17 Burst results for "Brew Business Editor"

"brew business editor" Discussed on Business Casual

Business Casual

05:17 min | 7 months ago

"brew business editor" Discussed on Business Casual

"And business I'm your host and Brew Business Editor Kinsey Grant, and now let's get into it. I spend most of my time on this show talking to you and with my guests about the stories and trends and themes that define business. oftentimes those stories and trends and themes do just that for entire generations. There are only a handful of companies I would characterize as generation defining though these are businesses so integral to the Zeitgeist and the cultural conversation that not knowing about them or the ways they make money is unheard-of. There aren't a lot of them, but net flicks is one the company which you might remember started out as a DVD. Rental Company has become an absolutely integral part of the culture of today it's one of. The earliest and best examples of disruption justice blockbuster. But how did it become a two hundred billion dollar company with more than one hundred, ninety million subscribers worldwide some three times a subscriber count of its next biggest competitor did Netflix's win these so-called streaming wars we've been talking about for the past year and better yet who disrupts Netflix's I'm taking it straight to the source for answer. So today I have the distinct pleasure of welcoming to business casual, the CO founder, chairman, and CEO of Netflix Reed Hastings read. Thank you for coming on the show. Thank you pleasure to be with you. Now read you've you've been quite busy obviously as. You know the leader of Netflix. But also because you do have a book coming out September eighth called no rules rules Netflix and the culture of reinvention congratulations on the forthcoming book. Thank you. We are super excited Erin Meyer not have been working on this book for several years and I think it's GonNa be fascinating for people controversial people talk about it but I think there's some really fascinating lessons in there for creative companies. Right and a little controversy is good. We like a little healthy controversy every now and then so now let's get into the nitty gritty of the book and of how you built Netflix's from A. DVD rental. Company. To two hundred plus billion dollar company, you have been no building Netflix's into this Juggernaut for many years twenty plus.

Netflix Erin Meyer Rental Company Business Editor Kinsey Grant Reed Hastings CO founder CEO chairman
"brew business editor" Discussed on Business Casual

Business Casual

05:14 min | 8 months ago

"brew business editor" Discussed on Business Casual

"Your biggest questions and business I'm your host and Brew Business Editor Kinsey Grant and now let's get into it. My guest today had this to say about our topic Du Jour earlier this summer quote they are soon going to become the walking dead end quote WanNa take a guess what he was talking about. Well after a week of content that we put out here on business casual I, bet you can guess he was talking about the middle of the pack universities here in the United States, the tier two types that can't quite earn the bragging rights of an Ivy League school but still WanNa charge like they can. My guest thinks some one to two thousand of those kinds of universities will go out of business in the coming years a prediction that bold metaphors that intense my guest today could only be one person professor Scott Galloway Scott. Welcome to business casual MRS big time. I. Knew You then right I knew you and I knew you when you were just like some I don't know what I would call now not this now an enormous big time time or as I call you bt because we're very close we're very, we are congratulations. Thank you. Thank you very much I. appreciate it have to say that it all started with you our listeners out there I'll run through run through some of Scott's accomplishments you're a professor of marketing nyu stern founder of several companies to. Profit bestselling author of the four and Algebra of happiness co host of the pivot podcast. One of our favorites here at morning brew and Business Casual. But I, have to say arguably your biggest accomplishment to date is that you our guest number one on business casual may vary first interview. Yeah I was and I told you before but it remains the most downloaded episode that we've ever had I'm sorry repeat that I didn't hear that was the most downloaded. Gary v Cam Sorry Ray Dolly O. People they don't have anything underdog. They have their okay better looking more successful more money doesn't mean anything in the World doesn't mean anything about the numbers eighty. That's exactly right So Scott I'm excited to have you I love talking with you. You're obviously someone who people really really requested come back on the show. So excited to get some time with you this week on Business Casual we've been tearing apart why exactly right now kind of feels like it might be a turning point for better or worse in the higher education system. talking about ways that higher education in the US is broken ways that we can fix it ways. It's not working for everyone at least in the current form and how the answers to all of those questions change because now every university is, is our most universities are zoom universities So with that in mind, let's let's start here. I have a question. So obviously got a lot of questions. Here's my first one. The total twenty, twenty, two, twenty, one cost of attending Harvard College without financial aid is forty, nine, thousand, six, hundred, fifty, three dollars for tuition and seventy, two, thousand, three, hundred, ninety, one dollars for tuition room and board and fees combined..

Scott Galloway Scott WanNa Business Editor United States Du Jour Kinsey Grant bt Cam Sorry Ray Dolly Ivy League school Harvard College professor professor of marketing Gary founder
"brew business editor" Discussed on Business Casual

Business Casual

03:40 min | 8 months ago

"brew business editor" Discussed on Business Casual

"Host and Brew Business Editor Kinsey Grants and now let's get into it. So. Before I introduced today is amazing theme and topic and guests. A quick note business casual has passed four million listens and it's all because of you. They thank you so much for your support, and if you don't mind, help us get to five million in record time by subscribing to the show wherever you're listening and sharing business casual with friend. Now to today's topic, it is a big one and it's one that you all have been asking us to talk about frankly all summer long because all summer long we've been wondering what college campuses will look like this fall and really every other fall after that. Could this cove induced pivot to online learning? Actually stick could this be a transformational watershed moment for the post secondary education economy in the US which is almost seven, hundred, billion, dollar a year business. It would mean major major changes not only for the students enrolling or not enrolling. But for the institutions we've relied on to get us from eighteen to twenty two years old for centuries now. So today, we are talking about the business of higher education as it becomes an increasingly online pursuit and jazz to welcome our guest today Dan Rosen swag the president and CEO Changgu Dan Welcome to business casual while I'm just here. I liked the you also used jazz. Yeah we We really excited about this I. Think of all of the topics that listeners have have you wrote in or or text asked me to talk about higher education and online education have. been at the very top of the list. So we have a lot to cover today a lot to talk about I want to just make everybody knows about Chug and what you all are doing i. think a lot of US probably are first time that we came across chug was trying to maybe like rent a textbook but now it's more than just getting know the AP US history textbook that you need on the cheap you guys are doing a lot more. You WanNa just explain a little bit what treiguts sure.

US Business Editor Dan Rosen Changgu Dan president and CEO
"brew business editor" Discussed on Business Casual

Business Casual

04:40 min | 9 months ago

"brew business editor" Discussed on Business Casual

"And Brew Business Editor Kinsey Grants, and now let's get into it today. I'm going to talk to our guests about data privacy, and why it matters, and why we should possibly get paid for the fantastic job. We do of offering up details of our personal lives to help line the pockets of big tech platforms and the guest. I'm not going to bury the lead on this one because I'm too excited. Our guest today is none other than Andrew. Yang highly praised entrepreneur and former twenty twenty presidential candidate Andrew. Welcome to business casual I'm so excited to speak with you today. Thanks kids I'm excited to be here. That's such a warm welcome. Call you Andrew. Oh Yeah Yeah please. ME. By. Now. Well I'm honored. I'm excited to have you on this show from what I can tell. You are the first guest who is open. We've been open about ambitions to be president. I think Mark Cuban maybe was lying to me when he came on, but we're excited to have you. This is a first for business casual, and I couldn't exactly get my hands on the CIA background check, but I have some background on you your life, Pre and post campaign. I think it's important to point out first of all that you are also a fellow podcast. You have a show called Yang speaks. Hopefully, that's just one thing we have in common. I'm sure we have much more in common but it's. I talked to mark and mark definitely exploited. Yeah, we're. We're still talking about the Cuban Grant Platform for like twenty twenty. Something I. Don't know someday you never know. I'm not quite thirty five, but you begin your professional career as a corporate lawyer. Then you went to the startup. World worked the founder and executive at early stage growth companies for about a decade, and then in two thousand eleven. You founded venture for America. Which is a nonprofit organization that aim to create jobs in cities that at the time were still struggling to get back on their feet post great recession than in November. Two thousand seventeen filed with the federal. Election Commission to run for President of the United States in the twenty twenty election. I would say that. That your campaign had a ton of I as far as as mainstream presidential bids are concerned with you know focus on the advent of automation to support of Universal Basic Income which you coined the freedom dividend, and what's the most interesting part of all of this?.

Andrew Mark Cuban Yang president Business Editor Election Commission twenty twenty CIA United States America founder executive
"brew business editor" Discussed on Business Casual

Business Casual

04:15 min | 9 months ago

"brew business editor" Discussed on Business Casual

"And business I'm your host and Brew Business Editor Kinsey Grant and now let's get into it. In Our last episode I spoke with Joyce Klein from the Aspen. About why exactly minority owned businesses have struggled to secure loans through the government's paycheck protection program the program we lovingly refer to as P P, P and Joyce masterfully answered my questions and taught me a ton I think one step paints the picture well that I wanna just drive home one more time, just twelve percent twelve percent of black and Latte next business owners who applied for P. Loans reported receiving what they ask for according to a survey from global, strategy, group in May nearly half of those business owners said that they anticipate being forced to close their business permanently in the near future because of that. Now that you know that that conversation with Joyce, we tried to determine why that is why it's just twelve percent set of say one hundred percent, and the answer is of course systemic, but one of the biggest aspects of minority owned business is lack of access to traditional capital stems from this lack of relationships with traditional lenders, if a business hasn't say, previously secured alone through one of the big banks charged with carrying out P P, p lending. It was less likely that that business could get its fair share of. Of government stimulus when it came time for the checks to go out for me that brought to mind the idea that we're in this seemingly endless loop. Those with relationships with banks continue to foster those relationships while on the outskirts stay on the outskirts. How is upward mobility and business possible? If you never get a chance to shake the right hands and those striking to me so like a good start up employees. It got me thinking about the players trying to disrupt that loop to help those on the outskirts get. Get where they need to be and help them. Get the money that they need to get to survive now. That disruption I'm talking about is coming largely care of tech companies, the startups at the nexus of finance and technology the words will give it away. Often led by gregarious young founders showered, and all this funding from the sexiest species in Silicon Valley and New, York and the Fintech companies are doing more than just competing for who can have the most startup you name of this decade there, actually affecting real change. Change for small businesses that have traditionally been shut out of the vaults at big banks so today we're going to talk more about why Fintech..

Joyce Klein Business Editor Fintech Kinsey Grant Aspen Silicon Valley P. Loans York
"brew business editor" Discussed on Business Casual

Business Casual

02:18 min | 10 months ago

"brew business editor" Discussed on Business Casual

"Biggest questions and business. I'm your host and Brew Business Editor Kinsey. Grant and now let's get into it. The last time I was here in your headphones I was interviewing Joanna Coles about the future of the media industry and the changing role of social media platforms in determining what's true and what's not if you listened to our last episode, you know that that task was an undertaking..

Joanna Coles Business Editor
"brew business editor" Discussed on Business Casual

Business Casual

06:00 min | 10 months ago

"brew business editor" Discussed on Business Casual

"Brew Answering your biggest questions and business. I'm your host and Brew Business Editor Kinsey Grant. And now let's get into it. Usually I would use this part of an episode to drum up excitement about some big topic. We're handling today before. I drop the hammer with a big fat question and let our guess chime in, but I want to try something new something a little different today. We're going to go question first because our question today is big and here it is. What is the state of the Modern Media Company? There's a lot to unpack their. What makes a media company? A media company? Does facebook count? Where do we start thinking about fake news? Are we thinking about local journalism enough and maybe most importantly. How would we ask an answer? All those questions differently just six months ago. To me, asking and hopefully answering, those questions beg even more questions once we better understand how the modern media company is doing. We start asking things like are those modern media companies dying, and if so, what are the implications of that death, and maybe it's not death. Maybe it's just a widespread evolution, and then what comes next once. We figure out these next steps. How do we position ourselves as consumers and investors and even creators to take advantage of this constant evolution happening in the media status? Status I think by now? You probably get my point. There are about one million questions to be asked and answered before we can truly comprehend the role that media outlets both news and social play in our everyday lives in the wake of Covid, nineteen and a recession and widespread anti-racism protests I want to better understand that role in context, especially given the fact that the media space evolves with every passing day, so I'm GonNa. Do what I do best. Get somebody else to answer all those questions. Brought an expert to help me navigate the intersection of news and social media to understand the future of invaluable local journalism in the news they're creating and to think more deeply about how we're all interacting with information on a daily basis and who's making money when we do. That expert is Joanna Coles. She is an undisputed media boss who has had a long and a lustrous career so far in everything for magazines TV to a seat on.

Joanna Coles Kinsey Grant Business Editor facebook Covid
"brew business editor" Discussed on Business Casual

Business Casual

04:48 min | 10 months ago

"brew business editor" Discussed on Business Casual

"We work changed the way we think about the office. And now they're at it again. reimagining the workplace for a post cove world while distancing may be part of our next normal. Collaboration and connection are more important than ever. That's why we work is adapting its spaces, so members can continue coming into the office with more peace of mind we work. Teams are hard at work. They're modifying seating, stepping up sanitation, maximizing clean air all in an effort to make sure that when members come back, they come back to a safer work environment. We'll tell you more about we works later on in the episode. Stay tuned! Hey, everybody and welcome to business casual the podcast from morning brew answering your biggest questions and business I'm your host and Brew Business Editor Kinsey Grants and now let's get into it. Actually before we get into it, you should stop and go listen to our last episode on Tuesday. We dropped an interview with edith. Cooper who CB and business and financial services honestly sounds made up. It's so good. She was the head of human capital management at Goldman. Sachs for more than two decades, plus she's a board member at and at slack, and she's the CO founder of the personal and Professional Development Startup Startup, Medley so edith and I talked about workplace diversity in our last episode of business casual why it matters, and what both corporations and individuals can be doing to make sure that equity of opportunity is more practice than it is theory. If you haven't listened to the road, go listen now and then come back to this one. If you have listened to the episode first of all, thank you, you are the. The best and second of all I hope you learned something because I definitely did actually learned a lot of things. But one of the most pressing lessons that I walked away with from that conversation with edith was that there's a lot we're not talking about that. We need to be talking about more and prioritizing more workplace. Diversity needs to be a metric as important as profit or jains. We've got gobs of. Of Studies that I even referenced in that episode, showing us that businesses that prioritize diversity report, stronger financial returns. If you want to make more money, hire more diverse workforce. That's something we've been working on at Morning Brill I was employee number five when I joined about two years ago. And now we are closing in on fifty people, but I've been really encouraged by. How are hiring priorities and our culture priorities? Priorities have changed in the last twenty four so months, and a huge part of those changes for the better is because of my guest today morning, Bruce Head of people operations our HR Queen Kate Noel Kate Welcome to business casual. Thank you, thank you for having me..

edith CO founder Queen Kate Noel Kate Business Editor Bruce Head Goldman Cooper CB Medley
"brew business editor" Discussed on Business Casual

Business Casual

01:44 min | 10 months ago

"brew business editor" Discussed on Business Casual

"We work changed the way we think about the office. And now they're at it again. reimagining the workplace for Post, Kovic World, while distancing may be part of our next normal. Collaboration and connection are more important than ever. That's why we work is adapting its spaces, so members can continue coming into the office with more peace of mind we works. Teams are hard at work. They're modifying seating, stepping up sanitation, maximizing clean air all in an effort to make sure that when members come back, they come back to a safer work environment. We'll tell you more about. We were exchanges later on in the episode. Stay tuned! Everyone and welcome to business casual the podcast from morning brew answering your biggest questions and business I'm your host and Brew Business Editor Kinsey Grants, and before we get into it today, I wanna give you a quick heads up. We recorded this conversation before widespread protests against racial injustice and police brutality swept the United States. It's a conversation about branding and marketing, and I'm sure if we had it today, there'd be even more to talk about, but without further ado, let's get into it. I've got a question for you. How many emails have you gotten from brands? In the last two months promising that we're all in this together or letting you know how the nonstick baking sheet you bought last summer as helping frontline workers today I. Bet you've gotten as many of those emails as I've gotten or at least seem commercials on TV or maybe even an ad spot on your instagram feed, suggesting the very same things and none of that is coincidence, because the thing is companies that want to profit from selling goods. Goods and services can't just do that. Sell goods and services anymore to be successful in twenty twenty..

Business Editor Kovic World United States
"brew business editor" Discussed on Business Casual

Business Casual

03:33 min | 11 months ago

"brew business editor" Discussed on Business Casual

"They're modifying seating, stepping up sanitation, maximizing clean air all in an effort to make sure that when members come back, they come back to a safer work environment. We'll tell you more about. We were exchanges later on in the episode. Stay tuned! Hey everybody and welcome to business casual the PODCAST for morning. Brew Answering your biggest questions in business I'm your host and Brew Business Editor Kinsey Grant and now let's get into it. The last several months have forced us to face some uncomfortable truths. Kobe nineteen taught us that we are not invincible abroad. Economic Downturn taught us that all good things come to an end, and also that we are not invincible, but for being the world's largest economy there still a lot of things that we here in the US don't know some of those many unknowns. The labor market will fully he'll. We don't know the extent to which minority groups are losing jobs faster than their other racial counterparts. We don't know what comes next for people relying on government relief packages once those packages run out and many of us. Don't know how to put a nearly fifteen percent unemployment rate in context after a decade of job growth. There's a common theme there that we're going to tackle. Tackle today, the labor market since mid-march. More than forty million people have filed jobless claims in the US, and yet we still have a lot of questions about the labor market and I don't know about you, but I prefer knowing not knowing so. That's why today we are going to dig deep into the US workforce what it means for the broader economy how it's changed during this pandemic and this economic crisis. Crisis and we are doing it with the wonderful and highly qualified Karen Kimbro, the chief economist at Lincoln and Karen Thank you so much for coming on business casual. Thanks for having me. I'm excited to talk to you today. I want to run through a couple of the accolades and your previous CV in the spirit of Lincoln here. You were also the assistant treasurer at Google Managing Director and head of macroeconomic. Macroeconomic Policy at Bank of America? You've also served as vice president in the Markets Group of the Federal Reserve Bank of New York during the financial crisis, and just for good measure I'll throw this. You hold a doctorate in economics from Oxford, a master in public policy from the Harvard Kennedy School and an undergraduate degree in economics from Stanford is that all of your degrees are missing any you've got it all. Okay, so you are definitely well-studied to talk about the labor market and just want to also point out a few years back. You are recognized by black enterprise is one of the most powerful black women in business and to me. It is very obvious why you know your stuff I'm excited to talk to you today about the labor market, and our goal is to understand today's employment situation. What these numbers are what they mean in context what they tell us where we go from here. And it's perfect timing because we're recording this actually just a couple of days before the Labor Department releases the May jobs report, and just in time to talk about a new report from linked in about the workforce so timeliness we have definitely nailed, and I'm excited to get started, should we? Should we get going? Let's go all right. So I. Think just to kind of begin here. It would be useful to explain what you and your team at Lincoln are doing. When it comes to understanding collecting aggregating economic statistics, and how the statistics that you and your team are working on vary from the kind of numbers that we get out of say. The jobs report every month from the Labor Department. Sure well first of all thanks for having. Having me again, it's pleasure to be here and share insights about the labor market..

Lincoln US Labor Department Kobe Business Editor black enterprise Bank of America Federal Reserve Bank of New Yo Kinsey Grant assistant treasurer Harvard Kennedy School Karen Kimbro Managing Director and head Google chief economist
"brew business editor" Discussed on Business Casual

Business Casual

11:51 min | 1 year ago

"brew business editor" Discussed on Business Casual

"I'm your host and Brew Business Editor can grant and now let's get into quarantine has given me a lot of time to do things they don't usually get to do bake an ungodly amount of banana bread. Try and fail to complete a one thousand piece puzzle and lately ponder the values and utilities of the economic pillars on which our version of American capitalism were bill. I know I'm not alone in the bread. Baking or the existential thought experiments as we navigate through a shared experience of both pandemic and recession is becoming and more clear that capitalism as it exists today might not be. Everyone's Cup of tea now. I don't WanNa make any judgment calls and I definitely don't want to suggest that I you're humble. Podcast host can solve an economic crisis by saying just switch up the system. But what I do want to do is bring in someone who has more than enough subject matter expertise when it comes to the powers in pitfalls of modern day capitalism today. The two of us are going to try to figure out what problems are beloved economic system faces who stands to win and lose the most and what can be done to ensure everyone the rich. The poor the inbetween comes out of this crisis. So welcome to business casual Tomasz Paula. Bye Thank you for coming on the show. I'm excited to speak with you Kinsey. Thanks for having me so you have been very busy lately mostly going viral on twitter for a CNBC interview. Which I'm sure we will get to. But you have a lot more on your resume than just that one interview on halftime report. You are a venture capitalist founder and CEO of social capital. You're an early senior executive facebook partial owner of the Golden State Warriors. Chairman of Virgin Galactic. Definitely not wasting anytime here during quarantine either but most importantly I think you are someone who is known for being outspoken. Like I mentioned you recently went viral but I don't think it was for the first time so We we will let you make a chance to go viral again. Here on this podcast. If you're so willing but I'm really excited to talk. You know you have been someone who's been super transparent about the realities of being a business person today. I appreciate you taking the time. And also just general being so honest about your experiences. They think it's refreshing right now. I think that there over the last couple of decades. Probably it's having an air of invincibility has been Unnecessarily rewarded in the short term But I think if you're going to be really good at something you have to kind of be authentic enough to be yourself and be honest and The older I get the less I know I feel like and every time I say it. It's amazing because you have other people that come out and kind of tell you the same thing so Yeah I when I was younger I would hide much more bravado and as I've gotten older I've kind of become much more aware I guess is probably the best word and more focused on being a good worker. Yeah Trough you're not that old. What are you going to be like when you're eighty? This is the thing like I think you're saying something really important. Which is that a hundred years ago. You and I were going to die in our fifties and sixties now. We're going to die in her nineties and hopefully hundreds and so a lot of things that people used to leave as nice to have jobs have become must haves and I think at the top top top of the pecking order. Is Your own mental health. You know you didn't have to care about it that much quite honestly and so you could be dysfunctional for a long time. And a pandemic is really important in that. It really clarifies. How functional you have to be for the people around you and then when you look at the people that are really really good at anything over long periods of time. They almost become very boring. But it's because they're functional so if you WanNa live to a hundred you have to figure out how to kind of get inside your own mind and fix yourself. Do you feel like you've become more boring in your your more recent years. I think I've become much focused. Okay whereas before I think I was kind of just a you know typical kind of Dushi guy you know a little flamboyant very loud now I think high safe things that matter to me in a much more pointed way and then I'm trying to be less moved by the ego of then following up on it so I feel like I can say something that I feel for my heart and then just step back and live in it and that's been a huge change. Yeah I you know I appreciate that because we so often see people who've enjoyed success fall into these tropes of what it means to be a successful person especially in Silicon Valley. But you know you have been like we were saying before you've been honest and you step back and watched twitter pull everything apart which is definitely been interesting and. I hope that we can get some of that today. I want to talk to you about like I mentioned at the top of this episode a pretty important and very much all encompassing question of how we're supposed to fix capitalism. How are we supposed to figure out what's not working? What can be working. What needs to be totally thrown out. And if what exists today is something that we can rehabilitate in a way that works for everybody because right now I would argue and like I said I don't WanNa make any rash judgment calls but I would argue. It's not working for everybody. There are people especially today who have definitely come to understand the shortcomings of the system that we have in place more today than they would have six months ago. So we've got a lot on our plates. We're GONNA talk about a lot and excited to do it. But let's Kinda start here by setting a framework what does capitalism in America looked like today. And how does that compare to the more traditional definition that we got in our ECON one on one classes? Okay well in order to do that. I actually want to answer that by going back in time. So imagine you're a chef and you're asked to make the most fabulous cake possible and you're given a bunch of different ingredients but you can only pick two right and so On one side is how markets work and You know you can have capitalism now capitalism can degrade over time. But you know that's an incredible ingredient you could also have communism you could have fascism. You could have socialism and as you pick one of those things it comes with a way in which you govern yourself right. So some forms. Our democracy there are dictatorships. There's autocracies all of this stuff. By some crazy set of facts. We were the startup in the seventeen. Hundreds that put the best to ingredients together. We somehow stumbled into some combination of democracy and capitalism and it created this incredible multi hundred year boom in GDP in quality of life and innovation. And all of these things. And you know this is why you and I will probably live to one hundred years old but like with any great recipe you have to keep tweaking it right and you have to understand how tastes change because if you don't it doesn't taste as good if you keep making the same thing over and over or if you let the quality of the ingredients degrade the product that you make. tastes different and sometimes too many people doesn't taste as good or not good at all. So it's in that long arc that we basically put this amazing capitalism and democracy combination together. We made this incredible thing that is called the United States of America and it kind of moved along largely functioning in a very useful way and they were ups. They were down. There was wars. There was a time of peace but it was all marked by a couple of things that were always really important and the I was that there was all kinds of innovation happening so there is tons of productivity right like you know you go into the Great Depression and coming out of it. You know you'd have these incredible inventions. You'd go into World War Two and coming out of it and you'd have know nuclear bombs but at the same time you'd have all these other incredible inventions have the industrial revolution. You had all this stuff so yet productivity and then you had wealth. Transfer this wealth effect where lots of people got to participate in that upside and the entire economy used to move in unison. Meaning from the richest person in the world to the or in the United States to the poorest person the United States it largely moved together and then starting in the seventies and really in the eighties we started to tweak the ingredients on the capitalist side. What we started to do was start to change the rules by taking away and this is all arcane economics but the gold standard Blah Blah Blah and to to kind of you know. Put it in Layman's terms. Before if you wanted to print money as a government you actually need it to have a physical equivalent amount of gold sitting somewhere in a safe somewhere and somewhere on the long blind. We said no you know. It started in the thirties. But it was really dismantle the seventy s we said. No we're just GONNA print as much money as we want whenever we want and we're not going to tie it to anything at the same time. There was this political philosophy largely pushed by Republicans called trickle down economics. Where the idea was if you get it into the owner class it would eventually work. Its way through the system and it would get to the worker class and again. Everything would move in unison and even in the eighties for for the most part it kind of come together but then it started to. Decaying these ingredients stopped working. Then you compound it in the ninety s and the two thousands because democracy also started to change you know now. This thing doesn't taste like what it used to taste like anymore. And this is why people have this bitter taste in their mouth because there are no checks and balances in the same way that they're used to be and I think that's what we're realizing. We're realizing that the there aren't productivity gains. The wealth doesn't trickle down that the owner classes probably disproportionately better position than the worker class. And then the worst part about all of that is there is no useful way to fix it because fixing it. Through governance through democracy is tied to money and the problem is the folks without the money. Now don't have any say okay. You bring up a couple of things. I want to touch on here and I feel like maybe the best way to go through. This is a rapid ish fire so first question. We talk about getting off of the standard that we no longer have physical assets backing the dollars. The money that our government is printing. Are you saying that we should go back to that that we should go back to some sort of physically backed currency system? No because I think it's it's an. It's an impossible task to be quite honest because if we were to do it other governments would need to do it as well So the practical answers notes. Not Realistic Okay now. The idea of trickle down economics reaganomics in general. Should if that had never happened this idea that if you empower the wealthy that the less wealthy will also become eventually empowered. If that had never happened would we be in a less perverted state of capitalism? Today to use your words It's very it's really unclear but probably okay. And then finally if this recipe for democracy and capitalism together tastes so different than it did in the seventeen hundreds when we first happened upon these ingredients. And it's still fair to call it what it was back then because you know it's what you call it is kind of what it is meaning. We are the standard beer for these two concepts. We are the standard bearer for what the composition of these two ingredients are and what the biproduct tastes like all right. Well we're going to take a short break to hear from our and then when we come back I wanna find out what else you take most issue with in today's recipe for capitalism. Sometimes I swear.

twitter United States America founder and CEO Brew Business Editor Tomasz Paula Kinsey Golden State Warriors Virgin Galactic CNBC Silicon Valley Chairman senior executive
"brew business editor" Discussed on Business Casual

Business Casual

13:54 min | 1 year ago

"brew business editor" Discussed on Business Casual

"I'm your host and Brew Business Editor Kinsey Grant. And now. Let's get into it if you've had a birthday in the last few weeks. Chances Are you've gotten a text that reads something along the lines of this. Happy Birthday. Love you so much. I can't wait to celebrate when quarantine is over. I'm sorry that you're probably in areas and be probably didn't get the celebration you deserve but there's one important day happening. This month deserves more than just a half birthday celebration. In six months and one we can all observed from afar and frankly should think about every other day as well Earth Day Wednesday April twenty second is Earth Day the fiftieth Earth Day to be exact. The theme is climate action and the issues being brought to light. Couldn't be more important even as we wade through the depths of uncertainty all around us in a cove in nineteen world. There will be a time that comes after this a time. We all begin to heal both physically and economically. But we WANNA make sure that. There's something left to sustain us when we embark on that healing. As earth days organizers say climate change represents the biggest challenge to the future of humanity and the life support systems that? Make up our world and the future of these deep-pocketed people most capable of organizing the kind of institutional change necessary to protecting the planet. Well that future is in dollars and cents so today I'm diving into the depths of sustainable investing how and why sustainability focused and environmentally-minded investing strategies both make sense and do good and maybe even mitigate risk so today I'm excited to welcome to business casual. Brian The global head of sustainable investing at Black Rock which also is the world's largest money manager Brian. Welcome to business casual to be here. Am excited to talk. We were just chatting that. You'RE A new morning. Bruce Subscriber so we'll maybe put your referral code in the shadow. Get you some of those referrals. Get some slag But in addition to being a new morning Bruce Subscriber you also have a very interesting background. Very storied resume. I would say you worked in the White House. Under President Obama you were the senior adviser for climate and energy policy helped negotiate the Paris climate agreement and other big national and international initiatives and the deputy director of the National Economic Council and Deputy Director of the Office of Management and budget. So you were definitely not busy at all. Just surreal slacker type. Aren't you Brian? You know? Lots of titles but They mean less than than meets the eye. We'll let the listeners. Be The judge back after this interview. But like I mentioned here in this Intro I wanNA learn more about what blackrock is doing to focus on sustainable. Investing sustainable investing means and how we should think about that. As every day people who are watching the business world and people who are investing as well So let's let's get started here just better understanding what it means. Business Perspective Sustainable Investing Means Black Rock. Says that it is On the site sustainable. Investing team is focused on identifying drivers of long term return associated with environmental social and governance issues integrating them throughout black rocks investment processes and creating solutions for clients to achieve sustainable investment return. So my question here is why. Why is this kind of investing important in Blackhawks? View will look. I'm glad we're starting here And this is the right question because a lot of the conversations around sustainable investing I think have been hampered in the past by a basic confusion that why are we talking about this issue and And and and and what? What even is the issue right so we try to start from that. Very simple premise. Which is that if you take the best of traditional investing approach and you actually build into that considerations about what we refer to as sustainability factors About how the environment or climate change is going to affect investment about how a company is managing its stakeholders that you can actually generate a better long term outcome a better financial outcome for your client and so to your point. Why is that important? What's important in two respects? One is if you're a fiduciary managing investment and your obligation is to try to generate the best long-term outcome then if integrating sustainability considerations can do that. Then this should be core to what you do and at blackrock that what we have articulated is of you that because we now have growing conviction that these issues are material they do matter to how companies perform in how acids perform it does have to be at the core of what we do And the important part about that is what that means. Is it sustainable? Investing shouldn't should no longer be viewed as kind of other thing that is in the province of people who are really motivated by a particular cause or particularly particular advocacy issue or or a particular Issue associated with their values. That if you're focused on value financial value than if you're not paying attention to sustainable investing today actually missing something important. So that's why we've tried to center this around. Saying sustainable investing is not some other thing that increasingly in the way we articulated as we WANNA make sustainability the new standard for how we invest. We want this to increasingly become the way we invest and we joke that you know maybe my success is. I'll put this whole enterprise out of business in that if across time and there's just broader and growing recognition that these factors must be part of how you invest well. That's really the goal now. We're a long way from there. So we have a lot of distance to travel. But that's the basic idea so brian. This sounds simple enough. That good investing should also be sustainable. Investing how come blackrock has been lauded as the first mover in this. You guys got a lot of headline attention earlier in the year for this commitment to sustainable investing. I just wonder if this makes so much sense. Why isn't every asset manager? Doing the same thing. We'll look I think there are elements of this. That aren't new and there has been a you know there has been a long focus on the idea of socially responsible investing and trend. That has its roots. In the development movements socially oriented investment movements from decades past and you've seen Leaders and and and in this field often sort of smaller smaller investors or or are asmant shops that have that have tried to innovate in the space. I think what is new is a couple of things one is. We have seen over the last couple of years. A huge increase in the quantity and quality of data around how companies manage. What are what these traditionally non financial aspects of their business so traditionally a big barrier to. This has been okay. Well maybe we believe these issues might be material how a company manages its employees or how company engages in the communities that operates in maybe those material but how do we measure those. How do we benchmark those? We've seen were in this period of massive revolution in terms of how much data available we've gone from five eight years ago. Twenty percent of the S. and P. Five hundred companies reporting sustainability data to now close to ninety percent so that opens up lots more opportunity to actually understanding and integrate this and the second is we're seeing changes in fundamentally how investors and consumers and citizens what they expect of companies and that is rapidly changing the view of what a company really needs to do to position itself for long-term profitability and the ability to actually re up and reinvigorate. Your licensed to operate has become increasingly important. We've seen lots of examples of companies who failed to do that and have destroyed a ton of value in the process and so But but but those trends that mentioning are relatively new so this question of how do you bring investing into that mainstream into the core of how we invest that part is relatively new? And it is still hard. I don't WANNA I don't want to suggest that this is somehow. These are the most straightforward thing to do as in most areas of finance that was true than ever ever everyone ideal into it But certainly the tools and the rationale and the impulse for this Have really changed in recent years. And I think that's what is giving rise to much more focus on the issue. I think one of the big shortcomings of this so-called move towards sustainability is that it's hard to quantify exactly what the risks are in the situation that we know that being sustainable being climate minded is a good thing. But it's hard to understand what happens if you aren't that way. What are the risks for a company? That doesn't think about sustainability. And like you mentioned we have more data. There is more transparency now. I would argue than ever before and a lot of these arenas but at the same time. I wonder what you think. The bigger risk is is that a company that isn't thinking about the future in a sustainable way opens itself up to litigation or to to I dunno some big oil spill or something like that or is it. That consumers are exercising more control over the products that they use the companies that they buy stock in what they support based on their own convictions. So I think that there are multiple channels through which down the risks Associated Sustainability can affect a company. One of them is in. There is is the their operational elements right and the governance of sustainability issues becomes important for operational reasons so Are You Are you focused on your internal stakeholders your employees on Do you actually have a strategy to create an inclusive and diverse workforce an environment where employees want to engage in. Stay attached to your company. I do have a strategy for your external stakeholders. Do you have resilient supply chain These are issues where if a company fails to focus sufficiently on these issues it can create operational challenges and they can be positioned begged oblivious of their peers. I'm curious here. What KINDS OF COMPANIES? You and your team think are doing the best job in terms of achieving these goals towards sustainability or at least putting those goals in place are there any specific sectors that you think are moving ahead moving the ball down the field faster than others will one of the things that we spent a lot of time. Thinking about is actually How do you? How do you make an assessment of the relative performance of companies versus their peers within sectors and part of the reason for that is traditionally in sustainable investing? There's there's been a kind of a an exclusionary or divestment impulse which is to say that the the right way to express a perspective or view That that is that is in. The sustainability space is to exit an entire sector right so You know the and that's grown traditionally that sort of more traditional. Sri Ways of investing have been Ex Tobacco X. Firearms ex- ex- fossil fuels et CETERA. And one of the things that we are very interested in is in saying before you get to that question. Can you look and say within a particular industry or within a particular sector? What are the companies that are relative over performance relative under performers and? There's two reasons for doing that. One is that we think that actually that enables you to identify with more granularity which companies are are better positioned at number number one and number two. If you're then fig thing about how you build a portfolio if you've started without excluding any sector or any companies then you can spend more of your risk budget on Those companies that you think are relatively better versus worse positioned so to make that concrete if you think about something like climate change and more generally the the transition to a low-carbon economy that we know is happening that is going to create winners and losers an important winners as well. Right so peop-. The companies that are on the losing end of that transition may lose value but companies that are positioning themselves for new technologies new carbon technologies. They should be on the winning. When we look at that issue what we find particularly interesting to say for example within traditional energy sector. Not Do you want to be out of that sector entirely but where within that sector? Dc companies that are shifting more of their are in D. and their forward cap bax into those carbon efficient technologies in the future Which is an indication that they will be better position five years from now to actually take advantage of those opportunities. So that's that's conceptually. That's a lot of the way we tend to approach the question of where the where the better or worse positioned companies. So does that mean that blackrock would never completely divest from say oil and gas. Well it's it's It's a it's a great question it goes to you know earlier..

blackrock Brian Bruce Subscriber Black Rock Associated Sustainability Business Editor White House Kinsey Grant Blackhawks Obama fiduciary deputy director President Paris global head senior adviser
"brew business editor" Discussed on Business Casual

Business Casual

03:19 min | 1 year ago

"brew business editor" Discussed on Business Casual

"Business. I'm your host and Brew Business Editor Kinsey Grant and now let's get into it if you word mapped last year in business I price. You'd more than just corona virus supply chains in Saudi oil. I'd be willing to bet. The words subscription based model and marketplace are featured prominently. That's because subscription business models. Today are like all birds in two thousand fifteen. Everyone intech wants one. But the pathway to a successful subscription or marketplace based business model or any successful business model for that matter isn't always linear some businesses including the one who CEO. I'm about to speak to have to completely change. Their models to achieve lofty startup goals like profitability or long-term sustainability. A whole lot others. But how do you sell customers on business model that they maybe didn't sign up for and what about investors and your corporate clients? How do you decide WHO's interests? Come first when you're completely upending the way you do business to answer that question. I landman. Ceo of Class Pass Fritz. Thank you so much for joining me on business casual good morning. Thanks for having me. Yeah you are. You're calling in from Montana where you guys have a giant office which is very cool. Yeah Yeah it's actually become our largest offices. Yeah all of our big loans. You have offices in like the the real start up. He said he's too rightly New York out west and once we actually did this model iteration six the model and started thinking longer-term around you know where he can build a profitable business. It's gotten harder to do that. In San Francisco. New York starboard encouraged us to open offices in more affordable locations and we ended up choosing Montana and It's grown our biggest office across all functions people across all functions here and ultimately. I started spending enough time. Here convinced my wife to move and try something different at does. I'm sure it's nice to get out of the Hustle and bustle of these other. Start-up cities Okay so we're going to be in global. Hey if there are ever city to be In during a pandemic missoula might be up there for me So you mentioned changing your business bottom. We'll talk about that in just a second But just for the people listening If you don't know about class pass is a monthly subscription service that basically gives you fitness and wellness users exercise classes and other services gyms studios that you guys partner with It was the first new Unicorn of this decade which I'm sure is Exciting for you guys. I was a fun story directly. Wrote about it in morning. Brill And you are more than just a class pass kind of guy you lead funding a class before you joined the team You're involved in Microsoft's investment in facebook. Which is one of the one of the ones that we write about still to this day So you've got a lot of really interesting experience and I'm excited to talk to you about it. Yes great excited de Love. Love it when people bring up the facebook investment that that we did at Microsoft. I'd like to say that was the best corporate venture investment history and the worst VC remuneration in history. Okay well that's all right. We'll get into that eventually So let's let's get started and dive right in this episode about changing business models. Let's go through exactly what class passes. Changes have been Just sort.

Business Editor CEO Kinsey Grant Montana facebook New York Microsoft intech San Francisco Brill partner
"brew business editor" Discussed on Business Casual

Business Casual

15:43 min | 1 year ago

"brew business editor" Discussed on Business Casual

"Biggest questions in business. I'm your host and Brew Business Editor. Kinsey granted now. Let's get into it so for a couple of months. I've been telling you that I'm talking to the experts about the biggest questions in business and some of those questions are more timely than others like the streaming wars Disney plus came out. Some are more evergreen like breaking up big tech almost whenever others like what I'm talking about. Today are so timely. They get released outside of our usual Tuesday morning schedule. But right now there is no bigger question and business than what's going on in the markets in the wake of the corona virus epidemic. I've gotten countless messages from listeners. Asking what's going on and I understand why what's happening here on Wall Street has been nothing short of astounding on Monday. Markets had their worst day since two thousand eight on Tuesday the S. and P. RECOUPED. Almost half of that giant loss from the day before and honestly who knows what's going to happen today on Wednesday when we're recording this episode but as going into the booth the Dow is down about a thousand points right now. There's a lot of uncertainty. You know that with that. Uncertainty will come people trying to explain away. What's going on or stir more panic or generally just get on twitter and fans some flames. But that's not doing you or me any good today. People need insight and clarity and real world explanations of what's going on because even if you don't have a 401k to worry about the way the stock market moves and the underlying causes for those moves matter to you so today we're putting in a little extra work to get you answers to your questions in this extra business casual episode. I'm going to have a fast paced conversation here with a friend of business casual downtown Josh Brown Josh. Welcome back to the show. Thank you so much for having me. Yeah I'm excited to talk to you again. And we are remote in a lot of people in and around. New York are limiting travel due to this corona virus But it's it's great to have you back on As I am I am in head to toe bubble wrap I have not. I have not seeing people this week. Really don't know why I'm not even kidding. I'm on immunosuppressants Crohn's disease and my doctor was just like look. If you don't have to go to Penn station this week maybe maybe take a break. Let's let's see what's going on because I'm more I am more susceptible than most people also eighty five years old so between those things. I don't I don't believe that but it's it's tough out there I mean. Are you just staying home the entire week or you have snacks and I would be terrified of being quarantined? That's my biggest concern. Can I be totally honest that I have snapped? I hope you deals. You're like an adult. You probably have snacks in your house. Golding hard but I'm okay So quickly Like I mentioned just Echo. You've been on the show before you came on to talk with me about the U. S. China trade war back in the fall You are the C- over it holds wealth management The twitter was at the chairman of the twitter fed. I believe is your your twitter bio at the reform broker nickname. I picked up along the way I'd love manager in Manhattan We work with high net worth families managing about one point three trillion or so depending on. What apple is doing today? Ben We've got an automated Financial Advisers site that people who haven't yet dealt up their savings to a million dollars. Young people probably people the audience. It's called liftoff invest. So they find that on liftoff invest not common so between those two types of clients. We have very different message for both because for our clients who were you know? Five or ten years away from retirement. This is very concerning frank. You know they're seeing money that they plan to spend Within the next decade in motion and motion is not looking for when you're thinking about using that money soon for people on the other end of the spectrum probably like most morning listeners. This incredible opportunity if your liquid and you're saving enough To be able to put money to work it should look it shouldn't make you regret 401k contributions that you made in. January with the market percent higher. Because at the end of the day you can't use that money for forty years. So what's the difference? Right Right This is this is I mean. We don't root for people to be sick of course but you can buy the S. and P. Five hundred twenty percent off where it was selling A month ago. It's an incredible opportunity for people who were forward thinking in smart pro having been to both groups and say two different things. Yeah that's the challenge for my firm and for me personally. Okay and I also feel like I have to say before we get into the nitty gritty here. I can see grants in no way a licensed investment professional josh. You are financial advisor but we'll we'll you decide what you WanNa say and what you don't see you kind of have brought up this idea that there are two different groups of people you right now as a professional are approaching conversations with but I think the general question if you had to answer for both of those groups for anybody listening to this show what the heck is going on like what is happening that is causing all of this volatility in all this froth in the market and I think I've seen the word whip saw like a million times in the last week and a half If you had to answer a question what's going on? What would you say? Also I see a lot of people calling this panic selling but I actually don't think it's particularly annakie Volumes are high. A lot of money is moving for sure. People are getting hurt. But I've seen shrew panic selling and even though we had a halt yesterday in closed the market through fifteen minutes which is a a circuit breaker. They call it anytime. The five hundred cells off seven percents were the they called the market. What that's that's circuit. Breaker is designed to cool people off so that they get it. The buyers and sellers have a chance to regroup and decide whether or not they really just want to keep going in a waterfall of everyone selling all at once and actually worked on Monday at a yesterday. Effective this archaic absolutely effective now. There are people that want to get rid of it because they say all it's doing is delaying the inevitable And getting down to the prices where we should be at. I don't know if I agree with that. I liked that they're doing this. It's a thirty year old regulation that that's been in place and and it actually came about during or the aftermath of the nineteen eighty seven crash where stocks went down almost twenty three percent single day. I don't think the stock mortgage should ever go down twenty three percent a single day. So I like the circuit breaker and the following day yesterday. Were recording this Wednesdays on Tuesday you had a thousand point comeback in the Dow And Pretty Much. Everything went up five percent so today we're back selling again. I don't tickets panicky and I don't think it's irrational to answer your question directly Kinsey. What's going on? Is that a month? It was all good just a month ago. It's paraphrase Jay Z. Maddow were pricing in a recession. At it's very likely if we're really going to do what they're doing. Italy in South Korea and just shut down and cancel everything an empty the airports an empty the subways and commuter traffic to and from work especially in the coastal cities. It would be impossible to do all of that and not have at least a statistical economic contraction and if that goes on for two months the NBA b. e. r. Which is the National Bureau for Economic Research will have to officially declare that yes Q. One and Q two of two thousand twenty were recessionary court back to back orders. So that's that's what's happening ended make sense. This is what should happen. There is a big change in the economy and stock prices and expectations and feelings a should readjust to that reality. We can't pretend it's not happening. Do you think yes or no that. We are headed for a recession. The next quarter. Yes so you say that. This doesn't feel like panic selling It kind of feels a little panicky from my perspective. Here we have people. I think one of the best indicators to ME IN MY couple years you're covering markets is when I got people who I haven't spoken to in a while emailing me or texting the asking what I should do with my money That that seems a little panicky to me. I'm GonNa tell you why it feels that way. Well first of all people that haven't been around for awhile definitely are feeling sense of panic especially if they just started investing recently because if you just started invest in recently things happen now we will. We went from fifty two week high four weeks ago to a fifty two week low three weeks ago. Excuse me it is the fastest. The fastest ever sell off from a new high of fifty two week low of all time. Seven happened It's never happened in the recorded history. The five hundred which which which began in nineteen fifty seven so from that standpoint. The product makes perfect sense. It's quick it's seventeen days from that high that low. So that's one reason but I'm going to tell you the other reason which is really interesting and it reminds me of of trading after nine eleven people are not just afraid of what the stock market is doing. They're also afraid for their health and for their parents house and their grandparents house and some you know they have young children home. People are afraid of getting sick and when that fear instinct takes over what happens is we start conflating. The two things losing money in the market. And Oh my God. Twenty percent of the people who get this thing ended up in hospital and I read somewhere as many as two percents dying. So those things are combining in a in a in this in this Primeval part of our brain. And we can't help. It can help confirm late in the two things right and so I think the speed and the fact that will word are combining to make. It seem like it's much more panicky moment. I've got about eleven. I just WanNa get that really quickly. I was in my twenties when when that's a place I really wasn't very experienced but I would say that this feels very much like that atmosphere because I I was living and working in New York City and after nine eleven every day after there were new rumors and new pieces of news. Hitting the tape is a suitcase. Bombed is GonNa be an anthrax envelope is another crash. That don't told you that those headlines would hit the tape a suspicious package found in grand central terminal right. We didn't have twitter them..

twitter Kinsey Brew Business Editor Disney Penn station Josh Brown Josh apple Crohn's disease New York City New York NBA Golding Manhattan Ben advisor investment professional
"brew business editor" Discussed on Business Casual

Business Casual

16:39 min | 1 year ago

"brew business editor" Discussed on Business Casual

"I'm Kinsey grants your host and Brew Business Editor. And now let's get into it if there's one thing that people love to talk more or about than bragging about the books they've just read it's bragging about how much they work out. It's compulsive like accidentally doing your Zuma top moves at the club but the way that we exercise sized today is a far cry from Jane Fonda or really any other time for that matter and the exercise industry as a whole is worth a metric ton of money in the US fitness industry alone when we're talking health clubs and gyms it's a total of twenty seven point eight billion dollars in revenue in two thousand seventeen but these days it's about way more than health clubs and gyms increasingly the way that money is made in. The fitness industry is far less about personal trainers and more about sharing on social media incorporating technology -nology and achieving that sought after viral success because good for matters but becoming a cult favourite matters more and in the age when class passes recently a Unicorn Peleton Peleton just Ip owed. It seems like the right time to talk about it so today. We're going to try to understand the sweaty nuanced beast. That is the ballooning tech forward fitness industry. And I've got a big question. How has this generation's obsession with new wave at home kinds of fitness change? The business of working out and to help answer that question I am talking to. Bryn Putnam the founder and CEO of Mirror. Welcome to business casual. Thanks for having me really excited to talk about mirror and I think maybe for the people out there who I haven't heard of the product yet. I'm going to do my best describing it. It's kind of an indescribable product. But you might know it as the Gift Alicia keys got for Christmas and that was kind of when you guys really hit doc viral moment But it's it's a piece of fitness tech that when it's not used looks like oh plain old mirror But when turned on its called connected fitness system. Lets you stream live on demand classes in your home. Use the responsive display. So you get to see yourself working out on one end but you also get to see someone either leading class or eventually doing personal training correct. Yep absolutely it's a nearly invisible interactive home gym where you can see yourself as well as your trainer your community personalized metrics and tips and all in a single beautiful in display. Yeah and it works with an APP cracked on on your phone. Yes it's controlled by companion APP Nice so very much. The tech forward part of the business. We actually got to stop by the Mirror. Show Room A couple of weeks before we recorded this podcast and test all the products. It's it's kind of hard to like. I said indescribable. It's hard to kind kind of explain how it works But we did a lot of different classes we do like Cardio Strength Training. We tried some yoga. We got producer Josh doing some yoga too and it was really cool. It was. It's you know it's cool to be able to try out the different things that maybe you're a little nervous to do in a classroom. Don't WANNA spend the thirty five dollars for a class that you're not convinced you're going to love. We've seen that a lot. It's been really exciting to see people exploring so over the course of their time with MIR members generally explore over five different types of classes. And you see member behavior that you probably wouldn't see out in the wild you see men trying classes or older students trading really involved cardio dance routines so it's been really exciting to see people willing to explore from the privacy. Give their own home. The Amir Yeah and you started in two thousand sixteen. That's when you founded the company we did. We started developing the product in two thousand sixteen spent about two years in development and then launched in September twenty eighteen. Okay and since then it's been a lot of present and it's been a really kind of inflection point for the fitness industry as a whole I would argue but I wanNA talk talk about industry analysis on the whole in just a second but I think it's kind of first important to hear your perspective about why the fitness space was was where you wanted to dedicate indicate your your career and that's what we're the core tenants of this industry that drew you to it in the first place absolutely. So I've spent my whole life and health and wellness. I was a professional dancer at the New York City ballet went to Harvard kept dancing professionally and really got involved in fitness as a side hustle to make ends meet when I returned to dancing post college at that point. There were really no boutique fitness studios. You had your neighborhood Yoga Studio maybe a local pilates studio but this idea of paying a premium for higher higher-quality classes and instructors really was just developing at the time but I really like the Business Model I thought it really aligned. The interests of the gym and the member the idea that people for paying for an incredible experience versus paying for fancy showers or the latest treadmill and I saw my members really making progress so when I retired from dancing I opened a studio studio called refined method in two thousand ten and then grew that over the next decade multiple locations here in New York What has been really personally rewarding for me? He is just this kind of learning. That fitness is really the baseline of confidence for many people. If you feel comfortable in your own body and comfortable in your own skin that translates it's into success in your career translates into interpersonal success. And it's really essential for everything you want to accomplish and so it can be a part of that success and then use acknowledged to scale that confidence. It's really personally rewarding. Why do you think it is that people pay so much for workout? You know whether it's I pay a couple of hundred bucks a month for unlimited bar classes S.'s. People pay even more than that for an equinox membership. Do you think it's because people are trying to achieve that kind of confidence. I think that Frankly people are really learning need to prioritize health and wellness so discretionary income has really shifted over time from designer handbags and sporting events to things like health and wellness experiences because people understand that if they invest in their health and wellbeing pays dividends. And so I think those experiences Do cost money. You have to maintain high quality talent beautiful facilities and people are willing to invest. Okay when we talk about people investing You typically don't share specific sales numbers for Muir. Are you willing to give any sort of ballpark number. How many mirror devices you've sold? Well we've sold tens of thousands. We exceeded our twenty nineteen sales target Quite significantly Almost two expert. We were hoping to sell so. That was incredibly exciting for us I think other things that are really exciting for us just the breadth of our member base. So fifty percent of our members are in the South Midwest and southwest. We have almost fifty percent of our devices. Financed close to seventy percent are sold to households households with less than a hundred thousand and a household income and we have a really wide distribution across all age ranges and genders. So it's been really exciting for us to see that the Mir is truly truly a national platform right and when we talk about reaching a kind of wider swath of the country Prices obviously something that is an issue when we talk about any kind of fitness but especially something like a mirror You guys the base cost is one thousand four hundred ninety five and then you have to get a subscription of thirty nine dollars. There's a month do you find that to be a prohibitive price tag for many people. And what share of snow overall. Since you're you're founding have you noticed more people financing the the the product I think for us people really understand the value of the mirror so for thirty nine dollars a month you're able to have unlimited live and on demand classes for up to six members most of our households sold have over two users which means that generally you're not seeing just The parents in the house using the device but also multiple children finding value so for for a family that's used to paying for a country club or multiple gym memberships or a series of class packs in many ways they're seeing a great savings But we also offer expanded financing thing as of earlier this year which enables people to pay over time so zero dollars down zero percents. Apr and I think that's been a really important for people to be able to access the content. They want access okay. Have you ever encountered push back in. And then you guys have raised a good deal of of venture money. Have you found push back in that. This is a pretty expensive ends of product that you're dreadful market might not be as large as something. That's a twenty nine dollars a month for a gym membership. Honestly no I mean I think for us. We really have aspirations nations to be the place that you turn for all interactive immersive experiences. So fitness is one segment of our market. And I think we could build a multibillion dollar business off a fitness alone but we really have aspirations to be truly the next iphone which means that our market is anyone who enjoys immersive interactive experiences in home in a wide range of disciplines. Okay I WANNA talk more more about this idea of becoming the next iphone second but quickly. Are you profitable nowhere not profitable but certainly have a clear path to profitability within the near future. Do you have any sort of a timeframe on achieving that goal to be a priority. We'll see do I come from a bricks and mortar business. Where client one pays for client studio one place for studio do so Building a business. Where the unit economics fundamentally work is kind of in my DNA? Got It So about this whole idea of becoming the next iphone. I've heard you say before that. You guys view yourself as becoming the third screen and someone's home explained me more what you mean by that. Yeah I think that we live in a world old and which people want dedicated devices for different things. I think your phone is the perfect device for small informational interactions quick tax too short note your TV TV is really great for passive entertainment. Lie back on the couch and enjoy something and the Mir is built for interactive immersive experiences. It's about something where convenience privacy abyss seeing community really makes sense. Fitness is obviously a great first experience for us But there are many experiences. Were all those tenants. Hold true so we really view who are selves as building dedicated real estate in the home and building a brand and community around this This new type of interaction sounds like a massive have undertake gangs a typical Maybe even lofty goal to achieve. How do you go day today about achieving that goal kind of becoming the next iphone it took tons of capital and a long long time? I think the biggest thing is saying no. I think when you're building something where the possibilities are endless and the growth potential is unlimited. Did it's very tempting to Do too many things at one time but I'm a ballerina by training and the en- dance really each day. You sort of show up up and try to be incrementally better than the day before and one hundred percent is never achievable but always the destination and I think when you unite sort of better is better with unlimited potential. Oh you get a lot of discipline and focus about what you tackle on how you execute so for us it means really doing things in phases and steps knowing that our mission is quite big so your mission is more than just fitness. As you've you've said what do you think is the next most easily attainable goal for using the MIRATEC beyond just doing a yoga class during a bar class or something like that. Yes so we Are About to launch meditation in partnership with Lululemon and that enables us to move from our core offering fitness into raider wellness From there we move into some interesting applications for some of the more senior members of our population and physical therapy Rehab and senior wellness. So so we're moving sort of incrementally outside of our core over the course of the coming months telemedicine comes to mind pretty quickly. I mean that that seems like easy money for you guys. And that's a a huge ballooning market as well. Yeah absolutely. We launched a personal training a few months ago. which was the first time we enabled the camera and microphone in the Mirror and so we moved from and not just one too many class content but one to one Personalized experiences with that unlock. There's so much potential for things like telemedicine Were that one to one. Interaction makes sense. Did you initially build the mirror before you unveiled that tech. Did you build it with the camera and microphone knowing that you weren't ready to use it yet. Yep absolutely okay. So it's really important to us that Moore you buy today will be the Mir that you use far into the future and so we built the device with the camera and microphone inside knowing that it would be a future unlock okay. I won't talk about this this aspect of at home fitness and I know that it'll be more than fitness eventually or ideally it will be but for the purposes of today. We talk about at home fitness. We've seen seen a huge expansion in this market from the the Peleton's of the world even flywheel ordering classes through Hulu things like that. Why do you think there is such a draw for people to working out in their homes as opposed to the more traditional model of getting a gym membership and going three or five times a week? I think the idea that I'd home fitness is sort of a new trend or a fad even is A bit of a misperception. So bowflex built a multibillion dollar business pre Internet an ad off of catalogue sales selling people in.

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"brew business editor" Discussed on Business Casual

Business Casual

12:25 min | 1 year ago

"brew business editor" Discussed on Business Casual

"I'm Kinsey Grant your host and Brew Business Editor. Let's get into it. I want you to take out an air pod right now and ask quivers next to you. What their favorite business sector is to read about? I bet money. They don't say railroads and I bet money they do say Tech Tech has cemented itself itself as the defining sector of this generation but quote unquote tech is brought in it encompasses far more than just facebook and Google and apple and Amazon plus the kind of technological logical innovations we most closely associate with the tech space. Today have been in the works for at least a couple decades. So who knows that we have google chrome without AOL so today in the spirit of taking the long view on the tech sector where it's been whose leading it and where they'll take us. I'm sitting down with the reporter. Widely known as the most feared and respected it in the valley feared and loved yes feared and loved. They don't Swisher. Thank you so much for coming on business casual thank you. That is a New York magazine article. It's GonNa oh yeah awful. They don't love me. Just say A. Maybe a few of them do well I I. I'm sure that maybe this podcast will be the one to Tara right so you you have a really impressive. CV and WanNa touch on everything. You've had a really cool career so far and but let's just say some of the highlights We've kind of covered tech as we know it today for as long as it's better on the you've started all things digital at the Wall Street Journal you've written two books co founded recode which Fox spot couple years back. launched recode decode. The podcast is kind of the the benchmark for good podcast these days as a a new podcast host But also I think one of your your most interesting accolades is that you were an adviser and you you played yourself on Silicon Valley. Yeah just the exciting season. I'm in twice one just aired okay. To think it was pretty good and deserve an emmy and I'm in the last episode right. The committee the nominees or I mean he's also our co founder Austin Reef dressed as you for hell. That's creepy creepy. Well he's a big Fan so today I I think talking tech in the big picture can be complicated But you know you've you like you mentioned have been in this for decades like AIDS you you've covered tech for a really long time And I want to start with some of your earliest days. What would you say are the biggest differences between your earlier days of covering tech and covering tech? Today it was a beat reporter covering a beat. I started off I. Actually someone sent me a link to the a lot of my stuff is not online from the early Washington. Post that I wrote about tech but but I wrote about a bowling alley technology which was pretty good piece actually and And I use the word hyppolite which I get myself out of the back as maybe my twenties I I I I always sort of interested in. I think I had a real interest in how it was GonNa Affect Society a lot of tech reporters at the time as I recall all were very interested in the actual technology and so they sort of talked about chips. They talked about this. I never talked about. They sort of talked about the insides of a watch and not what time it was and I think I saw pretty early. Compared to a lot of people the impacts society from a business point of view and and how is going to just have this all encompassing Element in our lives. And so I. That's how I covered it More about the impact versus the actual guts of the of the thing. Why do you think that people when you started out weren't recognizing this human impact me and I? I got the first thing they teach you have it at the the the journalists who covered tech industries. We're really geek or Geeky and very fan boys. Ah Much like ooh look. You can do things that no no one wants to build a computer. I mean maybe somebody does but not for most people. They just want to use the computer like nobody wants to build a car. Some people do but most wanted drive a car and so I think it was written by people who want to build a car build a computer and and that's when you have automated motive reporting or tech reporting. It was often very laudatory toward the people. They they looked up to them and so I didn't carer who these figures. I wrote a lot about the figures but I was more interested in the bigger picture. One one of the things I did was to meet these people early on in their careers so that they when they were in the nascent stages of creating whether Jeff Bezos the Google guys or any any of them were reed hastings from Netflix. I was there when they were thinking through their issues and I was interested in in how they were thinking and the obstacles they went through to get to where they were going. And I think it's a great place to be sort of reminds me. What if you were around when Thomas Edison was doing his stuff or tesla or the automotive automotive makers how would you cover them so I got to know them all really well personally And wrote profiles of them and covered them You know I covered them as people all sort of on a journey. And that's the way I looked at it and then it sort of all. You just cascaded as the money started to rush and the successor to rush into the system right I I mean I would argue that. It's it's more than just looking out by getting in on all of these stories at the ground level here you had to gain a lot of respect from these. Yeah I think I. I think I was very fair. I didn't like I wasn't a fan boy. I think that helped a lot. If you're a very minor student of history and someone who has some brains you could see where it's all heading. You could start to make predictions addictions and so. I think I really did start to look at these inventors like okay. What's that going to do if this succeeds? What's in their way? And I think they appreciated that and I asked tough questions you know. There's a certain element of push pull between a reporter and their subjects which you know. The subjects typically get noticed getting noticed noticed by me. Then you must be something yeah it brings to mind this whole kind of weird power dynamic. That's at play in tech media than a lot of people in power we'll say hey we'll give you the scoop but I wanna be anonymous or do you ever feel any sort of moral compromise when it comes to something like that not often. No sometimes. It's an interesting interesting dynamic that you have is that you have to maintain access and a friendly enough relationship. Not Friendly friendly is not the right word but respectful enough relationship as long as they respectable With people in order to talk to them and give them a chance to talk about it at the same time. Everything other mouth isn't true into question what they're doing that's a lot of pressure to kind of be that mouthpiece for people well you're not a mouthpiece like you don't have like for example. Some people have had very testy really like Travis. CBS calendar from Uber. And I just you know had a very testy relationship but I didn't. I thought what he was doing was after I did. Some reporting was questionable. You know not to start to take away. The idea wasn't a good good one but the methods and means that he did. It was really problematic for me and as a person and one of the things I like to do as a reporter I have a point of view like sometimes reporters pretend unlike. Oh it's being completely. There's no such thing you know it's laughable to say you don't have an opinion about something or or take on something after doing reporting you know what if you just don't insert that take two years. Is that possible to do. You can try and reports had spent a Lotta time not saying the truth which is really Kinda fast you go back and say oh that sucked and nobody would write that right like nobody would write it and so they said you need the the sentence it has an analyst saying this or or saying your point of view and I'm like but I have a point I know what from my reporting. I know what's happening here and so you never could do. It was a big fight and I used to call it the to be sure statement. Like you'd say Web van is ridiculous Ponzi scheme waiting to go down to be sure some people think you know the to be short and I don't you don't need it. You're just like doc. Look this is you know like when I when we either did Yahoo or whatever company like Yahoo is like this is a disaster. And here's why and I'm GonNa give you the straight straighttalk based on my experience and what I think people can push back on it. People can disagree but we tended to be pretty accurate in how things turn out right and I think so much of journals. Today's couching what you write with some sort of not newbie. Sure no not anymore. I think things so I think I think all things D and other sites a lot of the AH you know suck dot com well cuttings. Pioneer even spy magazine was like just a second here. Donald Trump is a rich guy is short fingered Bulgarian. You know what I mean. And just it's like what about outside tech and we talk about politics or well people are telling the truth. So what do you say to the whole fake news movement but which one would uh-huh on his fake and then there's there's a difference between the stupid fake news thing and actual news that is fake and that's dangerous. This is misinformation disinformation just information and stuff being planted by malevolent forces either to influence companies or influence country's policy that's very different from Not Agreeing with take Jake that a newspaper has you can do that like okay. I think they're mean to me. Okay Bright Your own piece or say your own thing but it's very different. The fake news thing is just bullshit. Oh Shit okay so much bullshit. Speaking of Bullshit. If you had to to think of maybe one question that you use to figure out if someone his bullshitting you is there any sort of game plan that you have or is it a read and try to know a lot more than they do and sort of try to test them on certain reactions of things. I actually know a lot about and if if they give me a a a an answer I think is just not true. I will actually cy. Cy I say things out loud. I was at a recent New York. Times conference And Andrew Research Cirque Mr a great interview with Dr Coaster Shining. He asked me to get up and ask a question and so I go. I can do math. And your business is not economically feasible at this this point. Can you try to disabuse of this mathematical calculation. I making here and it was like I can't believe that I'm like what like it. Doesn't the numbers. Don't his math like the same thing we did. We work like everyone was like we were like this. Me and Scott Galloway on our pivot shows like this is not economically. Leave feasible and it was like. How can you say that we're like we can do math? Yeah anybody can figure it out mathis the eternal language. It doesn't lie one plus one is two. That's it that's the whole thing and everyone's was like that was tough and I'm like do you think that has to do with the sort of perceived power dynamic a a CEO. Nobody has power. You can ask anyone. Can the smallest a person can ask a question. Okay you know. I'm a euro the turtle issue not. Oh Okay what is your favorite interview. You've done with a one of these a big tax. Theo van one the last one I did I wanted Jeanette. winterson WHO's a great author should very famous authors did oranges and then only food in her new book is called Frank Costanza and it's about a an an ethics and rethinking monsters and what is an tack and gender fluidity and Trans Humanism and robotics. It's really great. I had actually a fascinating interview with Travis Kalanick's who I don't like what he did do but boy did he tell the truth at one point I asked him..

reporter Tech Tech Google Travis Kalanick New York magazine Brew Business Editor AOL Swisher Wall Street Journal Washington facebook Jeff Bezos Thomas Edison Silicon Valley Tara Donald Trump Yahoo Ponzi scheme Netflix
"brew business editor" Discussed on Business Casual

Business Casual

13:11 min | 1 year ago

"brew business editor" Discussed on Business Casual

"That's honestly had it up to about here I'm Kinsey Grant your host and morning Brew Business Editor. Let's get into it so I'm not sure if you watch silicon valley or if you've ever noticed there's not a show called MS robot but here's the long story short. There is a gender gap in TECH AND THAT GENDER GAP is keeping tech sector known for innovation and forward thinking from achieving as much as it possibly possibly can simply put when women aren't represented in the tech world. Your Tech. Whether you're a woman or not gets worse I want to know. Oh how we can think about this gender gap INTECH. How bad is it? How is it affecting the whole of society and the whole of business? And what can we do so today to talk about just just that the founder and CEO of girls who code rush massage. Johnny thank you so much for joining me. Thanks for having me. I'm really excited to talk to you. You have had an incredible credible career. So far even the past couple of years for Carlton Code Has Been Just Breakneck growth and We were just talking before about how much your team is growing. And it's been an incredible ride. You Yeah it's been it's been wild. I mean when I started girls who code in two thousand twelve people like coating is that flat lining medical term and like now at least people know what it is is in you know we have ten thousand girls who code clubs across the country. We've had one hundred and eighty five thousand girls. We have thirty thousand alumni that are majoring in computer science on College. Campuses episodes right now. So it's happening really is happening in the lives of real life. People which is incredible and the main premise rate is to close the gender gap tech and to do do that. The you guys are trying to make sure that girls and young women are capable of these technical skills. Yeah absolutely and like you know. Essentially we're living in a world where like technology is changing everything about the way that we live in work. And we're also living in a world where we're more and more reliant on women to be breadwinners like almost forty. Three percent of America's breadwinners are women. But when you look at the industry that has the highest monograph where you can make a lot of money that you can march into the middle class you know. We're we're not seeing the same numbers of women that we want to see and it wasn't always that way In the nineteen eighties almost forty percent of young people in college campuses. That were majoring computer. Science we're women and now that number you know is less than twenty so we need to change that. Why do you think that number has gotten so much smaller Well I think that culture chur has played a huge role so When you think about we have you know Barbie dolls that say I hate math? Let's go shopping instead. It can walk down the street. Ridden by T shirt. That says I'm allergic to Algebra at forever. Twenty one you know. We have movies like mean girls which I love but you know you'll have that scene where she gets an aunt her math test and she crosses crosses it out for a d. just to get the factions of boy. And so when you ask little girls across the country what is it computer. Scientists look like they'll say it's dude. He's wearing a Hoodie. He's sitting in a basement somewhere. He's drinking red bolt right and he stared at the screen and little girls. Look at that image whether it's on television or in a magazine or in a movie and they say not only do I not want to see him. I don't want to be friends with him right so we have literally turn girls off and so that matters right. So why do you think that this idea of like you mentioned the the Coder we picture in our mind is has six monitors yes dark and sleeps all day and codes all night. How do you think the media has has kind of perpetuated? That idea of this isn't a young woman or a girl who's making these big changes intact. This is a specific kind of person. Then who most people might not be interested in even like you said being friends with me. Look I don't I don't know if I was a conspiracy theorist I would tell you that it's intentional right because you can really pinpoint when it started waited happening and it was really the nineteen eighties. Right it's when the personal computer came out. It was targeted as a toy for boys. So when you read Steve Jobs biography or you know mark sucker Burg like the computer was a really powerful moment in their their lives as children that was part of their journey to be innovators and girls similarly didn't have that experience and I think the things that you saw in media just reemphasized the things that were happening to them at home. I've spent the past year on a book tour really talking about this idea about bravery and perfection so even if you like sit at a moment you know On a playground. You'll see that we taller color girls to like be quiet you know. Don't get your dress dirty. You know. Say Your pleases and thank Yous. But we tell our boys to climb to the top of the monkey bars and just jump and we tell them to get dirty into tinker into take things apart and to build into create. And we don't have that same. We don't tell her girls do the same things and part of being a programmer. Part of being you know a creator is to tinker to take things apart is to fail into. It's the annoying semi colons in the wrong place. And you you gotTa do it over and over and over again you have to be perfect. And I've heard you talk about this before that. This idea of female coders and programmers are are less is likely to show the process. Here's what I built but here's how I got there and I had to fail to get here that we're so obsessed with showing that perfect final product that we don't even WanNa try anymore if if we can't get it perfectly on that that I try hopefully and I think for so long thought that that was biological right. We thought that like the way girls and boys brains were wired. There's this article that just came out a week ago that like basically show that that was not the case it is really about socialization. I don't know if you've ever experienced Kinsey but even when you're sitting in a room in there's there's something that you want to ask a question and you almost like I don't Wanna I don't wanNA sound. I'm not going to raise my hand whereas you watch manages very like solar ends up in the air and just ask and they're not worried about what they look like or what they sound like or whether they be judged rate you bring up an interesting point that there has been this history of argument of these physiological difference between men and women and you know we had the the very famous case at Google with the memo heard round the world. Great that he argued. That men are physiologically. hardwired to be better at jobs at Google than women are and the Google trying to right right. The ship and hire more women was actually heard in Google's product lineup. Yeah what's your take on. That makes me so mad. Well so it's simply not true. There's no biological evidence it in that shows that but I think it's the way a lot of people think I remember when I started girls who code. I had a meeting with a very prominent venture intra-capitalist and he literally said to me girls who code. That won't work because girls brains are just wired differently like pull out a piece of paper and drew like the bell curve and and went into this large analysis. Just like why that can't happen and this is like a you know a seemingly progressive. Well known person that people people know in New York tech so I think that like this is what many young women and women in tech are up against the sentiment that you're only only here because of a quota because of her reaction because of you know the fact that these companies want to seemingly seem like they're diverse. You're not here here based upon your merit so this idea of culture in tech is something that especially in the last five maybe fewer years. We've really kind of brought to task Not only because of of me too and that entire movement but because cultures problem into places you see somewhere like Uber had every you know possibility ability in the world open up to them until there was one bad headline now. Every headline about Uber is well. It's got a culture problem leadership problem where we need to hire different kinds of people and that has been pretty pervasive throughout the tech industry and throughout the valley. How do you think that the culture of affirmative action? You're not here based on your merit is it. Is it changing at all in tech or is this culture just going to kind of stick for as long as we let it. Look I think the thing is is that Texas was unique. Because I think when tech started getting prominent in facebook or twitter or snapchat you know a lot of what we thought at these companies were different right. We thought that they wanted to change the world. Make the world better. We really thought that I literally thought that all nerds were welcome that when they said that they simply really couldn't hire women because he couldn't find them I believed them and I said I'm just gonNA teach a bunch of them now seven eight years later when you see that. The numbers offers of diversity haven't changed not just in their technical industry but in marketing in sales in places where we know that there are plenty of women and people of Color you have to start asking like is. Is there a deeper bigger problem when you see you know the stories coming out of not just Uber Book Google and facebook and like so many other companies that we thought were different. We're starting to realize well you know what all nerds are not welcome and and I think the problem with tech is there's just a lack uh of responsibility acknowledgement. That's something is actually not working in broken. They really have. This kind of libertarian. Thing where were you know. That's that's the biggest problem right you can't you know Bill Gates always used to say right. You cannot change what you can't you cannot fix what you cannot measure. It's kind of the same thing right right. If you can't acknowledge that there's a there's a there's a problem is really hard to fix it but we have to me. I get frustrated because we have measured. Yes diverse yeah where it's come out since you know as early as two thousand fourteen we've been getting these diversity. Reports from tech companies every year. Google is sixty eight point. Four percent male Microsoft soft seventy two point four percent male and eighty percent male leadership apple sixty seven percent male..

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