00:30:37 Speaker 4: Terms of Bloomberg money and personal finance, how many millionaires has Bentonville made? 00:30:43 Speaker 10: A lot of millionaires. And Bentonville is a nice place to live. 00:30:46 Speaker 4: Yeah. 00:30:48 Speaker 6: How's Walmart doing with capturing the premium customer as well as holding on to. 00:30:52 Speaker 1: Its core customer? 00:30:53 Speaker 13: Look at the biggest growth for Walmart is coming from higher income consumers. And that ability for them to see relevance there is exciting. 00:31:02 Speaker 1: All right, Dana Telsey, thank you so much. 00:31:03 Speaker 10: Thank you for having me. 00:31:04 Speaker 1: Really appreciate it. 00:31:04 Speaker 6: Dana Telsey, CEO and Chief Research Officer at Telsey Advisory Group. All right, Labor Day weekend means end of summer, which means back to school here in New York. I visited the campus of SUNY Purchase and spoke with a student on just how he's paying for college. 00:31:19 Speaker 4: Okay. 00:31:20 Speaker 14: Originally, it was like 30K a year. I got it down to like $ 1, 500. It took a lot of time. Financial aid and working at the same time. It was very tough. 00:31:39 Speaker 4: You're listening to Bloomberg Money. Stay with us with more to come after this. 00:31:52 Speaker 6: Bloomberg Money is your new destination for personal finance. It's a cross-platform effort that extends beyond television because it's our new digital hub at Bloomberg.com slash money. And one of the stories featured this week is about parents opening brokerage accounts for their teens to learn the basics of investing. Fidelity, Schwab and other firms have noticed and they're rolling out products to target this demo to lock in a new generation of customers and investors. Josiana Joshua reported on this and joins us now to discuss. You talked to a bunch of these parents and teens. What did they tell you? 00:32:23 Speaker 12: Yeah, so the teens are excited to get into it. They're very excited to get invested. They're very excited to do the research. They're excited to see the gains as well, of course. And the parents are kind of worried about what the economy is going to look like when they get older. So they're like nice, excited to have this as a backbone for them. 00:32:39 Speaker 2: This is separate from day trading with a. 00:32:41 Speaker 5: Laptop off a couch. 00:32:42 Speaker 1: Yes, it's much separate. 00:32:44 Speaker 4: Lisa Mateo's kids, they're just power. They're like the president, a thousand trades a day. 00:32:49 Speaker 6: It feels like they're a little bit ahead on this. But the motivation for a lot of parents wanting to start their kids on investing early is because they feel like they didn't. 00:32:58 Speaker 1: Do that themselves. 00:32:59 Speaker 12: Yeah, so it's really trying to get the time, behind the time. Like the time is what they want to get on. Parents feel like they didn't have the time as well. 00:33:05 Speaker 1: They kind of started a little bit late. 00:33:07 Speaker 12: So they're trying to get that compounding interest to grow and make sure their kids have the best head start that they can. 00:33:12 Speaker 6: And are these kids investing in big tech names and ETFs? 00:33:15 Speaker 1: What are they buying? 00:33:16 Speaker 12: Yeah, so according to Schwab, I spoke to Schwab's Fisher for the story, they're mostly focusing in on single stocks. Some of them are also going into ETFs, but the big tech names are really attractive to them. It's Apple, Amazon, Google, all the ones that you hear on the headlines every day. 00:33:30 Speaker 4: Did you and your research do anything on the joy of learning to lose money? 00:33:35 Speaker 5: To me, that's the number one gift. 00:33:37 Speaker 3: The joy? 00:33:38 Speaker 5: The joy of losing money. 00:33:40 Speaker 4: I lost money on Westinghouse options when I couldn't shave once a week. 00:33:44 Speaker 5: Interesting. 00:33:44 Speaker 2: And you learn how to lose money. 00:33:46 Speaker 12: Yeah, we talked to a financial therapist who was like, it's really important for them to learn the difference between losing money and making a bad choice. 00:33:53 Speaker 1: It's part of their identity. 00:33:55 Speaker 2: Lisa Bramowitz is my financial therapist. 00:33:59 Speaker 6: My cousin is my financial advisor. Josiana, thank you so much for bringing us this story. Josiana Joshua of Bloomberg News. Now, one of the biggest expenses for families is, of course, college. Last August, or I should say late August and early September, is all about move-in day. So I visited the campus of SUNY Purchase, known for its drama and performing arts program. And I spoke with the president, Michael Stiper, along with students and parents about the challenges they all face. 00:34:23 Speaker 3: So right now, some of the biggest issues facing higher education relate to the value proposition that students and their families are really considering when they're choosing a college and even choosing to go to college at all. 00:34:36 Speaker 6: Choosing to go to college at all, that comes up a lot. A lot of families, students in particular, are saying, is a four-year college degree worth it? 00:34:43 Speaker 1: How do you talk them through that? 00:34:45 Speaker 5: Sure. 00:34:45 Speaker 3: So for the vast majority of students, it is very worthwhile for them to complete a four-year degree. Now, a key word there is complete that four-year degree because it's essential when students start college that they finish college. Because students with a degree in hand, they perform better in the job market, they live longer, healthier lives, and they're engaged citizens. So we think for those reasons, it's a great choice to go to college. But again, the most important thing to do is to go to a college that fits you and a college that you will complete. 00:35:17 Speaker 6: And also a big consideration is a college that you can afford. How are you seeing rising costs impact your campus? 00:35:24 Speaker 2: Well, what I see is. 00:35:25 Speaker 3: That more and more parents and families are considering public higher education. We see across the SUNY system increases in enrollment year over year over year. And I think that's indicative of people deciding that cost is a big consideration. And I see more students and their families talking about the cost and how SUNY Purchase, which has a very, very affordable price point, how that is a big part of their choice. And what we're able to do here is say that you don't have to choose a campus with an expensive price tag to get a fantastic experience. 00:36:02 Speaker 6: So the rising cost of a college education has been something that people have been grappling with for a decade now, if not more. How has that evolved during your time in leadership in higher education? 00:36:12 Speaker 3: Yeah, definitely it continues to be a challenge. At SUNY, we've kept tuition pretty flat for quite a few years, but more and more parents are looking more widely at different campus options. You know, one of the things that's fantastic about American higher education is there are so many different options, so many different choices, public, private, two-year schools, four-year schools throughout the nation. And it used to be just about the most selective, the best. And now I'm seeing more parents consider different factors that play into that, along with academic excellence. Part of it that families need to consider more is how much debt their students will be leaving college with. And I think that is a factor that people need to consider because A lot of students today are planning not only on just a four-year degree, but on further degrees, whether it's medicine or law or graduate school or something of that sort. So thinking about how much debt you're leaving your four-year degree with, and here at SUNY Purchase, it's typically less than $ 25, 000. 00:37:15 Speaker 6: That's the view from the college president, but I also wanted to hear directly from the students and parents at Move-In Day. Everyone I spoke with had a different plan on how to pay for college. 00:37:27 Speaker 11: Out-of-state tuition is definitely a lot. So I took out some student loans and was able to do that pretty easily. And I also put on like my own fundraising show. Like I produced my own show to raise money to come to college. 00:37:43 Speaker 4: So yeah. 00:37:44 Speaker 1: How much did you raise from that? About $ 3, 500. 00:37:47 Speaker 4: Yeah. 00:37:47 Speaker 11: Is this something. 00:37:48 Speaker 1: You're going to be doing regularly, you think? 00:37:51 Speaker 11: Yeah, I'm planning actually on doing it every year in my hometown since it was so successful. So it like kind of helps me like build my own scholarship fund a little bit. 00:37:59 Speaker 15: I have a love for art and love for sculpture, but I just know it wasn't feasibly possible for me to do that as a career since I am low income. So that's why I chose political science and law and justice because I could go down that law school track. 00:38:14 Speaker 16: I'm a teacher, so very big on education. So it's worth it for me to spend your money on that. So you have to start planning early. and try not to put yourself in too much of a hole debt-wise, but you do the best you can. 00:38:30 Speaker 17: About 18,000 or so just to live on campus. So that, I think the tuition, state tuition is about seven. So altogether, it's like 32,000 majority of that is boarding. So that did make, it was just like a wow factor to see how much it costs to board and the eating packages, 3,700 and some change, you know, per semester just to be able to feed your kids. 00:38:54 Speaker 1: I'm a first-generation student. 00:38:56 Speaker 18: I get free housing being an RA, so because of that, now I don't have to pay for anything in school at all with FAFSA and TAP. 00:39:06 Speaker 1: Did you have to take out any loans to attend school? 00:39:08 Speaker 18: For my first year, I did, but once I became an RA, I didn't have to take out any more loans, so now I've been paying them back. 00:39:15 Speaker 2: We've been saving for a while. 00:39:16 Speaker 7: We have an education savings program, and the balance we're paying for is okay. 00:39:23 Speaker 1: Has that affected your retirement plan? We're never going to retire. 00:39:27 Speaker 10: That's madness. 00:39:28 Speaker 6: That was my conversation with SUNY Purchase President Michael Saper along with some parents and students on move-in day. They're still dealing with the sticker shock of tuition. 00:39:38 Speaker 4: That was a breath of fresh air because we do all this Bloomberg elite stuff that we do every single day. Personal finance, retirement, all in SUNY Purchase is $ 24, 000, maybe $ 26, 000. And there's so many people that can't make that nut. And it's like the old days when our parents, I mean, you're too young to remember this, but they worked their way through college. 00:40:00 Speaker 6: Yeah, that's not possible anymore when you have tuition and boarding going up to almost $ 100, 000 a year. 00:40:04 Speaker 5: You look at the fancy. 00:40:06 Speaker 4: People, the idiocy of 90, 100,000 a year. And the real world is what you just did at Purchase. I mean, that's the real world. 00:40:14 Speaker 6: I mean, what the universities will say is that the sticker price is different from what people actually pay, but there's no people paying the sticker price. 00:40:21 Speaker 5: People are still paying. We used to call that in the old days, dear, full boat. 00:40:25 Speaker 3: Yes. 00:40:26 Speaker 5: Full boat. 00:40:26 Speaker 6: Well, a lot of international students were paying the full boat, and they're not coming into the country anymore. 00:40:31 Speaker 4: And then there's the misty-eyed look of dropping the offspring off to school. The photos are out on social media and it's the father who can barely contain himself. 00:40:43 Speaker 2: The daughter's like, when is mom leaving? 00:40:46 Speaker 6: That's Lisa Mateo right there dropping off her daughter at school this past weekend. 00:40:50 Speaker 5: It's just too emotional. 00:40:52 Speaker 4: Bloomberg Money, a special edition, which means Lisa Mateo's here. What's going to be interesting here, SUNY purchased with your wonderful package you just. 00:40:59 Speaker 5: Did, $ 30, 000, $ 40, 000, $ 50, 000. 00:40:59 Speaker 2: Scranton, $ 75, 000 all in, which is only $ 25, 000 under. 00:41:01 Speaker 5: Say, NYU or high above Cayuga's waters. 00:41:10 Speaker 6: It was, and Lisa Mattel lived to come back and tell us about it. You dropped off your daughter at school. That must have been a hard goodbye. 00:41:17 Speaker 19: It was hard, but she's not too far, which makes it a little easier. But you're talking about the college, like the college tuition, how much everything costs. 00:41:26 Speaker 2: It's ridiculous. 00:41:28 Speaker 1: It's incredible. 00:41:29 Speaker 19: And what parents are trying to do to do this. I mean, we had an article out today about how more parents and kids, they're joining the military in order to help pay for some of this. I mean, this is something that I'm living. I have a son in the National Guard. My daughter's deciding to join ROTC. Like, these are the measures that we're going to. And it's hard as a parent to take that into consideration because of the atmosphere that we're living in now. 00:41:51 Speaker 2: Yeah. 00:41:52 Speaker 19: But it just goes to show you what families are doing in order to be able to pay for this. 00:41:57 Speaker 4: You got a multi-million dollar study on University of Alabama sororities. We did that with Lisa a couple weeks ago. Is young Miss Mateo going to join a sorority? 00:42:08 Speaker 10: Here's the good news. 00:42:10 Speaker 19: Scranton does not have sororities. 00:42:13 Speaker 1: So you don't have to pay a consultant. 00:42:14 Speaker 2: No, I don't have to pay that. 00:42:15 Speaker 10: But what you do have to pay the room is for the dorm room. 00:42:18 Speaker 19: Girls go out of their mind to decorate their dorm rooms. 00:42:21 Speaker 10: Can I just tell you? 00:42:23 Speaker 19: Between the bedding and the decorations and all, because they need the new beauty products. 00:42:27 Speaker 1: They can't use the old ones. 00:42:29 Speaker 10: So they need all new stuff. I mean, it's incredible all the stuff that you can forget. 00:42:32 Speaker 1: This is where Wayfair and Bed Bath & Beyond come into the picture. It is crazy. 00:42:36 Speaker 10: It is crazy. 00:42:37 Speaker 2: It is crazy. 00:42:38 Speaker 10: But it's been a journey, and it's a fun one, too. 00:42:40 Speaker 2: All right. 00:42:40 Speaker 1: Well, congratulations to you. 00:42:41 Speaker 14: Yes. 00:42:41 Speaker 6: And I know you have now some time to spend on other things. Are you going to be going to the U.S. 00:42:46 Speaker 5: Open? 00:42:47 Speaker 19: I wish I could, but I can't afford that right now. 00:42:51 Speaker 10: Well, you know what? 00:42:51 Speaker 19: The ticket's on top of that. But the price of the food and the drinks, and that is what is... going crazy out there. I mean, you have people going to these, right? It's not just tennis fans, it's foodies, it's influencers. 00:43:02 Speaker 10: It's all these people who. 00:43:03 Speaker 19: Want to get their hands on, you know, the honeydews. It's 23 bucks. They sold hundreds of thousands of them last time. It's basically vodka, lemonade, and three melon balls kind of in a glass there. It looks good, but that's not the only thing. 00:43:18 Speaker 1: Okay. 00:43:19 Speaker 19: So that one's been going, you have Taylor Swift, holding them that's tom's friend you know just going out and taking pictures with them all these celebrities bruce springsteen um then they have the merch to go with it so you can't just get the merch you got to get the towel it's a t-shirt you have to get the honey deuce sweatshirt you have to get the honey deuce melon baller it's a whole thing and the food tom you're gonna love this 100 gluten-free chicken nuggets with caviar. 00:43:45 Speaker 2: Those I missed. Those you missed. 00:43:47 Speaker 10: It's from Cocoa Dot. 00:43:48 Speaker 1: You can make it up this weekend. 00:43:49 Speaker 2: We're hoping Alexiala against Cocoa Grift. That would be great. 00:43:54 Speaker 6: Lisa Mateo, thank you so much, of course. And be sure to watch Bloomberg this weekend. Lisa is on every Saturday and Sunday morning starting at 7 a.m. 00:44:01 Speaker 1: Eastern time. 00:44:03 Speaker 2: That is it. 00:44:03 Speaker 4: It's a special edition for your long weekend as the nation celebrates Labor Day. 00:44:09 Speaker 5: Bloomberg Money. 00:44:14 Speaker 4: This is the Bloomberg Money Podcast, bringing you a smart look at the forces shaping your financial life. I'm Tom Keen with Scarlett Fu. You can watch the show live on Bloomberg TV every Friday at noon Wall Street time. Subscribe to the podcast on Apple, Spotify, or wherever you listen. And as always, on the Bloomberg Terminal and the Bloomberg Business app. 00:44:43 Speaker 11: Thank you.