Bloomberg Businessweek Weekend

A list that's made up of market movers, legendary entrepreneurs, and a couple of entertainers that you may be familiar with. That's for sure. I gotta say, coming up with this list not so easy, Tim. We have so many great guests. We have so many great guests throughout the year. Um, but we did whittle it down to a few and over the next couple of hours we're going to hear from the likes of Michael Dell, John Rodgers of Aerial Investments, Cathy would have Arc and the former CEO of Google.

We're talking about Eric Schmidt. Remember when he was the adult in the room that was different era, not just for Google, but for tech in general. We're also going to take a trip down memory lane with music legend Gina Shock, the Go Gos drummer and Rock and Roll Hall of Fame inductee. We're also going to talk film and television production in the time of COVID with award winning actor Sam Hwan. He I don't have to tell you this, Carol, because you're such a big thing, the

star of Outlander, among many other things. I do recall that he's also big into whiskey. We'll talk about that. All of that to go, and we begin with a voice very familiar to our Bloomberg audience. TPG Capital executive Chairman and founding partner Jim Coulter, and I think increasingly there is what I think of as a new year of business, and perhaps we can get into that companies are going to be held accountable not just for what

they do, but for how they do it. For example, if you look deeply into the E s G world today, companies that are highly rated on E s G standards, according to recent Bank of America report, have tenent lower cost of capital. So capital is looking to invest in companies that care that deliver on E s G ratings. There's still a lot of uncertainty as to what those ratings will be over time, how they'll develop. But to be clear, the trend is happening, and it makes a

difference how you do things. I mean, we're definitely are seeing something on the regulatory from when it comes to that, Jim. But I do wonder we talked about, like when a company reports earnings, certainly for the publicly held companies, do we need to have okay top bottom line? We look at margins, but we also are looking at okay, here's your e s G metric and if you don't do well, um, you get penalized. There's got to be some consequences. Do we get to that point? Do we need to have

that kind of point? I think we will get there over time, but we can't wait for it. What the market is looking for, what I'm looking for as an investor is authenticity in action. I'd remind you, Carol that it took seventy years to develop GAP our accounting standards, and it will take a while to develop the standards that will lead the s G era. But we can't afford to wait. We need to get to work, and

capital is flowing to these opportunities. Well, one of that is, you know, Tim and I were talking about kind of planning for this, about everything that NBA students, Tim, you have an NBA yea from a couple of years ago. In terms of what you study. Leadership is such a big part in terms of getting there right. So what is it that the NBA student today on Stanford's you know,

uh here at Stanford or elsewhere. What do they need to be learning when it comes to leadership, Because I think it's safe to say that a lot of people would say leadership failed us in the last couple of years. I think they need to learn to lead in a new era. Now, business changes every day, but there's times where business ethos changed. When I got out of business school in a long time ago, we were studying Japanese

business practices. In the nineties, the ethos changed to the Jack Welsh era were suddenly strategic planning and KPI shove everything. Two thousand it changed radically again, where suddenly we were told to move fast and break things the ear of entrepe ownership. Where Stanford leads today, there's a new era, a new ethos developing. As I said, it's not only what you do, but how you do it. Jim, there's this conversation happening right now about the value of education,

especially really expensive education. So make the case to us, to our viewers, to future NBA students that the NBA is still worth it. Yeah. For me, in I walked out of Stanford and it was a special place. Then it remains a special place today. There's something in the air ideas, innovation and risk taking, and at that moment I chose to take the lowest pain job I was offered. I entered an industry that didn't have a name. Fast forward thirty years. That industry is now called private equity.

It's four trillion dollars. I've helped build organizations within it, and today I'm sitting here talking about how to drive a new idea, impact investing. So Stanford's auto is change lives, change organizations, change the world. It changed my life. It allowed me to change organizations, and we're working hard on changing the world. That has immense value. It doesn't play out necessarily always in year one, although it did for me, but it plays out over the arc of her career.

So you said, thirty years you walked into private equity and just earlier this year, your executive chairman still in the company UM that you founded, but yet you're not CEO or head of the company anymore. I do wonder what it's like for a founder coming on the hills of KKR right, another legendary private equity firm UM and they have set in place their succession plan. How do you, as a as a founder think about succession UH and the next step for your company? As a leader, well,

succession is out there for me. But what I constantly have to ask myself as a leader is what is my highest and best use. We had a co CEO Struck Sure, and my highest invest us is actually to invest and to innovate. So I chose to evolve my focus to this question of how can business make a difference in society? How can we address this intersection of

social responsibility and corporate UH and corporate effectiveness? And that ability to continue to invest in innovating is liberating and is something that I think is good for me and good for the company. That was Jim Coulter, executive chairman and co founder of the private equity firm TPG Capital, also co managing partner of the Rise Fund and a

member of Stanford's Board of Trustees. That interview from mid October as part of our Stanford b School special Giving Up Another Investment Luminary tackles a different set of social issues in the business world. We're talking about diversity and finance and financial literacy. We've got a conversation with the chairman, co CEO and Chief investment Officer of Aerial Investments, John Rogers. You're listening to Bloomberg Business Week some of our many

highlights for any one. This is Bloomberg. This is Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. Our Christmas weekend edition of Bloomberg Business Week is look back at some of our favorite conversations from the past year. One in which retail traders

emerged as a market moving for us. That was a big theme of the year Tips It really was a big theme in our Next guest is on the board of corporate giants like Nike, McDonald's and The New York Times. He's also chairman, co CEO and Chief Investment officer of

Oriel Investments. We're talking about John Rogers. He joined me and Bloomberg News New York Deputy Bureau Chief Chortilla Brantley back into lie and express concern that novice traders, particularly from communities of color, are not yet fully equipped for

long term investing success. I do worry about it. And the good sign is we're getting more and more African American investors, and you know, places like Charles Schwab have really democratized the stock market, and it's very cheap to get involved, and you can do everything online and not be intimidating by traditional white shoe investment firms. So all

that is really really good. But the downside is often has happened when the with the Internet bubble at the turn of the century, we get pulled in the market, gets sucked into the latest themes too often because we haven't been as engaged in the stock market as white Americans. So I do worry that we're getting pulled into some

of these risky areas that exactly the wrong time. And we know, you know, the way that we came to this country, the traditions that we had to fight against, the Jim Crow and all the challenges that we face in our community put us behind the April when it came to investing and getting comfortable in the markets. And so again, whenever we get pulled in, I do worry sometimes when it's late in the game. Well, let's talk about financial literacy and how that plays into alleviating your concerns.

You know, I think we need to continue to do more and more. We have just scratched the surface when

it comes to financial literacy. During the Obama administration, I had the privilege to be able to be able to chair his counsel and Financial Capability for Young Americans, and we talked to the President about how can we get more financial institutions to partner with urban public schools to teach kids about the market, give the kids real dollars to invest in real stocks, be role models for young people of color to get engaged in the financial services

sectors career choices. So I think we have a long way to go, because it's just so critically important that, you know, African Americans get exposed to the markets at young ages. You know, we know the wealth gap in this country has gotten larger and larger. We've fallen further behind because of the historical discrimination that we face in

this country. So the way to catch up is to get folks involved in the best parts of the economy where the wealth and jobs are being created today, and learning about the magic of compound interests and getting comfortable in equities because we all know when you get a odd now you have to be your own money manager with your four own K plan. So financial literacy is more important in this country than ever, John, how do

we get there? The reason I asked is I actually came across a Federal Reserve paper that was done by a researcher about ten years ago. I think talking about the importance of financial literacy, I think about someone like you know, Warren Buffett, who talked about compound interest like

knew it when he was at a young age. We have been talking about the importance of financial literacy across society for a long time, and I wonder, how do we really move the needle on this, because I agree that this is something that unlocks kind of the financial is the key that kind of unlocks financial wealth for more Americans, and certainly for black Americans. Well, you know, I think one of the things I talked about all

the time. You know, my father bought stocks for me every birthday and every Christmas after I was twelve years old, and I got exposed to the markets at an early age and loved it. You know, there's a program in New York, New York City Rise that is doing that with young people, getting kids into five twenty nine programs that you know, right in kindergarten and on the way and at the Aerial Community Academy that's now twenty five

years old. We give kids real money to invest in real stocks, and they get to see the money grow from kindergarten through eighth grade. And I think that's just so important. You've got to get exposure, you know, get your hands a little dirty with the markets, learning how to do the research, seeing the inevitable ups and downs, but seeing how markets steadily climb even after you have some ups and downs. We come back from downturns and

bounce higher. So I can't over emphasize the importance for corporate America to work with public schools, get public schools to have robust financial literacy programs, and get volunteers from the corporate community to get in there and talk with kids about how to do the research and the magic of our capitalist democracy. You know that really builds wealth over time. Just a quick follow. Should it be mandatory in schools? I personally think that kids should be starting

in kindergarten learning about financial literacy. Make it part of the curriculum. Do you think that's what needs to be done. I think that's really critical. I think that's exactly right. You know. I know local communities make decisions on their own local schools. It's hard to dictate that federally, but it's you know, I always joke with my friend Arnie Duncan, the former Secretary of Education, that you know, the French class is maybe not as important as that financial literacy class.

You know, I think I've been to France five times in my life, and I spent five years studying French. UM. Financial literacy is so important to our economy and so important to our country and in our in all communities. Well,

there have just been so many efforts. If you will announced post George Floyd, you know your organization has um launched Project Black Can you just tell our audience a little bit more about that and what has been the response so far our you know, our co CEO created Project Black UH in partnership with JP Morgan Chase and Jamie Diamond. You know, Melanie Hobson had this vision, this idea that we would create a fund that would build stronger Black owned and Latin X businesses and get them

to scale. We feel like too many of the programs are all about helping small micro businesses get small loans to build their businesses. We feel we want to help build capital for companies to be really scalable where they can create real multigenerational wealth higher hundreds of not thousands of people, and have a permanent impact on our society.

At the same time, we'll work with decision makers in Corporate America to encourage them to do business with minority businesses and the parts of the economy where the wealth and jobs are created today. You know, we know financial services, we know wealth created and technology, media, etcetera. And sometimes well meeting supplier diversity programs have not really encouraged minority businesses to have real opportunity in the parts of the

economy again where the wealth is created today. So that's what Project Black is all about, is to make sure the Corporate America is doing business with everyone and they were building businesses of scale, which we think will have a real permanent impact and positive impact on our society. It's going extremely well. We're really busy out there. We have a great board of directors and great CEO. Um, it's just been, uh, you know, off to a great,

great start. That was John Rogers, Chairman, co CEO and Chief Investment Officer of Arial Investments. He spoke with Carol and Bloomberg News New York Deputy Bureau Chief Shartilla Brantley over the summer coming up. In our Bloomberg Business Week Christmas special, we head back to the Stanford Graduate School of Business. We'll hear from the founder and co c of Minted Mayor of NAFISI on her company's next big expansion.

This is Bloomberg. Wake up and text, Text and eat, Text and meet up with a friend you haven't seen in forever. Hi, Text and complain that they're on their phone the whole time. Text and listen to them complain that you're on your phone the whole time. Text and whatever. But when you get behind the wheel, give your phone to a passenger, put it in the glove box. Just don't text and drive. Visit stop texts, Stop rex dot org.

A message from Nitza Amy at Council 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 does San Francisco, Bloomberg nine sixty to the country Sirius XM Chado one nineteen and around the globe the Bloomberg Business app and Bloomberg Radio dot com. This is Bloomberg business Week. One thing that started to return to a degree of normalcy to our lives this

past year was our ability to travel for business. We were lucky enough to be able to do a handful of remote broadcast in one and it's really something we missed big time to the height of the pandemic. It felt good to be quote unquote a little bit normal here, Tim, Yeah, it really did. And one of those programs took place at the Stanford Graduate School of Business in October. We traveled there to celebrate the school's repeat appearance atop Bloomberg

Business Week's list of America's Best to be Schools. What's cool ab at it is? We were able to engage with students, key faculty, and administrators, as well as some of Stanford's most successful NBA recipients ever, and among them was a woman who has emerged as a pioneer of the creator economy. We're talking about Miriam Nafisi. She's the founder and co CEO of Minted. Her business focuses on stationary and I know this because years ago I used them for my wedding as well as our home goods

and digital content. Also now, Minted is expanding into furniture, having gaveuted its first line exclusively at West Elm earlier this year. Well, I think the fundamental thread through all of these businesses is this idea that great talent can

come from anywhere, great ideas can come from anywhere. And so what we're trying to do is bring great independent, unique art and design two people everywhere and um empower artists around the globe to put their hat in the ring and then really build businesses off of our platform, regardless of where they were educated, where they're from, um whether they had any connections to be able to get into business. This helps anyone really be part of a marketplace.

What are you finding is the best way to communicate what you're doing and how you're growing, Because I do think a lot of people know mented for invitations. I mean full disclosure. It's what we used for. You know, my wife and I used for our wedding and and I think people know it for for holiday cards. But but how do you then communicate that you're doing furniture

as well. Yeah, I think it's a great question. I mean, we are targeting niche audiences through niche marketing, so you know, you might not see it at the very highest level of corporate marketing, but we are. We are marketing to

different audiences. But I think also you'll see more brand building campaigns from us at the higher level this Christmas season, where we really are focusing on the artist as the common thread through all these businesses, so that I think people really understand that it's about it's it's really about an artist marketplace and community that is participating across textiles, paper, furniture, wall art, many different goods and bringing but really centering

it around the artist story and their journey. And you'll see that coming out too. You are so great about highlighting other people's nys and artist journeys, but what about your own journey here? Because you didn't get accepted the first time around, but you came back the next year. How did you make that happen? Yeah, I mean, I think it's this idea of being persistent and fighting for what you really what your dream is. And um, you know, I had come into Stanford knowing I wanted to be

an entrepreneur. I'd landed in California after graduating from college. I'd spent some time at some other businesses uh in investment, banking, and consulting, and I knew that I wanted to carve my own path. Um. I felt that if I had gone more of the bigger corporate route, I wasn't sure if that was a good fit for me and or if I would be given the responsibility that I thought maybe in my year old mind, I thought I may

be deserved. And so I really felt that the US is you know, I'm a I'm an immigrant to the US. I felt like, um, this is really a country of great opportunity, uh, and that the American consumer would be the ultimate judge of merit, that they wouldn't really care necessarily who the product. If they like the product, they would buy the product. And so I was really motivated around entrepreneurship as a way to create the world. I wanted to live in and create the products I wanted

to see. Um, have you found out to be the case about the American consumer? I do think so. I mean we have this is one of the best things about being American is that we have this huge Peatrie dish of like several hundred million consumers who can buy your product and test your products. So it's a fantastic It's why we are so good at product development and marketing actually because we have this great we have a great Peatrie dish, and so, um, that's exactly what's happened.

And um, that's why I wanted to pursue entrepreneurship and come to Stanford. Um, so when I came out, I knew that that's what I wanted to do. So what's the endgame? And you know, it's a Bloomberg question. I mean, it's got to be nice being private, but having investors involved, right, But I mean, is the ultimate goal to be a public company? How do you think about it? Because there are options today. I think it used to be it

was a direct path. You stayed private for a long time, but as soon as you could you get to the public markets. It doesn't have to be that way. There's a lot of cash out there with investor support to keep a business going for years. We see that. Yeah, I mean, I think we're always trying to keep all options open um. But you know, it is an independent company in the sense that our artists are independent too.

It's a fungible community. People can come and go, and I think the idea of capturing trying to capture that community inside another company is probably a little bit of a forced a forced, it would be forced, some kind

of strange probably. So I think of ourselves as an independent business, that we're building an independent company, and certainly we could continue private financing or or go public, and we're just preparing for, you know, for either, you know, both both paths, and we always keep we always keep ourselves prepared for both. What a fun conversation that was. Miriam Nafisi, she's the founder and co c of Minted. She joined us on campus at the Stanford Graduate School

of Business, and that was back in October. You're listening to the Christmas weekend edition of Bloomberg Business Week. Some of our highlights when it comes to the interviews that we did over this past year, and coming up next, you're going to hear from one of the most successful innovators of all time, founder, chairman, and CEO of Dell Technologies, Michael Dell. He talked to us about a lot, including his new book, and that included a story about dinner

with Carl con Love. This part this is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik from Bloomberg Radio. We're bringing you some of our favorite conversations from the past year on this holiday weekend, and we're pleased now to look back on an interview with one of the biggest names in the history of America's tech sector. When he first incorporated his company that he founded back in nineteen eighty four,

it was known as Dell Computer Corporation. At the time, Michael Dell was just nineteen years old. I know it's unbelievable. His story is is incredible. Nearly four decades later, he detailed his climb to the top of his industry in

a book called Plain Nice. But when a CEO's journey from founder to leader In a wide Ray Gene conversation this past fall, the billionaire innovator spoke with us about the fight for tech talent, the dawn of an era to be dominated by artificial intelligence, and the time he tangled with Carl con when the activist investor tried to impede del f him taking his own company private. Back in it was very hard. You know, I didn't really have much experience dealing with somebody who would just go

on television and lie. You know that That's not something I had experienced very often in my in my business career. Um. But you know, ultimately, as I talked about in the book, I did go to his house and confront him, and you know, really saw that he didn't have any plan whatsoever for the company, and to him, it was just a big poker game. And and uh, you know, it turned out to be way more difficult than that than I thought, as was chronicled on Bloomberg television and radio

very extensively. I remember it. It was a story that never ended until it did. And and uh, you know, fortunately we were able to accelerate our transformation. Are our shareholders got some of the benefits of our transformation if we were successful, which we turned out we we we were without taking on any of the risk. And uh, you know, I I've learned how to how to how to face down carl Icon. So there you go. Yay.

I'm wondering, Michael, if you if you missed the days of of of running a company that's that's private, that that doesn't have a report card available to you each and every day Monday through Friday from you know, nine thirty to four, every day where you watch the company's stock move, Because you do talk a little bit in the book about the way that big swings in the company's stock would would make you feel and the way that you thought that analysts and investors were missing it.

Do you miss the days of of of of not running a public company? Well, I've I've I've done both right and uh, you know, the key for us was really put the company on a different trajectory. And back in two thousand twelve and two thousand and thirteen, the markets really didn't give us permission to go invest in those new areas. Uh. You know, now I think we're in a different spot, new capabilities, new growth rate, and

new trajectory. And you know, we also reignited that entrepreneurial spirit which was the formation of the company and very much kept that alive. Even as we've transitioned back to being public again. Well, you know it's interesting too, and we've really leaned on I think even more so during the pandemic. Are our leaders right of companies UM to

help us get it through. I think about Black Lives Matter and you know, one of the things we wanted to ask you, And it feels like from reading your book, you don't play around too much or careful around politics. And I can understand that for for CEO S. But you know your home state of of Texas. Uh, you know, I have a lot of family in Texas. You seem to be you know, you really love that state and and you write a lot about it in your book. How do you feel about things like the abortion law

and the voting rights one? Would you would you have spoken out about? Yeah? I have spoken out about voting rights and certainly we've communicated with our team members about uh, you know, some of the some of the recent laws. Look, I would much rather see our policymakers focus on education and infrastructure and broadband and you know, the things that

will help the state continue to be successful. And as we've communicated to our team members, you know, our belief is that uh, you know, they should have more access to healthcare, not not less. Do you worry though about you know, some of these issues that will it'll hurt del's ability to attract talent, especially in Austin or are

generally speaking, haven't seen that problem yet. Well, well, we'll see how it plays out and uh, you know, uh to again, our company will go where the talent is, and you know, uh, let's let's see also how how the courts you know, rule on these things. And you know, uh, I think there's still a lot that we don't know

about how how this plays out. Hey, Michael, I want to stick on on talent because we have spoken to executives in recent months who've said, hey, the labor crunch that we're seeing, it's really across the spectrum from hourly employees all the way up to executives. If you had to raise wages to attract and retain talent, well you're

always adjusting, you know, compensation and benefits. Pretty pleased with our attrition, you know, our data says, you know, we're uh uh in the you know, kind of lower quartile of attrition. So I haven't really had an enormous challenge there as I know many companies have and look at um you know, Uh, our job is to create an inspire ring and uh you know, passionate environment where people

can do their very best work. And we tracked a lot of young people into our company given those opportunities. I think if we keep doing that, uh you know, we'll we'll be just fine. Am C. It is a company that we know, we've all talked about it, um you know, the king of growing uh storage device market. We know cloud computing is changing all of this. Uh you know, a former we were talking to some of our colleagues, Uh, a former MC executive telling uh them that EMC was once the last or what was the

last great storage companies. There will never be another one. So what is the future of that market in your view? And how do you think Deale specifically can benefit from that? Well, the interesting thing is if you peel back the onion on just about anything that's going on. You were talking about crypto earlier, dec finance, autonomous vehicles, you know, just

pick your new thing that's happening. Behind all of that is an enormous amount of data and uh you know, it turns out you need a lot of cloud infrastructure Uh, no matter where it is, and you need a lot of data to make all these things happen. And so you know, as the number one company in the world that provides all of that, we're seeing some really nice growth in those areas. So, uh, I think the world's

kind of figuring out. Yeah, public cloud is a thing, but it's not just the public cloud, it's multi cloud. It's also the edge and there's enormous growth going on as everything in the world becomes intelligent and connected and now with five g uh, the distributed computing world is even more distributed. All that creates enormous opportunities for us have to say that, um, you know, and we want to talk a little about innovation. We've got a few

minutes left. Mike Bloomberg stop by my desk. I was working. I have a huge pile of books and he's like, do you read all of these? And I'm like, I try, I said, but one book I'm reading right now is Michael Dale's new book. And he's like, I know Michael, and he goes, really smart guy, really innovative guy, and uh, it was just kind of interesting and he talked about you know, how you reinvented your company. Um, when it comes to innovation reinvention, Um, what are the technologies that

you think we should be focusing on? You know what general you know what gets you excited? Is it crypto? Is it AI? Is it something? Is that the metaverse? What do you think is interesting? Because reading your book, I mean you've been involved in the text space that you were a kid, and I just wonder what really catches your attention now? Yeah, you know the power of AI to again use all this data to up end and reinvent every part of our world in society is incredible.

I think, Uh, you know, they're going to be incredible innovations in the intersection of the bio biological and computational sciences in all the areas you you talked about. Uh, it's hard to predict you know, exactly how all these things are going to evolve. But you know when when you have these powerful ingredient technologies coming together, and look, you have an enormous amount of risk capital right now that's going after these problems and even harder, hard tech problems.

I think that the future is is super bright for for uh, you know, humankind. That was Dell Technologies founder, chairman and CEO Michael Dell. We interviewed him back in October. His new book out this year, Play Nice, But when a CEO's journey from founder to leader. I have to say, at a hard time putting this one down. You know, we get a lot of books get written by business leaders.

This one was different. It was and I think what was fascinating was like it went back in time and then it went forward in time, Like it was juxtaposition in the creation of his company with then taking it private again, Like it just went back and forth and a really cool way. He also takes the gloves off in some parts. I kind of love when people get to a point in their in their lives. Were like, I'm just gonna tell you what how it happened? Her

names names? He does name names. That wraps up the first hour of our Christmas weekend edition of Bloomberg Business Week from Bloomberg Radio and Carol Masser and I'm Tim Stannavat. Coming up in our next hour. More of our best from one, including Cathy Wood on her early days as a fund manager and her road to stardom in the financial world, plus newly minted Rock and Roll Hall of Fame Regina Shocked, taking us behind the scenes with the

Go Goes and then Outlanders. Outlanders stars m hugh and on his latest pursuits both on and off the set. Whiskey anyone Yes? Also coming up, you'll here from the former chairman and CEO of Google, Mr Eric Schmidt. Heard of him, Yeah, I've heard of him. Uh And you know, you think about you know, when he was at Google, right, this was a company that was really going through growing pains um slowly on its way to becoming what it

is today. But you know, he was often called we joke about it, you know, the adult in the room, like there are a bunch of you know, the guys who created the company right, brilliant, but they needed somebody to kind of formulate the company and help it on its longer term journey. You know, we asked him that question too, about other companies that perhaps need another adult in the room. Stay tuned to hear what he had

to say. Really cool stuff. 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 its Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes Tim Stinovik on Bloomberg Radio. Hi'm Carol Masser and I'm Tim Stock.

Plenty ahead in our second hour of this special Howdy weekend edition of Bloomberg Business Week, some of our biggest interviews some of our favorites from including Cathy Wood of ARC invest on the origins of her now world renown risk Apple Tight, someone who is always on the investment world radar and has been really gracious to us, giving us lots of time throughout the year, and speaking of being in the spotlight, We're gonna hear from two individuals

in the entertainment space. Go Goes drummer Gina Shock on her life as part of the groundbreaking all female rock group. Also Sam Hewan from the hit series Outlander on his award winning and growing business portfolio. He's an author, he's an actor. He does a lot when it comes to charity and giving back. And don't forget that whiskey. No we're not, We're not um really too fun individuals in the entertainment space looking forward to that first up this hour,

though another Titan of America's technology landscape. In our last segment, you heard Michael Dale's thoughts on the age of artificial intelligence. Well, our next guest has had a hand in bringing us to this point. He's got lots to say where we go from here to help us understand the challenges that are facing humankind as this technology becomes more pervasive. Bloomberg Cross Asset reporter Katie Raifeld and I spoke with Eric Schmidt, the co founder of Schmidt Futures, also, of course, the

former CEO and chairman of Google. This change in the next five to ten years is the beginning of an ethical change in human history, similar to the Age of Reformation where age of reason excuse me, where we went from the age of faith where people basically just believe that whatever God said was correct versus the notion of

having reason. And the world where we're going to have ourselves and then inanimate non human intelligence is helping us is a very different world than the one we're in today. And bridge the gap between the world we're in today and the world we're heading into where AI is a bigger part of it. Because you know, when I think about a I I struggled to think about how it

will transform my day to day life. So if we go down that path, you know, five, ten, even more years into the future, I mean, how do you see this shaping the world around us? Well, most people when they think about it, are they think of a killer robot. Wasn't going to say that, but yeah, yeah, yeah, we're We're not talking about that. What we're talking about is that you will have assistance. Today, you have an assistant in the form of Google UM, you have recommendation engines

and so forth. Those are all AI powered by the way, but translations and so forth, that all works very well. What will happen in the next five or ten years is you're going to have conversational systems that are human life that you're gonna ask questions and can make recommendations

and more importantly, generate new things. UM. In our book, we talk about the h the achievement of AlphaGo, where computers developed new game strategies for a game that have been played by humans for two thousand private or years that had never been discovered by humans. We highlight the discovery of a new antibiotic. They could never have been done without using superhuman supercomputer analysis with human collaboration to look through all the choices to find a new antibiotic

that says that saves lives. And we also talk about these new language models, which are these immense systems where we build them and that we don't know what they know and what they really think. And it's called GPP three. These are the beginning platforms of a transformation of our the world around us. So the answer for you, specifically your reporter, Uh, you're you're in the news, You're inundated with information. Everyone is going to be pushing more and

more stuff to you. You're gonna be inundated. You're going to need a digital assistant. It will help you prioritize what you what you need to do in your work as well as your whole life. Okay, that sounds better than a killer robot. Absolutely. So to that end, you write in the preface along with your co author, is that the three of you differ to the extent in

which you're optimistic about AI. Where do you fall in that of the three of us, I'm the more most optimistic, I think because in my world and my experience, we've we have these enormous opportunities with enormous down sides and somehow we muddle through. Um. If I told you the social media would become the primary attention source and information source for the most of the world, you'd say, great.

What I didn't realize when we did social media it would also be used to manipulated elections and manipulate people through falsehoods and misinformation and so forth. Uh, we're working on the ladder. So when this next generation of much smarter systems come along, we better have a notion of

what their ethics are. What are they promoting? Um, when you put one of these things with your kid, who's obviously developmentally vulnerable, what happened If the thing has a hidden bug in it, like it's slightly racist, or it has the wrong values, everyone's a all. It says something inappropriate. Do you really want your child exposed to that in such an important role where this is the child's best friend. Eric, I want to talk about the metaverse and the context

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

and it's really enjoyable. Facebook has not built that product yet, and so we have to assume that that's their direction. But it seems to me that naming the changing the name of all of Facebook, which is a hundred thousand people in an enormous business, based on products that have not been announced yet is a pretty big decision. And we'll see, let's see how the products play out. That's Eric Schmidt, the co founder of Schmidt Futures and former

CEO and chairman of Google. Also the co author of the Age of a I and Our Human Future, which he wrote with Henry Kissinger and Daniel Hutton Locker. You're listening to Bloomberg Business Week. We continue with some of our memorable conversations, including a catch up with Cathy would the founder, CEO and see IO of Arc invest. This is Bloomberg. This is Bloomberg Business Week with Carol Messer

and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio So gave us a chance to hit the road again and broadcast from some of our favorite events in the financial world. One of them was the Milk And Institute Global Conference in Los Angeles that was back in October. The annual gathering of global leaders and government, finance, health, academia, philanthropy, and Moore returned to an in person format after last year's event was scaled down and completely remote, of course,

due to the pandemic. Yeah, it really felt good to be back in person. It was scaled down, but nonetheless great to be around people and actually do panels up on stage with individuals rather than virtually. We did spend three jam packed days talking about the disruptions and innovations brought on by the global pandemic, along with social crises and economic hardships that we've really seen developed since last March.

And when you want to talk innovation and how to place your bets on the future, if there's one person you need to hear from, well it's Cathy Wood. Carol sat down with the ARC invest founder, CEO and ce IO at Milkne to get the backstory behind the fund manager's rise to investment fame. I think important to note here Carol You've known Cathy for years, uh, back to when she started ARC, and you know, she wasn't a household name at least in the investing world like she

is today. Yeah, it was pretty fascinating. I think about seven years ago, I think it was, uh, and she didn't have a lot of money, didn't have a new fund out yet. It was just, you know, a new name in the space and her ideas that this whole

idea of disruption innovation. You know, it's something we talked about pretty regularly now, but back then it was a new idea after the tech and telecombust and then even more so after oh eight oh nine, I began to see just incredible risk aversion, career risk, business risk, and everybody was worshiping the almighty index benchmarks, and that was not consistent with what we were doing at all. So we were becoming I described it as an otter and otter duck, you know. And I also felt this was

very bad behavior. I feel like the maybe investing and tried and true is not wrong, but investing only in the past, I do believe is wrong. Uh, you know, because there are so many so there's so much in the way of innovation evolving, and I did not feel like it could be funded appropriately in the in the public markets. The private markets were screaming, so valuations were crazy. They're the same kind of stock was selling for a

fraction of the valuation in the public markets. So I felt there was an I felt there was an arbitrage opportunity. Many people in the public world said, oh, those private valuations, those are going to crash. Didn't think that was true. We thought the public market valuations were going to move up. So I felt that this focus on innovation had been lost,

research lost, investing lost in the public markets. And I said we could we could fulfill a huge on met need and and change this misallocation of capital, which is all about the past, especially because of the explosive growth opportunities there are in the future. So tell us about And I know there's been a podcast you've done and there's been some writing. What was the aha moment you said, I'm going to do this differently And I want you

if you don't mind. I mean, I know your faith is important to you and the name of your company's are so how did that play into it? Sure? So I remember walking into my home on a beautiful side. I get these epiphanies on beautiful sunny days when I'm not really thinking about anything. But I walked into my beautiful sunny day silence. Now had three children, two dogs, and a nanny, and it was complete silence because they were going to all be away for two weeks, first

time ever in this house. And I walked into the kitchen and I wasn't happy, but I wasn't sad. I wasn't even thinking about work, and and I got the message loud and clear. You have to take all of the technologies that have disrupted other industries and start to disrupt your own and focus on their new creation. It sounds like, and I want to stay here for a moment. I have faiths and beliefs that are very important to me. It sounds like your faith guides you in a lot

of ways. How does it as you look at these companies, make your investments, make your decisions. How does that play into it? Cathy Um? Well, first of all, in terms of that aha moment, you know, many people would describe that as the force or the universe. I would call it the Holy Spirit, and so the Holy Spirit as a guide. Um. You know, as much as we in the financial world would like to think we're in control. We're not. Uh, there are much bigger forces in control.

Some would say the fans in control around No, not even the FEDS in control. So um and and this idea of the new creation, In fact I got it was after I described what I the ecosystem that I wanted to put in place, involving social media and giving our research away. And you know, I wasn't even thinking about going viral and the way that we have gone viral. I was just thinking, how can we get our message out because we can't get it out through traditional channels.

Nobody believes in us. Well, if you're going to do it differently, like you're gonna do it differently all the way, all the way, all the way. And so we are seeking the truth as these news new technologies evolve, all of them at the same time, right and cause like a lot of chaos, a lot of confusion, a lot of fund fear, uncertainty, end doubt in our markets. And we're trying to allocate capital to its highest and best

use to do the right thing. That was Kathy Would, she's the founder, CEO and CEE i O of our invest her conversation with Carol took place at the Milk and Institute Global Conference back in October. I was there live. This was a standing room only event because it was packed. Uh. And you know what, you got up there with Kathy. I think it was just after Steve Manusian was up there with our colleague Romain Bostick, which is another exactly easy to follow, But you didn't thank you, thank you.

It was really nice to be there, and like both of us, we had so many good conversations. I think about those three days of broadcasts, you and I really talking to some really smart individuals. Everybody loved being in person, and I highly recommend folks go back and check out our podcast feed because those shows were pretty memorable. Uh. And I was so glad that we could be there all right. Still the Common Bluemberg Business Week. A new

inductee into the Rock and Roll Hall of Fame. We're gonna shift gears a little bit, have some fun in this last thirty minutes of our special holiday broadcast. So a rock and Roll Hall of Famer and also an award winning actor, entrepreneur, and I guess I can say a man of the Scottish Highlands and our best Bloomberg business Week Christmas Weekend special. It takes us onto the stage with rock legend Gina Shock. Also on set with

Outlander star Sam Huant. This is Bloomberg. COVID nineteen has changed how we live and how we feel, but now there are vaccines and they are the first step that lets us get back to the things we miss most like spreading the word without spread and concern, girls tripping instead of solo, sipping and talking smack with the side of mac and cheese. It's okay to have questions about

COVID nineteen vaccines. Now get the facts. Visit get Vaccine Answers dot Org so you can make it in decision when COVID nineteen vaccines are available to you, brought to you by the AD Council. This is Bloomberg Business Week with Carol Masser and Bloomberg Quick Takes. Tim Stinovic on Bloomberg Radio. Alright, we definitely got to beat this year.

We've had some great interviews, and I gotta say being part of the Bloomberg Business Week team and family means we talk daily about the intersection of markets and business with every industry that's out there, and that includes arts and entertainment, which is why we wanted to catch up with an original member of The Go Goes, the first all female rock group to write their own songs, play their own instruments, and reach the top of the Billboard charts.

Drummer Gina Shock recently released her new book Made in Hollywood, All Access with the Go Goes. It's a personal account of the band that includes a treasure trove of photographs and memory Billia collected over the course of her forty year career. This is an awesome book. The pictures alone are amazing. It's gorgeous. It's really really well done. And when we spoke with her back in November, she and her bandmates had just been inducted into the Rock and

Roll Hall of Fame. We wanted to know which artists she had looked to for inspiration along the way. I am the ultimate fan, let me tell you, you know, I just adore them all. It's music is my whole life and it's always been and I feel so lucky to be able to contribute. Um. I meeting David Bowie was a huge thing in my life. I idolized him growing up and you know, had the utmost respect to the The guy was a genius um and I got to meet him three times and that was super duper cool.

It was actually the first time I met him that the photo of us in the book is when he was doing the Serious Moonlight tour and we actually got to open for him too, I think at Anaheim Stadium. That was very cool. But the first time I met him was in night before the Gogers were even signed. We were playing at the Rich in New York City. Checked this out. We didn't have a record deal. We had just gotten back from England. We had been opening for Madness and the Specials over there, so we all

had our our boyfriends with us. So man is, we're on our show. What we get done? And we go to the I P set and then they're like, guess who was at your show? Who? Okay, David Bowie and his constant companion Coco, Peak Towns and and John and Yoko. Now, unfortunately John and Yoko left during the encore, and yet in a couple of months he was going, you know that murdered him. Um so, but the two of them had seen the show. That meant a whole lot to me,

and Peak towns and that meant a lot. And then of course Bowie and meeting him and talking to him. He was such a gentleman and so generous at this time, and wow, what what an incredible night that was for me um and of course opening for the Stones. I mean, these are things you dream of, you know, and man, it's like happening a little old Gina from Dundock in Baltimore, Like, it's crazy stuff, guys. It's it's like your dreams do can happen? They can really happen. It's it's amazing what

you're can accomplish. It's all INSIDEI you just have to you just have to stay focused and do the right thing. That's all. That's it. Hey, gin, know what what has it been like getting back there on the road and doing it at a time and we're in the midst of the pandemic. How are you doing it? Well? You know, it's been rough because the last two years we've had both we've had our tours canceled. We had last year we were having a tour summer tour this year was canceled.

So fortunately we are going to be doing some shows at the end of the year on the West Coast, which we're all really excited about. And then of course next year we're going to be doing shows with Silly Idol UH in the UK, UM playing like at Wemley and uh Leads Arena, all these fantastic places to play UM, and then we're we're going to be doing more shows in the States. But on top of that, UM, this year it's just been incredible for us because it seems

like everything is sort of coming to fruition. You know, our our documentary really pushed people, i think, to recognize the bandon and know the ban in a way that they hadn't prior to that. Uh. UM. Also, you know our musical but which is out on Broadway a couple of years ago, that's coming back. That's a the Pasadena Playhouse like in a week, and it's opening in Australia

again Head over heels. That's really cool. UM. And then the induction at the Rock and Roll Hall of Fame, and then now I'm doing my book tour and and my first photo exhibition and like it's wow, well that's great, guys. Well it's just you know, it is interesting and you really do think about the impact that you had. I mean there's so many female musicians now. And if you think about though, when you guys went out and did

your thing, it wasn't commonplace. No, not so much. Go ahead, please, you know I'm one, Like I'm checking Instagram out every day. There are so many girls that are playing drums now and and shredding on guitar. There are so you know now that there's the latest statistic is that there are more girls learning instruments than there are guys now. But how do you like that one guy? That's incredible? Um, it's great. Yeah, it's that's the latest. Um, and it's

like really great. I'm hoping that we've had an influence on them. I feel that we have. I've heard that a lot, and it's to me, the best gifts that I could ever leave when I closed my eyes on this planet is to think that I've inspired someone to step out of their comfort zone perhaps and do what they love to do. That was legendary drummer Gina Shocked, the author of Made in Hollywood All Access with the

Go Goes. It's a tribute to the trailblazing female rock band also now members of the Rock and Roll Hall of Fame. Okay, so if you want saying We've got the bea connessing vacations. All I ever wanted are sealed. Man, I'm not going. You know that would be my last. That would be like my last, you know, show Business Week more followers. You know this is a radio voice, singing voice. So okay, you're listening to Bloomberg Business Week.

Coming up, we wind down our Christmas weekend special with a man of many talents, Award winning actor, best selling author, and now make her a fine whiskey at enderstar Samhwan. You can say it favorite interview of hands down. I've shared it with the world and I got more emails after sharing it. That's up next. This is Bloomberg. You're listening to Bloomberg Business Week with Carol Messer and Bloomberg Quick Takes. Tim Stinovik from Bloomberg Radio. Wanting down on

this special Christmas weekend edition of Bloomberg Business Week. Some of our favorite interviews from have to say, we are very lucky. We speak to amazing people. We have a lot of favorite interviews. We really appreciate the guests who joined us throughout the year. I got to say that this next one a lot of fun and full transparency. I'm a big fan, you really are. I think that's okay,

you know, full full disclosure there. If you follow our next guest on social media, you'll see a lot of versatility. He stars in the popular streaming series Outlander. He's also an author, having recently published a follow up to his New York Times bestseller klan Len's Whiskey Warfare and a Scottish Adventure like no other. You know, it was also great about this, but he was one of the first guests of the year to join us in the studio. He really was, right, Yeah, that's a good point. I

forget about that. And it was a big deal to have him here in person. It was, and it felt so good to have him in student And you're right to have somebody back in there with us. His new book is entitled The clan Lands Almanac. He's also got TV and film projects on the horizon. He's got his own line of whiskey, even his own charity. Sam Hugh and joined us as to mention in studio this past fall to talk about how he's managing all of that

in the midst of a pandemic business wise. More than anything, it's delayed a lot of imports and exports, especially without whiskey. Did it complicate things? Oh? Absolutely? Yeah. I mean I think you've maybe seen the pictures of you know, the the container ships outside Long Beach. Things are just really slow,

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

think it's pretty much. Yeah. You know, people were waiting for our next release. We released last year and then this is our biggest release. Um, we wanted it to be out in time probviously the holiday season, but um, it's finally here. We were actually only delayed a couple of weeks, so we're pretty fortunate. How much fun are you having with this and it's doing and tell us about like taking it around in and introducing it to people. Yeah,

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

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

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

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

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

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

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

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

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

um about your brand, ASSASSINAC. So is there more to come? You expand this? Yeah, you put me on the spot. Yeah, well you know, well absolutely, you know our tagline is Unique Spirits. Uh, so we are looking you know, around the world for you know, unique opportunities and um, really just shining the spotlight on you know, great producers and collaborating with other people. So um. But you know, obviously

the whiskey is are is our main party. It's our first spirit and we really want to establish that and then let that grow as well. One last one on the on the spirit in the spirits the industry right now. Oh, I mean there's just you know, I mean the explosion of tequila obviously is really interesting. I've spent a lot of time over in in actually in Tequila Town, which is a really fun place. Um. But you know, even look in the UK, I mean, Gin is really big.

It's it's kind of almost overpopulated now. Um. But yeah, I'm really interested in just like these small producers. I mean, Mescal is just fascinating, you know, and it's hard to for them to upscale. So um, I'd love to go to well Hacker and spend a bit of time there. Um. How long do you think you might hold onto the brand before maybe something you know, we talked about people being interested and we know, um, certainly some of the bigger brands are always looking for um new players new entries.

Do you think that the the end game is that ultimately becomes part of somebody's portfolio. Um? I, to be honest, I don't know. It's something it's obviously very close to my heart. It's quite poured so much to myself into this, so I want to retain it. Um. But who knows in the future where that could go. So let's talk about some of the other projects that you're working on. UM. What is it like to either have a director reach out to your producer? Is it virtual still or is

things getting back to normal? Yeah? It is, Uh, it is still kind of virtual. UM. I just shot a TV show in the UK called Suspect and that was all predominantly you know, the retool was done by our you know via zoom calls. UM, which is it is quite challenging, but it's great. You know, we're getting we're getting back on the feet that the movie TV industry is really really flourishing at the moment, is really busy. It is really busy. We're seeing certainly in and around

New York too. I mean, is it the best time to be a creative right now? You not only have streaming services just duking it out for content for talent, but you also have established companies looking to get into streaming by creating more content. I mean, we are so hungry for content. Yeah, we are, and I think myself, I'm already pitching something at the moment, and it has been mostly to streamers because that's that's where who have

the money and who are making things. But I mean it's also good to see that movie industry and people going back to the movies, you know, and c Bond recently it was fantastic and I mean, like in the theater, just that shared experience, which I think is something which we all miss as well. And I think hopefully, you know, also it will also have a life and we'll get people back back into the movie theaters. So, um, Atlander, what can we expect in the season. Yeah, it's back,

um early. Next to the long dry spell it has, it has, it's a it's a different season. It's only eight episodes, however, the episodes are longer. The first episode of things an hour and a half. Um, it's a dare I say, it's Autlanta. So it's quite a dark season. There's a lot going on. Um, But I'm really I'm really excited the first episode especially, it's it's pretty strong.

It's one of the interesting things I think that you guys did, and we've had a lot of conversations about how you all come together really portray reality, like you don't hide some of the difficult things that go on, whether it's in a relationship or just certainly the history that was out there. And and that's pretty impressive in terms of showing it and not kind of sugarcoating things. Yeah,

I think it comes down to Diana Gabeldon's books. You know, I think they're you know, they can be pretty gritty in places. Um, so that's part of it. But I think also the show has tried not to shy away from certain subjects and it can put us in a sticky situation. But I think we're you know, we really do go into, you know, trying to portray whether it's a victim of trauma or culture for insince the Native Americans, which we haven't play a large part in in our season.

This season plays into so much kind of the world at large. If you think about the last couple of years, whether it's the pandemic or whether it's George Floyd like things that have been in our society for such a long time, but you guys really kind of deal with that in big way. Yeah, but it was also showing America in its infancy, which is really interesting. I didn't know a lot of this, you know, how this will happened,

and the British influence and um, it's it's fascinating. So it's just interesting that we're shooting, you know, for in Scotland for America. That's award winning actor in New York Times bestselling author, entrepreneur and philanthropists Sam Ewen. He was in our Interactive Broker studio back in October and that reps up our special Christmas weekend edition to Bloomberg Business Week from Bloomberg Radio. Thanks so much for spending the holiday with us. I'm Carol Masser and I'm Tim Stanovk.

Be sure to tune into Bloomberg Business Week Monday through Friday, starting at two pm Wall Street Time on Bloomberg Radio. You can also watch our daily broadcast sun YouTube. Just search Bloomberg Global News and check out our Bloomberg Business Week podcast. You can find it at Bloomberg dot com, Apple or wherever you get your podcasts. Bloomberg Business Week is available on newsstands now at Bloomberg dot com, always on the Bloomberg terminal. You can also see me on

Bloomberg Quicktake. It's available on Bloomberg dot com, slash qt, and streaming platforms like Roku, Apple TV, Samsung TV and more. Have a great weekend and Merry Christmas. Yeah, Merry Christmas everyone, Thanks so much, always always for listening. This is Bloomberg