Bloomberg Businessweek Weekend – March 13, 2026 Hosts: Carol Massar and Tim Stenovec

Episode Overview

This episode of Bloomberg Businessweek Weekend dissects the economic, business, and cultural reverberations stemming from the ongoing US-Iran war. With rapidly shifting headlines, surging energy prices, and renewed concerns about critical supply chains, the hosts examine how geopolitical strife is stress-testing America's defense industry, the consumer sector, and even the booming global wellness market. Notably, the show features in-depth interviews with Gary Evans, CEO of U.S. Antimony Corporation, on the race to secure essential minerals, Michael Linford, COO of Affirm, on the state of the American consumer, and WWE superstar Charlotte Flair on her foray into mental health entrepreneurship.

Key Discussion Points & Insights

1. Geopolitics, War, and Volatility ([02:11])

• Backdrop: The US war with Iran has entered its third week, leading to market whiplash—especially in oil, which spiked to nearly $120 a barrel amidst conflicting signals about possible de-escalation from the Trump administration.
• Quote

  "It's kind of a fog of war moment. It did send crude oil prices skyrocketing this past week to nearly $120 a barrel, only to back down again. Back up again. Yes, just reacting as headlines crossed..."
  — Carol Massar [02:11]

2. Securing Critical Defense Supply Chains: Gary Evans, CEO of U.S. Antimony ([04:07]–[15:21])

The US Push for Domestic Antimony & Tungsten Production ([04:07])

• Antimony is crucial in defense applications— armor-piercing bullets, drone batteries—yet US supply is dominated by China and Russia.
• U.S. Antimony Corp received a $27 million Department of Defense grant to scale up extraction, on top of plans for further government support.
• Quote

  "We're talking about a $75 million project. It's not a little rinky-dink addition."
  — Gary Evans [06:04]

Government Pressure & Industry Response

• Mounting pressure on US miners reflects broader national security concerns as stockpiles dwindle ("When the news is saying we're running out of artillery, that's not something you really want to announce to the world." [10:04]).
• Evans detailed a series of grant requests—$45M from DOE, $75M from Defense, $15M for tungsten (Title 3).

China, Global Competition, and the Need for Policy Support

• Despite a brief diplomatic reprieve on rare earths, China and Russia continue to dominate supply and use market leverage to restrict or undercut global prices.
• Quote

  "We're dealing with a gorilla that can drive the price down and lose money... and we're talking about the country of China. So we need price floors to protect the industry geographically."
  — Gary Evans [14:01]

Accelerating Domestic Production

• U.S. Antimony is expanding plants, exploring partnerships (e.g., with America's Gold and Silver), and launching operations in Montana and Alaska. Timelines set for new plant openings by summer next year.
• Orders from the Department of Defense have exploded (from $0 to $85 million year-over-year).

Memorable Moment

• Evans remarks on the Western world’s recent “wake-up call” to vulnerabilities in critical minerals:

  “We’ve been sitting behind the log for 20 years watching this happen and all of a sudden it happened. And so it’s a huge wake-up call." [15:06]

3. The Consumer Gut Check: Michael Linford, COO of Affirm ([18:45]–[29:44])

Health of the American Consumer Amid War & Inflation ([18:45])

• Affirm’s “Buy Now, Pay Later” model gives daily, granular insight into consumer credit and spending.
• Key Finding: Consumers are still "engaged" and actively spending, even as household debt hits record highs and serious delinquencies are up.
• Quote

  "We see a really engaged consumer. They're not retreating. They're not afraid. The consumer isn't hiding... these fears and these headlines... really aren't affecting our consumer down the middle yet."
  — Michael Linford [20:08]

Risk Management and Credit Trends

• Affirm’s real-time underwriting allows it to finely tune risk exposure, setting it apart from traditional credit cards.
• Approval rates are steady, with adjustments for down payments or loan terms to optimize for risk.

The Cost of Credit Debate ([25:34])

• Interest rates on Affirm loans range broadly (0–36%), but Linford argues the actual cost to consumers is transparent and limited:
• Quote

  "The dollar cost of credit, the actual dollars and cents of your purchase costs, the cost of credit for that transaction ends up being very low. And consumers can check out and they know, okay, this $500 purchase has $17 of interest cost and that's $17. It can never be a penny more."
  — Michael Linford [26:52]

Competition and Expansion

• Affirm is expanding rapidly, now partnering with retailers like Lowe’s and Intuit QuickBooks.
• Credit card rivals are watching, but Linford sees structural barriers to them adopting the BNPL model at scale.
• Quote

  "Every CFO I talk to at a credit card bank is not willing to cannibalize a revolving credit product for an installment product. They don't know how to do transaction-level underwriting and create the same pool of profit."
  — Michael Linford [28:08]

4. The $6.8 Trillion Global Wellness Boom: Ashley/Charlotte Flair ([32:19]–[45:33])

From WWE Star to Mental Health Advocate & Investor

• Ashley Flair (Charlotte Flair) discusses her pivot from wrestling superstardom to angel investing in “Self Care is For Everyone”—a mental health and apparel startup.
• The company specializes in affirmative messaging on apparel and accessible wellness tools, targeting a $7 trillion global wellness market.

Mental Health, Athletic Pressure, and Public Vulnerability ([33:21]–[36:45])

• Flair reflects on injury, anxiety, and the pressures of public perfection—breaking taboo by discussing athlete mental health and post-career transition.
• Quote

  "When my knee took me out, I was like, all I viewed myself was as a professional wrestler. Like, that's all I am, and that's not all I am. And I do have a voice. And maybe this is the start of something bigger for me."
  — Ashley Flair (Charlotte Flair) [35:22]

The Business of Wellness and Social Impact

• Flair details her due diligence and the strategic opportunity in branded, affirming products. Self Care is for Everyone already collaborates with Target/Kleenex.
• For Flair, investing is as much about mission as profit:
• Quote

  "I want to become the person that I needed growing up and I felt like investing in Self Care is for Everyone was like the perfect step in that."
  — Ashley Flair [41:32]

Women’s Sports, Representation, and Market Opportunity

• Flair recounts the rise of women’s wrestling to headline status and advocates for continued investment in women's sports to sustain growth.
• Quote

  "If you give them the opportunity and the backing and the advertisement... perception is reality and if you do that, then the audience follows."
  — Ashley Flair [45:23]

Notable Quotes & Timestamps

• Crude Oil & Geopolitics:
  "It's kind of a fog of war moment. It did send crude oil prices skyrocketing..." — Carol Massar [02:11]

• Defense Supply Chain Wake-up:
  "We've been sitting behind the log for 20 years watching this happen..." — Gary Evans [15:06]

• Exploding Antimony Demand:
  "To fulfill the Department of War's orders for 2026 is $85 million of orders." — Gary Evans [12:14]

• Consumer Resilience:
  "They're buying stuff...The consumer isn't, isn't hiding...these fears and these headlines...really aren't affecting our consumer down the middle yet." — Michael Linford [20:08]

• Credit Model Advantage:
  "Every CFO I talk to or hear from at a credit card bank is not willing to cannibalize a revolving credit product for an installment product." — Michael Linford [28:08]

• Mental Health Candidness:
  "I feel like the reason I hurt my knee is because I wasn’t all there performing. And for someone who has...always looked at myself as the iron woman..." — Ashley Flair [35:22]

• Women's Sports Value:
  "If you give them the opportunity and the backing and the advertisement... then the audience follows." — Ashley Flair [45:23]

Additional Major Segments & Timestamps

• Opening/Market Recap: [02:11]–[04:07]
• Critical Minerals/Defense Interview (Gary Evans): [04:07]–[15:21]
• US Labor & Consumer Data Intro: [17:23]–[18:45]
• Affirm/Consumer Lending Interview: [18:45]–[29:44]
• Wellness Market Intro: [32:19]–[32:44]
• Charlotte Flair (Wellness Angel Investor) Interview: [33:21]–[45:33]

Conclusion

This episode captures a snapshot of 2026's turbulent economic and business landscape—how war and geopolitics put pressure on critical supply chains, how American households and the credit sector are responding to inflation and uncertainty, and how wellness (both physical and mental) is at the heart of new business and cultural conversations. Throughout, the voices of industry leaders offer insight, warning, and optimism.

For the latest business and market developments, visit Bloomberg.com.