Adobe Insights on Holiday Shopping

You can also listen to our radio show at two pm Eastern Time on Bloomberg Radio or watch us on YouTube and now also on Bloomberg Quick Take. Talking about those retail names and how they are trading. There's a Bloomberg opinion piece today that talked about Black Friday fatigue, how it's a warning sign for retail. In the column, it was noted online sales during the crucial kickoff to the holiday season reaching though a record nine point one billion.

This is according to Adobe Analytics, but the two point three percent increase from last year's supply chain crunched season tep it compared with thirteen percent in nine in twenty nine uh nineteen, So in in store traffic about apparently similarly insipid. So let's see what our next guest has to say about all of this, because he has tons of data that makes him an expert on holiday retail shopping. Back with us, we welcome Patrick Brown, VP of Growth

Marketing and Insights over at Adobe. He's with us on the phone from Burlingame, California. So Patrick, nice to be with you again. Um, how are you. I'm doing fine. Nice to chat with you a getting Carol So tell us you were on with us in early October, talked to us about the retail environment, how it's changed, gotten better,

gotten worse since then. Yeah, So, I mean we've seen, uh, you know, the strength leading into Black Friday, you know, was really driven by the discounting, and discounting started each year. It seems to start earlier and earlier. In this year, you know, we saw consumers or retailers rather starting to discount as early as October when we had a Prime Day.

And what we've seen is those discounts just stayed low and they've stayed you know, continuing through the Black Friday and well Black Friday year over years, you know, was was only a two point U up year a year. It was it did exceed nine billion online. And what's happening now through the weekend is we're seeing the demand

actually online accelerate. So Saturday and Sunday we saw the equivalent of a Black Friday in sales nine point five billion, which is about four point four percent year of a year. So and then leading into Cyber Monday, where we think the strength is going to continue on to be about

a five percent year of a year growth. So I think as as retailers continue to deeply discount and figure out where consumers are are are um, you know, have got some demand across some categories like toys, they're they're leaning into the discounts and driving some growth. Patrick when I hear the word discount as as a cheap skate or I guess frugal shopper some Sunday called me I

my year's percuff at discount. But are there any certain categories where you're likely to get better discounts this year? And are are they all gone there there's still discounts available for the rest of the season. Well, it's a great question, and I think smart shopper is the right

the right word. I'm similar. I mean, we've seen. The discounts started, like I mentioned in kind of with Prime Day in October, and then what's happened is for categories, especially around Cyber Monday, where you see electronics like traditionally has been really core deeply discounted category discounts um but toys continues to kind of rule the day for Black Friday, answer the weekends or we see up to thirty three

percent discounts, but sporting goods down jewelry. Interestingly, one of the categories that we're also seeing come up as as consumers are more comfortable buying larger products online is furniture. Furniture and appliances. Believe it or not, we're seeing discounts and things in demand work discounts or in the ten to fifteen percent or even those products. Do I have to wait twelve months six months to get my couch?

I hope I do that well, thankfully. I think you know last year it was all about there wasn't really very good discounting, and it was all because of supply chain. Retailers just didn't have things in their shelves and distribution centers to to fulfill some of the demands, so they had to keep prices higher. I think in some cases retailers are working off a bit of an inventory glott, so they are using this to manage some of their demand. There.

They're they're spurring growth with with with with lower prices. But I think you will actually get your couch and it won't be it won't be eight months. Hey, one thing I want to ask you if you have any thoughts. I mean, if this extreme discounting continues, and I think about the retailers, what that means for margins and what kind of numbers will see ultimately when they in the

new year report their fourth quarter numbers. Because I was in Sacks just walking through on Friday and Black Friday, didn't buy a thing, but spend a hundred and fifty you get a seventy five gift card, and I'm thinking, Wow, that's great for the consumer. It also guarantees you're going to come back and spend. But I mean that's got to hurt retailers. Well, I mean they are managing their inventories.

I think, like you're alluding to it, so they're able to kind of, you know, it's better to sell some product and drive some future growth and drive some lt V where somebody can come back and potentially be a future shopper, even even in the in the coming year. I think interestingly, even though if you're in your in the store, one of the things that we're observing, or maybe it's the World Cup related, mobile shopping is eclipsed

the sales through Black Friday and through the weekend. So even as people have been out there still purchasing, maybe not in the store, but they're buying online and they're just finding themselves. The way that they're buying is much more fluid, and so I think that retailers are driving volume and driving demand. There is consumer demand out there. I think they're leading into into it with discounting, and I think that's likely to continue into the coming coming

in December. Those cell phones are dangerous. I always say, you know, it's so easy to go click click, It's gotten so good the technology. I agree. So your spouse is like, do you do you know what? You just did? It like the last twenty minutes, Um, Patrick Brown, good to check in with you. Hopefully we will again over the Holiday's VP of Growth Marketing and Insights over to Adobe on the phone from California. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic

on Bloomberg Radio. Nearly impossible to miss the video and pictures and stories about the protests that I've erupted against China's COVID zero strategy. We were talking about it with our TV colleagues in terms of the market impact. We talked about it earlier about Apple specifically, but it does represent one of the most significant challenges to Communist Party rules since the Tianamen Crisis more than thirty years ago. So great to have a voice back with us, a

member of the Bloomberg family. To be quite honest, he's back in our Bloomberg Interactive Brokers studio. Andy Brown, former editorial director at Bloomberg New Economy, spent three decades in Asia's both China editor and columnist for The Wall Street Journal. Pulitzer Prize winning journalist. He leads the China Hub as a partner at Brunswick Group today, a critical issues advisory firms. So so grateful that you came back to Bloomberg to

talk with us, Andy again. So, the disruptions, the protests, how do you think President g is kind of what's the calculus around that for him. But first of all, Carol, it's great to be back. Thanks for having me. Um. So this is historic, the events in China over the weekend, and I think it is the beginning of the end of COVID zero. And it is going to be I fear, a messy, chaotic and deadly unwinding of an irrational, poorly conceived, and and disastrously executed policy that has Si jinpings name

all over it. He owns it, and he owns the public outrage that led to this, to these street protests and campus protests all all over all over China over the weekend. Look, it's an indictment of she himself, but it's also an indictment of the system that he set up UM. And it is a top down, heavy handed, personalized system, UM, inflexible, ideological, highly politicized, at times brutal,

and the system failed and it's failed catastrophically. And you know, the irony is that it has triggered precisely the thing that see jimping most fears. So you know, for the first time protest right, well, protest, but the type of protests, so you know, their protests in China occur all the time. Okay, but they're you they're almost always localized single issue protests. Uh. You know, workers aren't getting paid in a factory or in a rural area. You know, some government connected business

has grabbed your land. A lot of protests, um this is but they're never they're never networked, right, and and they're very easily contained. This These are nationwide protests that bring together disparate groups of people, poor people, rich people, students work together for a common cause, and that is to defeat COVID zero, which has led to enormous amounts

of frustration within the population. And the trigger for this was a fire in the room chet in an apartment blog killed at least ten people, including we see the picture of this lovely weaker lady and and and and her children. And the suspicion was that they had got trapped in their apartment by COVID restrictions. So fire exit's being blocked or you know, in these concrete barriers to get placed around blox of the fire trucks couldn't get

in and extinguished the blaze. And this trigger is something very deep, very emotional. You know that that that lady was was everybody's mother. Everybody's sister, you know, everybody's wife. Those children could have been my kids. Because you've got four hundred million people in China now living under some kind of a lockdown. Many of those in precisely those conditions.

You know, their front doors have been well did close because they can't get out, and people live in fear and have been living in fear now for a long time. And so you know, this five just just triggered this, this this swelling sort of surge of anger right across the country, and it was so big, it wasn't you know how how clever they are and how how you know efficient they are blocking discussion on social media. This out this outbreak a bust was was was just so

passionate that they couldn't contain it. Um. I was amazing, like the amount of video and pictures that we were able to all see right throughout the weekend. Yeah. Well, and I wonder what the next few days look like. Do you think, I mean, will there be an effort to suppress these protests, to put them down and and sort of put people in jail and and counterattack against the protesters. Um, it seems like it could get ugly

in the next few days. You know, my, his his his, the realities she jimping has no good options here, okay, he only has tough decisions, difficult trade offs. So I am I'm pretty sure that with every fiber of his body he wants to crack down. Okay. I mean he is haunted by the collapse of the Soviet Union, which

you know he blames. They lost their ideology, abandoned style and repudiated style, and but they lost controls of the levers of power they compromised, you know, Glass, Gnast and PERISTROI he's absolutely determined that that is not going to happen. And I say he doesn't. He doesn't want his policy, his signature policy, to be derailed, to be challenged by street protests. And I'm pretty sure that they are already now, you know, going after some of these leaders of the protest.

But here's the thing. The more, you know, if if he cracks down violently, you know, he he could he could promote an even bigger social explosion. People have had enough. I mean, they've they're really up to here with with zero COVID. Now, on the other hand, if he opens up and opens up too quickly, uh, he risks, an

explosion in cases and and and mass death. Uh. You know, even under the most optimistic scenarios, if if they opened up like Taiwan dead or Singapore, did you know, because of the infectiousness of om Crown, you know, and the vulnerabilities that you have in and even a highly vaccinated uh society, you're still going to get you know, a million or more death. Now that that's dynamite and pig you know, the Americans lost a million, Uh, the Europeans

lost a million. This proves you know, the the decadence and incompetence and the corruption of their system. Their their careless system. But we in China have to have a have a superior system. You know, nobody, very few people died outside of the original outbreak. So he's he's going

to be very very careful. And but you know, look uh this, you know, the real problem here is that there has been a staggering failure and it is the failure to build defenses against om Crown that you know, they've been so fixated on, you know, on zero COVID that they haven't invested in I see you beds in train specialist medical staff. Most importantly, they haven't adequately vaccinated the elderly population, you know, so, and and of course

they have no natural immunity. Now, so how do you like a lot of I've been hearing a lot of commentary that this isn't another Tianamen square. But could it get to that point that a bad comparison. Yeah, Look, we've we've moved on UM and and look, I wouldn't rule I wouldn't rule anything out, but we've moved on. The government UM has far far more sophisticated tools now to counter dissent than they ever did back then. As

I say, I'm pretty sure. Look, every square inch of every city in China uh is watched by by a camera. They already know you know who the leaders of these protests were, voice recognition, recognition, gate recognition. They're probably in touch now with their networks, with their professors, with their colleagues, with their with their families. But you know, here's the other thing, Um, the protesters are also pretty clever too, and they've shown a tremendous amount of ingenuity. So you

see these these students at Qinghua. This is a crazy one where they they're holding up a banner with a mathematical equation. I guess you need to be a mathema and I'm not. You need to be a mathematician to understand that this equation was written by a mathematician called Freeman. Okay, it's Freeman's equations. There was this sort of subtle algebraic cry for liberty, you know, blank sheets of paper and

so on. Is this is g at risk of losing some of his political cloud, which he just cemented, you know recently, you know, his his his more in his governance style, and now are going to be open to much greater scrutiny on a global stage, well domestic, domestically, domestically, you know, I mean here, here's here's the operation. Here's here's the the operating model for Shi jimpings China. Okay. And it starts with this vast institutional capacity, endless sums

of money, you know, bottomless pit of of of of resources. Um. It's all powered by high technology and animated by this whole of nation, you know, mass mobilization. It's an awesome machine, right, but you know, and and and it's capable of great good. You know, you aim this machine at the problem of poverty, and you know you eliminate absolute poverty and they've done

it right. And or you aim this machine at building well class infrastructure and you get within a few years, like the most extensive high speed train network in the world. But it's also capable of great harm. Right, So you you aim this machine at Shin John and you get the horrors of you know, internment camps in a million weeks. You know, you aim this machine at COVID and you get COVID zero. Okay, and and and it's the faction. But it actually shows the limitations of this operating model

because it has clearly failed, you know, against against COVID. Andy. Do you think if China had accepted the Western vaccines, the Maderna and viasor vaccines, would would it be a whole different scenario here? Would would the they'd be able to open a lot, a lot less risky than they are now. You know, I think people exaggerate this point. Uh Look, it's baffling, right why they didn't take mRNA vaccine. It's the best in class vaccine, but it's not. It's

not the game change that people say it. It might be Chinese vaccines are okay, they're fine, right, they do a fine job. Um, they prevent serious illness, they and death. But that's if you have your your three dose regimen, right, you get your two vaccines and your boosted. The problem that they have is that they haven't insisted that the elderly get vaccinated. You know, I was in Singapore this time last year actually for the Bloomberg New Economy Form.

We were part of the reopening, and they were adamant about that. They weren't going to reopen until they had and I can't remember what it was, eighty or more percent of them elderly people, and they had a lot of resistance, and they overcame that by telling the elderly, if you don't get vaccinated and you get ill, you're gonna pay for your hospital treatment. Right. So they put a lot of pressure on but they focused on this, right.

Why China hasn't focused on this is something of a mystery, well, um, lots of mysteries. And it feels like every week there's something new coming out of China that certainly up ends things. And we really appreciate you coming in to help us make sense of it. So Andy, thank you, Thanks Carol, Thanks Mike. I always appreciate Andy Brown of course he

is partner at Brunswick Group. He is a critical or that is, a critical issues advisory firm and of course former editorial director of Bloomberg New Economy and so much more. We really appreciate it and thank you. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim

Stinovic on Bloomberg Radio. So the holiday season often running, many haaded to spend time with families over this past week and a week and for perhaps the first time in two or three years, because of the COVID pandemic right reunions. Yes, we know that, but Mike, it can also be a charge time when it comes to conversations around the dinner table, and more right, we hear about stress and all that good stuff. Absolutely no politics, please. My husband always used to be like, don't because I

always used to bring upolitist at dinner. All right, So our next guest can probably help all of us with that. His book The Art of Conscious Conversations, Transforming How We talk, listen, and interact. Let's get to check uh Wisener. He is uh someone who has worked with leaders and their teams at Google Forward, Tesla, Shell General Motors and Chrysler. He joins us on the phone on this Monday. Hey, Chuck, nice to have you here with us. Did I say

your last name correctly? It's Wiser Weasner. Forgive me my bad? Um check we w I v W yeah. Okay, okay check. Well, good to have you here with us, Um, and let's talk about your book, because you have worked with a lot of companies. Um, tell us about your background and

the work that you've done in the past. Okay, Um. Well, I've actually formally trained as an architect, and I changed careers because I couldn't stand the conflict and I figured there was a better way to have conversations, and so I had studied, uh, the ontology of language and what didn't mediation training and all that. One thing led to another and I changed careers and then I've been working

with the leaders and their teams for the last thirty years. So, Chuck, when you talk to these executives, what are what are sort of their goals to improve conversation? Is it you know that they want to have more personality, be more engaging. What are they looking to do? Well? It varies, but I think the biggest problem is offen. Uh, there's a lot of miscommunications and there's a lot of misunderstanding for

leaders about how how powerful their voice is. UM. And I say that as an example, like a leader could be in a meeting and say, well, that was really a stupid idea, and they think they're just sort of bantering about and someone could leave that meeting thing, oh gosh, I'm I'm really in trouble. I might get fired tomorrow. So there there's authority issues and issues of power in their voice, and then there's the also a lot of of of leaders forget to create a good story and

enough context for people to really understand what they're doing. UM. And so having a clear mission context and then being really really mindful of how to create safe psychological safety so you can have robust conversations. Is is one of the biggest things we work on. So check. I gotta say that, UM. In reading in and looking at your book and looking at your background and knowing that you worked with Tesla, I was dying to ask you, how

do you think Elon Musk is doing well? Um, Ellen, I think needs to take a little breath and step back from the circus that he's involved in because building a car or building a rocket ship is really different than what he's entering into now. Um, it's such a

different kind of a way. It's just such a social cultural um format that that every thing that he does and everything that he says again has carries a lot of authority, a lot of people listen to him, and so I think he needs to find a little bit more courage to step back and really decide what he wants to do and speak speak more mindfully. Yeah, Chuck, I wonder what you've learned about successful executives when it

comes to sort of the art of conversation. Is it, know, dominating a conversation, Does that sort of correlate to success in the business world or is there more to it than that. I think that's the that's the biggest downside. Um. So leaders, leaders get to where they get to because they were expert engineers, are expert tech people or whatever, and then they get they get elevated and we actually

are and they are rewarded for having the answers. But the how you get in an organization, the less you can have all the answers for all the problems that you face, or less you can know about everything that's going on in the organization. So actually a great book years ago called Good, Good to Great. Uh. They were trying to figure out why companies that became great instead of good? What happened and one and they didn't want

to focus on the leader. But one thing they kept coming through and through and through is these leaders that were doing the great companies, they had a humility that allow them to trust their experts, allow them to trust their team, and to create a space so they have really open, honest, creative and good conversations. So humility is a better better attribute than than say, arrogant and thinking you have all the answers. So who's the CEO or leader?

Leader could be any walk that you think is just spot on when it comes to conscious conversations. Okay, that's a tough question. I have to be careful because I work,

I mean all my work is so confidential. UM. I certainly have worked with Doug Field, who was at Apple and is now at forward UM, who really takes this stuff to heart and he his ability to communicate with folks, UM to to to create the excitement around the mission and then to really allow people to bring in the best people and draw all the best people and allow

those folks to do great work. I think he's one example, and in the past I'm thinking of of of a few uh so another energy company that I won't name, but that I've worked with and where that leader really transformed from not understanding sort of ideas about business culture to realizing how much culture shape the success and the and the way companies do their work. Yeah, Chuck, Carol and I were joking at the beginning there about no

politics sture in the holidays, no politics conversations. But but it has politics have gotten so divisive in this country, um, and I wonder how that affects conversation. Is it best to just not go near it? Or is there a way to actually talk politics without sort of wanting to

ring the other person's neck by the end of it? Right, Yeah, I think we've gotten to a point where what I might have had a different answer six or eight years ago than I have now right now, I think we've gotten to a point where we're so off the mark as far as being able to listen and hear one another that, Um, we can't just jump into a political conversation and start, you know, having our position or you know,

pushing our position. Um. I think the fundamental problem is that if you're in a conversation that's sort of doesn't feel right, the best thing you can do is just to stop, stop talking about what your perspective is, and step back and say, are there's are there a few facts we could agree on? Because fundamentally we have lost that art saying women, what what? What do we know? What don't we know? And if we can't agree on those head foundation of facts, you're not going to get

anywhere in a conversation. And in fact, I've walked away from multiple conversations and multiple groups dogs right where I couldn't get the group or the people to just settle down on some fundamental fact. I was talking to my sister about this in terms of social like, don't get angry and start like kind of being nasty in terms of someone's view, just put out some facts and say you know and kind of respond in that way Chuck,

this is fun. Hope you can come back um real soon and check Wistener he is leadership advisor and author his book The Art of Conscious Conversations, Transforming how we talk, listen, and interact a journal Now, but you let me drive. No, no, no no, no, honey, please, I'll do the dravel. I want to drive. It's good questions D. This is the Drive to the Globe down on Bluebird Radio, and we have just about ten minutes left in today's trading session, getting ready to wrap up what will be a busy week,

certainly chock full of economic data. We're here from j Pal. We talked about this, We're already hearing from members of the Fed today. But let's get to it with Anne Miletti. So great to have her back in our studio ahead of Active Equity at all Spring Global Investments. She joins us here in our Bloomberg Interactive broker's studio. Welcome back. It feels good, feels more normal. It does to anything normal about this market environment? Or how do you assess it? Well,

it's getting more and more normal every day. Um, why do you say that? Because the volatility. Even though like I think you know a lot of us look at the vics and say, oh, that is volatility. I think investors in the market think, gosh, you never know from where the market starts in the morning to where it ends, what's really going to happen. I think we've had more one percent moves than we've seen since the Great procession UM this year, and that's a lot for everyday investors

to handle. Well, So what are what are the conversations with clients like in an environment like that and our people you know, doing the right thing and getting greedy when others are fearful or they fearful like everybody else.

I think, you know, it's really challenging to get people who even even who are in the business professional investors to take emotion out of the decision making and to really think long term when there's news flower every day, when things change all of the time, and so a lot of our conversations with clients are just about you know, staying diversified, thinking about long term and looking at this volatility as opportunity and not just as a tough time.

But you know, what opportunity does it present for the next you know, several years potentially? Is it problematic? And if you think about um Jim Ballard coming out from the St. Louis fed and talking about you know, maybe a higher rate environment not only next year, but into is that problematic? I mean for equity valuations to still have to maybe come down even further or just as

a classes in general. You know, it's so it's a great question, Shan Carroll, and it's one that we've had to wrestle with for the last you know, more than twelve months. The good news, I think, if there is a good side to this, is that the market, the multiple compression has happened. A lot of it has been in a you know, the markets down more than um

that's all multiple compression. Earnings are still going to be positive for the year, and a lot of consensus is still positive for next I'm not so sure about that, but um that that expectation has really really been lowered, we're starting to see earnings also kind of come in a bit. I think we're going to see more of that. And so when you were an investor not a trader, you go, Okay, the future is different, and you know, the cost of capital is more expensive. You have to

build that into your modeling and into your fundamentals. And if you're running a company, you have to run your company a little bit differently than you have in the last decade. Is the risk appetite just not there? Do you think among the CEOs, the CFOs too of you know, invest in their companies to boost their buy backs, boost their dividends. Is that part of the issue, do you think? I do think they're human, just like UT's right, and

they're captured by emotion and the unknown. And when you listen to the FED officials, you know, threaten of much higher rates, they are probably pausing. I think what our investment teams are really trying to stay focused on are what companies have the strength to whether what, however long the storm is going to be right And if it's just a shallow recession um and short lived, great, But

what if it's longer, what if it's deeper? And I think management's good CEO CFOs think through those scenarios as well. And if you look at balance sheets and free cash flow, those are metrics that allow you to have flexibility as a company for a long period of time and gain competitive ground even in downturns. And those are the types of companies our investment teams are really focused on right now.

And do you model for maybe a recession, whether it's shallow or a little bit deeper, but a recession where people are working. You know, it's so interesting, right because this is crazy question. It is um. Look, I do think we're going to see some weakness in the labor market. It's not showing up as quickly as some would expect, but we all know it's a legging indicator. We're seeing job freezes. We have seen layoffs in some of the

tech companies. I think you're going to start to see it in some financial companies as well, likely as we head into the new year. Um it's going to show up in other places as well. It may not be unemployment levels that we've seen historically, and there's other reasons for it to write, just demographic reasons why we might not hit those low levels. So I think, you know, never say never, never say the future looks different than the past, But there's a good possibility this one won't

look exactly like they haven't. It could be different, couldn't it time? You know, I wonder, you know, you sort of get the impression that with this huge rally we've seen in equity since the middle of October, that people are kind of, you know, hoping or betting that the worst is over with inflation, with the Fed rate hikes. You know, we have seen inflation. It's still hot, but it's come down. Interest rates have kind of leveled off.

Is that wishful thinking? I think, you know a little bit that there's a little there's been a lot of money on the sidelines waiting to get in, and I think people are worried about missing it. I do think there's gonna be yeah, exactly, I do think there's gonna be a little more downside risk here right there. We're not again. Earnings expectations have just started to come in a little bit this past quarter. I think we need to see more of that happened before we officially hit

the bottom. And I also think investors cannot expect v shape recovery brought on by policy or the FED, and we've had that in the past. That's what's caused these huge inflections. I don't think we're going to get that. So where would you commit your money at this point? You to talk about the importance of free cash flow key metric to wash so to watch excuse me, so? And where would you put assessments? It's you know, it's

really hard to pick a sector. I would say, you know, if you want a sector, healthcare is a good one because there's still innovation, there's still growth, there's still the possibility for dividends, and we know and in recessionary time periods, healthcare has been an area that's had the least amount of EPs of earnings UM pulled back and and in fact it's been positive most of the time. Outside of that, there are a lot of attractive names in all kinds

of other industries. And I think when we get to general about saying move away from tech or move away from industrials, we're painting things with a broad brush when there are unique opportunities at all sectors. Right, So sticker that b stock care exactly exactly well, And I know you're a stock picker and preach the gospel stockpicking, but at some point you got to say, these bond deals look attracted to they are, and you know you got

me there. It's it's one of those unique times where you know, look, you've had bonds and equities go up. They're not supposed to be so polated. You also had them painfully go down together. And I do think that the bond market is, you know, showing some really attractive

areas for investors right now too. So again, there's a lot to be fearful of, but there's a lot of opportunity out there like the optimism that's out there, and Letty who brought us that optimism, Head of Active Equity, Olvert Allspring Global Investments, thank you so much, Happy holidays, hope we see you again soon. Thanks for listening to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or

Bloomberg dot com. You can also listen to our radio show at two pm Eastern on Bloomberg Radio or watch us live on YouTube now, also on Bloomberg Quick Take