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In this episode, we chat with Joel Holland, CEO of Harvest Hosts, about his fascinating journey from leading a video technology company to acquiring and growing one of our favorite RV membership programs. Our discussion explores Joel's transition from the daily grind to the freedom of RVing, the impulsive purchase of his first RV, and the subsequent adventures that led him to Harvest Hosts.  We delve into the motivations behind the acquisition of Escapees RV Club, the impact on the RV community, and Joel's thoughts on the future of RVing. Joel also shares memorable stories from his travels, tips for making the most of a Harvest Hosts membership, and insights into the evolving landscape of RVing. Tune in for an inspiring conversation filled with valuable tips and exciting updates for RVers. Episode Guest Joel Holland is the CEO of Harvest Hosts, a membership program that connects RVers with unique overnight experiences at 5,000+ wineries, farms, breweries, museums, golf courses and other interesting destinations in the US and Canada. He is also the founder of Storyblocks, which was purchased by private equity firm Great Hill Partners in June 2020. Joel has been named one of the "Top 25 Entrepreneurs Under 25" by BusinessWeek Magazine, "Young Entrepreneur of the Year" by the United States Small Business Administration, "Entrepreneur of the Year" for the Greater Washington DC Region by Ernst & Young, and recognized on the Inc. "30 Under 30" list. When he isn't working, Joel is outside as much as possible with his family in Vail. He is proud to be a member of Vail Mountain Rescue, the search and rescue team for Eagle County, CO. • LinkedIn⁠ • ⁠⁠Instagram Resources Mentioned in this Episode - Harvest Hosts - Harvest Hosts Review - Boondockers Welcome - Boondockers Welcome Review - Escapees RV Club - Escapees RV Club Review - ⁠⁠⁠⁠⁠⁠⁠We're the Russos YouTube Channel⁠⁠⁠⁠⁠⁠⁠ - ⁠⁠⁠⁠⁠⁠⁠Newsletter sign up⁠⁠⁠⁠⁠⁠⁠ - ⁠⁠⁠⁠⁠⁠⁠Book 1: Take Risks⁠⁠⁠⁠⁠⁠⁠ - ⁠⁠⁠⁠⁠⁠⁠Book 2: Tales From the Open Road⁠⁠⁠⁠⁠⁠ Book a 60 Minute Call with Joe Are you buying your first RV or have questions about RVing? Let's see if booking a coaching session with Joe is the right fit for you. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Learn More⁠⁠⁠⁠⁠⁠⁠⁠⁠ Support the Podcast Download, subscribe, and share this episode.  Leave a review. ⁠⁠⁠⁠⁠⁠⁠⁠⁠Become a Patron⁠⁠⁠⁠⁠⁠⁠⁠⁠ Episode Website https://weretherussos.com/joel-holland-harvest-hosts/

On today's episode, Wisdom steps behind the curtain of the music business with Jess Loper, a seasoned veteran in the A&R and publishing world. In this insightful episode, Jess shares her wealth of knowledge and experience, demystifying the often-opaque realms of artists and repertoire (A&R), music publishing, and sync licensing. From scouting talent to navigating the intricate landscape of royalties and recoupment, Jess offers a rare glimpse into the inner workings of the industry. Whether you're an aspiring artist, songwriter, or simply a music enthusiast, this episode is a must-listen for anyone curious about the business side of music. Jess Loper began her career in the newsroom serving as an Editor with Business Wire who services the Associated Press with press releases for publicly held companies. From there she took her love of words into the music industry in the A&R department at Capitol CMG/Universal Music. In this position, she was an integral part of the production process for CMG's roster of artists (Amy Grant, Chris Tomlin, Kari Jobe, TobyMac, Passion/sixstepsrecords) while also working with business affairs, union negotiations, and film & tv licensing for the label. In 2017, she joined the team at Gotee Records as VP of Brand Management (Gotee Records) and Publishing (Emack Music). Gotee Records and Emack Music are a record label and a music publishing and administration company started in 1994 under the leadership of artist, TobyMac and label president, Joey Elwood. In this position, she handled A&R for artists Jon Reddick, Hollyn, Aaron Cole, Joseph O'Brien, Charly Beathard, and RENEE, cultivated writer relationships for Emack writers Tyrus Morgan, Hunter Leath, Ben Shive, and Lindsey Sweat, assisted with film and tv placements (ESPN, Fox Sports, ABC, NBC & VH1) and handled administration for Man Cub Music (Bryan Fowler & Micah Kuiper). Most recently, she launched Without Labels Collective, a company that focuses on music supervision and licensing for film & television (The Jesus Music Documentary, Trinity Broadcasting Networks, The Huckabee Show, Compassion International, and Thrive just to name a few). This new venture is also focused on educating and supporting songwriters & artists on the business side of the creative process. She serves on the Board of the CMPA and works closely with the GMA Dove Awards. Outside of her career in the music industry, her writing has been featured in the Huffington Post & Business Week Magazine among other digital news outlets and printed publications. Her greatest role in life has been getting to be a mom to Brody (15) & Kellen (12). In the Spring of '22, she married her favorite songwriter, Brent Loper, on the front porch of their little farmhouse in Culleoka, TN SUBSCRIBE TO THE PODCAST: ⁠⁠⁠⁠⁠⁠⁠⁠⁠On Apple Podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠On Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠All other platforms⁠⁠⁠⁠⁠⁠⁠⁠⁠ CONNECT WITH US: ⁠⁠⁠⁠⁠⁠⁠Wisdom Moon on Instagram⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Lula Music Group⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Lula Music Group on Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Christian Artist Coach⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠Lula Street Records⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠Christian Music Industry Podcast on Instagram⁠⁠⁠⁠⁠⁠⁠⁠⁠ ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Pure Mosaic Collective⁠ --- Send in a voice message: https://podcasters.spotify.com/pod/show/christianmusicindustry/message

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Businessweek Assistant Managing Editor Jim Ellis discusses the Businessweek Magazine story about Walgreens and CVS emphasizing health and wellness with new layouts to boost sagging performance. Katie Thomas, Head of the Kearney Consumer Institute, shares her insights on how consumers are dealing with inflation. And we Drive to the Close with Dana D'Auria, Co-CIO of Envestnet. Hosts: Tim Stenovec and Sonali Basak. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence Senior Retail Analysts Jennifer Bartashus discusses Walmart successfully growing operating income faster than sales, a trend likely to continue in fiscal 2Q as the company reaps benefits from a changing business mix. Bloomberg News Health Care Reporter Kristen V. Brown shares the details of her Businessweek Magazine cover story 23andMe's Fall Exposes DNA Testing as More Gimmick Than Remedy. Durga Malladi, Head of AI at Qualcomm, talks about the rise of on-device artificial intelligence. And we Drive to the Close with Ryan Kelley, CIO & Portfolio Manager at Hennessy Funds. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News Economics Editor Molly Smith, Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey and Bloomberg Economics US economist Stuart Paul discuss the US core consumer price index cooling in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year. Raelan Lambert, Global Alternatives Leader at Mercer Alternatives, talks about investing in alternative assets. Bloomberg Businessweek Editor Brad Stone explains how Silicon Valley is searching for its piece of the action in AI. Bloomberg News Labor Reporter Josh Eidelson shares the details of his Businessweek Magazine story Corporate America Never Really Stopped Relying on Forced Labor. And we Drive to the Close with Luca Paolini, Chief Market Strategist at Picet Asset Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News AI Reporter Rachel Metz discusses OpenAI launching a faster and cheaper version of the artificial intelligence model that underpins its chatbot, ChatGPT, as the startup works to hold on to its lead in an increasingly crowded market. Jon Weiss, Co-CEO of Wells Fargo CIB, talks about the firm's appreciation of and commitment to US military veterans. Bloomberg News Personal Finance Reporter Alice Kantor shares the details of her Businessweek Magazine story ‘Harvard of Trading' Ruined Thousands of Young People's Lives. Dr. Kelly Monahan, Managing Director at Upwork Research Institute, breaks down a new report on Gen Z's shifting preferences and expectations when it comes to careers and the world of work. And we Drive to the Close with Michael Riley, Co-Head of Markets at Wells Fargo Corporate & Investment Bank. Hosts: Carol Massar and Barry Ritholtz. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

“My mantra is first you build it, then you buy it. Finding product-market fit with a startup is by far the hardest thing in the world, but when you buy a company, you probably skip that.”   This is a special episode only available to our podcast subscribers, which we call The Mini Chief. These are short, sharp highlights from our fabulous CEO guests, where you get a 5 to 10 minute snapshot from their full episode. This Mini Chief episode features Joel Holland, CEO of Harvest Hosts. His full episode is titled Why unhappiness is a requirement for entrepreneurialism, switching seats from CEO to Chair. You can find the full audio and show notes here:

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Sharon Miller, President of Business Banking at Bank of America, discusses the results of the firm's annual Business Owner Report. Bloomberg News Technology Reporter Austin Carr provides the details of his Businessweek Magazine story GM Eyes Billions in Digital Revenue With CarPlay Alternative.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News National Security Reporter Kate O'Keeffe discusses Huawei Technologies, the Chinese telecommunications giant blacklisted by the US, secretly funding cutting-edge research at American universities including Harvard through an independent Washington-based foundation. Informatica CEO Amit Walia talks about the company's successful transition to a cloud-centric model. Bloomberg Businessweek Columnist Max Chafkin and Bloomberg News US Semiconductor Reporter Ian King provide the details of their Businessweek Magazine story Intel Is Spending $28 Billion to Make Ohio a Global Chip Capital. Wendy Thomas, CEO at Secureworks, discusses the business of cybersecurity ahead of the RSA conference next week. And we Drive to the Close with Louis Navellier, Founder and CIO at Navellier & Associates.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

“I feel that if you understand finance and economics, you understand how most of the world works.”   In this episode of The Inner Chief podcast, I speak to Joel Holland, CEO of Harvest Hosts on why unhappiness is a requirement for entrepreneurialism, switching seats from CEO to Chair, and buying versus building a business.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Surveillance Co-Host Paul Sweeney, Bloomberg News Earnings Reporter Redd Brown and Bloomberg Intelligence Technology and Media Analyst Geetha Ranganathan break down Netflix posting its best start to the year since 2020, attracting more new customers than anyone expected thanks to a strong slate of original programs and a crackdown on password sharing. Bloomberg News Managing Editor of Technology Lynn Doan reports on TSMC scaling back its outlook for a chip market expansion. Kate Kaminski, COO of Walton Global, shares her thoughts on the US housing market. Bloomberg News US Economy Reporter Matthew Boesler provides the details of his Businessweek Magazine story Rents Are Fed's ‘Biggest Stumbling Block' in Taming US Inflation. And we Drive to the Close with Burns McKinney, Portfolio Manager at NFJ Investment Group. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

 Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News Chief Technology Correspondent Mark Gurman breaks down Apple investigating a push into personal robotics, a field with the potential to become one of the company's ever-shifting “next big things." Craig Silliman, President of Verizon Global Services, discusses using AI to power the communications business. Bloomberg News Projects and Investigations Reporter Pete Robison shares the details of his Businessweek Magazine story Fixing Boeing's Broken Culture Starts With a New Plane. And we Drive to the Close with Gargi Chaudhuri, Chief Investment and Portfolio Strategist, Americas at BlackRock. Hosts: Carol Massar, Tim Stenovec and Jess Menton. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

 Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence Technology and Media Analyst Geetha Ranganathan, Bloomberg News Deals Reporter Crystal Tse and Jamie Lumley, Senior Analyst at Third Bridge Group, discuss Walt Disney Co. shareholders handing Chief Executive Officer Bob Iger a vote of confidence on Wednesday, rejecting dissident investor Nelson Peltz's bid for a board seat at the giant entertainment company. Bloomberg News Economics Editor Molly Smith breaks down Wednesday's comments from Fed Chair Jay Powell. Bloomberg Businessweek Senior Global Business Writer Devin Leonard shares the details of his Businessweek Magazine cover story ‘Bluey' Creator Is Worried About What's Next for $2 Billion Show. And we Drive to the Close with Alan Lancz, Research Director at LanczGlobal.com.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

 Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence Senior Aerospace Analyst George Ferguson and Bloomberg News Boston Bureau Chief Brooke Sutherland report on Boeing CEO Dave Calhoun announcing he will step down at the end of 2024 as the planemaker struggles to get a handle on a spiraling safety crisis. Bloomberg Businessweek Editor Brad Stone talks about his Businessweek Magazine story Wall Street and Silicon Valley Elites Are Warming Up to Trump. Bloomberg News Equities Americas Team Leader Eric Weiner explains why Nvidia and Meta have pulled away from the rest of the once-hot group know as the Magnificent Seven as investors focus on AI. Scott O'Neil, CEO of Merlin Entertainments, discusses the business of theme parks and attractions. And we Drive to the Close with Sarah Ponczek, Financial Advisor at UBS Private Wealth Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

 Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Chipotle CEO Brian Niccol shares his thoughts on the restaurant chain's fourth-quarter sales and profit beating expectations. CVS Health CEO Karen Lynch discusses fourth-quarter results and the impact of rising care expenses in its Aetna insurance unit. Bloomberg Businessweek National Correspondent Josh Green provides the details of his Businessweek Magazine story Reagan's Morning in America Offers Lessons for Biden's Campaign. Wendy Thomas, CEO at Secureworks, talks about protecting businesses from deep fakes. And we Drive to the Close with Larry Pitkowsky, Managing Partner at Goodhaven Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Michelle Korsmo, CEO of the National Restaurant Association, shares the firm's data on US restaurants as the industry recovers from pandemic-era challenges. Citigroup US Economist Veronica Clark and Bloomberg News International Economics & Policy Correspondent Michael McKee talk about Fed policy and Chair Jay Powell's interview on 60 Minutes. Bloomberg Businessweek Features Writer Ashlee Vance and Bloomberg News Tech Features Writer Ellen Huet share the details of their Businessweek Magazine cover story A Vast Library of Ancient Scrolls Is on Brink of Being Unlocked. Julia White, Chief Marketing and Solutions Officer at SAP, explains how more industries are utilizing the cloud. And we Drive to the Close with Dana D'Auria, Co-CIO of Envestnet PMC. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.Major General Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, discusses the White House weighing potential responses to a deadly attack on a US base in Jordan by Iran-backed militants over the weekend. Silvio Tavares, CEO of VantageScore, talks about the firm's credit data gauge on health of the consumer. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Business of Sports Reporter Ira Boudway shares the details of the Businessweek Magazine story Steve Ballmer's $2 Billion Arena Is for Basketball Die-Hards. And we Drive to the Close with Jeff Krumpelman, Chief Investment Strategist at Mariner Wealth Advisors.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Senior Finance Reporter Sri Natarajan discusses JPMorgan CEO Jamie Dimon moving some of his top lieutenants into new senior roles, positioning them for more experience running the firm's operations as he prepares potential successors. Kevin Davis, Americas CEO at JLL Hotels & Hospitality, shares the firm's Global Hotel Investment Outlook. Bloomberg News Labor Reporter Josh Eidelson provides the details of his Businessweek Magazine cover story Can America's New Union Hero Take on Elon Musk's Tesla? Christopher Merrill, CEO of Harrison Street, talks about investing in alternative real estate. And we Drive to the Close with Vance Howard, CEO at Howard Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg Businessweek Columnist Max Chafkin talks about Tesla earnings and Elon Musk's pursuit of a bigger stake in the company. Michael Levy, CEO of Crow Holdings, shares his outlook on real estate investment and development. Bloomberg News Auto Reporter Keith Naughton provides the details of his Businessweek Magazine story Car Insurance Prices Are Now Soaring at Fastest Pace in Decades. Dan Morgan, Senior Portfolio Manager at Synovus Trust, breaks news on Intel earnings. And we Drive to the Close with Greg Halter, Director of Research, Carnegie Investment Counsel. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Ken Leon, Global Director of Research at CFRA, breaks down big bank earnings and outlook. Hayley Berg, Economist at Hopper, shares her research on the travel outlook for 2024. Bloomberg Businessweek Editor Joel Weber and Bloomberg Intelligence Senior ETF Analyst Eric Balchunas talk about the Businessweek Magazine story From Great Bitcoin Race to RTO Trade, Five ETFs to Watch in 2024. And we Drive to the Close with Katy Kaminski, Chief Research Strategist and Portfolio Manager at AlphaSimplex.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Robert Garrett, CEO of Hackensack Meridian Health, discusses using AI as a transformative tool for healthcare. Bloomberg News Big Tech Team Leader Sarah Frier and Businessweek Technology Editor Joshua Brustein share the details of the Businessweek Magazine story Zuckerberg Chases AI as Metaverse Dreams Fade, Facebook Turns 20.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Anton Schutz, President at Mendon Capital Advisors and Bloomberg News Wall Street Reporter Sonali Basak break down earnings results from many of the big US banks. Ecolab Chief Sustainability Officer Emilio Tenuta discusses providing affordable, secure and inclusive access to water ahead of the World Economic Forum. Bloomberg News Global Economy Reporter Enda Curran shares the details of his Businessweek Magazine story These Are the Five Potential Trouble Spots That Could Knock the Global Economy Off Course. Silvina Moschini, Founder, President & Chairwoman at Unicoin, explains how SEC approval of Bitcoin ETFs could open the door to crypto for more investors. And we Drive to the Close with Kathy Jones, Chief Fixed Income Strategist at Schwab Center for Financial Research.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Aerospace Reporter Julie Johnsson and Bloomberg Intelligence Senior Airlines Analyst George Ferguson break down the latest news related to Boeing's fuselage blowout. Wells Fargo Securities Head of US Large-Cap Bank Research Mike Mayo and Bloomberg News Senior Finance Reporter Sri Natarajan discuss Mike's reputation on Wall Street and his analysis of the banking sector. Bloomberg Businessweek Editor Joel Weber and Bloomberg Intelligence Senior European Strategist Tim Craighead talk about The 50 Companies to Watch in 2024 as profiled in Businessweek Magazine. And we Drive to the Close with Andrzej Skiba, Head of US Fixed Income at RBC Global Asset Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News Chief Technology Correspondent Mark Gurman and Bloomberg Intelligence Senior Technology Analyst Anurag Rana discuss Apple's outlook following recent analyst's downgrades. Bloomberg Intelligence Chief Equity Strategist Gina Martin Adams explains why the stock market's health is likely stronger than it first appears. Bloomberg News Tech and VC Reporter Priya Anand says San Francisco's demise has been greatly exaggerated. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Auto Reporter Keith Naughton share the details of Keith's Businessweek Magazine story Why There Won't Be an EV in Every Garage This Year. And we Drive to the Close with Ryan Detrick, Chief Market Strategist at the Carson Group. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Laura Chico, Biotechnology Research Analyst at Wedbush Securities and Bloomberg News US Deals Team Leader Matthew Monks share their thoughts on the Bristol Myers acquisition Karuna Therapeutics. John Mowrey, CIO at NFJ Investment Group, explains where to find value in the markets. Priceline CEO Brett Keller talks about why 2023 is on pace to be a busy holiday travel season. Anna Kooi, National Financial Services Industry Leader at Wipfli, has a look at the year in crypto and her outlook for 2024. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Tech Features Writer Ellen Huet provide the details of the Businessweek Magazine story Silicon Valley's Quest to Live Forever Has Many Warring Factions. And we Drive to the Close with Adam Sarhan, CEO at 50 Park Investments.Hosts: Jess Menton and Mike Regan. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Glenn J. Williams, CEO of Primerica, discusses the firm's research on the financial challenges for middle-income families. Bloomberg News Earnings Reporter Redd Brown breaks down Nike earnings. Bloomberg Businessweek Editor Joel Weber and Bloomberg News California Bureau Chief Karen Breslau provide the details of Karen's Businessweek Magazine story Society Is Not Ready for All the Future Centenarians Alive Today. Hosts: Tim Stenovec and Jennifer Ryan. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Dan Morgan, Senior Portfolio Manager at Synovus Trust, breaks down Micron Technology earnings and outlook. Bloomberg News Legal Analyst June Grasso and Bloomberg Radio Political News Director Jodi Schneider discuss the legal and political ramifications of the Colorado Supreme Court ruling that Donald Trump is ineligible to serve as US president because of his actions inciting the Jan. 6, 2021 attack on the US Capitol. Jason Dunn, CEO of the National Coalition of Black Meeting Professionals, talks about promoting the positive financial impact of travelers of color. Bloomberg News Health Care Reporter Kristen Brown shares the details of her Businessweek Magazine cover story New Drugs to Stop Menopause Could Be Key To Longevity. And We Drive to the Close with Alan Zafran, Founding Partner and Co-CEO at IEQ Capital. Hosts: Tim Stenovec and Bailey Lipschultz. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Chief Technology Correspondent Mark Gurman reports on Apple plotting a rescue mission for its $17 billion smartwatch business just days before a US ban commences due to Masimo Corp. arguing a patent infringement. Bloomberg Intelligence Senior Transportation Analyst Lee Klaskow breaks down mixed results from FedEx earnings. Bloomberg News Finance Reporters Hannah Levitt and Katherine Doherty discuss Wall Street's tepid bonuses for traders. Bloomberg Businessweek Editor Joel Weber and Businessweek Features Writer Ashlee Vance talk about Ashlee's Businessweek Magazine story Secret Longevity Lab Retro Biosciences Finally Opens Its Doors.Hosts: Tim Stenovec and Emily Graffeo. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg Opinion Columnist John Authers and Bloomberg News Equity Markets Reporter Elena Popina share their thoughts on how the Federal Reserve's plan to come down from high rates will be perilous even as the pivot is making everyday a record breaker in the markets. Wendy Thomas, CEO at Secureworks, discusses the impact of new SEC cybersecurity regulations. Sam Darwish, Co-Founder and CEO at IHS Towers, explains the business of building connectivity in developing regions. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Consumer Reporter Deena Shanker provide the details of the Businessweek Magazine story Lab-Grown Chicken Becomes Another Expensive Silicon Valley Mess. And we Drive to the Close with Jay Jacobs, US Head of Thematics and Active Equity ETFs at BlackRock. Hosts: Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Blomberg News Markets Reporter Abigail Doolittle and Blomberg News Rates Reporter Michael MacKenzie discuss Federal Reserve Chair Jerome Powell's abrupt policy shift and how the Fed is impacting markets and the US economy. Maria Korsnick, CEO of the Nuclear Energy Institute, shares her takeaways from COP28 and how nuclear power can combat climate change. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Senior Energy Reporter Stephen Stapczynski talk about the Businessweek Magazine cover story How Traders Made a Fortune Switching Off a Nation's Gas Supply. And we Drive to the Close with Andrew Krei, Co-CIO of Crescent Grove Advisors. Hosts: Tim Stenovec and Emily Graffeo. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News International Economics & Policy Correspondent Michael McKee provides a November jobs report preview. Bloomberg News VC Deals Reporter Katie Roof discusses SpaceX initiating talks about selling insider shares at a price that values the closely held company at $175 billion or more. Bloomberg Businessweek Editor Joel Weber, Businessweek Technology Reporter Drake Bennett and Bloomberg News Enterprise Reporter Brody Ford share the details of the Businessweek Magazine cover story Era of $800 Dinners and Luxury-Car Bonuses Is Over at Salesforce. And we Drive to the Close with Kristof Gleich, President and CIO at Harbor Advisers. Hosts: Paul Sweeney and Jess Menton. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Waze Co-Founder Uri Levine explains how the Israel-Hamas war is impacting the Israeli tech industry. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Health Care Reporter Robert Langreth share the details of the Businessweek Magazine story Drug Companies Explore Making Most Lucrative Drugs in Space. And we Drive to the Close with Aaron Kennon, CEO at Clear Harbor Asset Management.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

 Bloomberg News Health Reporter Madison Muller explains how Pfizer's second weight-loss setback this year is a warning sign that breaking into the lucrative obesity market isn't going to be easy. Cory Klippsten, CEO at Swan Bitcoin, shares his crypto outlook for 2024. Benjamin Wolkon, Founding Partner at MUUS Climate Partners, talks about investing in climate funding. Bloomberg News Mexico Business Reporter Amy Stillman provides the details of her Businessweek Magazine story Chinese Sales Swamp Competition in Soaring Mexican Car Market. And we Drive to the Close with Carol Schleif, CIO at BMO Family Office. Hosts: Carol Massar and Bailey Lipschultz. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News Rates Reporter Michael MacKenzie and Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick explain how in a year in which little has gone right in the US bond market, November turned out to be a month for the record books. Ge Bai, Professor of Health Policy and Management at Johns Hopkins Bloomberg School of Public Health, talks about middlemen pocketing 70% of Medicare spending on widely used generic drugs. Bloomberg Businessweek Editor Joel Weber, Businessweek Technology Editor Joshua Brustein and Bloomberg News AI Reporter Rachel Metz share the details of the Businessweek Magazine story Sam Altman Won the War for OpenAI. Now Comes Winning the Peace. And we Drive to the Close with John Augustine, CIO of Huntington Private Bank. Hosts: Carol Massar and Jess Menton. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News Auto Reporter Keith Naughton discusses General Motors responding to critics of its unsteady push into electric vehicles and self-driving by showering shareholders with cash. Janine Iannarelli, Founder and President of Par Avion, shares her thoughts on the business of private aviation. Mitch Allen, Founder (and Head Elf) at Hire Santa, explains the high demand and low inventory for Santa “entertainers” this year. Bloomberg Businessweek Editor Joel Weber, Bloomberg Businessweek Investigative Reporter Olivia Carville and Bloomberg News Cybersecurity Reporter Margi Murphy provide the details of the Businessweek Magazine cover story Deepfake Pornography Victims Learn There Are No Laws to Fight It. And we Drive to the Close with Amy Magnotta, Co-CIO at Ategenos Capital. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Today's guest is Hap Klopp, founder and former CEO of The North Face, one of the world's biggest apparel companies. Hap was CEO of The North Face for 20 years. During that time The North Face was honored with many awards for being the best managed company in its industry, including being lauded by Business Week Magazine for providing one of the highest quality products of any company in the United States.  Hap is also an author of two highly acclaimed books "Conquering The North Face" and “Almost”. We draw upon so much wisdom from Hap, especially around what it takes to build an iconic brand. Hap built a brand that has stood the test of time, and that brand has gone through all sorts of pivots and turns, but there's a lot of fundamental lessons that Hap shares with us around core brand building, leadership that we can all take away and learn from.

Bloomberg Intelligence Senior Retail Analysts Jennifer Bartashus and Mary Ross Gilbert discuss earnings and outlook from Walmart and Macy's. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Senior Writer Kit Chellel talk about the Businessweek Magazine cover story A Secretive Hedge Fund Executive Is the World's Greatest Shipwreck Hunter. David Riedel, President of Riedel Research, shares his thoughts on President Biden's meeting with President Xi Jinping of China. Laura Fuentes, Chief Human Resources Officer at Hilton Hotels, explains how workplace culture and inclusion make Hilton the number one place to work. And we Drive to the Close with Michael Sheldon, Chief Investment Officer at Hightower RDM. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Bloomberg News International Economics & Policy Correspondent Michael McKee and Bloomberg Intelligence Senior Retail Staples & Packaged Food Analyst Jennifer Bartashus break down October retail sales data and talk about Target and TJX earnings. Bloomberg Economics Chief Economist Tom Orlik and Dexter “Tiff” Roberts, Director of China Affairs at the University of Montana, discuss President Biden's meeting with President Xi Jinping of China. Christina Padgett, Head of Leveraged Finance Research and Analytics at Moody's, shares her thoughts on the private credit market. Vineet Jain, CEO of Egnyte, talks about the AI-driven startup that makes data governance and collaboration software. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Technology Reporter Julia Love provide the details of Julia's Businessweek Magazine story Human Smugglers Lure New Generation of Coyotes Over Social Media. And we Drive to the Close with Abhay Deshpande, Founder and CIO at Centerstone Investors. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Economics Editor Molly Smith and Bloomberg Intelligence Chief US Interest Rate Strategist Ira Jersey break down Tuesday's US CPI data and talk about the Fed's next move. Erin Lydon, President of Poker Power, explains how the game of poker can lead to female empowerment and financial equity. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Municipal Bonds Reporter Amanda Albright share the details of Amanda's Businessweek Magazine story Texas Battles Wall Street in Test for State's Muni Bond Market. And we Drive to the Close with Dan Griffith, Director of Wealth Strategy at Huntington Private Bank. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg Opinion Columnist Conor Sen explains why labor market trends demand the attention of the Federal Reserve and policymakers need to possibly consider a few surgical interest-rate cuts next year. Jeff Jones, CEO of H&R Block, discusses earnings for the tax prep company and their take on Middle America. Angela Stent, Senior Fellow at Brookings Institution, shares her thoughts on how the Israel-Hamas war could impact the war between Russia and Ukraine. Bloomberg Businessweek Editor Joel Weber and Businessweek Features Writer Ashlee Vance provide the details of Ashlee's Businessweek Magazine cover story Elon Musk's Brain Implant Startup Is About to Start Cutting. And we Drive to the Close with Leo Kelly, CEO of Verdence Capital Advisors. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Yelena Shulyatyeva, Senior US Economist at BNP Paribas and Bloomberg News Economics Reporter Steve Matthews discuss the impact of the October jobs report on Fed policy. Julia Pollak, Chief Economist at ZipRecruiter, also talks about the jobs report and labor market trends she is seeing from their New Hires Survey. Bloomberg News Legal Reporter Ava Benny-Morrison and Steven McClurg, CIO of Valkyrie Investments, share their thoughts on how the SBF guilty verdict could impact the crypto market. Keefe Harrison, CEO of The Recycling Partnership, discusses America Recycles Day and efforts to improve recycling in the US. Bloomberg Businessweek Editor Joel Weber and Businessweek Global Economics Editor Cristina Lindblad discuss stories from the New Economy Issue of Businessweek Magazine.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Angelo Zino, Senior Equity Analyst at CFRA Research, breaks down Apple sales declining for a fourth straight quarter, marking the longest slowdown since 2001, as the company struggles with sluggish demand and a shaky smartphone market in China. Bloomberg News International Economics & Policy Correspondent Michael McKee has a recap of Wednesday's Fed decision and looks at the state of the US economy. Ron Goetzel, Senior Scientist in the Department of Health, Behavior and Society at the Johns Hopkins Bloomberg School of Public Health, shares his thoughts on workplace mental health issues. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Real Estate Reporters Patrick Clark and Prashant Gopal share the details of the Businessweek Magazine cover story US Housing Market Becomes Impossible Mess With No End in Sight. And we Drive to the Close with Lance Cannon, Portfolio Manager at Hood River Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.      FULL TRANSCRIPT:     This is Bloomberg Business Week with Carol Messer and Tim Stenebek on Bloomberg Radio. Well, our audience knows our next guest very well. He's been joining our program for years. I know you. We were talking about it as we were getting ready. I went deep into the terminal. Carol like, just search on my name and put in Nate's name, and you'll say, and Carol, just you know, she leans over me and starts typing into the terminal. She's like, I search on my name all the time. No, she didn't really do that. I did find though. He was on with you and Mike McKee. Mike McKee, Okay, the show was called taking Stock Back in twenty fourteen. That was the year they actually launched Roan. That was the first year. That was the first So he's been here since the beginning. Nateateek, it's of course, co founder and CEO of Roan joining us now. Welcome, Welcome, welcome back. Thank you so much. I feel I feel as close to being at home on air here than anywhere else. Well, likewise, we feel like you're part of the family, and we're so glad to have you back. It's been I feel like a big year for you guys, really big year. I've been big month in particular, a lot of a lot of exciting thing's happening. Can we talk though, about the billionaire Blackstone executive David Blitzer, former hedge fund manager Gabe Plokin, ex football stars Tim Tebow, Steve Young. They did a deal and they're now involved in the company. Yeah, it's so the quick story is a year ago, right, July twenty so we just announced it, but this happened July of last year, and effectively what happened is we put a group together in an SPV with really exciting names, a bunch of kurrent and retired athletes as well as just incredible people like Blitzer and Gabe, and we bought out the private equity interest in our business so that we can really think about the business in a more long term way. What was it that the private equity firm wanted to do that you weren't ready to do? It? Really wasn't. They weren't pushing us to do anything. But the nature of private equity is a five to seven year whole time, and we were in we were coming into year five and they're great partners. In fact, that we're talking about el Ca Caterton, the managing partner of their growth fund, is still on our board. Even though they sold their interest. That was part of something that I really wanted as part of the deal and they you know, I just was kind of forecasting the future macroeconomically, time of uncertainty if they wanted us to sell the business and it wasn't right for us. So and more than anything, I kind of fell back in love with the brand and the company, and I thought I kind of want to do this maybe for thirty forty years, not five years. Why had you fallen maybe out of love a little bit. Well, the pandemic was a really stressful time, you know, not just your statement. Yeah, yeah, it was a stressful time for every business, every person, but certainly I think for me as a leader of a company, it felt like there was a new crisis every single week and we had some growing up to do. You know. The business still grew tremendously during that time. In fact, it was great for businesses like ours, but it really wrung me out, and I think I was at a point where, you know, just we talk a lot about mental health in our company, I was at a breaking point, and I like, I either need to sell this company or something needs to change. And for me, the thing that needed to change is I needed to feel almost more invested in it and I need to make some changes. I've heard of quote I just want to where you said, I think after this and kind of getting back control, nothing has changed and everything has changed, Yeah, which kind of says so much. Yeah, it's really exactly how I feel. Even though conceptually, you know, el Caderton was a minority shareholder in the business, so in theory their ownership change to a new group didn't change anything, but the way I feel has changed completely. Do you feel more in control? Absolutely? Yeah. And I have a controlling stake in the company. Yes. So you know, we call it because my brother is involved. I've got a brother in law, so we've got family control of the business and the goal is to have a long term hold here. Dad's involved. Well, that was one of the most exciting parts about this. I called him. You know, my parents have spent three years in London doing service and came back and I said, hey, I have this crazy idea. What do you think about this? And you know, he's an incredibly experienced executive and he said, I love it. What can I do to help? So we added him to the board and it's been a dream. I've told people, Look, there are people who are going to say, oh, you know, you're working with your dad and I all I do is I forecast twenty years in the future, and I think if I could, if I didn't take this opportunity, I would regret it for the rest of my life. And I get a chance to I get a chance to work with him and you know, and have that family relationship. It's incredibly unique and special. Yeah, no doubt about it. Right. We only get to do this once. Yeah, right, got to figure out how you want to do it. Well, not investors though, in the sports world yep. So how are you then, maybe thinking about you know, we talk often about branding and partnerships and especially with athletes. How are you guys thinking about that as part of the strategy, the growth strategy going forward? Well, it's interesting our brand launched as an active brand, so we were carried in Equinox and Peloton and Soul Cycle and Barry's boot Camp in places like that, and then we added in our commuter lane. I'm wearing a full commuter shirt and a commuter you know, commuter the computer and it's been an incredible part of our business. But active is at our roots. That's how we still see ourselves as a performance brand. So the sports partnerships, the athlete partnerships, is something that we're planning to lean into more as part of this. We have seven professional sports team owners on the cap table. We have the NFL, NBA, Major League Baseball, Major League Soccer, English Premier League all represented across the ownership group, and that's that's a great opportunity for us and a great revenue mover. Eventually, could you see yourself doing lines around an athlete. I certainly think there would be collections and collaborations in the future. Yeah. What's the bricks and mortar strategy right now? So we've opened eleven stores in the last twelve months, so we have we have fifteen source total. Now I thought, yeah, it's it is certainly not for us in our stores are all profitable. The payback period has been incredibly quick on these stores and what they do for us in a market. We can measure the e comm impact and the awareness impact when we open a new store, So I think it's getting more competitive though. Every brand is trying to open retail, So there, you know, there was kind of a window of opportunity. I think that window is starting to close. Also, you know what's happening macroeconomically, that may shift over time. But online digital acquisition costs have been growing at such an increasing rate everybody's playing in that space that it became really expensive to acquire companies online. Now you now you can acquire companies or customers the old fashioned way through retail and make money as you're acquiring them. How do you how do you track that the eCOM left? Yeah, how do your yeah? Exactly? How do you know that what's happening in the store outside of a store will lead to a sale online? So we have a baseline of data in every single market that be tracked by a zip code. Right and after you open a store, there's a thirty day measurement, a three month measurement, a six month measurement, and a year long measurement. And you try and see did the baseline of e comm rise since the store opening? Is it complete direct correlation? Hard to know because the brand's also growing, But if you if you then minus overall brand growth did the market grow at an above rate of the standard growth rate? And that's kind of how we think about measuring it. I am always curious about like a product line or a brand because I think sometimes you can grow too fast in terms of the stuff you offer that it just gets overwhelming. So how do you think about how you kind of, you know, cultivate that or curate that so that you don't kind of overwhelm the consumer. It's tricky because the customer has given us such opportunity to do so many things, as we've introduced commuter and we have we have to guard ourselves a little bit against it. But right now we say we really can outfit about eighty percent of a guy's closet. And not a single day passed in the pandemic where I didn't get a text from somebody saying I've realized all I've worn for the last six months is Roan. I walked in today and our friend Jason Kelly's like, I didn't know you were coming, and I'm top to bottom, so it's kind of top to bottom. Yeah, So we're really lucky that we've got diehard customers and they really wear the brand in multiple settings we've got to take a commercial break, but we know that finally you're doing something for the better half. Yes, absolutely, the better half. So we want to talk about that and your offerings and just kind of where growth goes from here, because it sounds like going public. Should we wait to talk about that. Let's talk post commercial break about that. We are here with Nate Check. It's Ron co founder and CEO with us in our Bloomberg Interactive Broker studio. I'm only going to ask this because we are focused on the labor market right now with all the data points coming, are you getting all the workers you want? Yeah? I mean we've been lucky. We've always paid above market for retail in particular, that was the toughest piece, you know, as we've scaled the But it's so critical to have good people in your stores. It makes all the difference. If a store is not performing well and you put the right person in, it will just completely transform how the store performs. So we've been fortunate that we've been able to attract really good talent. Speaking of those stores, they're going to start selling women's stuff finally, even every interview at the end either, Yeah, So when's it happening. So this coming May, we will be launching women's and it's incredibly exciting. It's been a long time in the works. You know, we've started. We started as a men's brand. We did a women's capsule in twenty nineteen and it went so well, it sold out. But you go into twenty twenty and do you want to take the inventory risk and continue to lean into it. But we brought an incredible chief product officer who is really the most talented fabric person I've ever worked with, and she has put together an incredible initial collection. It's been received so well as we've taken it to market and introduced it to wear testers. And part of the big story of Roan is that we added three very talented female executives over the last three years and they've been a big part of our success. And seventy percent of our team is female. So we wanted to build a collection that they were proud and excited to wear, and I basically just tried to get out of the way intentional hiring women. I would say we hired the absolute best people for the position, and they happened to be women. I think we have always believed in building a diverse and strong team, and we needed that at every level. We've just added a female board director named Tess Roaring, who's incredibly talented. But we always try and hire the best person for the job, and the best for the job for these jobs were the women that we hired. I talked to us about financials. You guys have said publicly, are you going to do a commuter suit for women? I can't reveal new collections on how they're waiting numbers. I know you're going to be bluebarg as we should be, but I'm just okay. So one hundred million dollar annual run rate profitable last three years, yep. What else can you tell us? Well, the company's growing twice as fast since we did this transaction than we did, you know, than we were growing before. And better environment or what I would say. It's actually probably a harder environment. Most of the brands in our space are flat down quite significantly. This year. We've opened eleven stores, as I mentioned, in the last twelve months. There's been strong growth in a couple of our categories. We have some product lines that are growing at north of three hundred percent this year. So we feel really good about where the business is today, and we you know, we have a lot of conviction that we can continue to grow in scale. It's not not easy, but we're excited. All right. We got a little bit of a lightning round. I don't think this has ever happened before the first time. Okay, you don't have to answer in a lightning way, because some of these are longer answers. Okay, work life balance, we talk a lot about work life balance. You share so much of your life on Instagram. I followed you for years. You have family, kids. Is work life balance and illusion? Yes it is. I mean, I don't even like the word balance. I think it's a I think it's the wrong term. And I think I've grown as I've thought more about this. I really love I can't remember where I heard this. I love the word harmony because in theory, when you're doing it right, your work should help you at home and your home should help you at work. And you know that the balance makes it feel like there should be a bucket of each and you need to make them equal or a certain proportion, and harmony shows you how they can really influence each other. And for me, becoming a better leader in the workplace. Being more thoughtful and sensitive, how I approach conversations, how we think about long term planning has for sure made me a better parent and I hope a better partner. Do where to go? Okay, this is back to kind of hardcore business. What prompts men to buy activewear these days? Has anything changed? What gets their own target demo to pull out the plastic and buy? Yeah? What's really exciting is I think that the shift during COVID, where I think in particular, we saw a shift for men to start taking better care of themselves, to allow themselves to take better care of themselves. That I think has continued and I hope never goes back. It's really important. And so you know, there's a lot of different modalities. It could be yoga, it could be running, it could be cycling. But most of our customers do a balance of all of those. You talked about the athletic side of the business. Is that still the big chunk of the business. It's pretty equal at this point in our commuter lines. Yeah, there are a lot of customers who only know us for our commuter line. Wow, what's more profitable? I would say our commuter line is more profitable. It's a higher price point. Okay, Okay, So when you told us earlier that covid was really challenging, Yeah, was that as challenging as the first couple of years of just getting the brand off the ground and like knocking on doors and getting Peloton and Equinox and barriers to carry this stuff. It was more challenging for me, it was. There's no question it was more challenging. In the beginning. You're so excited and you've got nothing to lose, right, So you're kind of trying to build this business from scratch, and if you lose it, you know, no harm, no FAULI it, it doesn't it's not worth anything at that point. But then as it grows, there's more pressure. There's more people, you know, and I care so deeply about how our team feels about work and and so the pandemic was hard again on so many people and so many families. I just felt that weight all the time, and I didn't know how to relieve it. So for me, it was harder. Last question, right, Yeah, if everything goes according to plan, Ron will fill in the blank. Ron will have a massive impact on the mental health in this country. Wow. We have we do have one minute left. Oh huh yeah. Mental health okay, personally yeah, how did you get past that hump that you faced during the pandemic. Well, I think a big part of it for me was building a toolkit and understanding how to deal with those challenges because these things tend to catch us unaware, you know, anxiety, depression. You can't fully prepare for them, but you can build a toolkit to know how to address it when you feel that way. And there's a number of things that I do, but motion exercise. I got really into contrast therapy, cold plunging saunas, and social connection, intentionally seeking out. It's hard to build friends, you know, as you age, but getting yourself uncomfortable makes a big difference. Well, you've definitely made a big difference. You can tell in what you're doing in the last year, and you can tell how much you're enjoying it. So looking forward to the next ten years, oh at least twenty years, thirty years, be welcome back soon, Thank you always welcome of course. Nate check It's co founder and CEO of Ron joining us in studio. If you missed any of that conversation, be sure to check out our podcast feed and we'll be sure to highlight it to in our weekend So you are listening and watching Woodberg RadioSee 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Eric Hansotia, Chief Executive Officer at AGCO, discusses growth, technology and sustainability in the agriculture industry. theSkimm Co-Founder Danielle Weisberg talks about their Show Us Your Child Care initiative. Bloomberg News Chief Correspondent for Global Macro Markets Liz McCormick and Bloomberg News Cross Asset Reporter Denitsa Tsekova provide the details of their Businessweek Magazine story Hedge Funds Turbocharge Volatility in Cratering US Bond Market. And we Drive to the Close with Amanda Agati, Chief Investment Officer at PNC Asset Management Group.Hosts: Carol Massar and Mike Regan. Producer: Paul Brennan.     FULL TRANSCRIPT:     This is Bloomberg Business. Wait inside from the reporters and editors who bring you America's most trusted business magazine, plus global business, finance and tech news. The Bloomberg Business Week Podcast with Carol Messer and Tim Stenebeck from Bloomberg Radio. Well shares at Adco. Check it out, everybody, They're up our third day, They're at more than six percent in that time. Company reported earnings yesterday morning, of which third quarter just at EPs was a big beat. Third quarter net sales in line with expectations, and the maker of tractors and combines also said it still sees fiscal year net sales of about fourteen point seven billion, slightly above street estimates, with fiscal year just ADPs of about fifteen dollars seventy five cents a share. That's fifty cents above the company's earlier forecasts. Three analysts nonetheless cutting their price targets on the company by an average of three and a half percent since it reported yesterday. So let's get to it. We have a great guest. We have the CEO, Chairman, President and CEO at ADCO, Eric Hansotea. Excuse me, Eric Hensotia, He's on zoom from Duluth, Georgia, and he joins, us, forgive me, forgive me. I'm trying to race to get to you. So I apologize. Eric. Oh you good, no problem, Really great to have you here with us. First of all, how are you? And I do have to ask you about the FED? In an environment where the FED says, you know, we could still continue raising rates, we're still worried about inflation. Does that kind of mesh with the outlook that you see? Well, your first question was how am I doing great? Just couldn't be happier with the progress that our company is having relative to our strategy. We're going to have two billion more in sales this year, We're going to grow margins significantly relative to the and it's all in line with our high tech focus on being the industry leader and smart farming machines relatively to the FED. You know, interest rates do weigh on farmers' minds. These are big as they carry a lot of technology. They're expensive machines, many times half a million to a million dollars, and so they often finance those machines, and higher interest rates are part of the part of the decision. I'm expecting that we're you know, at a high plateau and that we're more likely over the coming year to have red rates go down then up, and that would be welcomed by our customers, you know, Eric, I'm looking at the revenue growth of ag CO over the years and really some impressive growth there. Twenty twenty one is up, twenty two, twenty twenty two up fourteen percent, sixteen percent. This year, it does, at least according to analyst estimates, look like you might be in for a dip in revenue last year. And I'm wondering what's the what's driving that? Is that entirely an interest rate story or is there is there something else going on? It's actually very little related to interest rates. Agriculture often is not connected, not correlated highly with the regular GDP growth. It's more tied to the agricultural agricultural economy. So the price of corn, wheat, soybeans, and that's a function of how much green there is in the world. For the last two or three years, there's been green shortages and so green prices have been high. That means more profit for our farmers. Now they've had a great year this year in terms of harvest and so there's a little bit more stock prices have come down a bit, and that's really more what drives farmer profitability and then turn their interest to purchase equipment. Hey, Eric, what I wonder is longer term how you guys think about the business, how you plan, because I wonder if things like weather, climate change, demographics globally, is that more significant in terms of how you think about the growth longer term? And if so, what does that maybe indicate to you. Yeah, that's a great point, Carol. So we see three macro tailwinds plus this weather factor. So let me touch those real quickly. Number One, we're moving from eight billion people to ten billion people between now and twenty fifty. Number two, emerging economies are adding more meat to their diet as they do that. That's a multiplier on the demand for green chicken is a two to one multiplier, beef is a ten to one multiplier. And then third is renewable fuels, so ethanol in the United States. But now the next one is renewable diesel. Ethanol consumes forty percent of the corn crop today. Renewable diesel is likely going to grow to that same kind of proportion over the next few years. Those are all macro tailwinds that cause the farmer to have higher yields and more pressure on higher yields. And then weather is another one. We're having more severe droughts and more severe floods every year that reduces the overall global global ability to produce cream. So you add those four factors together and the farmers are pushed to have higher yields while using less inputs, less fertilizer, pesticide, chemicals and things like that, and so there's a big squeeze for productivity. Using our technology, we're using artificial intelligence on our now to be able to use vision systems so identify the difference between a weed and a plant as a machine's going through the field and spray only the weed, saving like seventy percent of the chemical and a lot of automation of features throughout all of our products. Can you say, I'm assuming you've been using AI for a long time though, right, Yes, we have. Across many of our machines. We use AI to understand the variation in soil or crop and have the machine learn over time to be able to optimize itself real time in the field. It's amazing because when you think of AI. The last thing I think most people think of is farm labor. Do you think of machines though, I think a machine. Well, Eric made a great point and I wanted to ask about this. Is right at the beginning, you said that technology aspect of your business is so important, and again, if you're not really familiar with ACO, you might not think about that. But one thing I wanted to ask about, Eric, and full disclosure, I'm not an expert on tractors. In fact, I hire a kid to cut my own grass, so I'm really I've driven a tract, this big one. There we go. So I'm coming at this from a pure ignorance state of mind. But I would think that self driving technology would be easier to implement on the farm with a tractor. But from my understanding is it's not really I wonder if you could talk to us a little about where you are with that type of technology. You know what we see it anytime soon? Or is it just, for whatever reason, too complicated to have self driving tractors. It's a great topic. It's at the heart of our strategy is putting technology on machines to have the machine be smarter and be able to do more things for the customer. I talked about the sprayer. We're automating all our functions on all of our machines. We've increased our engineering spend by sixty percent over the last three or four years since we started a strategy. We've bought six tech companies. We just announced the biggest AGG tech deal in history with Trimble agg where is over a two billion dollar deal to bring those to their technology and our technology together. So technology is a big deal. Now let's talk about the autonomy question. Already, guidance, which Trimble is is one of the world leaders in is used by farmers once they get into the field. They get into the field and they already turn on auto steer, which is a satellite driven guidance, tip the steering wheel out of the way and the machine steers for itself. Now it's still supervised today, but most large AGG has is the machine is doing the steering for itself. We've committed when we were in Wall Street last week last year, we committed that by the end of the decades, so twenty thirty, we would have the full crop cycle, meaning planting, spring, tractors, harvesting, all autonomous with no driver in them, and by twenty twenty five we'd have a retrofit kit that would be able to be put on an existing machine to make it autonomous. So it's a more contained environment. There's not so much other traffic and other things in the way, and you can stop. You don't have a lot of other traffic around, so you can if there's runs into a situation hasn't seen before, the machine will just failsafe mode is stop and then you can remotely view into it and restart it. It's like about right, there's lots of move there's a lot of space around you. Autopilots work really really well. Hey, in twenty twenty four, what do we expect for your company? Do you see higher prices due to inflation continuing And just got about forty seconds. Yeah, yeah, prices are going to moderate. You know, these last couple of years, we put a lot of pricing into the market, more than our a little bit more than our cost. We expect to still put more than our cost into the market because of all this technology we're bringing in the value it generates. But inflation is coming down pretty significantly for us, and so we think it'll be much more normalized. You know, we haven't given guidance, but it'll be more in the mid to low single digits than where we've been before. Any any kind of peak ten seconds in terms of the ag machinery market, do you see any kind of peeking out just very quickly. Well, we've still got strong demand going into next year. Our order boards are out six or seven months on large egg. We're sold out for our seasonal products. We're all through Mighty Year twenty four, so we still see twenty four as a good year, although getting more normalized. All right, love it, listen, come back soon, so appreciate it. Eric Hansodia He is chairman, president CEO at AGCO on zoom from Duluth, Georgia, So appreciate your time. On this Wednesday, you're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern Listen on Bloomberg dot com, the iHeartRadio app and the Bloomberg Business app, or watch us live on YouTube. All right, we're going to switch gears a little bit off of earnings. Talk about the skim. It's a non partisan digital media company catering to women. It's a subscription newsletter company to offer up things like the daily Skim Skim Money. There's also a podcast and a lot more in terms of what they do the privately held company. Their investors include GV which was formerly Google Ventures. Also Disney. We just heard Denise talk about Disney when it comes to the Hulu ownership. Ventures is another investor in the company. We talked with both of the founders back in March, and great to have back with us this time around. The Skim co founder Danielle Weisberg. She's on Zoom in New York City. Danielle, how are you. I'm good, Thanks so much for having me here today. Before we get into some specifics, I always like to talk perspective. You guys have been around for more than a decade. It's been a few months, about six months or so since we last talked. Talk to us about, you know, how business is doing this year, and just talk to us about how you see the environment right now. Yeah, So you know, listen, you guys are in this day in and day out in terms of public companies, and I think that when it comes to this environment, we know ADS spending has been really up and down. It's been tenuous. I think that when those budgets flex, the biggest thing that you can rely on is a direct relationship with a sought after customer. And at the Skim we have been representing millions of win women for over a decade. Our audience is the people that you want to reach and that you need to reach. They are the ones that are making ninety five percent of household purchasing and spending decisions. So while the overall media landscape continues to have challenges, we've certainly felt that, but at the Skim, what we come back to again and again is what you can't duplicate and what you can't just start overnight, which is a real direct relationship with a group of women who look for look for us every single day. How big is that group? Just remind us in terms of your reaction base over twelve million women. Wow, that's a lot. That is a lot. Are you just remind me to only subscription based or no, there's ad dollars that comes in. No, we have a differentiated revenue model. So we have sponsorship, we have subscription, and actually our fastest growing line of revenue has been commerce. Danielle, at the Skin, you have a very interesting initiative going on called show us your Childcare, Talk to us a little bit about what that is, what the goal of that is. Yeah, so it's a good day to talk about it because there was I don't know if you guys saw this, but there was a report today where we were finally able to look at data in comparison to childcare costs in twenty nineteen. So the price of childcare is up thirty two percent. That means that many families can't afford to both work, and that price search outpaysd overall inflation. I mean, when you look back this year, how much time have we spent reporting on inflation and thinking about what that is doing to families and the decisions that they're having to make, and think about then what it means to say childcare costs are going beyond that. And again this isn't new. This child share share childcare crisis has been in existence for years and the pandemic only made that worse. And in fact, the only time that there has been an investment the US has ever made a sizable investment in childcare was during the pandemic. And when that pandemic era funding expired, which it did, there were no other solutions offered. So it's leaving about three point two million children and their families without childcare options, and that is absolutely just unacceptable. We have an economy that more and more relies on parents, both of them to work, and to do that, you need to make sure that your kids have proper care. Right Listen, you're preaching to the choir. Nobody's going to like get. We totally agree. We talk so much here, I feel like about the lack of affordable daycare or childcare, if you will, for many, many millions of Americans. Other countries seem to have figured it out. You guys, have a partnership and talk to us a little bit about it with moms first. You're partnering also with companies such as Verizon, MasterCards, show Banni on this. Tell us what specifically are you are doing to kind of impact this problem or the situation. Yeah, So we launched hashtags show us your Childcare. And this is the second real civic action campaign that we've lost that we've launched. The first was hashtag show us Your Leave. And what we believe is really matching areas with there is a disconnect for what the government is doing so. Again, childcare has not been something that's been solved by Democrats in leadership or Republicans, and so because of that, we again have really needed the private sector to step up. And I think that this is a time when there's not one right way to know how to support your business through a childcare cliff. But how best do you think the private sector can do it? I think many would argue, yeah, maybe the government doesn't need to be involved, that there are private sectors that have definitely been very profitable and that as a benefit, or to help out their workers to make it easier, or in a tight labor force, bring more workers in to actually provide childcare. So what are the one or two things that can really make a difference here. Well, the first is use it to attract and retain talent. So this is a big way to make your policies transparent. Use our hashtag show us your childcare. And that's where we've gotten over eighty companies such as Pinterest, Shobani, ww ets, Verizon to make their policies transparent. And what that does is it really virtue signals that you care about families and that you are going to put your money where your mouth is. But what any of those companies actually do, That's what I'm curious about. What do they do that actually helps people with their childcare needs. Yeah, so it's everything from flexible work hours to cash stipends to put towards childcare costs. One of the things that we do at the SKIM is team up with a partner VB to make sure that there's backup care options. So we offer kind of a bank of credits those days when you have normal childcare but you need a plan B your childcare provider is closed or someone sick. So it really runs the gamut to onsite childcare centers. And again, you know, it's going to depend on the size of your business how much you're able to invest. But there are different things out there, and we want to make sure that that's part of the conversation when it comes to benefits. And I imagine there's a pretty good economic incentive for some companies to get more engaged with childcare. Is that a selling point of this initiative? And Daniel just got about twenty seconds. Yeah, I think it is, and I think overall as a society, we should all make sure that we have a growing workforce that we have nice things like social securities, and to do that, we need to make sure that women stay in the workforce. So I think overall there's a benefit there, but there's also investing employees they'll stay longer. All Right, we got to run, Thank you so much, A very timely issued something we've been talking about. Bloomberg. This give co founder Danielle Weisberg on zoom in New York City. This is Bloomberg. You're listening to the Bloomberg Business Week podcast. Catch us live weekday afternoons from three to six Eastern on Bloomberg Radio, the Bloomberg Business app, and YouTube. You can also listen live on Amazon Alexa from our flagship New York station, Just say Alexa playing Bloomberg eleven thirty. Yeah. One man's loss is another one's game. That is definitely cocky. Attention of the hedge fund industry on this FED decision day Wednesday, if you will, the US Treasury, you know, trade is definitely on our minds, Mike. The funny thing is it's been on our minds a lot this year, amid big swings in the trade volatility in any given day, we've seen tremendous swings. Yeah. Absolutely, and it's fascinating to see sort of new classes of hedge funds get involved in the treasury market. You know, there's certain macro funds that are always president there. But whenever I see the name long tail Alpha, you know, a tail risk catch fund, I know something's gone wrong somewhere when these guys are actively involved in the trade. So I think that's the case with the story. Well, let's get to it, because it's a story that is reported out in the new issue of Bloomberg Business Week. Let's get into what's going on, as I said in the upcoming new issue on newsstands tomorrow, already online a Bloomberg dot com slash business Week, and of course on the Bloomberg terminal. So let's get to it. Bloomberg News Chief correspondent for Global macro Markets, Liz McCormick is with us. She is on zoom in New Jersey, and also with us is Bloomberg News crossauset reporter Denisatsakova. She's here in our Bloomberg Interactive Brokers studio. Guys, so great to have you here with us. It is in BusinessWeek, the upcoming new issue, which will be out on newsstands tomorrow. Denise, let's start with you. I'm curious about the conversation in the newsroom. Joel has a tendency they'll kind of walk around the newsroom and like kind of poke people about stories. How did this story come about? What was the conversation or did you know one of you say like, you should see what hedge fund guys are up to, So tell us how this came to be. Yeah, so it came back to that theme. We've talked a lot about price sensitive and price incentensitive buyers, so we wanted to look into who are really those new buyers, and hedgephone's a big part of it. And obviously, like if you think of just generally trading treasuries and think of it as the safest market and kind of a little bit slower moving market compared to I don't know, compared to equities, currencies, I don't know. So the conversation came, how has the day of those people changed? And this is what we ask them, So won't tail Alpha ven year's day is very different? You know. The first anecdote is he wakes up every two hours to check the prices, and you know, it's being there on your Bloomberg terminal or whatever. You check your prices all the time and following every little move and then every small data release is very important and potentially it can make you move things. And obviously, like some of those traits have voice trades, sometimes you have to be in the and look at all those releases together decide where you have to make moves. And you can imagine this is very different than I don't know, five years ago, when the FED was such a big important buyer and prices maybe weren't as sensitive to those things. Yeah, this is why I'm not a tail risk hedge fund. That that well, well, I want to bring listen to this conversation, Liz, because we talk about the extreme volatility that we see in the US bond market this year. So are they playing our hedge fund guys and gals, if you will, playing a significant role in that volatility? Well? Yeah, right? Is it circular? Right? And they like the volatility, they come in, they create more volatility, right, So it kind of feeds on itself and then more it becomes and I have to do a shout out. I know Tracy Alloway at some point did a story treasury is trading like a meme stock, so we have to book that one up. But that it becomes like, you know, what was it? Oh, I think Mike Reagan must have edited one of these stories we did where there was other things that were like the hot things that was crypto. And now look at this treasuries even today, look at the yields across the curve. It's like down, you know, over fifteen bases points. It's crazy. So I think hedge fund's coming in because there's more volatility and trading than that adds to it. But they do kind of on the flip side say hey, we're adding to the liquidity, we're you know, making markets. And Deniza knows. Today we had the refunding today and they had their barring committee, which the Treasury always does look into different things. One of them was like the demand base, and they brought up things that were in our story, not that it was from our story, but that the buying base has changed. You know, you have less commercial banks, foreign central banks, you have more households and hedge funds you know, involved in the treasury market. So it's kind of interesting that they brought that up today. Mike did call it a meme stock by the way early. Yeah, I really wanted to take credit for that, but of course Liz Tracy's way ahead of me as usual. But Liz, you know, one of the sort of standard bread and butter hedge fund trades when it comes to the treasury market is something known as the basis trade, which basically looks to profit between discrepancies in the price of bond futures and the actual bonds trading in the cash market. That seems to be kicking into high gear this year, and there's a bit of a backlash to that from the government and some scrutiny about what hedge funds are doing. I know, it's created its own backlash to the backlash, Ken Griffin coming out and saying, why do they care about this? This is sort of an innocuous trade that actually helps save taxpayers money in the bond market. Walk us through the basis trade and why there is scrutiny of it right now? Yeah, in fact, you're front running another story I have covered. Helpful get it out before you do. But yeah, it's been interesting. Like you said, we've had the FED, the BIS, A lot of regulators say hey, we'll worry the side of the size of this basis trade is gotten as jig as it was like in March twenty twenty, and we know what happened then. But yeah, normally this is kind of like you say, picking pennies up under steamroller. You're shorting the futures, you're buying the cash. If you take it to you know, to expiration of the futures, they should converge and where they see some discrepancies, some price discrepancies, that's why you'll do that trade. Where the risk comes in is that most of that is done using leverage, meaning using the repo market to finance the treasury side. So you have the risk that's what happened in like twenty nineteen, that repo rates go crazy for whatever reason and you just can't keep funding this trade. On the flip side when volatility picks up, as you know in futures, you tend to get margin calls. It's just part of the metrics. And so if you started getting margin calls on the short side, so you know, things can just go awry on both sides and all of a sudden, you know you just can't keep in this trade. Then there's a mass exit. That's the way that there's a problem when everyone's running on the same way, right and no one can get out. And remember Mike, in twenty twenty, we had people saying, hey, I had a good trade, I couldn't even get out of that because there's just no liquidity, right. Well, that's what I wanted to ask. Don't we want it to be a little bit of a sleepy market that you know, foreign central banks and the Fed and others you know, use and can count on to be kind of trade a certain way. I mean, don't we to some extent they need to care about the composition of buyers or are we just glad that there are buyers in this market. We do care about the composition for sure, and obviously, like just to give perspective, So those big traditional buyers, including the FED, commercial banks, foreign buyers used to count for seventy five percent of the ownership of the treasury market. That number now is fifty five percent. So this is a very big drop. And speaking to different experts who've been following this for a year, a lot of people saying that in a case where there's a little like a slightly bigger shock, probably there will be very sharp moves, and the market is more fragile to those moves that and it was in the past because obviously hedge funds are a big part. They're very price sensitive, but mutual are also growing fast, pension funds are growing fast. They're not necessarily moving as fast as hedge funds obviously, but are sensitive to macro events. So all those different participants are a lot more likely to react on who knows the next banking news or oil prices or any of those little things. But hedge funds have always been a part of this market, right, it is now there a bigger part we know, percentage wise. Yeah, they have tripled in the past year. So currently they own two point three trillion, which is close to ten percent of the treasury market. Which makes me wonder if he gets sleepy again, Mike, do they just run in the other direction right to make money? Yeah, and it makes me You know, the dirty word in macroland is are you a tourist in this market? Yeah? Are you really a macro fund who's used to this trade and knows what to do? Or are you taking riskue you're an equity manager, you know. I've seen a few headlines out this week Bill Ackman with shortening treasuries, he's changed his mind. He's now covering that shere Stan, Truck and Miller are a very wealth known hedge fund manager used to work with George Sourez without saying he's very bullish treasuries. So is that at least the tourist sort of mentality. Does it seem like the consensus is we've seen the peak and yields, it's now time to back up the truck and start going along the treasury market? Do you think? I think the peak is for sure, very important, but it's also very important that for a very long time it was the direction of trouble was very sure. And obviously like the Fed is likely to continue rowing off its bounce sheet, so them being a smaller portion of it guarantees more volatility, whether those traits are whether short bonds will still be a successful trade. Obviously this is this is going back to the debate where we've seen the peak, but the fact that they're more say realty value trades or or you know, basis traits or things where you can exploit that volatility stace. No matter whether we've reached dot peakids I wonder too, Liz, come on back in. I mean what you make for someoney who's also followed this, you know for a long time in terms of the bond market and treasury trade to see a greater role of hedge funds. I do wonder, listen. They love volatility, right, they want things to move. That's how you make money and quickly for investors. But I do wonder does that potentially, you know, or could it spell trouble? We always talk about right, these changing rate environments, and you know, as the tide goes out, like we get to see all the problems and we you know, could it create some kind of crisis many or otherwise in the future. Well, I have to say, and I wouldn't be doing a good service. And maybe Treasury Department will still talk to me if I do mention that. John Josh Frost, to the Treasury Department Assistant Secretary for Financial Markets, said publicly in a press conference. Listen, we still have a very diverse buyer base. We're not lying on any one type of investor or group of investors. So they're saying, hey, we're doing fine. But to your point, Carol, I think that is why regulators worry like they're zoning in on leverage of things, but you don't want a massive positioning and with one group of investors, who if they go the other way, you just create this groundswell of movement and they take everyone else out in the process. So I think that's the risk when any trade gets too big, especially when it's leveraged, that's a problem. But like I said, Treasury saying, we're okay, we're looking at all this, but we still have enough folks that want to buy our stuff that we're not concerned. But like, who knows well to see what happens for now? How? Yeah? Yeah, Well, let's I wonder you know that that expression crowded trade comes to mind with a story like this. I mean, is there enough diversity in sort of the trades going on or is there a risk of crowding in certain trades, especially you know when you look at how the yield curve is really steepened pretty aggressively in the last couple month, you know, is that potentially a crowded trade or you know, are there any pockets of crowded trades we should think about in this market right now? Well? I would say I think the biggest one is the basis, even though some people argue there's reasons it's not as big, But I keep saying, like Denisa says, it's this debate have yields peaked and that I think people keep getting burned, you know. I mean, we've seen a massive fall today, but that yields have peaked, let me just load up, bring up the truck and buy them, and then yields go up again. And so I think that's where the risk is that people are trying to just can't seem to time this market right, you know. So that's creating the extra volatility, not just from the hedge funds but just regular macro funds, et cetera, thinking it's time now. Maybe they're okay in the long run because this will come back. But I think that's the risk that people just can't seem to get a clarity for sure where rates are going. Yeah, right, exactly. The crystal ball is really muddy right now, Deniza. Just to bring it back to how you guys kick off this story the founder of long Tail Alpha and talking to him, does it feel like it's a trade he plans to be in for a long time or is it something he's like, Yeah, this is maybe a one or two your thing or I don't know. Yeah, I think this is not including the story. But he actually said that probably the best time for this trade is yet to come. As cliche as that is, but this is something we've also heard. We talked to people, of course, I mean, what else could he say, But we also talk to people like who are selling trading algorithms and who very you know, have a very good perception where the basis trade is growing, and they're saying that in the past three months they've seen the most demand they've seen for these type of things, and obviously they have interest in saying that this will continue to be strong. But this is this is a thing we're saying. So for sure, there are numerous players in this space that are saying that as long as there is uncertainty of peakios, as long as the FED is rowing off his bounce sheets, as long as we see that volatility, uh, there may be more appetite for those things. Feels like we could see some more volatility, guys. Thank you so much. Bloomberg News process that reporter Deniza Zakova along with Bloomberg News, she correspondent for Global Macro Markets Liz McCormick. This story in the new upcoming issue of Bloomberg Business Week, on newstands tomorrow, already on the Bloomberg and already online at Bloomberg dot Com. I'm brother Marco, the journal. Now about you. Let me drive? No no, no no, no, please going to drive, honey, please, I'll do the gravels. Let's wat I want to try it. It's good question that try. This is the drive to the clothes dot com tek we'll buy around fold it on Bloomberg Radio and a very good afternoon, everybody. Welcome to Bloomberg Business Week live in our Bloomberg Interactive Broker studio, streaming on YouTube than Bloomberg Originals. It is a FED Wednesday, as you've been listening on TV and across Bloomberg channels. FED Wednesday, the first day of November, and the FED holding rates at a twenty two year high for a second straight meeting, and the FED Chief Jay Powell asking should we be hiking more? Which I feel like sets the tone. I'm Carol Masser. Tim Stanovec is off today and with us as Bloomberg's Mike Reagan, and I do feel like Mike. There was a lot of things where they He kind of continued to remind us that inflation is still elevated, and I feel like they might not be done yet. Yeah, I mean, and I don't think he said anything too new today really changed the outlook for interest rates at all. But we do have this really wild rally in the stock and the bond market right now, So I wonder you know how much of that is sort of people caught on the short end, short selling both stocks and bonds before this and now having to cover. I'm not one hundred percent convinced you can trust this as sort of the markets interpretation of what he's saying. Right you think about how they were positioning ahead of all of this and thinking it was going to be a lot more negga, Yeah, and so often, you know, we see these reactions in the market the day of a FED press conference and then wake up the next morning and wait a minute, everyone, wait twenty four hour cycle that hasn't happened before this year. It's a really good point. But we are seeing equities hold and it's pretty broad based buying. Let's get back to the markets. It is a FED Wednesday. Stocks are ralling. We've seen yields back off, and lucky for us on our drive to the close on this FED Wednesday is Amanda Gotti. She's chief investment officer at P and C Asset Management, joining us once again out there on zoom in Philadelphia. Amanda, there's a rally underway in stocks. Yields have backed off. I think Mike makes a great point that maybe some investors were caught off guard expecting a much more negative tone or negative description statement whatever from the Federal Reserve. Do you discount the trade today? Oh? Absolutely, I discount the trade. I mean, there's no question that sentiment has been pretty lousy in the last you know, four to six weeks. Yields of move rapidly higher. We think very crowded positioning at one end. So there's a scurrying around that's happening here into the close today to reposition. But I'm not sure that we learned a lot of new information. I mean, I think it's hard for me to say that Powell had his hawk costume on for Halloween. Maybe it was a little bit lighter of a tone than he has been recently. But the door is still very much open for additional tighter policy from here. So we think this rally is going to be short lived. And I know you're in Philadelphia, and I think we should make a deal not to discuss the Phillies at all during this interview. Thank you, I appreciate that. Yeah, yeah, me too. But I wonder, as October, for all the wrong reasons, I was in a hotel with the Arizona team when they lost. Uh yeah, am I wrong? Well they lost, they lost a few games in Philly, but they ended up winning the series. Hey, we're not going to talk about it, Carol, all right, Okay, still too soon now, I mean, you know, we're going to talk later in the show about sort of this wild year of volatility in the bond market. And I wonder, just as a professional in these markets, what's it like coming in every day and seeing these wild moves in the treasury market, you know, this market we were so accustomed to being quiet and sort of boring, you know, And what do you think is needed to calm it down? Well, it's a great question. It's almost an unanswerable one at the moment here. I think as investors we've been conditioned to a hashtag high volatility regime for quite some time now. I mean, think about the last three years of unprecedented challenges and return negative returns in the bond market, so we're starting to get conditioned to this. But I think at the end of the day, it's all a function of this unprecedented policy accommodation that came in at the onset of the pandemic and now this unprecedented unwinding. At the end of the day, it's just going to take a lot longer. I keep saying longer for longer. It's not higher for longer, it's longer for longer. Everything about this is just going to take longer to normalize than what investors would like. And I think it's, you know, again, kind of just hammering the same thing that I feel like Mike and I kind of agree in terms of what we got from Japwell, the risks of doing too little. They're worried about that, even though he's stressed right out of the gate, we've got a dual mandate and that eventually maybe some of this will start to work its way into the labor side of the equation. The risks of doing too little is certainly I feel like top of mind for him, absolutely, and we agree with that that's why we continue to think that the door is potentially open for some tighter policy ahead. I think the key question is whether the market has done the Fed's job for it or not. And he even acknowledged that a little bit that with the I think the market has done enough of the job for the FED at this point. I think it's done enough at the moment. I mean, think about the you know, one hundred bases points that we've seen a move here in the longer term portion of the curve. It's been a very violent move, no matter how you slice and dice it. And so I think for now we're definitely in sufficiently restrictive territory. But there's still plenty of ammo from an economic data perspective to go further here. Economic growth continues to come in pretty strong. Ism report today gave a very polar opposite story here, but US consumer is still very strong, inflation not to the long term target, So I think there is room. I think we just need to, as Pale said, let some of the lagged effects of this policy work its way through here. But we are definitely in restrictive territory for sure. Yo. I meta one of the themes this year is the yield curve, you know, the difference between yields on shorter term debt and longer term debt. And we've been living with this inverted curve for a long time where the shorter maturity debt is yielding more than the longer maturity debt. We have seen this very aggressive steepening in the last few months, and you had a really interesting point in your note to us talking about that steepening of the curve, and it's a very unique thing that's happening, this bear steepening of the curve while it's inverted. What's the takeaway from that, Well, I think it's an interesting dynamic because we of course have this inverted yield curve, it's been consistently inverted for the better part of a year plus, but we're also having this bear steepening phenomenon. And usually when you see that start to come into the equation, it's like, oh, here's the signal for something's going to crack in the backdrop. But it's actually only happened once in the last fifty years where we've had both of these dynamics in play that you don't usually see them together, and so the one time that we have in history was right before the nineteen sixty nine nineteen seventy recession began. And so one data point does not make a trend. It's not a perfect guide or predictor for what's to come next. But we do think the net effect is just a lot of pressure on high valuation stocks and the long end of the curve too. All right, we've got to run. Hey, listen, Amanda, Thank you so much, so appreciate. Amanda A. Gotti of URPNC. This is the Bloomberg Business Week podcast, available on Apple, Spotify, and anywhere else you get your podcast. Listen live weekday afternoons from three to six Eastern on Bloomberg dot com, the iHeartRadio app, tune In, and the Bloomberg Business App. You can also watch us live every weekday on YouTube and always on the Bloomberg journaloneSee 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Bloomberg Economics US Economist Stuart Paul and Steven Skancke, Chief Economic Advisor at Keel Point, discuss the Federal Reserve meeting and provide a preview of Wednesday's rate decision. Bloomberg Technology Co-Host Ed Ludlow breaks down Advanced Micro Devices reporting a lackluster revenue forecast and looks at the latest EV news. Martina Larkin, CEO of Project Liberty, talks about efforts to return ownership and control of personal data to individuals. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Media and Entertainment Reporter Samantha Stewart share the details of Samantha's Businessweek Magazine story Hollywood Has Perfected the Lucrative Business of Horror Movies. And we Drive to the Close with Jimmy Lee, CEO at Wealth Consulting Group.Hosts: Carol Massar and Jess Menton. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg Intelligence Technology and Media Analyst Geetha Ranganathan explains why Netflix's mojo is back thanks to a good growth runway, with a track record of creating originals and building engagement that improves pricing power. Bloomberg News Senior Technology Reporter Dana Hull talks about Elon Musk dialing back expectations for Tesla as years of rapid expansion collide with rising interest rates and a more cost-conscious consumer. And Bloomberg Economics Chief Economist Tom Orlik talks about his Businessweek Magazine story The Price of Money Is Going Up, and It's Not Because of the Fed.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Dan Morgan, Senior Portfolio Manager at Synovus Trust, shares his thoughts on Netflix raising prices for some customers in the US, UK and France after posting its best quarter for subscriber growth in years. Bloomberg News Equity Markets Reporter Esha Dey and Bloomberg Intelligence Senior Autos Analyst Kevin Tynan talk about Tesla earnings and price cuts. Allison Robinson, CEO of The Mom Project, discusses the launch of the SelfMade professional platform for working mothers. Bloomberg Businessweek Assistant Managing Editor Jim Ellis and Bloomberg News Autos Reporter Gabrielle Coppola provide the details of Gabrielle's Businessweek Magazine story Jeep's Jump to $100,000 SUVs Risks Leaving Loyal Buyers Behind. And we Drive to the Close with Dana D'Auria, Co-CIO of Envestnet PMC. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Americas Finance Team Leader Sally Bakewell and Cheryl Pate, Senior Portfolio Manager at Angel Oak Capital, discuss bank earnings and outlook. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Entertainment Reporter Ashley Carman talk about Ashley's Businessweek Magazine story Taylor Swift Re-Recorded Albums Into Hits. Can It Be Replicated? And we Drive to the Close with Ana Arsov, Global Co-Head of Banking at Moody's.Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Major General (Ret.) Mastin Robeson, Geopolitical Intelligence Advisor at Academy Securities, shares his thoughts on the Israel-Hamas war. Lior Susan, Founder and Managing Partner at Eclipse Ventures, talks about the economics and the stifling of innovation as a result of the Israel-Hamas war. Julie Hansen, US CEO of Babbel, discusses the growth of the language platform and the impact of AI. Bloomberg Businessweek Editor Joel Weber and Businessweek Columnist Max Chafkin provide the details of Max's Businessweek Magazine story Meta Flirts With Ad-Free Services But Prefers the Status Quo. And we Drive to the Close with Cole Smead, CEO and Portfolio Managare at Smead Capital Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.See omnystudio.com/listener for privacy information.

Jennifer Prince, Chief Commercial Officer for the LA Rams, talks about perfecting your partnership strategy in the world of sports. Drew Afualo, Content Creator & Host of The Comment Section, discusses how to navigate the world of social media. Electronic Arts President of Entertainment & Technology Laura Miele shares her thoughts on the current state of gaming. Sundance CEO Joana Vicente provides her insight on the production of independent films in the US. Bloomberg Businessweek Editor Joel Weber and Businessweek Senior Editor Bret Begun have the details of the Screentime issue of Businessweek Magazine. And we Drive to the Close with Ross Gerber, CEO at Geber Kawasaki Wealth Management. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. See omnystudio.com/listener for privacy information.

Bloomberg News Canada Real Estate Reporter Ari Altstedter discusses his Businessweek Magazine story Aftermath of an Assassination: Inside the India-Canada Crisis.Hosts: Carol Massar and Tim Stenovec. Producer: Paul BrennanSee omnystudio.com/listener for privacy information.