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 Tim Stanovic on Bloomberg Radio. Hi, everyone, welcome to the weekend edition of Bloomberg Business Week. Happy holidays, Happy holidays, and we had a special holiday program this weekend.
As we look back on our early December visit to the Stanford Graduate School of Business, Carol, it once again topped Bloomberg Business Week's list of top US and B schools for the academic year. That's right, Tim, Stanford takes the number one slot for the fourth consecutive year, scoring highest overall among eighty two US NBA programs and a hundred and seventeen globally. The University of Chicago's Booth School
came in second, and Harvard ranked third. Over the next hour, we'll hear from some prominent Stanford GSB alumni, including the CEO of General Motors, Mary Barra, and we'll go off camp this in our second hour to talk crypto with Cathy Wood and then catch up with the chef Danielle Blue on his newest kitchen. All of that to come. We begin with the man at the helm of Business
Week's top ranked business school in the United States. We're talking about the dean of the Stanford Graduate School of Business, Jonathan Levin. In the five key categories that comprise the magazine's rankings, his school led the way in compensation, networking, and entrepreneurship. It ranked sixth and learning, and eighteenth when it came to diversity and tim We just want to remind our listeners it was an incredibly rainy day when we were on the Stanford campus, and that's how everybody
reminded us. Rare and so we couldn't be mad about it because the area needs the rain. But nonetheless you're going to hear a lot of rain in the background, especially when we spoke with d Levin on campus. As for what we wanted to know, we did begin with where the next generation of business leaders are headed. It's been a period over the last five years, just in general, of a lot of questioning and business about what is the purpose of corporations, what is the role of business
leaders in addressing societal issues? I mean, this has been front and center for every company, for every investor, and our students. Of course, this is the world they're going to enter into when they leave. Do you think that those questions remain in a down market? It's easy for us to to ask, right, It's easy for us to say, you know, the goal of a company is to serve many different stakeholders, but you know there are no atheists and a Foxville right when you're in a bear market?
Are are are those questions? Even being I love that question. So when I think about it is I think, to some extent, yes, your answer is right. And one one way I think about that is if you look at the places in the economy where questions about corporate purpose and and whether companies should, for example, pursue sustainability goals
internalized externalities, where those come up most powerfully. It's it tends to be in industries and in areas where companies have a lot of market pot where they're making significant money and they have some flexibility and their decision things. A company that's on the threshold of barely surviving, they just don't have that much leeway in terms of the decision making that they can they can make, And so when you go into a down term. Of course, it's
that people are more focused on traditional profitability measures. Having said that, I think some of the generational changes that in the way young people, for example, think about companies, think about capitalism, those are not. I don't think those will change with the recession. I think those are those are those are there. I'll give you just quickly one
piece of evidence on that. So there was a very nice study that just came out this fall by a few of our faculty members, a survey of investors around
E s G preferences. Many interesting findings, but the most interesting finding to me, the most striking, was stark generational differences millennials, young people, all saying, many of them saying how much they wanted, first of all, their investments to be aligned with their values, and secondly, how much they wanted to see companies make decisions that would align with their values. And I think you see that reflected in the young employees and so forth. Retirees not so much.
They want to see the value of their bur one K go up. When you look at your student population, you know, where is it that most of them want to end up? Is there any kind of trend, like we said, you know when Mary talked about going geck Go. I remember years of just everybody wanted to go to Wall Street like that was, you know, the holy Grail. And I don't know, and you guys are in Silicon Valley a lot of entrepreneurship. What is it? So Mary
Barth followed a very interesting past. She went to Kettering and then she eventually came to Stanford Business School only the General Motors General Motors University started at General Motors. She was enter team and the general responsored her to come sponsored, to come lifetime single firm, rose all the way from the bottom, all the way up to be a great CEO of you know, one of the kind at companies in the United States. That is not the path that most of our students today will follow. They're
going to follow pass where they have many jobs. They may move around across sectors. They may be entrepreneurs at some point, they may be employees, they may be CEOs, they may be investors. They're gonna touch they may go to the nonprofit sector. And so I think, when when we think about education, particularly business school education, the model where we're rung on the ladder for people to move up on a linear career. That's the wrong way to
think about what we're trying to do. We're trying to give people the tools and the opportunities to go in lots of directions and to have many chapters in their career. Said mid twenties, which kind of piqued my interest because that's that still seems pretty young to me. What is the typical age of a student here? Is it getting older? Our students from around the world working more before they're
coming here. So students are coming to business school. There's a big range first of all, so some students come relatively soon out of college. We have students who have spent ten fifteen years stay in the U. S. Military, and then they come back to the business school and get an NBA and launch off a new chapter of their career. The modal student is four to five years out.
They had one or two jobs, they come in and then they and then they got that's older than years ago in the world of NBAS, when people might work go have two years of work experience. So people are getting a little bit older in school. They bring a little more experience into the campus. In some ways, it's a richer experience here because we've got people who have really seen a little bit more of the world, and and that you know, that makes for a really dynamic environment.
Stanford Business School a tough business school to get into, a lot of applications for a handful of spaces. I remember during the last downturn, the Great Financial Crisis, there were lots of articles about people who couldn't find jobs deciding to go to business school, sort of as an alternate route. What are you planning for when it comes to admissions. Do you think that if we do see a significant downturn, it will get even more competitive to
get in here? For those reasons, it's always hard to predict the applications, and but the historical trend has been that when the economy cools off, people come back to school to some extent, and we see some upturn in in our in our application numbers. And you know, the drum markets has still been even until the beginning of this fall, was still even though everyone was talking about how it was going to get bad, it was still
pretty strong. So we may start to see that over the course of this year and then the next year. Um obviously I hope the economy will live, market will stay strong, and you know, even if that means we
don't see quite as many applications. So I know, in some of the past conversations we've had for you, depending on maybe who was in the White House and concerns abou immigration policies, this was a big topic because international students, whether it's your business school or other business schools, that's
an important part of the experience. Are you at all starting to think about we're just coming off the mid terms, getting ready for another presidential run that could look a lot like the last presidential run potentially, you know, are you all a little nervous and just trying to think about, okay,
how this might play out, how that might impact you guys. Yeah, I mean so, my view on being at a place like Stanford is that part of our role is to be a magnet for talent from everywhere in the world and to bring people from wherever they are, you know, whatever their backgrounds, whatever their circumstances, give them the opportunity to come to the United States, to get an education, and in many cases to stay here. And you know, you of course, we also have important roles in national
institution as well to educate students from the us. You know, I what I, of course would always like to see is that federal policy or and imigation immigration facilitates institutions like Stanford to bring great talent from around the world bring to us. It's it's actually in the interests of the country. It brings innovative capacity to the country, It
brings town to workforce, it brings good ideas. You look at many of the great companies that have started in the United States, They've been founded, many of them found by immigrants. It's the story of America, and we're part of that story. Well, and was talking about ins of immigration maybe at a different level, but not even availed
recommendation to policymakers about immigration reform. Going back to what you just said, Dean Levin, I'm wondering how you make sure that the idea is that you just espoused about diversity, about what immigration does to this country, what it does to the workforce. How do you make sure those ideas are not just ideas on Stanford's campus and ideas on
other college campuses. Do you actively talk to policymakers, to politicians on the local, on the state, on the national level in order to make sure they hear that input, absolutely, and that's part of the part part of the role of LEAs like Stanford is to is to articulate some of the benefits of of the things that that that that we do. And we're not a political institution though we're an educational institution, and it's true, but you have
dat to keep our role clear in that sense. The economy like that's certainly comes into teaching, right well, what is core to the institution at a place like Stanford is the ability the free flow of people and ideas that is central to what we do and so controversial sometimes even if they're controversial, but but but just in general, and so having a policy that will federal place that will allow us to to bring people in that allow people who are here to then have the chance to
stay in the country. You know, that's that really goes to the core of who we are as institution. That was Jonathan Levin E's dean of the Stanford Graduate School of Business coming up to Stanford b School alum now running a public company that provides localized social networking services. Next door CEO Sarah Fryer. Advertising is always a place that people will go to first when they're worried about
a recession, and clearly the economic indicators are pointing that way. Um, it's a quick way sometimes to just pull back on more variable Sending that said, in a downturn, you can't afford to completely turn it off. You still need to be drive revenue and advertise that you're mindful of that. You're listening to Bloomberg Business Week. This is Bloomberg. Please sees Bloomberg Business Week with Carol Messer and Tim Stinebeck
from Bloomberg Radio. Welcome back for a special holiday weekend broadcast. This hour, we're looking back on our trip to the Stanford Graduate School of Business, which has once again topped Bloomberg Business Week magazine's annual ranking of the best business schools in the US. You know all, there were seventeen programs included in this year's Best b School's list. In the past few months have marked the fullest return to
normalcy since the onset of the pandemic. At the same time, many of those who are already out in the business world, whether armed with an advanced degree or not, are seeing economic conditions that are anything but normal. That certainly includes our next guest, absolutely Tim Sarah Fryar graduated from Stanford Graduate School of Business in two thousand. She has since
served as CFO at Square, now known as Block. She was senior vice president of Finance and Strategy at Salesforce and was lead Software Analysts and business unit leader over at Goldman Sachs. Now she is the CEO of the publicly held Neighborhoods social networking site next Door. Her company is heavily reliant on digital advertising revenue at a moment when players of all sizes in that category are really struggling.
We asked Sarah about the challenges that she and her team are facing as they try to serve millions of the world's upstart entrepreneurs and small businesses. She has a great focus right on that small business community so important to the US economy. We remind our audience once again, it was a very rainy day when we were on campus earlier this month, so please forgive the background noise. Sarah joined us remotely from our Bloomberg San Francisco bureau.
Always great to talk about Stanford GSC on next Door right now. We're there to meet the moment so we can be there for neighbors in their time of need. They might be finding a side hustle. Sometimes it's selling something on our first sale and free platform. And clearly we're there for businesses. So the small businesses are actually coming to next Door because that's where they're finding new customers or maybe finding why it's the upsells to those
current customers. We have about three point nine million on the on the site today. And then of course for larger advertisers, they are absolutely looking for a performance probably segueing a little away from brand type marketing and too much more performance type marketing. It's a place where next Door can really sing for them, and so that's been our focus. How can we help those advertisers do what they need to do, get more sales, get more customers.
And so we want to get into certainly your experience here at Stanford, but a little bit more on the business, if you will, because you guys really played to such a space that we talked about so much at Bloomberg in terms of the social space, the advertising space. I mean, is advertiser interest slowing? Are you seeing that? And if so, can you can you quantify it for us? Give us an idea of what you're seeing? I mean, for sure, when you look at the whole space. You already mentioned
many of the competitors in the space. UM advertising is always a place that people will go to first when they're worried about a recession, and clearly the economic indicators are pointing that way. UM it's a quick way sometimes to just pull back on more variable spending. That said, in a downturn, you can't afford to completely turn it off. You still need to be driving revenue, and advertisers are
mindful of that. UM. It also tends to be, as I tell my team all the time, the first thing that will be a recovery in so whether it's a stop landing in or maybe a harder landing and we're at in at spending is definitely the one to watch. I think as a very early barometer on the overall environment. When I talk to advertisers right now, they are focusing on again what they can control, So what are the parts of their businesses that are still growing. I was
with a bank. Clearly they're not spending as much on mortgage based advertising, but they're definitely spending in areas like consumer banking and in small business banking because they know that small businesses are going to need them if times are getting tougher. Just one example, sir, what's the mix between local businesses advertising from like local businesses versus global companies? UM?
Is there a difference in terms of the level of activity that you're seeing, a level of slowdown that you're seeing, and what's more important to your business. For us, it's all about local. Next Door is the neighborhood, and that's our unique competitive advantage being able to bring local at scale. The people on the next door today where one in three households in the United States, But the people tend to be the household decision maker, right, the person who says,
what's going in the fridge, what's your car? Am I going to buy? Maybe I'm going to take a vacation, although with the recession coming, maybe I'm not and I want to do something more locally. So for us, local is certainly what matters, UM, But don't think about it as only say smaller companies, because they're clearly are global as you point out, and national brands that wants to act local. Walmart is a good example, m McDonald's is
a great example. Even tech companies like a door dash right, they're all thinking about local on wanting to show up for individual communities, but they need to be able to do that at scale, and for our viewers and listeners not familiar. You're on the Walmart board, so you definitely
have some unique insight into how that company is thinking. Hey, hey, Sarah, I'm curious because you know the changes that Apple made to its operating system in the last couple of years, specifically around privacy and I d f A, the challenges that that's posed to Facebook and Snap that's been really well documented. One thing we've also heard though, that it's been a challenge for small and medium sized businesses to actually reach their audience as a result of those privacy changes.
Just in the last minute that we have with you thirty seconds, do you is that is that next Door's gain? It should certainly help us because you're right, I think small businesses were used to a certain level of performance and we've definitely heard that as we've gone out and done more of our insights driven research that all of a sudden, they're not seeing that on platforms that they were used to spending a lot on. So again we come back to what can we do for you as
a small local business. Next door gives you a free page, a free presence on the site, a way to talk to the customers that can literally walk into your corner shop, walk into your hair salon, walk into your fitness gudeo. Um. The second thing we do is very trusted. Do you know, it's real neighbors, real people at a real address. And then finally there's that community aspect. The thing I always love about local businesses is they're not just there to
make a dime. They're also they're often to do good in their community. We saw this just through the Thanksgiving period um with a lot of businesses giving back particulats of folks that may not have what they need to put food on the table. We're right now actually offering a small business grant with the n A a c P to really get to minority businesses as well. So just some examples up how next door can help local
businesses at a local level. Hey Sarah, before we go, we do have to ask you about your time at Stanford. You you were here at the height of the dot com bubble. Do you see any like comparisons or similarities between that time and maybe I don't know, is it a crypto bust. I'm not quite sure we saw kind of loosen froth over the last year. Yeah, it's it's interesting.
I was actually just at the Business School a few weeks back teaching a class about Where's I p O. You mentioned square UM and you know the cost I've taught now for a couple of years. A year ago we were in full frost mode UM, and as we talked about valuation and multiples, it felt like there was almost no feeling to it. This year's class was a much more somber, But I think our message to them, UM, I teach it with another x m G sp R who's on the on the BI side, is you know,
it's a great time to pivot the fundamentals. Some of the greatest businesses I've seen have been created in the downturn, because you've got to be great if you're going to make it through say a public markets um issuance when the market is low, so it can actually be a time of great opportunity. That's what I'm thinking about my business right now. It's certainly what I learned when I came out of Stanford Business School into a world that
was going through its own mega crisis. UM and of course, you know, I was at a financial institution during the financial crisis, So there's lives experiences that tell us these are cycles. It will get better, but we have to be really mindful and real effect about what we can do for our business today. That was Sarah Fryer, CEO of next Door and a member of the Stanford Graduate
School of Business class of two thousand. Still Ahead, on Bloomberg Business Week, we check in with another high profile Stanford gs b Alum General Motors Chair and CEO, Mary Barra, and the iconic American automaker is adjusting its plans as signs of economic recession begin to mount. We decided to put our plan around a more conservative market around fifteen
million star, which is a seasonable adjusted sales rate. And because we understand that, you know, we set everything up, if there's been more opportunities, will be able to seize the opportunity. But we're taking the approach that we're going to be very mindful of costs as we go into next year. We have a strong product portfolio with new new midsize trucks coming off of you know, new trucks
that we've just launched this year. So We're confident in our product portfolio, but we're going to be conservative with costs. And later we'll go deep on the latest Crypto winter with our invests Kathy Wood and we'll break down the Bloomberg fifty. It's the magazine's annual look at key figures
impacting the business world. Stick around. 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 six to the country Sirius XM Chadel one nine team, and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Masser
and Tim Stentive from Bloomberg Radio. More. Now, from our early December visit to the Graduate School of Business, our Business Week team has once again selected it as the pre eminent business school in the United States, and right now we've got a conversation with one of its most distinguished alumni. We're talking about General Motors Chair and CEO Mary Barra. We spoke about her career path earlier with
Stanford at GSB Dean Jonathan Levin. Barra has been known for making big changes at the automaker since taking over back, going all in on a more sustainable course for the future, that of course being electrification. Yeah, big time, and even as the company lays out targets for its e V future, it cannot ignore the prospects every session in the near term. Mary Barra joined us remotely during our rain sad visit to her alma mater. We're still seeing very strong demand,
uh in pricing. It's moderated a little but so well well ahead of levels. You know that we're pre pre COVID in pre dy semiconductor shortage, so it's something we're continuing to watch on a daily a daily basis. But for the auto industry, you know, we're seeing a little bit from a used car pricing, but but still very strong. To me, how does that change your look at all for three and what you're expecting next year? Give us
an idea of any caters that you're watching. Sure, well, one of the things is we are planning for um. You know, we we decided to put our plan around a more conservative market around fifteen millions are which is a seasonal adjusted sales rate, and because we understand that, you know, we set everything up, if there's been more opportunity, will be able to seize the opportunity. But we're taking the approach that we're going to be very mindful of
costs as we go into next year. We have a strong product portfolio with new new midsized trucks coming off of you know, new trucks that we've just launched this year, So we're confident in our product portfolio, but we're going
to be conservative with costs. Some of the things that General Motors has talked about, those e the incentives to those incentives will help largins like it's not a bad thing to have, right Well, no, I mean because if you think about it, um you know, from an electric vehicle perspective, the battery is the most expensive piece, and where everyone is working to improve battery technology. I think General Motors is in a leading um position or among
the leaders from a battery cost perspective. Our plant in Ohio is now producing cells, so that's a that's a big advantage, and we have another plant having out next year and the year after, so I think that's going to be important. But to really get all companies and consumers to move forward to e v s. I think this is very important. So yes, we we think that it will be helpful UH and allow us to continue
to invest in the United States. Hey, one thing we wanted to ask you too, man Like the news for General Motors just comes fast and furious. There was a report about these rides sharing robo taxis with no steering wheels. I don't know, what can you tell us about this? And this is coming through the damn Cruise divisions? What can you tell us about this? Is this something that
you guys are working on and really pushing ahead on. Absolutely, we will will be ready to launch the Origin next year, and it is a vehicle that's purpose built for rides. Here Crews has the technology. We're the only company that is operating and naturally charging for rides in San Francisco. By the end of the year, we'll have vehicles operating UH and Phoenix as well as Austin. And so we think a lot of people think this technology is five or ten years away. It's here now and UM couldn't
be more proud of the Cruise team. And I think when you we have the Origin and people are going to see that it really takes right here up and match with the comfort the convenience that you have with autonomous vehicle right here. So I couldn't couldn't be more supportive, and I'm very excited about this technology. Okay, so Robotaxi is coming soon. Maybe we'll take a ride and the next time we're here at Stanford. Hey, Mary, you're on the board of Walt Disney. So I gotta ask about
the recent shakeup there. Um, when did the discussions start to make a change and bring back Bob Iger. Well, you know, I'm really not here to talk about Disney, um, and I'm not going to talk about this specific timing. That's you know, confidential from a board perspective. But what I will say is we are incredibly competent. I'm personally incompetent in Bob's ability to set the strategic direction for
renew of growth, just as he has done in the past. Uh. You know, this is a period of enormous change and Bob understands that, and he's really uniquely suited to navigate the challenges facing Disney and the broader industry, and he'll focus and take the right steps as it relates to efficiencies and a cost effective structure. But I think, you know, the initial message that he has so important that creativity
is the heart and soul of the company. So uh, the board will will work closely with him, um to identify and and have the right succession process in this two years. But UM, I think right now, if you look at what he accomplished in fifteen years, he's the right leader. His legacy on storytelling and what he accomplished with the company is really undeniable. So I think he's the right person for the job. Mary. You know, we said a lot of things coming at you fast and furiously.
I think about Twitter and GM and advertising. You know, what are your expectations about Twitter going forward? Is it just kind of a wait and see approach to see whether or not you want to have advertising back on the plot form? How do you feel about that? Yeah, we just want to better understand, you know, and make
sure that there's the right UM monitoring of content. Uh. You know, our brands are very important, and so we were continuing to to work with the Twitter team and understand where they're going, and we'll continue to monitor that. I have to say, one of the things and prepping for this is You gave a speech I think it was back in to graduates and you talked about how when getting an m b A, everybody thought about Gordon
Gecko of the Wall Street movie. I think it has definitely evolved when you think about all the different people get MBAs and where they go. What is the smart conversation about women specifically in senior roles? You did it, um, but it's interesting even though there's parody among men and women maybe at business schools, it's not necessarily in the c suite. And I just I'm curious what your thoughts are.
What's the smart conversation about getting more women in senior roles? Well, I think you know, for me personally, my time at Stanford was transformational. I always say in some cases I didn't know when I didn't know, and you know, taught you so much about business being the fact that I had a engineering degree and that's what I the degree I pursued before I lived there. So I mean, you know, continuing to to attract women into business school is very
very important. But then you know, like Stanford, they have specific um, you know, uh, initiatives to work to make sure women are prepared for getting to the c suite and have a network and support to do that. So I think we just kind of keep working in I think a lot of it rests on companies to have
the right pipeline. It's not you know, it's not something you do with the last minute, it's it's it's what you do, you know, the minute someone joins the company, and having a strong pipeline through each of the different areas of the company. And that's what we try to do at General Voters. But I think the learning um that an MBA provides definitely allows you know both both you know, everyone who attends the opportunity to be better
prepared to succeed. Mary twenty seconds. One twin that you've got from being at Stanford that you take with you today. Oh my gosh. There are so many things, UM that I learned at Stanford UM. But I think one of the key things is it's and what is I think so special about the Stanford Graduate School of Business is their focus on leadership. Because leadership, no matter what challenge you face, engaging people been able to set the strategic direction.
It all centers on having strong leadership. And that's a focus and I think a big distinguisher of what the Stanford Graduate School of Business has a complaint. That's Mary Barr, Chair and CEO of GM and Stanford GSPS class of you're listening to Bloomberg Business Week. Up next, we come full circle and here from a graduate who's already co founded an agricultural tech firm that's focused on carbon reduction practices when it comes to farming. Last, it is Nicole
Rojas joins us. In just a moment for me going into this space, it was this fantastic intersection of this industry that's near and dear to my heart as a proud Wisconsin night, but also that has a profound impact on the climate. And what's really exciting about agriculture and working in sustainability here is that we really see it's
a win win. It's both for environmental sustainability and improving the land that we're farming on and the cattle that we're working with, but also financial sustainability that by doing these emission reduction practices, it's improving the financial viability of these farms. And we'll go off campus in our second hour to talk crypto with Cathy Wood. You know, sometimes
you need to battle tests. You need to go through crises uh to see uh, to see who the real m, to see the survivors first of all, but really to test battle test the infrastructure and the thesis. And again we think bitcoin is coming out of this smelling like a rose. And then catch up with the chef Daniel Blue on his newest kitchen in New York City. We have the tourism, we have the business. We have Uh. Definitely uh uh. New York City has a lot of rebounds.
I will say older time for different purpose and different reasons. I think company will still up to entertain, company will still have to do business. So I think I see the optimism. Maybe not only for next year it's ought to be optimistic, but definitely for the next five years. Stick around. This is Bob. You're listening to Bloomberg Business Week with Carol Messer and Tim Stinevic from Bloomberg Radio.
As we finish up our recap of our early December visit to the Stanford Graduate School of Business, we did want to highlight a very recent a lump who's tackling one of the biggest challenges of our time and one that threatens all of our existence. Climate change. Before Nicole Rojas became a member of the school's class of two, she had already co founded an agricultural and climate tech focused company called Lasso. Nicole joined us remotely from her
home state. It was Johnson to explain her mission. At the end of the day, what LASSO does is it makes a business case for on farm emissions reductions. If you're a business or a farm and you you want to implement a new practice, it has to make financial sense.
And in order to make financial sense, you have to have data to back up showing that you're doing what you say you're doing, whether it's to back up you know, claims that you're making on your brand, or to apply for external funding, and today it's to get this data. It's really manual, you know, lots of phone calls, farm visits,
fragmented Excel spreadsheets. So what LASSO does is automates this largely manual process to to make financial sense, uh for the beef and dairy companies as well as the dairy farmers and be Francis. And you've come to us today from Wisconsin, right, we see a lot of dairy farming. Obviously, they tell us about kind of your personal experience of growing up in the area and how that impacted what you wanted to do, you know ultimately today. Yeah, absolutely.
So I'm originally from Green Bay, Wisconsin, so I'm a proud she's had for me going into this space. It was this fantastic intersection of this industry that's near and dear to my heart as a proud Wisconsin night, but also that has a profound impact on the climate. And what's really exciting about agriculture and working in sustainability here
is that we really see it's a win win. It's both for environmental sustainability and improving the land that we're farming on and the cattle that we're working with, but also financial sustainability that by doing these emission reduction practices,
it's improving the financial viability of these farms. Well, it's funny when I think about E. S. G. Right and E. S. G. Tim and I talked a lot about it going through reckoning, But I think initially the thinking was what was the financial impact that climate change was going to have on
industries and companies. Um, you know, we know the importance of saving the climate to make or that we're all around in the future but that financial you know, using the data to kind of understand financially how climate change is impacting financially again UH, Gary's companies, and I feel like that speaks to what you guys are doing, that you're using the data to kind of get an understanding. Absolutely,
and more than ever now it makes financial sense. Whether you see government support like the U. S d A Smart Commodities UH bill that's you know, or the grants is three billion dollars that's distributed to both farmers and companies alike to support these emissions reduction projects, or even the Inflation Reduction Act that was passed recently that satisfied twenty billion dollars for emissions reduction in agriculture. There has
never been a better time to address emissions um cattle farms. Today. That wraps up our first hour of the weekend edition, our special holiday weekend edition of Bloomberg Business Week from Bloomberg Radio and Carol Masser and I Tim Stanivik. We'd like to thank the team at Stanford's GSP for welcoming us back on campus. Check out additional coverage and all of the rankings of top NBA programs in the US by heading to Bloomberg dot Com slash a Business Week Carol,
You've been to Stanford, what four times in a row? Now, yeah, I think so. And it hadn't rained once right now, it's the only time. And you know it wasn't even just a little drizzle. It was a downport. It was from like the minute we all got up that morning until I think it was still raining a little bit by the time we left. Oh yeah, he says, you know California, Well right, yeah, I mean, it's always good
when it gets rained, no matter where. Hey, listen, A special not of appreciation to our incredible team on site for braving the rainy conditions. Matt Tomlin, our shooter Ariel Burger, who was our producer, oversaw it all. They really made it all work for all of our broadcast teams, so we really appreciate it. We're coming up in the next hour of our holiday weekend edition of Bloomberg Business Week, We'll bring you the best of our recent interview with
our innvest Cathy Wood. We'll check in on chef Daniel Blue's latest big Apple venture, and revealed the latest Bloomberg fifty drumroll please, Plus what the twelve days of Christmas are really costing you this year? Any idea tim expensive more than last year? Inflation? Little inflation. Hello, that's coming up.
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 Tim Stentovic on Bloomberg Radio plenty hand our second hour of this holiday weekend edition of Bloomberg Business Week. Merry Christmas, Happy Hanukah to everybody out there. We do have a special hour still to come, including the latest and veiling
of the Bloomberg Fifty. That's the magazine's annual breakdown of the fifty business icons and innovators that you need to be keeping an eye on. Plus, we're joined by world famous chef Daniel Blue, who's going to give us the scoop on a pair of new culinary destinations, and we'll get a pulse check from him on the state of the Beligue restaurant industry. There's nothing wrong with that interview. We weren't on site with him eat when he was
at the restaurant his latest venture. All right, first up this hour, Kathy Would, Tim and I spoke with the founder, CEO, and ce IO of our investment management just prior to Thanksgiving and just in the wake of Sam Bankman Freed's ft X exchange going belly up and despite the deepest trees yet in the crypto winter, Kathy Would, she's staying the course. If you look at the block chains, let's let's use UH the Bitcoin blockchain and ethereum. What you'll
find is they have the infrastructure. The technology has not skipped a beat throughout this entire crisis. In fact, the hash rate, Bitcoin's hash rate is at an all time high and that is a real indication of the security of the network. So we think the infrastructure is working beautifully UM. As far as coin base, UH, this is an onshore regulated UH company and wanting to help shape regulations.
Brian Armstrong, the CEO, and Alicia uh CFO have been leaning in into what's going on right now and saying, okay, regulators, we need more clarity in order to protect to protect investors, those who wanted to get involved with a certain types of crypto were forced off shore. And look at what's happened. So, um, I I think that coin base is going to come
out here looking very very strong. It just lost a very big competitor in t X. Well what is the market missing though, because you know, that could be one narrative, Cathy. But at the same time, we haven't exactly seen shares of coin based rally since f t x is collapse. Do you think to you that represents potentially broader concern about just people's interest in crypto following ft x is collapse. No, I think it's more fear. I think, uh, many people say,
we don't know what we don't know? Uh and uh so what we do is we step back, uh, you know, put a little perspective into the situation here, and what do we have? So the entire crypto asset ecosystem is an eight hundred billion dollar ecosystem. Apple is three times larger in terms of market cap. So that's some perspective. Many people are saying, well, okay, is this another lehman? Could this be uh? You know, could could we see
the domino effect here? I've just given you one reason why the banking system back in oh eight oh nine, trillions and trillions of dollars and it was the global banking system. Right now we have it seems from fd X five to ten billion dollars in creditors. If as uh as f t X has filed bankruptcy, they will be making claims. If you look at Lehman, that was one point to trillion dollars in claims. So again just trying to put perspective, this is fraud, this is made off.
Made off was sixty four billion dollars in claims. Again, f t X five to ten billion. Now I know that crypto assets are you know, they attract a lot of attention. This is um you know the three revolutions we talk about all the time. You know, a new monetary system in terms of the first global private meaning not government controlled, digital rules based monetary system, that's bitcoin. A very big idea. Defy is a very big idea.
And uh, while that has been thrown into question in terms of you know, shifting from one exchange to another, we've had a lot of shifting around. But I think I think Defy in terms of taking the middle men out of financial services and and making the ecosystem much more transparent with much less counterparty risk, is going to take off. It will continue to move forward. We believe
they think. One of the things we're trying to figure out is how long that we think the industry will be feeling the ramifications of f t X. I mean, one thing we've learned right with SPF and f t X is what we didn't know. So how long do you think this goes on? Because you obviously have faith in it, You've been buying into it, and you think this is a good entry point at this point, whether it's gray scale, whether it's coin base, But um, how long do you think we continue to feel the effect?
And do you think there's more contagion to be felt? Um? Well, we always look for the whale, uh, in in a situation like this, and if if there was a whale out there, it was f t X and and Sam Bankman freed, you know, king of the hill. Uh. So I think we found the way and uh, you know, I'm sure they are going there's going to be more fallout, but we see how big the whale is. And yes, a lot of people have lost a lot of money around uh the crypto acid ecosystem, uh losing value here.
But if we're right on the underlying technology and the underlying roles that bitcoin and ether ethereum are going to play in this new world. Uh. Then I think we're going to recover pretty quickly. Are there any other opportunities in crypto that you see right now in the wake of f t xs collapse as prices have been beaten up.
Well again for our e t F s we uh we as you mentioned on coin base, we also owned Square And it is interesting that Jack Dorsey has chosen the most transparent, most decentralized crypto asset to center UH blocks crypto exposure too, and I realize he's trying to from a developer community point of view, leave them on their their own, But we do think bitcoin UH, and you can see through the behavior of the infrastructure hasn't skipped a beat, not one beat, at more secure than
it was yesterday, the day before, and the day before. So I have a feeling this is going to elevate bitcoin in the eyes of not only the crypto world, but the investment world at large. And I have a feeling it's going to have more running room through the rest of the world. I think this is the way that this is blocked to go to market, uh, to get into the rest of the world, and we think
they're going to be very successful. So then I'm assuming Kathy, that you're going to hold to your bitcoin forecast for what is it a million per coin by that still feels good to you, Yes, and you can you know, sometimes you need to battle tests. You need to go through crises uh to see UH, to see who the real UM, to see the survivors first of all, but really to test battle test the infrastructure and the thesis.
And again, we think bitcoin is coming out of this smelling like a rose because of what I have mentioned previously. And I do think that the one thing that will be delayed is UM perhaps institutions stepping back and just saying, Okay, do we really understand this uh, And once they actually do the homework and see what's happened here, I think they might be more comfortable moving into into bitcoin UH and and perhaps ether as a first stop, you know,
as they'll understand it more. Kathy, unfortunately, have a couple of minutes left here. One thing we did want to squeeze in UM. We've been talking about in the newsroom that Alliance Bernstein is getting ready to launch actively Manage Disruptor e T f s and from what I and you pitch them you know years ago. Um, how does that make you feel? And you know, to see a firm from that you worked at kind of doing a
very similar thing or looking to do something similar. Yes, well, um Allions Bernstein I believe got the first fully active, fully transparent e t F in I think it was early. It got the approved in early two thousand thirteen. So that's when I put my hand up and said I'll do that. And um uh, there were there was a belief that e t f s were not safe or you know, there were a lot of arguments against it. Probably the biggest one was mutual funds, which are much
more profitable. I would say the economics there are higher than e t f s. How does it make me feel? You know, I'm the more the merrier. I think this is a fantastic rapper for the end consumer. It's fully liquid, unlike mutual funds you have to wait till the end of the day. Transparent, fully transparent, that's what that's what investors want. Uh. It is more tax effective, much more
tax effective. We're seeing mutual funds that are down thirty this year, but they're slapping their investors with in capital tax gains UH. And then finally, it's more cost effective when you because all of the what you see is what you get with these fees. There aren't a bunch of hidden fees, so it's a great rapper for the end consumer. I highly recommend it and we're happy that that they that they are seeing the light now. Always great to catch up with Kathy and that a really
wide ranging conversation from late last month. Always a good perspective from the Ark invest founder, CEO and c i O. And if you missed any of that conversation or want to hear more, just head on over to our podcast feed. We covered so much and she's really goes in depth on her thinking, so I'm really worth sitting down and listen to this weekend UH. And you are, of course listening to Bloomberg Business Week coming up, breaking down an
important list that Kathy would found herself on. Back in we delve into the latest annual installment of the Bloomberg Fifty. This is Bloomberg, Please sees Bloomberg Business Week with Carol Messer and Tim Stinevic from Bloomberg Radio. Next up on our special holiday weekend broadcast is look at the first issue of Bloomberg business Week magazine to be released for The double issue is available on newstands online on the Bloomberg terminal, and it highlights the sixth annual Bloomberg Fifty.
The Bloomberg Fifty is Bloomberg Business Week's annual look at the icons and innovators who have shaped global business. These are the people in business, finance, politics, entertainment, and science and technology who've had the most impact year in their fields, according to Bloomberg reporters and editors. Jending us with a breakdown of the key figures to watch in the coming year.
Our senior editor for the magazine, Brett Began, and Bloomberg Business Week editor Joe Weber hard not to talk about crypto right now. I think, you know, and and uh, we have a certain someone on the lift who um has really emerged as the dominant figure in sort of the ft X fall up, and that's the new CEO of ft X. But of course the beauty of this list is that you have to kind of like rewind the clock and start from the beginning of the year.
And I don't think that there's any more dominant theme acrocess was then Russia's invasion of Ukraine, and again and again and again people emerged from that situation one days the Lynskey and how could you not talk about when you talk about two? But there are many, many more, And Brett Vegan has passed lift on the Business Week team is canvassing the newsroom to help put spotlights on
important people, some of which you probably know. And then all of people the special part of this list, like Carol said, it's like this little cross section that happens when you bring together a lot of various people in themes and there's just there's these gyms that sort of emerge that are not household names. And that's what I love is like you take as a Linsky and you put them next to bread. Take your pick. Who's Who's
an unheralded name that people will surprise people. Let's see someone like Pinky Cole is probably someone that a lot of listeners haven't heard of. So Pinky Um is the founder of a vegan fast food restaurant chain called I think I'm allowed to say this on the air, Slutty Vegan. She started the year with four restaurants and by the end the next year, we'll have more than twenty. These are vegan fast food burger chains. Um and she's just
a great story. Basically raised million dollars this year with the help of Danny Meyer. Um famous of course for many reasons, including shake shack and valuing the company now about a hundred million dollars. She's undergoing a massive expansion. I don't know. And then another name is someone like
Tom Oxley, who founded synchron uh. Tom is both an entrepreneur but also someone with a deep medical background, and they did something kind of crazy this year where they were able to implant something in someone's brain that allowed them essentially to communicate via bluetooth and share their thoughts. This is a patient who was suffering from Luke Garrig's disease. You know, I want to know about how you put the list together, and I know a lot goes into this,
and I know you reach across the newsroom. My experience was sending you names over the last few months is like thanks, but no thanks because and there's always a great reason why. You know, somebody I spent hours thinking about and I write you up this little bio and you know, and I get this email back that's you know, a gentle sort of let down. Um, it's pretty incredible though to see this list and how it comes to together. Um, how many people do you think you consider before you're
coming up with getting it down to fifty? Well, I just want to say thank you, of course for your country. I'll try again next year. Okay, we really appreciate we are always always looking for uh people next year. So, UM, I don't know, I would say that probably we wind up giving about a hundred and fifty or so people will look and the thing that really separates those who wind up on the list from those who don't is data. We look for a hard data point. We look for
a metric. We look for something that underpins the nomination, something that we can point to and say in this is a fact that really deserves recognition. And um Merrett, there are a lot of people that we consider who had good years maybe last year, or expected to have good years next year. But we don't have that sort of hard metric. And with out that, it is really hard to sort of get on the list. But now you know, right, so we know for for next year.
Thank you, well, you know, and sometimes it's Popeye's chicken sandwich or something that makes the list. You always have something that's not quite human. And thank you, Joel Webber. I kind of always loved Joel that you can include these kind of things on the list. I think it makes it charming. But Brett, how did how did we appushed the inanimate object in the wake of Meme Stock
last year? You know, you would think that this would be the hardest one to find every year, and for some reason, it's always one of the first things that I think of every year and get very excited once I figured it out. So, as Joel said, we did the Meme Stock last year, we did SPACs two years ago, we did the Popeye's Chicken Sandwich year before that. Um, this year, it was kind of a no brainer to put the James Webb telescope on the list. In July.
I think we can all think back and remember just how loud we were by some of these, uh, some of the first pictures that we saw, which were some of the deepest and sharpest ever taken of the universe, and um, we are I actually was when I was in the office the other day. I'm noticing now that and some of the TVs and computers were using some of these photos as screensavers. So if you can imagine,
that's the impact that this has had. So that to me was kind of kind of our no brainer inanimate objects. Although I guess technically it is moving right because it's in space. Yeah, but it's not alive. It is not a line that's correct, correct. Okay, So I think we can't really talk about two without a certain blockbuster that it was actually kind of decades in the making. Uh, you want to bring us up to speed on why
a certain Maverick filmmaker ended up on the list? Yeah, I mean this is a great example of I think someone who everybody knows. Everybody knows Tom Cruise, and everybody knows the movie Top Gun. What you may not know is that Top Gun Maverick is actually the biggest movie of his career. And if you think back to all of the huge movies he's been in, the Mission Impossible, Risky Business, the original Top Gun, this is actually number
one and it's the biggest movie all year. And the thing that I think is kind of cool about including someone like Tom Cruise for this is that you know, this is actually a story about COVID in many ways a story about the pandemic because many streaming services attempted to buy this movie during the early days of the pandemic when there wasn't uh weren't a ton of blockbusters coming out obviously, people who weren't going to theaters, and
Tom Cruise, because of his power in Hollywood, basically said no, I make movies for the big screen and this is gonna be in movie theaters when the time is right. And he got his wish. And that's kind of a story that I like, where you have a celebrity, but actual he touches on a much sort of larger story. Well, and we just got about thirty seconds left, just quickly. We know you guys are down to the last second when you put this list together, because on it is
John Ray the Third. Yeah, I don't I know, Joel, and I did not expect that John Read the third would wind up on this list about a little more than a month ago. Um, somebody. We might have been considering somebody else for the list at that point. Um, but yeah, you know, we have to be reactive to the news, and he deserved the spot and wound up being just about the last one on It is such a fun list and always fun to go through. Okay, one more, Brett, Who's who's one to watch? In ten seconds,
who's one to watch? Keep an eye on these people because they could be on next year's Bloomberg fifty. Oh you know, I love Jimmy O'Brien from John Boy Media. I don't know if you guys ever follow them, but they do these meticulous reconstructions of sports plays that are so fun to watch on our thanks to Business Week senior editor Brett Began, as well as the editor of
the magazine, Joel Weber. Check out the rest of the Bloomberg fifty on newsstands, online, and of course, on the Bloomberg Still to come on Bloomberg business Week Chef and Restaurant Tour Danielle Blue on inflation, supply chains and a resurgence in New York City is high end dining scene, you know, gradually and carefully monitoring uh the business and of course making sure that we always stay on the fair side for all the decisions we make with price,
and at the same time, never never ever go for lesser quality in order to go with you know, maybe a better profitability. 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 does San Francisco, Bloomberg nine sixty to the Country, Rio s x M, Chad one Mine Team, and around the globe the Bloomberg Business and Bloomberg Radio dot Com.
This is Bloomberg Business Week with Carol Messer and Tim Stenova from Bloomberg Radio. New York City office landlord sl Green. They're huge in the city and renowned chef Danielle Blue just announced a partnership on two new food and beverage concepts at sl Green's newest office development, one Madison Avenue. It brings together retail, wellness, and dining. Danielle is well known around the Big Apple and the world, of course
for his culinary skills. He currently has seven restaurants in the city and another six in national and international destinations like Singapore Antipi. He's even got a catering service, so as holiday schedule, it's pretty jammed up these days. Yeah, he's really busy. We caught up with him earlier this month to talk about his latest venture at the Oculus and World Trade Center in downtown New York City and
to get an update on his overall businesses. When he was with us last May, he said there was an incredible energy and excitement here in New York City that hasn't been felt for years, and staid that Manhattan just continues to be active and that activity will grow as companies bring workers back to offices. So the big question, how's he feeling now? Well, of course we're all conscious and there have been, of course, an increase in price of supply, an increase in price of cost of labor.
But we are you know, gradually and carefully monitoring UH the business and of course making sure that we always stay on the fair side for all the decisions we make with price, and at the same time never never ever go for lesser quality in order to cope with you know, maybe a better profitability. So on that side, we are very very conscious that you know, any any tivty such as UH inflation like now, it's it's a challenge, but we are very careful with it. Hopefully it's stopped there,
so I know we all have our fingers crossed. M. Danielle, you know, when you were on with us last May, you said there was an incredible energy and excitement in New York City that hasn't been felt for years. We all felt it as people were coming back, and you said Manhattan continues to be active and that activity will grow as companies bring workers back to offices. Are you is it even better than May? And are you seeing signs that indeed people are back at work and they're
doing either lunches or work dinners. You're just you're seeing, Okay, we are, we are, We are very busy. I mean, for example, is upen at lunch when mid down Manhattan and we have very busy at lunch. But even in our amnity flow of one Vanderbilt, which maybe an occupancy of seventy percent in the office right now, which seventhep said is a good number of people at the office, we can see that amenity throw packed back at lunch with people. So it's definitely is stable. Uh, it's it's
finding its stability. Now. I will say that the Thursday night, the old Friday night happy hours, let's go on weekend. We see sometimes and it's Thursday night more than Friday. So that means, yeah, we see that in traffic to Tim and I always talking about Mondays and Fridays. I feel like Friday if it's what they call it after all, Carol, exactly Friday Day, Friday like coming in the city, there's
like nobody around. Hey, Danielle, I'm wondering about holiday parties and what you're seeing this month with regard to holiday parties. Are we back to levels? Are we still seeing a little pull back? What are companies doing in terms of spend right now? What's your take? It's hard to say, but we definitely sit down with every everyone we want to do a part and we have restaurants like on the Upper West Side that bub Boo and Buddhi shit that offer a much more affordable option for private events,
and we have a lot of party there. We see that UH offices and things also like the cater party in their own office as well as Earliday party, and of course in Danielle and UH we have a classic regular customers that do their event and still carry on doing those events. But I think overall we are very happy with the way this year had been and how we're going to close the year. But you know, next year we're gonna roll with the punch. If we have
to roll with the punch. Well, does that mean recession. We've just spent the whole day and we want to talk about you know, your partnership and deal that you do working together with us. All green. But we just heard from the big bank CEO is the Jamie the David Solomon's of Goldman and others, you know, Brian moynihan, a Bank of America, and they all seem to be a negative tone in terms of what to expect any signs Danielle that things are slowing down and that we
maybe all are going to rein it in a little bit. No, not now, and I think when, Um, of course we're gonna see in New York City. We have the tourism, we have the business. We have definitely uh uh. New York City has a lot of rebounds, I will say all the time for different purpose and different reasons. But we are preparing, we are careful, and we are looking to you know, of course being accommodating and and creative. If we see that there's a little bit of a squeeze.
But I think company will still have to entertain, company will still have to do business. I mean, jam Morgan is building a hundred floor tower next door here, and they are full trottal on the building and they are hoping to fill up that building with people. So I think I see the optimism. Maybe, you know, not only for next year, it's ought to be optimistic, but definitely for the next five years. I think there'll be you know, maybe a turn now and then we'll should see the
straight line. Daniel, you use the term creative, and I think that's a good way to describe the new concepts that SL Green's newest office development, one Madison Avenue. It brings together retail, wellness and dining. Given the landscape that you just described to us and the news that you just announced this month along with sl Green, how did
that go into planning these two new concepts. Well, one Medicine is in full not only renovation of that corner of twenty third Street, but it's also building a tower both and uh they have many high quality amenities for
their tenants there. And uh they also we're gonna also create together a market, a market that where uh, you know, there'll be counter dining, which counter dining is affordable, is delicious, it's fresh, it's to waters, but it is very much for um a balance between you know, fine quality ingredients done very simply. And we also people can either eat in or they can buy and to go take them to go food, or they can also buy food and
make it at home. And I think we with this option of offering in that neighborhood, I think it's gonna be very welcome. It's gonna certainly something like that can go through the high end low of the economy much better maybe than trying to build a four style restaurants. I love this, Daniel. It sounds like strategy, right. You guys are thinking about maybe you know, where's another part of the market and go after and and it sounds like,
as you said, maybe this is somewhat economic resilient. Is that that was a big part of the push very much and and also an opportunity in this netborhood. You know, twenty thirds to Weet is really where um business, midtown business meet downtown social and I think, uh, the entire
Flat Aron district. It's I think a great district to be in where you really want the locals to be able to come and you want the business to entertain an um and really bring also the tourists in New York keep bringing tourists, giving them reason to come to New York and see us our thanks to chef and restaurateur Daniel Blou. Still ahead on Bloomberg Business Week, the cost of Christmas in that's right, What might do nine ladies dancing, seven swansa swimming, six geese of laying in
five golden rings run you this year? I got bad news for you. It's gonna cost you to buy all twelve days worth of true love gifts from the classic holiday song. It's up ten and a half percent. We dive into p n c's latest Christmas price index. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Tim Stinovic from Bloomberg Radio on Sorry the
twelve Days of Christmas? What are they costing us this year? Well, I gotta tell you more than any years past, and those higher prices can really affect people's holiday spending patterns. To help us stay conscious of our holiday budgets, we caught up with the Chief Investment Officer of PNC Asset Management Group, Amanda A. Gotti. She stopped by to help us make sense of the thirty ninth and most expensive
installment yet of the P and C Christmas Price Index. Well, it's definitely going to be a doozy of a year. I'm delighted to be back with you to talk about this. This is always such a fun analysis and project that we do every year. But I got bad news for you. It's gonna cost you to buy all twelve days worth of true love gifts from the classic holiday song. It's up ten and a half percent. You're every year way far ahead of inflationary trends in the broader economy. Well
blows my mind. It's the third highest year over year increase in the index. Is uh history? Was it more expensive? Was the game more last year? Last year was a pretty sizable year, but not not as big as what we've seen in the past. The biggest increase year ever year was all the way back in two thousand and three. Second biggest increases in two thousand and eight. So we got pretty darn close to the second biggest with this year. Five and twenty seven cents. That's how much it's going
to cost you to buy the twelve days at Christmas? Why? What? What is the what is the you wanna do the cumulative version? Really want to make an impression on your love this holiday season. It's going to be not a hundred ninety seven thousand dollars sound all that? Hold on, what's the difference between those? Oh, I see what you're saying. That's like if you repeat the verses in the song
three hundred and sixty four gifts. So the math on that not doing it's a little over yeah, a little over a d that's like an s a T question. So I'm going to go there, but not that much alright, So what costs the most? Give us an idea, Um, walk us through some of the highlights. Well, much to my chagrin, my all time favorite gift is up the most. It's the single biggest mover year over year, and that's of course the five golden rings. Um, they're up a
whopping thirty nine percent year over year. And what's interesting about this one and the even though the spot price of gold is down here today, we're still seeing the gold rings that be the biggest mover, and it really reinforces trends in the broader services economy. We're seeing really strong premiums and christing power, especially when it comes to jewelry making. So that's that's the big one. But the birds are also a big mover again this year, just
like last year. All right, before we get to talk about the turtle doves, are the French hands? Are the geese? All of them? I like to describe them as the exotic pet categories. It's really the collection of all of the birds with the those are not just so you know, those are not all being used as pets. I don't want to first anyone's bubbled here. But isn't an airports there also being okay, there's the partridge, the call right, the swans, gosh, I forgot a few. There's a lot there.
What about when it comes to that? Of course? Was Amanda Gotti, the c i O of P and C Asset Management Group, Carol. I think this is the third year that I've been here that she's joined us to talk about Is it already three years? Already three years? Wait? Are you kidding me? No? Holy moly, I know. I love it all right, we love having you. Happy holiday's kiddo, thank you, Happy holidays to you too. That is going to do it for our special holiday weekend edition of
Bloomberg Business Week. I'm Tim Stanovick, and I'm Carol Masser. Be sure to tune into Bloomberg Business Week Monday through Friday, starting at two pm Wall Street Time on Bloomberg Radio. You can also watch our daily broadcast on YouTube. Just search at Bloomberg Global News and check out our Bloomberg Business Week podcast. Find that at Bloomberg dot com, Apple,
or wherever you get your podcasts. Bloomberg Business Week is available on newstands, now at Bloomberg dot com and on the Bloomberg Terminal, and you can see tim on Bloomberg Quicktake. It's available at Bloomberg dot com, slash Qt and streaming platform. It's like Roku, Apple TV, Samsung TV and more. Happy holidays and have a great weekend for holidays. We spent together already. This is the third, the third, all right, well, I hope you stick around for a lot more so,
do I? Al Right, Merry Christmas, everybody, Happy Hanukah, Happy holidays, Stay safe. This is Bloomber