Bloomberg Businessweek Weekend - November 11th, 2022

edition of Bloomberg Business Week. Tim Stanovic is off. It was a week full of tech layoffs, a cooling inflation print, and another crypto crunch or crisis, which is why you should probably go back and read if you haven't already. The recent issue of Bloomberg Business Week devoted entirely to crypto by our own Matt Levine. Chess that I'd mentioned it, And of course this week, how could we forget on our minds big time the midtermal elections. Well more on

that in just a moment. Also ahead, we'll hear from the CEO of Sony Pictures, the president of Mars Wriggley North America, and we'll explore hospitality options for the higher end traveler. Will do that with the CFO of Mentouse. All of that to come, but we begin with our cover story, the political races in the US this past week the mid terms, which included also governors races, but bottom line, it was really about the balance of power

among congressional lawmakers. Writing about that and specifically the U s House of Representatives, Bloomberg Business Week national correspondent Josh Green He joined me and Bloomberg Radio is Paul Sweeney for a breakdown. Well, McCarthy is a longtime Republican House leader who has wanted to be Speaker of the House

for years and years and years. Um was expected to be in and was sort of forced to remove himself from the race in favor of Paul Ryan before he could get in there, because he just didn't have the trust to the right wing of this caucus. Over the last seven years, he's plotted, he's raised money, he's campaigned, uh, and it seemed like on election night he was on the cost of taking over the speakership. But then, of course the red wave turned out not to be much

of a wave. After all, it still looks like Republicans and win the House, but it's gonna be a very very narrow majority. And so it's it's the dream from McCarthy in the sense that he'll finally realize the speakership. But it's a nightmare because it means that the right wing of his caucus are really going to have a lot of leverage over him, and I think that's a recipe for chaos. Great quoting here from Senator Green quote

she made this to The New York Times. I think that to be the best Speaker of the House and to please the base, he's going to give me a lot of power and a lot of leeway. So that's some pressure on the next Speaker of the House, whoever that is, to really do cater to some of the right wing elements of the Republican Party. Is McCarthy willing able to do that? Well, I think he's in a position where he's not going to have much of a

choice um. In order to elected speaker, he needs two hundred and eighteen votes, and if you've got you know, had there been a big wave and they were you know, let's say, you know, two hundred fifty two and sixty Republicans, I think he might have been able to marginalize people like Representative Green. She's retweeted a lot of q and on conspiracy theories, and she was stripped in this current Congress of her committee assignments for having endorsed social media

posts calling on Democratic officials to be assassinated. So we're talking way way off the deep end, extreme right. And yet you hear from the quote you just read that she expects and is getting a lot of catering to by McCarthy simply because he needs her vote in order to assemble those two eighteen votes. The smaller the Republican margin is, the more leverage people like Green and the

House Freedom Caucus are going to have. Josh, it feels like the Republicans over the last five years, ten years, I guess, you know, have been smart when they're all kind of on a singular mission and whether it's Supreme Court justices and you know, different initiatives that are out there, abortion and so on and so forth. Um, what is though, the Republican mission at this point? What is the agenda? Because you kind of you right that that's a problem

for McCarthy because they don't really have an agenda. Yeah, you know it is. I mean one of the difficulties when you have a kind of chaotic Republican party like like McCarthy does, it's hard to get people degree of an establishment wing that wants you to government responsibly, you have a radical ring that wants to impeach Joe Biden. And so Republicans this election really didn't agree on a clear set of legislative goals the way that let's say

New Gingrich did in the Contract with America. UM. That was in order to focus attention on on Biden and the problems with inflation and crime. Uh. And it you know, it looks like that's worked to a very narrow extent of Republicans do wind up winning the House. But the problem is it leaves a vacuum for anybody to rush

in uh and push their issue. And so one of the things that we're gonna be contending when the Republicans are gonna be contending with, is there's an element that wants to engineer another debt ceiling showdown on order cut Medicare and Social Security. I'm sure you guys remember eleven years ago, after Republicans won the House tried to do that same thing. We came to the brink of default

and US government credit wind up being written down. So a lot of concern among both Republicans and Democrats are at least the more responsible ones about what exactly McCarthy led the House would look like, what they'd be able to engineer, and what kind of problems that might cost with the global economy. You point out in your piece here that boy, it's tough to be a Republican Speaker

of the House. The last two, John Baynard and Paul Ryan, they were effectively hounded out of the position and out of politics in general by the right wing of their caucus. I mean McCarthy has to be sensitive to that, cognizant of that, you know, absolutely. I mean, the lifespan of a Republican House speaker, it's sort of like being the drummer for spinal tap, Like you're not gonna be around

for very long. Um And you know, arguing peace. McCarthy actually has a tougher job than John Baynard or Paul Ryan, the last two Republican speakers, who were both hounded out of the job by their right wings. Um A, because the right wing is just more radical today. There's gonna be a narrow majority. But the other reason is that, you know, the big influential voice on the outside who's dictating a lot of behavior. Donald Trump wasn't on the

scene for for John Bayner. I mean, John Bayner couldn't hold on to his job, and it was you know, Donald Trump wasn't even weighing in. Well, he's going to be now. You know, everybody, you're expecting a presidential announcement from Trump in the next couple of days or in the next week. Uh. You know, and he's somebody who

likes to weigh in and criticize people, Kevin McCarthy in particular. Uh. And you know, that's one more headache that McCarthy is going to have to grapple with as he tries to cobble together this narrow majority, uh and keep his Republican caucus from revolting. That was Bloomberg business Week National correspondent Josh Green, along with the editor of Bloomberg business Week, Joel Webber, bloombergs Paul Sweeney co hosting with me as well.

Josh by the way, also the author of Devil's Bargain Steve Badden, Donald Trump and the Storming of the Presidency coming up. How you move the growth needle on a more than one year old company and still find the sweet spot literally of your customers. The president of Mars Wrigley North America is coming up next. You're listening to Bloomberg Business Week. This is Bloomberg. This is bloom Earn Business Week with Carol Messer and Bloomberg Quick Takes Tim

Stinovik from Bloomberg Radio. Recently, Bloomberg Live hosted its Growth Summit, focusing on the customer. It featured leaders from large, well known companies to talk about growing their own businesses and connecting with their customers. One company that's been doing that for over a century, Mars Anton Vincent, is president of Mars Wrigley North America, you know, home to Snickers, Twicks, Eminem, Skittles,

Milky Way, Dove Chocolate Bars, and so much more. He and I talked about a lot, including the business and the continued price pressure is being felt by companies and consumers alike. Inflation is real, There's no doubt about it. When we're at year high as highest. I mean, I'm all enough to know when my parents had a mortgage rate, you know, and we had inflation from the oil barger back in the late seventies and stuff, and so you know,

we've seen this before. We haven't seen it in this modern context and a highly globalized economy that's what actually makes it different, and so we see it. The first thing we always try to do is we try to offset it with product. We look on our own balance sheep, We look at our own p and on, so to say, look, how can we not sacrifice quality, get cost down, get expense down, and try to get very innovative in terms of how we get cost down over time. But this

is not just inflation. This is extreme inflation. This is extreme inflation has come at us suddenly, right, so we didn't see it on the horizon. We came out of the pandemic and then demand shut up. Right, that's a recipe for extreme inflation. And the great thing about it is we have maintained relatively low unemployment levels, so there's still dollars out there to be spending put into the economy,

and so a couple of things we do. We always look at our side first, and then you know, we understand that pricing is a necessity, and so we obviously do that. If you look at the data we have priced with the category, we're not out of bound with the category. But also we're trying to deliver value to the extent that we can deliver value over time. That

is really our objective. If you look at it on a price program or a price pronouncer basis, you know we're still delivering that value in a way that's been consistent over time. We will always do that. At the same time, we want to be able to spend back against the business to draft new consumers, and you know you at a certain level of margin to do that. So it's not the concept of that we price and we take all of that and drop it to the

bottom line. As a private company, as a private family company, we have a very long horizon, right, So we're not luxury of being right, it's a luxury now, nothing wrong. You know, we're financially driven company, but we drive our finances to drive a broader idea around how to make the world a better place. So so there's a different construct in terms of how you create economy and what you do with that excess for us, and for us we invest, We invest in sustainability, we invest in innovation,

we invest in people. And you can still do that even when we can hire input costs. We can absolutely steal do that. You can afolutely steal what is the most important component of your long term growth strategy yeah, I would definitely say technology, because technology allows us to go and drive value across the value chain. I think that's going to be obviously be a fundamental for us.

But sustainability is really huge for us. You know, we were about spent five years ago, um we introduced Sustainable in a Generation, which is our master plan in terms of how we're going to go after some very aggressive sustainability goals. And so I will tell you that Mars, there is no way that we're gonna grow without making the planet uh safer and with the lower carbon footprint.

Those two things are actually interconnected for us. You know, it's funny moving like factories and things around so that it's closer to where you're seeing. Are we seeing are you guys doing I wouldn't say that we're doing that because we're a global business and so we believe in

a global supply chain. We need to have a global supply still still now, now, don't get me wrong, the pandemic has taught us a few things around location and sourcing circles, around how do we make that, how do we make that more efficient, and how do we make sure that if we get out of business In terms of supply in one place that we have some type of redundancy in a certain part of the world. So I think we're getting stronger with in terms of our

supply chain designs as well. But our ours is a very holistic approach, and I think the thing about it is not just the money and then if we have some left overs to some sustainability, it's very integrated. A matter of fact, part of my loan term compensation is how do I deal with making the world a better place,

making it more sustainable, and building more trusted partnerships as well. Right, And so that's the great tension that we had with our economic model and then our purpose part of our business in terms of driving how we want to be in the world and how do we want to change the world for good. So let me ask can time because we do talk about too like E. S G. I fel like coming through reckoning. So profitability as important to sustainability. Well, no, we don't distinguish between the two, right.

What we say is we need to generate profits to go interest your goals on sustainability, but not a profitability. I don't think we can hit our goals on stainability with our hitting our goals on profitability. Interesting, sustainability is an investment. This investment takes place over a very long period of time, and our concept is, uh, look, we need our profits now. The trick is how do we deploy those profits to now go and drive sustainability and how do we make that a virtual circle. Keep in

mind we're a global manufacturer. We we need to have sustainable agriculture, we need have sustainable supply, we need to have security supply. It's impossible to do that without having a sustainable construct and that's what we believe and that's what we invested. Well, since you guys are globally and we talked about the outlook in the beginning, are you worried about a global recession? I wouldn't say them worried about a global resective. I do think we're gonna have

some form of global recession. I think the question is how deep and how long? Right? I think that's the things that we're always trying to say. Hard to say right now. And by the way, it's going to be different in different parts of the world. You know, China looks very different because we got three hundred cities and one hundred and we're closed, well they open when they open. At the same time, there's a lot of conversation around that.

We have a conflict in Ukraine and Russia. UM, big part of sort of where we do business as well. Who knows how that's going to go as well. Uh, Europe is a very complex place for a lot of reasons, so multi market areas. Prime minister and Prime minister out economic policies all over the place. You know, at some point, I think they're going to settle down. Um, So you ask the strongest right now? Yeah, I would say the

Western hemisphere. I think it's probably the strongest, and probably the ones that are they're going to be able to withstand as well. Now with that portend is what is what does that do to your capital strategy? What does it do for in terms of M and A potentially those types of things. I think we're evaluating all those types of things to make sure that the business last

another hundred years. Question every leader should be asking themselves today when it comes to their customers quickly, yeah, um, do me and my customers see value the same way? I don't think we can move forward in in a construct where I need to get as much as I get or the customer need to get as much. I think we have to have joint outcomes and joint plans because a customer can't do by themselves, the manufacturer can't do it ourselves. The customer community and the manufacturer community

can't do them by the stuff. This has to be joint objectives. What is something you think we all should keep an eye on for clues about trends that may impact the growth interaction of our world. For me, it's pretty simple. The next generation, it's gen z uh. Look, they're going to form the households and they don't want to come to the office, but they need to work, and they need to work, and when they work, they consume,

and so that's our economy. So look, like anybody would tell you, whether whether you're running elections or running a business, like, the next generation is telling you what's going to happen. They're telling you what you want. And so I think for us as leaders, regardless of age, you have to listen to them. You have to build a construct and operating model that accommodates their hopes and dreams and expectations.

If you don't, you'll be dead in the water, all right, and if you have twenty minutes of found time in any given work day, how would you spend it to further grow your business and strategy? And as I said earlier, meditating taking a walk, doing nothing or okay answers, Yeah, you know, Um, I try to be steal as much as I can, because yes, because still just still, because

we're running around so much. We're on planes, trains and automobiles, We're in meetings, we're in media, were everything, and so I think being steal, but I found in my best ideas where I get in touch with myself, as when I'm alone and I have time to think and I have time to challenge my own thoughts, which is very important as a leader. That was Anton Vincent, president of Mars Wrigley North America. Check out our full conversation. You could do that by heading to Bloomberg Live dot com.

And we talked a little bit about whether or not he actually brought us any Eminem's or Snickers to sample at the event. All right, still ahead on Bloomberg Business Week, from sharing suites to sharing car is decorated. Entrepreneur Andre Haddad talks about it, talk about his current venture. He

is the CEO of Toro. 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 of six, one to San Francisco, Bloomberg nine sixty to the country Sirius XM Jenner 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. He has already

sold two businesses to eBay. I Bizarre, the European auction marketplace he co founded and then sold to eBay in two thousand one for a hundred and forty million dollars, and then was CEO of Shopping dot Com when it was acquired by eBay in two thousand five or six hundred billion dollars. Today he is now CEO of the company that describes itself as the Airbnb of cars. Andrea Dodd is the CEO of the car sharing platform Touro.

Bloomberg Radio is Paul Sweeney, and I asked him about how it works and why it's been so successful Turo. We have pioneered Peter Pierre car sharing, so we've built the very first and now largest car sharing platform on the internet. So you can unless your car and earn money with your car when you're not using it, or actually build a small business using our platform, which is

increasingly what many of our hosts are doing. And also as a consumer, you can become a guest and book any kind of car whenever you want to go in whatever destination, across all the markets that we serve. All right, so here's a stat Many cars are underutilized assets that sit idle at the time, and it's Touro's mission to put the world's one point five billion cars to better use. How Come I didn't think of that? I mean, that seems like it's right out under you knows, I didn't

think about it. What's the legal side of this? The liability side of this? How do you guys deal with that? We figured that out many years ago. So we have insurance that we offer through our Partner Travelers here in the US to all of our hosts and guests, and you know, the experience is pretty simple, you know, when you don't need any particular type of coverage, for your vehicle.

You just have to have your personal coverage and then we provide that supplemental coverage when you start sharing your car on our platform. I love it. I love it, and I can also get a portion on eleven seventeen and it's about two and six dollars a day. This is fascinating, really really cool. So talk to us about the growth metrics were Bloomberg. We're kind of really into this stuff. Talk to us about the growth and the revenue line, your profitability, margin, expansion, walk us through it

if you would. Sure, the business has been growing quite a bit actually over the last few years. As you can imagine, Initially with COVID, we were hit quite hard when everybody's uh, you know, businesses shut down, they're all shelter in place. But after one and this year we've seen tremendous growth. Last year, what's tremendous. One one, we

grew by two percent instruments are revenue. That's to my this the first half of twenty two we grew our revenue by so we're continuing to see very strong growth and in the second half of twenty two, so we're we're very excited about the growth of the business, and for us, it's been tremendous also because it's been profitable growth. You know, we've hit our first IBIDA profitable quarter in Q three and we've been profitable ever since, you know,

every quarter since. One of the big, if not the big trend in the auto business is the switch or the evolution to electric vehicles. How's that impacting your business. Yes, it's a huge trend in our business. We've actually pioneered the e vs on Touro now for for many years.

Around of our GBV or gross booking value in twenty one came from trips that were taken by vehicles that are running on alternative energy, so that's primarily e v s, and more recently, in June of this year, e v s represented eight percent of all of our listing, so that's quite a bit higher than the overall percentage of vehicle registrations in the US, which is around two So adoption of evs has been much higher on Turo than

in other other places. And you know, I'm a host myself on the platform, and I've shared several of my EV's over the last few years. A lot of people are using Turo to try out the EV for the first time. You know, there's a lot of questions are on evs. There's a lot of questions about charging in particular. So many consumers who are interested in purchasing one have used turo as a way to try it for a few days and see how their commute goes, see how

charging works, etcetera. Gotta ask you filed in January for an I p O. What's the status of that? What can you tell us? Yeah, we filed, We've you know, we've flipped our S one public in in January of twenty two. We've updated it twice. You know, we are continuing to look at the financial markets. You know, they haven't been particularly hospitable to tech I p O s as you know, though, you know, we're not in a hurry to go public. You know, we're we're profitable, we're

growing fast. I really do want to do it because I think it's a great opportunity for us to make the brand better known by the public. Uh and to you know, bring Peter Peter car Shang to the masses. So I I definitely they want to do it, but we're gonna do it when the time is right. That was Andre Haddad He is the CEO of the car sharing platform Toro. Bloomberg Radio is Paul Sweeney with us there as well. You're listening to Bloomberg Business Week. Up next,

we'll talk to Spider Man's boss. If you read the press, everyone talks about how in theater is the only thing is working is the big temples, the Spider Man's the top guns. That's not true. We have four films this summer that did really well and they were all originals. Sony Pictures CEO Tony Vince Aquera on the global movie business and political headwinds pressuring the company's bottom line. That's

coming up. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. As we mentioned earlier, Bloomberg Live hosted this week It's Growth Summit. It was all about the customer and we talked to a lot of well known leaders of well known companies. They talked about how they are pursuing growth and connecting with their customers, and that

included a conversation I had with Tony Vince Aquera. He is the chairman and CEO of Sony Pictures Entertainment to someone who has been in the media industry for a long, long time. We discussed today's ever changing, an increasingly crowded media and content environment and what movie and TV viewers and just what consumers really want to watch. It is interesting that different times, different environments in the world do lend to the popularity of certain genres of film and television.

Right now, I think, you know people, I think people, and it's hard to know because this is definitely or not a science as you know, I mean you know that. Um, I think people are looking for more like some more lighthearted things, some more interesting things, maybe some romantic comedies.

One just open not ours. Unfortunately, UM with with George Clooney and Julia Roberts doing very well, we do have a kind of a roum comp coming up with Jennifer Lawrence, WHI should actually taking or filming in Long Island at the moment, So that'll be that'll be a good one. Um. But you know, it's it is interesting right now that the interesting, interesting, interesting, challenging, interesting from the perspective of

what you think is going to work. You know, if you read the press, everyone talks about how in theater is the only thing is working as the Big Temple, as the Spider Man's the top Guns. But it's not true. We had four films this summer that did really well and they're all originals. So but it's funny. I was actually talking about Lucas Shaw, you know, we were talking about it feels like my husband says the same thing. Why do I go to the theater? It's all heroes,

superheroes or horror? Um, you know the real money? I mean, well where the crew, dad saying? Was the film we put out the summer did really really well. The Woman King did really really well. Certainly not a here. Well, it's a hero Violet Davis plays the hero, but it's not a superhero movie. It's a based on truth and history. Um, Lila Crocodile you mentioned is if you have kids between

five and twelve, great film to go see. And interestingly enough in the US not working terribly well, but internationally working really well. Yeah. I mean you guys are global, right, I mean different markets. I know you and I talked on our planing call. How about like what's going on in India specifically, So when you look at the global sphere. It is not smart of us, I know. I asked, like global recession, there's gonna be areas that are rougher than the others. When you look at the world, how

do you see it? Well, Spider Man, which we released last December, almost a year ago, did one almost two billion dollars in box office without China. You know, in the past that probably would have done between four and five million dollars in China. We don't have Russia anymore. That Russia was our top five markets, So you know, it makes it's a challenge, but you know, you have to go with what you have. How do you think about those markets? Because I do think about the importance

of content. We think about it certainly as a news organization. I mean, there's a lot of stuff going on, a lot of it troubling. What do you see is your role in terms of the narrative and the conversations that are going on in a world where we have some really tricky topics. Well, we try not to get too much into politics. And you know, in my past life I was very involved in in the news coverage and TV stations and things, and I'm very happy not to

be in that business. Right now. It's it's a difficult world. What about Like you talk about China, right and you guys are not well, mostly not are mostly not. I haven't had We didn't have Venom our film. Venom didn't get into China. Spiderman didn't into China. The first Venom the million dollars in box office in China zero the second time. You know, it's not a market that we

expect to do business in right now. It's basically it's royal and geopolitical relations obviously, and something that we're not

going to have any impact on. Well, and that's what I guess what you know, what is the role of companies that are global and when there's either a part of the world a country where there's issues I say that delicately, you know, is it your responsibility to say I mean, obviously when there's governments involved and saying you can't do business here or whatever, that's a whole other issue.

But you know, what is the role of companies when you when you can have such an impact in terms of what you do and you reach so many different people, do you feel like a responsibility to not be in a certain market because of Russia? We did we did, as most people people. But would you go back do anticipate don't that this? Well, we've we've sold our businesses there, so we're not in Russia and I don't anticipate getting back there or anytime soon. But I wouldn't predict that forever.

I just I mean, the world does change. We are doing business in Germany and World War two, so you know, things do change. Yeah, the same thing you think China will change. I don't know. I don't know. I don't have a good and have a good sense of what's happening. All right, So talk to me a little bit about your strategy, because you guys, your profit came out outlook pretty good. Yeah, you did, you pumped out. It's a

good read. A few reasons, including that movies, music and TV have slowly crept up to become a major profit driver over the past year for the Sony group at home, the study group. But that's also your world, close our world as well. Yes, so you know, five years ago we took a strategy that we were heavily criticized for saying that everyone had to be in the streaming business. We decided and by the way, we are in the streaming business. We'll talk about that a little bit later,

but in a profitable way as opposed to most companies today. UM, we decided to not go into the streaming business because we saw all of our competitors jumping into this pool and they were taking all of their product and putting it on their services. And I learned a long time ago you can't program a streaming service or in network, or a cable net broadcast network or a cable network yourself. You have to have side help, you have to have

outside producers to do it. So we decided to go as what we euphemistically call the uh the arms dealer of the business. So you're happy to supplied everybody, happy displayed everybody. And it's turned out remarkably well. We've had, you know, five unbelievably successful years. We started out with about two and fifty million dollars in profit, and last

year we did two billion in five years. So this year, but that included Spider Man and included a couple of other big things that won't be repeated this year, we're gonna have a very good year this year as well. When you said you guys weren't going to do streaming, like directly have a service general entertainment streaming. We're given a hard time about absolutely, yeah, internally and externally, but it was very clear that somebody had to do that.

When we sold our pay one film package, which is the window following theatrical and home entertainment, we had six bids for it because nobody else was selling the product and it was arguably the best pay one deal that's ever been done in the film world. So you know, our company is a pretty good shape. You know, I was thinking about who we were talking, I mean, Seinfeld. This was great for you guys, I mean and for Jerry, but an incredible series that just continues to churn money.

So it's seventh cycle right now. It's unbelievable and you guys benefited from it. Can you create do you feel like something of that stature again that would that kind of payoff In this environment, TV business has changed degrees that when it's gone from you know, having run a broadcast network, the Fox Network for ten years, you know, the business revolved around the upfront period April in May, where you decided on what programs you're going to put

on your network. You marketed them to advertisers, and you put them on there in September and then you hopefully got five seasons out of them, and you definiceit finance those program programs meeting you sold them to a network for lesser than the cost of the program. The network with payless in the cost of the program. So today it's the exact opposite. Now you sell a program for what's called a premium, where whatever the production cost is,

you get a premium on top of that. You don't deficit finance for the most but there's a few shows still doing that, but you are doing on a premium basis, and you license it for a long time. And we've gone from twenty two to twenty four episodes of program to eight or ten, sometimes six, and you get two or three seasons instead of hopefully the five or six that you might have. We have we have several shows going right now that are still in the old old mode.

Um The Goldbergs it's in its tenth tense season, Blacklist is in its tense season, UM Spot and Good Doctor in their sixth season. So you know they're still there, but not to the degree there were, and those will eventually not be there either. And the world has changed in the television business. What's most speaking of changes, I mean I was thinking about just some of the headlines that head over the last couple of weeks. I mean Ford Murdoch wanting to put Fox News and news Core

back together again. Mark Zuckerberg all in on meta spending billions that we know will cost the company for a while, and a lot of look at investors, look at the share price, people questioning that move, men and snap jumping out of report. An FCC commissioner wants the US to ban TikTok right um streaming moving more and more aggressively into live sports. So you're also on the investment side

of TPG looking out for the next big thing. So what do you think is most striking about what's going on in the media world that you think just a general audience anybody who runs a business needs to know about and kind of where we're going. Well, we talked

about the television business. On the film side, it is it's also changed, not to the same drastic degree, but theatricality has risen dramatically in order to get people to get out of their chairs or sofas, to get in the car to drive to the theater to part to go into the theater by the popcorn. You have to have a draw and you have to make sure that the product you're putting on the on the screens in those theaters is a draw. And it's hard, it's really hard,

but you guys are still committed to it. We're very committed to it, and we think, you know right now we're in what we call the COVID the COVID intermission because two years ago we weren't producing a lot of films because of COVID, and now is when those films would have been in theaters. That's why you don't see a lot of films in theaters today and that. But if you put a good film in the theater, people are going to see it. That's Tony vince Aquera, chairman

and CEO of Sony Pictures Entertainment. Check out our full conversation. It was a fun one. You could find it at Bloomberg Live dot com. And that wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Carol masser Head. In our next hour, more than eleven thousand Meta employees are about to be out of a job, and Mark Zuckerberg says he's the one to blame. It's not really a case of, you know, turning off the lights and locking the door and leaving

it until the war in Ukraine is over. These things require a huge, uge amount of time, effort, and money to keep in court and to make sure that they don't degrade in value. Plus, our Business Week team investigates why US and European taxpayers are incurring some of the maintenance costs, meaning footing the bill for those impounded Russian super yachts worth millions of dollars. That story is coming up.

This is Bloomberg. This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news as it happened. Sloomberg Business Week with Carol Messier and Bloomberg

Quick Takes Tim Stinovic on Bloomberg Radio. Plenty ahead in our second hour of the weekend edition of Bloomberg Business Week, including an investigation into why it's costing the US and European allies so much money just to maintain the super yachts sees by authorities amid the Russian invasion of Ukraine. Will also get a look at an category of accommodations

emerging in the hospitality sector. The chief financial officer of Minhouse stops by plus decade in gift ideas to delight the people you love or maybe hope that they actually give you. Our Bloomberg Pursuits team is out with its holiday gift giving guide for two First up this hour, Mark Suckerberg, who has graced the cover of Bloomberg Business Week before, albeit in caricature, Well this week, kudos to

him for accountability. I think the co founder and CEO of Meta said I got this wrong in a statement sent to his employees, as he said about cutting eleven thousand jobs, about thirteen percent of the company's employees, making it the first major round of layoffs in the social media giants history. Well, the stock rallied on the news.

It is still off though roughly year to date. Bloomberg Intelligence Senior technology Analyice Mandep Singh Gay, Bloomberg's Katie Greifeld, and me an update on Meta, Well, they just had an earnings called two weeks back and they told us, you know, expenses will grow almost fifteen to eighteen percent so early. This is welcome news that they are able

to just you know, toned down the expense growth. They know the revenue growth is going to be slow next year because of ad pricing and all the head winds we're seeing on the ad side. But look, I mean, in my mind, he's not telling us that Reality Labs will be you know, less of a drain next year. That's a matter worse. And in fact, he's saying that, you know, Reality Labs will lose more money next year.

Based on our projections, it could be close to fifteen billion, So when you think about the cost cuts, it could save about maybe three billion, uh, you know depend given the size of the cost cuts. And so they're still losing over ten billion because they're betting so big on the Meta worse. And look, maybe in the long term it's the right thing to do. You need that runway for growth for a company like Meta. But at the same time, there are things they could do in the

core business. TikTok is taking share from them, So why are they not focused on that aspect? Because Sticktok, based on our calculations, is growing you know percent even in this kind of environment, and obviously Meta is not growing, So that's the part that should be emphasized more as opposed to the metal works part where they're losing almost you know, fifteen billion dollars a year. I will say, I'm a TikTok person. My husband uses reels. Uh, it's

a whole thing. But it's given what you just said, the fact that we're looking at billions and billions of dollars of losses, the fact that we are getting these job cuts. You know, you make the point in a recent Bloomberg Intelligence piece that these Meta job cuts they help, but upset offsetting that fifteen billion dollar loss is really tough to do. Is this an overreaction? No, because the stock is down almost so six percent bump doesn't do anything.

Doesn't excite you know, the long term shareholders. They are more looking for sustainable top line growth. And look, this company will be no generated fort free cash flow margins in the past before it, you know, ventured into the metalworse bet and look, there's nothing wrong in investing for the long term. Alphabet is losing about ten billion dollars a year. It's a combination of three billion dollars in cloud and six billion in other bets, which included its Faymale.

It's just a matter needs to tone down the size of its bet, especially for something that doesn't have proven commercial success at least so far. And it's still a very niche market. So this was a company in one that had a market cap of over tillion dollars. We're now at two seventy billion dollars. Like you said, it's down seventy this year alone. I mean, talk about a haircut.

Is this a company that has a business model that could, though, at some point, get back to that one trillion, and if they do what you just said, they maybe should do well. So look, the core business is still a forty fifty percent free cash flow margin business. And look at this company has a hundred billion dollars in revenue.

Yes it's not growing, but they're still maintaining that impressions growth and they're pivoting to real So they have a growth problem that they're trying to address to the meta works. We don't know how far out that is, but if they are successful, and for that they need to build an ecosystem. They just can't do meta works in isolation. They need more content. They need like Microsoft Partnership was a good one, but that's more of on the commercial side.

That doesn't do anything on the consumer side where you need Apple, you need you know, the large consumer internet companies, and that is where there are a lot of unknowns how viable that bet is on the consumer side. Thirty seconds. I feel like a big problem with reels is that when my husband shows me a real I saw it on TikTok two weeks ago. I mean, how do you bring creators to reels? You need to have a revenue sharing model like a YouTube where you share almost six

of the revenue with the creators. Right now, Meta keeps everything they don't do, uh, they share very minimal with the creator. So to bring the creators on the platform, to create original content on the platform, you need to have a revenue sharing model. I hope they're listening, honey, you're like, yeah, I saw that two weeks ago, and it's nice that he's showing me. Its sweet. Should they

go back to calling himselves Facebook? Maybe this Meta thing first Boston situation yea, or or come up with another name that has definitely in work. That was Bloomberg Intelligence Senior technology analyst man Deep sing with me and Bloomberg's Katie Greifeld. You're listening to Bloomberg Business Week coming up, find out what happens when the comforts of home meet

the perks of a modern hotel. We operate luxurious apartment style hotels that have the service and the reliability of a high Endforce Star hotel, but the amenities of a residence kitchens, living rooms, dedicated workspaces, and we power that guest experience through technology. We talked to the CFO of hospitality startup mint House. This is Bloomberg Markets. You can't predict that much like a yesterday sell off on Wall Street, Big vas in terms of Boldom Markets. When you're listening

to us, you'll come pretty close. Let's take a look at those small cap stocks. Bloomberg Radio, the Bloomberg Business Appen Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. So what do you get when you mix the comforts of home, sweet home and the perks of a modern luxury hotel. If you put that question to

our next guest, well, you get ment House. It's a company whose board and investors include former CEOs and chief executives from Four Seasons, Disney Club, Med, Starwood Hotels, St. Regis Hotels, and so much more Travelosity as well. One of their investors Revolution Venture, as you know Steve Cases Firm. So we are delighted to have with us to talk about the business. Samantha Greenberg, she's the chief financial officer of Minhouse. So it is great to have you here.

And I feel like this plays so much into a company that is a sign of the times. Tell us about it because it was founded about five years ago, correct, And it's a pleasure to be here. Carol, thanks for having me to talk about Minthouse. We are a tech

led residential hospitality company. What does that mean. That means we operate luxurious apartment style hotels that have the service and the reliability of a high enforce star hotel, but the amenities of a residence kitchens, living rooms, dedicated workspaces, and we power that guest experience through technology, which also removes a lot of the pain points of the hotel. So samitha like, how is it different from an extended

stay hotel? So tech powering the end to end experience is a huge differentiating factor for us, you can from the time you pull up to a mintouse, you can be in your room in there in under thirty seconds. You can do everything through the app. It's contactless, keyless, and also powering the experience through technology allows us to provide many more services from on demand fitness, to personalization and customization in room, curated retail stock, your stay in

the kitchen. So this in the word, you guys are taking care of all of it. Correct. We are providing the service you would expect in a high end for star hotel, but with the more space and the amenities of a residence and that you're right, it's important to have seven security on site, someone you can go to, whether it's a front of house person or a concierge.

We provide all of that. But because again we power the whole experience, where a tech first business where you can do everything in app, you don't have to deal with people and lines should you not want to, but

if you choose is to the right there. And then on a separate note, it also makes our product purpose built for large corporations because corporations have what are called duty of care obligations to their employees, which means they cannot allow their employees to stay on a property that doesn't have safe locking door mechanisms, security cameras in the hallways, and so most Airbnb listings aren't suitable for for employees

of large corporations, whereas ours are. So let's get to that, Smith, Like, it sounds to me like your customer base is largely businesses. It's the corporate clientele. Is that true? That's that's exactly right. Ironically, in a world whereas we know, you know, business travel has been affected by the pandemic, hasn't fully come back

to levels sixty of our travelers, our business travelers. And as you can imagine, if you are a producer filming a movie in New York City or you're a consultant on a multi weeek assignment, you are not staying in the ninet nineties hotel room the size of a box buref to sit in your bed with your laptop to do it a low budget film you might be, But I'm curious, like, who are your typical customers? Is it those well known, publicly traded companies that we talk about

all the time in terms of your corporate clientele? Is it a mixture of startups, private company like who is it? Is it? The movie industry like what is it? Netflix is a huge customer, as as is Disney. So they are certainly people who appreciate again who have to be on longer stay assignments. So for a traditional four star hotel like a Marriott or a Hilton, more than of their bookings are sub seven days days, and so we appeal.

We were the first department style hotel company to be on all three of the global distribution systems GDS providers, and we have over a hundred corporate partnerships with very like media, you're on hotels dot right, you're at all of those platforms exactly okay, but again you're focusing on is a pent of your business? Corporate? No one around see stepercent of travelers or business travelers. We believe that we're just as differentiated to someone who's staying for two

nights in New Orleans for jazz Fest. Because again, you still would love, haven't You can have a fully stocked kitchen so you can stay on your particular diet if you want to take a long weekend and work remotely of a dedicated workspace a living room. So we think our product is superior whether you're a leisure or a business traveler, although it is ideal and very differentiated. Samantha,

you're the CFO. We're Bloomberg where we love to talk to companies like you, guys that are still relatively young. Talk to us about the growth that you guys are seeing. What kind of growth have you seen the past year? Were kind of growth considering or expecting for the current year that we're in, And I'm talking like top line bottom line growth? Are you profitable? We we expect to be profitable by the end of because we don't own our properties. We operate them like Hilton and Marriott via

management agreements. That's an sit late minimally capital intensive model. Our capital expenditures are less than one percent of our revenue. High margin UM, just very low cashburn business, even at this earlier stage of our life. So what kind of growth rates are you saying in terms of revenues? So we tripled our revenue last year, UM, what was the base? Was it low? So we will do sixty five to

seventy five million of revenue over the next year. Around forty million of revenue this year across our system, and so We hope over the next twelve months we can grow our unit count at least fifty percent. We expect to double our markets, so that we'll end next year with three thousand units in thirty markets. Just to wrap up, what's kind of the end game for you guys, is the plan to go public at some point, maybe not this year because the market well it's almost done, but

the market has been a tough one. Is the plan to go public. Um So, as you point out, and we went from your record I p O issuance last year a hundred and fifty billions to a year of

sub ten billion dollars I PO issuance. So at some point though, the I p O market will come back our cat agory, Airbnb has really proved to the world that the addressable market for alternative accommodations is so large today alternative accommodations are nine already of the lodging industry, and companies in our space have been able to come public earlier than other categories like saunder, Selena and Sperrato Vikasa,

to name a few. We want to get to profitability first and demonstrate to the world how profitable this management agreement model can be and then either an I P O or you know, we certainly appreciate that traditional hotel participants are looking at the space, looking at the secular trends, and figuring out what they're going to do with an acquisition partner, and so we think all of those things.

Since we have the same business model operating through management agreements as some of the larger hotel companies, we wouldn't be a delutive acquisition the way we would be if we were asking until lots of opportunities. That's a question you would have to ask our That is so fair. That is so fair, um, Samantha, thank you so much. We covered a lot of ground and looking forward to hearing as you move towards profitability to come back and talk some more. Thank you so much, Carol, This was

a pleasure. Thank you. Samantha Greenberg. She's the chief financial officer of Minhouse joining us here on Bloomberg Business Week. Coming up all those Russian super yachts and pounded following the Russian invasion of Ukraine. Guests, who is putting the bill to maintain them? How about you? Me and lots

of other global taxpayers. That story it's coming up next this is Bloomberg Broadcasting from the financial capital of the world Bloomberg eleven Rio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one of six one to San Francisco, Bloomberg nine six to the country Sirius XM Channel one nine and around the globe the Bloomberg Business and Bloomberg Radio dot Com. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stenovan on Bloomberg Radio.

Remember all those super yachts being seized because of sanctions against the owners of the yachts, you know, those ultra wealthy Russian businessmen following the Russian invasion of Ukraine. Well, great, right, certainly making a point. But super yachts, well, they require a lot of care, and that care costs millions of dollars a year. This was the subject of a Bloomberg Big Take this past week. It's also a story featured

in the current issue of Bloomberg Business Week magazine. Bloomberg Radio is Paul Sweeney, and I talked about it with the editor of the magazine, Jil Webber. He's back with us, as well as the reporter who wrote the piece Bloomberg News Financial Investigations Senior writer Stephanie Baker, we wanted to know who's paying for all of that upkeep. In the US and Italy, it is taxpayers that are footing the bill for maintaining these super yachts. And it's not cheap

to keep a super yacht, even in a court. It costs millions of dollars to keep these things staffed with crew, to make sure that they are safe in case of accidents, fuel spills, fires. Um, you know, the systems need to be run. It's not really a case of you know, turning off the lights and locking the door and leaving

it until the war in Ukraine is over. These things require a huge amount of time, effort, and money to keep import and to make sure that they don't degrade in value, because at least in the case of the US, the goal of the U S government is for them to sell eventually some of these s s super yachts and then perhaps recoup the costs that they have shelled

out on maintaining them. You'll be surprised to know that I'm not a super yacht owner, but um, the rule of thumb is ten percent of the purchase price is your annual cost to maintain this thing, whether it's a yacht or a plane. So my question is, if I were the US government, why don't I just turn on

it sell these things? Well, it's not so simple. Um. They need to go through a complicated process call old forfeiture, whereby they need to prove before a judge that this yacht has been either purchased with or involved in a crime. So unless there are there is a change of legislation to speed up this process, and there is legislation before Congress right now that would give President Biden emergency powers that would help speed this up and enable the proceeds

of any sale to go to Ukraine. But short of that, it has to go through a legal process. And as Joel alluded to, and many of these cases, it's not clear who the owners are. It's not a straightforward case of uh, you know, Oligarch X owns yacht? Why Uh, it's the Russian billionaires tend to use very complicated shell companies. They have a tendency and I'm speaking generally here, to have unwritten agreements to have others hold assets on their behalf.

So establishing ownership requires actually not who is the owner on paper, but who is actually controlling the asset, who is using it, who is making decisions about it. They need to go through this process of establishing who is actually the owner. And it's not such a straightforward issue. Okay. So the story opens with some reporting about the Ahmadeva, which is a super yacht that is parked in San Diego. Um I thought how the US got it was a great way to start the story. Can you put us

on the front lines of how that went down? Yes? So Amadeva is a three D and twenty five million dollar super yacht that um sailed on the day that Russia invaded Ukraine from um St Martin and the Caribbean to Fiji, where it was frozen by Fiji authorities at the request of the U. S. Government, and what proceeded was several weeks of legal wrangling until a court and

Fiji approved the US request to seize it. The U S. Marshall Service turned around hired a company to sail it to US waters, where it's been sitting in the port of San Diego. Sends June. I went, I went that job. By the way, like can you go to Fiji? And like get this supri yacht and like tow it into the US. Not saying below death happen. It can happen anyway.

But in the process they grilled many crew members um as part of this process of establishing who was really using this yacht, who was controlling it, who was directing it, and you know, hauled various crew members including the captain's aside one in l a airport other the other captain hauled aside in an air condition shipping container in Fiji and questioned them for hours to try to establish, uh,

you know, who was really using it. Um. So it chose the extent that the US government has gone to really go after chase down the assets of sanctioned Russians, many of whom were actually sanctioned in and the US government did very little to enforce those sanctions. That was Bloomberg News Financial Investigations Senior writer Stephanie Baker and Business Week editor Joe Weber joining me and Paul Sweeney. You're listening to Bloomberg business Week. Still ahead. If you haven't

started your holiday shopping yet, fear not. Our Bloomberg Pursuits team brings you the perfect gift ideas to suit every holiday spirit and every holiday pocketbook. The kreme de la creme of our two gift guy is straight ahead. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stenovik from Bloomberg Radio. Time Now for deep dive in a special holiday themed edition of Bloomberg Pursuits, always a must read in Business

Week magazine, online and on the Bloomberg terminal. And this week we've got your definitive gift buying guide for the final weeks of Too many of them well cost you a pretty penny, so hopefully your loved ones appreciate what you spend. Or I was thinking that these are some of the gifts I want to put on my list. There's something for everyone on that list. Some you can eat, some you can smell, some you can wear, and some

are just super nice to look at. So let's get into it with Bloomberg Pursuits editor Chris Rouser and Business Week contributor Kristen Shirley And Chris and Kristen, so good to have you here. This is always a fun list. First of all, I've got to ask you, Chris, when you put this list together. I mean, you guys do it every year. First of all, what's up at the fifty nine? I was trying to figure out what's this number?

You know, it's funny. Our our photo editor, Lenora is going to kill me because every year, I say, more gifts on every page. More and you don't. You don't want to just have like a heap of gifts on a page. But this is probably the most we've ever had in the magazine. And we have an expanded version online so you can look at even more. But fifty nine was just the amount that we could sit on

the pages of the section. And this year, okay, I have to say there was some were's Waldo moments for me as I was like reading, wait, where is it? Where is it? Um? But I love it? I love it all right? So how do you put this together? Chris? Like? How? I think? I ask you this every year because I'm really interested in how it actually all comes together. Is it just stuff you guys have been accumulating all year or what is it as a theme? Tell us a

little bit about that. It's a yeah, you know, it's a mix of things that that we've been keeping our eye on. All year long, things we've been coveting, things we've seen at trade shows or showcases or just out in the world. This year I had two things in mind. One, a lot of the jewelry brands that we really love, like Bulgary and Tiffany and Van Cliff all had gardens themes and there in their high jewelry collections this year, and it just inspired me to say, you know what,

I want this gift guy to be a garden. I want us to walk through, uh, like flowers and forests and woods and just like sort of see beautiful gifts. A lot of them are sustainably minded in that kind of environment. So that was my first sort of theme that I went to Kristin Li. And then the second thing is this year has been tough. It's been a hard year. The last year was a hard year, the year before that was a hard year. So you know what our scene this year is boil your friends and

your loved ones. And so these are real luxury gifts, these are treats, These are decade into lights. So you know, it's just a very lush garden of opportunities for your friends and your family. And so I went to Kristen and I said, okay, gardens, and we're going to spoil the crap out of me. I love all right, Kristen, come on in on this. Tell us a little bit

about how you went about this. Yeah, when Chris said garden beings, I was really excited, and I started to make lists of every type of garden that I could think of so that it wouldn't be repetitive and we would be able to showcase a wide range of products and not just the typical flowers. So I thought about winter gardens, kitchen gardens, floral gardens, um and then even like, I went a little crazy with some gilded gardens because I was seeing a lot of goal old out there.

So once I came up with, you know, a list of you know, eleven or so different gardens that I thought would be appropriate, we had a meeting, paired it down to the ones that we thought and then I went crazy finding pieces to the themes. Well, I gotta say, I even love just to cover gifts to suit the mood. But it's a range, right, It's an array of types

of gifts and a range of price points. I mean fifteen dollars to hundred dollars, and I know, there's a lot of things that are a lot price here there, but you guys really do cover the gamut the categories. Let's go through it. Animal instincts. Can we start there with the first one that is in the section, I mean some really crazy, crazy gorgeous jewelry Kristen. Yeah, Chris and I decided that having an all animal jewelry page would make a really strong statement. Jewelers can really go

wild with craftsmanship using different techniques. You see here um an enamel bracelet from David Webb and enamal watch from Bulgary, and then also you know, fully jumped at pieces from Shopard and Cartier. It was really fun to mind different houses to find pieces that were emblematic of their brand but also came together in a cohesive light. On this stage, we have a snake, we have a zebra, we have a panther, we have a leper, we have a fox.

And you know the Bulgary snake bracelet bracelet watch I saw almost a year ago and I said, we have to put this in the gift guide. It's so cool. It's this black enamel rose gold watch that wraps around your wrist twice in the mouth of the snake opens and there's a little automatic watch inside, and that's unusual. Usually, like for a jewelry watch, you have a court watch, but this is like a real mechanical movement in there. And yeah, it's very cool. I gotta say on this

page two, I love the Chopard necklace. I wrote next to it as I was going through the section art exclamation point, exclamation point, and then I put in quotation marks sick. I mean, it is unbelievable, Christen, Yeah, it's wild. I love that it has this parrot that's covered in gemstones in the heratists clutching up black opal. She is a very rare type of opal that's over forty carrots.

So the opal on its own would be impressive, but show part approaching it in this playful way by having a bird hold it in its claws I thought was really cool. And it's on a four strand pearl necklace, which is pretty unusual for high jewelry, and it's just such a unique, beautiful piece work for sure. Carol Chris, I just want to note the David Webb bracelet. I had a wooden version from Banana Republic when it was really and it's far as it was it was a giraffe,

but it's nothing like that. All right, let's get to um possibilities in bloom Chris, what let's do that for you in this one. So this was great. So this is our flower page because a lot there's obviously there's a lot of like flower stuff in jewelry that you can future, but we kind of wanted to do a

lot of table things. So we have these great coasters from Louis Vuitton which are in a box that shaped like a big mac box like for McDonald and uh, and the different coasters are like a slice of tomato, a lettuce leaf um, which is very funny, and from moving Anton, sort of fancy brand. There's also a couple of flower vases from one of my favorite artists, this flower Farmer and ceramicis in Connecticut, justin Reese and he has these beautiful handmade items that are two of them

are there too. Those are really sweet and they're not crazy expensive. Seventy eight eight dollars not too bad, right, Yeah, something like that, something handmade is a really thoughtful gift for somebody. Christen, anything in there that really just jumped out for you. I'm obsessed with the burger box. I just thought it was so fun. Um. And then I also think the teapot from a Double Jay is beautiful.

It's it's very whimsical, but it doesn't hit that fairy tale element that sometimes you see with teapot, So I think it's elevated and we're still fashionable. All right. You did talk about kind of this gilded garden idea, and there's a section called stay Golden. Um, Kristen, what they're I mean, you've got honey, and you've got a really

expensive watch. That's one of the things I love so much about this gift guide is that it really runs through a wide range of prices, so you can find things that are stocking stuffers, things that are great for your colleagues, and then also things that are going to make your significant other very very happy. And we'll make a big tent in your bank account. Chris, what what here for you? In particular? I mean there's really some beautiful items. Well, you know me, I'm a watch for you.

Um and so outoo. Marp Gay has a jumbo Royal oak that's extra thin that we have here, which is the very expensive watch we were talking about. It's seventy four thousand dollars. It's limited edition. It's one of those things that you have to make really good friends with your watch dealer to get to get. But if you have it, it's got this great sort of fumet dial.

It's very interesting. And then I also love Louis Vuitton has a has a new find jewelry collection, Empriente, and it has this medallion necklace with their little floral motif in it, which I also really kind of think is cool. I thought that was really beautiful, Like for someone our brand is so known for its logos, right, it's kind of a subtle. Take Chris on the logo and listen, it just goes for what twelve Yeah, exactly for everybody.

Hey guys. Um there's a couple of other sections into the Woods, Seeing Green, Garden Gourmet Chris, what, go ahead, go anywhere you want it of things that you like. So the Garden Gourmet page we really love because it was like a kitchen garden, you know, where you would grow fruits and vegetables, nerves to cook, and so we

really went with that theme. Both Kristen and I love this oyster company called Island Creek, which is out of Duxbury, Massachusetts, and um, they they now have can't like tinned fishes um that they sell, which is a very popular thing these days. UM and you know, very healthy actually, and so they have these tinned razor clams which we thought were really cute. Um. And then also on that page

or mes fragrances are among my favorite. I have therroal that I wear, uh, and they had I think they have a rhubarb fragrance which doesn't sound very like high fashion um, but it's really beautiful bottle and it's it's kind of a musky smell. It doesn't it doesn't make you smell like sort of straight bar um. But I love that. And we've got some edibles on that page. And I don't know that was that was sort of my favorite page, Christen, what else do you like? I

loved seeing green. I thought that was such a beautiful page. The Nixes high jewelry from Tiffany and Co. With um two of my favorite watches of the year from Rolex and protect Fully. They're both um complicated women's watches. The protect is the World Timer, which is really a favorite movement of mine. And then the Rolets just has a really beautiful green dial um and you don't see a lot of um decorated dials from Rolex, so I thought this was really interesting. It has green flowers on it,

so that was my favorite page. It's so beautiful, you guys, all right, ten seconds each. Which gift would you want? Chris? What would you want from somebody? What would you want somebody to do you? I would want someone to give me that protect Fully World Time. I'd love that watch. It's so beautiful. Surprise, how an't you, Kristen. I want the Bullgrace or Penty watch. I love a mechanical movement and a women's watch, and it's just so special. It

sounds like watches for the holidays. All right, guys, so many great gift ideas and so fun to catch up with you um and talk about it. That is Bloomberg Pursuits editor Chris Rouser and Business Week contributor Kristen Shirley with the best from the magazine's twenty twenty two holiday gift guide the Pursuit section. And that wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us. I'm Carol Masser, Tim Stanovic

will be back next week. A big thank you too to Paul Sweeney and Katie Greifeld for helping us out in Tim's absence this week. 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 your daily broadcast on YouTube. Just search Bloomberg Global News and check out our Bloomberg Business Week podcast. Find that at Bloomberg dot com, Apple, or wherever you get your podcasts.

Bloomberg Business Week is available on newsstands now at Bloomberg dot com and always on the Bloomberg Terminal. Have a great and safe weekend everyone. This is Bloomberg