Bloomberg Businessweek Weekend Podcast – October 17, 2025

Overview

This episode of Bloomberg Businessweek Weekend, hosted by Carol Massar and Tim Stenovec, dives deep into the forces shaping today's complex economy, with a particular focus on insights from the C-suite at major companies. Topics include the ongoing US government shutdown and its impact, the influence of AI on real estate and industry, how tariffs are reshaping supply chains and margins, the "feminization" of wealth and the great transfer, and exclusive interviews ranging from industrial leaders to mayors tackling urban challenges and media personalities reinventing their fields.

Key Discussion Points and Insights

1. State of the Economy: Government Shutdown, Fed Moves, and Corporate Indicators

Timestamps: 01:57–03:27

• Earnings season begins with major banks, notably JPMorgan Chase, reporting strong dealmaking and trading profits. However, leaders signal caution about consumers and cooling sectors.
• The ongoing US government shutdown, now in its third week, has left a gap in official economic data, pushing reliance on C-suite commentary to gauge macroeconomic trends.
• Fed Chair Jay Powell signals another quarter-point rate cut, adding to an uncertain policy backdrop.

Memorable Quote:

“We lean big time on VO from the C Suite for clues on the macro environment.” — Carol Massar (02:17)

2. Big Banking: Warnings and Rivalries

Timestamps: 03:27–04:38

• Jamie Dimon, CEO of JPMorgan Chase, warns on risks lurking in the financial system after his bank’s losses from auto lender Tricolor Holdings, using the phrase: “There’s never just one problem or one cockroach.”
• Mark Lipschultz, CEO of Blue Owl Capital, counters by suggesting banks should examine their own loan books.

Memorable Quotes:

“When you see one cockroach, probably more, you know, and so we should...everyone should be forewarned on this one.” — Jamie Dimon via Carol Massar (03:35) “Jamie Dimon should be scouring his own books if he wants to squash more bugs.” — Carol Massar (04:01)

3. Logistics Real Estate & AI: Prologis

Guest: Dan Letter, President & incoming CEO, Prologis
Timestamps: 04:38–13:24

• Prologis posted record leasing—62 million sq. ft. in Q3—indicating strong industrial real estate demand, especially among well-capitalized, large customers (Amazon, Home Depot, FedEx, etc.).
• Customers are shifting from caution to optimism, compelled to make long-term decisions despite macro uncertainty.
• Expansion is broad-based globally, with a focus on “build-to-suit” projects where properties are custom-built after contracts with clients.
• AI is profoundly affecting Prologis both operationally and by spurring demand for data centers. The company holds 5.2 GW of power for data center development.
• Labor shortages and higher construction costs (up to 25% above current market rents) challenge the pace of data center and warehouse growth.

Notable Quotes & Moments:

“We leased 62 million sq. ft.…the equivalent of leasing Central Park in Manhattan twice over again in one quarter.” — Dan Letter (04:42) “We see our customers actually getting off their back foot...moving from caution to optimism.” — Dan Letter (05:54) “AI is here and it’s big...the next wave in the modern economy is the digital economy. And AI and data centers are the logistics of that digital economy.” — Dan Letter (09:10) “The rent to build that next building is actually 25% higher than market rents today.” — Dan Letter (12:01)

4. Fashion under Pressure: Levi Strauss Amid Tariffs

Guest: Harmeet Singh, Chief Financial & Growth Officer, Levi Strauss
Timestamps: 13:45–29:26

• Levi's reports four consecutive quarters of high single-digit growth and record gross margins, raising full-year guidance despite tariff pressures.
• The business is resilient across all consumer income levels—Blue Tab (premium), Red Tab (upper-income), and Signature (lower-income, Walmart).
• Tariffs from China and other regions are beginning to affect margins, but Levi’s diversified supply chain (mainly SE Asia, minimal China/India) lessens the impact.
• The company’s strategic pivot is to become more of a “denim lifestyle” retailer beyond just jeans.
• Geographic expansion, especially in China, is a growth priority; currently, only 2–3% of sales are from China, where the market is soft but brand affinity is strong.

Notable Quotes:

“Consumer strength really strong...That’s where we were able to raise the full year guidance.” — Harmeet Singh (13:45) “Our products are well segmented depending on the income profile...We’re leading with product innovation rather than price.” — Harmeet Singh (23:24) “The company that we are building...we will be a market leader...especially because the denim category is accelerating. We have seen the acceleration in the U.S. and outside, and that’s largely driven by the world becoming more casual.” — Harmeet Singh (25:04)

5. Industrial Supply and Trade Risk: Fastenal

Guest: Daniel Flornis, CEO, Fastenal
Timestamps: 30:05–39:23

• Fastenal saw double-digit year-on-year growth, though missed some analyst targets due to weaker-than-expected pricing.
• The firm has been actively shifting supply chains beyond China and Taiwan, increasing sourcing from India, Bangkok, and even shipping through Canada/Mexico to avoid tariffs.
• The industrial environment remains sluggish; project delays persist and ISM PMI has stayed below 50 since late 2022.
• AI is driving strong demand for Fastenal’s offerings in data center construction and maintenance, while the company itself is adopting AI to improve efficiency.

Notable Quotes:

“It's reducing our customers’ exposure to any market...It’s diversifying your supply chain so your eggs are not all in one basket.” — Daniel Flornis (35:26) “Odd in the fact that...it’s just so damn fluid and there’s so many things that occur from week to week, month to month that are outside the norm, but the fundamentals still work.” — Daniel Flornis (39:07)

6. Urban Renewal and Crime Reduction: Baltimore

Guest: Brandon Scott, Mayor of Baltimore
Timestamps: 40:02–54:40

• The federal shutdown makes citizens uneasy; over 12,000 Baltimoreans work for the government.
• Mayor Scott highlights a 30% reduction in homicides in a comprehensive crime prevention program. This involves targeting likely perpetrators/victims, leveraging community-based violence intervention, and attacking gun trafficking.
• Scott opposes deploying the National Guard, advocating instead for restoration of federal grant funding and community-based solutions.
• Emphasizes the importance of mayors in driving real change and calls for more localized, pragmatic leadership.
• Major investments ($4B+ inbound, $7B downtown planned) and continued focus on streamlining business and zoning reforms to attract business, especially in tech and life sciences.

Notable Quotes:

“We have the fewest amount of homicides through any October 7th on record today. That is a big change.” — Brandon Scott (46:12) “We go and we identify those who are most likely to be the victim or perpetrator of gun violence and…give them opportunities to change their life, and if not, we remove them via law enforcement.” — Brandon Scott (46:55) "If the president wants to help us, he should restore grants and funding that was cut to organizations that help." — Brandon Scott (48:41)

7. The Great Wealth Shift: Women and "Sideways Inheritances"

Guest: Jamie McGira, Head of U.S. Wealth Advisory & Retirement, BlackRock
Timestamps: 55:35–64:58

• Wealth transfer dynamics are shifting: more women are inheriting vast assets due to divorce or succession, with women now controlling $365B in the world’s 500 richest fortunes.
• 70% of women leave their husband's financial advisor within a year of divorce or death, demanding new approaches to wealth management.
• Women are often (contrary to stereotype) moderate to aggressive investors and increasingly value “purpose” alongside profit—including impact investing, philanthropy, and values-based allocations.
• The big picture: women currently control 30% of global wealth; this is expected to rise to 50% by 2030 and 70% by 2070.

Memorable Quotes:

"They want to be served differently. 70% of women leave their husband's financial advisor after a divorce or a death within one year.” — Jamie McGira (59:29) “The majority of them were actually moderate to aggressive because they saw the power…of actually gaining wealth through the capital markets.” — Jamie McGira (55:17) “It’s not time in the market or timing the market, it’s time in the markets.” — Jamie McGira (63:47)

8. Screen Time & Cultural Impact: Chef Courtney Storer (“The Bear”) and Lucy Guo (Scale AI, Passes)

Guests: Courtney Storer (The Bear); Lucy Guo (Scale AI, Passes)
Timestamps: 69:03–80:14

• Courtney Storer describes role as both culinary consultant and hands-on coach for actors (no hand doubles—real culinary skill). Emphasizes authenticity, teamwork, and the high-pressure yet camaraderie-rich reality of kitchen life.
• Lucy Guo discusses Passes, a platform for creators (without adult content), its strong retention, organic growth, and insights into entrepreneurial success. Advocates for a short stint in college for networking, and practical skill acquisition. She’s optimistic about AI, seeing it as a tool to empower rather than replace human ingenuity.

Notable Quotes:

"Everything you see on the show we run it like an actual restaurant." — Courtney Storer (69:27) “I learn so much about who I am as an individual by the challenge of, you know, running restaurants...I’ve learned so much from every single person that I’ve been in a kitchen with.” — Courtney Storer (65:16) “Anyone can make money. It’s more so like the amount of people willing to put in the time to make the content.” — Lucy Guo (75:44) “I think that we should view AI as our co-pilot and not something that's going to replace us.” — Lucy Guo (79:52)

Timeline of Key Segments

| Timestamp | Topic/Guest | |---------------|--------------------------------------------------------------| | 01:57 | Economic overview; reliance on C-Suite voices | | 03:27 | Jamie Dimon, banks, risk, and rivalries | | 04:38 | Dan Letter (Prologis); logistics real estate & AI | | 13:45 | Harmeet Singh (Levi Strauss); fashion, tariffs, supply chain | | 30:05 | Daniel Flornis (Fastenal); industrial supply, AI, tariffs | | 40:02 | Brandon Scott (Mayor of Baltimore); crime, governance | | 55:35 | Jamie McGira (BlackRock); women, wealth, and investing | | 69:03 | Screen Time highlights: Courtney Storer, Lucy Guo |

Notable Quotes (with Speaker and Timestamp)

• “There’s never just one problem or one cockroach.” – Jamie Dimon via Carol Massar (03:35)
• “AI and data centers are the logistics of that digital economy.” – Dan Letter (09:10)
• “Our future is going to be about denim lifestyle.” – Harmeet Singh (24:37)
• “It's reducing our customers' exposure to any market... diversifying your supply chain.” – Daniel Flornis (35:26)
• “We have the fewest amount of homicides through any October 7th on record today.” – Brandon Scott (46:12)
• “70% of women leave their husband's financial advisor after a divorce or a death within one year.” – Jamie McGira (59:30)
• “I think that we should view AI as our co-pilot and not something that's going to replace us.” – Lucy Guo (79:52)
• “Everything you see on the show we run it like an actual restaurant.” – Courtney Storer (69:27)

Takeaways

• C-suite perspectives are vital when government data is lacking, especially during periods of uncertainty.
• AI is transforming every sector—from warehousing to apparel, to industrial supply.
• Tariffs and supply chain realignment are reshaping margins, strategies, and global sourcing.
• Women’s control of wealth is growing rapidly, with shifting behaviors and expectations for financial services.
• City leadership and “on-the-ground” pragmatism are crucial in tackling complex issues like urban crime.
• Authenticity, adaptability, and innovation—whether in kitchens, wealth management, or creator economies—are the new hallmarks of success.

This summary captures the major stories and voices featured in the Bloomberg Businessweek Weekend episode for October 17th, 2025, highlighting economic trends, business evolution, and the people at the forefront of today’s biggest challenges and opportunities.