Bloomberg Businessweek Weekend - October 22nd, 2022

edition of Bloomberg Business Week. While earning season in full swing, with all the big banks, the top three US airlines, Tesla, Netflix, and dozens more already out with third quarter earnings, and big tech on tap this coming week, I had on the program our Bloomberg Business Week and news teams take us inside the likes of Goldman, Sachs, Exxon, Meta Platforms, and Netflix to help us understand some of these storylines

affecting these closely watched companies. And as we explore, some of the world's most influential companies, will also zoom out to look at why the global economy and financial system may permanently be fractured into We'll do that with investigative journalist know Me Prince. All of that to come. We begin though with one of the companies we mentioned at

the top. We're talking about Goldman Sacks, the world's most valuable investment bank, scored an earnings beat thanks to its fixed income traders helping to drive revenue above analysts estimates. And this is all happening as CEO David Solomon looks to engineer the third major reorg at Goldman during his four year tenure. Bloomberg News finance reporter Shri Natarajan broke it down for US just ahead of the big banks earnings release, Goldman shaking up its leadership ranks and yet

another overhaul. What's the big headline here, what's the what's the what's the re org? Who's taking who's taking over for these divisions? It's not with the last three words of the headline, yet another overhaul. And I feel to some extent that's more the news than actually what they're

moving around. It's not the rearranging of the deck chats, to be clear, without any Iceberg inside, but it is not about the changes itself, but the fact that it's happening again because David Solomon, the CEO of Goldman SAX, is four years into the top job at the Wall Street joint and this is this is the third major structuring he's undertaking. Not just that with this move, he will be undoing a lot of the signature moves he put in place and changes he made just two years ago.

That is not a good look and that gives a little bit of whiplash to investors. So let me actually step in and tell you what the changes are. You have a Goldman Sacks with four distinct divisions trading, investment, banking, two units where their strength is it's fair to say unparalleled.

Then they had this asset management business, which is the Goldman Sacks asset management business, investing in public markets on behalf of other investors, as well as this merchant bank, which was sort of their in house private equity shop. And then the fourth pillar, which was actually created in was this consumer and wealth management business because that catered to individual money, some very very very very rich people and some averages. But those were all people that Goldman

was targeting. They wiped the slate clean. They've combined banking and trading in a way to try and or gets to the market that hey, if you see banking and trading as one combined group, similar to how JP Morgan does it, similar to how Morgan Stanley does it, you may be able to appreciate how good it is. That's one goal with c IB Then what they did, and we've talked about for a few months now, they've had

major issues with their consumer business. They're effectively dismembering that, bringing back wealth management into their asset management business, shoving up part of their director consumer business, which operated under

the Marcus brand name, into that unit. And then the third is this weirdly named business called platform Solutions, has such a mckenzian ring to it, but it is taking their you know, the online loans provided that they bought last a Green Sky, the credit card partnerships which is the ones that they have with Apple in general motors, and the transaction banking business, bringing it under one roof

having it as a standalone business. Think of it somewhat like embedded finance, which a lot of people are hot on, including McKenzie. Wow, I'm actually closed on this McKenzie conspiracy theory. They might have been behind this name. To be clear,

I do not know for sure. I hear some reporting a little bit later on, but it is a standalone business and it will be interesting to watch because that business will report losses for the first stable future for the next quarter or two, or three or four or more. Not many Wall Street banks have a standardone division that where the pm L. It will be so visible and

so painful. Goldman's got to hope that investors don't pay too much scary attention to it, are willing to cut them some slag and actually see the new, new, new narrative that they're trying to uh spread and believe in it. What prompted this shift a number of things. First off,

why this shift just in January? You did a massive change of the asset management leadership in twenty We just talked about all the other changes they made, but the mumbling and grumbling outside of Goldman SAX had been clear for the better part of the last six months. They worried about the situation and asked management group and how

the new leadership is getting along. They really worried about the consumer business, which, as we've reported at mid year, they projected would lose a while more than one point two billion dollars in a year, in a year when the bank's total earnings is expected to drop from the success, the fabulous success they had in one that was just

too harsher. Spotlight on that business, so it was clear something had to be done, and it's fair to say that the problems with consumer accelerated some of the discussions they had about other orcs. If you're bringing back asset in wealth management and making this large one unit, you probably do the c IB aspect of it. The banking and trading combination is something people had been pushing for

the firm. David Solomon and esteem had been reluctant about that because they were more interested in steering investor attention towards asset management and consumer, those recurring fee businesses that

they think investors will appreciate. Now that they've actually made this combined banking, Global Banking and Markets Group or has it's an acknowledgement that maybe it is fair to shine the sport light on their crown jewel, and maybe it will give them a boost with investors that we don't know yet and that we'll see over the coming months and quarters. That was Bloomberg News finance reporter Shrina Irain

coming up. She worked at Goldman Sachs and is now writing about how the division between Wall Street and Main Street is growing faster than ever before. We're like in the middle of potentially, you know, hue forever um, even if books come down by a little bit. And so

what does that mean? I mean the real economy doesn't necessarily get the benefit of financing the same way it used to get the benefit of financing in the sixties and the seventies and the fifties when we're building roads and highways, because it's come second to money being created quickly, being leveraged excessively, and flowing into financial assets that are quicker to turn around. Economist, journalist, and author Naomi Prince joins us next, you're listening to Bloomberg Business Week. This

is Bloomberg. This is Bloomberg Business this Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. Our next guest spent years working at several iconic Wall Street firms. She's a former Goldman Sachs managing director, former senior managing director at bear Stearns that was over in London, and then before that, she held positions at Lehman Brothers and Chase Manhattan Banknomi Prinds is an economist. She's also

an author and investigative journalist. She's got a new book out, it's called Permanent Distortion. How the financial markets abandoned the real economy forever. She joined us in studio to discuss why she left the world of finance and the fast

growing gap between Wall Street and Main Street. The real economy doesn't necessarily get the benefit of financing the same way it used to get the benefit of financing in the sixties and the seventies and the fifties when we're building roads and highways, because it's come second to money being created quickly, being leveraged excessively, and flowing into financial

assets that are quicker to turn around. So can I ask you, I think so the sophistication of markets and how we can trade it and slice and dice it, is that why you're saying it doesn't. It's just a whole different game on Wall Street versus years ago, decades ago, when it really was reflective of what was going on

in the economy. Well, there was certainly more information that was coming from the direct economy through companies that were involved in creating different components of the economy and being more directly related to individuals. And now, of course we

have much more technology and much more analysis. We also far more leverage um, and so we combine the technological leverage with the financial leverage, we have this complete disconnect between again, money going into the economy and sticking around and being used for longer term capital investments and creation

and all of that relative to I'm here now, I'm there. Now, I'm trading on momentum, on trading on technological factors, I'm trading on computer science, and I'm not necessarily trading on

value and the long term view. You said something that makes me think about the role that government takes, because when you think about big infrastructure projects the nineteen fifties and nineteen six does you think about the post World War two boom here in the United States, the building of Levittown for example, all of these like shovel ready projects. That's something that you need to have widespread agreement on when it comes to putting that, you know, implementing them.

We don't have that right now. It's all a joke. It's always infrastructure Week right in Washington, and nothing ever gets done. Is that a big obstacle to kind of getting past where we are the financialization of the economy.

That's a really good question, and it's true. In the fifties and sixties, we had we had a connection in politics that related to the connection of what was needed to be done in the country, the building of those highways, the building of the space program, the building of permanent, lasting features. We've been had that in the nineteen thirties.

Whoever dam was built in the middle of the Great Depression, because it was a process that had started and it had financing, and it retrieved that financing throughout the all the years that it took to build it. So there's a lot of longer term thinking and longer term capital commitment in those days, not just from the direction of Washington. I had that too, but also from the direction of of it industry, from Wall Street, from companies throughout the country.

That there was a collaboration that that has really become disintegrated. Now what I want to talk to you is about how you made the transition from banking into becoming an author an investigative journalist, Like why did you leave the industry? Did you run from the industry? Now? Just kidding, um nine eleven had two things happened from the industry, right, nine eleven happened. I was at Goldman Sachs Corner office and twenty floor, the whole, the whole thing UM that

was going on at the time. And at the time also there was a lot of corruption that was happening on the corporate side. That was sort of when en Ron was breaking, you know, it was in world calm was breaking. There was a lot of like tension in terms of what the reality of balance sheets were, what the role of Wall Street was, and then of course what we found it to be UM in all those corporate scandals, and I was I was seeing a lot of that and getting sort of, you know, very disgusted

with a lot of that. And then of course eleven happens and sort of you know, add one and one, get two and two is based on I need to go and I need to talk about this stuff, and so a lot of them the first writings I did UM were about what was going on in terms of the corporate scandals, telecom sector, the due SECTORUM in Wall Streets connection, and I wound up taking that route into my first book, Other People's Money, The Corporate Monky of America,

which also talked about the internmance of Golden Sacks as well as a banking industry and everything that was going on there, because I thought at the time nobody was talking about it. I mean, at the time, we couldn't even talk about being inside wall streets, not like today where everybody's talking sort of about everything all the time. It wasn't like that. It was. It was very much a sort of more secretive sort of situation, and I needed to talk about it. So I needed to be

outside to talk about inside. Nomi Prints, author and investigative journalist. Google her because her backgrounds incredible. She's got a new book app Permanent Distortion, How the financial markets abandoned the real economy forever Permanent Distortion? Why is it permanent? Excellent question. It was not taken lightly because I like words as

well being an author. Um. It's because in the wake of the financial crisis, when we went down to zero percent interest and and and we created four and a half trillion dollars worth of money from nowhere to take debt out of the market. At the time, US debt in general is nine trillion dollars. Four and a half trillion equivalent was on the Fed's books. Some of that

was mortgages, treasuries, was all connected. Then we had a double down situation that happened in twenty So the period in between, there was a lot of speculation when will the FED rais race, etcetera. They raised in markets where

we're insanely negative on that whole prospect. They didn't raise again until twenty six and then sort of bits along the way to turned around in twenty nineteen and to twenty nineteen because Wall Street collateral wasn't working between Wall Street and its own its own, its own customers, UM, the repo markets were falling apart, so the FED turned around and created more q E, brought rates down again.

UM talked about as if it was related to the economy, but in fact was related to liquidity on Wall Street, which, by the way, when we got into twenty just a few months after that and the pandemic hit, that's when there was an overdrive factor. And that's when the FED went to nine trillion dollars from at the time four point one, but effectively doubled in a few months what it took a number of years to get to the

first time. Other central banks around the world following and what became just a sort of help which was enormous to begin with, became a permanent artificial cushion to the markets. And even right now, even with Ray it's coming up now and all the speculations the FEDS, you know, totally changing, and it's going to be this inflation hawk. Even though can't fight a lot of the inflation it says it's trying to fight, it doesn't actually change the fact that

this cushion is underneath all the financial markets. And that's why we have days like today where the market basically spans the fifteen hundred points and day on the doubt, that's not normal, that's not healthy. That's related to the speculation versus this permanent idea of this distortion between where the money goes to the real economy, how it gets to the markets where it stays. It's not a question of blaming the FED. It's a question of the FED

is responsible for creating the cushion. So I blame the cushion. The FED created the cushion. So in that respect, yes, I do blame the FET. But you have to look at the bigger picture, not just not just what is the FED doing now with interest rates? That obviously is creating uncertainty in the markets, and it's certainly oppressing people trying to get mortgages right now, which are twice as expensive as they were six months ago. That and that's

a really quick change. And if you're trying to budget and you're the bottom level of your own you know, sort of the economy. But this is more about the fact that cushion exists. It's not just the FETE, it's the Bank of England, it's the European Central Bank is a bankage, but it's the global um central bank network that has basically created this this outside source of capital

in order to be there when it deems necessary. And that that uncertainty about what's necessary is now what's permeating in the markets, and it's a reason why capital can't go outside of those markets when they're going up or when they're going down, to long term projects into the

foundational economy to the same extent as before. That was former Wall Street or turned investigative journalists know Me Prince her latest book, Permanent Distortion, How the financial markets abandoned the real economy forever and it's out now still ahead on Bloomberg Business Week. Exxonmobile is making more money than ever as the energy market stays robust and yet top

talent is fleeing the company in droves. And exclusive look at the deep cultural problems exposed at the one forty year old oil giant during the pandemic and where the

company goes from here. 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 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. Well, the latest issue Bloomberg Business Week magazine. You know it is out now on newstands, online,

and on the Bloomberg terminal. Featured in this special double issue is a Bloomberg exclusive about Excen's toxic culture and how it's driving away workers who once coveted a career

at the company. With more on the story, let's bring in Bloomberg News US Big Oil reporter Kevin Crowley along with the editor of Bloomberg Business Week, Joel Weber, to help explain the exodus from the oil giant, you know, excellent is built on engineers really and science, and this is like a place where one of the few remaining companies really in America where a job is really for years, right,

if not life. But what Kevin was able to report is that not only has there been this success, but there's a difference with Exxon, which, as Kevin writes, it's almost like the culture has been trapped in this amber. So, Kevin, you spoke to more than forty people for this article. It was a major feat of reporting. Not an easy story to get, and I'm curious what did you learn

along the way. Yes, really, as you said, they've been started out really like just just not a great resignation story, but really once so once I really started to speak to people and dig in, there was there was really one common reason why people were quitting, and that was this toxic culture. People that were scared too to speak against their bosses. They didn't feel comfortable speaking freely about

climate change or breaking diversity. There was there was a real lack of of exchange, of free ideas, lack of innovation. There was also a fear of being dropped in the company's zero sum performance ranking. System. So what really changed was that you know exone would was was, as you said, very much, were one of America's last job for life corporations. They used to take care of you as a graduate all the way through to retirement, so long as you

were loyal, so long as you worked hard. That all change during the pandemic because they decided they were going to cut people. They cut people through layoffs that basically used the performance evaluation system, and everything just became a lot more apped up. And over the last two years, really two we've seen huge amounts of employees leaving this time of their own position. Okay, so there's a metaphor in the story that we got to talk about here, Kevin,

which is Rex's Tree UM. Rex being Rex Hillerson, who is the prior CEO. At that time, the company was doing great. It had made forty billion dollars in a single year, the biggest profit of any company in u S history at the time. UM the company built a whole new compound and put a tree, moved a hundred foot oak tree that was meant to be sort of like Peace Days, the done of good, be honest campus. And what happened from there, So they moved. They moved

the tree. It's a huge feat of engineering to to dig up the roots system a hundred foot oak tree, to to move it into into the middle of campus. UM. It was. It was really a remarkable feat to even had its own custom built irrigation system UM to keep it, to keep it alive. After the move, and basically over the years, the canopy thins. It lost leaves, it lost branches, It got hit by lightning at least once UM and it really it really started to look worse for for aware.

The employees started to joke it was a bit like the giving tree UM the shelves steel that's Silverstein book. And eventually over eventually, over Memorial Day one, the campus arborists removed the entire tree and a memo went out in the morning saying that despite its outward appearance, it

was dying. And so take this to the company, right, because that tree was supposed to be, you know, a symbol if you will, or I think as you write the company's reverence for the surrounding landscape and the environment. You know, we see big oil companies thinking about life after fossil fuels UM and this was, I guess supposed to kind of indicate to you know, x On thinking about what's next, and yet it's not been the case inside,

has it. So this is this is a This is the biggest issue facing thing eggs On at the moment is the energy transition. That oil prices are surging up at ninety dollars barrel eggs On. Eggs On made more money than it ever did before last quarter. This year on track to make more money than Amazon, Tesla, Procter, and Gamble combined. However, long term, there is an energy transition underway. We just passed the biggest climate bill here in the US. Europe is moving much faster towards clean

energy features results of what's going on with Russia. UM and this is this is the issue challenge for Exxon and sees really feel this. Employees want ex On to push harder. Employees want them to be on the cutting edge of new technologies, which they really haven't been. UM and employees expect them as an industry leader, to be able to build that clean energy future. And this is

coming from the bottom. And the big challenge should really is that if EGSS to dominate the next century as it did the last century, it's going to have to work out how does it attract and retain the best and the brightest engineers and technologists of the new generations gen Z, even millennials, if they work very differently than they did in the past, and they care about things like diversity, they care about things like climate change, and you know the company is the company really needs to

respond to that. That was us Big Oil reporter Kevin Crowley with Bloomberg Business We get out of Joel Weber and by the way, Excellent scheduled to release third quarter earnings on Friday. Up next, we stay in the energy rich alone Star State to find out why thousands of people are flocking to a key Texas hub. We're talking about the Metroplex. Fort Worth Mayor Maddie Parker joins us.

On the other side, This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovich from Bloomberg Radio. Earlier this year, Bloomberg News reported on how fort Worth, Texas, which is the fifth largest Texas municipality, was jumping on the crypto bandwagon, approving a plan to mind bitcoin with computers located in city Hall to move. According to fort Worth would make it the first city government in the US too mind bitcoin.

We got the Mayor of fort Worth, Texas with us right now, Mattie Parker, Mayor Mattie. Good to have you with us. How are you? Thanks Carol, Thanks Tim, going to be with you. Well, let's let's start with bitcoin, because Carol so elegantly told us at the top there that you guys became the first city to mind your own bitcoin from city Hall. Give us an update there. How's it going. It's actually been a really interesting pilot program for the City of fort Worth. Will get an

update from city staff in the next few weeks. But really the thanks goes to Texas Blockchain Council for helping make it a possible. We had these machines donated to help it be at no cost attacks payers able to plug them into city Hall and just really try to be on the forefront of the learning curve or what cryptocurrency really means in this country right now, and also blockchain technology, and and be a city that's welcome to innovation.

We do know that crypto mining, specifically bitcoin mining, uses a ton of energy. It's not a technical term, but it uses a lot of energy. We did see some miners taken off the grid during recent power crises in Texas. Did you guys have to disconnect the computers at all at times over the summer when you had to turn the air conditioning up really high? Really? The lucky think for us. We are part of our I T departments.

They make those decisions based on what they would do with the rest of our I T equipment and any kind of surge scenarios. So in our situation, they just followed along the same lines as what city staff recommended. So we didn't really have it. We have only three machines, so we're pretty small m dent and what you probably have seen across major mining operations and across the country.

All right, So wait, so I know when we reported on it, the computers are located in city Hall, um and so it's three mine riggs, as you said, donated by the Texas Blockchain Council. Why are you guys doing this? Honestly, Fort Worth wants to be known and synonymous with innovation and technology and this this is an opportunity for us to get noticed in the right ways. And truthfully, it worked. I mean we had over seven or eighty million impressions

across the globe. But what what for Worth was doing and got new inquiries from other technology companies even if they really weren't involved in cryptocurrency, to ask the question, Hey, if you're willing to do this and take take a risk, so to speak, and work alongside other technology companies, what would you be willing to do in the future as well? So that's the real why behind the City of Fort Worth.

Cryptocurrency is one piece of this. The future of blockchain technology and a multitude of different industries is something I'm personally very interested in and want to make sure for words at part of the conversation. Okay, so you know that this, We know that the city is planning to revaluate the program after six months. It's been about six months. What does that reevaluation look like? And is there a chance that the city would abandon this? Absolutely and anything

could be abandoned any point. It's a Pallette program for reason. That's what we promised to city officials to kind of understand what the advantages were um and what the program should evolve into. Importantly, is it just mining bitcoin and we need a more robust program in the future to really be meaningful. Um, and I think that's the point we're at right now to kind of determine what next steps are. The Texas Blot Chain Council has been immensely

helpful and expertise that they offer. So it's interesting. So talk to us about you know, it sounds like you and so many other cities are thinking about things to attract people coming in. Tell us about the folks that have been coming into your city, specifically, what kind of where they coming from and how many? Yeah, well, good question. I mean right now, Fort Worth experiences three and twenty eight people moving here every single day, which is hard

people to believe. We don't have a problem attracting folks to Fort Worth, So it's important we really understand what it looks like as you're attracting new talent to our cities, how do you also attract the businesses and jobs to come along with those and also be responsive to the amount of growth that we're seeing in the Fort Worth region.

You know, North Texas and Dallas Fort Worth region will soon past Chicago is the third largest metro in the entire country, so being in front of the infrastructure needs is incredibly important, UM, But honestly, during COVID, you saw this across the entire country, people moving to where they wanted to experience quality of life. Unfortunately for us in Fort Worth, we do have that, and it's a place where we do want to raise your family or build

your business. Mayor Parker, mayor Maddie, Where are they coming from? Is it the East Coast or where are you finding that they're coming from? And well in Texas? Yeah, good question about Texas. About half the migration is domestic migration across the United States, a lot of from coastal cities in places like Los Angeles, San Francisco, New York, Seattle, those those are some pretty predominant communities. But also about

fift of the growth is um natural. You know, new babies being born across Texas and people having additional family members come and join them. So I think it's a mixture of both the two. UM. I think here in Fort Worth you're seeing most people they could work from anywhere they can move their companies, and you're seeing more more tax and invasive states be a place they're fleeing from, and and Texas is an incredibly welcoming, open for business

type environment. So I think you're seeing some a lot of success here in North Texas because of that. Delighted to still have with us from Fort Worth, Texas via zoom the forty five mayor of fort Worth Fort Worth Mayor Maddie Parker UM. So, Mayor Maddie, you know, I am curious about the political climate, and you have taken positions that are against the kind of Republican thought if you will and been, it feels like more open minded, whether it's about transgender kids or other issues. So does

that make things difficult for you? And honestly doesn't. I mean I've I've always been known as someone that speaks my mind. I think I was pretty honest about that when I ran for mayor. UM I just want to be known as a mayor for all people that's really welcoming, welcoming city, which I know that we are, and try to turn the political temperature down a bit. I think, no matter if you're far left or far right, I

just don't think that's how you govern. And it's certainly not my mentality as a mayor of a large, growing city, and so truthfully it's it's actually made my job easier. People are more approachable. We don't always agree on things. My role is to be, you know, a compromise agent, and it's absolutely how I operate here at city Hall

and working alongside my city council members. Is it frustrating you to you to see some of the positions that prominent Republicans take nationally when you and you get concerned about being painted with that brush. I think about questions about the election of twenty for example, or what happened

on January six, UM, or even even abortion potentially. So I think for me, you know, I actually decided to run for office here in mayor mayor for Worth one right after January six, So UM, I was heartbroken, as were most Americans at the situation and what happened in our nation's capital and what that means for democracy. And I've been pretty open about that. UM. But again, my role is really to try to be forward looking on behalf of not just the residence of for Worth, but

residents of Texas. You know, I think it myself obviously, There's been a lot of conversation. At my age. I'm thirty years old, a mother to three children, my husband, I live here in Fort Worth. UM, I feel like I have a really good pulse on what's happening in my community. UM, and regardless of maybe the topic and how contentious it may or may not be, I try to have a listening ear and again turn the temperature down.

What you see on social media sometimes it's portrayed in the media, UM is oftentimes not how you actually have to interact with people and listen to their ideas and for positions to really get things done well where you know, in terms of since we've got mid terms just around the corner, and then of course we're going to have

a presidential election, you guys have a gubernatorial race. Is you know a Governor Abbott versus a Governor of Rourke is one thing better for you in terms of your city In terms of strategy going forward, it's really not. I mean, I think both governor candidates obviously Governor Abbott um and I don't have a relationship with Mr O'Rourke, but to understand what they are going to really do

on behalf of of Texas cities. Um, we're fast growing infrastructure and mobility needs or significant UM investments in education and under staying all those things are really important to me as mayor and also as a mom here in Texas. So I'm just like every other text and watching that race really closely, um and looking forward to the election being over in November. I think a lot of people

are looking forward to absolutely. Do you ever think about, you know, potentially changing to an independent or uh over concerns about the national role of the political party or questions about Republican party identification when you're going out and meeting voters. I don't have to think about it right now. You know. I get to run as a nonpartisan elected official, which is really special and and allows me um a

lot of room. I will say, I'm I've always been a Republican and a conservative, worked for Republicans, um the conservative ideals or something I really hold dear and important or kind of how I govern. But at the same time, I maybe y'all don't know that's about me. I was raising a really small town in Texas where you just take care of one another, and I try to lead with that first, you know, open minded approach in any kind of role. And so I'm just I just honestly

don't have time to worry about it. And it sounds silly, but this may, this job is full time and then some plus being a mom, and so I'm just not trying interested in being involved in partisan politics right now. Where do you want to spend money? Where do you

want to spend your tax dollars on? Yeah, so we're actually investing about three point five billion dollars and mobility projects across Fort Worth and Tarrant County right now, and that's in partnership between the City, Tarrant County, are MPO, North Texas or Central Texas Council of Governments and text DOT UM. So I'm really proud of that plan process that started well before I was mayor and continues today.

UM is first and foremost, of course, affordable housing across the region and kind of keep up with that growth in different types of products for families across the area. And then educational opportunities. Making sure we have high quality education from cradle all the way to career has always been a priority for me prior to priority mayor and

it continues today. What about when it comes to public safety, because cities around the country are facing an issue that Fort Worth is also facing as well, rising homicide rates, and uh, I'm wondering what specifically you're doing in order to bring crime down in Fort Worth. So, first of all, we're making the right investments in our police department. UM,

we are pro police in pro community. At the same time, I'm really proud to tell you that we're adding fifty three sporn officers in this year's budget that was just approved, along with about twenty civilian positions to support our police department.

That's Patrol division, but also in in in our and our police divisions, such as our c A T Team, which is our crisis intervention team to help with mental health issues, our Hope Team with help of our homeless population, and these investments matter also making sure we're really focused on recruitment and retaining top talent that deserved to be

police officers in our city. We're very fortunate we have a community that really appreciates our police officers, works alongside them, shows them how much we care and appreciate the work that they do on behalf of our residents, and that really shows up and how we're able to attract police officers into our cadet program. So all that holistically is focused on public safety. The last thing I'll say is I'm not a police officer. I don't have the expertise

of law enforcement. I have a very close relationship with our chief Chief, Neil Noakes in our department, listening to his command staff and understanding what they need to fight violent crime, especially on homicide and aggravated assault rate that has continued to rise in the city. And I think we're gonna be a real example for this country over the next year and what we're doing right. That's Mayor

Mattie Parker fort Worth, Texas. And we do want to point out we did ask her if she would consider running for higher office in the future. She was a bit noncommittal here, but it sounds like she has a long runway in politics. Alright. That wraps up the first hour of the weekend edition to Bloomberg Business Week from Bloomberg Radio. I'm Carol Masser and Tim Steinovick. Ahead in our next hour, we're gonna look at how Netflix is getting itself back into growth mode by abandoning some of

its executives most important ideals. Plus, Mark Zuckerberg is putting most of his time and effort into building out the metaverse, and that's leaving Facebook twisting in the wind. We'll explain

it's all coming up This is Bloomberg. This is Bloomberg Business Week inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news as it happened Sloomberg Business Week with Carol Messier and Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio.

Plenty ahead in our second hour of the weekend edition of Bloomberg Business Week, including the details of a Netflix makeover that's been years in the making, whether it's leaders like it or not. Plus our finance team profiles John mac and his new book about a tumultuous and at

times cutthroat career on Wall Street. And by the way, it's almost ski season getting cold out there, Carol, We're gonna get a report from our friends over at Bloomberg Pursuits about some pretty cool places to stay around the world. First up, this our story from our Bloomberg Business Week team that you'll find online and on the terminal. We're gonna get an update, of course next week about the

business of meta platforms when the company releases earnings. In the meantime, the company's founder, Mark Zuckerberg isn't saying much about the core platform in business known as Facebook. I've heard of it. Well. To find out what it means for the world's biggest social media platform and for its investors, Carol and Bloomberg Radio is Paul Sweeney spoke with Business Week magazine editor Joel Weber and the individual who wrote

the piece, business Week columnist Max Chafkin. Meta. You know, ak, Facebook is a very interesting company right now, because on one hand, you have this enormous and very successful, you know, dominant business, which is social networking and advertising, so dominant that you know, governments all around the world are you know, worried about regulating it, even possibly breaking it up. We

saw they'd have to defest from giffy um. And then you have the metaverse, which Zuckerberg is very excited about out talking about all the time. And there really just isn't a whole lot of traction despite tons and tons of spending, you know, and almost mind boggling sums of money that they're spending to try to make this thing happen.

Is the attraction within meta for the metaverse, well that is what you know, super details, you know, super discouraging from the point of view of a sort of meta investor.

We saw reports over the last couple of weeks of Meta employees not wanting to use their own product, which, again, that's sort of discouraging on one level because you'd you'd expect and hope that the people who are building this thing are excited about it, but also because Zuckerberg is pushing the idea that the metaverse is going to make a huge difference for office work, right, that it's not

just a video game platform. And the reason he's doing that is because the video game business is actually pretty mature, you know, they've been at this for almost a decade um, and the fact that they can't get their own employees to use the platform, how they say we're all going to use it in the future, you know, doesn't bode well. But I do think that there's an interesting kind of strategic decision here at that of like this tech maybe

away from consumers and towards the corporate world. Right. So, if you watched connect um, which is their annual developer event for vr UM, a lot of the focus was around office work, as you said, you know, the big special guests, you know, they had some gaming announcements and and they did sort of the usual stuff. Um, But the big get was Sati Adela, the CEO of Microsoft, talking about now you can, um, you know load Microsoft sixty five, which is the product most people know is

as office Word, Excel, power Point. You can do that in the metaverse. The chief executive of a Centure showed up to say, um, you know we Centure. You know, I think this is such a great thing. We've been you know, doing brainstorming sessions on the nth floor, which is the consultancies, um, you know metaverse thing. And again this stuff potentially could matter and you can sort of understand from a strategic perspective why Microsoft why censure thinks

is a good idea. You know, Microsoft wants to be everywhere. Um, but how are points in the metaverse? Yeah? Yeah, so so hey why not. On the other hand, it's it's really hard to watch that and think, like, who is

going to get excited about this? They're talking about sort of the parts of office work that everyone hates, you know, spreadsheets, management consultants, um, you know, brainstorming you know sessions floor where you really have to yeah, I mean you'd have to be like sort of being a management consultant to like this, which again Okay, maybe there are a lot of management consultants that could be a good business, but

it's just it just doesn't feel like they're able. They're generating a ton of excitement, and when you compare that to the amount of spending they've done, we're talking something like twenty seven billion dollars is early um, and they call that an investment. Of course, Wall Street calls it a loss. UM. So so we'll see. Okay, So the headset is another thing that comes up in the in the story and has been talked about a lot. It's expensive bucks, right, which your take on on the HEADSETE.

So the headset, it'll be very interesting. You know, Apple is widely rumored, we've reported um that they're they're working on a headset. Will be interesting what they do. The headset was both sort of more expensive than a lot of people who watched Space closely. We're hoping, you know, is three times what Facebook's sort of consumer headset costs. It's kind of hard to imagine somebody upgrading. And then the technical capabilities it includes eye tracking, which is you know,

very cool. I guess um the company says for sort of meetings and things like that, but battery life is lower than their cheaper headset. You know, the processing power

doesn't seem like hugely better. Um. We even had a Meta employee, you know, John Carmack, who's like an industry pioneer, sort of saying, you know, their pros and cons of this device, which you wouldn't really want to hear when you're talking about your hot new product that you just released compared to something that you released, you know, two

years ago that costs a third the price. I'm wondering, if nothing else, this metaverse discussion has taken some of the attention away from some of the problems that Facebook has with the regulators, elections coming up, things like this. It kind of feels like unintentional head fake. Or maybe

it's an intentional head fake. I mean, you know, one of the interesting things that's happened is you go back two years ago, we're heading into a general election, and all Mark Zuckerberg wanted to talk about was the platform sort of responsibility to society. We saw Meta talking a lot about back then, called Facebook, you know, talking a lot about election integrity, also talking a lot about public

health and things like that. Now what's happened since then is some of those duties have been sort of pushed off to other parts of the company. You know, we have Nick Clegg has been elevated, uh to to this sort of role um and And as a result, all the focus in terms of media attention and um and and from a public policy point of view is on this new thing um which I think has come with

some pros and cons. On one hand, Zuckerberg isn't taking it from all sides, like, is not maybe being criticized as much, even as there's tons and tons of misinformation on the platform today. On the other hand, a lot of focus on this platform that really doesn't seem to be thriving. That was business Week, call him this Max Chafkin and Bloomberg Radio. Is Paul Sweeney helping out there as well. Joe Weberry is going to stick around for

our next story. All right, you're listening to Bloomberg business Week coming up Netflix? Yep, it's growing again. So what's the problem. Well, our Business Week team breaks down the challenges ahead for the streaming giant as its competition continues to intensify. This is Bloomberg. This is Bloomberg business Week with Carol Messer and Bloomberg Quick takes Tim Stinovik from Bloomberg Radio. Investors embraced the latest earnings out of Netflix

this past weekend a pig way. The streaming leader, saw shares jump by double digits after announcing it had added two point four one million customers in the third quarter that exceeded internal forecast as well as expectations on Wall Street by a mile. Netflix told shareholders on Tuesday that it expects to sign up another four point five million globally this period. Meantime, the company is set to launch it's advertising supported seven dollar monthly subscription plan that's going

to happen on November three. The hope there is to entice new budget conscious customers and jump start growth. Definitely feels like a new narrative for Netflix. Well. The special double issue of Bloomberg Business Week features a story about the firm's coming makeover, with its streaming competition heating up.

At the same time, Jill Weber and Bloomberg News entertainment reporter Lucas Shaw have more being an ad free streaming service was sort of the core part of its proposition, something that made it better than cable TV, where people were overwhelmed with ten fifteen minutes of advertising per hour, and it is really a sign of kind of the maybe not desperation, but the you know, the challenge they face here where they've just hit a wall in terms of growth over the last eighteen months and are now

doing two things both advertising and charging for password sharing that they've long set We're not an issue. The one the one quible I take with the comparison to the starting streaming, which I think is totally valid, is that if you asked the leader ship of the company, they would argue that this is more of a minor alteration because they still believe in streaming. They're just making some changes to it. But that is of course a little

bit of corporate spin. Lucas. The thing that I just wanted to it's been a little bit of time talking to you, was this the culture at Netflix, And you know, Surrender's obviously been there for a while, has been the architect of of sort of the content strategy. Um the the thing that you know, like we said in the story, he never wanted to do was was ads right, And so internally I'm really curious to see how they tested this. The price of this model like, what's your early sense

of just like, how did they land on this particular price. Well, I think the price comes from mimicking other services. They

don't like to say that out externally. You know, there was a call earlier today where a reporter asked Regg Peters, the CEO of the company, if they chose six nine a month, because it's a dollar less than Disney Plus is at year, which just seven ninths nine a month, And they said no. But I've had conversations with people at the very top of the company who said that they were modeling it a little bit after Hulu, which was sort of the first big streaming service to offer

ads in one of Netflix's earliest competitors, and it's priced in a way where they believe the month seven dollars a month plus what they'll make from advertising, means that they'll make as much, if not more, from an ad to your customer as they will from the premium. One to your question about culture, I just think this year, in general, the past couple of years have been very

destructive towards the culture that was was pretty unique in business. Well, let stick with that, because one of the things that you talk about was the I will call it a debacle, which was the Quister moment where they said, you know what, we're we're going to change the name and we're gonna turn the streaming thing into Quixter and uh, you know it's Boy, did not go over well, but it speaks

to this Knee's ability to sort of try things. Maybe you self launched something, it doesn't go well and you pivot and boy, that last decade since the Quickster thing looked really good. But one of the things you pointed out in the story is that there's not that many people left at the company from back then. Yeah, I mean you have to give them credit to your point about Quickster with the advertising and the password chairing, they're

moving very quickly. I mean they went from at the end of last year still not thinking they were doing advertising to standing up an AD service in less than a year. They're doing it faster than Disney got there at supported tire out there. And keep in mind Disney already has an ad supported service in Hulu, and Disney is a major player in video advertising. So there is a degree to which the company can still move incredibly quickly.

And I think that's the credit to be age things in ted Sorrando's, but a lot of the senior leadership around them has left. There's just, in general, a lot of restlessness among employees. And I think there was a feeling for a long time that you know, Netflix was the I used to work if you wanted to be in media and in some cases in tech. I mean, it was at the top of every list of most

desirable company. And it's not like it's completely fallen off, but for a lot of the folks who work there, it now feels like another company because there there was forever this very unique culture that Read Hastings had built and written a book about. And while while it's still there in pieces, you know, it has kind of fallen to pray to the same thing that all companies do, is they is they get scale, They just become a

more corporate and traditional. So what is stuck around from that that infamous culture deck that kind of went viral years ago. The idea, you know, the company is is like a sports team, not a family. Right. They'll cut people who don't who aren't top performers, but at the same time they encourage you to go out and see how much you're worth in the market place and come back and you can can get a raise from Netflix that way. I mean, what parts are sticking around to

you and what parts are kind of gone there? I mean it's I'd say it's it's a moderation of things. Right. So the company is infamous for having radical transparency. You know. Redhastings modeled a lot of his leadership off of Ray Dalio the Bridgewater Guide um, and that comes in a couple forms. It's it's a lot of feedback, so people being very direct and blunt with one another, and also then sharing metrics and data. You know, Netflix makes pay the pay available to or excuse me, employees can see

what one another is making above a certain level. They share their financial results weeks before they announced them publicly with hundreds of employees, which is very rare. Um. Some of that is still sticking around. They still share some of those financial results ahead of time. They do still have the pay available to some. But you talk to employees and they say that a lot of the decision

making which used to be decentralized. It used to be you want to empower people who are you know, VP level relatively mid level executives to be able to buy a project or try something that just doesn't happen as much anymore. A lot of the decisions seem to be made by a few stakeholders, and people are just playing with fear more because the company is under more pressure. I love this line though, in your story, with all this going on, you say, it's important to note that

in some ways Netflix, Netflix has never been stronger. Twenty seconds why it's profitable. It doesn't have to borrow money anymore, and it is far and away the bigger than all these other companies which are dealing with the decline of

cable TV, which does not affect Netflix. Bloomberg News entertainment reporter Lucas shot with a Business Week editor Joe Weber once again still to come on Bloomberg business Week, Our finance team takes us inside the mind of one of the big bank CEOs that was there during the financial crisis.

The reason that the book Um was so much fun for me to write about is that Max's personality, the personality that he sort of portrays in the book, He is a something really essential on Wall Street, which is a sort of atlas of Wall Street ego that it really does give you a sense of the clothes that he wears, and the French restaurants that he goes to, and the you know, coach k who can get on the phone, and his wife is a golfer, and his

life as a prankster. It also gives a really really good sense most of all, of how he sees himself as courageous and honest and strong and also a horse whisper. At one point, why former Morgan Stanley boss John Max

says he has few regrets. This is Bloomberg broadcasting from the financial capital of the world, Bloomberg eleven Frio in New York to Washington, d C. Bloomberg to Boston, Bloomberg one O six one to San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nine and around the globe of Bloomberg Business app and Bloomberg Radio dot Com. This is Bloomberg Business Week. All right, everybody, We've got perhaps a weekend read for you. It's the new memoir

by the former CEO of Morgan Stanley. We're talking about John mac The book's title up Close at All in Life, Lessons from a Wall Street Warrior and writing about it in a story you'll find online at bloom Berg dot com Slash business Week. Max Abelson Bloomberg News finance reporter, and he notes that Max Book is quote a rare

opportunity to hear powers unvarnished internal monologue. I can pay John Max like one of the highest like Wall Street reporter compliments that I can think of, which is that his book in some ways really brought to mind Michael Lewis's absolute masterpiece, Slyers Poker, because you know what made that book fun in the eighties was the sense it gave of being an outsider and and really getting a

taste of Wall Street. I think at the time with Solomon Brothers and Max book is sort of like a cousin to it, but you get to hear from the boss, like the John good friend. I think in Liar's Poker, you really get to hear his internal monologue, and that made it really fun for me. How do you describe his internal monologue here? Because this is a guy who's he's pretty complex like all of us, Max, how would

you describe what goes on internally? The reason that the book was so much fun for me to write about is that Max's personality is something really essential on Wall Street, which is a sort of atlas of Wall Street ego. But it really does give you a sense of the clothes that he wears, and the French restaurants that he goes to, and the you know, coach k who can get on the phone, and his life as a prankster. It also gives a really really good sense, most of all,

of how he sees himself. I really really enjoyed the way that Max sort of self describes he sees himself as courageous and honest and strong and and also a horse whisper at one point. It's a It's a really wonderful sense of how a powerful financial executive sees himself. And I feel like I honestly recommend that you read it. I feel like it really will really stick in my memory. Didn't John Mac when he was getting the check to save basically Morgan Stanley Chris. I think he was in shorts.

He had a borrowed jacket because it was a Japanese bank. That is a great memory, Carol. It's a wonderful memory that John Mac wears shorts because he choose out a colleague wearing shorts. But you know, Carol, the you know, the thing that really sticks out in my mind is, you know, he depicts himself as a really, really intense guy. He has a piece of art in his office that's like a head being impaled by by something between the eyes,

you know, between the eyes. He really does give a wonderful sense of what he must have been like to work with. And you know, the speaking of Andrew us Organ's book and the financial crisis, you know, Carol, the thing that I felt, um disappointed by was that he sort of snaps his fingers and takes us from Christmas

at two thousand seven to basically Lehman Weekend. And I wanted more from him, Like I would have loved to hear what the beginning of two thousand eight was like, which is in my memory, that's um what two Big to Fail is about you. I wanted I wanted more of that, not not like reading the book. I agree, like right, because I think that's what I loved about that book, because it just it felt like you were flying on the wall in terms of when when the

financial crisis was was coming down. We're speaking with Max Abelson. He reports on Wall Streets, Money and Power. His latest about John Max's new book, Up Close and All In Max, Um, what about the time period that that mac Uh kind of oversaw on Wall Street? It it goes from you know, a state business, as you write, of quiet corporate advisors, to a multi trillion dollar industry of globe trotting trading

giants that became too big to fail. It's it's so nice to talk to you two about my journalism because you both are obviously such close readers of the story, and it really, it really makes me feel good to feel um, I can really tell how engaged you are in in the writing and the reporting. It means a lot to me. Well, let me answer your question this way. When John mac gets to Morgan Stanley, the company has like a hundred people or something like that. I mean,

don't don't hold me to it. It might be or somewhere around that, but it's a small company. You know, for for decades, Wall Street was really the stuff of advising corporations or advising rich people, or advising governments. And you know, there was not um, they they had not yet become these multi trillion dollar essential companies that we think of two or too big to fail as it were.

And Max's career is really fun to follow because you see, you know, we began by mentioning UM Michael Lewis's book in the eighties. His career sort of takes us from the early seventies when it's a much different business to the sort of smoky uh curse word filled halls of the nineteen eighties. And then, of course the reason that we think of Mac is that he returned to Morgan Stanley in two thousands five, and in those years two thousand five, two thousand six, two thousand seven, he oversaw

a company that took a lot of risk. And you know that that is not the reason that we had a global financial crisis, but Max Era at Morgan Stanley really typifies UM an era of risk taking that obviously led to bad results. And you know, I have to say he does address that. He addresses it briefly. You know, he moves on pretty quickly, but he does say he basically apologizes for for taking excessive risk, which I thought was like really memorable. That's Max Abelson, Bloomberg News Finance reporter.

The story worth a full read, which you can find on the Bloomberg terminal and of course at Bloomberg Dot com slash business Week. You're listening to Bloomberg Business Week. Coming up, it's time to go skiing, and we've got from ski to Shining Sea, a lot of places you can get ready to go to if you can afford the tickets this year, it's all coming up next. This is Bloomberg. You're listening to Bloomberg Business Week with Carol

Messer and Bloomberg Quick Takes. Tim Stinovic from Bloomberg Radio. Well, Tim, I'm not sure if you've noticed, but we are approaching the holiday season many of us starting to think about taking our next big trip. We often dispatch our Bloomberg Pursuits team to seek out the most beautiful beaches and remote island paradise. Is I was just thinking, Carol, Yeah, what a cool job. Yeah, I like the dispoach. Sorry, but you're gonna have to go to Fiji and figure

out if the hotels are nice. Yeah, I guess I'll do that. Okay, Well, this week we're not going to Fiji. We're hitting the slopes and taken you to skiing's final frontier. We are, indeed our Bloomberg Pursues editor Chris Rouser is with us with a look at our annual Ski issue. And also joining us is Bloomberg Business Week contributor Jen Murphy. She's got the lead in this week's Pursuit section. It's about sea and ski trips in the mountain sides. I had no idea it was a thing. It's around Alaska's

Prince William sound for the hardcore adventure skier. Did you know, Chris that this was a thing. No, I did. I did not know that this particular, this particular boat to ski tradition was a thing. And Jen, actually, you know a lot of times we plan out trips before she goes, or she's like, I've got this idea, and this really was a trip that she took for fun. And then she came back and said, you guys, this was wild,

Like I should write about this. And then she told us about it, and we thought this is really really unique, and we want to hear more. I want to ask you, what was it that made you come back to Chris and say, all right, you've done this trip and then you're like, wait a minute, we got to write about it. What was it that just blew your mind? You know, I've I've skied in a lot of places and I'm fair lucky. I have been Helly skiing in Alaska and Valdez,

which is the birthplace of Helly skiing. I have been all over Europe, and there was just something about skiing tracks that no one has skied before. And I'm an ocean lover. You're skiing down to the sea and you see a pot of Orca whales or a little odd or it just felt like a real adventure, which is so rare to have these days. It truly is like one day we were skiing in a bear came out of its jan luckily on a ridge far away from us, but it really simples like it was the last frontier,

and I just think it's very rare these days. I want to hear a little bit about the snow because when we think about snow that's kind of near the coast, it's it's near water. It can be heavier snow like in Vancouver, for example, in British Columbia. What's the snow like where you went in Alaska. The interesting thing like we think skiing and we think like December January. I took the strip in May, like May was the preferred time of year, so it was actually like the ultimate

spring break. And in May, in this part of Alaska, you get something called corn snow, um, which is this kind of elusive spring condition that you know, it's just soft enough that it has a forgiving quality to it, but it's and it's and it's not too heavy or wet. So that is what we were kind of in search of and what we ultimately found. That we did have one or two days some kind of a heavy snow,

but ultimately we found the fantastic horn snow. So let's set the scene for our readers who can't look at the amazing pictures right now in the magazine, although you should pick it up, um, Prince William sound is. When I looked it up, I was shocked at how vast it is. It's sort of under the chin of Alaska, and it's this huge bay surrounded by mountains both on the outside and on the islands. So describe you know what it's like. They're physically what it looks like. And

you know how you got around. Um. So it's ten thousand square miles of roadless older how much you and no roads? She said, roadless, no roads, um. And we you know our guy Nick Celestio, who owns remarkable adventures. So se c to ski boat trips are a thing in Europe in places like Norway, and Nick, who lives in Girdwood, Alaska, was like, we like, why isn't that

one doing this in Prince William Sound. He found a brother and sister who owned a fishing charter company and they just happened to personally have started skiing all around the sounds when they had downtime. Um So that is that was the connection. And the boat, the Babkin was

basically our floating hotel. Um So we would sleep on the boat, we'd have hils on the boat, we had kayaks and tattleboards on the boat, and Nick and our co guide Brooke would essentially just look off the vaal every morning and say that looks like a good line we could ski, or based on the conditions, let's like, you know, vote three more hours to this part of the sounds and most ski there. So it really was um at like choose your own adventure if you will.

And anyone who's not familiar with that country skiing, um and I have done helly skiing. It is thrilling and terrifying, and but there is something so satisfying and for me, almost meditative about earning your as I earning your turn. So we would take the dinghy ashore. We would hike through some beautiful, um you know, old growth forest which was a mix of like moss and wet snow, and then you'd come to the clearing and we would put skins on our skis and slog up hill for one

hour or two hours, sometimes even more than that. Um. So it's not like you're bagging twenty runs a day like resort like somebodys. We're only doing two runs. Yeah, no helicopter, no chair lifts. You're earning your turns. You're throwing the skins on. You've got the beacon, the probe and the shovel as well for safety, which raises the question who's this for? Yeah, you need to have give you have never used skins as if you've never gone

up hill, like this is not for you. Um. That said, the interesting thing is and we did the first day we went to a local ski resort and the guide, you know, they just watched this like can they use their crampons? Like we had to put crampons on the bottom of our skis if the snow got kind of icy and slippery, so we didn't fly down. Um, so they did watch we went over avalanche safety. You should have a basic understanding of avalanche safety. I mean, even

if you're just in the back country general. But I will say and and I think that was the most one of these surprising things, like, yes, you can find InCred with ten square miles. You can find him with anything.

You can find super technical skiing lines. And in the article I mentioned one of the ways I found this was a friend who used to work at Warren Miller had been on this trip, and Warren Miller Productions have filmed the one of the sections for UM Winner starts now in with the Babkins and they show some insane you know, they're known for their ski horn like insane, crazy,

scary they runs and yes, you haven't find that. Um. The Chris Patterson, who he's worked at Warren Miller for I think almost three decades, he loved filming there so much. He he actually went back to a personal trip, which like he really it and that just speaks to like how special it is. But for me, like he was definitely not one of the most technical skew trips I've ever gone on and we did not there There was high avalanchey inur so we actually didn't ski anything super

scary and that was great. It was about being in true wilderness and for almost a week I think maybe we saw two other boats. Um yeah, that was that was the point. So if you want like the steep and deep and scary like go take a Hallie trip. If you want something where you're going to feel like an explorer and you were out in pristine nature like this is for you. And if you have some back country experience, yeah, if you want a glacierita delicious, take

Jen's trip. Hey, listen, Jen, It's a great read. We had so much fun and highly recommended everybody check it out, either online or certainly in the magazine. Um, Jen, thank you so much, really appreciate it. We want to talk a little bit more too about the rest of the section because that Chris is more there right. Yeah. And you know one person who I think would be totally prepared for a trip like this is Bodie Miller. You know him as an Olympian. I mean he's a huge

skier here in the US. Uh And it took him a while. I was surprised to find Chris to actually find a ski that he really liked. So now he's trying to build that ski. Yeah, so that the bodie now has his own ski company. It's called Peak Ski Company, and he's making what he thinks are the perfect skis where he says are um And how he got to this formula was in two thousand four, he had a pair of ros and y'all's that were like the best

skis he'd ever skied on. He won a bunch of races, and then even when they were all kind of like filed down to nubs, he gave them to another skier who also won a bunch of championships with them, and they could never figure out what was exactly about those keys until he finally got them back and figured out

that it was an error in the ski making. Ros and y'all had um not had the right glue to a fix their like motion dampener onto the front of the ski, so they screwed a hole through the front of the skey to attach the motion dampener the shock absorber, and that hole in the ski actually was what made the whole difference, which seems crazy if you think about how many different iterations of skis we've had over the years, and so now body started making these skis that have

a kind of a little key hole cut into the structure of them. Um and our ski writer Gordy tested him out, and he tested hundreds and hundreds of skis and he said they're the best kis he's ever tried. And Chris, what else is in this section? There is a great story about where you should go skiing in the Dolomites before the Olympics. And there is a great profile on these little headphones that you put in your in your ski helmet so you can talk to your

friends and find them on the mountain. They're called Smith by alec O O six. Our thanks to Bloomberg Pursuits editor Chris Rouser and Business Week contributor Jen Murphy for guiding us through this year ski issue. Also a shout out to Bloomberg Radio is Paul Sweeney for helping us out this past week. And that wraps up the weekend edition of Bloomberg Business Week. Bloomberg Radio, thanks so much for joining us. I'm Carol Masser and on Tim Stanovk.

Be sure to tune into Bloomberg Business Week Monday through Friday, starting at two pm all street time on Bloomberg Radio. You can also watch your daily broadcast on YouTube. Just search Bloomberg Global News and check out our Bloomberg Business Week podcast. You can find that at Bloomberg dot com, Apple, or wherever you get your podcasts. Bloomberg Business Week is available on newsstands, now, at Bloomberg dot com and always

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