Bloomberg Businessweek Weekend - November 5th, 2021

hotly contested political races. Serving tim as our backdrop, and a busy program ahead for our listeners. We're going to get existential with the former longtime CEO of Google, Eric Schmidt. He's going to give us his take on the state of Silicon Valley, the metaverse, and talk about his new book,

The Age of AI and Our Human Future. We're also going to speak with TeV president and CEO Corese Scholtz on his company's latest earnings and also this week the company its record sale a five billion dollars worth of sustainability linked bonds. Plus the latest wearable tech device needs only a finger to give you personalized health insights, and

your holiday gift guide is here. We'll tell you how to surprise your loved ones this season, regardless of your budget, though it helps to you know, want to spend fifty on a watch, I want something from the red, blue, and green categories. That's all I'm going to say. All of that to come. We begin with an overview though, of this week's issue. We welcome in the editor of Bloomberg Business Week magazine, Joel Webber. Joel, We're going to talk about the cover in just a moment, but there's

a great deep dive into Papa John's This one's memorable obviously. Uh. Papa John kind of left in disgrace about three years ago as chairman of the company. And boy, those last three years he sort of been um wandering through the wilderness, trained to find his way, and now he's back and um, amazingly, he's really obsessed with his old company that he founded

all these years ago. Uh. And and Devin Leonard, who wrote the story, give us this amazing uh profile of him from a visit to his home and um in Nashville. Can I just say I'm obsessed with that visit to the home and the description that Devon did about what it was like. Look He's a memorable character and always

has been. And Devin I think brought out some of the nuances and some interesting ways, like the fountain that's under construction in his house, the fire found, the fire fountain, the camaro collection, um, he's got a chopper, the mating eagle statue um, which I asked to see a photo of and and we evidently did not get a photo of it, which seems like a huge oversight, I will admit. Uh. Yeah.

So there's all of that, and then there's obviously him trying to reckon with the racist statements he made and sort of the legacy of them, including these ongoing feuds that he continues to have over them. Well, and I feel like you points his finger, you know, we're talking about John Schnader, who created Papa John's. I mean, I feel like he points his fingers at politics and progressives in the NFL and so many society. So and you know, being in the South, and you know, he's trying to

find needs wherever he can. Uh. Fox News is one of his preferred places. But you know, he he really will will kind of share the gospel of Papa John wherever he can and with whomever will listen, and he still eats a lot of pieces, eight hundred pizzas that he's had from Papa Johnson for research, and he he thinks the quality has gone down. He's got a lot

to say about that. Um, you know what. I what I find really interesting about the story though, is to have somebody who's actually did create a business really successful, has thoughts on the brand and where it's gone, and like clearly wants to have a door remain open so that at some point he could try and come back, I think. And he's still in the company, so you know, the lawsuits are are have been interesting. There was some settlements.

There's also been this feud he had with the company that was sort of advising him, which Devin goes into into in the story. The other favorite thing here is that you know, the stock has gone up and he's cashed out a billion dollars, so he's living living a good life regardless. And you know, even underd pizzas is just like a drop in the bucket. It's another great tale by Devon, no doubt about it. I'm still trying to figure out how do you eat eight hundred pieces.

That's a lot of pieces Every day. Alright, So an incredible story. Deep dive this one too. I had no idea when it comes to all that's going on in Russia. We know that there's been suspicions when it comes to cyber criminals. Um, Joel tell us about the story. So the story in in our tech section that really caught my attention, I think all of our attention when we started hearing about it. So the story looks at a tower that was when it was built a couple of

years ago, was the tallest in Europe. It's now the tallest and in Moscow. And it turns out that there are a number of cryptocurrency companies that are that are based there, and all this ransomware thing that we we've long suspected Russia's involved with, and Biden's called Putin to sort of have some very firm conversations about this. A

lot of those tracks lead back to this tower. And what's really interesting about this is like, because of it being this really large tower, it's long men sort of you know, it's above it all right, And it turns out like maybe that's the perfect address to like do some nefarious deeds, and it seems like that's kind of been what's happening, Yeah, and just a reminder of kind of the world we're living in us speaking of the

world we're living in Yolo. You only live once. Those meme stocks we thought it might be a fat dolt, not so much. This week we saw play out again big time. So I would admit when we started talking about this assignment and the story with Annie Massa, that I said, this meme thing, we're sort of over it.

There's now these vintages, right, and like when you think back to the beginning of the year and that that early craze that sort of happened that was maybe vintage one, and then you saw, you know, AMC have that surge over the summer or the doge coin moment, and now we've seen the Trump the Trump's back and this month now you know we've seen you know, Avis go take that take that moment, and then we saw bed bath

and beyond. So I thought it was over, like maybe in the summer, and it turns out that we still have an appetite for this stuff. I think that also speaks to and this is part of the story, this robin Hood business model, right, which has gone from being an equity centric one to you know, where's the growth going to be, Probably more in crypto and we've actually seen some of those same traders that were in the in the meme stock world kind of transition into the

crypto one. That's business We get her. Joe Webber joining us with a look at this week's issue. Coming up next, one of the largest generic drug makers in the world, selling billions worth of debt in an effort to make its business more sustainable. To have a president and CEO, Core Schultz talks earnings and his companies planned to provide countries in need with critical medications. You're listening to Bloomberg

Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stenovik from Bloomberg Radio. This week's shares of one of the largest generic drug makers in the world. We're talking about tv A pharmaceutical industr trees rallied on news that the company is selling a record five billion dollars in bonds tied to environmental, social and governance targets. We're talking about e s G. It's something we recently talked about with ty

A president and CEO Core Shultz. The Sustainability Links bond offering is tied to efforts to increase access to medicines and low and middle income countries. And as I mentioned, the stock it's been on a tear. It's now proughly from its late July lows and despite recent misses on both the top and bottom lines for the third quarter earnings.

Is where we started our conversation. Basically, you could say that the expectations that we saw in the marketplace, and also the expectations we had at the beginning of the year, was that the COVID nineteen effects would sort of start to slow down in the second quarter and then in the third and the fourth quarter we'll basically be back

to normal. But what we've seen is that we have seen in Europe a lower volume in the total market in both the first and the second quarter, and then a turn taught normality here in the third quarter, but

not quite getting there. So we see an improvement in Europe, but it's not quite back to where we thought it would be based on a full normalization, and that's basically because there's still a bad luck of people not getting to the doctor, not getting to the specialist and therefore not going for those prescriptions that we would be expecting they would be going for. It is normalizing, it is

getting better. We are optimistic about the fourth quarter that we will see a further sort of increase in volumes in Europe. So so that's really the story on Europe. The story on the US is a little different, but basically the same. That we did not see the specialist opening up in the second quarter the way we were hoping for. So we are very dependent on headache specialists for Jovie and on psychiatrists for Osteto, and we saw

that they were opening up their clinics slower. We are now at the end of the third quarter here, we're getting very close to psychiatrist officers being sort of back to where they would have been at the end of two thousand nine. But that natural growth you see have a couple of percent on on patient population and doctor

visits we haven't seen. So we've had a setback in the sense that the growing brands we have a Joey for prevention of migraine or stead of for Charter Diskenesia and Korea in hundreds disease, they are growing nicely, but the growth slowed down in the first and the second quarter, So even though they're growing nicely now in the third quarter, the numbers are still below what we hope for at

the beginning of the year. So basically we're optimistic about the growth patterns, but the absolute numbers are probably a hundred million below what we were hoping for. Is it by the end of this year the first quarter of next year that you anticipate in terms of the numbers at their back to pre pandemic levels? When does it happen?

We anticipate that here in the fourth quarter. The numbers in terms of script volumes and the numbers in terms so they're normalized numbers, you would say, will be back to pre pandemic levels here in the fourth quarter of Okay, all right, And we know and that that's for both of Europe and North America or one of them. Is that for every every region. We know the North American market is your biggest market based on revenues, both Europe and North America and it and it plays a big

role for us. So we're really not talking about us not having the right you know, market shares. We're gaining market shares with Jovi in Europe. We're gaining markets here with Osteedo, so we're performing nicely, but the total volume in the market is just lower than what we were moving for are you Are you confident that people return to the physical doctor's office, the physical psychiatrist office to the same degree that they did before the pandemic. Does

it ever fully recover with the rise of telemedicine. I think the number of consultations will fully recover. Some of them will be telemedicine consultations, and that is in principle is fine. I mean, the main thing is that people have an in depth discussion with their psychiatrists or with their headache specialists, because you could say the problem about launching new drugs is that you need to communicate with

the specialist. So our sales reps need to communicate with the specialist and you need the specialist to communicate with the patients in order to get the conversions to the new and better products. Earlier this month, you guys had recalled more than two and a half million vials of drugs that the company that you guys had said may not be sterile um, and there were used inspectors that discovered this at a Tever production plant in California. I

think there were medicine used to help to cancer. They may have contained mold contamination. What's the update on that. Yeah, So, first of all, just to correct a few facts, we actually ourselves discovered some environmental issues related to mold. It was not the case that the products were not sterile, and we did recalls in the first quarter and the second quarter, and that's something we did based on our

own internal investigations. And then following that, we had an FDA inspection which resulted in a D three and we are now addressing all the points raised in the three, working together with FDA to secure that we get all the remediation done. And the factory is still in operation from the point and you, we're still packaging and shipping products,

but in the sterile area. In order to make sure that the environment is in completing perfect compliance, we have stopped manufacturing for a shorter period where we're doing remediation, and we expect to be back manufacturing here at the end of the quarter. And this is all done in close collaboration with FDA. How far along are you in working out all of those issues? How long do you

think you will be collaborating with the FDA. So some of these issues takes, you know, a shorter period to correct. Other issues take a longer period. So typically when you have a situation like this, before you reach a complete remediation, it can be one to two years. But that doesn't mean that you can't be manufacturing and supplying your patients in the meantime. What's the cost of the company because of this the downtime as well as the fixes. So

it's relatively insignificant. It's not a major manufacturing site, it's not a major part of our revenues, so the consequences are basically included in our accounting for the third quarter. Hey, and also one of the things that we've been watching, and I want to get you the way in on as Novartists considering selling or spinning off its Sanders generic drug business. How do you view that? Is that a good thing? Is it something that you're interested in purchasing?

So I viewed as something and of course you have to ask them why they're doing it. I wouldn't know that, but if I, if I just took it from the outside, it reminds me of what fights I did with their up joint unit. They basically had some generic and old products that they spun out and put together with my Land into Biattress. And I think it looks like novartists

doing the same. And one of the you would say arguments you've heard is that, of course you get better ratios, you'd be get better growth rate shows if you have an old business that you spin off and you keep your innovative specialty business, and your numbers from that point of view will look bit And that might be the motivation. In terms of us thinking about send us, We're not

really looking into it. We don't have any appetite for any major acquisition simply due to the fact that we're focusing on reducing our debt, so it's not something we will be interested in. That was Course Schultz, president and CEO of generic drugmaker Tava, still ahead on Bloomberg Business Week. You only live one, Yolo. Um at least that's the mentality taking over financial markets these days, Yolo. Why the urge to speculate is stronger than ever tim at the

age of the meme. We're also going to catch up with former Google chairman and CEO Eric Schmidt. All that and more to come. 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 to the country, Sirius XM number 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 Stenovin on Bloomberg Radio. It was among our most read stories when it hit the Bloomberg. This week featured in the magazine as well, all about the market psychology and why the so called meme trade has gripped Wall Street and Main Street alike. Well, you know what they say, Carol, Yolo You only live once, so why not take a chance.

The piece in this week's Finance section is entitled just when you think yolo trading is done, a new meme comes along. We get more with Bloomberg News investing reporter any Massa. I was thinking, Hey, maybe it's time to write a story about how yolo trading has tapered off. And literally that day, the Trump's back happened, and so I had to rethink it, and I was like, you know what, yolo trading hasn't it pritt off at all? What am I talking about? Like? Sure, game Stop and

AMC have you know fallen. AMC is still trading, you know, far above where I was at the beginning of the year. Um. But like we've had these cycles almost like different vintages of meme stocks, so and crypto. So you had the first wave of game stopping AMC, then it was dog Coin, then it was she but a new coin, the Trump's back, now we have Evith. It's just an never ending cycle.

It teams. Well. We love how you did this, and we talked with Bloomberg Business Week editor Joe Weber about your take and how you guys likened it to vintages of wine. Right, we're kind of moving through some different vintages. Yeah, and each different meme episode has its own ter war

nicely done. But I'm um, um. What's interesting too, is, uh, it is kind of fascinating this week you talked about the you know Trump in the last couple of weeks, uh, in Digital World acquisition and even bed Bath and Beyond, Like, should we can we call that a meme? Stock. Yeah, I mean, that's a really good question. What qualifies exactly

as a meme stock. Now, we had a whole group of them at the beginning of the year that became popular at the same time, very obviously got hot on message boards, but it seems like an expanding definition in some ways. And something that we address in the story is it's reflective of how investing has really changed in

the past about six years. It didn't used to. Even even when social media and uh, you know, more accessible online investing became widespread, it wasn't quite as easy as it is today to see something on Reddit or Twitter or anywhere else and just quickly click into an app on your phone um and and buy a share or a fractional share of a company or a new cryptocurrency. So the information cycle and the ease of trading have both changed remarkably in just the past couple of years. Well.

Any A big part of the narrative that has emerged around meme stocks such as the one we've been talking about have been the role of retail traders and retail investors that they have in these meme stocks. But I wonder about Wall Street's role and to what extent you have hedge funds getting involved and the bigger companies actually

tracking these meme stocks and trying to get in. Well, we definitely saw that the hedge funds had a wake up call in the game Stop era, and that in particular was, um, you know, the things that help happened with Melvin Capital for example, just show how there needs to be a new awareness around the force with which a wave of retail traders can come into the market. And I think that hedge funds did take note of that.

And um, you know, now you hear from some traders and from some firms that they have made some tweaks around how they monitor um, you know, social media phenomena.

These people that we all thought were going to go back to work and not be able to trade because of the ease of doing it on these platforms can still be back at work, right and trading is And how we see this well, I mean it differs from person to person, I guess, but it's definitely easier to do just quickly on the side on your phone, maybe while you're walking out to get lunch or something, than you know, opening a whole desktop application like you might

have had to do several years ago. Um so it's just getting more discreet and easier as time goes on. The conversations online changed around me stock um Well, I guess one prominent aspect of the game stop run up was trying to execute a short squeeze. So I wouldn't say that that's uh, that's not the case across the boards.

Some of the popularity of certain meme names, especially in crypto um are just you know, bidding up the price of something that almost in the quite case of Shiba a new coin, or in the case of doge coins, really had almost no value whatsoever. And uh, it's just riding a wave of popularity. Basically all right, oh, all right, too early to say fad this point. I mean no, really, like it's just fascinating how you set out to do one story and then it was like, uh yeah, no, Annie,

it's not going to be the case. Talk about a wake up call right now. I'm going to be very cautious to call it a fad. Well, I have just to say, that's Bloomberg News investing reporter Annie Massa. You're listening to Bloomberg Business Week, coming up a Titan of Silicon Valley stops by to discuss where technology goes from here in the age of Artificial Intelligence, and maybe we'll sneak in something about the metaverse. Former Google chairman and

CEO Eric Schmidt coming up next. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. So if you read Bloomberg News, follow our pro having lineup, and if you don't, you really should. I'm just going to put that out there anyway. You're likely aware that the Age

of Artificial Intelligence AI it is upon us. Our next guest had a hand in bringing us to this point, and he's got plenty to say on where we go from here to help us understand the challenges facing humankind as this technology becomes more pervasive. Bloomberg News cross ass At reporter Katie Greifeld and I spoke with Eric Schmidt, the co founder of Schmidt Futures and former CEO and chairman of Google. He's also the co author of the Age of a I and Our Human Future, which he

co wrote with Henry Kissinger and Daniel Hutton Locker. Well. Dr Kissinger when he was in college, which was before all of us were born so many five years ago, wrote his undergraduate thesis on cont and content invented this whole theory of whether objects were real or how did we perceive them? And he had been interested in how virtual worlds would emerge, although he couldn't artickulate it the

way we do it today. And when he visited Google and then subsequently talked to some of the AI folks, in particular a guy named Demostatibus, he realized that we're busy building the world that he thought about, but we're building it as technologists and without the basis of any kind of philosophy. So he set out with myself and Dan and a few others to kind of think through

how do we address these technologies. And we concluded, and this is the headline, is that this change in the next five to ten years is the beginning of an ethical change in human history, similar to the Age of Reformation, where age of reason excuse me, where we went from the age of faith where people basically just believe that whatever God said was correct, versus the notion of having reason and the world where we're going to have ourselves

and then inanimate non human intelligence is helping us is a very different world than the one we're in today and bridged the gap between the world we're in today and the world we're heading into where AI is a bigger part of it. Because you know, when I think about a I, I struggled to think about how it will transform my day to day life. So if we go down that path, you know, five, ten, even more years into the future, I mean, how do you see

this shaping the world around us? Well, most people when they think about are they think of a killer robot. I wasn't going to say that, but yeah, yeah, yeah, we're not talking about that. What we're talking about is that you will have assistance. Today, you have an assistant in the form of Google UM, you have recommendation engines and so forth. Those are all AI powered by the way, but translations and so forth, that all works very well.

What will happen in the next five or ten years is you're going to have conversational systems that are human life that you're going to ask questions and can make recommendations and more importantly, generate new things UM. In our book, we talk about the h the achievement of AlphaGo, where computers developed new game strategies for a game that have been played by umans for two thousand private or years, that had never been discovered by humans. We highlight the

discovery of a new antibiotic. They could never have been done without using superhuman supercomputer analysis with human collaboration to look through all the choices to find a new antibiotic that says that saves lives. And we also talk about these new language models, which are these immense systems where we build them and that we don't know what they know and what they really think. And it's called GPT three. These are the beginning platforms of a transformation of our

the world around us. So the answer for you, specifically your reporter, Uh, you're you're in the news, You're inundated with information. Everyone is going to be pushing more and more stuff to you. You're gonna be inundated. You're gonna need a digital assistant. It will help you prioritize what you what you need to do in your work as well as your whole life. Okay, that sounds better than

a killer robot. Absolutely. So to that end, you write in the preface along with your co author, is that the three of you differed the extent in which you're optimistic about AI. Where do you follow that? Of the three of us, I'm the more most optimistic, I think because in my world, in my experience, we've we have

these enormous opportunities with enormous downsides, and somehow we muddle through. Um. If I told you the social media would become the primary attention source and information source for the most of the world, you'd say, great. What I didn't realize when we did social media it would also be used to manipulated elections and manipulate people through falsehoods and misinformation and

so forth. We're working on the ladder. So when this next generation of much smarter systems come along, we better have a notion of what their ethics are, what are they promoting? Um, when you put one of these things with your kid, who's obviously developmentally vulnerable, what happens if the thing has a hidden bug in it, like it's slightly racist, or it has the wrong values everyone's are

all it says something inappropriate? Do you really want your child exposed to that in such an important role where this is the child's best friend. Eric, I want to talk about the metaverse and the context of last week's rebranding of Facebook. Now, Facebook is known as Meta Platforms, Inc. Mark Zuckerberg said last week it's now a metaverse first company. Indeed, if you open up Instagram now, it says instead of saying Instagram by Facebook, it says Instagram by Meta. What

is the relationship between AI and the metaverse? Well, the metaverse needs to be defined, you know. As you know, the term was coined by Neil Stevenson in a famous science fiction book. And most of us think that the metaverse is a world where sort of similar to the movie Ready Player, one where you would move into a digital world that's everyone's smarter, more beautiful, faster, it's more fun,

and it's really enjoyable. Facebook has not built that product yet, and so we have to assume that that's their direction. But it seems to me that naming the change seen the name of all of Facebook, which is a hundred thousand people in an enormous business, based on products that have not been announced yet, is a pretty big decision. And we'll see, let's see how the products play out. Yeah, I can't wait to see how that plays out at Facebook now Meta And I love the movie Ready Player one.

I don't know if I would want to live there though, but it's interesting following this announcement from meta Facebook. I mean, you've seen Microsoft detailed their plans for the metaverse or their ambitions there. Uh Nividia Sword today after Wells Fargo said that there's an opportunity for that company in the metaverse. Is this a new buzzword? I mean, are we going to see every company trying to jump on this bandwagon? Well?

I think I would rather have them go back to hype AI because A I understand what that is to transform their businesses in an enormous way. Um, what I think of as a meta versus something very interesting and very powerful. It's a natural next step. Um. I've been in all in various projects associated for more than thirty years.

Perhaps its time has come. Um. I was in a meeting where one person said that that that what will happen is Facebook will use its significant cash and engineering resources to build this world using its identity services and so for and so on, but that there will be a competitor set of metaverses that will be based on technology known as web three, which is a crypto platform which has different different economics, different power structures, different leaders.

I think we don't know who the leaders are going to be. What's exciting about this metaverse idea, once again the marketing ahead of the reality, is that it's another example of how the industry moves forward. In our book, we spent an awful lot of time talking about this new set of platforms that are being built in AI and their impact on society. The metaphors. If it is successful and if we understand ultimately understand what it is um may have huge impact on our education systems and

the way we live and so forth. It doesn't mean Facebook will be the lead leader, but probably somebody will be the leader in that space. Well. Speaking of Facebook, in the wake of Facebook's rebrand too meta platforms, a lot of the commentary is focus around the Facebook brand and the idea that it's under scrutiny from Democrats and Republicans over what it did in terms of censoring or not censoring content are promoting hate speech on the platform.

Our audience is very familiar with the articles that came out as part of the Facebook papers recently. Eric, I'm curious because you're widely viewed as coming in as the quote adult in the room when it came to Google. I'm wondering if if Facebook needs an adult to come in right now. Well, in fairness to Mark and his team, they're now proper adults. Maybe they were, you know, young when they were founding the company, but they've they've earned the right to drive in the way they are. I

think we can debate their decisions. One way to understand the problem in social media is you want to maximize revenue, and by maximizing revenue, the best thing to do is to maximize engagement. By maximizing engagement, the best way to do this is with outrage. So guess what you get more outrage Because outrage drives drives attention. Attention drives revenue, and the companies are seeking that, and then the AI systems are optimized for that. You shouldn't be surprised we

got what we got. Um when I was CEO of Google, we faced similar choices that we made a decision, which was a collective decision that we would take some of the games to revenue, but some of it to quality. That's a different company's decision. If I were doing Facebook today, I would have a hard decision in front of me, which is I want to improve the quality of my users experience and frankly, peddling misinformation and manipulating people is not a high quality outcome. It got to figure out

a way to address that. They don't, they will eventually face some form of regulation. Eric Schmith, thank you so much for joining us on Bloomberg Business Week. Is new book, The Age of AI and Our Human Future, co written with Henry Kissinger and Daniel Hutton Locker Schmidt, the co founder of Schmidt Futures and former Google CEO and chairman. That rops up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio and Carol Messer,

and I'm Tim Stanovka. Ahead. In our next hour, we're gonna hear from the CEO of Aura Health on the company's new wearable sleep tracker and wellness device, the latest version of the Aura Ring. It wraps right around your finger. It does indeed. Also the individual who helped build Zappos into a billion dollar Amazon target, Jen Limb. I'm working with Zappos co founder Tony Sheha. She's got a new book out Beyond Happiness. How authentic leaders prioritize purpose and

people for growth and impact. And speaking of happiness, it's time to go shopping. Whether you're doing your holiday gift buying online or in stores are Bloomberg Pursuits team gives you a roadmaptick get it all done in time and in style. Do you want something from the red, blue, purple, or gold category of the This is a color coordinating gift giving guide. We're going to get to it in

just a moment. This is Bloomberg. This is blue Burg 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 Stenovic on Bloomberg Radio.

Hi am Carol Masser and I'm Tim st Plenty. In our second hour of the weekend edition of Bloomberg Business Week, including or helps mission to get you a good night's sleep, We're gonna check in with the company's CEO, heartbreet Rye. Plus she worked alongside the late Tony Sheha during Zappo's journey from startup to billion dollar Amazon acquisition. Consulting executive Jen Limb stops by to talk about the importance of cultivating happiness in business, and of course our Bloomberg Pursuits

team is out with holiday gift Guide. Gifts in there for everybody. We'll talk about happiness. Just to give me one of those bubbles that's in the mail order. It's on a ship off the coast of you know. L A. Stanovic. Not gonna hold my breath. First, up this hour, let's get to the cover story. It's about twenty three and Me, the consumer genetics and research company that wants to become a big time form a company with drugs tailored to different genetic profiles. CEO and w Jitski took the company

public back in June. Kristin Brown wrote the piece on the company, which has sold millions of people on mail and spit tests as a way to learn about their DNA makeup. Bloomberg News US Healthcare team leader Tim and Nette joining us. Now, Um, I have not done one. Have you done it? One of these tests? I have not done one now and it makes that makes three of us. I've had siblings who do it. I'm like,

when you do that, then my genetic material is out there. Um. First, of all twenty three and me, most people know it's just about finding out about your ancestry, correct, Yeah, that's right. I think most people look at it as sort of a way they find out you know, oh, you know my ancestors from Ireland or you know wherever. And so most of the people that have taken those tests are looking for that kind of information, right, And they do do some health testing, and they have over the years

sort of you know, evolved on that. But I think by and large, to most people, this is a company where you go to find out a little bit about yourself maybe to talk about around the dinner table. Was a startup, now it's a public traded company. What are those ambitions moving forward? What does and what Jetski want to do for users? So what she wants to do

is become a drug company. Um. They have amassed a huge amount of data right on everybody's genetic makeup, and that data is incredibly valuable to companies and and and scientists and other people who develop drugs because one of the things you need to develop drugs is a huge database of you know, all kinds of really nitty gritty

information on people's physical makeup. Okay, this is what everybody warned everyone about when it came to these companies, like, Hello, we started this out by saying have we done these before? None of us have. When I talk about this with people, they're like, but what do they do with your data? That's been a big concern for people, Right, is the sort of the unanswered question of once you do spit into that tube, what becomes of that um and that

and that's resting somewhere. So what twenty three in me wants to do is take all that information and create therapies. Right. They want to be able to do clinical trials faster, They want to identify drug double targets faster, and they say that having all of this information under their roof allows them to speed up the process. So drugs that you know, could treat conditions that we don't have treatments for,

or maybe finding new ways to use old drugs. Right, we could look at DNA samples and find some new way to apply a drug that's been on the market for years. These are all things that they say that they could do with this information that they've amassed from people spitting in their tubes. Well, this is the fascinating part of it. And I think even people who are truly altruistic um and maybe not running a publicly held company, team like that's the whole idea of thinking about the use.

It's the whole thing of mapping the human genome. Right. We were also excited what kind of doors does that open in terms of really reworking the medical field and how we treat so many different ailments. That's been kind of the holy girl that we're all going after. Maybe she's onto something. Yeah, No, I think that it's quite possible that she is, right, um and um. You know, the the early evidence would suggest that they're having some success.

They've sort of ramped up over the last year, even during the pandemic, when they've had people spread out working

like everybody. You know, they've sort of doubled the number of of drugs that they feel that they can you know, do something with um and you know, and and so that early return suggests, all, right, well, maybe there is something to this, right, and so they have partners like Laxo Smith Klin that are very excited about working with them, A big farma company, big farma company, right, and so and you know, down the road, is this a company

that twenty three and me competes with you know who knows, right. But but again there's a lot of early excitement around this idea because there is so much information to look at. Okay, but big farma is hard. Companies are made or broken by the success or failure of the speramental medications that ultimately get approved or do not get approved. That's right,

And it's really hard. The value of death right, so that most things that go into the clinic, like the odds are a little better than one intent that they're going to come out the other end as an approved product. So it's a big risk, right, And that's why a lot of investors love biotech. Right. There's a huge binary risk and there's maybe some huge upside, but then there's all this potential downside as well, and more often than not, it's the downside that is the thing that washes out.

So there is a lot of risk here and and a lot of unknowns as well. Just quickly. Regulators they're cool with all this, I mean not much always. So you know, drugs go through approval process, right, and so we'll see how that comes out at the end. But but they've been keeping an eye in this company. Right. Yes, they collect with with the testing, with the data collection, and you know other things. Besides, it's a new world order. Tim, are you going to do a test? Girl? No? Man,

at my family who's done it. I'm like, come on, have a sibling who did it? So pretty much counted. As you know, her results are similar to mine. Well, our thanks Steve, Bloomberg News US Healthcare team leader Tim and Nett for joining us to talk about this week's cover story by Kristen Brown. It's all about three and one in five Americans have turned over their genetic material to or one of its competitors zero three, but the rest of America seems to be willing to give it all. Right,

you're listening to Bloomberg Business Week. The wearables market continues to grow, tapping into all of our different body parts and working toward being an early indicator of what ails us. We're going to get an update on that and the ore ring from the Oor Health CEO. We're gonna speak with Harpreet Rye. This is Bloomberg. This is Bloomberg Business

Week with Carol Messer and Bloomberg Quick Takes. Tim Stenovik from Bloomberg Radio By one estimate, the fast growing wearables market could grow to more than seventy six billion dollars by the end of eight More companies, including metal platforms, looking to move deeper into it. An existing player in the space as wearable health platform or a health The company just launched its third generation or A ring that

was in late October. It connects to your Apple or Android phone and provides daily health insights to its users. Sleep quality, heart rate levels, period prediction just a few of the many data points the ring can produce. So we asked or a health CEO Heartbreak Rye, how customers should keep track of it all. Look, So we make

a wearable ring called the Aura Ring. You know, it looks like sorry, a normal ring, and it connects to your phone and we have you know, both both the iOS and Android, and you know, we give users daily insights about their health um mainly focusing on their sleep,

activity and something we call readiness. Well, I'm curious about how you get that data and then how you present the data because if you look at what you can do daytime heart rate, period prediction, improved temperature sensing, workout, heart rate improve sleep staging, blood oxygen sensing UH, activity score, sleep score, activity detection heart rate AR. I mean, the

list goes on and on and on. How do you make this into actionable day DA that improves the life of somebody who's using the product, you know, Tim, It's a great question, right. It almost seems like it can be data overflow, UM, but we we keep it really

simple and we personalize it to you. So we have three main scores, your activity score, your sleep score, and something called the writing a score and the reading a score, something that takes an overall look at both your sleeping activity patterns over over the last two weeks and prior you know, frankly a month or so. UM. But then as you noted some of these other features, right, like things like if you're getting you know, we we we've

you have done some research on that. During the pandemic UM. You know, we will actually have certain alerts that come through the the insight messages UM and our scores every day. So every day a user actually sees your own data, sees your scores that are personalized to them based on their baseline, and then it gives you a little bit of a tip or you know, an insight and we we really feel like that helps contextualize the data. And

we're now starting to offer a lot more content. UM, so you actually get you know, content and ways to learn about your how out and actually things that you can do guided programs that can actually help you improve. So UM, we try to simplify all that data down and giving people a little bit of nuggets every day, which we call our insight engine. So heartbreak talk to us about, um, some of the suggestions you give to people, because I'm always curious about the impact. I really love wearables,

but it is a lot of information. Tell me though, how it can improve us, especially when it comes to something like sleep, which I have to tell you whenever I go into a doctor with a problem, they're like, so, how are you sleeping? Because your body can heal unless you're sleeping. Well, it really is. I think you've described it as kind of the magic pill, uh, and it

seems so easy, but it's not always that way. Yeah. Look, I think all of us, unfortunately know what a poor knight of sleep feels like, right, Like we're more stressful, more irritable. No. Look, I think unfortunately, as you mentioned that the actual impact to sleep in your health, right is becoming more and more prevalent in in you know, the news as it should be. Um So, you know, lack of sleep has actually been you know, linked to onset early onset of Alzheimer's too, you know in four

actually you know, higher incident rate of cancers. Um and and even things you know, um, even things is you know more simple as like even just your memory recalling what you can remember that day. Um So, I you know, I think sleep does have a huge impact in your health. And but what we find is by giving users this information every day, right, they're able to see if something's changing and something's off, and then they sort of ask themselves,

what did I do yesterday? And so you may actually see that you're resting heart rate you know, on a certain night is actually higher than normal. Right, and we'll give you a little message, Hey, it looks like your your heart rate was high, you know, higher than normal. What is that? Maybe because you ate too late, or maybe you're stressed or you know where you up late working And so we actually try to give these messages to contextualize the data that allow users to ask themselves, hey,

what did I do? And And frankly, you know, I think the analogy I like to use is, you know, it's sort of like the car. Right, So cars nowaday have all types of sensors, right, and you may have higher pressure running low and one tire Now we're not you know, the car doesn't say, hey, you're your tires flat. It doesn't say why that happened? Is it because you ran over a nail? Or you know you parked it outside up hill on a cold days? Your name tires?

So I think it's like that same analogy that if you look at that data, you know, what's that saying? Peter Drucker? What could what gets measured gets master right right right? And you get when you start to see this date all the time, you can start to see something's off. And I think it's that check engine light or that check tire and light. The thing that the first thing that I noticed about the Aura ring that's

different than other wearable devices. It's is that it's on the finger rather than being on the wrist like the Apple Watch or the Whoop or you know previous examples of technology like jaw bone or or a fitbit for example, why the why the finger? No? I think from an accuracy point of view and convenience. It just ends up being sort of the sweet spot um of wearables. So, um, you know, every hospital you walk into actually takes your heart rate on the finger and your spr two as well.

And actually most diabetics right measure measure the glucose by taking a finger prick, right, um. And it turns out that the pulse on your finger, the pulse signal is about a hundred times stronger than the rist where your typical wristwatch sits. So we use that phenomenon that you know other devices have used in the past, and and

actually made a wearable from that. I think, um, you know, what we found is that it's just much more accurate for a lot of these health features, including sleep, things like heart right veriability which is a sign of stress, or even things like illness, and even period prediction and some of the women's health features that we've been developing. And one thing I'm curious and I'm thinking of people are preach who are listening and saying, okay, lots of

information and give me a heads up. Do you have any anecdote stories about the impact that this device has

had on people's lives? Totally? I think, you know, Frankly, we've heard everything from people out people finding out they have a serious medical condition, um by realizing they have abnormal sleep patterns, or that their heart rate was really high, um compared to others that they knew, UM two people just realizing like, hey, I try to realize the days that I actually have a glass or two of wine, you know, with dinner, that that actually, you know, ends

up producing my sleep score the next day and I sort of feel way worse. And I think, you know, we found people just adjusting your daily habits to funding out about things that may be affecting their health that are much more seriously and and you know, frankly, I think it's those stories that we hear from our users that really keep us on our team going what's the endgame for you guys? Because Tim and I were talking

to you before we get started with ut Man. This could be a great add on for a lot of well known companies that are out there that are pursuing UH wearables are already in the space. Could be an Apple, could be a Facebook like you could kind of go a lot of different places Amazon. Thank you, Tim. What's the plan for you guys? No, look, I think It's

a great question. I think from from our perspective, you know, we'll we'll do whatever you know really allows for the best risk return for our shareholders and also frankly what allows us that we think to keep executing on our mission right and and really to bring the world health as a daily practice. And so you know, whether that means an I p O or you know what that means an acquisition, I think you know we're we're not used on that. We're just focused on really making the

best possible products and solutions for our customers. That's or a health CEO, heartbreat rye and executive in a company. I certainly expect to hear more from down the road. I wouldn't be surprised Carol if this were an acquisition target still to come on Bloomberg Business Week. She was there as Zappos went from a startup to a billion dollar Amazon acquisition. She continues to track happiness in our world.

She's got a new book out and it talks about how happier employees lead to happier customers, more successful companies, and more meaningful lives. It's a mission that she and the late co founder of Zappos Tony she developed together.

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 oh six one does 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 Stenovin on Bloomberg Radio.

She's spent feel a decade as a consultant with Zappos as that company grew from a startup in the e commerce world into a billion dollar business that was ultimately bought out by Amazon, and along with the co founder and CEO of Zappos, the late Tony Shea, founded the consulting firm Delivering Happiness, which helped others realize the impact of prioritizing purpose, people and profits. Jen Limb is CEO of the consulting firm Delivering Happiness, and she's got a

new book out. It's called Beyond Happiness. How authentic leaders prioritize purpose and people for growth and impact well I think well was really I guess most interesting for me part of that experience is that around the same time Tony and I started ginking out on positive psychology and the science of happiness without knowing that there was something

like that that existed. That was to me became sort of this peak tree dish as to how to prototy type and experiments with these concepts that have been universally known since Aristotle, An Socrates, and then more recently with positive psychology, like Marisa Legman, was what would it look like to do it in a company setting. That's what really broke Zappos into a new barrier of practicing these

things that are so universal. Everyone wants it, everyone wants to be happy, but how can you do that, especially in the workplace setting. So, jen Um, we talked little

bit about the pandemic impact. Tell us a little bit more about that for greenhouse conditions that companies really need to thrive and survive, because I really do think companies coming off the pandemic are rethinking their relationship with employees, rethinking their responsibilities because the idea of people purpose and profit has been around for a while, but but maybe

we're thinking about it in a different way going forward. Yeah, I think there's been a huge I mean I think you ago again, like great reset of what has happened in the last and we're still going through it, you know, And it's just like eight team plus months, almost two years.

And what I've learned, even like from Zappa's days to the last eleven years of delivering happiness, that formula really worked well in terms of if we can make our employees happier, we can actually have happier customers and more

profitable businesses. But what I've learned, especially in the last few years, is that those greenhouse elements is making it even more impactful and universal that because with all the changes that we cannot control around us, what we can do is leaders and companies therefore is what can we can control what's within us? And these greenhouse elements that I talked about has been time and time again from Starbucks, two companies in Egypt to Kazakhstan, like, it's been incredible

to see how they adopted these things. So the elements

are alignment, belonging, accountability, and commitment. It's interesting though, you know, Jenner, at this time, we're company ease or maybe rightfully so being asked to do a lot, and I use that as private companies, publicly health companies, which we cover so much here obviously at Bloomberg, but you know, when it comes to E s G. Right, environmental social governance, their responsibilities, when it comes to diversity and inclusion, uh, and being

asked to really step up. And I do wonder about what is the responsibility you talk about, you know, managing you know, purpose profit people. Can companies kind of be all things, especially if you're publicly health companies, you know where you are judged quarterly unfortunately by still financial metrics for better or worse. So that I would say the short answers yet and the reason why, like the freshest I like example that I have is the work that

we did at Starbucks. And you know, here here's the company that super public ubiquitous brand has a lot to do with how they have to answer to the quarterly earnings. And before the pandemic hit, like they were on a high. I mean, they were like one of the highest stock

fractions of all time even after Howard left. So when the pandemic hit, it was a trio situation, you know, like for the fact that the revenues were plummeting, and what I saw was very regulatory as to where we can be and learned from this kind of stuff because

they had all this pressure. But what I saw in this leadership team is that they actually held a marriage to themselves and they asked themselves, or are we really living up to this mission statement which is nurturing and inspiring the humosphere at one cup, one one person, one

one neighborhood at a time. And I saw something pretty miraculous because even though they were hurting as a company and their profits, they realized that they did have to double down on what their mission statement and therefore purpose was. And what came out of that, in addition to the triage that had to happen, was this whole new programs on what to make the company more people positive and planet positive in a way that took a real honest

level check on. But we've been profit driven, how are we going to use this profit in a more meaningful way? So it can be done, but it does take a lot of deep diving and self reflection of what matters most. That's Jen Limb, the CEO of the consulting firm delivering Happiness Check out a new book. It's called Beyond Happiness.

You're listening to Bloomberg Business Week. Coming up. Our Bloomberg Pursuits team, it's out with its holiday gift giving God for One, Tim, and a bit earlier than usual, and for good reason. We're going to tell you why right after this. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Every new watch is like a new piece of box. It does in different stories to tell

the time. Wines as a whole really speak to that quintessential need is the most powerful carnate in the US period. You get the beautiful interior, the iconic design that's very cheek and post. It is time for Bloomberg Pursuits and if supply Chain Bottlenecks have taught consumers one thing ahead of the holiday shopping season this year, Tim, get your presents early. Our Bloomberg Pursuits team is out with its

holiday gift Guide for One. A wide range of prices here and perhaps some extra lead time needed for some of these purchases. Hello supply Chain exactly, Can I just say to there's some beautiful imagery in this section. You gotta check it out to on the terminal online of Bloomberg dot com, business Week dot com, or pick up a copy of Business Week. It is on newstands near you. Christian Shirley contribute to the magazine put together a list that will totally blow you away. Well, Carol explain the

year's gift guide. It goes monochrome. It's color coordinated. It features nearly fifty gifts, grouped and photographed by color. They range from fourteen dollar bubble bath and a forty dollar can to a five thousand dollar bottle of whiskey. And there's a watch in there from Bari. It's going to cost you close to a hundred and sixty k. You heard, I'm chuckling. Let's bring in blue pursuits. Editor Chris Rouser here to go through the list. Um, it is a

really fun list. First of all, you guys do this every year, right, yes, every single year in Business Weeks we do a gift guide. And in the past we've done you know, Okay, this year, let's think about experiences, not things. Um, we've done you know, sort of more charitable minded gift guides and then this year, the vibe that we were getting from everybody was give me my stuff, Let's go crazy. I want Amanda and people people have you know, like people want to spend some money on

nice gifts. So we we organized it by color because we basically all the most fabulous things were like, okay, how do we divide them up? And so we've got red and gold and green and blue, um, and some really fabulous stuff from our favorite brands. I have a question. It's forty seven though? Is it forty seven item? Yeah? And what happened? You couldn't come up with three more to make it a nice round fifty? Do you know? To be totally honest, a couple of things didn't show

up for the Father show this. But if you go online, there's more. There's more than a hundred gifts when it when the gift guy goes online. Um, so you should definitely check it out. And there's also a bigger price range online. All right, come on, Tim, what do you okay? I'm gonna you know, I'm gonna start with the watch. Start with the top right, there's a watch in here by Bulgaria hundred and sixty thousand dollars a hundred and fifty eight thousand. I was rounding up, why does this

make a great gift? Yeah, so I have tried on this watch, and technically I think they would say it's a watch for ladies because it's covered in pink sapphires. But I come on dispute that. Um, you guys are welcome to get this for me for Christmas. Um. So, the Diva's Dream Watch series from Bulgary is this line of watches that they do that has a pattern on the dial um that looks like these almost like an array of fans. And it's actually modeled after the tiles

in the caracalabaths in rome Um. And so this pattern that Bulgary uses all through their jewelry, and in this particular Diva's Dream Watch series, they love to like make the dial pattern out of jewels. So it's very blinky and it's these beautiful diamonds and these perfect pink sapphires and it's just like so glittering on your wrist. How long did you wear it? Only a few moments and I had to wear a glove. And you are a watchcount of store, I mean, you really knows what you watches.

So when you really are like kind of blown away by one. You know, it's spectacular. I have to say in that category, I guess it's like the pink pink category. There's also some great ear rings that price on request. Oh yeah, the Copacabana ear rings are priced upon request, and they have ninety carrots of sapphires, but they're actually pink, so they kind of go from like a white color to our transparent all the way to a deep deep purple. And they're from show part and they again, if you

have to ask, you probably can't afford it. What is price upon request? Like, can you give us any number? Is number of digits? So that, um, you know, I don't know the price of that, but I think, you know, I would guess it's anything from six d thousand upwards to a million. But a secret about jewelry like that

is partially you can negotiate on the price. So if you are a client and you go in, they might throw out a price and then you don't actually pay that price or you kind of you know, start to negotiate. So my Amazon gift card of a thousand dollars, so if you have a million dollars, and then on jewlry. I'm just saying what you're saying is you still have to be a credited investor to important. First of all,

I do love that how you did it. I have to say, I'm such an idiot, but I first printed out at the pursuit section were blue paper in the printer, and so I'm coming out, I'm like, this is kind of odd. I thought it wasn't be different colors. Anyway, I reprinted it sorry trees out there on white paper. It's really stunning because it is broken into different colors, red, green, purple, gold, Like, it's really cool how you did it well, and you know, it's a real mix of things in each of the color.

So like on that pink page, you've got the Diva's dream, You've got those that dream watch, you've got those ear rings, and then you have this beautiful fragrance from Louis Vatton which has this great sort of mashed up metal cap which was designed by Frank Gary. And I'm a big collector of um fragrances actually, And I think now that we're re emerging from the pandemic and you're actually going to the office and you're going to social events like

let's double down on fragrance. That's sounds nice and it's just because we've been smelling your own breath for you. Yeah, exactly. Don't you want to smell showering um? And you know, there's nothing more lovely than looking at like a little collection of beautiful fragrance bottles. And this one called Dancing Blossom from Louis Vatan is really beautiful. And then also on this pink page, you've got this candle, the scented candle from Dante, which is actually a cocktail bar in

New York. It's one of the best cocktail bars in the world. And it's a cosmopolitan candle literally smells like the cocktail from Sex in the City. It was drawn to the thera a gun, yeah, because I think about a farra gun. And this was like a pandemic purchase for so many people at the beginning of the pandemic. I recently visited my brother and he was having back pain, so he went and bought a thera gun. I love these things. Yeah, I didn't know what came in this

mini version. They're legit. Yeah, and this is the first mini version that I have seen up with love in personally. But they've had them for a little while, and um, you know this person is red. The color is red, but it's also project red. So portions of the proceeds go to fight pandemics, which is great. And it's a hundred so it's on the lower end of this list. It's not a hundred nine dollars like something. Let's talk about crapes. Cake. Oh yes, the purple page or should

I call it lavender page or violet page? I don't know what to call it. So Christian Shirley, who is our amazing contributor who also knows everything about luxuries, he suggested this beautiful um layer cake. But it's like a bunch of layers, probably like a couple dozen layers, and it's purple, and it's purple because it's made out of purple yams like sweet potatoes. And she suggested and I

was like, uh no, next me back my watch. And then she and our food editor Kate Creator tried it and they said, honestly, this is phenomenal and it looks it's it's assert it's not like a healthy side. Um, it's got sugar all over it, but it's actually really sweet and a really surprising treat for a dinner party. All right, if Kate says it's good, I'm going to

go with it. What about thirty year old single malt Scotch? Yes, so the doll Moore um is this brand that has there's a real you know, they make all sorts of really sought after expensive scotches and this one is their thirty year the thirty year old, which was released and it was finished in thirty year old tawny port pipes and um so it's just been aging and it's five dollars and it's really if you really want to wow somebody who's like all scotch or whiskey person, this is

an incredibly generous gift. I always wonder, Chris, when you're doing this. First of all, I want to be with it, like part of your team, because I just think it must say that every week I do, because I really don't make me feel good. If you're going to that team, are you going to take me with you? Maybe we'll see yes, I'll take you. Okay. But everyone wants to be on Christmas here, We all do, because it's just

but like, what do you guys do? You guys just start kicking around things or like, how do you start, because I can only imagine that there's probably tons of things that you could consider. How do you, like you said, people want nice things right now, but how do you whittle it down? Yeah, So everyone on our team specializes in a certain area, So Kate Creator a specialized in food, Hannah Elliott and cars, Nikki x Sign and travel, you

know the rest of our team. And so we each we've been each like comple collecting things over the past year that we think would be great. And we we gathered together all the list christ and Shirley who worked on this also like she's a real jewelry expert and she also fragrances, and so we get we get together a big list and then we go through it and we think, Okay, what is a good blend? What what would surprise people? Because you don't want to put stuff

on a gift list that's everybody would guess already. And and also sometimes things like um clothes are sort of actually hard to give to somebody if you don't know other size. So we try to stick to like say shoes or jewelry, which sort of you can you can you know what you're guess getting for somebody. I just said, there is a great pair of shoes, a pair of Nulablonic they are studying. Yeah, the Lutara mules from Anola Blonic. Are these the blue silk and the strap across your foot?

Is this really blinging crystal? And it just looks so fun? It looks like a party on your kid? Can I see? During the pandemic? There was a point because I'm home and I'm wearing my yoga pants and jeans, and I'm like, we're walking on a bare bare feet, bare feet. Like I was like, I don't need to do that. But there was a point. On my birthday I went and bought a crazy pair of high heels because I just wanted like some normalcy and something fun. And that's kind

of I feel like what this plays into. I was excited to start wearing shoes again. I mean, they hurt when I started wearing them to the office, but I was excited. Do you have a favorite here a favorite? That's a good question. I mean, you obviously like the watch. I like the watches um and you know what, I think the thing that is like the most shockingly useful is there is a device from the company called Corvin, which when you open a bottle of champagne, you can

just stick it in the top. That's not the sound it really makes, and maybe it does. It keeps champagne fresh for four weeks. That's amazing. You want to know a funny, very true story. Yes, years ago, before I worked here, I saw a core of an article about Corvin in Bloomberg Business Week. My siblings and I ended up buying it for my dad for Christmas that year. Now it works for champagne, which is like famously impossible to keep fresh. There's also two little tricks, but this

really works and it's it's amazing alright. Thanks to Bloomberg Pursuits editor Chris Rouser for giving us just some great ideas for the holiday shopping season. That's going to wrap up our weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks for joining us. I'm Tim Stanoviak and I'm Carol Master. Be sure to tune into Bloomberg Business Week daily Monday through Friday, starting at two pm Wall Street Time on Bloomberg Radio. You can also watch our daily broadcast on YouTube.

Just search Bloomberg Global News and check out o Bloomberg Business Week podcast. Find that at Bloomberg dot com, Apple, or wherever you get your podcasts. Bloomberg Business Week is available on newsstands at Bloomberg dot com and on the Bloomberg Terminal. Also, you can watch me on Bloomberg Quicktake available at Bloomberg dot com, slash Qt, and streaming platforms like Roku, Apple TV, Samsung TV and more. The Pursuits Edition Gift Guide It's there for you and you're shopping Tim,

The gifts are there for me. The gifts are there for you. Have a great weekend everyone. This is gloom Birth. Yeah,