May 9, 2025 • 23 mins
Watch Alix and Paul LIVE every day on YouTube: http://bit.ly/3vTiACF.
Bloomberg Intelligence hosted by Paul Sweeney and Alix Steel
Today’s Podcast Features are:
-Shawn Donnan, Bloomberg News Senior Economics Writer, discusses President Donald Trump floating an 80% tariff on China ahead of negotiations due to begin Saturday as he urged Beijing to do more to open their markets to US goods.
-Josh Pantony, Co-founder and CEO of Boosted.AI, discusses AI spending, arms race, and how investors are using AI. Recent earnings reports from the largest companies in the world -- Meta, Microsoft and Amazon -- underscore that spending on AI continues to grow exponentially.
-Henrietta Treyz, Managing Partner and Director of Economic Policy at Veda Partners, discusses U.S-China talks and President Trump’s tax plan. Veda Partners' forecast says there is growing optimism, particularly as business leaders at the Milken conference posited that 50-60% tariff rate reductions could come soon, and that this week's first meeting between the US and China will lead to a sharp reduction in tariffs in the very near term, perhaps immediately.
-Mandeep Singh, Bloomberg Intelligence Senior Tech Industry Analyst, discusses US prosecutors and regulators investigating a $32 million deal between CrowdStrike and Carahsoft Technology. They are probing what senior company executives may have known about it and are examining other transactions made by the cybersecurity firm, according to two people familiar with the matter.
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Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news, and Android auto with
the Bloomberg Business App. Listen on demand wherever you get
your podcasts, or watch us live on YouTube.
Speaker 2 (00:16):
A trade team heading over to Switzerland today for trade
talks with China, and President Trump out today with a
tweet saying eighty percent China tariff. Quote seems right ahead
of the talks, so we'll see how that plays out.
Seawan Donna joins us. He is senior economics writer for
Bloomberg News. He's based down in Washington, DC. Seems right.
Speaker 3 (00:37):
I don't know.
Speaker 2 (00:38):
I'm not sure where that number came from here, Sean,
what are expectations going into some of these trade discussions
with the Chinese in Switzerland.
Speaker 4 (00:47):
Look, the administration from President Trump on down has made
very clear they want to do some de escalation this
weekend and that they want to bring parish down from
the one hundred and forty five percent plus level that
they're at. We had heard in recent days below sixty
percent was something that they're targeting. The President's out with
(01:08):
eighty percent. But look, the thing to keep in mind
here is even if we get what would be a
dramatic the escalation dramatic reduction from one hundred and forty
five percent to eighty percent or sixty percent. Those levels
are still incredibly high, and they're still going to be
prohibitive for a lot of trade. And you know, the
folks a Bloomberg Economics have been running the numbers and
(01:30):
you still get plenty of damage to the US economy
to trade to the Chinese economy. Those are not good numbers.
I mean this it speaks to how far we've come
in the last month. You know, it was literally a
month ago today that these reciprocal tariffs went into place
from President Trump and then he had a bit of
(01:51):
a U turn put on a ninety day puz. But
the window on what is being discussed is just has
shifted remarkably over that time.
Speaker 5 (02:00):
And that's what we forget kind of yesterday too, like
even though there was a deal with the UK, like
those ten percent tariffs are still in effect, They're still there.
What was so interesting though, is that he also said
that it's up to Besson't why, like, what do we
make of that? And is that a good or a
bad thing as far as markets are concerned.
Speaker 4 (02:18):
Well, look, I mean, Besson's the guy for now. Right,
I mean, he's leading the delegation there, and President Trumps
has moved around. I mean a few weeks ago, it
was Howard Latnik who was the guy right and on
China and other things. It looks like the Secretary of
Commerce is now dealing with other countries and there's a
(02:40):
lot of negotiations going on there. Scott Besson is the
man of the moment this weekend. He's being joined by
Jamison Greer, who really is the trade wonk in the mission.
He's the US trade representative of course. So look, you know,
one of the things we learned in the first Trump
administration is President Trump has lots of emissaries, and he
(03:03):
often shifts emissaries over time. So let's see what Scott
Bessen comes back with, Let's see what President Trump makes
of it, and let's see where the talks go from here.
Speaker 2 (03:14):
What's the current thinking Sean about when will consumers feel this?
Gene Soroka, who runs a port of la was in
our studio last week and he said bookings for this week,
sailings from China into his port are down thirty to
thirty five percent for this week.
Speaker 3 (03:28):
When's that going to reach consumers?
Speaker 4 (03:31):
Look it's it's going to reach consumers and soon. I mean,
I think you know, we had new trade numbers out
of China today and exports from China to the US
are down by twenty one percent, and we're down by
twenty one percent in April, and they're only going to
get that. You know, they're only going to continue downward
(03:52):
from from here, even if we get some kind of
de escalation at the weekend. So the one thing that
is is kind of pushing back against the impact for
consumers is that companies have built up a lot of inventories.
So you talk to companies and they'll say, we've got
three maybe six months worth of inventory there, and that
might get us through. So we're going to see empty shelves,
(04:13):
but not all the shelves are likely to be empty
this summer.
Speaker 5 (04:16):
And then it becomes a question of when do we
see those jobs be cut? So if you don't have
the volume coming in, do those dock workers get scrapped?
And that was a question posed to President Trump yesterday
and he's like, well, good, because a long term it's
going to be good for America. But what's that trickle
down looking like?
Speaker 4 (04:34):
Yeah, and we're already seeing job cuts, and you know,
we're also seeing hiring slow down, and I think that's
That's the other thing to remember is a lot of
the uncertainty around trade isn't necessarily about cutting jobs or
closing factories in the short term. It's about not expanding factories.
It's about not growing, it's about not hiring more people,
(04:56):
and that, of course is what's really toxic for the expoment.
Speaker 5 (04:59):
All right, Sean, we gotta leave it there. Thanks lash
onon Don and joining us. He heads up all trade
and economic coverage for Bloomberg.
Speaker 1 (05:07):
You're listening to the Bloomberg Intelligence podcast. Catch us live
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get your podcasts, or watch us live on YouTube.
Speaker 3 (05:21):
AI.
Speaker 2 (05:21):
Well, you remember when the time was we talked about
AI NonStop, and then we switched the narrative to terrors.
Speaker 3 (05:28):
I kind of want to go back to AI. That
seems like a lot more fun.
Speaker 2 (05:31):
But it's affecting all the industries we know that, including
financial services industry. One of our next guests is really
involved in that. Josh Panthony, CEO CO founder of boosted
dot AI Joints, is here in our Bloomberg and Arrective
Brokers studio based in Chicago, so I mean in Toronto
for our Canadian friends. Welcome, Josh, appreciate it.
Speaker 3 (05:51):
Talk to us about boost to AI. What do you
guys do?
Speaker 6 (05:54):
So we make it easy for professional investment managers to
build these little sort of AI workers the kind of
automate different parts of the process. So you might give
it some task related to maybe doing a competitive analysis
or tracking what's happening with tariffs, and then have the
worker kind of automatically scan through the world and inform
you about really important.
Speaker 7 (06:11):
Information that could have impacts on your process.
Speaker 5 (06:14):
So what's the ROI for something like that? Like, if
I'm a portfolio manager, what does it look like? What
has my job get better or worse?
Speaker 6 (06:21):
Yeah, well we mix your job much better. Point we
kind of think of it in three different ways. We
can help automate drudgery. So if you're someone has to
do something like write a deep due diligence document, or
if you do a report or a swat analysis, or
you know, write like a ninety page investment thesis. These
are all examples of task that system could help you
do just a lot faster. The second way we think
(06:42):
about it sort of monitoring the world. If you have
a portfolio and you wanted to sort of scan through
everything happening in particular sector, maybe look forever you like
eight K, ten K scan to corporate events. This doesn't
can form you real time. And then the last category
I think of is sort of like superpowers. A good
example of that is when the video head there Blackwell
chipped away. He historically analyze that by looking at sell
(07:03):
side research talking to our groups. You'd still do that,
but you could use our system to look through like
three thousand companies, learnings calls, summer as across all of them,
what are the major macro effects of this, and how
many are still bullish and working with the video versus
other providers, And that kind of analysis just wasn't really
possible at scale until our technology came around.
Speaker 2 (07:22):
As a former cell side research channels, would my job
be at risk here? People still need me?
Speaker 7 (07:32):
Yeah? I think the jobs just going to change.
Speaker 3 (07:34):
Okay.
Speaker 7 (07:34):
I think there's kind of two elements of that work, right.
Speaker 6 (07:36):
There's the element of producing text, analyzing text, producing numerical analysis.
We think AI is going to more or less automate
ninety to ninety five percent of that. But there's another
deep part of your job where you were going out
and actually talking to humans. You were running conferences, you
were talking to management, you were talking to experts. Humans
are always going to have a massive competitive advantage, and
we think that the job almost gets more humanized. You
(07:58):
spend more of your life talking to other people, get information,
learning what matters, and.
Speaker 7 (08:01):
Taking to the polls. Well, the machine keeps track of
all the information in the world.
Speaker 5 (08:05):
So one of the criticism is that you know, by
going through all those earnings reports or whatever salesye reports,
you learn stuff, and that if you have AI do it,
you take away that learning tool.
Speaker 7 (08:15):
How do you combat that?
Speaker 6 (08:16):
Yeah, absolutely, there's still going to be some earnings calls
you're going to cover, but there's probably hundreds of earnings
calls maybe up the supply chain, down the supply chain,
relatedt competitors, related names that you don't cover, that have
really big impacts on your stocks you're probably not looking
at today. By adding in something like this, the sort
of set of information you can use as part of
your analysis just increases a lot more.
Speaker 2 (08:37):
What did you make of the news that's maybe came
to a little bit of a head in this past
week about AI as a threat to Google Search?
Speaker 3 (08:46):
Yeah, what did you make of that?
Speaker 4 (08:47):
So?
Speaker 6 (08:48):
Number one, it absolutely is, But I think at the
high level there's kind of two interesting things with AI.
Number One, we think we're still very early innings. There's
a lot of room to expand we don't think the
markets priced that in. But number two, there is huge
disruption that's coming.
Speaker 7 (09:03):
You know.
Speaker 6 (09:03):
In particular, we think the cost of producing software is
going to reduce like ninety nine percent of the next
year or two. And so there's a lot of traditional
companies that had very strong tech motes where those motes
are going to basically evaporate overnight, and we don't think
that's been priced in yet.
Speaker 5 (09:20):
How are you looking to expand your business? How do
you keep growing? I'm sure there's a lot of competition.
Speaker 6 (09:24):
Yeah, you know, long story short, we're just under a
thousand users right now. There's a ton more out there,
you know, So we're growing really heavily quarter over quarter,
but it's still.
Speaker 7 (09:36):
Maybe one percent of the market.
Speaker 6 (09:37):
And really my mission right now is to capture as
much as a can over the next year or two.
Speaker 2 (09:42):
So what's the feedback from you go into you know,
a hedge fund or something.
Speaker 3 (09:47):
Are they receptive to it?
Speaker 2 (09:48):
Do they feel like the quality may not be there,
they're unsure about it?
Speaker 3 (09:52):
What's the reception?
Speaker 7 (09:54):
Yeah?
Speaker 6 (09:55):
Oftentimes when we engage, we like to start with sort
of asking, what's the task you lease like doing. Tell me,
you know you work eighty hours a week, ninety hours
a week, what are the ten hours that you just
absolutely do not want to do? And really a lot
of that journey is walking them through how to automate
that ten hours, that twenty hours, giving them that time back,
and then we kind of build on top of that.
Speaker 5 (10:17):
How hard is it to find a team, like I'm
assuming that competition is huge right now, what's that like, like.
Speaker 7 (10:23):
The technology team to actually build it?
Speaker 3 (10:25):
Yeah?
Speaker 7 (10:25):
Yeah, yeah, probably very hard.
Speaker 6 (10:28):
I'm really lucky. I've been in the space since about
two thousand and nine. Built my first company at first
AI company back in twenty ten that eventually got sold
to Microsoft.
Speaker 3 (10:37):
Working before like any of us knew what a I was.
Speaker 7 (10:39):
Yeah, no, back then it was a bad word.
Speaker 6 (10:41):
I had trouble raising money in two thousand and nine
because no one thought AI was going to be a
real thing.
Speaker 7 (10:47):
Just crazy to think about.
Speaker 3 (10:48):
Uh huh, what's like raising money today? A little bit easier?
Speaker 6 (10:53):
No, I mean this company, I've raised about sixty five
million dollars in that range. You know, jump back in
time Maluba raised maybe thirteen million, So very different fundraising environment.
Speaker 3 (11:05):
Do you go to different tools?
Speaker 5 (11:06):
So I how do you keep refining your tools to
broaden and make it even more useful? And also the
accuracy level?
Speaker 3 (11:13):
How do you track that?
Speaker 6 (11:15):
Yeah, so kind of two different questions there. I'll start
with maybe taking track of technology, So we start by
having a very deep empathy of understanding what are the
kinds of workflows our users want us to automate, what
are the kinds of things that actually matter, and then
constantly tracking what a success look like for those kind
of workflows and where we have success with that.
Speaker 7 (11:36):
And I'm sorry was reminding the second question.
Speaker 5 (11:38):
Uh, the second question was it was really brilliant changing
the tool accuracy?
Speaker 3 (11:45):
Oh an accuracy?
Speaker 6 (11:46):
Yes, this is actually really really vital in the inside
of finance. So the biggest problem is, like, you're not
going to make one hundred million dollars trade if you
don't absolutely trust the information that's coming out.
Speaker 7 (11:56):
Of the system.
Speaker 6 (11:57):
So we really think about that in two ways. Number One,
we have to have the most accurate system in the space.
Number two, we have to have the most auditible system
in the space. When the system actually makes a recommendation
to it's not enough to just give.
Speaker 7 (12:07):
You an answer.
Speaker 6 (12:08):
It has to give you a very detail explanation of
where it came to, that conclusion from where it came from.
Speaker 7 (12:12):
And that's something we excel at.
Speaker 3 (12:14):
Josh, thanks so much, coming in the studio. Josh Pentony.
Speaker 2 (12:17):
He's a CEO and co founder of boosted AI company
based in Toronto. Have an operation here in New York City,
showing once again how we're very friendly US and Canada.
Speaker 3 (12:27):
We like, we love these guys.
Speaker 5 (12:28):
I mean, yeah, I know, so I don't know if
that feeling is going to stay, but sure, no, it's
all good.
Speaker 3 (12:33):
It's all good. We're all friends.
Speaker 1 (12:36):
You're listening to the Bloomberg Intelligence Podcast. Catch us live
weekdays at ten am Eastern on Apple, Coarcklay, and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 3 (12:50):
All right, let's go down to Washington, DC. You got
a lot going on there.
Speaker 2 (12:53):
Henrietta trez joined your season managing partner, director of Economic
Policy at Vada Partners.
Speaker 3 (12:58):
She's actually lives in Louisiana. How cool is that? I
think New Orleans.
Speaker 2 (13:02):
That's awesome, Hey, Henriette, I mean from your perspective and
you talk to your sources in Washington. Should we expect
anything coming out of Switzerland this weekend as it relates
to US China and trade.
Speaker 8 (13:15):
Yeah, it's a good question.
Speaker 9 (13:16):
Obviously, the President out kicked his coverage here with the
one hundred and forty five percent tariffs on China. The
problem is eighty percent, which he's talking about now on
truth social is still prohibitively high and doesn't really move
the needle for small businesses or anybody importing from China
or overseas right now. So the expectation I had going
into this before the President started tweeting this morning was
effectively that Secretary Bessett is trying to establish himself with
(13:41):
the Vice Premier of China at these meetings in Switzerland
this weekend. Historically, what we know from China and what
we've gotten from MOFCOM in the last couple of days
is that they are extraordinarily cautious and not at all
optimistic about whether Secretary Bessett is able to speak for
the president, whether the United States is serious about actually
(14:01):
reducing terrifs.
Speaker 8 (14:03):
And so the President is trying to give the Secretary.
Speaker 9 (14:07):
Vesset effectively the permission structure that China needs to enter
into the conversation any kind of meaningful way.
Speaker 8 (14:12):
So my sorry, Yeah, So did he.
Speaker 5 (14:15):
Do it by saying eighty percent looks good and it's
all up to Scott?
Speaker 3 (14:17):
And was he able to accomplish that?
Speaker 9 (14:20):
I think that from a directional standpoint, it's pretty clear
now that Secretary Besson does have this authority to go
to eighty percent. Whether he has the ability to go
further than that, I think is not something that China
can necessarily accept because obviously the President, through this tweet,
is the one who actually set the terms of what's
going to happen, not Secretary Beston.
Speaker 8 (14:39):
So it does undermine the Secretary a little bit.
Speaker 9 (14:42):
And I think what we should hope at best case
scenario is some sort of joint statement, which we don't
often get. Usually, the US will put out a statement
and China will put out another statement, sometimes hours or even
days afterwards, and they're very short, they're very curt and they.
Speaker 8 (14:58):
Effectively say we met.
Speaker 9 (15:00):
And that's sort of the best that we can hope
for going into this before the President tweeted about it.
I think that what we'll see now is the business
community to come out and say, hey, eighty percent is
still too high. We need this to come much much lower,
if not all the way off, which the President does
not seem inclined to do.
Speaker 2 (15:15):
This trade policy the President Trump is deploying, How is
that good politics?
Speaker 8 (15:22):
I think the.
Speaker 9 (15:24):
Supporters of President Trump really like the tariffs. They like
this sort of sticking it to the man mentality. And
so even though you're seeing the polling drop pretty materially,
even with Republican voters, his core base. I think the
last time I saw numbers was like forty three forty
seven percent of the Republican conference is very supportive of
the President's tariffs and his strategy, and they're willing to
(15:46):
give him this opportunity to wait and see.
Speaker 8 (15:48):
But on Capitol Hill you have absolute panic.
Speaker 9 (15:50):
It's sort of like ducks sitting on top of the
water and then furiously paddling underneath the Republican Party trying
to write this tax bill as running into the reality
that tariffs do not raise two trillion dollars if they do.
Speaker 8 (16:01):
Not bring in revenue.
Speaker 9 (16:02):
And of course, if you're stopped imports, you're not bringing
in tariff revenue.
Speaker 8 (16:06):
So there's a lot of panic on Capitol Hill.
Speaker 5 (16:08):
So clearly though, the narrative is trying to be shifted
to lower taxes. I guess as long as you're making
under five million dollars as a couple, and also deregulation
like that desperately seems to be the narrative that that
needs to be shifted for the administration. Is it happening,
like is that legit?
Speaker 8 (16:26):
Well, that's interesting.
Speaker 9 (16:27):
The one thing I touch on with this two and
a half million for individuals and five million for couples
filing jointly. This new tax policy for the president is
that you know, he's the ultimate salesman, right, and he
recognizes that this tax bill has a serious image problem.
And the image is one that the American public is
really primed to notice, which is cuts to medicaid. You know,
we have been talking about medicaid cuts for twenty years now,
(16:50):
since Obamacare. It's something we talk about on our web
Wednesday webcasts. I wish we could move on for it,
but the American public is so attuned to any cuts
to Medicaid that they sort of viscerally react negatively to
any tax bill that would include those data sets. So
in this circumstance, the President has realized that supporting taxes
(17:10):
on the wealthy is actually very popular, and this is
a great way to sort of reimagine the tax bill
and potentially get more support for the package from the
American public. But obviously the Republicans on Capitol Hill do
not like that idea.
Speaker 2 (17:25):
All right, Henrietta, thank you so much for joining us.
Appreciate your time always. Henrietta Trez, Managing partner and director
of Economic Policy at Veda Partners.
Speaker 3 (17:33):
Coming to us via New Orleans via that zoom thing.
Speaker 1 (17:36):
Here, you're listening to the Bloomberg Intelligence Podcast. Catch us
live weekdays at ten am Eastern on Apple, Cocklay, and
Android Auto with the Bloomberg Business App. Listen on demand
wherever you get your podcasts, or watch us live on YouTube.
Speaker 5 (17:52):
Let's get to some of the earnings that came out
over the last twelve hours in terms of technology, and
one of them is a care round strike.
Speaker 8 (18:01):
So the US is now probe being a role.
Speaker 5 (18:03):
Of CrowdStrike fosses in a Karasoft deal. I don't really
know what that means.
Speaker 3 (18:07):
So let's get to that.
Speaker 5 (18:08):
But it wasn't good for crowdsource. A man deep Seeingloomberg
intelligence in your tech industry analyst joins us. Now, so
what's the latest with this thing?
Speaker 10 (18:15):
Well, so I think this goes back a couple of months.
In fact, Karasoft is a reseller of software, so they
sell all kinds of software to government agencies and in
this case, the contract is like thirty two million dollars
that was the end customer's IRS. And it seems the
(18:40):
product was never deployed, so even though it was accounted
for in CrowdStrike.
Speaker 7 (18:46):
Early, I think I remember this.
Speaker 10 (18:47):
Yes, so it's getting probe. But to my mind, you know,
for a company like CrowdStrike with a four billion dollar
revenue run, right, you know they have exposure, but it's
like maybe mid to high single digits, so not a
whole lot of government exposure, and it is more of
(19:09):
a one off. I can't imagine, you know, that being
a problem with how they do their accounting. It is
more about how they source the contract through this reseller caarasoft,
and when did it show up in the income statement
as revenue. So nothing, to my best of my knowledge
is accounting related. It's more about the sourcing. And we've
(19:31):
seen that with other companies like Service Now in the past,
where you know, you have government agencies that award contracts
and these are lumpy like think of them as twelve
months in the making and then suddenly.
Speaker 3 (19:47):
You get awarded a big contract.
Speaker 10 (19:49):
But nothing really that affects overall companies' sort of sourcing
of contracts.
Speaker 2 (19:56):
I think that's a competition in the car hailing business.
Look at the Lift of twenty one percent crowds.
Speaker 3 (20:04):
I mean again, Lift, I pitch you.
Speaker 2 (20:06):
Over the last ten rides I've done, I've probably taken
Lift seven times because they just had the better pricing
and materially better pricing. Yeah, so somebody's algorithms not working,
either ubers or lifts.
Speaker 3 (20:17):
But I'm taking advantage. I'm arbitrage in that bad Boy.
What'd you learn from Lyft?
Speaker 10 (20:22):
Well that pricing is these things to focus on. If
you have lower prices, that helps you get repeat customers.
And I think that you what you just said absolutely
make sense. And look when you compare a Lyft to
let's say door Dash or Uber. Lyft has got about
twenty four million monthly active users, door Dash has forty
(20:44):
two million, and ubers is much higher because they have
geographic diversification. But when I compare the overall rides, Lift
does less than a billion rides in a year. DoorDash
does three billion orders for with forty two million users,
So that just goes to show there is a lot
of room for Lift to increase frequency. And people are
(21:08):
price sensitive, so that's where.
Speaker 3 (21:10):
The grouping at people that you can do different? Am
I like the person? Again? Me, it's just person because
I know it is in most cases the same car,
the same carver.
Speaker 10 (21:20):
Yeah, and they have tiered you know the customers, so
if you want to go for a high end service,
they have vehicles available. So from that perspective, there is
not much differentiation between an Uber and a Lyft.
Speaker 3 (21:32):
And the game in the system here very totally. And
you told everyone now prices for everything.
Speaker 5 (21:38):
But what did Lift do to manage their couse to
help their margins is considering that their market share they
didn't grow.
Speaker 10 (21:45):
I mean, look, in all fairness, the valuation was less
than one time sales, so you compare it to other marketplaces.
Broad Ash traids at five times ev DO sales. Suber
is more four x ev DO sales. So lift A
lot of the bad news was price in that this
company is losing share, they would never really be profitable,
and they just managed to execute much better operationally. You know,
(22:09):
they've been cutting costs on the operation side, sales and
marketing side, and they have limited their ambitions to those
twenty five million monthly active users. They're not going after
one hundred million what Uber has. They're saying, if I
keep getting repeat business from this twenty five million, that
will help me sustain mid to iteen's growth. I don't
(22:29):
have to go for user acquisition right now. And look,
they are making an acquisition in Europe now free now,
so they are looking to expand geographically. But it's really
finding your sweet spot and niches where Uber is not
that big, and that strategy is good enough because at
the end of the day, it's still a duopoly in
right sharing platinize.
Speaker 2 (22:50):
When I was down at Duke a few weeks ago,
when I was a student.
Speaker 3 (22:52):
There, parking was impossible, impossible.
Speaker 2 (22:56):
Now it's not a problem because not as many kids
bring to cars because they because they just rely on Uber.
Speaker 3 (23:01):
Yeah, so it's like you don't have to worry about Yeah.
So it's it's they were telling me it's not an
issue anymore. So how about that?
Speaker 7 (23:08):
All right?
Speaker 2 (23:08):
Man Deep Sing, Thank you so much. Appreciate that. Senior
tech analyst for Bloomberg Intelligence.
Speaker 1 (23:13):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each weekday,
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Speaker 2 (00:16):
A trade team heading over to Switzerland today for trade
talks with China, and President Trump out today with a
tweet saying eighty percent China tariff. Quote seems right ahead
of the talks, so we'll see how that plays out.
Seawan Donna joins us. He is senior economics writer for
Bloomberg News. He's based down in Washington, DC. Seems right.
Speaker 3 (00:37):
I don't know.
Speaker 2 (00:38):
I'm not sure where that number came from here, Sean,
what are expectations going into some of these trade discussions
with the Chinese in Switzerland.
Speaker 4 (00:47):
Look, the administration from President Trump on down has made
very clear they want to do some de escalation this
weekend and that they want to bring parish down from
the one hundred and forty five percent plus level that
they're at. We had heard in recent days below sixty
percent was something that they're targeting. The President's out with
(01:08):
eighty percent. But look, the thing to keep in mind
here is even if we get what would be a
dramatic the escalation dramatic reduction from one hundred and forty
five percent to eighty percent or sixty percent. Those levels
are still incredibly high, and they're still going to be
prohibitive for a lot of trade. And you know, the
folks a Bloomberg Economics have been running the numbers and
(01:30):
you still get plenty of damage to the US economy
to trade to the Chinese economy. Those are not good numbers.
I mean this it speaks to how far we've come
in the last month. You know, it was literally a
month ago today that these reciprocal tariffs went into place
from President Trump and then he had a bit of
(01:51):
a U turn put on a ninety day puz. But
the window on what is being discussed is just has
shifted remarkably over that time.
Speaker 5 (02:00):
And that's what we forget kind of yesterday too, like
even though there was a deal with the UK, like
those ten percent tariffs are still in effect, They're still there.
What was so interesting though, is that he also said
that it's up to Besson't why, like, what do we
make of that? And is that a good or a
bad thing as far as markets are concerned.
Speaker 4 (02:18):
Well, look, I mean, Besson's the guy for now. Right,
I mean, he's leading the delegation there, and President Trumps
has moved around. I mean a few weeks ago, it
was Howard Latnik who was the guy right and on
China and other things. It looks like the Secretary of
Commerce is now dealing with other countries and there's a
(02:40):
lot of negotiations going on there. Scott Besson is the
man of the moment this weekend. He's being joined by
Jamison Greer, who really is the trade wonk in the mission.
He's the US trade representative of course. So look, you know,
one of the things we learned in the first Trump
administration is President Trump has lots of emissaries, and he
(03:03):
often shifts emissaries over time. So let's see what Scott
Bessen comes back with, Let's see what President Trump makes
of it, and let's see where the talks go from here.
Speaker 2 (03:14):
What's the current thinking Sean about when will consumers feel this?
Gene Soroka, who runs a port of la was in
our studio last week and he said bookings for this week,
sailings from China into his port are down thirty to
thirty five percent for this week.
Speaker 3 (03:28):
When's that going to reach consumers?
Speaker 4 (03:31):
Look it's it's going to reach consumers and soon. I mean,
I think you know, we had new trade numbers out
of China today and exports from China to the US
are down by twenty one percent, and we're down by
twenty one percent in April, and they're only going to
get that. You know, they're only going to continue downward
(03:52):
from from here, even if we get some kind of
de escalation at the weekend. So the one thing that
is is kind of pushing back against the impact for
consumers is that companies have built up a lot of inventories.
So you talk to companies and they'll say, we've got
three maybe six months worth of inventory there, and that
might get us through. So we're going to see empty shelves,
(04:13):
but not all the shelves are likely to be empty
this summer.
Speaker 5 (04:16):
And then it becomes a question of when do we
see those jobs be cut? So if you don't have
the volume coming in, do those dock workers get scrapped?
And that was a question posed to President Trump yesterday
and he's like, well, good, because a long term it's
going to be good for America. But what's that trickle
down looking like?
Speaker 4 (04:34):
Yeah, and we're already seeing job cuts, and you know,
we're also seeing hiring slow down, and I think that's
That's the other thing to remember is a lot of
the uncertainty around trade isn't necessarily about cutting jobs or
closing factories in the short term. It's about not expanding factories.
It's about not growing, it's about not hiring more people,
(04:56):
and that, of course is what's really toxic for the expoment.
Speaker 5 (04:59):
All right, Sean, we gotta leave it there. Thanks lash
onon Don and joining us. He heads up all trade
and economic coverage for Bloomberg.
Speaker 1 (05:07):
You're listening to the Bloomberg Intelligence podcast. Catch us live
weekdays at ten am Eastern on Applecarclay and Android Auto
with the Bloomberg Business app. Listen on demand wherever you
get your podcasts, or watch us live on YouTube.
Speaker 3 (05:21):
AI.
Speaker 2 (05:21):
Well, you remember when the time was we talked about
AI NonStop, and then we switched the narrative to terrors.
Speaker 3 (05:28):
I kind of want to go back to AI. That
seems like a lot more fun.
Speaker 2 (05:31):
But it's affecting all the industries we know that, including
financial services industry. One of our next guests is really
involved in that. Josh Panthony, CEO CO founder of boosted
dot AI Joints, is here in our Bloomberg and Arrective
Brokers studio based in Chicago, so I mean in Toronto
for our Canadian friends. Welcome, Josh, appreciate it.
Speaker 3 (05:51):
Talk to us about boost to AI. What do you
guys do?
Speaker 6 (05:54):
So we make it easy for professional investment managers to
build these little sort of AI workers the kind of
automate different parts of the process. So you might give
it some task related to maybe doing a competitive analysis
or tracking what's happening with tariffs, and then have the
worker kind of automatically scan through the world and inform
you about really important.
Speaker 7 (06:11):
Information that could have impacts on your process.
Speaker 5 (06:14):
So what's the ROI for something like that? Like, if
I'm a portfolio manager, what does it look like? What
has my job get better or worse?
Speaker 6 (06:21):
Yeah, well we mix your job much better. Point we
kind of think of it in three different ways. We
can help automate drudgery. So if you're someone has to
do something like write a deep due diligence document, or
if you do a report or a swat analysis, or
you know, write like a ninety page investment thesis. These
are all examples of task that system could help you
do just a lot faster. The second way we think
(06:42):
about it sort of monitoring the world. If you have
a portfolio and you wanted to sort of scan through
everything happening in particular sector, maybe look forever you like
eight K, ten K scan to corporate events. This doesn't
can form you real time. And then the last category
I think of is sort of like superpowers. A good
example of that is when the video head there Blackwell
chipped away. He historically analyze that by looking at sell
(07:03):
side research talking to our groups. You'd still do that,
but you could use our system to look through like
three thousand companies, learnings calls, summer as across all of them,
what are the major macro effects of this, and how
many are still bullish and working with the video versus
other providers, And that kind of analysis just wasn't really
possible at scale until our technology came around.
Speaker 2 (07:22):
As a former cell side research channels, would my job
be at risk here? People still need me?
Speaker 7 (07:32):
Yeah? I think the jobs just going to change.
Speaker 3 (07:34):
Okay.
Speaker 7 (07:34):
I think there's kind of two elements of that work, right.
Speaker 6 (07:36):
There's the element of producing text, analyzing text, producing numerical analysis.
We think AI is going to more or less automate
ninety to ninety five percent of that. But there's another
deep part of your job where you were going out
and actually talking to humans. You were running conferences, you
were talking to management, you were talking to experts. Humans
are always going to have a massive competitive advantage, and
we think that the job almost gets more humanized. You
(07:58):
spend more of your life talking to other people, get information,
learning what matters, and.
Speaker 7 (08:01):
Taking to the polls. Well, the machine keeps track of
all the information in the world.
Speaker 5 (08:05):
So one of the criticism is that you know, by
going through all those earnings reports or whatever salesye reports,
you learn stuff, and that if you have AI do it,
you take away that learning tool.
Speaker 7 (08:15):
How do you combat that?
Speaker 6 (08:16):
Yeah, absolutely, there's still going to be some earnings calls
you're going to cover, but there's probably hundreds of earnings
calls maybe up the supply chain, down the supply chain,
relatedt competitors, related names that you don't cover, that have
really big impacts on your stocks you're probably not looking
at today. By adding in something like this, the sort
of set of information you can use as part of
your analysis just increases a lot more.
Speaker 2 (08:37):
What did you make of the news that's maybe came
to a little bit of a head in this past
week about AI as a threat to Google Search?
Speaker 3 (08:46):
Yeah, what did you make of that?
Speaker 4 (08:47):
So?
Speaker 6 (08:48):
Number one, it absolutely is, But I think at the
high level there's kind of two interesting things with AI.
Number One, we think we're still very early innings. There's
a lot of room to expand we don't think the
markets priced that in. But number two, there is huge
disruption that's coming.
Speaker 7 (09:03):
You know.
Speaker 6 (09:03):
In particular, we think the cost of producing software is
going to reduce like ninety nine percent of the next
year or two. And so there's a lot of traditional
companies that had very strong tech motes where those motes
are going to basically evaporate overnight, and we don't think
that's been priced in yet.
Speaker 5 (09:20):
How are you looking to expand your business? How do
you keep growing? I'm sure there's a lot of competition.
Speaker 6 (09:24):
Yeah, you know, long story short, we're just under a
thousand users right now. There's a ton more out there,
you know, So we're growing really heavily quarter over quarter,
but it's still.
Speaker 7 (09:36):
Maybe one percent of the market.
Speaker 6 (09:37):
And really my mission right now is to capture as
much as a can over the next year or two.
Speaker 2 (09:42):
So what's the feedback from you go into you know,
a hedge fund or something.
Speaker 3 (09:47):
Are they receptive to it?
Speaker 2 (09:48):
Do they feel like the quality may not be there,
they're unsure about it?
Speaker 3 (09:52):
What's the reception?
Speaker 7 (09:54):
Yeah?
Speaker 6 (09:55):
Oftentimes when we engage, we like to start with sort
of asking, what's the task you lease like doing. Tell me,
you know you work eighty hours a week, ninety hours
a week, what are the ten hours that you just
absolutely do not want to do? And really a lot
of that journey is walking them through how to automate
that ten hours, that twenty hours, giving them that time back,
and then we kind of build on top of that.
Speaker 5 (10:17):
How hard is it to find a team, like I'm
assuming that competition is huge right now, what's that like, like.
Speaker 7 (10:23):
The technology team to actually build it?
Speaker 3 (10:25):
Yeah?
Speaker 7 (10:25):
Yeah, yeah, probably very hard.
Speaker 6 (10:28):
I'm really lucky. I've been in the space since about
two thousand and nine. Built my first company at first
AI company back in twenty ten that eventually got sold
to Microsoft.
Speaker 3 (10:37):
Working before like any of us knew what a I was.
Speaker 7 (10:39):
Yeah, no, back then it was a bad word.
Speaker 6 (10:41):
I had trouble raising money in two thousand and nine
because no one thought AI was going to be a
real thing.
Speaker 7 (10:47):
Just crazy to think about.
Speaker 3 (10:48):
Uh huh, what's like raising money today? A little bit easier?
Speaker 6 (10:53):
No, I mean this company, I've raised about sixty five
million dollars in that range. You know, jump back in
time Maluba raised maybe thirteen million, So very different fundraising environment.
Speaker 3 (11:05):
Do you go to different tools?
Speaker 5 (11:06):
So I how do you keep refining your tools to
broaden and make it even more useful? And also the
accuracy level?
Speaker 3 (11:13):
How do you track that?
Speaker 6 (11:15):
Yeah, so kind of two different questions there. I'll start
with maybe taking track of technology, So we start by
having a very deep empathy of understanding what are the
kinds of workflows our users want us to automate, what
are the kinds of things that actually matter, and then
constantly tracking what a success look like for those kind
of workflows and where we have success with that.
Speaker 7 (11:36):
And I'm sorry was reminding the second question.
Speaker 5 (11:38):
Uh, the second question was it was really brilliant changing
the tool accuracy?
Speaker 3 (11:45):
Oh an accuracy?
Speaker 6 (11:46):
Yes, this is actually really really vital in the inside
of finance. So the biggest problem is, like, you're not
going to make one hundred million dollars trade if you
don't absolutely trust the information that's coming out.
Speaker 7 (11:56):
Of the system.
Speaker 6 (11:57):
So we really think about that in two ways. Number One,
we have to have the most accurate system in the space.
Number two, we have to have the most auditible system
in the space. When the system actually makes a recommendation
to it's not enough to just give.
Speaker 7 (12:07):
You an answer.
Speaker 6 (12:08):
It has to give you a very detail explanation of
where it came to, that conclusion from where it came from.
Speaker 7 (12:12):
And that's something we excel at.
Speaker 3 (12:14):
Josh, thanks so much, coming in the studio. Josh Pentony.
Speaker 2 (12:17):
He's a CEO and co founder of boosted AI company
based in Toronto. Have an operation here in New York City,
showing once again how we're very friendly US and Canada.
Speaker 3 (12:27):
We like, we love these guys.
Speaker 5 (12:28):
I mean, yeah, I know, so I don't know if
that feeling is going to stay, but sure, no, it's
all good.
Speaker 3 (12:33):
It's all good. We're all friends.
Speaker 1 (12:36):
You're listening to the Bloomberg Intelligence Podcast. Catch us live
weekdays at ten am Eastern on Apple, Coarcklay, and Android
Auto with the Bloomberg Business App. Listen on demand wherever
you get your podcasts, or watch us live on YouTube.
Speaker 3 (12:50):
All right, let's go down to Washington, DC. You got
a lot going on there.
Speaker 2 (12:53):
Henrietta trez joined your season managing partner, director of Economic
Policy at Vada Partners.
Speaker 3 (12:58):
She's actually lives in Louisiana. How cool is that? I
think New Orleans.
Speaker 2 (13:02):
That's awesome, Hey, Henriette, I mean from your perspective and
you talk to your sources in Washington. Should we expect
anything coming out of Switzerland this weekend as it relates
to US China and trade.
Speaker 8 (13:15):
Yeah, it's a good question.
Speaker 9 (13:16):
Obviously, the President out kicked his coverage here with the
one hundred and forty five percent tariffs on China. The
problem is eighty percent, which he's talking about now on
truth social is still prohibitively high and doesn't really move
the needle for small businesses or anybody importing from China
or overseas right now. So the expectation I had going
into this before the President started tweeting this morning was
effectively that Secretary Bessett is trying to establish himself with
(13:41):
the Vice Premier of China at these meetings in Switzerland
this weekend. Historically, what we know from China and what
we've gotten from MOFCOM in the last couple of days
is that they are extraordinarily cautious and not at all
optimistic about whether Secretary Bessett is able to speak for
the president, whether the United States is serious about actually
(14:01):
reducing terrifs.
Speaker 8 (14:03):
And so the President is trying to give the Secretary.
Speaker 9 (14:07):
Vesset effectively the permission structure that China needs to enter
into the conversation any kind of meaningful way.
Speaker 8 (14:12):
So my sorry, Yeah, So did he.
Speaker 5 (14:15):
Do it by saying eighty percent looks good and it's
all up to Scott?
Speaker 3 (14:17):
And was he able to accomplish that?
Speaker 9 (14:20):
I think that from a directional standpoint, it's pretty clear
now that Secretary Besson does have this authority to go
to eighty percent. Whether he has the ability to go
further than that, I think is not something that China
can necessarily accept because obviously the President, through this tweet,
is the one who actually set the terms of what's
going to happen, not Secretary Beston.
Speaker 8 (14:39):
So it does undermine the Secretary a little bit.
Speaker 9 (14:42):
And I think what we should hope at best case
scenario is some sort of joint statement, which we don't
often get. Usually, the US will put out a statement
and China will put out another statement, sometimes hours or even
days afterwards, and they're very short, they're very curt and they.
Speaker 8 (14:58):
Effectively say we met.
Speaker 9 (15:00):
And that's sort of the best that we can hope
for going into this before the President tweeted about it.
I think that what we'll see now is the business
community to come out and say, hey, eighty percent is
still too high. We need this to come much much lower,
if not all the way off, which the President does
not seem inclined to do.
Speaker 2 (15:15):
This trade policy the President Trump is deploying, How is
that good politics?
Speaker 8 (15:22):
I think the.
Speaker 9 (15:24):
Supporters of President Trump really like the tariffs. They like
this sort of sticking it to the man mentality. And
so even though you're seeing the polling drop pretty materially,
even with Republican voters, his core base. I think the
last time I saw numbers was like forty three forty
seven percent of the Republican conference is very supportive of
the President's tariffs and his strategy, and they're willing to
(15:46):
give him this opportunity to wait and see.
Speaker 8 (15:48):
But on Capitol Hill you have absolute panic.
Speaker 9 (15:50):
It's sort of like ducks sitting on top of the
water and then furiously paddling underneath the Republican Party trying
to write this tax bill as running into the reality
that tariffs do not raise two trillion dollars if they do.
Speaker 8 (16:01):
Not bring in revenue.
Speaker 9 (16:02):
And of course, if you're stopped imports, you're not bringing
in tariff revenue.
Speaker 8 (16:06):
So there's a lot of panic on Capitol Hill.
Speaker 5 (16:08):
So clearly though, the narrative is trying to be shifted
to lower taxes. I guess as long as you're making
under five million dollars as a couple, and also deregulation
like that desperately seems to be the narrative that that
needs to be shifted for the administration. Is it happening,
like is that legit?
Speaker 8 (16:26):
Well, that's interesting.
Speaker 9 (16:27):
The one thing I touch on with this two and
a half million for individuals and five million for couples
filing jointly. This new tax policy for the president is
that you know, he's the ultimate salesman, right, and he
recognizes that this tax bill has a serious image problem.
And the image is one that the American public is
really primed to notice, which is cuts to medicaid. You know,
we have been talking about medicaid cuts for twenty years now,
(16:50):
since Obamacare. It's something we talk about on our web
Wednesday webcasts. I wish we could move on for it,
but the American public is so attuned to any cuts
to Medicaid that they sort of viscerally react negatively to
any tax bill that would include those data sets. So
in this circumstance, the President has realized that supporting taxes
(17:10):
on the wealthy is actually very popular, and this is
a great way to sort of reimagine the tax bill
and potentially get more support for the package from the
American public. But obviously the Republicans on Capitol Hill do
not like that idea.
Speaker 2 (17:25):
All right, Henrietta, thank you so much for joining us.
Appreciate your time always. Henrietta Trez, Managing partner and director
of Economic Policy at Veda Partners.
Speaker 3 (17:33):
Coming to us via New Orleans via that zoom thing.
Speaker 1 (17:36):
Here, you're listening to the Bloomberg Intelligence Podcast. Catch us
live weekdays at ten am Eastern on Apple, Cocklay, and
Android Auto with the Bloomberg Business App. Listen on demand
wherever you get your podcasts, or watch us live on YouTube.
Speaker 5 (17:52):
Let's get to some of the earnings that came out
over the last twelve hours in terms of technology, and
one of them is a care round strike.
Speaker 8 (18:01):
So the US is now probe being a role.
Speaker 5 (18:03):
Of CrowdStrike fosses in a Karasoft deal. I don't really
know what that means.
Speaker 3 (18:07):
So let's get to that.
Speaker 5 (18:08):
But it wasn't good for crowdsource. A man deep Seeingloomberg
intelligence in your tech industry analyst joins us. Now, so
what's the latest with this thing?
Speaker 10 (18:15):
Well, so I think this goes back a couple of months.
In fact, Karasoft is a reseller of software, so they
sell all kinds of software to government agencies and in
this case, the contract is like thirty two million dollars
that was the end customer's IRS. And it seems the
(18:40):
product was never deployed, so even though it was accounted
for in CrowdStrike.
Speaker 7 (18:46):
Early, I think I remember this.
Speaker 10 (18:47):
Yes, so it's getting probe. But to my mind, you know,
for a company like CrowdStrike with a four billion dollar
revenue run, right, you know they have exposure, but it's
like maybe mid to high single digits, so not a
whole lot of government exposure, and it is more of
(19:09):
a one off. I can't imagine, you know, that being
a problem with how they do their accounting. It is
more about how they source the contract through this reseller caarasoft,
and when did it show up in the income statement
as revenue. So nothing, to my best of my knowledge
is accounting related. It's more about the sourcing. And we've
(19:31):
seen that with other companies like Service Now in the past,
where you know, you have government agencies that award contracts
and these are lumpy like think of them as twelve
months in the making and then suddenly.
Speaker 3 (19:47):
You get awarded a big contract.
Speaker 10 (19:49):
But nothing really that affects overall companies' sort of sourcing
of contracts.
Speaker 2 (19:56):
I think that's a competition in the car hailing business.
Look at the Lift of twenty one percent crowds.
Speaker 3 (20:04):
I mean again, Lift, I pitch you.
Speaker 2 (20:06):
Over the last ten rides I've done, I've probably taken
Lift seven times because they just had the better pricing
and materially better pricing. Yeah, so somebody's algorithms not working,
either ubers or lifts.
Speaker 3 (20:17):
But I'm taking advantage. I'm arbitrage in that bad Boy.
What'd you learn from Lyft?
Speaker 10 (20:22):
Well that pricing is these things to focus on. If
you have lower prices, that helps you get repeat customers.
And I think that you what you just said absolutely
make sense. And look when you compare a Lyft to
let's say door Dash or Uber. Lyft has got about
twenty four million monthly active users, door Dash has forty
(20:44):
two million, and ubers is much higher because they have
geographic diversification. But when I compare the overall rides, Lift
does less than a billion rides in a year. DoorDash
does three billion orders for with forty two million users,
So that just goes to show there is a lot
of room for Lift to increase frequency. And people are
(21:08):
price sensitive, so that's where.
Speaker 3 (21:10):
The grouping at people that you can do different? Am
I like the person? Again? Me, it's just person because
I know it is in most cases the same car,
the same carver.
Speaker 10 (21:20):
Yeah, and they have tiered you know the customers, so
if you want to go for a high end service,
they have vehicles available. So from that perspective, there is
not much differentiation between an Uber and a Lyft.
Speaker 3 (21:32):
And the game in the system here very totally. And
you told everyone now prices for everything.
Speaker 5 (21:38):
But what did Lift do to manage their couse to
help their margins is considering that their market share they
didn't grow.
Speaker 10 (21:45):
I mean, look, in all fairness, the valuation was less
than one time sales, so you compare it to other marketplaces.
Broad Ash traids at five times ev DO sales. Suber
is more four x ev DO sales. So lift A
lot of the bad news was price in that this
company is losing share, they would never really be profitable,
and they just managed to execute much better operationally. You know,
(22:09):
they've been cutting costs on the operation side, sales and
marketing side, and they have limited their ambitions to those
twenty five million monthly active users. They're not going after
one hundred million what Uber has. They're saying, if I
keep getting repeat business from this twenty five million, that
will help me sustain mid to iteen's growth. I don't
(22:29):
have to go for user acquisition right now. And look,
they are making an acquisition in Europe now free now,
so they are looking to expand geographically. But it's really
finding your sweet spot and niches where Uber is not
that big, and that strategy is good enough because at
the end of the day, it's still a duopoly in
right sharing platinize.
Speaker 2 (22:50):
When I was down at Duke a few weeks ago,
when I was a student.
Speaker 3 (22:52):
There, parking was impossible, impossible.
Speaker 2 (22:56):
Now it's not a problem because not as many kids
bring to cars because they because they just rely on Uber.
Speaker 3 (23:01):
Yeah, so it's like you don't have to worry about Yeah.
So it's it's they were telling me it's not an
issue anymore. So how about that?
Speaker 7 (23:08):
All right?
Speaker 2 (23:08):
Man Deep Sing, Thank you so much. Appreciate that. Senior
tech analyst for Bloomberg Intelligence.
Speaker 1 (23:13):
This is the Bloomberg Intelligence podcast, available on Apple, Spotify,
and anywhere else you get your podcasts. Listen live each weekday,
ten am to noon Eastern on Bloomberg dot com, the
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Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
On Purpose with Jay Shetty
I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!