Bloomberg Businessweek Weekend-April 3, 2021

blockbuster story about a block trade blowout. Yeah, an absolutely huge story. And Carol, I gotta say, each time I hear you take off that number fifty next week it'll be fifty six. I wonder just how many more weeks we are going to be working from home. I have no idea, but one thing I can tell you is that there are some worries about a fourth COVID wave in the US. This coming as we get conflicting data, vaccines rolling out big time at the same time we're

seeing hospitalizations go up in some areas. We are, indeed, just like you say, we're losing count of how many weeks. I'm losing account of how many waves. We've got both of those stories covered. We're going to talk about the virus the impact on how we work. We're also going to talk about that block trade blow up, plus a tale of two fast food restaurants on an iconic brand that's been around for seventy years, Tim the other just around for a decade, but just long enough to catch

the attention of Lebron James. We'll hear from both the CEO of Jack in the Box, Darren Harris, as well as Blaze Pizza president Mandy Shaw. But we begin with a story in the magazine this week, President Biden saying that US adults will be eligible to get a COVID nineteen shot by April nineteen, and nine of the nation will live within five miles of vaccination site. Weiser also saying that the COVID nineteen vaccine is effective in a

study of children ages twelve to fifteen. But Carol, we know at the same time cases still rising again, definitely troubling. So with that in mind, one story in the magazine caught our attention. It's about Mark's COVID pill and how it would give doctors an important new treatment and a weapon against coronaviruses and future pandemics. The reporter on it Bloomberg News US healthcare reporter Ryle Griffin, who joined us along with Bloomberg Business Week editor Joe Webber. There's this

little pill that Mark has been developing. It's one of several hundred different varieties of treatments that are basically underway right now. But based on on the reporting, we think Marks is maybe closest to some data which could be forthcoming within amount of days, and that will really give us a look at UM. What we all hope is another chapter in this fight against COVID which would start to look like treatment, something that you could give someone

when they get sick. UM. That's different than the vaccine. Obviously we need the vaccines too, but what happens if someone has a vaccine, is vaccinated and get sick or for all of those people out there who might not have a vaccine, and that's where this Mark development comes in. So so Riley talk to us a little bit about

what an anti viral. With the promise of an anti viral like this, hundreds of thousands of people continue to contract COVID each and every day, so we need those therapies UM to get to patients quickly at the beginning of their disease. Cynthia, my colleague and I like to bring this as TAMA fluper covid, something that could be deployed broadly to your sister, your grandparents, Those high risks, those low risks at the earliest course of their disease.

As you said, there are hundreds of anti virals in development two D fifty about so to speak, UM, and viruses are really uniquely difficult to attack with drugs. I don't think we you know in the press speak enough about the complexity of developing therapeutics. These viruses hijack human cells and set up machinery to turn out copies of themselves within the body, which creates a real challenge. How

do you destroy the virus without harming those cells? And success when it comes can be quite fleeting, because, as we've already seen, viruses mutape to survive. So Mark is the leader of the pack. We could see data before the end of the month. Um, should it prove safe and effective? Which is a real question. UM, it's likely to be that data is likely to be the backbone

of an emergency use authorization. Here in the US. So if it happens for emergency use authorization here in the US, and we're at a point where we've been really gotten done a good job with becoming vaccinated, does then that Does that then mean that this moves into the global fight against COVID. Yeah, that's a fabulous question. For one,

I think there will still be need here. We've got a great population that's vaccine hesitant, We've got UM a population under the age of sixteen that doesn't have access. But globally, this is definitely necessary and compared to some of the other tools out there, like the monoclonal an embody like gileads RUM does a viere, it's also poised to be much cheaper as an alternative. It's not in hours long infusion that is required to be given in

specialized settings. UM. It's what we call a mall molecule, which means the manufacturing is much more simple. And Mark says it can churn out about ten million courses, which is a hundred million pills. You take it twice a day for five days UM within the span of this year. But in our interviews, Mark also said, and mind you,

Mark is so global health oriented. They said that they want to create licenses that basically allow other manufacturers to make this pill to should it prove safe and effective, thereby creating greater access worldwide. Well, let's just stick with Mirk here, because Murk is very well known for its public health work, uh fell short on its vaccine efforts.

What's that stake here for for Mark when this data comes out, Joel, that was a big disappointment earlier in the year when Mark two vaccine candidates both showed lackluster data in early clinical trials. I think they need a big win, not just because they want to put their stamp on the pandemic and sure that they can have an impact here too. Of course, they're helping manufacture Jane Jay's vaccine. But let's think longer term about Mark's business model.

This is a company that has become highly reliant on one product alone key true to a cancer product UM that is making up a great chunk of their revenue, and investors keep asking what's next in the pipeline. So mulnipere of your could partially be that. And I think what Mark has said to us UM they're very eager to know is whether this has broad spectrum activity, no doubt about it. Data so important in all of this.

That was Bloomberg News US healthcare reporter Riley Griffin, who joined us along with Bloomberg Business Week editor Joe weber Well coming up virus cases a top the most red que on the Bloomberg. So she was reporting about the unwinding of highly leveraged trades that led to the implosion of one little known family office. I thought it was supposed to be a quiet kind of holiday or leading up to a holiday weekend. You know how this works. I supposed to be a quiet week. It's all but quiet.

That is so true. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. Remember how we were all obsessed about the Suez Canal backup last week? You remember that. Yeah, I'm actually a little sad that the ship got unstuck because it was such a great story. I mean, not really, but you

know what I mean. No, but visually it was a great story and it just, you know how kind of one ship getting blocked just shut down kind of our supply chain, our global supply chain. It was such a good illustration of how much we rely on global trade and just really small areas of the world to get us our things well. This week we kind of had

a replacement. We were similarly focused on a little known family office and it's head, Bill Wang, and our Cagos Capital Management and what may turn out tim to be one of the biggest margin calls of all time. We've got two stories on this. First up, what was going on the big banks like credit sweezes. This was unfolding

about a week and a half ago. Here's Bloomberg Business Week editor Joe Webber and Bloomberg News Finance reporter Strinadarajan Shri among the Bloomberg team that broke this one and has kept us up to date on the ongoing story.

For those who have been dealing with Bill Hung and his family office, they were starting to get worried and alarmed by the middle of the week as some of his big positions were moving in the other direction, and very soon by the middle of the week, the banks did realize they had a big problem on their hands.

The risk departments that a number of Wall three banks European banks and even Japanese banks were starting to get worried, so they all decided to get together in a hastily arranged call that included some of the top lawyers from all of these firms, also included Bill Hong to find a solution, to figure out how to untie and unwind

these positions in a tidy manner. From our reporting, we understand the Sweets in fact, was the one that was pushing for this idea to stand still agreement, asking everyone to cool down, back off for a little bit, let's see how the price action moved and look at it again on Monday, because they did not want to see an immediate force liquidation. Well, the clearly regional agreement they were all in it for themselves by Friday was clear

because they're all broken rank. And now as we see the consequence of that action, we see the big US bank, Logostani Government, sax Well Fargo appear to have emerged from this largely unscathed. But that is not true for an m uf J, which overnight told us that their losses

could be about three millions. Namura would says that has a two billion dollar claim without actually saying what its actual hit could be from this and credits, which has still not provided a bigger but estimates on that are heading into multibillion dollars, and that sort of starts to explain Swiss stands on that faithful called last they tree. What could have been a tidier way to unwind this? You you know, you said the banks were looking for a tidier way to do this. But but how could

these losses have been prevented when the stock started moving lower? No, to me're absolutely right. So we're still trying to piece together that part of the puzzle. But one possibility very well could be instead of the banks moving to says collateral and force some sort of liquidation event, perhaps the strategy was wait and see if the stock rebounds. Perhaps the strategy was asking some of the banks who had the potential to demand much more margin to give some

sort of margin holiday. It isn't clear what the solution could have been, but what is clear is for at least some of those participants on the call, the idea that banks would move into the market by Friday and do a rapid fire sale of a number of these positions was going to be the worst case outcome. And that's what the dealing with now. So Threet, what are the big unanswered questions that that remain? What in them? Now? The regulators, investors and everyone on the outside is trying

to make sure is there more to come? Are we going to see more blost junkie doc trade happening? That was Bloomberg News Finance reporter Street not a Rajon and Bloomberg Business Week editor Joe Weber, No doubt about it. We need a lot more transparency on this, and I think it's something we're going to continue to see lawmakers in fact call on Yeah, exactly. All right, Let's get to our second story though on this subject. It's about the tiger king in his cub. We're talking about legendary

hedge fund investor Julian Robertson. He's the king, and then the cub is the man behind the block trade blow up. Bill wang Are Bloomberg News Finance reporter Max Abelson actually caught up with Robertson and asked him about his tiger offspring. I called him and I said, you know, would you mind if I slipped on, you know, the tape of quarter and can we talk about this? I know it's unpleasant,

I mean, and he said, yeah, take it away. I did not expect though, I did not expect a kind of full throated um defense of of Bill Lang, you know. And and when I say defense, what I really mean is that just time and again when I when I pressed Julian on you know that these monstrously vast losses, you know, just over and over again, he said, you know, look, we've we've all seen hard times, and you know, I don't know what went wrong, but there was a decent

guy and I hope he bound us back. And you know, honestly, he even said that he would still invest with Bill um even now. So you know, it's just a I don't know if you call that loyalty um or you call it faith, but um, Julian Robertson, Um, this famed hedge fund billionaire really sort of um staying staying close to his to his protege. Yeah, Max, that really stuck out to me about your piece, And one other part did as well. He's saying repeatedly that this could probably

happen to anyone. You know, Look, I I as a journalist, you know, you need to be open to whatever people are saying to you. And you have to let you know, a subject um as you both know as his interviewers, you know, you have to let people take the microphone once you offer to them. But you know also as a good objective journalist, you can't sort of, um, you can't just sort of let people talk without pressing them.

So I was, I was really clear to him, you know, I said to him, you know, look, this isn't just something that happened to Bill Lang. He he he had a role in this. He leverage um to get himself into what we now know is is a remarkable, remarkable, a bount of trouble. And and his direct answer when I asked about that was like, you know, well look, you know he's he's actually a marvelous person. And he basically made it sound like a Greek tragedy. He said,

he said, it's it's tragic that this that this thing happened. Um, you know, he was he was really he described it almost on a personal skill. Whereas you know, as financial reporters, I think we we ununderstand it as um, you know, as something much faster, as something that's shaking markets and something that's shaking banks, and something that that is still

playing out even as the three of us speak. Matt, Max, as I was reading through the Q and A that you had back and forth with Julian Robertson, I wondered, and you talked to big names on Wall Street all the time about very difficult subjects. Was there any question that he felt a little uncomfortable asking or pushing on? Yes, I felt uncomfortable about the whole thing. I mean, that's that's how you know that it's potentially a good a

good interview when you know, I felt really awkward. You know, I have a job as a Bloomberg News reporter to press him on you know, the facts um of what's happened here, and what we know is that you know, for example, when you know had to pay like three million dollars, that was Bloomberg News Finance reporter Max Abelson. Note this story continuing to unfold as we put our show to bed. Check out Bloomberg dot com for the latest on that still ahead. Managing the pandemic no easy task,

especially within the restaurant industry. The CEO of Jack in the Box. Next, This is Bloomberg Business Week, broadcasting from the financial capital of the world. Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston Bloomberg one oh six one to San Francisco Bloomberg nine sixty to the country Sirius XM Chado one nine teen and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Business Week, Jim. This is

something near and dear to you. We've got a double dose of fast food restaurants, that's right, from an older established brand to a younger ups start backed by an NBA legend. First, the iconic well known brand started seventy years ago, Jack in the Box. We are talking about that shares that company. Man, They're up in the high teens percentage wise this year after a nine game last year.

The fast food chain recently reported nings first quarter comp store sales coming in better than analyst estimates earnings B two. And to hear more about the past year and the outlook of the business, we caught up at the head of the company. That's right. That's Darren Harris, the CEO of the San Diego, California based Jack in the Box. And it began, like we often do, asking about this

past pandemic filled year. Definitely an interesting time to join a company in the middle of a pandemic, try to try to get to know your staff and your team and and leave them when you you haven't even met the whole team in person for months into the pandemic. But you know, our focus was really how do we, you know, focus on making sure that our employees and

our guests were safe. And by being able our ability to do that and focusing on that, you were able to really drive our off promiss business and enabled product innovation, and as you just mentioned, led to our our best year in twenty seven years, for our best quarter in twenty seven years. So how did you do it? How do you How did you ensure that customers are safe? How do you ensure that employees are safe? What are the changes that you're making to your restaurants. No, definitely,

we're making a touchless environment. We're always looking for, you know, each day, making sure employees health safety checks are happening. Even during my training joining the company, I went to go to my first training restaurant to go through training as any employee would, and we shut the restaurant down because of we had one one employee who was quarantined, and so, you know, being that diligent about making sure that you know, we're taking care of our team members,

then we can take care of our guests. Hey talked to us, if you could, Darren about the mix, because from my understanding is before the pandemic, I think drive through was about of your sales. Dining and take out delivery was about apiece. So giving an idea of how that change. What's the update during the pandemic? Yeah, during the pandemic about our businesses off permits, okay and um,

and so substantial change. You know, we're already heavily off I must, but during this time it's which pretty dramatically, And I just want to make sure I'm understanding the verbiage here. When you say off premise, you mean drive through, but also is it walk up to? It's also delivery. Yeah, it's walk up delivery and uh and drive through? How are you? How are you? How have you figured out delivery? What's the right way to do it? A lot of

restaurants are struggling with this right now. Um. You know, for us, it's about making sure that we engage our guests. We give them opportunities to order in the way that they want to order versus online through our app or through the third party major delivery providers. So we give them access to do that in many different ways and

try to make it as frictionless as possible. But you would rather have them order through your app if you had your druthers, right, uh, you know, obviously through our app it continues to enable us to build a database that we can constantly communicate to our guests and create a one on one relationship. So yes, we would. We would always enjoy you know, having people and age in our app and really focus on being a brand you know,

brand loyalist. But it does it does it reduce the commission that you have to pay third parties in order to deliver the actual food. It's it's good for the you know, it's good for the guests, and it's good for us as well from a margin standpoint because it

is a lower cost. You know, during during the pandemic and early on in my tenure, we did a lot of work around understanding our guests why they come to us while they leave, and so we've been very focused on making sure, you know, we were providing them the

offers that they want. So as an example, we've we've had the benefit of more premium items during the pandemic that resonated with our higher income guests, and so it's driven incremental sales through really some snackable and crable bottoms like our tiny tacos are soft and moated fries, and then the innovation with our new Chicken line UM and all of those have raised our system wide sales and a u V S. Let's talk Chicken and then we'll talk to Chicken, and in a volume volume Sorry, can

we talk Chicken now, because I'm hungry. You've seen a huge resurgence in Chicken, especially when it comes to chicken sandwiches. How are you guys partaking in the chicken sandwich worse? Yeah, So we're we're leaning all in and UM. For us, Chicken has been a strong performer, you know, in the middle of the pandemic. UM. We'll continue to innovate. We we rolled out our clock Chicken sandwich and will continue to look at ways to connect with guests to the Chicken.

We've found that Chicken is less price sensitive, UM, and it also allows us to create different flavor profiles that really fit the jack in the box of DNA, which is one of innovation. Whoever thought the chicken would be innovation chicken right now it certainly is. That was Darren Harris, the EO of Jack in the Box. You're listening to Bloomberg Business Week. Up next, restaurants still on the menu,

this time from a newer up starts. It's back by none other than Lebron James, who was also known as Ron in the company's commercial. I love it. We're gonna talk with the president of Blaze Pizza. This is bloom Burg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. So Tim and I both enjoy Friday pizza nights in our own home.

Someone who knows a lot about all things pizza is the CEO Blaze Pizza, which has restaurants him around the country, also in Canada and the Middle East. It also lays claim to one a very well known investor and franchise owner, Lebron James, which we brought up along with many other things when we spoke to Blaze Pizza president and CEO Mandy Shaw. Carol, you began by talking about a year like no other, a year it feels like it, and

then it feels like ten years. If you think back to that first week of shutdowns when everything is sort of solidified, no one knew if this was the apocalypse, right, So the first thing that we had to do was make sure our franchisees were finantially secured, were franchise organize ation uh So, we gave an industry leading release package for nine weeks, we coached them on p PP. We had individual coaching sessions with franchisees to make sure they

could get those dollars that as they became available. We provided other forms of relief. We got tons of vendor donations for hand sanitizer, masked a lot of the things that had to go into the restaurant to make sure that safety was paramount for our team members as well as our guests coming into the restaurant. And then really where we deepened what is really important to me anyway from a franchise perspective is transparency and communication. We had

daily calls with our franchise council. We had weekly franchise all hand franchise e calls where we said here's what we know here's what we don't know. Here's what we're gonna tell you next week. Right. And so, if you think about the business are dying in. Sales were still eighty percent of our top line pre pandemic, and then they all just shut off. So we had to what I called get gorilla and figure out how we raise

awareness that we were still open. You could still come into a blaze, walk down the line, make your pizza and take it out. You just couldn't sit down in the restaurant. And you know, we already had delivery with two providers UH and other other um like purpose or excuse me, carry out and walk out service, but we introduced curbside carry out in three weeks time. I just said, we gotta get it up. We gotta figure out how to do this and move quickly and make it happen.

We added Uber Eats as our third delivery provider, and those were incremental sales UH. And so we just put together a lot of programs to make sure that we were taking care of our franchises and getting those sales back in the door as fast as we possibly could. You know, it's interesting, there's a lot of conversations that we have had UM with restaurants that you know how to digital strategy, perhaps but all of a sudden because

they had to ramp it up dramatically. Tell me about the digitization of your business and how that strategy has maybe changed because of the pen amc or or has been ramped up. Uh. Ramped up? You called it? What's the word you would? You? No? I mean it's we're up a hue. We started UM in the summer of nineteen.

We launched two specialty crusts, the cauliflower crust, and we were the first national chain to launch a keto crust six grams net carbs and so right on the heels of that, we also launched a large pizza, a shareable family office space, you know, more like what a legacy pizzas looks like. And it delivers better because it's engineered to hold heat. And so we had a three sixty degree media campaign to build a digital business and it

was growing. We had an eight point comp swing from call it all of figure prior to just before the print a pandemic uh, and then it dropped out. So from great pain comes great reward at times. What this has done for us is build that digital business we range week to week from fift due to sixty in terms of digital versus dining, and what that means for us is greater total top line coming out of the pandemic.

Might be a slightly painful way to get there, going through all the things that we had to do, but the mass of people who came to off premise dining. You know, I've read some statistics at one point about there's a six increase of people over the age of fifty adopting app ordering, right delivery, third party delivery, in those sorts of things that we saw it in the numbers and what these players have been able to accomplish.

So we got our piece of that, and now as we get dining rooms reopened again, we're retaining eight percent of that business or so, which means our volumes are much higher than they were previously, which again is it is a win for the brand. I mean, they kind of ask you, what's it like to have Lebron James as an investor, as a franchise e, a franchise e owner, someone who's actually been a lot of videos, viral videos um for Blaze Pizza. What is that like? Uh? One word? Fun?

So exciting, you know, lebron Is is a great partner in that he actually cares and he makes selective choices about who he quote gets in bed with right and years ago he decided to come to Blaze because of our philospy of clean ingredients, better food, better for you, you know, a new way to pizza upgrades, and so it's it's a rather informal partnership that just really is fun. Anything that we offer up to him, like those viral videos, he just says, yeah, let's have a good time with

this and see what we can do. And it's really just part of his portfolio and Blaze wins when he wins, and vice versa. So it's a it's a very nice additive part to with the Blaze persona is for sure. Well, it's interesting to you talk about kind of things that are important to him in terms of how you guys make your pizzas. It's real ingredients, not frozen, They're made in house every day, no chemicals, no additives, no nitrates

in the meats. I mean, this is a huge trend in the food industry and we just see it continue to pick up momentum. How is that shaping kind of how you guys continue to move forward. How you uh, you know, supply out ingredients. Tell us a little bit about that. Yeah, our chef, chef Rad Kent, was one of the founders of Blaze, and honestly I rely on him quite a bit and the concept does because his background is really unique. He's got a business degree, he's

a food scientist. He has worked as a personal chef and was a food designer for some large brands across the country. So he's a very unique chef in that he understands what corporate R and D is about, but he really makes amazing food. So he's one of the first people who worked directly with providers to do things that you would never think of, like take additives and preservatives out of banana peppers. All other banana peppers have some kind of preservative in them to keep that yellow, bright,

vibrant color, and we have none of that. So the list is long of things where he is just decided it's important and he really wants to into the world. He wants to have an impact on food supply and the food system and showing that you don't have to, you know, compromise when you eat things. It's not we don't do it in a luxury way. We're not here to you know, tell people how they should eat. To us, just the cornerstone of how we want to present ourselves

and what is important to the consumer. So anything we put in the restaurants, we put it through that lens of does it meet this criteria of really being a better product and tasting amazing? Right, We're not out just chasing trends just for the sake of chasing them. So it actually is thank you for mentioning it a really important part of of what we do. Well, it's a lot, and I gotta say it's a bigger and bigger conversation that we are having um when it comes to anything

with food. I mean, I think back to conversations we've had with John mackew over at Whole Foods, conversations I had for years with Steve Els about what they were doing at Chipotle, Like this whole idea of how can we make kind of the whole food supply chain better and provide people with food that is better for them ultimately? UM, going forward, tell me about growth plans and has the pandemic sped them up, slowed them down? How has it changed maybe you know the expansion or any kind of

cap expending going forward. Great question. Um, Really, the slowness that came from the pandemic was related to just COVID delays, not necessarily anyone having trepidation about opening a restaurant. So we opened twenty restaurants last year. We've got thirty in the pipeline this year, which means people might have been a little slower to pull the trigger on new opportunities. But real estate is opening up, so that means this

is where the growth moment comes. And particularly after large economic disruptions or life changing economic situations, franchise these tend to win people who might be displaced from their jobs and have always had this dream of running a restaurant to have some involvement or have an operating partner who has some experience, actually will come seek out grants like us. We have over a hundred fifty people in our pipeline

who are in interested in opening Blazers. We have territories available in some really hot markets because we need to build some density. There's still an awareness proposition for fast casual pizza across the country where a lot of people need to figure out what that is and to your point, a moment ago figure out what better pizza tastes like? Um, so are we have a rough sencil to e and

that's based on sustainable growth. I think there's a lot of concerns with franchisees occasionally about oh, they're just opening a restaurants to open them. I'm I am more about franchise profitability. Right. The more I can get you to open a restaurant that has a great return, you will open more restaurants and then my pm L take care of itself. So yeah, we have a we have a great track record ahead of us of um getting to that eight hundred number, but in a really sustainable way. Yeah,

really interesting. Um is it all going to stay US Canada or their thoughts overseas expand the overseas network or how do you see it? Oh definitely, yeah, definitely. We're actually already in Dubai baing Um. Yeah, no worries stories, um, And I think this brand has legs almost universal. Any pizzas just one of those piquitous food groups right right, but certainly India South Korea is a tremendous market. China, Um, yeah,

sky's the limit. We have a little bit of work we're doing this year on some of the domestic footprint, really optimizing franchise the profitability again, because it's the better you can get that machine to work, the faster the proposition sells itself. So there's a lot of investment that we're making this year from a corporate perspective to make sure that happens. But we absolutely have our eye on other international markets. So they're already in a few international markets,

but definitely looking to do more. That was Blaze President and CEO Mandy Shaw. That's up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Cal Masser and I'm Tim Stannaback. Much more ahead in our next hour, including an in depth look at the future of work and the great disruption of hybrid work. How it's all changed because of the pandemic. It's definitely being turned upside down. We'll do that with two senior execs,

one at Microsoft three, the other at Prudential Financial. Are we happy working at home? Do we want a hybrid world forever? They help answer some of those questions. Plus the president and CEO of Siemens Us on how we return to schools and our offices safely. It's all about that and beating burnout at work with the CEO of the Stress and Resilience Institute, Right, Yeah, this is an important one. Well of that to come in the next

hour Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news As it happened Sloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Hi,

I'm Carol Masser and I'm Tim Stanov. Plenty ahead in our second hour of the weekend edition in a Bloomberg Business Week, including a deep, deep dive into how work is shifting working from home, Tim hybrid being connected all the time, and also all the elevated stress that comes as a result. With that in mind, a series of interviews to maybe easier mind, including one with a consultant

two companies who has the secret of beating burnout at work. Carol, just because we're not you know, at work, doesn't mean we are not working, Yeah, exactly, but you know, what you and I are at work? We are we are working. Also Microsoft and Prudential Senior Exact weighing in on how work is changing hybrid Yes, yet workers also want more face to face time. And then the president and CEO of Siemens Us, Barbara Hompton, on getting back to school, back to work, and of course safely. It's all about

doing it safely. First up, Tim and I talk a lot about how work is shifting and the stresses on employees and leaders. We do that on our daily radio show and podcast, but it was also part of a conversation in a Bloomberg Live virtual event that was held this past week With that in mind, one person on the subject to joined us this week is Paula Davis, founder and CEO of the Stress and Resilience Institute, also author of the book Beating Burnout at Work, Why Teams

Hold the Secret to Well Being and Resilience. We started the conversation though, she talked about her own struggles during the pandemic. So I'm just, you know, trying to pivot my business on a dime and write a book during a pandemic. And um, I have an almost five year old and so I feel like I'm sort of in the sick of it with everybody so easy, right, Everything's

been easy totally. Yeah. Can you give us very briefly, UM, talk a little bit about how you had to burn out earlier in your career and how it led you to think differently about what you wanted to be doing. So I practiced law for seven years and UM burned out during what became the last year of my law practice, and so I did not know what it was. I felt like it was something that sort of crept up

on me once I was really in it. I knew something was wrong or off, and I didn't really know how to address it or get myself out of it. And there were some morning signs that I missed kind of going through that process that I didn't realize rewarding signs until after the fact. So UM, you know, it was a year long UM process that that ended in

a not so great way. I was having panic attacks and I was in the emergency room a couple of times from the stress that I was experiencing, UM, and that really caused me to take a step back and rethink what I wanted to be doing with my career. And so that UM, I said why not make my mess my message and sort of turned and found the

Applied Positive Psychology program at University of Pennsylvania. So I thought, why not why not study all the factors that lead up to this so that I can hear organizations and leaders and people away from that, people give us some of the warning signs that that you know now but didn't know at the time. So there were three big ones and as I as I realized these these are

actually the three big dimensions of burnout. So this is also how you know if if what you're experiencing is starting to move away from stress and into something like burnout. So the first one was chronic physical and emotional exhaustion. So, um, we all have tired days and weeks and things like that, but this is over a pere read of time. Nothing that I did felt like I could, you know, kind of repeal my thing. Um, So there was that one.

And the second big morning sign is chronic cynicism. So everyone just started to bug me and annoy me and especially my especially my clients, which is a bad thing to have happened. Outwardly, I was always very professional, but inwardly there was a lot of eye rolling going on. Is that stress or just being a New Yorker. I'm just going to say, from my own perspective, I'm kidding

what's interesting about you know? And our producer Paul Brandon said to me, Eric, Carol, You're not gonna like this, But she said, one of the things is you can't yoga retreat your way out of stress. I'm a big yoga person and I've gone on retreats. I mean, the whole kind of messages try not to get to the point where you're stressed and burnt out right, That it's not about treating that, it's trying to get to prevent

getting there. Yeah. It is also recognizing that we've been really kind of talking about burnout in the wrong way for a long period of time. We've been focused on talking about it is solely kind of an individual problem that requires individual strategies to fix it, when in reality, there's certainly things about our personalities and our resilience levels and things that influence whether we'll burn out. But the bigger picture is is looking at the rest of the

organizational system. Right, It's also the teams that were part of and the leaders that we have, and the organizational culture and environment, And that's really the bigger piece of the puzzle. So we have to start kind of adding to the conversations that we're expanding from not just the individual approach, but really looking at the whole entire system

and what we can do. But is this leaders? You know, I understand everybody has to look at it, but listen, I can certainly say as a worker be you know, here's our problem or here's my problem. But you know, isn't it up to the folks at the top to kind of set the tone? Yeah, it's it's a huge

piece of the puzzle. And I talked about in the in the book that that organizations that have been successful at really kind of rolling out more of this systemic approach had leader buy in, but it was huge, right, And so so that's a lot of where I like

to start my work is at the leader level. And it's not just leaders that that's have as really leaders at all levels, um, you know, who have a responsibility to to really understand the deeper causes of burnout and recognize, um, what's that play within their own teams and spears of influence.

So what's the right way for us to be thinking about this well, so many of us are working from home and don't necessarily have that separation between work and life, like rolling out of bed and then your desk is right there and you just get on that zoom call and you're doing that until you realize that it's six pm. Yes, and then and then we continue to work after we

gets been already and things like that. So, so that's been a really difficult talent in the kind of like a little formula that I've been giving people is that we know burnout is more likely to happen when our demands um outpace our resources. So when there's an imbalance between our demands and resources. And the hard part, I think about the environment we've been in so that we have We've already had lots of demands with our work, and now we have more because of the pandemic and

other things. Right, so we and we have fewer resources. Paula Davis, founder and CEO of the Stress and Resilience Institute, also author of the book Beating Burnout at Work? Why teams hold the secret to well being and resilience? You me, we hold the secret. Tint we have, we have the power. You're listening to Bloomberg Business Week Coming up hybrid work model back at the office, are working from home? What do we all want? A Microsoft round up on the

great disruption of hybrid work that's next. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes Tim Spinovik from Bloomberg Radio. We continue with looking at how work has been impacted by the pandemic. One company with a great window into all of that, Microsoft, which came out with another round of data points about how we have been working during the pandemic and where we are today. To get more on the recently released

and updated Microsoft Work Trend Index. Jared Spitaro, Corporate ice President of Microsoft three six, joined us with an array of statistics and findings. When all this started to happen about a year ago, you know, one of the things I knew for certain, probably the only thing I knew for certain, is that we just needed to get some data,

like we needed to become students of the moment. So over the course of this last twelve month period, we have periodically been taking samples as we go out and find out across the world how people are doing this last report that we published is a survey of over thirty thousand people in thirty one countries. It's all sorts of different mixes of roles and industries, so you see everyone from typical knowledge worker that you might see an in office to people who are working on the front lines.

We're getting a good sense of how people are feeling and what they're valuing and what their challenges are. How are we doing? I mean, like I gotta tell you, uh, just talking to friends, reading about how people are feeling, I think a lot of people are at their wits end. You know, that is essentially what the data says. But let me let me kind of pull out a couple of points that really caught my attention. If you ask leaders, they actually say they're doing pretty well. Sixty one pc

of leaders say that they are thriving. But that's twenty three percentage points higher than those without decision making authority. When we get down to the average worker and ask them how are we doing, then those numbers, I think, you know, really hit that feeling that we all feel around us. UM fifty of workers globally say that they feel overworked, say that they feel exhausted. So there is a sense of exasperation that it's been a very long

year and the very challenging here. Well, the thing that that says to me, Jared, is that we've got to make sure that leaders are in sync with workers, right,

because leaders ultimately said policy that's right. I mean, the way I look at this, if we take a step back for a moment, you know, I think this is one of those once in a lifetime shocks that comes to an economy, that comes to a business, that comes to organizations, and in fact, what the data seems to point out is that leaders are not in sync, that they need a little bit of a wake up call. I think so many leaders are just kind of thinking we're going to go back to the way it was

in January, and that's just not the case. And so this wake up call, I think is a moment for all of us to look around and recognize things have changed. The labor markets changed, employee sentiment has changed, how we do things has changed. It really is a moment that

demands vision and leadership. And that's what we're trying to point out in the data is that there's there's an opportunity for so much good there, but at the same time, if we just let it unfold on its own, under its own weight, there's an opportunity for some downside to look such a disconnect between the way that workers feel and the way that managers feel. How did the two meet? How do workers? How do you know? How do managers

rise to the occasion here? Well, let's first talk a little a little bit about what we're hearing from both sides. So when we talk to workers, we hear that over seventy percent of them want flexible remote work to stay in some forms. In other words, they're saying, I like the flexibility. Just anecdotally, when I talk to people on my team out here on the West Coast, they say things like, you know what, I'm eating breakfast with my kids for the very first time. I've never done that before.

I'd like that to stick around. So they like that. At the same time, those same people, sixty percent of them say that they want more in person time with their teams. So they're saying, please give me flexibility, but at the same time, give me the opportunity to get back in person. Now, when we look at managers and leaders, on the other hand, they are recognizing that that flexibility

is valuable. Over eight percent of them plan to keep more flexible remote from work from home policies post pandemic. So I think the meeting the way I would term it is we want the best of all worlds. We want people to be able to work together, workers and managers to find kind of that best of all worlds set up so that everybody is getting things that that benefit them. And I believe that, you know, there's a

bright future headic will grab onto them work together. They jared, what about demographic differences, age differences when it comes to all of this, You know, we definitely saw that if we go back to that idea that we're trying to understand who's living and who's not doing so well, If I just point to gen Z, that's a very interesting data point for a sixty percent of gen Z say that they're just surviving or even struggling right now during

the aren't set up. And so essentially what we're seeing is that this generation is more likely to be single early in career. They are definitely feeling the effects of kind of the impact of isolation, struggle with motivation at work. They don't have the same financial means as those there are more established, and so gen Z in particular reads needs I think, you know, some energy and some attention, because after all, you know, from our perspective, they are

the future of work. When we talk about it, it has to do with people, and that's the generation that's going to help us. What is the right way for us to approach this when it comes to balancing our working lives. You did mention that for the first time parents are able to be breakfast with their kids. But at the same time, it also means that there isn't that separation between work and home life. Yes, definitely, that's something that people are struggling with. Is this idea of

how do I put boundaries on what I'm doing? So we you know, in many ways, I think that you should kind of internalize that we have become the first truly always on digital workforce, you know, and that was forced upon us the starting last year, and we just didn't have the norms or the boundaries or the kind of cultural things that we needed to deal with it. So our recommendation from the data is that companies take a step back and they think about a couple of

key things. They think about new norms that they want to establish kind of new approaches that they think will be important and even new policies that will help them out. So Microsoft, as an example, we've we've already made the announcement that our workers can work from home of the time, and what we're trying to do there is signal we think in person time is important, that FaceTime will be important.

At the same time, we want to give employees more flexibility than they had before the pandemic to do some of those things that really matter to them. Well, that's interesting. So where do you think you know, companies need to invest because it also sounds like on the other side, and I know you guys did some work with LinkedIn. You know specifically employees are looking for that flexibility when

they go searching for a job. Absolutely, I mean, one of the data points that definitely caught my attention was the remote job postings on Lincoln increased more than five times during the pandemic, and we saw that it was women, gen z and those without graduate degrees who are more

like to apply for those jobs. So we see a really interesting thing happening here with the label market, where again this could be a real upside coming out of this new world of work now in terms of investments and things that we think that people need to do. We think that there needs to be more investment in kind of first just the people, the soft side of

how work gets done. We think the companies, as an example, really need to lean into well being and helping their employees understand you just aren't going to perform well if you're trying to work twenty four seven. But how do you make that argument to a company that's just focused on the bottom line? Like, how do you convince them that this is an investment that they need to make, Like, what are the numbers that you can show them that say, hey, this is something that is vital to the success of

your company. You bet. I think what you do is you appeal to the bottom line. Our perspective has been what the numbers are starting to show us is that you can't treat people like machines and try and increase their productivity by just simply increasing their uptime. You really can't.

You cannot treat people like machines. And I think with people outside of the office and all of us communicating over email and in these messaging systems, it probably is easier and easier to do that because we're not actually around one another. I am not a machine, just true. Jared's Pittaro, Corporate vice president of Microsoft three Carroll, I can attest to it. You are a living, breathing person. Alright,

Everyone still to come on Bloomberg Business Week. Our conversation and our work is shifting because of change is caused by the pandemic. It's a conversation you and I have personally, but we have it with all of our guests, and we're gonna talk with the vice chair at Prudential Financial.

This is Bloomberg Broadcasting from the financial capital of the world, Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nineteen and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week, all right, another chat you this week and work shifting and what work looks like next thanks to a Bloomberg Live virtual

event on the subject you and I participated in. Right at that event and he go to voice for us on. This is Rob Thousand, vice chair at Credential Financial and a member of Credentials Board of Directors, who shared the company's latest survey on how the pandemic has changed the way that work gets done. We started off though, talking about the release of the upcoming report. We've got another survey coming out and haven't released it yet, but it'll

be out next week, but a preview on that. I think two really interesting things that came out of it. The first is really clear that hybrid is going to dominate the work environment in the future. UM. The numbers on this have been rising every survey that we've done, so a seven percent of the respondence to our survey to prefer a remote environment at least one day a week, so a hybrid environment. UM. That's up from like sixty eight percent when we began doing these surveys some time ago.

The second really interesting thing that came through this that maybe shouldn't have been a surprise based on some of the data we've seen earlier, but one in four workers that indicated that they have very definite plans to change employers post to pandemic. Uh. And the interesting thing is, yeah, that's your most skilled talent that's actually thinking about making those moves. So some really interesting stuff coming out of

this last survey. Why do you think that is? Well, you know, um, I think there's a a disassociation that's occurred with individuals over the course of the pandemic. You know, you you speak with the colleagues that you deal with on a day to day basis, but not with the rest of the organization, and so there's been some disassociation with a broader colleague group and with the culture of the company. And I think as a result of that, people are feeling a little less attached to their platforms,

their their employer than they used to. And there's the big driver then beyond that is I think they're frustrated that they don't see career opportunities in this environment and they're out looking for that career opportunity because they're not finding it where they're sitting today. Rob One thing I like talking to you about is how employees are thinking about their own futures when it comes to switch jobs,

and also how employers are dealing with that. Do they have the talent pool right now to choose from for the jobs that are going to be required five ten years from now. Yeah, this is a really interesting topic and the answer is yes and no. And the the reality is we're going to hit the skills gap and

we're already seeing it. Uh that you know what's happened during the pandemic, as there's been an enormous sort of roll forward of adoption of digital and technology, and UH that's left individuals feeling as if they're not sure they're quite prepared for dealing with the workforce. Our numbers show that, you know, before the pandemic, about the third of the people we surveyed said that weren't sure they had the skills for the jobs they had today, and the number

went up to when they rolled forward five to ten years. Well, our recent surveys have indicated that that numbers already up to people worried that they don't have the skills to compete in today's workforce, and employers are looking at that. Our needs have changed pretty dramatically post the pandemic for the types of skills that we need. The challenge we're going to say is there aren't a lot of people out there that are gonna be able to fill these jobs.

And I think, you know, so the responsible both from a leadership standpoint and probably from a societal standpoint, is we're all going to have to invest in skilling, reskilling and upskilling individuals in order to give them what they need to do the jobs of the future that are going to be required. What are these skills that are

required for the jobs of the future. I think so often we hear about the idea of people needing to learn, especially at a young age, right, coding and computer science skills and scam But what are you seeing in the results of your surveys. Well, you know, it's it's a it's a broad base. Um, I would not underestimate the soft skills and the need need to deal with customers. I mean, as a history major, that's what I like to he got a sun who's a history major. We'd

like to hear that as well. Uh, it is. It

is absolutely critical. You know what everyone's talking about digital, but you know they're talking about digital as enabling a better customer experience, and so there's a lot of investment being made at the interface with the customer and making that you know, enabled through digital, but also then having a higher quality experience, which means that you want people to put that higher touch on that and to be there for the needs that can't be answered sort of

through the automated systems that we're setting up. UM, there is a need for analytics. I mean, the biggest area of hiring that we're probably be doing in the upcoming year is going to be around data science and data analytics. And that's sort of a higher the you know, the higher level of analytics that that the computers can't do. It's it's setting up the programming in and interpreting the

results coming out of that. That gives us insights is to you know where where customers are going and what they need. So hybrid here to stay, absolutely here to stay. UM. Here's an interesting additional thing that came out of the survey, Carol um over four just over the people said they do not want to work for a company that is fully on premise. Another forty percent said they do not want to work for a company that is fully remote.

So you have the book ends that no one wants to work in a place that either fully remote or fully fully at the office. Everyone wants the hybrid experience so you can have the best of both worlds. Rob Thousand, Vice chair at Prudential Financial any member of Credentials Board of Directors. The getting us back to work means also getting our kids safely back to school. Our workplaces need to be secure to thoughts on that with the Presidency

of Siemens Us. You're listening to Bloomberg Business Week. That's next. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. We've got one more segment from our Virtual Work Shifting event this week. It's a conversation with the Presidency of Siemens Us Barbara Humpton, who is working with companies in schools to get people and kids back to work back

to school safely. Before that, though, Carol, you begin with Barbara's reaction to President Biden's infrastructure plan to see the administration proposing such bold moves in things that really matter. You know, here we are thinking that we're at the end or should I say, the beginning of the end of a pandemic, and yet we're also at the beginning of something rand new when we think about the power of infrastructure, and particularly the power of infrastructure using today's

connected technologies. We have the chance to drive a step change that's gonna basically create the foundation for a strong economy for decades to come. So we we at SEMENS are bullish on the next steps in America's infrastructure. Is it safe to say that companies have already been calling you an anticipation of the spending or focus on infrastructure. Semens has been focused on infrastructure for a long time, and I often get asked, you know it, does a

change of administration make a big difference? And and this is truly a bipartisan topic. So I'm proud to say that SEMENS for over a hundred sixty years has been building America's infrastructure here in the US right, everything from originally getting involved in power, in healthcare, in transportation, now the future of buildings, future of manufacturing. These are things where we've got broad ecosystems partners all across the country ready to perform. And I think this is a chance

to up our game. You talk about the future, barber, so talk to us about visibility that you feel like you have. Generally speaking, we're going to drill down into schools in particular. But when you look at the economy from your vantage point. You work with so many different industries, so many different companies, so many different suppliers. What's the economic and business environment, what does it look like? What

visibility do you have right now? Yeah, we recognize that there's been such tremendous impact on the economy throughout the pandemic. This has been a really tough year, and yet if you look across verticals within this market, you see some exciting signals. As I say, there are segments of the market that have been stepping up, responding to the call,

actually transforming themselves. We knew before coronavirus hit that we were at the brink of a digital transformation and this Internet of Things that is going to be so much bigger than the last decade of the Internet of People. So so we recognize the opportunity ahead. There are strong verticals beginning to make a move. And where we focused most deeply during the days of the pandemic was first hospitals making sure healthcare had access to the technologies they needed.

Then schools obviously working with our partners to make sure we were supporting the education of our children, but also in industry stepping up, helping pharmaceuticals, medical devices, helping those who are producing ppe the items we need every day that are going to be vital to us. All of these we've been able to ramp up production, help people with the tools we can bring to the table. But far more important than the technology and the tools has

been the people. It's been phenomenal to see relationships come to fruition and and get creative. So, in terms of the economic outlook, do you feel like you have a lot of visibility about the next six months or so? Like, can you does the economy feel a lot better? Yeah? I actually I'm bullish. We are all bullish on this. We know that there's pent up demand. We know that as things come back online, there's going to be a surge to respond to immediate needs, and we see the

power of the transformation ahead. All right, So let's talk about schools. Because the conversation I have had so many times and I bet you have as well over the past year, is that it was hard for people to get back work. It is hard for parents to get back to work if they've got young children or and those kids aren't in school. What are you hearing? What are your expectations about when it comes to school districts, what's being done and what needs to be done. Yeah, Carol,

it's that right. It's it's what what impact has this had on working people? But it's also what impact has this had on the work for us of the future. You know, a year of lost learning opportunities is something we all need to be concerned about. So we've been

working with school districts all across the country. Uh, you know, with the American Rescue Plan the right, we have an amazing amount of funding available to us now, some two eight billions for both K through twelve and higher ed to help schools adapt their operations to what we're now dealing with as reality. Now, a lot of people can

do a lot of things with those resources. We're really encouraging leaders to take a look at technologies that are available to us today to actually make those school buildings, those school facilities healthier. You know, years ago we all you know, put in place HVAC systems, etcetera. A lot

of that infrastructure is over fifty years old. Now we have technologies today, including things like safe ozone, free ion is a things like UV treatment, ways to actually adapt HVAC systems so that we can provide healthier indoor environments. I mean, let's face it, the air quality is five times more contaminated inside than outside, and yet we're spending over nine of our time indoors. It's important that we get these indoor facilities to be as healthy as possible.

I want to ask you, and I want to bring in a pole because we talked to our audience here at this Bloomberg Live event, UM, and we asked them specifically about do you trust your company operations to keep you safe? If and when you return to your office, and fully half are saying they don't trust their companies to keep them safe. And when you talk about safety, you just touched upon it. Barbara. It's all kinds of things, but it's air quality. Um. When you see that, are

you surprised by those numbers? Yes? And no? Right, we are still in the early days where folks need in site into information and data. I mean, what forms the basis for trust? It really comes from two factors. One is, do I believe that this organization is competent? Do they understand and have knowledge of what needs to be done here? And then what about integrity? Are these people who will be trustworthy with me? And so I think all of

us businesses, government, etcetera have to earn that trust. We at Siemens are relying on the science and we're doing all we can to educate people on the tools that are available to us today and knowledge is growing every day. You know, you took me to a place and I want to get back to more of the tools and the technology because you guys are front and center with that.

But is there now a new or should there be a new informal contract between leaders, heads of companies and their employees when it comes to safety, it's not just about falling downstairs, but it's also about this pandemic has taught is so much more. It's it's much more deeper. So should there kind of be an informal formal contract when it is to safety at work? Well, I hope other companies are like us. We've made the environmental health and safety aspect of our of our business and the

foundation of our business. And we have a motto. It's a simple one. We take care of each other. It's something that guides us each day and throughout this past year, our e h S professionals have really been heroes, you know, being on the front line providing our employees with more information informing upper management about the things we need to

understand about the environment. At SEMENS, we do have the need to have people in work environments every single day, but for those who have the flexibility to work from everywhere are our new deal. Our agreement is hey from here on out, two to three days, wherever your most productive.

So I do think A we have tools and techniques to make those fixed work environments like factories, like hospitals, like schools healthier, and we have the ability now to give people more flexibility to make their own choices through digital connections. You know, it's interesting a question just coming in from our audience about this barbera. It says, uh, you know, it has to do with mental health, which is something I've had, you know, go back a year.

I don't think I would have expected to have these conversations with CEOs and leaders like yourself, but it has infiltrated every conversation, and that has to do with the mental well being as well as the physical well being of their employees. This question coming in, what system do you have in place for people juggling so many chaotic situations in their lives which are causing unimaginable mental stress

for them. Yeah. The first actually is making us all aware that it's a reality, right, actually stepping up and saying this is a fact of today's work life, and we used to talk about work life balance. I've always been a proponent. Over this past year, we've all come

to the reality of working in an environment. So we have absolutely added mental wellness tools to our tool kits so that managers and employees can have open dialogue, employees can have um conversations with people outside of the company if they're not comfortable speaking up inside the company. All of those are are there to assist us as we deal with this reality. That's President and CEO of siemens Us,

Barbara Humpton. I've been thinking a lot about this because we are a year into this pandemic and the gap that we've seen between the millions of people who are unemployed and the millions of people who have been working from home over the last year, and how those experiences

have differed so much. Yeah, and especially differences I think between how maybe leaders are seeing some of this either wanting workers to come back or thinking hybrid worked really well, and employees actually with a different perspective and listen check out all of these conversations because it really gives you some great insight, especially if you're a leader, about maybe some of the policies you need to be setting. And that wraps up the weekend edition of Bloomberg Business Week

from Bloomberg Radio. Thanks so much for joining us from Carol Masser and Tim Stanovk. Be sure to tune into our Bloomberg Business Week Daily show Monday through Friday. It starts at two pm Wall Street Time on Bloomberg Radio. You can also watch our daily podcast on YouTube. Just search Bloomberg Global News. Check out to our Bloomberg Business Week podcast. Find that at Bloomberg dot com, Apple or wherever you get your podcasts, and you can also see

me on Bloomberg quick Take. It's available at Bloomberg dot com, slash qt, and streaming platforms like Roku, Apple TV, Samsung TV and more. Watched Bloomberg Business Week is available on newsstands now, at Bloomberg dot com and on the Bloomberg Terminal'll have a great weekend everyone, This is Bloomberg