Anna Gifty Opoku-Agyeman Warns Us About The Double Tax

Summary

Podcast Summary: Everybody's Business

Episode Title: Anna Gifty Opoku-Agyeman Warns Us About The Double Tax
Date: February 13, 2026
Hosts: Max Chafkin & Stacey Vanek Smith (Bloomberg, iHeartPodcasts)
Key Guests:

• Anna Gifty Opoku-Agyeman (Author, "The Double Tax")
• Lauren Sherman (Business Journalist, Fashion People Podcast Host)

---

Overview

This episode of "Everybody's Business" dives into the concept of the "double tax"—the compounded economic costs of racism and sexism, particularly for Black women—through the lens of Anna Gifty Opoku-Agyeman’s new book. The discussion examines how these hidden, structural costs affect not just Black women but the broader economy, and how addressing them benefits everyone. The show also touches on the state of the job market for Black workers, the evolving luxury market during Fashion Week in New York, and ends with a discussion on luxury real estate security and the shifting ambitions of Elon Musk.

---

Key Discussion Points & Insights

The Hidden Cost of Being a Woman—Especially a Black Woman

Anna Gifty Opoku-Agyeman introduces “The Double Tax”

• (02:45) “The double tax is essentially the compounded cost of racism and sexism.” [Anna Gifty Opoku-Agyeman]
• Anna sets the stage by talking to people on the streets of Philadelphia about the cost of womanhood, highlighting how Black women in particular face higher expenses and lower earning power.
• Main argument: These costs are like a fire in one house on a block—if ignored, they’ll eventually affect the whole neighborhood (the entire economy).

Economic Realities for Black Workers

• (08:04) Unemployment among Black workers remains significantly higher than the national average (7.5% for Black workers vs. 4.3% for all workers).
• “Black job seekers have to send out more resumes, face AI hiring biases, and disproportionate job loss from federal cutbacks and automation.” [Anna Gifty Opoku-Agyeman; 08:04–09:23]
• AI-driven hiring tools have been shown to reinforce existing biases, further disadvantaging Black and LGBTQ job seekers.

Pay and Wealth Gaps

• (13:03) The gender pay gap is more severe for Black women than for white women or men: Black women earn less, often have higher student debt, and face more barriers in home buying and accumulating wealth.
• “A woman who is backed up by a bank account is a free woman.” [Anna Gifty Opoku-Agyeman; 13:03]
• Financial security impacts autonomy, future opportunities, and is hindered by systemic factors rooted in both racism and sexism.

The Broader Impact: Why "Double Tax" Hurts Everyone

• (14:10) Anna explains that ignoring the double tax isn’t just a moral failing but an economic one. Societies that allow portions of their population to be systematically excluded or underpaid are weaker, less productive, and risk long-term decline.

• (15:08) “If everybody in your society can’t fully participate in the economy, your economy will shrink. That’s inevitable.”

• She draws parallels to anti-immigrant movements in Europe, arguing that economies reliant on marginalized groups eventually suffer when those groups are excluded.

• Anna debunks claims of “anti-white discrimination” in hiring and college admissions:

  “By the way, it [anti-white discrimination] is not a thing, not according to the empirical evidence that we currently got, at least not in hiring, not in promotion and definitely not in college admissions. Let me just go ahead and squash that right now.” [15:08]

• The demographic shift in America (Gen Alpha: “majority minority”) means that these issues will affect a growing share of the country’s economic participants.

The Current Labor Landscape

Fast-reversing gains & DEI Backlash

• (17:30–18:01) Gains for Black workers made during the post-pandemic hot job market are being rapidly reversed as the job market cools, with Black unemployment rising noticeably.
• Policy choices such as federal job cuts and “DEI is over” narratives disproportionately harm Black employees.
• Anna calls for accountability in understanding how we got here before prescribing solutions for a fairer economy.

---

Fashion Week, Luxury, and Consumer Shifts

Fashion Week Skepticism and the New Luxury

• (22:52–26:26) Lauren Sherman gives a candid take: New York Fashion Week matters less globally than it once did; most trendsetting and economic impact now comes from Europe, especially Paris and Milan.

• Fashion shows are now more about marketing to influencers and consumers via digital channels than setting serious industry trends.

  “These fashion shows don’t really matter, to be honest. Like, the ones that matter are in Europe. And also the trends really start on the street.” [Lauren Sherman; 26:26]

• Social media and street style drive trends; Fashion Week amplifies rather than sets them.

Luxury Market Under Pressure

• Post-COVID, the luxury market is slowing for all but the ultra-rich, as consumers are more discerning.
• The secondhand market (e.g. RealReal, Poshmark) gives buyers affordable access to luxury and tempers demand for new goods.
• Brands like Coach succeed by offering “accessible luxury” (e.g., the Coach Tabby bag)—a $300–$400 purchase vs. $4,500 starter luxury.
• Chinese luxury brands are rising, and Chinese consumers are increasingly valuing domestic brands over Western legacy brands.

  “It is happening... The top ten grossing movies last year, two of them were just in China ... It’s finally happening in fashion.” [Lauren Sherman; 32:34]

Consumer Shift Drivers

• Financial constraints, saturation (people have too much stuff), and vibrant secondhand markets are converging.
• Even lower-end brands like Zara are moving “up market,” while brands like Tory Burch and Coach thrive in the “aspirational luxury” space.

“I think what is ... now is that the consumer thinks they know a lot and they feel educated and they only want to buy stuff that they feel like is worth the money.” [Lauren Sherman; 30:25]

---

Notable Quotes & Memorable Moments

• On the double tax:

  “The double tax is the quantification of misogynoir.” [Anna Gifty Opoku-Agyeman; 10:32]

• Systemic exclusion:

  “If my house is on fire and you don’t put the fire out at my house, it’s probably gonna spread to your house eventually.” [Anna Gifty Opoku-Agyeman; 09:37]

• On luxury:

  “The truest luxury is time. And then from there ... how can I think about making better things and better decisions with my money and my time?” [Street interview during Fashion Week; 23:53]

• Culture of excess security:

  “Moats are back, but also these other kind of interesting security measures. ... 13 deadbolts on the front door ... sour orange trees with spikes ... for safety.” [Stacey Vanek Smith; 44:00]

• Satirical Musk detour:

  “Elon Musk has announced ... that he does not care about Mars anymore. ... Mars is out, Moon is in.” [Max Chafkin; 41:01]

---

Important Timestamps

• 02:45 – Anna introduces “The Double Tax” and street interviews about the cost of being a woman.
• 08:04 – Black unemployment context and job market challenges.
• 09:32 – Explaining the “double tax” and misogynoir.
• 13:03 – Impact of pay and wealth gaps for Black women.
• 15:08 – Economic argument against exclusion; debunking anti-white discrimination.
• 17:30 – Fast reversal of gains for Black workers; DEI backlash.
• 22:52 – Fashion Week coverage begins.
• 26:26 – “Fashion shows don’t really matter” for broader trends.
• 28:02 – Assessing luxury market strengths and weaknesses.
• 32:34 – Rise of Chinese luxury brands.
• 35:36 – The opportunity for mid- and lower-end brands.
• 41:01 – Elon Musk’s lunar shift and the AI factory joke.
• 44:00 – Discussion of the rise in luxury home security features, “moats are back.”

---

Tone & Language

The tone is sharp, smart, and conversational, frequently punctuated by humor and candid personal anecdotes (e.g., hosts discussing their outfit costs, poking fun at Elon Musk’s “Moon over Mars” strategy). The podcast maintains a critical but accessible approach—making complex economic and social issues relatable without jargon overload.

---

Summary: Who Should Listen?

Anyone interested in understanding how systemic inequality affects economic life, the shifting realities for women and Black workers, and the true state of the luxury and fashion industries will find this episode insightful and clarifying. Anna Gifty Opoku-Agyeman’s explanations and analogies are especially useful for grasping why addressing inequality is not a niche concern, but, in the words of the show, “everybody’s business.”

---

Transcript

[Chase Business Advertiser]

Being a small business owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. Manage all your business finances, from banking to payments to credit cards, all in one place with Chase's digital tools. Plus access online resources designed to help your business thrive. Learn [e-mail] 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. JP Morgan Chase Bank Naomi Member FDIC Copyright 2026 JPMorgan Chase Co. Support for.

[Public Investing Advertiser]

The show comes from Public Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts?

[Anna Gifty Opoku-Ajuman]

Yep.

[Public Investing Advertiser]

High yield cash? Yes again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash all investing involves risk of loss. See complete [e-mail] Disclosures.

[Chase Business Advertiser]

Bloomberg Audio Studios.

[Lauren Sherman]

Podcasts Radio News.

[Stacey Vanek Smith]

Max Chavkin Stacey Vanek.

[Max Chafkin]

Smith how are you?

[Stacey Vanek Smith]

Good. I have a kind of weird question for you.

[Max Chafkin]

All right, hit me.

[Stacey Vanek Smith]

So your outfit today?

[Max Chafkin]

Today? Yeah.

[Stacey Vanek Smith]

It's like a plaid kind of an olive greeny shirt and then like, I don't know, green pants. So did you like plan this carefully? What went into the choosing of this look?

[Max Chafkin]

Stacey I have three small children and I had to take my kids to school at leave the house at 6:30 this morning. So I was basically fumbling in the dark.

[Stacey Vanek Smith]

Okay, so when darkness chooses your outfit, like how much would you say your look today this morning costs?

[Max Chafkin]

I think that this shirt which I bought five years ago, probably cost like $120 and that, and these pants, that shirt cost $120. It's harsh.

[Stacey Vanek Smith]

I, I just asking questions.

[Max Chafkin]

It's wool. It's a, it's a natural fiber.

[Stacey Vanek Smith]

It's very nice.

[Max Chafkin]

That's why it's lasted so long.

[Stacey Vanek Smith]

Yeah.

[Max Chafkin]

And I, I don't know these pants, maybe a hundred bucks.

[Stacey Vanek Smith]

Okay. So with that in mind, let me play you this clip.

[Anna Gifty Opoku-Ajuman]

My name is Anna, and I'm the author of the new book called the Double Tax, a book about how expensive it is to be a woman. So naturally, we went onto the streets of Philly and asked folks, do you think being a woman is expensive? Here's what they had to say.

[Stacey Vanek Smith]

Yeah, it's expensive to be a woman.

[Anna Gifty Opoku-Ajuman]

Say more girls, girl.

[Stacey Vanek Smith]

Anna Gifty Apoku ajuman. She goes onto the streets of Philadelphia to talk to citizens about the cost of womanhood. In her book, Anna looks at how black women shoulder a lot of hidden costs and at the same time, are missing out on a lot of earning potential.

[Max Chafkin]

Yeah, and this is a big topic for us at Everybody's Business. We talk all the time about the costs and how those costs influence things that maybe people don't notice or don't notice immediately. And Anna believes this is an area where we need to take a closer look.

[Anna Gifty Opoku-Ajuman]

If you don't address these costs that are arising for women of color, especially black women, those costs, left unaddressed, will eventually affect everybody else.

[Stacey Vanek Smith]

We had a great discussion with Anna about black women and the economy and what it's like to be a worker right now. And also it is fashion week here in New York. However, the mood in the industry right now, it's a little bit sour.

[Lauren Sherman]

These fashion shows don't really matter.

[Stacey Vanek Smith]

After we hit the streets, we have a conversation with business journalist Lauren Sherman. And then, of course, underrated stories.

[Max Chafkin]

It's everybody's business. I'm Max Chatkin.

[Stacey Vanek Smith]

And I'm Stacey Vanek Smith.

[Max Chafkin]

Stacy, let's first quickly run through the headlines. And I think the big one is that the US Economy, for all the kind of warning signs that we talk about on this show all the time, it's chugging along.

[Stacey Vanek Smith]

Well, this is this big debate happening right now. And I think this week it came to a head. Like many weeks, the stock market's been hitting these record highs. The Dow Jones industrial average hit 50,000, which I'm laughing because that number is so high. And we got a good jobs report. We'll talk about that a little later in the show. Surprisingly good. At the same time, people are saying, like, there is this disconnect. A lot of parts of the economy do not feel great, the job market being one of them. So there's this weird kind of disconnect, these dueling narratives.

[Max Chafkin]

I gotta say, I am starting to wonder if maybe the economy is just good and we just can't. And the vibe session was just Too many journalists spending too much time on social media or something. But then the other thing I think about when I say that out loud is probably that is the moment when the economy goes bad. Because like in a, in an economic bubble, right before it bursts, everyone always.

[Stacey Vanek Smith]

Says you feel like your words wield this level of control and power over.

[Max Chafkin]

The US Economy by saying that I am going to bring a recession into existence. So, like, well, to that I would say good shape, sort of. Maybe. I don't know.

[Stacey Vanek Smith]

I feel like when you dive a little more deeply into the numbers, some of the issues make sense. Like hiring is the lowest it's been in decades. And, and although we did add a lot of jobs in January, which was awesome, almost all the jobs were in, in like health care. So if you work in a field other than health care, and also media and tech tend to get a lot of press and be quite high profile industries, and those have both been shedding a lot of jobs. So I think that's part of the reason. But I think you're right. Maybe things are not as bad as we feel like they are.

[Max Chafkin]

I guess we should acknowledge that the Trump administration seems to be backing down in Minnesota. Tom Homan announcing that, that the immigration blitz that has really dominated the headlines and led to protests around the country is ending. Hard to know what that means and whether, you know, the Trump administration is just going to move on to another target or whether this is a real shift in strategy. But it would, it would make sense that, that Trump would want to back down, given that we're coming into a sort of midterm election season. These immigration policies have been hugely unpopular and there is a real concern around affordability, which, which seems like a more, perhaps more profitable political issue for Trump.

[Stacey Vanek Smith]

And there are a lot of, like, really key industries that have a lot of immigrants working in them, including agriculture and food preparation. And if people are either self deporting or leaving or less inclined to look for work in the US we could see those prices go up, which is also, you know, I think just not great for a lot of reasons, but also I think for Trump, politically, not great. So, Max, I feel a little bad that I outfit shamed you at the top of the show.

[Max Chafkin]

Ridiculous. And there's been no outfit shaming on you to date.

[Anna Gifty Opoku-Ajuman]

I'm wearing a black shirt.

[Stacey Vanek Smith]

There's nothing to shame.

[Max Chafkin]

How much?

[Stacey Vanek Smith]

Oh, Was this shirt? 30 or 40 bucks? It was on sale.

[Max Chafkin]

Nice. I do think we need to broaden this beyond the cost of our outfits.

[Stacey Vanek Smith]

Oh, yeah, yeah, yeah, yeah. Agreed.

[Max Chafkin]

And talk about these hidden costs. And bring in Anna Gifty Opoku Ajiman. Welcome.

[Public Investing Advertiser]

Anna.

[Lauren Sherman]

Hi.

[Anna Gifty Opoku-Ajuman]

How are you?

[Stacey Vanek Smith]

Good.

[Anna Gifty Opoku-Ajuman]

Good.

[Stacey Vanek Smith]

It is Black History Month. We also just got jobs numbers out this week. What is the economy like for black workers right now compared to the overall situation for workers in the U.S. it's rough.

[Anna Gifty Opoku-Ajuman]

The way to contextualize that is black unemployment typically is higher than white unemployment usually. Right. And there's a lot of structural reasons for why that's the case. Like, if you think about the number of resumes that black job seekers have to send out in order to get a callback, it's more than their white counterparts, and that's always been the case. Right. So if you take that and add it to a manufactured job crisis. Right. In the sense that a lot of jobs are being offloaded from the federal workforce, and then you also have sort of this air of disincentivizing certain types of jobs from existing that may disproportionately be occupied by black workers. In addition to the fact that AI itself also is starting to affect the job market in different ways. By the way, going back to hiring, we know there's, like, a current, I think, active lawsuit against Workday where they're using an AI hiring tool that's known to be biased against racial minorities and LGBTQ individuals. So if you combine all of those things together, black folks who are trying to get a job right now are just facing a very steep climb.

[Stacey Vanek Smith]

Yeah. I believe the unemployment rate's almost. It's almost double. I mean, I think it's 4.3% for the overall population, and I think among black workers, it's seven and a half percent.

[Max Chafkin]

Anna, can you explain this idea of the double tax?

[Anna Gifty Opoku-Ajuman]

The double tax is essentially the compounded cost of racism and sexism. I think the way to think about it is we're all tethered in our economic realities. We're all in the same economic block, so to speak. And so a lot of times people will say, what's happening to black women doesn't really matter to me because it's happening at that house. But we're all in the same neighborhood. So if my house is on fire and you don't put the fire out of my house, it's probably gonna spread to your house eventually. And that's essentially what we've kind of seen happen recently in the economy and elsewhere. And I think misogynoir and stuff is helpful to kind of contextualize what happens to black women specifically. But when you start talking about the double tax. It includes how honestly one's proximity to black women actually affects their ability to experience true equality and true liberation.

[Max Chafkin]

When you say massage a noir, what does that mean?

[Anna Gifty Opoku-Ajuman]

So misogynoir is specifically prejudice and discrimination against black women. So I like to say that the double tax is the quantification of misogynoir. I'll give you a clear example of this. But the attacks on Governor Lisa Cook perfectly illustrate this.

[Stacey Vanek Smith]

First black woman to be a governor of the Federal Reserve.

[Anna Gifty Opoku-Ajuman]

Exactly right. So they go after her and they attack her. And I'm not going to say that people didn't have a reaction to it. I think people did. But I think there were certain entities that didn't take that very seriously. And then we got like a 9pm video from Fed Chair Jerome Powell a month ago where he was like, yo, they're trying to indict me, right? For like criminal allegations. Like, what are we doing here? But I think it really did start with Governor Cook. So it's almost like if you don't address these costs that are arising for women of color, especially black women, those costs left unaddressed will eventually affect everybody else.

[Stacey Vanek Smith]

What about at this moment? I feel like we're at a moment where people feel like there's not a lot of hiring going on. There's a little bit of a zero sum game. I feel like there's a little bit of the other side of that coin where it's like, if that person does better in this workforce, that's a job that I'm not gonna get. Is that true?

[Anna Gifty Opoku-Ajuman]

I think that while folks are thinking about that on the job applicant side, it's not clear that employers are not thinking that way in the sense that like, they're also thinking through the trade offs of what kind of workers they want. And because it's a bit of an employer market, right? They know people, there's more folks who want jobs than there are jobs. They could also be thinking about it through, okay, well if I can just get whoever I want, then sure, I can enact bias and sure, I can enact discrimination. And it's not really being checked because I'm just going for the best worker, right? I think in terms of the zero sum game between the job candidates themselves, I think they can definitely feel that way. I know there's this sort of term of vibe session and I know that Darrell Farrow has talked about how we're kind of going through a hiring recession, but I don't know if anybody has really explored the vibes of that sort of no hire, no fire scenario. But because of these additional barriers, I'm being screened out.

[Stacey Vanek Smith]

There's also a real pay issue. I know the pay gap between women and men writ large gets a lot of press. It's 82 cents on the dollar. But it's different for black women.

[Anna Gifty Opoku-Ajuman]

Yeah, it's worse. So I think it was when I was writing the chapter on retirement and the end of life that I was like, oh, my gosh, if all of these costs go unaddressed, it shows up right here. And so I think that, like, this issue of pay trickles down to all of the other aspects of a woman's life. I like to say a woman who has, who's backed up by a bank account is a free woman. Right. And so if you aren't able to up and leave because you have to financially depend on somebody else, or you're tethered to a job that's low wage and low benefits, you're really trapped in your circumstance. And one thing that was really interesting to see is that, you know, we know that black women in particular have higher student loan debt. Right. We know that there are barriers for women, especially black women, when they're buying homes. These all come back to sort of, how much income are you bringing in? How much money do you have in the bank? And also kind of colors whether or not individuals are even able to start the kind of lives that they believe they deserve.

[Max Chafkin]

Anna, part of the. You brought this up at the top of the conversation. Like, you know, if you're, if there's a house on your block that's on fire, it affects the entire block. If you have a massive inequality in your society, like, that's going to lead to a less healthy society. I feel like intuitively that makes a lot of sense. But I, I want to ask, like, why you know that to be true? Especially like, at a time when like huge parts of the, kind of like corporate world as well as like a big chunk of the Republican party sort of decided en masse, like, not to worry about this stuff.

[Stacey Vanek Smith]

Not even not to worry about it, but need to. Yeah, yeah.

[Max Chafkin]

That the big problem is actually anti white discrimination. Right. Donald Trump, Elon Musk, they talk about that all the time.

[Stacey Vanek Smith]

It has been tough.

[Max Chafkin]

And, and like, why is that sense of double taxation? Why having, like, classes of people in your society getting paid a fraction of what other people make is bad, like, bad economically.

[Anna Gifty Opoku-Ajuman]

These same people care about GDP growth. Right? But if everybody in your society can't fully participate in the economy Your economy will shrink. That's inevitable. What's interesting about what you specifically talked about with anti white discrimination, which by the way is not a thing, not according to the empirical evidence that we currently got, at least not in hiring, not in promotion and definitely not in college admissions. Let me just go ahead and squash that right now, is that there is a fact that underlies all of that, which is the demographics of this country are changing rapidly. Right? So 1 in 4 Gen Z identify Hispanic gen Alpha. The immediate next generation is majority minority, to put it lightly. We cannot afford to ignore swaths of people who are double taxed. Right. Unless you want this country to crumble. It's just not sustainable. It's not economically feasible. I can give you an example of what I mean. Maybe overseas. So you're starting to see sort of anti immigrant sentiment in the uk, in Germany kind of reemerge. What's ironic about it is those economies rely heavily on the immigrant population. In fact, it's part of their history. Right? Like after the World War is like they said, hey, we need extra hands to help build our economy up. And so now this is like this sort of reversion and we're going to reject these individuals who help build up our economy. You actually can't afford to. They make up too much of an important role in your economy. And I think we honestly see this even in what's happening in agriculture, which is not getting a whole lot of attention right now. You see these sort of ICE raids that are taking place. You see sort of the attacks on undocumented immigrants. You know, there's certain people on the right who are like, yeah, like rah rah, but like you're not going to be able to eat. That's the gag, right? So like this is what I mean by folks are double taxed. And you're trying to make it seem like those double taxes are happening in isolation. But the reality is what happens to that group is gonna matter for your group. And so you can't ignore it because we're really just sitting in one huge Venn diagram.

[Stacey Vanek Smith]

I feel like, Anna, there were a lot of gains in a lot of parts of the labor force. But when the labor market was really hot in like the end of 2001, 2002, and it seemed like we saw real wages rise for the first time in a long time, we saw a lot of gains. Now that the job economy is not doing so well, it seems like this kind of reversed so fast. We saw the black unemployment rate go up by one and A half percent, I think, in a year, if I'm not wrong, which is nuts. What is your take on that as an economist?

[Anna Gifty Opoku-Ajuman]

I think when we talk about black unemployment, there's a lot of structural barriers that already existed prior to this current administration entering that White House. But I do think that there have been decisions made by a variety of institutions that has harmed black individuals disproportionately. Decisions like, we don't care about diversity, equity and inclusion. And that being synonymous with really, we just don't care about black perspectives. And that's not necessarily the definition of dei, but that is how people are equating the two. And so it's having impacts on whether or not certain black women in particular have jobs in corporate America, because that's where they've been essentially, I would say, occupationally segregated into, in terms of some of these corporate roles, decisions like, we're gonna go ahead and cut huge swaths of the federal workforce. And again, those cuts might have a particularly negative effect on certain marginalized groups. That includes black individuals. Right. So I think that there are these policy decisions that are being made, and they're not being made in isolation. They are decisions that are really affecting our entire economy and our economy's ability to grow. And so if we talk about, like, how do we get back to how things were? I think we need to be accountable to how things have come to be. And before we move forward, we should figure out, okay, how did we get here in the first place? And hopefully based off of what we diagnose ourselves of, we can then say, okay, here's what we're going to prescribe to ensure that this doesn't happen again.

[Public Investing Advertiser]

Support for the show comes from public. Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto without all the bugs or the confetti. Retirement accounts.

[Anna Gifty Opoku-Ajuman]

Yep.

[Public Investing Advertiser]

High yield cash. Yes, again. They even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market ad paid for by public Holdings Brokerage services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash. All investing involves risk of loss. See [e-mail] disclosures Here's a paradox.

[My Policy Advocate Advertiser]

We buy insurance for peace of mind. Yet the very policies we trust can deliver the biggest financial shocks across America. Millions of claims are denied every year, not because people did anything wrong, but because policies quietly exclude the things that happened. The psychology of trust tells us we assume the contract is fair. But in insurance, the information gap is massive. The insurer knows every detail of what's covered. The policyholder rarely does. That's where my policy advocate comes in. For just 27 cents a day, their platform reads your policies and shows you in plain language where you're vulnerable. They're not selling insurance. They don't do that. It's about transparency, giving ordinary people the same understanding insurance companies have had for decades. Because when you know what's really in your policy, you can plan, protect and avoid surprises. Before you trust your policy to protect you, let my policy advocate tell you what it really says. Visit mypolicyadvocate.com today. Peace of mind starts with knowing the truth. Mypolicyadvocate.com Being a small business owner isn't.

[Chase Business Advertiser]

Just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools looking for tips and advice. Their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] 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 Co.

[Stacey Vanek Smith]

So Max, as we mentioned earlier, it is Fashion Week here in New York.

[Max Chafkin]

Oh my favorite time of the year.

[Stacey Vanek Smith]

It is a special season but it is. It is sort of integrated all There are lots of fashion shows all over different parts of the city and our producer Jasmine JT Green went out to the fashion shows to talk to people about specifically fashion but also luxury.

[Max Chafkin]

What has been your vision of luxury lately? I feel like luxury used to have a bit more quality productions.

[Anna Gifty Opoku-Ajuman]

Now the economical crisis and people not ready to spend a lot of money for the luxury stuff. I feel like with social media and the Internet and different people within the industry becoming, like, aware of their leverage of talking about upcycling, and hopefully the trend continues for the younger generations.

[Max Chafkin]

I feel like now, since fashion is becoming, you know, a lot more accessible to more people, I think that the brands are producing in terms of quantity.

[My Policy Advocate Advertiser]

Right.

[Lauren Sherman]

Rather than quality.

[Anna Gifty Opoku-Ajuman]

Wear comfortable looks, good styles and actually should be, like, affordable. You don't have to buy everything new. There's luxury when remaking things. The truest luxury is time. And then from there, like, with this time, how can I think about making better things and better decisions with my money and my time?

[Max Chafkin]

Amen to that. The truest luxury is time.

[Stacey Vanek Smith]

You did choose your clothing in the dark. So I do feel like this is a little bit your mantra. Clearly, Max, people are feeling a little bit skeptical about putting down the kind of money you have to put down to get luxury goods.

[Max Chafkin]

And it's the perfect segue to our guest, Lauren Sherman, who is a writer at Puck. She hosts the Fashion People podcast. She also wrote the book Selling Sexy Victoria's Secret and the Unraveling of an American Icon. Lauren is also kind of a Fashion Week skeptic.

[Stacey Vanek Smith]

And she's here this Fashion Week, by the way, and.

[Max Chafkin]

And. And she is here to tell us about it. Welcome, Lauren.

[Lauren Sherman]

Thanks for having me.

[Max Chafkin]

Okay, I gotta admit something to both of you, which is that I have lived in this city, New York City, for, like, pretty much my entire life, and I do not know any really anything about Fashion Week. And I feel like I know that it is very important, but to start. Lauren, what is Fashion Week? And, like, how does it sort of compare to previous years or how is it evolving?

[Chase Business Advertiser]

Sure.

[Lauren Sherman]

So there are four major fashion weeks. New York, London, Milan, and Paris. They became really big in the 1990s. They were always for the trade, so editors and buyers to see the clothes and communicate what the clothes look like or to buy them for their stores. There are way fewer stores than used to be. People can just see the images on the Internet. So now fashion shows are essentially a marketing tool. And in the last 20 years, the fashion industry really has concentrated in Milan and Paris, where the big luxury groups are based. So New York, yes, it contributes a lot to the gdp, but the reality is there aren't a lot of people coming into the city now for these shows. It's mostly local editors and buyers and a lot of influencers. With the rise of influencers, that type of Thing, and the brands use it as marketing tool. I don't live in New York anymore. I lived here for 15 years. Being in the city, I don't really notice Fashion Week like it used to. Cause there used to be the Brian Par tents and all that.

[Stacey Vanek Smith]

Well, one of the functions, at least as I understand it, of Fashion Week, though, is to sort of, like, set the trends, kind of announce what the new trends are for the season. And that does impact, like, billions and billions of dollars all over the world. I'm sorry.

[Lauren Sherman]

Not really. Like, the thing is, these fashion shows don't really matter, to be honest. Like, the ones that matter are in Europe. And also the trends really start on the street. So a lot of times what the Runway does is it commercializes trends that are on the street or at couture or the big shows in Europe. So last season at New York Fashion Week, there were tons of dance dresses, which had been, like, very big in Paris for the last few years.

[Stacey Vanek Smith]

Like ballet. Ish.

[Lauren Sherman]

Yes. Yeah, exactly. So I would say look, and the other thing is, we live in this very fragmented culture where a lot of people are just getting their fashion ideas from TikTok. So it used to be that you would go to Fashion Week and you'd say, here are the colors that are really popular. Here are the trends that are really big. And that still exists to an extent. But I. I would say that it's not as much how the retailers inform their buy, that sort of thing. It. It really does only exist so that consumers know what these. The names of these brands.

[Max Chafkin]

We talk all the time about the K shaped economy. Right. And I feel, and we've spoken a lot recently about the bottom of the K and all the economic issues, the sort of job insecurity stuff's getting more expensive. And then we've sort of been hoping that the top of the K, the sort of luxury industry, very wealthy consumers, are gonna save us, save our economy. And yet there have been. There's talk anyway, of kind of a luxury slowdown. Like, what. What are you seeing? Is. Is the top of the K as strong as it has been? Is it What. What's happening in the business?

[Lauren Sherman]

The tippy tippy top of the K is strong and will always be strong because the rich keep getting richer. But the. The size of these businesses. So this industry has been consolidating for the last 20 years, thanks to growth in China, thanks to changes in the way consumers behave. The challenge is the industry was growing, growing, growing. It was at the center of pop culture, thanks to Music and all these celebrity, all this stuff. 2018, I'd say it peaked. It was just everybody wanted a Gucci loafer or what have you. Essentially that bubble was about to burst pre Covid, but then Covid extended it and growth even accelerated. After Covid, the bubble burst. And consumers, they're very obsessed with experience. They have 40 bags in their closet, they don't need more. And the brand sort of got lazy with the stuff they were producing and assumed I can sell a $5,000 handbag that is ugly to anyone and they'll just buy it. Cause they'll buy anything. And that kind of behavior stopped. And consumers are asking a lot more of these brands, especially in China where I think that the luxury brands really underestimated the sophistication and discernment of the consumer. So the really high end customer who's spending, you know, $100,000 plus a year is still spending that. It's the person who was maybe buying two handbags but in en masse that they're going to struggle to win back. And so I think the next two or three years, that's what we're going to see.

[Stacey Vanek Smith]

How are things looking right now in the luxury business? Like it, are we seeing some brands like maybe going away? Obviously it sounds like the super top is doing okay, but like what about the kind of the middle brands, like a Coach who's like mid luxury.

[Lauren Sherman]

Coach is actually doing super well right now because they had a hit handbag and the price value equation as, as they love to do. What was their hit handbag for business school? They have a couple, they have one called the Tabby. They have this tote that I don't. I think it's called the Brooklyn Tote. It's just a tote bag.

[Stacey Vanek Smith]

Max and I are both looking at it.

[Lauren Sherman]

Let me see real quick. The Coach thing is, is amazing.

[Stacey Vanek Smith]

Oh, it, it just looks very classic. It looks just classic.

[Lauren Sherman]

And it's a good value. So. So you know, a 28 year old can afford it.

[Stacey Vanek Smith]

And I mean it is $300.

[Max Chafkin]

Oh yeah. This tote, I see this everywhere.

[Anna Gifty Opoku-Ajuman]

Yeah, yeah.

[Lauren Sherman]

But, but you know, most bags from luxury brands start at like 4,500. So. So it's like very, a very good value. But other brands in that space are not performing. I think what is like, like a Michael Kors or something. The change is that the consumer thinks they know a lot and they feel educated and they only want to buy stuff that they feel like is worth the money. And so the brands that are imparting that through their marketing and the product itself are winning. Burberry is doing really well in that space because they're super focused on outerwear and trenches. Moncler had their best January ever. The it's cold, so people bought jackets. A lot of the fashion business we're talking about New York Fashion Week is smoke and mirrors. And you're not going to see a ton of them go away. But what you will see is a sort of change in their place in the culture. And so it's. It's a very interesting time. It's been so much consolidation. And we all know what happens after consolidation decline. So, like, are we entering the state of managed decline? I think potentially. And that's. It's exciting for me as a business journalist because I've been writing about this stuff since 2006, when the consolidation really started. But it's not gonna be simple. There will always be people who want this stuff. But again, like, we live in a more virtual world. You know, people don't go out as much as they used to. They need a top for zoom and they need a couple dresses and they need one nice pair of shoes. And even if you are a shopping addict, you're going to be spending it on plastic surgery.

[Max Chafkin]

Now, you mentioned Chinese consumers becoming more price sensitive or value sensitive or whatever. Is there a sense that Chinese luxury brands, do those have any sway? Because in other areas where big American companies have sort of counted on Chinese consumers, like in consumer electronics, that's been a big factor, like domestic, the domestic market and even in entertainment.

[My Policy Advocate Advertiser]

Right.

[Max Chafkin]

Like domestic Chinese films to some extent are crowding out Hollywood fare. Is that happening in fashion?

[Lauren Sherman]

It is happening. And I often reference the fact that the top 10 grossing movies last year, I think two of them were just in China and only distributed in China. It's finally happening in fashion. It took a lot longer because I think brand value and history and all of that stuff, like some of these. These fashion companies or leather goods brands are 500 years old. Like, it's. It's. The history does matter when you're trying to sell something to someone. But yes, I think there's a really good example is this brand Ariel, that is a sub brand of the Chinese outerwear giant Bosa Dang. And they just hired this guy, Kim Jones, who used to be the menswear designer at Dior and the womenswear designer at Fendi, both LVMH brands, to create this capsule collection. He's the creative director of Ariel. And I had never heard of Bosa Ding. But it is a huge, huge company and it is mostly in the last time I was in Paris for the couture shows there at Galerie Lafayette, there was a huge display of all the Kim Jones product. And it was one of those things that western companies just, they were arrogant and thought it would never happen. And now, now it is because of the fact that the consumer in many cases feels like they've been sort of lied to about the value that these products actually have.

[Stacey Vanek Smith]

Interested in why people you think are becoming pickier or more discerning or demanding more? Is it because they have less money or something else going on?

[Lauren Sherman]

I would say that I think it's a combo of a bunch of things. One is that they don't have as much money. Two is that they have so much stuff already, why do they need more? And if it's not cute or new looking, if it doesn't feel new, if it just feels like the stuff you already have, it's boring to keep buying it. The third part is the secondhand market, which I think that the luxury industry really underestimated the impact of that. But the reality of it is in the last 10 years, people are very comfortable buying secondhand. Now you can buy a Louis Vuitton neverfull, a Louis Vuitton tote on the RealReal very easily or Vestiere or Poshmark, these things. And look, that's not every single person, but there are a lot of consumers. Those companies are online, they do a ton of online marketing. Consumers know that they exist. And so a lot of this product they think, well, I'll just buy it when it goes on the secondhand market. So if there was a bag that you coveted that came out in 1998, you can find it and it's probably going to be an eighth of what the new bags cost. So I would say that those are the three big factors, like luxury's competing.

[Stacey Vanek Smith]

With itself its own the ghost of luxury best.

[Lauren Sherman]

And they've decided not to engage on the secondhand market for the most part. And I understand why it's hard to get to make a profit off of those refurbishing bags and things. But at the same time they're not controlling that and they control everything else.

[Max Chafkin]

But are there opportunities at the lower end? And I'm thinking here about like there was this viral Birkin dupe that was big on TikTok last year, like a Walmart Birkin dupe or Bad Bunny wearing Zara at the super bowl or like is there any opportunity for sort of companies to come in at the lower end, more inexpensive stuff and kind of steal market share from some of these luxury companies.

[Anna Gifty Opoku-Ajuman]

Sure.

[Lauren Sherman]

Look, I think at the lower, lower end, that's a different proposition. And you can't even really compare them. Zara has done an interesting job of moving up market and trying to distance themselves not only from H and M, but also from Shein and some of the really, really fast fashion competitors. And that's why it was so interesting that Bad Bunny wore it because it's kind of now seen as, I don't know, aspirational, but it's also available to a lot of people. So it was really savvy, I thought, on his part to wear Zara. But sure, I think that the real opportunity is in that market where Coach sits and Tory Burch, aspirational market where if you what that market typically is is just copies of designer stuff. But if you can kind of make it feel more individual and more special. A consumer who used to buy designer clothes but can't afford them anymore because a pair of shoes is $1,800, they might still want to spend seven or $800 on something. And so I think there's a lot of opportunity in that space. But, but again, the size of these businesses, they're still going to be big, they're going to be profitable, but they are maybe not going to grow as quickly as they did in the last 20 years. And so there needs to be an understanding of what consumers are prioritizing. We see these lines outside of these stores, and sometimes they're real and a lot of times they're not. It's sort of fabricated. Does anyone really want to stand in line anymore for a T shirt or a pair of sneakers or a handbag?

[Anna Gifty Opoku-Ajuman]

I don't.

[Lauren Sherman]

It's just not how people want to spend their time at this moment in history.

[Max Chafkin]

Lauren Sherman, Fashion People Podcast author of Selling Sexy thank you so much for being here.

[Lauren Sherman]

Thanks for having me.

[Stacey Vanek Smith]

Thanks, Lauren.

[Public Investing Advertiser]

Support for the show comes from public. Lately it feels like there are two types of investing platforms. Some are traditional brokerages that haven't changed much in decades, and others feel less like investing and more like a game. Public is positioned differently. It's an investing platform for people who are serious about building their wealth on public. You can build a portfolio of stocks, options, bonds, crypto, without all the bugs or the confetti. Retirement accounts.

[Anna Gifty Opoku-Ajuman]

Yep.

[Public Investing Advertiser]

High yield cash. Yes, again, they even have direct indexing. Public has modern design, powerful tools and customer support that actually helps go to public.com market and earn an uncapped 1% bonus when you transfer your portfolio. That's public.com market add paid for by Public Holdings Brokerage Services by Public Investing Member FINRA SIPC Advisory Services by Public Advisors SEC Registered Advisor Crypto Services by ZeroHash all investing involves risk of loss. See complete [e-mail] disclosures we buy insurance.

[My Policy Advocate Advertiser]

For peace of mind. But every year millions of claims are denied. Not because people did anything wrong, but because their policies quietly excluded what happened. Insurers know every detail. Policyholders rarely do. That's why my Policy Advocate exists. For just 27 cents a day, their platform reads your policies and explains where you are vulnerable. They don't sell insurance. They deliver transparency. Before you trust your policy to protect you, let my policy advocate tell you what it really says. Go to mypolicyadvocate.com being a small business.

[Chase Business Advertiser]

Owner isn't just a career, it's a calling. Chase for Business knows how much heart and effort go into building something of your own. That's why they make business growth their priority. The Chase team takes the time to understand your mission, where you are now, and where you want to go. Their broad range of solutions is designed with you in mind so you can bring your ideas to life. From banking to payment acceptance to credit cards, you can conveniently manage all your business finances all in one place with their digital tools looking for tips and advice, their online resources are always available to give you the solutions you need to help your business thrive. See how your business can get stronger and go farther with Chase for Business. Learn [e-mail] 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. JP Morgan Chase Bank NA Member FDIC Copyright 2026 JPMorgan Chase Co. Max Shafkin.

[Stacey Vanek Smith]

It is time for our underrated stories. Do you want to go first? You want me to go first?

[Max Chafkin]

I'll go first.

[Anna Gifty Opoku-Ajuman]

Okay.

[Max Chafkin]

You're going to give me a hard time. Almost as hard time as you gave me for having $120 shirt on.

[Stacey Vanek Smith]

I just asked.

[Max Chafkin]

I just underrated asked a question is about Elon Musk again, as I often do. Sorry for getting away from this. Sorry. Okay.

[Stacey Vanek Smith]

How is Elon doing?

[Max Chafkin]

Okay.

[Stacey Vanek Smith]

I feel like it's been like several days. I've heard about him.

[Max Chafkin]

This segment. Anyway, Elon Musk has announced to great fanfare that he does not care about Mars anymore.

[Anna Gifty Opoku-Ajuman]

What?

[Stacey Vanek Smith]

That's his whole thing.

[Max Chafkin]

Maybe I overstated that, but he's. He's Mars is on the back burner and it's the Moon. He's focusing.

[Stacey Vanek Smith]

Oh, for Fashion Week. Mars is out. The Moon is out.

[Lauren Sherman]

Mars is out.

[Max Chafkin]

The Moon is in.

[Stacey Vanek Smith]

What's the appeal of the Moon?

[Max Chafkin]

Well, I think there are two things going on.

[Stacey Vanek Smith]

One is Mars has got to feel spurned.

[Max Chafkin]

There's more money in talking about the Moon right now. The US government is preparing this, these missions to the Moon. It's called Artemis. They're going to be billions, maybe even tens of billions of dollars spent in that. Elon Musk, being a savvy guy who kind of tries to go where the US government money is, is following that. But, but Musk is essentially saying it's easier, we can go to the Moon, it's a lot closer, you can go back.

[Stacey Vanek Smith]

That's undeniably true.

[Max Chafkin]

It's undeniably true. And he is talking about, I kid you not, making, and I should say completely straight faced, this is not a bit, as far as I can tell, making AI factories on the Moon.

[Stacey Vanek Smith]

It sounds like completely AI factories, like.

[Max Chafkin]

Solar panels to data solar panels and chips and they're going to slingshot those from the moon into orbit.

[Stacey Vanek Smith]

I think the Moon deserves better.

[Max Chafkin]

I think this is all very unrealistic. But as somebody who has followed the, the Elon Musk and the Elon Musk companies for basically like two decades now, it is very strange watching a guy who's basically spent the last 20 years saying Mars is the thing. Mars is the thing. Mars is the thing to. Mars is out, Moon is in.

[Stacey Vanek Smith]

I think he sold out Mars. I feel like, how do you imagine Mars feels about this? Like, you know, he was, he was all about Mars. They were, they had this love affair, the rovers. Now suddenly he's just dropped Mars for the Moon because it's easier.

[Max Chafkin]

Yeah, I know the rovers are just gonna be roving around in a very.

[Stacey Vanek Smith]

Lonely way apparently to AI factories.

[Max Chafkin]

I gotta say, I just think this.

[Stacey Vanek Smith]

Is a very bleak version of the Moon. By the way, do you know I own property on the Moon?

[Max Chafkin]

That can't be true.

[Stacey Vanek Smith]

It is true.

[Max Chafkin]

What does that even mean?

[Stacey Vanek Smith]

The Lunar Embassy, I bought property on the Moon. I own a neighbor.

[Max Chafkin]

Does the Lunar Embassy actually own the Moon? I feel like you just got sw.

[Stacey Vanek Smith]

That is slightly controversial, but I do. I own a parcel of land on the Moon.

[Max Chafkin]

All right, well, when Elon opens his factory on the Moon, I expect compensation at least. What's your underrated story?

[Stacey Vanek Smith]

Okay, so my underrated story has to do with real estate. So, you know, we've talking about the K shaped economy for the last X number of months. And I feel like this is the latest and I have to say my personal favorite iteration of it, which is, uh, there's a great story in the Wall Street Journal about this about luxury real estate. Like a lot of, you know, the very most expensive houses built in LA and, and New York and these big sprawling estates. And apparently security has become just this increasingly big deal. Uh, there's a great number in here, apparently from Coldwell Banker. The mentions of security are about 40 now, about like half of luxury homes, where it was more like a third just a couple years ago. And we're talking things like moats.

[Max Chafkin]

Moats.

[Stacey Vanek Smith]

Moats are back.

[Max Chafkin]

Wait, you mean like back from the 15th century, like they went out of.

[Stacey Vanek Smith]

Style back when the K shaped economy, the Renaissance was like the original K shaped economy. Like medieval times. Yeah. So moats are back, but also these other kind of interesting security measures. They talk about one house that had 13 deadbolts on the front door. And then also these kinds of trees called sour orange trees are very invoked. They're spiky, I guess they smell really nice. But they have like spikes all over them. So you can plant them around your property for safety. But there's like increase leaning into security for the very rich.

[Max Chafkin]

You know, so bleak. Moats are bleak. Stacey, this is, this is kind of depressing. And this is what we're worried about.

[Stacey Vanek Smith]

If you're an alligator.

[Max Chafkin]

This is what we're worried about with the K shaped economy.

[Stacey Vanek Smith]

There's more real estate for alligators, but maybe not the rest of the.

[Max Chafkin]

It's not just that, hey, it's bad to live in a world where, you know, a very small number of people control a vast percentage of the wealth. But also, like, it creates social instability. It creates a market for moats and alligators and all sorts of stuff. Also people need to chill out. Like there's too much security in our, in our world, I would argue.

[Stacey Vanek Smith]

I think, I think it also speaks to this like us and them kind of mentality that's been growing in this country where it's like very much a zero. They always say in economics, zero sum game, this is always the thing. And I do not believe that's true. And there are a million economic studies that back me up that when a society gets wealthier and that wealth is able to, most people are able to access that wealth, then you don't need sour orange trees in every corner of your compound.

[Max Chafkin]

One thing I'll say in praise of moats though.

[Stacey Vanek Smith]

Tell me.

[Max Chafkin]

Nice to have like a little water, you know, a little like a water feature.

[Anna Gifty Opoku-Ajuman]

Yeah.

[Stacey Vanek Smith]

I mean honestly, like moats are kind of awesome. Like what is wrong? But it just feels like a bad sign. This show is produced by Stacey Wong and Jasmine J.T.

[Lauren Sherman]

Green.

[Stacey Vanek Smith]

Magnus Henriksen is our supervising producer, Sam Rogich handles engineering and Dave Purcell fact checks. Special thanks to Jeff Muskus, Julia Rubin and Maria Ling. And if you have a minute, please rate and review the show. It really means a lot to us. Also, if you have a story that should be our business, send us an email. Everybody's loomberg.net that is everybody's with an slumberg.net thank you for listening and see you next week.

[My Policy Advocate Advertiser]

We buy insurance for peace of mind. But every year millions of claims are denied. Not because people did anything wrong, but because their policies quietly excluded what happened. Insurers know every detail. Policyholders rarely do. That's why my policy advocate exists. For just 27 cents a day, their platform reads your policies and explains where you are vulnerable. They don't sell insurance, they deliver transparency. Before you trust your policy to protect you, let my policy advocate tell you what it really says. Go to mypolicyadvocate.com so have you heard.

[Max Chafkin]

The story about the prescription plan? With savings automatically built in, it's where a family of any size can feel confident the cost of their medication won't hold them back. Go to CMK Co Stories to learn how CVS Caremark helps members save just by being members. That's CMK Co Stories.

[My Policy Advocate Advertiser]

With volley from iShares. You get access to both monthly income and growth potential in one simple ETF. It's the best of both worlds. Discover Bali iShares Large Cap Premium Income Active ETF iShares the market is yours. Visit www.ishares.com to view a perspective for investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing. Risks include principal loss and the use of derivatives, which could increase risks and volatility. Monthly income is not guaranteed. Prepared by BlackRock Investments, LLC.