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This is Bloomberg business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus global business finance and tech news as it happens. The Bloomberg Business Weekdaily Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.
Hi everyone, Welcome to the Bloomberg Business Week Weekend Podcast. It was a week where the political theater of the state of the Union and the whisperers over that AI scare trade dominated headlines. Even as President Trump touted a new era of American energy independence to power the AI boom, A nervous Wall Street held its breath for any sign that the multi billion dollar AI hype cycle could be hitting a wall.
The results mah lackluster salesforce gave it just appointing sales outlooks. Snowflake failed to impress investors. Then came in Vidia. Despite another bullish quarterly revenue forecast, it actually drew a lukewarm response from investor, signaling that concerns over a potential bubble continued away on the company.
So with the backdrop of the AI trade. Ahead, on our program, we lean on a familiar voice to discuss the race to dominate the semiconductor supply chain. That race no longer your usual suspects, but now include many several members. In fact of the mag seven, the author of Chip War, The Fight for the World's most critical Technology, joins us a little later on.
Plus, you've got that bonus. Now what Bloomberg pursuits gives us the smartest ways to spend and invest that yearly check. And it's become less common in men's wear in recent years. But Chris Rouser says, now is the time to care about belts. He joins us a little later.
I have a love hate relationship with belts, so I can't wait. I know this is from a man's perspective, but yeah, I do.
I do. I just bad bunny. I'll look it up.
Matter of that to come. We begin, though, with the rise of prediction markets. Now on Tuesday night, while millions tuned into the State of the Union for all of the President's policy talk, or what they hoped would beat policy talk, millions of dollars, we're moving on platforms including polymarket and Calshi for the prop bets.
Well, the President's book of a quote, National Turnaround Traders wagered over ten million dollars on everything from whether the President would mention China to how many times he'd say America to the exact count of jd Vance's collapse.
It's kind of wild.
Yeah, you can't even like you're kind of speechless.
I know.
Once again, I know, repeat the refrain that we hear over and over again. I cannot believe people bet on this stuff.
Oh but they do.
That's what we hear. That's what we hear. But I believe everything, which is.
Why as the volume and popularity of these platforms grow, so does the scrutiny, or maybe a little bit more scrutiny. Critics call it unregulated gambling and where sometimes the truth is whatever the highest bidder says. It is. Writing for Bloomberg BusinessWeek about how Polymarket and Calshi are gamifying truth is BusinessWeek contributing writer Chris Beem. Chris's story is the cover story for the March issue of Bloomberg Business Week magazine.
One reason I was drawn to this topic is that there's so many different ways to come at prediction markets. Yeah, but to me, the most interesting question here was, so these companies Calshi polymarket, the way they pitch themselves is as sources of truth that this is going to be, you know, in a world where you know, we can't agree on what's true, what's real, what's not, you know, deep fakes, what have you, prediction markets are going to be something that we can trust more than the news,
more than pundits. And I was just interested in to what extent that is true. And as it turns out, in a lot of cases, prediction markets can be quite accurate. You know, they're really good at predicting the outcomes of elections, especially election right, Yeah, and especially at the top of the ballot. Scholars have shown that prediction markets are a lot more accurate than polls less so as you go down the ballot. But I was also interested in the
various ways that these prediction markets can be flawed. There can be market manipulation, there can be insider trading. So that's what I wanted to explore.
We want to talk about those flaws. But funnily enough, as they say, we were actually doing a segment on Warner Brothers Discovery earlier, like Who's ultimately going to get the deal, and we did go to Polymarket to see on that. I just want to mention some headlines crossing the Bloomberg terminal because they continue to come. Warner Brothers says Paramount has boosted its bid to thirty one dollars a share in cash, so they're concerning their risk confirming
excuse me, the receipt of a revised Paramount proposal. Warner brother says the revise bid includes a seven billion dollar termination feed, and Warner brother says Paramount proposal could lead to a superior bid. We know the Warner Brothers board still recommending the Netflix transactions, so this continues on. So anyway, this is some These are the kind of things though, that are showing up.
Is there predation for when this story ends? Because this is going on for a long time.
I feel like it just keeps going over new and new bids. You get into the fraud aspect, and I think we are thinking about people who are maybe you know, creating a bid or something and has some control over the outcome. That's a real issue.
Absolutely. There's a lot of markets, especially we can get into some of the differences between Calci and poly Market. There are differences, right, there are huge differences. CALCI is entirely US based. It's regulated by the CFTC, so every market that they post needs to be at least run by the CFTC for approval, whereas poly Market, most of their activity is overseas and so it's not regulated by
the CFTC. So when you hear about some of the fringier markets out there, like you know, will Jesus return in twenty twenty six? Will the US discover aliens in twenty twenty sex? Wait?
Does this fringy only? It depends some release from the White House my understanding when it comes to aliens, But that's another story, but go ahead.
Yeah, I mean those those kinds of markets tend to be more on poly market, Yeah, because they would not pass muster with the CFTC.
Does it make though the other stuff that's on the like any less real? Like I don't know, I don't even know how to like, how do you gauge the credibility of what the.
Credibility of what, like if Jesus is back?
So part of it, Like I'm just it is it just a game?
Yeah? I would say, like is there any feel information?
Like are there people who know what the outcome. And this goes back to.
There's a spectrum of markets here, so you'll not be surprised to learn that these companies Calci poly Market they like to emphasize the more serious markets where you can predict outcome of elections, or you can predict what the what inflation is going to be, or you know what the Fed is going to do next quarter, and they argue that those markets actually can provide useful predictive information to help people make decisions in the world. That's one
end of the spectrum. The other end of the spectrum is much more kind of almost entertainment, like predicting whether aliens are going to appear.
Well, there's also the sports betting part of this, or maybe predicting outcomes of sporting events. I don't want to say betting because I don't want to I don't know if it is betting, but you you have told me in the past that in reporting this story, you did place a bet on one of these right for the Patriots.
Yeah, yeah, it turned out to be a huge mistake, but yes, this is so. The vast majority of the activity that happens on CALSHI is sports betting. And I think it's it's okay to use that word. Something like eighty or ninety percent of Calshi is sports poly market one hundred percent of its US activity is sports focused. Overseas is a different story.
One of what you see on poly Market in the is sports focused.
Correct, because those are the only markets they've gotten to approved by the CFTC.
So then so then why are why are people using that instead of fan Duel or draft Kings.
Part of it is just the interface is a lot simpler. Like if you go into FanDuel or draft Kings, there's a lot of complex measurements and you know, you have to know what a spread is and you have to It gives you the options to parlay different bets within a football game, whereas with Calshi or poly market, it's very simple. It's do you think this team is going to win or not? And you can make more complex bets, but it's it's a lot more user friendly.
You earlier reference and we'll talk about mentioned markets in a few minutes, but you you earlier referenced the accuracy these especially at the top of the ballot, and the scholarly articles that have cited this as being more accurate than polling. Why is that? Is it? Because, as proponents say, people are putting money where their their mouth is.
And that was kind of to my question, like is but what's the value? And like do they really have some insight that is valuable because it was pretty remarkable in some of the elections, Right.
Yeah, I think what it comes down to is polling and prediction markets are just completely different ways of collecting information. Polling you're asking people what their personal opinion is, and polling, especially in the last decade or two, has in some ways gotten worse and worse because of you know, cell phones and you know who responds who doesn't. Whereas prediction markets you're asking a different question. You're asking them regardless of your opinion of who should win an election, what
is going to happen? What do you think other people are going to do? And so really the idea is that you're aggregating information like any market, but here you're aggregating different understand pieces of understanding about the election and how it will play out.
You know, as as you speak about this, I'm thinking to a site like Wikipedia that uses the wisdom of the crowd. Supposedly this is also supposed to use the wisdom of the crowd, but Wikipedia gets in trouble for bias. Is there by is it possible to have bias in prediction markets?
Yes, is the short answer. And the smaller the market, the more risk there is for bias. Like a couple of years ago, when these markets were very small, some academics went onto a few election markets and placed bets and that skewed the results. And as a result they said, you know, this proves that these markets are not reliable.
But as they've gotten bigger and bigger, you know, the presidential market for the election of twenty twenty four was, you know, millions and millions of dollars, that potential for manipulation has been greatly reduced.
We're that with Chris Beam, contributor for Bloomberg Business Week here in our Bloomberg Interactive Broker Studio. This is on the Bloomberg Business Week cover story. His cover story on how prediction markets, polymarket and calshi are gamifying the truth. Do they need to be regulated? Does there need to be oversight because are people you can make money, so are people gaming the system? Potentially?
Yeah, there is regulation already. So the CFTC currently has authority over derivatives trading, and technically these are called event contracts. That's a type of derivative. So the CFTC is in charge of what contracts are allowed and what are not. As you might know, there's this huge debate over whether the states should regulate these prediction markets as gambling, and that would be much tighter. Uh, it would be probably mean taxing them a lot more than they aren't currently.
Yeah, I mean, because to be fair, the gambling platforms, the traditional ones pay are taxed in a way that these aren't tax for sports betting.
Right yeah, yeah, I think when you when you bet on Polling Market or Calci, it's taxed, is just regular income.
So let's just briefly mentioned mentioned mentioned markets. I love the way the piece opens talking about this what happened with Jerome Powell and this mentioned markets around Jerome Powell. That's that's sort of our audience explained, explain what happened with the utterance of a word by mistake.
We only have unfortunately about a minute or so.
Oh sure, so you know, people know that every word that Jerome Powell says in a speech is can can move markets. But in this case, you have traders on polying market and Calci watching a speech, paying attention to literally what words will come out of his mouth, and so you know, you had people betting that he was going to say the word renovation because they were they
thought he might be talking about the DOJ investigation. It turns out he did end up saying it, but a lot of people didn't realize it until after the fact, So there was this whole debate did he actually actually say the word? Which reveals one of the problems that comes up with these markets, which is it could often be hard to tell what the actual factual outcome is.
Chris Bean, he's a contributor for Bloomberg business Week. It's the cover story, it's the big take. It's one of the most read stories. It's all about prediction markets. We barely scratch the surface. Everybody should check it out on the Bloomberg terminal.
You're listening to the Bloomberg Business Weekdaily Podcast. Catch us live weekday afternoons from two to five pm Eastern Listen on Apple CarPlay and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
It's arguably the fundamental building block of the twenty twenty six Economy talking about the semiconductor Well, it's kind of been I feel like the fundamental building block for a long time. Everything it seems, has some kind of chip in it.
All right.
Well, this past week, Meta shook the semiconductor world with a multi billion dollar deal to buy six gigawatts of AI power from AMD Advanced micro Devices. This comes just days after Meta doubled down on its partnership with Nvidia. The message is clear. If you don't own chips, you don't know own the future.
Someone who knows the chip industry well as Chris Miller. He's professor at the Fletcher School at Tufts University, as well as a non resident Senior Fellow at the American Enterprise Institute. He's also the author of the book on chips, the New York Times bestseller, Chip War, The Fight for the World's Most Critical Technology. Chris, it's good to have you back with us. Carol and I were just talking, and you know, you wrote this book close to four
years ago at this point. How different is the world of semiconductors and the world's reliance on semiconductors now th when you wrote the book.
Well, I think the key difference is just the scale of spending that we've got right now on building data centers and buying all of the chips that are required inside of them, and Vidia first and foremost, but not only.
We've seen companies transformed by the data center build out, but in a lot of ways, not much just changed other than that we're still sourcing our keysmi conductors from Asia and above all from Taiwan, and so the industry is supercharged, its size, growing faster than ever, but dealing with some of the same supply chain choke points that it had a decade ago.
You know, we talk a lot with one of our brilliant voices on the chip world, and that is our own Ian King, who has seen a lot of cycles, the ups and downs, and we talk a lot about that supply demand imbalance and what happens when there's a lot of demand, there's not enough supply. The buildout continues, the investment, supply goes up, and then there's a glut. So I'm just curious what your view is when it
comes to the cyclical nature of the semiconductor world. Has ai changed it or we will see also an overbuild and oversupply and then a glut.
I think if you look historically, certainly you see cycles up, cycles down, but there are moments when you see step changes in terms of demand for certain types of chips. We saw that with smartphones, for example, there was no demand for smartphone chips, and then now everyone needs a
new smartphone every couple of years. And what we're seeing in AI right now is that type of step change, a huge increase in just the baseline amount of chips that we're going to need for data centers driven by AI, And so I think we shouldn't expect cycles to be over Certainly there'll be ups and downs in the future,
but it's now very clear. I think that we're just going to need a lot more compute for AI purposes in the future, and as a result, will need a lot more of the AI chips that go inside of data centers.
In your view, is the promise that many people think AI is suppose to deliver? Will it actually be delivered?
Like?
What's the future that you envision after all this capex has spent.
Why, I think it's in some ways funny when we ask will AI deliver? Because if you look just three years ago, even after chat schipt was released. There are so many things that were not possible that are possible today, whether it's the number or the scale of hallucinations and answers that chatbots give you, or the scale of work that you can put together today that just wasn't possible
in the past. We've already had so much new capability generated just in the couple of years since chat schipt that in some ways, I think it's an absurd question to ask will AI deliver it already has in a lot of ways. But I think I understand why. There's plenty of questions about what about the investment is happening right now, will that investment pay off? And I think there are reasons to think carefully about how much each
company is putting in over what time horizon. But I guess when I when I zoom out, I ask myself, do I want a world in which there is more access to compute or less? And it seems to me that we should, rather than being concerned that there's too much compute being put in the ground, be excited that there's actually companies willing to invest in the infrastructure that's going to deliver all these capabilities.
Well, I think it's an important question to ask for a few reasons, and one of those is because if you look at just the capex that these companies are spending, you know, one company two hundred billion dollars in a single year. That's a big commitment, and that's something that they have to convince investors. That is money that is going to the right place. That's money that has to
be earned back. Plus on companies coming to a hyper scaler and saying, yes, we think that this money is not only being well spent, but then we can use this compute to actually create a product that will provide a return on investment. So, yes, we've seen a lot of the hyperscalers benefit the you know, the anthropics and the open aies and and the mistraws like that's amazing stuff.
But at the end of the day, there are a lot of companies that are not necessarily technology companies that maybe aren't yet necessarily seeing an increase in productivity as a result of these tools. So my question is do those companies start to see that do we live in a world where this is a layer just like the Internet was a layer of technology.
I think there's no doubt that we're going to have AI as a layer that's embedded into all technology that we use. And when I look at the economic question, I say, first off, is it profitable to serve AI systems today, not train the next generation, but serve today's. And if you listen to what's publicly reported about OpenAI or Anthropic, their margins on their influence business are not
just positive but quite good. And so that I think is pretty strong evidence that the delivery of already existing AI services is a pretty profitable business. The next question is should we be investing in R and D in the next generation? Which is a co very very expensive, But I think it's hard to argue we should dramatically slow down R and D and AI, just given all of the extraordinary improvements that we've seen over the past
couple of years in terms of capability. And so when you start breaking it down and ask, well, which specific investment do we think is excessive? Which specific investment would rather not be doing? Would you really like to be the CEO of the only big tech company that's not investing in AI? That doesn't seem like a very comfortable
place to be. And I'd rather have a situation in which the big technology companies are investing more rather than putting money in the bank or buying back their stock because they didn't have any profitable by investment opternity.
Well, you know, I would say Apple's doing it differently, and I guess time will tell whether or not their approach works out. Chris, I am curious to you know, who do you talk to, what research do you follow, what are the leading voices, what are the leading companies that you watch to figure out kind of how the semiconductor space is evolving. I mean, we still know TSMC is still the big manufacturer of all chips in the world,
and there's geopolitical attentions to that. But give us an idea of where do you think kind of investors and just the world at large need to be focusing their attention on when it comes to the semiconductor world. Is it Nvidia, is it China? Is it something else?
I think the hard problem is that it's all of the above. And we've seen this play out in the GPU supply chain over the past couple of years, where you've had shortages and different types of components, different materials, and the memory chips that go next to GPUs and AI servers, each part of the supply chain has had to dramatically ramp up its production capacity to respond to this surge and demand. And so if you only look at one part of the supply chain, you miss the
challenges that other parts are often facing. And so it's the chip designers, it's the chip makers, but it's also the materials suppliers, which are often not even thought of as being semiconductor firms, but produce many of the capabilities that are critical to actually manufacture the AI chips and servers that we need.
Do you think the world do you think the US specifically does need to be restricting sales of its most sophisticated chips to China or on others? I mean, we did see Nvidia. They still face them uncertainty in China, that's their largest market, or which it is the largest market for chips. The government granting some licenses to ship a small amount of some of its processors to customers there, but and Vidia is not sure if the Chinese government
will give its approval. So there's still some back and forth here. But is it still an arms race of source arms race of sorts?
Excuse me, yeah, I think armed races is not a bad analogy. When you listen to tech CEOs, they'll speak in the same language. They're struggling to get access to all the computing power that they need, that they envision needing more tomorrow than they've got today. And if you listen to Chinese technology leaders, what you hear from them
is challenges and getting access to computing power. And the primary reason they've struggled to deploy AI products at scale is because they've struggled to get access to all of the computing capabilities. And it's on a regular basis we see new Chinese models launched that can actually be deployed at scale because they don't have access to the advanced
chips that they need. So this does I think it seem to me that this is still a very powerful card that the US has to play, and so I think we should be very careful or on any decisions to give China more access or at least make sure that we're getting something in exchange for that.
On that, Chris, the US support of TSMC and the US support of Intel different types of support, and I guess you could call the TSMC one encouragement to build here in the United States. What is the right industrial policy to reduce reliance on companies outside of the US.
It's a really hard problem because TSMC is such a capable and efficient manufacturer in their home base in Taiwan. But I think the US government is right to say that we need a more diversified manufacturing base for the world's most important semiconductors. I think we've learned over the last couple of years. There's no silver bullet. President Trump's tried tariffs that comes with obvious downside. President Biden tried subsidies that worked to a degree, but only to a degree.
Here's the reality. The chip industry has involved hundreds of billions of dollars of capex over the last several decades, and so it's just not going to move fast. And so if you want to slowly change the structure of where chips are produced, you've got a plan for years of years of implementation of measures designed to the shift economics of the JIP industry.
All right, Kennily with there. Chris Miller, thank you so much. Good to check in with you, Professor of International History at the Fletcher School at Tufts University, author of Chipboard joining us.
This is the Bloomberg Business week daily podcast. Listen live each weekday starting at two pm Eastern on Apple car Play and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa Play Bloomberg eleven thirty.
Well, it's bonus season, at least for the lucky few on Wall Street and across a lot of corporate America. For some, though, it is a moment of relief. For others, I'm burning hole, waiting to be spent. I don't know what.
You're shaking your head.
What, Yeah, to be one of those? It sounds great. The question isn't just how much you've got, it's what you do with it. For more on how to spend and invest your bonus this year, Bloomberg pursuits Editor at Large Chris Rouser. Chris, We're going to talk about how to spend and how to invest your bonus. But maybe we should start with buying a belt, because I want to start with Is that okay with you?
Carol?
You can't get enough.
I've been shuttling through. So this is another table reading story.
So I love this because you know we're still talking about the Super Bowl and the Super Bowl's halftime show. And your focus wasn't on the people who were Grass, or maybe who showed up, or what the wagers were made, who actually performed. No, it's about what Bad Bunny wore. Oh yeah, the humble.
Belt, specifically his belt. All right, go ahead, talking about Bad Bunny's belt is not funny, and Bad Bunnies like he had it such a great He had a great, wildly proportioned outfit from Zara, and he at one point
he wore straw hat farmer's hat. But the thing that I kept looking at his outfit was his belt, which was a very very simple rope belt was a jabbarro sty style belt, which was like in honor of Puerto Rican farmers, which is why there were people there addressed as Grass, and why he and the dancers wore farmers hats at the beginning.
And just to set there, I'm not laughing at any of that, because I loved the homage to culture. It was super impactful. I just the way you wrote there's a mom and Dad reference that I really love.
But go ahead, Well, so I am staring at this belt, and then I was like, when was the last time I looked at a belt or like even thought about someone's belt or someone's belt, like the bad money wore that belt because he was like, this culture is what ties us all together. And I was like, that's such a great message. When was the last time a belt had a message? And actually, belts are like under.
Attack guys, Why what do you mean?
They're like, I'm not wearing a I always wear a belt.
You do always have a belt?
No? Hell am I going to most? Am I going to keep my pants off suspenders?
Right?
Hey?
My husband used to wear suspenders? Or watch it, buddy.
So the thing in men's wear these days is like a silhouette where your pants are huge, they got plats or two plats or ten plats, and they're flowy, but you don't wear a belt, and you maybe they're like long tab trousers that don't even have belt. Maybe they're girka pants like I am wearing right now, which are so difficult to get out of, you like it like requires a bridesmaid. And until very recently, I like had to wear a belt so that my pants didn't fall off.
I don't know about I mean, that's what I feel like, That's what Tim is saying.
Yeah, that's what I'm saying.
I would see all this styling on the runway and in you know, like you go to like the Ralph Lauren website or the Todd Snyder website, Like none of the models are wearing belts. They're talking sweaters into pants without belts. I'm like, how does that even? What?
Just doesn't it to me? It doesn't look right.
My dad was a belt like, he had belts.
Well, yeah, belts, And I was like, I'm gonna I'm on a mission now to figure out what's going on with belts.
So what did you find out?
Well?
So, yeah, So the silhouettes for mens wear are very much for the past few like five years, have been kind of belt.
Less, low belt.
But then I went to Pitty Woma, which is this men's wear show that happens every year in January. It happens twice a year, but it's in Florence, and it's in this old fortress and it's kind of literally hundreds
of men's wear designers, craftsmen. They've got people who make umbrellas and watches and jackets and it is like a show of force of like trying to make men beautiful, which was kind of overwhelming to be there for the first time, and there were so many beautiful belts, like what well, in Europe, there's so many great leather craftsmen in a way that we don't really have in the United States. And there's like these Adelweiss belts from Switzerland.
There's incredible Italian belts obviously, and there were so many belts that were inspired by America and now to me, in America, the belt is something that you when you go to the department store, you're like, you have two things in your mind, brown or black. Yeah, I don't have any belt that's not brown or right, or maybe you're thinking I forgot to put one in my jim bag and I had seven minutes to buy.
A belt that like court or canvas.
But as I say in this story, I sort of in my mind like in America, if you give someone a belt as a gift, it means you've given up trying, like I'm not. It's like giving a wallet. You're like, I can't think of anything.
I'm just gonna be.
To you said to me, you giving a belt to your dad for Christmas is like giving a.
Yes with that great guest we've all been there, yes, and you're like, oh about thanks. Yeah, But actually, because western wear is such a big thing, which is partially thanks to Beyonce, it's partially thanks to Pharrell had this amazing Cowboy and a Native American inspired show at Louis Vuitton. Like western wear is actually really huge and it's like very globally influential, and so it was so cool to be for me. Like the person who's like American belts are so dumb to go to Europe and just see
so many beautiful American inspired belts, native American belts. Brunello Cucinelli, who's like the most fashionable man on planet Earth, where's a belt? Was like, you don't wear a belt, I wear a belt, or you don't get to accessorize, like I only get a I don't go wear jewelry. I have to wear a belt. And he his collection this year had American inspired or sort of western were belts with silver and turquoise, and I just was like really turned around, and I was like, the belt has a future.
The belts, the American belt specifically is having a moment and it is going to get bigger.
So that's your prediction. Even though on the runway. We're not necessarily sing I mean even even like there's a picture of rag and bone jeans in your story and a guy wearing those without a belt, and that to me looks naked.
Can you imagine wearing at jeans with eye belt?
I would If I don't, it feels it feels like you're missing something.
Like we're all ilia rosen off from heated rivalry. We cannot it's all just like our pants on all like perch, you know, like you got some people need a belt, Chris.
You're a gift.
No, But it's interesting, Like I know this is about guys and stuff, but I too, Like I've gone through periods of right, like buying lots of belts, thick belts like it, and then I've whittled them down because I just don't wear them. And then there's always a few like I want to hang on too because I do pull them out.
Yeah, And women's wear for the past couple of years, belts have been huge, Like there have been like double belts and like trumployd belts they are fake and like Elsa Scippaali has like models with like eight belts, and now just now men's wear is getting into like having a lot of cool belts coming back.
All right, Well, so maybe you can use that bonus checked by.
A belt for a transition by an expressive belt. That's the idea, Like buy something that tells the world about you or about your culture, about like what you want to say, like making it, make it like a watch or a broach or something that you can There's a.
Lot in this this piece, and we're not gonna be able to get to all of it. They get into how our bonus is taxed, how to save and invest your bonus.
You've moved on from belts, and then.
Have to.
Yeah, moving on kids, And then what are the best things to spend a bonus on?
Should we do spending? I think we should do spending. The taxing, I will say, I will say, we're going to skip this. The taxing part is really interesting and smart.
Everybody should read.
Everybody should read it, because I think a lot of people are I've always been confused about why taxes look different on bonuses. And if you read it on the terminal or Bloomberg dot com, just click on this yellow thing and it takes you right to the tax part. But anyway, let's get to the fun stuff like buying your corvette. Yeah, this guy.
It is great because you can sort for like what you want to learn about and like if you want to learn about giving back or investing, you can sort of just click the button.
It'll take you right to that part. My part, Chris, you don't need to tell us your part. As I was reading this, I knew exactly what you contributed. It was not the tax implications. So now Chris did watches the donor advice funds. There are donor advice fls. There are also informative Okay, sorry, Chris, go ahead.
So my is if you're gonna splurge by the time you get to my part, it's like, Okay, you've spent your money on the good unlike the helpful stuff. Now you're just gonna blow it. My one of my favorite things was this these like crazy private jet journeys over
Crombie and Kent Outfitter does. They do them all over the world, but they do these ones in South America where you go to Columbia, Peru and Brazil and you go through these great amazing waterways like the Pontanal and so you're on a boat in like the Amazon then you get on a plane, you fly to a different country, and then you go on a boat in a different place than you see pink dolphins, you see huge ant eaters. So that's fifty nine thousand dollars a person. That's very but it's in.
Three weeks, right, three weeks. I think it's two.
Weeks, but it's the kind of three weeks.
I feel like you guys are like me and that like you need to get outside sometimes sometimes if you go somewhere huge, like a mountain, or you're out on the ocean or something, you're like, oh, wow, my stuff doesn't matter as much. I recommend a Protect Philip Annual
Calendar moonfo oh you do last year? Yeah, this is a good one because normally there's a lot of watches that you go into a pittech and you like actually can't get them because they're very there's like a wait list, but this one is a very important watch at potech, but you can actually get it because it's just like not as cool right now. So that's sixty six grand.
I was gonna say, what's the Yeah, that's person, that's the after tax spatch. That's actually I would, I would. I'm surprised. I sixty six. I thought protexts were a little more expensive, but they can be.
If you want something that's gonna get you twelve months of personal joy. Soft Wave is this incredible new facial treatment you use this? I have not, but I we several people here a Bloomberg have so we can talk about it.
I love this.
The skincare stuff, they basically elect they sort of zapp the collagen layer under your skin and for twelve months it just tightens up your skin because it's basically there's like low level injury underneath on the like under dermis. It's about three thousand dollars, and people swear by it and they I would like to do it, and I think I may. And then you know one thing that I got for myself, which is actually not expensive at all, is this card you did do this? Yes, the bloom
which is like stainless standless steel key card. It's fifty nine dollars and it's basically like a thing that blocks apps on your phone.
This is these these things are having such a moment.
Yeah, there's one called brick, where like you have a brick on your fridge and you have to go like walk into another room if you want to use the app.
But does it creates friction? Yeah, so then it's like you're not just automatically, like instinctively grabbing an app, but go.
Ahead, right, Yeah, And the phone has built in stuff where it's like you have time limits and then the little thing pops up and it's like you've been on Instagram for an hour and a half, Chris, what are you doing? And then I'm looking at it very easy to be like okay, bypass, But if you have the Bloom, which is a stainless feel car that you can keep in your wallet or a drawer or another room, that level of friction for me actually does that does prevent that?
Does Like I'm like, okay, bad boy, come on like something.
Did it permanently change your habits?
I just started doing it like a month ago.
We should do something bigger on this.
Yeah.
This is like I just think this is a huge part of wellness moving forward, and it's our understanding of technology and the implications of technology, regardless of what you're doing on your phone.
And recognizing that it's addictive. It's an addictive substance and like if you think that like you're going to fix this on your own through willpower. You're wrong because it's built to beat you. So like we got to figure out other ways.
Part of a bigger action I think of, like also parents buying dumb phones for kids instead of our Yes, right, like I just you're seeing it kind.
Of happen and you're going to do it. Chris, all right, there's a chat here. There's a chat here, Chris Rowser.
Yeah, as I said, laha love, this is really fine.
That was Chris Rouser, Bloomberg Pursuits Editor at Large.
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