Loading summary
Transcript225 lines
- [00:00]
Barry Ritholtz
This message is brought to you by Apple Card. Apple Card puts the power of Titanium in the palm of your hand. What does that mean? It means the power to earn unlimited daily cash back on your purchases every day. It means a materially different credit card accepted anywhere in the world. MasterCard is accepted. Ditch the plastic upgrade to Titanium Apply in the wallet app on iPhone Today subject to credit approval, Apple Card is issued by Goldman Sachs Bank USA Salt Lake City Branch terms and more at applecard.com
- [00:38]
David Risher
introducing B of A Rewards A new loyalty program with rewards for every ambition. From cash back deals on brands you know and love to a credit card rewards bonus. From fueling up to rewards that fuel your goals. It all starts with a Bank of America checking account and grows from there. What would you like the power to do? Bank of America Open or enroll your account at bank of America bank of America Corporation. All rights reserved.
- [01:07]
Barry Ritholtz
The thing about AI for business, it
- [01:09]
David Risher
may not automatically fit the way your business works.
- [01:12]
Barry Ritholtz
At IBM we've seen this firsthand.
- [01:16]
David Risher
But by embedding AI across hr, IT
- [01:19]
Barry Ritholtz
and procurement processes, we've reduced cost by millions, slash repetitive tasks and freed thousands of hours for strategic work. Now we're helping companies get smarter by putting AI where it actually pays off. Deep in the work that moves the business. Let's create smarter business. IBM
- [01:39]
David Risher
Bloomberg Audio Studios Podcasts Radio News this is Masters in Business with Barry Ritholtz on Bloomberg Radio.
- [01:54]
Barry Ritholtz
This week on the podcast man, was this a fascinating conversation. David Risher is CEO of Lyft since past three years. He's been on the board for the past five years. What a fascinating discussion about a company that is probably an app on your phone and you may not be aware of all the different things they do from bike share to autonomous vehicles to fleet management and everything in between. I thought this was absolutely fascinating and I think you will also. With no further ado, my conversation with Lyft's CEO David Rischer.
- [02:32]
David Risher
Thank you Barry. I am happy to be here.
- [02:34]
Barry Ritholtz
I'm thrilled to have you. Before we start talking about your technology background, I gotta roll a little further back. Bachelor's in Comparative Literature from Princeton. That doesn't sound like the sort of career plan for someone who's gonna work his way through technology companies. What was the original idea?
- [02:54]
David Risher
So this goes way back and the funny thing is, even to high school. My mother bought an Apple II computer a million years ago to help her run a small business that she was running. And I sort of got into technology that way. I will admit part of it I think is I had terrible handwriting. And so when I used the computer to print out stuff for my high school English teacher, she could finally read what I was writing. Probably gave me a better grade as a result, but. So I sort of got into computers a little bit as a kid. Ended up at. At Princeton writing my thesis on a computer again. And this is a million years ago when that wasn't normal, I found myself just interested in technology. After going to a consulting firm for a couple years to learn about the business world and going to business school, I found myself as an intern at Microsoft again back in 1990. It was. And sort of the rest is history.
- [03:46]
Barry Ritholtz
So Harvard Business School, we know what that typically leads to. I'm curious, how did the humanities background help shape the way you think about business, about leadership, about working with people? What was the upside of humanities for you?
- [04:03]
David Risher
You know what, I really appreciate the question, and I actually think it's more relevant now than ever. Look, the humanities is all about curiosity and understanding and maybe even empathy. Right. If you read a book, you have to understand you're exposed to different people's perspectives. It's almost like you're crawling inside someone else's brain, particularly if you're reading fiction. And so to a certain extent, I think nothing could prepare you better. Now you have to have an analytical brain. You might also have to be good with numbers in business, but the humanities world, I sort of think of it as this kind of magic vaccination against irrelevance, because that curiosity is always going to matter, and it certainly helped me through my whole career.
- [04:41]
Barry Ritholtz
I love that answer. So you intern at Microsoft, you end up beginning your career there, where you helped to launch their first database product, Access. Tell us about that.
- [04:53]
David Risher
Sure. So Microsoft was famously ahead in, or at least getting ahead, let's say, with the launch of Windows in word processing, in spreadsheets, of course. And again, this is sort of ancient business history, but it's sort of a fascinating tale of a technology shift, completely reshuffling the deck away from old companies like WordPerfect and Lotus. 1, 2, 3. We don't even know who those companies are anymore because Microsoft took over that space. And it's really because Windows shifted the platform. We might come back to that idea when we talk about autonomous cars, but they didn't have a database. And that was sort of the third big product that a lot of companies wanted. I helped develop it. I was the first product manager on it. And really all that meant is my job was to go around and watch Other people use competing products at the time paradox. Dbase again, products that don't even exist anymore and try to pay attention to what they were doing with these products. How were they using them, where were they stumbling? And that was my first role. And in a sense, it has been one of the most important jobs I ever had because it's what sort of taught me about understanding what customers want.
- [05:54]
Barry Ritholtz
Interesting. And then you founded Microsoft Investor and launched that product. Yeah, that is so far afield from databases. What led to that transition?
- [06:06]
David Risher
Okay, so you're making me realize that there's a theme in my life I hadn't really thought of before, which is platform shifts. So when I joined Microsoft, Windows was the product. Right. This was the thing that was going to run software. And of course, it become incredibly successful. But then 1995, 1996, 1997 comes around, the Internet is here, and Microsoft, like any tech company at the time, had to figure out its Internet strategy, and it decided that there were a couple of key products that needed to be available on the World Wide Web again. Actually, I think the information superhighway literally was the way people talked about. It's so cliche. So cliche, but there it was. No one even knew how to talk about the thing. Anyway, I had been a little bit interested in personal finance. A couple of threads came together. Microsoft tried to buy a company called Intuit. Still very successful, was unsuccessful. Well, blocked because of the Justice Department. And so we decided we need personal finance. And I said, you know what? Why don't we develop this product, a personal finance product for the Internet, not as packaged software.
- [07:06]
Barry Ritholtz
Really, really interesting. And then staying with the theme of platform shifts, employee number 37 at Amazon, that is just an absolutely Bonkers number. Senior VP of US Retail. When you joined the firm, revenue was $15 million. You helped ramp that up to $4 billion.
- [07:30]
David Risher
That's right.
- [07:30]
Barry Ritholtz
Obvious question. When you joined Amazon, did you have any idea what the behemoth it would become? Or was it still, hey, we're hanging on our fingernails and maybe this will work out, or anywhere in between.
- [07:44]
David Risher
It was sort of both at the same time, and it was almost always going to be one or the other. Right. So I remember. I'll tell you a little of the story of how I got there. So my phone one day at Microsoft, and it's this guy Jeff, and he's doing a reference check of a woman who used to work actually at Microsoft in the personal finance group. So it all kind of connects. And, and, and so we get to talking and one thing leads to another, and he's very precise about the way he's asking questions. Remember, the company had maybe 10 people at this point. It was very, very small, Very, very small. But he had a big vision. You know, he was going to be Earth's biggest bookstore.
- [08:19]
Barry Ritholtz
Wait, hold on, let me just stop you when you say this guy Jeff.
- [08:23]
David Risher
Yeah.
- [08:24]
Barry Ritholtz
This isn't just some guy in hr. Jeff Bezos is calling you to do a background check on a potential hire.
- [08:32]
David Risher
That's exactly it.
- [08:33]
Barry Ritholtz
That's exactly so. So go on.
- [08:34]
David Risher
Jeff calls, Jeff calls me. And literally at the time he was just this guy, Jeff.
- [08:39]
Barry Ritholtz
Hey, David. Some guy named Jeff on the phone. Pretty much background check for an employee. So what was that conversation like?
- [08:46]
David Risher
Well, so he had, you know, to take you back then, but in a sense it's still the Jeff, you know, today. He had a plan and it was a 25 question plan for the phone call.
- [08:57]
Barry Ritholtz
Right.
- [08:58]
David Risher
And to this day, the question I remember the most clearly was, it's very clear you were a fan of this person. Give me an example of a job that she wouldn't be a good fit for. And it was such a clever question because inevitably in background checks you're trying to say nice things about the person, but this is an invitation to say, well, maybe a very detail oriented job might not be the best fed, or maybe something that manages a lot of people because she hasn't had something like this that would give people a little sense or give him some sense of where an area to probe more is. Anyway, at the end of that conversation, literally 45 minutes into it, he says, you sound like a good guy. I said, oh, you sound like a good guy as well. And so a couple days later, he and Mackenzie, his wife at the time, and Jen, my wife currently still, and I went out to dinner, got to know each other, and over the course of the next year got to know each other a little bit better. And then I ended up applying for this, this job to help Amazon grow beyond just books. That was really the job.
- [09:53]
Barry Ritholtz
And how'd that work out?
- [09:55]
David Risher
It worked out pretty well. It worked out pretty. But you know what, it wasn't obvious at the time. So during the interview, I remember he said, look, if we play our cards right, and as you say, it was a $15.6 million store at the time, so tiny, tiny little thing. He said, if we play our cards right, maybe by the year 2000, this is in 1996, we might be a billion dollar company. Maybe, maybe. But a lot has to go Right. In order for that to happen, obviously we got there and then we got far beyond. But there were all kinds of people who, frankly, were sort of rooting for our failure competitors. Barnes and Noble at the time, a bunch of Wall street analysts who thought this was just some sort of crazy Ponzi scheme.
- [10:32]
Barry Ritholtz
No one's going to buy anything on the Internet. What are you guys doing? This is a dumb idea.
- [10:37]
David Risher
Totally. Totally. Well, and not only that, but also the costs are going to be huge. You're going to have to build out these distribution centers and warehouses sometime. This cost effect, the Internet, unproven technology, all sorts of things.
- [10:49]
Barry Ritholtz
No one's giving you a credit card over the Internet.
- [10:51]
David Risher
Correct. Who's even going to trust you?
- [10:53]
Barry Ritholtz
I remember getting from my college roommate, which was decades before Amazon formed an Amazon gift certificate. And the first time you go through the experience of buying something, it's like, oh, this makes perfect sense. I don't have to go to the store. I don't have to waste time. This is great. I mean, there's certain stores are fun to browse, but like the mundane sort of stuff. He was just decades ahead of everybody
- [11:22]
David Risher
else in that way. And in realizing that it's really the customer experience and customer obsession that's going to drive your continued growth, because all those things are true. And as he would say, famously, you're always one click away from competition. So that's the downside. Right. Is how do you continue to compete in a world where theoretically someone else can. Could start having someone else could start and someone else could start, and you don't have any geographic advantage over them.
- [11:46]
Barry Ritholtz
And they kind of owned that space for the longest time. Really. It was only the pandemic where people were out of things that it forced everybody. All right, now I have a Target account. Now I have a Walmart account. Now anybody else who could deliver. And what's been surprising is how they've just powered right through, hasn't really slowed them down very much.
- [12:06]
David Risher
That's right.
- [12:07]
Barry Ritholtz
That's right. So. So you go from Amazon, you kind of tap out. A couple of years later, you teach at the University of Washington's business school. You were elected professor of the year in 2004. And then you spend 13 years running World Reader, a nonprofit dedicated to helping children learn to read in underserved communities. This is yet another platform shift, right?
- [12:33]
David Risher
Yep.
- [12:34]
Barry Ritholtz
What was it just like, all right, I have my Microsoft stock. Stock came in. Amazon recovered from the dot com implosion. That's doing fine. I could just do something for fun. What was the shift? Thinking behind the shift?
- [12:49]
David Risher
No, it wasn't that, actually. It was sort of a different thing. So you asked me a couple questions ago what my career idea was as a kid. Honestly, if I had had to guess, I might have said, maybe I'll be an English professor someday, or something like that. I'd wanted to teach and I loved reading. And so this was a way for me to bring together a couple of different things in my life. Obviously books and literacy, because that was sort of the passion and focus, but also technology. The thesis of the company was kids are going to read using tech, and that's how it's gotten to be. Millions and millions of kids later are all reading on the platform. It started out with Kindle, a product I know something about because of my Amazon days, and brought technology and reading together. That was really the focus.
- [13:31]
Barry Ritholtz
And then what ultimately ended up bringing you back into the corporate sector after, you know, a long time in academia and nonprofits.
- [13:38]
David Risher
Yeah. So here it was. One day, my phone rings and a guy named Sean Agarwal is on the other end of the line. Sean and I had worked together many years before back at Amazon. He was my kind of finance partner. He had subsequently become an investor and then the board chair of Lyft. And he and John and Logan, the co founders of Lyft, really were looking to do something quite unusual at the board level, which was bring someone in who is a real customer advocate. So boards, for those of you who haven't gotten a chance to be exposed to a board, they typically are made up by finance people, business strategists, maybe people who've built companies before. But often by the time you get to the board level of a company, you're pretty far away from the customer. John and Logan, again to their credit, said, you know what? We need some more customer advocacy right from the top. We need some more support, frankly, for that kind of vibe, as well. As someone who'd helped scale a company like Amazon, I also learned a lot about competing at Microsoft and even at World Reader. World Reader nonprofits. People look at them and think they're not very much, but it's very, very difficult to actually scale a nonprofit because the funding is always tight and so forth. I think they were looking for someone with a combination of scaling experience, but also real customer advocacy. I joined the board as a result.
- [14:55]
Barry Ritholtz
Then eventually, a couple of years later, you get offered the role of CEO. What was that like? How did that come about? Frequently, board members, or I should say infrequently board members become CEOs. That doesn't happen.
- [15:11]
David Risher
That's unusual.
- [15:12]
Barry Ritholtz
Yeah.
- [15:12]
David Risher
Yeah. So, funnily enough, and this one, I'll sort of slow the story down again this time, because it actually was Sean Agarwal again. So same board chair, he calls me up. It happened to be on Valentine's Day of all day. So I remember the day in 2023. And then the backstory here is John and Logan again, the co founders of Lyft. This is what they had been doing for 15 years, nonstop. It was literally their first job out of college, founding this whole new company, withstanding the onslaught of an incredibly competitive environment, an incredibly operationally complex environment, 24 hours a day, seven days a week, for year after year. At the end of the prior year, they said to the board, you know what? It's time for us to move on. We've sort of done what we need to do. And frankly, the company is going through a bit of a tough time financially and operationally. And I think they realized that they were sort of getting to the end of what they could really, where they could really help. So the board did what it does. You know, boards do this. They form a special committee. They start to recruit. Look around. I wasn't on the committee. I was sort of watching from, you know, from. From a side. But. But as they say, then my phone rings one day and it's Sean on the phone with John and Logan. And they basically say, you know what? We've been thinking, and as we've been looking at external people, frankly, we think we might have the right person to at least apply for the job. Let's be clear. Apply for the job, sitting right here on the board. And I said, what are you talking about? They said, we're talking about you, David. I said, absolutely not.
- [16:32]
Barry Ritholtz
Really? Your first reaction was, hey, thanks, but no thanks.
- [16:35]
David Risher
Zero percent chance. Zero percent chance.
- [16:37]
Barry Ritholtz
Wow.
- [16:38]
David Risher
I literally said, you should hang up the phone right now because you got better things to do. There's just no way. But you know what? As the day wore on, I found myself saying, you know what? This is a really interesting opportunity. How many people get this opportunity to run a. And I'd never run a public company before. I mean, my God. But at the same time, I had learned some things at Microsoft. I'd learned some things at Amazon, I learned some things as a world reader. I learned some things in various different ways in my life. And I had a lot of passion for the company, having been on the board, and also a real understanding that as A board member, you really only have so much power and influence. It's fairly limited. But as a CEO, it's a different thing. So, anyway, one thing led to another. I applied and went through kind of a harrowing experience, but ended up getting the job.
- [17:17]
Barry Ritholtz
Really, really fascinating. So we mentioned earlier, you joined the board in 2021, you're named CEO in 2023, when you join the company. They were still reeling from the pandemic and all the factors that. That drove the company was losing, not only losing money, but also losing market share to their big competitor, Uber. What did you find when you looked under the hood? What surprises were awaiting you as CEO?
- [17:48]
David Risher
So the first maybe meta observation and you're teeing it up is, gosh, you're on the board of a company for a couple years, you kind of think you know the company. You don't really know the company. I mean, if any board members are out there, you think you do, and you probably have a pretty good sense of certain things, but you get in there and everything is ten times bigger, worse, better, all the things than you realize. Okay, what did I see? I saw a company that had some real innovative spirit at its core. Remember, Lyft was actually the one that really revolutionized rideshare. So the other guys, they came up with a sort of black car concept and black car on an app. But it was really Lyft that said, you know what? It can be anyone with a Prius. You know what I mean? Anyone can pick it up. This company had innovated from the early days, but honestly, its innovative spirit had maybe gotten a little of the best of it. Tried a few too many things, spread a little too thin, losing share in its core business. As you say, not priced well, not paying competitively. A number of different basic issues. What do we do the first, frankly, couple of weeks. First thing is lower prices. We were just priced too high.
- [18:51]
Barry Ritholtz
Really?
- [18:51]
David Risher
Yeah. Can't operate in a.
- [18:52]
Barry Ritholtz
Did you do a big set of announcements around that? Because I know 2023 is still kind of a blur to me.
- [18:57]
David Risher
So we didn't. And here's why. In order to withstand a price drop, because it's a very competitive business and you're doing a lot of volume, so if you drop your price, you got to make sure you can pay for it. We had to do some other things as well. For example, we had to reduce our costs significantly. So we laid off about. It was about a third of the company and, yeah, 26% actually of the company. Think about it. $330 million of savings. That was a very, very significant shock to the company. By the way, we also had to raise driver pay, so we had a lot to pay for.
- [19:31]
Barry Ritholtz
So wait, you're simultaneously lowering prices for Lyft and yet bumping up prices for drivers?
- [19:37]
David Risher
That's right.
- [19:37]
Barry Ritholtz
That sounds like that's going to cause a big problem for profits, so.
- [19:41]
David Risher
That's exactly right. So in order to pay for it, you have to figure out how to pay for it. And frankly, our cost structure was just sort of out of control. We were doing too many things. We had too many people. By the way, those people were all working remotely, which makes it quite difficult to really change the culture to a customer obsessed culture, which was my other big thing. And by the way, we were also overpaying in stock based compensation, which was bugging investors in the first couple of months. It wasn't really the time to be bragging. It was the time frankly to be saying, okay, we've got some things to fix and let's really focus on that first. Call it 30, 60, 90 days. It's fixing some basics, but also reorienting the company back towards its customer obsessed roots. I'm still very, I guess I'd say, proud of this. The first meeting I had of the day was literally getting my computer and my laptop. Second meeting, 10 o' clock in the morning, Monday morning, I said, let's start talking about a product that's now called Women plus Connect. Trying to get women drivers and women riders.
- [20:38]
Barry Ritholtz
Such a great idea, especially given the mayhem across the street from you.
- [20:42]
David Risher
I appreciate your saying that. It really matters. This is something that company.
- [20:48]
Barry Ritholtz
I'm sorry to interrupt.
- [20:49]
David Risher
Please.
- [20:49]
Barry Ritholtz
It's very visible on the app, like that choice, which shows some thoughtfulness and oh, there's this problem. How about we have send a woman drive for you and you don't have to worry about what you're hearing about elsewhere.
- [21:03]
David Risher
Exactly.
- [21:04]
Barry Ritholtz
It just makes so much sense.
- [21:05]
David Risher
So I really appreciate you saying that. It was an easy decision from that sense. All you have to do is talk to 10 women and say, what do you think? And they say, well, gosh, particularly late at night, maybe in a new city, maybe after a long day. It's just not my jam to be talking to a dude. Sorry, dudes, you know, like that. But sometimes the easiest ideas are also the most complicated. There are all sorts of potential legal issues, all sorts of operational issues. There are even to a certain extent, cultural issues of like, is this going to be okay? But I was like, you know what? I think it's going to be okay. I think it's going to be okay. So that was an early decision we made. It came out that was in April of 2023. We launched that later that year and it was really exciting for the company to say, you know what, we can do big things again and we can, we can start to innovate again on behalf of customers.
- [21:47]
Barry Ritholtz
Huh? Kind of fascinating. Coming up, we continue our conversation with David Rischer, CEO of Lyft, discussing the future of Rideshare technology. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. This message is brought to you by Apple Card Sometimes life's journeys take you on the roads less traveled. That's why Apple created the Titanium Apple Card to use anywhere in the world where MasterCard is accepted. Plus, with Apple Card, you can earn unlimited daily cash back on every purchase every day, whether you're in Paris or Pulau. And no matter where you are with Apple Card, you won't pay annual fees or foreign transaction fees. No fees, period. That's the power of Apple Card. Apply in the Wallet app on iPhone and use it right away with Apple Pay Subject to credit approval variable APRs for Apple Card range from 17.49% to 27.74% based on creditworthiness rates as of January 1, 2026. Existing customers can view their variable APR in the Wallet app or@card.apple.com Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch terms and more at
- [23:15]
Podcast Advertisers/Hosts
applecard.com Support for the show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip, manually sweeping idle cash, putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my Direct Index. You approve of the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your clicks. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public
- [24:14]
Barry Ritholtz
Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors LLC SEC Registered Advisor Complete disclosures available at public.com disclosures get the
- [24:27]
Podcast Advertisers/Hosts
news you need in just 15 minutes.
- [24:30]
David Risher
Start your day with Bloomberg Daybreak, the podcast with a global view on the stories that matter. I'm Nathan Hager. And I'm Karen Moscow. Join us each morning for curated stories on current events, politics, business and foreign relations, plus one conversation on the day's biggest developments, all in just 15 minutes. Subscribe to Bloomberg Daybreak for a precise, thoughtful take on the stories that matter. Listen to Bloomberg Daybreak each morning on Apple, Spotify, or anywhere you listen.
- [24:56]
Barry Ritholtz
Listen I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. My special guest this week is David Risher. He is the CEO of Lyft, one of North America's largest and fastest growing ride sharing network. So over the next year or so, you return Lyft to profitability. The most Recent reported quarter first quarter 2026 Over 28 million active riders, nearly 5 billion in gross bookings, 1.7 billion in revenues, just about 133 million in EBITDA profits. So the combination of restructuring the company, attracting higher paying more drivers, and discounting prices for riders puts you on the right foot. How do you build on that? What's the next step to maintain that momentum?
- [25:50]
David Risher
Well, so in some sense nothing changes. In some sense everything changes. Okay, so what doesn't change? Customer obsession is still driving profitable growth. That's just going to be a theme I just go with forever. Maybe I've drank a lot of the Jeff Bezos koolaid, but it seems to be working out pretty well. So one other financial metric that has been interesting to watch is when I joined, we were losing about $300 million, consuming about $300 million in cash over 12 months. We're now generating about $1.1 billion in cash over 12 months. What that allows us to do is invest in the future. What does that look like? Certainly it looks like international expansion. So that's been one thing we've been at for about the last year, which is Lyft was sort of, I must say, caught a little bit in sort of a US centric view of the world. And it just doesn't make sense. Once you have a product that scales really well and is sort of a fixed cost based type of thing, you really want it to be around as much of the world as possible so you can run as much volume through that platform as possible. So we bought a company called Freenow last year. It's a European tax aggregator.
- [26:53]
Barry Ritholtz
Free Now Free now.
- [26:55]
David Risher
Yeah, yeah. It is Europe's biggest taxi aggregator. Which means that if you want a taxi and you're in a place like Barcelona or London or pick your, your favorite city, they operate in nine countries. The FreeNow app is going to be your best way to get it. That gives us a great platform for expansion even when it comes to autonomous vehicles. We'll come back to that, I'm sure, you know, in a couple seconds. So that's one direction of expansion. You think of that as out overseas. Another dimension is up, upmarket. You just kind of refer to this. So Lyft again, it sort of started its tradition was as kind of a relatively inexpensive, very available rideshare option. But it wasn't as strong in kind of the black kind of luxury segment. We bought a company called TBR last year. TBR is a high end chauffeur company. We also have a very, very good lift black product. In fact, if you're listening to this, I promise if you haven't tried it, give it a try. I think you'll like it. It's actually our highest rated product. A nice black car comes and picks you up. So that's another area of expansion for us because that gives us frankly more margin to play with, but it also allows us to talk to a segment that we haven't talked to very much. And then of course, autonomous vehicles. So these are all nice uses of cash. Once you're generating cash, you can start to either acquire companies or you can invest in things that then build sort of the next chapter of growth.
- [28:09]
Barry Ritholtz
So I appreciate you mentioning the various tiers. There's this tendency to think of the consumer, especially the American consumer, as one thing, but we both know that's not true. You get to crunch a whole lot of data. What are you seeing in terms of income, geography, various times of day? Like what do the metrics tell you about the different flavors of consumers using Lyft?
- [28:37]
David Risher
Yeah, this is such an interesting issue and it's not something I really appreciated. We're going to do about a billion rides this year. And so to your point, with a billion rides you kind of get a sense of how people are spending their time during the day. So I'll tell you two things that are growing quite quickly. One is party time. And it might be funny to start there, but party time. So I should say what that means. What that means is Thursday night, really Friday night and Saturday night, call it nine to midnight. And it is really interesting. I think this not just post Covid, but I Think frankly, a little bit of app fatigue is driving people to say, you know what, let's actually get out and spend our lives out in the real world instead of spending all of our lives on apps. So I think that's actually, actually I'm quite comforted by that. And it's actually a big part of our sort of overall purpose is to serve and connect people. A lot of passion about that. At the same time, commute as well. And I do think this is a certain post Covid thing where people were sort of thinking, maybe we'll just be in our houses the rest of our life working remotely. It turns out a lot of companies and a lot of people are saying, I want to get back to work. And I think these things are somewhat connected. Sorry for sounding a little bit like a social psychologist. A little bit. But I mean, gosh, I met my wife at Microsoft. A lot of people have really significant life events that happen at work that are not just work. Right. And so I think there's a little bit. So anyway, when I look at things like commute hours and then travel continues to be really strong as well, I think. And this is, look, I'm a million years old now. When I was a kid, the idea of getting on a plane and going overseas was, I mean, might as well say go to the moon. Now 20 and 30 year olds are like, yeah, I'll sort of take a trip overseas or I'll go to whatever, Nashville for the weekend or something. So anyway, I think these are pretty big, real societal shifts is people want to kind of be out in the real world.
- [30:16]
Barry Ritholtz
I'm kind of fascinated by the idea of party time because there's always pre drive apps. There was always the question, all right, I've had two. I guess I'm driving tonight, so I gotta stop here. But if you're out on party night and you know you're taking a car home, you're not afraid about having a second or third drink. You can kind of relax a little bit. Getting pulled over is not a problem if you're in somebody else's Lyft.
- [30:44]
David Risher
That's exactly right. Again, if you zoom out, Wall street looks at companies like ours quarter by quarter and it sort of drives you crazy. But if you zoom way, way out. Let's look at that from a different dimension now. Average car right now, 50,000 bucks a year. Average monthly payment, 800 bucks. Insurance will cost you another couple hundred bucks. Gas might cost you another 100 bucks or so. At least now and then service will cost a Little bit more than that. Okay, so that's plan A. And by the way, if you take on all that responsibility, there's no texting and there's no drinking. You know what I mean?
- [31:18]
Barry Ritholtz
That's right.
- [31:19]
David Risher
Now Plan B, pay 20 bucks, get in a lift, someone else does the driving. Text your heart to get content. Drink as much as you want. If that's your jam and it's 20 bucks, not 800 bucks. Times plus plus plus plus plus so just looking out again, you're sort of asking about segments and sort of maybe a little bit the role of technology in society. I think. I still think we're actually at the beginning stages of a lot of these changes. And sometimes, again, people have been around for a while, don't even realize how much the world has changed in that way.
- [31:46]
Barry Ritholtz
Yeah. Fascinating data point I saw. It was actually a couple of years ago. The number of kids under 19 that haven't gotten a driver's license is kind of like when I was growing up, you couldn't wait to get your driver's license because that meant freedom. There wasn't an Internet. There were three channels. Plus some people started getting cable. Like, it was a very different world back then.
- [32:10]
David Risher
That's right.
- [32:10]
Barry Ritholtz
And now it's like, yeah, maybe I'll get a license, maybe I won't. How do you think about marketing to that demographic?
- [32:16]
David Risher
Well, so one of the things I learned from Jeff, again, who is, as you can imagine, quite an influential boss for me, is build your businesses on things that don't tend to change, not things that are sort of ephemeral. So what are some things that aren't going to change? Okay, again, people are going to want to get out, either to the doctor or to go to a bar. So that's. That's a good bet. People are also going to want to save money. And so a lot of our focus right now, and you're going to see a lot of marketing around this is save money checklist. Now, I want to be super clear here. It's not, if I look at the competitor, that we always have a better price. Of course we try to, but we don't always. Sometimes all sorts of things happen. But over time, if you check both apps, you're going to save some money. And certainly compared to buying a car of your own and dealing with all the maintenance, you're going to save some money. It's not the only thing I want to say, but I actually think it's a important thing to say, particularly in a world of some economic instability. Is this is a good way for you to save some money. And frankly, I'm proud of our cost position. I'm proud of our ability to offer a great price every single day, a billion times a year.
- [33:19]
Barry Ritholtz
Let's talk about you versus your competitor. Lyft has always been framed as sort of the underdog to Uber. Is this kind of a Coke and Pepsi story? What are the advantages of being number two? Remember the old, was it Avis? We're number two, we have to try harder.
- [33:38]
David Risher
Absolutely. So I like being number two and it's maybe a funny thing to say, but I do think it means you try harder. You wake up every single morning and you say, I got one job, which is to frankly do a great job for my riders and my drivers, such that maybe over time I can overtake the other guys. I guess the way to think about that is I think the right number of rideshare companies in most markets is probably two. It's a capital intensive business, not because you own the cars, but because you own a lot of server capacity. And it's quite complicated to figure out, pick up and drop off locations. And customer service people leave their phones in the car about 8,000 times a week. It's just all sorts of. Right.
- [34:22]
Barry Ritholtz
Especially Friday party night.
- [34:23]
David Risher
There you go. It all kind of comes together. There is something. Do that. And by the way, we have really cool innovation coming out there. We'll bring your phone back to you automatically. But that's a separate story. But anyway, in a funny way, it's not a bad thing to be in sort of a two player position because you really only have one competitor. And frankly, if you spend too much of your time thinking about that one competitor, you're probably losing the script. Because guess what, there are a lot of rides that people aren't even taking on rideshare at all. Okay, so back to this question. We're a customer obsessed company and this is going to be the thing. This is why we're growing double digits 15 to 20% year on year. It's why we've become profitable, it's why we're spinning off cash. And I think that is a good place to be. Particularly when I look at the other guys who I tend to think of frankly as a more, I'll call them sort of financially and maybe technologically driven, maybe I don't know exactly how they describe themselves, but I don't get the customer obsessed vibe.
- [35:19]
Barry Ritholtz
So that's kind of interesting. Let's talk about an example where there's no customer obsessed Vibe. So I use Lyft. I use Uber. It feels like on Uber, the way it measures time is sort of an alternative reality. Hey, we'll find a driver in three minutes. It takes nine minutes. Hey, the car will be here, but in 11 minutes, it's there in 23 minutes. Like they can. The app is very full of bs. It consistently lies. I'm curious, is this just a logistical issue that everybody has to deal with or. And we know a lot about the history and culture of your biggest competitor. Is this a culture problem that, you know, their history has a lot of bad behavior, a lot of. Let's just call it questionable legality. I wouldn't go so far as to say fraud, but they did a lot of bad things. Does that show up in how the app behaves, or is this just. No, Google Maps is tough to work with. This is a logistical challenge.
- [36:25]
David Risher
No, it is a logistical challenge, but I think you're. Look, I'm not going to characterize. You did a marvelous job characterizing me.
- [36:34]
Barry Ritholtz
I'm girding liability for slander.
- [36:37]
David Risher
There we go. Fantastic. Exactly. So Barry's got a whole sect. Hold on. Well, you were a lawyer, right?
- [36:42]
Barry Ritholtz
Yes, that's correct.
- [36:43]
David Risher
Oh, there we go.
- [36:44]
Barry Ritholtz
But I'm recovered.
- [36:45]
David Risher
I understand. Recovered lawyer. But you did just hear a lawyer very carefully parse his words. Okay, listen, I won't comment on that. What I will say is we are very focused. For example, you're talking about reliability. Oh, my goodness. You talk to my team and they roll their eyes. Maybe would be one way to say it. But the number of times I talk about reliability internally is high, because I am obsessed by saying, if we're going to make a promise, we're going to meet the promise. And starting in a couple weeks, we're actually starting to do some more work to actually surface that promise even a little bit more visibly. We do it today for airport pickups. If we're more than 10 minutes late for an airport pickups, we pay you up to 100 bucks, no questions asked.
- [37:20]
Barry Ritholtz
Really?
- [37:21]
David Risher
Yep. And we rarely have to do that. Our reliability rate is above 99% for scheduling airport pickups. Yeah. So we're very, very focused on that. You know, I will say, look at business school, there's a very famous class which has a weird technical name, but it's basically about incentives and behavior.
- [37:38]
Barry Ritholtz
What's the name of the class?
- [37:41]
David Risher
I was in business school a long time ago. I think it's called ccmo, and I don't even remember what it stands for anymore. It's probably called something different today, but it really is about how incentives drive behavior. Financial incentives and other incentives and incentive alignment and so forth and so on. There is an incentive in the on demand app world, not always to be truthful, because if you over promise something and then you kind of hook a person in, what are they going to do? If they cancel or whatever, it's just going to take them more time. And that is an evil and pernicious problem that is kind of baked into the model and we just reject it wholeheartedly. Doesn't mean we never make a mistake. But if your car shows up later than we estimated, it's not. It's because we made a mistake and we are trying over and over and over and over again to eliminate those defects. Right. And then start to guarantee it over time.
- [38:38]
Barry Ritholtz
Time. So you are crunching a lot of numbers, you're seeing a lot of data in real time. I'm kind of fascinated by the concept of what at Lyft hq the dashboard looks like, what sort of data you're watching constantly. What's the most surprising set of numbers or charts that come across that.
- [38:59]
David Risher
Yeah, this is a great question. I mean. Yeah. So the answer first is just validate. The premise is absolutely an enormous amount of real time data. 2 to 3 million rides every, every single day and now worldwide. So we're very active and in fact we have whole cool maps that show simulations and such behavior, particularly around storms and all sorts of crazy times. Anyway, back to your question. Look, there are a couple of metrics that I think might surprise you that we pay as much attention to as we do and I'll give you a very specific one because it kind of helps tell the story. When I joined, about 15% of the time drivers would cancel on you. Now this is infuriating.
- [39:34]
Barry Ritholtz
Really? Yeah. That high. I mean, every now and then on your competitors, I'll see a cancellation, but typically it's rush hour, someone's stuck on the other side of the city, they're not going to make it. So rather than and get that ding, they just cancel and find someone by then.
- [39:49]
David Risher
So today's world it is less than four and a half percent on our app. So we've brought it down by a factor.
- [39:56]
Barry Ritholtz
One in three.
- [39:57]
David Risher
Yeah, exactly. And less. And so. Oh no. Yeah, no, that's actually just slightly less around that. Yeah. So how have we done that? Well, it's not just they're on the other side, it's maybe we didn't give them enough information right up front. Right so, for example, how much they're going to make or what neighborhood are they going to drop you off in? Maybe. And by not enough information, maybe we gave it to them, but the font was a little bit too small for them to see it. Right. Or maybe it wasn't on the screen quite long enough. Or maybe we gave you a ride that we didn't know was very, very unlikely for you to want because of your past history or whatever it is. So now we spend a lot of energy and we've just been grinding away at this year after year after year because it's so infuriating to riders. That's an example of a sort of specific metric that we're looking at by the day.
- [40:49]
Barry Ritholtz
Really interesting. Two kind of related questions to the growth of Lyft. Your last quarter's earnings call, you said, or maybe it was a previous one. 27% of North American rides are linked to. To a corporate partnership. Chase, DoorDash, United, Hilton, et cetera. What is that strategy? Is that about customer acquisition margin? Like what goes into those sort of big partnerships? Sure.
- [41:16]
David Risher
So, you know, as you say, we have tens of millions of people who use our service every quarter. It's about 50 million a year. And again, this is back to sort of the Amazon philosophy. You got to compete for those customers. Right? You got to compete because they have alternatives. And in fact, there's another company out there that some people know, okay? So one of the ways you compete is you say, gosh, it's not just about the ride, it's about the relationship. And maybe it's a relationship you already have with another company. So you mentioned United Airlines. United Airlines has now been a partner of ours for about the last six months. It's been a wonderful partnership already because United Airlines mileage plus program is incredibly well built out. People are very, very loyal to it. What can you do on Lyft? You can now earn miles so that you can take a vacation.
- [42:03]
Barry Ritholtz
Same with Hilton Honors.
- [42:05]
David Risher
And same with Hilton Honors, exactly. Right there. We've been a partner for many, many years. The big innovation on the mileage plus side is you can actually spend your miles on Lyft as well, which almost feels like free rides, right? It's just like you get 200 miles for 500 miles, whatever, for taking an airline trip, and you spend a small segment of those on a Lyft ride. So these partnerships, you sort of asked what their sort of the. The method behind it is. It's about customer acquisition, for sure, but it's also about customer retention. Because if you're in the United ecosystem or on the doordash side or Hilton or Alaska Airlines or built primarily here in New York City and other cities where they're active and you want to either earn or burn miles or points, we're a great place to do that.
- [42:47]
Barry Ritholtz
Really, really kind of interesting. I read an article from Reuters. Smaller U.S. markets in college towns have been meaningful growth drivers. Curious, why are those markets underpenetrated? What did you guys figure out there?
- [43:03]
David Risher
Part of it. There has been just a little bit of, you might say neglect from the rideshare business for a while. We realized about 18 months ago that a large part of the TAM just
- [43:15]
Barry Ritholtz
to frame this again, Total addressable market.
- [43:17]
David Risher
Total addressable market. Exactly about 160 billion rides a year that people take in their private cars across the United States. 160 billion. And remember, we do a billion. The other guys might do 3 or 4, maybe 2 or 3 billion. So 4 billion out of 160 billion. Okay, so there's a lot of adjustable market left for us to go to. And we've been in places like New York and San Francisco and Chicago for over a decade right now. But some of these smaller towns, you know, the Indianapolises of the world, the St. Louis's of the world, as well as college towns where basically, you know, nobody has a car compared to the population, you know, they just look like good opportunities for us. They're complicated from a marketplace management perspective because anytime you go to a newer geography, you've got to first make sure you've got enough drivers because otherwise it takes too long to get picked up and you've got to make sure you've got enough riders because if not, then drivers won't make enough money. It's quite complex to invest in.
- [44:06]
Barry Ritholtz
There's a chicken and egg problem.
- [44:08]
David Risher
There's a chicken and egg problem over and over again. Which again is why, back to an earlier part of the conversation. It's really quite hard at this point to come into the market for fresh. You know, you're not going to find a lot of folks who want to come into a well served market. But anyway, so we just started to focus on it and our data scientists and our marketers really kind of went to town and it's been a big source of growth.
- [44:29]
Barry Ritholtz
Really, really interesting. Coming up, we continue our conversation with David Brisher, CEO of Lyft, discussing the future of transportation technology. I'm Barry Ritholtz. You're listening to many masters in business on Bloomberg Radio.
- [44:52]
Podcast Advertisers/Hosts
Support for this show comes from public.com if you're actively involved in your portfolio, you probably catch yourself repeating the same actions. Buying the dip manually sweeping idle cash Putting on a hedge on Public you can now create AI agents that handle all these tasks on your behalf. Just describe what you want to do in plain English like if the Vix hits 25, buy a put option on the S&P 500 or if my cash balance goes above $20,000, move the excess into my direct index. You approve the workflow and your agent handles the risk, monitoring the market, watching for your conditions and executing your strategies exactly as defined. An investing platform driven by your intent, not just your click. You can also get full read and write access to your account via the public API. Go to public.com market and fund your account in five minutes or less. That's public.com market paid for by Public
- [45:49]
Barry Ritholtz
Investing Brokerage Services by Open to the Public Investing Inc. Member FINRA and SIPC Advisory Services by Public Advisors, LLC. SEC registered advisor complete disclosures available@public.com disclosures
- [46:02]
David Risher
the Bloomberg Sustainable Business Summit returns to Singapore on July 22. Our 5th annual Asia Pacific Summit will explore how business and finance leaders are shaping the next phase of globalization by strengthening resilience and driving a multi speed energy transition across Asia's diverse markets. Join us for solutions driven discussions and networking opportunities. Thank you to our Summit advisor, Bangkok Bank. Learn more at Plume bank bloomberglive.com SBS Singapore hey, it's Ryan Reynolds here from Mint Mobile. Now I was looking for fun ways to tell you that Mint's offer of unlimited Premium Wireless for $15 a month is back. So I thought it would be fun if we made $15 bills, but it turns out that's very illegal. So there goes my big idea for the commercial. Give it a try@mintmobile.com Switch upfront payment of $45 for three months, $90 for six months or $180 for a 12 month plan required $15 per month equivalent to taxes and fees. Extra initial plan term only greater than 50 gigabytes me slow when network is busy See Terms.
- [47:04]
Barry Ritholtz
I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. My extra special fascinating guest is David Risher. He is the CEO of Lyft and we have been discussing the future of trans transportation technology. We have to talk about AI. We have to talk about autonomous vehicles. But before we do, I have to ask you two really interesting questions. One is how do you solve the problem of even sober people leaving their phones in the car when they get out, and suddenly it's a big pain in the ass. Somebody has to come either drop off the phone or whatever. How do you, as a customer obsessed company, how do you solve that problem?
- [47:50]
David Risher
I so love this question because it is an experience every single one of us has had and it is both infuriating and incredibly stressful because all of a sudden you realize, oh, my God, my entire life is driving in the wrong direction and I didn't even know how to contact the company at this point. Okay.
- [48:05]
Barry Ritholtz
Because the number is on your phone
- [48:08]
David Risher
and the phone is in the car and you're like, I want to hold my phone to call the phone, but I can't do that. It's very, very stressful. So here's what we've done. We actually are working, we're doing a huge amount of work on this just to be really customer upset. The first thing is automatic detection. So if the phone starts to travel away with the driver after you've been dropped off. Yeah. That immediately automatically alerts the driver. There's probably a phone in your backseat. It requires a little bit of work on the rider side. We're still trying to figure out how to get riders to opt into this because they have to share a little bit more information. But we're still working on that. But regardless of whether it happens automatically or manually. The second thing is we've got a whole web portal, so you don't actually have to use your phone and you don't have to log in. But really the big innovation is this. We used to have, it's called sort of out of band. So the whole like return the phone thing, it becomes almost a separate process. And frankly, in the past, it's almost felt like a bit of a negotiation between you and the driver. And nobody liked it. The drivers didn't like it because it felt like it was sort of an annoyance. The riders didn't like it it because they're like, oh my God, I sort of feel like I'm being held hostage here. A terrible thing. Now it's a whole automated process. And basically what we realized is we should just treat it like any other ride. So it's basically the phone is getting a ride back. So what you get to say as a rider is, yes, please bring my phone back. I know exactly how much it's going to cost. It's going to cost just the exact same amount as if I'd taken a ride to that exact place where the phone is. And the driver gets it in their queue just like they would get any other ride request and it gets returned to you. Typically, I was just looking at this data and it changes every single week. But we're now getting to the point where a large percentage of our phones are being or of riders, phones are being delivered back within an hour, which is the absolute gold standard.
- [49:44]
Barry Ritholtz
So let's use technology and cut that on the app. Opt in to avoid leaving your phone in the car via Bluetooth. Not on each ride, but just once on the app. And then when the person, when the ride is over, you've arrived and the person gets out, if the phone doesn't leave the car right there, and then the driver should lower the window and say, hey, you left your car, your phone in the backseat. If that technology. And that doesn't seem like you're changing or creating new technology.
- [50:18]
David Risher
That's right.
- [50:18]
Barry Ritholtz
You're just applying existing technology. Why take an hour? Why not take 30 seconds?
- [50:22]
David Risher
100%. So, and, and this is now where you realize that all technology problems are ultimately human problems. Because in order for that to happen, a person has to have opted in. They've got to click a button. Most people are either skeptical of that or they're not paying attention. So now that's our trick, is to try to figure out a way to really encourage people to do that. As you say, you only have to do it once. But that's going to be the next big focus.
- [50:44]
Barry Ritholtz
So let's stay with that theme before we really move too far away from people and towards technology. You drive for Lyft every six weeks or so, which seems kind of bonkers. What have you learned sitting in that seat that you can't learn from the executive suite or the boardroom?
- [51:02]
David Risher
So much. So much. And I know we're all busy people here. I am busy senior executive CEO of company. My God, you know what? I got time. I got time. I can jump in the car. And here's why. So I learned stuff about being a driver and I learned something about being a rider every single time. So I'll give you an example of each very quickly. On the driver side, I learned how important a feature is that we've developed over years and refined called stay within area. And that's because. And there are actually two features next to each other. One's stay within area, one's arrive on time. Let me actually focus on arrive on time. What that means is I've got a kid to pick up at the end of the day, or I've got a date with my wife tonight, or I've got a doctor's appointment at 3 o'clock in the afternoon. And so I need to figure out a way to organize my life such that my last ride is going to put me, you know, right where I need to be by a certain time that, you know, if I look at the gig economy, one of the real gifts of the gig economy is it allows you to integrate your work into your life in new ways. Again, I don't have to call my boss and tell him I'm going to be late today. I don't have to do anything like that. But sometimes I do have other things in my life. Maybe it's another job, maybe it's an obligation with my, you know, with my parents or whatever it might be. So anyway, that's a feature. It worked pretty well when I started. It works very well now. And in part it's because I give a lot of feedback to the team on how to make that better and how important it is to get that exactly right. And then on the rider side, I mean, every time I take a rider in the car, of course I ask them why they chose us versus the other guys. Sometimes it's because they say, oh, Chase Sapphire Reserve. I'm a Chase Sapphire Reserve cardholder. And you guys have a relationship with them. That's great. That gives me a little bit of data of how important that is.
- [52:38]
Barry Ritholtz
That's a points relationship also.
- [52:40]
David Risher
That's a points relationship. And you get all sorts of, you get $10 every, every single month to use as lift credit. And look, I can look at the data just like anyone else and realize the number of people who are using that. But there's just no substitute by hearing somebody go off about how much they love that card and how important that that partnership is to them. As a generic example. And then a specific example involved a woman that I gave a ride to. This is now about almost two years ago, but it's still really kind of resonates with me where she would wake up every single morning and depending on what the price was of getting from her home to her job, because the prices would bounce around a lot, she would either take a lift or maybe take the other guys or drive herself or stay home. And it was a source of stress and concern to her every single day, she would literally wake up an hour before she had to leave just to sort of check prices. And it just made me realize how much surge pricing is customer hostile.
- [53:34]
Barry Ritholtz
Nobody likes it.
- [53:35]
David Risher
Nobody likes it.
- [53:36]
Barry Ritholtz
It starts to, to drizzle a little bit and suddenly it's a $30 surcharge. And I know people are infuriated by
- [53:42]
David Risher
it, and they should be. Here's the problem. This is the difference between, if you're an economist, you love this. It's all supply, demand balancing in real time. It's just unbelievable, like a perfect science experiment. And if you're a real person, it just bugs the crap out of you. It really drove home to me how frustrating this was. And it was literally a Friday morning with this woman had donuts, and she was bringing them in to see a co worker for his birthday. She's like, I can't work from home today. I'm so glad that Lyft was reasonably priced. That's what's led us to both take about $50 million a year out of surge pricing. We've really tried to get rid of it as much as we can. Can't completely eliminate it. And also introduce a product called pricelock that allows you to lock in a price on a route.
- [54:23]
Barry Ritholtz
Tell us a little bit about pricelock. What does that do? I'm not familiar with that aspect of the app.
- [54:28]
David Risher
Yep, yep. So what it's. It's really meant for people who commute the same route every day, and they don't want the route to go from 20 to 30 to 40 bucks, because, as you say, it rain. And by the way, to be very clear, like, there are good reasons for surge pricing. Right. It's a very good way for us to encourage drivers to drive when there's more demand than there's supply. But because it's very frustrating for riders, we want to give people a way to kind of opt out of it. So for a given route, you know, from point A to point B, if you want to lock in a price, we basically say, here's the average price over the course of a month if you want to lock in, I think it costs $4.99 a month per route. That's all it takes. And it's been super popular for people who just want to get that out of their lives.
- [55:03]
Barry Ritholtz
Huh. Really, really, really Kind of interesting. So let's talk a little bit about autonomous driving. I was in San Francisco last month. Waymos are everywhere.
- [55:14]
David Risher
That's right.
- [55:14]
Barry Ritholtz
Tell us a little bit about what Lyft wants to do with autonomous vehicles. Are these just shiny objects or are these the future?
- [55:23]
David Risher
They're the future. They're the future. It will take a long time for this future to come. It will be very unevenly distributed. But they are the future. And the basic reason why is they are A reliable product. And they're a safe product.
- [55:36]
Barry Ritholtz
Safer than human drivers. They are substantially right.
- [55:39]
David Risher
It's because they not only know the policies, but they follow the policies, they tend to follow the rules and they don't get distracted. So not to say some crazy thing won't happen one time out of a million million, but 99.999% of the time they'll do the thing that you expect a car to do, which is, you know, keep its rider safe. So, so, okay, so that is coming. So now, you know, as a, as a business person, you have a choice to make, right? You can either embrace this or you can sort of not. And the thing is, in a sense it's a choice, but in another sense it's not. Because you've seen Kodak, whatever, Polaroid, by
- [56:15]
Barry Ritholtz
the way, Kodak invented the digital camera but didn't want to cannibalize their own film business.
- [56:20]
David Risher
And how did that work out exactly? Not so well. And then you look on the other hand at maybe a company like Netflix that invented the DVD by mail business to sort of, you know, sort of set Blockbuster aside, but did such a good job surfing from that to, you know, streaming and now to original content, right? They're a great company in so, so many ways, but they were relentless, fearless about cannibalizing their own business to sort of, of get to the next thing. So that's the shift that we're right in the early, early, early days of. It will be another platform shift. But we're in a very fortunate position and here's why. You know, we have millions of riders, we have millions of billions, billions of data points about pickup and drop application and pricing and so forth and so on. And we have a whole subsidiary called FlexDrive that does fleet management, which I can come back to in a couple of seconds. But these are going to be some of the building blocks of the self driving, or I really should say hybrid network of the future. Because that's the last thing I'll say. Just as sort of intro, self driving cars are going to come little by little by little by little. Human drivers are going to be around for a long, long, long time. There is not enough self driving cars in any given market to satisfy peak demand on Friday afternoon at 5 o' clock rush hour or what have you.
- [57:36]
Barry Ritholtz
So this is not a 3, 4, 5 year transition, this is a 10 to 20 year transition. Is that about right?
- [57:42]
David Risher
Think about it as a decade transition. Yeah. And even again, the word transition I think is maybe not quite right because the Economics of an expensive car don't really lend themselves to having a whole bunch of them sitting around at two in the morning empty. You really, I think, want a hybrid network for a long, long time. For human reasons too. Right? You might want someone to help you with your luggage or maybe even someone to ask you how your day was. But the economics of it make it such that it's much more likely this will be a hybrid network for at least a decade or more.
- [58:12]
Barry Ritholtz
So that kind of raises an interesting question. What exactly is Lyft? We know it's a ride hailing company. It's also a transportation market clearing mechanism. It's a consumer brand and it's also a logistics platform. Where is the future growth coming from?
- [58:31]
David Risher
I mean, you know, a little. All the above. Right. So as you say, I mean the thing people know Lyft the most for are, you know, human driven cars, you know, picking you up and dropping you off. And as we were just saying, that will become a mix of human driven and you know, frankly, robot driven cars. What you may not know is Lyft also runs the bike share system here in New York City where we're.
- [58:51]
Barry Ritholtz
City bikes are run by Lyft.
- [58:53]
David Risher
I did not know that. That's exactly right. So we run Citi Bike, we run the program in San Francisco, we run the program in Chicago, we run the program in Boston, we run the program in Portland, Oregon. And then we also supply the technology and the bikes in London, in Barcelona, in Madrid. Many, many countries around the world. This may seem like sort of a small thing, but if you've been to a city like New York or London, you'll know that cities are very, very aware that they want sort of multimodal transportation. So that's going to be a big part of our future as well. And then look, someday, who knows, maybe bodes, maybe vertical takeoff airlines, you know, who knows. But I will tell you that our real focus right now, and we will always be, is, and this, this is our sort of purpose is serving and connecting. I want people to be out and about and connect with each other in any possible way we can. That's really what I want.
- [59:40]
Barry Ritholtz
So, so you mentioned London.
- [59:42]
David Risher
Yeah.
- [59:43]
Barry Ritholtz
What are the plans for Baidu? Robo Taxis in Robo in, in London. This is going to be a pilot program that could potentially scale up dramatically. Like the Waymos in San Francisco.
- [59:56]
David Risher
That's right. Again, let's think about the self driving car world for a couple of minutes. The technology is being developed worldwide, it's being developed in the United States. Waymo, of course, is the leader, really the worldwide leader. Zoox, which is owned by Amazon, is much, much smaller, but trying very hard to come up behind Waymo. And then there'll be many others, including maybe Nvidia and companies that aren't even really in the space now, but will want to sell their technology to different OEMs, to different car manufacturers. There's also technology coming out of China. Baidu is sort of the Google. You think of it as kind of the Alphabet of China. And there are many, many others. There's a company called We Ride, there's a company called Pony, there's a company called Momenta, there's a company called Geely. I was just in China a couple of weeks ago looking at the incredible growth of technology there, both hardware and software type technology. Okay, so that's all background. It's going to be deployed worldwide. And in the United States, Chinese technology is not super welcome for obvious reasons, but Europe is taking maybe a little bit of a more sort of economical approach where they're kind of looking at different technology providers and saying, let's experiment. So in London, we're partners with Baidu. Baidu has a very, very highly regarded self driving platform and we're just in the early days of rolling it out there. It's called an RT6 car. This is sort of behind the scenes stuff and it literally is just rolling off boats right now and it'll be commercialized next year.
- [61:23]
Barry Ritholtz
So I'm looking at the current crop of autonomous vehicles, which are essentially converted traditional cars. But really do you need that front driver's seat? Can you change up the internal layout? Like what are autonomous vehicles going to look like? Like not in 2060, but in a couple of years.
- [61:45]
David Risher
Yeah. So again, it's such an interesting time to be in this industry and it's exactly as you're saying. Do you really need a steering wheel? Do you really need accelerator and brakes? Zoox, as I say, they're an Amazon subsidiary, they would say you absolutely don't. And they have a purpose built vehicle that doesn't have either one of those things. Now for regulatory reasons, for human acceptance reasons and so forth, for manufacturing reasons, that's going to be slower to roll out because you can't rely on the big OEMs to produce a car like that, that's its own vehicle. So I think what you're going to see over the next three to five years is an enormous amount of new innovation in the car space. It won't just be, you know, there Won't be a driver. It'll be, you know, you'll have seats that face each other. You know, you'll have seats that completely recline because you've got more space in there. You'll have different luggage configurations. You'll have. Some of them will feel more like party buses, some of them may be corporate shuttles that just don't have drivers. A lot of new stuff is going to come in the next couple of years, step by step because again, hardware is hard, it takes a long time to build it out. But you look five years out and I think you're going to see a lot of cars that look pretty different from what you see today.
- [62:51]
Barry Ritholtz
I'm unfamiliar with Zoox and Amazon's relationship with them, but if I recall correctly, Amazon was an early investor, took a big chunk of Rivian.
- [63:00]
Podcast Advertisers/Hosts
That's right.
- [63:00]
Barry Ritholtz
And all of the electric Amazon delivery vehicles you see are essentially the Rivian platform repurposed for commercial use.
- [63:09]
David Risher
That's right.
- [63:10]
Barry Ritholtz
Zoox plus Rivian. Is that the direction Amazon is going? And do you guys. Does Lyft, whose CEO has a relationship with Jeff, have a relationship with Amazon?
- [63:23]
David Risher
We do have a relationship with Amazon, of course. We're huge consumers of AWS US, which is Andy. So current CEOs kind of pride and joy and for sure we'll end up using. Look, everyone is going to end up partnering with everyone. That's the interesting space we're in right now is if you're in the business of developing a self driving car, it's billions of dollars of R and D, billions of dollars. And so you want as many customers as possible. And then if you're in our business, in the business of moving people around and connecting. Connecting people, you want to have multiple suppliers of that technology. So you're not beholden to anyone. Some of that is just being a smart business person. But some of it also is technology goes through its own fits and starts. Look at what happens with the airline business when all of a sudden Boeing has a problem with one of its units. They stop manufacturing those for a time or they're grounded. I don't want to overdramatize, but anytime new technology comes out, you're going to find. And some of that happens as well. So all of us are kind of in multiple. Let's say maybe polyamorous relationships might be one way to.
- [64:28]
Barry Ritholtz
Well, don't you have to be. You can't lock into platform dependency too early, otherwise you end up owning Betamax and what good is that? And I know half our Audience has no idea what the hell that is.
- [64:40]
David Risher
There we go.
- [64:40]
Barry Ritholtz
An old school reference, but I mean, when you commit one way. So let's talk a little more about the autonomous ride hailing. What are the big concerns? Is it safety? Is it regulation? Is it winning the consumer's trust? What are the economics of managing a fleet like that?
- [65:00]
David Risher
Again, so many interesting questions here. Let's start with the customer side of things, right? So the first order of business has to be building customer trust and adoption for this new technology because, you know, it's a car that drives itself, which is magical, but also can be a bit intimidating or even scary for people who haven't seen the technology. Lyft obviously has a lot of value to add right there because it's a brand that already people trust. They understand you'll be able to opt in or opt out of getting it. I was just in Atlanta a couple of weeks ago where we have an experiment, a small deployment with a company called May Mobility, which is also in the self driving car space. They're Toyota Siennas. They pull up to you and all of a sudden you get in. It's kind of a whole different type of experience from what you've probably experienced in the past. But because it's got Lyft behind it right on the door already, people sort of say, okay, great, I kind of understand this company and know something about it. Okay, that's great. So then you kind of have to work yourself down the stack. There's all sorts of technology problems that you have to solve as you integrate, you know, their platform and us. And then someone's got to manage these cars. And this is worth talking about for a couple seconds. In traditional rideshare, the driver is responsible for their own car, right? They put gas in it or they charge up. If it's electric, they keep it clean, hopefully they keep it maintained and so forth. But in the self driving space, at least for the next three to five years, most of the car ownership are going to be professional fleet owners. They're going to buy 20, 50, 100, 500, and are going to kind of manage these as a fleet. And that means that they've got to be again, charged and maintained and cleaned, but they have to be done kind of at a professional level. That's the sort of stage we're in. We've had a subsidiary for many years called Flex Drive. We actually own about 10,000 cars on the Lyft platform for drivers who don't want to drive their own car. And we are responsible for Maintenance and keeping them cleaned and so forth and so on. We actually bring a lot to that as well. I think that's one of the reasons why we like the economic profile of self driving cars. They don't have insurance as high, for example as personally driven cars. But also we like the economics of our fleet management subsidiary and think we can service these at an industry leading rate and therefore hopefully make more money on the asset than anybody else else.
- [67:07]
Barry Ritholtz
Is there still going to be a future for people who today you would think of owner drivers who just want to own autonomous vehicles and lease them out or send them out into the Lyft network? Like I'm crunching the numbers in my head as we're speaking and I'm like, oh, that could be a 10 12% return on investment. Not bad when bond yields are 4%, 3.5%, 100%.
- [67:31]
David Risher
I mean there will be a time where if you fast forward five, five years or whatever, maybe more, many people, individual owners have cars that can drive themselves. And then there's a question to your point of can you put that on the network? The answer is absolutely. You'll be able to put it on the Lyft network and it'll come back again cleaned and charged because of the fleet management side of things.
- [67:50]
Barry Ritholtz
That sounds really, really interesting. It's funny because when the ride apps first came out, there was a little bit of a lag before people got got comfortable. What do you mean? I'm getting into a stranger's car. I imagine we're gonna go through the same thing. What do you mean? I'm getting into a car with no driver. It feels like the transitions are happening faster and faster. Same sort of question. This isn't a 10, 20 year thing. This is a couple of years before people are Forget people under 30 who adapt so rapidly. The middle part of that age bell curve, the 30 to 60, 60, they're going to adapt to this pretty quickly over the next couple of years. How do you think about the different segments of consumer when it comes to autonomous driving?
- [68:38]
David Risher
Yeah, I think as you're suggesting, younger people do tend to take up new technology pretty quickly. But in this case I do believe that many people after they've had a couple of rides and realize that it feels very safe and reliable, I think they'll flip from skeptic to kind of fans pretty quickly. Now I will say policymakers, they have their own issues and some of that can be very local. So you may find some cities that just say we just don't want them on our streets for a period of time. You may find conversely other cities that say bring them because we want to feel like a city of the future. So I think there are going to be some policy issues. There are also some infrastructure issues. Remember that AVs also tend to be EVs. EVs require charging, charging requires infrastructure. And not every city is going to have the amount of electrical power. I mean, this is kind of a side issue. But if you listen to Jensen, for example, at Nvidia, talk about what could end up holding the United States back from its next big leap, a lot of it comes down to power infrastructure in this country. So anyway, so there are many different kind of bits and pieces all the way from consumer adoption to physical infrastructure to policy and so forth. But I think again, over the next three to five years, I think you're going to see a real shift, mostly because consumers are going to try them and like them and then they're going to be saying, hey, you know, faster please.
- [69:52]
Barry Ritholtz
So here's the crazy thing about AVs that I'm still kind of shocked about. That relies on visual, on lidar, on radar and all these other technologies, but there isn't a whole lot of infrastructure built into the roadway grid. Wouldn't be that difficult to create a series of RF devices that specifically geared for autonomous vehicles that like every now and then, if you're letting the car drive yourself and there's an exit or a merge or like, it's not great with those sort of things today because there's no real infrastructure. It's relying on a technology not built for autonomous driving. Is there any sort of, of motion towards hey, let's everybody that's doing autonomous come up with a set of standards and have the government implement this into the highway system?
- [70:51]
David Risher
I mean, the short answer is no today and long term for sure. And the reason no today frankly is again, anytime you see these platform shifts, you always have competition for sort of who gets to sort of own the platform, right? And individual companies all have a huge incentive to say I want to do it my way, because if my way becomes the standard, then everyone else kind of follows along me and I get to set the standard. Over time, though, you tend to see that those things that doesn't become a long term competitive advantage typically, particularly for this sort of infrastructure. And so I would fully expect over time, just in the same way that you can start to see charging networks kind of harmonize, that you'll see some sort of fed federal level. But we're years before that Right.
- [71:34]
Barry Ritholtz
We did see that sort of standardization take place in a lot of other technologies. And suddenly you're not competing on a standard, you're competing on highest quality, lowest price, et cetera.
- [71:45]
David Risher
That's exactly right.
- [71:46]
Barry Ritholtz
But you would think that if the cars literally knew exactly where the road was, it would be even that much safer.
- [71:54]
David Risher
You would think. But I would say right now the, the technology is evolving so quickly at the car level and really the safety is very, very, very impressive. And of course, look, I know tomorrow morning you're going to open up a newspaper or an app and you're going to read about some strange thing that happened in some strange part of the world with a self driving car. And I'm going to tell you that that is going to happen. And that's one in a million, as opposed to one in hundreds which happen every single day with human drivers.
- [72:24]
Barry Ritholtz
Yeah, those are the clickbait headlines. Not, not the statistically significant practice. All right, so last question. Before I get to my favorite questions, I ask all my guests. When it comes to transportation technology, what are we not discussing as a society, as a government, as consumers that we really should be what is kind of getting overlooked in this rush to new technology? It could even be something that you guys are focused on, but a lot of people don't realize is, oh no, this is really significant. And the public hasn't quite groked this yet.
- [72:57]
David Risher
Yeah, I'm going to come back to the basic role that technology plays in people's lives to help them live their absolute best lives. I'll tell you something that I have a lot of passion about personally, and that is as people live longer lives, one of the things that is very predictive of their quality of life is how much time they're spending with other people out socializing. Socializing, exactly, exactly. Very, very highly predictive of a healthy, long life. And as we as a country are getting older, which we are demographically, that is going to be an enormous shift where you have so many more people in their 60s, 70s, even 80s who want to live healthy, vibrant lives. And so one of the things I'm really quite proud of with Lyft is lift. Silver is a particular product line that we've developed over the last year that's really focused on helping older folks get out, out the apps a little easier to use, the cars are a little easier to get into, the driver is a little bit more experienced. I think that sort of the intersection between societal trend and the type of work we do in transportation is really quite deep and Maybe just as important, ultimately, as all of our conversation around medicine and so forth and so on, is keeping people out and about. And I notice you're an OURA ring, where I am as well. Or maybe you're not. I don't know.
- [74:11]
Barry Ritholtz
No, I am. My wife wanted the gift get, so we got a pair.
- [74:15]
David Risher
Yeah.
- [74:15]
Barry Ritholtz
And she got bored being told she's stressed all the time and stopped wearing it. So now I'm wearing it. So we both. We each have one, and I'm the only one who still wears.
- [74:22]
David Risher
How funny. Okay. Actually, my wife and I did the same. She said, I get a little tired of seeing, you know, that it's telling me exactly. I'm stressed or I'm not sleeping well. But at least for me, it's a sort of nice nudge to get good sleep and frankly, to kind of keep an active life. And so. So I see this space, the transportation pieces, as somewhat similar. Like, I want technology that kind of helps me live my. My best life, and I think transportation plays a big role there.
- [74:42]
Barry Ritholtz
All right, so let's jump to our speed round. Our favorite questions, starting with. Tell us about your mentors who helped shape your career.
- [74:50]
David Risher
Oh, gosh, I love this question, because I think it's so important for us to remember that we all stand on other people's shoulders. I'll list a few. Of course, I worked for Jeff Bezos a lot. I mentioned him, but I want other people First. Big boss, a guy named Todd Nielsen. Todd. Todd really taught me the power of a great story and also the importance of really listening and watching closely customers. So he taught me two big things there. And then a guy named Peter Spiro. He was the board chair at World Reader for many years. He and I sort of knew each other back in the Microsoft days, but was the board chair for the nonprofit I ran. So focused on the team. So focused on the team. You're only as good as your team. Really learned a ton about management and leadership from people, huh?
- [75:32]
Barry Ritholtz
Really interesting. Let's talk about books. What are some of your favorites? What are you reading currently?
- [75:37]
David Risher
Oh, man. I just finished a book called Good People, so I tend to read some fiction and some nonfiction. So I'm currently reading a book called Apple in China, all about Apple's entrance into China and ultimately the importance that China has and frankly, the power that China now has over Apple. And then Good People is a fictional book about a family from Afghanistan that moves to the United States and is either a model family or terrible people. And it's very, very hard to know which. And the book sort of flips back and forth. Remember when I said that books kind of teach empathy and sort of different perspectives? This one does a good job of that.
- [76:17]
Barry Ritholtz
Really interesting. What about streaming? Are you listening to any podcasts or Netflix, Amazon, whatever? What. What keeps you entertained?
- [76:26]
David Risher
I am a podcast guy. I have to say, though, I'm kind of traditional when it comes to podcasts. I listen to the Daily from the New York Times pretty regularly. And I think most of it is because I have so many things in my life that are sort of. There's so much content that comes at you that's sort of superficial. And at least with the Daily, I feel like I get to go a little deeper on a subject. It tends to be kind of a half an hour deep dive on a particular thing. And I do feel particularly. I also read the New York Times. I know it's sort of traditional in that way. So if I read an article and then I kind of hear a podcast on the same topic, I do feel like I've actually gotten maybe a little bit smarter about something beyond the surface.
- [77:03]
Barry Ritholtz
Let me just push back ever so slightly on how the Daily has evolved, because when it first came out and I was a regular listener, I don't want anybody telling me about the story that's in the paper that I can read. They used to kind of do the background. Hey, how did you start investigating this? What led to this? Tell us some interesting stuff that didn't make it into the article. It was really inside baseball. And that stuff is kind of fascinating now. Whenever I check it out, it's the person. I don't want to say reading the story, but it feels like they've left a lot of that, you know, behind the scenes stuff stuff back three years ago. It's still. It's become one of the biggest podcasts in the world. It's giant.
- [77:48]
David Risher
Yeah, yeah, yeah. That's interesting.
- [77:50]
Barry Ritholtz
Anything else? Anything else you listen to or watch?
- [77:53]
David Risher
I mean, you know, I'll. Mindless TV I love, but I'm not gonna embarrass myself by telling you all that. That sort of stuff. Yeah, we'll stick with the Daily on this one.
- [78:02]
Barry Ritholtz
We are in the golden age of mindless tv. Not, you know, if. If you're watching the Crown or Landman or Three Body Problem. There's so many fascinating shows out there. It's not like garbage time like it was when I was a kid.
- [78:18]
David Risher
You are right about that. And I will say that my wife and I became obsessed with the Pit as Many people are. It is fun. It almost makes you feel like, you know, like halfway to being an ER doc myself. By the way, you are not, so don't think that that's true. But what is hilarious is my wife's tolerance for some of the gory stuff is a little lower than mine. So she watches the pit with her hand kind of half in front of her face the whole time.
- [78:39]
Barry Ritholtz
My wife, we watched the first couple episodes, she's like, this is just too much. It's like you want to relax. And it's very.
- [78:45]
David Risher
I just got to tense to the audience.
- [78:46]
Barry Ritholtz
But it's a great cast and it's a great set of stories. Final two questions what sort of advice would you give to a recent college grad interested in a career in either technology or business?
- [79:00]
David Risher
So my advice here tends to be it's always sort of the same and here's how it goes. There's so much temptation when you're picking your job early on to pick something that sort of seems like it's going to be good on your resume or maybe it's going to make you a lot of money. Whatever it is, this is sort of the temptation because it's so sort of in the air maybe now more than ever because of social media. And oh man, the people that I see succeeded are really the ones that say, yes, I have an economic reality, I have to sort of do better than that. But once the economic reality has been met, it is all about pick something you think you're really going to love and are going to be good at. Are going to be good at. And I say that like you have to be a bit introspective of this. Maybe you love selling. Okay, great. So take a sales job. Maybe you love listening to customers. Great. Take maybe a marketing job. But I'm trying to make this sound maybe a little bit more interesting than follow your passion because that's so trite. But there is something to it that really kind of being introspective about what you think you're going to just jump out of bed every morning and love doing tends to be a much more powerful predictor of long term success than people who try to optimize for that short term sort of get rich quick type of thing and then find themselves later realizing, shoot, this isn't really my thing, it's somebody else's thing.
- [80:14]
Barry Ritholtz
Really, really good answer. And our final question. What do you know about the world of consumer facing technology and apps that would have been useful to know 25, 30 years ago when you were first getting started.
- [80:28]
Podcast Advertisers/Hosts
Wow.
- [80:29]
David Risher
Okay. That's also a really interesting question. I think I've probably gone through a similar arc to other people where I, in the 90s, maybe even early 2000s, was sort of a universal techno optimist. I probably was in the camp that said technology, technology is such a powerful force for the good and you see me try to harness it with World Reader specifically, of course, trying to take technology and get people reading. In that case, it did work. We've gotten over 22 million people reading, so that's awesome. But oh man, it is hard not to see some of the just terrible costs we've paid as a society. And so I think maybe more of a mindset than a particular thing of just be really aware that technology is so powerful and man oh man, with great power comes that great responsibility. And I'm just a big believer that, you know, our best leaders now, and I'm not necessarily putting myself in the category, but are being really thoughtful about, you know, the good of technology but also really trying to avoid some of the problems.
- [81:27]
Barry Ritholtz
Good answer, David. Thank you for being so generous with your time. This has been absolutely fascinating. We have been speaking with David Rischer. He is the CEO of Lyft, one of North America's largest ride sharing networks. If you enjoy this conversation, well be sure and check out any of the 639 we've done over the past 12 years. You can find those at iTunes, Spotify, YouTube, Bloomberg. Wherever you find your favorite podcasts. I would be remiss to find and thank the crack team that helps me put these conversations together each week on Alexis Noriega is my video and podcast producer. Sean Russo is my researcher. Anna Luke is my producer. I'm Barry Ritholtz. You're listening to Masters in Business on Bloomberg Radio. Foreign
- [82:31]
David Risher
It's 10:01am on a Monday all at once.
- [82:35]
Barry Ritholtz
Your sales leader needs to know which
- [82:37]
Podcast Advertisers/Hosts
deals are at risk.
- [82:38]
David Risher
Your PM wants feature adoption by cohort and your CFO needs one last graph for the board.
- [82:45]
Barry Ritholtz
Now your data team has to say no to somebody.
- [82:48]
David Risher
Hex changes that.
- [82:49]
Podcast Advertisers/Hosts
Ask any data question in plain English
- [82:52]
David Risher
and get an analyst grade response, all
- [82:54]
Barry Ritholtz
backed by your actual business context as
- [82:56]
David Risher
defined by your data team. Start saying yes to more data questions at Hex AI this week on Leaders with me, Francine Lacqua, I speak to tennis legend Rafa Nadal about how he
- [83:08]
Barry Ritholtz
stayed competitive despite injury.
- [83:11]
David Risher
I was able to enjoy the victories probably more than if I will not have this issue. One iconic match in my mind was I am almost dead. And whether he misses playing, I don't miss Dennis because there's nothing else to offer. Listen and watch Leaders with me, Francine Lacqua, on Bloomberg Television or wherever you get your podcasts.