Bloomberg Businessweek Weekend - October 1st, 2021

edition of Bloomberg Business Week. But what a week it was, especially in Washington, d C. With President Biden trying to salvage his agenda as Democrats try to come together on the cost of an infrastructure bill, taxes, and the debt ceiling. We definitely focused on politics. We also Tim focused on the markets, market volatility taking hold once again this past week, a lot of fears over persistently high inflation rattling stocks,

especially when it comes to big tech stocks. We'll explore those topics and more with venture capitalist Alan patrick Off, the co founder and chairman emeritus of Great Croft Ventures. That was a wide ranging conversation. Plus we'll find out why there's been a surgeon wealthy Americans looking to establish dual citizenship and were in countries, and also how supply chain constraints and climate change are impacting. I gotta say

two of our favorite things, coffee and wine. All of that and more to come, but we begin this week with a look at this week's issue, our cover story, which we're gonna get into a bit later. It's all about insider trading in America and why toothless regulations are doing little to discourage the practice. And it's not exactly what you think. I'm not going to give it all away, but it's not necessarily what you think of when you think insider trading, right, But it's insiders who are doing

trading exactly. And so it's a fabulous cover story. Let's talk a little bit about the issue. There's a lot of interesting stories in there. We talked about the car industry, the online used car dealers that market used cars, thriving during the pandemic. Everybody wanted a car, partly because of the chip shortage. It's hard to get a new car, partly because people wanted to drive more and avoid public transit. They want to keep their families together in sort of pods.

But one interesting thing happened was you could buy a used car at one point during the pandemic and then drive it and then sell it later and actually make a profit, which doesn't make sense, does not get exactly how it happened. I mean with a car, right, you're supposed to drive off the lot and immediately the car is worth less, right exactly. Um, really fun story and

deep dive into that. UM. One of the things that caught my attention is we do a spotlight on the ten Companies to Watch, and this really follows on the list of fifty Companies to Watch that we always do in January, and so we do updates on this, but it deals with Lulu, Lemon, Roku, Airbnb, i n G, Altria Group, UH, so many interesting little companies that are out there, No, not so little, actually Folkswagen that's a big one. Uh. And so this really taps into our

Bloomberg intelligence team. These alice identify UH companies for Business Week on an ongoing basis and they give their reasons why why bees need to be on your radar. So check it out. Check out that section. And also one area that grabbed my attention in this week's edition was the rye is of premium economy. It's for airlines, a

new middle class carol. People are starting to travel again or at least think about traveling again, and an interesting thing is happening, and it was happening before the pandemic, and it'll be curious to see what happens post pandemic when things get back to so called normal. But the growth of this you know, type of class of service that is between economy and business class, and people are willing to pay more for you know, more elbow room and a little bit of a bigger seat, and it's

actually pretty profitable for these airlines. That's what's interesting, right. They're figuring out how do they make more on each seat and from what I understand, the premium economy seats they occupy only ten more area than coach, but they do help make the service more profitable per square foot of a plane's cabin space than business class. Yes, I'm reading from the article, but it's all about how do

you make more money out of each of those seats. Yeah, it's something interesting that's happening that happened early on when it came to commercial air travel, with the like the invention of business class, which was at the beginning only a little bit better than than coach. I just want to know, do I get peanuts? Do I get a blanket. I have no idea. I haven't flown him along time. Uh So that's the story that you definitely want to

check out. There's also a story we are consistently here at Business Week looking into Zillo, best known for the addictive real estate listings that we all we all have done it. We're browsing the internet at night, checking out homes prices different regions around the country. But they are increasingly, as we know, now buying and selling homes. They're in that part of the market, and they're also now selling bonds to fund their instant home purchases, so wall streets

being brought in. Yeah. In August, Zillo raised four fifty million dollars from a bond backed by homes that it's bought but not yet sold. The offering was led by Credit Suite and it was modeled on the loan facilities that car dealerships used to finance floor models. Yeah, it's it's fascinating and I think it's interesting to see how that Zillo model is evolving, and you do wonder how they are playing into maybe, let's go on the housing market. We talked this week about it's really tough to be

a first time home buyer. It's hard to be able to afford it because there's so much demand for homes. So you're competing with other people who are looking for homes. You're competing with Wall Street, right, and because private equity, and you're also competing with companies like Zilo that are increasingly making this part of their model. Yeah, exactly. Hey, another story. I think it was also a Bloomberg big take this week, and this has to do with we

are watching so closely the energy crisis over in Europe. Uh, and this story really tapped into how that crisis is coming for the rest of the world. I mean, millions of people around the globe are going to feel the impact of storing natural gas prices this winter. Remember when we had a glut? Not anymore. Yeah, But I found so fascinating about this is so much of this depends on the weather and how cold it is going to be this winter, and also how much wind is actually

being is actually there to generate wind power exactly. So this is a story that just reminds you of the global implications of what seems to be a pending energy crisis for a lot of us. And that's an overview of this week's issue. There's a lot more in it, so be sure to check it out. Plenty more coming up into just a few minutes. You're also going to

hear from a pair of venture capitalists. We'll check in with the Anthemus CEO Amy New Yorkis, she's going to talk fintech, and then we've also got a well known name in the VC space, Alan patrick Off. There's got to be a gradual tightening and inflation is much more of some concern than it was probably three or four

or five months ago. I think there is an upset and that I believe do believe that the ending of unemployment benefits and special benefits fell a given as a result of COVID, which were very much needed, have now put a lot of people in a position where they're not going to have choice but had to have to go back to work. You're listening to Bloomberg Business Week. This is Bloomberg. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Spinnovik from Bloomberg Radio.

This week re checked in with a pair of venture capitalist that includes well known VC investor Alan patrick Off, a great Croft Ventures and Primetime Partners. We'll hear from him a little later on. First up, though, is Amy no Yakis. She's the co founder and the CEO at the digital financial services from Anthemus, as well as the founder and CEO of the media production company Archer Gray. She's been behind the launch of the Female Innovator's Lab.

It's a collaboration between Anthemis and Barclay's. It's all about bringing more women into entrepreneurship, really about closing that fundraising gender gap, something we've talked about a lot here at Bloomberg. Amy spoke to us about the program's recent expansion super exciting. I mean, as you guys well know, you know, investing in diverse founders has done something we've done from the

very beginning. But sometimes in doing so, you run into kind of snags that things just aren't happening fast enough. And that's precisely why we started the Female Innovator's Lab, is that two years ago we got getting frustrated about all the sort of people saying, oh, there aren't enough women to invest in, it's a pipeline issue, etcetera, etcetera, and none of it felt very honest to us, and so we said all right, let's let's let's go ahead and figure out if this is really a problem, if

there's a pipeline problem. So we launched a very specific vehicle that invests exclusively in women in financial services, but very uniquely at the earliest stage of their company. So this is prec this is you know, come to us with an idea, We're gonna help you build it, We're gonna help you map it UM and then we're gonna help you get ready to launch it UM and and

so we've had a lot of success. We've seen over hundreds of companies UM in the last two years, and last week we announced that we are moving from not just employing capital in the US market, but we're going to be deploying as well, doubling the size of the business in UM the UK and Europe. So it's it's great.

We've we've had a lot of success with it UM, building out some really amazing company, finding some really great women UM and and you know, fifth vers of those women are also women of color, which I think UM you know, goes to the other points that will always say that they're just aren't enough women or people of color in the market to invest in and I'm calling I'm calling the BS on that one. We talked to any think back in November, I mean, the pandemic. What's

been the impact on your world VC investing? Give us some context and inside if you could. Yeah, well, it's I mean it's been it's been crazy, right, I mean, it's for so many ways. And I think last time I was on we talked a lot about kind of you know what what what some of the things that we might be kind of reckoning with kind of as as the world starts to reopen and such. But I think that, Look, the last couple of years of venture

capital has been unbelievable. I think that the year, you know, from the pandemic, year after it's it's been the biggest years of venture capital I've ever seen. The entire industry is deploying capital like it's never has before. And the sector that Anthemus is focused on, specifically, fintech, has been the hottest sector known to known to man, woman and child.

And and it's really interesting, right because we've been doing this um at Anthemas first almost you know, going on like a decade and a half now, and to find out for the first time that we're you know, the things that we've always thought important, right, Investing in the service of trying to make change happen in the financial system, focusing on the rout founders, you know, investing for impact. All the things that really mattered to us have now

become kind of the de facto conversation. And you know, it's crazy that that we're getting as much attention, but also that the world is starting to finally pay attention that the things that are so important for systemic change. Um So, in a lot of ways, I'm you know, I hate to say it, but I'm I'm feeling really bullish on on where where um the world stands from

my perspective. Well, you have dozens of companies that you've invested on, including companies like Carta and Better Meant Easy Health, Fluidity, Goji, Happy Money, and more. I'm I'm wondering if if there can ever be, in your opinion, too much venture capital funding out there. I think I thought about is there too much money? We're you know, we're kind of all dealing with this sort of capital wall that that's sort

of upon us in the private equity space generally. But it's about whose money, you know, who whose hands is that money in? And you know, one of the trends that we've been watching really closely and you guys have probably seen it since you dig into venture capitalists, what's been happening with a lot of these um, you know

kind of mega rounds. I think there was around today where where one of the company's fanatics was a Series A at ten billion valuation, right, so you know in these kind of big investors like the Soft Bank of the World and the and the Tiger Gold was coming in and really just pumping up and getting founders excited about um the idea that they could be, you know, tomorrow a billion dollar company. And we're all out for

building really great, fantastic companies. And as an investor, don't get me wrong, we love a unicorn as as well as the next. But the reality is, you know, particularly when you're deploying capital at the earliest stages, you know, seried seed preceed a B even C, you need to focus on what's really you know, how how a venture

company can really scale, and that's about building resiliency. Right if you're giving a founder a check, um, you know, with no product, no market, no customers, no launch and you're saying, hey, here's a hundred million dollars and we're gonna value you immediately it's at five hundred million, go off and do it. There's a lot of danger that that sort of you know, what are they going to do? How are they going to spend that money? Are they

going to deploy it respectively? How quickly are they gonna hire people? How do you maintain a good culture, hire the right people, hire for value, thelignment. It's got money burning a hole in your pocket. Amy, you're talking about, you know, fintech. Obviously that's your area where you guys

are focusing on. Scott Minored. He's part of a story that is among our most right on the Bloomberg where Arsenal Bossik talked to a bunch of well known Wall Street names about the next big risks for investors, and he is concerned. His number one risk is the sustainability

of the global payment system. And he's also looking yet, you know, concerns about hackers and so and so far as we increasingly when it comes to our personal and you know, institutional financial world, increasingly we are digital and digitizing all of this. How do you think about that in terms of investing and and kind of account for

those worries those risks potentially. Yeah, I know, it's so incredibly important, and you know, as as the fintech investor, that's that's got to be something that that that we

pay attention to all day, every day. And I think one of the challenges um certainly that that we're seeing is, you know, in the hype of of all the you know, you asked earlier about how much money is coming to the sector, and you know, if that's going to places responsibly, I think you have to be really careful that that not only the companies you're backing understand how important it is to operate and regulated markets and to focus on

things like security. Because there's just so much money floating around that it gets to a point where people might just say, well, that will just be something I think about on the side, But this is the real deal, right, And when we're back a company, a lot of times just starting with with ideas that haven't yet fully formed

themselves and so their systems are not mature. But you've got to be conscious if you're gonna build a startup using technology in financial services that it operates in an already regulated and and and you know, it's it's the space. I don't know. I mean, I guess I'm trying to try to to to sort of think about some of the you know, big billion billion dollar companies that we've heard about that have made some you know, haven't really been so great about paying attention to how they're protecting

their customers and their consumers. And it does worry me, worry me very much. That was Amy no Yakis, the co founder and CEO at the digital financial services investment firm Anthemus, also the founder and CEO of Archer Gray Still ahead on Bloomberg Business Week too, and we're going to stay in the VC world. Stay tuned for a wide ranging conversation with Alan patrick Off of Greycroft Ventures,

also of Primetime Partners. This is Bloomberg Broadcasting from the financial capital of the world, Bloomberg He Love in Frio in New York, to Washington, d C. Bloomberg to Boston, Bloomberg one oh six one to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week. The next guest is a familiar named our audience. He is Alan Patrick,

a highly accomplished venture capitalist. He helped building grocerge companies as America Online, Office Depot, Apple Computer, and Audible, just a few well companies ready heard of them. He now serves as Chairman emeritus of Great Craft Adventurers. It's a firm that he co founded. He's also the co founder though, of Primetime Partners. Really playing into the aging population there. We started off the conversation now talking about supply chains.

I echo, what the set up I'm seeing at every place? And uh, you know, people when they tend to hear this chip shortage, they think of computers, but it really permeates everything. It's medical devices, it's uh, simple things you use in the every day. It's your it's your toaster, ovens, something. Chips are every place and that's one major hole back and it's affecting a lot of industry and their shortages all over in their delays. I mean you, I'm sure

you've experience yourself. It's something you wanted. They said, I'm sorry, it's going to be a one month or two months because we don't have we've all been there and get ready for the holiday seas we had We just had our ed Ludlow at on the l A Ports and just you see all the container ships just you know, piling up. And I want to go back to something that you said, because you mentioned members of Congress, and I think a lot of people listening right now would say,

wait a second. We don't really see many guard rails on what members of Congress are are not allowed to do when it concentrating activity, and it's come under screening many times in recent years. Do you think their neat to be more? There needs to be more regulation about what members of Congress cannon can't do when it comes to buying and selling stocks, whether it's judges or people in political positions. We want to feel that they are

independent and their user independent, and there couldn't possibly be advised. Now. I am not accusing or even thinking that people are you know, wantedly violating rules and taking advantage of it, but there there should be something in place in general that just eliminates that possibility. And and I do wonder about you know, company CEO s leaders that you talked to, portfolio companies that you guys are invested in. Are you hearing from everyone that it's just really difficult out there

when it comes to the supply chain, It's pervasive. That's why I say, I don't think it makes any difference what industry, whether you're in cybersecurity area or whether you're in a new medical device or I'm sure boat manufacturers have the problem of supply sources for their radar systems. I mean, it's uh for in for red system. I mean, it's just that there is definitely a backlog created by the pandemic, created by lack of personnel and a lot

of companies who were down. How do you see the economy? You can only imagine and I'm sure you have it with colleagues and friends and peers. How many conversations that we obviously have about just trying to figure out where we are in this economy. Certainly coming on the heels of last week's FED meeting, you know where j Palell not worried really about inflation. Um, a lot of metrics have gotten better, but there's still a lot to improve. How do you see where we are in this economy

and where we're going? It? Is the FED policy appropriate in your view? Yeah? I think it is appropriate, and I think that uh, there there's got to be a gradual tightening, and uh inflation is much more of some concern than it was probably three or four or five

months ago. I think there is an upset and that I believe do believe that the ending of the unemployment benefits and special benefits fially given as a result of the COVID, which were very much needed, UH, have now put a lot of people in a position where, uh they're not going to have choice but had to have to go back to work. So I think we're going to gradually see the employment picture. UH continue to approve

as people, but we do. We do still continue out and to hear from executives at companies around the country that have such a hard time getting talent right now, whether that's in warehouses or in the c suite. And I wonder what your portfolio companies are telling you about trying to get talent right now. We had frankat Sutas from Cisco Systems on last week and she said, you know, they're raising their salaries what, Carol was five percent? Yeah, pretty and in order to get people to come work

for them. What are you hearing from your portfolio companies the same ditto. I mean, it's everybody's having problems. On the other hand, uh, it is pushing wages up, which is an inflation factor. So I think that we're going to see more of that, and uh, you know, the minimum wage may end up being an academic discussion in terms of what people really are having to pay to

attract people to join the workforce. But I I see that gradually evening itself as certainly as soon as people have are fully vaccinated, all these things are going to work towards a better situation, certainly as we go into the Christmas season and and uh coming into the spring. So I think that I think this thing will work itself out. But at the moment, I can see a lot of inflation prescious appearing. That's Alan patrick Off, chairman emeritus and co founder great Croft Ventures. He's also co

founder of Primetime Partners. You're listening to Bloomberg Business Week. Coming up next, part two of our conversation with the well known VC investor Alan patrick Off. We're gonna get his thoughts on the find An agenda and how proposed tax hikes could impact venture capital as well as US business and ustment. More broadly, more with Alan patrickof is coming up. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik

from Bloomberg Radio. Well, we know the White House has some big fiscal spending plans to him. We talked about this a lot throughout the week. The Biden administration wants a multi trillion dollar plan that covers soft and hard infrastructure. Well, one of the ways to help pay for it could be doing away with a tax break that let's the tech industry's wealthiest people shield some of their earnings from

the Internal Revenue Service. We're now from our conversation with Alan Patrikoff of Great Croft Ventures and Primetime Partners on potential changes to the tax code in support all along of making carried interest into ordinary income. And that is front and center the the major point of almost anyone in the adventure or the private at the or the real estate business. Uh, it's been an abused to the system. Carried interest is ordinary income. I'm saying that in my opinion,

but it's a fact. I mean, it's part of how you get your earnings and I benefited from it, and I'm willing to be outspoken and saying I think it's something that should be addressed. I mean there left and the last change it would took from one year capital gains per to three years. Now propose was to go to five years UH to be eligible for carrot interest capital gains treatment. But basically carrot interest is ordinary incomb

and I'm happy to debate that with anyone. Uh. Now, what the QSPS situation is a particular feature that's been around since when it came in with the with the Clinton tax code change at that time, and it didn't have very much impact in stimulating business because it was also said by the a m T and it was

only a benefit uh. And so really it's not many people used it is only in two thousand eight when President Obama, to stimulate activity in the small business area change it and then eliminated the offset of the a MT that it really had benefit. And since that time it's been used very very broadly by not just I

hate to hear the pejorative a millionaires and billionaires. It's a it's a little bit overstatement that it's it's used by anyone who's that should be used frankly by anyone who's starting up a young company which has enormous risks associated including including the entrepreneurs who are the biggest beneficiary.

If you start your own company, you benefit from TSPs, just like the investors get benefits from And a lot of people have relied on that since, uh, certainly since two thousand eight, in many cases before that, where they didn't have the concern about the offset of the MC. So there are a lot of people with lots of investments in their portfolio that are are expected when they

realize some of them. If you think about it, they've been there since two thousand and eight, they've been there thirteen years, and they haven't realized on the profits of the investment. Uh, but they've realized the losses in many cases. I mean, it's a very high loss ratio and starting

up and building young companies. And it's only for companies up to raising a total of fifty million dollars, which may seem like a large money about but it really isn't because myotech industries includes a lot of capital intensive industries and it's to take care of that early stage. And now the proposal is wrapped in here and slipped in.

I don't mean deviously slipped in, but it's slipped into the system, which is to cut it for for anyone with incomes of over four hundred thousand dollars, which is going to affect a lot out of entrepreneurs as much of not more so than the investors. And I'm open minded to the fact that, Okay, going forward, perhaps they wanted good thing. The president needs tax income from various sources, and of course you read when you needed, you reach

out any place you can. But I think the first thing is to deal with people who have invested on the basis of expecting this to be qualified under the q SPS twelve or two of the tax code. And now, uh, then there's a second part, which is going forward. Now going forward, I think there's certainly room for coming in with some constructive approach to that benefit, but nixing the two is really to me. Uh there do you do you agree with the President and many Democratic politicians who

say that the wealthiest Americans are not paying their fair share? Absolutely, I totally support the president. I support infrastructure bill. Both both bills that are being uh discussed, negotiated, compromised, hopefully and I would certainly do anything I could to help help get it get it passed, and I think it's

essential for the Democrats that it gets gets passed. And I think that uh, we have an unfortunately a bifurcated UH economy by bifurcated system in this country where we do have a lot of people who have benefited I would say unfairly, but have benefited to such extremes and while we at the same time we have a lot of people who are are just not participating and this has to be addressed. If we don't address it, what

is the best way to address it? You mentioned the closing the carried interests loophole that many would many would argue is well, but what are the other best ways to address it? Well, I think there is a way of addressing income and how income is tax and particularly uh CEO disparities compared to other people working on the company. And UH, I don't know, I don't want to. I'm not a socialist. I'm a capitalist first and foremost that

I've been that for all my life. But I do think that gets to a point where you know, enough is too much. UH. And I think that we you know, we have, you know, the billionaires of this country. Uh, perhaps we have to find a way where there's some

kind of mechanism. And I don't have the answers. I'm not in Congress, and I'm not legislating it, not the tax policy, but there there's got to be a way to, uh find a way where we have some more equality in the sense not that everyone is going to be treated the same, but that there has to be there's just too much differential between the tops and the bottom.

I think I think the President's tax still goes does go towards ameliorating that to some uh some extent with the earned income tax credits and and helping poor people in terms of subsidies for their care, for home care, childcare. All those things contribute to help helping solves some very

serious burdens that people are bearing. Hey, Alan, you know some of our reporting that we've done is said that some people who have been holders of qsbs UM have been rushing to sell their shares to hoping that they can claim a full tax break on next year's ten forty form just in anticipation. Have you seen signs of this? I mean, I think part of tax code is so complicated, and I think there are lots of moving parts. To tell you, YEA let me the answers. No, I haven't

seen it. A b if I read it correctly, it wasn't too much good because it's effective the thirteenth, so that doing it today is kind of the the barn doors closed. I mean, for ample, we have two companies are in the process of being sold, both of which

are qsps that we're in. We're in both these particular companies one to seven years and one the thirteen years since two thousand eight to that maybe two thousand nine, and we haven't completed the sale, and based on what is pending and what's possible, they will not be eligible to the qusps. So and we couldn't accelerate the sale anyhow. I mean, companies don't get solid. These are not on the stock market. These things that are private companies, and

these are private transactions. I can't even disclose to you much less realize on the on it capitalize on qsps. It will when it when it comes, it will depend on what the tax system is at the time and sold. But but the shame is that it was invested in a time with the incentive of q SPS taxation. Well, so what is your expectation, Allen, if if this changes, if indeed present find the Democrats or some of them get this through, how do you think it would change?

It would impact the venture capitals scene, because I think there's often arguments saying, you know, people aren't going to invest in innovation, uh and so on, and yet it does continue. I find it hard to believe that you might think twice maybe, but I find it hard to believe that venture capitals would pull back completely. I think you know, but help me. You're not wrong. You're not wrong. It's not gonna market, it's not going to shut down. I do think this is just an added incentive for

people to take risk. I mean, it's a lot easier to be in the private equity business of being the stock market. If you don't like it, If you don't like the stock market and you don't like your company, the next day you sell it, I mean, or the next hour or the next minute by it and sell it. You don't like it when you're in it. When you're in a private transaction, you're in it for life. I mean, you're until something happens at a liquidity event. So you

become a partner in that business. You may have be the partner, but you in effect or long term partner. I just gave you an example of a company we've been in thirteen years, twelve years, I'm not sure the exact date. And uh, we haven't had the ability to sell for twelve years. Uh yeah, and uh we took a high risk at a burg. Almost all these companies were remembered ground zero when they started right and uh

and the fact that they succeeded. Uh, it doesn't talk about all the losses we've incurred in various other companies that were q STS qualified that died on the way. That's Alan Patrikoff, chairman emeritus and co founder of Great Craft Ventures and co founder of Primetime Partners. That wraps up the first hour of the weekend edition of Bloomberg Business Week from Bloomberg Radio. I'm Tim Stanback and I'm Carol Masser. Ahead in our next hour, we're going to

dig into our cover story this week. It's the practice of insider trading and how it appears to be flourishing in the US, but much of it is beyond the reach of regulators, and there seems to be little interest in clamping down. Plus, if you've ever thought about planting your flag in a new place, you may want to consider it doing it in another country and getting a new passport too, well, if you can afford it. We're gonna break down the growing trend of investment to migration.

So we're talking to passports, dose dose, alright, looking forward to that. 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. I

am Carol Masser and I'm Tim stock Clinia. In our second hour of the weekend edition of Bloomberg Business Week, including investment migration, We're going to explore the growing trend of wealthy individuals pursuing citizenship in countries other than their own. We say wealthy because it's not cheap to do. Yeah, I mean we're talking hundreds of thousands of dollars depending

where you want to. Plus, the coffee and wine businesses facing challenges ranging from climate change to supply change shocks. We're gonna learn about a series of entrepreneurs who are overcoming these hurdles and thriving in highly competitive markets. First up this hour. This week's cover story also a Bloomberg Big take this week all about successful traders who appear to have more than just luck and sound research on their side. How do we deal with insiders winning trades.

It's one of the biggest regulatory conundrums in finance, and to break it down, we spoke to a business wee getitor Joel Webber, along with Bloomberg News Projects and Investigations reporter Liam Van. Inside of trading always likes its head like it was. It was really big in the eighties with Michael Millcould and Boski and then again you know when you had Sack Capital and pre Berara and stuff. But the thing is, like the stories keep coming, but

the issue never goes away. And I think fundamentally the reason for that is that the law in America around inside of trading is just really shoddy and isn't really up to the task. Um So, for example, there's no crime of insider trading in America in the same way that there is in the UK or in other places. Um, what happens in America is that you have to charge people with securities fraud UM, and it's all done via

kind of case law. There isn't an insider trading statue, even though people are pushing for that UM and essentially that really raises the bar but behind bringing these cases, because to prove fraud you have to demonstrate this thing called scienceer which is like criminal intent. So you have to demonstrate that this inside the trade and you their head inside infimation and liberally set out to take advantage

of it UM. And the problem with that is that even though you can sort of see what the CEO keeps getting very lucky, they can turn around and say, well, if you look at the information that was in the public domain already, you know it was pretty obvious that the shares were going to go up, or you know, I just had better ability to judge what was ready out there, and it's very hard to prove them wrong.

And if you think about like normal insider trading cases that you think of like the sack capitals of this world, and hopefully if you're a prosecutor, you'll find some email or find some witness whereas in this it's really just

all going on in the executive's head. Um. Well, so you know, I spoke to a bunch of you know, x SEC folks, ex prosecutors, and they all said that these cases are just absolute pigs and that's why they're largely you know, it's almost like an unprosecutable crime essentially, meaning that they're not necessary isn't necessarily a case There you're saying, well, it's just incredibly hard to demonstrate wrong

for criminal prosecutors. Yeah. Liam, What I found so fascinating about this was that even you know, some government lawyers who you talked to question how much damage the executive trading really causes, which makes me think it's like, wait a second, is it really is it a victimless Yeah, that that really struck out to me about this story. So explain that because not everybody thinks this is necessarily that bad. Well, I think that's the thing that really

appealed to me about the story. It's the kind of moral and philosophical questions that it it raises. So you've got someone like pret Berrara, who kind of made his name as the Sheriff of Wall Street, and he brought down all these insider traders, and then a load of his cases ended up having to be quashed because just down to this you know, function of this kind of squiggly law and the case law. But he would argue, look,

it's about fairness. Like fundamentally, um, you know, elites in society shouldn't have an advantage when you know, trading our financial markets over other people. And even if the losses are small or they're disparate and spread out, that's you know, fundamentally the principle at stake. Whereas other people, particularly economists, so around and say, well, actually, you know, by trading, these guys are helping making markets more efficient because they

make disclosures. People can look at the discloses and ultimately it kind of helps wheel the grief the wheels of capitalism. And therefore it's a bit like you know, I sort of make the analogy of of like drug enforcement. It's almost like an unwitnable thing. So prosecutors will be better off just ignoring it all together and accepting that this is kind of part and parting of the way that the world works. So pick your side. This is it's also rather tamely because you know, we have new new

chair in SEC. There's been some shatter in d C. What what what has been that chattering? And where could we see this this conversation go on the regulatory front. Yes, so there's two. One is at the higher level political legislative level, where they're talking about actually introducing insider trading statutes and rules which would have a quite profound impact.

And then there's the more kind of rule based stuff that's going on at the SEC where they have actually talked about and it looks like it could have a quite quickly reforming one of the main culprits of this whole story, which is these kind of they're called ten B five trading plans. Basically, what it is, if you're an executive and you want to sell your stock, you could enter a plan with like a third party that says I'm going to trade x amount of stock over

this period of time. But the problem is these things are kind of right with loop holes, and um, you know, it's been various kind of research showing how how vulnerable they are to abuse. So it looks like at least on that side of things, on the trading plans thing, there could be some movement. But again the way that the law has written. My you know, my understanding of people are spoken to. He says that there's only certain

things they could do. They can't completely solve the problems in the way that they'd like to without ripping up the rule because and rewriting the hole inside of trading. Look. That was Bloomberg News Projects and Investigations reporter at Liam Vaughn along with a Business Week editor Joel Webber. You're listening to Bloomberg Business Week coming up. You may have considered buying a second home, a second car, perhaps, what about a second passport and why the demand for dual

citizenship is skyrocketing, especially among wealthy Americans. We're going to explore the concept of investment migration. This is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. So, investment migration, it's a growing trend where citizens of one country look to gain residency in another for a variety of purposes. It could be estate planning to being able to start a

new business that carries a smaller tax burden. Esidine Solomon is a managing partner for North America at Latitude Consultancy. It's a residency and citizenship by Investment Advisory Firm, which is seen a three jump in Americans seeking dual citizenship over the last year. Getting a second passport or resident for a wealthy individual is an important part of their

wealth or you know, their legacy planning. Really when they're looking at you know, how they're going to plan for the future, what they're going to leave to their children, the future generation, a second passport is very powerful. Another reason is mobility. Really in the last year, Americans have had their wings really and um, you know, getting a second passport really gives them that option or that freedom of you know what, now is the time for me

to go in a different country or in a different continent. Um. And then you know, finally, uh, it really is a lifestyle play. Uh. You know, many Americans and many clients are seeing that. You know, I'd like the option to live, work, travel, whether it's in Europe or different parts of the world. And you know, that freedom or those options are really powerful. So I am curious if somebody's listening to be like, is this the way to avoid paying taxes or something?

Tell us, you know, what is your typical client? Who are the demographic of people that you tend to work with? UM, give us an idea. Yeah, Well, the reality is, I mean, you know, Americans are taxed on their worldliding. So whether you have one press forward or ten, you know, it's it's not about avoiding taxes. The usual the typical client is you know, someone who is looking to live or spend a signific amount of their time in a different country.

Someone that's looking for a plan B. But mostly it's I mean wealthy families. So if you're looking to invest anywhere between you know, two hundred thou euros up to a million euros. Uh. You know, we've had those conversations and typically you know, before the pandemic, we've seen a lot of smart money. I really get into this, whether it's for you know, uh crises, a pandemic, a global crisis. Uh. You know, clients are looking at the best place to live,

what's the safe place? And you know, most recently, actually your your previous guest was talking about you know, uh, climate change. You know, we have clients that are looking for the cleanest place, the place with the best food, the best air, and the best environment. So It really depends on you know, our clients needs and what the

family is looking for. Well, right now, Europe. Europe is the next best thing I can tell you right now, um, just because you know, by getting a citizenship or by getting a passwork from Europe, um, you know, you have access to all the countries. Meaning so if you have a German passwork tempt you can go live in France. You can live in Germany, you can work in Spain, you can buy home in Italy. So it really gives you all the options that our clients are looking for

um and they're there. You know, their needs are global and that's what we're there to do. So is it older people who tend to tap into this and just curious a little bit more about the demographics? Yeah, so it really ranges. Typically our clients range anywhere between you know, you have the new tech investors, you have people that are you know in their their their golden ages that are really planning for retirement. UM. So it really depends

on the needs. But I could tell you it's a dealer between thirty and you know even sixty or sixty five um. And and that's really how much does function is really what's motivating them? I'm sorry, how much does it cost to go through with this? Tim and I were both thinking like okay, so all right, let's get down of the dating pretty Yeah, well that's that's usually

the first question. So, UM, it's a typically range between a hundred thousand for a second passport, you know, either from the Caribbean or a second passport from your range anywhere between five hundred thousand to over a million euros. And it's typically no, I was just going to say, it's typically something that's done remotely. Um, there is you know, a process, but we walk you through that, um and everything is done. You know, it's really a turnkey solution

that we offer. Well, so it's a it's a hundred thousand dollars, Where does that money go? I mean that includes your fee? Or does that are those fees paid to the country that you're you're going to or does it do you need to you know, buy property that has an associated all you have that much? Where does

you know? So it's either you could either go into a fund, whether you know it's a hurricane relief fund or an economic development fund, or it could even be a real estate play where you know, clients are buying vacation homes or second residencies. Um. And then most cases, you know you can either invest in the business, you know, start your own company, or again you know, just donate directly to a fund that would encourage social and economic

development in that country. So, um, if it's Europe, typically it's a it's a real estate play. When it comes to different places that you could tap into getting another passports, whether it's the Caribbean, whether it's Europe, I mean is what what are the differences? It is just access or

what's different? Yeah, well, it's really access. And like I said, you know, having a second passport, the next best thing would be Europe just because it opens the door to all of those countries, meaning you know, if you could spend as much time as you want in you know, over twenty countries on any given moment. That is really the golden UM. And a lot of clients what they're doing is if you get a second possible from Europe, that that is something that's passed down to generations. So

those are typically what our clients are looking for. Um, you know, mobility, freedom and something that you know we can give to the next generation. So if you get it, you can pass it down at no cost to your kids. That's yeah, that's correct. How busy have you been over the last past year or so the last couple of years. Well, we've we've been very busy. I mean the US right now is our most important market. And like I said, that's why we opened our office here. Um and you know,

the the smart money is what started it. But now it's becoming more and more popular. And you know we work with Loft Runs Family Offices and they're catching onto this. So yeah, quite busy. Actually, that's Ezitene Solomon, Managing partner for North America at Latitude Consultancy, Carol. Where would you go? Oh gosh, probably somewhere in Europe because if you get you know right, it opens up all of Europe to you. But it's expensive up start vent you have two passport?

I do, I do, but I didn't you know, buy citizenship right. I was able to get it through my family. But I haven't traveled much on my European passport. But it's interesting, right to have that flexibility you haven't used now, I haven't. I've used it a little bit, but um, you know, I haven't done much traveling recently and a lot of the places that I've gone to, um you

could get in just as easily with an American passport. Well, and it's interesting if you're an American but still have maybe a second passport, you still have to pay American taxes. Of course wherever you, guys will find you all right, still to come on Bloomberg Business Week. Coffee and wine. There are two of our favorite things. Sometimes they go well together after a nice meal. Uh. There are also

two industries though facing serious global challenges. We're going to talk about how entrepreneurs are surviving and thriving amid climate change and supply chain troubles. This is Bloomberg Broadcasting from the financial capital of the World, Bloomberg in Rio in New York, to Washington, d C. Bloomberg to Austin, Bloomberg one O six one does San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine team, and around the globe the Bloomberg Business app and Bloomberg Radio

dot Com. This is Bloomberg Business Week newing coffee supply. It was founded and it is led by a first generation Vietnamese American she's the daughter of refugees. We're talking about Sarah new In. The young entrepreneur is based in Brooklyn, but she sources her beans from the world's second largest coffee producer, her family's home country of Vietnam. Sara joined us on National Coffee Day to talk supply chains, the cost of doing business finding workers in a highly competitive

coffee market. She understanding how honestly, I feel like it's actually really easy because as crowded as a coffee market feel actually, there's literally no one else offering a single origin Vietnamese roboosta coffee, right, And it was because like we we pride ourselves and being a direct trade importer, because no one else was offering this. And I couldn't even buy single or die Vinese coffee from a green bean buy or importer because no one was paying attention

to Vietnam as especialty coffee producer. Right, So where do where do Vietnamese beans usually go? Um? Well, actually, interestingly enough, the top three imports the Vietnice coffee beans are Germany, United States, and Italy. Right, However, it's often being pushed into you know, nondiscrete blends or maybe instant coffee products and so a lot of people aren't aware that they're drinking Vietnamese coffee already. We talk so much with heads

of companies, leaders of institutions. We're talking about supply chain management and the bottlenecks. What are you seeing specifically, and that has to do with getting your coffee beans, but also workforce and let's talk about beans first. Can you get everything you need and does it cost more or less? Yeah?

So at this uncture, we're able to get everything we need and candidly, our prices have not changed because a lot of the price fluctuations that we're hearing about the news is really related to a rappic of farms um that in like South America and whereas yet now because their primary production is robusa, we haven't been affected yet. What about when it comes to shipping. We've been checked in earlier this week with I'd love though he was at the port of Los Angeles. Dozens of ships just

stuck there. Um, so yeah, how much is it costing you to to to get your beans? Yeah, shipping has been horrible. It has been super back and congested. I say the cost of shipping for us we're getting container has quadrupled um and and we're super backed up. However, we've been preparing for this, so we've just been calling our orders way away in a van, so we haven't run into any inventory issues yet. Fortunately, what about workforce? Can you get everybody you need or you're having to

pay up um for those employees. I'm not quite sure how big your company is and how many workers you've got. Yeah, so our company is currently five full time and it will also have about eight part time people in production. UM. Workforce is challenging on this UM. You know, always had to turn over and it is. It's like a workers market right now in New York City. UM. But fortunately we haven't had too many challenges there, meaning you how had to raise wages or you have not had trouble

getting talent or holding onto them. Yeah, we haven't had trouble getting talent. We do have to hire, but we've raised we've raised wages just out of our own principle. We want to just compensate people better. So you've raised wages and shipping costs have gone up, but you haven't raised the price of coffee yet. We have not yet. So you're just eating this. Yes, we are eating this right now? How much longer can you do? That? Great question?

I believe when the new container comes in, we're gonna have to take a serious look at how the cards people defect are free is going to affect the bottom line, and we're gonna try to hold off as long as we can for our consumers. Um, but our next container

will be arriving in Q four. Actually does it come into just because we're all in a shipping mindset, right, it's not waiting off the port of l A. I'm guessing it's coming into New York two months to meet the container in Newark and correct, yes, in New work Um, Hey, listen, just got about a minute or so left. We You know, it's been an interesting rough couple of years between the pandemic,

between what happened with George Floyd and other black Americans. UM, as an Asian American, a Vietnamese American female entrepreneur, how easy has it been for you in your path? Um? There are a lot of hurdles that I have to work through, a lot of perceptions and biases that I have to really challenge. Um, it's challenging, but honestly, I would say that the support of the community and our customers just really keeps me going. Um, people haven't really

open to a shifting narrative around Vietnamese coffee. I think one just relates to the ticking anti Asian violence. Right. This idea of the valuing Asian lives is actually related to how people devalue Asian food and culture very often,

and it relates to people the value Vietnamese coffee. Right. Um, it's all related, and so that has been a challenge in itself, but really with our company where ships the narrative and bringing value invisibility to vietn these coffee and producers, and and I hope that that will also translate to how people value our communities and lives behind our products as well. That's their new way. And she's the founder and CEO of New In Coffee Supply. Carol five cups

of coffee a day for her, to be fair. We had a really great conversation with her, but we kind of had some fun with her because she felt like she sounded like she had five cups of coffee. She said she had one more than normal, right, So she had six because it was National Coffee Day, but five is usually what she has and it's more caffeinated than

traditional the typical coffee. Right. She was definitely pumped at the beginning of the interview, but a really fun to interview and just to find about her career path because she's done so many different things. All Right, you're listening to Bloomberg Business Week. By the way, you can hear the full conversation on our podcast feed. Coming up, we're gonna go from beans to grapes, look at the challenges facing winemakers from across the world, what you need to

know about this year's vintage. We're gonna take a deep dive into our Pursuit section. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes tim cent of it from Bloomberg Radio. It's time for the Pursuit section of Bloomberg Business Week magazine. And to be a last segment, we talked about coffee, which is a great way to start the day. Now it's time to think about how we might want to end our day. How about kicking back with a nice bottle

of wine. That sounds pretty good to me. I mean, you know that I like to drink non alcoholic beer. But I have to tell you, as we get into fall, the weather gets a little cooler. I have been drinking a little bit of red wine lately. I love a nice class. It's healthy for you. Good. Well, you've heard them there. It's our Bloomberg Pursuits editor Chris Rouser. He joins us now with a look at this week's Pursuits section. Chris, we know, I believe it's Dr Chris Rouser. Isn't wine

the doctor of wine? Is that? Is that an m D that's on my LinkedIn? Well, Chris, we know there's good wine to be had, but maybe not in the quantity that we had in recent years. Yes. So this year, UM, we had Ellen McCoy, who is our great long term Bloomberg wine columnist. Uh, do a harvest report for the whole section, UM about what harvest has been like and climate change has wreaked havoc in almost every wine region around the world, particularly France. UM. Climate change in general

means can mean hotter, drier summers. It can push the harvest later, but it also can mean cold. And there was frost across a lot of France. And you saw there are these crazy photographs of people lighting fires like every ten feet through the vineyards and it looks like a real medieval like haunted scene. Um. But you have to do that to try to save your grapes because frost killed you know, almost up to of grapes in

some people's vineyards. So the harvest, like the hall, the quantity in France is going to be very low, but that doesn't mean the wine is not going to be good. The surviving grapes are tough and they've made it through um and in some places people are expecting very good wine, just a small quantity. Even in France, as you said, that got hit hard. Yeah, Chardonnay was hit hard. Bordeaux

and Burgundy had mildew in addition to the frost. Provence had frost um but Italy had an okay harvest, Portugal had a great a risk, Spain in Germany and Austria sort of seemed about average. And the US, you know, you saw the wildfires. They also this is California, they also had some frost, but they are hoping for a

good vintage as well. The Louire Valley in France had hailstones. Yes, I don't know if you saw footage of this, but it was really crazy, like one of those like fist sized hailstones thing and that you know, you can have hail for fifteen minutes and that can wipe out a crop. So does this mean that this wine is going to

be more expensive because there's less of it? It can mean that, yes, but there's also there's a backup, especially from Bordeaux of the past few years, which were bountiful crops, and that that can have the you know, the vintage, that can have an evening out effect on price just because the demand is met. Um. But yeah, it could mean that the prices are higher. Really good things to know. Uh, let's go, let's kind of stay in the United States. Let's or let's go to the United States and let's

talk about the Hampton's and Long Island. I mean, there's a lot of vineyards right out in Long Island. So we have us piece this week in Pursuits about the North Fork of Long Island, which is the other two people really go to North Fork there. I'm just kidding.

I'm just kidding. I know, I know the North Fork is it's a lot of farmland and it's a lot of vineyards, and it's it's been known as a much more chill place to go, although the Long Island Railroad goes there and so it's a lot of there's less traffic often to get there. But since there have been new hotels, new restaurants, and new vineyards that actually have been drawing sort of a more sceni crowd. Some some restaurants from like Montauk and stuff have opened up locations

in the North Fork. So now you're getting some entrepreneurs coming in and opening up establishments, like people from Manhattan, and some private equity UH companies coming in and buying hotels and redeveloping them. So and the one hand is getting like pretty cool and also more lively. On the other hand, locals are a little worried, or people who have been going there for years are a little worried it's going to become too scenic. It's like what happened

in Montauk. Montalk used to be like nobody went there right, just the fisherman and it, and then it just became like the place to go, and you're seeing that happen in North Fork. Yeah, real estate prices have increased quite a bit. In twenty two thousand five, the median home price in the North Fork was four hundred and fifty one thousand dollars. Now it's seven hundred eighty thousand dollars, Chris,

So perhaps people missed out on actually getting a place there. Yeah, you know, I have some I have a few friends who have bought in the past couple of years, and I was like, we're going to wait and see, and now we've waited too long. We have friends who lived there, so you can go stay with them, right, exactly, exactly. Yeah, one broker told us that she can't find anything under two million dollars, which is which still is not Hampton's level, you know at all. Like the median price there is

so high and it's impossible to find anything. But still two million dollars is a lot for what, you know, for that area, what it used to be. I always think when private equity get involved, you know that it's getting serious, right in terms of development or or channeling

money to that area. They're buying old motel you know, like run down motels, and they're turning them and they're going to like she confy them, you know that whole All right, let's talk about a couple of individuals that you guys profile in the section this week, one is about the busiest man in Nappa. Who is he? We actually have I would say the two guys that we profile are like are tied for busiest men in Nappa.

The UM. We interviewed Carlton McCoy who is a managing director of Heights Sellers and he what used to be the samolier at the Little Nell and Aspen And Galen Lawrence, who's a big owner in Napa, hired him to be his CEO a few years ago. And um and he is the only he's like, he's the most powerful UM

man and Nappa who's black. And he has taken it upon himself who to uh not only like expand the company and really revolutionize at higher a bunch of young people, but also try to draw more people of color into the wine industry, which is traditionally very white and European. Yeah, that's right. It's another industry right where there's not a

lot of diversity. Yeah, exactly. And he you know, he's uh, you know, putting other people's money where his mouth is, Like he started to fund was raised hundreds of thousands of dollars, brought scholarships to bring in BIPOC people to learn, uh, to learn about the industry. They've sent people to Europe to study to be somes and and vintners. It's it's really been working. And we know we talked about climate change and Ellen McCoy and her profile of McCoy check wait,

her profile of Carlton McCoy. Uh. She addresses that with him because if we think about what's happened in NAPA in recent years, every year we see images of fires raging in northern California and also at the same time drought happening. So so what's he doing in order to make sure that he can harvest? Yeah? So he right when he started, one of his vineyards burnt down. Uh, and you know, Ellen said, oh my god, what what was that like? And he was like, well, you have

to learn, we have to learn from what happened. And so they immediately began building more vineyards because you know, in NAPA you were marketing and your sales are also involved, like are tied up in hospitalities. You gotta get peop to come have a like a luxury experience, taste the wine, join the wine club. Um. But also they're doing very old school things like literally vineyard clearing, like clearing the land around vineyards. Uh, they're doing stuff to literally fight

off forest fires. It's unbelievable. I feel like he's just working on so many different fronts, you know, trying to create more diversity within the industry, support that when it comes to like Black Lives Matter, really being behind that. He's also got a series for CNN. Yeah, he has. He has a new TV series and it's um, it's it's actually it's called Nomad with Carlton McCoy. So yeah, it's a lifestyle series. He goes around, it goes all

around the world. It's music, art, religion, fashion. So it's going to come out in love it, love it, love it. Let's get you said that there were two busiest men in nap but let's talk about the other individual. This is uh. You guys also call him the grape Guru. I think. Yeah. So Steve Mathieson has his own winery, he makes his own wine, and he also is a consultant on like fifteen other important wineries in the Napa area.

And this is one of those people that you hire, uh to help you figure out when to harvest, how to harvest, how to handle the grapes, because all those decisions which happen actually very quickly, it's in the span of a few weeks, are have huge repercussions in terms of margins and sales and you know, the popularity of your wine. So people really depend on him to come to taste their grapes, to measure the sugar content of the grapes, to tell them whether they should de stem

the grapes once they're harvested. And you know, if you've ever been to a winery when they're when they've picked the grapes and they've smashed them in, they're in these big bats and they're they're they're fermenting. It doesn't smell like wine. It smells like a punch in the face. And you could taste it. That's a perfect that's a

medical term. Um. And you know he's with a guy who can go in and taste that wine and say, Okay, this is actually gonna be great, you know, like you or I would taste it and say like this is horrible, throw this out and um, and he'll be like, oh my god, this you got it. Or he'll be like, you know, take some steps out, push, push it down more, Hey, let's wrap up because you zero in on pen Fold,

which is Australia's most famous winery. Australia's most famous winery has started a California collection because their own by a parent company that has some um has some wineries in Napa. So pen Folds, which is the Australian company, also decided to create a wine blend that was you know, the bulk of the wine was actually from Nappa with a

little bit of Shara's, the famous Penfolds from Australia. UM, and to do a global blend, which traditionally if you see a wine that has grapes from all over the world, it means it's like pretty bad. And people they were just buying exit. Yeah, exactly through everything. Um, but this is a seven bottle of wine and it's uh. Ellen thinks this is probably going to be a collectible wine that will age. She's tasted it. She says, it's very good, very powerful. Um and uh, you know, pen Folds has

a history of doing this. They also when they did their Grange wine, which is one of their most collect able wines, it was also a blend that people thought this is this is a gimmick. This isn't gonna work, and now it's incredibly collectible. All right, Well, bottoms up, everybody, have a nice glass of wine over the weekend. Chris Rouser, Dr Chris Rouser, our wine expert and editor of Pursuits,

thank you so much, really appreciate it. Thanks. We should note he's not a real doctor, but he does play one on the radio. And nicely done. But bump. Alright. That wraps up the weekend edition to Bloomberg Business Week from Bloomberg Radio. Thanks so much for joining us. I'm Carol Massa and I'm Tim STANEVK. Be sure to tune into our Bloomberg Business Week daily show. It's 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. Also check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple, or wherever you get your podcast. Bloomberg Business Week is available on newstands now at Bloomberg dot com, business Week dot com, and on the Bloomberg Terminal. You can also see me on Bloomberg quick Take available at Bloomberg dot com. Slash QT and streaming platforms like Roku, Apple TV, Samsung TV,

and more. Have a great weekend everyone. Do you drink wine? On quick take, we haven't. We should though, to be continued this Splinberg