Bloomberg Businessweek Weekend - October 15th, 2021

results this week. We're also going to talk about one of the leaders of those banks, the first woman to lead a top US lender, City Group CEO, Jane Fraser, the subject of our cover story, and it's a very special double issue this week. It's known as the Bloomberg Business Week Persuasion Issue, and we'll explain more in just

a moment. Also ahead on our broadcast will talk Afghanistan and risk mitigation with retired four star General Stanley McCrystal, and pick up on our conversation with tech titan Michael Dell that is part of our Bloomberg Business Week Talk series. All that and more to come, but we begin by welcoming in the Features editor at Bloomberg Business Week. Mac cheffin Max, we're calling this the persuasion issue. Tell us why. Yeah, Well, so we got this idea about almost a year ago.

Believe it. Um, We're watching the uh, you know, the vaccine, the vaccines get closer to release, um, the COVID vaccine, and we were talking about the fact that you know, at some point, yes, everyone is worried about supply, but at some point, you know, convincing people vaccine resistant people to get vaccinated is going to be a huge issue. And that kind of got us as a newsroom or as a you know, as the magazine into conversations about

just the importance of persuasion in business. You know, so much of business runs on convincing people to to do things, to change their minds to you know, Marketing, of course, is a kind of persuasion. Sales as persuasion. UM. And you also and and and then you know, this vaccine issue. We were um pressing on that. I mean, of course, now there's plenty of vaccine in the US to go around, but but there's this persistent group of people who are vaccine hesitants. So we were hoping to speak to two

more or less all these ideas with these stories. Well, one of the features this week comes from Kurt Wagner, and we've come to know social media as a space that almost seems designed to rile people up and keep them coming back. Kurt writes that Twitter is actually trying to change that. How exactly. Yeah, this this story started a conversation with me and Kurt talking about whether Twitter

could get people to stop dunking on one another. A junk is when you, um, you know, you retweet, You take someone else's tweet and put a witty or clever remark on top of it. But often they just become vectors for harassment, for you know, crude language, for for nastiness, and and the thing about Twitter is it's kind of made that part of the appeal. You know, this is this is the social network. Um, you know, until they

banned him that that gave us Donald Trump. Um, you know, so much of Twitter is about these very heated conversations. And as Kurt wright, the company was kind of designed that way. It was designed to get people to kind of behave in outlandish or provocative ways in order to get followered. So the fact that they're trying to address that is significant. It's significant both you know, as a

as a business story, as a company story. If if Twitter the company is able to do this, it could have implications for for its long term viability but also

could potentially hurt its growth. But it also it has implications for for all sorts of other social media companies because, as as Kurt says in this um in this excellent article, UM, the idea of designing ways to stop people from being outrageous on social media kind of goes against everything social media design has stood for over the last fifteen years. So it's in some ways it's kind of silly, but

it also it's sort of a very old and interesting move. Okay, so just real quick, Max, take us through some of those changes that that Twitter has implemented because people who don't use the platform might not have realized it over the past year. Yeah, so they've added all of these

what they call speed bumps. So, if you're gonna send a message, um, if you're going to take an article that you read on Twitter and broadcast it to your followers, it's gonna it's gonna put a pop up in front of you and says, hey, do you want to read this first? Before you endorse this. UM. So that's one

of them. If you type in something you know, a curse or a racial slur or or some some other handful of offensive terms into a reply tweet, you know, when you're replying to somebody, it will put a pop up in front of you and say, hey, you know, do you want to Are you sure you want to do that? Um? And And not all of these have worked. Not all of these things have worked perfectly. It's not like Twitter is still in many ways, you know, full of um nastiness. UM. But there are encouraging signs here.

And and Kurt talked to these outside researchers who have been working with Twitter for years, and there's been a lot of frustration kind of from that community, the world of sort of academia and people who are interested in in kind of dialing down the temperature on social media. They've been really frustrated with Twitter over over the years. But they're starting to warm up to this company and starting to see some encouraging signs. Another really provocative story,

I think, uh that's part to this coverage. It talks about a spate of nonprofits who are trying to perform political extremists in the same way, right Max that a a alcoholics anonymous works and helps people combat addition. UM tell us a lot about that one. Yeah, so it's boom times for deprogramming. De programming, I think is is not the not the politically correct term. I think de radicalization is the term that that that these um, these

consultants and nonprofits prefer. But it's this idea that people who fall into extreme belief systems UM, you know, can

be talked out of it. And treating these extreme belief systems, you know, and and and and they really run the gamut, you know, from like um radical um you know, islam radical Islamism to kind of far right you know, white nationalist UM type extremism, and and and and as you say that, they're they're treating it like, you know, like like an addiction, UM and and like it's it's something that that these people are are are compelled to do.

One of the most interesting things in this article to me to a main character, and I mean it's a really breathtaking story. And I don't want to ruin the whole thing, but the main character, who's who's a young man who's who has fallen in with various extreme ideologies.

He bounces between ideologies. It's not like he he embraces radical Islam, but then he falls into sort of far right, you know, white nationalist type behavior, and then he gets into snakes, you know, and and so it's just this thing where I think the Internet in particular has has you know, exploited vulnerabilities that you know, hamp that you know, some percentage of population have where they're just drawn to these ideologies. Internet kind of turbo charges it, all right.

That's Max Staffkin. Features that are a Bloomberg Business Week, our special double issue, the Persuasion Issue. It's at a newsstands and online. Now coming up, Retired four star General stanmon Crystal on the US withdrawal from Afghanistan and dealing with risks in all walks of life. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Stinovik

from Bloomberg Radio. We'll safe to say he knows a lot about the subject of risk, dealing with it, facing it, managing it, and Tim now writing about it. Retired four star General Stan mc crystal is former commander of the Joints Special Operations in Iraq and founder of the Crystal Group. His latest book, Risk a User's Guide, aims to help individuals and organizations mitigate risk. Yeah, he's lived in life filled with the deadly risks of combat. We know that.

We began though our conversation along those lines by asking for his thoughts on the recent US military withdrawal from Afghanistan, where he also served. I was sad to see the way it played out overall, because many of us became very emotionally connected with Afghanistan. So it's important to remember that, because I also would tell you that's one of the reasons my views are biased by my personal opinion. I think that's unfortunate we pulled out, But I would say

that I think President Biden made a courageous decision. I mean, he the accord that was signed in Doha by President Trump's administration essentially set a hard date of one May. So President Biden was faced with the choice of either aggregating that that agreement and extending the war, or following it, which is essentially what he did. People ask me if I agreed with it, and my answer is I respect

a decision by the commander in chief. It's not the recommendation I would have made, but that's where system is supposed to work. Military leaders provide best device, and then president decides the top He is military officer. We're talking about General Mark Millary, Chairman of the Joint Chiefs and stuff. He called the twenty year war in Afghanistan a strategic failure? Why was that? And do you agree? Well, I couldn't argue with the fact it was a failure of somebody.

If I tried to say, no, it's a success that I think they'd be disingenuous. However, I will say that it wasn't completely for naught. Afghanistan is a very different country than it was in two thousand one when we went back. So the reality is the twenty years of educational opportunities for females, for young people, and other advances, the Taliban are going to try to control a very different state, and I'm hopeful in the long term that either causes them to change the way they lead or

open opportunities for different governance. I'm wondering General McCrystal, if the way that the United States left Afghanistan, if it turnishes the United States reputation in the view of countries around the world. Yeah, there's it certainly doesn't help. UH. There were some miscalculations that came out, and I don't find fault with the planning, but you know, things happen.

But the reality is when people see it from afar, whether they are our potential enemies, in which case they might think less of us or our potential allies, and they're trying to decide if we are a reliable, capable partner. So in a very public world, as I'll describe it, every time you have a challenge like that, it has some effect on your reputation. It's like a commercial firm. We now need to work on that. We need to pay attention and work to try to recover a bit

of lost ground there. Well, you know, the world continues to find itself in some incredibly risky situations. Your book is all about it, and I think about it's the financial crisis, the pandemic that we're still dealing with, today's increasingly UH crisis within the energy sector, cyber attacks, our leaders ignoring the signs. Are are there systems for detecting risk? Um not good currently focusing on the wrong signs and methodologies or risk in terms of obviously like pulling out

of something like Afghanistan. Yeah, I would say, first, we don't assess risk very well because we're always externally trying to predict what they will be and when they'll come, and that's really just too hard because they're they're too varied. I think we need to be looking internal or what is it that you think a leader needs to keep in mind when it comes to diversity and assessing risk. I think we think about diversity too often is just

gender or race or religious background. We're really talking about difference of perspectives. And so if we talk about bringing together a team, will call it a board of directors or anything else. If you have diversity on and on a superficial level of general and whatnot, you might not have diversity of perspective. You might have people all from the same background, all bankers or whatever, and so what they'll do is the lead blind spots, and diversity needs

to be thought of not as equality. Equality is a legal right and a moral right. Diversity is an operational necessity for organizations. So it's ensuring that you've got people that are looking from every different angle and bring different experience of expertise. Have a question for you, and you know, I'm going to give credit where credits to do, because

your team kind of shared some thoughts with us. But one of the things that came to their mind, and we think this is just spot on, is how do you feel US leadership dealt with COVID nineteen and what could have been done differently? Yeah, that's a great question. I think they fumbled it pretty badly. If you think about COVID nineteen. Although it is a dangerous risk, it's not ten feet tall, it's not unbeatable, and it wasn't unexpected.

We have this kind of challenge every few years, and we know a lot about public health, so we actually know what to do about it. And then of course we've got to help with the scientific miracle of a fast vaccine. But if you think about from the beginning, what we really needed was clear communication, even admitting what we don't know, informing the national population. And then we needed a clear narrative, how is it is our nation

going to deal with that? Tell people if we want to use the war analogies I think would have been appropriate. We asked every American to take part in the common defense of every other American, and then of course we go down the willingness to make decisions, overcome the inertia that that sometimes causes us issues, and the ability to be adaptable as things changed, like the rise of the delta variant. In almost every case, we fumbled it pretty badly.

And I would argue that the seven hundred thousand Americans that we have lost is far more than we ever

needed to lose. Do you think General the crystal that Americans would have made that sacrifice if it was communicated to them in the way that that you you you communicated it to us, because it does seem like right now there is not a sense of shared sacrifice among all of us right now with the way that people act when it comes to being asked to wear a mask, taking a vaccine, a vaccine mandate, that sort of thing. Jim Tim, You're right, I think that they would have.

Of course, we couldn't approve it until we did it. But if we go back in times in our history when we have asked the American people to sacrifice and be a part of that, we hadn't very good results. And I think that's the only way to go when we're trying to do something that affects all of us. That was where hired four star General Stan McCrystal, founder of the Crystal Group. His latest book, Risk, a User's Guide, is out now and the Crystal Group, by the way,

helped the city of Boston during the pandemic. Still ahead on Bloomberg Business Week the latest installment of our Bloomberg Business Week talk series, and it's with Dell Technologies founder, chairman, and CEO Michael Dell. We'll get into that. We've also got our cover story this week. It is on City Group CEO Jane Fraser, who is looking to change your mind about how we work and about cities. Come back and up next, we catch up with the president of

the software maker Splunk, Teresa Carlson. She's spent about a decade as a senior executive at Amazon Web Services before joining Splunk earlier this year, and look, she definitely knows a thing or two about the cloud. 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 oh six does San Francisco, Bloomberg nine sixty to the country, Sirius XM Chto one nine team and around the globe, the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg Business Week. It's a company with a market cap in access of twenty five billion dollars. In late last month, you might remember Piper Sandler came out saying it was a top pick heading into the

fourth quarter. We're talking about the infrastructure, software and data platform company Splunk, where Teresa Carlson serves as president and chief Growth Officer. Her background is pretty impressive. She previously led Amazon Web Services public sector business for more than a decade, and in just six months at her new company, she says her work with clients to access us in

secure data more important than ever. And there's no literally customer that I talked to before I came here that didn't tell me that their use of Splunk they said as mission critical for their business, and I think it's dim. It's demonstrated through the types of customers we work with, which are really the fortune one ninety plus of the and one hundred customers work with us. But it's going

really well. We are moving to the clouds very quickly, and that's one of the reasons that came over here to continue to help our customers moved to the cloud and take full advantage of flunt cloud. How much was that moved to the cloud accelerated during the pandemic? And again, I know you've only been there for six months, but I know that you know about what's been happening there

over the last eighteen months during the pandemic. I know that you have nineties three of the one fortune one hundred companies using the product um how much of that, how much was that accelerated during the pandemic and how much more room is there to grow? Well, we grew our annual cloud revenue over seventy for the tenth straight quarter, and so it just continues to show you the acceleration

of the cloud. And I will kind of share some of my previous experience that AWS demonstrated this because I ran our public sector business and industries groups at a BS and during COVID, we saw acceleration within our sstomers like two years to three years of acceleration to the cloud during the pandemic because they could not get into their data centers they could could not get in and take advantage of their applications, so many of them had

support or rebuild those applications very quickly. So especially if you're talking in mission critical areas like government, healthcare, financial services, UH, telco areas that really uh the world cannot do without. They have to keep going. So they had to figure out how they got use of their technology when many of their employees could not go into the data centers.

So you saw the growth of cloud computing really moving fast, and I heard so many customers say it was such a differentiator for them in their business and their mission during that time. And it also accelerated the use of cloud skills. And of course one of the primary things that that like is as a data company, the customers need to be able to take advantage in use their data. So as a result of that, customers really started thanking themselves. How do I make that move more rapidly? You guys

think too, uh. And you have such a great perspective, Teresa, because you were uh leading the Amazon Web services public sector business for more than a decade and then you of course are now it's blunk. But I am curious

about data democratization is that truly achievable? And will there always be some entities or parties or countries China for example, that will have access to more and better data, and so there will always be some kind of imbalance and power plays or are our power powerful components when it comes to the data universe, Well, I don't know about better data that you know, efficiency of use of that data. And there's still no companies that drives interet innovation more

rapidly than US companies. I mean, if you look at the use in the growth of cloud tools, you know aws that you know kind of started from scratch. They are they are uh data, they are services from day

one when nobody really even knew what cloud was. And then you have Google, you have Microsoft, and you have this explosion of startups as a result of cloud computing, and the companies in the US and around the world that are developing as a result of cloud computing, the access and lead that they have with data is quite amazing. But I would say what's the most important is the

ability to take advantage and use your data. And one of the big key trends that's happening is you know, open source data that's out there can be utilized in massive ways to actually understand a problem set. And you saw this as an example happening during COVID where you saw crowdsourcing going on so people could solve the problems faster of what was going on and have had deeper understanding.

But in terms of the data elements itself, I would just say, um, if you look at all the companies like Talenteer, Conflent and others that have gone public, you are seeing companies that are truly data driven, and they have slices of the way they use their data and tag it that allows these companies to really do things that they never thought of doing. Right now, they can throw their data in somewhere and it gets organized. They

don't have to put it in all these tables. That's Teresa Carlson, president and chief Growth Officer at the publicly traded software maker and data company Spunk. You're listening to Bloomberg Business Week. Coming up next, we pick up on our conversation from last week with the founder, chairman, and CEO of Dell Technologies, not other than Michael Dell, including his thoughts on the next big technological breakthrough and facing

down carl Icon gotta say. In the book, he talks about having dinner at Carl Icon's house and Mrs Icon cooked for them. It's a great read. And that's another edition of Bloomberg Business Week Talks. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes from Bloomberg Radio. So last week we featured a little bit of our conversation with Michael Dell. It was when he talked about the new term outlook for

Dell Technologies and really the broader technology sector. There's so much going on, certainly in the financial markets when it comes to tech stocks, and really just broader in terms of some macro themes. Well, in part two of our conversation, we're going to dive deeper into the billionaire innovator's origins. We also got his thoughts on the labor crunch taking place across the US and also what he thinks is the next big technological breakthrough. Here's a hint Ai is

going to play a big role. That's a pretty big hint him just gonna say. A portion of this interview is featured in this week's double issue. It's part of our Bloomberg Business Week talk series, and we start off with a story from Dell's new book. It's entitled Play Nice But When a CEO's journey from founder to Leader, and it's about pacing down activist investor Carl Icon when he bought a steak in the company in Dell and tried to block Michael Dell's move to take the company private.

Was very hard. You know, I didn't really have much experience dealing with somebody who would just go on television and lie. You know that That's not something I had experienced very often in my in my business career. Um. But you know, ultimately, as I talked about in the book, I did go to his house and confront him, and you know, really saw that he didn't have any plan whatsoever for the company and to him, it was just

a big poker game. And and uh, you know, it turned out to be way more difficult than that than I thought, As was chronicled on Bloomberg television and radio very extensively. It was a story that never ended until it did. And and uh, you know, fortunately we were able to accelerate our transformation. Are our shareholders got some of the benefits of our transformation if we were successful, which we turned out we we we were without taking

on any of the risk. And and uh, you know, I I've learned how to how to how to face down carl Icon. So there you go. Yeah, I'm wondering, Michael, if you if you missed the days of of of running a company that's that's private, that that doesn't have a report card available to you each and every day Monday through Friday from you know, nine thirty to four,

every day where you watch the company's stock move. Because you do talk a little bit in the book about the way that big swings in the company's stock would would make you feel and the way that you thought that analysts and investors were missing it. Do you miss the days of of of of not running a public company. Well, I've I've I've done both right, And uh, you know, the key for us was really putting the company on

a different trajectory. And back in two thousand twelve and two thousand and thirteen, the markets really didn't give us permission to go invest in those new areas. Uh, you know, now I think we're in a different spot, new capabilities, new growth rate, and new trajectory. And you know, we also reignited that entrepreneurial spirit which was the formation of the company, and very much kept that alive even as

we've transitioned back to being public again. Well, you know, it's interesting too, and we've really leaned on I think even more so during the pandemic. Are our leaders right of companies UM to help us get it through. I think about Black Lives Matter and you know, one of the things we wanted to ask you, and it feels like from reading your book, you don't play around too much or careful around politics. And I can understand that for for CEO S. But you know, your home state

of Texas. Uh, you know, I have a lot of family in Texas. You seem to be you know, you really love that state and you write a lot about it in your book. How do you feel about things like the abortion law and the voting rights one? Would you would you have spoken out about? Yeah? I have spoken out about voting rights and certainly we've communicated with our team members about UM. You know some of the

some of the recent laws. Uh. Look, I would much rather see our policymakers focus on education and infrastructure and broadband and you know, the things that will help the state continue to be successful. And as we've communicated to our team members, you know, our belief is that uh, you know, they should have more access to healthcare, not

not less. Do you worry though about you know, some of these issues that it will it'll hurt Del's ability to a tract talent, especially in Austin or are generally speaking, haven't seen that problem yet. Well, well, we'll see how it plays out and uh, you know, uh to again, our company will go where the talent is and you know, uh, let's let's see also how how the courts you know, rule on these things. And you know, uh, I think there's still a lot that we don't know about how

how this plays out. Hey, Michael, I want to stick on on talent because we have spoken to executives in recent months who've said, Hey, the labor crunch that we're seeing, it's really across the spectrum from hourly employees all the way up to executives. If you had to raise wages to attract and retain talent, well you're always adjusting, you know, compensation and benefits. Pretty pleased with our attrition, you know, our data says, you know, we're uh uh in the

you know, kind of lower quartile of attrition. So I haven't really had an enormous challenge there as I know many companies have. And look at um, you know, Uh, our job is to create an inspiring and uh you know, passionate environment where people can do their very best work. And we attract a lot of young people into our company. Given those opportunities, I think if we keep doing that, uh,

you know, we'll we'll be just fine. Am C. It is a company that we know, We've all talked about it, um you know, the king of growing uh storage device market. We know cloud compute geting is changing all of this. Uh you know, a former we were talking to some of our colleagues, uh, a former MC executive telling uh them that EMC was once the last or what was the last great storage companies. There will never be another one. So what is the future of that market in your view?

And how do you think Dale specifically can benefit from that? Well, the interesting thing is if you peel back the onion on just about anything that's going on. You were talking about crypto earlier, DEFECI, finance, autonomous vehicles, you know, just pick your new thing that's happening. Behind all of that is an enormous amount of data and uh, you know, it turns out you need a lot of cloud infrastructure, uh no matter where it is, and you need a

lot of data to make all these things happen. And so you know, as the number one company in the world that provides all of that, we're seeing some really nice growth in those areas. So uh, I think the world's kind of figuring out. Yeah, public cloud is a thing, but it's not just the public cloud, it's multi cloud. It's also the edge and there's enormous growth going on as everything in the world becomes intelligent and connected and now with five g uh, the distributed computing world is

even more distributed. All that creates enormous opportunities for us have to say that, Um, you know, we want to talk a little bit about innovation. We've got a few minutes left. Mike Bloomberg stop on my desk. I was working. I have a huge pile of books and he's like, do you read all of these? And I'm like, I try, I said, but one book I'm reading right now is Michael Dale's new book. And he's like, I know Michael, and he goes really smart guy, really innovative guy, and uh,

it was just kind of interesting. And he talked about, you know, how you reinvented your company. Um, when it comes to innovation reinvention, Um, what are the technologies that you think we should be focusing on? You know what? Gender know what get you excited? Is it crypto? Is it AI? Is it something? Is it the metaverse? What do you think is interesting? Because reading your book, I mean you've been involved in the text space since you were a kid, and I just wonder what really catches

your attention now? Yeah, you know, the power of AI to again use all this data to up end and reinvent every part of our world in society is incredible, I think. Uh, you know, they're going to be incredible innovations in the intersection of the bio biological and computational

sciences in all the areas you you talked about. Uh, it's hard to predict you know exactly how all these things are going to uh evolve, But you know when when you have these powerful ingredient technologies coming together, and look, you have an enormous amount of risk capital right now that's going after these problems and even hard a hard tech problems. I think that the future is is super

bright for for uh, you know, humankind. That's Dell Technologies founder, chairman and CEO, Michael Dell of the next big tech breakthrough. Check out his new book Play Nice But when a CEO's journey from founder to leader. I gotta say, Tim, it's a fun read. It's a really fun read. We get a lot of books. Yeah, we get a lot of books, and I gotta be honest, I don't read them all. I don't have enough time in the day. Unfortunately,

this was a fun one though. It was. It was just his stories and from kid to you know, tech entrepreneur to a very wealthy and successful individual, one of the wealthiest in the country. Well, you can hear the entire interview at Bloomberg dot com, and a portion of it is featured in our latest edition of Business Week Talks in this week's double issue that wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser and I'm Tim standing back.

Coming up in our next hour, we're talking to shopping and traveling. If you're planning on doing either of those things in the next few months, and probably a lot of you are you're gonna want to stick around. I gotta say, I'm just getting back to traveling for the first time, getting on a plane, looking forward to it. We've got some important insight on the retail sector from the president of the International Council of Shopping Centers and

our Pursuits team. It's out with its annual shoes. We're talking veil, We're talking big, skuy and more. This one speaks to me. I know it did. I bet you were taking notes and like taking the whole section home. BLUs. We'll catch up with award winning actor and best selling author, also entrepreneur Samhwin. Yeah, he does it all. I've been looking forward to this, and yes, we are talking about

the hunkin Outlander. There I said it. All the women out there thinking the same thing, and I'm going to say some guys too might be interested in hearing from him. I want to be inclusive. That's what we are at Bloomberg Business Week Straight Ahead. Our cover story too on City Group CEO Jane Fraser, the first woman to run a top US bank, who is trying to lead a long shot comeback and Torment he rivals in the process. No, it's interesting, Sam Hugh and the actor he plays Jamie

Fraser on the Autlander series. And then we've got Jane Freezer, who is the cover story of Business Week. Yeah, all just comes together. Centers they call that, right, synergies. This is Bloomberg. This is Bloomberg Business Week Inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news as it happened, Sloomberg Business Week with Carol Messer and Bloomberg Quick Takes

Tim Stinovic on Bloomberg Radio. Hi, A'm Carol Masser and I'm Tim plitty Head in our second hour of the weekend edition of Bloomberg Business Week, including a visit from a man who literally does it all. Award winning actor, best selling author, whiskey maker and philanthropist Sam Hwan pays us a visit. Plus tis the season for holiday shopping and skiing, to how supply chain constraints could actually affect retailers in the coming months, and where to go when

you're ready to hit the slops. I'm already ready, I know, right, so ready. First up, this hour though, let's get to the cover story of this week's double issue. The first woman to lead a top us bank has a plan to remake one of America's biggest lenders. Bloomberg News finance reporter Jenny Seraine wrote the piece about City Group CEO Jane Fraser, who's not afraid to give her workers what they want as long as it means crushing their competition.

And they're just an interesting company. You know, They've had a really rough go of it recently, and I think they needed this fresh air and fresh blood and they've got that, and so it will be interesting to kind of see where she takes it from here. Well, speaking of fresh air, I mean the piece literally opens with fresh air talking about an outdoor space that that city has for employees, and also the way that that city is different than the other majors in thinking about a

return to work. Take us through what Jane Fraser is doing and why this is this is kind of crazy for for what's happening in Wall Street. Yeah, I think that's exactly right. So a lot of where this started was just we were hearing grumblings over and over again that people were leaving other banks and joining cities simply because they really liked the way she talked about the

future of work and and what that looks like. And so you know, she's doing the thing where they are allowed to work from home at least two days a week on a permanent basis. That's one thing, But I think the more interesting thing that she said is, um, it's not just about this hybrid half in, half out situation. They're also being really flexible. So you know, if it's three o'clock and you want to knock off and go pick up your kids from school or or take them

to a soccer game, that's fine. You know, log on later and finish your work up whenever you can. Um, it's this whole idea of flexibility that people seem to really appreciate. You know, she's acknowledging that people are not just robots at a desks, that they're real people with real lives and really embracing that. All right, So don't penalize me because I really hate this is like it is because she's a woman that she looks at it differently,

because that kind of makes me crazy. But there is that, But is it also a leader who's understanding that the world has changed because of the pandemic, and we have shown, certainly the big banks how much they could get downe home. Is it also third um kind of her sticky to the other banks and saying, you know, it's a fight for competition, uh, and so if this is what we have to do to kind of draw on talent, this

makes sense. Yeah. I think she's she's definitely unique, and that she seems more willing to listen to her eployees and has kind of let that guide a lot of her decisions, you know, since becoming CEO. And also she was president before that, So I think she's very unique. UM. A lot of the other CEO is kind of get an idea in their head and and stick to it and and don't really let a lot of um advice UM come their way. But I think she's she's very unique in that sense. UM. And I do think, you know,

it's a war for talent right now. These banks are it's a very cutthroat environment for for bankers, for traders, for engineers, for all sorts of different folks, and she's acknowledging that and I think really kind of setting them apart. I thought of the other cover story that was on Business Week. I don't know, is it over the summer where it's like, basically, I don't get out of bed for thousand dollars just to steal you know, the supermodel line.

But it was basically because we just continue to see right to him that Wall Street, the big banks, the big firms are upping kind of salaries for some of their you know, starting junior bankers whatever, you know, we just see that happening. Well, well, when Jenny, will we start to see this payoff if there is this talent war and we know this talent war is happening, when will we are to see the moves that Jane Fraser's making in terms of poaching talent and perhaps just as important,

retaining talent. Yeah, so that's the big, big question, I think facing all of the efforts that they're making. They've already started to have some successes. There's been some big names that have left Goldman, Sacks, JP, Morgan, Google and joined Jane Um and her big journey UM. And I think it's not just talent, you know, it's also this whole energy that she's trying to bring to the turnaround there Um and really just trying to set them apart

and set them on this path towards um. Excellence is the word that they like to use, um, which is all you know, to be fair, they are. She did work for Mackenzie. She did work for Mackenzie said sorry, love you Mackenzie. But you know, she's definitely I mean, she has that consultant brain and and the kind of see a lot of that Mackenzie touch um and the strategy rest that she's partake error that she's kind of venturing out on. So she's you know, focused on wealth.

She talks a lot about prioritizing high return businesses de prioritizing the low return businesses. That's Mackenzie, let's talk about it. I remember very early on my career when uh, Sandy Wild was at City right and he bought Smith Barney. He was making this financial supermarket company, and I remember under the red umbrella and like doing the whole thing, doing a stand up. But what's interesting is wealth management, right,

they lost Smith Barney eventually were sold it off. Is that an area they've got to be a bigger player, And so Jane certainly thinks so, and I think, um, you know, if you look at some of the big success stories on Wall Street of the last decade, it was wealth management shops. Morgan Stanley bought Smith Barney and has since turned it into this powerhouse UM and so I think, you know, it's definitely a high returning business.

City has long um you know, punched under their weight there, and so it's kind of an easy one where they already have a little bit of scale. They just got to invest in and get it a little bit um bigger um internally or do they have to acquire or can they acquires or anything out there. They're a little

bit hamstrung right now. They've um, you know, last year they had the O c C and the FED ding them for some long standing issues with their internal control holes, and so they're really limited in the amount of em and activity that they can do because of that. UM. Everything has to be run by their regulators. So I think they're you know, really focused on an organic growth strategy with this UM and yeah, wealth management everybody is

making lots of money there. That was Bloomberg News Finance reporter Jenny Seraine on her Business Week cover story on Cities Woman in Charge. Jane Fraser, you're listening to Bloomberg Business Week coming up a little bit of everything, some skiing, some shopping, and a very handsome and talented actor and author Outlander star Sam Hugh and stops by. He's a philanthropist too, and he has really encouraging other people to challenge themselves and as he does it, he's raising a

lot of money. For looking to him a few times, Carol, Actually this will be my second time. I've watched him a lot in the streaming series, but have been watching his progression, especially in social media, because he really is reaching out in a lot of different ways to the world at large. A really incredible career. It's a great interview. Yeah, it was definitely a fun conversation. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes.

Tim Stinovik from Bloomberg Radio. Follow him on social media and you'll see the many facets of our next guest actor. Yes, for certain, in the wildly popular streaming series Outlander, many people are watching Tim. He's also an author set to release a follow up to the New York Times bestseller clan Lands, Whiskey Warfare and a Scottish Adventure like no other. His new book is entitled The Clan Lands Almanac. He also has new TV and film projects on the horizon.

He's got his own line of whiskey. I've sampled it. It's pretty darn good. Even his own charity. Sam Human joined us in studio to talk about how he's managing all of that in the midst of a pandemic and coming out of a pandemic. Yeah, I mean, I think it's obviously impacted everyone, but business wise, more than anything, it's delayed a lot of imports and exports, especially that whiskey.

Did it complicate things? Oh? Absolutely, yeah. I mean I think you've maybe seen the pictures of you know, the the container ships outside Long Beach, Um, I think it's about forty of them out there at the momentum. Things are just really slow, you know. Globally, it's it's been tough.

You know, we've been challenged with the cork for our stoppers and the bottles, you know, trying to get access to that right, yeah, exactly, or just even getting a container to to transport our whiskey across from from the UK. So yeah, it's been challenging. What changes did you have to make as a result of these challenges. Did you have to raise prices, did you have to change material or just be patient? I think that's pretty much. Yeah. You know, people were waiting for our next release. We

released last year and then this is our biggest release. Um, we wanted it to be out in time obviously the holiday season, but um, it's finally here. We are actually only delayed a couple of weeks, so we're pretty fortunate. How much fun are you having with this and it's doing and tell us about like taking it around in and introducing it to people. Yeah, so I'm really proud. Obviously self financed, self realized. You know, we designed everything,

every every aspect of the finance. You've strapped it all yeah, yeah, so we haven't any investors. We've we've done it all ourselves. And um, as I said, yes, our second round, we've we want about seven double gold medals from various awards. I'm just really proud of it. It's my it's my baby. Can you talk about why you bootstrapped it and chose not to bring on outside investors? Did you not want

to dilute the equity? I think so, you know, I mean, firstly, it is a small, limited batch release, you know, it's it's hard to get our hands on enough of the products, so we didn't need finance at the first. But then also, um, you know, just to retain, to retain the rights, to retain the majority share or control of it. And as I said, it is a passion project. So I really didn't want to give anything away. There may be a time when we do look at find people looking at

the door. We we yes, we have. We've definitely had conversations and you know, there will be a point where we want to really upscale and and and increase. And I think at that point investor would really help us because it's interesting in the marketplace. Uh, you know, it's a crowded marketplace. But when you can create a brand um that somehow has some interesting distinction to it, and I think this one is safe to say it does also taste good. Um, you can really move ahead. What's

the been the response that you're hearing? And as you because you're meeting with people in New York and elsewhere. Yeah, well, so we were now available in I mean, I think about forty states. We're working on the rest of them, and we're working on Canada as well, and Europe. Um, it's it's a whiskey that I wanted people to be accessible. Um, you know a lot of people don't haven't tried whiskey, or don't know much about Scotch whiskey. This is a blend.

There wasn't really a premium blend out there that I felt was comparable to like the Asian blends out there, which are really phenomenal. Um, So we wanted to create something like that modern but also you know, with a nod to our heritage. So we've got some great Molt whiskey in here. We did want to talk to you a little bit about what's it like on the set, because it looks like you guys have just an incredible

group of people. It is. Yeah, we've been obviously on this show now almost I think about eight years, where in our sixth season is about to come out, um and it really it's where this sort of real core ensemble of actors and um, it's it's been good. I mean this was the hardest year definitely, you know, with with obviously COVID situation, but also we were shooting in winter. Um it was tough. I mean it was it was

really difficult. But um, a really strong season and I think that's what brings you, gets you through something like that. You know, your your sort of friendship and your bonds and with the crew as well, you know, it's like one big family. What are the COVID protocols and how is it different this season then it was in previous seasons before. We were talking about COVID each and every day. Yeah, you know we So I worked on a movie as well during COVID. UM movie called Text for You. Um.

Also Men and Kilts shows. We're one of the first shows to shoot in the UK with the COVID protocols. Um for outline. It was difficult, different and difficult because it's such a big show. You know, we have so many extras were out out in Scotland, so it did delay us by a number of months. But um, the protocols, you know, everyone was tested every day. We actually had a testing center in the production offices which was amazing. They could do a rapid test, so you get tested

every morning. We had bubbles, Um, you did have bubbles, right, This is what we heard from when we were talking. Stuff came back so basically different. Uh, depending on sort of your your level of what your function is in on set, you would then be in allocated a certain bubblio when you drink whiskey on on the set, are you drinking real whiskey? Um? Absolutely, of course all the time. Wait a minute, you and I were talking, we were talking around the table here about your brand, Assassinac. So

is there more to come? You expand this? Yeah, you put me on the spot. Yeah, well you know, well absolutely, you know our tagline is unique Spirits. Uh so we are looking, you know, around the world for you know, unique opportunities and um, really just shining the spotlight on you know, great producers and collaborating with other people. So um. But you know, see, the whiskey is ours our main party, it's our first spirit and we really want to establish

that and let that grow as well. One last one on the on the spirits, in the spirits the industry right now. Oh, I mean there's just you know, I mean the explosion of tequila obviously is really interesting. I've spent a lot of time over in in actually in Tequila Town, which is a really fun place. Um. But you know, even look in the UK, I mean, Gin is really big. It's it's kind of almost overpopulated now Um, but yeah, I'm really interested in just like these small producers.

I mean, Mescal is just fascinating, you know, and it's hard to for them to upscale. So UM, I'd love to go to well Hacker and spend a bit of time there. How long do you think you might hold on to the brand before maybe something, you know, we talked about people being interested, and we know, um, certainly some of the bigger bands are always looking for um, new players, new entries. Do you think that the the end game is that ultimately becomes part of somebody's portfolio? Um? I,

to be honest, I don't know. Something. It's obviously very close to my heart. It's quite poured so much to myself into this, so I want to retain it. Um. But who knows in the future where that could go. That's award winning actor in New York Times, bestselling author, entrepreneur and philanthropist Sam Human. He does it all. He

does do it all, and it's really pretty impressive. And I always think about when someone is an actor or you know, in the entertainment business and they start to branch out, how do they make decisions right about kind of where they put their efforts Because I'm guessing people are probably calling all the time. Time is a finite resource. I'm learning that all the time still still to come

on Bloomberg Business Week, Ready or not. The holiday shopping season it's upon us, and supply chain concerns are only adding to stress levels. We'll hear from the President of

the International Council of Shopping Centers, Tom McGee. This is Bloomberg Broadcasting from the financial capital of the World, Bloomberg blom Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one, to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week.

President Joe Biden wants to break a logjam at U s Ports and stave off a holiday season of shortages and delays. It remarks this past week, the President announcing the Port of Los Angeles would begin operating twenty four hours a day and seven days a week. My only question, and Tim your only question, was like, why weren't we doing this weeks ago? Because We've been talking about supply chain problems for months. Yeah, and they're able to actually

work so much more efficiently in those off hours. So why now. Anyway, he did call the movie a quote big first step as US imports reach record highs. The good news Carol, though, is that retailers say they're stocked, at least for now. We talked about the sales outlook in the critical months ahead with the President of the International Council of Shopping Centers Tom McGee. Were hastening nearly nine year over year growth and holiday sales from from UM.

You know, I think all the conditions that have led to strong retail sales during the course of this year, whether it's a lot of fiscal stimulus, high personal savings rates, you know, a strong job market, will all be the same factors that contribute to strong holiday sales. They think the consumer is back, they're willing to spend, but supply chain issues, you know, it could be the X factor

that could impact. It's interest that you say about consumer back, because we've we've talked about some sentiment indicators being down. When you say nine growth and holiday sales year over year, is that because there's going to be higher prices, Like,

what are we talking about? What is that metric really measure? Well, certainly, there's certainly there's been inflation from one year to the next, but it's really driven more based upon you know, volume growth, you know, and it's and that was based upon a fairly strong holiday season. Although retail sales were down over the coast and most of the year last year, holiday sales actually increased you over year as a lot of

people leaned into holiday spending. You know, overall, for one, we were forecasting eleven and a half percent you know, retail sales growth. Again, a lot of was was way down. UM. So you know, I think it's a it's it's broad based. You know, we're expecting about five percent growth and physical stories growth in e commerce, um, and a lot of growth in and things like food and beverage as well

as people to eat out. I'm really glad you you brought that up, Tom, because you know, if we were doing this, if we're having this conversation two years ago in twenty nineteen, I think we'd be talking a lot about experiences. Last year, the conversation was all about actual physical things because people, you know, we're still there was no vaccine, we were still kind of stuck inside to

a certain extent. What is the mix this year with people buying people gift certificates to restaurants, gift certificates to experiences versus buying physical things, especially if you can't get

your hands on some of those physical things. Well, yeah, I think there's I mean, I think the the you know predominances as people will be focused upon buying physical things, um, you know, outside of the traditional going out to eat an entertainment that you know upticks in the holiday season, and we think this will up to significantly this year.

But I do think there'll be an increase in gift certificates. Look, I think that there is if we have the supply chain challenges that we think we may experience, I think you will see people continue to buy and spend, but they might buy and spend non gift certificates to allow the person that they're buying the gift for to be

able to choose what they want. In two, so you may see a lingering impact of kind of a positive spending um in in in the holiday impact positively impact retailers in the early part of two with people routeemed gifts certificate. Tom Um. One of the things I've also wondered about. I know we talked a bit about supply chains, but I have been curious about the real estate market when it comes to shopping centers. And I know it's

been a story that's been around for a while. Um, what are you seeing on that front when it comes to vacancies and stores? Well, you know, I think there's an increasing level of optimism. Obviously, the industry was at the epicenter of you know, the pandemic and and you know was significantly impacted by all the health and safety

measures that took place. But the level of optimism in the industry, and honestly the level of leasing activity, uh is really at its highest level in my you know, in my tenure as the as the head of i C s C the Lab. We had a group of industry leaders together in Boston just a few weeks ago, and there was a great deal of optimism amongst the group. Um, a lot of new store openings. Actually, store openings exceeds

store closings this year by three to one. A year today obviously was a different story, but you're starting to see a real releasing of a lot of that space take place. And you know, we just did a study with Place to AI that looks at you know, looks at analytics of consumer behavior and really, um, you know, foot traffic is generally speaking, both in the open air segment um and also in the mall segment back to pre pandemic levels levels. So you're starting to see a

real emergence at this. And that's not to say that there aren't challenged properties. You know, the US is a big country, um, and you know the challenges in the mall sector in particular, which gets a lot of attention. That's Tom McGee, president of the International Council of Shopping Centers. You're listening to Bloomberg Business Week coming up. Who's ready to hit the slopes? Tim Stanovick, I'm always ready. I mean I'm the type of I would go to the

Southern Hemisphere in the summer. I could see that. I could see that we go from holiday shopping to planning your next big winter trip and it's gonna involve skiing. Look at our annual ski section and some industry insights from the incoming CEO at VIL Resorts. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. It's that time, Tim, We're approaching the holiday season, many of us starting to

actually think about taking the next big trip. I'm certainly always thinking about it. And you know, Carol, we often dispatch our Bloomberg team to seek out the most beautiful beaches and remote island. Paradise is for some reason, though we're not part of that. Yeah, they get that. All the good games. Well, this week they're hitting the slopes everywhere, from Aspen to the Alps. They do. Indeed, our Bloomberg Pursuits editor Chris Rouse are joining us now with a

look at our annual ski issue. And Chris, let's start with the cover of Pursuits this week. It's in Big Sky, Montana. Sounds like some some big changes happening there. First of all, you one, you can join. You can join our team anytime. Make my life. We're in and too. If you guys are just planning your holiday travel now, it's probably too late. We're down with Chris. If you want to go skiing

sometime in January, February or March. Um. We have everything that you need to know about for the section in our section this week. And yeah, our opening package is about Big by Big Sky in Montana, which is not a place I've ever gone skiing because it has always been sort of seems so like rugged and off peace and I like a little bit of fanciness when I ski. But now they've added a bunch of new lifts, h like really modern lists, like the fastest big person chair

in the North in North America. And they're adding two big, new, fancy, posh very comfortable hotels. So it's part of a whole hundred and fifty million dollar ten year renovation project and now we're beginning to really see the fruits of that transition in Big Sky. It's amazing. I mean, Big Sky is a special place in my heart. It's probably where I took the best ski trip of my life and it was sometimes last fifteen years. And you're right, it

is rugged. You know, we did some off piece skiing that required avalanche beacons at probes and you know, signing in with ski patrol at the top of the big cooler. Does it really felt rugged? I mean it really felt like you were in the American West. Uh, does it lose any of that, if it becomes more like Veil,

if it becomes more like Aspen. So that's you know, that's the big challenge for boying resorts to who are the people that own Big Guy and their their effort is to try to make it like an American version of the Alps. So like, if you go skiing in the Alps in France and Italy and Switzerland, do you have no lack of difficult to rain off piece stuff that's you know, going to be the best day of

your life, but also make you hate your life. Um. But also you know there's there's wonderful on slope experiences where you can stop in and get a glass of wine and um some Boofsburg and Eon and you know, go to a great operate key place with a beautiful view and and so that's what they're trying to get at. They're trying to get at. Okay, you can still do the really crazy terrain, you can still take the tram

up to Loan Peak um or go off piece. But at the end of the day you can have a little bit more comfort, you know, because because twenty years ago Big s Guy didn't even have a grocery store for like stock up your condo. It really has come a long way. Yeah, it sounds like Chris, I mean based on the story. It's not about only you know, improving the ski um accommodations and everything that's there, but

it's like building really a community around it. Right. Yeah, So in people lived in the unincorporated region of Big Sky and now it's it's more than three thousands. Uh, skier growth has you know, it's grown forty six and skier visits in the past five years. So just a lot more people are going. And not only the hotels that a lot more residential is being built, so condos, and that could be everything from a big, fancy condo to something more uh, you know, more normal, you know,

multiple only in a building. Um. So they're trying to get you know, just kind of all different kinds of people to come. All right, let's talk a little bit about hotels and lodging outside of Big Sky because part of the Pursuit section this week includes an update to hotels and ski areas around the world, including Switzerland, Japan, Canada, France, and in the US including Aspen and Veil. Pick out a couple of your favorites from this Chris. Yeah. So um.

You know, the big dream ski place for me and for a lot of people is nose Ecco in Japan, and because the powder is supposed to be more magical there than anywhere else, they call it yeah uh, you know. They just in the past few years I started getting really luxurious hotels, which of course that pursuits is you know what we love um And there is a new Ritz Carlton Reserve there which is I think it would be really exciting for a lot of our um, a

lot of our readers. Also, there's a new Club Med in Quebec, and and we have lately in pursues them very pro club Med because a lot of us have had children recently and your perspective changes. So we've gone from being like, oh, that's all inclusive resorts that sounds kind of tacky, to like, oh my god, they'll take your child for a day, okay, perfect. So we're excited about that one in Quebec. And then an app and you know, there's not really a lot of turnover really

in Acid usually with the hotels. Over the past few years, there have been with a with a new w uh, there's a Viewline resort in snowmass which is a Marriott autograph collection. And then there's a hotel in Veil called The Hype, which is right by the Eagle Bond gondola. So you know, there's a lot of you know, fun new things to try in the US too. Well, you mentioned Veil, and I feel like when it comes to ski resorts, we can't, uh, we've got to talk about

what's going there. Uh. And they're one of the you know, publicly held ski resorts. So let's talk about Vail because they've got a new operator taking over and I love the story. It's entitled the City Kid takes Over at Vail.

So tell us about Kirsten Lynch. So Kirsten Lynch on November one is going to become the CEO of Mail, which really for the past few years has been hearing the conversation in American skiing and uh has really, by by acquiring other resorts, has really actually sort of dominated American skiing. UM. And she was she hasn't working at Bail for a long time, and she was she was in marketing and actually she created their app, the epics Mix.

The epic Mix app which is helps you track your runs, can show you where you know what trails are groom, what trails are crowded. It's like a real live, you know, ski map for you, which is actually useful. You don't feel like pull out the how the condition of the paper, of grooming report, or you know, at the end of the day try to remember how many runs you did.

So she's had all these sort of clever innovations while she was working in marketing at Mail and now she's taking over UM and she's actually the first woman's CEO of of any of these ski resorts, and actually among the few in any kind of hospitality organization in America. So just to date myself a little bit, I lived in Vail for a few years after college, more than three years, and we didn't have the Epic mix app Back then we had iPhones. I didn't have an iPhone.

They were they were they when they first came out. A BlackBerry person. I did have a BlackBerry at the time, didn't. But one thing we did when I lived in Vail, and I would do with my friends Chris, is after working all day, we would get grab our skis, our telemark gear and we actually ski uphill. And it's increasingly become something that a lot more people are doing these days, and in fact, we were doing it for free, it was just allowed. But resorts all over the country are

starting to charge for uphilling. Yeah, so uphilling is the semi masochistic part of trapping on your putting some Chris.

You got to earn your turns, which skins are things that you put on your skis that help you walk uphill and your skis and you get these special detachable bindings and basically you walk to the top of the mountain and you ski down, which means that at the beginning of the pandemic, when lifts were closed, you could go up onto the mountains and ski on your own, basically on the mountain to yourself, or you can go before the lists open, which of course serious skiers like

you really want to do. And because it actually has become such a thing over the past two years and really really grown, some of the resorts have started charging a small amount for tickets. You know, it could be uh twenty dollars for a day, it could be ninety dollars for a whole season. And basically what the goal with the charging is is to get you to sign a liability waiver because they want you to. They need you to like sign a way that you won't sue

them if something happened. Um, and they just want to regulate it a little bit more. But it's become really a big thing. And I grew up in New England. I wasn't fancy like you said. I didn't go live in veil for three years. But we weren't doing it in a fancy way. Trust come on, you were jumping from helicopters. We know you're among friends, you can share. I was what they refer to, you know, locally, as a dirt back. What I want to know is why would you go uphill so much? Well? We did it because,

well for a few reasons. One, you can do it to access terrain that you can't access on a lift. But the reason we did is because we would be working all day and we could go uphill when the lifts were closed. So we'd go uphill for an hour a couple of hours and then go have a beer and a burger. It sounds like it was a great workout. It was. It is a great workout. You're doing it at eight thousand. It's not easy, Yeah, earning your turns

it means something, right, Um, hey listen. Also in the magazine, you guys talk about the gear that you need to do this. It sounds like there's a lot of stuff out there. Yeah, yes, exactly. So you know you you need skins for the bottom your skis, you need special bindings, there are there are boots that are designed for it

by Dina Fits, which actually Formula one engineer. It's helped design. Uh, there are this I didn't really know actually because I'm not super familiar with the snowboard version of this, but split boards. Um, you can get a snowboard that actually splits into two so so you can walk up the hill on two ease and then clips back together and uh and then you carve down, which which blew my mind. But obviously people have known about this for a long time. Chris,

Thank you so much. Bloomberg BURSUWS editor Chris Rouser with a look at our annual ski special, and that wraps up the weekend edition of Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us. I'm Carol Masser and I'm Tim Stanovak. Be sure to tune into our Bloomberg Business Week Daily show Monday through Friday. It starts at two pm Wall Street Time on Bloomberg Radio. Can also watch our daily broadcast on YouTube just search Bloomberg Global News.

Also check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple, or wherever you get your podcast. Business Week now available on newsstands at Bloomberg dot com, at business week dot com, and on the Bloomberg terminal. You can also see me on Bloomberg Quicktake available on Bloomberg dot com, slash qt, and streaming platforms like Roku, Apple TV, Samsung TV, and more. Have a great weekend day safe everyone. This is Bloomberg h