Bloomberg Businessweek Weekend - August 8th, 2025 - Bloomberg Businessweek

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Speaker 1 (00:00):
Bloomberg Audio Studios, Podcasts, radio News.

Speaker 2 (00:08):
This is Bloomberg Business Week Daily reporting from the magazine
that helps global leaders stay ahead with insight on the people, companies,
and trends shaping today's complex economy, plus global business, finance
and tech news as it happens. The Bloomberg Business Weekdaily
Podcast with Carol Masser and Tim Steneveek on Bloomberg Radio.

Speaker 1 (00:31):
Hi, everyone, Welcome to the Bloomberg Business Week Weekend Podcast.
Tim is off this week and Bloomberg's Matt Millard joining
in on many of our conversations in his first trading
week of August. As for the past week, we got
a lot of earnings, more news out of the White
House ongoing on trade and tariffs, and also want actions
to ease some of those geopolitical tensions that are out there.

(00:54):
For the latest on all of it, head to the
Bloomberg and Bloomberg dot Com. Now with all the financial updates,
we were able this past week to get an in
depth view from the c suite and updates on the
global consumer, on generators, on energy management, on tasers, on spirits,
on sports and security.

Speaker 3 (01:15):
And so much more.

Speaker 1 (01:16):
There was a lot that we were able to get
a deep dive into now coming up in the next
two hours, we've got the CFOs of Wayfair and Latin
America e commerce giant Mericardo Libre, and we've also got
the CEOs at Axon and Jederak. All of that to come.
We start with a stock that rallied big time on
its earnings results. We were talking about Axon Enterprise. Shares

(01:38):
of the company surged after delivering robust second quarter earnings,
raising its full year outlook, and receiving a price target
boost to one thousand dollars from Bank of America. Rick
Smith is the company's founder and CEO, who reminded us
that the company, formerly known as Taser, now does a
lot more.

Speaker 4 (01:56):
Yeah, that's why we changed the name of the company
to Axon a few years ago, because it is a
sledgehammer brand associated with our lessling the weapons.

Speaker 5 (02:04):
That's where we started.

Speaker 4 (02:05):
That got us into body cameras to basically help protect
the public and police by preserving a factual record of
what they did. And then from there we got into
cloud software to manage all the data, and then the
business just exploded. So today we're the market leader in
car video. You know, obviously body cameras, record management systems,

(02:26):
and drones and robotics through their partnerships or first party
things that we do were i think the largest virtual
reality training business and public safety, and now we're also.

Speaker 5 (02:36):
Expanding into adjacent markets.

Speaker 4 (02:38):
Any enterprise that has a security function has to be
able to communicate with their local police, and you can
either do that through an old school nine to one
one call, or we have a number of tools on
our platform that allow you, for example, if you're a
school or a business, to share your security cameras in
an emergency with police. So if you have something like
an active shooter, you're not trying to describe it over
the phone, you can immediately give video access to law

(03:00):
enforcement at your control. You can shut it off when
it's not necessary. And then of course we're layering artificial
intelligence on across of this entire enormous network of sensors
so that we can, you know, try to make everybody
a little bit safer, but also doing it in a
way that you know.

Speaker 5 (03:16):
Is very cautious about privacy.

Speaker 4 (03:18):
To make sure we're doing this in a way that
doesn't create you know, out of control surveillance.

Speaker 6 (03:23):
Rick, your i mean, your investors, will know, analysts will know,
but not everyone is familiar with your founding story, which
is intensely personal. Give us a quick recap of that,
and tell me if you still see the company's mission,
which is cutting police gun deaths as realistically achievable, and
say this decade.

Speaker 5 (03:44):
Yeah, so I started this.

Speaker 4 (03:46):
I was in business school in Europe and I was
having dinner with some people there who were you know.
We were all talking about our hometown, and they said
I would never go to America because of all the
gun violence, and I said, well, hold on, it's not
like you see on television. And then one of them
asks me, do you know anybody who's been shot and killed?
And as I thought about it, well, yeah, there's two
guys from my high school football team, and look, we

(04:09):
weren't super close friends.

Speaker 5 (04:10):
But that's not the point. The point of it was
that all of us.

Speaker 4 (04:14):
I mean, I bet each of you know people in
your immediate circle who've been shot and killed. This is
a problem that touches everybody. And by the time I
added it up, I think I know five or six
people who've been shot and killed. And that just struck
me as a bizarre state of the universe. That the
way we protect ourselves in the nineteen nineties much less
twenty twenty five is shooting bullets at people. We were

(04:35):
doing that with like pirates in the sixteen hundreds, and
so we're on a mission to make the bullet obsolete
by creating better technology, basically something similar to Captain Kirk's
phaser from Star Trek Fame. That's what we're out to build,
because if we have that weapon, it would no longer
make sense to shoot anybody.

Speaker 5 (04:54):
And yeah, we were getting pretty close.

Speaker 4 (04:56):
Not it's not wireless like Captain Kirk's, but we are
approaching a level of reliability where we now have countries
outside of the US talking about using the taser instead
of a gun. In the US, we wouldn't suggest that,
but we can't suggest that the taser is gaining the.

Speaker 5 (05:12):
Point where you would use it first.

Speaker 4 (05:14):
It would become your primary weapon and the gun would
be more of a backup only for the most extreme cases.

Speaker 5 (05:19):
And if we achieve that, then yeah, we.

Speaker 4 (05:20):
Think we can cut gun deaths in American policing by
fifty percent by twenty thirty three is our goal.

Speaker 1 (05:25):
So tell me about the numbers where you are seeing
that as a result of your device, is that things
are getting better, at least for police folks and security folks.

Speaker 4 (05:38):
Well, we have not yet bent the curve, meaning we're
not seeing the numbers coming down, because the overall trend
is still slowly inching upward, although this year it's lower
than last year. But I think it's premature for us
to claim that that is our effect.

Speaker 5 (05:53):
Yet.

Speaker 4 (05:54):
We do know that over the past thirty years I've
been doing this, there's around three hundred thousand uses where
police could have been legally justified to use lethal force.

Speaker 5 (06:03):
But they were able to resolve it with the taser instead.

Speaker 4 (06:06):
This next two years is going to really be critical
because up until now taser weapons have been largely used
not really in the most critical situations. They would use
it to capture somebody who is potentially violent but not
an immediate risk.

Speaker 5 (06:21):
We've introduced a couple of key technologies that we're testing now.

Speaker 4 (06:24):
In the field, and I can go into detail if
you're interested, that we think move our effective reliability up
into the ninety nine percent area, at which point then
we think it becomes reasonable that the police would begin
using taser as their primary first weapon, always keeping the
taser the gun as a fallback.

Speaker 6 (06:44):
Rick, you mentioned business school in Europe. I guess you
went to school in Belgium before Chicago, but you studied
first neuroscience at Harvard. How does that kind of background
influence your decisions today at at a company that you
know touches so many nerves.

Speaker 4 (07:05):
Yeah, well, I mean the whole name of the company, Axon,
is a little bit of neurobio geek speak, because the
Axon is the name of the long nerve fibers that
connect your brain to your muscles, and indeed it touches.

Speaker 5 (07:19):
A number of ways. When I first wrote.

Speaker 4 (07:21):
My college application and actually showing my son I had
a copy of it, they asked, what do you want
to do with your life? And I said I wanted
to build robotic limbs. And it was like Luke Skywalker's
you know, robotic can I love this idea of a
machine that can interface to the human body and almost
become a part of you. Then, after this incident, and
I mean my interest rising in gun violence, I took

(07:43):
a different turn. Instead of building a machine that your
brain could control, I build machines that control your body
through your nervous system.

Speaker 5 (07:50):
I mean that's what.

Speaker 4 (07:51):
Ataser does we plug in, we tune this electricity so
that it overwhelms communication, and you have something that looks
like a seizure because we're flooding your nervous system with
electrical energy, your muscles lock up. It is a temporary effect,
but extremely debilitating. And then if we think about the
other parts of our business. When we got into the

(08:11):
camera business, we realized the cameras themselves are kind of
kind of interesting, but it's not nearly the business that
if we can connect all these sensors together and begin
to think of this like a giant neural network, like
for a police department like an NYPD with a thirty
five thousand officers, what if we could begin to have
live data feeds that would enable command and control in

(08:34):
more real time, so we could identify, Hey, this situation
is escalating, Let's send reinforcements before the officer even calls
over the radio. Or we might even identify things like, hey,
this situation over here is spinning out of control. If
you think about all the horrible policing situations like George
Floyd over the past ten years, I believe now that any.

Speaker 5 (08:55):
One of those could be detected with AI.

Speaker 4 (08:57):
Running on the audio video feed of a camera, and
that is a capability that we're building now.

Speaker 5 (09:03):
We do have live feeds now, but to have live.

Speaker 4 (09:05):
Feeds being AI monitored in real time, that'll happen in
the next twelve months, and I think that's going to
be a huge boon to make policing more effective, safer,
and to help agencies identify if a situation spinning out
of control so they can intervene now instead of you
prosecuting somebody tomorrow, you know, if something wrong is happening.

Speaker 1 (09:26):
How much of your business's governments and I'm just curious.
It does feel like there's going to be some municipalities
under pressure in terms of funding, and I'm just curious
how that could play into or impact demand at your company.

Speaker 4 (09:39):
Yeah, so we're still majority government business, but the fastest
growing segment is enterprise. The enterprise security is two to
three times larger than public you know, policing in the
United States in terms of manpower, and so there's a
huge opportunity there. But if I come back to your
question about municipal policing, you know, we've member of the

(10:00):
two thousand and eight financial crisis and others, and what
we have found is if you look at a police agency,
the majority of their spend is on cops, cars and gas.
That's like ninety percent of their spend. So their tech
spend is a relatively small portion of their overall budget.
And when budgets get compressed, what we see is they

(10:20):
really look to technology where they're saying, look, we need
to get more efficient. We can't just throw bodies at things.
And I'll give you one example. Our first major AI
product using generatord ai is a service called Draft one,
and what we do very simply. We take your body
camera footage, we feed it through an AI model, and
we actually just use the audio. We don't even need
the video, We use the audio track and we do

(10:42):
the first draft of your police report because it turns out,
you know, police interactions are pretty standard. You know, hell man,
what's your name? Data birth, you know why I stopped you,
and you can from that extract the information that we
need to put the structured report narrative together. It's about
the eighty percent completion and that basically means we're cutting
the amount of time police spent on bureaucracy by up

(11:04):
to sixty or seventy percent, which is either not doing
more work.

Speaker 6 (11:08):
Huge because only fourteen percent of police departments across the
nation are actually fully staffed, and in the most recent survey,
seventy five percent of police who responded said they do
want AI to help them out. It seems like and
this is not a pun on your neuroscience degree, but
seems like a no brainer.

Speaker 3 (11:27):
It's a little bit of all.

Speaker 5 (11:29):
I'm a little biased, but I think so, Hey.

Speaker 3 (11:31):
Just thirty seconds.

Speaker 1 (11:32):
I'm curious because we talked about I think robotics kind
of came up, and you talked about your interest.

Speaker 6 (11:37):
Empire strikes back the last scene, you know, Luke skywalkers
his hand.

Speaker 1 (11:41):
Yes, Like, is robotics something that you guys are thinking
in terms of security going forward? Is that an area
that you guys might stay.

Speaker 5 (11:49):
Tuned, stay tuned.

Speaker 4 (11:51):
The solution to the American gun violence problem, in my
personal belief, is we've got to change the game. And
what I mean by that is today, when an act
of shooter shows up, they have no illusions they're going
to come out of it alive. They want to go
down in some sick twisted vision of a glorious gun
battle with the police. In a couple of years, we

(12:13):
are going to deny them that if you show up
with a gun somewhere, we will zip in very quickly
with a robot using less lethal force. You'll be arrested
and under control very quickly. And we're going to deny
them the entire sort of motivation to get in gun fights.
And I think we can do things with drones and
robotics that you can never do with people, and we

(12:33):
can do it without having to resort to lethal force.

Speaker 5 (12:36):
So stay tuned. We're making a big play in that space.

Speaker 3 (12:39):
Sounds like you got to come back real soon. So
appreciate it. So appreciate it.

Speaker 1 (12:42):
Rick Smith be Well, founder and CEO of ex On
joining us on this Tuesday. And as we mentioned, we're
seeing that stock move in a big way following me
its latest results.

Speaker 3 (12:51):
Let me just pull it up for.

Speaker 5 (12:52):
You can add that guy to the list of guests.

Speaker 3 (12:55):
Don't take it.

Speaker 6 (12:56):
I steal from your show and use on my show.

Speaker 3 (13:00):
Have that co host anymore? Done?

Speaker 7 (13:03):
All right?

Speaker 6 (13:04):
I want a story? I mean what an incredit? The
stock chart is amazing. The story behind it. When he
started that company in nineteen ninety three, Well he's been
at this for thirty two years.

Speaker 1 (13:15):
I love these people who come have different backgrounds. It's
like doctors who are engineers who are looking at the body.

Speaker 3 (13:19):
In a different moment.

Speaker 1 (13:20):
Here he is in terms of his background and understanding
how the brain works and the impact on things.

Speaker 2 (13:30):
You're listening to the Bloomberg Business Weekdaily Podcast. Catch us
live weekday afternoons from two to five pm Eastern. Listen
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or watch us live on YouTube.

Speaker 1 (13:44):
This past week, shares of Wayfair sword following earnings. The
online retailer reported second quarter results that were much stronger
than expected. Our Bloomberg Intelligence team pointing out that the
company's shares have surged around seventy percent this year on
a strong first half, saying that the bottom for the
company may be behind it and that it's positioned for

(14:04):
sustained growth despite teriff related uncertainties. For more on the
specialty retailer Wayfair, which calls itself quote the destination for
all things home, we caught up with Wayfair chief financial
officer Kate Gulliver. She joined us from Boston.

Speaker 8 (14:18):
I think you really saw two key things happening. So first,
on the top line, our share gains continued to manifest
and really accelerate, and that led to that five percent
top line, six percent, you know, adjusting for the German
business comp So that's pretty exciting for us.

Speaker 3 (14:36):
And then what you saw is a.

Speaker 8 (14:37):
Really nice flow through of that revenue to adjusted EBIT,
you know, crossing that two hundred mark two five of
adjusted EBIT. And I think that really shows the strength
of the model efficiency of the cost takeouts over the
last several years. So to have the nice revenue momentum
the share gains paired with that cost efficiency. You know,
for many quarters we said you should see that really

(14:58):
significant flow through when that happened, and indeed that manifested
in the second quarter.

Speaker 6 (15:02):
Kate, whenever I ask someone about the stock price and
it doesn't look great, they always say, well, we're focused
on doing business here and we don't care about the shares.
But you got to care about them on some level,
especially as a CFO. So you know, they've You've had
an incredible year. Year to date, you're up like sixty
six percent, but if I bring the chart out to

(15:23):
you know, the COVID highs, you still have a long
way to get back there. I think you're down seventy
some percent from your twenty twenty one highs.

Speaker 2 (15:31):
Is that going to.

Speaker 6 (15:32):
Happen you think at wayfair or was that just you know,
like la la land levels in the pandemic.

Speaker 8 (15:38):
Well, now we're focused on operating the business. But you know, Lelly,
let me come back it a little bit for you,
because you know, the reason you probably hear that answer
is at the end of the day, we do believe that,
you know, the valuation and sort of where investors see
the business should over the long run follow the performance
that we drive here at the comp and so our

(16:00):
focus actually really is on how do we continue to
take share and how do we continue to flow through
that revenue into adjusted EBITTA dollars, into free cash flow
growth and into you know metric that we look at
where we call owners' earnings, which is that EBITA less
our capex expense less our stock based compensation. And we
do want to continue to build on that over time,

(16:22):
and we think we can and as we continue to
grow the top line, as we continue to grow those
adjusted EBITA dollars, you know, I firmly believe that the
valuation will follow.

Speaker 3 (16:30):
Yeah, revenue, just go ahead.

Speaker 6 (16:33):
Can it get back to that or was that just
like everybody locked in at home and the government throwing
money at American citizens? Is that why revenue climbed so
high during the pandemic or can you get back.

Speaker 5 (16:45):
To that level?

Speaker 8 (16:46):
Yeah, so if you think about the category itself, obviously
the category itself had a very you know, unique period
during the pandemic where growth accelerating the category in twenty
twenty and into twenty twenty one. The categories had significant
pullback since then in twenty two, twenty three, twenty four,
and even still a bit in twenty five. We would

(17:07):
say we think the category is sort of flat to
slightly down, you know, low single digits in the past quarter.
So the category is still under quite a bit of pressure.
Can the category return to a normalized level of growth?
Of course, right, the category and a normalized period grows,
you know, sort of three to four percent the overall
home goods category, and we do believe that we can
return to double digit growth over time, you know, where

(17:30):
we significantly outpace the category. That's what we did for
the majority of our history, you know, significantly preceding the pandemic,
and it's what we expect to do, you know, as
the category returns to normalization. So, you know, can we
ever get to the revenue that we had during the pandemic. Absolutely,
we're quite confident in our ability to do that.

Speaker 1 (17:47):
You mentioned earlier about cost efficiencies of the model what specifically.

Speaker 8 (17:53):
Yeah, So over the last few years, we've been quite
focused on a few things. One has been improving our
overall sort of total overhead cost structure that manifests and
that SOTG and a line in the P and L,
and I would think about that as really our fixed
cost basis. The majority of that line is labor, and
so we have had a number of restructurings where we've

(18:13):
reduced labor cost and that has shown up in that line.
And we've said that where that line is right now,
you know, at that three sixty to three hundred and
seventy million dollar point, it should be able to hold
there for some time even as we continue to grow
the top line. We get ongoing efficiency from labor and
as we you know, sort of continue to see the
benefits of some of the growth investments that we've made.

(18:35):
So that's one big area of cost management. We also
have been improving our sort of structural gross margin, so
we took out you know, cost in our supply chain,
and that's really helped our gross margin. And we've added
some supplier services like supplier advertising, which have helped improve
that gross margin as well. We've reinvested you know, a
significant portion of that back in the customer experience and

(18:55):
the form of price and the form of delivery experience.
And so we've held that gross margin thirty to thirty one,
but structurally been able to drive it higher and instead
give it back to the consumer and then float that
through and ultimately you know, cover off on that fixed
cost basis.

Speaker 6 (19:11):
I wonder how you deal with tariffs because you have
so many suppliers. But you know, furniture making in the
United States of America has is far from its from its.

Speaker 2 (19:22):
Peak these days.

Speaker 6 (19:23):
So do you get suppliers to kind of eat that
are you taking some of it into your margin? And
how much are you passing on to the consumer?

Speaker 8 (19:32):
Yeah, you know, we talked about actually, you know in
May when Carol and I spoke before, was that we
thought the benefits of our marketplace model would help us
manage the tariffs. And that's because we are able, you know,
as you point out, Matt, we source from over twenty
thousand suppliers, right, So we were able to have a
very wide range of goods with suppliers from all over

(19:53):
the world, including some from the US, and we're able
to then position within a given class or category, say
like this chair that I'm sitting on now, We're able
to position the products that we believe are best for
the consumer, so most price competitive can get to her quickly,
you know, are high quality. We're able to position that
first in the sort order among many very similar products.

(20:15):
So if a product gets relatively more expensive, other products
will then move up within the sword order, so the
consumer is able to see the product that is most
price competitive. And that means there's a tension within the
marketplace where suppliers actually want to maintain their price competitiveness.
They do not want to lose that volume, particularly in
a category as we spoke about earlier, that's you know,

(20:37):
been under pressure for some time and you're seeing that
pan out. So what we said on the call was
on a like for like basis for the products that
are on those first few pages of the sort order.
When you search for you know, sort of lounge chair,
you're going to continue to see and you are seeing
prices relatively stable on those first few pages, and that

(20:57):
means that the products that the consumers are buying, they're
not yet seeing you know, pricing changes flow through. And
I do think that's due to the breadth of suppliers
that we work with and the competitive nature of the marketplace.

Speaker 1 (21:10):
We are talking with Kate Gulliver, she's the chief financial
officer of Wayfair, joining us from Boston. Hey, Kate, so
what do you know about the type of shopping that
consumers are doing? You know, when they're buying, are they
buying more items? Are they buying fewer items? Are they
give us some idea in terms of some of the
trends that you're seeing in terms of the actual shopping

(21:31):
going on.

Speaker 3 (21:32):
Yeah, that's a great question.

Speaker 8 (21:33):
So when we think about our average order value or AOV,
that's really comprised of three different pieces. One is like
for like pricing, like you just spoke about, One is
items per order to the question you just asked, and
then last piece is mix. And we actually are seeing
a little bit movement on items for order and mix.
So an items for order, we're seeing a little bit
of increase, nothing you know, major but sort of moderate,

(21:57):
but where we're really seeing momentum is on mix and
what we mean there is that, you know, we're seeing
mixing in brands of ours that are actually sort of
higher values. So Paragold, which is our highest end our
luxury brand. We're seeing ongoing really nice momentum there. Our
specialty retail brands, so all Modern Jos in Maine, Birch Lane. Again,

(22:20):
these are operated a little bit above that mass segment
that the Wayfair dot com business operates at. Those are
also seeing nice momentum. And then our B to B
business where we sell you know, to professionals and the trade,
we're seeing nice momentum there. All of these are much
higher ticket values than the sort of core Wayfare dot
com business. The other thing I'd add is, you know,

(22:40):
we're obviously newer to the physical retail game. We have
our first sort of large format waste store opened a
little over a year ago, and we're seeing nice momentum
in categories like storage and org and small kitchen accessories
in the physical space as well.

Speaker 1 (22:54):
Do you want to keep continuing to add in terms
of the physical stores.

Speaker 3 (22:58):
I know you guys have some more expansion going on.

Speaker 8 (23:02):
Yeah, no, great question. We're thrilled with the performance of
that Chicago store. Really two key things that we see there.
One is the halo effects, so the sales that we
get in the surrounding region from having the store there.
And then two, within the store, you know, we're seeing
nice momentum categories that you'll maybe sort of underpunch a
little bit online, like storage and or kitchen accessory, small

(23:22):
appliance is that kind of thing, And so as we
look at it, we see significant opportunity from a growth
perspective in expanding stores. We've actually announced three additional leases.
Two will open in twenty twenty six, one in Atlanta
and one in Denver. That's our first store in sort
of the Mountain West region, so we're very excited about that.
And then early twenty seven we have a store opening

(23:44):
in Yonkers, New York. So you know, you can see
it's starting to build some of the momentum here. I
will that'll be a little close again for you guys.

Speaker 6 (23:50):
Yeah, Hey, okay, I wonder about your view on rates,
because you know, maybe if you're buying just one chair
or a side table, you can afford that, but I'm
sure a lot of Americans are putting stuff on a
plan or borrowing money, and today the ten years pretty low.
But the idea I think is that rates tend to

(24:12):
go are going to tend to go up from here.

Speaker 5 (24:14):
What's your view?

Speaker 8 (24:15):
Yeah, you know, I would actually say in our business,
actually the average order size is only around three hundred dollars,
so well, you know, rates have an impact on the
consumer overall, in terms of the housing market, in terms
of our purchasing with us, it's largely not financed.

Speaker 3 (24:29):
All right, Can I leave it.

Speaker 1 (24:30):
They're always fun to check in with you and get
a really great view of what's going on with the consumer.
KP Well Kick Olliver. She's the chief financial officer of Wayfair.

Speaker 2 (24:40):
This is the Bloomberg Business Week Daily Podcast. Listen live
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Speaker 1 (24:59):
Shares a Mercatto Libre, Latin America's biggest company by market cap,
fell as much as eight point three percent this past week,
on the day it gave a financial update. Company second
quarter earnings fell short of estimates, a consequence to rising
cost tied to an expansion a free shipping policy in Brazil. Still,
revenue growth remained strong, and executives doubled down on their
plans to keep expanding across the region. Mercado Libre chief

(25:23):
financial officer Martin de los Santos expects growth opportunities ahead.
He joined me alongside Bloomberg's Matt Miller and Bloomberg new
senior editor Nina Treatman.

Speaker 9 (25:32):
Yes, we had a great quarter, really in terms of
the results that we delivered revenues Lubay thirty four percent
a year. The deliver operating income a recular operating income
of eight hundred and twenty five million.

Speaker 10 (25:43):
Got us more important than that.

Speaker 9 (25:45):
We continue to grow our new surveys both on our
commerce and fintech platform. Our buyers on the commerce platform
rule by twenty five percent year a year.

Speaker 10 (25:55):
On fintech's Rule Bay thirty percent.

Speaker 9 (25:58):
Great book double year and year GMB, which is a
volume to accected America Oliver Group by twenty nine percent
in Brazil thirty two percent in Mexico. In both cases
we continue to gain market share, So very good, you know,
very strong operating metrics, and like you said, this particular
quarter was a quarter of investments. We opened two new

(26:18):
food filming centers to add to the more than thirty
four film centers that we have throughout the region. We
also made a big change in terms of lowering the
free shipping threshold in Brazil, which is a strategic move
that we have been doing for many years and it's
paying off very nicely.

Speaker 10 (26:36):
And also we got due to invest in a credit card,
but very excited normally about the results.

Speaker 9 (26:41):
More important than that about the future and the opportunity
that we had ahead of us, both in commerce as
well as filtech.

Speaker 11 (26:47):
You mentioned Brazil threshold for free shipping in Brazil as
one of the contributors. I think to you missing estimates
for net profit as well as core earning. So I'm
just wondering, as the CFO of a fast growing business,
how do you think about profitability and how do you
manage the short versus versus long term?

Speaker 10 (27:07):
That's I mean. We talked about this, Nina, I remember
talking to you a few quarters ago.

Speaker 9 (27:12):
Does it we try to balance, right, We try to
balance short term profitability with the growth opportunities that we
have ahead of US, so we want to make sure.

Speaker 10 (27:19):
That we do not miss those opportunities.

Speaker 9 (27:21):
When you look at commerce penetration of e commerce in
Latin America, it's roughly mid teams and fifteen percent compared
to maybe twenty five percent, thirty or forty percent in
China hour in the US, so there's plenty of room
to continue growing the fintex side of the business.

Speaker 10 (27:37):
The same thing happened.

Speaker 9 (27:39):
Most people in Latin America have not been financially included
by the financial system, so that we see a large
opportunity to expand our footprint on the fintech side of
the business on Marcalo Pao. So at the same time,
to capture our opportunity, it requires investments. Some of those
investments might put some short term pressure, but I think
this is a good example. We lower the free free

(28:01):
shipping threshold. It does put pressure in the short term,
but we have approve and over time, and we've been
doing this since twenty seventeen when we introduced free shipping
in Brazil. At that time the free shiping threshold was
one hundred and twenty rareies. We brought it down to
eighty and now we brought it down to twenty. So
we have proved all the time that by lowering the

(28:21):
free shipping threshold, we eliminate the most you know, the
most frictional point in terms of buying things online for people.
So we're eliminating that friction really generates a lot more
volume and then eventually that translates into profits. So I
think it's it's a strategy that has paid out to us,
and the long term investors of Magalivera understand it, and

(28:42):
we're already comfortable with the investments that we're doing.

Speaker 11 (28:45):
You mentioned Brazil. It's of course an interesting market just
in the current terror of debates that we're seeing with
the Brazilian government so far holding out to Trump and
basically not giving in on the Trump terraf suggestions for Brazil.
Just wondering and how far are you seeing that play

(29:07):
out in terms of consumer confidence and consumer spending. Are
you seeing any impacts in countries like Brazil. I know
you're also doing business in Mexico and other countries, all
of which will face higher terrors as part of the
US renegotiation of terrors around the world.

Speaker 10 (29:23):
Yes, this is something that we are monitoring closely.

Speaker 9 (29:26):
Obviously, we do not export into the US, so there's
no direct impact on our business, but it can have
secondary effects on the economy.

Speaker 10 (29:35):
As you mentioned, we have not seen that so far.

Speaker 9 (29:38):
As I mentioned earlier, we are growing by twenty nine
percent our GMB in Brazil as that the management, which
is amount of money investing of our users, investor mar delivery.

Speaker 10 (29:48):
More than DOW in Brazil.

Speaker 7 (29:49):
Ear year.

Speaker 9 (29:50):
Our credit card book has grown by one hundred and
eighteen percent. The profitability of the asset quality of our
credit book continues to be very solid in Brazil. So
we have not seen any you know, any deterioration on macro,
on consumption, but obviously it's something that we are monitoring closely.

Speaker 6 (30:07):
Our team Gundia Matt Miller here in the studio with
the ladies. I was really blown away by the growth
at Mercado Credito and I wonder if you're watching closely
for signs of credit stress there, because I think you
had like ninety percent growth.

Speaker 10 (30:25):
That's correct, that's correct. Thank you for a question.

Speaker 9 (30:27):
Yeah, obviously, when we look at credit, we take it
very seriously. We are very careful in the way we
manage credit. But the way I used to run the
great business before taking the position of CFO. So the
first thing we look at is the health of our book.
We saw that mpls and we disclosed this number the
lowest record, lowest number in those since we've been disclosed
in the metric. The NAYMA, which is a measure of profitability,

(30:51):
is also improving quarter on quarter.

Speaker 10 (30:55):
So we see very healthy signs in terms of our
book and a profitability.

Speaker 9 (31:00):
So the reason why you're seeing ninety one percent growth
in our credit book is because we are seeing good
results in terms of our models predicting default rates and
the quality of our prede book continues to be very healthy.
If we need different we will slow down because you know,
we're very conscious with the way we will manage our

(31:20):
credit business.

Speaker 1 (31:21):
We're talking with Martin de los Santos. He's the CFO
of Mercado Libre joining us from Uruguay. We should also
point out that this is the largest company we to
point Latin America's most valuable company if you think about
market caps, so really significant. We were talking about fintech,
and you know, you were talking about kind of the
health of that portfolio. But what can you tell us more, Martine,

(31:44):
when it comes to the mix of customers that are
in that portfolio.

Speaker 9 (31:49):
I think what we're seeing is we're seeing all the
different type of customers within the economics segments of the populations.
Keep in mind that we acquire most of our users,
most of our credit users from the marketplace and all
types of people using our marketplace, so we have the
advantage of having the distribution of medicalivery, but also they

(32:13):
buying information that those people have on our marketplace, and
we use that information through AI and machine learning models
to escore people, and we have models that.

Speaker 10 (32:23):
Are very accurate at predicting credit risks. So you will
find people of all kinds of.

Speaker 9 (32:30):
Social levels within our ecosystems that are like half of
the people that we offer grade too, we offer credit for.

Speaker 10 (32:36):
The first time they never had access to create.

Speaker 9 (32:38):
But also the other half are people that praperly moving
their fintech business to us because we offer it much
better user experience than the traditional banks.

Speaker 11 (32:48):
Martin one question in terms of earnings, I noted that
you also pointed out the impact of the Argentine peso
on your results. Of course, we've seen HOVMLA make various
changes in in Argentina in recent months, including making changes
to the companies to the country's currency, which has resulted
to in basically the spread between the official and inofficial

(33:11):
rate falling apart. Just wondering how that's impacting your business
and specifically also are you changing your hedging strategy for Argentina.

Speaker 10 (33:21):
Yeah, I think that the headleft of Argentina that we
continue to see a big recovery.

Speaker 9 (33:26):
I mean unique viers in Argentina group by thirty percent
your year, our GMB group by seventy five percent in
local currency or thirty five percent in dollars, the items
sold on the platform group by forty six percent, so
very strong recovery. As we see inflation coming down, consumption improving,
and also as you mentioned, the FX market be normalized

(33:48):
also helps our business. They opened the economy, so we
are bringing more products from the US into Argentina as well.
So most you know, most of the business are performed
extremely well in Argentina and we're very happy with the
way things going for our business there.

Speaker 6 (34:01):
You mentioned, Martine, you ran credit before at Mayer Coutolibre,
you ran also strategy into it and you were at
Paine before that, so you know strategy up and down.
I want to know about your strategy regarding ad revenue,
because it was also searched like up thirty eight percent.
Is that a profit center for you, a future profit

(34:23):
center or do you view that more as a tool
to drive your core marketplace growth?

Speaker 10 (34:29):
Yeah? Other times in business is roughly a one billion
dollar business.

Speaker 9 (34:33):
He's rowing at thirty eight percent, as you mentioned, and
he said it's a profit business for the company, but
it has tremendous potential going forward.

Speaker 10 (34:40):
If you look at the number of people interacting with
our ecosystem.

Speaker 9 (34:43):
Last year we had more than one hundred million people
buying on Marcaire have sixty eight millium monthly active users
of our fintech platform. So in terms of a number
of eyeballs within Latin America, we are the third largest
pund regional platform and has a great opportunity to continue
distributing advertising. We also can leverage all the one first

(35:05):
part the information that we have on our users or
to target marketing campaigns. So we see a big, big,
very large opportunity. I think it's more future to the
past and advertising business. We're are just getting started, but
as you mentioned, we have been growing very rapidly for
the past several years.

Speaker 10 (35:21):
There's plenty of growth going forward.

Speaker 3 (35:24):
Martin just got about twenty seconds.

Speaker 1 (35:26):
We always liked to when we've got lucky enough to
have someone like yourself a global CEO, how would you
describe the global outlook?

Speaker 3 (35:33):
And just quickly.

Speaker 9 (35:35):
Yeah, I think well, obviously, we operate in Latin America
and depending on the countries and countries have some tough
micro situations and some others might be in a very
conditioned we're talking about Argentina recovering. But at the end
of the day, I think in our business in particular,
the trend of people moving online is so much stronger
than macro that we have plenty of opportunities ahead of us.

(35:58):
And the same thing on fintech. Right where we're operating America,
where petuation of fintech products is very very low. Well
play a big role in dost of cerating financial inclusion
throughout the region. So we're very optimistic of Lisa our
recent So glad.

Speaker 3 (36:14):
We could get some time with you.

Speaker 1 (36:15):
Martin de la Santo ceo Mercado Libro Cfo, excuse me,
Mercado Libreke gave him a little bit of a promotion.

Speaker 3 (36:24):
Anina Trupman, thank.

Speaker 2 (36:25):
You, you're listening. To the Bloomberg Business Weekdaily podcast. Catch
us live weekday afternoons from two to five pm Eastern.
Listen on Apple CarPlay and Android Auto with the Bloomberg
Business app, or watch us live on YouTube plenty.

Speaker 1 (36:44):
Ahead on our second hour of the weekend edition of
Bloomberg Business Week. From Sports to Spirits, more insights from
the C suite, the CEO of the NBA basketball team
Dallas Maverick stopping by. Plus we talk bourbon, gin rye
Ready to drink cocktails, and Yes tariffs with the CEO
of US Spirits brand Craft Co. First up this hour.
As we mentioned earlier, it was another Uber busy earnings week.

(37:07):
In fact, Uber and Lyft both reported those details on
the Bloomberg and at Bloomberg dot Com. One company though
that came out with results recently and it has definitely
been on our radar, is Generak. It's a power equipment
company and maker of residential and industrial generators and battery
storage systems that's now expanding into the data center space
with plans to power them with diesel generators, a segment

(37:28):
potentially valued at several billion dollars for the company. The stock,
by the way, jumped about twenty percent following its latest
financial update, and is up about twenty five percent year
to date. Aaron Yuchtfeld is the chairman, president and CEO
of Generak. He joined us along with Bloomberg's Matt Miller.

Speaker 12 (37:46):
Yeah, it's never a dull moment when you talk about
backup power. You know, every time I travel, I get
on a plane, you sit down next to somebody, you
do the Okay, what do you do?

Speaker 1 (37:54):
What are you?

Speaker 5 (37:54):
You know, what's your job? Where do you work?

Speaker 12 (37:56):
I talk about Generak, and all of a sudden, you know,
people are like, well, that's a product we have to have.
You know, I think what we've come to find just
as Americans, you know, we struggle with power quality in
this country and we have for many decades.

Speaker 7 (38:08):
This is not a new issue.

Speaker 12 (38:10):
I think, you know, what's worrisome is just the number
of outages that are happening and how long they're lasting.
And this is a growing problem both for homeowners as
well as businesses.

Speaker 6 (38:20):
Yeah, so how much air and of your business is
you know, you know, me and Carol out in the suburbs,
and how much of it is a company you know,
mid size or even larger looking to back up its data.

Speaker 12 (38:36):
Yeah, about sixty percent of what we do is in
the residential market, so that would be you know, out
in suburbs, you know, for homeowners who are looking for
a solution for their family, for their property, protect those things. Businesses,
you know, this is a business decision. Right With homeowners,
it's a little b different. It's a little bit more emotional, right,
just the loss of power and what can happen in
your home. Certainly there's there's things that can go wrong,
there's damage that can happen to your house. But largely,

(38:57):
you know, that's an emotional decision. Whereas a business, the
loss of revenue, spoilage of inventory, you know, some kind
of interruption of a critical process, especially as things get
more critical with in business, with power the need for that.
We see about forty percent of our business leaning that way.
But that is a very large opportunity for us, and

(39:18):
in particular in some of the bigger applications where we
play up in the data center market, it's you know,
an incredibly hot space.

Speaker 3 (39:25):
We'll dig into that for.

Speaker 1 (39:26):
Us, Aaron, like, how much growth are you seeing in
that space? How many calls are you getting about that?
Give us an idea of some of the demand and
what that kind of gives you an indication of how
much more that market could be for you guys.

Speaker 5 (39:38):
Yeah, the market for data centers.

Speaker 12 (39:39):
I mean, obviously you guys cover this, you know, very broadly. Yeah,
it's massive, right, Like I mean, the capital spending that
is going into these facilities and all the equipment that
goes alongside of them is enormous, and of course the
power needs themselves are enormous. You can imagine the backup power,
right these are critical installations. If the facilities go down,
we don't have access to the cloud, we don't have

(40:00):
access to some of these critical things that are happening
in data centers. So every single data center that goes
in has emergency backup power. And so we're a relatively
new entrant to this market. Our product lines have been smaller.
We've served small business and smaller data centers for many
many years. The telecommunications space and an examples, we provide
backup power to a lot of the major wireless carriers

(40:22):
out there. So this is a bit of a new
space for us.

Speaker 5 (40:25):
We just entered it in April.

Speaker 12 (40:26):
We opened up our order book and we've already booked
one hundred and fifty million dollars worth of new business.
We talked about that last week on our call. I
think that was part of the reaction that you saw
in the stock. But we're seeing just an incredible amount
of demand for these types of products.

Speaker 6 (40:41):
I'm always interested in where you're building these things, and
I guess you have a new facility in beaver Dam,
Wisconsin that's supposed to open up space to build those
big diesel generators, more of the big diesel generators in Oshkosh.
Tell us about your manufacturing footprint, because tariffs are obviously
a huge issue these days.

Speaker 12 (41:01):
Absolutely, and you know, we've been long standing US manufacturer.
We just opened our sixth facility in the state of Wisconsin.
We have seven here state. Side those six facilities in Wisconsin,
a good chunk of those facilities are focused on these
larger units and on the commercial and industrial products, so
those products for backing up businesses. But we're also a
global company. We have facilities worldwide. We have a facility

(41:23):
in China, facility in India, Brazil. We have three facilities
in Europe too, in Italy, one in Spain, have another
facility down in Mexico. So you know, We're a global company,
but we see the demand for backup power growing really
across the globe, but we see what's going on here
in the US.

Speaker 5 (41:41):
The addition of the.

Speaker 12 (41:41):
Beaver Damp facility was a critical part of expanding additional
capacity for these systems because the growth is just it's
enormous right now.

Speaker 5 (41:49):
How much so I look at cars all the time.

Speaker 6 (41:52):
Ford builds more cars in America for sale in America
than any other producer. You'd think that would help them
avoid tear, but in the end they get absolutely crushed
with tariffs on steel, tariffs on aluminum, tariffs on form
made parts, tariff's on magnets out of China, and it
really makes up then more of a tariff hit than
somebody building a car in Japan or somebody building a

(42:13):
car in South Korea for export. Do you get hit
with those kind of nickel and dime tariffs.

Speaker 5 (42:18):
Too, we do.

Speaker 12 (42:20):
We use a lot of steel, we use a lot
of aluminum, We use a lot of copper in every
single gen set. So in fact, you know, it's interesting
you brought up the emotive automotive industry, Matt, because it's
it's a real good proxy for you know, a lot
of our input costs, you know, in terms of the components,
in terms of the commodities, the things that we're exposed to.
So you know, we have a lot of those similar exposures.
And I think just like Ford and others, Yeah, we're

(42:42):
trying to do what we can to minimize the impact
of tariffs, but it's difficult. I mean, we've all developed
over the last you know, forty fifty sixty years, global
supply chains, right, I mean there are there are areas
of the world where you know, certain components, certain commodities
are only available, right, you just they're just not widely
available in other parts of the world. So it's going
to take time to recalibrate those supply chains and to

(43:04):
try and create a more domestic manufacturing base. And I
get it. I understand the need to do that, in
particular around things that are you know, associated with defense,
maybe pharmaceuticals, things that are truly critical. I'm not sure,
you know, when you look at the broader base of
things that we're putting tariffs on that, you know, like
tennis shoes and Barbie dolls, if that's you know, maybe
the right place to do it. You know, I think
we've got to be selective and we've got to be

(43:25):
strategic in how we use tariffs. But I know the administrations,
you know, working through all of that, with all these
different trade partners.

Speaker 6 (43:32):
Some things, I mean, like magnets are rare earth out
of China. We're never producing those here. It's like not
an option, not in decades, so challenging, and you you
must use those.

Speaker 5 (43:42):
Are you getting enough?

Speaker 7 (43:44):
We are?

Speaker 12 (43:45):
You know, we're fortunate that we have some we have
the ability to kind of substitute for some of those
super rarer the elements that I think are are really
critical in aerospace and defense, not as not as critical
maybe in the automotive, and you know, in smaller quantities
they are, but we have access to them today. But
of course that's a concern because as you noted, you know,
there are only a few areas of the world where

(44:06):
you can get those types of materials and those types
of components. So it presents a really I mean, it's
a it's a very complicated situation, very complicated conversation. I
understand what we're trying to do, but again, I think
we've got to be we've got to be super strategic
about how we implement these these trade agreements and these tariffs.

Speaker 1 (44:24):
We are talking with Aaron Yechtfeld. He is chairman, president
and CEO of GENERAK. Hey, a couple of things that
you said, and I want to follow up on. You
are mostly selling here in the United States, but you
did talk about what you guys are doing around the world. Aaron,
does it make sense to pivot even more so international
with the energy storage solutions to places like Europe and

(44:44):
China given that the US policies are now less friendly
to something like solar.

Speaker 12 (44:49):
Well, those are big markets to begin with, right So
you know, obviously we want to be successful with our
energy products, you know, the storage products and particular battery products.
You know, Europe is a very well established market. The
US is a good market as well. But obviously the
policy changes that you know we've now codified here recently
are going to have an impact on the US market

(45:10):
for solar and for storage now. A lot of the
things we're looking at, though, even with the loss of
those incentives and the loss of support here in the US.
You know, the economics of putting a solar system on
your rooftop depending on where you live, as the cost
of energy continues to rise. This is one of the
things we've talked about when we started up talking today
about the quality of power. The cost of power is
another element here that needs to be talked about, because

(45:33):
as power costs go up and the cost of these
technologies around solar and storage continue to come down, the economics,
the payback, the raw economics of investing in your own
power production on your rooftop or a geothermal loop or
however you want to produce your own power and store
some of that power, continue to improve, and the loss
of support. You know, it may impact the industry for

(45:53):
a year or two, but it will get back on
track because again, power prices are going up.

Speaker 1 (45:58):
Yeah, it does feel like we're headed towards the power war,
certainly here in the United States, considering the amount of
power needed to really support all the AI that's going on.
Having said that, you talk about these loss of these
residential tax credits. You've got some new home stand by generators,
my understanding is coming to market. Is that going to
help offset though, some of the loss that you are
seeing from those residential tax credits, especially when it comes

(46:20):
to your storage business.

Speaker 12 (46:22):
Yeah, absolutely so. On the energy storage side, the loss
of the credits. That's going to impact that business here
short term, our home stand by business. That business doesn't
it's never benefited from tax credits to begin with. So
you know, it's the kind of thing that you again,
if you and Matt out in the suburbs, you've got
you want one of these products to back up your
home so that you know, you protect your property, protect
your family. There, unfortunately, were no tax credits available, even

(46:45):
though the administration when when President Trump was on the
campaign trail, you know, he had mentioned maybe perhaps offering
a generator tax credit. We're still waiting on that. We
think that'd be smart policy, but we haven't seen it yet.
It certainly wasn't in the One Big Beautiful Bill. Those
products don't have tax credits. We do have a new
product line coming out which has got some great features
and benefits packed in it. But those are the kinds

(47:08):
of products that you know, again you're really buying and
investing in those products to protect your home, to protect
your family, to protect your business from a power outage.

Speaker 1 (47:16):
Now, and what I really meant is those news products
kind of offsetting anything you're losing from the energy storage
business because of the loss of the tax credits. One
other thing I want to ask you about data centers.
What about the imminent launch that you guys are expecting
of large diesel generations for data centers, What can you
tell us about capacity? How much do you guys have
for that and are you investing to boost that capacity?

(47:37):
And what is the pipeline of new orders looking like?

Speaker 12 (47:40):
Yeah, so the pipeline's very strong. You know, again about
one hundred and fifty million already booked in backlog. In
terms of capacity raw capacity here, you know, kind of
globally about about a five hundred million dollar capacity number
for twenty twenty six. So if we get the orders
we think we can, you know, we can have a
really great year next year as a way to increase
our marcial and industrial business. But we're already thinking about

(48:02):
twenty twenty seven beyond. You know, this is a market
that again you kind of have to go back to
what do you see in terms of capex spending for
data centers? Is this going to be as truly a bubble?
You know, something that in the next year or two
you're going to see a retrenchment or a retlacement of
all the that spending or is this secular? Right, is
this going to go on for the next decade? And
we we definitely, like others, believe that this is this

(48:24):
is certainly a longer term trend and one worth leaning into.
So we're already starting to think about adding capacity, uh
so that we can take that five hundred million dollars
number to something much higher than years ahead.

Speaker 6 (48:35):
For me, it's the residential products because.

Speaker 3 (48:38):
This is like Matt just wants a diesel generator. Tell you, well,
if you're you know, what we do here is just
what Matt needs to buy.

Speaker 5 (48:47):
And that's what it's not not even me.

Speaker 6 (48:49):
But if you're like a hedge fun guy and you
just made your first you know, a couple of million,
and you're putting up a place and you know Mill Brooks,
you can be next to me, show Mik you want
to have a sweet diesel generator?

Speaker 10 (49:00):
Are out back?

Speaker 12 (49:00):
Well, well, I'll tell you you know what people don't
think about, right, Like if you if you think about
your home today and right so you talk about that
the hedge fund manager or or you know, anybody else
who's who's got a home, the amount of technology that's
entered your own home, right, think about it, like like
from security cameras to just the you know, it's from
control of all of your you know, a lot of

(49:21):
your audio visual equipment you're lighting, but a lot of
the you know, the safety equipment that goes in your homes,
your security systems. These systems are non operational when the
powers out. We get notes from people who are like,
you know, look, I didn't even realize that my garage
door wouldn't open. You know, I've got a garage door opener.
The powers out, I can't even back my car out
of the garage. You know, everybody if you if your

(49:42):
power's out and you want to open the garage or
you got to reach up and grab that red handle. Right,
nobody wants to do that ever in your garage because
you don't know what's going to happen next. Right, So
people are like, I just I didn't think about it.
I didn't think my some pump when you're some pump.

Speaker 1 (49:54):
My husband keeps doing all these systems, like are lights
I had to turn on with like these technical systems
and everything nothing switches or anything anymore, And it's like I.

Speaker 3 (50:02):
Fear for when the lights go out.

Speaker 1 (50:04):
I don't live in suburbia, I live just outside New
York City, but we talk about it's so much.

Speaker 6 (50:08):
We talked about even the food in your refrigerator, but
the deer in the freezer downstairs, you know, and what
happens if you can't heat the pool and the fall.
You know, you need to have what what is the
hottest product, Aaron? What is the thing that you know,
the dude at the end of the call to sack
absolutely has to have.

Speaker 5 (50:27):
What are you selling out of?

Speaker 12 (50:29):
Well, I'll tell you it's our twenty six kiloot home
stand by generator, which can cover your entire house, a
good sized home, for everything you need. It's basically if
the utility goes down, you don't even notice that that
that the utility is not present, right, I Mean you
see a momentary uh loss of power, and then the
generator starts up and you can you can basically run
in definitely on a natural gas pipeline or if you

(50:50):
have propane at your home, you know you're gonna be
able to.

Speaker 5 (50:53):
Last a long time on a generator.

Speaker 12 (50:54):
And I think one of the things. The other thing
that we're seeing huge trend right is people who have
home medical equipment GLP one drugs GLP one, drugs have
to be refrigerated. So if you lose refrigeration with medications,
certain kinds of medications spoil very quickly. And so you
know this these trends, these overarching trends. For again, you know,
a lot of the medical infrastructure is starting to move

(51:16):
into the home. We see Americans who are trying to
stay independent and stay in their homes much much longer.
But a power outage when you know, when you get older,
in your sixties or seventies and you lose power, it's
a very different situation than if you're a younger American
thirties and forties. You know, it's the indoor camping. You
get out the monopoly, you know, and everybody has fun
and it's great until you know, everybody gets sick of
that after about an hour. But if you're older, I

(51:38):
mean the danger that comes from not being able to
regulate temperature, the loss of some of the function of
some of these medical devices, just not having the lights operate.
As you mentioned, Carol, I mean, those are very serious
situations for older Americans, and that is a huge part
of our demographic for homestand by generators.

Speaker 3 (51:53):
Yeah, moose from being a wine scenary to a staple cellar.
Matt stop iron.

Speaker 1 (51:59):
He's now googling what you just suggested, and so you
know there might be a purchase coming here somethday in
Matt's future.

Speaker 3 (52:05):
Aaron, thank you so much. Aaron Yeckfeld.

Speaker 1 (52:07):
He is chairman, president and CEO of Generak. Delighted to
have him here on Bloomberg Business Week Daily.

Speaker 5 (52:15):
This is the.

Speaker 2 (52:15):
Bloomberg Business Week Daily Podcast. Listen live each weekday starting
at two pm Eastern on Apple car Play and Android
Auto with the Bloomberg Business App. You can also listen
live on Amazon Alexa from our flagship New York station,
Just Say Alexa played Bloomberg eleven thirty well four.

Speaker 1 (52:32):
Months after the Dallas Mavericks fans held a mock funeral
for the franchise outside it's arena following the trade of
star forward Luka Doncic, they rushed back to the team's
home court to celebrate what they hope will be its rebirth.
It happened just about a month ago as about six
thousand people watch from the stands of the American Airline
Center as the team selected Duke University's Cooper Flag with

(52:54):
the top pick in the NBA's draft. Well, we've got
a lot to talk about, and we've got the perfect guest,
Rick welts Us. He's the CEO of the Dallas Mavericks.
And we also have with us Bloomberg News Texas Pure
Chief Julie Fine, both of them in our Dallas bureau. Julie, Rick,
great to have you here with Tim and myself. Rick
got to start with Cooper Flag. You were with them
when he first got to Dallas. The team has such

(53:17):
a slim slim chance of getting that first draft pick.
How has he kind of melded into the organization so far?

Speaker 13 (53:26):
Would you call a slim chance one point eight percent,
super slim? A chance, super slim. He's been great. He
arrived in town with his parents, his brother, grandparents. You know,
he's a testament to great parenting. I experienced that at

(53:46):
Golden State my last job with Steph Curry on what
great parenting can mean.

Speaker 7 (53:52):
He's the most decorated eighteen year old in the history
of the game of.

Speaker 13 (53:55):
Basketball at this point, coming in with incredibly high expectations,
but really everything you could see being around him for
a few days, from mindset, from attitude, from work ethic,
everything you can see gives you a lot of hope.
He's going to be everything that basketball fans expect him
to be and maybe.

Speaker 7 (54:15):
A little more.

Speaker 14 (54:16):
You know, Rick, he comes here to Dallas after a
pretty tumultuous time for the franchise at this point from
a business sense, are you doing okay? Did you lose
season ticket holders? How about sponsorships?

Speaker 13 (54:28):
So I got here January first. You know, I'm here
because Dallas is such an amazing market. The history of
fans support here is just incredible. We have an expression
here mas Fans for Life, and I walked into that
trying to, you know, just being thrilled to represent the
Mavericks in this market. But trading Luca, which happened on

(54:51):
February first, pretty much broke the internet and it was
not something that our fans expected and not certainly not
something that they embrace. And so we went through one
hundred days of grieving, you know, with our fan base
understanding what this kid meant to Dallas. But you know,
now with Cooper here, I think the focus again on

(55:13):
the future. Sponsors are probably ringing our phone a little
bit more than we've ever had before. Season ticket holders
are back in greater numbers. Than they were last season.

Speaker 5 (55:25):
So so far, so good.

Speaker 14 (55:26):
You know, we talked a little bit earlier about time
and forgiveness after something like that happens. I mean, now,
when you look back a few months later and moving forward,
how do you feel feeling great?

Speaker 13 (55:39):
You know, We're going to start the season with three
number one historic three number one picks Anthony Davis, Kyrie Irving,
and Cooper Flag all number one in the NBA draft.
A third another future Hall of Famer in addition to
Anthony and Kyrie is Clay Thompson. We're feeling great about

(56:00):
the team that we're going to feel next year. We're
feeling great about the momentum that Cooper has brought to
the Mavericks.

Speaker 15 (56:06):
Rick Apart from winning, how else can you continue to
rebuild or redevelop that trust between the organization and the
fan base.

Speaker 7 (56:15):
You know, I think that's a great question.

Speaker 13 (56:17):
I think what I'm walking into is an organization that
probably has set the standard in terms of community engagement.
Not rehashing the past, but the Mavericks had a pretty
existential crisis six seven years ago when there were a
lot of media coverage of what was really a broken

(56:37):
culture here at the Mavericks since Marshall came in as
chief executive officer at the time and spent the last
six seven years rebuilding the relationship between fans, civic organizations,
religious organizations, government organizations in Dallas and the Mavericks. It
became a point of pride again to be associated with

(56:57):
the Mavericks, so.

Speaker 7 (56:59):
That reservoir of it will still exists.

Speaker 13 (57:02):
We're going to combine that with that time tested formula
of time and winning, and I think it gives us
a reason to be super optimistic by the way out
of time when we're talking about building a brand new
arena and entertainment district in the city of Dallas that'll
be home for the Mavericks for decades.

Speaker 1 (57:22):
To come, and Vick, we want to talk about the arena.
I got to go back though, to Luca, and I'm
just curious, like we've all done things where we're like,
if I could do that over and you talked about
the one hundred days of grieving.

Speaker 3 (57:32):
Do you have any regrets or did you learn.

Speaker 1 (57:34):
Anything, especially you know based on your fan reaction, But
first of all, any regrets in making the trade.

Speaker 13 (57:43):
You can't have fear or regrets in this business, right
It's all about how you move forward, and you know,
so it doesn't really serve a purpose to have regrets.
What I will say I learned about the depth of
the connection between Mavericks fans and this team, and that
to me was glass half full because I knew we

(58:04):
could restore that over time. I didn't think it would
happen quite as quickly perhaps as it's happened.

Speaker 7 (58:10):
I would also say I'm.

Speaker 13 (58:11):
Incredibly proud of how the organization presented itself for Luca's
first game back at American Airline Center when he was
a Los Angeles Laker. I think if you watch that game,
it was an opportunity for fans to say thank you.
I think you saw the emotion on Luca's face. You
saw the way that night unfolded.

Speaker 7 (58:34):
And tributes to Luca.

Speaker 13 (58:35):
I think he'll always be such a big part of
the history here, and you know, we wish him nothing
but good luck, but we also hope we beat his
team every time we play him.

Speaker 15 (58:47):
So do well, but not too well.

Speaker 16 (58:48):
We get it.

Speaker 3 (58:50):
You know, I want to touch back on the stadium.

Speaker 14 (58:52):
Your current lease is up in twenty thirty, so I
know you're looking for new spaces.

Speaker 3 (58:58):
How committed.

Speaker 14 (58:59):
Are you to do it in the city of Dallas.

Speaker 13 (59:02):
So we've publicly said that we are going to exhaust
every opportunity to place the new Mavericks Arena.

Speaker 7 (59:08):
In the city limits of Dallas.

Speaker 13 (59:09):
That's one hundred percent of our focus right now, working
with the city manager's office and the Mayor's office, identifying
potential sites, evaluating those sites for how they work for transportation,
how they.

Speaker 7 (59:20):
Work for accessibility to our season ticket base. So we're
in it all the way with Dallas. I expect we're
going to be successful in finding that location.

Speaker 14 (59:30):
When do you think you will have an announcement by
when we've located this. Are you putting a deadline on yourself?

Speaker 7 (59:36):
Well, I know six years sounds like a long time.
In my view, we're on the clock. It takes this
long to build.

Speaker 13 (59:43):
A project of the magnitude that we're talking about building.
This isn't just an arena. This is a thirty five
to forty acre entertainment district. It'll have hotels, it'll have
all kinds of restaurant options, it'll have other things that
fans are going to do when they attend a Mavericks game,
and it'll be the most amazing place ever to watch an.

Speaker 7 (59:59):
NBA baut football game. So we're on the clock.

Speaker 13 (01:00:02):
We're hoping that by the end of this calendar year,
at the latest first quarter next year, that we'll be
able to have a flag in the ground, if you'll
excuse the expression of where the new Mavericks arenas rick.

Speaker 15 (01:00:15):
The building of stadiums throughout the country has been a
pretty fraught process over the last couple of decades. In Buffalo,
the state of New York kicked in funds for a
new stadium. Kansas City is working on state funding, but
in both instances, taxpayers had a lot to say about
billionaires getting their money. Is this stadium going to be
a private project?

Speaker 7 (01:00:33):
Well, certainly the majority of it be a private project.

Speaker 13 (01:00:36):
It depends on where we land, what the challenges are
going to be from a transportation and infrastructure standpoint. I
think one very fair ask everywhere in projects like this
is that the city or whatever the governmental entity is
assists in helping fans get there and helping create an
infrastructure that.

Speaker 7 (01:00:55):
Works really well.

Speaker 13 (01:00:57):
But I don't expect the level of funding that you've
seen in some of the other projects, and we're not
asking for that. We actually haven't asked for anything at
this point. It's going to be very site specific on
the things that the city could do or is prepared
to do. It'll have to be something that's very acceptable
to the city government of Dallas.

Speaker 3 (01:01:17):
Whatever that might be, all right, accept acceptable. Excuse me?

Speaker 1 (01:01:20):
So do you think that they might change the whole state?
If you will when it comes to gambling. And I
only bring that up because Bloomberg News did talk with
Patrick Dumont and when he first bought the club, he
wants to see gambling in the state. They're spending money
on lobbyists. We know gambling is illegal in Texas. But
you talked about this new stadium, this new arena being
an incredible entertainment space.

Speaker 3 (01:01:42):
Would gambling? Would you like to see gambling be a.

Speaker 8 (01:01:44):
Part of it?

Speaker 7 (01:01:45):
The two are absolutely not connected in any way.

Speaker 13 (01:01:49):
This project going forward is one hundred percent focused on
creating a sports entertainment district that does not include a
casino or gambling component. Were full speed ahead with that.
That's the Sands Corporation. This is the Dallas Mavericks, and
we're we have a project that we envision that does
not include any sort of gambling component.

Speaker 14 (01:02:12):
You know, oftentimes when you talk about the NBA, then
you go to the WNBA, and I frequently hear people saying, oh,
the WNBA is having a moment. The WNBA has been
around for a while, but now there's a lot of
new eyes on it, and of course Page Becker's here
in Dallas along with Cooper Flag. But with your experience
working in the WNBA, what's your reaction to what we

(01:02:33):
are seeing now in terms of the growth.

Speaker 13 (01:02:36):
You know, I'm smiling because I can't you know how
I feel about the WNBA. I was at the NBA
League Office and was critical part of launching the WNBA.
I love everything that's happening right now. I will say,
you know, taking a step back, this is a twenty
eight year overnight success. Okay, this isn't something that just happened.

(01:02:58):
And I'm so happy for the players, the executives, the
coaches that over the last twenty eight years have built
a foundation that has allowed Caitlin Clark and a Page
Beckers to come in now and ignite the kind of
interest and enthusiasm there is around the WNBA.

Speaker 14 (01:03:15):
You know, we're seeing now with all leagues media rights
in the way of the future I mean the MAVs.
You have a local you show the games locally, but
you also have MAVs MAVs TV. What do you envision
the future of media being for basketball.

Speaker 13 (01:03:29):
Well, juliare hitting on the biggest local issue that we
have right now in the economics of the NBA. That said,
we're also next year launching a brand new national television
agreement that more than triples the rights fees that teams
will receive based on the new partnerships we have at
the NBA. But at the national level, but locally, the

(01:03:53):
model's broken. The regional sports network model is broken, and
whether you're in baseball, hockey, or basketball, every team right
now is trying to find a way to replicate kind
of economics and take those valuable local broadcasts.

Speaker 7 (01:04:08):
We haven't done it yet.

Speaker 13 (01:04:10):
At the Mavericks, we have a director consumer offering MAVs TV,
which has more subscribers than any other comparable system in
the NBA. We also have two over the air broadcasters,
but it doesn't begin to replicate the economics. It does
for reach, which is great. We got to figure it out,
and we haven't figured it out yet.

Speaker 15 (01:04:30):
Hey, Rick, before we let you go, we touched on
media just now. We've touched on the new stadium, and
we've touched on, of course the players. What else is
the organization and what are you doing at the organization
to raise your valuation and to grow the business?

Speaker 13 (01:04:42):
Very briefly, well, I think a lot of that is
frankly top down. I think the NBA is the best
managed league in sports with Adam Silver and Mark Tatum.
I think our players Association is the most progressive with
Andrea Gadala David Kelly running that and a a lot
of the evaluation is really driven by what the NBA

(01:05:04):
is as a league, and I think I've never been
more excited. But this is my forty seventh year of
involvement in the NBA. What's happening internationally with the NBA
right now is just different than the opportunity that any
of the other traditional American sports have. And I'm so
excited that our league is focused on growing the sport
of basketball and the business of the NBA internationally. Those

(01:05:27):
things that tripling of national television revenue, those are the
things that are big, big components of driving valuations that
you know are eye popping these days.

Speaker 1 (01:05:39):
Well, good luck with the season. Rick thank you so
much for finding so much time for us. On this Monday,
Rick Ueldt, CEO of the Dallas Mavericks, joining our Bloomberg
News Texas buer chief Julie Fine. They are both in
Dallas and Tim and I back here at Bloomberg headquarters
in New York City.

Speaker 3 (01:05:52):
Rick, be well, thank you, thank you.

Speaker 2 (01:05:58):
You are listening to the bloom Business Weekdaily podcast. Catch
us live weekday afternoons from two to five pm Eastern
Listen on Apple CarPlay and Android Auto with the Bloomberg
Business app, or watch us live on YouTube.

Speaker 15 (01:06:12):
So I promised some alcohol, Carol. So some good news
in the world of spirits for those investors who are
at least long Davide Compari Milano. This is the barrent
company of Campari, Appaol, Grand Marnier, while Turkey and more
reported better than expected profit and revenue for the first
half of the year. Not out of the woods yet though,
and it's because of tariffs.

Speaker 1 (01:06:32):
I was thinking about Grand Monnier and Margarita. I think
it can make it like extra special.

Speaker 15 (01:06:37):
Sorry, Yeah, so you didn't listen to any of that.
All you were thinking about was that one.

Speaker 3 (01:06:40):
I know.

Speaker 1 (01:06:41):
Okay, Fine, I know Tariff's trainer front and center.

Speaker 3 (01:06:43):
We're going to talk about that.

Speaker 15 (01:06:44):
I want to bring in Ali Anderson. She's CEO of
craft Co. It's a company that has a portfolio that
includes more than two dozen spirits and liqueurs think Bourbon, Gin,
Ready to Drink, cocktails and more. The company also does
co packing for other brands. Ali's back with us from Alexander, Virginia. Ali,
how are you.

Speaker 16 (01:07:02):
I'm doing great today. How are you Caroll and Tim?

Speaker 15 (01:07:04):
We're doing pretty well. I know Carol wants a drink
after this week. Hey, I want to start with tariffs
because you're known as a company that doesn't import, and
you do your own distilling here in the US. As
a result of the tariffs that have been placed on
imports of liquor from around the world, have you seen
an increase in your domestic sales?

Speaker 16 (01:07:25):
Well, I would like to say that I have, but
the reality is that when the tariffs, the threat of tariffs,
especially the back and forth on that, what it did
was it caused US distributors to use up that budget
to purchase those imports out of fear that they wouldn't
be able to get those going forward, or get those
at a different at a higher price, So that didn't
leave a whole lot of budget for craft suppliers like

(01:07:46):
me to be able to get our products out there.
So I think it's shaking out right now. I think
we have lots of signs of hope on the horizon,
but it definitely constrained things for a long time and
does continue to you know, with affect our suppliers as.

Speaker 3 (01:08:01):
Well, Alli, Allie, drill down a little bit.

Speaker 1 (01:08:04):
What does that mean in terms of the restrictions that
you guys have had or your suppliers what specifically, Well.

Speaker 16 (01:08:10):
Things like packaging bottles which we do get overseas glass bottles.
We actually saw this coming and switched up our suppliers
a little bit, and so imported barrels are another one.
We actually would like to export more of our barrels.
That's not going to be as easy to do, as
you know, but even equipment abroad for us, there's some

(01:08:32):
changes to our can line that we'd like to make,
and some of that means we've got to look for
different suppliers. So you know, we're flexible, we're nimble, We're
able to do that. I recognize that not all suppliers
are able to do that, but you know, we're seeing
it and we're feeling it, but we're also adapting.

Speaker 3 (01:08:46):
To it as well.

Speaker 15 (01:08:48):
So you know, it's funny because I always I don't
say I always forget, but you know, when I say
something is actually made in the US, the things that
you're bringing up are a lot of international. Whether that's barrels,
whether it's parts of the machinery that you need, whether

(01:09:08):
it's parts of the cans. What is what portion is
actually made in the US.

Speaker 16 (01:09:15):
Well, for us, it's it's it's everything is main in
the US. It's Bourbon we do. We do mainly Bourbon.

Speaker 15 (01:09:22):
All your ingredients, all your ingredients from the US too.

Speaker 16 (01:09:25):
The ours are definitely ours are, but that doesn't have
to be the case. Right You could import rye from
Europe if you wanted. We don't happen to do that,
but yeah, you absolutely could. Now for us, we're you know,
we get our labels, We keep as much local as
we can from our boxes to our labels, our quarks,
but big things like glass that can be a little tougher.

Speaker 1 (01:09:48):
I'm also curious about consumer spending. You guys are a
great window into that, and we've gotten a couple reads.
We even got some consumer sentiment from the Umish University
of Michigan.

Speaker 3 (01:09:59):
We did see.

Speaker 1 (01:10:00):
Sentiment actually go to a five month high. A lot
of that had to do with the rally that we
saw recently in stocks. We saw inflation expectations easing. What's
your read on the consumer right now?

Speaker 16 (01:10:12):
I think the consumer is fatigued. The consumer, you know,
they want value, they want bang for the buck. They
expect us to be very transparent with not just how
things are made, but you know, they want to know
if you're selling a four pack, they want to know
what goes into that. They're very savvy and they're tired,

(01:10:34):
I think of you know, we hear a lot about
shrinkflation as well. I think they're fatigued by that. So
that's one thing that we definitely try to keep in
mind when we're developing new products.

Speaker 15 (01:10:44):
We had this discussion on our editorial call today about
whether or not we should consider alcohol a staple or
a consumer discretionary item, and I guess it depends on
It kind of depends on what the way you think
about a drink after work.

Speaker 5 (01:11:00):
I don't know.

Speaker 15 (01:11:01):
I think it's person dependent. How do you view it
as somebody who creates this product. Do you view it
as something that, especially in the part of the market
that you play in, do you view it as something
that people will buy regardless of how the economy is,
or is it a treat.

Speaker 16 (01:11:18):
I think it depends on the situation. It depends on
so many factors, you know, socio political economic factors.

Speaker 4 (01:11:25):
For one.

Speaker 16 (01:11:26):
It depends on how you're erased, where you come from,
what your experience is, and how you view something like alcohol.
Like we're seeing all kinds of trends with the low
and no proof right people trying to make different lifestyle choices.
So I think it's definitely situational with your relationship to spirits,
to drinking, to alcohol, to how you celebrate, to how

(01:11:46):
you mourn, to how you transition through life.

Speaker 15 (01:11:50):
Are you doing any nowhere low right now?

Speaker 3 (01:11:53):
We are.

Speaker 16 (01:11:54):
We've got Thatchers organic liqueurs, which we're super proud to
be organic. That's kind of a hard certification to get.
So we've got organic liquors that are low proof, and personally,
I like, you know, just a seltzer like a Lacroix
and a bit of Thatcher's elderflower is a great way
to just have a little bit of spirit, but not
have to you know, drink a hunter Proof whiskey either.
Now there's a place for that, don't get me wrong,

(01:12:16):
but yeah, we do debble in that. We recently reduce
the proof on our cannon cocktails because that's what the
consumer wanted, right, They're looking to be more sessionable, to
enjoy for a little bit longer, and so we listen
to that and delivered.

Speaker 3 (01:12:31):
Well, that's what I wanted to ask you.

Speaker 1 (01:12:32):
Your portfolio, as Tim mentioned in the lead to you
more than two dozen spirits and liqueurs bourbon gin Rye
ready to drink a lot.

Speaker 3 (01:12:42):
And you are thinking about the lower no alcohol market.
Where's the growth? Where are you.

Speaker 1 (01:12:48):
Spending time in terms of and you want to spend time,
not only time, but money and effort.

Speaker 3 (01:12:53):
When it comes to product development.

Speaker 16 (01:12:56):
The growth is really in innovation, whatever that at, whatever
your category is. What customers want is to be dazzled.
They want something new. Like I said, they're fatigued. Sure,
they're fatigued by price, but they all also want something
new to try. So I think if you're you know,
if you're primarily into cannon cocktails, I think you should
be innovating around flavors. What's the culinary scene doing. Are

(01:13:19):
you paying attention to that? What are you picking up
from that? If you're into high end whiskeys, which we
very much are, we're looking at what kind of different
finishes can we do, what kind of different blends can
we do with higher aged whiskeys, because the consumers definitely
want different, They want to continue to be kind of
entertained at the shelf by what we're doing.

Speaker 15 (01:13:39):
I mentioned that you do copacking. Can you explain that
side of the business and what you're hearing from clients?

Speaker 3 (01:13:43):
If you watch Shark Tank, you would know what co
packers do.

Speaker 5 (01:13:46):
But I know I know what it is.

Speaker 3 (01:13:49):
Sorry, go ahead?

Speaker 15 (01:13:50):
Wow, Well they always do.

Speaker 3 (01:13:53):
They're like, do you have a co packer yet? Or
I've got a Copackerr girl, no, go.

Speaker 16 (01:13:58):
Packing is Honestly, it's a new part of our business.
But when we looked at what our strengths were, it
was in product development. We've developed products for the Lions,
products for the Orlando of Magic. We're pretty great at
being nimble and developing new things for When people come
to us and say, you know, I'd like to do this,
we say, great, tell us more. We think we can

(01:14:18):
help you out with that, and so copacking is our
response to utilizing our capacity. We had a little bit
of excess capacity and being able to say, what do
you want to create, we can help you navigate that.
You know, alcohol is one of the most highly regulated
industries in the United States. It's not easy to navigate that,
and so we're able to kind of shirpa new brands,

(01:14:41):
New the World brand through the process using our experience
in our resources as well.

Speaker 1 (01:14:46):
You mentioned regulatory what might the come from the administration
potentially that might help or hurt you guys beyond maybe
what we've talked about tenff cent traade.

Speaker 16 (01:14:56):
Yeah, you know, I'm definitely not a policy expert here.
What I'm just looking to do is really urge President
Trump and the negotiators just very quickly resolve the terrace.
You know, there's one point seven million workers that depend
on a very vibrant US spirit industry. That's farmers, that's
hospitality workers, that's drivers, that's us Right. I'm reopening my

(01:15:17):
tap room here in September, and I want to be
able to do that successfully. I want people to come
through those doors and be able to drink American spirits.

Speaker 1 (01:15:26):
Well you mentioned workers. What are you seeing when it
comes to the US labor market. Are you guys hiring,
are you holding on to workers? Are you trimming back
your workforce?

Speaker 3 (01:15:35):
What can you tell us?

Speaker 16 (01:15:37):
I'm hiring right now? Like I said, I'm opening our
tap room which has been closed now for several months
by our own decision. We really just wanted to reimagine
it to be something that was more in line with
what craftc is and who we are. But we're definitely,
you know, looking to hire hourly staff. We just hired
a tap room manager, We're hiring line cooks, bartenders, so

(01:15:57):
we're definitely in a growth mode. But yeah, is it
a little difficult to find to find that right fit
in the labor force? Yeah, it is just a little bit.

Speaker 15 (01:16:07):
What kind of pricing powers do you have with your
product line?

Speaker 16 (01:16:11):
Well, we're very diverse, So we've got very high end
Whiskey's one hundred and fifty dollars plus all the way
down to canned cocktails which are twelve ninety nine for
a four pack. So you know, there's something for everybody
in our line, and I think that speaks to where
everybody is right now. Economically, you can find something for
a deal for sure.

Speaker 3 (01:16:30):
Going to leave it there. Good stuff.

Speaker 1 (01:16:32):
Always appreciate getting some time with you, Ali. Take care
and have a good weekend. Ali Anderson, she's CEO of
craft Co. As we mentioned, they have quite a portfolio
spirits and the cores. Yeah, fun stuff, a great insight
into an industry as well as a smaller business. She
joined us from Alexandria, Virginia.

Speaker 2 (01:16:52):
This is the Bloomberg Business Week Daily podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live weekday
afternoons from two to five pm Eastern on Bloomberg dot com,
the iHeartRadio app, tune In, and the Bloomberg Business App.
You can also watch us live every weekday on YouTube

(01:17:12):
and always on the Bloomberg terminal.

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Bloomberg Businessweek Weekend - August 8th, 2025

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