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- [00:00]
Carol Massar
At Marsh, we believe that perspective powers progress. That's why our individual businesses have come together as one company, a new marsh built to solve the world's most complex challenges and uncover new opportunities for our clients. We're better positioned than ever to help your business navigate obstacles and unlock potential across risk, reinsurance and capital, people and investments, and management consulting. Learn more@visitmarsh.com podcast Small businesses are the pulse of every community. They bring people together, create opportunities and drive growth. Chase for Business helps business owners like you with personalized guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community. Learn more@chase.com business chase for business make.
- [00:53]
Cathie Wood
More of what's yours the Chase Mobile.
- [00:55]
Carol Massar
App is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co.
- [01:07]
Caroline Hyde
This podcast is brought to you by Wise the smarter way to manage your money internationally if you're getting a headache from juggling different currencies and different bank accounts in different countries, there's a better way to receive money in the currency you need without the slow transfer times or hidden fees. Meet Wise, the savvy way to handle your money internationally. Hold balances in up to 40 currencies with the mid market exchange rate on every conversion. Whether you're receiving payments from tenants abroad, earning as a digital nomad, or converting dividends from your international investments, the Wise.
- [01:36]
Tim Stenovec
Multi Currency account is for you. Be smart.
- [01:39]
Caroline Hyde
Get Wise, Download the Wise app today or visit wise.com Terms and conditions apply.
- [01:45]
Tim Stenovec
This is Bloomberg Businessweek daily reporting from the magazine that helps global leaders stay ahead with insight on the companies and.
- [01:54]
Caroline Hyde
Trends shaping today's complex economy.
- [01:57]
Tim Stenovec
Plus global business, finance and tech news as it happens.
- [02:01]
Caroline Hyde
Bloomberg Businessweek Daily with Carol Massar and.
- [02:04]
Tim Stenovec
Tim Stanweck on Bloomberg Radio.
- [02:08]
Cathie Wood
Hi everyone.
- [02:09]
Carol Massar
Welcome to the weekend edition of Bloomberg businessweek. This week, the spotlight was on the World Economic Forum's annual meeting in Davos, Switzerland, and a keynote given by US President Donald Trump.
- [02:20]
Rick Wurster
It's great to be back in beautiful Davos, Switzerland, and to address so many.
- [02:26]
Brian Maciak
Respected business leaders, so many friends, few enemies.
- [02:31]
Rick Wurster
As you've learned, when the United States goes up, you follow.
- [02:37]
Daron Acemoglu
I want I want Europe to do great.
- [02:39]
Tim Stenovec
I want UK to do great.
- [02:41]
Rick Wurster
We want strong allies, not seriously weakened ones.
- [02:44]
Carol Massar
All right. That, of course, was President Trump at Davos, Switzerland, the World Economic Forum's annual meeting. Gotta say, the President Tim grabbing a lot of global attention leading up to and at and after the meeting there in Davos because of renewed tariff threats on Europe and really reviving that idea of a US Takeover of Greenland. The outcome, and I got to say there are a lot of twists and turns in this. No new tariffs on Europe, markets like that. And then a framework of a future deal that includes mineral rights, we think in Greenland. It does still feel like a lot of details yet unknown and to be worked out. So stay tuned soon. Check out the bloomberg and bloomberg.com for the latest on this.
- [03:27]
Tim Stenovec
So just to reiterate, a lot coming from the president flooding the zone, as others have described, that's what Steve Bannon said during the first term, is sort of the strategy when it comes to communications. Raising the question too, once again about the logic behind the administration's decisions that are often pulled back. It's something that we've seen quite a bit during President Trump's first full year back in the Oval Office, such that there's a term that has become popular. We've heard it a lot in the financial press, in the financial media. I've heard a lot on Bloomberg. The idea of the taco trade, Trump always chickens out.
- [04:00]
Carol Massar
Yeah, that definitely came back into the narrative this week. Hey, it also begs the question, is there a method to what some might say is the madness in terms of logic and strategy of the Trump White House? One Nobel Prize winning economist looked into it and offers up a theory of Trump.
- [04:16]
Tim Stenovec
Also this hour, Ark Invest Cathie Wood. She's giving us where last year's disruption may be creating this year's opportunities. And from the C Suite, Charles Schwab's chief executive officer, Rick Wurster, stops by on everything from a record quarter and the White House's moves to opportunities that he sees in prediction markets or doesn't. Maybe he's got a really interesting view, especially compared to the competitors out there.
- [04:42]
Carol Massar
I thought it was really smart and detailed, so stick around for that. Hey, all of this to come over the next couple of hours. We begin with what some are calling the theory of Trump. We've entered year two of President Trump's second term, and for years his critics and supporters alike have described his politics as chaotic, impulsive tweets in the middle of the night, norm breaking decisions and a governing style that often seems driven by instinct rather than ideology.
- [05:07]
Tim Stenovec
But what if it isn't chaos at all? In a recent Bloomberg Business Week story, Daron Acemoglu, institute professor in the department of economics at the Massachusetts Institute of Technology, also a Nobel laureate in economics argues there is a unified theory behind Trump's actions, one rooted in leverage, disruption, and a willingness to weaken institutions in order to strengthen negotiating power. Daron joined us with more.
- [05:33]
Carol Massar
You took a step back, you looked at this, and we're just trying to understand, you know, this nonstop White House news cycle. Is it about the president and his team controlling that news cycle? And this is what we all chase, you know, is it something more significant beyond just kind of a flood the zone concept that we often associate with President Trump and his team? What did you come up with?
- [06:01]
Daron Acemoglu
Look, I mean, obviously there is a flood the zone element in there, and it looks chaotic, but in my mind, worryingly, there is a bit of a theory which is that all of these actions are aimed at centralizing power in the hands of an executive presidency with fewer and weaker checks, which come either from institutions or norms. So even the foreign actions are all about increasing domestic power. Even the sort of unconventional appointments are about weakening norms that control what the president can do and bringing in more loyalists that have now more room for maneuver because all the norms that had guided US Political dynamics have been broken.
- [06:52]
Tim Stenovec
So you write that it would have been viewed as completely unacceptable for Bill Clinton, George W. Bush, or Barack Obama to ask his attorney General or the DoJ to go after enemies. It would also have been considered beyond the pale for a president to invoke what you describe as a poorly documented crime emergency as a pretext for sending the National Guard into US Cities, or for a president to continue to be involved in his family business while in office. Why is it being viewed, at least by members of Congress, Republicans in Congress, as acceptable for President Trump to do these things?
- [07:27]
Daron Acemoglu
Well, you know, part of the reason why those actions would not have been taken in the past is because they go against norms. There weren't explicit laws that said these things. So it was part of an institutional equilibrium with norms of acceptance and backed up by other politicians deviating and sort of distancing themselves if a president did that or bigger sort of pushback from civil society or the media. But President Trump and his team have been breaking these norms systematically for the first year. But even if you go to the first term of the president, there was already the same attempt. And all of these have now culminated in Trump controlling the party. And the rest of the party, even part of the judicial system, are no longer able to stand up to him. And all of the norms that would have helped them sort of mobilize around some sort of objection saying, this is not acceptable. You know, we don't see them now. Recently for the Fed case, a few senators have started making grumblings. So perhaps there might be some limit to what the legislature is going to put up with. But the part of the agenda that is, I think, now very clearly visible is sort of break down one piece of after another of this edifice that was constraining other presidents that are now gone for President Trump.
- [09:00]
Carol Massar
So, Jerome, so basically, right, we thought this checks and balances would work, right? Three branches, the government. It made such sense, and it for so long has pretty much worked pretty well. But there was this strategy when it comes to the legal part, certainly, of the government as well as the legislative. But let's just talk the legal part, because we did have, you know, a judge saying Dominion Energy can resume a wind project that President Trump had halted. So we have seen him lose some of the judicial actions out there. Having said that, if he didn't have that in terms of the Supreme Court justices, would we not be maybe having this conversation today? Is that what's so much about it, or is it all of it? That and the legislative side of it, and everybody, you know, even the GOP members of Congress saying, yeah, do what you want to do. You know, it's kind of interesting because that's their job kind of being taken away.
- [09:52]
Daron Acemoglu
Yeah, I mean, exactly. The sort of separation of powers with, you know, not just the Congress and the judiciary, but also the independent agencies acting like the fourth branch. Those were the things that constrained presidents. And if today those constraints were working well, we wouldn't be in this turmoil in terms of the domestic situation. And part of the concern is that right now it's really the parts of the judicial branch that are standing up against Trump. Indeed. But that's got its limits because there are a lot of Trump appointees, and the Supreme Court, with lots of Republican and Trump appointees, hasn't really taken a very strong stance either. So all of these are piling up and taking us more and more to a situation where I think many of the former sort of presidents or constitutional scholars would find very scary because the structure of US Government wasn't meant to function this way.
- [10:53]
Tim Stenovec
So then I'm trying to understand, and one thing that we do each and every day is we look at the markets and we look at market reaction markets, and have been kind of seen as a backstop here to at least some of the things that the president has said he will do or wants to do. Do you think they're reacting to his decisions, or do you think they're saying, hey, it's all fine and good, at least up until now.
- [11:17]
Rick Wurster
Yeah.
- [11:18]
Daron Acemoglu
It is hard to understand why the markets haven't reacted more, because some of the effects are already seen from the tariffs. I think that just really underlies that. The stock market is not the fifth branch of government. It's not really a hard constraint in the same way that the other ones were supposed to be on the sort of centralization of power in the hands of one person or one group. And the tariff debacle demonstrates that the administration is much bolder and is willing to take actions that could lead to market reactions, at least in the short run. Now some people are saying, oh, it's the bond market, really, that we need to watch out for. I don't know why. Right now the bond market would be much more important than the stock market. In some sense. Both of them are things that both the administration and the business community are watching. But I wouldn't bet on the market mechanism being a strong enough guardrail against this kind of executive imperial presidency emerging. And if it does, I think it has really sweeping implications for how business is done. Again, you can see that from the fact that President Trump can invite people to his office and say, give us 20% of your shares.
- [12:42]
Carol Massar
That's also, I think, yeah, there's just moment after moment where many would say, this is. It's kind of remarkable. So I am curious, is this lasting? Like, I am wondering who this emboldens in terms of whoever might be in the White House next. Is this the playbook, the new US Playbook?
- [13:01]
Daron Acemoglu
And to be fair, that's what I'm worried about. Exactly. I mean, look, I mean, Trump is an agent of change. He's really reshaping norms and institutions, but he is himself a symptom of what was wrong in some sense with the US System. There was a lot of inequality, there was a lot of discontent, and there was also some gridlock. You see more executive orders by Bush than by Obama, then by Biden. So Trump is accelerating that trend, but he's continuing that trend. And I do not trust that the next Democrat or Republican is going to be much better behaved once the floodgates are open. I think we're going to go to a place where, you know, presidents could have much more arbitrary power, both in terms of their ideological agenda, but also in terms of corruption and kleptocracy.
- [13:52]
Tim Stenovec
That was Daron Acemoglu, a Nobel Laureate in Economics and Institute professor in the Department of economics at MIT. Check out his full piece on bloomberg.com and on the Bloomberg Terminal.
- [14:03]
Carol Massar
Coming up, what last year's market turbulence could mean for this year's winners and.
- [14:08]
Tim Stenovec
Who may have the power to disrupt like Elon Musk.
- [14:11]
Carol Massar
Is there another Elon like individual out there? We're going to ask Ark Invest Cathie Wood. She joins us next. This is Bloomberg. Business Challenges and Opportunities are Never One Dimensional At Marsh, we believe that to thrive you need perspective. That's why our individual businesses have come together as one company, a newmarsh where each layer of our organization works even more closely together to provide you with a stronger, more panoramic perspective. We're now one firm solving the world's most complex challenges and unlocking opportunities for you across risk, reinsurance and capital, people and investments and management consulting. As business continues to evolve, Marsh will always be here to help you overcome new challenges, answer new questions and take advantage of new opportunities. We're better positioned than ever to provide the perspective you need to fuel progress forward. See how@visitmarsh.com podcast support for the show.
- [15:24]
Caroline Hyde
Comes from public on public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available at public.com disclosures these.
- [16:33]
Tim Stenovec
Days it seems like AI agents are just about everywhere. You turn every field and every function, but without identity you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity Secure every agent Secure any agent agent Okta secures AI this is Bloomberg businessweek Daily.
- [17:07]
Caroline Hyde
With Carol Massar and Tim Stanweck on Bloomberg Radio.
- [17:12]
Carol Massar
After The S&P 500 index rebounded from the brink of a bear market in April last April, and then spent the remainder of 2025 going from one record to the next, President Donald Trump billed it as a sign that he had transformed the United States, as he likes to put it, into the world's hottest country.
- [17:29]
Tim Stenovec
Measured against stock markets from Tokyo to Frankfurt to financial capitals across the developing world, the verdict on Trump's return to the White House is decidedly less triumphant. In fact, equities worldwide, once the US is excluded, have risen around 30% since he took office a year ago, roughly double the S&P 500 gain. That's according to MSCI's index.
- [17:49]
Carol Massar
Here to talk about 2026, the economy, investment ideas. Great to have back with us, the founder, CEO and CIO of Ark Invest, Cathie Wood. She joins us from St. Petersburg, Florida. Kathy, great to have you here. Happy New Year.
- [18:01]
Cathie Wood
Happy New Year, Carol And Tim, very happy to be here again.
- [18:05]
Carol Massar
Well, it's great to have you here. And I want to start with what stocks did here in the US really well last year. But if you look at global stocks, you could say that there was certainly some underperformance by the U.S. you've invested in a lot of U.S. names, but also a lot outside the U.S. and I think about Chinese companies, BYD, Baidu, Alibaba. Are you looking for more opportunities outside the US at this point or and I wonder if you think it's time.
- [18:28]
Cathie Wood
For maybe US Stocks to take I think we're very focused on the deregulation, lower taxes and what we believe will be lower inflation, much lower inflation and lower interest rates in the US and we think that the combination of those is actually going to drive the returns on invested capital in the US up relative to those in the rest of the world. And I think many people are underestimating, especially on the corporate tax side, that thanks to the new depreciation schedules, our effective corporate tax rate, not, not the statutory but the effective will drop to one of the lowest in the world at roughly 10%, certainly near a record low for the U.S. so do you.
- [19:19]
Tim Stenovec
Think, Kathy, that's not priced in yet to US Equities? Like have investors not realized that and therefore it's not priced in?
- [19:26]
Cathie Wood
You know, it's is very interesting. Maybe a lot of your guests have been talking about the depreciation schedules. How, how Massively they are going to encourage capital investment here in the United States. So we've never had full depreciation in year one of manufacturing facilities, full depreciation in the first year of service. That means corporations will get huge tax refunds that they will be able to reinvest into innovation because we also equipment, domestic R and D and software. Those three full depreciation, first year of service that has been legislated. Normally we get, oh, a few years of this, you know, this cut and that cut, but that has been legislated. Now it's all the time. So we don't think people understand how profound some of these tax changes are.
- [20:32]
Carol Massar
So what does that mean for something like the AI trade specifically, Kathy, where I think people are worried about pockets of it with, you know, being in a bit of a bubble. Does it benefit everyone who is somehow associated, whether it's the chip companies, whether it's the energy companies? Do you see the benefits playing out there and giving it more room to move to the upside?
- [20:54]
Cathie Wood
Absolutely, absolutely. I mean, we're having huge build outs of data centers and power facilities. All of that, all of those depreciation schedules will apply to this boom in investment and contribute to it. So yes, any. In fact, Carol. Yeah, yeah, I was just going to say many people think we're in a bubble. And yes, the data center spending last year was about $500 billion. And you can see all of this in our Big Ideas report. We just released it. Thank you Bloomberg for featuring it. But $500 billion is a two and a half times increase from where it had been trending for years. So big increase, no doubt about it. But we think that number needs to go to 1.4 trillion in the next five years to accommodate the AI boom that is now underway and is going to drive productivity gains incredibly.
- [21:55]
Carol Massar
I want to get into that in just a moment. I'm really also piqued or interested in the health care aspect of it because I feel like there's a lot going on before we do so. We also have your 2026 outlook. And what's interesting is you note that this is an important economic and historical moment. How so?
- [22:14]
Cathie Wood
Well, we are in a technology revolution and many people thought that the Internet was a technology revolution and to some extent it was. But today, instead of just one major platform evolving, we have five so robotics, energy storage, AI blockchain technology and multi omic sequencing in the life science space, which might, which we believe is the most profound application of AI health care. And so this boom, if you look back at the railroad boom. The amount of investment that, that, that we saw back then was about 6% of GDP at its peak 5 to 6%. The Internet boom was more like the auto boom in the early 1900s was more in the 3 to 4% of GDP range. We believe this, this five platform innovation strategy or boom is going to move to 12% of GDP. And we do believe also that productivity growth will accelerate to the 4 to 6% range and be sustained there. Normally we see a cyclical peak around there and then it falls back. We think it will be sustained and we think that by the end of this decade, real GDP growth could be averaging more than 7% per year. And I know that sounds shocking given that We've been at 3% for 125 years, but it is the history associated with technology revolutions. A step change up in GDP growth.
- [24:08]
Tim Stenovec
The productivity increase, the GDP growth that you are forecasting as a result of these disruptive technologies, to what extent is that the result of fewer people doing more? My question is about job losses as a result of this technology. Because if everything that investors are betting on when it comes to this revolution comes true, it means that companies aren't going to need as many people to do a lot more. What does that look like?
- [24:35]
Cathie Wood
Well, GDP growth at 7% plus per year tells you there's going to be a lot of economic activity, more economic activity on from a sustained growth point of view than we've seen in quite some time. The history of technology is it's a net job creator. In the early 90s when developers were evolving the Internet, we could not have imagined Uber or Airbnb back then. And I think the same is true now. We cannot imagine the kinds of jobs that are going to exist in the future. And the other thing that we're excited about from a job creation point of view is we're seeing new worlds being created. And by that I mean most of us think about Earth, but now we're moving into space, even data centers. We think Elon leading that charge will start moving into space and we won't have the not in my backyard. And the bureaucracy associated with data centers there are going to, there's going to be huge job creation around the space exploration and all of the opportunities out there. And then the other one, and you'll find this in our digital assets section of Big Ideas. Is the digital world immutable? Private property rights. We know from economic history the best way to lift people and countries out of poverty is with private property rights. That are immutable. Well, that is now moving into the digital world for the first time thanks to blockchain technology. So we're not worried about job creation, but for those who are, because there is something happening that I know is concerning to many people. The unemployment rate for 16 to 24 year olds has moved to 12%. 12%, big increase. And what is that saying? That's saying that entry level jobs are not being created the way they used to be. To those people I say, you know, you must have in your mind an idea for a new business, something that frustrates you, an unmet need. Well now you can go to ChatGPT, you can go to GROK and you can have an assistant help you build out that business. Just interview for jobs, but also think about new business ideas. I think we're going to see entrepreneurial explosion here.
- [27:20]
Carol Massar
Well, and you know, speaking of entrepreneurial explosion, I think about, you know, how long you have certainly been with Tesla and a backer of Elon Musk. A long time. And I think about, you know, when we first talked and you likened him to, to Mr. Einstein, Albert Einstein. But I just wonder, Elon, at Davos earlier to today and he talked about the carmakers fortunes will be increasingly dependent on humanoid machines. Kathy, how are you modeling this, I mean into the thesis of Tesla and is that where the growth is More so than EVs for Tesla going forward?
- [27:53]
Cathie Wood
Without a doubt. We've always said Tesla is not an auto company. It is actually the convergence of three of the platforms I mentioned, so robotics, energy storage and AI. Each one of those technologies, it has its own S curve and now they're feeding each other and we're seeing that in Robo Taxis. Robo Taxis we believe will account for 90% of Tesla's valuation by the end of the decade. We're in print at 2600. That includes nothing for Optimus robots. And we're beginning to understand how quickly Tesla is moving on that front. Why? Because it's the convergence of the same three technologies, robotics, energy storage and AI. So I think that price target obviously if, if Optimus is successful and, and we believe it will be, we think that humanoid robots is evolving into a $26 trillion opportunity. Half in the home, half in, in manufacturing plants.
- [29:08]
Tim Stenovec
That was Ark Invest's Cathie Wood. That full conversation available on the BusinessWeek podcast feed and of course on the Bloomberg terminal.
- [29:15]
Carol Massar
Still ahead on Bloomberg businessweek, market swings, geopolitical uncertainty, navigating risks. Lots coming at investors this past week alone. Actually already in 2026 on that a.
- [29:25]
Tim Stenovec
View from the C Suite and into the minds of investors. And if prediction market kids are what they want, the CEO of Charles Schwab. That's next. This is Bloomberg.
- [29:39]
Caroline Hyde
Support for the show comes from public on public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available at public.com disclosures these.
- [30:48]
Tim Stenovec
Days it seems like AI agents are just about everywhere. You turn every field and every function, but without identity, you can't trust they'll serve your business instead of jeopardy. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent Secure any agent Okta.
- [31:18]
Cathie Wood
Secures AI Small businesses are the pulse of every community. They bring people together, create opportunities, and drive growth. With a widespread presence in communities across.
- [31:28]
Carol Massar
The country, Chase for Business supports small business owners at a local level that makes it possible for you to connect, learn from each other and grow together.
- [31:37]
Cathie Wood
There's a real commitment to seeing small businesses succeed.
- [31:40]
Carol Massar
The Chase for Business team has knowledge and expertise that span a wide range of financial areas. They can help you make more informed decisions as you navigate the complexities of running your business.
- [31:51]
Cathie Wood
They'll help your business grow with individual.
- [31:53]
Carol Massar
Guidance and convenient digital tools all in one place. With that guidance and your determination, you can take your business farther and help build a brighter future for your community.
- [32:03]
Cathie Wood
Learn more@chase.com business chase for business make more of what's Yours the Chase Mobile.
- [32:10]
Carol Massar
App is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co.
- [32:20]
Caroline Hyde
This is Caroline Hyde and I'm Ed Ludlow.
- [32:22]
Carol Massar
Join us for Bloomberg Technology, a daily podcast focusing exclusively technology, innovation and the future of business. We bring you the latest headlines from Silicon Valley and conversations with tech's biggest decision makers.
- [32:34]
James Daunt
You have to have a pro innovation mindset.
- [32:36]
Rick Wurster
We were partnered with OpenAI.
- [32:38]
Hannah Elliott
We've all experienced this incredible revolution.
- [32:40]
Carol Massar
Bloomberg Technology Listen on Apple CarPlay and Android Auto with the Bloomberg Business app.
- [32:45]
Brian Maciak
And anywhere you get your podcasts.
- [32:47]
Tim Stenovec
Bloomberg Podcasts Context changes everything this is Bloomberg Businessweek Daily with Carol Massar and.
- [32:55]
Caroline Hyde
Tim Stanback on Bloomberg Radio.
- [33:00]
Carol Massar
Charles Schwab reported earnings this past week that beat Wall street expectations after the company reported a surge in average daily trading volume in the fourth quarter. All of this happening as retail investors sought to take advantage of the end of a strong year for the stock market.
- [33:14]
Tim Stenovec
Retail investors are still looking for guidance as they saw markets whipsaw in response to President Trump's global tariffs and geopolitical uncertainty, plus a rising popularity in prediction markets.
- [33:26]
Carol Massar
That's why we wanted to hear directly from the top and from someone who understands this space and markets in a big way. Rick Wurster is President and CEO of Charles Schwab. He kicked things off with us talking about the company's latest earnings update.
- [33:40]
Rick Wurster
It was a record quarter for us as a firm. Our earnings grew 50% year over year. Our revenue was up 22% year over year and we saw net new client assets to the firm of $519 billion on the year, including time record quarter in the fourth quarter of $163 billion. And importantly, what we are seeing is a bull market for convenience, not just in financial services, but I think across most industries. The way that reflects itself for us is a desire for clients to have more of their financial life conducted with one institution. And we've been the institution for many that they're turning to. We can help them with their investing needs. We can help them with their trading needs, with their wealth needs, with their banking and lending needs. And so by bringing together a client's financial life, we're able to help them more. When we do that, their satisfaction actually increases and our business grows. So it's a win for them because we're bringing convenience and it's a win for us because we're doing more business with them and doing more to help them in their financial life.
- [34:39]
Tim Stenovec
You mentioned financial lives and you Just went through a whole list of things that people do with these apps and services. What about prediction markets? Can you talk a little bit about whether you're planning on exploring options for customers when it comes to prediction markets? It's all a rage right now, as you very well know.
- [34:54]
Carol Massar
And you thought we were going to warm you up. We weren't.
- [34:56]
Rick Wurster
We're just going right in at moment. It's not high on our clients list of things they want us to innovate for them. And so we've been focused our innovations in other areas that are of more interest to clients. But I distinguish that between that and sports gambling. And if you look at 95% of the volume of what people call prediction markets is actually just sports gambling. And that's not something that is we're keenly interested in getting into for a very simple reason, which is our mission as a firm is to make clients better off in their financial life. And less than 5% of people who go on to one of these gambling apps take out more money than they put in in the first place. That's the complete antithesis of what we do at Schwab. Our clients wealth is at an all time high, the level of advice we're giving them is at an all time high and the amount we're doing to try to help them is at an all time high. So we'll leave the sports gambling, which constitutes 95% of the prediction market's volume, we'll leave that to the gambling houses, to the Van Duol's, the Draftkings and the Robin Hoods.
- [35:59]
Tim Stenovec
So that's. It's funny, it's interesting that you say Robinhood, we'll get back to that because I think Robinhood would probably like to position itself as a competitor to Charles Schwab in a lot of areas. If we stick with the 95% of what you believe prediction markets is sports gambling, what is the 5% that is of interest to you that we could potentially see at one point on Schwab's platform? Give us some examples there.
- [36:23]
Rick Wurster
Well, I think if you want to take a position on what the employment report is going to be at the end of the month or how inflation's going to print, those things could have an impact on your portfolio. If you have a big bond position, you may have interest in what's going to happen in the inflation report. And it's a simple way of taking a position based on a yes or no position. And so that could be of interest to clients. But the reason I think we haven't seen much volume in those. And the reason why 95% of the volume is in sports gambling is because if you want to take a position on the employment report or the inflation report, there are countless ways to do that. And financial market participants are already doing that. Whether it's in the bond market, in the futures market, through options. There's plenty of ways to do that today. And I think that's part of the reason why the true idea of prediction markets really haven't taken off and why the firms that offer this have pivoted to sports gambling. Because there's a lot more interest in that than there is in taking a position on the employment or inflation report.
- [37:21]
Carol Massar
All right, so then safe to say, Rick, if you were a betting man, I would guess that there's nothing in terms of a prediction market on the Schwab platform in the next year or so, or maybe never.
- [37:30]
Rick Wurster
Well, we've been innovating at a very fast rate. 2025 was all about how do we meet the wealth lending, active trading needs of our clients. And we had significant innovations in every one of those areas. We went to 24 by 5 trading for active traders. We continue to make our mobile app even stronger for those that want to actively trade and do so. Vi via the mobile app for our wealth clients, we launched new tax, trust and estate capabilities, including an investment we made in wealth.com to bring trust capabilities directly to our clients. We launched a series of new capabilities for our advisor clients and in particular really leaned into innovations around making it easier for them to work with us. All of those are things that we think are far more impactful to our clients ability to grow their wealth than prediction markets. And when we go out and survey our clients about what they want from us, prediction markets is low on the list. So it's something we are actively looking at. I think at some point in the future we will have true prediction markets at some point. But it's just not high on our innovation list because we're firmly focused on those innovations that are going to have the most impact on our clients wealth.
- [38:39]
Carol Massar
Right. Unlike something we talked about when we were at Schwab Impact with you in November, that you had just done a deal which would give investors access to private companies. This was buying Forge Global, so I get that's more of a priority for clients.
- [38:54]
Rick Wurster
Yeah, I think you go back to the 80s when I believe it was KKR that did the first leveraged buyout. Institutions have been benefiting from the diversification and the return enhancement from Alternatives, investments. And in the past decades or multiple decades, the really wealthy have also been able to participate in those return and diversification benefits, but the everyday retail investor has not been able to. And our forge acquisition was really about democratizing investments and alternatives. We're now going to be able to bring it to all of our investors in multiple different forms and allow them to participate in private markets the way institutions and the very wealthy have been able to. And we're thrilled to bridge that gap and excited for what that could mean for our clients wealth.
- [39:38]
Carol Massar
I want to bring this into the conversation because I feel like when Tim and I and you were together at Chawame Impact in Denver, it was pretty upbeat, I think, about the market environment and the outlook. And there's been a lot that's happened here in 2026. It feels like volatility is back. I'm just curious, have any of the assumptions about the White House and policy and changes changed in your view?
- [40:03]
Rick Wurster
Yeah, I don't think any of that surprises us. We're still within a percent or two of all time highs in markets. I think there's going to be geopolitical noise from time to time. If you've read the book the Art of the Deal, I think it begins with starting big in your requests and then negotiating to something that is workable for both parties. And my guess is that may be the playbook that's followed here. But for our clients, we're not seeing an undue amount of concern. And this is the kind of environment in which we thrive because we're not just an investment app, we're so much more than that. We took 30 million calls from clients last year and answered them in less than 30 seconds. We're in many local communities across this country with actual people that are there to help coach our clients and how to navigate periods like this and how to see through the noise and be diversified and stick with it for the long term so that they can build their wealth. So whatever markets and geopolitics bring, we're going to be ready for it and it's going to help us distinguish what we stand for here at Schwab, which is helping our clients grow their wealth.
- [41:02]
Tim Stenovec
You know, we had some reporting in recent days about the New York Stock Exchange exploring ways for 24. 7 trading of certain assets. And I'm curious, crypto kind of paved the way for that because a lot of people can trade crypto24.7 what do you think of the ability for people to trade stocks 24. Seven?
- [41:23]
Rick Wurster
Well, I think we're very open to that and would certainly participate. We're already 24 by 5 today. We see very little market activity or very little client activity outside of market hours. It's usually only a couple of a percent. The vast majority of trading happens within the market hours. And I think the market hours are a feature, not a bug. And what I mean by that is by limiting the marketing hours, the market hours, you draw people in at the same time and create a lot of liquidity so that spreads are tight and trading efficiency is very high. I think the convenience of 24. Seven is certainly very appealing, but we need to make sure that those trades are done in a way that makes sense for clients. And, you know, as we see clients trade on our 24x5 platform, we make very certain that they trade in a way that they're recognizing the higher spreads. And we make that very clear to them, and they live with that for the convenience. But we just need to be careful as we go to 24, 24 by 7 that we don't lose the efficiency of the market and the benefits of getting everyone into the market at around the same time, which is great for trading efficiency.
- [42:28]
Carol Massar
Hey, rick, super quick, 10 seconds. Feels optimistic this year.
- [42:32]
Rick Wurster
I think so. There's a lot, you know, the economy is on strong footing. Market's been up three years in a row. Unless something changes, things look pretty good.
- [42:40]
Tim Stenovec
Our thanks to Rick Wurster, president and CEO of Charles Schwab.
- [42:43]
Carol Massar
We should point out after the company reported earnings, there were a few analysts on the street, including UBS and TD Cowan, that actually raised their price target on Charles Schwab, which really outperformed last year and is already trading higher here in 2026.
- [42:59]
Tim Stenovec
I really enjoyed that conversation with Rick for a couple of reasons. One, I thought he was really candid with us when it came to prediction markets. And he mentioned some competition. And what was notable to me, Carol, is he put Robinhood, which I would say is among the biggest competitors to Charles Schwab, at least with the. The retail investing audience. He sort of alluded to that company in the same breath as he referred to Kalshi and Polymarket as prediction platforms. And he was very quick to say, we're not interested in sports prediction markets. We think that's gambling. And if you go to Robinhood's website and you just look at prediction markets, it's like all sports that are featured in. And we're recording this, you know, when we're talking about the Australian Open. So there's Australian Open, there's Denver versus Washington. There's some other NBA stuff, there's some pro hockey, there's some pro football, there's some soccer. Like those are, those are the events that Robinhood highlights on its website.
- [44:02]
Carol Massar
Well, and this is kind of interesting and I feel like there's going to be, you know, a moment where regulators are going to say, well, wait a minute, are these sports gambling sites? And so what's the oversight that's required? Like, is it just like the other gambling sites, right, where there are rules and regulations that are keeping an eye on them? I did think what Rick said, as you said, not interested in offering sports gambling at Schwab. He said he could see where clients, as you heard, doing wagers on an employment report, something like that.
- [44:32]
Tim Stenovec
And that wraps up the first hour of the weekend edition of Bloomberg Businessweek from Bloomberg Radio. Ahead in our next hour, the CEO of Barnes and Noble on the company's post Covid revival.
- [44:42]
Carol Massar
I love this conversation. Plus, look at Uber. The future is self driving cars think something like Waymo. This is Bloomberg Businessweek. I'm Carol Massar.
- [44:51]
Tim Stenovec
And I'm Tim Stanback. Stay with us. Today's top stories and global business headlines are coming up. Right now.
- [45:07]
Caroline Hyde
Support for the show comes from public. On public you can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index with AI. It all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available@public.com disclosures these days it.
- [46:16]
Tim Stenovec
Seems like AI agents are just about everywhere you turn, every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identified identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent Secure any agent. Okta secures AI Small businesses are the.
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Cathie Wood
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Carol Massar
The country, Chase for Business supports small business owners at a local level that makes it possible for you to connect, learn from each other and grow together.
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Carol Massar
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Tim Stenovec
This is Bloomberg Businessweek daily reporting from the magazine that helps global leaders stay with insight on the people, companies and.
- [47:57]
Caroline Hyde
Trends shaping today's complex economy.
- [48:00]
Tim Stenovec
Plus global business, finance and tech news as it happens.
- [48:04]
Caroline Hyde
Bloomberg Businessweek Daily with Carol Massar and.
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Tim Stenovec
Tim Stanweck on Bloomberg Radio.
- [48:12]
Carol Massar
Plenty ahead in our second hour of the weekend edition of Bloomberg businessweek, including the CEO of Full Speed Automotive on the health of the consumer.
- [48:19]
Tim Stenovec
Plus from cars people are buying and holding on to, to testing, testing the next level of AI behind the wheel. Our own Hannah Elliott takes us for a spin in the Mercedes that almost drives itself.
- [48:30]
Carol Massar
First up this hour. Just about one year ago, Bloomberg businessweek had a great story about Barnes and Noble's unlikely comeback. Thanks to a pandemic era swarm to what's called Book Talk, us readers are more quickly discovering titles and recommending them to friends and followers. That's good for the book industry.
- [48:46]
Tim Stenovec
It's offered Barnes and Noble, which reported seven straight years of falling sales before it became the target of a billionaire hedge fund owner back in 2019, a chance to resurrect itself, which seems to.
- [48:56]
Carol Massar
Be now in full swing. The company, which is owned by Paul Singer's Elliot Advisors, has 600 bookstores in the United States right now. It opened more than 50 last year and plan to open another 60 more this year.
- [49:09]
Tim Stenovec
James Donna, CEO of Barnes and Noble. He's managing director of Waterstones Bookstores in the uk he's founder and owner of the independent bookstore chain Bookstore. He joins us here in the Bloom Book or Interactive Brokers Studio. Welcome.
- [49:20]
James Daunt
Thank you for having me.
- [49:21]
Tim Stenovec
So it's a private company now, so we don't get the all the numbers that we get. But right before it was taken private, Barnes and Noble had a loss of $125.5 million on revenues of $3.7 billion. That was for the fiscal year that ended April of 2018. Same store sales were down more than 5%. What. What are some metrics you can give us right now that speak to the health of the company?
- [49:44]
James Daunt
Well, I think generally the book market has rebounded. So it's not just us, though. It is definitely us along with books. And Covid was a difficult time for us. Obviously, a lot of our stores were closed, but people rediscovered reading. But also, I think, always bookstores are great places in which all ages, all types, but particularly young people, like to gather and like to read. And I think we run our bookstores better, I like to say then. But I think also the independents are opening up great stores around, and people are discovering the pleasures of a physical bookstore. And we're benefiting.
- [50:16]
Carol Massar
I love that you go, why do you think it's come back? Because it used to be just lovely little bookstores in towns and cities. And then, of course, the big guys came in and, I mean, there was always the tug of war between the big and the small.
- [50:30]
Tim Stenovec
There was an old Tom Hanks Meg.
- [50:31]
James Daunt
Ryan movie about you've got Mail, you've got Mail.
- [50:35]
Tim Stenovec
Okay, but.
- [50:36]
Carol Massar
And then it just felt like it was really bad for the selling of books. Amazon came on the marketplace. And now I too, have seen a resurgence of little bookstores. What do you think that is?
- [50:46]
James Daunt
Well, Amazon is why people lost confidence. And then the rise of Kindle, and there was a general notion and a media sense that physical books were gone, reading was disappearing. And I think collectively, including the big chains and the small guys, a lot of people lost their way and they. And then we got ourselves sorted out, and the good independents have sorted themselves out, and we're all now running much nicer stores. And people are back and have embraced us now, the independents who did not lose their confidence, they wouldn't have even noticed the trials and tribulations that the rest of us went through.
- [51:17]
Tim Stenovec
So what is it about the experience inside a bookstore? And we're not just talking Barnes and Noble here, because you have experience at Daunt books. You're also managing director of Waterstones Bookstore stores in the uk. What is the experience that you try to create inside a bookstore that makes it so people don't order them online or download them on an E Reader?
- [51:38]
James Daunt
Well, I think the great independent bookstores have that magic of curation, which is selecting the titles they have, matching those to the community in which they sit, and having a really nice physical space and a welcoming and vibrant one. What we as a a chain bookstore now need to do and have done is abandon all of the consistency and operational disciplines of a chain bookstore and hand power to our individual store teams and allow them to replicate that independent.
- [52:08]
Tim Stenovec
So essentially, you're trying to create a community bookstore within every Barnes and Noble location.
- [52:12]
James Daunt
And that has worked dramatically well in many. Better generally in most and not so well. Well in some.
- [52:19]
Tim Stenovec
Where has it not worked and why?
- [52:21]
James Daunt
Where the teams don't quite understand or don't have the skill set or where we haven't built up the experience? Because bookselling is a trade. It's a vocational trade. And the skills that are attached to that, you know, have to be learned and developed. So we haven't completed that journey, I would say, but in most of our stores, a lot better than they ever were. And some of them are really fantastic.
- [52:41]
Carol Massar
So, James, when it comes to the Barnes and Noble, does that mean there are certain things when you walk in in that are going to be consistent, whatever Barnes and Noble you come in, and then there's going to be certain nuances to the community and the environment or what. How do you, how do you kind of hand over.
- [52:56]
James Daunt
Well, the consistent thing is they're full of books and they are bookstores.
- [52:59]
Cathie Wood
Check.
- [52:59]
James Daunt
But we. And because there are books, obviously that are bestsellers and books that people want and you know, everybody has to have Catcher in the Rye because every bookstore does independent or thing. But we leave it entirely up to them. We give them no constraints, no budget constraints, no visual constraints. We just say use common sense and make it the best possible bookstore you can. And generally they get on with that dramatically better than when they were given very strict rules to do it in precisely the same way everywhere.
- [53:28]
Tim Stenovec
I want to know about how your role works. It's not every day we speak to the CEO of a large company that has two other jobs as well. So, as I mentioned mentioned, you're CEO of Barnes and Noble, you're managing director of Waterstones Bookstores, you're the founder and owner of the independent bookstore chain Daunt Books. How does that relationship work? Just in your professional life, like how do you, how are you the CEO of Barnes and Noble but also the managing director of these other stores?
- [53:52]
James Daunt
I think the only advantage, professional advantage I have is I really do understand how to run a really good bookstore because I ran one myself for 20 plus years longer and continue in a sense, sense to do so. So I understand what my teams need, what my stores need. And then my job is to just make sure from a central perspective that we don't get in their way and that we provide what they require to run a really good bookstore. And what they generally require is frankly money. They need clean carpets and they need their H Vac fixed and they need books to turn up on time when they order them. But I don't tell them what to order and I don't get in their way and that allows me to do the job reasonably well. And, and frankly, the less I do now, the better it goes.
- [54:30]
Carol Massar
Are people as interested in reading classics and old time books that were just very popular years ago? I'm just curious about what is it that people are buying?
- [54:40]
James Daunt
Well, there was a. You mentioned Booktok earlier. Booktok coming out of COVID was exploded with a love of classics. Everyone was reading Middlemarch and Jane Austen and that was huge, hugely exciting and continues still. But at the same time, you know, the roving eye because you know, kids want to read the same thing because they want to talk about books and engage and at the moment it's romantasy and it's relatively spicy romantasy. But at the same time, you know, they're reading the great books as well.
- [55:10]
Tim Stenovec
Books are only part of what Barnes and Noble sells. What else do you use to get people in the door and get them walking out? Parting with money.
- [55:18]
James Daunt
Well, well, we have sort of become really the last place in which quite a lot of these sort of dying categories actually have rejuvenated. So we have a fantastic music business, vinyl, even DVD, CDs, there's been an increase in sales of those. We have a fantastic newsstand offer and now we do toys and games, board games and the rest really properly. Again, aiming for those to be educational, to support effectively the intellectual engagement that you have around books. And therefore they sit, we believe naturally alongside books and you know, that's our job. We call it related product. We have to keep them tightly tied into a love of learning and development which is encapsulated by books.
- [56:00]
Carol Massar
We're talking about James Daunt. He's the CEO of Barnes and Noble. He's also managing director of Waterstones Bookstores in the uk. Founder and owner of the independent bookstore chain Daunt Books. He's here in our Bloomberg Interview Interactive Broker studio. James, what about like live events for doing stuff like I've done some things at local bookstores, you know, a Q and a chat with someone on a new book. But I'm just curious, how do you kind of think about that, whether it's in your own bookstores, but also for Barnes and Noble, making it a place where people go to meet up?
- [56:26]
James Daunt
I think we are social spaces and that can at its sort of modest level, that can be the story time. A bookseller has to learn how to read a book upside down to 3 and 4 year olds all the way to obviously being the interaction between authors and readers. And so holding talks, events, question and answer interviews, all of the myriad of ways in which you can make a bookstore an exciting place in which to come. It's easier to do in the metropolitan cities because you can get the great authors, but you can do it wherever you are on a more modest scale.
- [56:57]
Tim Stenovec
I mentioned same store sales back in April of 2018 were down more than 5.5%. Can you tell us same store sales? Are they positive now?
- [57:05]
James Daunt
Yeah, the book market has been going up. So I mean there are plenty of publishers whose, whose public numbers will show you that. And there's been a, there's been a huge boom since COVID and generally the publishers have been doing very well. And you know, we're in that market and we're doing very well. And when you have an increasing store count and we are now over 700 stores, in fact, we were below 600 a short while ago, they then you, you're going to sell an awful lot more.
- [57:29]
Tim Stenovec
The Wall Street Journal reported a possible IPO as early as the second half of this year. Is that still the plan?
- [57:35]
James Daunt
Well, luckily that is above my pay grade. It will affect me, but. But I don't own the place, sad as that may be.
- [57:44]
Tim Stenovec
Do you think you would stay on as CEO?
- [57:46]
James Daunt
I enjoy what I do and I have a feel that what we do and, and the people who work for me are hugely vocationally motivated. We're not as important as public libraries by any close measure, but what we do, we do do with an immense respect for the power of books. And I think all of us, including myself, hope to continue to do that better.
- [58:06]
Carol Massar
I think it's interesting you brought up libraries because I do feel like there's less and less funding for libraries in different towns. I know growing up that that was a Big deal. You get your library card, you'd go to the library. That was a big deal. But is some of that also maybe fueling where people just have to go buy their own books, especially for kids?
- [58:22]
James Daunt
I don't think that's to our benefit. I think it's only to the detriment generally of reading and generally for the engagement of with books. And it's, I speak actually as an Englishman and what's happened in the United Kingdom where public libraries have not been funded for really a decade and more and it's hugely to the detriment of society.
- [58:41]
Tim Stenovec
AI and books. This is wild. I mean it's, if you, this has been happening for a few years but if you like a big news event happens, you can go find like a self published AI written book on Amazon to download right away. Are you going to carry AI books?
- [58:55]
James Daunt
We generally don't and we go to very great efforts to exclude them from our online operation.
- [59:00]
Tim Stenovec
Other than it's a challenge, I bet.
- [59:02]
James Daunt
It is a big challenge. But you know, actually AI is absolutely fantastic at hunting out AI. So that's helpful. But in and of itself, as long as AI is clearly communicated that a book is created by AI and if readers want to read it, then we should provide that. That's our role in life. And so I'm not an evangelist saying never AI, but I am saying it should be very clearly indicated whether it is a real author to whom by the way, as booksellers we feel huge duty of care or if it's a.
- [59:35]
Carol Massar
Big is a category when it comes to books now in your stores, nothing.
- [59:40]
James Daunt
I mean not nothing, nothing. But as far as we can possibly determine, it's nothing.
- [59:46]
Tim Stenovec
Our thanks to James Dunn, CEO of Barnes Noble.
- [59:48]
Carol Massar
You're listening to Bloomberg Businessweek. Coming up, from bookshelves to oil changes, what consumers are spending money on when it comes to their cars, I think.
- [59:56]
Brian Maciak
They'Re frugal and they're very, very cautious about spending anything unnecessarily out of their pocketbook. They're, they're also in the customer wants efficiency. They don't want to be there long. They want to be quick, get it in, get it out. And it's also not lost on us that about 70% of people distrust the folks that work in my industry. And we are trying our best to reverse that trend.
- [60:21]
Tim Stenovec
The CEO of Full Speed Automotive joins us next. This is Bloomberg.
- [60:38]
Caroline Hyde
Support for the show comes from public on public. You can build a multi asset portfolio of stocks, bonds, options, crypto and now generated assets which allow you to turn any idea into an investable index. With AI, it all starts with your prompt. From renewable energy companies with high free cash flow to semiconductor suppliers growing revenue over 20% year over year, you can literally type any prompt and put the AI to work. It screens thousands of stocks, builds a one of a kind index, and lets you back test it against the S&P 500. Then you can invest in a few clicks. Generated assets are completely customizable and based on your thesis, not someone else's. Go to public.commarkmarket and earn an uncapped 1% bonus when you transfer your portfolio. That's public.commarket paid for by Public Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors llc. SEC Registered Advisor Generated Assets is an interactive analysis tool. Output is for informational purposes only and is not an investment recommendation or advice. Complete disclosures available@public.com disclosures these days it.
- [61:47]
Tim Stenovec
Seems like AI agents are just about everywhere you turn every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, with Okta you'll turn risk into opportunity. Secure every agent, secure any agent. Okta secures AI Being a small business.
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Carol Massar
Owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own.
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Cathie Wood
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Caroline Hyde
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Carol Massar
From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools. Looking for tips and advice? Their online resources are always available to.
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Cathie Wood
Give you the solutions you need to.
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Carol Massar
Help your business thrive. See how your business can get stronger and go farther with Chase for Business.
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Cathie Wood
Learn more@chase.com business chase for business make more of what's yours the Chase Mobile.
- [63:06]
Carol Massar
App is available for select mobile devices. Message and data rates may apply. JP Morgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. This is the Bloomberg Business of Entertainment.
- [63:19]
Hannah Elliott
Report Paramount Skydance is looking to return.
- [63:21]
Carol Massar
To the days where many of us were saying, I Want my mtv? Bloomberg's Lucas Shaw tells us Paramount is looking to revive MTV and has spoken with several major companies and leading music industries figures about acquiring a stake and.
- [63:34]
Tim Stenovec
They would like to find someone in the music business who wants to partner.
- [63:37]
Daron Acemoglu
With them, invest in it, bring in some assets.
- [63:40]
Tim Stenovec
Most of the feedback that I've heard.
- [63:41]
Carol Massar
From the music business has sort of.
- [63:43]
Tim Stenovec
Been what is in it for us.
- [63:44]
Carol Massar
MTV began in 1981 airing music videos.
- [63:47]
Hannah Elliott
Before it evolved into a home for.
- [63:48]
Carol Massar
Reality TV programming with shows like Jersey Shore and the Real World.
- [63:52]
Daron Acemoglu
This is the true story.
- [63:55]
Carol Massar
Shaw says Paramount believes it can reinvigorate by recasting it as more than just a cable network and bringing the focus back to music. But he says it's a tall order.
- [64:04]
Tim Stenovec
I'd say the odds are pretty low. People have tried to reboot MTV many.
- [64:08]
Brian Maciak
Times before and it hasn't worked.
- [64:09]
Carol Massar
Paramount shut down MTV's 24 hour music channels in select countries at the end of last year. Karen Moscow, Bloomberg Radio this is Bloomberg.
- [64:19]
Tim Stenovec
Business Week Daily with Carol Massar and.
- [64:21]
Caroline Hyde
Tim Stanovec on Bloomberg Radio.
- [64:26]
Carol Massar
Some warning sign signs in the global car market, you might recall earlier this month Porsche reported its sharpest sales decline since 2009, weighed down by weaker demand in China, tariffs and rising EV costs. Meantime, a shortage of memory chips caused by the data center boom is leading the auto sector to brace for yet another potential supply chain disturbance.
- [64:47]
Tim Stenovec
Let's talk about the U.S. story in the auto industry and sort of a different take on it. We've got Brian Maciak with us. He's CEO of Full Speed Automotive. It's the parent company of the automotive repair and service facilities including Grease Monkey, Speedy Oil Change and Auto Service and Quick Car and more. So think oil changes, tire sales and rotations, brake services and the like. Brian joins us here in the Bloomberg Interactive Brokers studio. Welcome. How are you?
- [65:10]
Brian Maciak
Hey, I'm doing great. I appreciate the opportunity.
- [65:12]
Tim Stenovec
Yeah. So you've got a really interesting view on the country and the economy because Full Speed Automotive, through its different brands, franchise and company owners, owned 900 of these stores throughout the U.S. you serve millions of customers each year. How is it out there? Like, what are you seeing from your customers?
- [65:29]
Brian Maciak
Yeah, so it's very, very clear if you listen to the customer, exactly what they want. They want value, they want efficiency. They don't want to be there. I mean, let's you know, in all honesty, nobody wakes up in the morning and is excited to go get an oil change. Right? No one wants to spend the dollars. It's A grudge purchase. Right. It's a choice. And we understand that that doesn't mean that we can't deliver a delightful service for them. Right. And so when they show up, we want to treat them like they're a guest in our house. We want to open the door for them. We want to escort them into the waiting area, we want to offer them water, coffee, and we want to provide them honesty of what that service needs.
- [66:09]
Tim Stenovec
Are they on time in general with the recommended rotations, with replacing tires with oil changes, or are they letting that slip and are they driving cars longer without getting them serviced? Like, I'm looking for any economic signals that you can send us from what you see out there.
- [66:29]
Brian Maciak
Sure. No, our space is fairly resilient to whatever fluctuations in the economy exist. Look, right now the average cost to buy a new vehicle is about $50,000 thousand dollars. People are spending an average of about $700 a month on their, on their vehicle.
- [66:50]
James Daunt
Wow.
- [66:50]
Brian Maciak
And so what's that? You know, you think back, that doesn't include gas.
- [66:53]
Carol Massar
You're talking about a car payment.
- [66:55]
Brian Maciak
I'm car payment alone, yeah. Right. And so that is forcing people to keep their cars longer. Average age of the vehicle on the road right now, and there's about 300 million of them, about 13 and a half years. They're still continuing to drive about 13,000 miles a year. So they're driving, Driving longer or. Yeah, they're driving, you know, normal miles. They're keeping their cars longer. And that means they have to, they have to go to preventative maintenance. They have to get that, that car done. But they're trying to watch their, their pocketbook. And so they are stretching as long as possible before they need to get it into our bays and perform the oil change.
- [67:31]
Carol Massar
How long have you started seeing that? That people are stretching out?
- [67:34]
Brian Maciak
Yeah. So, you know, there was a time when we used to see every three months on the dot, and now it's around five, six months. We might see that customer only two times a year.
- [67:42]
Carol Massar
When did that start? Last six months? Last year?
- [67:44]
Brian Maciak
About the last 12 months. Yeah, last 12 to 18 months we started to see it slip, but that's where it is right now is about five to six months. We'll see that customer.
- [67:52]
Carol Massar
So how would you, Brian, describe the consumer? Because I think it's safe to say that when we talk about this economy, folks say we wait. You know, when your records on Wall street, we've got economic growth, like there's, there's a lot of metrics out there. Even though we're starting to be a little bit concerned about the job market. Unemployment rate's still pretty low. So I'm just trying to understand, well, how would you describe today's consumer?
- [68:13]
Brian Maciak
Yeah, I think they're frugal. I think they're frugal and they're very, very cautious about spending anything unnecessarily out of their pocketbook. They're, they're also the, the customer wants efficiency. They don't want to be there long. They want to be quick, get it in, get it out. And it's also not lost on us that about 70% of people distrust the folks that work in my industry. And we are trying our best to reverse that trend. And how we're looking to do it is infusing some technology into the customer experience. We don't want you to take our word for it anymore when we come to you and say, no, no, keep going. When we say you need a trend transmission flush or a brake flush, we want to show you visually, we want to send you a digital vehicle inspection on your phone so you can see it. And we start to build that stickiness and that trust together.
- [69:08]
Carol Massar
Well, isn't that kind of what cars are about? I mean, I remember a few years ago, it's kind of a little embarrassing, but we had a car and you know, there was I guess a rainstorm and there was some water runoff and thought we could kind of go through it. It didn't look so high. It ended up frying all the electronics and we had to just, we lost the complete car. But I'm just. Isn't it today that you just basically plug in and the car tells you what it needs to have done?
- [69:33]
Brian Maciak
In a lot of ways in some, yes, you can, you can do those diagnostic. It doesn't hit every single code.
- [69:39]
Carol Massar
Okay.
- [69:39]
Brian Maciak
And sometimes the customer just doesn't want to pay that extra 50, $70 for that diagnostic they're requiring on our 16 point inspection visually. And we don't want to just, we don't want them to just simply take our word for it. We want to show them in a video so that there is no ambiguity whatsoever.
- [69:56]
Carol Massar
So what do you show them? Like?
- [69:57]
Tim Stenovec
So funny. I mean, a few, a couple years ago my uncle had this Prius for years that like, you know, he drove for years. Then it went to my cousin, his son, and he showed me this video a couple years ago and it was like the car had just been beat up. I mean, it parked on the streets of New York for years. It was a complete beat up and he showed me this video. He's like, check this out. And it was a video from a mechanic that was showing all the places where the rats had chewed up inside of the car. This is very what happens in New York City, especially in the winter.
- [70:27]
Cathie Wood
Like, right.
- [70:28]
Tim Stenovec
It's, it's really gross, but it's a very New York City thing. And, and what I was, I was struck by the video was it was because it was basically like the, the mechanic was offering this as proof of this happening. It wasn't like, hey, check this out. This is crazy.
- [70:41]
Carol Massar
So he went inside the car and shot.
- [70:42]
Tim Stenovec
He's like, this is why we are replacing this. This is why we're doing this. It's this like environment where there's a real lack of trust because I think there's a power dynamic imbalance when it comes to the customer. And when it comes to the person who's working on your car, customer doesn't know anything. You have Google and ChatGPT. The person working on the car seems to have all the power. And I think that's a hard thing for me as a customer to come to terms with, especially when that check comes.
- [71:05]
Brian Maciak
You got it right. So we want to, we want to go through our 16, 17 point inspection production. We want to tell you, hey, your, your tires look good. We want to show you, we want to show you the measurement that you're fine. You don't. If anyone tells you you need new tires, you don't. And then we want to show you some things that this needs to be replaced. But maybe not right now. So maybe it's 30, 60 days from now. And that gives our marketing team then an opportunity to reach out, back out to that customer in a month or two and say it's about that time. Bring it back in. Here's a coupon to do.
- [71:31]
Carol Massar
So it sounds like it's also labor intensive. Like you do need a lot of, of folks in order to the cars come in, do the evaluation. Walk us through that.
- [71:39]
Rick Wurster
You do?
- [71:39]
Brian Maciak
Yeah. So cars are becoming much, much more technologically advanced and difficult. And that's good and bad. I remember the days when my dad would change his oil in the, in the, in the parking lot. Now these.
- [71:50]
Carol Massar
My dad taught all of us how.
- [71:52]
Brian Maciak
To, how to do it. Yeah.
- [71:53]
Carol Massar
Now you can't get now change your oil. But we had to learn how to check it. Now you can't get rid of track of our mileage. Like we had to do a lot of stuff.
- [71:59]
Tim Stenovec
You can't get rid of the oil now. So you Actually need to go somewhere.
- [72:03]
Brian Maciak
That's right. So we have shifted from a do it yourself to a do it for me, Right?
- [72:07]
Carol Massar
Yeah.
- [72:07]
Brian Maciak
But we need skilled labor in order to do that. And we have really good relationships with trade schools, and trade school enrollment is increasing. We also have found partnering with the military folks that are getting out of the military and needing jobs. I mean, these are people that are well trained, they show up on time, they're loyal, very, very good workers, and they stay with you for a while.
- [72:28]
Tim Stenovec
Can you find them? Because there was this Wall Street Journal story just the last few days, the $160,000 mechanic job that Ford cannot fill. It's sort of turned into this lore as an illustration of the trade skills gap in this country. Can you find everybody you need?
- [72:43]
Brian Maciak
Not everybody. There's definitely. There's always a race for the, you know, those master mechanics. No question about it.
- [72:49]
Carol Massar
But do you need master mechanics?
- [72:51]
Brian Maciak
We don't. Don't.
- [72:52]
Caroline Hyde
Okay.
- [72:52]
Brian Maciak
And so Ford would be different. Right. They're doing heavy engine work, transmission work, and we don't do that. We focus on quick lube and then some ancillary services that you really don't have to drop off the car. You can still stay in the waiting room 20, 30 minutes and you're on your way.
- [73:06]
Tim Stenovec
Can someone who has no experience but has drive and motivation come in, learn what they need to do there? Do they need some sort of training ahead of time?
- [73:13]
Brian Maciak
Yeah. So certainly you can take a newbie for sure. Not every employer is going to do that with. We have a really robust training program where we won't let you work on a car until we, you. You pass the certifications. But for the right candidate, we'll absolutely put them through it.
- [73:26]
Tim Stenovec
Franchise versus company owned. Like close to a thousand total. What's the breakdown of franchise versus company?
- [73:31]
Brian Maciak
So we have 300 company owned and then the remainder are franchisees and licensees.
- [73:37]
Tim Stenovec
And you're owned by Mid Ocean Partners, private equity firm acquired just about five, six years ago.
- [73:41]
Brian Maciak
That's right, five years ago.
- [73:42]
Tim Stenovec
What's the. What's the plan? What's the next iteration of this?
- [73:46]
Brian Maciak
So right now we're doing well from a cash flow standpoint. At some point, they may want to do a transaction. I'm sure they will. But right now we're just focused on the growth, Growing top line and then growing our rooftops largely on the franchise side.
- [74:01]
Carol Massar
Why have so many different brands? Why not put it all under one brand name?
- [74:05]
Brian Maciak
Yeah, that's a fantastic question. And my initial thought was, yeah, let's just all convert it to one national brand. But what we have found is in some pockets, in some regions, Michigan being one of them, they really want to go to their small regional brand that they've gone to all the time. There's name cache there and for us to change it would be a silly business decision. So, you know, it costs a little more on the marketing side. Right? For sure. But that's what the customer wants and that's what we want to deliver. Where we think we can convert the name, we will.
- [74:37]
Tim Stenovec
EVs don't need new, they need new tires, they need new brakes, but they don't need the lubrication services that you guys do, right?
- [74:43]
Brian Maciak
Yeah.
- [74:43]
Tim Stenovec
Is it a concern?
- [74:44]
Brian Maciak
It's not. You know, I think a few more years ago we all, I don't want to say about all, but some of us thought, oh my goodness, if this is going to take over, the quick loop space is going to dry up pretty quickly and it really hasn't transferred transferred to that. Right. Hybrids are important. Important. Hybrids are selling, but hybrids need oil changes. Right where we're trying to even see those EVs are we offer a diversified menu of services. So they still need the brakes. They still need a lot of the other ancillary services. So we still see them.
- [75:18]
Tim Stenovec
That was Brian Maciak, CEO of Full Speed Automotive.
- [75:24]
Carol Massar
Still to come on Bloomberg Businessweek. She rode in a Mercedes Mercedes with next level AI and said it made everything else feel, well, kind of dumb.
- [75:33]
Hannah Elliott
This has been developed with Nvidia. So this is truly AI in your car, driving your car on a fully other level than some of these lesser self driving systems. NB Drive Assist Pro is so smart that it does know when it can turn right on red and when it can't.
- [75:56]
Tim Stenovec
Our car guru Hannah Elliott on the driver's seat of the future. That's next. This is Bloomberg.
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Caroline Hyde
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Carol Massar
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Cathie Wood
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Cathie Wood
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Carol Massar
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- [78:43]
Tim Stenovec
This is Bloomberg Business Week Daily with.
- [78:46]
Caroline Hyde
Carol Massar and Tim Stenovec on Bloomberg Radio.
- [78:51]
Carol Massar
So imagine the car you're driving could think faster than you anticipate Every stop, stop, turn and lane change. Basically handle the city streets on its own. Sounds ideal.
- [79:02]
Tim Stenovec
Like even read a sign that says, you know no right turn on red.
- [79:06]
Carol Massar
I think that's amazing.
- [79:08]
Tim Stenovec
Okay, so we've been talking about the potential for self driving cars for many years now, but that could soon become reality. With us is Bloomberg News auto columnist Hannah Elliott. She test drove a Mercedes with the latest AI system with some surprising results. I gotta tell you Hannah, I loved okay Carol and I like it's no secret how much we love Waymos when we go and you know, go to San Francisco or LA or Phoenix or whatever. Like Waymos. Yeah, same. What shocked me the most about one of the things that shocked me the most about reading your story was the price of the car you drove was under $50,000.
- [79:44]
Carol Massar
Me too. I was surprised.
- [79:46]
Tim Stenovec
Okay, what is it?
- [79:48]
Carol Massar
Tell us about this car.
- [79:49]
Hannah Elliott
Okay, so yes, this is the, the whole thing is kind of about this car, which is the Mercedes CLA. And the starting price on the car is $47,250, which is amazing. This is now the new entry level car for Mercedes. It's an electric vehicle, fully electric, but they are coming out with a hybrid version later in the year for those of us who still want our combustion engine along with our electric power. And it is a direct attack on Tesla and on some of these more affordable cars that people are selling in the rest of the world, especially in China. Mercedes has decided we're going to take them on and we think we can give consumers a really good product at a very, very competitive price. And I think they nailed it. It. I really, really liked this car.
- [80:44]
Carol Massar
All right. And I love you say my takeaway after driving around an hour in a car driven by AI makes everything else feel, well, dumb. Walk us through because there's actually two levels here and full disclosure, I've had a few more Mercedes and like the latest one, which is now probably over 10 years old, has a lot of safety features in it that basically I take my hands off the wall, the wheel, it drives itself. This sounds like though next level.
- [81:10]
Hannah Elliott
Yes, this is the, I, the, the one that we should really talk about is the MB Drive Assist Pro. Now there is an MB Drive assist system that is already in the car that is level 2 advanced semi autonomous driving, which means you can drive without your hands on the wheel for lengths of time and the car will drive itself. Okay, great. The Drive Assist Pro, which is coming out later this year in which I really spent the most time testing, is a system that allows you to navigate to any point, any place and not touch the wheel at all. The car does everything. This is a subscription system that costs under $4,000 for three years. So in light of everything, I think that's a very good price download. It downloads to the car. And this has been developed with Nvidia. So this is truly AI in your car, driving your car on a fully other level than some of these lesser self driving systems. And Tim, you kind of hit on it. The real difference here is that this MB Drive Assist Pro is so smart that it does know when it can turn right on red and when it can't turn right on red. It knows when it can roll through a yellow light and when it needs to stop because the light's about to turn red. It was really, really interesting and I think the key takeaway is it felt more humanistic than any other sort of of self driving system that I've been in before. It felt like it was reading and understanding and comprehending street situations in a way that felt closer to human than we've had before.
- [83:08]
Tim Stenovec
We should note that you still couldn't take this on a highway, right?
- [83:12]
Hannah Elliott
That's right. This system is only for city streets. The MB Drive Assist, which is the lesser system does go on highways and city streets.
- [83:21]
Cathie Wood
Streets.
- [83:22]
Hannah Elliott
This system right now is only for city streets. So yeah, that's kind of the caveat we're not to this like bright future of robot cars driving us everywhere. Except for Waymos, which we can talk about too. But they're getting there and the technology is there. The highway thing is really more related to regulations and legislation and that sort of thing. But yeah, this was a really interesting, fun way to navigate around a city that I don't know very well. San Francisco. The car handled it and dare I say it was relaxing. It was kind of great.
- [84:01]
Carol Massar
How does it work? I mean, I know there's 10 cameras, five radar sensors, 12 ultrasonic sensors, but this end to end stack from Nvidia. The role of Nvidia and its expertise sounds like it's crucial in all of this.
- [84:13]
Hannah Elliott
This. Yes, yes. So Nvidia has, this is their fully full stack, which means that they developed the entire system internally for Mercedes. But Nvidia has collaborated with a lot of different car makers, Toyota, Volvo, Rivian, Lucid, helping develop these AI autonomous driving systems. This particular system in Mercedes, like you say, uses 10 cameras, five radars and a dozen ultrasonic sensors. It's kind of like what we see in a Waymo. For anybody who has rendezvous, Waymos use LiDAR radar cameras and high definition maps to read and anticipate the environment. This is very similar. It's not exactly the same, but from a user standpoint, when you're in the car, it feels, feels very similar. So if you have been in a Waymo, it's like imagine that the Waymo is driving your own personal car and you're in the driver seat, which is a good thing. I have a lot of friends who are a little bit still uncertain about Waymo. They're not sure it's safe. And I understand that apprehension. But for me, and you guys can speak to this too. It took like two or three minutes for me to be in the car before I trusted it. And then it was like, oh, yeah, this is fine.
- [85:31]
Tim Stenovec
Yeah. I was gonna say, I think anybody, anybody who doesn't think a Waymo is safe, and I hope I don't ever eat my words here, Hannah, but I think anyone who doesn't, they just haven't been in it. Truly.
- [85:42]
Hannah Elliott
Right.
- [85:42]
Tim Stenovec
Because once you get in it and once you sit in and have that experience, you're like, wait a second, this thing is safer than the random guy who is driving me who called up on my. My iPhone. Hey, yes. Oh, go ahead, Go ahead, Hannah. Because you actually do have some safety stats in here.
- [85:59]
Hannah Elliott
Yeah, Well, I was just going to say too, no, no, knock on the wonderful taxi and Uber drivers of New York City. And I'm grateful for them. But yes, I was going to say Waymo is a better driver than half of those guys. And those guys know it too. So it really is true. And a lot of my friends, speaking about Waymo for a second, actually enjoy not having another stranger in the car. So like you say, it's like once you try it, once you're kind of.
- [86:26]
Carol Massar
Sold, typically, I have to say it's.
- [86:28]
Tim Stenovec
Like the gateway drug to autonomy.
- [86:30]
Hannah Elliott
Yes.
- [86:31]
Carol Massar
The first time I did it, I have to say I felt like I was in a spa. It was like immaculate music. The music was moody. And I was amazed, Hannah, at how quickly like you write about, like I closed my eyes. Cause I had like a 40 minute ride to the airport. I think it was Arizona. And it was like I couldn't believe. And it was night. I couldn't believe how relaxed I was.
- [86:56]
Hannah Elliott
Totally. And I. And I have to say too, and we've talked about this all the time. I love driving. I own old car. I'm a big fan of driving. I'm honestly, I have old combustion cars. You know, I'm all about the right tool for the job. I don't think we have to live in a world where there's only one option. I actually love the idea of a lot of variety and you pick the right tool for the job. And my point is, is if you have a self driving car like the cla, this Mercedes cla that truly is budging up on being fully self driving, that's level three, this is level two. Plus plus. But we're very, very close. It doesn't mean you can't also have fun driving. It just means that when you're sitting in traffic and your eyes are glazing over and you want to pull your hair out, the car can handle it. You can feel like you're in a.
- [87:47]
Carol Massar
Spa, for instance sense, Hannah, without the essential oils. That's the only thing that was missing. Exactly.
- [87:53]
Hannah Elliott
Although maybe I need to start traveling.
- [87:54]
Tim Stenovec
With those just in case you do live in California. So I, you know, I think that's kind of par for the course these days.
- [88:00]
Carol Massar
Hey, more broadly, you have another story and it's entitled look out Uber. The future Is self driving cars like Waymo? Is that where we're headed? And it seems like there's a lot that we still need to tackle before we can get there.
- [88:13]
Hannah Elliott
Yes. I think we are increasingly headed toward semi and full self driving cars in urban centers. Yes. And across ride sharing platforms. Yes. I don't know if you guys have seen Zoox going around. Zoox is in San Francisco and there are a few testing programs around the country as well. Yes, we are moving this direction. And even in private car cars with AI defined vehicles like the cla, that Mercedes. Yes, everything is moving in that direction. Now do I think we're going to have a world that is dominated by self driving cars that are level three and above? Level five is like full, full self driving, like robot taxi. You can take a sleep, take a nap in the back. We're not there yet. We're at level two. Plus plus experts that I talk to say we have another 10 years before we'll see anything close to a predominance of self driving cars on the road. So we don't want to get ahead of ourselves. Yes, we're moving in that direction. Yes, we're going to see it more and more and more, especially as automakers, let's be honest, try to stay competitive with China because China is leading the way. They're making great products that cost less. So yeah, we're leaning, we're leaning that way. Is it going to be another 10 years before we're like, quote unquote, living in the future? Yes. And also I should mention, and I said this before, we've got to figure out the legal implications of all of this. Whose responsibility is it when inevitably there's an incident? We've got to sort through all of that. Which is also why Waymo's not running in New York City right now. You know, they're figuring that out. So yeah, we're moving in that direction. Are we there yet? No.
- [90:00]
Carol Massar
And I highly recommend everybody check out Hannah's stories. Because I think there was the one thing that you mentioned too that kind of frustrated me is that it didn't always drop me where I wanted to drop. But we're going to make people go to the bloomberg or bloomberg.com to read.
- [90:13]
Tim Stenovec
Carol, walk a little further.
- [90:16]
Cathie Wood
No, it ticked me off.
- [90:17]
Carol Massar
I was like, wait, where's my car? Where's my car? Hannah, Great stuff. We love, love, love catching up with you and looking forward to the Tesla story as well.
- [90:25]
Tim Stenovec
That was Hannah Elliott. She's Bloomberg News auto columnist.
- [90:28]
Carol Massar
And that wraps up our weekend edition of Bloomberg Business Week from Bloomberg Radio. Thank you so much for joining us. I should point out out that even where I live, just across from Lower Manhattan, starting to see some testing of Waymos.
- [90:38]
Tim Stenovec
Ooh, so there's a driver in the driver's seat still.
- [90:40]
Carol Massar
Yes, we did see drivers.
- [90:41]
Tim Stenovec
Okay, be sure to tune in to Bloomberg Businessweek Daily Monday through Friday starting at 2pm Wall Street Time on Bloomberg TV, Bloomberg Radio and on Sirius XM Channel 121.
- [90:50]
Carol Massar
You can also watch our daily broadcast on YouTube. Just search Bloomberg Global News. We're simulcast on Bloomberg Originals, available at bloomberg.com originals and streaming platforms including Roku, Roku, Amazon Fire TV, Samsung TV and more.
- [91:03]
Tim Stenovec
Find our Bloomberg Businessweek Daily podcast at bloomberg.com, apple or wherever you get your podcasts. The latest edition of the magazine as well, on newsstands now@bloomberg.com and always on the Bloomberg Terminal.
- [91:14]
Carol Massar
Have a good and safe weekend, everybody. I'm Carol Massar.
- [91:17]
Tim Stenovec
And I'm Tim Stanweck. Stay with us. Today's top stories and global business headlines are coming up right now. These days it seems like AI agents are just about everywhere you turn, every field and every function. But without identity, you can't trust they'll serve your business instead of jeopardizing it. Fortunately, Okta helps you get identity right by securing your AI agents identities, giving you a single layer of control, a single standard of trust. So whether an AI agent supports a single user or your entire enterprise, we'll with Okta, you'll turn risk into opportunity. Secure every agent. Secure any agent. Okta secures AI well, the holidays have.
- [92:00]
Brian Maciak
Come and gone once again.
- [92:01]
Carol Massar
But if you've forgotten to get that.
- [92:03]
Tim Stenovec
Special someone in your life a gift.
- [92:05]
Carol Massar
Well, Mint Mobile is extending their holiday.
- [92:07]
Tim Stenovec
Offer of half off unlimited wireless.
- [92:09]
Carol Massar
So here's the idea.
- [92:11]
Brian Maciak
You get it now, you call it.
- [92:12]
Carol Massar
An early present for next year.
- [92:14]
Rick Wurster
What do you have to lose?
- [92:15]
James Daunt
Give it a try@mintmobile.com Limited time 50%.
- [92:19]
Carol Massar
Off regular price for new customers. Upfront payment required $45 for 3 months, $90 for 6 months or $180 for.
- [92:24]
Hannah Elliott
12 month plan taxes and fees.
- [92:25]
Carol Massar
Extra speeds may slow after 50 gigabytes per month when network is busy, see.
- [92:28]
Caroline Hyde
Terms for the first time ever, a.
- [92:31]
Daron Acemoglu
Truly beautiful medical breakthrough promises physical perfection.
- [92:34]
Caroline Hyde
One shot makes you hot, but with terrifying consequences.
- [92:38]
Daron Acemoglu
In the new original series, FX Is.
- [92:40]
Caroline Hyde
The Beauty the glamorous world of supermodels.
- [92:43]
Daron Acemoglu
Turns deadly as mysterious deaths draw in.
- [92:45]
Caroline Hyde
FBI agents and a shadowy billionaire who will stop at nothing to protect his empire from executive producer Ryan Murphy.
- [92:52]
Tim Stenovec
FX Is the Beauty.
- [92:54]
Caroline Hyde
Now streaming on Hulu and Hulu on.
- [92:56]
Daron Acemoglu
Disney plus for bundle subscribers.