POPULARITY
Categories
Original Release Date November 15, 2024: Our head of Corporate Credit Research Andrew Sheets explains why a stronger economy, moderate inflation and future rate cuts could prompt deal-making.----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, head of Corporate Credit Research at Morgan Stanley. Today I'll discuss why we remain believers in a large, sustained uptick in corporate activity. It's Friday, November 15th at 2pm in London. We continue to think that 2024 will mark the start of a significant, multiyear uplift in global merger and acquisition activity – or M&A. In new work out this week, we are reiterating that view. While the 25 percent rise in volumes this year is actually somewhat short of our original expectations from March, the core drivers of a large and sustained increase in activity, in our view, remain intact. Those drivers remain multiple. Current levels of global M&A volumes are still unusually low relative to their own historical trend or the broader strength that we see in stock markets. The overall economy, which often matters for M&A activity, has been strong, especially in the US, while inflation continues to moderate and rate cuts have begun. We see motivations for sellers – from ageing private equity portfolios, maturing venture capital pipelines, and higher valuations for the median stock. And we see more factors driving buyers from $4 trillion of private market "dry powder," to around $7.5 trillion of cash that's sitting idly on non-financial balance sheets, to wide-open capital markets that provide the ability to finance deals. These high level drivers are also confirmed bottom up by boots on the ground. Our colleagues across Morgan Stanley Equity Research also see a stronger case for activity – and we polled over 60 global equity teams for their views. While the results vary by geography and sector, the Morgan Stanley Equity analysts who cover these sectors in the most depth also see a strong case for more activity. The policy backdrop also matters. While activity has risen this year, one reason it might not have risen as much as we initially expected was uncertainty about both when central banks would start cutting rates and the outcome of US elections. But both of those uncertainties have now, to some extent, waned. Rate cuts from the Fed, the ECB, and the Bank of England have now started, while the Red Sweep in US elections could, in our view, drive more animal spirits. And Europe is an important part of this story too, as we think the European Union's new approach to consolidation could be more supportive for activity. For investors, an expectation that corporate activity will continue to rise is, in our view, supportive for Financial equities. Where could we be wrong? M&A activity does fundamentally depend on economic and market confidence; and a weaker than expected economy or weaker than expected equity market would drive lower than expected volumes. Policy still matters. And while we view the incoming US administration as more M&A supportive, that could be misguided – if policy changes dent corporate confidence or increase inflation. Finally, we think that a more multipolar world could actually support more M&A, as there's a push to create more regional champions to compete on the global stage. But this could be incorrect, if those same global frictions disrupt activity or confidence more generally. Time will tell. Thanks for listening. If you enjoy the show, leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.
Original Release Date November 1, 2024: Our US Fintech and Payments analyst reviews a recent survey that reveals key trends on how Gen Z and Millennials handle their personal finances.----- Transcript -----Welcome to Thoughts on the Market. I'm James Faucette, Morgan Stanley's Head of US Fintech and Payments. Today I'll dig into the way young people in the US approach their finances and why it matters.It's Friday, November 1st, at 10am in New York. You'd think that Millennials – also commonly known as Gen Y – and Gen Z would come up with new ways to think about money. After all, they live most of their lives online, and don't always rely on their parents for advice – financial or otherwise. But a survey we conducted suggests the opposite may be true. To understand how 16 to 43 year-olds – who make up nearly 40 per cent of the US population – view money, we ran an AlphaWise survey of more than 4,000 US consumers. In general, our work suggests that both Millennials and Gen Z's financial goals, banking preferences, and medium-term aspirations are not much different from the priorities of previous generations. Young consumers still believe family is the most important aspect in life, similar to what we found in our 2018 survey. They have a positive outlook on home ownership, college education, employment, and their personal financial situation. 28-to-43-year-olds have the second highest average annual income among all age cohorts, earning more than $100,000. They spend an average of $86,000 per year, of which more than a third goes toward housing. Gen Y and Z largely expect to live in owned homes at a greater rate in five to 10 years, and younger Gen Y cohorts' highest priority is starting a family and raising children in the medium term. This should be a tailwind for many consumer-facing real estate property sectors including retail, residential, lodging and self-storage. However, Gen Y and Z are less mobile today than they were pre-pandemic. Compared to their peers in 2018, they intend to keep living in the same area they're currently living in for the next five to 10 years. Gen Y and Z consumers reported higher propensity for saving each month relative to older generations, which could be a potential tailwind for discretionary spending. And travel remains a top priority across age cohorts, which sets the stage for ongoing travel strength and favorable cross-border trends for the major credit card providers. In addition to all these findings, our analysis suggests several surprising facts. For example, our survey results contradict the widely accepted notion that younger generations are "credit averse." The vast majority of Gen Z consumers have one or more traditional credit cards – at a similar rate to Gen X and Millennials. Although traditional credit card usage is higher among Millennials and Gen Z than it was in 2018, data suggests this is driven by convenience, not financing needs. Younger people's borrowing is primarily related to auto and home loans from traditional lenders rather than fintechs. Another unexpected finding is that while Gen Y and Z are more drawn to online banking than their predecessors, about 75 per cent acknowledge the importance of physical branch locations – and still prefer to bank with their traditional national, regional, and community banks over online-only providers. What's more, they also believe physical bank branches will be important long-term. Overall, our analysis suggests that generations tend to maintain their key priorities as they age. Whether this pattern holds in the future is something we will continue to watch.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.
Cheryl Esposito welcomes Bob Johansen, Distinguished Fellow with the Institute for the Future (IFTF), trusted advisor to leaders of global organizations, & award-winning author of multiple best-selling books. His book, Leaders Make the Future: Ten New Leadership Skills for an Uncertain World was the first of a trilogy to help leaders thrive in the VUCA world. Today's businesses & organizations are operating in a world characterized by volatility, uncertainty, complexity, & ambiguity according to Bob Johansen. To be successful in the future, leaders will need an emerging set of skills uniquely suited to dealing with challenges of the times we are in. He sees these times as the most frightening and as the most hopeful. Bob believes that connectivity is the key, & we are not fully realizing the benefits of that. “Powerful leaders will see connections in the larger systems of which they are a part, embrace shared assets & opportunities, & cut through the chaos…in this decade, leaders will not just see the future—they will make the future!” Join Cheryl Esposito & Bob Johansen as they reveal the leadership keys to the future!
Cheryl Esposito welcomes Marci Shimoff, a #1 New York Times bestselling author, a world-renowned transformational teacher, & an expert on happiness, success, & unconditional love. In her new book, Love for No Reason: 7 Steps to Creating a Life of Unconditional Love Marci tells us there is a new paradigm for love. It is not conditional. It does not depend on another's view of your value. And it is the key to personal fulfillment & professional success. Learn to: Open your heart; turn off your body's stress response & turn on your body's love response for better health & well-being; become more patient & accepting, still finding the wisdom, drive, & confidence to go after any changes that matter to you. “Our present paradigm of love—one based on need and approval—has brought us nothing but personal pain & global conflict. Now is the time to open your heart & become an unshakeable source of love for yourself & everyone around you… together we really can heal our world, one heart at a time.” Join Cheryl Esposito & Marci Shimoff as they reveal the keys to Love for No Reason!
Kiersten Parsons Hathcock became a medium after discovering an unexpected psychic ability. Today Kiersten helps investigators around the country solve missing children's cases, and the spirits have helped her uncover and heal from her own traumatic past. 2 Lives “The second begins the moment we realize we have only one.” 2 Lives is created by Laurel Morales. Valerie Shively is the assistant producer. Christian Arnder is our illustrator and website designer. Music from Blue Dot Sessions. Become a 2 Lives patron at https://www.patreon.com/2lives Or give a donation at paypal.me/2LivesPodcast Drop us a note on Facebook, Instagram, or Twitter. You can learn how to support the show here. Or order merch here. Episode transcripts are posted on our website. Find out more about Kiersten, her book Little Voices, and the National Institute for Law & Justice at her website.
On this 35th anniversary of Hurricane Hugo's landfall in the Carolinas, we revisit our 2019 special marking the then-30th anniversary of the Category 4 storm. Within hours, Hugo was ripping through the South Carolina midlands and into parts of western North Carolina, including Charlotte. In this special episode, we look at Hugo's lasting effect on our communities - - and your personal stories of surviving Hurricane Hugo. Hear personal stories from broadcast meteorologists Eric Thomas, Rob Fowler and Larry Sprinke, all of who covered the storm on television in Charleston, Myrtle Beach and Charlotte. See historical footage from the South Carolina Education Television (SCETV) archives. See images and videos from 1989 showing the impact of Hurricane Hugo in both North Carolina and South Carolina. The Carolina Weather Group podcast delivers a historical look back at this unforgettable piece of weather history. RECORD YOUR STORY: https://anchor.fm/carolinaweather/message SPECIAL THANKS: SCETV for sharing their footage. Find their special at http://www.scetv.org/hugo30
Way back in Season 1 of our Healthcare on the Rocks podcast, we talked with Josh Reimer, the Director of Channel Partnerships at Included Health, about many of the challenges of today's healthcare system. Since then, Included Health has joined the Springbuk Activate Partner Marketplace, which enables Springbuk clients to see how they can improve care outcomes for members with complex specialty conditions. With the help of Included Health, employers with high-cost claimants can lower costs, provide better outcomes, and improve the satisfaction of their members. Listen, or perhaps re-listen, to this encore episode while Josh describes how Included Health leverages its data science and clinical expertise, along with a network of 4,000 leading nationwide experts, for a review of a diagnosis or treatment plan recommendation. I hope you enjoy this special encore episode.Have feedback, questions, or suggestions for show ideas? Send them to us at podcast@springbuk.com. Please rate and review us on your favorite podcast platform, and share it with your friends and colleagues. We appreciate you and thank you for listening! Produced by David Pittman Theme music: "Overboard" by Stay Outside
Join Msgr. John Esseff as he reflects on his experiences with Mother Teresa on the eve of her canonization! Several of the stories he has not shared on any of his previous programs. Rather than be "admirers" of Mother Teresa, Msgr. Esseff asks all of us to pray to become "imitators" of this little one of God's children who has now become one of His great saints! Carrier of God's Tender Love and Mercy Lord Jesus, merciful Face of the Father, you came to give us the Good News of the Father's mercy and tenderness. We thank you for the gift of our dearest Mother, Blessed Teresa of Calcutta, who will be canonized in this Jubilee Year of Mercy. You chose her to be your presence, your love and compassion to the brokenhearted, the unwanted, the abandoned and the dying. She responded wholeheartedly to your cry, ‘I Thirst,' by the holiness of her life and humble works of love to the poorest of the poor. We pray, through her intercession, for the grace to experience your merciful love and share it in our own families, communities and with all our suffering brothers and sisters. Help us to give our “hearts to love and hands to serve” after the example of Mother Teresa. Lord Jesus, bless every member of our family, our parish, our diocese, our country, especially those most in need, that we all may be transformed by your merciful love. Amen. Text © Mother Teresa Center of the Missionaries of Charity The post Special Encore: The Canonization of St. Teresa of Calcutta – Building a Kingdom of Love with Msgr. John Esseff – Discerning Hearts Podcast appeared first on Discerning Hearts Catholic Podcasts.
Original Release Date August 8, 2024: Our Head of Europe Sustainability Research discusses how rising longevity is revolutionizing our fundamental approach from reactive to proactive treatment.----- Transcript -----Welcome to Thoughts on the Market. I'm Mike Canfield, Morgan Stanley's European Head of Sustainability Research. Along with my colleagues, we're bringing you a variety of perspectives; and today we're focusing on a topic that affects everyone – how much does poor health cost us? And how are ageing populations and longer life expectancy driving a fundamental shift in healthcare? It's Thursday, August the 8th, at 4pm in London. As populations age across the developed world, health systems need to help people live both longer and healthier. The current system is typically built around to focus on acute conditions and it's more reactive; so it introduces clinical care or drugs to respond to a condition after it's already arisen, rather than keeping people healthy in the first instance. So increasingly, with the burden of chronic disease becoming by far the greatest health and economic challenge we face, we need to change the structure of the healthcare system. Essentially, the key question is how much is poor health amongst the ageing population really costing society? To get a true sense of that, we need to keep in mind that workers over 50 already earn one out of every three dollars across the G20 regions. By 2035, they're projected to generate nearly 40 per cent of all household income. So with that in mind, preventable conditions amongst those people aged 50-64 at the moment, are already costing G20 economies over $1 trillion annually in productivity loss. And there's one more key number: 19 per cent. That's how much age-diverse workforces can raise GDP per capita over the next thirty years, according to estimates from the Organization for Economic Co-operation and Development, or OECD. So clearly, keeping workers healthier for longer underpins a more productive, more efficient, and a profitable global economy. So it's clear that [if] the current healthcare system were to shift from sick from care to prevention, the global gains would be substantial.The BioPharma sector is already contributing some targeted novel treatments in areas like smart chemotherapy and in CRISPR – which is a technology that allows for selective DNA modification. While we can credit BioPharma and MedTech for really powerful innovations in diagnostics, in AI deployment for areas like data science and material science, and in sophisticated telemedicine – all these breakthroughs together give a more personalized, targeted health system; which is a big step in the right direction, but honestly they alone can't solve this much broader longevity challenge we face. Focus on health and prevention, ultimately, could address those underlying causes of ill-health, so that problems don't arise even in the first instance. Governments around the world are obviously realizing the value of preventive care over sick care. And as a strategy, disease prevention fundamentally aims to promote wellness across the board, whether that's in things like mental state, nutrition or even in things like sleep and stress. While it might be easy to kind of conflate that with wellness trends – things like green smoothies or meditation – the underlying benefits of boosting health at the cellular level have much broader and deeper implications. Things like Type 2 diabetes and heart disease, supporting better health across populations can significantly reduce the incidence of a wide range of chronic conditions. It can lower the burden on health systems overall, and actually increase healthy lifespan at the end of the day. BioPharma advances are significant, but addressing longevity will require a much broader alignment across a myriad of elements; everything really from the food system to sanitation to training healthcare professionals. And of course, all of that will require consistent policy support. Regulators and policymakers are paying very close attention to their ageing population – and so are we. We'll continue to bring you updates on this topic, which is so important to all of us.Thanks for listening. If you enjoy the show, please do leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.
Too often mental health conversations get stuck in a focus of dysfunction, uncomfortable symptoms, and focusing on "fixing" what feels off. But, mental health is not simply about trying to rid ourselves of things like negative thoughts. So much of mental health has to do with the day-to-day infusion of positive practices. Which leads us into the importance of fun, pleasure, play, and flow as essential elements of mental health and a joyful life. We'll talk about some simple ways to embrace your fun nature and tap into more flowing states that nourish your body and mind. Joy Lab and Natural Mental Health are community-supported. When you buy through the links below, we may earn a commission. That support helps keep the Joy Lab podcast free for all! Sources and Notes: Joy Lab Program: Take the next leap in your wellbeing journey with step-by-step practices to help you build and maintain the elements of joy in your life. Your Joy Lab membership also includes our NMH Community! Where to shop: Our partner store, Fullscript: Here you can find high-quality supplements and wellness products. Except for our CBD Gummies, any product links mentioned in the show notes will require an account. Sign up for free. Resilient Remedies: Shop our line of trusted, high-quality CBD gummies. Subscribe to our Newsletter: Join us over at NaturalMentalHealth.com for exclusive emails, updates, and additional strategies. Check out our favorite resilience-boosting reads at Bookshop.org Full transcript available here. Please remember that this content is for informational and educational purposes only. It is not intended to provide medical advice and is not a replacement for advice and treatment from a medical professional. Please consult your doctor or other qualified health professional before beginning any diet change, supplement, or lifestyle program. Please see our terms for more information. If you or someone you know is struggling or in crisis, help is available. Call the NAMI HelpLine: 1-800-950-6264 available Monday through Friday, 10 a.m. – 10 p.m., ET. OR text "HelpLine" to 62640 or email NAMI at helpline@nami.org. Visit NAMI for more. You can also call or text SAMHSA at 988 or chat 988lifeline.org.
Original release date July 23, 2024: Our Head of Global Autos & Shared Mobility discusses what makes humanoid robots a pivotal trend with implications for the global economy.----- Transcript -----Welcome to Thoughts on the Market. I'm Adam Jonas, Morgan Stanley's Head of Global Autos & Shared Mobility. Today I'll be talking about an unusual but hotly debated topic: humanoid robots. It's Tuesday, July 23rd, at 10am in New York.We've seen robots on factory floors, in displays at airports and at trade shows – doing work, performing tasks, even smiling. But over the last eighteen months, we seem to have hit a major inflection point. What's changed? Large Language Models and Generative AI. The current AI movement is drawing comparisons to the dawn of the Internet. It's begging big, existential questions about the future of the human species and consciousness itself. But let's look at this in more practical terms and consider why robots are taking on a human shape. The simplest answer is that we live in a world built for humans. And we're getting to the point where – thanks to GenAI – robots are learning through observation. Not just through rudimentary instruction and rules based heuristic models. GenAI means robots can observe humans in action doing boring, dangerous and repetitive tasks in warehouses, in restaurants or in factories. And in order for these robots to learn and function most effectively, their design needs to be anthropomorphic. Another reason we're bullish on humanoid robots is because developers can have these robots experiment and learn from both simulation and physically in areas where they're not a serious threat to other humans. You see, many of the enabling technologies driving humanoid robots have come from developments in autonomous cars. The problem with autonomous cars is that you can't train them on public roads without directly involving innocent civilians – pedestrians, children and cyclists -- into that experiment. Add to all of this the issue of critical labor shortages and challenging demographic trends. The global labor total addressable market is around $30 trillion (USD) or about one-third of global GDP. We've built a proprietary US total addressable market model examining labor dynamics and humanoid optionality across 831 job classifications, working with our economics team; and built a comprehensive survey across 40 sectors to understand labor intensity and humanoid ability of the workforce over time. In the United States, we forecast 40,000 humanoid units by 2030, 8 million by 2040 and 63 million by 2050 – equivalent to around $3 trillion (USD) of salary equivalent. But as early as 2028 we think you're going to see significant adoption beginning in industries like manufacturing, production, warehousing, and logistics, installation, healthcare and food prep. Then in the 2030s, you're going to start adding more in healthcare, recreational and transportation. And then after 2040, you may see the adoption of humanoid robots go vertical. Now you might say – that's 15 years from now. But just like autonomous car – the end state might be 20 years away, but the capital formation is happening right now. And investors should pay close attention because we think the technological advances will only accelerate from here. Thanks for listening. And if you enjoy the show, please leave us a review wherever you listen and share Thoughts on the Market with a friend or colleague today.
This is a special look back and the truths from then are more evident now.ENJOY this Blast From The Past.
Markets are suggesting that spirits consumption will return to historical growth levels post-pandemic, but our Head of European Consumer Staples Research disagrees.----- Transcript -----Welcome to Thoughts on the Market. I'm Sarah Simon, Head of the European Consumer Staples team. Along with my colleagues bringing you a variety of perspectives, today I'll talk about a surprising trend in the global spirits market.It's Monday, April 15, at 2pm in London. We all remember vividly the COVID-19 period when we spent much more on goods than services, particularly on goods that could be delivered to our homes. Not surprisingly, spirits consumption experienced a super-cycle during the pandemic. But as the world returned to normal, the demand for spirits has dropped off. The market believes that after a period of normalization, the US spirits market will return to mid-single-digit growth in line with history; but we think that's too optimistic.Changes in demographics and consumer behavior make it much more likely that the US market will grow only modestly from here. There are several key challenges to the volume of US alcohol consumption in the coming years. Sobriety and moderation of alcohol intake are two rising trends. In addition, there's the increased use of GLP-1 anti-obesity drugs, which appear to quell users' appetite for alcoholic beverages. And finally, there's stiffer regulation, including the lowering of alcohol limits for driving.A slew of recent survey data points to consumer intention to reduce alcohol intake. A February 2023 IWSR survey reported that 50 per cent of US drinkers are moderating their consumption. Meanwhile, a January 2024 NCSolutions survey reported that 41 per cent of respondents are trying to drink less, an increase of 7 percentage points from the prior year. And importantly, this intention was most concentrated among younger drinkers, with 61 per cent of Gen Z planning to drink less in 2024, up from 40 per cent in the prior year's survey. Meanwhile, 49 per cent of Millennials had a similar intention, up 26 per cent year on year.Why is all this happening? And why now? Perhaps the increasingly vocal commentary by public bodies linking alcohol to cancer is really hitting home. Last November, the World Health Organization stated that "the higher the amount of alcohol consumed, the higher the risk of developing cancer" but also that "half of all alcohol-attributable cancers in the WHO European Region are caused by ‘light' and ‘moderate' alcohol consumption. A recent Gallup survey of Americans indicated that young adults are particularly concerned that moderate drinking is unhealthy, with 52 per cent holding this view, up from 34 per cent five years ago. Another explanation for the increased prevalence of non-drinking among the youngest group of drinkers may be demographic makeup: the proportion of non-White 18- to 34-year-olds has nearly doubled over the past two decades.And equally, the cost of alcohol, which saw steep price increases in the last couple of years, seems to be a reason for increased moderation. Spending on alcohol stepped up materially over the COVID-19 period when there were more limited opportunities for spending. With life returning to normal post pandemic, consumers have other – more attractive or more pressing – opportunities for expenditure.Thanks for listening. If you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen to podcasts. It helps more people to find the show.
This special encore episode of Broadway Nation was first released in the fall of 2022. My guest is PAUL SALSINI, who many listeners will remember as the founder and original editor of The Sondheim Review, the first and only quarterly magazine ever devoted to a living musical theater composer. Paul passed away earlier this month, at the age of 88, so I thought this was a very appropriate time to revisit this fascinating conversation. Paul launched the magazine in 1994, and over the following ten years, Paul exchanged notes, letters, faxes and phone calls with Stephen Sondheim — who it was clear was reading every word of every issue of the magazine — and Sondheim often had corrections and comments, or as he called them, “emendations.” On a few occasions these notes and phone calls included “vigorous objections” to what Paul had included the magazine, but overall Sondheim was wonderfully supportive and helpful. In his book SONDHEIM AND ME, Paul chronicles his unlikely relationship with Sondheim during an eventful period that included the New York premieres of Passion and Saturday Night, the Kennedy Center's Sondheim Celebration, Broadway revivals of six of Sondheim's major works, and the decade long development of the musical that would eventually be called Road Show. Learn more about your ad choices. Visit megaphone.fm/adchoices
Original Release on April 29, 2024: Our analysts find that despite the obvious differences between retail fashion and airlines, struggling brands in both industries can use a similar playbook for a turnaround.----- Transcript -----Ravi Shanker: Welcome to Thoughts on the Market. I'm Ravi Shanker, Morgan Stanley's North American Freight Transportation and Airlines Analyst.Alex Straton: And I'm Alex Straton, Morgan Stanley's North America Softlines, Retail and Brands Analyst.Ravi Shanker: On this episode of the podcast, we'll discuss some really surprising parallels between fashion, retail, and airlines.It's Monday, April 29th at 10am in New York.Now, you're probably wondering why we're talking about airlines and fashion retail in the same sentence. And that's because even though they may seem worlds apart, they actually have a lot in common. They're both highly cyclical industries driven by consumer spending, inventory pressure, and brand attrition over time.And so, we would argue that what applies to one industry actually has relevance to the other industry as well. So, Alex, you've been observing some remarkable turnaround stories in your space recently. Can you paint a picture of what some fashion retail businesses have done to engineer a successful turnaround? Maybe go over some of the fundamentals first?Alex Straton: What I'll lead with here is that in my North America apparel retail coverage, turnarounds are incredibly hard to come by, to the point where I'd argue I'm skeptical when any business tries to architect one. And part of that difficulty directly pertains to your question, Ravi -- the fundamental backdrop of the industry.So, what are we working with here? Apparel is a low single digit growing category here in North America, where the average retailer operates at a mid single digit plus margin level. This is super meager compared to other more profitable industries that Ravi and I don't necessarily have the joy of covering. But part of why my industry is characterized by such low operating performance is the fact that there are incredibly low barriers to entry in the space. And you can really see that in two dynamics.The first being how fragmented the competitive landscape is. That means that there are many players as opposed to consolidation across a select few. Just think of how many options you have out there as you shop for clothing and then how much that has changed over time. And then second, and somewhat due to that fragmentation, the category has historically been deflationary, meaning prices have actually fallen over time as retailers compete mostly on price to garner consumer attention and market share.So put differently, historically, retailers' key tool for drawing in the consumer and driving sales has been based on being price competitive, often through promotions and discounting, which, along with other structural headwinds, like declining mall traffic, e-commerce growth and then rising wages, rent and product input costs has actually meant the average retailers' margin was in a steady and unfortunately structural decline prior to the pandemic.So, this reliance on promotions and discounting in tandem with those other pressures I just mentioned, not only hurt many retailers' earnings power but in many cases also degraded consumer brand perception, creating a super tough cycle to break out of and thus turnarounds very tough to come by -- bringing it full circle.So, in a nutshell, what you should hear is apparel is a low barrier to entry, fragmented market with subsequently thin margins and little to no precedent for successful turnarounds. That's not to say a retail turnaround isn't possible, though, Ravi.Ravi Shanker: Got it. So that's great background. And you've identified some very specific key levers that these fashion retail companies can pull in order to boost their profitability. What are some of these levers?Alex Straton: We do have a recent example in the space of a company that was able to break free of that rather vicious cycle I just went through, and it actually lifted its sales growth and profitability levels above industry average. From our standpoint, this super rare retail turnaround relied on five key levers, and the first was targeting a different customer demographic. Think going from a teens focused customer with limited brand loyalty to an older, wealthier and less fickle shopper; more reliable, but differently.Second, you know, evolving the product assortment. So, think mixing the assortment into higher priced, less seasonal items that come with better margins. To bring this to life, imagine a jeans and tees business widening its offering to include things like tailored pants and dresses that are often higher margin.Third, we saw that changing the pricing strategy was also key. You can retrain or reposition a brand as not only higher priced through the two levers I just mentioned, but also try and be less promotional overall. This is arguably, from my experience, one of the hardest things for a retailer to execute over time. So, this is the thing I would typically, you know, red flag if you hear it.Fourth, and this is very, very key, reducing the store footprint, re-examining your costs. So, as I mentioned in my coverage, cost inflation across the P&L (profit and loss) historically, consumers moving online over time, and what it means is retailers are sitting on a cost base that might not necessarily be right for the new demand or the new structure of the business. So, finding cost savings on that front can really do wonders for the margins.Fifth, and I list this last because it's a little bit more of a qualitative type of lever -- is that you can focus on digital. That really matters in this modern era. What we saw was a retailer use digital driven data to inform decision making across the business, aligning consumer experience across channels and doing this in a profitable way, which is no easy feat, to say the least.So, look, we identified five broad enablers of a turnaround. But there were, of course, little changes along the way that were also done.Ravi Shanker: Right.Alex Straton: So, Ravi, given what we've discussed, how do you think this turnaround model from fashion retail can apply to airlines?Ravi Shanker: Look, I mean, as we discussed, at the top here, we think there are significant similarities between the world of fashion retail and airlines; even though it may not seem obvious, at first glance. I mean, they're both very consumer discretionary type, demand environments. The vicious circle that you described, the price deflation, the competition, the brand attrition, all of that applies to retail and to airlines as well.And so, I think when you look at the five enablers of the turnaround or levers that you pull to make it happen, I think those can apply from retail to airlines as well. For instance, you target a different customer, one that likes to travel, one that is a premium customer and, and wants to sit in the front of the plane and spend more money.Second, you have a different product out there. Kind of you make your product better, and it's a better experience in the sky, and you give the customer an opportunity to subscribe to credit cards and loyalty program and have a full-service experience when they travel.Third, you change your distribution method. You kind of go more digital, as you said. We don't have inventory here, so it'd be more of -- you don't fly everywhere all the time and be everything to everyone. You are a more focused airline and give your customer a better experience. So, all of those things can drive better outcomes and better financial performance, both in the world of fashion retail as well as in the world of airlines.Alex Straton: So, Ravi, we've definitely identified some pretty startling similarities between fashion retail and airlines. Definitely more so than I appreciated when you called me a couple months ago to explore this topic. So, with that in mind, what are some of the differences and challenges to applying to airlines, a playbook taken from the world of fashion retail?Ravi Shanker: Right, so, look, I mean, they are obviously very different industries, right? For instance, clothing is a basic human staple; air travel and going on vacations is not. It's a lot more discretionary. The industry is a lot more consolidated in the airline space compared to the world of retail. Air travel is also a lot more premium compared to the entire retail industry. But when you look at premium retail and what some of those brands have done where brands really make a difference, the product really makes a difference. I think there are a lot more similarities than differences between those premium retail brands on the airline industry.So, Alex, going back to you, given the success of the turnaround model that you've discussed, do you think more retail businesses will adopt it? And are there any risks if that becomes a norm?Alex Straton: The reality is Ravi, I breezed through those five key enablers in a super clear manner. But, first, you know, the enablers of a turnaround in my view are only super clear in hindsight. And then secondly, one thing I want to just re-emphasize again is that a turnaround of the nature I described isn't something that happens overnight. Shifting something like your consumer base or changing investor perception of discounting activity is a multi year, incredibly difficult task; meaning turnarounds are also often multi year affairs, if ever successful at all.So, looking ahead, given how rare retail turnarounds have proven to be historically, I think while many businesses in my coverage area are super intrigued by some of this recent success; at the same time, I think they're eyes wide open that it's much easier said than done, with execution far from certain in any given turnaround.Ravi Shanker: Got it. I think the good news from my perspective is that hindsight and time both the best teachers, especially when put together. And so, I think the learnings of some of the success stories in your sector can not only be lessons for other companies in your space; they can also be lessons in my space. And like I said, I think some airlines have already started embarking on this turnaround, others are looking to see what they can do here. And I'm sure again, best practices and lessons can be shared from one sector to another. So, Alex, thanks so much for taking the time to talk to us today.Alex Straton: It was great to speak with you, Ravi.Ravi Shanker: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review wherever you listen to the show and share the podcast with a friend or colleague today.
Happy Pride Month! Ali's guest today is Michael, one of the dads behind Two Dads U.K., whose mission is to raise awareness of same-sex parenting and help other same-sex couples and other single gay people realize that becoming a parent shouldn't just be a dream. Michael talks about coming out; building a family with his husband, Wes; the 3-4 years they researched surrogacy; the birth of their daughter, Talulah; and how they're working hard to make LGBTQ parenting better, safer and more equal. Support this podcast at: https://redcircle.com/infertile-af/donations Advertising Inquiries: https://redcircle.com/brands Learn more about your ad choices. Visit podcastchoices.com/adchoices
From Scott LaMar: After 32 years at WITF I'm retiring at the end of this week. On the Spark, we're broadcasting several of my most memorable conversation. On November 19th, 2013 Scott went to Gettysburg to speak with some special guests about the 150th anniversary of the Gettysburg Address.Support WITF: https://www.witf.org/support/give-now/See omnystudio.com/listener for privacy information.
From Scott LaMar: After 32 years at WITF I'm retiring at the end of this week. On the Spark, we're broadcasting several of my most memorable conversation. Wednesday, we went back to June of 2014 When Federal Judge John Jones appeared on the program. In May of 2014, Judge Jones struck down Pennsylvania's defense of marriage law as unconstitutional. The law had defined marriage as between a man and a woman. The ruling made same sex marriage legal in Pennsylvania – the 14th state where same sex couples could marry at the time. It was a historic decision. At the time, many were interested in Judge Jones' legal interpretation that went into his ruling. Same sex marriage was eventually upheld by the U.S. Supreme Court. Judge Jones joined us to discuss how he arrived at his decision and the role of the judiciary.Support WITF: https://www.witf.org/support/give-now/See omnystudio.com/listener for privacy information.
From Scott LaMar, co-host of The Spark. After 32 years at WITF I'm retiring at the end of this week. On The Spark Tuesday, Wednesday and Thursday, we're airing several of my most memorable conversation. Tuesday, we go back to September of 2019 when Sue Klebold appeared on the program. On April 20, 1999, Eric Harris and Dylan Klebold walked into Columbine High School in Littleton, Colorado. Over the course of minutes, they would kill twelve students and a teacher and wound twenty-four others before taking their own lives. Since then, Sue Klebold, Dylan's mother, has lived with the indescribable grief and shame of that day. How could her child, the promising young man she had loved and raised, be responsible for such horror? And how, as his mother, had she not known something was wrong? Were there subtle signs she had missed? What, if anything, could she have done differently? Sue Klebold wrote a book -- A Mother's Reckoning: Living in the Aftermath of Tragedy, in which she talks about Dylan's seemingly normal childhood, the day of the Columbine shooting and the years afterwards when she grieved and struggled to understand her son and what's she's learned about mental health or brain health as she refers to it. Mother and author Sue Kebold appears on this special edition of The Spark. Support WITF: https://www.witf.org/support/give-now/See omnystudio.com/listener for privacy information.
In this story, Bernice is in bed and ready to tell her story. Papa Bear tells her a story about a unicorn named Sparkle. Bobby Blue Jay wakes up Sparkle, and when she gets out of bed, Bobby starts acting strangely. She quickly flies off and comes back with her big sister, Bluebell. Sparkle doesn't know why everyone is acting so strangely. What could be the matter? Sleep Tight!, Sheryl & Clark❤️
Our Global Chief Economist explains why the rapid hikes, pause and pivot of the current interest rate cycle are reminiscent of the 1990s.----- Transcript -----Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. Along with my colleagues bringing you a variety of perspectives, today I'll be talking about the current interest rate cycle and the parallels we can draw from the 1990s.It's Monday, April 8th, at 10am in New York.Last year, we reiterated the view that the 1990s remain a useful cycle to consider for understanding the current cycle. Our European equity strategy colleagues shared our view, and they've used that episode to inform their ‘out of consensus, bullish initiation on European equities' in January. No two cycles are identical, but as we move closer to a Fed cut, we reassess the key aspects of that comparison.We had previously argued that the current interest rate cycle and the mid 90s cycle differ from the intervening cycles because the goal now is to bring inflation down, rather than preventing it from rising. Of course, inflation was already falling when the 1994 cycle started, in part, because of the recession in 1991.This cycle -- because much of the inflation was driven by COVID-related shocks, like supply chains for consumer goods and shifts in housing for shelter inflation -- inflation started falling rapidly from its peak before the first hike could have possibly had any effect. In recent months, our economic growth forecasts have been regularly revised upward, even as we have largely hit our expected path for inflation.A labor supply shock appears to be a contributing factor that accounts for some of that forecast deviation, although fiscal policy likely contributed to the real side's strength as well. Supply shocks to the labor market are an interesting point of comparison for the two cycles. In the 1990s, labor force growth was still benefiting from this multi-decade rise in labor force participation among females. The aggregate labor force participation rate did not reach its peak until 2000.Now, as we've noted in several publications, the surge in immigration is providing a similar supply side boost, at least for a couple of years. But the key lesson for me for the policy cycle is that monetary policy is not on a pre-set, predetermined course merely rising, peaking and then falling. Cycles can be nuanced. In 1994, the Fed hiked the funds rate to 6 per cent, paused at that peak and then cut 75 basis points over 1995 and 1996. After that, the next policy move was actually a hike, not a cut.Currently, we think the Fed starts cutting rates in June; and for now, we expect that cutting to continue into next year. But as our US team has noted, the supply side revisions mean that the path for policy next year is just highly uncertain and subject to review. From 1994 to 1996, job gains trended down, much like they have over the past two years.That slowing was reflective of a broader slowing in the economy that prompted the Fed to stop hiking and partially reverse course. So, should we expect the same now, only a very partial reversal? Well, it's too soon to tell, and as we've argued, the faster labor supply growth expands both aggregate demand and aggregate supply -- so a somewhat tighter policy stance could be appropriate.In 1996, inflation stopped falling, and subsequently rose into 1997, and it was that development that supported the Fed's decision to maintain their somewhat restrictive policy. But we can't forget, afterward, inflation resumed its downward trajectory, with core PCE inflation eventually falling below 1.5 per cent, suggesting that that need to stop cutting and resume hiking, well, probably needs to be re-examined.So, no two cycles match, and the comparison may break down. To date, the rapid hikes, pause and pivot, along with a seeming soft landing, keeps that comparison alive. The labor supply shock parallel is notable, but it also points to what might be, just might be, another possible parallel.In the late 1990s, there was a rise in labor productivity, and we've written here many times about the potential contributions that AI might bring to labor productivity in coming years.Thanks for listening. If you enjoy the show, please leave us a review wherever you listen to podcasts and share Thoughts on the Market with a friend or colleague today.
To celebrate Women's History Month he is the first of two episodes recorded during the pandemic about the history of Broadway Costume design with special guest Ann Hould-Ward. Irene Sharraff is the legendary Broadway costume designer whose incredible 56-year career spanned from 1933 to 1989. She designed the costumes for more than 52 Broadway musicals including As Thousands Cheer, Jubilee, On Your Toes, The Boys From Syracuse, Lady In The Dark, The King And I, West Side Story, Flower Drum Song, Funny Girl, Sweet Charity, and Jerome Robbins Broadway. She was nominated for six Tony Awards and won the Tony for The King And I, and she received five Academy Awards for her designs for the now classic films An American In Paris, The King And I, West Side Story, Cleopatra, and Who's Afraid Of Virginia Woolf. One of the main threads of this podcast is how the arts and crafts of the Broadway Musical have been handed down directly from one practitioner to the next, generation to generation. Irene Sharaff is at the center of a succession of dynamic women that goes back more than 100 years to the earliest days of the Broadway Musical and continues right up to today. All of these women were mentored by one or more of the great female designers that came before them, all of them became Tony Award-winning star designers in their own right, and all of them have passed on the art and craft of theatrical costume design to the next generation. In this episode, I trace the legacy chain of Broadway costume design that was handed down from Aileen Bernstein to Irene Sharaff to Patricia Zipprott to Ann Hould-Ward. I recently had the pleasure of discussing all this with Ann Hould-Ward herself. Ann Hould-Ward is the Tony Award-winning costume designer whose work includes the original Broadway productions of Beauty And The Beast, Into The Woods, Sunday In The Park With George, Falsettos, and the revival of The Color Purple. Learn more about your ad choices. Visit megaphone.fm/adchoices
Listen to Peter Mansbridge's chat with Former Prime Minster of Canada Brian Mulroney in South Africa in 2013 for the CBC.
Listen to one of my favorite episodes, with author, world traveler, & adventurer-Pamdiana Jones. Her sarcasm and optimism got her into and out of trouble while traveling through Africa, Thailand, Malaysia, Singapore, Indonesia, Australia, and New Zealand in the 1990's. She's been all over the world, and her book, "When in ROAM-A Comedy Travel Adventure Memoir", is all about her hilarious and dangerous mishaps. It is fabulous, and available on Amazon. Check out this episode now on your favorite podcast directory. To learn more, check out: Pamdianajones.comIf your feeling lead, you can Buy Me A Coffee on http://www.ajuicypearpodcast.comSupport the show
This is a special encore episode of Broadway Nation. 1970s Broadway experienced another blast from the past with the return of the Black Musical. More than a dozen hit black musicals opened during the decade, and three of them won the Tony Award for BEST MUSICAL. About half of these were new, original musical plays – mostly adaptations of popular plays or novels. All of them employed a combination of rhythm & blues, pop, rock, jazz and traditional Broadway style music to help tell their stories. The other half were musical revues that showcased the classic songs of the great black songwriters of the 1920s, 30s and 40s. These shows represented a significant black wing of the ongoing Nostalgia Craze. Please join me as I explore the musical plays PURLIE, RAISIN, and THE WIZ,; the gospel musicals DON'T BOTHER ME I CAN'T COPE, AND YOUR ARMS TOO SHORT TO BOX WITH GOD.; and the songbook revues BUBBLING BROWN SUGAR, AIN'T MISBEHAVIN', EUBIE!, SOPHISTICATED LADIES, and BLACK AND BLUE. Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as our newest member Cheryl Hodges-Selden whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For just $7.00 a month, you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgment of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
In recognition of Black History Month, this highlight program celebrates outstanding performances by Black musicians on From the Top through the years. Hosted by Peter Dugan and David Norville, an alumnus, oboist, and former Assistant Producer at From the Top.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy
My guest today is theatrical animal trainer Bill Berloni. Beginning with the original production of ANNIE in 1977, Bill has provided and trained animals of all species and sizes for 27 Broadway musicals and plays, as well as for countless Off-Broadway shows, National Tours, regional theaters, movies, television shows, commercials and the NYC Ballet – and he found almost all of those animal actors in shelters, humane societies and rescue leagues. His awards include a 2011 Tony Honor for “Excellence in the Theater”, a 2014 Outer Critics Circle Award for “Special Achievement”, and a 2017 Drama League Award for “Unique Contribution to the Theatre” all in acknowledgment of an incredible Broadway career that has included two revivals of Annie, The Woman In White, Gypsy, Legally Blonde, The Lt of Inishmore, A Christmas Story, and The Ferryman. Bill recently released a third edition of his book, Broadway Tails: Heartfelt Stories Of Rescued Dogs Who Became Show Biz Superstars. I have to say it's a surprisingly affecting book, and I was not expecting to be tearing up as many times as I did when I was reading the new edition in preparation for this podcast. Broadway Nation is written and produced by me – David Armstrong. I invite you to follow Broadway Nation on Facebook, Twitter, and Instagram – where you can find out more about my guests and episodes and interact with a large and lively community of Broadway fans. Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as John Schroeder and Alan Brodie whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For just $7.00 a month, you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgment of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
My guest this week is Ted Chapin whose captivating 2003 book Everything Was Possible: The Birth of the Musical “Follies,” has recently been reissued in a revised and updated edition. As you may know, this book is based on Ted's first-hand experience as the production assistant on the original Broadway production of the Stephen Sondheim, Hal Prince, & James Goldman landmark musical Follies. Of course, the expression, “I just couldn't put that book down” is a cliché – but in this case, it has been absolutely true – twice! -- both when I read this book when it was originally released, and again just a few weeks ago when I had the great pleasure of diving into it all over again. On last week's episode, Peter Filichia, talked about wanting to be able to go back in time and be a “fly on the wall” to witness the inner workings of legendary musicals as they were being put together. Ted's book allows all of us to do exactly that. This book makes you feel as it you are right there in the thick of it during Follies' rehearsal period in New York, and in Boston during its out-of-town tryout's many trials and tribulations. For 40 years Ted served as the President of The Rodgers & Hammerstein Organization a role that he was personally chosen by the Rodgers and Hammerstein families to take on. On his watch, there were eight Tony Award-winning Best Revivals of musicals in the R&H catalog -- On Your Toes, Carousel, Show Boat, Annie Get Your Gun, South Pacific, The King And I – twice! – and Oklahoma! He also supervised major R&H productions In London, on television, and around the world. And Ted is the co-founder of the acclaimed City Center Encores! series, and he currently serves on the boards of City Center, The Kurt Weil Foundation, and the American Theatre Wing. It is always a delight to speak with him – especially regarding his one-of-a-kind experience of being in the rooms where Follies happened. Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as John Schroeder and Alan Brodie whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
Original Release on January, 5th 2024: Should investors be concerned about a sluggish beginning to the year, or do they just need to be patient?----- Transcript -----Welcome to Thoughts on the Market. I'm Andrew Sheets, Head of Corporate Credit Research at Morgan Stanley. Along with my colleagues bringing you a variety of perspectives, I'll be talking about trends across the global investment landscape and how we put those ideas together. It's Friday, January 5th at 2 p.m. in London. 2023 saw a strong finish to a strong year, with stocks higher, spreads and yields lower and minimal market volatility. That strength in turn flowed from three converging hopeful factors. First, there was great economic data, which generally pointed to a US economy that was growing with inflation moderating. Second, we had helpful so-called technical factors such as depressed investor sentiment and the historical tendency for markets, especially credit markets, to do well in the last two months of the year. And third, we had reasonable valuations which had cheapened up quite a bit in October. Even more broadly, 2024 offered and still offers a lot to look forward to. Morgan Stanley's economists see global growth holding up as inflation in the U.S. and Europe come down. Major central banks from the US to Europe to Latin America should start cutting rates in 2024, while so-called quantitative tightening or the shrinking of central bank balance sheets should begin to wind down. And more specifically, for credit, we see 2024 as a year of strong demand for corporate bonds, against more modest levels of bond issuance, a positive balance of supply versus demand. So why, given all of these positives, has January gotten off to a rocky, sluggish start? It's perhaps because those good things don't necessarily arrive right away. Starting with the economic data, Morgan Stanley's economists forecast that the recent decline in inflation, so helpful to the rally over November and December, will see a bumpier path over the next several months, leaving the Fed to wait until June to make their first rate cut. The overall trend is still for lower, better inflation in 2024, but the near-term picture may be a little murky. Moving to those so-called technical factors, investor sentiment now is substantially higher than where it was in October, making it harder for events to positively surprise. And for credit, seasonally strong performance in November and December often gives way to somewhat weaker January and February returns. At least if we look at the performance over the last ten years. And finally, valuations where the cheapening in October was so helpful to the recent rally, have entered the year richer, across stocks, bonds and credit. None of these, in our view, are insurmountable problems, and the base case expectation from Morgan Stanley's economists means there is still a lot to look forward to in 2024. From better growth, to lower inflation, to easier monetary policy. The strong end of 2023 may just mean that some extra patience is required to get there. Thanks for listening. Subscribe to Thoughts on the Market on Apple Podcasts or wherever you listen, and leave us a review. We'd love to hear from you.
This is the second half of my conversation with author Liza Gennaro, whose fascinating book is titled: Making Broadway Dance. If you missed part one you may want to catch up on that episode before listening to this one. Liza is currently the Dean of Musical Theater at the Manhattan School of Music and she also has had a very active and successful career as a dancer and choreographer. Interestingly, she is closely related to this subject matter of her book because her father was the Tony Award winning choreographer and star dancer, Peter Gennaro. He is profiled in the book as well as in this episode. By the end of Part 1, we had made it to the late 1940s when Agnes de Mille was dominating the field of Broadway choreography. Between 1943 and 1945, De Mille had four hits in a row – Oklahoma!, One Touch of Venus, Bloomer Girl, and Carousel – and three of them choreographed in her signature “Americana” style. This unprecedented string of successes made her the most powerful choreographer in the commercial theater, and soon led to her becoming the first director-choreographer of the “Golden Age” with Rodgers & Hammerstein's Allegro. De Mille's most significant contribution to the Broadway Musical was breaking the mold of the traditional Broadway chorus girl by insisting on hiring actor/dancers who could fully embody the characters that they were playing. This new approach to Broadway dance, and this new kind of Broadway dancer, would be adopted by everyone who followed in her footsteps – especially Jerome Robbins – who years later would write, “Agnes broke the conception of what the Broadway dancer could be in the Broadway Musical. What they looked like, what was desired of them, and what their contribution to the show was.” And, as you will hear, Robbins took that idea and ran with it, just as De Mille's “Americana” style was starting to lose its luster. That's just the beginning Later in the episode Liza and I discuss Michael Kidd, Bob Fosse, Gower Champion, Michael Bennett, Graciela Daniele, Susan Stroman, Kathleen Marshall, Bill T. Jones, Stephen Hoggett, Lorin Latarro, Kelly Devine, Sergio Trujillo, Jerry Mitchell and more! Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as John Schroeder and Alan Brodie whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
This is the first half of my recent conversation with author Liza Gennaro, whose fascinating new book is titled: Making Broadway Dance. Liza is currently the Dean of Musical Theater at the Manhattan School of Music and prior to that she had a very active and successful career as a dancer and choreographer on Broadway and with prominent theater companies across the country. Most notably she choreographed the hit Broadway revival of Frank Loessor's The Most Happy Fella. As she writes in the introduction to her book, Liza came to her love and interest in musical theater dance genetically. Her father was Peter Gennaro, the Tony Award winning choreographer and star dancer of Broadway musicals and TV variety shows. And her mother, Jean Gennaro, was a ballerina turned Broadway dancer who danced for Bronislava Nijinska, Agnes De Mille, and Michael Kidd. As you might imagine, Liza grew up immersed in the world of Broadway, and all manner of dance, and she is able to weave all of that life experience into this remarkable book. I can't think of anyone more uniquely qualified to write it. Appropriately for the final day of Women's History Month, this episode focuses largely on two great female choreographers -- Katherine Dunham and Agnes de Mille. I have stated that De Mille is arguably the most important woman in the history of Broadway musical – not including the star performers, of course – and she has received quite a bit of focus in previous episodes of this podcast. However, I am especially happy today to shine a spotlight on Katherine Dunham whose influence on Broadway dance – like that of many other black artists – has often been overlooked and undervalued. But her impact and significance cannot be denied. Learn more about your ad choices. Visit megaphone.fm/adchoices
Why are the great Musicals so unforgettable? Why do musicals have so much power and impact? How is it that they are able to live in our hearts and memories for a lifetime? Musicals are experiences that get embedded in our psyche. We remember them forever -- vividly and in often in great and specific detail. And they get embedded in our emotional and physical memory as well. Our bodies and nervous systems recall how we felt when we experienced them years, even lifetimes later. In this Season One finale Episode Albert Evans and I tell our own stories of when, how, and why we fell in love with Broadway Musicals and suggest why this happens to so many of us. Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as John Schroeder and Alan Brodie whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
This is the second of two special holiday bonus episodes of Broadway Nation. Just like the first, this is an audio version of a Broadway Nation Live! performance that was given in December of 2019 at the Vashon Center For The Performing Arts on Vashon Island, WA. If you prefer to watch a video of this performance you can stream it on their website at: vashoncenterforthearts.org In Part One we looked at how the Jewish-Russian immigrant songwriter, Irving Berlin -- in addition to being one of the prime inventors of the Broadway Musical -- also created an entirely new category of popular song: “the Christmas Standard”. In this episode we explore how Berlin was aided and abetted in that endeavor by the son of Irish and German immigrants from Washington State who became one of the most popular performers of all time -- Bing Crosby. Along with Judy Garland I call Bing one of Broadway's greatest stars who never appeared on Broadway. But first, we start off with Albert Evans' amazing in-depth analysis of the genius of Irving Berlin, and the inspiration and craft that is behind the most popular song of all time. As you will remember the last episode ended with me introducing Albert and asking him this question: “Why? Why, is White Christmas the most popular song of all time?” You won't want to miss his answer! This live show features musical performances by Cayman Ilika, Eric Ankrim, Chris DiStefano, and Albert Evans. Happy New Year! Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as Larry Spinelli, whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
When Preston began investigating UFOs and the paranormal in 1986, he discovered that his family, friends, and co-workers were having dramatic unexplained encounters. Since then, he has interviewed hundreds of witnesses and investigated a wide variety of paranormal phenomena. He is a field investigator for the Mutual UFO Network (MUFON), a ghost hunter, a paranormal researcher, and the author of 21 books and more than 100 articles on UFOs and the paranormal. Check out on one of my favorite and most popular episodes on UFO Researcher, Author, & Ghost Hunter, Preston Dennett!To learn more about Preston, check out: Preston DennettIf your feeling lead, you can Buy Me A Coffee on http://www.ajuicypearpodcast.comSupport the show
This is a special holiday reprise of one of Broadway Nation's most popular episodes: It's an audio version of a Broadway Nation Live! performance that was presented in December of 2019 at the Vashon Center For The Performing Arts on Vashon Island just outside of Seattle, WA. Several previous episodes of Broadway Nation have explored the crucial role that the Jewish Russian immigrant songwriter, Irving Berlin, played in the invention of the Broadway Musical. This time I share the story of how he also invented an entirely new category of popular song – the Christmas standard. This live show features musical performances by Cayman Ilika, Eric Ankrim, Chris DiStefano, and Albert Evans. Happy Holidays! Become a PATRON of Broadway Nation! I want to thank our Broadway Nation Patron Club members, such as Larry Spinelli, whose generous support helps to make it possible for me to bring this podcast to you each week. If you would like to support the creation of Broadway Nation, here is the information about how you too can become a patron. For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
Back by request our 2022 Christmas show. Thanks for listening, we cherish you all! Merry Christmas and a very Happy New Year!
Original Release on November, 7th 2023: AI could help video game companies boost engagement and consumer spending, but could also introduce competition by making it easier for new companies to enter the industry.----- Transcript -----Welcome to Thoughts on the Market. I'm Matt Cost from the Morgan Stanley US Internet Team. Along with my colleagues, bringing you a variety of perspectives, today I'll discuss how A.I could change the video game industry. It's Tuesday, November 7th at 10 a.m. in New York. New A.I tools are starting to transform multiple industries, and it's hardly a surprise that the game industry could see a major impact as well. As manual tasks become more automated and the user experience becomes increasingly personalized, A.I. tools are starting to change the way that games are made and operated. Building video games involves many different disciplines, including software development, art and writing, among others. Many of these processes could become more automated over time, reducing the cost and complexity of making games and likely reducing barriers to entry. And since we expect the industry to spend over $100 billion this year building and operating games, there's a significant profit opportunity for the industry to become more efficient. Automated content creation could also offer more tailored experiences and purchase options to consumers in real time, potentially boosting engagement and consumer spending. Consider, for example, a game that not only makes offers when a consumer is most likely to spend money, but also generates in-game items designed to appeal to that specific person's preferences in real time. Beyond A.I generated content, we also need to consider the impact of user generated content. Some popular titles already depend on the users to shape the game around them, and this is another core area that could be transformed by A.I.. Faster and easier to use content creation tools could make it easier for games to tap into the creativity of their users. And as we've seen with major social platforms, relying on users to create content can be a big opportunity. With all that said, these transformational opportunities create downside risk as well. Today's large game publishers rely on their scale and domain expertise to differentiate their products from competitors. But while new A.I. tools could make game development more efficient, they could also lower barriers to entry for new competitors to jump into the fray and put pressure on the incumbents. Another risk is that A.I. tools could fail to drive the hope for efficiencies and cost savings in the first place. Not all technology breakthroughs in the past have helped the industry become more profitable. In some cases, industry leaders have decided to reinvest cost savings back into their products to make sure that they deliver bigger and better games to stay ahead of the competition. With that in mind, the biggest challenge for today's industry leaders could be making sure that they find ways to differentiate their products as A.I. tools make it easier for new firms to compete. Where does all of that leave us? Although a number of A.I. tools are already being used in the game industry today, adoption is just beginning to tick up and there's a lot of room for the tools to improve. With that in mind, we think we're just on the cusp of this A.I. driven revolution, and we may have to get through a few more castles to find the princess. Thanks for listening. If you enjoyed the show, please leave us a review on Apple Podcasts and share Thoughts on the Market with a friend or colleague today.
Original Release on November, 2nd 2023: Generative AI could transform the nature of work and boost productivity, but companies and governments will need to invest in reskilling.----- Transcript -----Stephen Byrd: Welcome to Thoughts in the Market. I'm Stephen Byrd, Morgan Stanley's Global Head of Sustainability Research. Seth Carpenter: And I'm Seth Carpenter, the Global Chief Economist. Stephen Byrd: And on the special episode of the podcast, we'll discuss how generative A.I. could reshape the US economy and the labor market. It's Thursday, November 2nd at 10 a.m. in New York. Stephen Byrd: If we think back to the early 90's, few could have predicted just how revolutionary the Internet would become. Creating entirely new professions and industries with a wide ranging impact on labor and global economies. And yet with generative A.I. here we are again on the cusp of a revolution. So, Seth, as our global chief economist, you've been assessing the overarching macro implications of the Gen A.I. phenomenon. And while it's still early days, I know you've been thinking about the range of impacts Gen A.I could have on the global economy. I wondered if you could walk us through the broad parameters of your thinking around macro impacts and maybe starting with the productivity and the labor market side of things? Seth Carpenter: Absolutely, Stephen. And I agree with you, the possibilities here are immense. The hardest part of all of this is trying to gauge just how big the effects might be, when they might happen and how soon anyone is going to be able to pick up on the true changes and things. But let's talk a little bit about those two components, productivity and the labor market. They are very closely connected to each other. So one of the key things about generative A.I is it could make lots of types of processes, lots of types of jobs, things that are very knowledge base intensive. You could do the same amount of work with fewer people or, and I think this is an important thing to keep in mind, you could do lots more work with the same number of people. And I think that distinction is really critical, lots of people and I'm sure you've heard this before, lots of people have a fear that generative A.I is going to come in and destroy lots of jobs and so we'll just have lots of people who are out of work. And I guess I'm at the margin a lot more optimistic than that. I really do think what we're going to end up seeing is more output with the same amount of workers, and indeed, as you alluded to before, more types of jobs than we've seen before. That doesn't exactly answer your question so let's jump into those broad parameters. If productivity goes up, what that means is we should see faster growth in the economy than we're used to seeing and I think that means things like GDP should be growing faster and that should have implications for equities. In addition, because more can get done with the same inputs, we should see some of the inflationary pressures that we're seeing now dissipate even more quickly. And what does that mean? Well, that means that at least in the short run, the central bank, the Fed in the U.S., can allow the economy to run a little bit hotter than you would have thought otherwise, because the inflationary pressures aren't there after all. Those are the two for me, the key things one, faster growth in the economy with the same amount of inputs and some lower inflationary pressures, which makes the central bank's job a little bit easier. Stephen Byrd: And Seth, as you think about specific sectors and regions of the global economy that might be most impacted by the adoption of Gen A.I., does anything stand out to you? Seth Carpenter: I mean, I really do think if we're focusing just on generative A.I, it really comes down, I think a lot to what can generative A.I do better. It's a lot of these large language models, a lot of that sort of knowledge based side of things. So the services sector of the economy seems more ripe for turnover than, say, the plain old fashion manufacturing sector. Now, I don't want to push that too far because there are clearly going to be lots of ways that people in all sectors will learn how to apply these technology. But I think the first place we see adoption is in some of the knowledge based sectors. So some of the prime candidates people like to point to are things like the legal profession where review of documents can be done much more quickly and efficiently with Gen A.I. In our industry, Stephen in the financial services industry, I have spoken with clients who are working to find ways to consume lots more information on lots of different types of firms so that as they're assessing equity market investments, they have better information, faster information and can invest in a broader set of firms than they had before. I really look to the knowledge based sectors of the economy as the first target. You know, so that Stephen is mostly how I'm thinking about it, but one of the things I love about these conversations with you is that I get to start asking questions and so here it is right back at you. I said that I thought generative A.I is not going to leave large swaths of the population unemployed, but I've heard you say that generative A.I is really going to set the stage for an unprecedented demand in reskilling workers. What kind of private sector support from corporations and what sort of public sector support from governments do you expect to see? Stephen Byrd: Yeah Seth, I mean, that point about reskilling, I think, is one of the most important elements of the work that we've been doing together. This could be the biggest reskilling initiative that we'll ever see, given how broad generative A.I really is and how many different professions generative A.I could impact. Now, when we think about the job impacts, we do see potential benefits from private public partnerships. They would be really focused on reskilling and upskilling workers and respond to the changes to the very nature of work that's going to be driven by Gen A.I. And an example of some real promising efforts in that regard was the White House industry joint efforts in this regard to think about ways to reskill the workforce. That said, there really are multiple unknowns with respect to the pace and the depth of the employment impacts from A.I. So it's very challenging to really scope out the magnitude and cadence a nd that makes joint planning for reskilling and upskilling highly challenging. Seth Carpenter: I hear what you're saying, Stephen, and it is always hard looking into the future to try to suss out what's going on but when we think about the future of work, you talked about the possibility that Gen A.I could change the nature of work. Speculate here a little bit for me. What do you think? What could be those changes in terms of the actual nature of work? Stephen Byrd: Yeah, you know, that's what's really fascinating about Gen A.I and also potentially in terms of the nature of work and the need to be flexible. You know, I think job gains and losses will heavily depend on whether skills can be really transferred, whether new skills can be picked up. For those with skills that are easy to transfer to other tasks in occupations, you know, disruptions could be short lived. To this point the tech sector recently experienced heavy layoffs, but employees were quickly absorbed by the rest of the economy because of overall tight labor market, something you've written a lot about Seth. And in fact, the number of tech layoffs was around 170,000 in the first quarter of 2023. That's a 17 fold increase over the previous year. While most of these folks did find a new job within three months of being laid off, so we do see this potential for movements, reskilling, etc., to be significant. But it certainly depends a lot on the skill set and how transferable that skill set really is. Seth Carpenter: How do you start to hire people at the beginning of this sort of revolution? And so when you think about those changes in the labor market, do you think there are going to be changes in the way people hire folks? Once Gen A.I becomes more widespread. Do you think workers end up getting hired based on the skill set that they can demonstrate on some sort of credentials? Are we going to see somehow in either diplomas or other sorts of certificates, things that are labeled A.I? Stephen Byrd: You know, I think there is going to be a big shift away from credentials and more heavily towards skills, specific skill sets. Especially skills that involve creativity and also skills involving just complex human interactions, human negotiations as well. And it's going to be critical to prioritize skills over credentials going forward as, especially as we think about reskilling and retraining a number of workers, that's going to be such a broad effort. I think the future work will require hiring managers to prioritize these skills, especially these soft skills that I think are going to be more difficult for A.I models to replace. We highlight a number of skills that really will be more challenging to automate versus those that are less challenging. And I think that essentially is a guidepost to think about where reskilling should really be focused. Seth Carpenter: Well, Stephen, I have to say I'd be able to talk with you about these sorts of things all day long, but I think we've run out of time. So let me just say, thank you for taking some time to talk to me today. Stephen Byrd: It was great speaking with you, Seth.Seth Carpenter: And thanks to the listeners for listening. If you enjoyed Thoughts on the Market, please leave us a review on Apple Podcasts and share the podcast with a friend or colleague today.
Hello Broadway Nation listeners! This week for the first time in more than 126 episodes some unforeseen technical complications have reared their ugly heads and those, on top of the tech rehearsals for the upcoming production of White Christmas that I am co-directing at Seattle's 5th Avenue Theatre, and some important deadlines for my upcoming book, have all come together and kept me from posting a new episode of this podcast as planned. This is especially frustrating to me because we are in the middle of what I think is a fantastic series of episodes about Oliver Soden's new biography of Noel Coward which I promise we will get back to as soon as possible! In the meantime, here is another of my favorite episodes Gypsy vs The Sound Of Music in The Golden Age Of Broadway which I thought would be appropriate since the The Sound Of Music opened on November 16, 1959, 63 years ago this week. Enjoy! The 1950s were crowned by four legendary musicals that went head to head for the “Best Musical” prize at the TONY Awards. In the last episode we looked at the 1958 contest of West Side Story vs. The Music Man,. In this episode I focus on the 1959–1960 which brought us Gypsy vs. The Sound Of Music. And you could subtitle this episode Ethel Merman vs. Mary Martin! Spoiler alert: There was a tie for the Best Musical Tony Award that season, but if you don't already know the story, it probably didn't end up the way you think it would have. As with the previous pair, there are still Broadway mavens that remain outraged over which show won, and which musical was in their view unjustly denied its rightful award! And in addition to Merman and Martin, the giants of Broadway that are figure significantly in this episode include: David Merrick, Leland Hayward,, July Styne, Stephen Sondheim, Arthur Laurents, Jerome Robbins, Joe Layton and, of course, Rodgers & Hammerstein, WARNING:: There are a few historically correct curse words used in this episode. You know how theater people are! Learn more about your ad choices. Visit megaphone.fm/adchoices
This is a special encore episode of Broadway Nation. In light of the recent revisal of Rodgers & Hart's musical comedy Pal Joey at New York's City Center I thought it would be interesting to revisit one of my favorite episodes. I'll be back next week with the third part of my conversation with Oliver Soden regarding his amazing new biography of Noel Coward. In the meantime please enjoy Pal Joey and the Silver Age of Broadway, part 2: During the 1930s Broadway was severely impacted by the economic disaster of the "Great Depression". However, somehow out of all that hardship and struggle came an extraordinary period of artistic achievement and spectacular continuing development for the Broadway Musical. The inventors of these shows included several new and defining masters of the musical, as well as many of the bright lights of the 1920's, who now achieved their full wattage in the 1930's. Among these were Dietz & Schwartz., Lindsay & Crouse, Cole Porter, Rodgers & Hart, The Gershwins, and George "Mr" Abbott. Become a PATRON of Broadway Nation! This episode is made possible in part through the generous support of our Patron Club members! If you would like to help support the work of Broadway Nation I will information at the end of the podcast about how you too can become a Patron. If you are a fan ofBroadway Nation, I invite you too to become a PATRON! For a just $7.00 a month you will receive exclusive access to never-before-heard, unedited versions of many of the discussions that I have with my guests — in fact I often record nearly twice as much conversation as ends up in the edited versions. You will also have access to additional in-depth conversations with my frequent co-host Albert Evans that have not been featured on the podcast. All patrons receive special “on-air” shout-outs and acknowledgement of your vital support of this podcast. And if you are very enthusiastic about Broadway Nation there are additional PATRON levels that come with even more benefits. If you would like to support the work of Broadway Nation and receive these exclusive member benefits, please just click on this link: https://broadwaynationpodcast.supercast.tech/ Thank you in advance for your support! Learn more about your ad choices. Visit megaphone.fm/adchoices
Although nobody knew it at the time, in April of 1968 “The Golden Age of Broadway” came to an abrupt end on the opening night of the “tribal rock musical” HAIR, which took America by storm and created a shocking jump cut into what I call “The Modern Era" of the Broadway Musical. In this episode I share the story of the emergence and rise of the so called “Rock Musical”. To many HAIR, and the "Rock Musical", seemed like a total betrayal of the values, craftsmanship and traditions of Broadway. However, I see it, and the other new forms of musicals that rose to the forefront in The Modern Era, as just part of the inevitable ongoing evolution of a form that had always closely reflected what was going on in American culture. In the immediate wake of HAIR there were many shows that tried to emulate its triumph -- but only three found real success: Jesus Christ Superstar, Godspell, and Two Gentlemen of Verona. Later, the success of Godspell would lead directly to PIPPIN, and the success of Superstar led to Webber & Rice's 1979 blockbuster EVITA, and the expansion and of their early musical Joseph And His Technicolor Dreamcoat. The term “Rock Musical” is something of a misnomer. Rock music, in is purest form, actually does not lend itself very well to musical theater storytelling. It's musical, rhythmic, and lyric forms are much too limited and repetitive. The most successful “Rock Musicals” – from HAIR to RENT -- would more actually be called “rock flavored” musicals that employ a variety of rock, pop, R&B, folk, and latin styles mixed with traditional forms of songwriting. Over the coming years both Stephen Schwartz and Andrew Lloyd-Webber would move further and further away from Rock and do what Broadway composers had always done – combine the pop music of their day with an eclectic mix of musicals styles that best suited the story and characters they were dramatizing. Learn more about your ad choices. Visit megaphone.fm/adchoices
Al Petteway: Guitarist, Musician, Photographer, Artist, Husband, Father, Grandfather, Friend. My dear friend Al passed away in September, 2023. An incredible grammy-award-winning guitarist, musician, artist, photographer and so much more, Al lives on in the sublime art he produced. If you're a creative of any sort, and even if you haven't started your creative journey yet, you'll want to listen to this episode. I promise.
This is an encore presentation of my conversation with author Liza Gennaro, regarding her fascinating book : Making Broadway Dance. Liza is currently the Dean of Musical Theater at the Manhattan School of Music and prior to that she had a very active and successful career as a dancer and choreographer on Broadway and with prominent theater companies across the country. Most notably she choreographed the hit Broadway revival of Frank Loessor's The Most Happy Fella. As she writes in the introduction to her book, Liza came to her love and interest in musical theater dance genetically. Her father was Peter Gennaro, the Tony Award winning choreographer and star dancer of Broadway musicals and TV variety shows. And her mother, Jean Gennaro, was a ballerina turned Broadway dancer who danced for Bronislava Nijinska, Agnes De Mille, and Michael Kidd. As you might imagine, Liza grew up immersed in the world of Broadway, and all manner of dance, and she is able to weave all of that life experience into this remarkable book. I can't think of anyone more uniquely qualified to write it. This episode focuses largely on two great female choreographers — Katherine Dunham and Agnes de Mille. I have stated that De Mille is arguably the most important woman in the history of Broadway musical – not including the star performers, of course — and she has received quite a bit of focus in previous episodes of this podcast. However, I am especially happy today to shine a spotlight on Katherine Dunham whose influence on Broadway dance — like that of many other black artists — has often been overlooked and undervalued. But her impact and significance cannot be denied. Learn more about your ad choices. Visit megaphone.fm/adchoices
You can have the best questions in the world, but if you don't sequence your funnels correctly, you run the risk of totally fucking yourself in voir dire. That's obviously NOT what we want, so I'm gonna help you out in today's podcast. You'll want to grab a notepad and pen for this one because you're about to discover my formula for sequencing your funnels and help the jury solve your problems. Tune in to the episode, y'all! -Sari Links from today's episode: Podcast Episode 189: May the best principle win https://sariswears.com/podcast/ep-189-may-the-best-principle-win/ Quote Sari de la Motte - "The likelihood of a fucked voir dire happening is reduced with a clear agenda." * * * * FREE H2H TRAINING * * * * THREE POWERFUL STRATEGIES TO HELP READ A JUROR'S MIND Understand what the jury is thinking, so you can gain the confidence to trust them - and yourself - in the courtroom. Get the training here: sariswears.com/jury
Original Release on August, 1st 2023: While the U.S. economy appears on track to avoid a recession, investors should still consider the implications of an upcoming wave of maturities in corporate credit.----- Transcript -----Welcome to Thoughts on the Market. I am Vishy Tirupattur, Morgan Stanley's Chief Fixed Income Strategist. Along with my colleagues bringing you a variety of perspectives, I will be talking about potential risk to the economy. It's Tuesday, August 1st at 10 a.m. in New York. Another FOMC meeting came and went. To nobody's surprise the Fed hiked the target Fed funds rate by 25 basis points. Beyond the hike, the July FOMC statement had nearly no changes. While data on inflation and jobs are moving in the right direction, the Fed remains far from its 2% inflation goal. That said, Fed Chair Powell stressed that the Fed is closer to its destination, that monetary policies is in restrictive territory and is likely to stay there for some time. Broadly, the outcome of the market was in line with our economists expectation that the federal funds rate has peaked, will remain unchanged for an extended period, and the first 25 basis point cut will be delivered in March 2024. Powell sounded more confident in a soft landing, citing the gradual adjustment in the labor market and noting that despite 525 basis point policy tightening, the unemployment rate remains at the same level it was pre-COVID. The fact that the Fed has been able to bring inflation down without a meaningful rise in unemployment, he described as quote unquote "blessing". He noted that the Fed staff are no longer forecasting a recession, given the resilience in the economy. This specter of soft landing, meaning a recession is not imminent, is something our economists have been calling for some time. This has now become more broadly accepted across market participants, albeit somewhat reluctantly. The obvious question, therefore, is what are the risks ahead and what are the paths for such risks to materialize? One such potential risk emanates from the rising wave of credit maturities from the corporate credit markets. While company balance sheets, by and large, are in a good shape now, given how far interest rates have risen and how quickly they have done so, as that debt begins to mature and needs to be refinanced, it will happen at sharply higher rates. From now through the end of 2024, almost a trillion of corporate debt will mature. Sim ply by holding rates constant, that refinancing will represent a tightening of financial conditions. Fortunately, a high proportion of the debt comes from investment grade borrowers and does not appear to be particularly challenging. However, below investment grade debt has a tougher path ahead for refinancing. As we continue through 2024 and get into 2025, more and more high yield bonds and leveraged loans will need to be refinanced. All else equal, the default rates in high yield bonds and leveraged loans currently hovering around 2.5% may double to over 5% in the next 12 months. The forecasts of our economists point to a further slowdown in the economy from here, as the rest of the standard lags of policy are felt. We continue to think that such a slowing could necessitate a re-examination of the lower end of the credit spectrum. The ongoing challenges in the regional banking sector only add to this problem. In our view, in the list of risks to the U.S. economy, the rising wave of maturities in the corporate debt markets is notable. Thanks for listening. If you enjoyed the show, please leave us a review on Apple Podcasts, and share Thoughts on the Market with a friend or colleague today.
Original Release on July, 27th 2023: With higher quality and lower costs, China's electric vehicles could lead a shift in the global auto industry.----- Transcript -----Adam Jonas: Welcome to Thoughts on the Market. I'm Adam Jonas, Head of Morgan Stanley's Global Autos and Share Mobility Team. Tim Hsaio: And Tim Hsaio Greater China Auto Analyst. Adam Jonas: And on this special episode of Thoughts on the Market, we're going to discuss how China Electric vehicles are reshaping the global auto market. It's Thursday, July 27th at 8 a.m. in New York. Tim Hsaio: And 8 p.m in Hong Kong. Adam Jonas: For decades, global autos have been dominated by established, developed market brands with little focus on electric vehicles or EVs, particularly for the mass market. As things stand today, affordable EVs are few and far between, and this undersupply presents a major global challenge. At Morgan Stanley Equity Research, we think the auto industry will undergo a major reshuffling in the next decade as affordable EVs from emerging markets capture significant global market share. Tim, you believe China made EVs will be at the center of this upcoming shakeup of the global auto industry, are we at an inflection point and how did we get here? Tim Hsaio: Thanks, Adam. Yeah, we are definitely at a very critical inflection point at the moment. Firstly, since last year, as you may notice that China has outsized Germany car export and soon surpassed Japan in the first half of this year as the world's largest auto exporter. So now we believe China made EVs infiltrating the West, challenging their global peers, backed by not just cheaper prices but the improving variety and quality. And separately, we believe that affordability remains the key mitigating factors to global EV adoption, as Rastan brands have been slow to advance their EV strategy for their mass market. A lack of affordable models actually challenged global adoption, but we believe that that creates a great opportunity to EV from China where a lot of affordable EVs will soon fill in the vacuum and effectively meet the need for cheaper EV. So we believe that we are definitely at an inflection point. Adam Jonas: So Tim, it's safe to say that the expansionary strategy of China EVs is not just a fad, but real solid trend here? Tim Hsaio: Totally agree. We think it's going to be a long lasting trend because you think about what's happened over the past ten years. China has been a major growth engine to curb auto demands, contributing more than 300% of a sales increment. And now we believe China will transport itself into the key supply driver to the world, they initially by exporting cheaper EV and over time shifting course to transplant and foreign production just similar to Japan and Korea autos back to 1970 to 1990. And we believe China EVs are making inroads into more than 40 countries globally. Just a few years ago, the products made by China were poorly designed, but today they surpass rival foreign models on affordability, quality and even detector event user experience. So Adam, essentially, we are trying to forecast the future of EVs in China and the rest of the world, and this topic sits right at the heart of all three big things Morgan Stanley Research is exploring this year, the multipolar world, decarbonization and technology diffusion. So if we take a step back to look at the broader picture of what happens to supply chain, what potential scenarios for an auto industry realignment do you foresee? And which regions other than China stand to benefit or be negatively impacted? Adam Jonas: So, Tim, look, I think there's certainly room to diversify and rebalance at the margin away from China, which has such a dominant position in electric vehicles today, and it was their strategy to fulfill that. But you also got to make room for them. Okay. And there's precedent here because, you know, we saw with the Japanese auto manufacturers in the 1970s and 1980s, a lot of people doubted them and they became dominant in foreign markets. Then you had the Korean auto companies in the 1990s and 2000s. So, again, China's lead is going to be long lasting, but room for on-shoring and near-shoring, friend shoring. And we would look to regions like ASEAN, Vietnam, Thailand, Indonesia, Malaysia, also the Middle East, such as Morocco, which has an FTA agreement with the U.S. and Saudi, parts of Scandinavia and Central Europe, and of course our trade partners in North America, Mexico and Canada. So, we' re witnessing an historic re-industrialization of some parts of the world that where we thought we lost some of our heavy industry. Tim Hsaio: So in a context of a multipolar trends, we are discussing Adam, how do you think a global original equipment manufacturers or OEM or the car makers and the policymakers will react to China's growing importance in the auto industry? Adam Jonas: So I think the challenge is how do you re-architect supply chains and still have skin in the game and still be relevant in these markets? It's going to take time. We think you're going to see the established auto companies, the so-called legacy car companies, seek partnerships in areas where they would otherwise struggle to bring scale. Look to diversify and de-risk their supply chains by having a dual source both on-shore and near-shore, in addition to their established China exposed supply chains. Some might choose to vertically integrate, and we've seen some striking partners upstream with mining companies and direct investments. Others might find that futile and work with battery firms and other structures without necessarily owning the technology. But we think most importantly, the theme is you're not going to be cutting out the world's second largest GDP, which already has such a dominant position in this important market, so the Western firms are going to work with the Chinese players. And the ones that can do that we think will be successful. And I'd bring our listeners attention to a recent precedent of a large German OEM and a state sponsored Chinese car company that are working together on electric vehicle architecture, which is predominantly the Chinese architecture. We think that's quite telling and you're going to see more of that kind of thing. Tim Hsaio: So Adam, is there anything the market is missing right now? Adam Jonas: A few things, Tim, but I think the most obvious one to me is just how good these Chinese EVs are. We think the market's really underestimating that, in terms of quality safety features, design. You know, you're seeing Chinese car companies hiring the best engineers from the German automakers coming, making these beautiful, beautiful vehicles, high quality. Another thing that we think is underestimated are the environmental externalities from battery manufacturing, batteries are an important technology for decarbonization. But the supply chain itself has some very inconvenient ESG externalities, labor to emissions and others. And I would say, final thing that we think the market is missing is there's an assumption that just because the electric vehicle and the supporting battery business, because it's a large and fast growing, that it has to be a high return business. And we are skeptical of that. Precedents from the solar polysilicon and LED TVs and others where when you get capital working and you've got state governments all around the world providing incentives that you get the growth, but you don't necessarily get great returns for shareholders, so it's a bit of a warning to investors to be cautious, be opportunistic, but growth doesn't necessarily mean great returns. Tim, let's return to China for a minute and as I ask you one final question, where will growing China's EV exports go and what is your outlook for the next one or two years as well as the next decade? Tim Hsaio: Eventually, I think China EVs will definitely want to grow their presence worldwide. But initially, we believe that there are two major markets they want to focus on. First one would be Europe. I think the China's export or the local brands there will want to leverage their BEV portfolio, battery EV, to grow their presence in Europe. And the other key market would be ASEAN country, Southeast Asia. I think the Chinese brands where the China EV can leverage their plug-in hybrid models to grow their presence in ASEAN. The major reason is that we noticed that in Southeast Asia the charging infrastructure is still underdeveloped, so the plug-in hybrid would be the more ideal solution to that market. And for the next 1 to 2 years, we are currently looking for the China the EV export to grow by like 50 to 60% every year. And in that long-terms, as you may notice that currently China made vehicles account for only 3% of cars sold outside China. But in the next decade we are looking for one third of EVs sold in overseas would be China made, so they are going to be the leader of the EV sold globally. Adam Jonas: Tim, thanks for taking the time to talk. Tim Hsaio: Great speaking with you Adam.Adam Jonas: As a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us on the Apple Podcast app. It helps more people to find the show.
Original Release on June, 15th 2023: With more Asian economies on pace to join the recovery path set by China, confidence in economic outperformance versus the rest of the world is rising. ----- Transcript -----Welcome to Thoughts on the Market. I'm Chetan Ahya, Chief Asia Economist at Morgan Stanley. Along with my colleagues bringing your variety of perspectives, today I'll be discussing our mid-year outlook for Asia's economy. It's Thursday, June 15 at 9 a.m. in Hong Kong. Asia's recovery is for real. We believe its growth outperformance has just started. We expect a full fledged recovery to build up over the next two quarters across two dimensions. First, we think more economies in the region will join the recovery path. Second, the recovery will broaden from services consumption to goods consumption and in the next six months to capital investments, or CapEx. We see Asia's growth accelerating to 5.1% by fourth quarter of this year. There are three main reasons why we expect this growth outperformance for Asia. First, Asia did not experience the interest rate shock that the U.S. and Europe did. Asian central banks did not have to take rates through restrictive territory because inflation in Asia has not been as intense. Plus, Asia's inflation has already declined and we expect 80% of region's inflation will get back into central bank's comfort zone in the next 2 to 3 months. The second reason is China. While China's consumption recovery is largely on track, we have seen downside in the last two months, in investment spending and the manufacturing sector. We believe policy easing is imminent as policymakers are keen on preventing a deterioration in labor market conditions and on minimizing social stability risks. Easing should help stabilize investment spending and broaden out the recovery in back half of 2023. Beyond China, India, Indonesia and Japan will also contribute significantly to region's growth recovery. India is benefiting from cyclical and structural factors. Cyclically beating healthy corporate and banking system balance sheets mean India can have an independent business cycle driven by domestic demand, and we are seeing that appetite for expansion translating into stronger CapEx and loan growth. As for Japan, it is in a sweet spot, having decisively left the deflation environment behind, but not facing runaway inflation. Accommodative real interest rates are helping catalyze private CapEx growth, which has already risen to a seven year high. And, in another momentous shift, Japan's nominal GDP growth is now rising at a healthy pace after a long period of flatlining. Finally, we believe Indonesia will be able to sustain a 5% pace of growth. Indonesia runs the most prudent macro policy mix amongst emerging markets. In particular, the fiscal deficit has been maintained below 3%, since the adoption of the fiscal rule and has only exceeded that in 2020 during the worst of the pandemic. This has resulted in a consistent improvement in macro stability indicators and led to a structural decline in the cost of capital supporting private domestic demand. The risks to our next 12 month Asia outlook are hard landing in the U.S., which Morgan Stanley's U.S. economists think it's unlikely and a deeper slowdown in China. But we believe China's recovery will only broaden out in the second half of 2023. And given this, we feel confident about our outlook for Asia's outperformance in 2023 vis-à-vis rest of the world. Thanks for listening. If you enjoyed the show, please leave us a review on Apple Podcasts and share Thoughts on the Market with a friend or colleague today.
Original Release on June, 6th 2023: Consumers in the U.S. are largely returning to pre-COVID spending levels, but new behaviors related to travel, credit availability and inflation have emerged.----- Transcript -----Michelle Weaver: Welcome to Thoughts on the Market. I'm Michelle Weaver from the Morgan Stanley U.S. Equity Strategy Team. Sarah Wolfe: And I'm Sarah Wolfe from the U.S. Economics Team. Michelle Weaver: On this special episode of the podcast, we're taking a look at the state of the U.S. consumer as we approach the midyear mark. It's Tuesday, June 6th at 10 a.m. in New York. Michelle Weaver: In order to talk about where the consumer is right now, let's take it back two and a half years. It's January 2021, and households are slowly emerging from their COVID hibernations, but we're still months away from the broad distribution of the vaccine. Consumers are allocating 5% more of their wallet share to goods than before COVID, driving record consumption of electronics, home furnishings, sporting goods and recreational vehicles. All the things you needed to make staying at home a little bit better. Our U.S. economists at Morgan Stanley made a high conviction call in early 2021 that vaccine distribution would flip the script and drive a surge in services spending and a payback in goods spending. Sara, to what extent has this reversion played out and where do you think the U.S. consumer is now? Sarah Wolfe: The reversion is definitely played out, but there's been some big surprises. Basically, the spending pie has just been greater overall than expected, and that's thanks to unprecedented fiscal stimulus, excess savings and significant supply shortages. So we've not only seen a shift away from goods and toward services, but a much larger spending pie overall. The result has been a 13% surge in goods inflation over nearly three years, an acceleration in services inflation, and a return to pre-COVID spending habits that's much greater in real spending terms than in nominal terms. So if we look in the details, where has the payback been the largest? We've seen the biggest payback in home furnishing, home equipment, jewelry, watches, recreational vehicles, but we've seen the most robust recovery in discretionary services like dining out, going to a hotel, public transportation and recreational services. Michelle Weaver: Sara, has the recent turmoil in the banking sector affected the U.S. consumer and do you think there's a credit crunch going on right now? Sarah Wolfe: Bank funding costs have risen meaningfully and are expected to rise further, leading to tighter lending standards, slower loan growth and wider loan spreads. But let me be clear, this is not a credit crunch, nor do we expect it to be. We think about the pass through from tighter lending standards to the consumer to ways directly and indirectly. The direct channel is tighter lending standards for loans on consumer products, including credit cards and autos, and indirectly through tighter lending standards for businesses, which has knock-on effects for job growth. We've already seen the direct channel of consumer spending in the past year, as interest rates on new consumer loan products hit 20 to 30-year highs, raising overall debt service costs and forcing consumers to reduce purchases of interest sensitive goods. Dwindling supply of credit as banks tighten lending standards is also dampening consumption. Michelle Weaver: Great. And given that credit is getting a little bit tougher to come by, can you tell us what's happening with savings and what's happening with the labor market and labor income? Sarah Wolfe: This is very timely. Just a few days ago, we got a very strong jobs report for May. I think that this really supports our call for a soft landing, and even though consumers are increasingly worried about the economic outlook, about financial prospects, it's clear that we still have momentum in the economy and that the Fed can achieve its 2% inflation target without driving the unemployment rate significantly higher. We are seeing under the details that consumer spending is slowing, there's a pullback in discretionary happening, there's a bit of trade down behavior. But with the labor market remaining robust, it's going to keep spending afloat and prevent this hard landing scenario. Michelle, let me turn it to you now, let's drill down into some specifics. What are the latest spending trends around spending plans you're seeing in your consumer survey? Michelle Weaver: Sure. So consumers expect to pull back on spending for most categories that we asked them about over the next six months. And the only categories where they expect to spend more are necessities like groceries and household products. We also added two new questions to this round of the survey to figure out which discretionary categories are most at risk of a pullback in spending. We asked consumers to order categories based on spending priority and identify categories where they would pull back on spending if forced to reduce household expenses. We found that travel and live entertainment were most at risk of a pull back, and this isn't just a case of income groups having different attitudes towards spending, we saw similar prioritization across income cohorts. Sarah Wolfe: So you mentioned travel, travel's been in a boom state in the post-COVID world. But you're saying now that households are reporting that they would pull back if they needed to. Are we seeing that already? What do we expect for summer travel? What do we expect for the remainder of the year? Michelle Weaver: So the data I was just referencing was if you had to reduce your household expenses, how would you do it? And travel was identified there. So that's not a plan that's currently in place. But summer travel may be a bit softer this year versus last year. In our survey, we asked consumers if they're planning to travel more, the same amount or less than last summer, and we found that a greater proportion of consumers are planning to travel less this year. Budgets are also smaller for summer travel this year, with more than a third of consumers expecting to spend less. We're seeing a mixed picture from the company side. Airlines are seeing very strong results still, and Memorial Day weekend proved to be very strong.. But the data around hotels has started to weaken and the revenue per available room that hotels have been able to generate has been pretty choppy and forward bookings that hotels are seeing have actually been flat to down for the summer. Demand for resorts and economy hotels has fallen but demand for urban market hotels still remained very strong. Sarah, how does this deceleration, both services and goods growth play into your team's long standing argument for a soft landing for the economy? Sarah Wolfe: It's really the key to inflation coming down and avoiding a hard landing. With less pent up demand left for services spending and a strong labor market recovery, supply demand imbalances in the services sector are slowly resolving themselves. We estimate that there's a point three percentage point pass through from services wages to core core services inflation throughout any given year. Core core services, is services excluding housing inflation. So with compensation for services providing industries already decelerating for the past five quarters, we do expect the largest impact of core services inflation to occur in the back half of this year. So that's going to see a more meaningful step down in inflationary pressures later this year. This combined with a rising savings rate, so a shrinking spending pie, means that there's just going to be less demand for goods and services together this year. Altogether, it will enable the Fed to make progress towards its 2% inflation target without driving the economy into a recession. Michelle Weaver: Sarah, thank you for taking the time to talk. Sarah Wolfe: It was great speaking with you, Michelle. Michelle Weaver: And thanks for listening. If you enjoy Thoughts on the Market, please leave us a review on Apple Podcasts and share the podcast with a friend or colleague today.
Original Release on May 11th, 2023: While personal computer sales were on the decline before the pandemic, signs are pointing to an upcoming boost.----- Transcript -----Welcome to Thoughts on the Market. I'm Erik Woodring. Morgan Stanley's U.S. IT Hardware Analyst. Along with my colleagues, bringing you a variety of perspectives, today I'll discuss why we're getting bullish on the personal computer space. It's Thursday, May 11th, at 10 a.m. in New York. PC purchases soared during COVID, but PCs have since gone through a once in a three decades type of down cycle following the pandemic boom. Starting in the second half of 2021, record pandemic driven demand reversed, and this impacted both consumer and commercial PC shipments. Consequently, the PC total addressable market has contracted sharply, marking two consecutive double digit year-over-year declines for the first time since at least 1995. But after a challenging 18 months or so, we believe it's time to be more bullish on PCs. The light at the end of the tunnel seems to be getting brighter as it looks like the PC market bottomed in the first quarter of 2023. Before I get into our outlook, it's important to note that PCs have historically been a low growth or no growth category. In fact, if you go back to 2014, there was only one year before the pandemic when PCs actually grew year-over-year, and that was 2019, at just 3%. Despite PCs' low growth track record and the recent demand reversal, our analysis suggests the PC addressable market can be structurally higher post-COVID. So at face value, we're making a bit of a contrarian bullish call. This more structural call is based on two key points. First, we estimate that the PC installed base, or the number of pieces that are active today, is about 15% larger than pre-COVID, even excluding low end consumer devices that were added during the early days of the pandemic that are less likely to be upgraded going forward. Second, if you assume that users replace their PCs every four years, which is the five year pre-COVID average, that about 65% of the current PC installed base or roughly 760 million units is going to be due for a refresh in 2024 and 2025. This should coincide with the Windows 10 End of Life Catalyst expected in October 25 and the 1 to 3 year anniversary of generative A.I. entering the mainstream, both which have the potential to unlock replacement demand for more powerful machines. Combining these factors, we estimate that PC shipments can grow at a 4% compound annual growth rate over the next three years. Again, in the three years prior to COVID, that growth rate was about 1%. So we think that PCs can grow faster than pre-COVID and that the annual run rate of PC shipments will be larger than pre-COVID. Importantly though, what drives our bullish outlook is not the consumer, as consumers have a fairly irregular upgrade pattern, especially post-pandemic. We think the replacements and upgrades in 2024 and 2025, will come from the commercial market with 70% of our 2024 PC shipment growth coming from commercial entities. Commercial entities are much more regular when it comes to upgrades and they need greater memory capacity and compute power to handle their ever expanding workloads, especially as we think about the potential for A.I. workloads at the edge. To sum up, we're making a somewhat contrarian call on the PC market rebound today, arguing that one key was the bottom and that PC companies should outperform in the next 12 months following this bottom. But then beyond 2023, we are making a largely commercial PC call, not necessarily a consumer PC call, and believe that PCs have brighter days ahead, relative to the three years prior to the pandemic. Thanks for listening. If you enjoy the show, please leave us a review on Apple Podcasts and share Thoughts on the Market with a friend or colleague today.
Original Release on April 20th, 2023: "Smart chemotherapy" could change the way that cancer is treated, potentially opening up a $140 billion market over the next 15 years.----- Transcript -----Welcome to Thoughts on the Market. I'm Mark Purcell, Head of Morgan Stanley's European Pharmaceuticals Team. Along with my colleagues bringing you a variety of perspectives, today I'll talk about the concept of Smart Chemotherapy. It's Thursday, the 20th of April at 2 p.m. in London. Cancer is still the second leading cause of death globally, accounting for approximately 10 million deaths worldwide in 2020. Despite recent advances in areas like immuno-oncology, we still rely heavily on chemotherapy as the mainstay in the treatment of many cancers. Chemotherapy originated in the early 1900s when German chemist Paul Ehrlich attempted to develop "Magic Bullets", these are chemicals that would kill cancer cells while sparing healthy tissues. The 1960s saw the development of chemotherapy based on Ehrlich's work, and this approach, now known as traditional chemotherapy, has been in wide use since then. Nowadays, it accounts for more than 37% of cancer prescriptions and more than half of patients with colorectal, pancreatic, ovarian and stomach cancers are still treated with traditional chemo. But traditional chemo has many drawbacks and some significant limitations. So here's where "Smart Chemotherapy" comes in. Targeted therapies including antibodies to treat cancer were first developed in the late 1990s. These innovative approaches offer a safer, more effective solution that can be used earlier in treatment and in combination with other cancer medicines. "Smart Chemo" uses antibodies as the guidance system to find the cancer, and once the target is reached, releases chemotherapy inside the cancer cells. Think of it as a marriage of biology and chemistry called an antibody drug conjugate, an ADC. It's essentially a biological missile that hones in on the cancer and avoids collateral damage to the healthy tissues. The first ADC drug was approved for a form of leukemia in the year 2000, but it's taken about 20 years to perfect this "biological missile" to target solid tumors, which are far more complex and harder to infiltrate into. We're now at a major inflection point with 87 new ADC drugs entering development in the past two years alone. We believe smart chemotherapy could open up a $140 billion market over the next 15 years or so, up from a $5 billion sales base in 2022. This would make ADCs one of the biggest growth areas across Global Biopharma, led by colorectal, lung and breast cancer. Large biopharma companies are increasingly aware of the enormous potential of ADC drugs and are more actively deploying capital towards smart chemotherapy. It's important to note, though, that while a smart chemotherapy revolution is well underway in breast and bladder cancer, the focus is now shifting to earlier lines of treatment and combination approaches. The potential to replace traditional chemotherapy in other solid tumors is completely untapped. A year from now, we expect ADC drugs to deliver major advances in the treatment of lung cancer and bladder cancer, as well as really important proof of concept data for colorectal cancer, which is arguably one of the biggest unmet needs out there. Given vastly improved outcomes for cancer patients, we believe that "Smart Chemotherapy" is well on the way to replacing traditional chemotherapy, and we expect the market to start pricing this in over the coming months. Thanks for listening. If you enjoy this show, please leave us a review on Apple Podcasts and share Thoughts on the Market with a friend or colleague today.