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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 introducing the all new Adobe Acrobat Studio now with AI powered PDF spaces do more with PDFs than you ever thought possible. Need AI to turn 100 pages of market research into 5 insights with a click. Do that with Acrobat. Need templates for a sales proposal that'll close that deal. Do that with Acrobat. Need an AI specialist to tailor the tone of your market report to sound real smart in real time. Do that with the all new Adobe Acrobat Studio. Learn more@adobe.com do that with Acrobat.
- [01:05]
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- [01:29]
Tim Stanweck
Prepared by BlackRock Investments, LLC.
- [01:33]
Carol Massar
Bloomberg Audio Studios Podcasts Radio News this.
- [01:40]
Tim Stanweck
Is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay ahead with insight on the people, companies and trends shaping today's complex economy. Plus global business, finance and tech news. As it happens, the Bloomberg Business Week Daily Podcast with Carol Massar and Tim Stanweck on Bloomberg Radio.
- [02:02]
Hannah Elliott
Hi everyone.
- [02:03]
Carol Massar
Welcome to the Bloomberg businessweek Week Weekend Podcast. Well, it was the first full trading week of 2026. A lot already happening from geopolitical shockwaves in the Americas following the US Removal of Venezuela's President Nicolas Maduro one week ago to the reveal this past week of the latest and greatest gadgets and trends at CES in Las Vegas. And then, Tim, we can't forget like it was almost hard to keep up the news from from President Trump coming largely in the way of social media that he would move to ban institutional investors from buying single family homes as part of a push to address housing affordability. He also had some thoughts about the defense sector.
- [02:42]
Interviewer / Host
Yeah, we also don't forget this, the final jobs report of 2025. Those December numbers coming in, too. That wrapped up the week with the Supreme Court not weighing in on the legality of President Donald Trump's tariffs. The next opinion day for a potential ruling is this coming Wednesday. For all the latest, head on over to the Bloomberg Terminal or bloomberg.com as these stories continue to unfold as we put this weekend's interviews to bed.
- [03:06]
Carol Massar
All right, so this hour we're going to dig into the ramifications for Venezuela and its oil reserves after the surprise US Capture of Venezuela's former president, now former President Nicolas Maduro. We get into President Donald Trump's emerging new world order.
- [03:21]
Interviewer / Host
Plus connecting the dots on the bigger picture, a world in need of more energy with the CEO of Honeywell Process Technology.
- [03:29]
Carol Massar
All of that to come. We begin, though, with that fallout from last weekend's US Raid in Venezuela and the capture of President Nicolas Maduro and his wife.
- [03:36]
Interviewer / Host
Eric Schatzker is editorial director of Bloomberg New Economy. He was one of the few to interview Maduro at Mirafulores Palace. That was back in 2021. He joined us to discuss former Venezuelan President Maduro's journey from palace to a Brooklyn jail and what's next for the country.
- [03:52]
Eric Schatzker
People who've been watching Venezuela for decades, much longer than I didn't see this coming. What we knew over the past several weeks and months is that the Trump administration had been putting an increasing amount of pressure on Venezuela and that there was going to have to be some kind of a crystallizing moment. But that it was going to come in the form of US Helicopters staging a raid, an attack on Caracas and seizing Maduro, I think was beyond most people's imagination. From all I could tell, it was a possibility that Maduro himself hadn't fathomed.
- [04:32]
Interviewer / Host
Well, what was it you mentioned there had to be a crystallization or a crystallizing moment. What were some other scenarios or possibilities that, you know, three or four weeks ago looked more realistic than this, Airstrikes, for example, that would bring him from power? Well, ultimately.
- [04:47]
Eric Schatzker
Well, it was unclear. It wasn't clear. The Trump administration in its first guise, Trump 1.0 tried to affect regime change through economic sanctions. And so the idea of regime change being back on the menu wasn't at all surprising. How they were going to affect it was unclear. It's at least seemed to me at the time like asphyxiation was economic. Asphyxiation was the method that they were using. Once they moved US Aircraft carriers and other craft into the Caribbean and started boarding oil tankers and chasing others away, it seemed it it seemed like the plan was to just deprive Venezuela of any external revenue, which is for all intents and purposes the only revenue that matters to the Venezuelan economy, and that what would happen next? Well, there would very quickly be an economic crisis in Venezuela and a popular uprising. And maybe that's what would foment some kind of a regime change that would have taken at the very least weeks, if not months to unfold. And who knows why, at the end of the day, the Trump administration chose to go with array. There are all kinds of theories, right, about everything, ranging from somewhat more obviously trying to get control of Venezuela's oil reserves to something along the lines of needing to box out the Chinese and the Russians and the Iranians who had increasingly been getting involved in Venezuelan critical mineral extraction and drone manufacturing. And as I say, there, there are, there's a wide range of theories. I'm in no position to attach any credibility to any of them.
- [06:39]
Carol Massar
Well, what I want to think about is what's the future of Venezuela going forward? And I'm just thinking about, you know, when you did speak to President Maduro and that's what now, four and a half years ago. And he at that time was looking to rebuild the nation's oil industry. He wanted to normalize U.S. relations. How does Venezuela get on the path to long term prosperity in your view, and what's at stake? Because it sounds like it's still going to be pretty tight.
- [07:04]
Eric Schatzker
First and foremost, it needs a government. Doesn't really have a government right now. We have an interim president in the form of Delsey Rodriguez, who was Maduro's vice president. They're going to have to constitute some kind of, at the very least, caretaker administration. It seems sort of preposterous that they would leave the same regime in place just without its figurehead in the form of Maduro. And let's not forget that that administration is populated in no small part by Chavista hardliners. You know, these are people whom the US would classify as communists. I'm not surprised for the time being that they've left this government in place because Venezuela's institutions, such as they are, aren't ready for a democratic administration. So for those who wonder why Gonzalez or Maria Corino Machado aren't actually, you know, haven't been named president of Venezuela, that's at least one good reason for that. But eventually, whether it's to pass a series of, or enact a series of policies that are going to help to revive the Venezuelan economy, to restart the oil industry, they're going to have to have and then subsequently restructure the debt. They're going to have to have some form of legitimate government.
- [08:21]
Interviewer / Host
The national assembly inaugurated Delsey Rodriguez as president. You actually spoke to her as well? I did, four and a half years ago. What were your impressions of her?
- [08:28]
Eric Schatzker
She's a very capable individual, very articulate, seemingly whip smart. And most importantly, I think she demonstrated this. It's more important to talk about what she did than what she said. She demonstrated her pragmatism. She's the architect of the economic policies that helped Venezuela climb out of the ditch that it was in in 2018. We all remember the footage of those empty shelves in Venezuela at the. By the time I got to Caracas in 2021, I wouldn't call it a prosperous place, but the economy had clearly come off of its lows and was actually growing at a fairly decent clip. Inflation was coming down. These are all things that Delsey Rodriguez engineered, not Maduro himself.
- [09:17]
Carol Massar
I keep thinking about the role of China in all of this. Who's watching very closely. How should we be thinking about China?
- [09:23]
Eric Schatzker
Well, Venezuela, both for China and for Russia and potentially for Iran and maybe even India as well. Venezuela presented a great opportunity. Here is a resource rich country in the Western Hemisphere whose government was open to some kind of a deal with the United States but really wasn't interested in falling back into the American orbit. And welcome Chinese investment, Russian investment, help from both of those countries, Iran and potentially India as well. You know, if you look at, yes, the map is changing. You know, we've seen a tilt to the right in the Southern cone and we may see elections tilt more of South America toward the right than to the left in the coming months. But that was a, a very useful beachhead and presented, you know, sort of.
- [10:22]
Tim Stanweck
In a more.
- [10:24]
Eric Schatzker
Let'S call it not quite fantastical but imaginary way, you know, a base from which to launch operations against whether it be American or Western interests from the Western Hemisphere. And so at the very, very, very least, by taking out Maduro and reaching some, at least interim agreement with the Venezuelan government that it be under the influence of the United States, they've boxed out the Chinese. This is right. The national security strategy in action.
- [10:55]
Carol Massar
It's just fascinating. Eric, thank you so much. Important perspective in terms of what we've seen over the last few years in Venezuela. Eric Schatzker, editorial director of Bloomberg New Economy.
- [11:05]
Tim Stanweck
You're listening to the Bloomberg Business Week daily podcast. Catch us live weekday afternoons from 2 to 5pm Eastern. Listen on Apple Car Play and Android Auto with the Bloomberg Business app, or watch us live on YouTube.
- [11:19]
Carol Massar
Now, all of that attention on Venezuela got us kind of thinking a lot about what really is needed to make that country economically viable long term, and also wonder if that's kind of the real goal of US Actions. We had a lot of questions this past week, Tim.
- [11:33]
Interviewer / Host
The Trump administration has promised billions of investment to rebuild the country's crumbling energy infrastructure and restart exports, with China, Russia, Iran, and Cuba now effectively cut off from access to Venezuelan oil. For more on what the country really needs to build back its economy, we welcomed Francisco Rodriguez, senior research Fellow at the center for Economics and Policy Research at the University of Denver's Corbell School of International Studies.
- [11:58]
Francisco Rodriguez
Well, the question is, what's the alternative? And what was the US Willing or able to do? I mean, what we saw was the extraction of Nicolas Maduro, but not a regime change. The regime remains in place. What would have been necessary to change the regime? That would have been a very different operation. The US Would have had to carry out a land invasion in Venezuela. It would have had to occupy the country. It would have needed to get involved in state building, and the US clearly decided not to do that. So then it has to deal with the authorities that actually have control over the territory. What the US Is trying to do is, is to say, well, what? To those authorities. What you're going to do is going to be circumscribed by the pressure that we're putting on you, will allow you to sell your oil under certain conditions, but you have to comply with what we're asking you to do. For example, you can't sell the oil to China. You have to sell it to the US or you have to transfer it to the US in some way.
- [12:56]
Interviewer / Host
Professor, is it notable to you that there aren't necessarily humanitarian elements that are tied to this.
- [13:02]
Francisco Rodriguez
There's humanitarian and democracy. I mean, there's one problem in Venezuela is that this country has undergone a massive economic collapse. It suffered a contraction of 71% of its GDP, the largest ever peacetime economic contraction in world history. And this country has been under a blockade of oil exports by the US a total blockade, for approximately one month. And this country depends only on oil revenue. That's its only source of revenue to fund its economy. So we could be looking at a situation in which the economy suffers another major humanitarian crisis, another major economic crisis, and we have migration outflows, we have food shortages, we have quite possibly a famine. Then there's another issue, which is the Issue of human rights and democracy. The US Government has not talked about human rights. It hasn't talked about democracy. Secretary Rubio said on very vague terms, well, after we stabilize the economy, there's going to be a transition. This can be done by the Venezuelan people. But this is very vague. There was an election. It was won by the opposition last year. But that doesn't seem to be part of the plans of the US Government to bring this into the picture.
- [14:16]
Carol Massar
Yeah, I guess I just do wonder, is energy, a focus on energy really the path forward to, to creating a sustainable economy in Venezuela longer term?
- [14:27]
Francisco Rodriguez
Well, I think that right now you have to worry about the short term more than the long term. I mean, the Venezuelan economy.
- [14:33]
Carol Massar
So is oil the answer short term? Because we've all talked about the infrastructure.
- [14:38]
Francisco Rodriguez
It has to be. The Venezuelan economy has. More than 90% of its exports have been oil for the last 110 years. You're not going to transform this overnight. This country is in the midst of a massive humanitarian crisis. What you have to do is recover the economy with the anchor of that economy, which is oil. Venezuela used to produce two and a half billion barrels. I'm not talking about ages ago. I'm talking about 2015, before sanctions were imposed. It was producing two and a half million barrels. Now it's producing around 900,000 barrels. That, that is the driver of the Venezuelan economy. You have to increase that oil production and that has to generate royalties and revenues for the Venezuelan state so that it can fund public spending, so that it can fund imports of basics. This is a country that does not produce enough food to feed itself. It buys that food with the revenues from oil exports. So those oil exports have to be directed primarily at making sure that Venezuela's basic needs are met.
- [15:35]
Carol Massar
Francisco, what actions by the US will actually help the company? Do you agree with what they've done so far? It's is big steps forward and will put the company. Put the company, but the country on the right path to economic viability.
- [15:50]
Francisco Rodriguez
Well, we're not sure what they've done right now. I mean, we know that they invaded the country and took out the president, but we're not sure what it is that they're doing in terms of this oil deal. The only point is that that I want to make is that this money has to come back to Venezuela. This money has to be able to fund the functioning of the Venezuelan economy. Otherwise you're going to have a massive, massive humanitarian crisis. And what's going to happen is that millions of more Venezuelans are going to show up in other countries and ultimately in US Borders unless you stabilize the Venezuelan economy.
- [16:23]
Carol Massar
All right, we got to leave it there. Thank you so much. Really appreciate it. Francisco Rodriguez, Senior Research Fellow at the center for Economic and Policy Research at the University of Denver's School of International Student 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.
- [17:34]
Tim Stanweck
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- [18:43]
Interviewer / Host
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- [19:12]
Tim Stanweck
Secures AI this is the Bloomberg Business Week daily podcast. Listen live each weekday starting at 2pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa. Play Bloomberg 11:30 during the first full.
- [19:34]
Carol Massar
Trading day after the US strikes in Venezuela. So this past Monday, we saw oil stocks surge along with traditional havens like gold and US Treasuries. And yet global markets and the US Market really didn't come undone. It appears financial markets and investors quickly got used to President Trump's approach to military operations and US Actions around the globe.
- [19:57]
Interviewer / Host
And so, for more on the new world order and global market reaction, we spoke to Peter Chear, head of macro strategy at Academy Securities. It's a firm that includes military generals on its staff to help evaluate the impact of geopolitics and military actions on the investing landscape.
- [20:13]
Carol Massar
It is kind of wild, Peter, considering how this year has started and the actions in Venezuela and then kind of markets to look past it. I'm just curious your view on this and I'm curious what kind of calls you were getting from either clients at your firm.
- [20:29]
Peter Chear
At Academy, we work with 30 retired generals and admirals. So yeah, I think we, I think the market moves actually do make sense, though. I think this is start of the year stuff, so I'm not surprised that we're kind of rallying away from that. I think on Venezuela, it was a very impressive military operation. Whatever else you want to think about it, it was very successful, incredibly fast. You know, this very precision. Now, I think we're not going to see a lot on oil energy prices. I think there's a lot of building out. And what I think this is going to really.
- [20:57]
Carol Massar
None of this is a quick fix.
- [20:58]
Peter Chear
None of this is a quick fix. And I think what this is really going to boil down to is this is our first real confrontation with China away from either kind of sphere of influence. Right. If you think about all the trade negotiations was mainland China versus Us. You know, there were some tariffs, but all of a sudden we're going and saying we're going to take stuff. China's invested a lot of money there. China has a lot of loans to companies. How is that friction going to play out? China's going to use their lawyers to try and sell, stop things. I think this is really important too for China because if they kind of get pushed out of Venezuela very easily and they lose money, the rest of the world, where they put out their belt and road Initiative starts looking at that and it could be a big roll on effect. So I think we're going to see friction. I honestly think we're going to see China first attack with lawyers and they won't attack anything until they start seeing what we're actually doing. So far it's just been a lot of talk and noise.
- [21:41]
Interviewer / Host
Greenland has become more of a story. Where does that strategy fit in?
- [21:45]
Peter Chear
That one's a hard one for us. I think when we look at the world, when we try to Iran, we could see maybe doing something with the irgc. I don't think we would do anything with the religious side of Iran in any way, shape or form.
- [21:57]
Interviewer / Host
When you say do something, what do you mean?
- [21:58]
Peter Chear
Maybe with support to attack some of the IRG facilities or something. If the IRGC gets very aggressive against the protesters, I could see something going on there. Cuba seems a little bit more easier to deal with. We already have the USS Ford is in the Caribbean Sea. It's actually not a very efficient place for it to be. It's too small of an area for an aircraft carrier group and it's due for some refitting, remodeling. So I think we will try and use it as much as possible. So that's why we weren't surprised about action in Venezuela. I think we could see activity in and around Panama Canal where we try and either buy it or invest in it.
- [22:28]
Interviewer / Host
Is that for a China proxy?
- [22:31]
Peter Chear
I think for a China proxy. And again I think we really want to control shipping through central South America and the Panama Canal is a big part of that. And don't forget Marco Rubio is the first place he went on Greenland. I think we all struggle with why this term annex or take keeps coming up. I think that's a struggle.
- [22:46]
Interviewer / Host
So to recap, Panama, Venezuela, Cuba, Iran makes sense. Greenland not so much.
- [22:53]
Peter Chear
I find it very difficult to play why we would disrupt Naito Again. I think we've been less thoughtful on NATO and where its important is. But this kind of puts a lot of friction. And even from a business standpoint I think I can believe that in Venezuela there's a lot of rarest and critical minerals that have been under invested in. I find it hard to believe someone hasn't been checking out Greenland and saying this is just economically unviable. I do know and I think this is interesting because one of our generals is actually now the Undersecretary of War and before he became Under Secretary of War while he was still working with us, he did talk about and point out that China has more icebreakers than we do. And so China views themselves as an Arctic nation. Russia clearly views themselves as an Arctic nation. So maybe this is something to do with, as the polar ice caps are melting, that it creates different routes. So we want some more protection there. So maybe some of that makes sense. But again, that all feels like it could be done within the confines of existing rules and regulations rather than having kind of this annex or take concept.
- [23:49]
Carol Massar
Yeah, I mean, I don't know. How are you thinking about this year when it comes to the Trump White House and especially with midterms looming? I've heard some folks say that, listen, there's a lot of pressure on the administration to get things done early in the year because as midterms loom, there are extreme expectations that there might be push, get pushback against the GOP and the Trump administration. But I'm just curious what you're telling your clients.
- [24:11]
Peter Chear
So what we've really liked is what we've been calling prosec, or production for security. And it's kind of along the lines of resilience. And that includes anything from chips, electricity, so intel, for example. I think there's going to be huge pressure on companies to use US Chip manufacturers. Right. We have to break away from Taiwan. I think there's realization we're not producing enough electricity. We will deregulate. We'll get electricity in all forms, running. I do think President Trump will give up on his kind of hatred of solar and adapt solar. But you're going to see solar, nuclear. I do. I think it's just wind.
- [24:40]
Interviewer / Host
Wind is a step too far.
- [24:41]
Peter Chear
I think wind's a step too far.
- [24:43]
Interviewer / Host
He really does not like wind.
- [24:44]
Peter Chear
He really does not like. I think there's a visceral hate to it, partly. I think it does destroy views. I think there's questions about its efficiencies. And it does kill birds and stuff. And that seems to really bother him. So I'm not going to fight the wind. I do think on solar, house cats.
- [24:56]
Interviewer / Host
Kill a lot of birds, too.
- [24:58]
Peter Chear
Truly, that is probably true. We had one that was very good at that. Yeah. So I think those are all the things that we can invest in. We just saw 2.7 billion going into uranium companies. So I think you can move away from the AI story and into anything that's going to be part of this building out of infrastructure. You've got Cat, you've got Deere, Navistar, all the heavy equipment makers. I think we're going to see real efforts to become slightly more independent.
- [25:22]
Carol Massar
Are all nations doing that?
- [25:23]
Peter Chear
So how I see this starting is the US really jump started this? Right. The US has been all over this. I think what we're starting to see now is capital is going to follow next. So investors are starting to follow this. We talked to private equity companies who are starting to scour the universe for hey, who's got mining rights that have been unused? Who's got some interesting patents in and around these rare earths and critical minerals. I think you're going to see again these huge build outs potentially in electricity production. So it's capitalist.
- [25:47]
Carol Massar
Is globalization dead?
- [25:49]
Peter Chear
Well, I think other countries are going to figure this out eventually, that they have to do it. I think at some point Europe's going to release like Shell and BP to actually do what they're phenomenally good at. And so far there's still constraints, but I think everyone's adopting this. I think you have to look much closer when you're thinking about supply chains.
- [26:05]
Interviewer / Host
Domestic political risk of this new world order. That's something I've been thinking a lot about, especially in an election year because we thought that, that the Make America Great Again movement was really about keeping within the U.S. s borders, not getting involved in foreign wars. The President has talked about leaving countries outside of the US Alone and that's not really what we've gotten in the last few months.
- [26:27]
Advertisement Voice
No.
- [26:28]
Peter Chear
Though I will say I think if prior to Liberation Day and stuff, I think there was a lot of hope that we'd work very closely with Canada because Canada has a lot of things that we need that would be a big part of this. We work closer with Mexico and we kind of got away from that. So I think this starts maybe it's just trying to reshape how these relationships work. Ultimately I think we're going to need things like Potash, we're going to need to work with Canada. But I do think, you know, they laid it out of the National Security Strategy and it's only 39 pages of double space. Even I could read it. So I would recommend reading it because I think it does form this way. And we've been telling corporations for years now and I think now we're getting a lot of incoming calls. Like we've been saying, if you are manufacturing in Thailand and Vietnam, you're not really diversified because you're going through the same shipping lanes. So I think you've got to be very careful about shipping. If you're looking at building a new plant this year, I think you want to build it in North, South America or Central America or the US Precisely because that's where we have a lot more control. So I think that's where corporations follow into this. And I don't want to say it's going to be us by ourselves. What I've been trying to say is I think for every single commodity or product, every country is going to have an X amount that they want to do themselves. So they can be sufficient. Y you can do with your close neighbors and then Z or zed you just do on the open market. And I think that's going to vary by country to country what they can do. But I think Europe's behind on this. I think the sad thing is if I look at what we need to do in the US you have a pretty good roadmap. Just look at China's done for the last 10 years, right. They basically done prosec on steroids and we're just starting to do it. But it's exciting and I think some of it will last past an election cycle because Biden did do the chips act, right. So Biden was not, you know, immune.
- [27:55]
Carol Massar
To like understanding a lot of President Trump in his first term, his China strategy.
- [28:00]
Peter Chear
Right. So I think this is now truly going to replace ESG as a major policy tool, as a major way corporations think and how investors think. Right. If everything was esg, I think where we were really is, if you think about maslow's hierarchy of needs, one probably, you know, psych 101 it proves I took it. But we were kind of at this kind of high self actualization period. Like what would we like sustainability look like? But it was all based on the premise that we had the basics covered. Well, we don't really have the basics covered if we're dependent on China for those basics. So I think this is a pullback to say to be truly sustainable and independent and resilient, you need to do some core level this stuff yourself. And that's where I think we are. It's that evolution.
- [28:37]
Carol Massar
What are the implications of that in terms of cost to society, in terms of does it make things more expensive if we're, if we're doing more manufacturing in the United States? Well, labor isn't cheap here. So I'm just curious, what are the implications? What does it mean for economic growth maybe in the United States?
- [28:51]
Peter Chear
So I think it's going to be potentially a little bit higher on some prices. So it's very good that oil and some of these energy costs are coming down. That will help on this. At the flip side of that, though is if people can go back to working for, you know, I hate to say the word, but say it like national champions, right? Where you feel that your industry, your job is important to the country, you probably go home feeling slightly safer about your job. I think there's a lot of benefits from this. We've been talking about the spider. Marx is great. He kind of coined the phrase for us. Who is Spider Marks? General Spider Marks. He's quite awesome. But he coined the phrase like, we're in a pre war environment and we've always been in a post war environment until recently. And I think pre war sounds a little bit scary, but it's just like deterrence. If you understand that you're in a pre war and you do the preparation properly, you deter the enemy. And I think the things that to me are really crucial about a pre war is it creates a sense of urgency, which we're seeing, and self sacrifice.
- [29:40]
Interviewer / Host
We're speaking with Peter Chear, head of Macro strategy at Academy C securities. He joins us here in the Bloomberg Interactive Brokers studio. Peter, you mentioned a few. We went through a little bit around the globe. When we talked about Iran, we talked about Venezuela, we talked about Greenland, Cuba, Panama. What about Mexico and what about Colombia? Have they been put on notice?
- [29:59]
Peter Chear
I think Colombia has been put on notice. I've been much more focused on Mexico. So one of the things that we believe to some degree is we've been changing the rules of engagement with Venezuela. Right. If you go back four months ago, who would have thought we would shoot a drug boat? We're now doing that. I think the world would have gone ballistic if we did that in the Gulf of Mexico or Gulf of America now, though it's now standard operating procedure. Right. We've attacked some of the drug facilities. I suspect that somewhere in Q1, Q2, late Q1, early Q2, we approach Mexico, very serious, and tell shine bomb like, we can work with you to get rid of your cartels or we can get rid of your cartels without you. And to me, the one thing we haven't talked about, I know we've been talking about so much oil. If we can solve Venezuela's drug problem and cartel problem and Mexico, it makes both of those countries safer, more viable countries. Fewer people need to migrate out of those countries.
- [30:48]
Interviewer / Host
I'm just gonna say, yeah, so I.
- [30:50]
Peter Chear
Think it fits perfectly.
- [30:51]
Carol Massar
But then in terms of drugs, maybe I'm crazy here and I know we've only got about 40 seconds left here. What about China and fentanyl like, have we covered that? If we're talking about narco terrorists, I think so. Some might say, wait a minute, I'm.
- [31:04]
Peter Chear
Looking at this more from the ability to kind of make those countries safer, where you have some ability to influence it so that people don't want to leave. A lot of people, you talk to people coming from Mexico, their choice is lead or silver.
- [31:13]
Carol Massar
Yeah.
- [31:13]
Peter Chear
You either fight the cartel and die or you join the Venezuela.
- [31:16]
Carol Massar
8 million people or something have left.
- [31:17]
Peter Chear
So I think if you can do that and on top of that, if you cut the head off the snake, maybe the drug cartels and their activities in the US do slow down.
- [31:24]
Carol Massar
So are you positive about the year? Are you upbeat?
- [31:27]
Peter Chear
I am actually, I'm very positive. I think, again, this build out is going to be very interesting. The biggest risk to me is cheap China threatening and doing something about rarest and critical minerals because we're not there yet where we need to be.
- [31:36]
Carol Massar
10 seconds. If we've, if President Trump wasn't in the White House again for a second term, would we be having this conversation?
- [31:42]
Peter Chear
No, I think he actually really kind of planned ahead of this, though some of it I think we would have finally seen because we've been talking about rarest critical minerals for years and years. We're finally realizing the chips act, realized some of this, this is what how we're doing it is just stronger and more aggressive.
- [31:55]
Carol Massar
Such a great conversation. Peter Cheer over at Macro Strategy and.
- [31:58]
Tim Stanweck
Academy securities, you're listening to the Bloomberg Businessweek Daily Podcast. Catch us live weekday afternoons from 2 to 5pm Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app or watch us live on YouTube.
- [32:13]
Carol Massar
Energy markets Oil specifically in focus this past week because of US Actions on Venezuela culminating, as you know, in the removal of now former President Nicolas Maduro. That all just happening one week ago. Now, the US did say throughout the week it would take control of oil from that country indefinitely and also split up the proceeds between the two countries.
- [32:34]
Interviewer / Host
It also feels like we're talking a lot about energy demand again, both supply and demand, actually, generally and against the backdrop of AI and the build of global data centers. So oil is one part of the conversation, Carol, Certainly. And it's obviously an increasingly important part of the conversation given what happened in Venezuela last weekend and what's going to happen moving forward. But the question about demand moving forward, not just for oil, but for energy also on our minds, it's such a.
- [32:59]
Carol Massar
Big part of what we've been talking about. And on that last month, Trump media And Technology Group, the company behind Truth Social, announced a merger with TAE Technology. It's a fusion developer with plans to build the world's first utility scale fusion power plant. This is all largely related to the power grab when it comes to the build out of AI and those necessary data centers.
- [33:21]
Interviewer / Host
Someone with thoughts on the energy market is Ken West. He's president and CEO of Honeywell Process Technology. It's formerly known as Honeywell Energy and Sustainability Solutions. We should note that conversation we had with Ken that was last month before the US takeover of Venezuelan oil.
- [33:37]
Advertisement Voice
So at Honeywell, we're continuing to focus on the evolution of energy and how we can provide end to end solutions for our customers. In energy and sustainability solutions, we bring more than 100 years of technology, technology across decades of development in determining how we can help solve those world's problems. From originally processing some of the first gasoline to developing unleaded gasoline, and now today developing some of the new renewable fuels that are providing sustainable and affordable options for energy expansion for tomorrow.
- [34:12]
Interviewer / Host
You know, we look at and talk about this each and every day, but the challenges that we're seeing, at least we with energy production and demand here in the United States and the grid certainly not being able to keep up, where is the bottleneck from where you sit?
- [34:28]
Advertisement Voice
You know, take a look. And first, you're absolutely right. The need on energy is greater today than it has ever been. And as we look out into the long term, we see the need just continuing to grow. You know, many forecasts would put it at anywhere from 20 to 40% growth over the next 20 years or so out to 2050. When we take a look at that bottleneck, it really is in being able to develop the infrastructure behind the scenes that can produce that power. And so one of the first areas that we address that challenge is really inefficiencies. And we really come together at the intersection of the technology needed to produce power and then digital and optimization capabilities with Honeywell Forge that we use to provide sustainable and reliable solutions that allow those refineries to produce even more power than they did before. So if you take case in point a refinery that we are able to help become 5% more efficient, do that across 20 refineries, we've created a refinery without having to put any brick and mortar into the ground.
- [35:29]
Carol Massar
Yeah, is that, I feel like that's, you know, Ken, the next focal point.
- [35:32]
Chris Rouser
Right.
- [35:33]
Carol Massar
We went, especially when it comes to the AI build out, we went to, you know, chips, the chip play and the data center play. And then it was all of a sudden, like the power demands and building that out. But now I think whether it's chips, whether it's power centers, we're thinking about how to make all of this much more productive because that will help everybody meet the energy demand.
- [35:52]
Advertisement Voice
It truly is. It both meets the near term and long term energy demand, and also does it in a way that's economically viable, which is just as important as coming up with a solution. So one of the ways that we're able to do that is by connecting to our plants. And when we create a connected plant, we're bringing in billions of data points every day. And we're connected today to more than 1,000 process units around the world. And we take those billions of data points and we can provide predictive potential solutions for those customers to improve reliability for tomorrow and to augment their workforce. As I travel around the world, one of the things that I clearly hear from all of our customers is a challenge in getting experienced workforce there to operate these facilities. We're able to take our connected plant solutions that run on Honeywell Forge and augment that existing workforce so we can take a control room operator that may have a few years of experience and provide them the capabilities of a control room operator that may have had 40 years of experience. That in itself allows our customers to become more efficient and continues to improve both reliability and safety of the expansion of energy.
- [37:00]
Interviewer / Host
What's the payout that your, that your sales folks have calculated here? Investing in this solution up front, and then the efficiencies that it creates? How long does it take to pay for itself?
- [37:11]
Advertisement Voice
Yeah, many of these solutions are very fast paybacks. In fact, we have had opportunities where we can save millions of dollars in operating cost, cost and energy costs that are going into a refinery for, you know, a very small fee that goes into our connected and engineering services. I've seen some of these be anywhere from less than a year to just a couple years of payback in some of the projects that we've provided for our customers. I'll give you a perfect example. One of the things that we've been able to do. We provide catalysts to refineries and petrochemical plants. These are key in making the chemical reaction that actually produces the induced product. When you take a look at these catalysts, they degrade over time and need to be replaced. In the past, you used to have to take a sample of the catalyst from the refinery, send it to our labs in Chicago. We would do microscopy on those samples to determine the color, the size, how Much degradation has happened today. We can do this with a digital image right on the plant. We can get an image every day and let that refinery know exactly, exactly the right day to change that catalyst over so that they can maintain reliable operations.
- [38:18]
Carol Massar
All right, that totally makes sense. The more data you have coming at you in real time. We talked about that with economic data. Hey, one of the things I wanted to ask you, Ken, Tim and I spoke with Neil Chatterjee yesterday, Chief of Governmental affairs at Palmetto, former commission and chairman, commissioner, I should say, and chairman of the ferc, Federal Energy Regulatory Commission. He was during President Trump's term and then it carried over a little bit into President Biden's term. We talked though about the energy mix that's going to be needed for AI data centers for increased manufacturing coming back to the U.S. but it's also, this is a global story. What's the energy mix that you guys are planning for? And I'm curious. When it comes to carbon based fuels, when it comes to wind, when it comes to solar, maybe coal, fusion, fission, nuclear, like, help me understand what you see as the dominant energy mix going forward because you guys have to provide the tools to meet all of those different industries potentially.
- [39:12]
Advertisement Voice
No, you're absolutely right. One thing is clear in that the world needs more energy and aggregate. And what we believe is that it's going to take a number of different potential options to be able to meet that overall demand. So we're really focused in three areas. First, we're focused on the optimization of the existing infrastructure that's there so that we can make the the existing infrastructure more efficient. Second is that we see a number of transition fuels that are helping bridge that gap that we need in both the near term and long term. And LNG becomes one of those liquefied natural gas. And in fact, we've put a significant investment with two recent acquisitions. One for the liquefaction process unit that we purchased from Air Products and the other in a company called Sundyne that does pumps and compressors that are targeted at expansions in the LNG space that are helping to drive expansions in liquefied natural gas. And then the third is to broaden the entire realm of feedstocks that are available. And this not only allows responsible and sustainable expansion, but it also allows countries that may not have access to fossil fuels to also have access to the production of power and energy. This can include anything from biomass and other renewable resources. So we see it really as being across all three. And our technologies and solutions are focused at driving the entire aggregate up.
- [40:33]
Interviewer / Host
Hey Ken, just very briefly, we only have 20 seconds left with you, but geographically, the areas of opportunity for 2026 and 2027, what are they?
- [40:42]
Advertisement Voice
Yeah, well, we definitely see significant new opportunities right here in the United States and particularly in areas like the Gulf where we're seeing expansions of LNG projects. We see a need for energy security in a number of new geographies around the world where countries want to have their own access to energy. This is across areas like Sub Saharan Africa and the Middle east, and we continue to see growth in Asia. So I would say across our business, we really are well represented as about a third in the Americas, a third in Europe, Middle east and Africa, and a third in Asia.
- [41:14]
Carol Massar
Fascinating. Really cool stuff. I hope you'll. I hope you'll come back because I'd love. We both would love to. This is something we talk about a lot in terms of kind of our energy transition, our energy demands and needs. Ken, thank you so much. Have a great holiday season. Ken West, President and CEO of Honeywell Energy and Sustainability Solutions as we said, this unit is going to be renamed as Process Automation and Technology, so we'll be talking about that in the new year.
- [41:43]
Tim Stanweck
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.
- [42:52]
Interviewer / Host
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Carol Massar
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- [44:23]
Tim Stanweck
Co. This is the Bloomberg Business Week Daily Podcast. Listen live each weekday starting at 2pm Eastern on Apple CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg 11:30 so some.
- [44:43]
Interviewer / Host
News. Back in December, the EVTOL maker Archer Aviation announced it had partnered with cities across the US to submit multiple applications to launch initial air taxi operations. The FAA set to review applications submitted during this initial phase of what's called the eipp, the EVTOL Integration Pilot Program. I'm mentioning this because it's important for a conversation with Adam.
- [45:04]
Carol Massar
Goldstein. I appreciate that there's a process to all of this.
- [45:07]
Interviewer / Host
Right? Yeah. Adam's the founder and CEO of Archer aviation. It's the $5.6 billion market cap EVTOL company. He joins us from San Jose, California. You were last on with us in early November. A lot has happened since then, and I want to start with this EIP you've mentioned in the past. Plans in California, Texas, Florida, Georgia and New York, but we don't know much beyond exclusivity in Huntington beach. So one part of California. Have any more partnerships emerged at this.
- [45:32]
Tim Stanweck
Point? Well, the EIPP program was put in place from an executive order from President Trump, which really was to ensure that America takes a leading position in this new Advanced air mobility, space. And so as an industry, we had to submit the different cities that we wanted to launch into, and those cities are being reviewed, and there's discussions being had now on where the ultimate launch will take place. It's expected that five cities will ultimately get named and then ultimately will start flying later this year in the summer time period. So it's not that they're new partnerships. It's we all submitted as an industry for these individual cities, and we expect that to launch coming up here.
- [46:15]
Interviewer / Host
Soon. Okay, can you talk about a little more about, like, partnerships that you're working on or the structure of them, what they look like, what the opportunities.
- [46:22]
Tim Stanweck
Are? Sure. You should think about this as the industry's almost like Waymo Moment. Right. So we have to put these aircrafts in the air, get the local communities comfortable with them, prove that they're safe, prove that they're quiet, and really show that the technology is here and it's ready. That's really what this is all about. It's giving everybody comfort so we can have the community acceptance so we can really launch this thing forward. So, of course, we're looking at some of the biggest cities that make sense, the New York cities, the Los Angeles, those type of cities, but also cities that are really leaned in that might have some, you know, practical type of, you know, situation coming up. So, for example, the Los Angeles 2028 Olympics, where Archer was named the exclusive air taxi partner, was really in our sights. And so we did that by partnering with Huntington as a way to really put us close to the area, allow us start flying it to know that environment, that airspace, really, really well, start to set up all the infrastructure, and then ultimately scale as we get into and closer to the.
- [47:22]
Carol Massar
Olympics. All right, so let's talk a little bit about finances and money because, you know, we certainly like to do that kind of stuff. Talk to us. The operations are generating, from what we understand, little or no revenue. What would that mean from a cash burn point of view? Because that's certainly important in terms of.
- [47:38]
Tim Stanweck
Viability. Yeah. So if you look at the whole industry, the industry, according to pretty much any analyst, expected to be very, very big. I think Morgan Stanley is probably the most bullish. They had a multitrillion dollar valuation on the industry. Now, it's different than autos in the sense that there are only a few players. Like, in aviation, you typically will have, like a Boeing and an Airbus type of situation. So there's a couple leading companies in the evtol industry, and it's Likely that there's only a few companies that ultimately end up getting to market and ultimately scale to some very, very large numbers, and my guess would be larger than any one individual automaker has been excluding. Tesla, which is more of a, you know, a pure AI company, in my view. So you have this kind of scenario here where it's all about surviving to get through certification and then scaling into a business that's, you know, economically attractive. So that's really the goal in the game that we're playing. So we have an aircraft we've built that's become very mature. We're taking it through the certification process and ultimately going to launch it. So how are we going to launch that? We start very slowly and methodically. That's what the EIPP is about. It's a slow, methodical launch, very similar to what Waymo did, was the slow launch into these cities, gaining the acceptance. So it's really about proving those points today rather than generating.
- [48:52]
Felix Salmon
Revenue.
- [48:53]
Tim Stanweck
Today. The revenue will come. There has been an overwhelming amount of inbound interest from countries all over the world that want these aircrafts there, and there's very few OEMs that actually can deliver against.
- [49:03]
Carol Massar
That.
- [49:03]
Tim Stanweck
Right. So the focus really is about the certification.
- [49:06]
Carol Massar
Side. No, I get it. I get it. And I'm looking, though, and I get it why you guys have a free. Free cash flow that's negative by a lot. But I'm just. I guess I'm just trying to understand from a perspective, though, as everybody's jockeying for position, what is your cash burn? And just, is it.
- [49:23]
Tim Stanweck
Manageable? Sure. So Archer is in a fortunate position where, you know, we finished the year with nearly $2 billion of cash on hand. So I think the most in the industry, you know, by. By a long shot. We also had lower burn than our competitors, but as we've been ramping up into, you know, closer into the certification production phase, you know, that burn does go up as we're building materials, and so we are at a very comfortable position today. But it's not something that we're sitting back and getting, you know, you know, lazy about or getting too excited about. We are still driving every single day to make sure we can hit our timelines and actually get these aircrafts to market. So if I look at, you know, the EIPP starting in 2026, and then I look at the Olympics in 2028, we'll get certified, hopefully sometime in between that time period. And we have plenty of cash to last us through that time period into the commercialization phase. And then ultimately, as the aircrafts are getting sold and deployed, we can start kind of reducing our cash burn and becoming, I think, a, you know, a long term viable.
- [50:25]
Interviewer / Host
Business. What happens if you're not certified by the.
- [50:27]
Tim Stanweck
Olympics? Well, we also do have an international strategy as well. And so we launched last year in Abu Dhabi. We have a great relationship with, with the uae. Two of the sovereign wealth funds are investors in Archer. And so we have a secondary path that we're going through in certifying those aircrafts around. And so it gives us sort of an alternate as well. But then there's the other side of the business, which is the defense business. And so we announced a partnership with Anduril. We've been working on new vertical lift aircraft with them designed for.
- [50:56]
Interviewer / Host
Defense. This is the Omen autonomous air vehicle.
- [50:58]
Tim Stanweck
Right. The Omen is not the big aircraft that I was talking about. The Omen is a smaller drone project that Anduril has designed that we are providing the powertrain for. We are building a new full scale vertical lift hybrid aircraft that's designed for defense applications that we do expect a program to get announced into the many, many billions of dollars, tens of billions of dollars, type, size or hopeful that can happen soon. But of course that's, you know, also not within our.
- [51:29]
Interviewer / Host
Control. Hey Adam, you've you made a reference earlier in our conversation to sort of the Boeing and Airbus duopoly. And the way those companies of course work is they sell or, you know, they sell aircraft to the airlines and then those airlines then operate the aircraft. Are you going to be, is Archer going to be operating the aircraft in addition to manufacturing the aircraft or when you say you're going to sell the aircraft, who do you sell that.
- [51:54]
Tim Stanweck
To? Yeah, we will focus primarily on the sales side of things for the, I'll call it, you know, the early, or maybe even really for the first decade, the early years of this industry. And so I think you have to earn the right to operate, meaning that is going to be a very expensive journey to operate. And so by selling the aircraft, it enables us to put, you know, production through the factory, get the pricing down to something that's very affordable for us. And ultimately over the long term, when autonomy comes, we can really then think about considering scaling our own internal airline. We will of course, do things very small on the airlines side of things to begin with, learn that over time and grow that. So I really think it's all about sales. Now the question that you asked is who do we sell that to? So there's a couple different categories. But you can think about where vertical lift aircraft exist today. So helicopters, where they're used, hospitals, tourism, VIP is one category. And then the new category that we're going to add is really that the sort of air helicopter, airport transfer. So we've talked a lot about that. So think like a Manhattan to Newark or a San Jose to San.
- [53:00]
Interviewer / Host
Francisco. Sign us. Sign me up. Maybe, Maybe. Really? Yeah, yeah. If this is, this thing is approved. All right, I'll get.
- [53:07]
Tim Stanweck
In. There's really like, if you think about it from a safety perspective, this is a significantly safer helicopter. That's the easiest way for you to think about that. And that's not an Atom statement or even an Archer statement. That's an FAA statement. Right. We're certifying them at very high levels of safety. So you know, from a perception, a consumer perception perspective, you know, if you were willing to take a helicopter, this is just a safer version of that. In fact, we'll be certifying that levels similar to the big commercial.
- [53:33]
Interviewer / Host
Airliners. All right, so I have to first get ready to be willing to take a helicopter. Just before we let you go. The cost that you would get this to, once it is certified per unit, what are you.
- [53:43]
Tim Stanweck
Thinking? So our goal is to get the cost of the aircraft down to two and a half million. We sell them, that's the target price. And when you do the math and translate that through to the end user cost, where the operator can make money, you get down to prices that are similar to the high end of rideshare. So think like Uber black. So that's really what we're, we're targeting. And that can be achieved through volume, of course. And so that's not going to happen year one. That's going to take several years to get there. And so we think once you sort of get across the 500, 600, 700 aircraft units, you can get these aircrafts to something that becomes very affordable. It even looks cheaper than rideshare and ultimately can become a mass scale.
- [54:23]
Carol Massar
Product. So you're talking maybe like a ride from Midtown to LaGuardia that would cost maybe under $100, similar to like.
- [54:31]
Tim Stanweck
A ride share type of price. So if you think like Manhattan, the JFK, Uber Black, that probably cost you 150, $200. So somewhere around those type of.
- [54:39]
Carol Massar
Prices. All right, looking forward to it. Good stuff, Adam. Stay in touch. We love getting the updates from you. Adam Goldstein, founder and CEO of Archer Aviation, joining.
- [54:48]
Tim Stanweck
Us. You're listening to the Bloomberg Businessweek daily podcast. Catch us live weekday afternoons from 2 to 5pm PM Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business app or watch us live on.
- [55:01]
Carol Massar
YouTube. All right. Plenty of luxury and innovation on the road in 2025, but only one, only one gets the crown and can stand out as the absolute favorite for our Bloomberg News auto columnist Hannah.
- [55:14]
Interviewer / Host
Elliott. Her top pick, a $200,000 Mercedes Benz Hybrid. It's a car with an 805 horsepower hybrid V8 engine, agile all wheel drive and useful back seats. Hannah joined us from the perfect place to talk about cars. A garage in downtown.
- [55:30]
Hannah Elliott
La. Yes, yes. This is, this is a garage in downtown LA in rainy la. And it's kind of the perfect spot to talk about cars, I have to.
- [55:40]
Carol Massar
Say. I think it's perfect. So talk to us. First of all, talk to us about the year that was. I mean, you cover really that high end, that luxury space. What kind of year was.
- [55:50]
Hannah Elliott
It? It was for luxury cars. It was a great year. That's, that's kind of the theme from 2025, the fact that we have seen luxury sales become a bigger portion of overall car sales for the year. And that means cars above $50,000. You know, earlier this fall, the average new price of a car beat $50,000 for the first time ever. And, and luxury cars and electric vehicles, vehicles did have something to do with that. I have to say, my favorite car of the year, though was a hybrid, which is also a big theme. If we want to get into it, we can get into. Yes, Mercedes AMG. AMG 63 S E performance. Awkward name, but it's a great car. It's a hybrid. All wheel drive, V8, over 800 horsepower. I really loved it. But it also touches on the theme of the year, which is hybrids are doing really well.
- [56:47]
Carol Massar
Surprisingly. I got to ask you though, did you have range anxiety at.
- [56:51]
Hannah Elliott
All? No, not at all. That's one of the best things about the hybrid. You know, EVs have, as everybody knows, you know, have slowed a little bit, we've lost incentive, et cetera, et cetera. And hybrids in particular have really filled that space. Space. And that's just the thing. You don't have range anxiety. You get all of the performance, you get better fuel efficiency, but you still get to use the car like you do, quote, unquote, a normal car. And I think that still does matter for a lot of.
- [57:20]
Interviewer / Host
Consumers. Not all hybrids are created equal. What's the experience driving this hybrid? I think people have the idea of a hybrid. You know, it's like at low speeds, it uses the electric motor or maybe it turns off when you get to a stoplight, that sort of thing. What's the experience driving this.
- [57:34]
Hannah Elliott
Hybrid? It is phenomenal. It's such a fast car. It's such a powerful car. This car is faster than the Ferrari Amalfi that I drove earlier in the year. And this isn't anything to say against the Ferrari at all. The Ferrari is a great car too, but this Mercedes is less expensive, more powerful, faster, and it's a hybrid with better gas mileage. It's a $200,000 car. That's a lot of money. But when you're talking about this level of performance, it's a good value. You get a lot of bang for your buck. And to answer your question, Tim, it drives incredibly. It's so.
- [58:16]
Interviewer / Host
Fun. How does the hybrid work, though? Does it work as a supplement to. Does the gas engine supplement? Like, how does it.
- [58:23]
Carol Massar
Work? It.
- [58:24]
Hannah Elliott
Exactly. It's switch it. You can switch off between them. You can choose which mode you want to drive in. If you want to drive in electric only mode, you can do that. You can share electric and gas, or you can go just for gas too. If the battery is done for that drive and you don't want to do it anymore, you can pick, which is also great. There are lots of options. You can save the hybrid if you want and use it if you want to. When you're leaving early in the morning and you don't want to wake your neighbors, you can stealthily leave your.
- [58:54]
Interviewer / Host
Driveway quietly when you're, when you're sneaking.
- [58:56]
Hannah Elliott
Around. Yeah, I mean, yeah, we're not going to say that, but sure, it gives you options. And that's what I really love about this.
- [59:04]
Carol Massar
Car. You know, you said it was a great year for the luxury market. And I always do wonder, Hannah, you know, do high end luxury car buyers, do they want to have in their collection, if you will, an EV or a hybrid that is, you know, that kind of matches or meets with the rest of their collection, if you.
- [59:23]
Hannah Elliott
Will? That's a great question, and I think the jury's still out on.
- [59:27]
Carol Massar
That.
- [59:27]
Hannah Elliott
Okay. We are seeing that for high end EVs, the really expensive ones, people are not buying them. And I think that's because of a combination of factors. But what we're really seeing is the hybrids are attainable, accessible, they're desirable. The high end EVs, people aren't wanting as much. I just think they don't have to buy. People don't have to buy them. So we're not. You know, that's kind of what it comes down to. There's so many options and it's nice to feel a little bit virtuous about driving an electric vehicle. But let's not forget they're a little bit politically polarizing now. There are lots of other factors involved. So the jury's still out and it'll be very interested to see. Interesting to see what happens in 2026 because there's a lot of change happening and EVs at the end of the day haven't taken off as quickly as we thought they.
- [60:24]
Carol Massar
Might. Yeah, interesting to see even in my own family it's not an ev, but it was a hybrid that somebody bought. You know, my sister and her husband. Hey, I want to ask you about kind of the ones to watch in 2026. You have another great story on the Bloomberg Hannah. You talk about some of the brands such as Tesla, Lucid and Porsche struggling in 2025 for some different reasons. We talked about Tesla big time with Ross Gerber earlier. Take us through what you're kind of watching for.
- [60:49]
Hannah Elliott
2026. Okay. I'm watching two brands that I'm actually very excited about, Audi and Cadillac. And I admit a big reason is because both of them are joining Formula one, which means that they there's going to be so much hype and excitement and just thrill behind both Audi and Cadillac. It also means there they are going to be pushing so hard to be sexy, glamorous, relevant. They've both got new product coming out that will sort of coincide with this big push into motorsport for each of them. Each of them have motorsport backgrounds, but F1 is a completely different level, of course. So I'm really looking forward to an Audi in particular has said and this touches on another theme for the year, that they are going to go back to some simplicity inside their cars. And that might also mean some analog touches. It's not just about having a bunch of screens in the car, thank God. Yeah, that's going to be. We're going to see more of that. Mercedes has done that as well and so has Ferrari. Automakers are listening to consumers who are saying we don't want tech just for tech sake. We would like some analog touches that make the car still feel engaging for a human. Audi is taking that to heart. They've said they're going to be doing that with some of their new product. So I'm watching Audi and of course Cadillac just because we've got an American F1 racing team now. So not that Haas doesn't count, but we've got another one. So those are the two that I'm really excited.
- [62:23]
Interviewer / Host
About. Does it matter still for selling cars that these are F1.
- [62:29]
Hannah Elliott
Teams? I say.
- [62:31]
Interviewer / Host
Yes.
- [62:32]
Hannah Elliott
Why? There are some people who because all news and marketing and glamour can only reflect well on the brand. And I think a rising tide lifts all ships. If your brand is doing well on the track and is involved with all of these celebrities and really cool people who are at F1 races. We've got three F1 races in the US now that can't help but elevate the brand just in general across pop culture. When you've got Jay Z and Beyonce at the Las Vegas Grand Prix, like F1 is transcending pop culture and just culture in general. And it can't do anything but help boost brand awareness, which I think does in turn lead at least to people coming in to the dealer and looking at cars. And that's ultimately what you.
- [63:27]
Interviewer / Host
Want. That's Hannah Elliott, Bloomberg News Auto.
- [63:30]
Carol Massar
Columnist. All right, so it makes us wonder for how many years, right? Over the last few years we've been talking about everybody all in on ev and we.
- [63:36]
Interviewer / Host
Know. Well, it's changed a little bit.
- [63:38]
Carol Massar
Right? It's changed a lot. Having said that, BMW is going to unveil three new electric vehicles in India as the German carmaker looks to grow its already dominant share of the luxury segment in the world's third largest auto market. So, you know, when we think about the car market, it's global. We think about what's going on in the US but as you and I know, when we've had conversations with global leaders, what's going on in Europe and in the emerging world, especially when it comes to ev, it's kind of a different.
- [64:03]
Interviewer / Host
Story. Yeah, it is. This is all part of a push to have EVs account for a quarter of BMW sales in the South Asian nation. That's this year, up from 21% last year. This according to Hardeep Singh Brar, president and CEO of BMW's India business. BMW sold about 18,000 units in 2025. It's already close to that goal. EVs made up about 23% of the sales for the three months that ended December.
- [64:29]
Carol Massar
31St. And I think what's interesting is BMW has really withstood the high profile entry of Tesla into the Indian market a few months back. They've talked about the company that is BMW, about their rising EV volumes and faster overall growth in the December quarter. The EV market in India, some perspective small but growing rapidly and it is bringing in and attracting big time those global players such as Tesla, BYD and VinFast, who are seeing sluggish demand elsewhere. It goes against growth in global EV sales, which is expected to slow this year as China winds down some substance subsidies, Europe waivers on its phase out of combustion engines and U.S. producers and policymakers make a U turn from the EV.
- [65:09]
Interviewer / Host
Segment. So. But these are expensive cars, especially in a in a country like India, which has an emerging middle class, but certainly not on par with what you see in other nations. Listen to this for example. Yeah, the average selling price of BMW's EVs in India is close to 6 million rupees. That's about.
- [65:31]
Carol Massar
$66,600. Oh my.
- [65:33]
Interviewer / Host
God. Similar to the starting price for Tesla's Model Y standard range. Both companies face the hefty 100% tariff on vehicles they import to the country. This is for a small number of very wealthy people in the.
- [65:46]
Carol Massar
Country. Listen, that's a high price in the US market. So you think about that. Yeah, this is what's going to. You know, everybody keeps talking about a cheaper EV model. It sounds like China's doing.
- [65:56]
Felix Salmon
It.
- [65:56]
Carol Massar
So. So it does sound like global automakers in general need to get a little bit more aggressive when it comes to that. You can read more. Just check out all of these stories. Top Auto on the Bloomberg still to come on Bloomberg Businessweek Gold Cheaper.
- [66:09]
Interviewer / Host
Than Platinum the rare pricing value that has watch collectors and investors talking. This is.
- [66:14]
Tim Stanweck
Bloomberg. 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.
- [67:29]
Interviewer / Host
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 editor enterprise, with Okta you'll turn risk into opportunity. Secure every agent. Secure any agent. Okta secures AI Small businesses are.
- [68:01]
Carol Massar
The pulse of every community. They bring people together, create opportunities and drive growth. With a widespread presence in communities across 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. There's a real commitment to seeing small businesses succeed. 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. They'll help your business grow with individual 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 More of what's Yours the Chase Mobile app is available for select mobile devices. Message and data rates may apply JPMorgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase.
- [69:00]
Tim Stanweck
& Co. This is the Bloomberg Business Week Daily Podcast. Listen live each weekday starting at 2pm Eastern on Apple Car, CarPlay and Android Auto with the Bloomberg Business app. You can also listen live on Amazon Alexa from our flagship New York station. Just say Alexa play Bloomberg.
- [69:18]
Carol Massar
11302025 was an excellent year for watches with major debuts and innovations. Keep in mind a story out on the Bloomberg two that prices in the secondary market for luxury timepieces rose to the highest in more than two years, boosted primarily by demand for dress watches favored by celebrities like.
- [69:35]
Interviewer / Host
Taylor Swift. Brands at every price point began to embrace bold color and shapes, a trend of stone dials and design. Forward watches inspired by the 1960s, 70s and 80s. So writes Bloomberg Pursuits Editor at Large.
- [69:48]
Carol Massar
Chris Rousey.
- [69:49]
Interviewer / Host
Watch lover.
- [69:50]
Carol Massar
Timepiece lover. Timepiece.
- [69:51]
Interviewer / Host
Lover. Sorry. Chris joins us here to talk about the best watches of 2025, along with Felix Salmon, who's Bloomberg News Senior Writer for Ideas and.
- [69:59]
Felix Salmon
Culture. Welcome. I have.
- [70:00]
Carol Massar
A watch. A.
- [70:01]
Eric Schatzker
Watch. Okay. Felix should tell you briefly.
- [70:03]
Chris Rouser
About the name of.
- [70:05]
Felix Salmon
His watch. Oh yeah, my watch. My watch is called the.
- [70:08]
Interviewer / Host
Felix Salmon how did.
- [70:10]
Felix Salmon
That happen? Chris? How did.
- [70:11]
Chris Rouser
That happen? Well, it's a salmon colored.
- [70:14]
Interviewer / Host
Dial and it's just jumping right.
- [70:18]
Chris Rouser
Into it. Watch is.
- [70:19]
Felix Salmon
The Felix. As far as I know, it's this. It's this tiny micro brand in Austria called Habring Squared. And they. Their entry level watch is called the Felix and it comes in black, white and salmon. So this is the.
- [70:31]
Interviewer / Host
Felix salmon. Would you have bought it if it weren't the.
- [70:33]
Felix Salmon
Felix.
- [70:33]
Carol Massar
Salmon? No. Did you buy salmon.
- [70:35]
Tim Stanweck
Because of. But it is a.
- [70:37]
Felix Salmon
Very color. I do like the watch.
- [70:39]
Chris Rouser
And it has a color, a colorful dial, which is one of the biggest trends from this past year, which was very fun for me because, you know, we talk a lot about watches that are very complicated and you look at it and it doesn't look so exciting, but they're like, no. Inside it's doing all of these things and I like that. But it's sometimes it's just great to wear a watch where you walk by and someone who doesn't know anything about watches is like, whoa, that's cool. What.
- [71:01]
Carol Massar
Is that? Hence the.
- [71:02]
Chris Rouser
Avocado watch. Hence the avocado watch, which I am.
- [71:04]
Carol Massar
Not wearing. I was looking at your watch because I broke.
- [71:06]
Interviewer / Host
It yesterday. Is there any sort.
- [71:09]
Chris Rouser
Of warranty? There is a warranty, which is. So it's fine. I was not upset, but I did. It bounced off my hand as I was trying to put on the strap and the crystal crack so I couldn't wear it, unfortunately. But I will wear it for you guys. I was hoping the Studio Underdog Avocado is one of this really cool British brands, fruit themed watches. So they have pineapple and they have watermelon. And when they can't, you have to. They do these drops and you have to wait and like pounce just to buy it because they only make like like a couple hundred.
- [71:38]
Felix Salmon
Of them. Are they the supreme.
- [71:40]
Chris Rouser
Of watches? It's not. They don't do a ton of partnerships, which is what I think of like supreme as being what people really want. But yeah, they are. There's like a lot of brand of. Some brands, indie brands, do these big drops and Studio Underdog did one at this watch fair in New York and when I went, there were like lines around. They had these red carpet lines around the fair and you got a ticket and people who didn't get the tickets were so mad. Anyway, Studio Underdog.
- [72:04]
Interviewer / Host
Very cool. So can I actually get something like this or one of these or a variation of this without actually going and waiting in line at.
- [72:11]
Chris Rouser
A store? They do Drops every like six months or so. And they have a permanent collection of cool, colorful watches. And it's not impossible to get them when they do.
- [72:19]
Interviewer / Host
The job. The reason I'm asking specifically about this one is because I would venture to say this is probably the one that's most within my price range. Yeah, they're usually.
- [72:26]
Carol Massar
Like sub$700. Yeah, I love these. Okay, where else do.
- [72:29]
Chris Rouser
We go? Well, so a huge trend from last year and a bit the year before and going into this coming year are precious stones or semi precious stone dials, which means dials that are turquoise or malachite or tiger's eye or something even more strange or random that you've never heard of. And sometimes those can be very, very expensive because the big brands do them. But there's also cheap versions. So I picked out this Baltic pink prismic watch, which is very cool. It's pink albite, but pink dial washes are very cool right now. Rolex makes one that everybody wants, but you can get this one for about $1,600, which is way less expensive than.
- [73:04]
Interviewer / Host
The Rolex. If I could get any watch on this list, it would probably be the Warhol esque watch that's on there. That's.
- [73:09]
Chris Rouser
Pretty cool. That is.
- [73:10]
Carol Massar
Very cool. Very interesting.
- [73:11]
Chris Rouser
Of you. So Andy Warhol was a watch person and he had about seven Piaget watches. And he liked this style, which is like this big, chunky, semi ovoid style. It used to be called the black tie. Now it's called the Andy Warhol. And they have and Piaget, the brand has a partnership with the Andy Warf hall foundation. And so they make the watches together. And these are more expensive. They're like 78 grand. And they're limited, but they're.
- [73:35]
Carol Massar
Very cool. Interesting watch, but I think my daughter did some artwork.
- [73:38]
Felix Salmon
Like that. Oh, here we come in. Like my child could do that. You know, you're not really in.
- [73:47]
Carol Massar
My job. Where shall we.
- [73:50]
Chris Rouser
Go next? Well, you know, I have to say there was one watch this year that we wrote about in BusinessWeek that I really like, which is a new version of the Chanel J12 watch, which is an all ceramic watch. Chanel was really out in front on making these all ceramic watches. People don't always regard Chanel as being like a serious watchmaker because it's a fashion brand, but the movements inside are kinisi. It's solid watchmaking. And this year they've only made the watch in black or white, like all white, including the bracelet or all black. And this year they made it in a beautiful dark blue. And I got very excited about it. And Felix came over to me at my desk and said, I'm sorry, I just want to be clear on this. What's exciting about this watch is that it's blue. And I was like, yeah, God, Felix, duh. Don't you.
- [74:34]
Carol Massar
Get it? Have you not met.
- [74:35]
Felix Salmon
Chris Rouser? Yeah, I remember when it came out in white and then everyone got very excited that it came out in black. And now I guess we have to get excited again.
- [74:44]
Chris Rouser
With some. It was many years later. It's like 20 years before they had another color. It's just a beautiful color. It wears really well. And now, you know, some of the watch people who sort of poo pooed that model over the years. It was a fashion watch or coming around to respecting it because it's blue, because it's always been a good watch. But it helps that.
- [75:02]
Interviewer / Host
It'S blue. Perhaps that's a perfect segue to talk about colors of watches versus metals.
- [75:08]
Advertisement Voice
Of.
- [75:08]
Interviewer / Host
Watches. Yes. And one of Felix's recent stories that I would argue is finally we're valuing watches the correct way. Just the metal that's on your wrist.
- [75:21]
Felix Salmon
Nothing else. It's super interesting that there's a huge number of gold watches out there from like third tier brands or brands that don't have a lot of reseller value, which are genuinely trading for their meltdown value. Because gold has become so expensive. It's well over $4,000 an ounce. Now if you have a watch with a gold bracelet that is likely to have 5, 6, 7 ounces of gold in it, you do the math. It's, you know, that's way more than the watch would be worth just as a watch. And so, yeah, I think a lot of these watches are actually being melted down and turned.
- [75:54]
Carol Massar
Into gold. I love that you kind of went through though, because I think as a world we think about platinum and being that is the top. And yet you.
- [76:01]
Interviewer / Host
Kind of. Because it was, it was for a.
- [76:04]
Carol Massar
Good part. It was for a.
- [76:05]
Felix Salmon
Good. Right. But now as gold on a per ounce basis is worth like roughly twice as much as platinum. And gold has been worth more than platinum for, for well over a decade. So the idea that you get like a gold card and you want an upgrade, you get a platinum card. That still works in your mind that platinum is like a higher level, but in terms of actual value, it hasn't been true for a.
- [76:29]
Interviewer / Host
Long time. So. Go.
- [76:30]
Chris Rouser
Ahead, Chris. No, Felix points out that there's this like sort of ephemeral ideas like, yes, like the gold. Now I'm platinum on delta. But also platinum is heavier, so it feels, it has a sense of, of feeling more weighty. It's harder to work with. And that's a lot of, you know, a lot of watch people talk about, like, oh, it's so hard to.
- [76:45]
Felix Salmon
Work with. But I think I'm just going to come out and say that platinum, like no human being can tell the difference between the weight of gold and the weight of platinum. They're right next to each other on the periodic table. Platinum is a lot heavier than white gold because white gold has a bunch of extra. I believe the technical term is umskja in it that isn't gold. But yeah, the piece that I wrote was really about let's compare a white gold watch to a platinum watch. Mainly because they just look the same. And I remember before I even wrote this piece, I went up to Chris. I'm like, I'm right about this, right? They look the same and yeah, they're exactly the.
- [77:20]
Interviewer / Host
Same. Yeah. I mean, you have a picture of the two versions of Rolex's day date watch in this piece. To me, they look completely indistinguishable. Talk about the difference in prices, at least on the primary market. And then we can get into the.
- [77:31]
Felix Salmon
Secondary market. Secondary market, weirdly, is. Is kind of also the same. They don't really trade any different on the secondary market. Platinum is 68,000. The gold.
- [77:40]
Carol Massar
Is 51. Exactly.
- [77:42]
Chris Rouser
51.
- [77:42]
Interviewer / Host
6. Yeah. So, okay, so in terms of the value of the metals though, what's the.
- [77:47]
Felix Salmon
Difference there? Platinum has just increased quite a lot over the past few weeks. And so. But roughly speaking, there's twice as much metal value in the gold watch than in the cheaper watch than there is in the more.
- [78:00]
Interviewer / Host
Expensive one. Is it just sacrilegious to talk about watches this.
- [78:02]
Chris Rouser
Way, Chris? No, I. This is so interesting. And when Felix brought this up to me, I was like, you know, I have a lot of these, like, ingrained under, like, sort of prejudices about why things are priced the way they're priced. And it was so interesting to go into it and really look at it, right? And, and in terms of like, value for what you're getting. And I think a lot of people just don't think about it that way. And it's. I think it's actually valuable and instructive to think of it that way. And honestly, there's a lot of things in the watch business that people just sort of do. And pricing, because I. Its pricing is based on perception, obviously, and maybe it's time to look.
- [78:33]
Felix Salmon
At that. So the way I think about these watches in particular is that you have the metal and then you have something that I call Rolex ness. You know, that you're buying the brand, you're buying the day date, you're buying the history or whatever, the marketing. The value of the metal plus the Rolex ness is the value of the watch. That doesn't work because amount you're paying for the Rolexness is twice as much in the platinum watch than it is in the gold watch and the Rolexness. Surely, Chris, is the same in.
- [79:04]
Chris Rouser
Both cases. Yes. And the Rolexness really is how it makes you feel to wear it. This watch is unusual because it's identical. But in other models of the brand, there's certain tells where you can tell it's platinum from looking from afar. So they have like an ice blue dial that only exists on platinum watches. Which means if you see that and you're a Rolex person and you know, oh, that person paid a lot more for that watch than someone else who's wearing.
- [79:29]
Felix Salmon
The watch. We should mention that the day date has its own, like, if, you know, you know, thing, which is that not only does white gold look exactly the same as platinum, but both of them look exactly the same as steel. Rolex just doesn't make a steel day date. If it did, it would be a lot cheaper. But that's one of those things that if you see the day of the week at the top of the the Rolex, then, you know, it's.
- [79:53]
Interviewer / Host
Precious metal. You make the point, Felix, in the piece that the color gold, to some people, it's not as attractive necessarily as the silverish color of platinum or white gold. And this, there's this idea that it's polarizing to.
- [80:05]
Felix Salmon
Some people. There are definitely people who just like, I don't like wearing gold. But let's put this in context. Gold jewel jewelry, like yellow gold jewelry, is orders of magnitude more popular than platinum or white gold. It is the baseline from which everything else is just an.
- [80:22]
Carol Massar
Afterthought, really. It's just fascinating, though. Like, I think about. I know we have to wrap up, but like, I go back to, like the 50s when my parents got married, like, she had a platinum, like.
- [80:31]
Chris Rouser
Platinum ring.
- [80:32]
Carol Massar
Oh, yeah. Like, there were certain eras where, like, you wanted things to be.
- [80:35]
Chris Rouser
In platinum. Well, when Cartier started using platinum in, like, the early teens, like, it was. It became everything. Everything was. Was based.
- [80:41]
Tim Stanweck
On.
- [80:41]
Chris Rouser
Platinum. Yeah. And. And now I will say gold watches, all gold watches are kind of are becoming the thing that people sort of want, even though it's.
- [80:49]
Carol Massar
Pretty gaudy. You know what I really want.
- [80:50]
Interviewer / Host
To know. That's the era we live.
- [80:51]
Felix Salmon
In world. We just had a whole segment on watches are.
- [80:55]
Interviewer / Host
Getting gaudier. Yes.
- [80:56]
Carol Massar
It'S true. Are you going to buy a new watch.
- [80:58]
Chris Rouser
This year? I mean, don't tell.
- [80:59]
Carol Massar
My husband. That's a. That's.
- [81:01]
Francisco Rodriguez
A.
- [81:02]
Interviewer / Host
Yes. Maybe. I think he'll probably.
- [81:04]
Carol Massar
Find out. Felix, are you buying a new watch.
- [81:05]
Felix Salmon
This year? I was telling Chris there was. Well, there's I was going to thinking about buying a watch as a present for a friend of mine, but again, this seems to be one of these things that exists only in influencer world on TikTok. And I'm just, how do I.
- [81:19]
Chris Rouser
Find this? We can get.
- [81:20]
Felix Salmon
It. Okay. We'll look.
- [81:21]
Carol Massar
Into it. Chris.
- [81:22]
Interviewer / Host
Has people. He's got.
- [81:23]
Chris Rouser
A guy. I.
- [81:24]
Interviewer / Host
Have people. A big thank you to Felix Salmon and Chris Rouser. Felix is Bloomberg News senior writer for ideas and culture. Chris Rouser, Bloomberg Pursuits Editor.
- [81:33]
Carol Massar
At Large and that wraps up our weekend edition of Bloomberg businessweek from Bloomberg Radio. Thank you so much for.
- [81:38]
Interviewer / Host
Joining us. Check out our Bloomberg Business Week show Monday through Friday starting at 2pm Wall street time on Bloomberg Radio and on SiriusXM.
- [81:44]
Carol Massar
Channel 121. 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, Amazon, Fire TV, Samsung TV and more. Have a good and safe weekend, everybody. I'm.
- [82:00]
Interviewer / Host
Carol Massar. And I'm.
- [82:01]
Tim Stanweck
Tim Stanwick. This is the Bloomberg Business Week Daily Podcast, available on Apple, Spotify and anywhere else you get. Your podcasts listen live weekday afternoons from 2 to 5pm Eastern on Bloomberg.com, the iHeartRadio app, TuneIn and the Bloomberg Business App. You can also watch us live Every weekday on YouTube and always on the.
- [82:24]
Interviewer / Host
Bloomberg terminal. 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, with Okta you'll turn risk into opportunity. Secure every agent, secure any agent. Okta.
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Eric Schatzker
Secures AI. This is Julian Edelman from Dudes on Dudes with Gronk and Jewels.
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Tim Stanweck
Sunday mornings. I've got my game day ritual, coffee, Lucky socks and now new Morning Uncrustable Sandwiches. It's all about that 12 gram protein boost with the new Uncrustables, Bright Eyed Berry or Up and Apple flavors. Bright Eye Berries got a.
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Interviewer / Host
Feisty receiver energy up.
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Tim Stanweck
An apple. Your classic Do it all tight end, soft, pillowy, packed with protein and easy enough for Gronk to grab from.
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Felix Salmon
The freezer. Whether you're on the couch.
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Tim Stanweck
Driving to the tailgate or heading to the locker room, New Morning Uncrustable Sandwiches are the MVP of snacks. Your new Sunday kickoff ritual starts here with New Morning Uncrustable sandwiches packed with 12 grams of protein. Running my small business was like.
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Carol Massar
Playing basketball. Five on one and I was.
- [84:09]
Tim Stanweck
The one. Now QuickBooks gives me access to a team of AI agents and trusted experts for the assists. I need nothing but nick outdoit.
- [84:17]
Carol Massar
With intuit. QuickBooks feature availability varies.