Bloomberg Businessweek Weekend - May 22nd, 2021

lot about the world post pandemic. It's all part of the How To issue of the magazine, everything from how to be a better tipper and land amission on Mars to creating an innovative culture and making a great tequila. You can read more about all of that in the current issue of Bloomberg Business Week. I've been thinking about how to land a mission on Mars. I wanted to

know how do that get practicing. You can also hear some of the highlights from our live virtual event this week called the Bloomberg Business Week that complimented the issue, including the turnaround at we work with Executive Chairman Marcello Chlorae. Also Atlanta Fed President Raphael Bostick on the US Central Bank kind of maybe sort of thinking of the policy

shift he also talked about bitcoin. He did, as did Kathy Wood, an in depth conversation with the Ark invest founder CEO c i O in the midst of a wild week for cryptocurrency. We'll also hear from Brian Brooks, the CEO of Finance It's the largest cryptocurrency exchange in the world. That company also in the news as of late and then later on Dallas Mavericks CEO Cynthia Marshall, and singer songwriter Nick Jonas, who's working on a new to Kill a venture with John Varvados. That's a fun one, yes,

it was. Let's get things started this hour with more on the How To issue from the features editor behind it all, Brett Began, who joined us along with Bloomberg Business Week editor Joel Weber. It is a forty page takeover of the of the future, well we call it UM. Brett is the mastermind of the issue UM and and Brett just talk to me about how you approach what a good how To story is. I think you think

about the issue as a whole. So while we are going to want to hit a lot of the topics that were hitting weekend and week out, UM, like how

to make good investments and things like that. Um, you have to also sort of uh think a little bit more broadly, so you might get a pitch on something that for a regular issue might not make too much sense, like let's say, had a shop for a classic car outside of their pursuit section, but suddenly within um, the how two issues starts to make total sense because it's great for them makes you really want people to come to the issue and really get that sense of serendipity

that they're stumbling upon something that they didn't think would be that interesting to them and it turns out to be pretty fascinating. So you're telling me in normal times to compile a post pandemic karaoke playlist that Joel wouldn't be like, yeah, yeah, okay, cover story. I mean, I'm all if Joel wants to put that on the cover up, I'm all for karaoke takeover issues totally. Um. But yeah, but you're right, Carol, I mean, that's that's the one where you know, we looked at okay, how you know

if the pandemic is over? For you, right, And for Sam Robard it was, Hey, when I can do karaoke? We figured one up it together The ideal post pandemic karaoke playlist. I'm gonna say nice to know, not not need to know, but as part of a mix, it makes a lot of sense. Tim, what was something that jumped out to you when you sell all the stories?

For me, it was it had to do with the vaccinations and really the idea of what works when it comes to messaging for vaccinations, Brett, because it really surprised me and you guys spoke to an expert about messaging and what did she tell you? It was pretty striving to me too. It turned out that, you know, basically all of the more subtle approaches and approaches that appealed more to emotion um didn't work. People just wanted unbridled enthusiasm.

And the ad that was most impactful was basically getting a bunch of cheerleaders to doesn't do a number of like give me a V I mean a give you a C C I and so UM. I was a bit surprised by that. I thought there'd be more new month to it. But this is as opposed to showing images from a hospital or showing a lot of us have been familiar with over the last fourteen months. Right, that's right, that's right. Yeah, it was just give me unbridled enthusiasm, make me feel happy, and then I'll be

more likely to get vaccinated. Unbridled happiness and and optimism. You know, the world just needs a little bit more of that. So so Brett, you know, the the thing that I think was there's a craft to how we approached these stories. And some of them are actually quite short, but in general, one of the things that we're trying to give people it's something actionable. Um, and I'm wondering, having spent now, you know, kind of like weeks working on these, talk to me about some of the most

actionable pieces of advice that that you liked. We did these all in the as toole to style. As you know, we're basically interviewed and expert and let that expert just sort of talk to so you know, I mean I actually found that about how to meet deadlines very Uh it's a great Oh yeah, that is a good way to do it. You know, we're basically are our experts said, you know, this is so simple, but you really need to start at the end and then work your way back.

It's so often that we're getting we get caught up in the task at hand and we forget to actually work backwards. So you know, I thought that that was pretty uh. I thought that was pretty helpful. So I'm sad that Brett didn't mention my own. I was waiting. I was waiting for you to do it. Oh well, okay, I was waiting for you to tell me my favorite too. You wanted me to just say whatever, it was really good.

Our favorite was Joel's tipping. So this is actually um from my younger days when you know, it seems so long ago now when when you used to go to

bars and like interact with people. But that but a friend of a friend had gave me this great tip once, which is before you go out um on your for your weekend, you know, on Friday, go to the bank and basically buy as many two dollar bills from the bank as you can right get your deposit, and you're gonna find that, um, the quantity of two dollar bills like your grandma bought them for your birthday cards long ago,

there's not that many in circulation, UM. So you basically take whatever the bank gives you, and UM, automatically, when you start tipping a bartender, you are tipping twice as much as the person next to you who's only tipping with a buck, So you are you are gold to bartenders with two dollar bills. That was the features editor for the magazine, Brett Vegan and ar Joel Weber with an overview of the how to issue coming up. SoftBank's Marcello Clauree says we Work is well positioned for post

pandemic life in more ways than one. Look at the future of office space and rental payments. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes, Tim Stinnovan from Bloomberg Radio technd Transformation. It is one of the verticals of Bloomberg Business Week magazine, and at the business Week Live virtual event this week, we heard from a voice that knows a lot about that we're talking about,

Marcelo Chloe, executive chairman at we Work. He's also CEO of soft Bank Group International and CEO SoftBank Group. We Work has come quite a way since it's failed attempt at an I p O back in and Clara tells Bloomberg's Ad Hammond that the company is uniquely positioned to enjoy a renaissance even as the commercial real estate market

struggles to find its footing coming off of COVID. I think this is we works time because the value proposition of we work how so we've been flexibility, and what the world is looking now is for a flexible workspace. There are so many different ways in which people are going to work. But what we're hearing from people is, first of all, employees want to go back to the office right night out of and employees say I want to go back to the office. They don't want to

go back the same way. They don't want to go back to one headquarters and red. Some say you want to be there three days a week, Some say they want to be two days a week, Some say four days a week. Some says I don't want to drive to headquarters. I want to work close to home. So

there's going to be so many different business models. But what I do know is that companies are not looking forward to going back to the traditional way of signing a twenty years list as setting up this non flexible headquarters.

That's that the office is very different today. You know, the biggest or most of our larger customers are the world most valuable companies who basically are sending those their employees because they don't know, you know, how many days they are going to be working, because they don't know

where their business is going to grow. And when you're sitting in the only company in the world that has over a thousand buildings in pretty much most important cities around the world, they demand for we Work space today is higher than it was prior to the pandemic. So what the pandemical we Work allowed to re embed itself. It allowed to learn how to operate on a mosque cost flexible basis, and now you have it. We worked that.

Like I said before, you know, we Work should be a profitable company by the end of this year or by the beginning of next year's latest. I'm demand for this type of flexible of space is higher than ever and I think the world is going to really fine in terms of work. Flexibility becomes the most important part that the company could offer its employees. I gotta go there with the crypto question. Obviously we worked last month and else that it would be accepting payment in the

form of cryptocurrencies, not to be bitcoin. It also said it would hold some on its balance sheet. We saw Elon must come out and say Tesla would no longer be taking bitcoin over concerns about the impact it has on the environment. Obviously, the environmental impact on mining bitcoin has has gone up significantly over the past few months. Is that the right move? Is that something we're like, you see we work follower. Is that just a sort

of reaction to to a short term No. I mean, the reason why we decided to accept cryptocurrencies, what's because our customers were asking for it. We know. One of the things that we do with sun Deep is we listen to our customers a lot and we have to write it tells the type of office they're looking, They tell us the type of setups that they want, and and the crypto. The work came out a lot more employees say, you know, we would like to pay encrypto.

We have accumulated a significant amount of wealth in crypto that we would like to use it to pay for rent. As brint becomes an important part of many companies, so we decided to basically seb crypto and at the same time, you know, as people pay us in crypto, it to us is just another currency. It's like we're holding too. We have used dollars, we've got euros, we've got pounds, we've got crypto, we've got Japanese ends, we got it end.

So to us, it makes no difference. And on our customers ask from reimbursement in crypto, we're paying crypto and we have. You know, we've had some of our customers who are payings and cryptocurrencies and we have some ladders who said, look, I would like you to pay me in cryptocurrencies. So you know, the way we work looks at it. You know, we are we're gonna listen to our customers want from us, and if they demanded that they wanted to pay in crypto, that's how we do

crypto as a form of payment. And you have a level that you'll be comfortable going to in terms of your sort of total money going in and out in the form of cryptome. I mean today is a very small part of our business. I think is the beginning. I think crypto is a mega trend. I think crypto cannot be ignored, and you know it's going to grow according to whatever customers want. For customers want by paying

crypto more, you know, we're gonna accept crypto. Customers want to pay on traditional currency, We're gonna accept form of payment as as traditional currency. So to us, this was nothing more than a move to basically help or customers satisfied some of the needs that our customers who are asking from. Obviously a first customer and a large one. What's coin base Not a lot of people know, but you know the headquarters and most of the real estate and coin bage uses is we work and being them

the largest exchange of cryptocurrency, they know they had. They were the first customers to pay us in cryptocurrency. They pay purely in cryptocurrency. I think the combination combination. I not not exactly, but they were the first customer that actually wanted to payankrypto. Massa son has proved himself to be a highly successful investor through good times, through bad times. Obviously through this recent pandemic. In terms of key man risk,

who is the right person to take over shoot? He stepped down as obviously yourself and Rage Mrs sort of both fairly close to the top of the organization. You know what I mean, that's that's a subject that only Massa knows the answer. I mean, Massa is incredibly active.

Massa is a hands on manager. Massa meets with every single one of the entrepreneurs that we invest and we hold you know, daily minutes with Massa in which you know, we're always trying to figure out how we can make our entrepreneurs work together, how they can leverage the ecosystem, and we're close off. I would say two hundred and forty of the biggest disruptors sit within the SOPA ecosystem.

So it's fascinating to see more entrepreneurs are found is engaged with each other, help each other, and Massa is incredibly active in that. So that answer only Massa Olson, and he hasn't shared it with anybody. And when I think of the sort of the different characters inside, you know, Mr Mysteries is often cast as the sort of soft, curdly side of it, you know, the friendly face of

soft Bank Investing. You're more the operations guy. Obviously you fixed the T mobile situation, you're now fixing the we work situation. Is that a fair characterization of the two of you and the roles that you fell within the organization. I mean, I think there's so much to do in in soft Bank that we all divide and conquer, right, anytime there's a big issue with the company, you know, I'm usually the one that gets sent to the get center.

I had a personal attachment to Latin Americans, so that's what we launched a five billion Latin American fund. That was soft Bank Group CEO, and we worked Executive Chairman Marcello Clare with Bloomberg Deals reporter at Hammond talking about succession plans. Listen, we always want to know when there's an iconic company, an iconic individual behind that company, you know who comes next. Yeah, and soft Bank is, of

course among the biggest. Yeah, totally. And the we work story this is when we've been following for the last year or so, a couple of years, so excited about the build up, its growth, the expected ip O that ultimately didn't happen, and then all of it kind of seemed to come crumbling down a bunch and they really retrenched, although they sound like now they're building back up, even though it's a tough market for commercial real estate given the way that people are going to be going back

to work in a hybrid hybrid method. Yeah, exactly. Plenty more ahead on Bloomberg Business Week and our special how to issue and the Bloomberg Business Week Live Virtual event. We're going to hear from Atlanta Fed President Raphael Bostic and the original test La Bowl, Arc invest founder and CEO Kathy Wood and later the business of Sports with the CEO of the NBA Playoff Bound Dallas Mavericks, Cynthia Marshall. This is Bloomberg broadcasting from the financial capital of the world, Bloomberg.

He Love in Frio in New York, to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country Sirius xm Chado one nineteen and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week. Funding is an economics It's another important vertical of the magazine, something we also covered at the live virtual event the Bloomberg Business Week, and two voices covered it for us,

both well known to our audience. Our convest Kathy would will hear from her shortly. Another individual very familiar to our listeners is Raphael Boston. He's president and CEO the Federal Reserve Bank of Atlanta are Bloomberg TV and Radio. International Economics and Policy Corps sponent Mike McKee caught up with him as part of our Business Week Live Summit.

I'm expecting a fair amount of volatility through the summertime, and I think businesses are going to be really evaluating their experiences as we see the stimulus payments spent now, as we see families uh, really go through that pent up demand period. Everyone is really looking to get out and be engaged in the economy and all that kind

of stuff. UM. Once we get that settled down, once the kids are back to school, once we start to see how families are allocating their their labor and work for us UM, then I think we will start to get signals from business leaders about UM, how they're thinking about their strategies. So I'm going to continue to ask as we go through the summer. I'm expecting they're gonna say, well, you know, there's a lot going on here, UM, hold on.

But you know, starting in September and moving in through the fall into the wintertime, I think I'll start to get some signals that will allow me to answer that question. I'm looking forward to coming to the next Atlanta Fed Financial Markets conference. But I'm not sure if you're going to have Larry Summers come back. He told your conference that the fed's new framework policy is a mistake, it's too mechanical, and you need to focus on overheating is

the main risk to the economy. Can you tell me where and why you might think he's row So, you know, I actually think that what we said in our statement is that we're going to let experience be our guide and we're not going to be preemptive or proactive to stop things that may or may not happen. What we've seen over the last ten years is that, um, you know, that expectation that inflation was just going to emerge didn't happen, and so policy could have a sort of an inappropriate

or unintended impact on the trajectory of the economy. I don't think that the framework says that we're not worried about overheating. I think for me, when I see the framework and I looked at the words, what it told me was that, um, we're going to look for evidence of overheating before we move definitively. Uh. And so in that regard, I don't think that that Larry is saying something that different than us. I think, you know, he has his own style of communicating, which is very Larry Summers.

And you know, I'm not even gonna try to replicate that, but but I think people just should understand that for me, I actually do worry about both sides of economic performance to make sure that UM we are policy is deployed in a way that allows us to have a stable,

predictable and UH and prosper prosperous trajectory for growth. Well, Alan Blinder, who you know served at the FED, said today he's not entirely unsympathetic to Professor Summers because he says, there is a hell of a lot of aggregate demand out there chasing less aggregate supply. Do you feel you have a good handle on both sides of that enough to know whether overheating is taking place in time to

do something about it? So I actually do. You know, one of the things that's been very interesting about this uh, this this pandemic UH, and it's actually was evident very early on, is that demand has responded much faster to

the marketplace than supply has. It has taken supply time to sort of catch up, and we're seeing this in a number of different ways, to whether it be the semi conductor is or UH, lumber response for housing, you know, or even appliances and their availability for families that are looking to upgrade at their homes. Um, the question is not whether there's that imbalance that happens initially, is whether

that persists over time. And as I've talked to business leaders, what they've said is that for many of these things, they're not expecting them to really last for an extended period, so that the dynamic that we're seeing now is not that new steady state dynamic. Uh. And so so there's a reason to be less concerned. But I do want to emphasize again, you know, this is why we talk

to people on a repeated basis. I want to know whether their views on this are changing, because if they are changing, then that will lead me to have to rethink sort of my approach to where our policy should be. You put in place and twy billion dollars a month of quantitative easy bond buying a year ago as an emergency action, Uh, do we still need that much money? Markets are functioning? Bank lending is actually word than it was, so it doesn't seem to be adding anything to stimulus

at this point. Uh, could we do with less than that and still have the economy on the same track it is today, So that I think that's a fair question, and it's something that I'm talking about with my team internally right now. I would say I've not come to a clear view on this. I do think that as we continue to move forward, we continue to see progress in the labor market, we see inflation at or above

our target. Um, this is a question that we're really going to have to uh sort of ground ground ourselves. That was Dr Raphael Bostick of the Atlanta Fit, a voice we listened to very closely. It'll be interesting to watch how the central bank strategy develops in the coming months. You're listening to Bloomberg business Week. Up next, someone who also keeps an eye on what's going on in the

world through the lens of innovation and disruption. Her world rocked a bid on volatility and pull back in technology stocks of Lada, especially in some names that she's heavily invested in. We hear from our investments, Kathy would that's coming up next. This is her. You're listening to Bloomberg Business Week. With Carol Messer and Bloomberg Quick Takes Tim

Stinovik from Bloomberg Radio. Think about Kathy Would and you could Tim probably find her in just about any vertical covered by Bloomberg Business Week, Magazine, Technology and Innovation, Yes, of course, companies and industries, finance and economy, power and policy, certainly from a regulatory perspective, and how it impacts some of her investment ideas well. She's someone who has been among the Bloomberg fifty, known for her big bets on Tesla,

the Internet, software and biotech. But it's been a challenging few months for Kathy Would. We've seen assets fall from a peak of sixty billion dollars to around forty billion dollars. She joined us on a day when bitcoin was coming undone and so were other cryptocurrencies. Look in hindsight, Carol, there's no better day in the last year to have Kathy Would join us. Talk about timing check it out. I think we're in a risk off period and for

for all assets. If you if you look at the the stock market, the more risky or volatile parts of the market have come in dramatically since mid February, and I think a lot of the concerns have been around inflation. Initially that was helping bitcoin because obviously bitcoin is in a very important inflation hedge. You know, it's a it's a rules based monetary policy, the first global rules based monetary policy we have ever had hugely important reserve currency

of the crypto acid ecosystem. But I think what's happening right now is because the stock market, the highly volatile part of the stock market, the innovation oriented part of the stock market, has gone through such a correction which has been flamed by inflation fears. I think, I think the correlations among volatile assets are going to one right now, and that's including bitcoin. Well, I want to unpack a

couple of things. So Bitcoin, I mean you, at one point, I think back in April told down Jones that it could go to about dollars. Do still hold that target? Do you still think that's where we're headed? I we do. I do, yes, C And L. Mandra is our crypto analysts, and and uh we we go through soul searching times like this and and scrape the models, and yes, our

conviction is as high. The one thing that has changed here, however, is the environmental concerns around bitcoin in particular have called people like Elon Musk to pull away and say what wa wa WHOA Let me let me, let me make sure I understand this. And uh, we believe that even this is going to change because first of all, right now, UH, the percentage of bitcoin mind with renewables and hydroelectric power is quite substantial. I think in China it's over fifty

in renewables. Uh. And we also believe h and we wrote a paper in conjunction with Square on this and we're going to have a comfort about it in July. We believe that bitcoin mining integrated into the distributed grid, and by that I mean solar roofs, power walls in homes. UH, utilities, merchant power producers starting to include bitcoin mining in the ecosystem. Why would they do that? They would do it because renewables are intermittent power sources, right, whether is it sunny

or not, wind is it windy or not? And bitcoin mining could take off if it's If there's excess energy uh from solar being loaded into power walls, it can be offloaded into bitcoin mining and the whole ecosystem therefore becomes much more economic. If this happens. We believe that the the adoption of solar is going to accelerate dramatically because there's another profits center associated with it, bitcoin mining. Well, what happens though? In the meantime, do you think we

go much lower from here? Uh? You never know how low is low? When a market gets very emotional. A lot of traders see bitcoin dropping below the two day moving average, which is which was at uh so traders once that happened, they just dumped. Some just dump and run. I think we're in a capitulation phase. Ya seen has a dashboard. We were looking at all the indicators this morning. They are all suggesting that we are in the capitulation phase,

which is a really great time to buy. Uh. No matter what the asset is, a capitulation phase is by it's on sale now? Am I saying thirty five thousand is the low? You know, if traders and there are a lot of speculators in in bitcoin, if they are running for the hills just because bitcoin has broken through moving average that is important to them. It could continue. But all of our indicainers are saying this is capitulation right now. Do you have a low point on your

model for bitcoin. No, these metrics are are more a measure. Are we in a truly capitulation phase? And it's very detailed. Yes, seen uses on chain analysis, which this is the only asset where you can see exactly who's doing what, when, why and how, And all of those metrics are saying this is a capitulation. This is as as bad as it got during the coronavirus crisis. So what about systemic concerns?

And I'm not talking about bringing down the financial system, but you know, more and more of kind of the establishment are getting involved in bitcoin. A lot more companies have bitcoin on their balance sheet. Should we be concerned about their exposure? Tesla for one, but others yes, yes, well they're usually in the case of Square and Tesla, there between five and eight percent of their cash is in bitcoin. So I don't think so that's no cause for concern. I mean, think about it. We were worried

that Tesla would run out of cash. Of course ARC was not worried, but the world was worried two years ago that it would run out of cash. It has so much cash now that has the luxury to put five to eight percent in in bickcood, So uh, micro Strategy is another company. It has almost all as cash and bitcoin. That's that's perhaps something prints you know, But as I said, if we are in the capitulation phase,

we shouldn't be worried about micro Strategy either. Uh. We do believe this is a new asset class and that institutions they are looking at it right now because the correlations of relative returns and total returns to compare to other asset classes tends to be very low over time, and so they have to look at it now. E s G might prevent a move in wholesale, but we do believe that once they understand how renewables are becoming incorporated into the bitcoin mining ecosystem uh, and that bitcoin

mining might accelerate the adoption of solar uh. And I think Ellen will come back and be a part of that ecosystem as well. So why do you think he came out and said, wait a minute, maybe I'm going to back off a bitcoin. Um. What do you think his concern was? What was his nervousness? Well, I think he moved in because he's been thinking, watching, like we all have basically unhinged monetary policies. They're not tied to

anything anymore. Whereas bitcoin is mathematically meter to top out at twenty one million units and we're approaching nineteen million now, so the scarcity factor should increase and support the price. We do believe that is what is going to be supporting the price in here. I believe what happened after he took the position in bitcoin is he got pushed

back from institutional shareholders like black Rock. If you've got Larry Fink, you know, beating the drum on climate change as one of the most important topics and problems of our time, Uh, then uh, he was going to have to face those sorts of concerns. I don't think he expected that. And now that he's sorting it out, learning more about the environmental impact, I think he'll come back into the mix. We certainly hope he will. Uh. I don't know if he's going to be part of the

conference in in July or not. It would be he would be a very good addition because I think he would provide both sides of the equation. How quickly could the adoption of solar accelerate if we introduced mining into that ecosystem? Do you expect a bitcoin e t F to get approved anytime soon. And I'm curious if you plan to launch a crypto et F anytime soon. You know, I think, well, well, now that uh Gary Gensler is head of the sec UH, he's bitcoin friendly. We know

that he taught a class. UH of course it of course is at M I t before coming back to the SEC so and I think the research um UH professionals at the SEC UH they understand bitcoin in particular, and UH and I think are much more comfortable with it now that we've had several years to digest what exactly it is. Go through a bear market, go through a bull market, now, go through a bit of a bear market. I think watching uh the ecosystem evolve and

actually become even more anti fragile. You know, we're getting some real tests here. And if the system doesn't break, and I don't think it will, I think that they're furt will increase in a couple of ways. Number One, the infrastructure is there is robust. Number two, the liquidity is there. I don't think. I don't think that's going to be disproven here. And number three, the price is

down from very lofty levels. So hey, why not start an e t F after a correction in in the market than before, so I actually think the odds are going up now that we've had this correction. I don't know if it's going to be this year or not. We here perhaps fourth quarter, but you know we heard a third quarter before that, so as we get closer to the fourth quarter, will know how much is being pushed out. That's Kathy would have ourk invest And 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 Stannabeck ahead in our next hour, Part two of Carol's conversation with Kathy would as the original Tesla Bowl digs in on her commitment to the be Giant. Plus the US CEO Binance, Brian Brooks, Dallas Maverick CEO Cynthia Marshall, and Nick Jonas he's making tequila. This is Bloomberg. This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus

global business, finance and tech news as it happened. Sloomberg Business Week with Carol Messer and Bloomberg Quick Takes, Tim Stinovic on Bloomberg Radio. Hi, I'm Carol Masser and I'm Tim Stanevik Plenty in our second hour of the weekend edition of Bloomberg Business Week. Tim, it's a special week it's the how to issue of the magazine. But in coordination with that, we had a Bloomberg Live event. It was called the Bloomberg Business Week five Days of Live

Virtual Programming, and so we're highlighting some of those interviews. Yeah, in a fantastic lineup, including the US CEO of Finance it's the world's largest cryptocurrency exchange, Brian Brooks. Plus how does ste a sports franchise through a pandemic with Maverick CEO Cynthia Marsall and had started to Quella company with Nick Jonas and John Varvados. Got to say, that's a

lot of fun. First up this hour, though more from Cathy would The Ark invest CEO and founder remains committed to her investment strategy despite struggles for companies such as Tesla. So far in one she has been a big bull on that company. I asked her about the EV maker's recent struggles in China. I think the Chinese China is going to favor its local producers like Neo and others

expang uh. And I think they're granting subsidies to Neo, which is the battery swap company, even on its very high end cars, which they are not granting to Tesla. So it's obvious and it has always been obvious that China would favor a local producer. But what we are seeing from China and particularly Tesla, is exports into Europe where it does not yet have a plant. Uh. And what we're hearing is uh, the especially in Germany, but all over Europe, where their their standards are extremely high

for cars in terms of design and performance. Uh that they would prefer cars from Shanghai, which is a much newer plant and much more productive, much more efficient in terms of these designer perfecting these designs than is Fremont uh. And So I think we're seeing a big export market developed from China into Europe. Uh and Uh. I think China will like that. China wants to be known not for shipping or exporting you know, cheap goods, but also high end good So this could be the beginning of

a trend. So it's China risk then for Tesla. I don't think they're going to shut down the factory at all. I think that that factory will be much more for exporting than we once imagined. I will say that Tesla's cars in in China have sold very well until very recently. I'm sure the publicity, uh, the publicity it has received has cooled cooled uh Tesla's jets in China, But it's it's been fortuitous that this export market has opened up

at the same time. The one thing I want to ask you, and we talked about it at the beginning inflation your mentor you and I talked about this just a few weeks ago. Art Laugher. You were in your twenties. You know, you were focusing on the economy. It was a time where inflation was off the charts and everybody thought it would consistently stay that way. Laugher thought differently. And we know well known uh in the supplied side economics. Here we are at another time where the markets, the

volatility is often guided by our inflation expectations. Is inflation going to be a problem in your view? Well, uh, we we've been saying for some time, actually since the depths of the coronavirus. We were doing YouTube videos saying regularly v shape recovery. Businesses are way behind consumers. Consumers are buying all of these goods. In fact, that's all they can do because they're stuck at home. Right, so they were buying non durable and durable goods that could

be shipped to them. Right, Uh right, Non, Okay, that part of consumption is one third of consumption, and a disproportionate amount or percentage of the market basket of consumers was in goods for the past year. Businesses were didn't expect it. They had been lagging in terms of capital spending, in terms of inventories. They were worried about inverted deal curves and China U S trade conflict. There were many, many concerns, and so what I believe is we are

setting up for a massive period of deflation. Uh now, let me explain that there are three sources of deflation. One is when the orders, these double and triple orders are canceled. Right now, we have seen lumber correct in the last week. I think this is the beginning of that Copper is now starting to correct. And I believe that commodity prices went too far too fast. As businesses were scrambling and panicking. Right, they were losing business to

competition if they hadn't planned their inventories correctly. So that's one source of deflation, but that's only cyclical deflation. And we actually didn't expect it to start now. We expected it to start later in the year. But I guess it makes sense now that vaccines are here and consumers are shifting away from goods towards services or at the margin. Uh, the writing is on the wall. When Cathy Wood talks,

people listen. I mean this interview Carol. I was watching it live, but I was also watching a play on on Twitter, and it just absolutely blew up on social I gotta say it was just a lot of it was timing me. This is Kathy Wood's world. The bitcoin blow up this week, Tesla, there was news on that these are the companies that she talks about and invest in and has for years. So the timing just kind

of worked out. Speaking of timing, and she reiterated her time horizon for the way that she thinks about investing disruption five years and she's sticking to her guns exactly, not really changing at all. Well, a great conversation and so grateful to catch up with Kathy Would. More in the magazine from her, including how to cultivate an innovative culture, Tim. She talks a lot about, you know, her environment. She's got a young investment team. They do the analysis. They

check in with the team several times a week. There's morning meetings, there's a Friday meeting. Uh, and it's all about kind of looking at their investment thesis. But this is how she does it. A lot of people probably became familiar with Kathy Would in twenty just because of how well her funded and are invested. But she's been at this a long time. Carol, Yeah, exactly, and listen has kind of an economic background, started there but has

moved into a lot more analysis and obviously investments. You're listening to Bloomberg Business Week coming up. Another the person who's keenly aware of the goings on in the world of crypto Binance US CEO Brian Brooks joining us. That company has been in the news as of late, Yes, it has. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick takes. Tim Stinovik from Bloomberg Radio. So he heard from Cathy Wood on Bitcoin

a bit earlier and a lot more. She's sticking with her firm's projections of the crypto asset ultimately reaching the five hundred thousand dollar mark. But in a week where crypto volatility came to a head, we wanted to hear from one of the top dogs at the world's largest crypto exchange, Binance, which has also been played with customer support issues of late. Yeah, there's some great reporting on the Bloomberg terminal. Check it out on the terminal or

at Bloomberg dot com. Keep in mind, though the company's US CEO, Brian Brooks, he caught up with our team. In fact, he spoke to Bloomberg's remain Bostick at the Bloomberg Business Week conference. The decentralized nature of this is obviously a big part of the appeal here, but the stability, at least when you look at other markets, the stability is often centralized in a way, or at least what

brings stability is that centralization. I mean, we once had a decentralized economy here until somebody decided that, you know, we needed to create a FED and UH and have some sort of stability built into the fed's mandate here. If you get to a stage here where you want a system of rules, a system of speed limits, if you will, isn't that, in and of itself almost a centralization. How do you do that without decent without recentralizing things? Yeah,

I guess. Look, you know they're There are a couple of problems with with that analysis. The first is, we didn't create the FED, you know, in the nineteen teens because decentralization was bad. We created the FED because we didn't have a technological ability to allow people to transact directly with each other, and so somebody needed to issue the dollars that could be accepted and everywhere. But we

now have technology that does that. It's sort of like, you know, the reason that the post office was the way we transacted information in the olden days was because there was no way for somebody in New York to talk to somebody in in San Francisco. And then we had an email and we didn't need the post office the same way that we used to write. So technologies sometimes supplant the assumptions on which institutions were built. So where you say stability, Romaine, I would say brittleness. Um yes,

it was stable. It was also super super controlled, right, it was also incredibly expensive and didn't work all that well. It was merely the best thing we have. Now we have something better. If we get to a stage where we see more rules, who should have the oversight? Well, my personal view is it depends on the utility that we're talking about. So remember every cryptocurrency represents a different function, right, These are all different networks being built for different things.

So you know, if you're talking about bitcoin, which fundamentally is an investment asset, its kind of digital gold. We like to say it ought to be regulated if it's

regulated like investment assets are regulated. It's not a security of us, but it's something that people buy and hold for its value, retention properties versus ethereum is a network for the remission of payments right or for crowdsourcing of funding, and so if it's like a payment mechanism, you'd expect the banking regulators to to talk about that, which is what I did at the occ So it all depends

on what the underlying activity is. Like activities should be regulated alike, they shouldn't be regulated by asset class category. If this is a payment mechanism, it ought to be regulated like a payment mechanism, etcetera. And I think that's the mind shift that regulators need to achieve here. You spend a brief time as a regulator here. Do you think that regulators and more importantly, some of the legislators in Washington understand those distinctions. Well, I think that they

do more than they used to. So, you know, I entered crypto about four years ago in in sort of a big way, and at the time, the knowledge based on crypto on Capitol Hill was very, very shallow. There were maybe two or three members of Congress who really had started to explore it. But at this point, you know, we've had multiple United States Senators and multiple members of the House of Representatives who really get it. And I'm

talking about people on both sides of the aisle. That's the interesting thing about crypto is it's a weirdly nonpartisan issue. People who go down the rabbit hole and get the network effect of crypto really are long this and that includes people on both sides. So I think we have a lot more of that. I think at the senior regulatory level there are people who have just never used it.

It's possible. It's because they're at an age where, you know, we're comfortable enough with the status quo that exploring new tech is not a thing. But but we need to, we really do, because if we lose this race to other countries, you know, if we lose control over the next Internet, that's going to be bad for generations to come. Well, part of what's going to drive the debate that's certainly in Washington is going to be I guess how people

sort of view the case for crypto. Is it just a speculative asset, is it a store of values similar to gold? Or is there a use case for it as a transactional means here? What's the argument that you make. Yeah, Well, look, first of all, let me just say that the token focused approach to this conversation, I always say, is the wrong approach. So forget about the crypto tokens for a minute. Think about the networks that are the reason the crypto

tokens exists. That that's all tokens are about, okay, is to induce people to participate in networks. So forget about whether you know tessos or file coin are going to be more valuable tomorrow or less valuable tomorrow. The question is do you have a thesis for the underlying thing that they're powering. So think about it this way. You don't buy Apple stock because you think that the stock is going up or down. You buy Apple stock because you think that iPhones are gonna win in the market.

And if they win in the market, then by definition, your stock is going to go up in value. The same thing here. If you think Ethereum is the best platform to build financial services apps, then EF tokens are going to go up in value. Stop thinking about the sort of the technical analysis of the shape of the price movements, and start focusing on the network that's being built. The networks that win will have very valuable tokens, And it's more like that than it is about the tokens themselves.

So that's why the o c C we really focus on the idea that some of these networks are payment networks. They're being used by companies to transact value from personated person be so they should be regulated like Swift and the automated clearinghouse. Right, it's very easy to understand that versus other things like file coin. It's a decentralized storage device that should be regulated like the cloud. Once you think about it like that is a very different discussion.

To your point though, about the idea that it won't be banned, I mean, that's a fantastic point. There is concerned here that China may not ban it, but it may compete with it. The US may not ban it, but it may tax it into oblivion with their concern there. Yeah, I mean, look, I I think there's always a concern.

But again that's not just about crypto. So when you think about taxing things into oblivion, you know, we have an administration right now that's talking about imposing a capital gains tax higher than the income tax that will kill the stock market. And yet again nobody's asking if equities are going to go the way of the DODO. Right, we have high tax periods of kind of country and

low tax periods asset classes survive. Americans are highly ingenious at at finding ways of creating all you and that will happen with cryptot That's Finance US CEO Brian Brooks, And he mentioned his work in government earlier in his career. He was actually an executive at the Office of Controller

of the Currency. It's an independent bureau within the Treasury Department that's involved in banking oversight, So it's certainly interesting to hear his views on regulation in his current role, and it comes at a time where we learned earlier this week, Carol, that the FED is going to have research come out on cryptocurrency later this year, and also that the Treasury wants to start understanding more about bitcoin

transactions that are ten thousand dollars or more. What's interesting his whole background is banking, right, but at this point, I think people are still trying to figure out what are cryptocurrencies? Are they currencies? Are they commodities? Are they collectibles? Like I've heard all of those words to describe it. We'll still to come on Bloomberg Business Week, Basketball getting

back to normal. Sword of Africk CEO Cynthia Marshall on her team's growing online presence and the business model for a limited seating capacity as the NBA postseason tips off. She has such great energy, plus cocktails with Nick Jonas and John Varvatos. Yeah, that's how we roll here at Bloomberg Business Do you Betty can't drink? Not now? Maybe later. This is Bloomberg Broadcasting from the financial capital of the world.

Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine team and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week. The NBA Playoffs they are back, officially tipping off this weekend, and safe to say, it's been an unusual season for

the league. After last year's playoffs were held without fans down in the Disney Bubble in Orlando, to this year, all thirty teams got back to playing in their home arenas, but all of those facilities have limited fan capacity throughout the Dallas Mavericks are back in the postseason for a second straight year. They're in a unique market with Texas among this as leading the push to ease COVID related restrictions, but it's not necessarily in line with league safety protocols.

So how does the team take care of its highest paying customers? Well, still adhering to those ever changing health guidelines, That's what quick Take Chief correspondent Jason Kelly as CEO Cynthia Marshall. We've had to really step back, first of all and just figure out and it was something that I hadn't thought about at first. Is when we decided that we would increase the number of fans and have

about in the arena. Is you have to prioritize our your season ticket members for one thing, we call them Club Maverick members, and figure out who actually gets these seats, how many do they get, and then you know, how are you going to configure it? And we have where you can have too four or six, so the different pods and then just the math around how do you try to maximize how many people you can actually get an arena by also being very fair to your season

ticket holders. And so I've had season ticket holders call and say I really want at four seats. I was only operate too, but I don't see anybody sitting next to me. All that kind of stuff, and so we work with all that, and then just the seating configuration. You know, we have to get approval from the league, UH, to to make sure that we're following all the health and safety protocols. How many you can have in front of people and all that, UH, so so that's been

quite interesting. And then of course something like a high five line. It's virtual now and you can't have fans sent in there and you know, given the players high fives, but they like that, they want that energy. So we've set it up with the big screens and all that, and so we have a virtual high five line. Uh and what's great about that is you can have the players families, uh, their babies up on the screen and

all that. So that's been great. Um, and just trying to figure it out the distance that people can you know, we have to have away from the players. Uh So who can be on the lower level, who can't be on there? In fact, I don't even have red level access. I I could not to do that. I said, no, we got we gotta be safe and healthy. So it's just all of that that we just have to work through.

And then of course they're the financial implications. Uh So we've tried to really step it up with online merchandising. So that that has been Jason, I'm telling you, that has been amazing. What has happened with online merchandizing. People are buying our stuff online. I mean, so we still have the city kind of blanketed with MAV's gear, but they're buying most of it online, and so how do you make those adjustments? And I mean is that more

sort of back end, is that marketing? Like, how do you sort of make those adjustments in real time to make sure that you're kind of getting to the customer, the fan as it were, where they are. Well, we you know, we we we have our digital president presence, so we kind of really stepped it up around the digital standpoint, and we are actually watching who's watching us, and so we're trying to serve those audiences. So we've increased our youth audience, which I think is is amazing.

So we're trying to do things to serve them. We're trying to h Taylor were not trying we are Taylor read some merchandise, uh, towards them. So we have a whole digital team, we have a content team, we have a mark keeting team that's amazing, and we and and of course you know Aaron find Go White aur you know, communications and events team. So they're watching all of that. Of first, I'm watching it too, of course, and so we're trying to respond we were to do your point.

We're trying to meet people where they are, and I think I think we're doing a good job with it. I think we're doing a really good job with it.

I mean, our players are really really popular and so they've had a good season and so, you know, one of the things we did when we went into this whole COVID space, we said, we gotta figure out a way to keep our players out there, uh, to keep our fans in a place where they can engage with our players, but they can't really like touch them right now, they can't see them, So how are we gonna do that?

So we just put together a plan really almost for it for every player, uh and the team and just said, let's figure out ways and fun ways to kind of get them out there using a lot of you know, animation and things that we hadn't done in the class. So we've gotten real creative. That's our Bloomberg Quick Take Chief correspondent Jason Kelly with Dallas Mavericks CEO Cynthea Marshall. And we should then that MAV's owner Mark Cuban has said that the team has approval from the NBA for

at least nine thousand fans for playoff games. So that's a little bit less than fifty percent capacity. At American Airlines Center, Cynthia Marshall said, they've gotten really creative, like we all have right in this environment. We're experimenting, we're figuring it out exactly. Do you're listen to Bloomberg Business Week? Coming up? We wrap up with how to start your Own to Kill a Company. That's a good lessons it with Carol Singers, songwriter Nick Jones, I know, and a

claim designer John b Vedoes. They're getting their creative juices flowing in the spirit. Listen, someone had to take one for the team here and I appreciate it. You know, I'm really glad that you were the one who did that. All right, this is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. And just like Bloomberg Business Week magazine wraps up every week with pursue, so did our live

event the Bloomberg Business Week as well. Tim. We caught up with a dynamic do their collaborators who have worked together on Clothes of Fragrance now putting their heads and glasses together figuring out how to make a tequila and I gotta say a great cocktail with us as well. I got to sample how to do it. Yeah, I'm pretty jealous. Here's fashion designer John Varvados and singer songwriter Nick Jonas. I started the conversation by talking about the

pandemic and John Varvados' personal battle with the virus. Yes, I had COVID actually before everything shut down last March, and I went up to my light house a couple hours north of the city when I had it, thinking I'd be back in the next ten days or so. And I was there for I guess about six months, five or six months. But I came back in September,

and I've been back in the city SCE September. And but when I look back on it, I think that, you know, if you can find any silver lining in it, it was the quality of life that I had with my family during that period. I really had the most meals that I've had together, you know, the most together time without all the craziness um in our lives, and it was a special moment. It also made you reflect a little bit on what's really important, and like, yeah,

I feel the same. How about for you, Nick, what was the past twelve thirteen months? Like? It's been quite strange to say the least, But you know, I'm grateful that family and loved ones have all been okay, and and uh, you know the silver lining for my wife and I that we've we've had time together that we may not have had had life not shut down the way it did. But uh, there's there's an enormous crisis

going on in India right now. Uh, And so you know we're sending our our thoughts and prayers, and she's making a lot of great efforts and doing a lot of good there too, get to people that the help they need. And obviously, having now grown to to loving as much as I have, my my heart is breaking for what's going on there. But you know, it's been it's been wild, yeah, to say the least. And you're right, we are far from being over the crisis as a world.

Having said that, I was thinking about John, what you said about. I was in my own little family bubble. We had a lot of family dinners. There was a lot of wine, there was a lot of alcohol also kind of happening. So let's talk about why we've got you guys here. We want to talk about this new tequila that you have. First of all, you've collaborated the two of you on things together. Was this just a natural progression? Talked to us about the relationship that the

two of you have had. John, you want to start sure? Yeah, Nick and I'm um probably six years ago at a dinner in New York, and UH supposed to bring in collaborators and creatives together and CEOs and that type of thing, but we ended up hanging out together the whole time, talking about you know, creative music, fashion, our families, growing up in you know, in the worlds that we grew

up in. And and the next thing, Nick called me and asked if I wanted to come to the studio and listen to some music that he was working on. And the night before we had been sipping tequila throughout our conversation, and when I got to the studio, he kindly had another bottle tequila sitting there, And you know, that day, we really knew that we were going to be fast friends and that there was gonna be something

together that we were going to do. And we Uh first thing we started to work on was a capsule collection that I did under my brand UM and that was a lot of fun working with Nick and you know,

really getting his point of view on things. And then, uh, we launched a fragrance that was kind of a crazy success, and we did a couple more and while we were working on that, we were also working on the Jonas Brothers documentary and but all of it kind of spent with a bit of tequila and enjoying those moments and reflecting on positive things in our lives and that type

of thing. UM. So that's really you know, the kind of where we started, Nick, you want to take it from there, after we kind of had established that we we had this great creative flow together. We found ourselves in these great places, having these great life experiences, and there would usually be a glass tequila in our hands, and it was something we both shared a passion for and wanted to learn more about and kind of threw

it out. You know, what if we started our own brand, and what if we UM, you know, made something that we could bring the same level of care and focus and attention to detail that we bring to these other projects we've done together and the things that we do separately.

To tequila brand, and so we built kind of a vision for it without having the liquid, uh, the bottle anything like that, but just a big dream and idea and brought it into our partners at Stoley Group and presented them with this, this plan and this uh, this tequila brand and they loved the idea. And a couple of weeks after we were on our way down to Mexico, we first stopped in Cabo, had a great night of great food, music, tequila, and UM, we're trying to think

of a name for the brand. We couldn't think of anything, but we we knew that we did it to embody the feeling that we had that night, which was great experiences with great people. And I did a toast and said, you know, to life as it should be, which then became kind of our our motto for the brand. And the following day we woke up a little bleary eyed probably and looked at the plaque from the door of the villa we were staying in and it said Villa one uh. And so we we solved our problem not

being able to come up with the name. Uh. Loved the boy that sounded and the experience we had there and the next step was working on the juice. So we went down to Jaliso, Mexico, met with our Toro Fuintez, who is our master distiller. Uh. He's kind of a legend in that region. He is the godfather of tequila. He's worked on some incredible tequila brands and has a background in Kogak and champagne and so it was a

really natural fit for us with him. Um, and we we got into the process of tasting tequilas and trying to decide kind of what we wanted to taste like and what the three expressions the silver represado and yeho what that what they said as a as a collection of tequilas. And it was about an eighteen month process and um, we finally got the juice there, and then John kind of took the lead and spearheaded the bottle design, which we're very proud of. This is our silver. Um.

We got the repsiteo there as well. But you know, John, you should probably take it from here on the design front. But I'll just say we're very passionate about this and couldn't be more excited to be talking about it today, you know. So when we were talking about the bottle. We wanted to do something really quite beautiful and special, but also that felt kind of authentic. It wasn't just

some crazy shape um that looked of the moment. We thought like, what could there be that ten years down the road, twenty years down the road, it still felt new and fresh and and so we worked on the shape together, Nick and I. We looked at a lot of glass and we thought about that and how it felt in the hand of a bar tender when they were pouring UM. So started with the shape and then

worked on the details. I was working on some jewelry at that time and it was working on a bracelet and came up with this idea to add a detail that I saw from nobody else out there at the top of it with a really heavy metal cap. Also being able to like engrave the logo in the glass. And we did a lot of research on the logo because the hallmark was a really important part of our voice there. But again the most important part of this is the juice inside. It's the magic in the bottle

that it is all about. Though how much sampling was going on and what were you guys looking, because you really you worked with somebody who understood champagne, who really understood, you know, a great tasting alcohol. So I'm curious what you guys were both looking for because there's not the tequila is out there and so how you distinguished yourself be there's lots of high quality tequilas out there now too, which is uh, you know, something that we see as

an opportunity, you know. We um, we were thrilled to get to look at our competition and say, how can we just kind of raise the bars? John said, And um, I think that the first thing for us was about finding something unique in the distilling process. And so what our tour did was he combined the Lowland with the Highland, which gives it this very unique combination of the earth your notes from the lowland and the sweeter notes from

the highland. Got is and uh, we we only know one of the brand that does this, so it's a it's gives it a really unique fresh and smooth finish along with you know, some more complex notes when you get into the Reperssado and the in Yeo obviously aged and American oak barrels um for for six to twelve months and twelve months eighteen months depending, But the silver is not age, it's it's you know, straight from the barrel basically, and it's uh my favorite for mixing cocktails,

which is something that I've gotten quite into, uh during this quarantine time, getting creative with with more time on my hands, and I would have liked to have had but it lends itself to to some good cocktails. You know, we're doing this how to issue for business Week, Bloomberg business Week. You know, how do you guys do a business? You're obviously friends, you get along, You've done other collaborations. How do you do a business together? Stay friend? How

do how do you do it? It's easy when when you like the people you're working with, UM, and there are obviously ups and downs and things that you've got to navigate and in any business, and certainly the Spirits

Businesses is no exception. But we've got a lot of great partners and UM, a lot of people that we we build great relationships with at this point and having it start with John and I think from the top down just saying that, uh, you know, we genuinely enjoy this adventure that we're on together, and we enjoy the time we spend together. And the fact that we get to work on this brand, bring it to life in this way and work with so many great people, uh

makes makes the whole experience that much better. But it doesn't Again, it doesn't mean that there aren't those moments that are really challenging. And with that, I think you just have to lean on the people that you trust most to kind of help navigate those those moments. Yeah, we look to support each other. I mean we all we we both have a lot of things going on. This is a huge priority in our lives. But we

look to support each other. And and as much as we bring you know, the passion and you know the care, the end, the attention to detail to it, we also bring different things to the table, which, like any great partnership, it's kind of the whole um and the two is better than one type of mentality. That's fashion designer John Varvados and singer songwriter Nick Jonas. So, Carol, I got a request. Next time you get invited to just like learn how to make cocktails, okay, or to learn how

to start tequila company. Um, can you give me an invite? Please? I don't know, have your person called my person? Okay? We can work. All right? Sounds good? All right. That wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Find all the interviews from the five day virtual event Bloomberg Live event called the Bloomberg Business Week. You can find it at Bloomberg Live dot com. Thanks so much for joining us, everyone. I'm Carol Mass and

I'm Tim Stanebek. Be sure to tune into our Bloomberg Business Week Daily show Monday through Friday. Starts at two pm Wall Street Time on Bloomberg Radio. You can also watch our daily broadcast on YouTube just search Bloomberg Global News. Also check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple, or wherever you get your podcast. Bloom Business Week and the special how To issue. It's available on newstands 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 put, and streaming platforms like Roku, Apple TV, Samsung TV, and more. Have a great weekend everyone. This is Bloomberg