Bloomberg Businessweek Weekend - January 7th, 2022

rate hikes sooner than many of us expect it. The minutes from the f o MC's latest policy meeting added fuel to one of the most intense selloffs since the financial crisis, as the Central Brank tries to get a grip on inflation. Coming up, we'll explore what policymakers can do to help more people effectively compete in a fast

changing economy. Will do that with Glenn Hubbard. He's dit emeritus of the Columbia Business School, and for some insight into how to better manage your personal finances with more investing options than ever before, we speak to Boston University Professor of economics Larry Kotlikoff. He unveils his secrets to creating quote money magic, turning up side down conventions when

it comes to finances and how to manage them. Hey, and also a self made executive who was looking to capitalize on the cutting edge of the metaverse technology for her clients. We're gonna check in with Elite World Group CEO Julia hartbreaking down the next wave of monetization in the digital world. All that and more to come. We begin, though, with a look at this week's issue of the magazine. Let's welcome in the editor of Bloomberg Business Week magazine.

It's Joel Weber. Hey, Joe. We're gonna get into the story in depth just a little bit later on. We got to talk about the cover here. Jessica Simpson. How did she end up being on this week's cover of

Bloomberg Business Week. Well, this is a story that we've been interested in for a while because we found out that, uh, she had this huge, massive fashion empire, billion dollar fashion empire, and had basically given her name over um and then everything kind of went awry and she found herself in December actually going to bankruptcy court to like basically buy back her name. As this is ended up being a little bit of a comeback story. UM. Everybody remembers her

from the Newlyweds and from her pop star days. UM, but the business side of that UM is just a fascinating story. And now she's basically taken back the taking back the reins of her name and the company and actually trying to to basically like start over again. Yeah, and that's that's interesting. I feel like it really was almost a business school case study and really learning about you know, a brand, licensing the different players and how it can go right, but then how it can also

go wrong. And that's really what this gets into, and really just the specific players in it. Yeah, that's right, and and you know it's like everything was with the best intentions, and then you know, reality steps in and you know, the partners that UM you had and had a great relationship with, you know, basically dies and you're you're left with the aftermath of that, UM and so

what do you do? UM? And the story opens us with this incredible scene of her basically giving giving birth and trying to figure out how to manage our business affairs at the same time. UM. So it's a really powerful one. And when that UM, we were we were

thrilled to do on the cover. So the cover story Joel is it's all about a very famous woman, but another one of the great features this week, it's about a much larger group of women that make up a key demographic in developing countries that were especially hard hit by COVID's impact. It's it's called the Lost Girls of COVID. What do we need to know? This is just a remarkable story by by Joe Philip avic Um that that again we were we're just totally blown away by where

the story took us. And look, the thesis here is that for the last twenty five years or so, we have seen extraordinary progress for girls around the world UM and and that has been just a major success story. As as girls have become educated and of access to healthcare, UM, we've seen them basically become economic engine throughout the developing world. What COVID does, UM has done, UM and is continuing to do, is actually undo a lot of those games.

And the story takes us um Jill story takes us specifically to Kenya, but it also speaks to again what's happening throughout the developing world. UM where and in Jill Jill story we have UM, young women, UM, teenagers who basically no longer could go to go to to be educated, UM end up having to UM be young mothers, UM, which takes them out of the economic progress that they

would have previously been able to experience. UM. That's a wrenching story, and it's just a little microcosm of of something that is being wrought around the world sort of invisibly right now, but we'll have massive implications in the coming decades. Got to say, what jumped out at me a reminder that you know, the whole idea of to laying pregnancy, it's a leading killer of young women in

the developing world. I mean, there was one stat in their jol about team pregnancy rates in some Kenyan countries tripling in the first few months of the pandemic, and and some early numbers indicating the adolescent maternal deaths and still births increasing during that same period. Like things that maybe we take for granted in the developed world typically, UM, you know about not getting pregnant when you're a teenager, or you know, if you do give birth, you're not

going to die typically from it. But you know, the

developing world and the pandemic just exacerbating these problems. Yeah, and I think that just speaks to a fascinating um part of the story to me, which is, look like, there's clearly the health story that we can talk about all day long and have been for for going on two years now, but there's going to be the knock on effects, some of which we are beginning to understand now as the story shows, and then other ones that we're just not going to understand the legacy of something

like the pandemic could and being completely different than anything that I have to do with with health help, like the specific health effects of COVID, as the story shows, And so it's just a fascinating one that we should be aware of and just recognize that there are a lot of nuances that are going to become a parent and this one just should be like I had no idea, but it's just heartbreaking, heartbreaking when you think about the progress that has been made in is that Jeopardy? No,

Thank you so much. Bloomberg Business Week editor Joe weber Well coming up an economist guide to personal finance, Boston University professor and New York Times bestselling author Larry Katlakoff reveals his money Secrets. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Spinovit from Bloomberg Radio. It's a new year. It's a time when we all make resolutions about a lot of stuff, right, Tim, I

mean some we keep, some not so much. And if you've made a resolution involving a personal finance make over, our next guest is someone you'll want to hear from. Larry Kotlikoff is a Harvard trained economist, New York Times bestselling author, a Research Associate of the National Bureau of Economic Research, also a professor of economics at Boston University. And his new book, He's Got One Out. It came

out this past week. It's called Money Magic and Economists Secrets to more money, less risk, and a better life. Some of what he says will definitely surprise you. So, what is the biggest thing that we're getting wrong when it comes to conventional wisdom when thinking about retirement. Well, there's so many things we're gotting wrong. We're not sending it up, We're not we're retiring to early. We're taking

some street to early. We're we think we should get out of the stock market in old age, when economics actually says you should. As you're going through retirement, you should be putting a larger and larger share of your dwindling retirement assets fungible assets into stock. Tim and I were just talking about this. Remember when it used to be like your age minus and that would you know, figure out how much would be in fixed income versus

the equity markets? Um, anyway, please continue? That's yeah, that's another one of the rules of dumb of the financial conventional financial planning, the the But we also need to understand that we should be timing the market for risk when things are riskier like they are right now. We don't know what, uh where the economy is going to be able to absorb all the illness from Macron, even though you know any one person may not be as

likely to die. You know, that's more risk. So we should be cutting back on our stock holdings in times of risk. So that's actually what we see happening. When you sat down to write this book. Why did you want to do it specifically? Because you you really talk about when it comes to living standards and that these financial decisions that we can make can really impact our

our living standards going forward. Yeah, well, street is focused on our wealth, and economists are focused on our welfare or welfare connects to what we get to spend in our living standard. And economists have been working on personal finance for a hundred years, starting with a work of Brving Fisher in the es the Yale professor um So, I got into grad school and economics because I wanted

to help. I thought it could be a field that could help society, and I realized working a lot on personal financial financial issues, that what was being conveyed to the public as advice was complete right angles, completely at odds with what economics was recommending on every every in every area, whether how much to save, when to retire, when to take so security, how to think about your

longevity risk, just completely across the board. It was all oriented towards product sales when it came from conventional planning economics. And then you had economists basically never talking to the public because uh, they didn't have what you know, a clear idea of what precisely to say, and they didn't think was their job to actually prescribe solutions. But I've

been working in developing personal financial software. We have a tool called maxifi dot com m a x i fi dot com that I've been working on for thirty years, developing the software which does deliver the economics to the solution. I but you know, most people don't want to run software. So I said, let me take everything I've learned over the years from economists, from the software, from my own research, put it into this book. And that's where I'm coming from to help people. So I'm just at max I'm

looking at the planner right now. It's it's it's really interesting, Larry. I'm I'm wondering, you know, how how people can put your lessons into practice. I mean, what's what's a practical way to think about the advice that you've learned over your career. Well, I mean the book. You know, if they bought the book, Uh, if they don't want to actually you know, run the software, they buy the book, the lessons from the software are you know, mostly in

the book. Uh. So you know, if we're trying to figure out in economic because how to have a smooth living standard, how to raise your living standard safely, like doing smart things with respect to sousecurity and retirement accounts to lower your lifetime taxes. How the price decisions. If I'm thinking about buying a a new boat, how much is that going to cost me a big boat? Not a new boat, but a big, big boat. How much do you really going to cost me in terms of

my ongoing living standards? So I need to understand that tradeoff in order to decide whether it's worth it to me. Uh So pricing risk, but also when it comes to investment, understanding the range of my living standard outcomes. Wall Street is focused on, Uh, you're saving what you're currently saving, You're spending some targeted amount that has no connection to what you're actually afford and and then accumulating this stuff up on the Monte Carlo simulation simulating whether or not

you run out of money. But economics set is you're going to adjust. You're spending all the time, and so therefore we have to look at the trajectory of your living standard path. So tell us about some of the others and kings um that you get into your book and you talk about specifically, you know, you get into social Security, you talk about you know something that Tim and I have talked a lot about I just sent a daughter off to college. Um, and you know, higher education,

especially from private institutions, it's really expensive. You're talking seventy eight dollars a year. Yeah, yeah, And I say, you know, I have a chapter entitled don't borrow for college. Uh, there's a chapter on you know, married for money. There's a chapter title about divorce like and I basically you know how a divorce without going to divorce war. So the book really covers the entire gamut of personal financial decisions.

As for college, you know, there's evidence that going to Harvard relative to some other university is uh not gonna matter much to your career earnings because it's how hard, how well you you work, and how diligently and how creative you are. I mean, Harvard collects really uh you know, special people who are very good at working very hard and also our you know, talented in other ways. But

it doesn't necessarily add any value to them. So why should you pay for you know, seventy tho dollars a year when you can you know, have the same career if you go to Wake Forest that will make much lower price. I'm not sure to Wake Forest is cheaper actually, so I'm just starting that. But that's the idea. Let's chop around for a school that's affordable. The kids that go to college never end, never finished. So if you borrow for the luxury of dropping out of college, this

is crazy. Who invests? Who bars money to invest in something where they know right as the tiko chance of getting nothing. That's why there's a chapter called don't borrow for college. It's very strong, uh strong language worrying people off from this. That would be you. Professor of economics Larry Kotlikoff his new book Money Magic and Economist Secrets

to More Money, less risk, and a better life. It's out now the way later on something perhaps to help you with your new year's weight loss and fitness resolutions, we're gonna check in on the app Strava and in keeping with that, still ahead on Bloomberg Business Week, Prescription weight loss drugs are working, so why is it so hard to get your hands on them? The story behind effective medicines that most doctors well they're not prescribing and

insurers aren't covering. 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 Chamber one and around the globe the Bloomberg Business at and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes

Tim Stenovan on bloom Bird Radio. Obesity. It's a disease, and there are definitely ways to fight it, including prescription drugs that work. The problem is most doctors are not prescribing them, and insurers they're not footing the bills. We're talking about g LP ones and and to help us understand what exactly they do, what they are, and why they're important, we're joined by Bloomberg News healthcare reporter Emma Court. She wrote the piece. She joined us along with the

editor of Bloomberg Business Week, Joel Weber. Doctors have the stigma around it. It's like it's still in their mind. Can be a behavioral problem that science can't necessarily solve. Insurance on top of that, looks at this new class of drug and they're not necessarily throwing money at it. All of which, you know, kind of leaves this solution

to a big problem someone on the shelf. But but now I'm talking on the turn, and I want to hear more from ms Emma, Uh what what what out of this story coming to being and and how what kind of potential does this class of drugs really have.

The piece started, there were a couple of early threads, but I started hearing about some startups that we're trying to treat obesity and and help people with weight loss using medication and telemedicine, so these like virtual doctors visits, and I thought it was sort of an interesting approach, and at the same time with hearing about pharmaceutical companies trying to develop better obesity drugs and um, you know, as I learned more about the space, I just kept

coming back to this point of like, you know, even previous to these GLP one drugs that are starting to be developed for weight loss and obesity specifically, they would previously been used in diabetes, there have been prescription drugs

that can help people lose weight that are rarely used. Um, you know, and this is going back several years, and there's a lot of different complicated reasons for that, But I kept kind of just being struck by the discrepancy between the fact that you know, many people are are obese or overweight UM in the US, you know, hundreds of millions of people, UM. And yet people are consistently being told to diet, to exercise, and they're not being

told about the other option that's available for them. All right, Emma. The thing I find like crazy, like blows my mind a little bit is, and you write this, the biggest constraint and weight loss drugs remains buy in from the broader medical industry. How can doctors who potentially see this as something that could really like prescribing one of these drugs help one of their obese patients. How how are they allowed, you know, as a doctor, not to prescribe it.

That's a really good question, Carol. And I think you know, quote a doctor, an obesity doctor and the story who says sort of, you know, if you treated diabetes or hypertension in this way, like you know, a doctor would

lose their their medical license. I mean, it's kind of remarkable that, you know, we're very comfortable prescribing and by way, I mean, doctor is prescribing medications for so many different kinds of medical conditions, and I think a lot of this helps to do with the way obesity has previously been seen. Right, people think of obesity or or being overweight as really being a something that you kind of did to yourself, right, And we kind of get into

this more in the piece. But you didn't work hard enough to lose weight, right, this is your fault, um and um. As a result, this is treated as as a lifestyle condition. If you're eating too much, you're not

active enough, um. And there's some more complicated science that's come out in the last several decades that shows that our bodies really do have a big influence over how we you know, when we stop eating, you know when we're hungry, when we feel satisfied after we eat, and and that there's more biologically going on than merely sort of you know, refraining from getting on the treadmill every day, which is what I think a lot of people unfortunately

still think, and even even doctors and certainly people who struggle with their weight themselves. Well, I'm just gonna make one comment because I know Tim has question, but I'm just gonna I wrote a note being obese is big business. And it supports a lot that's out there anyway. That's my that's my opinion piece. It doesn't. It's a good I mean, it's a good thing for us to be thinking about on in the new year, when a lot of people have different fitness goals and weight loss goals

that are associated with the new year. I want to talk a little bit more about that m and and obesity because I was I was I'm always shocked to see these statistics about you know, how many Americans are are obese or overweight three and four and estimated two million people. Can you talk a little bit though about comorbidities here and the dangers of being overweight. They've come to the to the to the surface a lot when

in discussions of COVID. But but beyond that, the big kind of concern about having excess weight is obviously that's defined by the body mass index UH standard. Right, So people who are um obese are at higher risk of developing various um medical conditions, including um diabetes. Another respects tied to obesity is actually all cause mortality, so literally death by any call. That was Bloomberg News healthcare reporter Emma Cord find more stories from the current issue of

Bloomberg Business Week magazine. It's online at business week dot Com, on the Bloomberg terminal, and also on newsstands. She, by the way, wrote the piece. Bloomberg Business Week editor Joe Webber joined us for that conversation as well. You're listening to Bloomberg business Week coming up next. At an uncertain moment for the global economy, our next guest says that policymakers, well, they need to be bold. He has some specific ideas later on to pop star Jessica Simpson's bold move to

reclaim her company and her own name. It's a great story. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. This week, we got the minutes from the Federal Reserve's last meeting of one. Those minutes indicating the Central Bank is ready to speed up the timeline for raising entry straits.

Our next guest thinks the f O m C has been a little bit slow with its policy decisions of late Glenn Hubbard is dean emeritus and professor of Finance and Economics at Columbia Business School. He's also the former chairman of the U S Council of Economic Advisors. He was that under President George W. Bush. He was Dean when you were at the Columbia Business School, he was. That's why I still have to call him Dean Hubbard. I just you know, it's it's what I called him then,

and we'll call him forever. Probably it makes a lot of sense. By the way, to be fair, we caught up with him earlier in the week that was before those f O m C meeting minutes came out and really rocked the financial markets. We had him on the to talk about his new book. That book is out later this month. It is called The Wall and the Bridge, Fear and Opportunity and Disruptions Wake in a Dean Hubbard

lays at a path to a brighter economic future. It all begins with the need for sound decisions in the near term. The inflation concerns I think are real. I think monetary policy has been behind the curve, and we've spent probably too much time on demand and not enough time on getting supply chains right and supply right. So I think that can still sort itself out. But it's

it's definitely a worry. I worry. You know, the sort of the theme in the book as well, that there's some slower moving things that are even more dangerous for our economy. Big positive changes in technology and globalization that leave many of us quite much better off, that makes some of us worse off in our politics and our

economics are effected. So the question is, Dean Hubbard, what are the solutions that you propose to tackle some of these big picture challenges that, by the way, are are much bigger than what we think about with the omicron variant or even getting beyond this pandemic. I mean, the genesis of this goes back to before President Trump was elected. Oh sure, we're thinking about decades of change that again

have been largely positive for the American economy. We all celebrate technological advance and globalization, but for many individuals in many communities, the news has not been so positive. You know, Chances are what anyone listening to this took coon one oh one. I hope they liked the course, and their professor probably said something like, you know, technological advance, trade makes us better off, and then probably mumbled something. Because

the gainers can compensate the losers. The problem is we haven't been doing that. And you asked about solutions, and I think they're big, bold things we can do to to build bridges to help people compete in the world, which would be everything from bold support for community colleges and training, uh, support for low wage work in the country, and most importantly, an attitude shift in Washington and in

the economics profession that notices these things. It goes all the way back to what Adam Smith would have taught us, founder of economics. We really really need to help people compete. Well, it's interesting, first of all, music to our ears. I have a degree in economics. I went to Barnard College, worked actually at the business school. Tim has an NBA from Columbia Business School and was there when you were Dean. That's why I have to call you dean. I can't

even call you. So we're we're all in on this, you know. I do think about some of the gaps and divisions that we have in our society, certainly um exacerbated by the pandemic, but you know, innovation embracing it like not everybody has been able to benefit by all the disruption and innovation out there, your ideas and your what you write about in this book about bridges versus walls. How can that help more people benefit in our society

and our economy? Another great question. Here's the problem. Walls are very seductive. They're very seductive for politicians to tell people I'm going to protect you. I'm going to protect you from trade, or from immigration, or from technological advance. But they the flip side of a wall is I'm also protecting you from all the good things that come

from all of that. The right answer to the wall isn't what economists often talk about, which is just let the market rip the kind of loss affair if you will, the right answers building bridges, and I think if we focus on a preparing people to compete in the world that is and will be, and reconnect them when they fall out of the economic boat, that's important. You know. Classical economists like Smith always felt that the goal of

an economy is mass flourish. It's everyone participating. That should be our moral and our economic imperative. We've got to push back on the wall, Dean Hubbard. We just haven't been a minute and a half, and then we'll do some more news and come back some more. But you know we're talking about you know you do in your book about building bridges. Who best builds those bridges that we need today? Is it politicians? Is a corporate leaders? Who is it? I think it's all of the above.

Business leaders have to understand that social support for the system, meaning mark hit capitalism isn't a given, and business leaders need to acknowledge that and pitch in. In the book, I talk about examples, uh why George Eastman of business leaders who built entire communities largely for their own business, but also to help others. Government needs to begin by just noticing the problem and looking at what worked in the past, like the land grant colleges or the g

I Bill. So it's really all of the above. Is there the political will to get that done in Washington? Now? Well, the cheap answer would be to say no, But I say yes. And the reason I say yes is we're having a sterile debate over capitalism versus socialism as opposed to solving people's problems. There is a huge opportunity for a leader, be he or she a Democrat or Republican, to come in and say, you know what, I can

make people in communities better off. That's a winner. How has the pandemic You're already writing this book and you note that UM and then the pandemic hit. How has that impacted your thinking? And you're writing, Well, the pandemic, of course, you know, makes it clear that there's not one single labor market. There's some individuals who use technology to work at home. There are many Americans for whom

that's not a real possibility. And not just the pandemic today, but the future, from artificial intelligence and machine learning to the adaptation of the economy to fight climate change. These are all things that suggest really big structural shifts about to happen, and we really need to get ahead of them in a way we didn't get ahead of earlier technological changes or globalization. You know, we talk a lot about incentives, and we talked about market incentives. We learn

a lot about incentives in business school. And I'm wondering what the incentives are for policymakers to actually make these types of changes, because I think many people could argue that a lot of them look short term, right to years an election cycle, six years perhaps or four years for presidents. What are the incentives here for for policymakers, well, I think many policymakers think this is all just too hard to do. It's easier just to throw out words

like let's build a wall. The problem with that is it's not too hard to do. In the middle of the Civil War, Abraham Lincoln launched the Land Grant, Colleges, Homestead Act, Transcontinental Railroad. I think that was a pretty tough time for decision making. Is World War Two was coming to close. We certainly did the g I Bill for welcoming service people coming home, so we can do this. I think a politician who figures out that these sort of structural fixes actually help a lot of people probably

finds political goal, not just economical. You have a great line in your book. An overarching lesson for economic policy is the greater the benefits of disruption from openness, the more gainers should compensate losers. Because disruption innovation, right, we certainly don't want to stop it. It has created some incredible things, but people, industry things are impacted people individuals, right, and we need to not just ignore that well, and and to not ignore it means to notice it, you know.

Comment in the book, my wife has always said this great categorization of the world into two groups, economists and real people. She always reminds me that, you know, economists to think about all these benefits of things, but we never really process what's happening to a lot of individuals and communities. Politicians are real people, but they need our help in noticing this. That's Glen Hubbard, dean emeritus Professor of Finance and Economics at Columbia Business School. I have

to say to him. What I loved is there's stuff in the book where you were there, you know, at the Business School, you know, hearing those presentations and those meetings. So that was pretty cool. Yeah, it was kind of crazy. There was this and then this is partly what the book is based on. This one. This this this big talk that Dean Hubbard gave along with the Professor Ray who who was my professor at the time as well, about populism and and it was ahead of the election,

just five days before election. I think it's fair to say the results of that surprised a lot of people. Yeah, and definitely ahead of the curve on that one. Hey, by the way, he was previously the chairman of the U S Council of Economic Advisors that was under President George W. Bush. He also serves on the boards of a DP black Rock Fixed Income Funds and also I Met Life and One More Time. His new book, The Wall in the Bridge Fear an Opportunity in Disruptions Wake

that comes out later this month. That wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser and I'm Tim Stanivac. Coming up in our next hour, Nascent Media powerhouse looking to carve out virtual space for her clients in the metaverse. All about the metaverse, apparently, Tim, we're still figuring. I'm still I'm still living in real life. I'm trying to,

at least I'm trying to. Amid Covid also a fitness app, looks to expand beyond high level athletes by breaking an important barrier. But this is all about you. Sign up in January, make a resolution. You just got a hold until January. But I gotta tell you I didn't. I didn't work out this morning, and that was on my list of things to But you're loyal user of the app. I'm a loyal user of the app. Yeah, maybe after work today. All right, Well, you're a loyal user of

the app. Have you done any traveling lately? I'm planning to you next week. Well, Pursuits actually addresses that. All right, We're gonna go around the world with our Bloomberg Pursuits team, like all the places you want to check out, maybe in two when it comes to travel up next though, First we're gonna get to our cover story, how pop star wants reality Star. Then business smuggl Jessica Simpson built a billion dollar business, lost it, and then bought it back.

Chicken of the Sea anyone. If you don't know that reference, you're gonna have to stick around for that story. 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 in Bloomberg Quick

Takes Tim Stenovic on Bloomberg Radio. Hi, am Carol Masser, and plenty ahead in our second hour of the weekend edition of Bloomberg Business Week, including the next big Thing in Fashion. A believer of Metaverse Technology, laying out her vision of success. We're going to catch up with Elite World Group CEO Julia Hart, plus the next big challenge for the popular fitness apps Strava, and an optimistic peak

at trips to plan in the coming year. You know, once this whole pandemic blows over as we enter a year three of it, we're gonna have a travel takeover from our team at Bloomberg Pursuits. I gotta say, there's so many places on that list that where would you go? Uh? Where wound? I go? First? I want to do some diving, to be quite honest, that makes sense. Love to go on a safari to first up, though, let's get to this week's cover story about the entertainer turned businesswoman that

licensed out her name from a rave retail products. She did really well. It became a one billion dollar business until it wasn't doing well. We're talking about the Chicken of the Sea pop star Jessica Simpson. Carol, I know you're a fan of The Newly Weds, that reality show A long time ago. Yeah, long time ago. Uh, a very long time ago, right, but it's still I mean, look, I think still a lot of people remember Jessica Simpson from From That Uh and from her music as well.

But let's let's get into how things went arrived for for Simpson. We're gonna do that with Bloomberg business Week editor Joel Webber, also with Bloomberg News High Yield and Distressed Credit reporter Eliza ronalds Hannon. Yeah, well, she fell into the brand management industry, where, you know, because it's so difficult for celebrities to finance their own endeavors. Um they often are the clients or part of the portfolio

of a company that specializes in owning brands. But as part of that model, which many say is not sustainable, those companies really buy the brands to to run them out and they don't reinvest. So it's really a demonstration of how unsustainable that model is and how it may be in fact, more valuable for the face behind the brand to have more of an active steak in what's happening in order for it to kind of reflect all

the potential I have. Eliza, I'm curious, you know, I always love talking to people after reading these stories because I can learn how the sausage was made. But I'm wondering how you know, your you cover high yield and distressed credit and how how did you come to find yourself writing about Jessica Simpson, Well, it fell into my pur view because the only way that she was able to get her brand back was because the you know, the parent company which is part of this unsustainable model,

had to file for bankruptcy. And you know, in the bankruptcy auction phase, the assets you know were available for purchase. So she already owned half of you know, a little bit less than half of the equity stake in her own business, but this gave her the opportunity to buy the rest of it, and and on the cheap as well, because assets in bankruptcy are always you know, a little bit um discounted. How does this go down? You lose

your name? Where do you go from there? Because all roads lead to Delaware when that happens, right, well, I mean it's it was a very conscious and um you know, potentially arguably savvy decision that she made back in two thousand fifteen, when her business partner at the time, Vince Kimudo, who helped finance the operation and also licensed and manufactured some of the goods, he died. She needed, um you know, a capital injection in order to take her business to

the next step. And you know, it's hard to get financing in the public markets, as we know, and it's um you know, she's not quite big enough of an operation to necessarily be able to conduct the fundraising process herself or or within her business. So you tap one of these brand management companies in order to you know, when they buy you, you get a lot of that cash, and you also get arguably a parent company who's going

to be invested in your success. Now, those companies are publicly traded and they are under all the same pressures as any company is to deliver on margin projections, and you know they often end up cutting corners and really just ringing dry their assets and then kind of casting

them aside. You do get into the players, like I had no idea that Camudo had such a big role in building up this company, and he really was kind of a godfather to all of them, and her mother too, where we know parents when it comes to you younger folks can either be a detriment or helpful. Well, look at her dad and and and the impact that their dad had on the career, on her career, Yeah, and you know, even in the case of Camudo, it was actually his son who first told him to look look

into working with Jessica Simpsons. So it really is a

multigenerational affair, this whole story. I think when people allies to see that a celebrities associated with the brand or has their own brand, people often ask the question about, you know, how much is this individual who we know from you know, stage and screen, uh, and what newly weds right Carol involved in day to day operations of the business, and how much is sort of other people do How would you describe Jessica Simpsons and involved in

right now? Well, like Joel said, her mother is really the biggest brands behind the operation. She's been extremely involved since day one, and she's certainly got a head for business, and she and Jessica work really closely um with a team that's not really that big. I mean, I think at one point there were only eight of them or

so when they were owned by sequential brands. But you know, they have a lot of help because one of the things that's important to know is that the business itself, for the operations that are required are pretty limited because you're not actually manufacturing the goods and you are. You know, there's a lot of the supply chains outsourced through the licensing process. That was Bloomberg News High Yield and Distressed Credit reporter Eliza Ronald's hand, and she co wrote this

week's cover story with Stephanie Clifford. Are big thanks, of course to Business Week editor Joel Webber as well. It's a great read, and I highly recommend. We just touched on it, But there's so much detail in this to where there are things I didn't know. I knew the brand, I'd seen it in various retailers, um, but how it was built up, and just all of the kind of business comings and goings behind it, and all the individuals in that I had no idea. Her mom was so involved.

I had no idea about any of it. Really. It was one of those stories where, of course I knew Jessica Simpson because look, we're and we're kind of of the same, you know, generation, So I grew up knowing her music and of course knowing her her celebrity, but I had no idea about the business side. You weren't buying the Daisy Duke shorts. It wasn't bode It's popular after the movie. Another thing I learned in this story Carol, all right, you're listening to Bloomberg Business Week coming up?

How a talent agency plans to morph into a media powerhouse in the metaverse. Yeah, it's happening. I guess this is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. The next guest is looking to turn models into brands through digital platforms and in doing so, increase their career longevity. She's also working with brands, really well known ones in

developing their own digital strategies. Julia Hart is co owner and CEO of the talent representation company Elite World Group. It represents about fifty four hundred clients globally. Her all star roster includes Tiffany Chanelle, Product Burberry, Kendall Jenner, Adriana Lima More. A group that's said to reach nearly two billion social media users worldwide. That's a pretty big socialfe pray almost as many followers as you have, right, my dreams.

It's too much work, too much work. Julia is also the subject of the Netflix series You might have seen it it's called My Unorthodox Life. It premiered this past summer. She joined Tim and Me to break down her company's

path from modeling agency to metaverse media giant. The only reason I took over the company is because I realized, with the advent of social media, we are at the forefront of changing the way that people communicate and how people advertise, because if you think about its social media advertising by definition has to be more honest. Right, Julia Hart, who's by the tall and can barely lift her handbag, is not going to be doing an ad for a

workout session with weights. You might in the metaverse though, but we can talk about that later. So what I understood is that you think of the talent instead of thinking of them as athletes or actors or models. To me, those are all platforms. Whether it's a runway, a tennis court, a football stadium, a movie, a movie side, it doesn't matter.

Reutilize that and put the power in their hands. It's this massive shift in the power dynamic and this vast and opporutization of fashion because for the first time, it's not the talent having to run and the hope that someone chooses them. That a creative director extent that a photographer videographer takes them under their wings, that some editor of a fancy magazine wants to have a photogo of them,

their careers in their hands. And so what we're doing is we're helping them create themselves into brands and businesses. We utilize the time that they're in the public eye to build them into brands, so that far past the time they're on whatever platform they started through, whether it's a tennis court or a runway or a football stadium, their audience has become so accustomed to coming to that they will continue. They are the media, they have, the

audience are aggregated. Viewership has now reached two points to help help us understand the connection to technology here because you use terms like platform and audience and I think you know influencer, right, I think Instagram, I think YouTube? How is that married into this? The way that I looked at it when I took over, because to me, the modeling industry was interesting at all. It felt like the flip side of the world that I came from.

The only reason I took it over is because I realized that I have the possibility to make an army of financially independent women by utilizing their social media channels as actual networks. What I'm wondering too, And I look at how my daughter eighteen, You know how she's she shops, You know what she looks at. It's all through a lot of Instagram. It's all social media. It's very different

from how I shop. But I do wonder not everybody is going to be We did a story earlier about Jessica Simpson, you know um and kind of built an incredible brand, got away from her and she's trying to She just got it back and she's trying to rebuild it. But not everybody we'll have success. Are you saying that everybody will have success on social media? Great question? Of course everyone will not have success. So what there's two what I would say to ingredients, what we provide and

what the talents provides. So when I thought of talents as media, and I've realized that if I literally treat them as media, they have the power. They're not waiting for the casting agents and the creative directors. They are now being chased by the casting agents and creative directors because they bring the audience right. I always tell every talent find your angel product, and it doesn't actually mean it has to be a physical thing. It means something

that you are truthfully passionate about. The people know when they come on your website, on your Instagram page or your TikTok or whatever, they're going to learn more about X. If you love the environment, talk about the environment, Show all of the different environmental you know, places that you belong with and what you're doing. Let people understand who

you are. And that's the first time in history that tendis players and models and you know, athletes can say who they are and it's not just about what they do. Tell us a little bit about though. We want to talk about the metaverse. What do you see because I think Julia is safe to say, you know, we've all been obsessed with what Facebook are formerly known as Facebook. You know it meta is up to uh and how this will fit into our world more broadly, how do

you see it in terms of talent and branding? Because Tim and I recently caught up with our Pursuits team and Chris Rouser and we talked about the high end fashion houses that you work with that are selling fashion and f t s for thousands of dollars. So our world is evolving. Indeed it is, and honestly, to me, metaverse and avatars way before you know, Facebook called itself meta right in two thousand nineteen, I started building my

team of avatar creators and metaverse experts. I started literally building the whole concept of metaverse and avatars a month and a half after I took over a CEO, because to me, it was an evolution of what going on in the digital space. And by that, I mean think about what is the most watch show on net and DC. Right, the most watch show on NBC gets Frown three four million viewers. My talent gets fifty million viewers. While they're moaning their law. They have the audience. So the first

thing was to give them longevity. And by getting them longevity, I mean turning them into brands. And we did that by bringing in house what networks have. That's Julia Hart, the co owner and CEO of the talent representation company Elite World Group. When it comes to meta us, what do you think about it? You just feel like we're just so early in, you know, I I look, I gotta tell you, I think about Facebook and I think about Facebook's rebrand to meta think about the work that

it's doing on Oculus. But I had an interesting conversation this week with with Katie Greidfeld, my co anchor at Quick take Stock. She was talking about how wasn't this what we were doing when we were playing Nintendo we uh, you know, years ago, and we're playing we tennis, having these avatars of us that we're doing what we were doing in the real world they were doing on the screen. We're wondering about branding here. Yeah, I'm a little confused.

I don't know. And does it just become that much more like I think about Palm games early on that we're pretty basic, So it does it become something that's much more detailed than an experience of some sort? I don't know. It's a good point. You have a funny look on your face because I'm not quite in it, you know, come on, come to the meta side. I'm skeptical, all right, I'm just gonna stick to my meta meditation. So to come on. Bloomberg BusinessWeek him a story. You're

pretty excited about fitness app Strava in the spotlight. Yeah, this is a startup that's been around for for years. Um, it's big in the cycling and long distance running communities, and I learned a little bit about the future of the company. And Max Chafkin got some numbers for once from the company about how much revenue they're doing and you know, a little profitability hence as well. What's interesting

is they seem to be holding on to users. It's not just a pandemic play, right right exactly, so kind of the opposite of Peloton company. All right, that's coming up next. This is Bloomberg Broadcasting from the funny nancial capital of the world, Bloomberg eleven Rio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country Serious XM Channel one nine and around the globe

the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Stenovan on Bloomberg Radio. Tim, you're a definitely stoved for this story. I am. I'm a Strata user, Okay. So Strava is it's it's been around for years, um, and it's a fitness platform that's mainly used by cyclists

and distance runners, serious people. Yeah, serious, serious athletes. Um. But you know it's still a private company, and it still has an I pod, And I've been wondering, Hey, what's going on with Strava. So I was really happy to read this story from Max Chafkin. He is a features editor for Bloomberg Business Week. By the way, Max is also the I gotta every time I talked about Max, we got to talk about his pats O book because it's a fantastic book, So be sure to check that out.

He's the author of that new book came out just a few can Training and Silicon Valley's pursued a power Yeah, it came out just a few months ago. Max joins us now he's features editor for Bloomberg Business Week. Max January, that's the day I have to make it. I have to make it too, write Yeah, Quitter's day. Thanks for that introduction. Yeah. So Strava, as you said, you know, it's a app that has, you know, really well known

in the kind of serious athlete world. Um, although it is and and partly because of the pandemic, I think has sort of taken off in kind of more casual fitness circles. They've seen you know, huge user growth over the last couple of years, as as we report in

this story. And and of course, um, besides the pandemic, there is there is a sort of a cyclical nature to the fitness business where in early January, right about this time, you know, everyone makes these New Year's resolutions and and as I think a lot of people know, new Year's resolutions do not stick very well. Uh, Strava, being a tech company, can really you know, dig into

the data and slice and dice it. And and they the CEO told me that basically January seventeen, that's the day that where you kind of separate the New Year's resolution quitters from the ones who stick it out for a long period of time. That's when most of the

sort of traffic is going to fall off. Um. But he said, kind of on the bright side, those who do make it past that January seventeenth day, Um, at least on Drava, seemed to stick around, um for you know, for a lot longer, seemed to kind of for more permanent fitness habits. Well, and I guess they've had a test to like, you know, we talked about pelotons so much, Right, everybody who was leaning in big time and buying up Pelotons during the pandemic when they couldn't go to gym's

and we're buying stuff for their home. But we saw, you know, as the world reopened of Chris, we're in a little bit of a uh falling back again because of a macron. But nonetheless, you know, we saw Peloton then under a lot of pressure for a lot of different reasons, but also people kind of going back out into the world and being able to work outside, you know, work out outside their homes. Does has Drava seen the same thing like what happened to it during the endemic

and hasn't been able to hold onto users? Absolutely? Yeah. So Strava is another one of these pandemic boom businesses where you know, stay at home orders happened, and there are all these things that people were on it wanted to do but they were unable to do, so they they looked for digital alternatives. Um, you saw a lot of people, you know, they couldn't go to the gym,

so they bought Peloton bikes. Uh, some of those people, you know, downloaded Strava or signed up for a subscription there's a sort of paid version of it where you get UM training plans and these competitive leaderboards that are very popular, especially with runners and cyclists and UM. Anyway, so they saw this kind of bump in traffic during the stay at home period, just like Peloton, just like

many businesses UM. But as as I talked about this piece, that traffic actually didn't really go away, and and and you know, I talked to UM, you know, Strava CEO about that and his views basically that you know, Strava, you know, unlike some of these other services that really were you know, primarily useful as kind of indoor, stay at home type things. You know. Of course, I'm sure

Peloton now it's it's called outside height and everything. I'm sure people are kind of maybe rediscovering their their bikes. But but Strava, you know, works just as well outdoors and indoors. So kind of an interesting thing that happened. You know, we saw all these big time races, you know, New York City Marathon went virtual in and they encouraged people, they had a partnership with Strava, encouraged people to record a virtual marathon, a virtual twenty six mile run in

the app. Um. That's of course great for Strava as a business. When things reopened this past summer, in one you still saw a ton of Strava usage, just people using the the app outdoors to track their you know, outdoor runs, outdoor bike rides. You know, something like half the field um at the New York Marathon recorded there, recorded their race on Strava, and similar similar data from you know, the London Marathon, I believe the Boston Marathon

as well. So you've kind of seen instead of this kind of boom and bust thing, just a continued growth and it's not clear, you know, you know, we don't know how long that's gonna last. But what's Strava's CEO, Michael Horvat is basically saying, you know, you know, we're not seeing these same head winds as these other players. That's Bloomberg business Week features editor Max Chafkin. Look for his story in the latest issue of Bloomberg Business Week magazine.

It's on newsstands now, online at business week dot com and of course on the Bloomberg you're listening to Bloomberg business Week coming up. Oh the places you'll go, that is, once you can go again. I really dream about this. Yeah, I do too, getting ready to do some traveling. Yeah, I mean, look, if I get a negative PCR test

seventy two hours before leaving, that's the question. It's tricky, right Well, the trickiest part, Carol, is getting the results back within that amount of time because the testing centers are so overwhelmed right now. That's what I've heard from a lot of people that that's what's holding them back. So it might be here next week. I hope you get to go any I know you need a break, all right, everybody. We're going to check in with our Bloomberg Pursuits team on the host of adventures that really

await you, from Alaska to Zambia. It's all coming up. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. Every new Watch is like a new piece of box. It has in different stories to tell the time. Wines as a whole really speak to that. Quintessential Need is

the most powerful car Nate in the US period. You get the beautiful interior, the iconic design that's very cheek and pos even if you be for it's it's something that get if your travel plans are on whole because of the Amicron Berry well fear not our Bloomberg Pursuits team. They are still going around the globe and covering the perfect destinations for you to plan your next trip. I love this section. I do too, I travel takeover. Who

doesn't love it? That's what's happening in this week's Pursuits section, produced by our travel editor Nicki Eckstein and company. So Nikki was actually traveling at the time that we put this broadcast together. She's right now on a plane back from Anguilla. So we went right to her boss. We went to the top Bloomberg Pursuits editor Chris Rouser, to tell us what we need to know. Chris, your team really all over the world for this series of stories. A big theme of the section is family. I want

to get into that in just a moment. But when you're doing this, and you guys do this a lot, you look around the world, how do you kind of put it all together? He said, I was going to tell you what you need to know. And the first thing is that you need to know is that I am not mad at Nikki jealous. For five days she has been in Anguela trying restaurants and hotels. So's there work, Yeah, yeah,

she's there. So when we put together these lists, you know, Nikki has a running that database of every new hotel opening, major restaurants, major tours that are opening up, cruise line, so we know everything that's going on, especially in the luxury field. And what makes our list a little different from other lists is that we really do focus on luxury access and luxury places to stay and things to do when you're traveling. So are you know, so take

the a Multi Coast for example, we feature at the year. Now, uh, the Multi Coast hasn't changed a ton in the past a few decades. Has always been a wonderful place to go. But this year in particular, there's been a couple of new luxury hotels opening, So that's like, that's the reason why that would end up on our list this year. The other thing that we focus on this year was

places that you can go to be together. And you know, you maybe don't want to go to october Fest like be with thousands of other people, but you know, maybe you want to take a family trip, and you want to rent out a few tents on a safari and you can go with a big group. Or maybe you want to go to a hotel that specializes in villas, so you can rent a little house for your family, or you go on a sort of a drinking trip

with your friends to Wales. So to these little places has a little bit of a suggestion on how to spend some time with people or just meet local. Well, one thing that caught my I mean to see, look, you you have places all over the world on this list, but I want to start with somewhere that's a little closer to home. For a lot of people, book a Raton is a cool place to hang out. Anybody ever seen Seinfeld? Come on, you don't go to Boca with

your grandparents. This is hard for people to believe. But Boca Ratone and the area so for Lauderdale, Palm Beach, UM have a bunch of new hotels that are kind of they kind of compete with luxury, big luxury resorts elsewhere like Bahamar and the Caribbean. UM. There's a Mandarin Oriental that's going to open up there in the Boca area. UM, and there's some really serious restaurants like Major Food Group,

which does Carbone in New York and Miami. Uh, they're doing a takeover of an old golf clubhouse there that's currently called Slimmingo Grille. So there's actually like a lot of cool stuff to do there and it's obviously still as beautiful, uh and sunny as it was when your grandparents were there. What was the place in Seinfeld, Chris Dela, You can eat early. I love it. I love it. I love it. What I do like to so much of what's in there Because I've been thinking I've never

done a Safari. I would love to do it. There's so much great outside stuff. Yeah, and you know the big thing in Safari's now is walking Safari's so you think of you know, you think of a Safari. You get in it jeeps maybe with no top. You go out, you try to see the big five lion, elephants, hippos now in a couple of the places that we feature, one is in Zambia and the other is Quizzla Natal

in South Africa. You walk around and you're on the foot, so you really, you know, it may not seem like it's for everybody, um, and it may not be for me, but it's a very incredible way to get up close with some of these animals, and particularly um. Some of the walking safaris really focused on birds, so it's not,

as you know, carnivore focused. But also these these um all these safari outlets are really conservation focused, actually the ones that we feature, and so you can go oftentimes you can rent small a small group of tents together for your family or a group of friends, UM, and then you learn about conservation and you can actually help with conservation and leave the funds that you're trip supply actually go towards protecting the animals that you want to

go and see. I love that kind of eco tourism. I've done some trips yoga trips where it's you plant trees while you're there. And I was gonna say that the walking towards him, I was thinking about you in the story we just talked about with Max Chafkin and Strava that if you are on Strava and your serious athlete a run or an you know, cyclist, you could probably do that walking toward because you could run really fast away from the animal exact Yeah running, Hey, UM,

I want to talk a little bit about the next place. Uh, Romania. Um, why did you guys choose this part of the world to call the next place? Wait? What? So Romania actually was before the pandemic and before I had a child, Romania was on our list of where my husband and I wanted to go. Um. And you know, most people when they if they think about Romania, they think about Transylvania.

And so actually one of the big the biggest tour groups in Romania is called Beyond Dracula because there is there's more nationwide investment in getting you to know more about the country other than that. And you know, it's an incredibly beautiful place. There's mountains, there's hand painted monasteries all throughout the hills. Bucharest is being really revived and becoming kind of a culinary destination. Uh. And there's a couple of new hotels in Bucharest, which is sort of

why we decided to do U Romania this year. But really there's just tons in Romania that's new to probably a lot of people talked us to about, you know, the places that you thought were maybe unusual when somebody kind of came to you and said, hey, Chris, what about this or that, like you thought, oh, I didn't know about that book O. Her tone was definitely so I had to be sold on not going on my list.

Chris Newport in Rhode Island. Yeah, it was also uh one that I you know, it's sort of like, well, everybody knows about Newport and what you get when you go there, which is the big, beautiful old mansions, maybe sometime on the water sailing, but there's a bunch of new hotels there, with some really fabulous restaurants opening up.

There's a sailing museum there, and also the HBO show guilded Age, the new Julian Fellows show is going to start essentially gonna start later this month, so it's going to really draw a lot of attention to the area, and we expect a lot of people to want to go. I'm gonna say when I read that too, I mean, I've done the mansion tours and everything, and I prefer things like Watching and Westerly, which are a lot more

kind of mellower and just gorgeous beaches. But it is interesting to see how some of these areas are kind of going through some transformations. Yeah, yeah, we have, you know, we have the cat Skills on our list too, which is if you live in New York, you probably know some people who fled for the Hills during the pandemic

and have been living there. And as a result, there's a lot of restaurants and hotels opening up there, so uh, you know, the Catskills also doesn't feel like necessarily a fresh place to go, but there's actually a lot of fresh things to do once you're there. Another thing that

I was sort of like, huh was Singapore. And you know, we have a lot of people, a lot of our audience lives and works in Singapore, um, and you know, it's not a lot of Asia is open to Western tourists right now because of COVID, but Singapore is has been all right to go to and there's just a lot of um wilderness in Singapore. You know, you go to the airport, that Jewel Changi Airport and they have, um,

they have like an incredible inside terrarium with waterfalls. And then actually in the city there are a couple of hotels that are really sort of nature focused. So even though you're in this big city, Ham has these big terraces and alloon the terraces are full of plants, same

with the roof. Or you can say at the Raffles Santosa, which is a new resort related to the famous Raffles Singapore, which is an all villa hotel, and you know, all these little villas are neftoled into the trees, so you can actually kind of feel like you're maybe in a more like island vacation, uh than a city vacation. Hey, hey, Chris, I want to talk a little bit about cruising, because it's up there with Boca, isn't it. Well you couldn't

I mean that. And even now, even now we we hear about cruise ships that are you know, being asked to be put on hold right now. But something they caught my eye in this week's Pursuit section is the ability to charter your own cruise in Alaska and you just get you know, eleven of your closest friends or family together and you've got your own ship. Yeah, you

know a lot. You know, when people have sort of maybe what I would describe as a prejudice view of cruising, they often think of did you say my name there? And they think of Alaska as an exception to that because it sort of doesn't feel like you know, maybe I'll call pills included. You stop at three beaches and then you just go to the all you can eat but fay all night. It's like you're really boring. You're

seeing glaciers, you're going up close to wildlife. Um. And now some of the new purpose built ships up there are pretty small. Um, so you can rent out a whole ship. Uh. And they're really designed for an intimate experience, you know, just uh, sort of connecting the cities and dilligence. Thanks to Bloomberg Pursuits editor Chris Rouser for joining us with a look at the latest and greatest from the section this week's issue, Where do you want to go?

You know, I like the idea of this Alaska cruise. I do hear that it's just stunning. Yeah, I've heard the same thing. Catch it before. You know, my parents went and they didn't take us. They didn't. Did they love it? They loved it? Okay, all right. That wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks to Chris Rouser, Joel Weber and everybody at the

Business Week team. Thanks so much for joining us. I'm Carol Masser, and 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 Bloomberg Global News and check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple, or wherever you get your podcasts. Bloomber Business Week is available on newsstands now, at Bloomberg

dot com and on the Bloomberg Terminal. You can also see me on Bloomberg quick Take available at Bloomberg dot com, slash Qt, and streaming platforms like Roku, Apple TV, Samsung TV, and mark Have a great weekend, everyone, stay safe. This is Bloomberg