20 Episode results for "Jc Penney"
Sweet Music for Investors?
"Thanks to net suite by oracle, the business management software that handles every aspect of your business in an easy to use cloud platform. Get the free guide crushing the five barriers to growth at net sweet dot com. Slash fool. It's Wednesday, October, third, welcome to market full movie. I'm career and joining me in studio. We have motley fool analysts Emily flippin and Jason Moser welcome. 'em in, hey, how we feel inning feeling. Great. Okay, good. Well, we are gonna talk about a big IPO and a big partnership with some kind of strange bedfellows. I don't want to give it away that ain't Paul Honda and GM, but let's start with retail on Tuesday. JC Penney naming Jill Soltau as its new CEO. Now, Jason, she was formerly the CEO of joy in stores. Investors seemed like the news shares of j. c. Penney today up around five percent. Does you may be surprised to know actually frequent, Jillian source, someone, MAC, I mean, having kids, I'm sure you understand the value buying their crafting USA. Typically, I'm out there looking for watercolor stuff. Okay. But my kids love to get fabric and all sorts of others today, you know, trying their hands at all sorts of different crafts, though. It's kind of a nice place to go away some time on a rainy day, but. I guess I digress. Right. So I appreciate the fact that JC Penney is the continue to search for someone with that special skill set to turn things around. I think the problem is this is no offense to miss assault Al. I just don't think that person really exists because this is well beyond a leadership as you. I think this is a fundamental company issue, and essentially you're looking at a concept here in JC Penney that just simply failed to change with the times and very fast changing retail landscape in. And so consequently, they've been stuck more or less on the defensive here over the past few years and they're trying everything, right. I mean, remember they were going to try selling appliances and then they were going to really focus on fashion and so they've lost their identity completely in. I don't know that there is any way to get it back. Kind of feel like this is another Sears in the making. Okay, Emily, that sounds pretty dire. It sounds like Jason saying that that joyous Soltau being dealt a pretty bad hand here. I mean, is there any hope for JC Penney. Oh, there's no doubt. She's. Being delta, poor, hands of, I completely agree that a transition JC Penney should have happened a long time ago and they tried didn't have the capital for it and they failed. And unfortunately, what we're looking in our just kind of like the last remaining vestiges of this once great retailer. I do think that she's an interesting pick though, and I disagree on where I think JC Penney went wrong. They did try a lot of things, but for me, the crux of the problem was always with their merchandising where they failed innovate was the fact that we are changing from looking at fashion in terms of seasons to looking at fashion in terms of weeks or days or what's available. And so they're trying to predict trend seasons ahead of time in order the right amount when the fact is the consumer's didn't really care. They kept going to stores that don't have merchandising liabilities as opposed to going and paying up for the experience at JC Penney. And so this new CEO she has experienced, I think, was possibly her strongest value proposition was the fact that she was the chief merchandising officer at Shopco. Oh, so she's somebody who understands that process is probably very familiar with the fact that the idea of cheap chief merchandising officer has changed a lot over the years. And so I'm hoping that maybe she'll look at how JC Penney manages their inventory and think, hey, we need change something here. Okay, so if she's able to pull this off, what what brings me back to JC Penney. 'cause we were talking before the show and I'm like, why am I going to JC penny? I could go to target. I could go to Costco. I could go to any number of retailers target especially now because they have so much clothes. I mean, they're they're so heavy into peril. So what keeps me or what gets me back to JC Penney. That's a good question. I'm not sure if they can do much to attract me as a customer like we talked about. I do tend to buy my clothes at target. I tend to buy my clothes at companies like TJ Maxx Ross, where I know that you know, it's kind of like an exploratory experience JC Penney I think needs to go back to its roots in terms of making it seem like a value they did. It made a big mistake thinking they have the capital to transition from being coupon store to being a target store. And so I think moving forward, they need to kind of bring back those customers that are looking for value because the customer that shopping JC Penney I don't think it's the same customer that shopping for clothes at target. The right question because I think that's the advantage that mistletoe has at JoAnne that she's not going to have at JC Penney. Jillian has a very clear proposition. It caters to a specific audience, right? I mean, you're going there for a reason. You're looking for crafting stuff with JC Penney at this point in the game, you don't really know why you're going there. And I think most most customers are saddled with that as well. And so you're thinking about what you may want, whether it's fashion or anything you might get just from a general retail store in? I don't know. The JC Penney is necessarily top of mind, and then add to that, the fact that you've got these extremely big successful companies out there like Amazon and WalMart that are really putting their a stake in the ground on fashion as well. I mean, WalMart's getting ready. I think the rolled up another acquisition on their on their fashion line in certainly, Amazon is making a lot of a lot of vets there. We're talking about more. I think it was expresses getting rid off. For up of subscription fashion offering too. So it's it's a really difficult space. No question in. I just don't know the JC Penney has that same resonance with the consumer that perhaps it when we were on up. So I'm gonna count you either cautiously pessimistic or not cautious, pessimistic enforced, right. Okay. So Emily mentioned value. Now I wanna talk about the stock as we wrap this up stock trading around eight dollars a share five years ago today under two dollars a share, I think around a buck sixty or so. So the stock value play or value trap. There's a reason why it's verging on opinions, Don. For me. That's one hundred percent about you. Trap don't go. There don't go. You have to look at the basic metrics and just recognize the fact. I mean they're trailing. Twelve month operating income was two hundred thirty million dollars, and that's on top of net interest expense of three hundred sixteen million dollars. So when we look at those numbers together, which we all do, and that's the coverage ratio. We wanna see that operating income is going to be able to cover that that interest expense multiples. Over in this case, it's it's upside down. It's the other way around. So they're really, I mean, they aren't of acquitted a crisis. Now it is beyond just business problems. I mean, is it straight up financial problems? Well, okay. Well, let's move to the world of big IPO's, ten cent music. China's largest music streaming service has filed to go public in the US. Now Emily and Jason tencent. Music. Entertainment has eight hundred million monthly users. Yes, that's eight hundred million and oh, it's also profitable. That's not something we hear every day when we're talking about music streaming services. So Emily should investors be excited about this? I feel I know I am very excited about this. I oh, you're right tens at music entertainment. It's probably going to trade under TME. It's the largest Chinese music streaming services. They have the four largest Chinese streaming apps, four times as many customers for times as many listeners as Spotify and a completely different revenue model from Spotify and one. That's been proven as profitable. So while we've seen this year, a lot of really failed Chinese IPO's challenged Chinese IP as I should say. This is a really interesting new company because like I said, they're coming out with a different business model, strong user base and profitability right out of the gate. So it's exciting. Like I said, they're owning the four largest music streaming apps. But what's interesting about this is that they haven't really grown into licensing the same way that we see here in the US. So the majority of their revenues are actually coming from virtual gifts and tips that are given to content creators on the site. So it's a really interesting they don't have the same subscriber base. It's all kind of this organic growth that's coming from within these four base app. So it really, really will be interesting to see how they continue to develop in the near future. Having a family of apps in this business is probably the best way to go. So, I mean, we've seen the gun consolidation, obviously there with siriusxm purchasing Pandora. We talk about the success on apple music and Amazon in. That's because they're part of a bigger hold so to speak in. So it sounds like ten cents from that perspective is is you know, probably has a leg up. I mean, is this straight? Is this just Chinese exposure is, is it is offering that goes beyond China. I think right now, this is straight Chinese exposure will be a straight Chinese exposure stock. I did laws vary so drastically by country that I think it's smart of them to kind of get a hold on the Chinese market before potentially moving internationally. I think they'll have a harder time if they do try to compete internationally. So I think what they're doing is trying to be the player in the Chinese market and they already have some strategic alliance with Spotify so they each are invested in each other. It's there's some opportunity there for them to get some international revenue from that partnership. But I definitely think right now we're looking at a peer China play or y'all before we talk about our next door. I want to mention that support for market fully comes from. Net suite by oracle, the business management software that handles every aspect of your business in an easy to use cloud platform. Now, net sweet shows you everything about your business revenue expenses, customers orders, e, commerce all in real time, keeping your company's safe from fraud, and we all want to be safe from fraud. Is that fair? I've got no time for fraud. I have no time for fraud either. Well, net sweet. Save you time and money by managing sales, finance, accounting orders, and HR instantly right from your desk or phone and you all this isn't some one size fits all software. Net sweet works. The way your business works. That's just one of the reasons why thousands of the best known brands and fastest growing companies use nets to manage their business, and now it's available to you and is more affordable than you think right now. Net suite is offering you valuable insights to overcome the obstacles that are holding you back for free. Get the free guide crushing the five barriers to growth at net sweet dot com. Slash fool. Okay, y'all. As we wrap up, there's an old expression. Politics makes for strange bedfellows and turns out self driving cars also making for strange bedfellows because we have news of a big deal between Honda in General Motors, Honda investing, two point, seven, five billion in GM self driving car unit. Now, Jason, this investment is going to happen over twelve year period, but still that's nothing to sneeze at for the record. I'm far more bullish on self-driving cars than I am politics. Out of the way you are not alone. Yeah, I, I mean, I think this really speaks volumes to the advantage of having already having a major presence in the auto space. You look at companies like Honda and GM and Ford as well. I mean, they can really hit the ground running because of their production capability in their. They're the availability of capital for these businesses in. I mean, the auto business is hard. I mean, I think we've seen that year in year out. It's a tough business. So partnerships like these, I think need to be seen as advantages as opposed to perhaps deals that are being made out of necessity. I mean, we're seeing a big shift here in with the technology that's available today to changing our transportation infrastructure. And these are the companies that are gonna be a part of making that happen. I, I will say, personally, I think it's going to be a little bit further down the road, so to speak. Then perhaps a lot of people think I do think the technology will fight. Find its way where it's needed most. I think it's gonna take a little bit longer probably than some people think Emily. What do you think? I actually think it's coming little faster than some people think talked about this a little bit before the show, but you know, we have an aging population, a population that is a very strong vested interest and having the independence that comes with driving. And so I think there's going to be a very strong demand for autonomous vehicles. At least one that can go short distances to get people to the grocery store, get them to the doctor's office, get them to their families houses. I mean, here's a really, really big area for future demands. And I think the first ones to kind of get there and to make it. So the average consumer can have an autonomous driving vehicle is going to be a very big player. So I'm I'm very bullish in space in general. And I think because of that strong vested interest, it's probably coming faster than a lot of people think. Okay, so I want to put numbers on this kid born today. Let's say they get their driver's license around age sixteen. So sixteen. Years from now, is that kid going to have a driver's license or autonomous vehicle is going to be mainstream. Go ahead as well. I think boy, that's a tough one. I think you'll have a choice, frankly. I think you will have a choice. I my biggest hang up in regard to the time line here. It's it's less to do with the actual technology and the automobiles and it's more to do with our actual road system. I just don't think we have a a road system that was built to accommodate. It's not a technology. So there are a lot of parties involved the on, just people in the cars and the people who are making the cars. I mean, insurance companies don't have to figure this out states. Municipalities are gonna have to figure this out how how they all play with one another. In regarded this, I think it's going to be more than just the technology for the cars. I think it will be available, but I do think there will be plenty of sixteen year olds and seventeen year olds. And what does that year twenty thirty five probably be wanting to get driver's license. I think the question is, is that Kidwell off? Is that kid born to a well off family because if they are, I do think there's going to be a choice. I. That the government municipalities. I mean, these things operate much slower than technology and corporations do, but I think that technology is so rapidly evolving that it's really going to force them to do something because ultimately we're going to have autonomous vehicles on the road in the near future, and they're going to have to, you know, get with the times that they want to start regulating that which they're going to want to. Okay. And in terms of investors, if I'm looking at this whole area self driving cars, autonomous vehicles, I'm like, this is going to be bigger than anyone thinks and maybe it's going to happen faster than anyone things. What's the best way to invest. There are a lot of different ways you can go, you can invest directly in the car makers. You can invest in big tech like, you know, alphabet Google that owns way Waymo or you can invest in the company's making the technology like an Invidia. So what do you think in terms of investors? What's the best way to invest in this area? I think it depends on how much exposure to the air you wanna have. If you're like me and you think this is coming around the corner faster than a lot of people expect it to becoming then help direct. You know, invest directly into these automakers. I'm speaking of Chinese IPO's, recent Chinese IPO Neo because many say the tesla, China, that's an interesting angle as well. So you're looking at electric vehicles because these are likely going, these new developed cars are likely going to be the ones that have the autonomous vehicle driving sensors. So you can invest directly into those types of companies or you can do the chip makers. You want, you know a little bit more of a hedged exposure. So chip makers are also probably going to be a big player in this field in the future. Yeah, I think that makes a lot of sense. I mean, the one thing I worry about with chip makers, the makers of the technology is if it becomes the norm that it essentially becomes fairly commoditised. So then maybe I, you know, I think if you're looking further down the line, I'd be very fascinated to look at the companies that are utilizing this technology for some kind of service or offering to consumers in perhaps how they monetize that. So thinking about something like an Uber or lift, how companies like that might go ahead and levers this technology for their own business model because I do think you're gonna love to think about this from these senior citizen angle and macrey aiding there faster than relying. Are you looking at. In the same boat with event. Looking in the mirror. But I wouldn't it be interesting to see states adopt legislation. They're just say, hey, at age seventy-five. Yes, you're not allowed to have a driver's license because the technology is out there. You don't need it. That would be pretty compelling to because there is a point where either use an individual or perhaps you you have parents that are older and you gotta take away that that privilege and in its. I don't think it's the easiest thing to necessarily do. So I've conversation, yeah. Yeah, yeah. Well, I can tell you 'cause I absolutely love driving, but I had a I this summer, the beach, I drove a low speed vehicle, which is essentially a souped up. Golf cart can go on the main highway and it goes up to thirty five and it was incredible. I just felt like I am living the dream. So I have seen my future and my future when I get rid of my car is I'm going straight to the low speed vehicle. And I mean, I guess you know, you're somewhat limited, but I mean thirty five is not places. Oh yeah. Yeah, it was great and told me to where you need to know, man, it's all just a matter of time. I don't know, you know, and this and the golf cart. Let's be clear. This is a low speed vehicle, so it's Rhode worthy. Okay. So let me hit you with my desert island poll as we wrap up totally unfair, totally arbitrary. You should never invest this way, but for some reason you're on a desert island and you have to buy one of these stocks for the next five years. What are you going with? You got JC Penney Honda GM or ten cent music entertainment. For me, that's that's hands down, tencent music, entertainment on ten cents, big strategic player. The only player in the music space in China. It's going to be interesting to see if they need to move towards us if corruption revenue in the future to continue to be profitable. But for how they're doing right now. I mean, I think it's a great value proposition indefinitely, superior my opinion to automobile makers and JC Penney not tempted by those cheap JC Penney not. Admitted a policy to not invest in failing retail concepts. Policy, not a big fan of the automaker. So I'm gonna. I'm gonna saddle up with Emily. Here. I trust her judgment. I think I'm going with tencent music streaming. I need to throw something else in there. That was not a good question. There's two, he's like Amazon or something. Okay. Well, Emily, Jason, thanks for joining me. Thanks if you have any thoughts on our desert. I'm have predictions on wind self driving cars will be mainstream, or if you just want to share your experience driving a low speed vehicle. Awesome. Then our Email market fully at full dot com. That's market at full dot com. Thanks as always for listening as always people on the show may have interest in the socks they talk about in the motley fool may have recommendations for against, so don't buy or sell stocks based solely on what you hear. That's it for this edition of market foolery. The show is mixed by an Henry. Hi, Matt clear. Thanks for listening and we will see it on.
Welcome to the Hot Mess Summer
"Hi? This is Karen and a quick editorial note. This episode was recorded a couple of weeks ago, so there isn't any mention of current events, but just to be clear here at pop fashion. We believe that black lives matter, and if you have a problem with that statement, we cordially invite you to get the fuck out. Reset! And this is pop fashion hotness summer y'all. It's the hot mess summer edition Hello Welcome back. We leave you guys for six months, and everything falls apart. What had happened what happened? We trusted you guys. I've turned his car round and we came home. And everything's on the. Beer cans and the swimming pool. Things are on fire. You guys. We miss you. Thank you for tuning back, ed. We have a concept that we're working with over the summer. If the word concept I mean. Take it loosely. It's a loose concept. Welcome to you hot mess summer. We are doing it. June July August. We're going to have a little term where fashion news in session, but we're doing it a little bit differently so typically in past. What we did was every week we came to the table with your latest fashion and retail news, but it turns out fashion retail. Right news right now is rough, so we have a modified idea of how we're going to approach summer. We're going to record when we can record. We're not GONNA try to follow every single story because. We're already tired. Very tired. but we're gonNA talk about what's most interesting to us. In this wild moment of summer, we might get a little Kooky. We might get a little off track. There was a whole week where I wish. We were out of hiatus, so that I can talk about the last dance on ESPN. Is Gone so I'm GONNA save it. Dm Me if you WANNA talk about it. But we're just. We're just GONNA win, but we're going to be here for the summer. Do not expect us every Friday or every Thursday afternoon or wherever you find us, because that's not gonNA happen. We're taking this as like. If we were on Vaca- and just wanted to talk with our friends. Honestly because we want to create a podcast that we wanNA, listen to you that we're excited about listening to. And the news is just hard right now, so we're going to volley back and forth between some news items and being kind of an educational place, but also just getting it to some fun stories that we want to chat about, and that's what to expect over the summer. We are going to get into some more news related items this particular week as we welcome ourselves back but I. Like Quick Rundown of what we've done this past six months besides survive. Car and had a birthday. Did a long time ago a long time ago, I wrote a book and live to tell the tale. Yes, remember when that was the reason that we were on hiatus and then other things happened. We turned sex unbelievable. We had birthday that we totally slept through. Like, a fairy tale character, what's the one that sleeps for years sleeping beauty now that one the other one rip Van Winkle. That's the difference between how car thinks about how I. Think About Myself. She goes to sleeping beauty and I automatically go to. Anything any other accomplishments we've had. Who I stopped biting my nails. Congratulations. Look and winds come in all sizes. I went through an OPIOID treatment program. It was horrible, but I'm here. I did it. Slightly bigger accomplishment than me, not biting my nails. And then we're in the middle of pandemic because nobody wants to wear pants. What are you doing about tool Tuesday? There is not told Tuesday in pants. You're not dressing up for yourself in your home in your lobby, none of it. I live in five hundred and fifty square feet I live in a teeny little place, and there is just not twirling space here. I'm just going through the same couple of outfits just to keep myself sane i. m missing my real close. I'm really missing them. I'm ready to get back into like Sandra says right now. How about you has it changed the way you dress at all? Not really because I. Because I work from home all the time, I needs to just like wearing whatever the day and then on the days that go out like put on jeans and a top. Maintains are a little, tight and locker ally. Times that I've tried to put them on. But data data day I'm sort of dressing the same, and it's always been linked shorts and a t-shirt. Let, me, tell you kids. Carne is wearing a black long sleeved shirt today I'm also wearing a black shirt, but that's normal, but like Karnei for the first time in years. Look like we're going to the same party. When we get back to somewhat normal life. And I'm able to go outside and actually wear clothes. I'm wearing my clothes. I'm wearing party close all the you're gonNA. See me and like the little black dress at work I'm GONNA go to the market and my tool. It's going to be great. People will be like what is celebrating, and you'll be like living I am Burri. Thing I am alive? I am here. Present accounted for and in something pank. I look forward to that day because I know I'm going to find you on someone else's instagram feed like. Was this Bitch Waren? Yeah, everything. She's wearing everything I am celebrating my life people. are going to be an influence there. Already. IS GOING TO BE UP TO THE NEXT level. Influence! You'll be an extra influence there. I really don't want to be that honestly. You GotTa pay taxes at that point. Let's talk about some news news. Do you want some news? Do you want a job right into? Retail business financials. Messed in the past six months is me dishing on valuations. Rent the runway is setting up as we speak to raise another twenty five million in a funding round that is led by T., rowe price group, and that's according to sources speaking anonymously with Bloomberg. If it goes through, the company will be valued at about seven hundred fifty million. And that's not so great, and you're probably thinking well. What's the problem? Seven fifty million is nothing to sneeze at no sneezing. Actually, that's a felony. You cannot sneeze anymore. But anyway, that doesn't seem like enough, right? Seven, hundred, fifty million is last than the previous one billion valuation that rent the runway. Had IT got a big investment last year in March that pushed it into that one billion valuations own what? The Unicorn and that seems to be what every startup once these days is to be the uniform. The last time rent. The runway was valued at seven, hundred, fifty million was back in twenty sixteen, and that's when they were just expanding into everyday wear from special occasion rentals. Yeah Yeah. The pandemic has not been helpful to the brand, which is honestly last useful as a business proposition when most people are working from home, and they're not going to occasions like weddings but because of all that the company has laid off or furloughed. Thirty five percent of its employees. But run the runways. Troubles go beyond this spring in the pandemic last fall. You might remember companies. Ordering System had total meltdown to the point where rent around. We have a shutdown operations for two weeks to get straightened out. It gave customers refunds for the orders along with up to two hundred dollars cash for difficulties, and we know this because people wrote in to our show talking about how they got two hundred dollars from running around my last year. All is not to say that the company is going to shut down anytime soon, but it is to say that it's hard to keep up with that Unicorn status when things can happen in the world economy around you that are completely out of your control, and if you're adding that on top of some structural issues that you already had sort of a recipe for at least short-term disaster, so it's a challenging time to be in the business of on-demand clothing rental car. Do you think this is a long-term warning signal for businesses like rent the runway, or is it a temporary inconvenience? I think that there were too many unicorns going back to last year across the board like we had this time period of time we're. All these startups relax. We're Unicorn status. It's a billion dollars and everybody was so excited, and what I think is happening of course right now is unprecedented, but. Something that's happening. It's writing that valuation where it should have already been. That's happening a separate from that is I'm really actually rooting for rent the runway I think it's great business I. Think they're filling up part of the market that needs to be filled right now. It's one of those things where like of course, if things were normal, but they're not and I have a lot of empathy for their entire business model is helping people dress for going somewhere, and if like the going somewhere isn't happening, like what are you GonNa do like. Of course there's going to be lay-offs or furloughs. Of course there's going to be shares so I really am rooting for them and I'm hoping that they're going to be able to do this long term that they can hang in there. Because, I think people are going to start to shift more to either consigned clothes. Thrift did close rented close post pandemic. Here's one thing I'm thinking about. Is that when it's time to go back to work a lot of y'all are going to open your closets and to two thoughts are going to occur. ONE IS GONNA. Be Wow, I hate a lot of this stuff. The other is GonNa be wow, I don't fit into a lot of stuff Maybe you exercised a ton during lockdown. Maybe exercise at all right I seem to be doing both in just my pants. I don't know personal problems. Whatever I do, it's not the right thing one everything to fit right. But I think that's going to happen to a lot of people where suddenly? As suddenly as we shifted to working from home and adjusting in that way, the points going to happen, we're offices are going to open up. We're going to be out and about and suddenly you're going to have to refresh your wardrobe in some way and I think for a lot of people who are going to need time to adjust to their own new normal, a rental service like rent. The runway or one of its counterparts may fill a gap for a couple of months for a lot of shoppers, yeah. And we say this knowing that not everybody has an office job that there are a lot of essential workers out there. People here working in hospitals listen to us, and we appreciate the work that you do. I know that this is not perhaps your particular situation, but it is interesting as a whole with what the industry is dealing with. If you are an essential worker Amazon. Prestige showed up today. I don't care if. grubs suit an apron. Actually my favorite kind of tiktok video is where the male person rolls up in the mail truck and interrupts the taping of video. So like mail. Carriers are my favorite now. Yeah props to all are essential workers I'm confident that you walk out of bed and dressed in morning because you've been doing it really reliably. LEX Story. This is the case of JC Penney Sephora. And A MAKEUP MESS! You guys ready for this all I missed telling you. The dirt got dirt. This is our first foray into the reality of hot mess summer. I have my boxed wine ready to go. I'm so here. So you probably know J. C.. Penney filed for bankruptcy recently, but in the. Leading up to it, there was actually some problems between JC, Penney and Sephora. If you do not know, there are a lot of JC, penney locations that have Sephora and side of them a store within store concepts, and it turns out. It's the only beauty product provider for JC Penney at their sole one. Actually, I didn't realize that, but they're in a lot of their stores there. In about six hundred and JC Penney I think right now. How `bout eight fifty so a big chunk of their stores? They have support inside. That's where I go to Sephora. Yeah, most of the Sephora around here inside JC Penney's the only reason I set foot in the pennies. which is exactly why this is important? In a court document, which is my favorite kind of thing to read because that's for all, the information is in deep in those court docs. JC Penney said that sephora threaten to abandon their partnership and less. The department store agreed to shorten its contract terms so a number of weeks ago, the writing was on the wall. JC Penney was not doing so good. Everybody was kind of mumbling about a possible bankruptcy, and from these court docs. They said that's four was ready just to pull out of that deal. JC Penney alleged that Sephora quote made an explicit threat to terminate their agreement. And they happened really suddenly one day they were doing fine and the next day there were like were out tomorrow. We are out of the stores unless JC Penney agreed to shorten the terms of their partnership. JC Penney requested a temporary restraining order on Sephora. Did you know that businesses can have restraining orders against other businesses. It can happen and. The court docs alleged that Sephora threatened that unless JC. Penney agree to its terms then one. It would not be part of JC Penney's business until it reopened that week to none of sephora brands would ship product to JC. Penney, they were like we're not giving you any more product and three four. To launch new products inside of its JC penney locations, they were not playing around. So JC Penney filed that restraining order so Sephora couldn't prevent penny from reopening Sephora, stores and side J. C., Penney. We have to reopen, and you be there. You can't just abandon us. Oh my God. Also end these court documents, which were so informative. It turns out that JC Penney depends heavily on sephora stores they're they're only beauty partner like I just said. And also because of what Lisa said, people go to JC Penney because a Sephora is there? They depend heavily on that foot traffic. A few days later Sephora filed court documents of their own that said quote. No part of JC Penney's fanciful one-sided narrative was or is true. SICK BURN! said that JC. Penney was the one that was trying to gain leverage quote, sue that. JC Penney can take advantage of an impending bankruptcy. So for authored disputed claims that it was threatening to drop its partnership. And then magically a few days later, everything was okay. They issued a joint press release. Saying are bad everything's cool. We are fine, so they agreed to some terms that we do not know about. And they sealed the court documents, so they came to some agreement. And now the court case is closed. That's it. So. Before this holding a restraining order. When was there one? was there a partnership supposed to end? I don't remember the exact date, but it was like a very long term contract. Their partnership together goes back. I remember reading sixteen years, so they've been together for a long time and some form, and they had years on being inside that those stores. Okay. I have a theory on this. Let's air it. This. This theory could be way off. But I'm. GonNa. Say It out loud in front of all you anyway. So last fall I went to Sephora within a JC penny. bought. A whole. Bunch of stuff bought too much. Stuff came home and was looking through my credit card. like my statement, my my transactions and this hundred. Some dollars thing shows up for JC Penney and I'm like what the fuck is this? I didn't buy anything JC PENNEY A dead, because if you go back and look on my receipt, it doesn't say Sephora as JC Penney. Theory. Is that Sephora saw the writing on the wall. Sephora sales funneled through JC Penney. And Sephora was afraid that it wasn't gonNA. Get paid out for sales. I mean I. Don't know if that's what happened, but I think it's a theory because what's happening right now. A lot of retail is that large companies can't pay their bills, so they can't pay their suppliers, so it means that there are people supplying retailers with like close, but they haven't gotten paid for their last shipment, because everybody is financials or out of whack sal I think it's a good theory. Yeah. I mean it's pure speculation, so please. Legal teams do not right in this is just me conjecturing based on the fact that I don't exactly know what the differences between speculating conjecture. And it's hurting right in and tell me that but I mean it wouldn't be. Unlike a partner to say, wow, I see this bigger business going down and I WANNA to get out, I go down with it. You know Sephora could say we're not going to reopen and JC Penney stores and go through its own retail locations and online and be fine. But the other small, like thing to remember is if they pull out of those JC penney locations I think they're going to be fine, too, but they may be seating ground to. A lot of those JC penney locations are also in spaces that are competing with Ulta, so if they crumble if they pull out, that means the only thing in town that you can go and see and touch a product and theory. Yeah. That's a really good point. Oh, that was like hot Asti, and it all happened in like one week they went from like restraining order to like okay fine. Look if they can do all of that legal proceeding during various lockdown shutdowns pandemics, you can do that thing you've been putting off like what? I'm just saying anything you can do anything you put your mind to if you just. With the tenacity of Sephora and JC Penney being at each other's throats, if they can get a restraining order on a business right now like super soft. Back Open. The courts the courts are open, just the wear a mask and don't touch nobody. I have seen one other case where a business putter restraining order on another business I. Don't know if this happens very often, but I was like who did what now. Are you allowed share what businesses. It was. Let's see if I can remember. It was a pharmaceutical company doing a restraining order against a larger department type store. because. They were afraid they weren't going to get money for product. Well. Okay yeah but make sense. who well should better out there? Maybe I'll switch it up. Maybe I'll talk about collaboration. cleese one. That seems to be going well so far. Phillip Lim has launched an archive sale with handbags and fashion reseller the real real. He's doing it through a be to be a business to business platform on the real real that allows for the reselling of like large pieces of inventory. Thank like canceled orders like a sample sale online. Limbs archive sale for his line. Three Point One Phillip Lim is public, but sellers on the BBC platform are allowed to be anonymous. In the sale you'll find samples customize items that were used on the runway and more. If you're looking for me at ten thirty last night, it's I was browsing the inventory. There's a lot of really cute ship. None of it's in my price range. Women's wear daily said that before the pandemic Lynn was already thinking about his production methods to stress the use of natural fibres, and to have smaller, tighter and more refined and focused collections, and that smaller, tighter, refined focused is his terms for it. He told women's wear daily that it was a chance to remark older items and re circulate them. and. That seems to be something that is probably going to be big for the next. Yeah I mean maybe forever you know the real real said that interest from vendors has been up ten percent versus pre cove nineteen levels for its B. to be platform. and. The supply from the BBC program is expected to be double the same time last year. This is in very vast contrast to how other brands have reacted to this year existence of the real real. I remember the Hat Chanel and the company have been going to blows for awhile. Legally over false advertising claims the real real says. Every piece Chanel says that's not possible. Because no one knows chanel like Chanel and conflict ensues and suspend this big dramatic thing where the real real sees a substantial market for high quality luxury, secondhand goods that are put through the ringer to to make sure their quality is you know top notch, right? Whereas so many of the luxury sellers and these luxury houses. They don't want their items to be sold on the second hand market. They want people. Buy them full price upfront, but they want you to come to the source. They don't want you to come to some secondhand Joe and be able to trust that you're getting the real thing right, so it's interesting to see a designer like Phillip Lim say. This is an opportunity for me to get more of the stuff. That's junk in my closet. Out into the world in this more circular fashion. So if it's a it platform, then he intending like barneys, if it still existed, come comment and buy a lot and then sell it off. Is that it? In very, you could but I think the actual way that the beat be part of it works is that the one business is the real real and the other business as a design retailer? And, so they're? They're the real real is their vendor for getting things out but they do have someone who works on. Vendor sales to be sales and estate sales collections that they might buy? So there might be some stuff going on behind the scenes that we can't see. Things might be flowing. Not on the public side of the website, but I think primarily it's it's meant that the real real is sort of the conduit for designers to run like a sample sale or an inventory closeout got it. That's smart. It's really smart. I love it a lot. And I mean everything that's listed on. The site looks amazing. A lot of its sold out already, so it's it looks like it's going pretty well. Awesome. All successful lab I love what he's doing. Super Smart. And while I was on the real real, let me just add I totally went on this side tangent and started looking at your bags. Oh, what did you find like I'll just look while I'm here. There are so there are so many, and they're so expensive, but give me a roundabout price about how much like if it was a two thousand dollar bag full price, it's still a two thousand dollar back. You guys can pay the exact same thing. Pretty much I saw like a steamer trunk that was valued at like thirty two grams that was on sale for. Grand I was like Oh. Yeah, COOL! It's like more than I paid for my car. It's a steal. Amazing. It was just like a lovely trip down. Pot fashioned memory lane. Just like look it bags. I can't afford. Next door. The fashion calendar is changing in a big way. Lots of fashion houses are rethinking their fashion calendars. Because of the pants DEMOC Scott. Everybody in a mood. They don't WanNa. Do runway shows anymore. Saint, Laurent came out in April, and said it was going to present its collections according to the pre set schedule for twenty twenty. It's dead. It said it was going to quote. Take ownership of its calendar and launch collections when at wanted to. Gucci's creative director came out with this amazing note. I highly recommend that. You read it because it's kind of a work of art within itself. It stated that he didn't want the company to be constrained by the tyranny of speed. And Will only be doing runway shows twice a year. then. The FDA and British Fashion Council came out with a joint statement, saying that designers should only do two collections a year. They went on to say that the fashion industry should slow down. And that there's a clear disconnect from when items arriving stores to when people actually wear them. They also said, and this is really interesting to. that. They know that some companies need to do pre collections, but if they decide to go that route, they should only do showrooming. They should only sell like within their showrooms. Instead of doing runway shows yes, then in an open letter to the fashion industry called for adjusting the season of fashion for sustainability reasons and to protect creativity, and so that more companies can sell at full price, which ultimately means fewer seasons fewer items out on the market. Lots of very interesting people signed that letter the open letter including. Members of Caroliina Harare Aljazeera, Route Arctic and one of the main people at Nordstrom. So. There is a lot of support for moving in this direction. To do only two seasons like forget the sub seasons and the subsets and a seventeen seasons, essentially that everybody was designing for people are like no more. It is time to change. Yeah, because people are tired of not understanding what resort means. But, they've had resort for a while now. That's the season that Brokaw was resort pre spring pre fall. What the fuck does it mean? No one knows what it means because you have resort. And then you had like pre-spring and pre pre fall. It's ridiculous, and honestly honestly it's. These just looking around now what's going on? I thought I heard the cat. But I just interrupted myself for no good reason. It's everything that we've been talking about for years. How this fashion calendar makes no sense, it contributes to fast fashion and people feeling like they need to just keep buying and buying and buying and. It's like during this time of pants pandemic, the fashion industry like took a moment of reflection and was like. Wow, we don't need to keep trying to make this work now. Part of wet went into this I. Think is because nobody could unload their inventory this season. Everybody is just sitting around with close. They cannot sell because people are not buying and there's nowhere to. Put them like literally. You have to decide if you want to warehouse those close so I think it really forced people to think about their business models and survival. I'm curious about how this is going to push fash fat fast fashion as well just like you were talking about because as we all know fast fashion copies, a lot of runway looks so if you only have to runway shows year. WHO YOU'RE GONNA! Steal from. You gotta come up with your own ideas. Well I mean. Big Challenge come up with your own ideas, but if fashion houses are going on their own schedules, and not going by traditional calendars, that may mean a more sustained flow shows, you might not have every one going to a whole week full of shows in New, York you may have show's happening every month spread across the country. Are some of them may be completely online, so you may have the inspiration coming through in dribs and drabs throughout the year, maybe sort of like congregated around the starts of the season's but I think you'll see more or like maybe limited release caps. That happened totally. There's always going to need to be something new for retailers to Promo or for designers to promote maybe. But it's definitely going to interrupt. The back end of the supply chain. Oh, yeah, because it's coming in fits and starts. That means that lake those cycles are only going fits and starts to. You can't fill a five floor forever. Twenty one is if the runway cycle is on fits and starts yes. About Damn Time News. Oh literally. Oh! If you have a chance, go read that. CFDA note it's fantastic part of the reason they site that this needs to slow down is that they don't want to hall buyers and journalists all over the place. They're like they're tired. We don't want to call them everywhere. Buyers journalists everywhere are saying. Thank you. Because look look. Look the. Industry. Tell Me Through your headphone. The fashion industry knew this was coming. Because what happens to everyone at the end of fashion week or fashion month. If you have to go to all of them, you get fashion flu. You get fashion week flu because everybody is shoved up in close spaces for long periods of time sitting on those damn uncomfortable benches at shows. You Act like I. Don't need a back on my chair to watch a shot from show I don't understand. But you're in these. All the photographers are jammed in the front of the right all recipe for germ sharing. Yes, and that's that is done. We were trying to tell you all along. That's something change. There was a lot of pointing guys that you missed out odd, but it was impassioned I had no one to point out for weeks. We reached that point in the show where we need to pour out. The big trash can full of Grog. Do you want me to read the list. Yes, Lisa, please so okay. Kids a little background. You're all kids. Since START I know you're mostly adults, but I'm GonNa talk to you like. I'm trying to have as conversation with my nephew's. 'cause it's difficult. So when we first went on hiatus in a moment of productivity I, said the car, and I'm going to keep a list of all the fashioned news that were missing while we're on hiatus so that when we come back eventually, we can just like. RUN DOWN The list and be like this happened. This happened. This other thing happened Oh. My God, so much happened, and then that got really overwhelming and I stopped like mid January. But We have a list of companies that have filed for bankruptcy since. January it is a very thick list that car and kept track of. Thank you to your day job for tracking for us. But I'm just GONNA Is this in date order? No this. Don't think it is okay. So just get ready. Imagine we're playing some like sad like closing credits music but here are the companies have filed for bankruptcy since January. Neiman Marcus J. Crew Roots USA tree religion Modell's sporting goods pier one stage stores although John Vetoes. JC Penney J. Hilburn Tuesday morning and centric brands, which is the licensing company for all sorts of companies from Zach posen to under armour to all saints so those companies are fine with a licensing company centric brands is finally for bankruptcy. Yikes, y'all. We Ain't been gone that long. Just because somebody filed for bankruptcy doesn't mean that they're gone for forever and ever they could restructure. Get back into the game with a lot less debt. We're going to see what happens, so it doesn't mean everything's gone for good just maze then in La help. It just means I can't poor one out for each of them individually because you'd have. Afterwards right, so we're just. We're doing the thing where you get the trash. Can you put a bag in it? You start pouring in everything and then when people show up at the party, they say what is this and I just shrug and sort of wander off and you take your. Perfect I love it. It's a hot mess just like the theme of our summer. Yeah exactly. Put Your name on Your Cup. Marker there so question did anybody on that list surprise zero? The woman made me sad was modell's sporting goods? Took capable of athletic team wear in Philadelphia. So that was one that I was like. Modell's and I think they announced they were closing all their stores, and so that one was the one that caught me off guard. None of the other ones surprised me. Yeah, all of these were kind of on an edge. They were having problems prior to pandemic and they. Just you know it's hard to have a business model. We have zero money coming in like just. It's tough for everybody. I mean propsed props props to J. Hilburn for flying under the radar. Still don't know what that one is. men's tailored clothing. and. That's I. Don't buy a lot of clothes for men. So that's why I didn't know about that. One I'm sorry to the I think they're based out of Dallas, but they have like representatives that live and work in lots of different places. Okay okay. Yeah. It's quite a list and every time one of these her bankruptcy y'all tweeted at us. Thank you by the way you were. Everybody's paying attention. We got notes. We got emails. We got you guys slid into our. I got slid into my instagram text messages. Everybody was invested. It's nice to know that you US storing this difficult time the difficult time being us not being there for you. Not Anything else. That's been happening in the world we were we shouldn't forget. No No, we read all your messages. We just didn't respond in most of them. But we love you. This week if you'd like to get in touch with us on twitter to at just pop fashion on Instagram, pop fashion podcast, or you could send a letter at pop fashion podcast Dot Com. Although you could use our Amazon affiliate link. If you want to go and stuff anyway, it doesn't cost you a thing. But the. Thank you for supporting? This listener supported show. Lisa. What's your one thing this week? It's like I've had so many good things during this difficult time surprisingly but. The one good thing that I just completed last night and I think is worth. Sharing is a netflix program that I devoured. Like girl I've watched everything on that flex. There's nothing left, but have you watched the big flower fight? Is Yes it is I watch. Yes, I watched the first episode. Yes, okay, okay so I will not give any spoilers, but the general premise of the show is that ten teams of people who are maybe vaguely related to the floral industry come together to compete to create these gigantic floral structures. It takes place in some countryside of England. Everyone has an amazing accent There's some really great fashion, and it's one of those reality show competitions where everyone is kind and everyone is is congenial, right? There's none of that cutthroat. This is almost a show, the watch with your whole family. I think the only episode that has some naughty languages the first episode. I had an eye on it because I was like. I'm going to need to give my nephews something to watch. Leave their mother alone for like a minute. But the big flower fight it's. I don't know how many I think. It's eight episodes on net flex. They're all about forty minutes each and it's just a delightful show, and it just makes you think about creativity and a format that you may not be used to so if you're looking for something fun and a little bit fluffy and delicious to watch over the next couple of weeks I highly recommend big firefight. Carin co-signed. One is your one thing. I figured out a way to feel like a millionaire. This is how you do it. You take a bath at two PM in the afternoon I love the Buddhists Tabuchi that has ever buzzfeed, because you will go in, and it'll be afternoon, and you'll take your nice relaxing bath, and you'll get up and be like oh I. Still got most the Damn Day left. And be relaxed and at that point you're just feeling. Soka you feel very gracious to everyone, and it just changes your life, if possible. Take a bath at two PM and I promise you you will feel good. Avenue up in the BAFTA. Being like all shit. It's still daytime. Because what happens? Is You have your whole afternoon and whole evening left? And, we've already based. You smell great. You feel good. And you can go on to do other things now i. am actually a pretty. Don't know if you guys know this wound tight person, and so I have to set an alarm for fifteen minutes and I have to stay in the bath for at least fifteen minutes because I cannot settle down and let me tell you that's all you need, so it doesn't need to be a big production. Just if you get a chance fifteen minutes, that's all you need. It's all you need. No I need. At least forty five minutes kind of person see this is why you need celek experiments, a little, like just a little okay. And just be like fifteen minute bath I. Do you pay for your water. Heck? Yes, I do. Because you just by the time you fill the holding up, it's time to get out. I start the alarm after it's like it's not full. It's maybe just any like one more minute. Okay Okay so you're just filling it up enough to cover your kneecaps, and like squash yourself down in there and chill out I know it sounds suspect, but it does work. If you short in the try, just try it. I trust it, I just ask someone who likes to languish in the bathtub until I'm beyond Bruni I'm sort of amazed at this fifteen minutes speed that I would encourage you to like it up a little bit, so you can see that it can happen on a not special day. Occasion that you don't need a whole lot of time. You can do a small amount of time. Usually my special occasion for bathing is when I ordered a pizza and have a new season of call the midwife to watch. I think that's beautiful. Beautiful I love this. Like I've really gotten into this and so basically any time. Anyone been like what's going on with you I've been like. Taking a lot of bows. Learning about bathing. You're the his showing up the zoom video. Call. 'cause like you've got the towel on your. Because I'm black. Let's get hot summer. Am Ready. I feel good. It's your bathroom. You can spend as much time as you want. That's it. That's it. That's all we got round here when we see you next. Really now. Honestly have a good summit by.
Tesla China Sold 14,954 Model 3 Vehicles In June
"In. Colorado. Power anyday. Running, yes, I seen. Lebron you JC Penney? Citizen Jones. A solo nervous. Throughout those team contacts every SORTA bit. Villa's powered painting days JC Penney. You're listening to the news at this Africa Business Radio. According to the China Faucet? Call sociation, CBC, a US, electric vehicle make a Tesla Inc, said, fourteen, thousand, nine, hundred and fifty four Shangai made model three vehicles in China in June up five percents month-on-month CPA data showed that Tesla eleven thousand ninety five vehicles inmate optum around three thousand, six, hundred thirty five units in April CBC a uses a defense counting method and Tesla's plenaries liveries, and that was the knees that this I'm on Africa Business Radio. You can continue, so it's in life online at www dot, Africa, business, radio, DOT, com, or I'm APP. Thank you for listening.
Influencers with Andy Serwer: Marc Lasry
"Declaring bankruptcy may spell the end for some, but for legendary investor Mark Lazarie. It could mean the opportunity of a lifetime. But before he made his billions Lazarus, career began in the courtroom, learning the nuts and bolts of liquidation until teaming up with his sister to launch their own investment firm now with more than nine billion dollars in assets under management Lazarie has expanded his portfolio to include an ownership stake in the NBA Milwaukee Bucks Franchise in this episode of influencers. Capitals CEO Mark Lazarie joins me to discuss the family's business, the health of the US economy and the upcoming NBA season. Hello, everyone welcome to influencers I'm Andy Serwer, and welcome to our guest Mark Lazarie. Who is the CEO of Avenue capital and also the CO owner of the Milwaukee Bucks and a member of the national? Finance Committee for Joe Biden Mark Nice to see you. Pleasure, thank you for having me. First of all for those of us who aren't so familiar with avenue. Wanted you talk a little bit about what you guys do there. Sure mainly were global investment firm and we invest Throughout the whole world we manage approximately about ten billion dollars and what we try to do, is you stay at the top of the capital structure and try to invest solely in senior debt or do bilateral deals where we're lending people money on a secure basis so that we end up having all the assets of that company. You guys are known for being. Specialists in distressed opportunities and Wow I'm wondering what the environment is like right now. Can you talk about that a little bit? Sure, the environment, actually pretty good. You've got a lot of companies that are in trouble. part of that is because what you really have in the world today. Is Sort of the has and the have nots what I mean by that that has are the companies who have liquidity who've been able to borrow money and so for them. They they've got the ability to wait this virus out until people come back, the have nots are companies like JC Penney like Kurt a couple days ago, chucky cheese filed for bankruptcy today. Chesapeake energy filed companies that don't have the liquidity so therefore they've got end up filing so that they can end up having a stay and they don't have to pay their debts while they're working out a restructuring so for us today huge amounts of opportunities because of what's going on. And I think even subsequent to Chesapeake. I just saw cirque. Du Soleil across the tape. You see that one. Didn't see that. Company well take a look right after the call. Well thank you so. Of course it's you know a sad thing for for the employees, often cases and you know other investors as well it's it can be a difficult period. I know you said that this might actually be a more interesting time than the great recession, two, thousand, eight, two, thousand nine. Why is that? But if you think back two thousand, eight, two, thousand, nine, while we were worried about was whether the system was going to be around. But that's really what the big thing was to. We know we're going to be around? The question is how quickly things come back. So if you sort of think about it. You know a couple of weeks ago. Everybody was really excited thinking well. It looks like we're going to be able to come out that you know. The economy was reopening retail sales were up and now all of a sudden. It seems like you took a step backwards and now you're gonNA. Take two steps back because of what's happening in Texas and Florida so I think that's going to be a process. And because of that is just gonNA. Take longer, and the longer it takes, the worse it's GonNa be for companies. So you just reeled off a bunch of names I mean you've got everything from Neiman's to. Chesapeake! They're all different. Obviously, how do you assess companies? And how do you decide which ones make for good investments? I. A lot of it is sort of a question, a price right where they trading. That's number, one and number two is. What's the collateral value? So if you take a look at a JC Penney, that secure debt is trading around thirty five forty cents on the dollar. So they've got eight hundred fifty stores so now you look at that and say all right well. That company had to liquidate. What are you going to be able to sell that those stores for? For us right now, everything is really about trying to figure out. What's the value of that collateral that you have was the price that it's trading a so you just gotTa. Do a tremendous amount of work on all these things. Can you generalize about retailing and are there any of those retail names that you've got into already? But we've. We've invested in JC. Penney we've invested in. So main reason for those two macy's actually has the liquidity to last that we think over the next couple of years, and that ultimately macy's GonNa get mortgage. I JC. Penney were able there with. Is that at the end of the day? The collateral value JC Penney is very high. That I hope JC PENNEY JC Penney's going to be able to turn around. I hope that people will come back and start spending money in those stores, but if they don't. We're comfortable with the value of where that's trading so those right now the only to the problem with J. Crew is J. Crew, a lot of the values in the leases I just don't know what that value is today or are people going to want to pick up those leases and Neiman Marcus? Is. there's there's value there for the problem is on the real estate. You've just got a lot less stores so therefore. One two or three locations could have actually a pretty material impact on the value of your package. so of why I think for us. a Neiman Marcus. We've stayed away from that. We used to own it. We sold it whereas JC Penney just have a little bit more. You just have more collateral and you've got a lot more stores. Doesn't matter one way or the other, generally speaking mark if a company liquidates versus emerges as a going concern for you. Yeah, absolutely we'd Rather. It's a going concern. Because ultimately if it is we, they're going to get paid out on our senior debt, or we're GONNA end up owning the equity of that company so obviously we'd like to create cheap equity in all these companies and we'd love them to survive because that's better for us. It's better for everybody. I think one name I saw you talking about recently, which is well controversial. Maybe even now is Hertz An. SEC weighed in. What's the story there in DC value in that particular business? Well there's a lot of value in hurts especially on the secure debt, and the reason is that whole collateral is all the cars. The cars are new or their one year old so there's a tremendous amount of value in hurts. The problem for hurts and the reason they file is they actually needed liquidity so? Ill to end up having a certain amount of cash, and then they need a debtor-in-possession financing. the reason. The SEC came in is the value of that stock had moved up. So is actually better for hurts as opposed to borrowing money. To end up issuing shares. The problem with that is intellectually that makes a lot of sense, but when you've got the unsecured debt of hurts, is trading at twenty five thirty cents. Imply to you that the value of the equity. Is Worth Zero. Yet there was all this equity value and I think the SEC stepped in saying that look for trying to make sure that people understand. That, there's a lot of risk to this equity that unsecured secure debt, which was a thirty five is now trading around twenty five cents, so the secured debt is going to be fine. It's really going to be the unsecured and for that value hurts has gotta start operating again where people are coming in and renting cars. The problem is very few people are going away on vacation are. Renting cars or are traveling and are renting cars on the business side, so I think it's going to take a little bit longer. You talk a little bit about this cycle, and I want you to drill down. Maybe a little bit more. You and I are about the same age. We've seen a bunch of these. How does this rank or rate compared to other cycles that you've worked through? Your. Thick today. I know you're not supposed says, but it's like a once in a lifetime opportunity. You really is a once in a lifetime, but it happened ten years ago also. I would say you're going to see this again. where you've actually got an economy, that's fine. And you've got a fed pumping trillions of dollars in. Where really the issues! How long does it take for things to turn? Though I think for us. you've got an opportunity to invest at a senior level and do extremely well, so you'll either get paid out, or you're gonNA end up owning the equity of this company. Retail investors are listening. This might say Jeez. How do I get involved in this? I mean because it's a hedge fund, so it's only for qualified investors. Even if you're accepting new money, I don't know if you are right now, but it's hard for average investors to get into this arena, isn't it? Yeah, it is actually the only way they can do. It is by investing with someone like us. You know people are doing what we're doing. I the only other way you could do something like this is really to sort of play a little bit in the high yield market where you know there, that's liquid, and you'll be able to take advantage of it a little bit. It's just for high yield market. They're not really coming in at the levels we come in. Right they're gonNA, they're doing more of the new issues where those issues are being pricing between eight to twelve percent. I think for someone you know for someone like us. We're not buying those really what we're trying to do is by debt. That's trading anywhere between thirty to sixty cents on the dollar. You talked about the economy being okay, but of course. That's for now, and it might not be okay six months from now. You can I guess you could always say that, but right now in particular. What's your assessment of how our president? Trump and congress have handled this crisis? I think they've actually done a really good job. in getting the. Stimulus checks and getting money to folks so I think that part's been good I think the Fed is doing an excellent job in providing liquidity into the system so all that is positive the problem. Is really it's just really simple. You've got forty million Americans that are that are out of work? So Longer, you can be able to keep on making those unemployment benefits. Though sooner or later, people come off of that and they don't have their jobs back. That's actually gonNA. Have a real impact on the economy. Because two thirds of GDP is consumer spending. Rose people out of work. They're not spending money. The fear I have is simply that for companies. Because of what's happened, we've all found in you and I are doing it right now. Everything is being done remotely. Right so that how many people are you going to hire back? Are you hiring back? Fifty percent of your workforce. Are you hiring back sixty seventy eighty? I don't think anybody's hiring back one hundred percent of the workforce, so he started thinking that you're GonNa you're still gonNA, have an unemployment rate that's going to be somewhere in the heights of digits or low teams. I mentioned in your a packer of Joe Biden. So what would Joe Biden do differently mark? Big. Joe Biden's you and same thing that's happening today, which is make sure. The Fed is providing that stimulus depending on where we are come November either things are looking better for the economy and by then we'll have a clear idea of WHO's gone back to work. What's happening? How long is the reopening taking? So I think you have all of that. The question is. Are you going to need another stimulus package I don't know. But I think that'll be figured out at that time. The problem for Joe Biden to be blunt is he's not going to be president till January. Though I don't think there's going to be much that he's going to be able to do in the next six months. Is that a prediction I mean sound. You sound confident perhaps, or he's ahead in the polls. What do you think? I. Think it's hard. It's hard for trump to win. I. Think part of it is. Trump needs to things for really to happen. He needs a the economy to get back on its feet by election day or before. I think that's going to be hard. I just don't see that, so that's number one number two. you sort of need people to be out rainy the reopening of the country. I think they push for that. And now we're seeing the repercussions of that so I think you're gonNA. Find that we're going to be a lot slower in coming back. so that's going to have an impact so. I. I just think it's very hard for him to win. Because of all these factors that are going on. How is the fundraising going? Because at one point of course, president was way had now seems like Joe. Biden's picked up some steam. fundraisings actually going great for Biden I. Think you're GonNa find that in June, they raised in excess of one hundred million dollars. It's going very well. I think part of it. You know. When trump came into office. It was more about You know chains and sort of how he was going to do things that are different. I think right now. That's the same thing you know. The biggest problem and incumbent is is do people want change? You know all ultimately. It's really a simple question. Are you happy with the way things are? Right if you are. then. You're going to stick and you're going to vote for Donald Trump. If you're not then you're going to vote for Joe Biden. I. Get the sense that the majority of people are just not happy with the way. Things are believed that change will be good. My understanding is your supportive Kamala Harris early on just by should Joe Biden pick hers the VP. y'All under fha. I'd be great, but you know again. That's one man's opinion. Right and President Obama seems to beginning more actively involved. Is that something you're you. Think is going to be seeing more of that I. Mean at one point. He was reluctant again the now it appears that he's stepping up. I think you're going to see him. Get much more involved in. You know the problem is. People, really focus on the election 'til, September. Right. It's just you've got the summer. You've got all these issues going on. The election is still far away, so I they come after Labor. Day it. We're all going to have to start dealing with a lot of these issues and what I mean by that is you know. Are we all going back into the city to work? our people right now I think people are doing more remotely, but as SORTA summer's over right, and I think we all look around. You can see that restaurants and everything our full because everybody's outside. but as that starts changing, that's GONNA. Start having an impact. I think people will start focusing on the election and whether there should be a change or not, so I think you'll start seeing Obama. Get, much more active, you know at the beginning in the beginning of September. WanNa shift gears a little bit and ask you about. Yeah, of course. I'm which is just been a really fascinating and. Must Be Kinda difficult thing to wrestle with as an owner so cases in the state of Florida are on the rise in the county where the NBA plans to return next month. How confident are you that you guys are actually going to be able to play these games? We're very confident Big Part of it is you got to sort of understand what's being created is village. Though nobody's leaving the village like his Olympic Village you come in. It's a bit of a cocoon cocoon. So You'll coming. You'RE GONNA. Get tested every other day It'll be very very hard for people. Contract doesn't mean they won't. obviously people will get sick or get the virus, but ultimately the end of the day I don't think I I think the way it's being set up. Ill will be very very safe for the players L. So I. Actually think it will be safer than it is. You know. For us here in New York during westport wherever you are on mainly because it's GonNa. Be a controlled environment. How are you communicating with the players and the coaching coaches staff? Well, actually through zoom like what you are doing a or just calling up on the phone It's actually we have a bunch of zoom calls. So, anybody who wants to talk about issues were doing that on. That seems to work actually pretty well right now. and. Are they fully on board? What's the mood? Is there a consensus? You have a sort of an active dialogue. Some people are saying we want to be safe or not coming. We're not going to go to Florida. What is the temperature? I think the vast majority are going to Florida I think the vast majority feel very safe and. Very comfortable. What we've said is that if anybody feels uncomfortable, they shouldn't come. There's no. There's no pressure on you to come if you're. A, for whatever reason. If you've got a, you know if you think it, you don't WanNa, take the risk personally or You know you've got a family member that as issues, and for whatever reason you again. You don't WanNA think that risk. Everybody is fine with that right? We're letting players. Make Up. Their own mind. And the Players Union actually voted that they're comfortable with it and everybody is agreed on what we're doing. have any of the players or coaches or maybe people? Even an avenue become interested in understanding how vaccines are being developed, or how the coronavirus is being fought with therapeutics. How into it are people? I think it depends on the individual. I think you've got a lot of folks who just want more information. And I. Think for that We provide that information, but I think it's individually you know some people. It's like a cross section of America. Some people are not that worried. Some people are. Very word rated I. Think a lot of it. To be honest with you depends on the issues that you have or that. Family members have if you don't have any issues on your less worried about it. If you do have your shoes, you're much more worried about. Another part of Society that we've all been following been involved with. Is the racial racial justice issues. Social Justice You participated in a protest with your players. How. Are you incorporating the lessons from this and what you do at Avenue? Or with the bucks. I think for us really what we're trying to do. Is Make. More people aware of what we can do on the social justice side so for us my family. And I flew out to Milwaukee so that we could support our players, but in essence also support social justice, and we thought it was important for us. As an organization, and as a family to be part of that, and that was the reason why we did it. I think for us were were a little bit more attuned to it, simply because we already had a player sterling. Brown who had some similar issues a number of years ago. So, we've gotten very very volved in trying to bring about change and social justice in Milwaukee and around the country. Did this whole movement surprise you. I think what else surprised me. Is. The adopted by so many Americans, and I think that's actually great. That I think you've seen actually a real shift in how people view this and that people actually want to bring about change. Though that's what surprised me. I would not have thought if you'd asked me beforehand that that was the majority of Americans. I would have thought that. was. You know you were trying to bring change? And you're trying to inform people about that I think what's been great is seeing that the vast majority of Americans are in favor of this. The NBA is reportedly working on a plan mark. Where would allow players to put a protest on their jerseys in lieu of their names I think is that something that say genus might do, and would you encourage them to do that? I think that's an individual choice. I mean I really do I think at the end of the day you know what I'm a big believer in is your freedom of expression, your your ability to say what she think, and so I think if Yawn S, or if any of the players you know, believe in something and they want to express, not they shut. Though I'm in full support about. Is there any sort of consensus message that you think the team is GonNa send, or is it just going to be purely up to the individuals? I don't know yet. I think part of that is I think that's way too early I think it would be nice if as a team everybody wanted to do and try to. Bring about a specific message, but I think that'll be figured out over the course when everybody gets down to Orlando and that'll happen sometime. Over the course of the next three weeks. What about reparations is that something that you've given much thought to? No not not really. It's not a subject I know that much about so it's something that I would actually have to learn a lot more about. Apologize for that. and. And let me ask you a question or two about your background, because it's fascinating I mean. Your family came over from Morocco when you were seven. And how is that? Influence your view of the. United States may be your worldview. Part of it for me, and for my sister serves is I think we're the luckiest people that we were able to come to united. States I. Think it's the greatest country in the world I don't think I would have been able to do or accomplish what I've done anywhere else. so I'm I'm just a huge believer in that I won the lottery by being able to come here and sort of a lot of what I try to do is try to help others to make sure that they can have the same opportunity and for me. That was really education. I mean We were lucky enough that we as parents of were pretty strict. Very forceful about us, make sure we did our work. they couldn't afford to pay school. So ultimate. Again day we all went to College Law Schools on scholarship. And I think I don't know if you would have been able to do that somewhere. Else I mean here in the United States. That ability to do that I think gave me a huge leg up and sort of my focus has been to try to give people that same opportunity on the education side. The president trump just issued an executive order putting a hold on work visas including the H. One B. for skilled workers. What's your reaction to that, mark? Guy I think at the end of the day. I don't think that's positive I think you want to have those workers here. I think it's beneficial My understanding is for from vast majority of companies. They oppose that. I don't think it helps them. I'm home. You know the the the idea. The belief behind it is by doing that is going to force American companies to hire American workers. I I think in a number of specific industries There are that many American workers who are willing to do it, or who had the technical capabilities doesn't mean you can't train them, but I think if that's something you wanted to do, it would have been far better to say. Here's what I'm GonNa do I'm GonNa do this. In two years three years, so get ready for that and start training. Americans, do that job if that was the intent of it. Otherwise I. Think is just again putting American businesses at a bit of a disadvantage. You mentioned your family and your sisters new founded or co founded avenue with a sister. What is it like running a multibillion dollar hedge fund as a family business? A I. Don't think we really think about it. I think my. My sister and I get along extremely well. The reason is pretty simple. You know when you share a room with your siblings till you go to college. You either get along really well. You hate each other thoughts. I'm really that complicated and I. I think for Sonia and I. We have very different skill sets and because of that those skill sets worked very well together and the fact that obviously 'cause we're brother and sister. We trust each other implicitly. But I don't think I could do what she does so I think for me having her as my partner and you know the fact that we started the firm together. As been a godsend I don't think we could have done it without her, so it's been great for me. Hopefully she says the same thing. We'll have to check on. What have you been doing during the quarantine to stay sane to keep yourself going? What patterns of Behavior Changed? What are you doing differently? I think the only big difference is I think you know we. We have a house here in west, so we all came to our house You're sort of working. You'll start your day to eight in the morning and you'll finish. With all the calls you know usually around sort of five try to play tennis every day for a couple of hours. so that's sort of my workout as I look forward to that. We've got a great thing for us is we've got our whole family together? So I? Think that's actually been really nice I think it's time we. I don't think we would have been able to spend. So having everybody together for three months. I think is exceptionally positive There's some negatives, but you gotta bid on each other's nerves. because. You can't really go away, but I think all in all. It's been are extremely positive. And last question mark. This show is called the influencers and I'm wondering if you considered how you'd like to use your influence on the world. I think at the end of the day. Really what we all try to do. You know I know it sounds a little trite, but we you try to make it a better place. I think for me. What I would love to do is. To let people know. This is a great country, and if you work really hard, and that there are a lot of opportunities for you so I know at times, it's really difficult and things look really bleak but you know my views, perseverance and hard work usually wins out, so that would sort of be my message. Thank you. All right Mark Lazarus CEO of Avenue capital and Co owner of the Milwaukee Bucks. Thank you so much for your time. Thank you for your time. Take care. Of. Even, watching influencers I'm Andy Serwer. We'll see next time.
CNN10 - 8/12/20
"See. The ten is back in session and we know a lot of you were just getting back into the swing of things from the fall. So thanks for doing that with CNN ten. Zeus. Schools across America are charting different paths forward during this corona virus era we're living in some are back in session. Some of delayed their start dates. Some are online part time or full time, and some have opened only to close again within a couple of days because of Corona, virus, this reflects just how different the picture looks in different parts of the United States since covert nineteen started spreading beyond China. Early this year more than five million cases. Roughly a quarter of the worldwide number have been diagnosed in the US and with back to school season underway new research is coming out about the number of children infected two prominent medical organizations say from July ninth to August sixth about one, hundred, eighty, thousand American children were diagnosed with covid nineteen since August sixth more than three, hundred, eighty, thousand kids have been infected. One is that we are starting to test kids more right. It was largely symptomatic adults that were getting tested up until recently younger people are starting to get tested more. You know thinking about school sports going back to school whatever it may be but I think another big part of this is that. Kids are getting out and about more you know they young kids that have been largely at home since the middle of March and that's in the united. States but many places around the world. In fact, if you go back and look at that, South Korea contact tracing study which a lot of people point to to say, Hey, look kids and older they spread this virus just like adults. That's what that study showed kids under the age of ten. They sort of had. You know it was more inconclusive when I looked at that data closely you found that fifty thousand or so contacts were traced in the entire study but only about fifty of those, when people eight zero nine because there weren't you. Know Young kids have that many contacts they were mostly at home. So as the kids are starting to go out and about and we realized they carry virus, it's becoming increasingly clear to me, and we've got a lot of clues now that kids do spread this virus and you know we're getting evidence of that. Now, the silver lining to this according to experts is that children are less likely to get seriously sick from covid nineteen. The deaths have been reported kids symptoms overall look like they're milder when they're diagnosed with covid nineteen than older adults are. But as we've said, many people of different ages have no symptoms at all and many countries are finding different ways to deal with those who do. mackey chance in Moscow in Russia was just approved. What it says is the world's first corona virus vaccine despite concerns about its safety and effectiveness in a video conference with top officials Russian President Vladimir Putin. The Russian made vaccine and undergone all necessary tests and I registered for use even those crucial third face human trials have yet to be completed. The Russian Health Minister confirmed that frontline health. And teachers would be the first to be vaccinated. Let him repeated revealed incredibly one of his own daughters we very rarely hear bites had taken part in the testing and already been vaccinated. He said that she'd go to like temperature but was not failing betters extraordinary revelation and a sign of just how much confidence rightly or wrongly Russia has in what is health minister says is a huge contribution to the victory over corona virus. I'm Paula Hancocks in Taipei US secretary. Alexy's has just given a speech here in Taiwan easing the open and transparent way this island has dealt with the coronavirus pandemic. He says, it's installed contrast to the country where the vars originated from namely. China now earlier, this Tuesday secretary as mets with Taiwan's Foreign Minister Jason Route, and during that meeting reset that Taiwan's used to dealing with threats whether it's military diplomatic, all the epidemic also saying that he's concerned that China is trying to turn. Taiwan into Hong Kong. I think it's what's an Australian Corona virus border closures a likely to keep the country divided. Past Christmas the Prime Minister has warned Scott Morrison says things aren't getting back to normal anytime soon as Victoria battles bitter second wave of covid nineteen, nineteen deaths recorded Tuesday with three hundred, twenty, one cases the lowest number in almost two weeks. The government says that's down to compulsory mask-wearing and hopes to see a third of bending of the curve as it stage four restrictions starts be reflected in the numbers. Ten second trip begun musically was an application that became part of what brand spotify diktat Pandora or garage band. A. Chinese company named Bite dance acquired musically and twenty seventeen and rebranded it as. The clock is ticking for Tiktok in the US earlier this month President Donald Trump issued an executive order could eventually shutdown tick tock in America how possibly by keeping Tiktok from updating with new software by keeping US companies from advertising on Tiktok and by forcing apple and Google to take it off their APP stores this is all according to National Public Radio why tick tock collects tremendous amounts of information from the people who download it's not just the videos they recorded view in share. It's whatever they searched for on the Internet. It's wherever they go with their phones because the video sharing APP is owned by a Company in China the trump administration says that the INFO tiktok collects could be shared with China's Communist Party putting Americans personal and possibly federal information at risk tiktok is reportedly planning to soon the trump administration over the ban a source that NPR spoke to WHO's involved in the lawsuit says the president's executive order isn't based on facts, but on speculation however that plays out, it is possible that an American company like Microsoft or twitter could buy operator TIKTOK services in the US if that happens, and if the data that tiktok collects from American, users stays in the US than the trump administration may allow tiktok to continue operating. Amazon isn't the only reason why companies like macy's sears and J C. Penney have shut hundreds of stores across America but the increase in online shopping is a factor and now Amazon maybe planning to turn dozens of mall stores in the Amazon warehouses experts say this won't necessarily bring more shoppers into malls, but it could give the building some of the money they need to stay open and bring Amazon products closer to where its customers live for sears in JC Penney it's another sign of the changing times. In a sea of retail bankruptcy JC Penney is the latest victim the iconic American retailer known for its low prices and deep discounts is now billions of dollars in debt and hasn't been profitable since two thousand fan but long before sales started sinking and debt started rising. JC, Penney helped transform the retail industry in Nineteen to James. Cash Penney opened a branch of dry goods chain called the golden rule in. Wyoming, at the time pennies business practices were revolutionary to keep prices. Low He banned haggling, which was a common practice at the time that meant every customer paid the same ticket price. Penny also encouraged employees to serve customers. Well, his motto was served the public to its alternate satisfaction and he was dedicated to being ethical applying the store's name the golden rule to both customers and employees a decade and many stores. Later Penny Inc, the company and changed the name to the brand. We know today the company went public in nineteen. Twenty. Nine. The stock market crashed in the Great Depression began still JC Penney found continued success as customers looking for low cost goods filed and in nineteen fifty one, the company hit one billion dollars in sales for the first time. But in recent years, JC. Penney has struggled sales flag during the recession and the retailer couldn't bring customers back. The department store was one of the first to adopt ECOMMERCE in Nineteen ninety-four. But overall has struggled to keep up in the digital era. A parade of CEO's tried to turn the company around Ron. Johnson came from apple tried to give the brand a fresh look in two, thousand, twelve including ending the stores famous coupons costly revamp, flopped, and consumers lost trust in the business three other CEO's have followed but they all have yet to restore the company to its once and former glory. Life has come full circle for two Beluga whales in Iceland. The names are little great and little white, and they were captured off the coast of Russia. In twenty eleven, they spent some time in a Russian research facility before being moved to an aquarium in China and a company that bought that aquarium decided to release the BELUGAS. So they're now being reintroduced to the sea in Iceland where they'll spend their future in an eight acre sanctuary. We bet there whaley excited about it they might have thought they are re Echo location was a fluke until the first one in said blue got to see this. All, right. The students of desert hot springs high school are watching today. Shout out to everyone in desert hot springs. California I'm goal is use for. CNN. were.
"Brought to you by JC Penney guys at JC Penney you can find all the great looks, whether you're in the office or on the go, raise your game with collection by Michael Strahan or relax and look good on the weekend with m. s. x. by Michael Strahan exclusively at JC Penney JC Penney style and value for all. Qods cleaning gates, Frank guys, Zola Bob, Ryan, the NFL two weeks in can patent the homes possibly be this good can fit Patrick, possibly pull this off is the league. Second guessing ten minute overtimes. And everything else. Get signal, these gall that is. But it's also tied to put cut of exploiting role that's in place. Around the whole, she'll get away with it. Tony, really, we'll get to that in a bit Patrick Mahomes the greatest start to an NFL season ever ten touchdowns the first two games that sheets look immaculate on up. That's forty. One on the Steelers in Pittsburgh, meet a concert, got to go to you right out of the gate. Can they? And he possibly be. This could inaccurate was the right word because Pat Mahomes is football Jesus. I'll say it now, but we knew that was going to be great going into the season. They were fifth and total offense. Last year. They had all these weapons coming back at it. Sammy Watkins Andy Reid, the great offensive coach, but we didn't know pet Mahomes would be this good this weekend. He led the league and averaged at the target. We knew he had a great deep ball, but he also an eighty two percent completion percentage zero interceptions those statistics. Tony usually don't go together. He is phenomenal. However, this team is not going to roll to the Super Bowl because the defense is very mediocre at. Best Pamela homes is going to need to score all of those points to keep them in games. Clinton Yates, how about you? I love Mahomes told you guys last week that he was working quarterback that made the biggest impression on me in terms of him stepping into their role. If nothing else that she's conceited, they made the right gamble in terms of getting rid of Alex Smith, the number that stands out to me from a home, it's twenty six percent of his completions touchdown. That number is insane to me. It's not just the fact that he's got so many that he doesn't mess up. Forget the interceptions, his throws a complete. I love washing his team to the most wanted to watch the NFL right now you have similar concerns defensively about them. Clinton eight berries out would bury comes back and think they'll get better. But in general, yes, I do have concerns about the defense break. I Sola join us. You know, I think the numbers are going to be skewed just a little bit because we know now the NFL doesn't want anybody to play defense, but that being said this guy got some arm on him number one. And I also think coming into that team where with that head coach, Andy Reid and Clinton just mentioned Alex with getting a chance one year kind of learning the system and not being forced in there. I actually think one year showing some patients. With a young guy, he's twenty three is paying off. Okay. Well, you think all the offensive numbers because the league is mandating that little bit. We'll say, defense looks pretty good when they go up against the giants, you're in New York team, Bob Reid. How about you? You have to be impressed with the nature of the throats that we've been watching the ones you just saw folks hadn't seen him before this kid's threading needles with a bullet. Okay. Now you've consensus when he was in the class of two thousand seventeen among quarterbacks, is that whatever you thought about overall preparation and background, all that he had the best of all of them and maybe the skepticism a lot was about always from Texas Tech, and that league defense is bogus baba, blah, blah, blah. But a lot of people from the beginning said, he's got the best arm what we didn't know. He had the complete package apparently hasn't always doing what he did at Texas Tech in the NFL which is the biggest stunner of them. August verse somebody just threes. He has the record for best. I three games started and he's only got touchdowns in his last two games. Let's talk about the Steelers for a second. What's the major malfunction with Pittsburgh right now? Easy to pointed the on bell miss. But now Antonio Brown is out there defending himself on Twitter by saying trade me, let's find out how good I am or the Steelers unraveling Meena I think what you're seeing here is actually the same problem. We see with bell with the offensive line, which is everyone of the Steelers wants credit, right? It's in Tony Brown saying, hey, I deserve credit for Ben is lady on saying, I different serve credit for this offense when in fact, all of these pieces have to work together. But this is a sign that the locker room has not been managed well, and it's going to continue throughout the season. This is where it comes back to Tomlin defense is missing assignments, and they're blown coverages all over the place. They look sloppy in a general sense and that to me comes back to the head coach. Overall, it's him to focus and get your team on the same page. I sold on the tough get going. They start tweeting that they want to be traded. That's not a good look for Antonio Brown. Remember this about Pittsburgh. Go back to last season. They lost a home playoff game to Jacksonville. They should have been beaten last week in Cleveland, and then they got smoked at home. There is big trouble with minor distinction here, but you consider that Brown tweeting. He wants to be treated or you consider that him saying, hey, you don't think I'm being as productive as I could be right now trade me and see what happens. We consider them one in the same Sola. Under the circumstances. It doesn't look good. Everyone's talking about how the team looks like it's divided. The locker room is something like this does not help. Okay. All right. We've been one, we'll move on. Let's talk about the other unbelievable quarterback performance from week. So Ryan Fitzpatrick four hundred and four again against the chance. Waring's if you'll on Jackson's close Kois skin, how are we doing this? Whether you believe in it, whether he's earned the job, even when Jim is Winstons reinstated, Clinton Yates go, I think so. I mean, look, the thing that stood out the most about that situation after the game is that clearly the team likes him. You're wearing other guises close on the podium. The whole goal here was wondering whether or not Fitzpatrick is going to be able to mesh with the starters in terms of James Winstons roll. Coming back in the numbers are one thing. The winds are obviously something important in terms of getting to that division. But if they actually like him, you've gotta let him have the job at this point, and that is what is the most surprising thing about this to me if they like them, you gotta have them have the job, you believe that I sold. Finally, someone from Harvard did something with their life. I do agree with Clinton. I think the two positions point guard and quarterback, it's important to have your teammates kind of all buying in Ryan Fitzpatrick seems to have that. I would also say this year's go with the jets. He had a big time year. Then the final week of the season, they went up to. Buffalo chance to make the playoffs and he kept throwing the ball to the wrong team. But as of right now, that starting job is his. Sorry, James Winston, Bob, Ron, you agree with that. I should get at least one point for remember this panel. Whoever would have come about him while he was at Harvard. Now, having said that this guy is enjoying himself having the time is life, but he knows exactly who he is because he pointed out last week after that first big game that I'm a guy who wants to six touchdowns of the game and be on the guy wants to six picks in a game, and he is absolutely reveling in his. He knows that this is not going to last, but you gotta write it out. They must ride this out. He has had flashes before. This is just the best one ever. Am I take away from the presser was Ryan Fitzpatrick is having fun. He knows he's playing with house money. He knows he's not. This isn't going to last, we know who he is. It this right? He's like Nick foles or Sam. Bradford he's a streaky quarterback, but everyone's right. You gotta ride this streak looked one hundred and fifty one passer rating that's not going to continue, but he is leveraging the bucks, copious weapons to Sean Jackson. He is connecting with him was Jameis. Winston was not able to do last season as long as it keeps doing that. They got to stick with his Patrick. A lot of people pick to make the playoffs slashed year going into the season that did not have been. This is a playoff team you're looking at right here comes, I think so because not just Fitzpatrick, but also the defense, the added some weapons, especially on the defensive line. I think we're seeing that pay off early drilled. And you invoke Nick foles as name their, you know, a guy you can go to when you're right it for as long as he's hot. Well, of course, in wins his visit cleared healthy and he's going to be playing next week. And I guess that's the end of the Nick foles run that we were just witnessing Meena comes and this is the difference between these situations, right? Carson Wentz it's a no brainer that he comes back. Not the case with James Winston who's been inconsistent throughout his career. Carson Wentz that seat was just being kept warm for him break. Well, Nick foles did his job. He stepped in ended up putting a Super Bowl. I would say this. So Carson Wentz and he deserves to start, but you don't know how his surgically repaired knee is going to respond. We'll see. I think the eagles the right thing. Bring him along slowly, but you know, you have Nick foles air as good relief pitcher. This is what the eagles are saying. Thank you very much. You really did a great job for us. But let's remember that Carson Wentz was neck Pat Mahomes before Pat Mahomes and they know who's the real starting. Okay. Did you ever article about Carson wins when he was in college? You see. You see. It's almost like a game when when Ryan Fitzpatrick name is said, somebody has to say the word harbored within three seconds. I'm not gonna reward that I've just not. We'll move up for the second straight week. It was the best of ties. It was the worst inside trade buck tip gala show how we got here. Of course a lot about tickers in the Viking signed, Damon, Bailey today not enough about cutting feeling that was an incredible play, but clay Matthews flag here, which negated the -ception that would have ended the game. All right. We're going to start there. It was from burping which the league is now calling lifting the quarterback. Is that what happened here? Frank? Is that roughing? And did it decide the game now you don't need to be a Harvard grad to? No, he did not pick them up and throw him down. Aaron Rodgers losses season last year by getting injured like that. In this case, I understand what the league is trying to do. They want to protect the quarterback clay Matthews last week in week. One did a similar thing on four thousand against the bears to me though this was the wrong call too bad. You can't review something like this. If you're a Green Bay and you throw a challenge fake and say, do us a favour. Look at that get better. This should be resumed gives the wrong call and it should be revealed. Change outcome of a game. You know. So during the game, I thought it was that he was being Aaron Rodgers Rojas putting his way on. But afterwards, Tony Caridi came out and said it was burping right? And went back and watched it three times. He didn't lift him. I feel like the rents are trying to gaslight us, Tony like that wasn't a penalty. It's insane and to to call that in this game on that drive is going to have massive ramifications because these are two playoff teams. Whoever gets the higher seat is going to have a huge advantage. We are going to be talking about this blown call in December January, and the rest will regret making this mistake. Yeah, but this is the bed we've made with the NFL. I mean, we've seen over the past ten years, hating the quarterback has become repeatedly more punitive to defensive players all along. This was not that surprising in the context of all the different rules that have been made over the course of last couple years. So yes, sure. It was a bad call. You'd love to them to see the NFL and come out and say, hey, we bought this, mess it up. It won't happen again. But overall, we've been trending towards this quite quickly. They'd be true that would make you feel better. If like the NBA had the two minute rule. The NFL came out here like they did last week with the Myles Garrett and say, you know what? We got this wrong. It shouldn't have been a tie. Actually, the Packers should be to, oh, in the Vikings should be one in one you'd think that would that would amount to anything Clinton? I think it would amounts of the indication that they're trying to make sure that this ends up being right. You don't know what would have happened at the end of that game necessarily in terms of overtime. But it does say the NFL has some goals of being correct on how they get their own gate. But if that balls intercepted, there is no overtime. I mean, again, the game's over Bob Ryan, how about you? I'm a hard marker, but I would teach that tackle one hundred times over. Every kid in America. That's the way you do it and meanest, right? You can't lift if the left foot never left the ground. Where's the lift? Okay. But they football brought it on themselves over seven decades of knock the snot out of people kill the quarterback, and now we're in a massive overreaction football brought this on themselves, but that call was horrendous. And then the insulting our intelligence, Tony, Karenni, I resent that Highland. I've been trying to sell it. It had nothing to do with what's going on in the climate and things stop at Tony, stop. It. Part of your Tony, but I won't even do it here. No, no. Speaking of football guy, what they wanted after two ties in two weeks, you think the NFL's happy. They went to ten minute overtimes break what just leave it at fifteen minutes and you. You hate to see the tight understand they don't want the players to be out there for an entire game, but another five minutes they can't play come on. They get a fifteen minute overtime. Yeah. I mean, the problem with the overtime is that in this particular case, they should have gone for the intimate should have never gotten all of this, but let me tell you something else. I don't love the idea of going to the college over time because people think it's more fair. Let me tell you something. It's just not that fun. I watch over all the time. They're not that cool sudden death is a better format for ending a game. This is all. Nine hundred seventy four and two thousand twelve. There were eighteen ties service to ties so far this season. Obviously the NFL can't be happy with this. Nobody's happy with a tie and I disagree. I think they should go to the college rules. It is more exciting. Gives you the win that should go to the college rule. They went to the college rule. Imagine do the fantasy leagues all over the world. Every gave an Ed seventy two seventy. That'd be score Gami every single week. Incredible. All right. Right? Those scores Ryan lifting our show. Perfect Marsh show taking a break next. Brought to you by Modell is brewed with the fighting spirit since one thousand nine hundred twenty five. Guys. Let's be real. When you look good, you feel good at the JC Penney wardrobe sale. You can get fifty percent off. Select men's suits, separate sport coats, dress pants, and accessories plus select dress shirts. Buy one get one free raise your game with collection by Michael Strahan. All the right looks to take your style to the next level. Also save an extra twenty percents off with your JC Penney credit card and couponer extra fifteen percent off with any other method of payment, hurry in JC Penney style and value for all price. Valid, thirteen. And nine hundred three credit offer subject to credit approval. So much restrictions apply, see store or JCP dot com for details, but I or sell thirty one patriots twenty Marrone. Motto, Machiline Cole cash that Bortles outplayed Brady that Jacksonville did it with Leonard fournette doing his job on the scale of just a September game to conference wide transfer of power. What was this mean economy might didn't take way was if Blake Bortles is above average, and he was far better than that guessing he was extrordinary. This team can go to the Super Bowl now that's a big if because he hasn't been consistently great ever, but I think undeniable that he plays better when Leonard fournette is out. They've gone four. Now they've averaged over thirty points per game in Leonard fournette at this. And that's not because four nets not good, it's because they've put more confidence in Bortles all off season. We heard the players Randy cornets saying, we wish we had been more aggressive during the AFC championship. What we saw yesterday was a team that kept their foot on the gas pedal. Now they need to take that lesson with Bortles going forward. And I think they're going to be really everything you say is true, but what do you censor prize that they can go to the Super Bowl when last year they were about one play away from going. The Super Bowl Clinton Yates have, right. I think the qualification for the Jaguars that they are officially in the building. I think there's any way to deny that. I mean yesterday they converted nine of thirteen third-down estimate the pass defense with terrible Caskey only two catches I don't know what's going on with the pats, but the Jags show to something and I think we all like it Prego Sola. I'm kopplin Doug Marrone. Terrific job building that defense in Blake, Bortles managing the game. I only worry about it from this standpoint. He's like a battering ram out there when he's running with the ball, just like Cam Newton, just like Dak Prescott you just wouldn't have. Can you hold up for sixteen games playing like that about Ryan. Write this down everybody. Okay. The patriots of entered the rest of their life in the braiding Bellichik era they have peaked Lou. The greatness is over. It will only go downhill from here and it. From Boston Bob. Right. Let me ask you this. So you believe yesterday was a transfer of power in the conference and that Jacksonville's now never expect to win that game at the hardest road game on your schedule. Check it out to start with a little better, but they're going to be looking up at the Jaguars the rest of the season. All right. Okay. Move on fire sale to the Brown. They are the Vinci when it comes to inventing ways not win every week that fourth down last minute touchdown, you can't lose after that. You can't lose at that. They lost after that Clinton, how? Why? I don't love normally blaming the kicker for things, but in this situation, there's no way around two field goals. Dancy extra points of, sorry that guy's gotta go Camrys injured, not that's just unacceptable. Yeah, we too. He had a chance to win games by getting the ball through the upright that his that's his job by the way, Greg Williams in your defense when the score was tied Williams, March right down the field on you kick that field go. So you do a lot of talk, and that was your time right there to make a stop Bob run. The kicking was obviously the number one thing that Sadat yesterday, but the fact is that the Browns aren't gonna Murphy's law syndrome. If there's a way to lose the game, they will find it. They need to learn how to win. So what would you prescribe for that? Bob, Ryan, if I could just ask you that now they have to learn, they have, no, I'm we often we traveled around here in media, but it's a simple fact. They don't know how to win. They have to learn how to win that being the defense did enough tyrod Taylor at the end did enough. He was too conservative beforehand, but we're hearing now that the kicker was injured is growing was hurt and my put this on the coaches because this is the Browns, right? I mean, do we do they have any trust from us that they're making the right decisions every week? No. And I have to question whether they knew he was hurt, votes, of course bouquets. Right? I mean, oh, in sixteen, okay. They were not the best team in football. They were the worst team in football, but they're inventing ways to lose games now by the way, Greg, Joseph's, the kicker, they'd signed today as the determining what to do, what we can zealous this me too said they knew he was injured. I'm playing, we'll move up by herself. Three Dame Davis retiring at halftime from the bills. His statement afterwards said it struck him suddenly, and he knew. Weekly, mentally. He shouldn't be out there. Frank, I sold if you read that as a principled and forthright decision, or is selfish move for a comet halftime when your team is getting work because a lot of players come out today and are anti von Davis here? Yeah, I don't know what's in his head or in his heart, but I think everything that we know about sports, it goes against it. The idea of just quitting right in the middle of the game. I completely understand why his teammates are upset with them teammates. I wish he had come to that conclusion at ten o'clock in the morning, and that's all I agree. You can't do it this way. I'm sorry, all the nobility, all patched to his payments and all the fact is you've got to finish the deal. You do? Oh, it to a team meeting comes. I am not comfortable judging from walking way because their life can change an instance that I do think his teammates had every right to be critical of decision, especially how he went about it and position that he put them in during the game when you it's, I'd Meyer the honesty and forthrightness with which he came out and made that statement. It made sense, and it's not easy to do it. Brief move gra- happy. For me, the decision that you've felt that he needed to do in the middle of rage. Decision for himself because not many, it seems like football players at this moment or there with you in that respect. Have. Have you ever quit a job on the spot. I wouldn't want to have Clinton. What was it? Restaurant? Some tattoo go customer, got him up face and I was like, you know what? I'm not here for this abandoned that Faust, all you're not balancing your take a seat to watch me. Bob Ryan though, is Frank times right showdown next free voicemail of Aaron Rodgers, Aaron, Gabe, your sports agent. I have some news about your state. Farm agent. Patrick turns out you're not his only customer more on. Patrick guy spends his day helping other people. I saw him changing some ladies tire, and I'm like, why is he helping her? That's not Aaron Rodgers hair and it's Patrick with stay farm. Yes. We'll cover your new car. Also. Gapes been lurking around my office. It's weird knows that for agency were there for you? Go with a win that's here to help life. Go right state farm nearly set up by Syracuse. The Andre. Didn't even one linemen to help him off. Arkansas lost the North Texas with the nominee for the greatest fake out of all time. North Texas and half of the big ten, including Wisconsin to BYU Nebraska, Troy. Northwestern accurate Rutgers by forty one. Kansas mean what was the worst loss? I'm tempted to actually go with ole miss because watching that I was overwhelmed with the dread of knowing Obama's gonna roll this season. But I gotta go with FSU currently ranks. One hundred thirtieth out of one hundred thirty teams against SPF schools in offense. That is a disgrace. Audible mention here. Anybody losing to Kansas by forty one is is to should give give up football, but I'll to a have to episode because I once had a history teacher who described events such as going on in Tallahassee as follows. Oh, how the mighty have fallen? Okay. All right. Real quick for the tiebreaker here because we're tied that non fair catch play that we talked about North Texas. That's fair fell Bob Ryan. I'm generally in favour of all kinds of trigger ration- at football, and we're trigger ration- better, but I don't like tribulation with someone could get hurt and he could have gotten hurt if so, I'm guessing. No, I don't wanna see it happen again for the safety reasons, but come on you gotta give this guy credit for performance. I mean, is it too late to nominate him front AMI? That was incredible. I was fooled. Everybody was home. But I think if you're taking advantage of a safety role, you can't have that Bob Ryan victims time. While we Americans were indulging in procure pastime watching football and baseball yesterday history was being made in Berlin. Elliott Kip Shoghi at thirty three year old Kenyon wealth through record, but a marathon. He went, get this a marathon, two hours one minute and thirty nine seconds. He obliterated the record. Here's the best thing about it. This guy has one nine marathons in a row, nine marathons noveau and he's one ten on the eleventh entered. And you've got to say this. This guy is truly dumb man. Elliott show. Slumped, on the most pushing humanity, the limits moment of the week, and then Kim Jong absolutely. Tony broke the mile.
GSMC Social Media News Podcast Episode 245: The $3 Trillion Relief Plan Is Set
"Golden state media concepts social media. Podcast time to Hashtag everything. We talk about all the fun crazy stories on social media. Instagram facebook twitter to Tumbler. Probably even friendster join us as we explore the Quirky of social meets the Golden State Media Concept Social Media Podcast Gates and book though and then talk hello and thank you for tuning into another episode of the MC Social Media News podcast brought to you by the GS NC podcast network. I am your host Shimmering Jackson. We have a lot to cover in today's social media news from everything. You need to know about the stimulus check. Jc PENNEY is officially filing for bankruptcy. De'andre Baker has officially turned himself in how the NFL is planning on voting hiring more minority general managers. And everything that you need to know about. Nellie verses Ludicrous instagram battle. All of that and more on today's news stick around. Hey guys so here is our very first subject in my last podcast. I was talking to you guys about how Nancy Pelosi. And some of the House of Democrats were wanting to increase the covert nineteen relief by three trillion dollars and they were going to call it the relief bill. Okay and remember how I told you on. Friday may fifteenth that they were going to vote on whether or not they should increase that relief plan from two billion dollars which was to cares. Act and move it on up to three trillion dollars and make it be relief plan. Okay so it comes back that Nancy Pelosi in the House of Representatives has passed the three trillion dollar bill for the covert nineteen relief despite opposition from President Trump and Senate Republicans so what was once considered a dead on arrival has now been approved by a vote of two hundred eight to one ninety nine. Fourteen Democrats voted against the bill and one. Republican voted for it. The bill made history as the largest relief packet in United States history which includes funding for state and local governments grown virus testing and another distribution of payments to Americans. Okay so there's a couple of things that is different okay. So this time around the rules for the twelve hundred dollar check has changed a bit but for the good single filers would still get twelve hundred dollars and twenty four hundred dollars for joint filers but filers would also be eligible for twelve hundred dollars per dependent but filers can only claim three dependence for the money in addition to getting the bill passed. Democrats also approved remote voting by proxy and blocked. Gop's push to ban undocumented. Immigrants from receiving stimulus checks the new relief. Bill will also include a two hundred billion dollar Heroes Fund which will provide medical workers with hazard pay and a one hundred and seventy five billion dollar. Bill will go towards rent and mortgage okay. So that's not all the New York Post reports that the bill will also extend unemployment six hundred dollars per week. Federal boost in unemployment insurance payments through January twenty twenty one currently the boost continues through July of twenty twenty ten billion dollars will fund boosts in food stamps. Twenty five billion dollar bill out for the postal service three point six billion dollars. St Election Offices and five point five billion dollars for providing more high speed Internet to libraries and homes health insurance programs and the Senate will also get a piece of the new bill as well and just so you guys know the Federal State and local tax is called salt. That's the abbreviation for them. So if you ever go and you read something and they are talking about salt not the food salt not the condiment salt but actual like in the government talking about salt. They're talking about the federal state and local tax. Okay so back onto business the deduction for twenty twenty and twenty twenty one. Okay so going back to what I was saying. The bill play. The bill pays to relief wealthy residents of high taxes by taking away. The ten thousand dollar cap on the Federal State and local tax deduction for twenty twenty and twenty twenty one. The bill will also allow banks to work with cannabis and states. That have legalized. Its use. So if you're in Colorado or if you're in California there are banks that will work with you And specifically your business or wherever you handle you know that kind of stuff as long as it's legal So how do I feel about this situation Obviously I'm happy because you know there's tons of people who need more help okay Tons of not only regular people but for business owners as well so I think this works as a good thing. There's people who have probably never themselves in this kind of position you know waiting for the government to give them a check or waiting for food stamps or other certain things so what I like about. This is that it gives you insight on what some people have to deal with you know not everyone is as blessed so it's bad that this cove in nineteen has you know. May people lose their jobs? Made people wonder where their next meal is. GonNa come from wonder. No feel as if maybe this is a handout from other people but at the same time this gives people insight on what some people have had to do before this corona virus many times we have seen people look down on people who are waiting for a check from the government. Look down on people who had to get food stamps. In order to pay for their in order to pay for food for their family. Okay so many times there were people that look down on them but I feel like this. Corona virus has opened up people's eyes and Hopefully changed a lot of people's perspectives on these people. Okay what I am worried about however is will this relief plan backfire on people and what I mean by that is will people end up having no choice but to pay taxes on it which will sort of create a ripple effect? I guess you can say I just wonder if a tax will be put on everyone for twenty twenty or you know what will the repercussions be for this relief? Plan because remember. I told you some podcasts ago. That every action has a reaction okay. So what exactly do we have to face in order to afford this three trillion dollar relief plan like what are the setbacks that we're going to have to endure after after this coronavirus pandemic is done after we get out of quarantine after people go back to their businesses? What is the next step? That is going to be my question. I just feel like you receive is free. So how exactly are we going to deal with that Also my next question would have to be. I guess it goes back into my other question. Which was what are the repercussions? What do we have to deal with? Because of this relief plan. Yes sir. Saying it's a relief plan. It sounds Nice but to me. This sounds like a nice slice of cake or no. This sounds like a nice piece of chocolate on the counter. Okay and you're like man. This chocolate looks good. You go you eat the chocolate and then like not even fifteen minutes later. You're on the toilet because now you realize that chocolate is a laxative so what are the repercussions like? What do we have? What do we have to deal with? It sounds too good to be true now. Given this might be something that the government is like. You know what this is for you. We help you. We want to help your family's we want to help our fellow Americans make it through because this time has not been easy. Okay this is something that has never happened. This is something that has made United States history but at the same time I do have to wonder what are my repercussions do have to pay a bill. Do I have to work a little extra? Do I have to take a pay cut? Like what do I have to deal with? What is going on here so it sounds really good. But what are we going to have to give up in order to receive this relief plan? What do you? What do you have to save up for? Just in case someone tries to slip the rug from under your feet. So don't get me wrong. This sounds really good and I really like everything that Nancy Pelosi and the House of Democrats have done for this three trillion dollar relief plan to help to better help those who are in need because of this coronavirus but I I have to wonder. What aren't you telling me? I guess I'm one of those people who likes to hear the good and the bad I would rather you tell me the bad news first and then tell me the good news so I can prepare myself for what is to happen in the future so With that being said that is the end of this very first segment in the next segment. I'm going to talk about. I'm going to talk more about the stimulus. Check in everything that you need to know about your upcoming stimulus. Check of that coming up right after this break stay tuned. You really can't underestimate the importance of having the right creative work for your brand or product whether it's a logo a website a book cover for campaign you really need a quality design to make that big difference pop and deliver your overall engagement and success in a competitive market. That's where design comes in design. Crowd has over seven hundred and fifty thousand designers from Sydney to San Francisco. Ready to help you with awesome creative ideas. They make crowd sourcing work free. So if you need a logo or you're working on your creative branding you can go to design. Crowd Dot Com and post them free describing design you meet and then within about two two seven days you'll receive up to over a hundred different designs from designers around the world. Then you pick the best design and approve payment to the designer. So you're only paying for the design that you want it takes lot of the guesswork out of freelancing out of crowd sourcing and you don't have to be a huge company like Harvard. Business school to use design crowd although they have as well you can start a project on design crowd for as little as ninety nine dollars and if you go right now to design crowd dot com forward slash health and wellness or enter the Promo Code Health and wellness on their website. Then our health and wellness listeners will receive up to one hundred and fifty dollars off of your design project. That's with design crowd dot com forward slash health and wellness or entering that Promo Code Health and wellness be healthier yet. You just don't know what to do. All these shows you this and that but nothing seems to work will listen close. Golden state media concept's has got something great for you. The health and wellness podcast dedicated to workout trend. Healthy eating habits die and everything about healthy living. Join us in our banters as we help you not just live life to the fullest. Let live it to the healthiest. Welcome back so before that right. We were talking about how the House has approved three trillion dollar covert nineteen released bill which includes a new round of payments and more but it was also talking to you guys about the benefits that three trillion dollar bill will hopefully give to people all over the United States but I was also a little weary because I just feel like there's something that they're not telling us the really good and it sounds really great but I need to know the repercussions I need to know. What are the downfalls that many Americans many people are going to have to face because of this new relief plan And I went on a whole spiel about that. But in this segment I wanted to talk about how the IRS has announced that more stimulus checks are on the way however they have explained that your check may not meet your expectations according to Fortune the IRS stated. This past. Monday may eleventh that they sent out a hundred and thirty million stimulus checks and that more are on the way the agency explained in a release several reasons why people may have expectations of receiving a certain amount inner check and ended up receiving less than they hoped are more than they should have the top breeze and for your check amounting to less are more than expected is because the IRS is basing their decision on old information. This could have occurred because you didn't file a two thousand nineteen return or if you did file it wasn't processed during the time that the irs calculated your stimulus check. This would lead the agency to use the information from your two thousand eighteen return as default the top reason for your check amounting to less are more than expected is because the IRS is basing their decision on old information. This could have occurred because he didn't file a two thousand and nineteen return or if you did file it wasn't processed during the time that the irs calculated your stimulus check. This would lead the agency to use the information from your two thousand and eighteen. Return as default changes including higher or lower income in the birth or adoption of a child would not have been calculated the IRS stated on their website quote in many cases however these taxpayers may be able to claim an additional amount on the twenty twenty tax return. They file next year. This could include up to an additional five hundred dollars for each qualifying child not reflected in their economic impact payment in quote another possibility for the amount you received being different from your expectations could be a despair. Not and whether you're dependent claimed was eligible for the child credit of five hundred dollars in order to claim the credit. The taxpayer has to be related to the child reside within the same household for more than half of the year and provide at least half of their support. Also keep in mind parents who are not married to each other and do not file a joint. Return cannot both claimed their child as a dependent. Furthermore college students do not generally qualify for an additional five hundred dollars. So if you have a child who is in college. They may not qualify for an additional five hundred dollars credit. Okay so you may not be able to put them or you may not be able to receive money because they are considered. You're dependent another important factor to consider for your check being lower than expected. The Irish shared on their website. That past due child support could have been deducted from your check our garnishments by creditors. It was recommended by the agency for everyone to keep the letter they received from the irs after the check was dispersed the agency stated quote in many instances eligible taxpayers. Who received a smaller than expected? Economic Impact Payment Aka. Emp may qualify to receive an additional amount early next year when they file their twenty twenty federal tax return in quote. So what are my thoughts on this? There's nothing here that really raises a red flag for me. I think everything is is just If you didn't tell me what I've gotten from that from that article was in two thousand eighteen. You filed your taxes. But you didn't get around this year are just get a filing your two thousand and nineteen taxes. Okay so in this case they are at least willing to give you some form of payment to help you through this coronavirus So they're pulling your information from two thousand and eighteen without information from your two thousand and Nineteen in many Cases Taxpayers Aka myself or yourself able to claim additional amount on the twenty twenty tax return if they file next year so that could include up to an additional five hundred dollars for each qualifying child. Okay K. so it was a lot that he's dead but again nothing to me really raised a lot of red flags it was more of An understanding and An awareness of what's going on. So that's what I was talking about in the last podcast which was okay. Thank you for giving me the good news. This piece of candy sounds amazing. What are my repercussions like what's going to happen? And in this case the irs told you what what the repercussions May or may not be so it either raises a red flag for you if you were someone in this kind of predicament. If you're is more aware too that if this affects you a lot more or This helps you internalize this if you are going through this if you may go through this and also do you know someone a k a family member or a friend who may need information about this that way you can spread the news and speaking of spreading the news in helping out those who you know may have to face this. Jc Penney's has filed for bankruptcy and many stores will end up closing some of their locations. We're GONNA talk about them right after this break. Stay tuned. You really can't underestimate the importance of having the right creative work for your brand or your product whether it's a logo a website a book cover or an ad campaign you really need a quality designed to make a big difference pop and deliver your overall engagement and success in a competitive market. That's where design crowd comes in design. Crowd has over seven hundred fifty thousand designers from Sydney to San Francisco. Ready to help you with awesome creative ideas. They make crowdsourcing work for you. So if you need a logo or you're working on your creative branding you can go to design crowd dot com and post a brief describing designing and then within about two two seven days. You'll receive up to over a hundred different designs from designers around the world. Then you pick the best design and approve payment to the designer. So you're paying for the design that you want it takes a lot of the guesswork out of freelancing and out of crowd sourcing and you don't have to be a huge company like Harvard business school to use design crowd although they have used it as well you can start a project on design crowd for as little as ninety nine dollars and if you go right now to design crowd dot com forward slash health and wellness or enter the Promo Code Health and wellness on their website and our health and wellness listeners will receive up to one hundred fifty dollars off your design project that design crowd dot com forward slash health and Wellness Promo Code Health and wellness tired of searching the vast jungle of podcast. Now listen close and here this out. There's a podcast network that covers just about everything that you've been searching. The golden state media concepts podcast network is here nothing less than podcast bliss with endless of podcast covered from news sports music fashion entertainment fantasy football and so much more so stop blurted around and go straight out to the golden state media concepts podcast network guaranteed build. That podcast is whatever it may be visit us at. Www DOT s MC podcast dot com. Follow us on facebook and twitter and download on itunes soundcloud and Google play. Wasn't guys welcome back to our third segment for today's Social Media News in the last segment? I talked to you guys. About how the IRS? Kind of looked out for you guys and told you guys what to expect if you filed for the two thousand and eighteen tax return but did not get around to filing for the two thousand and nineteen tax return there may be a lower or higher check depending on if you did or did not file and time they also gave you on some things to or to be aware of if your check tends to be lower or higher okay so what I liked about. That is the fact that that gay people insight on what to look for. You know whether you are someone who has to deal with this certain unfortunate to you or if you know someone whether it's a family or a friend and I was also going to tell you guys about how. Jc Penney's has filed for bankruptcy. And how many of the stores will have no choice but to close their locations so if you are someone who shops at JC Penney's frequently. Or if you're like me and you happen to work. I used to work at JC. Penney's so I know a lot about the industry Or if you know a family or friend who has worked for? Jc Penney's or who shops at JC? Penney's you might WANNA listen closely to these details. Jc Penney's has said in an announcement that they have filed for chapter eleven bankruptcy and will close some retail locations. The major retailer was struggling prior to the covid. Nineteen pandemic and bankruptcy was confirmed earlier by. Ceo Jill Sal Tayo. She said the decision to file for chapter eleven. Bankruptcy was difficult. Due to several retailers having similar experiences due to the pandemic she stated quote as a result of the American retail industry has experienced a profoundly different new reality requiring JC Penney's to make difficult decisions in running our business to protect the safety of our associates and customers in the future of our company in quote until this pandemic struck we have made significant progress rebuilding our company under our plan for Renewal Strategy and our effort has already begun to pay off while we had been working in parallel on oppositions to strengthen our balance sheet in extend our financial runway closure of our stores due to the pandemic necessitated a more fulsome review to include the elimination of outstanding debt in quote currently JC. Penney's has eight hundred sixty stores across the country. But like I said some locations will shut down to the company's financial issues and announcement of the closings are scheduled for the next upcoming weeks. So what are my opinions about this? This is the sad thing for me to see. Jc Penney's macy's have always been like those two places where my grandma used to take my sister and my brother whenever we had to go back to school shopping and I just have noticed that as the years went on. Not a lot of people wanted to shop there whether it's a preference whether it's you know how society has changed just unfortunately It took that. Plunge I guess you can say And it's a very sad thing for me to see. There are a lot of great deals than go on. Jc Penney's but unfortunately there was just some things that happened that JC Penney's couldn't get up from now. It's a sad thing for stores across the country to end up closing at an even worse thing to see associates employees. I it's it's an even worse thing to see employees without a job And I remember before then that. Jc Penney's was having a hard time. You know trying to keep up and trying to get their sales up. And I think that with this corona virus it just kind of hit them off the edge so it's a sad thing to see them have no choice but to file bankruptcy now as far as after the covid nineteen hit because customers were not going into the store because I know for a fact that JC Penney's was officially closed. During this pandemic. There was no money coming in so if no money was going in. How are they going to be able to pay for anything and then Because of that a lot of employees for JC Penney's were put on four low meaning that they were temporarily laid off. So this could mean that people who were put on furlough are now officially laid off depending on if the store is deciding on reopening or not. Or if they're planning on you know hiring those same people back at the same location. It all depends but all of this was to save. Jc Penney's because JC Penney's has been around for a long time in in this case. I don't really see it as The CEO getting all of this money. I think she's doing everything that she can to save. You know the company as a whole she would hate to see. Jc Penney goes down as melrose. If you guys have ever heard Melrose was a really big company and it went down Down here in the South K. Mart was huge thing and then all of a sudden that went down so you would hate to see. Jc Penney's go down as a melrose okay. I'm so I don't think you know. Maybe a part of her wants to save some money but apart her wants to save this company with that being said I am going to close out this third segment. I just wanted to let you guys know that if you have someone who works at JC Penney's or if you shop at JC Penney's just be four aware that some stores are closing. Many people are being laid off so they're moving from four low to officially being laid off. Okay so when you're put on four low you're on a temporary layoff okay and you could move from a temporary layoff to a four layoff. Okay so just. Don't wait on you know if you'll be able to work back at JC Penney's again. Sometimes you just have to take the initiative and you have to look for work elsewhere So I want you guys to know so that you are informing your friends and your family or whoever you know to just be aware this some JC penney stores are closing and to relate that information out to your loved ones with that being said this is the end of this third segment in the next segment. We have some NFL news. Nfl Mess that we are going to get into now all of its mess but majority of it. It's messed all that coming up right after this break. Stay tuned a find out what movies to go see and check out the GMC movie podcast. It's your ticket to the latest movies whether it's a new blockbuster event romantic comedy or action flick. This show has got it all covered. They talk some what to go. See now don't bother what's hot on Netflix's and everything in between that. Gsm PODCAST DOT com back slash. Movie Dash podcast. When it's all about the movies it has to be this new show. Don't forget to like them on facebook and follow them on twitter visit. Gs MC PODCAST DOT COM for more INFO. Google uh-huh Harry one. Welcome back before that break. We were talking about how. Jc Penney's has filed for bankruptcy. And how many of the stores will begin closing their locations. So just be aware and you know leading your friends are family know that these stores are closing because of the bankruptcy for right now I wanted to talk about de Ondre Baker and how he has turned himself in. If you guys don't know who the Andre Baker is him and another football cornerback. Were involved in an armed robbery. Okay if you don't know the story about that. They went to a cookout k a gathering and they were gambling and instead of having fun and eating food they decided to pull out guns and rob people back into the story. D Andre Baker. Who was a cornerback. For The New York giants has turned himself in and his fouling armed robbery charges according to his attorney Bradley Cohen in a Instagram Post. He urged people not to cast judgment while authorities. Sort out the matter. He stated quote police reports are just that reports of what was told to them or set to them. Court is what we use to then. Those reports investigate those claims and allowed the defendant and opportunity to confront the evidence not rush to judgment in quote. De'andre Baker is being charged with four counts of armed robbery with a firearm and four counts of aggravated assault. The incident took place in Maryland. Florida during a Small Gathering Aka cookout on May fourteenth. According to an affidavit released by Meyer Amir Police Department Baker Seattle quarterback Quinton Dunbar and a third unidentified man were alleged to have threatened attendees at the gathering with Baker reportedly brandishing a semi automatic firearm on Saturday Cohen took to instagram again and said he believes video. Evidence will exonerate his client. Cohen stated quote. We will be presenting trove of evidence. We have obtained over the past three days to the judge. The right time seven affidavits exonerating my client and video evidence in quote if the Andre Beggar convicted of the said charges he will face a minimum of fifteen years for each charge. Okay so keep in mind. He has four charges of armed robbery. Four and they're saying he's going to serve fifteen a minimum of fifteen years each so. Let's just say that he gets fifteen years. Fifteen Times four is sixty years so he could face sixty years in prison. Everyone D Andre. Baker is twenty two years old sixty years in prison so by the time he gets out. That young man will be eighty two years old if he is charged. So we're gonNA find out what has officially happened. What made this young man allegedly pull out a gun and began robbing people especially because he is a part of an American football league. Okay he plays as a cornerback for the New York giants. Okay so he has money so I wouldn't understand why he exactly decided to rob. People allegedly allegedly rob people But hopefully we find that out. He hopefully They get down to the bottom of this. I just hate and I said the semi last podcast. I hate for someone who is so talented and so young and someone who has a blessing like this throw it all away for allegedly robbing people because they ended up losing a Bet. They ended up losing I think there were gambling and they ended up losing so they ended up. Robbing people allegedly so I would just hate for someone so talented to lose everything. But speaking of de Ondre there is another football player who got charged with something as well and that's Washington Redskins Cody Latvia. And he was arrested for Assault. Any legal discharge and an illegal discharge of a firearm. So Cody Latte. Mir is a wide receiver for the Washington redskins and he was arrested early. Saturday morning in Douglas County Colorado according to ESPN shots were reportedly fired inside a Colorado reports. Say that a witness heard arguing and what appears to be gunshots. Ladimir was taken into custody and booked on felony charges of assault in the second degree. Menacing and illegal discharge of a firearm and a misdemeanor charges and misdemeanor charges of prohibited use of weapon and reckless endangerment. One person was reported with minor non gunshot injuries. The redskins a statement following the arrest. They stated quote. We are aware of the situation and have informed the NFL League office. We will continue to gather more information and have no further comment at this time in quote. According to the Douglas County Sheriff's Department Landing Mir posted a twenty five thousand dollar bond and he was released on bail. So what are my thoughts about cody? Latin Mir as. Well as De'andre back I just feel like they are so talented and because they are so talented in the world was given to them and you know things just are so great for these football players people who see themselves on this high pedestal because people essentially praised them for having a talent you know for making it passed all odds or because you know. They worked so hard. That many of them feel like they're invincible. They can beat the law they can beat people. I think they believe that they are above everything and because they believe they are above everything sometimes. They're their head gets too big okay. And unfortunately many times. These are the states that a lot of football players have to face. You have one being arrested for an alleged robbery. Then you have another one who was arrested for assault all of them discharging a firearm in some degree. Either it's four cody. Latin Mir who possibly this was a domestic disturbance more than likely and he pulled out his firearm to you know the Andre Baker alleged pulling out a firearm to rob people. This should be concerning okay. Because many people look up to these young men as role models and if they're not carrying themselves as role models. Sure people make mistakes. People do dumb things but to pull out a firearm to rob someone because you lost a bet because you're angry or your pride was messed up. That's outright and I think a lot of these guys need to do a lot of self reflection. I think a lot of these guys need to sit back and understand. You know you're not invincible. As quickly as you have gotten a blessing as quickly as that blessing can be snatched away from you so just being happy that you have received this blessing and understanding that this blessing will only last a certain amount of time you can only be in the football league for a certain amount of time before something happens. So why why would you lesson that blessing by doing something to get yourself arrested? You know whether it's for robbery or whether it's for domestic disturbance or for an assault why would you put yourself in that category that in this has their lives at stake? Okay this is your freedom at St S. The same thing I was saying about the Andre Baker this is his freedom at state. You cannot buy your freedom. Now he is someone. He was someone who was so. I guess bigheaded that he forgot that and snap a finger. You could be behind bars and you no longer have freedom to do whatever you want. You had blessing a one in a million life one in a million chance. You beat the odds. You made it in and you're willing to let it go because you decided to gamble and you decided to allegedly began robbing people for what the purpose was. No one knows if he or if he did or did not do it So I'm going to stop talking about this in the next segment. I'm going to talk about the NFL. Owners and how they will be voting on hiring more minority general managers and head coaches in the league with the new resolutions with that being said that is the end of this segment. I will see you guys in the next one girl but the day. Just be one without your Hollywood Phipps. Flip Golden State media concepts that are ten? Podcast take care of that Jordan. Keith is entertainment tonight meets access Hollywood. I'm Jordan guy laughing. That's an all inclusive luck. Look pop culture. Hey everybody welcome back to the social media news podcast so in this last segment. I was talking to you guys about the Andre Baker. I was talking to you guys about the Andre in how he has turned himself in because of the alleged robbery. And then I also talk to You. Guys ABOUT CODY LAP. Mir and how. He was facing assault charges in this segment. I wanted to talk about the. Nfl owners and how they are going to vote on hiring and intensifying more minority general managers and head coaches in the league with new resolutions next week. So the National Football League is attempting to make a big change in the league and hire more minorities as head coaches and general managers just three months ago. Commissioner of the League Roger Goodell addressed the lack of opportunities of minorities when it comes to positions including head coaches and general managers at the Super Bowl. Goodell stated quote clearly. We are not where we want to be on this level. It is clear we need to change. We have already begun discussing those changes. What stages we can take next to determine better opportunities in quote according to the organization's official website. Only one of five coaching vacancies during the last season was given to a person of color thus making it the only three out of the last twenty openings to go to a minority this caused for an immediate call to action to prevent this trend from continuing in the future. The league will now offer a pair of resolutions. This Tuesday may nineteenth during the owners virtual meeting and in a tent to level the playing ground according to NFL DOT com. The I would remove the longstanding anti-tampering barrier that permits clubs to block assistant coaches from viewing for coordinator positions with other clubs. Even though having court experience is typically the final and most significant step in becoming a head coach the other would incentivize the hiring of minorities as coaches or primary football executive spy rewarding teams with improved draft slots in quote. The League is also looking at further enhancing the Rony rule which will double the number of candidates. Each team is required to interview for main coach. And Courtney the owner of the Pittsburgh steelers art rony. The second spoke on this back in January in an interview with NFL. Networks Steve which he stated East dated quote. I think where we are right now is not where we want to be not where we need to be. We need to take a step back and look at what's happening with our hiring process. The first thing we'll do as part of our Dave versity committee is really review. This past seasons hiring cycle and make sure we understand what went on and talk to people involved both on the owners side management side as well as the people that were being interviewed in quote per the League's website shall the resolution be voted on under league policy on equal employment and workplace diversity. It would change the current protocol in the League which has been the goal for many years now. He also stated quote if eighteen hires a minority coach that team in the draft preceding the coaches second season would move up six spots from where it is slotted to pick in the third round a team would jumped hint spots under the same scenario for hiring a person of color as its primary football executive a position more commonly known as General Manager. If team were to fill both spots with diverse candidates and the same year the club could jumps sixteen spots six for the coach ten for the general manager and potentially move from the top of the third round to the middle of the second round another incentive a teams fourth round pick would climb five spots and the draft preceding the coaches or general managers. Thirty year if he still with the team that is considered significant because Steve wilks in Vance Joseph two of the four African American head coaches hired since two thousand and seventeen were fired after one and two seasons respectively in quote. So here's a fun fact for you guys during the start of the two thousand and nineteen to twenty twenty two football season. The League only had four head coaches in into general managers of color and that was out of thirty two teams but a lot of it. Is You know who you know. Unfortunately so you might go in and you might be highly qualified but you might lose to a guy who plays golf with with that other one. That's connection unfortunately so I'm really happy that they're actually taking a step back. And looking at WHO? They're hiring and why they are hiring them 'cause connections are good but many people want champ. They they obviously want a super bowl super bowl ring. They want to win. They want become champions and At the same time they want role models for these kids. Okay so we want more people of Color and head football positions to show other kids than you can go in this position and at the same time you know changing up strategies to help a team win a championship that is primarily the end goal that showing these people that they can do anything on the forty niners. They have a woman football coach and she is. She has made history as the first woman. See you know just showing these people that you can do anything no matter your race or gender and I think that's really what the NFL is trying to just showing you know different kids who are essentially our next generation that you can do anything you put your mind to. You can be a person of color as a head coach or you can be a woman coach and help leave a football team to a championship and make history So with that being said that is the end of our fifth segment in our next segment. We're going to talk about. Nellie versus ludicrous. Who won on this instagram battle? Did you guys hear some heads? We're GONNA talk about all of that coming up right after this break. A tuned the GMC lagged unhappiness. Podcast TAKES YOU ON. A Journey of exploration. We'LL DISCUSS TRIED. And true methods alongside the latest trends of how to death live your life to its fullest and happiest from psychology to meditation science to sell books the GS MC. Live in happiness podcast. We'll help you to discover what makes you happy and how you can live. Live being the best you possible. Download the jazz. Mc Life and happiness. Podcast on Itunes Stitcher soundcloud. Who Play or anywhere. You Find. Podcast just tie. Gmc in the search bar talk hairy one. Welcome back. This is our last segment for today. We have talked about so much from everything that you need to know about the stimulus. Check the new relief plan that was approved for the three million for three trillion dollar relief. Plan that is going to soon take place. We also talked about how. Jc Penney was filing for bankruptcy. And how many of its stores will be closing. We talked about the Andre Baker turning himself in as well as cody Latin here being arrested for assault and how he was also bailed out. How many of these. Nfl players have begun to think that they're invincible. We also talked about how the NFL will be voting on hiring more minority general managers as well as head coaches in the league and finally right now. I'm going to talk about. Nellie verses Ludicrous. Who won one happened all of that news that you need to know? So on Saturday may sixteenth. Nelly and ludicrous went live and went live on instagram. And they bring back. All of their classical hits the HIP hop superstars. Nellie and ludicrous went round for round and battle of hits revisiting fan favorite tracks that helped define the music landscape of the ages. They went toe to toe at. The top of the event took the time to recognize each other's achievements and contributions to the culture which was setting a positive tone for what was to come. We had Nellie you know giving his praises out to ludicrous and Luda giving his praises out to Nellie we even got to hear a track that no one has ever heard which was the money maker remix featuring Nelly was a track that was never never released but we got to exclusively here at on that instagram. And let me tell you I loved every moment of it. I told you I was a huge fan now. I might be a little biased in this. So many people are saying that ludicrous one because He was in having any technical difficulties and they were selling that they were saying that now he laws just because he was having technical difficulties he was pulling Teddy Riley. But he didn't have like a band or anything so. I'm going to defend nowy. Okay because I'm a Nelly Fan He didn't pull a tally a Teddy Riley. In the sense of having a live band or anything Wifi was just messing up. Okay sometimes technology does that. It becomes a booker in this case. Nellie Wi fi became his book and maybe people weren't getting annoyed by it unfortunately just said to happen. They're saying because of that ludicrous. One in my opinion I think. Nellie one okay. I like a lot ludicrous songs and I like a lot of Nelly songs but to me I just I like the energy more coming from Nelly I've always been a huge fan of Nellie. I've always liked all nellie music so to me Nelly one. Okay if you guys disagree with me. That's okay. That's okay but anyway according to billboard ludicrous had five top one hundred number ones whereas Nellie had four ludicrous had eighteen top one hundred top ten's whereas Nellie had fourteen ludicrous has had fifty six top one hundred hits whereas Nellie has had thirty six billboard two hundred number ones ludicrous has had four whereas Nellie has had three billboard two hundred albums ludicrous has had eleven whereas Nellie has had ten for Grammy Wins Ludicrous has three whereas Nellie has three as well for the U for United States album sells ludicrous has had fourteen point five million whereas he has had twenty two million for United States Song. Sales Ludicrous has had nineteen point five million whereas Nellie has had twenty two point nine million for United STATES ON DEMAND. Streams Ludicrous has had one point nine billion whereas Nellie has had two point six billion and that was provided to us by billboard. Now keep in mind. I just there's a whole there's songs that I just as is really really like both of these. Men are very talented. Both of these men have shaped my adolescent teenage music. Musical taste So those are songs that I could go back and I can listen to for as long as I like so I personally love the battles. I've been loving these instagram battles. And I've said this before and a podcast. I have been loving these instagram battles because it shows musical tastes and it shows That not artists are always having an issue with one another and brings praises gives each and every one of them their flowers and shows each of them that they are lovers of music. Okay they understand that these people are artists and they understand you know what they go through but at the same time it's important giving them love you know it's it's showing them that you know. Their achievements have not gone unnoticed and many times artists have gone unnoticed. Their chievements have gone unnoticed unnoticed. So during that time period they will be praised but then when they don't become so popular they're often kick to the side. This instagram battle. You know is a battle of showing each other the most praise and I and I have to really give Credit I really have to give them credit on that so with that being said that is the end of today's social media news podcast. I would like to thank you for listening to the GS MC Social Media News. Podcast brought to you by the GMC GMC podcast network. I would like to ask that you please remember to subscribe to the show in a nice review because that really helps us out also be sure to follow us on. All of our social media handles including facebook twitter and instagram. I would like to thank you and I want you guys to have in good night a good day and everything in between my name is Shimmering Jackson and I'm signing out by you guys Ba- been listening to the golden state media concepts social media. Podcast part of the Golden state media concepts podcast network. You can find this show and others like it at. Www DOT GS MC podcast dot com download. Our podcast on itunes stitcher sound soundcloud and Google play just type in GS MC to find all the shows from the golden state media concepts podcast network Roman Rudeness to Music Pro Sports Entertainment and even weird views. You can also follow us on twitter and on facebook. Thank you and we hope you've enjoyed today's program.
The end of retail as we know it?
"The Post reports podcast is brought to you by Patriarch on the COVID nineteen crisis making it. Clear that creative system is broken serving advertisers over artists on Patriot creators to build a more sustainable income source and their fans get access to exclusive community and premium content through monthly memberships. Have your Creator or simply loved one checkout patriotic dot com now and change the way art is valued from the newsroom of the Washington Post about the Washington Post reports Martine powers. It's Thursday may twenty first today. The story behind retail bankruptcies a launch for spacex and finding community during a different kind of Ramadan. Jc Penney is the fourth major retailer. We've seen so far this month. File for chapter eleven bankruptcy protection and that basically means they've run out of cash. They need help to stay afloat and so they're using this as an opportunity to move some of their debt around closed some stores. That aren't working out for them and really reassess their business about Bhattarai covers retail for the post and the last month so the I was J. Crew choose watched as one than we hadn't even Marcus after another staged stores which owns Gordon's in a number of other department stores of these. Major retail stores have filed for bankruptcy. This was not a surprise. None of these bankruptcy filings were surprises. These were companies that have been struggling for many years but the pandemic really put them over the edge. All of them had to shut down stores for weeks at a time. They furloughed almost all of their employees. So that puts them in a position where they very quickly ran out of cash. And so what you're saying is that these stores are not necessarily closing completely. There's just going to see some dramatic changes and this is sort of their last ditch effort to try to stay afloat exactly. Jc Penney has said for example that it's going to close about two hundred and forty stores which is about thirty percent of its overall footprint in the next year or so but for the most part these brands are not disappearing at least not yet so the fact that these stores are filing for bankruptcy. What does that say about the state of the retail industry right now? It's been a huge unprecedented drop-off in retail sales that we've never seen before we thought was bad when retail sales fell about eight percent and then April blew that out of the water with a sixteen percent drop. People stop spending in just about every category including clothing shoes furniture just about everything other than groceries and online purchases always seeing a widening gap across the industry. This was something that we've been seeing since the last recession over a decade ago the strongest retailers are doing very well the Walmart's target's Amazons of the world and the rest are falling off. And what is the difference between those stories that are doing well and the stories that very much are not the stores that are doing? Well generally did not have a lot of debt. They were not by private equity firms and they were able to invest in websites. Ecommerce operations a whole bunch of initiatives to stay fresh and modern and keep their customers coming back the stories that have filed for bankruptcy and are struggling like J. crew or Neiman. Marcus billions of dollars in debt. So even though they were making pretty good sales for the most part and sometimes you know would have turned a profit. They were putting all of that money back towards debt payments and interest payments which really hurt them in the long haul but then is there a difference in terms of like what they're providing and what people go to a Walmart or a home depot or target for versus what they go to JC Penney. For absolutely I think what we're seeing over and over again is that it's apparel stores and department stores. That are struggling. The most a lot of them are based in the mall and have relied on rotter mall traffic to boost their sales for a long time. And we all know that malls have been downward trajectory for years so they were already struggling with that and on top of that they sell a lot of the same things that every other competitors cells so for some of these retailers are finding themselves somewhere in the middle that they're not filing for bankruptcy yet but they have been suffering during coronavirus. Do we have a sense of how they will be fairing? Once things start to reopen again. It's really difficult to tell. And that's something that we keep hearing from analysts is that there are so many unknowns right now we don't know how long these shutdowns are. GonNa last or you know whether there's going to be a second round of the virus whether sores are going to have to close down again and even if stores do reopen for the long haul. There's the question of whether consumers will come back so many Americans have lost their jobs. Millions more are worried that they might lose their jobs and they've really cut back on spending for just about anything other than food and necessities. Are we expecting that? After this initial round of stories that are filing for bankruptcy that we might see more and another wave of retailers who decided that they have reached the end game. It's definitely likely and as the pandemic whereas on the shutdown go on for longer and longer we're GONNA see more companies running out of cash so we will see more retailers. Starting to file for bankruptcy. I feel like the narrative coming out of this is going to be that corona virus killed J. crew or coronavirus killed JC. Do you feel like that's accurate. That's not fair. Coronavirus certainly helped hastened its demise but it wasn't the only factor and it wasn't even the main factor it just kind of sped up a death that was already happening We're recording so carney okay. So deeming economics editor at the Post. We just spoke with about this series of big retail stores. That are filing for bankruptcy. Jc Penney Marcus J. crew and it brought me back to this conversation that you and I had more than a year ago April eighth two thousand and nineteen and I want to play you a clip from that conversation. A leveraged loan is a loan made to accompany that is over leveraged and by over leveraged. It means the company has way more debt than it brings in through income. Do you have examples of what this company's we're talking about company's name brands you know J. Crew. There's a lot of companies that you shop at pass by every day. That have these loan of Louis so you were raising the red flag. A year ago that J. crew was relying on these highly risky loans. You'd also brought up Neiman. Marcus and here. We are now. They're filing for bankruptcy. What is your reaction to that? My reaction to that is sad that I was right. I mean this was the big fear that when times were good if companies were loaded up on debt that when times got bad they would be nowhere for them to go. It's it's almost like running up your credit card bill when you have a job and you know everything seems fine in the economy then when things bad you have all this credit card debt and there's just no way to pay it and so now we have all these companies like you mentioned lots of name brands in the news. Today is pure one's going to be closing stores. It's been around for a long time. A lot of these name brand stores are going out of business. And they're not going to be around or they're filing for bankruptcy and they're gonNA have to dramatically restructure so when talk about chapter eleven bankruptcy. Does that mean that in some of their debt is just never going to be paid off and the people who they owe money to are never going to see that money. That's right I mean you know. Bankruptcy can be a good thing for companies like. Let's say a company owes a million dollars and there's just no way they can pay right so they could just close and no one can get anything or they can afford bankruptcy and say okay. Listen we've got like half million dollars. We don't have a million. We can pay some of the stuff we owe but not all of it and then there's kind of this line that forms of people who were first in line for the payments in last in line and right. Now we're in the part where it's hard to tell exactly how ugly this is. GonNa be because right now. There's kind of this big cloud of dust around all the collapsing companies. We have to find out who's kind of on the wrong end of those bankruptcies and we'll find out very soon so in terms of the circumstances that led up to what is happening now. I think a lot of people will look at what happened with JC Penney with J. Crew and say they were killed by corona virus. But it seems like there were these longer term circumstances that really led up to that so when it comes to these leveraged loans that you've been talking about for more than a year. Tell me more about like how those loans actually work. And how they're playing out for these companies now sure so a leveraged loan would be alone that a company would take out when they really couldn't get a normal loan in other words. They were already so kind of maxed out on debt that they had to get a special kind of loan. That's considered much higher risk so I guess you could argue that. If they hadn't taken off these loans that would have gone out of business a long time ago and maybe these loans can help them bridge into this kind of environment. So that took a dramatic downturn like the corona virus to finish them off. But you could also argue that these leverage loans. Some of them that were made with such high risk created this kind of Glut of really over leveraged highly indebted companies. So that now you have all these companies kind of toppling at once and that can make a downturn even worse because you have so many workers who are being thrown out of the workforce simultaneously as opposed if they had kind of sorted this out and solved it. You know when you and I were talking about this year ago it might not be as messy ugly as it is now all going down at ones so one of the things that you've explained to me when we talked about this in the past. Is that these leveraged loans for corporations sort of work like how subprime loans worked in the lead up to the recession that they were loans that were repackaged by banks and then resold so in the case of what's happening with some of these major retailers if these were risky loans that were resold to someone else and now it seems like there is a chance that companies like J. crew in JC. Penney are going to have to default on these loans. Who who owns that data? And what are the implications of that? It's a great question and unfortunately it's a question that we don't really know the answer to this point. I do remember during the financial crisis in two thousand and eight. We heard so many people say oh I don't hold the debt. I'm not exposed to subprime. Loans they're a small part of the economy just some random investors that are involved and then of course we find out that it was much more widespread. They were packaged into all these different products. That so many people held that you and I held. We didn't even know about so. I would just kind of give people caution that they they might not have ever heard of leveraged loans. They might not think that they had any exposure to the corporate decisions of J. Crew Appear One or JC Penney but lo and behold all these companies are kind of interconnected in financial markets in different ways and quite frankly a lot of these products. These risky securities are held in other countries. And so we can seem like a small insignificant thing like maybe you haven't stepped foot in JC Penney in twenty years or you haven't bought furniture J. crew since the desk guy bought right after college. You mean you mean peer one fear. One I'm sorry justice furniture. Ha Crew. I Don I haven't checked the last few years. Maybe they expanded their offerings. My favorite pair jeans some crew. But maybe even shot there too long time you think you have no exposure. You'd be surprised and unfortunately you won't be pleasantly surprised. You'll be really unpleasantly surprised because a lot of us who make investments in mutual funds or things like that we have no idea all the things that are connected and it takes a really dramatic scary moment like this to make us learn and oftentimes by the time learn. It's too late to do anything about it. So then how will this play out in the future like? What are the chances that what we're seeing with? These few retailers that are that are filing for bankruptcy now that that will actually have major implications even if you know we start to come out of the pandemic and businesses start to reopen that story for you so there was an election year in two thousand and eight. It was a big election and in March of two thousand eight. There was a really scary. Financial Event. Bear stearns collapsed. The government didn't save it. It was a huge mess. You know financial markets shuttered and everyone panicked treasury fed reserve everyone was hauled up to Capitol Hill to talk about what happened and by. May things seemed like they had stabilized. Okay by August in September of two thousand eight. The economy was in free fall. So I think those of us who lived through that horror show no that just because things are looking better now and just because people might be looking forward and not backward you know. We shouldn't get too complacent and that's why things like leverage loans and other financial products that have kind of gotten by just on economic froth for several years. Those are the kinds of things little sticks of dynamite in the economy that can explode later and they can explode when we're kind of least prepared to defend ourselves you know when when the stock market's but there's thirty percent unemployment or GDP's crashing or people. Are you know overdrawn credit cards? Or they can't pay their rent. That's why we're least able to defend ourselves as an economy and so we learned in two thousand eight when it took like six months from bear stearns for the economy to really collapse. You know. We're just a couple months. After the what we thought was the worst part of this and so I would just say. Kinda hold on tight. The worst could be ahead. Damian Polenta is the economics editor for the Post Abba Bhattarai covers retail next week could be the beginning of the next chapter in space travel for the US. Yeah I mean. This is a big moment for NASA. It's the first launch of NASA astronauts from United States soil from the story venerable Florida's Space Coast since twenty eleven so almost a decade. Chris Import covers the space industry for the post since NASA Shuttle Program ended in twenty eleven the US has relied on Russia to send astronauts into space so the significance here is that NASA astronauts are going back to space from US soil. And that sort of the the big deal. So when is this launch to happen? Well it scheduled for May twenty seventh is tell people though that you know when it comes to spaceflight and particularly human spaceflight the launches can scrub. They can be delayed. It can be the weather or they. Can you just have a faulty mechanical problem? A sensor that's off and you'd have to imagine that for this flight given how high profile it is given the fact that they're going to be two astronauts on top of the rocket. They're going to proceed with caution. These astronauts are going to the International Space Station. And what's even more historic about this launch? Is that? It's the first time ever that a commercial company will be flying people into orbit Elon. Musk's company SPACEX. Yeah I mean this is the biggest test that SPACEX has ever had was founded in two thousand and two by Elon. Musk and even he thought at the time early on that it may be had a one in ten chance of succeeding and I think within the next several years these entrepreneurial efforts will actually be what drives space exploration but ultimately the company did. Today's announcement sets the stage for what promises to be the most ambitious and exciting chapter in the history of NASA human spaceflight. For SPACEX along with Boeing won the contracts in two thousand fourteen from NASA to build spacecraft capable of flying astronauts to the International Space Station and for the last six years. These two companies and Boeing have been in a fierce competition to see who could build their ship first. Space X developed a ship that they called the Dragon. Boeing ship is called the starter at the time. Everyone thought that Boeing was going to go first. They would be victorious. They would be the company that restored orbital human spaceflight from US soil because they're the big behemoths. They've been around for decades they had been a partner of. Nasr's you know. Since the dawn of the space age and SPACEX is more of this sort of relatively young spunky up and comer. But you know along the way a funny thing happened. Both SPACEX and Boeing were delayed. Nasa was originally hoping that the first flights with humans would happen twenty seventeen. Both programs were delayed but more recently SPACEX has had a fair amount of success at flew. The Dragon spacecraft designed to fly astronauts to the space station last year and a successful test. Flight without humans when Boeing tried to do that at the end of last year they stumbled stumbled badly and now are going to to Redo that entire test flight. Setting the stage really for spacex to have this first flight so who are the astronauts who are going to be on this plane so for this mission you know. Nasa went in and really picked the best of the best. From their astronaut corps they picked Doug Hurley and Bob Benkin who are kind of right out of central casting to start. Say Your name Introduce Yourself Doug early astronaut One of the commercial crew Qadri. My name is Bob Bankin. Nasa astronaut also an Air Force officer. They're both From the military I mean. The short story is Was a fighter pilot and test pilot in the Marine Corps. They both veterans and NASA. They've been the space before I did spend about three years as a NASA chief astronaut. But it's interesting. They were in the same astronaut class in the year. Two thousand so they go back away. They've known each other for twenty years but they also are both married to other astronauts who are in that same astronaut class while my wife's and astronauts so I think one of the great things about being married to an astronaut is is. She understands the risks Every bit as much as I do and we've both been there and frankly the hardest thing about being married to an astronaut is sitting there watching them go fly because you know what can happen potentially so. How risky is this flight? Going to be man it is going to be. It's just so risky anytime you put. Humans are of a rocket that's filled to the brim with highly volatile. Propellants is just. It's so dangerous. Nine eight rocket launch. It's basically like a bomb going off. You just light all of this fuel but what you're doing just controlling the blast of the bomb so that it goes in one direction and a very controlled propelling the rocket and the opposite church. One of the key new technologies that space x has developed is what they do with their booster rockets after launch. A normally what would happen is a booster them falls back toward earth and get stitched into the ocean and it was never going to be used. Again what SPACEX does and what they're GONNA do on. This mission is fly the booster back to Earth so that the booster could be reused. Their whole point is space. Travel is so expensive. And if you throw away the booster which is the most expensive part of the whole system. That's why it costs so much and be like throwing away an airplane. You know after you fly from New York to La. The good news is that SPACEX is their Falcon nine rocket. You know it's getting near its one hundredth flight so it's become more reliable. I mean that's said it actually has blown up twice once during a mission in two thousand fifteen when it was flying to the International Space Station and then once and twenty sixteen while was being fueled ahead of an engine test and since then spacex has had multiple launches where. They've been able to prove it out that they've been flying repeatedly and they've been flying safely and they haven't had a problem with the rockets since then however last year with the very same spacecraft that flew to the International Space Station during that test flight without crews they brought it back and they were testing The aboard engines on the ground and they had a problem with the valve in the whole capsule exploded. Wow JUST BOOM. It was gone so it just really underscores. How dangerous and risky and difficult this is. I mean let's not forget. The space shuttle had to catastrophic failures that challenger Nineteen ninety-six Columbia in two thousand three and in those accidents a total of fourteen people lost their lives so It's a really really risky endeavor and if this goes well do you think it's. It's kind of the beginning of a new era of space travel and space exploration. Yes I mean if SPACEX can show that they can fly astronauts reliably than this is a whole new paradigm with the way NASA gets people to space and ultimately SPACEX is. Goal is not just to serve a NASA and fly NASA astronauts but actually written into the contract NASA will allow spacex to fly private citizens to the International Space Station and space. X is working with you know. Some people who obviously have got a lot of money is a lot more than you are. I have could afford trips like Taurus trips to space and to go into orbit but if something goes wrong that is going to be a huge blow to NASA and SPACEX. Raise all kinds of questions. But you know like you said if it goes right. It's sort of opens up. Lots of new possibilities. That like years ago a decade ago. Nobody thought would have been possible. Chris Davenport covers the space industry for the post between tour cancellations loss creative gigs and shrinking ad revenue. The cove nineteen crisis is making it clear that the system supporting creative people is broken. Patriot offers a better way. We creators makeup lost revenue and build a more sustainable income source by offering a monthly membership to their fans intern fans get access to exclusive community and premium content and the chance to become active participants in the workday. Love Checkout Patriot. Dot Com now and help change the way our is valued. Now one more thing about a different kind of primadonna this year from freelance reporter Hero Qureshi so Ramadan is a month long holiday where Muslims fast from sunrise to sunset and so a typical day can consist of waking up at four. Am to eat. Who are which is the meal that starts the fast and then fasting all day and then eating at sunset with if dr which is the meal that breaks the fast. It's a month dedicated to worship and communal gatherings people are having parties. They're going to the mosque every night. Spray and they're even saying up all night with their friends just to hang out and spend a time between if our and Sahar and fill those hours together. There's a big emphasis on togetherness whether it's eating together or worshiping together so not having that really sucked to the skies aimed Kazi who is a Seattle based Muslim photographer. He tweeted out that he wanted to see if our picks just because everybody is at home and eating at home and he said that if anybody liked the tweet they would be out to a group chat and so he created a group chat and from the First Night. It really took off. This group has popped off so well does all of us are kind of missing that experience getting it. In a virtual form a child we start together. Sharing essentially our group Star community is important during this month. Because there's a certain sense of motivation and encouragement you get when you're fasting with a collective group and so going to the mosque every night and eating together makes a fast easier when you do things what people. It just makes things easier and more fun. This group is already talking about keeping this group. Chat alive after Ramadan ends and then even after the pandemic ends. They've talked about how they'll be showing a lot more of restaurants in their cities and then also showing more of the foods that they're making a lot of them have started cooking more because of the chap to become like wholesome goal failed autism is a really also group. People post so many different kinds of things like career has things are going through in personal. Lives Obviously food related things different recipes trying to defend all this other stuff and it's just grown ups will get you getting added. And it's like a little mini family. Everyone's super supportive everyone's there there's a little roasting on will jokes down here and there but cycle of real mini family in there in this article. Just last night. They created an official name for the chat called if Dr Club and they've created an official twitter account and instagram account. So they're making an extra to keep it alive here a career. She is a freelance reporter for the post That's it proposed reports. Thanks for listening. Onto Mars. Episode in interview with criticism felt author of the new novel. Rodham about a fictional alternate universe where Hillary Clinton never marries school children. Who knew that? Hillary was running for president. In many cases literally didn't know Bill Clinton existed that concept sort of blew my mind and made me think. Would the outcome of the election have been different if adults did not perceive? Hillary and bill is so in are connected. I'm Martine powers. We'll be back tomorrow with more stories from the Washington Post. This post reports podcast is brought to you by Patriot. If your podcast youtuber musician writer illustrator. If you're creative person of any kind or simply love one. Now is the time to check out. Patriotic DOT com. Now is the time to join. The millions of fans and creators who are changing the way art is valued.
Modernas Rise, JCPs Split
"It's Monday may eighteenth. Welcome to market fuller. I'm Chris Hill today the one and only Bill Barker. Thanks for being here. Thanks for having me. We're GONNA talk some retail. We're going to dip into the full mailbag but we are going to start with the stock of the day and that is Moderna. Shares of Moderna more than twenty percent after the biotech company announced positive interim data on a phase one study of its Corona virus vaccine. These are human trials so that's encouraging. I should point out not a lot of humans. This is not one of those tests. That's been done on. Thousands even tens of thousands of people. But still this is encouraging both four moderna and I think for the overall market. Yes a positive results from the phase one trial which are largely very positive results. Let's put it that way. The market certainly is putting it that way And is so phase one trial. You're you're dealing with the The safety Primarily of what you're going to be studying and you do that and the smallest group tens. It was forty five in this case than in phase two You move that Trial to hundreds and phase. Three two thousands so forty-five people on various different levels of the Test Vaccine Dose All showed a positive antibodies Were good antibodies and That's good news. They can move forward and they hope to be in phase three or plan to be phased three in July and then to If everything goes well From here to there and in phase three have a vaccine sometime in twenty twenty one. It really is amazing to see the reaction in the market because again it's not just my dern with the stock up twenty percent but you look at things like shares of Disney are up eight percent this morning at Royal Caribbean Carnival cruise line though stocks are up anywhere from ten to fifteen percent and my assumption is that at least part of what's going on with with just those three companies is shortsellers saying oh well if a vaccine is coming then maybe. I don't WanNa be short. These companies could be certainly As as stocks move up quickly Some shortsellers positions are going to be Eliminated either by program or by choice Regarding the whole market of course there was a little bit of a tailwind going into the news. That is Powell spoke and was Shown on sixty minutes last night and that was well received as he indicated that the Federal Reserve had lots of ammunition laughed to To help and so even before this announcement came out the market was indicating a higher open by about one percent and the certainly ramp that up. Yeah Jay Powell on sixty minutes definitely viewed more favorably by the market then Jay Powell who spoke? What was it last Wednesday? Who's last Tuesday or Wednesday? The comments that he made that were just sort of like. I don't know I mean last Wednesday. It was basically Jay Powell saying yeah this this could be bad. This could be a rough and the one we saw last night on sixty minutes was much more positive right and and essentially what he had said is the economy's not likely to fully recover until there's a vaccine and that really shouldn't be news of people want to react to that like It's it's New alarming thing Perhaps they did because there are many overreactions up down Both as we move through this episode and the market in general but Now you've got the beginnings of an answer to that Okay well when will there be a vaccine and Madonna is giving some support There's a long way to go between here. And a vaccine the vaccine it's available on the market But an important hurdle has been cleared and with with as good a set of data as you could hope to have this early in the process. Let's move on to retail. It is now official. Jc Penney has filed for chapter eleven bankruptcy protection and the plan is to split JC Penney into two separate companies. Both publicly traded. One of them will be the retail business. One of them will be a real estate investment. Trust is it rude for me to say out loud that I'm not interested in either of these because a lot of times when a company splits into there's one part of the business that is visibly more attractive than the other. I find neither of these attractive. What about you? I suppose it would be rude if I were. Jc Penny to tell that to me. But I'm not so go ahead express your opinion. I think I just did. Okay well I I found nothing route in it And I agree. I think that this is a mechanism that is is not likely to change a whole lot of investors opinions. Now they may be more interested in the reet as it is GonNa have more more tangible value. I think But this is kind of their attempt to sort of if you remember back to the financial crisis splitting banks into the bank and the bad bank and put all the bad stuff in one place and let's let's call you know all the good stuff I in the bank and That's that's more or less with this is and I don't think that the the good real estate in this case is of especially attractive value. There's GonNa be a plenty of competing Available real estate Now they're they're shutting was was about twenty nine percent of their locations. These are sort of the lesser performing and or smaller ones. So really they expect to have about eighty two percent of their sales or remain after this but That that eighty two percent is still in a category that is is dwindling over time so I until they can put some really interest. Interesting numbers On what the real estate Might AMOUNT TO I. I wouldn't advise anybody to rush into it. Our email address is market foolery at full dot com question from John Pachalla timely question because it leads right into the point you just made. What are your thoughts on some of the discount retailers? Tj TJ X. Companies Ross Stores Burlington stores with the retail apocalypse upon us. These companies should be able to get their hands on some attractive inventory from the weaker retailers in a cash crunch or facing bankruptcy. These were all good operators before cove in one thousand nine hundred. I would love your thoughts on their long. Term Outlook as states began to reopen. Thank you and long. Live the Bulls indeed giant. Thank you for that boy if you owned burlington stores for the past decade congratulations because that is one of the best performing stocks of the last ten years and I think John is thinking about this the right way in terms of whether it's businesses that are in a cash crunch that are closing locations or in the case of JC Penney just outright declaring bankruptcy that is an opportunity for the Burlington stores of the world. Yes they are absolutely going to have a crack at a lot of inventory that companies need to move They've had Probably inventory in some cases in stores that are closed and that they need to move as as the seasons have changed and Just you've got places like J. Crew Which are going to be liquidating Plenty of inventory and how many others I. I could barely count are likely to be in the same position and of the companies. Certainly Burlington has done an outstanding job Tj X. Companies As well and I would want for a long term play Those companies I look. There's management's I give consideration to how many locations are in malls As opposed to Other standing sites as I think the mall waiting is one to avoid if you can. And how developed their online presences because at times like this That's keeping retailers afloat. Who have a better online operation Or who are ramping that up. Now if they are too late to that game I wouldn't I wouldn't want to join an do you think we're GONNA see. I think we both think we're GONNA to see more retail bankruptcies in twenty twenty in two thousand twenty one. Do you think we're also going to see more spin out. Where retailers that have multiple brands under their portfolio under the parent company. Look to sort of spin some of them out. Because I'm I'm thinking about things like companies like Walmart and target is that if they want to You know it's not just discount retailers that can be opportunistic in these situations it can also be major retailers like Walmart and target and even Amazon. If they want to be to say yeah. We're we're interested in sort of picking off this one brand out of your portfolio. There's going to be a lot of creative of maneuvering and It's it's easier said than done. You can look at limited limited brands and What Victoria Secret Is going through the the attempts to try to spin that out and The difficulties with that. And you know. I think they're going to be a lot of things up for sale And you know we're we're GONNA see a lot of opportunities there's GonNa be a lot of things that appear to be deep value As they're gonNA be in sort of greater dislocation And some smart people are going to pick up things. Very cheap Long-term most of the apparel retailers seem to me Outside of these successful discount retailers That we've we've mentioned To have a lot of competition and a lot of problems one more email. This time from Brian Chen in Taiwan here is right now. I'm investing in a dozen stocks but I also invest some of my money buying Van Guards S. and P. Five Hundred Index Fund. Does this sound like a logical thing to do. I'll I'm worried about not diversifying my portfolio. Would you suggest either? Let go of my a index fund shares or invest all of my money in the index fund. I feel like Brian's on the right path here I mean just you know a lot of times we tell people a great first step is just go get some instant diversification with an SME five hundred index. Yeah if you've got the S. and P. Five hundred index or to be even more diversified the for instance the vanguard total stock market index which goes beyond the essentially five hundred biggest companies In the market which are in the S. and P. Five hundred To The you know everything else. You're pretty well diversified. So you know the question here is is you gotta say it doesn't individual positions yes and P five hundred I don't know what the percentage and Easter to those is but that's probably pretty good diversification if those twelve companies are not the lion's share of the portfolio and they aren't sort of all in a specific sector of the market if those are twelve tech companies that do things at all sort of moved together and largely moving up in the hardest part of the market lately But if those are the stocks you have individually chosen Then you may not be as diversified as you think That's it if that's you know. Fifteen percent of your portfolio in those twelve stocks and eighty five percent in the S. and P. Five hundred you're pretty well diversified so I think He's asking the right questions And it goes to are the individual stocks adding those b twelve stocks that are outside of the S. and P. Five hundred in which case they're adding diversification to a U. S. P. Five hundred Waited investment portfolio. Hopefully they're not twelve oil stocks. Just I mean if the twelve oil stocks were bought like this morning or the end of the day Friday. Not Quite as bad. Not quite as bad. They're they're doing a little bit better today. Of course as oil prices are up but yes I do hope those twelve stocks are not all oil stocks Bill Barker. Thanks for being here. Thanks for having me as always people on the program may have interest in the stocks they talk about in the Motley fool may have formal recommendations for or against buyer stocks based solely on. What you hear. That's GonNa do it for this edition of market flurry. Show is by Dan Boyd. I'm Chris Hill. Thanks for listening. We'll see you tomorrow.
Spotifys podcast boom, Amazon checks out JCPenny, Kara loves TikTok and a prediction on Shopify
"Who knew living exclusively doors could be so overwhelming. Who Knew Right now. We're totally rely on accessing everything online and those things need logs passwords and payment detailed. Give your brain break. Gasoline automatically remember all the passwords emails addresses and credit card numbers unique. It also lets you. Swap and share passwords securely to give access to friends and family for a special offer in these ultra online times visit dash line dot com slash pivot where they're waving the price for the first three months of dash line premium until further. Notice credit card required. If you like it used code pivot at checkout to save twenty five percent on a premium subscription. Hi Everyone this. Is Tim it from the. Vox Media podcast network. I'm Cara Swisher free. Becca what are you talking about flurry? As she sends to prison today her. How well I feel so badly for her far away. Whatever becky well you know what she pushed the you know the other Felicity Huffman was like. I'm sorry I'm sorry. I'm sorry I'm sorry. What can I do to make it up? And she got off right now. An picky went further than most people I think but nonetheless. She was very defiant in the face of the fact that she really did something bad. I'm not sure that's a long prison sentence for so two. I love twitter because it just it just inevitably comes back to haunt you and these are tweets from Felicity Huffman Laughlin respectively. Let's have been put out a tweet before the controversy. Anybody know good. Back to school hacks. That's right that's her tweet and then Lori Laughlin tweet was. Somethings are more important than money such as doing the right thing. True true words. I never heard we. I'll tell you though. They are going to class up. Whatever big house in something? She has hiccup around the virus. They'll make a corona virus exemption. Like Michael Dylan is home not a week? Yeah they'll be husband's dream dreamy their genes. He's a good genes. Mogul or something. They're both fair they're going to class cut. That's kind of a joint. Here's here's the irony. Pivot won two webby. Recognitions for best business podcasts year. The People's choice and the actual judging which means the fancy people like us and the people like us. The real people like us and at the same time as we're getting this award. Joe Rogan signs of multi year. Licensing deal with spotify and get all my hundred dollars away. That's the guy that we got a webby when he got the hundred. What how Scott. What the what is going. Yeah you and your awards. That's not putting table and he just got three. Let's not why the way three is what I got. But Anyway and technology and the ad I did with Gavin Belsen The Boston character was so much better than yours. My this was a particularly good at it was funny it. We were pretending I was doing an interview with him and it was very wonderful. Copy it was really. It was very creative. Awards for best ads. Listen to me listen to me. Why didn't we get the hundred? Let's focus on the fact we love the Webbie's thank you so much. We've never been more thrilled in our lives but just real quickly. I'm very serious care. I would like to thank mark. Dozens and dozens of fans to say that we have great nine. Let's talk about rogue and everyone's seriously talk about this. What's the deal what's what is it? What is our future what is the future podcasting etc etc etc? This is this is a big deal and inner reflects a couple interesting trends. Some old some new. The old trend that reflects is that advertising socks and anyone with any money is figuring out a way to opt out of advertising if you get advertising on this thing. He's not going. There's going to continue to be advertising on it. You know so. It doesn't Stop Alley. Okay okay okay. So if you're lucky in podcasting you get ads at CPM of twenty or thirty dollars. Meaning The for every thousand people to show up and advertisers pay twenty bucks or download. So that's two or three cents so effectively and this is what media has been doing forever. Media thinks that you're just a fucking loser in the sense that you're willing to endure this shit for two or three cents and what technology has done is. It's liberated consumers. Who Said you know what? I'll pay twelve cents to avoid advertising podcast. I'll pay forty cents to avoid all the advertising a modern family which is the bill their ability to monetize it. And so you have this. Emerging Industry not even emerging emergent industry. That has said. We'll figure out a way to use technology to get a credit card to an APP store apple. Tv or Amazon prime or who whatever it is or video on demand that says aright. Would you rather. There's so much margin in this because we're only getting eleven twenty forty nine cents of of money to help bullshit out you telling you the restless leg syndrome that if we can figure out a way to charge you a buck or two bucks. There's margin for the technology players carriers all kinds of stuff and this is essentially the kind of the most popular content. The most popular driven content was making around thirty million bucks a year. Supposedly has found somebody who said okay. We're GONNA liberate your users from this ad supported ecosystem the other thing. That's well it's not though he's GonNa Continue. It's GONNA continue to be. He's coming off of Youtube. It is not going to be behind a wall. He's going to you know it's a licensing deal. He's not an employee spotify which is not going to produce it. So it's a little different. I I screwed not for the free not for the opera heads one after he. Yeah exactly and so. There's ads here and what it is. I think it's it's thought I. It's their Howard stern moment. You know with When Howard Stern moved over and I think yeah and so I think that it's not quite that because he's still going to be available. It's just that it will bring in maybe more advertisers to spotify which is not it's focus and at the same time push people to premium at because. I think the catalog will be there. I think that's where they'll put my with other model. I think they'll end up. They'll end up with one out support model or model for seven or ten minutes and then for the full thank shocked if within three years. Joe Rogan isn't sort of behind a wall in the only way you access. Joe Rogan is to be a subscriber to spotify. That's where the money is. They just every dollar they get an advertising. Where acts every dollar they get? Subscription is where three to six behind a wall. What's hardest Rogan here is coming off of Youtube? Which I I'd love to know that the behind the scenes of that like that youtube didn't really push to hold him in some way. You know that this was. He had to have been an extensive topics with them presumably. Because he's been sort of a mainstay on there now. They've got lots and lots and lots of creators on Youtube and spotify Cherry. Picking this off do you. I would say about podcasting does it does nothing does it say what is. That's the big trend that the bigger thing here is that the most the most valuable companies in the world that have two that are worth between eight hundred billion or one point three trillion ranging from facebook which by the way just hit an all time high to you know Apple Amazon and Google. These guys effectively. They have said okay. The key is selling more search words more handsets and more paper towels as you pointed out and the way we can do that is through. Emotion and loyalty to our platform or operating system are devices and the highest the most emotional content that has the highest. Nps scores actually is media content. So netflix's has incredibly high. Nps scores versus your cable companies. So they went into the business of strengthening where cementing that emotional connection by creating video content and buying in music and all of these things are very powerful and went with the thing about podcasting. Is THAT WHEN PEOPLE'S EARS? You do create a pretty strong relationship gend. Every podcast. Yesterday went up in Value. Twenty or thirty or even fifty percent because just nine. Women can't have a baby in a month. There's certain podcasts including ours. Truly that have built following that no matter how much money they have become build it overnight. So you're yesterday. You saw every big Tech Company and spotify. Pull out their pencil and said what podcast do. We want to be in because they're gonNA start snapping them all even spotify who saw their stock up. These one hundred million dollars supposedly this but their stock was at one point. Four billion dollars on the move. So they're like okay. Let's go do this one hundred times. So you're GonNa see you're going to see the second one hundred times. He's a special character. I mean He. There's a couple podcasts. That are really big like his pot and controversial. Not just that he's he attracts a lot of attention you know. He's got his weird conspiracy even talked about in the New York Times article. He's got this conspiracy energies. He's got controversy. Around sometimes says things there was one thing he said about movie theatre. It was terrible You know in an in an every every podcast in the top one hundred just became an acquired prize asset before that everyone was talking their head and saying well. It's it's a great world for podcast. We'll see these things all of a sudden very quickly and then we'll get onto big. Who were the WHO are the buyers who were the? Who calls from Scott and I believe lovely bottles of Champagne? Obviously spotify but first and foremost apple Amazon and also Google as they try and get people more attached to their Amazon show to Alexa Apple Music to Amazon music. You're also going to see cross. What's interesting about the Rogan? Deal is you could see Spotify trying to figure out video offering pushes him up. You could see. I mean the most likely interesting video agree and and you could see Amazon. Starting to acquire podcasts. And then and then you would be able when the podcasts came up just as there's been small innovations when I play my Amazon show and I play. When I play Shawn Shawn Mendez. It the lyrics automatically right. You could see when you podcast. It starts showing the video of it and maybe even some charts to help eliminate with the podcast about podcasting is another one of those things. Where a small niche audience and Netflix invented. The the long Taylor show the power of the long tail. Did these companies might go after so I think any podcast and the top one hundred is probably You know potentially an acquisition target now. And unfortunately what it's GonNa do is the best. Podcasts ARE PROBABLY GONNA get bought or for an irrational price and it's GonNa leave all the other guys who've built great podcast businesses all the carriers. You know the the wonder. Is that those guys. Unfortunately vox is gonNA. They're going to have to increase even pay even more to retain top award winning talent word winning and because the guy the big pockets who could monetize it elsewhere number. We was number weight. Well I saw in. We're big in the UAE in the Argentina. Those are our biggest markets like in the top thirty everywhere else. Where like in the top two hundred in terms of interesting interesting you keep charts. You look at our charts. I don't look at our charts. I just I'm obsessed with people but I'm desperate for their well. This is interesting. So what what? We got talks. Obviously that's really not talk to isolate secretly. Everyone has to listen and a under a in the dead of night. That's what I'm talking about to meet somewhere with masks. Of course anyway. It's a really interesting time. We'll see where this all goes. What do you think of this? I mean Kari you are if there is a queen of podcasting your it. What do you think it's interesting? I think very early to understanding this. I think I sort of kick myself that. I didn't take more advantage of it because I had the initial insight that was correct around park. Astra five years five hundred twenty-five recode because I think it's I think it's I think it's it's I think when people talk about podcasts over this I think they're idiots and I'm like fine. It's over get out like kind of thing. I think it is a I noticing the fan. The Fan base is fascinating. I literally walked on the street and like this week four joggers era where Scott like. It's really interesting and it's not like love me love me. It's that they love it. They love they love friend or something very and I think we have a good product. So I'm very I'm very bullish on Scott. You in the media functional relationship till the end of time what emotional connection and make when you're in someone's ears and you're just talking over extended period of time and not using tricks to try and say and next up the person to kill JFK or whatever it is you're not trying to create rage for a click that intimate calmer relationship basically big tech has discovered. That is another. That is another way to cement the relationship so the load more handouts and paper towels more simple. He's good content and not everybody can do it. That's the other thing. Everyone thinks like a lot of people got into interview business in fall off. You know what there's we do have an unusual poor and it's special and so not everyone can do go on. I'm just unusual. No one is more surprised and special women describe. My relationship is one of those things. No one is surprised more than me that you are the follow on to wall Mossberg. I just cannot believe it but here we are here we are. You know what was most part and like I had a partnership we really successful really good report and I think it's the report live up to that guy mice you're like my third marriage essentially anyway the interesting on at the end. So let's move Uber's no reason we can't all exist. She is fine with you and George Conway that's how she she's the how your boyfriend's doing. I'm like well well anyway. I'm not sure I feel about that. I love him on twitter. He's boyfriend I just got him and what's her name. I don't know Kellyanne. I've never met her. No they have just a puck and hot. God you imagine how they go at it now. You're hurting my career throwdown. You Spo- my God. I go out and on. That note is why we're GONNA make a like he made. We will make a smaller power. Small City Sex. They must be having. Okay now. We'RE GONNA go to big stories. Amazon is reportedly in talks to buy bankrupt. Jc Penney now speaking of exciting relationships. That is not sexy relationship I think. Jc Penney declared bankruptcy. On Friday announced. It would close two hundred fifty stores. Now it's reported that Amazon is in talks with JC PENNEY. And make a deal. Which Amazon proliferate it's branded clothing and possibly some of its brick and mortar stores into a warehouse space that would be Amazon's most notable brick and mortar bicycle on whole foods for thirteen point. Seven billion dollars a few years ago in that turned out pretty well so it also said it was teaming with vogue to create a new designer fashion front of market the companies. Buying for years is what? Why does Dave to buy everything? Or what? What what do you think about this particular by? I think I have again think about it but I initially. I'm like what but I'm not sure I should do that. Oh it's a retail bankruptcy or bankruptcy was sort of an amended for retail and. It's it's a very attractive construct. And that's why P stupid we should let companies go through bankruptcy but that's another talk show with bankruptcy with retail. You go in and get out of all the bad leases. Which usually they part of the reason why. You're going bankrupt. You have to renegotiate the existing leases and analogy here Carnegie Mellon a great school a good brand but it has an amazing faculty so the Faculty of the personnel are bigger than the brand. If you will and Department stores have the best management of the most underrated sectors They have actually really fantastic. Ecommerce macy's is a multi billion dollar ECOMMERCE company. Jc Penney's Has Actually very strong. Ecommerce with sears. Headstrong ECOMMERCE. These guys are very you know they were very strong in terms of ECOMMERCE. What they're getting here is up there. I think eight hundred fifty stores. They'll keep two hundred or three hundred and they'll there. I'm not even sure they'll be stores. They'll just be really well placed warehouses that they'll can turn on and sixty days as opposed to to an extensive real estate already with distribution facilities etc etc. It's a really. I think it's an aim at Walmart to like. This is how they're creating the next Walmart. That is what I think. Because it's the Walmart's been as accessible business including technologically. But you know they. They've been trying to innovate here. But I think it's a really interesting way to get into that. I'm just glad to talk about it anymore. Remember about ten years ago. All we talked about Greece going out of business and creating contagion across Europe. And we talked about I. I've been waiting for JC Penney's to go bankrupt pretends to them. Just sick of talking about it. It's not surprising. They went bankrupt. It's surprising it took this long but the other thing the other thing that Amazon all get here is He's actually has some pretty strong Pretty strong apparel business and they have some great private label around the fastest. Zero two billion brands and a history of peril was Arizona is it's their Dannon brand. They got sick of selling Levi's. I said we can do this. We are access for custody consumer and our ability to merchandise Brown and they built a billion dollar business around zone down so they have private label. Brands are pretty good at apparel. These are warehouses be called Gosh. I don't know yeah I know they listen when I'm in Bazo. Business thesis is a fun product. Maybe a line of I was thinking kitchen equipment that I was thinking of personal devices. As you as you might imagine anyway the This is an interesting thing because I was just in the whole foods. I was noticing How much stuff is whole foods now? How much stuff is whole foods branded and I go to grab it. Because the prices the price differential is massive. Like it's really coins it's half. It's I was looking and I was of looking at two. I think it was pasta or something. It was it with whatever it is in every I out there's choice and the the price differential is amazing and the quality's fine like and so it's a really interesting question of whether you would. Jeans is a different thing because I think people like the fashion idea behind them and very careful because they know my kids by brands on somethings and not others But it's definitely I think it's right into the is right a shot right to the the face of Walmart this according to Amazon. They never go after anyone there. Just focus on consumer. You're probably right the JC Penney's is they've got good ecommerce pick up. They put up really well located warehouses. Good private label of brands and they get it on pennies on the dollar. And you're seeing this. I mean this is just the markets and this feeds into a larger story. The markets are up right and the Nasdaq is up for the year and I interviewed Aso at the Motorin. My TV show premiering tonight at ten PM numeracy mouse but anyway he talked about the market and he said I said it just makes no sense of the market is up. The Nasdaq has the side of the world is a better place today than it was. January first and he said well the markets sort of the wisdom of crowds basically saying there might be a rough year or two years but in three or four years. We're in a better place and one of the reasons when a better place quite frankly is a JC Penney's goes out of business and those assets become assets. Amazon Amazon is able to produce five times. The number of dollars on the same human capital JC Penney so what the markets basically saying this calling once we get through the other end. We're going to have set us of stronger fighter. Lean the questions. What becomes of all the people as you talk about. Corporal Chaka versus forty per forty. Two percent of jobs will not come back which is amazing. Like this calling has personal price What's interesting is that you know. You didn't think last week that they should by Neiman. Marcus though which I don't see his high fashion idea with vote. Why not do that? They're gonNA save up to the liquidation sale at JC. Penney's my buying them. I mean to not buying as a vying as a burying morpheus term here because if if if Amazon goes in quote unquote buys it. They're going to buy some of the real estate. They'll take over some of the brands. I mean this is. This is a few different people at the Bargain Bin. This is JC. Penney's was I. I don't know what the structure of the relationships going to be. And how much of the firm actually keep. They're not going to keep the brand. So and if they closed seventy percent of the stores eighty percent of the stores may off seventy or eighty percent of the company thereby may assets the assets and possibly some of the technology. The people some people just sort of plug and play for them as they as they please as they please and that's what they'll do although they haven't closed a lot of whole foods which is interesting they haven't. I don't think there's no whole foods was a growing healthy company though whole foods. Health foods is on the way Jc PENNEY'S I mean GOSH JC. Penney has been time for ten miles on the whole. Now I haven't been in forever. My whole foods is not as good as an experiences. It was when it was on. But you don't think it's it's degraded stig rated it's degree it's It's still better than at giant food or Safeway that is certainly true but in general and the prices are lower for sure because of all these Amazon products. But it's not. The people look relentlessly under siege the workers and it's just it's a different. You can feel it. It doesn't feel it doesn't feel the same. It had it had sort of this fun sort of. I don't know I can't explain it. It's not the same. It's not the same as what I was supposed to hang out. Was the only grocery store in America. We would go buy something and then stay there to eat it. Yeah like I don't stay there not that because of coronavirus but it's just it's a different store and it feels like a different story like you can make. I often make a joke when I'm sticking out and I said making as richer and every employee's like like that like they're not happy they're like they don't go. Yeah this is Great. Thank you. Not and they actually. There's a look like that comes like a dark look like they work for them for darn near on my whole food story shirt really quick really quick which means a moment longer than eleven minutes. We'll somewhere under I'd so I was going to dinner party. This is just after I'd moved to New York and it was one of these. You know fancy dinner parties and I thought okay. I gotta go bottle of wine and I and I bob some cheese and bottle of wine trying to pretend I'm more go should I am. I beautiful like giant bulbous sexy and red grapes and I picked up to this massive. Like clump of him and I walked up to the checkout with my wine and cheese and grapes. Dow's and I sat the grapes down and she said She said are you sure? And she weighed him down. And my yeah and and I said and I said how much and I'm not joking. She said it's thirty one dollars. I think this is my better moments. Low Bar I grabbed one and eight and said how about now does my whole foods. That's my food store. Thirty one dollars a grape Salamanca. Bought them to signal. I like to serve. My worth is a made through expensive any more attractive. Does he look like an idiot for spending thirty one dollars on great? Hey I got a webby listen I got a Webby. I got three anyway all right. Then we're GONNA WE'RE GONNA take a quick break and come back to talk about. Saudi Arabia investments in big companies. Because that's happening of course and a listener mail question. The world is changing every day. And we're trying to keep up. That's why we're grateful for great courses plus the online streaming service where you can find in-depth reliable information on virtually any topic which means it's great for you and your family. There are thousands of lectures from the world's best professors and experts that you can access anytime from playing guitar to practicing Yoga Performing Magic tricks. He wants something a bit more technical checkout thinking about cyber security from cybercrime cyberwarfare the course takes an indepth look at how the Internet has the ability destroyed time and space. You know the light freezing stuff. There's so much more to learn about the world start by signing up for the great courses plus our listeners can have access to this limited time offer an entire month free but to start your free trial. You must sign up today. Using our special you are L. Go to great courses plus dot com slash fit. Remember that's break. Courses Plus Dot com slash given so many of us are worried about the state of things right now and whether you need some guidance on coping with this moment or struggling with stress anxiety salaciously depression. You are not alone better. Help offers licensed professional counselors? Who can help connect with your counselor in a safe and private online environment? Anything you share is confidential. When you sign up you can get match counselor in less than twenty four hours after that you can easily schedule secure video or phone sessions with the therapist plus exchange unlimited messages. You can speak right now about how you feel when you're at home with your family if that's dressing you out or if you're by yourself or anything at all. I think it's really valuable right now to think about what you can do for your mind as well as your body get professional help when you want wherever you are better. Help is a truly affordable option and our listeners. Get Ten percent off your first month with Discount Code Pivot so why not get started today? Go to better help dot com slash pivot. That's better H E L P dot com slash pivot talked to therapist online. And get help. Welcome back Scott Great Grape lover lover. Expensive grapes number. Three the future ex. Mrs Dalloway three awards to by the way this Stewart. You had one. Just let me just make that clear. This next story suggestion actually comes from Austin a pivot listener in Sri Lanka. We have fans at tree long love for big in Sri Lanka. I think we'll probably little in Sri Lanka but we have a fan there so anyway Saudi Arabia's a public investment fund piff is what it's called has been on a spending spree since the pandemic started. They've snapped up about seven point. Seven billion dollars with shares in some major companies. They bought the three hundred billion dollar. Public have bought stakes in Boeing facebook. Disney Marietta and starbucks it also invested in two big banks Citigroup and Bank of American oil giants. Bp Total and Royal Dutch Shell while they're on a spending spree discounts running spree although some of the stocks are not that far off What what do you think about this? What is your thoughts on the Saudis? Coming these thuggish horrible especially led by. Nbs coming in and doing this So I'm still. I'm still Kinda conflicted around whether I I don't have the same issue with them buying stock as you do The they're buying great companies. Some people would argue on sale. Although they're not buying facebook on sale which just hit an all time high Disney Disney Boeing. The these companies are royal even Even a royal dodge. I think I think petroleum-based companies are probably great by right now. These are really went. Well run company when we've companies when we decide to to build solar farms you need trucks and fuel and anyways my point they're getting I think is great. They're getting. These are long term investors. I think in terms of fifty and a hundred year timelines and these are outstanding companies with strong management. Some of which are kind of twenty thirty percent off of their high so yeah I think so. They're doing this and of course they were before trying to be on the trying to be edgy by doing the Vision Fund which of course Masayoshi Sun said You know he was like that he made a mistake he can himself to Jesus. I didn't even understand the comparison and Jesus was misunderstood. Okay knowing everybody understands Jesus no one understands we work valuation WH-. They were in that they were doing those things and putting money all over the place and Uber and various places so this is like a flight to quality or stability. This feels like this feels very Warren Buffett he actually. I know they've been in the they know they've been and other things but they were sort of being more splashy around the more Risky Funds. They've lost all that money. Yeah this is. This is a return to quality flight to quality. You'RE NOT GONNA get fired for buying Disney and it's just whereas you might get fired or dismembered for for losing whatever it is forty billion dollars back in Masayoshi Sun so like vision. One is in the rear view mirror. I don't know they make some crazy. Mana casual everyday. Just when the oil they sell and they're smart investors I've had limited exposure to some of the sovereign wealth funds out of the Gulf and they're incredibly impressive. Smart you know thoughtful rigorous investors So it's yeah this is you're right. This buffet is exactly the right way to to describe this and also they tend to be good shareholders. They tend to be. They tend to show up and be very supportive and their long-term shareholders. If you're a company to a certain extent other than the dismemberment and the dismemberment I don't know I had a lot of people worried in Silicon Valley to be affiliated with the sound. I thought that would take to the cash. Everyone pretends to difficult goddamn and then the cash check but from just shareholder standpoint their long-term shareholders. They're usually very supportive they don't show up and heckle the cheap seats. They're not looking at the short term swings in the stock they usually from just a pure semantics quote means to be a good shareholder they're considered very good shareholders. But what about the come on? You can't like I get it. I get number. Do you think attack. Companies should not take sovereign money out of the Gulf. I said so. I said they should well. I was an interesting dinner party. Those are my dog. Sorry there I was at a dinner party where I can't stop them. Did you bring grapes? Did Jelly grapes. Grapes wasn't I wouldn't let my children eat thirty one dollars grades anyway. 'cause they're like they were? They like eat. Everything they're like hoovers lost my train of thought. I was at a dinner party where they were talking about this money. Like different money that they were getting and they made it they. They stack ranked people. I described this a column. Like oh Singapore's good money and you know they're a little bit clamped down on people and human rights but that you're not human rights on personal privacy rights but they're better than this group and better than this group and then down near the bottom where the Russians and the Saudis at that point And so it was sort of a stack regain. There's people at the bar at the take the Saudi money I mean. I don't think certain people's I would pause two seconds in all over the valley and here's the thing I understand if you're GONNA you know my says go all in or all out and that is if you're not gonNA take Saudi money than what you want to do. Is You want the government. Ideally to say that. We're not GonNa let this this government or these funds invest here because you're disarming unilaterally against your competitors who of access to cheaper capital who can use that to jump out ahead of you and if you don't take their money if the US were to say all right. We're not taking Gulf money. And I get the argument and I think there's a solid argument and we should have it. Tao that's going to do is increase the valuation and lower the cost of capital of Chinese Internet companies. And so. I don't think it's cut and dry. I don't I don't know if I were a CEO. If I were the CEO of fast growing company and as is the case now with the Internet where it's more about access to capital. That is the weapon. That is what built Netflix Amazon. You want the cheapest capita okay. Am I good for me? I'm going to be moral in my my competitor. It's not moral to go out of business. It's not moral to be crushed by a big Tech Company and one of the keys to that not happening. As access to bury cheap capital from shareholders and his shareholders tend to be good. So I I think this is. I think this is a tough one and I think. Ceo's an the majority of CEO's who are thoughtful and have good boards. I think it's difficult to decide. You'RE NOT GONNA do not should a taken Softbank Money Softbank by me. Casal cases public investments. They can't really stop it. Someone was going off against Disney. I was like they can't stop this story. Yeah so they can recruit decry. They could say something public. We don't like these these female buyers to they're not gonNA say anything I and it's hard I mean I think about a lot the other day. Someone asked me If I would take money from NEWSCORP and I said absolutely not I just wouldn't I because I- choices right. I'll have choices if for jobs and things like that and and I wouldn't I actually would make a lot of people who who didn't have the luxury of living the fat life of Care Swisher Cheryl's options and at the end of the day. Your job is to serve as a fiduciary for all stakeholders not to impose your morals and your political your geopolitical You know viewpoint on stakeholders employees who are all looking to make a living. It's just still do it. And they know it in like this is what you're getting with me and if you do this is what this is. What happens when you roll with the cab over Murdoch? I had it really interesting meeting with someone from the Book Book Person I was. They were lovely and they knew they knew that was like I will. Never you could back up the truck and I still wouldn't take you money and it was really interesting from one of their companies and so although I might take their money and then give it all to like Australian climate change relief and say something publicly or there's ways to do it. It's a really interesting question. In this case Disney Marianne starbucks Boeing. Facebook CANNOT STOP. Saudis for buying but it is interesting shift away from things like the vision funds and. I don't think they'll be back anytime soon to those funds They will be back but they will not be back anytime soon. Anyway Scott we've got a listener question. Rotate got Keith. Letham you've got mail. He's gotten care. Jeff Guide here from Waterloo Canada. Interested to get your take on Disney head of streaming Kevin Mayor going to tick Tock. Ceo and COO parent company Bite dance with streaming becoming a key way to help Disney extend distribution many considered mayor too strong contender to replace. Eiger or at least a pivotal parts of your team going forward. What does this departure mean for Disney and for the future successes plus what could it mean for Tiktok and their strategy going forward they stick my question and big congrats to both of you and the entire team on your incredible work and the Big Webby win this week? Thanks again and have a great week. All right. Listen opinion about this. I'm go ahead. What do you want to say? He was lovely from a back. And that guy was a lovely was plucky. He was just very caffeinated or plucky Canadians. Like the kind of got us wanting company because he'd be a good culture carrier like really happy all the time we're laying off thirty percent of people and he'd be like this opportunity. I know I know Kevin Maher literally not but in any case. Many of them are many more than they are here. Kerr is fascinating decorative. He obviously wasn't line to replace in a surprise that he did not get that job. That was a big and he had. I think it worked at the parks. He is so much. Experience it varies. Draw Ecstasy's got bench right so he's got been like this. Is Mike Shot? I'm I'm not going to lose my shot in the Hammel Tony and Song. Way And you know I think this is the precursor to them spinning. Tiktok off off of the company. That's been there's been rumors of that and this is the guy to do it. He's got a lot of credibility I don't think it'll affect Disney plus. I think they've got that in place and there's tons of good executives. There could run it but they there wasn't room enough for Kevin and Bob Chap whatever his name is and And the other bomb hanging around Bob Biker. Who's obviously the best? Ceo of all of all of them. So I think it's a good move. I think it's a great move I took talking. I think it's to get it going. I think tiktok not bene- flash the PAN. I think it's a wonderful product. I've been using it a lot this week. Tiktok I've been testing it out. I I've been interested in it. I'm interested of course interesting. You just watched Sarah Cooper like how using it no. I'm not trying to be. I think there's an opportunity on this side. No there's an opportunity here. I had an interesting discussion with Gary Banner. Check about this. He's been doing a lot more than Tiktok there. It would be remiss on us not to examine tiktok as a distribution the ICAL for our content stuff like. I'm doing this for you. It's not all dancing and the Algorithms. They are just superb. They really do know what you want. And that's really what I think. It's secret sauce compared to Instagram Just random it's random like what you get in this case. It's always giving you what I want. Anyway it's I think it's a really big move for them and I think it's a big move for Kevin Maher and I think it's I think Tiktok scan expert I do I do I do when he yards it's I think that in any company with the quality of Disney. It's the board's job and the job to have about once a year a public company board or any good public company board. They'll do a succession review. And they'll say here are our top aides executives here two or three that could potentially be CEO. And if you're not doing that you're not being a good fiduciary. But he was one of those guys and whenever I and every senior executive at a major corporation wakes up every morning and says good morning see they all wanna be. Ceo they'll think they should be CEO and to a certain extent. They've all been told got a realistic shot at it. And then that's how you keep these people around these people aren't these people aren't there to end up at number two or three. They're there because they want to be the company and they hit their fifties. They realize they're going to be dead soon. And they get very focused on being the great company and so whenever you announced who the next show is generally speaking a few people leave to go be CEO of a Lesser Company. I'm again I'm using. I'M UTAH. We you know when we don't award kids. I said Kids People in their thirties. Tenure they go to generally a lesser brand and get tenure that sort of this whole farm system and Tiktok. You're right it. Probably signals at Tiktok is going to spend because he wouldn't do it to own shares in a private or to own shares and bite dance. He wants to own. I mean he'll probably be tiktok is in fact spun. My guess is whatever deal he's garnered he'll probably get several hundred million dollars or be a billionaire on the IPO So this is a brilliant move for by Dan Slash Tiktok. He's GonNa do really well. I think it's a great product using it. I think it's really invented energy now. The issue the issue what you other than the our late. I'm a little bit more lately just to test things out. It's easier to use. It's easier to use. I don't know you know it's it's it's sort of an easy to use snapchat like I don't know how to put it. Snapchat is still much more inventive than all of them and yet it's harder to use and so I'm like instagram. I see the value in it. But it's not it's not as usual. It's not being innovated on Kevin. Isn't there the other Kevin coming the founder system and so it's just wow. Facebook just announced pretty innovative. Move around probably around. As STANCE GARMENT WITHOUT IS GANGSTER. Mov They're going to always commerce. They were already thought so many. I wanted to buy so much stuff on instagram. It's crazy. The ads are wonderful. And by the way faced certain. Kara who gets what Microsoft was always at an all time is still was the least innovative place on the earth. I'm sorry I just use predictable you say about facebook. Innovation yields great results. Sorry go ahead. You're you're ignoring. Be An all time. What would what did the all-time happened yesterday. All Time High High said it'd be true fifty all time thirty in any case. Tiktok I think is there were. I think tiktok is a really interesting business. I think it's really great. I think it's got the muscle behind it and when it goes public. It's going to be the real competitor. It is no snapchat in this case. They cannot speak they cannot slap away tiktok especially this executive and the problem tic. Tac has a tiktok tack has is Is that it's It's the China issue and if they remove that and that's what facebook will try to press on. That's the wound they've got Especially with these with this added intensity right now I think this will they spin it off to make an American company. Remove all the things from China. I think I think it's got. I think it's got a good a good aim at the heart of facebook. Thank you very much. Okay so as you would say this to me. Listen to me. Your emotions are clouding judgment. Facebook is just on fire right now and whoever runs strategy there? I don't know if it's I don't know if it's mark share all. They are thinking with such a ridiculously clear. Blue flame get is probably the most interesting four hundred million dollar acquisition. They're going to get all kinds of signals. They're going to cooperate better visual tools into their platforms and they got it for four hundred million bucks. They just did this thing with Joe Mart in India where the probably potentially could be the most interesting social commerce company in the fast Konami and they just announced this big Facebook shops initiative. They are there on fire facebook. I mean you got a guy and everybody you know. They've said to their thirty thousand lawyers and Faye and Cheryl just like be our heat shield be our beard be our shark repellent but there are people ignoring all the noise and are very focused on long term strategy on fire. They remind me so much Microsoft anything. They are the Microsoft things. They were like that too and and and they you know they were like that too. I just I I think they're also eight a young people repellent I. There's not a younger son who thinks it's a great thing but there's lots of other people than young people but I I think Tiktok I want you to try talk for a week and then let tell me you need to try. Tralee a good. It's really well done it. So it's so intuitive and I I'm inch interesting creative people are on Tiktok and I always like neighborhoods that shift over the gays. Or they're you know what I mean or whatever. That's Yeah No. I need to spend more time. I took on Chavitz one more quick break and we'll be back on the people that sit there. Scott One more quick break. We'll be back predictions. Big Tech has made all of our lives easier. But why should we sacrifice privacy for convenience? Sure you trust the biggest technology companies deliver your toilet. Paper Stream. Eighteen straight hours of a bad sitcom. But should you really trust big tech to keep your private information safe? No you should not take back your digital independence and stop having to remember passwords and other personal information with Dash Lane Dash. Line makes everything you do online. Easier attracts all your passwords and protect your data in a single APP that works on all your devices dash lane auto fills every form for you including addresses and credit card payment information. You control what you share. Keep yourself safe with. Vpn Dark Web monitoring and share passwords securely with friends and family start dashing through the Internet by visiting DASH LINK DOT COM SLASH. Pit To start your free trial of. Dash Lane no credit card required if you like it use the code pivot at checkout to save twenty five percent off on a premium subscription. Make the Internet better with Dash Ling. Here's another show you my life. This year Suedes podcast tied fine nation during an eight part serialized dive into crime and punishment in America from policing to the courts. This season questions. Everything what makes an action worthy of being a crime is justice truly require punishment. What is the most feminist approach to gender crime in the era mass incarceration using his typical blend of storytelling in analysis? Professor Barry from Vassar. College will help you. Examine the most basic assumptions of the justice system and all through the Lens of philosophy subscribed a high finance. And that's hi Ph nation wherever you get your podcast okay. We're back Scott. I predict the pivot is gonNA keep winning more awards and more making more money. We're getting bigger. We are but gives us an edge year prediction. That's obvious that's just obvious. I think that shop a FI is Is GonNa make a big tree can make a big acquisition? I think that they now have the market capitalization to star buying I I was actually would have been more. I wouldn't be surprised shop. A Fi shows up and becomes a competitive bitter for JC Penney's or one owner. More more. Tell me I don't I don't I don't know anything but shop. I think you have insiders everywhere but keep on going. Shopping by chiappa fine now has such an incredibly inflated but so fully valued that if they don't have every investment bank in the world in an incredibly robust corporate development department trying to find acquisitions. They're not doing their job because they it's almost impossible to justify evaluation based on door organic growth right now so they should be. I gotta think I gotTa think a bunch of Content companies retailers. Whoever it is our hearing from Shabbat Fi so in the next ninety days. We're GONNA see an interesting aquisition. What else what else. Jc Penney what else. They're Kinda kinda their pick of the litter. Because I mean what if I they'd kind of interesting move here. Are The gangs move in? My view would be shop of five purchased. Macy's macy's has great high brands. They have fantastic relations summer. They have friendly acquisition. They would be a friendly and Mesa needs to figure out something they have. Great real estate they could probably spend their real estate into a read and pay for a third of the acquisition. And he was. There's going to be for the first time in a while. Something resembling bit of Canadian invasion. I think shop is going to a big American firm are right. That is that is really. I was not expecting that. I like that. Unexpected that's how I keep our third marriage brush arc. I like that one. I like you know someone counted the amount of times. They said he interesting on this show. Twenty three minutes. Now that was it was this. This is not just interesting. This is this is This gives me That's really smart. I think shop advisor another company. Another great company. That's really I liked seeing these people that challenge the big. It's the rim of our generate tiktok. The TIKTOK challenges the facebook the shopper. I challenges the Amazon. There's no one challenging Google except for possibly the Justice Department But I I liked Dr. Go but not listening to me. They're trying to try it. They're fighting the STUCCO. Are Those people on those those Zodiacs trying to ram a wailing ship? I mean if you using duct into your so far out there. The world absurd duck duck to interviews. I've later this week. I interviewing Darko shot. He added Brian. Chatting not together Give me one question for each number going GonNa go. Yeah Dara can you understand why with five or six million people not having access to health insurance with a large portion of those five or six million people Not It ends up. Not Making minimum wage. Can You understand why people would legitimately want the FTC or the DOJ to break up a merger that would result in two companies owning ninety? Percent OF FOOD DELIVERIES. And that's just a really bad idea. Wouldn't wouldn't wouldn't any lawmaker. That doesn't say no fucking way. Have their head up their ass if they don't get in the way of your acquisition here. Isn't this just a no brainer? To not allow this Ryan. Oh just that's just super fascinating around. What is when. Does he expect to see a return? And why and how will it reshape a re contour the hospitality specifically the hotel business? He's in better shape than hotels. I think like I think people are GonNa go for AIRBNB. And also they've hired some really variable costs If you're at the Marriott Boca Raton you can bring your costs down forty percent maybe fifty but even if you board the place up you still have the mortgage on the place you still have to keep it fresh. You have to clean it yet. He can literally I mean other than his personnel at headquarters. Which my guess is. He'll get a lot of the gun out and laugh you know decent. He already has He can variable is its cost way down so anyways I think AIRBNB is more interesting people. He's hired. He started some very interesting executive from apple to take over for Someone who Step down the COO. Linda quite good So I think it's interesting. Yes I think he'll be in a very interesting place he's a great he's really emotional executive and I don't mean that negatively he could he really does talk about Things or humid he's groupie he's groovy anyway. Scott Disneyworld disturbing to open again. Are you going to go? I'm definitely it's it's it's not. It's not if it's when my kids my kids are you know nine and twelve year old boys. You gotTa take this saver so I'm real excited about galaxy edge. I've been dying to check that out. How about you know I never go to Disneyworld. I'm going to double down on October. My brothers Disney Chrissy. Now I'm not I'm just going to Disney. I'm at my brother's at Disney Fan. So he can talk. I wish I never i. Don't go no no no no other you talk about the tiffany trump. He's a good guy a little conservative for my taste. But he's a good guy he's a love he's a good father. How about? I say that he's a great father. He's a great husband and his his. His political views are disturbing on many levels. That's how you had to pick if you had to pick two of the three. You probably a good father knows. He's good he is that is true. He's a good Golfer. This sounds like the white man on earth. He really is. He's he's a good guy he's a he's not whatever. Okay he's Tripos he has basically Paulo's Polos I he's he's down that avenue yes but anyway he he's a he's A. I'm not going to talk about brother. He's good guy. I don't insult my brother. He's he he's he is what he has. That's all I'm going to see Fisher and your relationship developed. When did it happen? Kara talk can. We don't have a fisher. He's he's he's my bro- my own brother and I are very much. The same personality outgoing. He is not as outgoing he is. He's quiet he's he's a he's brilliant So He's there's no Fisher with a Swisher do not have fisher. This pandemic wermuth opportunity to strengthen those types of relationships. Sarah that's right. I know that I know I just don't want to talk about Hillary. Clinton him anymore. Anyway anyhow any who I think he's a good husband and a good father have you said I have said that to him. I am He should be proud of his his his fatherhood and she'd be proud of his being awesome. You the end of the day. That's kind of priority number one. I have said that to him. That is where I focused. That is where I'm GonNa Focus and that is where we're gonNA go visit him. He's he's he's a sweetheart and so you wear out whereas my dad. Thank you for this session dad. We outstanding political confronts. But he's not a great father. He's not a great well. I would trade the other one. Yeah Yeah yes yeah I I like my family and that was hard. I didn't mean that Great here you totally. My mom is my mom as they say a piece of so and she's out about and Florida she's probably going to Disneyworld she'll come and visit you soon and pass along some corona virus germs for with you if like anyway. Don't forget if there's a story in the news. This was took a weird turn. It don't forget if there's a story in the news and you're curious about you. Want to hear our opinion on email us at pivot at vox media dot com featured on the show. Scott Please Rita staffed our show today was produced by Rebecca synonymous and this episode was engineered by Fernando Sexy Beast. Do I haven't met. I want that name with with dad name. I would do so much damage. I've a podcast. My name is for nonetheless tonight. Oh my God. Thanks to engineering. Our executive producer is Erika Anderson Special. Thanks to drew boroughs and Rebecca Kastrup. You like what you heard. Download or subscribe and most importantly reach out your siblings and tell them you love them repair and strengthen those relationships good intentions feeling nice. Things about people are not enough. If you're eleven candidates person say loving and generous things and enormous opportunity to strengthen the key relationships alive Scott. You're handsome man. Go on that is in your ear. That is aw. I got Nice Nice.
Investors to Focus on Latest U.S. Unemployment Data
"Facts allow you to make decisions in unpredictable times. Get the facts you need from the Wall Street Journal from pre corona video updates to daily deep dives and our podcasts and videos. WSJ is a trusted source in uncertain times visit wsj.com. Here's your morning brief for Thursday August thirteenth I'm Keith Collins for the Wall Street Journal investors will come through the latest weekly jobless claims figures this morning forecasters say. For unemployment benefits likely fell slightly last week though they remain at historically high levels many Asian indexes finished near where they started the day though Japan's Nikkei rose sharply European shares fell in early trading. This comes a day after the S. and P. Five hundred and adjust below what would be its first record close since the pandemic struck and reporting to of JC. Penney's biggest landlords are in advanced talks to buy the bankrupt department store the negotiations with all operators, Simon Property Group, and Brookfield property partners aren't certain to lead to a deal JC penney and Brookfield declined to comment Simon didn't respond to requests for comment for more details please head to our website wsj.com or the WSJ APP.
June 2, Hr 3 Jared Fiel with CDOT
"This is mornings with Kale. Fueled by Great Western Petroleum, only thirteen ten KFI. Well covid nineteen claims yet aim nother event eight now. Thirteen ten KFI thirteen KFI K. A. dot com morning so if gail fueled by Great Western. Petroleum live and local via the auto collisions. Specialists Studios Yep Loveland Barbecue. Canceled due to the corona virus writes a hamill. Johnson in the reporter Herald loveland loves barbecue bands, and bruise joins the seemingly ever expanding list of community events canceled due. To covid nineteen organizers of the festivals announced on Monday that they had decided to cancel the event this summer. It was a really hard decision, said Jamie Keller Chair of the loveland loves Barbecue Planning Committee bots. We want to put the health and safety of the community I now this would have marked the fourteenth year of Loveland Loves Barbecue, which is organized and operated by Loveland cer- Toma. The lovin reporter Herald started the event with Loveland cer- Toma organizing the brewery side. Side and then the nonprofit actually took over the entire festival eleven years ago. The event features a variety of barbecue foods, and Oh, it is Yummy as well as local breweries and music in downtown Loveland. Each July loveland loves Barbecue Draws About Twenty three thousand people downtown over its two day run. We are awaiting, said Keller. We really really wanted to still have this community event. It's a great fundraiser for the boys and girls clubs, and the House of Neighborly Service but. After meeting with city officials. And looking at how difficult it would be to maintain the necessary social distance, the Loveland cer- Toma. Club decided to cancel. The two thousand twenty event about don't despair as loveland loves, Barbecue will return in twenty twenty, one, according to announcement from Loveland cer- Toma and the loveland loves barbecue. Committee Mark Your Calendars for July ninth and Tenth of Twenty Twenty one in the meantime. Please have a good summer and stay safe. This loveland loves barbecue bands and Bruise has joined the list of community. Events canceled due to Covid nineteen. Coming off that conversation we had this morning with Larimer County Sheriff Justin Smith and I apologize for the technical difficulties that we had near the end of that interview because there were so many questions still had to ask him. One of them is a piece that. MY MIND IN THE DENVER POST AMID PROTESTS COLORADO LAWMAKERS FLOAT BILL to counter police brutality aright. Perhaps that is something that the Colorado legislature needs to look at, but it seems like it's just a matter of timing. Is this the right time this as the Senate? President says this isn't about what's going on. In other states, this is about what is happening in our own back yard, so you had Colorado lawmakers returning to the capital on Monday. And in the Senate. Lawmakers debated a bill concerning you powers. House took up a slew of bills including one proposing to change standards for how egg laying hens are housed. MM Okay. Good, but some lawmakers already swamped by myriad of corona virus, related challenges among other to ask, they're trying to quickly pass a budget with about three billion dollars in overall cuts. They say that the message of the protests is not lost on them and that they intend to take action representative Leslie Herod a Denver. Who has joined protesters downtown during the day is planning to introduce a bill as soon as Tuesday as soon as today that she said is aimed at addressing police brutality and accountability and Colorado by removing the shield of immunity for prosecution from law enforcement officers found to have acted unlawfully. It would allow them to be sued in their individual capacities, currently attorney fees and settlements are paid out by cities and counties at taxpayer expense now according to. Denver right reporting a snapshot of an eight month period they found in two thousand seventeen that two point, seven eight million dollars in taxpayer money had gone to eight Denver Police Department Settlements Herod told the Denver Post just yesterday I believe law enforcement should be held to a standard of integrity. It's fascinating based on our conversations morning with Larimer County Sheriff Adjusted Smith, not only did he say that law enforcement peace officers need to be held accountable need to be held to that standard of integrity, but indeed to a higher standard of integrity, respect and responsibility, but Herod told the Denver Post just yesterday that the bill will indeed reflect that we need to ensure. She went on to say that law enforcement officers who act outside of their authority who harm and murder people here. especially, people of color unlawful on lawfully are held accountable. Let's not get it twisted here. Let's not get it wrong, but the seems like a pile on effect in which we are making rash generalizations about law enforcement based on the acts of a few bad apples, your thoughts, nine, seven, three, five, three, hundred, ten, eight, seven, seven, three, five, three, thirteen, ten. Drop me a text at three, one, nine, nine six now. Herod said that. That! A DENVER POST investigation into police shootings across the state spark conversations about the issue at the beginning of the session of the session, and since the killing of George Floyd, lawmakers have brought these conversation back. She said she is working with the black and Latin x Cox Caucuses, and or is that t I'm sorry, my apologies, not familiar with that term and that Senate President Leroy Garcia Pueblo. Democrat is working with her on. On, the bill that his name will be attached, is an indication, not only of where he stands on the bill, but of the odds that gets passed. A member of leadership generally has power to ensure their bill gets a series hearing in a way. Other members may not Garcia's remarks about police, violence and public trust in law enforcement have been significantly more pointed than those from Denver Mayor Michael Hancock and Governor Jared Polish Garcia going. Going on to say this isn't about what's happening. What's going on in other states? This is about what's happening in our own backyard. Sadly, we shouldn't need body cams and people using their cell phones to catch the lack of integrity. We must address the issues that are associated with police brutality and this bias, or it's going to a road. The profession seems to me that there is an inherent bias in that statement that. Every, law enforcement agency needs to be looked at. On an individual basis. Not Rushing. To Conclusions Garcia, said law enforcement agencies in Colorado do a good job when I, hiring officers to ensure they meet standards, but they need to continue to monitor them. My understanding is and law enforcement That training is ongoing. He said he believes most cops are heroes, but added in in an interview on Monday. We have officers who lack integrity and violate the law every day that they're sworn to uphold. We should care about that. As elected officiers officials now other lawmakers spoke publicly Monday on the protests, including representative James Holman Denver Democrat. Who from the house? Floor called for holding law enforcement officers who abused their privilege accountable and. And who condemned rioting, but said that he supports the right to protest. I think we all support the right to protest, but when it comes to the gratuitous violence, the looting, the fact that many businesses also ready hard hit by the impact of Covid nineteen are now facing second wave of destruction of their livelihoods as a result of just out of control looting, and all the arson. That is taking place. Protests, but protests responsibly, not violently as violence only leads to more violence, I know. What do you think legislature just piling on? As a result of the tragic death of George Floyd, nine, seven, three, five, three, thirteen, ten, eight, seven, seven, three, five, three, thirteen, ten, seventeen, now, thirteen, ten Kfi Kfi while the whole sports story in northern Colorado, state in the country tune into the whole show weekdays noon to two and thirteen ten Kfi K., the day's headlines PODCASTS mornings with Gail and more and a schedule about coming sports broadcast. Find them at thirteen ten K.. K. A. Dot. COM Eight twenty nine, now thirteen ten K., Kfi K. Thirteen, thousand that K. K DOT com. Fueled by Great Western petroleum live local via auto. Collision Specialists Studio Alright still have a lot to get into. This might be of interest indeed if you're a bargain hunter, JC Penney Tuesday morning appear one all going out of business, but they're going out of business. Liquidation sales are looking a little bit different because of. covid nineteen and I also have a list of some tips. If. You're thinking about shopping those liquidation sales. How to get the biggest bang for your buck, but coming up. Jared files dot region for communications manager. ROADWORK, continues. Throughout the state, he'll get some updates for us on some ongoing road work in both brush and Fort, Morgan and we'll also talk a little bit about that closure on I twenty five tomorrow night this. When jared file dot region, poor communications manager joins us at eight, thirty, five, eight, thirty, now, thirteen ten KF KIA burst. Bears, charging game coverage lives on thirteen ten KFI. This is Dan Patrick reminding you to catch me in the dance next on thirteen ten F. K now back to mornings with Gail. Thirty eight on the nose. Thirteen ten KFI a thirteen ten KFI K. dot com mornings a gale fueled by great western petroleum live and local via the Auto Collision Specialists Studios joins morning. We are Most Tuesdays right around this time by jared file cdot region for communications manager. Hey Jared. We'll good morning. Gail how're you? Doing well and you this fine morning. It is indeed a beautiful day in the near. Gorgeous Day out? Yes, learn great ready for the ready to take all there you go, see dot always ready to take it on as you have been working throughout the house shutdowns relative to Covid nineteen and that work continues with the night twenty-five closure tomorrow night, right? Yeah, so we this is This is a pretty big one So this will basically be the shutting down of I twenty five from four zero, two of their Johnstown to thirty four So what that's going to and that is so that we can put the girders up for the Larimer County Road Twenty Bridge. that is going across over there that we tour down before now. We're putting backup, so we can whiten it. and so two tomorrow night from nine PM. Tomorrow night until five am the next morning. I twenty five will be closed, but we'll have detours basically around it, so you'll get end up going up for two and over through loveland or around Greeley off off on the side so not a horrible detour, but if you can avoid it tomorrow night, that's probably a good idea. And earning up for some Kurt her work, I love it exactly. Closure tomorrow night four zero, two to thirty four on I. Twenty Five Nine PM to five am yeah, and that'll be the girder in, and then about a week later, the the night of June eighth into the ninth We'll be setting the overhangs and the deck panels. So that's another situation when you really don't want hers driving underneath. Wouldn't be. Wouldn't be prudent so we'll have the closure that night, and then the only other one that will need will be one probably mid July to actually POURED THE DECK! On that bridge so couple of inconveniences, but we're getting that bridge ready to reopen, which is nice. Oh, absolutely looking forward to that and then is that work complete than at I twenty five in that area? Well we still obviously We're still obviously working on the lanes under there but in terms of the bridge. Once once we get that port and then we'll get. The connection goal made up We'll have that reopened And then, but you know obviously we have worked going on thirty four right now. That's going to be another big project. That, YOU'RE GONNA. See over the next two years. So that's going to be a lot of work going on in that area so. That it's coming in and but it will be so much better when it's all done. No absolutely and that will require intermittent closures as well right. Yes, same kind of things, usually a single night kind of deal. We already had to do one one of those. Unfortunately at thirty four. We can. Actually we've created. bypasses through the on ramps and off ramps on thirty four, so the detour isn't quite as bad actually the twenty bridge actually requires a little longer detour than. than the others just because there's not a good, get around. Well good to know that good things are coming our way when it comes to thirty four and I twenty five. Is that work continues, and you've got some work going on in both the brush and Fort Morgan as well. Yeah! This is a project that's been going on for a little while, but we haven't really given anybody any updates This is a really unique project. We had some work that was going on on I twenty five. I twenty, five, seventy, six out of out by Fort Morgan and brush. And, but then we also had some work that we had to do both in town in Fort. Morgan Enin Brush ah the with the ADA and some work being done on thirty four through town there. And what we did was we actually were able to combine the two projects, so we have one project team basically handling the whole thing. And because of that they've been able to come up with some really unique advantages currently. If you've been in downtown brush, you would know. It is very ugly right now because the city had to come in and tear up to put in a waterline. And we took advantage of that same opportunity to work on our ramps at the same time, so we don't have to have to closures and so that closure. Of the downtown area, will basically we we were able to. Move a lot quicker, but by having a contractor over the entire project. They were able to make that move on the fly. So this was actually this came up fairly quickly. and we were able to get done and move a lot quicker, so we kind of had to juggle the schedule. Bet But it's GonNa work out better for the folks over there, too, so just know that if your fort were GonNa Brush, there is quite a bit of work between the two towns, both on thirty four, and on I seventy six, but it is moving very very quickly. Well that's good to hear as well as progress continues, all good stuff. Jared files CDOT REGION FOR COMMUNICATIONS manager. Thanks as always for the updates. We certainly do appreciate it. Absolutely go. You have a great day. And you as well eight, forty, four, now thirteen, ten KFI, a thirteen ten KFI A dot com arts bargain-hunters alert. This is Jaycee this as JC Penney Tuesday morning pier, one They're going out of business. Liquidation sales are getting underway, but they're going to be a little bit different. Because of covid nineteen will have all the details and how to maximize your dollars at these liquidation sales coming up thirteen ten KFI preps. Radio is northern. Colorado's home for the best high school coverage Cu athletics creates buffs with a brand program. We'll have insider Brian. Hal to discuss the next hole show thirteen ten KFI. Eight, forty, nine, thirteen, ten KFI, may thirteen ten KFI. Dot, com mornings gail fueled by great western petroleum live and local. The at the auto collision specialists studios all right. Piece out of USA, today Mike Kelly Tyco pier one imports going out of business liquidation sale. Yes, indeedy, do is underway and closing sales are likely to begin as early as next week at the two hundred and forty two JC penney stores that were permanently closed in bankruptcy now how these sales will be handled is different from past liquidations because of Covid Nineteen Nubby jogging president of retail advisory services at brokerage firm J L L said safety is top of mind for most consumers today, the idea of being in a tight location with lots of people touching. In store will likely deter some shoppers which will affect speed in which the liquidation will occur now usually at the start of a liquidation sale, there's a rush of ever intrepid shoppers, looking to be the first to get the best merchandise, and then the rush actually tapers off as the items get well pretty well picked over that big rush to go into a store. Store where every one is touching, everything likely won't occur which will extend the liquidation period? Fewer shoppers will be allowed into stores because of coronavirus social distancing guidelines. So what do these sales look like JC Penney? Liquid liquidation sales those closing sales are to begin soon soon at two hundred and forty two permanent store closures planned in bankruptcy, pier one imports. Plans to permanently shudder all stores in bankruptcy. That liquidation is underway here one which started its liquidation may twenty second online and it stores that reopened after being shuttered because of the virus said it will limit shopping to twenty one or twenty five customers at a time, originally, the home goods retailer plan to close up to four hundred fifty stores, or nearly half of its locations by because of the impact of covid nineteen. It's closing the rest of its remaining five hundred forty one US stores pier one said in intense for its website to be available through July. That's pure. Pure one dot com, and at the start of the liquidation, the discounts are going to be the same in stores and online peer one gift cards merchandise, credits and reward certificates will be accepted for twenty one days as of May twenty ninth This is when a bankruptcy judge approved the company's wind down plan. This would be June nineteenth, but pure ones. Website said dates might vary by store pier. One plans to take returns of merchandise purchase before its liquidation sale for thirty days after each store reopens. So what are the the store closures and closings the nation well. Due to covid nineteen bath and body works fifty stores closing JC Penney as previously mentioned two hundred and forty two locations Nordstrom sixteen stores a boutique pier one again all locations, five hundred forty one remaining stores Tuesday morning, two hundred thirty stores and Victoria's secret, two hundred and thirty five us, Victoria's secret and three pink stores sell again. How can you get the most for your money? The biggest bang for your buck as a result of these liquidation. Liquidation sales well. Here's how to make sure you are indeed getting the best deal as always be prepared prices at liquidation sales are not always the lowest that you can find especially at the very beginning of the liquidation sale, compare prices, do a google search or use a price. Comparison website searched the web for old store circulars to see advertised sales prices from previous sales. Check the product thoroughly. Open the box. Look for damage and make sure that. Part's accessories instructions warranty, information and other items are included after you receive it. Use a credit card that way. If you do experience any problems that will give you a way to contest the charge. Get rid of those gift cards to sweet. If you have a gift card for peer one or another financially strapped rid retailer, what you WanNa do is use those cards as quickly as possible warranties. Be sure to check the warranty details and find out for example where repairs can be made closing stores typically continued to sell extended warranties. Go often. And if possible stores open. If you have your heart set on a particular item well, you might want to stop by the store weekly. Why not tag team with a friend Sherry, your lists with each other important important shopping tip. I'm not talking about. Don't cross the streams. That's Ghostbusters Ghostbusters Day June eighth. Did you realize that ghostbusters actually has a day? Student but I digress once. The liquidation sales began all sales. Remember are indeed vinyl, and if you end up buying something, you don't want well. Seems your only option to recoup. Your money is to try and sell it. So and remember that finally. As a result of covid nineteen shopping well just isn't quite the same these days as it was. It's been reinvented. America's stores malls reopened with mass curbside pickup, and a closed fitting rooms among with along with other safety precautions so once again, the new normal and a covid nineteen world. This is J., C., Penney Tuesday morning Pier, one going out of business liquidation sales well look a little different because of covid nineteen, eight, fifty, six, now thirteen ten KFI. All sports story in northern Colorado state in the country tune into the whole show weekdays noon to two and thirteen ten KFI. As the protests continue some peaceful, some not so much of the tragic doubt of George Floyd. just wanted to update you this as target and CBS have a temporary closed stores you've seen the vandalism and looting due to the dangers of the protests target is actually closing one hundred and five stores temporarily in ten states including in Colorado eight fifty eight now. Thirteen ten KFI a thirteen ten. KFI DOT COM DOT COM. Target again. Closing one hundred and five stores in ten states, including forty-six stores in California thirty-three in Minnesota where the company is based targets, also closing some stores in Colorado Pennsylvania Illinois, New York Georgia Oregon Michigan and Texas. Now CVs did not say how many stores it had closed, but it said the shuttered locations are more in more than twenty states, and the district, of Columbia a spokesperson for the company and pharmacies at clothes stores will re route customers to a nearby. CBS so that they can get their prescriptions. Filled targets set employees at stores that are closed. We'll be paid up to fourteen days including premiums, they've earned due to the corona virus of pandemic all right coming up. Don't forget to Tannen Swinton, no code now coming your way at four PM and meantime best to UNC bears game. Coverage lives on thirteen ten KFI, K
Martha Stewart in the Middle
"Hey, are you looking for a way to make your company a household name in twenty nineteen start with the love handle phone grip of fun and highly addictive promotional product that instantly makes your customers life easier and ensures your logo will be seen hundreds of times a day right on their phone? Visit love handle dot com and use coupon code household for ten percent off your first order of love handle phone grips. That's love handle dot com. Coupon code household for ten percent off your first order. Here's another podcast. We think you'd like I say back as an amazing podcast from Stitcher about people returning from the hardest experiences of their lives. Last season was about a woman coming back from prison for shooting. Her own husband their new season is all about a comedian who died on stage. I mean, really died his heart stopped for five minutes. And then what happened next checkout? I day back in your podcast app. Now and subscribe. So you won't miss an episode. I think like a lot of people middle school was not the best time in my life. I wasn't always sure who is really a friend. And Who Wasn't There was this one guy who would sometimes say something nice to my face? And then the opposite behind my back. And you know, how middle school is lots of kids like to test the rules and break them and all of that came back to me when I was thinking about the story. I'm about to tell you accept this is not a story about middle school. It's about a courtroom in New York City. Our drama has three main characters. I someone named Martha Stewart good things are signature of Martha Stewart Living there, those simple clever shortcuts and solutions may be heard of her convicted felon along with the highs incredible lows including prison time, but of lover, snoop Dogg potatoes have been boiled never done it with a machine was easy. So how do you do the we we like? Our second player Ron Johnson famous for building apple stores and enter jetty enthusiastic salesman. The man who tried to turn JC Penney into something hip JC, Penney CEO in the man who actually designed those apple stores that are so popular right now Ron Johnson finally unveiling his plans to redesign the beleaguer JC Penney and our last character. Terry Lundgren, perfectly quaffed CEO of Macy's from two thousand and three to twenty seventeen looks like a catalog model spent his whole career in retail. I've been doing this now for thirteen and a half years. It'd be fourteen years by the time. I turn over the. These are the protagonists of courtroom drama that played out in Manhattan in twenty thirteen. It's law and order home department. From business insider in Stitcher. This household. Friends, you know, stories you, I'm Dan Bob cough. Donald. Today. The Martha Stewart trial, the ongoing investigation of Martha Stewart and allegations of insider trading now, not that one this. All right. This could be decision day in the tug of war between two retail giants over their partnership with Martha Stewart this dramatic funny trial between Martha Stewart Macy's and JC Penney. It's a case that revealed the amazingly personal caddy backstabbing relationships between these three tycoons if featured a virtuoso performance by Martha Stewart on the stand in at its core. A question that you'd think would be easy to answer. What exactly is a store and later why one listener was forbidden from using a certain bathroom cleaner, and how that changed her life. Seriously, stay with us. I've been thinking about this trial since twenty thirteen I was a business reporter for NPR then and my editor sent me down to New York state court to watch Martha Stewart take the stand in a contract dispute. I couldn't get over how confident relaxed and sarcastic she was as these two big companies waged war over her brand. I was just in the courtroom for that one day. But Stephanie Clifford was there for weeks day in and day out day out a lot of drama. Yes. Stephanie is a journalist and novelist. She covered the trial for the New York Times. It was the first time I'd covered a trial. And I walked in the first day and saw these like pithy mean emails from Ron Johnson, the CEO of pennies that he wrote about Terry Lundgren, the sea of Macy's up on screen, and I was like, this is awesome. Glad to be here. This. Of course was not the first time. Martha Stewart was at the center of a high profile court case Stewart was convicted on all four charges. She faced conspiracy obstruction of Justice and two counts of making false statements. And you could argue Martha never would have ended up in court with Macy's and JC Penney. If it wasn't for that first case before the two thousand four case, Martha is like a superstar. She's got a TV show. She's got her magazine she selling books, right and left and then in two thousand and one she makes a stock. Trade Martha stockbroker had given her a tip that the pharmaceutical company ImClone didn't get FDA approval for drug. She's told her stock before the news was public and was accused of insider trading in two thousand and four. She was convicted of conspiracy obstruction of Justice and making false statements to a federal investigator after the trial a stone face Martha walk. Out of the courtroom and spoke to the cameras waiting for her outside more than two hundred people have lost their jobs at my company. She was sentenced to five months in a minimum security prison. And I'll be back. I will be back. Martha got out boarded a private plane. Martha Stewart getting on the plane was whisked home. She'd spent another five months on house arrest to the handful of van der there with her daughter. It's a low point for Martha Stewart the person and Martha Stewart the brand she was no longer the CEO and along the face of the magazine, and then in the fall of two thousand five Martha sentence was up. So okay. So she gets out and there's a big question Mark over her at this moment remain. There was a question about whether she could still be the face of something. Right. And how do you save face when when she's been in prison? Martha began a comeback tour. She published two books in two months, she expanded her existing collection at K mart. She hosted a new daytime talk show. I it feels like spring, and it's so exciting because the garden is starting to grow that he's got in on Saint Patrick's Day as they're supposed to even even got her own spin off of the apprentice is they went actually remember this someone with big creative ideas, possibly even one big idea. I looking for it does not get good ratings, but her magazine was recovering and she was back on the cover. This was actually a pretty good comeback for somebody who had just spent five months in prison and had weathered a major PR disaster. But Martha one more she didn't just want her brand to be where it had been a year ago before her prison sentence. She wanted to be better and bigger. Terry Lundgren had a problem too. He was the CEO of Macy's and his stores or facing competition from online retailers to Terry Lundgren is this like born and bred retail exact like you would expect them to have been running. A department store in the nineteen twenties. Terry is old school like, you know, the halls of Macy's where like these paneled halls where he would meet you in a giant conference room with an oak table, and it was like portrait's of various maces like executive staring down at you. But in two thousand six that era was winding to a close. Macy's was competing with retailers like Sears in JC. Penney for middle class customers. Terry's job was to make sure Macy's won them over to do that. He needed a big name someone that could get shoppers into stores and boost sales. He needed someone who is known for quality and class someone like Martha Stewart. So Terry and Martha struck a deal for Martha to bring her towels dishes, ornaments and other home goods to Macy's exclusively. Martha Stewart would develop a new line of products that could only be sold at Macy's and no other stores when the deal was announced stock in Martha's company, soared twelve percent and Macy's and Terry. We're taking a calculated risk on her. But Macy's did a lot of market research. They hired a public relations firm to look into what their customers who are middle Americans thought of Martha. And the idea was that they found this is Terry Lundgren in in a quote from the trial. He says lots of people don't like are they like our products, and we'll happily buy them for Macy's. How big a risk was this for Macy's. Fairly big because they were making a huge bet on her Macy's is not a company that does things lightly or without testing, even so had they brought these products in and they didn't sell you're stuck with us inventory. It's exclusive to Macy's. You can't offload at a discount retailer. So they're really making it bet on Martha Stewart, and they're really saying we believe you can come back, and you're going to do it with us Martha quickly became a face of Macy's the star of its ads. Make it festive and inviting Jack, Jack. Senate again. The public started to say Macy's and Martha in the same breath and throw this -tarian Martha got to know each other better to they become sort of corporate pals, they went to events in fundraisers together, they traveled to Haiti together after the earthquake. You know, she feels good hitting up for favors like the IP tickets to the Macy's Thanksgiving Day parade in two thousand eight Martha's company pointed to the Macy's deal is one of its bright spots. But by twenty twelve she was starting to set her sights higher. Her sales are pretty solid at about three hundred million. She's not that happy with it. She thinks Macy's can do more with her. And then what happens then inter Ron Johnson. Macy's world is about to be turned upside down in our story is about to get a lot more dramatic. That's in a minute. All right. Here's a question for you has your company outgrown QuickBooks are shared spreadsheets manual processes in legacy systems, costing you time and money introducing net suite by oracle the business management software that handles every aspect of your business in an easy to use cloud platform with net. 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That interest you with over eleven thousand audio and video lectures to stream across many topics for free to get either of these offers, you must go to the great courses plus dot com slash household. That the great courses plus dot com slash household. By twenty eleven J C. Penney was not in great shape. It was losing market share. And it was earning much less per square foot than Macy's and also kind of lost its identity. It wasn't giving shoppers or good reason to go to pennies rather than a discount store, which brings us to our third player in this drama. Who's Ron Johnson? Ron Johnson comes from the west. If Terry Lundgren was born in bread to run department stores. Ron Johnson was built to turn them upside down. He started at target which in the nineties, which was very forward thinking, then and very hip, then he went to apple he used to say he came up with the idea of the apple stores, and he engineered that people apple some have different opinions on that. And when he came to JC Penney and twenty eleven Ron Johnson had big plans. He wanted to turn the company into something. Frankly, wasn't bright and hip and sort of fancy he's trying to take JC Penney. More upscale he begins ordering Slim-fitting, you know, European men suits and things like that for pennies customer who prefers kind of more generous. Sizing Johnson is determined to kind of apple store. Affi- it. Ron said about to do an expensive redesign making JC Penney. Looked like a collection of boutiques got a new stylized logo that just said JCP, and he did things that angered its customer base like ditching sales and discounts. He's full of energy. Full of perfectionism. I remember one at his big conference. Introducing his new ideas for penny. I heard from a source that the day before he came into check the chairs, we're all right? And then he decided they weren't and reordered like wedding banquet. Chairs sounds like. Steve Jobs move. It is and I think he was trying to malate jobs, but there was one more important part to Ron's plan. Like Terry Lundgren Ron wanted to attach JC Penney's name to another brand. And like Terry before him Ron wanted Martha. He decides that Martha Stewart is going to be the biggest seller that JC Penney can have. And so he goes after Martha heart, but Martha's tied up. She has another deal. Yeah. But Martha and Johnson both wanna get out of that deal or not get out of that deal. But essentially have a competing deal at penny. So Johnson flies Audis to meet Martha to you know, to go to her showroom. He a tour of her headquarters, he loves it. She takes him out for coffee at her favorite upper east side spot where she discovers he doesn't drink coffee so deals like little little moment. I think I think they're both kind of courting each other. It's like these slightly awkward for states. Macy's may have had an exclusive deal, but that didn't stop Iran, and he definitely didn't let on that. He was trying to steal Martha away from Macy's and Terry. He knows Terry and his publicly his very deferential to Terry. He'll send him, you know, gentleman's Lee emails like congratulations on this. And right back. You know after after Johnson does his first big Wall Street presentation Lundgren rights to say that sounded great, congratulations, and Ron writes back saying something like thank you so much. I respect you in ordinate. Ordinarily, meanwhile, behind the scenes, he is working to slap. Macy's in the face. December twenty eleven Ron and Martha made a deal, and they made that deal public JC. Penney would pay a little over thirty eight million dollars for a stake in the company and JC. Penney would get a couple of seats. Martha Stewart Living Omnimedia board. The deal was to last ten years and the deal would bring Martha's homegoods into JC. Penney stores the same day they announced the deal Martha called Terry to break the news to him. He hung up on her realize when this company was founded in nineteen to the name of the store was the golden rule do unto others would have you actually the name of the store the first decade, and then it became JC Penney. This is Ron Johnson on FOX business shortly after the Martha deal was announced. He's just dictating a lot in this video. He looks really confident. They genuinely thought Macy's wouldn't challenge. It why that seem so naive. It does seem naive Johnson. At the time was so. So full of hubris. He thought he was coming in to the stayed industry. He was gonna shake it up. And when you see some of his emails once the Steelers is announced that his he believes Terry is going to back down Terry Lund grim because it's pennies on the offensive, Terry. Doesn't know what to do. And of course, what Terry does is his su-. Martha Stewart Living. Donald Ray bump in there. Because of Macy's trying to sue insane that they had an exclusive with Martha Stewart, and therefore she couldn't have one with you. But she was here today. What's what's the latest on that? I don't know. I I've seen a road bump because we're pursuing full on board to create these Martha Stewart stores. It was a wrote up a court temporarily bar JC Penney from selling Martha products until the case was resolved. But Martha and Ron remain confident. They thought they found a loophole. There is a carve out in the Macy's contract for Martha's own stores, which he didn't have at that point. What does that mean exactly that she is allowed to sell these products? If she ever starts her own stores, so the sign it would be designed by a company, but it would be penny. Getting the sales credit penny employees working in the store to Macy's Martha JC Penney were clearly violating the contract to JC Penney. This wasn't a department store selling Martha's goods, it was Martha opening her own store inside JC Penney. Totally different. Right. So the ideas you'd walk into a store that says JC Penney and maybe off to the left. You're gonna see this pretty area. I would say like white walls colorful enamel cookware, you'll see the Martha Stewart sign the idea. These little jewel boxes of stores devoted to a single designer where the designer controls. The look of the store the feel of the store except you're actually to JC Penney and your receipt says JC Penney when you buy something so Ron Johnson's arguments. These lawyers have found what they think is amazing loophole that oh if we just call it a store, it's totally different than what Macy's is doing right. Then it's Martha zone store, even though it's right inside of a JC Penney. Does anyone actually by that outside of JC Penney? Well, no. Macy's didn't just SU J C Penney. It's sued Martha's company to an all came to a head in one New York courtroom. This is turning into a bitter courtroom battle between arch-rivals and old friends. Macy's after the break the trial. What's in store for Martha JC Penney. And what is store anyway? It's twenty nineteen. Are you still doing things the old way work start the year off right by replacing the software that causes you angst in agony every day in find software that fits your business needs using capterra dot com. Capterra is the leading free online resource to help you find the best software solution for your business with over seven hundred thousand reviews of products from real software users as everything you need to make an informed decision. You can search more than seven hundred categories of software everything from project management to Email marketing to even yoga studio management software. No matter what kind of software your business needs. Capterra makes it easy to discover the right solution fast. Join the millions of people who use capterra each month to find the right tools for their business. Visit capterra dot com slash household for free today to find the right tools to make twenty nineteen the year for your. Business. Capterra dot com slash household. Capterra that's C A P T E R R A dot com slash household. We're back in February twenty thirteen the few between Martha Terry and Ron went to trial. So the civil courthouse in Manhattan is that courthouse you see on law and order with those talk Collins, and you walk up the marble steps. And then you go through Security News one of my first times in a courthouse. So as mazed, and you go back to this beautiful courtroom Lear all passing back and forth lifesavers, and when we would hear good bet would be like. Elbow one another. This wasn't a jury trial. It'd be up to Justice Geoffrey owing to rule which is kind of surprising. These cases typically end in settlement before the trial started Henny and Martha Stewart were willing to do mediation and Macy's what they wanted to bring this to trial. Terry was livid. Terry was mad and Terry wanted to get to get both of them. The courtroom was packed with journalists Justice oiling, his the Justice overseeing this from the state supreme court is sitting up on a little kind of podium in his black robes. You've got the witness box to aside. And that's where Martha Stewart's going to said, that's where Ron Johnson said if these kind of pews, which is where the reporters said ninety got these crowds of lawyers because each company has a corporate law firm with like very expensive, lawyers who are working incredibly hard in this particular loss. All right. Remember, those lawyers? There were lots of them combing frantically through stacks and stacks of papers. The whole thing. Felt in looked dramatic like a movie reenactment of a court case. But when Terry Lundgren took the stand the atmosphere in the courtroom changed suddenly felt less like we are watching a court case, you know, with adults and companies and business disagreements it was clear to Terry Lundgren. This was personal totally personal he testifies that he thought he and Martha were friends, and that he thought he and Johnson were friends, and that this just cut him that Martha would even think of going to penny. Terry long runs a little emotional. He testified about how he found out about Martha's deal with JC Penney. And he told the story of how he hung up on her when she called him. He testifies I was completely shocked and blown away by what she was saying to me. It was so far from anything that I could ever imagine. I was in complete shock, and I was totally disappointed. And he said he said, he couldn't comprehend this because pennies is direct competitor to Macy's in his mind. This is such a betrayal. The his. His his gal Martha would jumped ship to pennies, and he says he felt sick, and he'd never hung up on anybody in his life, and he hung up on her with us. Just the beginning. Ron Johnson's emails were entered as evidence they are projected on a giant screen in the courtroom for everyone to read and let me tell you. They were something else one. Exact emails him. Sounds like Macy's pretty unhappy with the Martha deal does a sad emoji. I love by the way that this is like interoffice Email between like very high level people. And there's like like an unhappy face emoji. He loves it. He loves to see Terri squirming. He writes, we put Terry and a corner Johnson writes Terry might have a headache tonight. And then he writes to one of his executives wait until January twenty four th which is his big presentation about pennies new plans, it will be a full on my grant and the executive Ritz back. I think Terry is more likely to race pass migraine into Grahn mal seizure. Ha ha the later the judge when he's writing his decision. About the Penney's. Macy's dispute writes about this and says like these executives are so absurd. Like, a clearly they were acting in bad faith this. This really goes to my theory that adult life is really the same middle school. It is and like imagine all of this happening in middle school. Right. And you're like arguing over Martha Stewart and Terry and Johnson and your your pals or like, yeah, he's got a migraine like, yeah. To seizure, it almost feels like people are gossiping like, oh, my it's like I saw Martha hanging out with JC Penney. Think something's going on? All right. The cheating answer is. Yes. The trial went on like this for weeks. Lots of he said he said from Ron and Terry those emails and then in March twenty thirteen Martha Stewart took the stand says very exciting the day that she came to testify room. How do you think the warriors are going to grill her today? What are they going to trying to get out of her? Well, Martha Stewart on the stand today is the defining moment of this case cheese in the eye of the storm. The lawyer, my friend has this phrase called the power slouch. And this is one of the things, you know, it when you see it someone who is so in command and so comfortable in their own skin. And almost seem like they just wanna shoot from the hip that they lean back and just say, whatever comes into their mind because they know that they are the most important person in the room. And that to me was Martha Stewart on the stand that day. Let's be clear that the witness box is one of the most intimidating places to sit in the world. There's a judge. There's the wrong people looking at you everything you says being recorded, and as we have seen. Like, the the tiniest word can make a difference. And she doesn't care when Martha's own lawyer Astor questions, she was cooperative. She even crack jokes like at this one point. She was asked how she's lived her time between her businesses. And she said, I did my time and everybody. But when macys lawyer questioned her she wouldn't even look at him. She just would stare above his head and give these very plain pouring answers. But like an us. Good lawyer, but he couldn't get her to like engage with him at all. She was just so cold. And it was an amazing performance. There is this one moment from this trial. That has stayed with me for all these years. Macys lawyer with questioning Martha and she said something about bringing colorful cotton towels to K mart completely deadpan without shame. She said she'd heard poor people don't do their laundry as often as rich people. So they don't want light color towels and later on when macys lawyer was pressing her he was trying to get her to say the pennies and Macy's would be competing. And he was like, well, if you bought a knife in a department store at one end of a mall wouldn't go to the other end of the mall and buy another knife. And she was like. You could. And then he pressed her again, and she was like, you might have two houses, you might have two kitchens. That's how she shops. Double the knives. Martha gave the impression that this trial was just a waste of her time. This was a contract dispute. Why couldn't they settle all this out of court out of the public eye? Like, why are we all here? All that. She felt that the store within a store was or she said she felt the that that wasn't Martha Stewart store, and therefore she was allowed to do what she wanted. And all this time all this effort, all this money going to lawyers all this embarrassment. All of it came down to one line in one contract, which raised a question. What is the store? It sounds silly to to a regular person to say like, of course at a store is. But so much of law is centered around these very precise definitions and questions and if Macy's when they wrote up the contract wasn't thinking about store within a store and didn't put stores within a store are not allowed. Then you get into this world where we're penny says I say away in what is the store? It's such a deceptive question. I tried to come up with a definition in my head like a place you go to buy things maybe four walls adore cash. Register big sign out front with an I thought. Oh, wait. There's online shopping Amazon is the store. What about a vending machine? Is that a store or stall on a street store Martha Stewart's contract with Macy's said she specifically couldn't sell her homewares in other stores, but she could sell them if she opened a store of her own a Martha? Stewart store. So here's the question. Just as owing had to answer. If JC Penney's starts putting up walls inside it stores. Hangs a big sign on them that says Martha Stewart, and you walk through a door are you in a JC Penney. Or are you in a Martha Stewart store that just happens to be located inside a department store? That's for courts get the very detailed in very interesting 'cause they had all this testimony about like, you know, how is how would the store work. And what does it look like and who's putting in the installations, and all of these kind of tiny factors that they were hoping would sway the judge one way or the other during the trial. The lawyers obsessed over this question, and it got heated when when append lawyers arguing to the judge about a store within a store. He said the definition of retail store is so ambiguous the definition that Macy's lawyers wrote stinks to my mind was really estate here is JC. Penney versus Macy's. So what did Martha heaven stake? Here. I think she is beginning to have real doubts about Ron Ron Johnson's vision by then it was clear that the turnaround was not going to successfully as Johnson had promised her a year and a handful of months before. And in fact later that year. Martha Stewart essentially backtracks in October. She in Martha Stewart Living filing, they say that penny is only going to sell Martha Stewart products in non-exclusive categories, like windows lighting rugs. And they won't do branded or unbranded stuff in the exclusive categories. So it's just a huge admission that this whole thing was sort of pointless. Pointless are not betrayal carried on for months in June twenty fourteen a year after the suit, I went to court Justice oiling finally issued a ruling against JC Penney two years after that he order JC. Penney to pay Macy's about three point five million dollars in damages both companies than appeal the ruling, and this drama doesn't come to an end until February twenty seventeen four years after it went to trial. Finally, Macy's is ready to settle JC Penney. They reach an undisclosed agreement. But at this point all the main characters have moved on Ron Johnson was ousted from JC Penney and twenty thirteen while the trial was still in full swing. His attempt to apple a fi JC. Penney was a total bust in his last year on the job the company lost four billion dollars in revenue these days. Ron's running a Silicon Valley startup. Terry Lundgren state at Macy's for total of fourteen years. He stepped down as CEO in twenty seventeen just after Macy's and JC Penney finally reached their settlement, and he retired from his position as executive chairman the year after that he's now an executive in residence at Columbia business school as for Martha well Martha's doing just fine her company. Martha Stewart Living Omnimedia was bought by a conglomerate in twenty fifteen years before JC Penney and Macy's finally reached their settlement. And now she spent a lot of time hanging out with snoop Dogg. I'm eating your style. She got different levels of eatery that you've got notifying you. Sharp. Nobody's fighting over her brand in court anymore. But hey, we're still talking about it. It's time now for product misplace -ment every now, and then we bring you stories about interesting ways brand has played a role in your life. A lot of you have been writing in lately. Thank you for all your comments and stories, we've really been enjoying them. One listener actually told us her cat, ADA strap from one of her crocs, if you aren't in on that show, you might want to go back to last week's episode, but this product MS placement story comes from another listener, I'm Christie Fallon currently live in Nollie national park Alaska, but I'm originally from Utah, and the brand that's had an effect on her life. It says cutting bubbles the bathroom cleaner. That's because in her house growing up. It was banned forbidden Christie told producers Sarah Wyman that this became an issue when she was around six it was spurred by the commercial. It was really fun. It was these bubbles ran around the bathroom. We're gonna give this breath room to China, which I just wanted. It just looks like so much fun. And my mom was like to me in our house that's made by chemical. They made need palm during Vietnam, drain. And I was like, okay, not knowing what any of that meant. Company began making A-Bomb in nineteen sixty five. I remember telling somebody at a grocery store, I must have purchased. It picked it up or my mom made me take it back. And I remember just handing this maybe like, Amy napalm NBN. I'm so I need to get comet. Instead, I have a very vivid memory handing this to the poor guy at the grocery store that was across the street. The house was so neither view totally understanding why this happening. Even in high school. I had a friend. He knows the Cubo that comes over to your house when you're in high school and Hugh said his aunt was an executive tropical. And I just like shut your that your. And my mom's like, oh does she know what she does her living, really? Got older like my first apartment, you know, my first house, she I remember her coming to my house and looking in my bathroom cupboards to see if I had to and I'm not gonna lie. I was about twenty five I bought scrubbing bubbles as revolt. I wanted to see what these bubbles could do. And I used it. And I got it in my eye, and it's Deng stunned for thirty second. I rented it. But during those thirty seconds, all but could go through my head was I'm going to go blind. And I'm going to have to tell my mom, it's because scrubbing bubbles the only go through my head. And it's it's owned by Johnson and Johnson. Now, I didn't know that until a few years ago. And at the time, my mom was going through chemo. Didn't look good. And I was like mom, please. Can I use scrubbing bubbles now? Like, it's owned by Johnson Johnson. The war was forty years ago. You go to the he can I please use scrubbing bubbles, and my mom, I she jumped my mom was Buddhist. And she strong belief that she would be reincarnated. She told me she would be reincarnated to something that would disturb my usage of scrubbing bubbles, but I can't not walk through a cleaning out with a simmer at the scrubbing bubbles staring at me. It's like she's saying Hello. It is it's like she. She got reincarnated us again. Bubble. Don't you dare take me up the shelf? I think now. It's almost a matter of closeness to now that she's gone. His I can't see Kansas govern bubbles without thinking about my mom. The it works. Really? Well, I don't know if you try. A couple times. That's Christie's salad if you have a product placement story. Cintas an Email that household name at insider dot com, or let us know in our Facebook group. Just search for household name podcast. This episode was produced by Amy Padilla with Sarah Wyman in me sound design original music by John galore, and Casey Holford, the executive producers are Chris Bannon, Jenny Rowlett and me household name. Is it production of insider audio? Stitcher. Stephen Dubliner, host of freakonomics radio where we explored the hidden side of everything over the past few months, we've been taking a look at sports through interviews with team owners, Lee executives and star athletes far too many to name we've looked at the mental side of the game. I was poop show in my head. I was so afraid there's a lot of pitchers who who pitch. No hitters in the bullpen. And can't take it with them across the line gymnastics is terrifying. We've also lifted the business side of the sports industrial complex. They're making a lot of revenues, but not much of that is going into the athletes. The reality is they are management, and we are labor. Yeah. I think it'll lead to our franchise. Doubling this week we wrap up our sports series with a look at the Lieber side of the equation. I've only made about fifteen thousand dollars in the so far this year. It's a pretty typical fighter story to be broke and trying to make it, you know, and also the athletes afterlife. I feel like. I'm in perpetual, state of transition, which is interesting and uncomfortable at the same time, the latest episodes of freakonomics radio and apple podcasts or every get your podcast. 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US-China Trade War Takes Toll On Their Global Competitiveness
"In JC Penney's some. Strenuous Institute. Zone mass capacity there. Soon at the end of that yet, though the lose bs nothing nails in JCP, dot com. I'd go Pakistan. Like. This bonus. View is standard. Wouldn't they? APP You can but Basin Latino. You're listening to the news at this hour and Africa Business Radio. The world's two biggest economists have become less competitive due to the ongoing trade war, which seems to have no shot Tam resolution inside both China and the US have sleep down the world rankings for this year. Smaller economies including Singapore Denmark and Switzerland top the list the Institute for Management. Development Solvay said the handling of the coronavirus pandemic helps trending depositions. The you'll ask. The world's economies slips seven places to tenth. China fell six places to twentieth. Between meeks superpowers have been locked in a trade wall since twenty eight in with import taxes imposed on a wide range of goods. And that was the news at this time when Africa Business Radio. You can't continue to listen life online at www dot, Africa business rated at Scom or A mobile APP. Thank you for listening.
The Parables of Jesus: Parables About Prayer Part 4
"Welcome to enjoying everyday life with New York Times bestselling author Joyce Meyer on Today's program. Joyce will be teaching from her series the parables of Jesus. We all a good story. One that captivates our attention and moves. Sorel allows us to see things differently. Jesus was a master. Storyteller used parables to convey simple yet profound lessons to his audience. These parables are relevant to us today because they are more than just good stories in them. Jesus reveals to us the principles of God's kingdom in these teachings. Joyce helps us go deeper. And our knowledge of these familiar scriptures let God speak through his word and revealed truth to you. Now here's Joyce with today's series the parables of Jesus. God may send out somebody to help you and if the devils able to resist them. You keep praying. He'll send out another batch. Somebody stronger for a time. He would not answer her but later he said to himself. Even if I don't fear God respect man. This woman's GonNa keep bothering me until I give her what she wants. The construction on the wording and the meaning in this parable is very similar to the friend at midnight parable. The judge was unjust. The widow continued to bother him and be persistent until he gave her what she wanted. Oh so it's kind of an interesting principle that Jesus is using that. If you bother people long enough they'll give in and they're evil people while I'm a good just God. So what do you think you could get from me? If he does stop giving up so easy come on. Are you saying interesting thing about the friend? That midnight mentioned in Luke Eleven is. He wasn't even asking anything for himself. He was being that persistent for somebody else. So I ask you again. How much do you pray for yourself? Compared to how much you pray for other people. How persistent about I mean. I've seen things I've dealt with people. A woman that I know very well was so sick. I mean like for three years. She just felt bad almost all the time and pretty much. Every morning I would pray and now she's just like probably eighty percent better. Keep it up keep it up keep it up. Keep it up. You can tell a lot about a person's character how they pray nowadays to parables and the next one that I'm GonNa talk to you about about two men who went up into a temple to pray. We have opportunities to see ourselves. May I ask a few questions? How are you complaining when your circumstances are uncomfortable? I'M SMILING. You know if any one of us can get through one day without uttering one word of complaint it would be a minor miracle are recently told my daughter she. She's my kids. Think I'm so funny especially the older. I get the funnier. They think I am and I think when you get older you just feel like you have a license to take more liberties than you can get by with a lot when you get older for one thing you can act like you know what you're doing. I recently told my daughter. You know what I have realized about myself. I really don't like the an uncomfortable. And she laughed. She said we'll all the rest of US know that are trying to find that out complain if it's cold complaint if it's hot complain if the seats are and I've been at this for two years. We all need to keep seeing ourselves and then gave a little put out. Doesn't give you what you want. How do you respond when you have to watch? God gives someone else what you want and you aren't getting it and you're pretty sure they don't deserve it nearly as much as you man. That's a flesh burner. This next parable in Luke. Eighteen beginning in verse. Nine is definitely a parable far. The me generation that we live in today the parable. The persistent widow is given to teach the disciples to be bold confident in their asking. But in this parable that we're gonna read there's also a warning not to be arrogant impudent. So there's a difference in being respectfully bold and persistent I mean I know it works. It works in the natural because I've had people that have asked me to come and speak at one of the events or whatever. I've had to tell them. No they asked me the next year. I've had to tell them no and I don't. I'm going to keep asking you comb so finally I kind of figure. Well if I'm not a might as well just do it. Then get it over with. I mean does it does that I mean. How many have you give into your kids? If they just keep it up keep it. Keep it up. It's just like just do it. Just get tired of hearing so when I say that. We want to be persistent in our prayers. I'm never talked about being arrogant. Are COMING ACROSS SOUNDING ENTITLED. You basically say God. I'm doing this because it's what you tell me in your word to do. And that's why I'm giving you these three parables so you got scriptural backing to say God you tell me to be persistent and to keep on asking and the be bold and so on doing what you've told me to do now. As far back to the nineteen seventies. This generation was declared the culture of Narcissism which means self-absorption defined and they got off an online dictionary means excessive interest in yourself extreme selfishness with a grandiose view of your talent and a craving for admiration. Our culture has moved away from being. God centered to being self centered. The world says at our own personal happiness is more important than anything else we hear phrases like I it to myself to have the best. There's no greater love themselves loads chemists strip away the truth that were formed in the image of God and they say that nothing is higher than the human being. New Age teaches at three. Is God out there and the only God? There is God in us well as Christians. We know that Christ does live in us but let me be clear. We are not God. I have to read these five versus Scriptures Second Timothy. Three one through five. They are some of the most depressing in the Bible. But we're living in the midst of this but understand this it. In the last days there will come dangerous times of great stress trouble difficult days. There are going to be hard to bear. Can I tell you something? I have empathy for every personal live on the planet today because to be honest. Raising kids in this generation is so much different. I'm Ben if you don't need the guidance of the Holy Spirit everyday and be full of the Holy Spirit to have his wisdom spirits all my gosh you need to be discerning about what your kids are doing what they're watching and where they're going and who they're hanging around with and boy do you ever need to not just preach to them be an example in front of them model the life you want them to live this model the life that you want them to live. It's tough out there today. You to get discouraged easy to want to quit and give up. But that's not what God wants us to do. I wrote a book several years ago. Call never give up my head and bring about four hundred copies of. I want you to buy them. I don't WanNa take them home and they don't print the hardback anymore. But we do have four hundred copies of the paperback and I. I just wanted to read you. Just a couple of stories out of here takes time to do everything but it's worth doing. You're not in a huge hurry anyway. Are you done really matters? I'm in charge of what's going on here. I feel powerful than listen to this. These are the things were missing in the world today. What happened to integrity? What happened to keeping your word and this is where we're in danger of just like everybody else does now. I don't care what everybody else does. Way Represent Jesus so anyway familiar with the JC Penney stores a poor minister son from Missouri. James Cash Penney founded one of America's most successful retail businesses on the simple timeless values of honesty integrity respect and hard work. What are you need to build a good business? They honest have integrity work. Hard respect and treat the people that work for you will. In addition to his work as a minister. Penny's father was a farmer penny. Learn to work on the family farm near Hamilton Zurich. His father wanted to make sure as children understood the value of money so he made James work to buy his own clothes. Starting at eight years old in eighteen ninety three he graduated from high school. Become a lawyer instead. He became a salesman at a local dry goods store. Ten as soon learned that everyone did not live by the same values. Held dear other Clark. Took business away from him and he had to learn to be more confident strengthening sales skills and stand up for the opportunities that were rightfully his in the midst of this time of personal and professional growth pennies health began to decline endanger of contracting burqas. Dr Urged Tim to relocate from Missouri to a drier climates. He have moved here. He ended up in Denver Colorado where he found employment and dry goods store where he worked for Mister Hale the industrial ambitious Mr Penny soon had enough money saved. Start his own business so he opened a butcher shop. It failed not because opinion was a bad businessmen. It failed because of his integrity penny believed in treating all customers with kindness and respect. I want you refused. Grant special treatment to a certain influential customer to customer used his influence to force penny out of business. Say sometimes you can do the right thing and just feel like all hell broke out against you. That's a test to I'm going to do what's right. No matter what you gotta say to yourself. I'm GonNa persist and doing what's right because I'm doing it for God. Not for some reason. Following the closing of the butcher shop any went to work for a chain called the golden rule dry goods store in jarred success there and eventually became a partner in the company. While working for the golden rule living in Wyoming Penny fell in love with Burda al. The House and married her based on his philosophy of honesty integrity respect pennies business continued to grow and soon he opened his own. Golden Rule store provide quality merchandise at reasonable prices for working? Class families developed a reputation for excellent services. It refused to take credit requiring customers to pay cash for purchases. The owners of the golden rule eventually sold out to penny and he changed his name. Jc Penney Company. Any moved the company's headquarters in New York in one thousand nine hundred fourteen opened the official. Jc Penney store in Missouri. One thousand nine hundred thousand nine penny had knowledge. Listen Penny had several personal. Tragedies you have to understand that anytime you find a really successful person or somebody who's really doing great things somewhere along the line. They have developed the ability to go through tragedy and come out on the other side. Better not better. Thanks for listening go. Deeper into God's Word With Today's offer the parables of Jesus which includes five teachings on CD and the study booklet or purchase everything as a digital download. This package is available now for donation of twenty five dollars or more in US funds and we do accept all major credit cards. You can order. Today's offer from our website at Joyce Meyer Dot. Org or you can call toll free at one. Eight hundred seven eight nine zero zero eight nine again. The number is one eight hundred seventy nine zero zero eight nine. Be a part of changing one precious life. You can help rescue. The woman forced into human trafficking the elderly now who so desperately needs medical attention the little boy who would otherwise go hungry or simply. Give a gift to be used where the need is greatest. You choose the outreach that you'd like to support help us continue to share the love of Christ and his message of Hope. Contact US right now. Visit Joyce Meyer Dot. Org thanks again for listening to enjoying everyday life our mission here at Joyce Meyer Ministries is simple sharing Christ and loving people. Remember together. We can do more.
How to Solve Big Problems Like a Pro Corey Phelps
"You say the game is good old Monday morning coffee co. Live is. Hi, everyone and welcome to a new direction. It is me. Jay is. And as I say every week. I have another great show because I do I have Corey belts with me, his author of this book that I know of that you cannot see it's entitled racked it, and I'm gonna tell you right now that this book cracked, it is outstanding how to solve big problems and sell solutions like top strategy consultants. Lazy gentleman? I don't care what the problem is. This book is going to help you solve it. Okay. It is absolutely going to help you solve problems. And it is the most comprehensive. I call the toolkit about problem solving. That's what I call it. Because it is. Absolutely. It's changed me. It it's going change you in the way, you think about it and cory's going to help us do that. Actually, I should say Dr Phelps, but he's gonna let me call him Corey. Because you know, he's kind of a cool, dude. And so he lets me do that. But let's do what we do every week. Right. And what do we do every week? We check in. In with you to find out in the four areas of your life. How are you doing? Right. We check in. I believe that. We're four people were physical people were mental people were emotional people, and we're spiritual people. So let's check in a scale of one to ten one being miserable. Ten being outstanding. Where are you at physically? I feeling right. You four you seven six three to five. What's that number for you today? What what does that what does that number? And then let me ask you a question. Why are you that number right? Have you not been eating right? Heavy. Not have you not been exercising. Like, you should have you have you not been doing the things, you know, I have a friend his name is Dr John Hansen. He's a medical doctor in Omaha Nebraska. And you know, what he would tell you. So have you beginning your checkups, right? Have you been regularly checking with you doctor to make sure that you're doing all the things that you should be doing right? That's all part of that being healthy living healthy lifestyle. And folks, one of the things we're going to talk about I'm talking about with Corey is we've made a huge, we got a huge. Misunderstanding between fat and sugar. Okay. Because everybody thinks it's all fat. But I got to tell you something sugars a problem. Got he's got the proof sugars problem. And yet we've been we've been accustomed to believing in something completely different Enron is. So maybe we should cut out the sugar. So you got that number. All right. There's your physical number. Okay. About mentally. Where are you on that same scale one to ten one being miserable? Ten being outstanding where you at mentally. And what do I mean by that? We know what we have two halves of our brain. Right. We have a right side of our brain. We have left side of rain the right side of our brain. You knows our creative side is that side were you know, we kind of enjoy things, and we kind of like the fun. We kind of want to create and make things happen. And that's all part of problem solving by the way is that Croatia peace, and then we have that left side of the brain. That's the logical side where we have we try to put things linearly we when things in the particular way in a format in order rain. We kind of want those that together, but we have to have that brain. All right, and we need to feed both halves of that brain. So what are you doing to feed that what are you listening to what are you reading a book like cracked, it is a great way to be working both sides of your brain. Because. It's going to exercise really that logical signed. But it's also going to give you some ideas creatively that you've not thought about solving a problem. That's what makes this book. Great. The show is a great way to exercise both halves you bring. But there's other ways to you know, you could take up a new instrument, you can learn a new language there are so many ways to enhance your brain in feed, your brain and both sides of that. So how are you doing? And then you know, what are you going to do about it? What are you going to do about changing whatever you're doing right now? All right. So you got that number. We got numbers got a physical number. We got mental number. Let's talk about that emotional number. And what do we mean by emotionally we're talking about sometimes of here? People talked about emotional intelligence or emotional quotient, what we're talking about here is or talking about how well are you able to control your own emotions, right? Do the little things get to you, right? Or or maybe maybe it's those little things like, you know, somebody cuts you off in traffic, and all of a sudden, you have lost your mind. Right. And who hasn't done that? Right. But how much better you're controlling that? And then there's. Piece to it too. And that is an inquiry is going to talk about this. How well are you able to to really connect to others, emotions, right empathy, is what we call that. Right. How are you able to understand the emotions of other people and what they're going through? That's all part of that emotional intelligence, emotional quotient. So on a scale of one to ten one being miserable. Ten being outstanding. How will you doing in that area of your life case, you got three numbers? Right. So the fourth area relief spiritually or how are you doing spiritually? And what do I mean by that? Well, we all believe in something. Right. Even I don't care. What it is. We believe in something. We have faith in something that something beyond ourselves. Right. We we believe in maybe gives us a piece or such joy could be nature. Could be karma. Could be a variety of things could be God. Whatever it may be something that you believe in right? That you feel that gives you a sense of purpose or a sense of hope or a sense of joy. Right. And I just want to ask you I was killed one to ten one being miserable. Ten being standing. How're you doing in that area? Right. How's it working for you? Is it time to change something to change that you need to do something different? Right. So you've got four numbers there. Right. And think of those four numbers is the legs of a table. Because if the legs are in even with those numbers, it's kind of hard to eat up that table, isn't it by the same token, if you're sitting in a normal chair in the tables way way, low then that's a problem too. So we got to find a way to bring up that table raise that table leg. Reputable raise at table up to that to that area. It's really hard to get to a ten, but you know, you can bring yourself up little by little I'm not asking you get from three to attend in any one of those areas of your life right now, I'm asking you to get from three to a four or six to a seven whatever that may be. All right. And that's where it has to do. And you know, what this brings me to my guest. Dr Cory Phelps Phelps as a professor of strategy associate dean of executive education and Marcel this'll tells at faculty fellow at the diesel tells faculty of management McGill unit. Versity formerly a professor of HEC Paris and the university of Washington Corey holds a PHD from the stern school of business at New York City university his research and teaching which are focused on innovation strategy have received several prestigious awards Corey travels the world as a keynote speaker at your love is voiced by the way, he's got a radio voice. He's gotta face for TV. But he's got a force for radio. I'm just on. He's a corporate trainer and a consultant to help organizations become more innovative strategically agile lays, and please welcome Cory Phelps, and Dr fell flick to a new direction. Thanks J. Thanks for the opportunity to speak to you and your audience today. It's nice of you to say face for television. I'm not sure that's true. But I I do like the fact that you say I've voiced radio. Well, I gotta tell you something. I don't mean. I don't want people to go something. I gotta bromance going with you here or anything or anything like that. But you're good looking guy. I gotta be honest with you. I would have a lot of I'm going to. I'm going to have a lot of ladies. I know you're he's married, but I'm gonna have a lot of lays come in. He's hot. I know that that coming right here. I've got to do this. Listen, I Cory Dr Corey felts and cracked it the book that I'm holding up that for those who will be watching podcast cannot see, but it will be on be pictured. But every else can seize watching live right now is brought to you today by our sponsor inline business brokers and advisors, and they partner with business owners when it's time to sell their business when it's time to sell your business. Contact the professionals at inline business brokers and advisors internationally known. They are literally the best. They are the experts you can learn more by going to N line dot com. E N L I G dot com and Linda craft team realtors. Wherever you're at in the world, they are the experts that can help you find the right realtor to sell your home or buy your home. No matter where that may be. And if you're in the Research Triangle park area in Raleigh Durham, Chapel Hill, they can help you find your home or locally right here. So contact down just by going to Linda craft dot com ally. India C R A F af dot com and today's t-shirt shot. The week that I'm wearing live that everybody can see is from yard Allah. Gee, that's right. Your dodgy. They do more than just landscaping. They know not just the study of the art. They know your yard really, really. Well, we want to thank them for sending us the extra large pink t-shirt because they support breast cancer, and they make a donation every year towards breast cancer. And so that's why they wear the pink t shirts. And so we appreciate them for giving us the t shirt and the t shirt chat out there, a fabulous a landscaping company. Whether it's for your yard or for a developer. They can help with your needs there as well there. So Corey the book is called cracked it. And it's how to solve big problems and sell solutions like top strategy consultants. When I read this book. I I was a consultant, but we all go, okay. Problem solving. Isn't that something that just kind of comes naturally to us is to just solve problems? Why do I need this book? I think that's a great question that that cuts directly at the heart of why we wrote the book, but one of the things that we talk about the opening the book is at we think that with most things in life, the more we do with more experience we accumulated with the the better we get at it. And what the research tells us is. That's absolutely not true as human beings. We fall prey to a lot of pitfalls of problem solving. And that's why like a lot of things problem solving skills. So it can be learned. So it's something that doesn't come naturally something that can be learned which again is primarily why we wrote the book is to basically addressed this skit. So one of the things in by the way, I enjoyed the book thoroughly I really did. And it's a great read and people you could find this on Amazon it comes in hardcover paperback. And as well as kindle version, and hopefully some hopefully because of course voice they'll do an audio version of the book too. But that's just me hinting at that. So let's just jump right in to the pitfalls of problem solving because one of as I was reading through earlier in chapter two, and I was reading through the book, and it's going through the pitfalls. I found myself chastising myself going, okay, I've done that. I've done that. I've done that. I've done that too. Right. And so one of the the big thing is is the flawed problem definition, right? That we we we we don't really define the problem. Well enough, or we we think we do. But it's not really the right problem. Talk a little bit more about them. Sure. So I think the way. Illustrate this is with the story and story actually captures a few different pitfalls or problem solve your including the one that you just meant 'bout poor definitions, and this is historic out Ron Johnson. And some of your listeners may be familiar with Ron Johnson because I'd say what he's probably most well known for his Steve Jobs create the apple store, which is one of the most successful retailers on the planet. What some of you may not know is that his background actually was before he came to apple he worked or get. He was the head of merchandising and helped create target. What it is today? Right. This everyday low price, but Arjun dies that is either national or international Brandon Ron Johnson had this Midas touch though that he was a tremendous Radha just in retail industry at target than at apple. And then a very mature department store chain the United States JC Penney came along and lured him away from apple because at this time JC Penney had fallen hard times. And as many of you know, the situation is only gotten worse. But when Ron Johnson it was announced that he was gonna take over JC Penney the day. It was announced the stock price of JC Penney increased by eighteen percentage points, which clearly said that investors loved the idea that this guy was gonna come in and saw the the problems that we're facing JC Penney. High barely which words JC. Penney was losing customers. They were losing customers either to online to companies Amazon or they were losing customers to it in other large FOX specialty retailers in the United States so Johnson sufficiently on November first two thousand eleven in two months. He announces that as the solution to what ails JC Penney. So in two months time, he's able to figure out exactly what the problem with this century-old retailer is and he has a a launch event at New York City in January two thousand twelve during we agree says, here's the salute. He lays it out. Says it consists of four pillars number one. We're going to an everyday low pricing strategy. We're gonna limit all this, and is some of your listeners know who've shopped JC penny, that's any was they were an aggressive discounter s abuse of sales promotion, so Johnson says we're gonna limit that. We're getting really prices number two. We're going to reorganize the merchandise. So being a traditional department store you'd walk into JC Penney. And you'd see men's suits, you'd see womenswear you'd see kids wearing so Johnson's idea was no what we're gonna do eight stores within a store the idea of a hundred boutiques you'd walk into JC Penney. You'd see Levi's boutique you'd see a Martha Stewart boutique and so on the third thing. He did was we're going to stop using the name penny. It's old it's outdated. So we're gonna use JCP and we're going to have a new go. And as a result. We're gonna have a rebranding initiative that capture these elements the final thing that he did was he got sales clerks out from behind the cash. Register. In onto the sales floor. He equipped them with an held tablet computers that had point of sale functionality. So he could take debit card or credit card on the floor gave them new uniforms t shirt with the new JC Penney logo JCP on it. So within two months, he s this is the solution to the problem, and he immediately starts to roll. This solution out across all one thousand one hundred stores in the JC Penney chain within a few moments. The results start to come back Salzare a disaster. So the first quarter final results he started to make these implementations. There's a large loss of about fifty five million dollars and just keeps getting worse the losses. Mount the losses. Mount the stock price takes dramatic nosedive. Same store sales fall from the year after these changes were implemented compared to the previous year by twenty five percent, which is a dramatic fall off in same store sales. So what hap-? Happened to a great extent was a few pitfalls. Number one Johnson spent very little time. Trying to understand what the problem was the JC. Penney was facing. He had some indicators declining stock price flat growth in revenues small return on sales compared to their competitors. But he spent virtually no time really trying to understand to find the problem in jumped very quickly to a salute a single solution. He didn't bought with alternatives. He didn't bother detect thing he came up with a single solution. And he implemented quite quickly. And that solution is as I tell the story has tremendous similarities to what he did at target and tremendous similarities to what he did at apple. In other words, he fell prey to another trap that we as human beings happened. We saw problems he reasoned by analogy. He said look I've been at target worked there. I've been at apple stores. I know it worked there. So vs aspects of the strategy worked at. Target and they worked at apple. I'm just gonna assume that they're gonna work at JC Penney. And as a result. I don't need to really understand what the problem is. Why customers are Bandini JC Penney. I'm just gonna move for solution. I don't need to test it because I know it's worked in the past. And therefore, I know it's going to work in this situation. So what he fell prey to were three Mary traps of problem solving number one poor problems nation. He did not take enough time to really understand what was causing JC Penney's declining performance. Pitfall number two. He reasoned by now Aji he looked at what worked for him in the past previous to employers and simply assume it would work JC Penney. And number three, he fell prey to the confirmation bias people inside JC Penney were questioning his strategic solution. And he basically said to these people you're either with me or against me. So I don't want any naysayers you can leave the company so anybody that suggested that he was on the wrong. Track either discredited them or he ignored them. And what was a tremendous problem? He basically made the problem that JC Penney was facing even worse in eighteen months. He was fired in this does to the race of the top. Which is this is a gentleman that spent over three decades working in industry in the United States. He had tremendous depth of experience yet when he heard a problem at a century-old retailer, he fell prey to a bunch of traps that most human beings fall prey to initial solution confirmation bias and reasoning by analogy, so that story sort of captures many of the things that we do human beings that lead us astray, we try to solve problems. I found Ron Johnson story to be fascinating. And and I am you have several stories in this book the book, by the way is called cracked it. How to solve big problems and social solutions like? Op strategy consultants and by the way bailable on Amazon local bookstore. If you're bookstore doesn't have it. Ask them why they don't have it. And then tell them to get it because it should be on the shelves and should be facing out, by the way as an author. I'm just telling you that's important have the book facing out. We don't want to see the binding. We went faced out because it's that good. When I when you were telling these stories, and I felt myself cringing because I felt guilty and especially of one area when the areas has always been the confirmation bias area because I think we fall prey to that pitfall so easily that we think that our ideas and only ARD ideas are generally the best, and what happens is we kind of don't pay attention to other people's ideas. Why what we try to encourage people on in the book and our teaching insulting his fall in love with the problem. But don't fall in love with your idea for solution. And we give that advice because we know that that's the what happens is the exact opposite people tend to fall in love with their ideas for a solution. And if anybody comes along and starts to question it, what do we do? We dig our heels in we defend it. We tried credit. Whatever suggestions they have against our idea. So it's it's human nature. And again, what we do in the book is we lay out this method and the fundamental idea behind the methods to push back against these pitfalls problem solving to push back against not taking sufficient time in not coming with a sufficiently well-developed problem definition to push back against the confirmation bias, which means we often jump very quickly to thinking about only once which closes us off to potentially better ideas that we may not have. But people. Working with us may have. So you're right. It's it's something that that human beings fall prey to which again, I think is is why we need tools as you talked about earlier to help us overcome knee is pitfalls Lubbock. We're talking with Cory Phelps, Dr cornfields. He lets me calling Corey we're tight now and look tiled cracked it. How to smell big problems in sell solutions like top strategy consultants? He's brought to you today by inland. Business brokers and advisors. Are you a business owner at some point you're going to need the services of an experienced business broker selling your businesses a big decisions? So why not make sure that you build your deal team starting with the experts at end line? Business brokers in advisors internationally known. They can help you just now and his people I know them personally, they are the experts in the business selling field. He can find them at inline dot com. That's E N L I G, N dot com and also Linda craft in team realtors. Wherever you. Rant in the world. When the craft team realtors can help you find your next home or help you sell your home. They can match you up with worldwide can match up with the best real tours, whoever they are wherever they're at in the world and help you find the right people as well as if you're in the local research area triangle park, you can the greater Raleigh area Durham Chapel Hill. They'll they can help you directly right here. So check out Linda craft and team realtors. You can find them at Linda craft L I N D A C R A F, T dot com. I want to before I go where we go to the four s method because I we're gonna talk about the forest method because it's a whole book kind of the way you've structured this book, at least in my opinion. You correct me if I'm wrong on this. But it really is the the forest method after we get past the pitfalls is really the structure of the book. And then everything kind of falls out of each one of those for S's is the way I've kinda as the way I kind of saw how the book was structured out, which of course, would he still linear because you're solving a problem? So it made sense. But I wanna talk about miscommunication because it is a pitfall and the. And you call it case five fat chance for sugar is actually called in this this whole thing about sugar and fat and Eisenhower was fascinating. So let's talk about this pitfall miscommunication because this is really easy for all of us to fall into. So why don't you? Go ahead and kind of relate the story. And why miscommunication such a pitfall? So for us at the end of a problem solving effort, you hopefully, come up with a solution valuable solution, and usually organizations you an individual or group doesn't have the power to implement. They got to convince other people which means they got to create buying and this gets to you got to come up with a persuasive and compelling sales pitch. That's why we call four s in the forest method selling and again, it comes down to how how effective are you at communicating the solution. What we often find? And this is particularly revolver, our NBA students is that when we give them a case that that has a problem what they'll often do after they'd come up with the solution is we'll invite them up in the class to present their solution. And they'll spend a lot of time talking about how they arrived at the solution. So that they tell the story of how as we like to say in the story of how as well. Here's the problem that we took on. Here's how we thought about it. Here's the options we came up with. Here's the analysis that we did. And so on in about five minutes into that approach retelling the audience is half asleep because nobody cares about how the story of how how they came up with the solution. What we want to know, why should we adopt? This solution. Give us the core rationale the court arguments and provide support for those co arguments, that's the story of why? So in the book in chapter two we talk about the pitfalls fat chance for sugar. We tell the story about two two gentlemen. One gentleman is named the John Yukan and the other gentleman's named Ansel keys. So you can wrote a book, and this is gosh, it's been a while. It's been since the early nineteen seventies. And the book I'm on excuse me. I'm trying to play on the name of the book right now. But he he he wrote a book in which he marshals a bunch of evidence. Because he's a scientist in what he does is. He basically demonstrates that. He believes that they're strong evidence for relationship between sugar in your diet and fat. Now, this book got a lot of interest back in the early nineteen seventies. But then it sort of disappeared from the scene. Now, there's another gentleman who was sort of. I would say you'd Ken's nemesis, and this is Ansel keys, an answer keys has a different theory, and he's accumulated different evidence. And this evidence is about fat. And the argument the more fat you have in your diet. The more that this is likely to turn into fat and cause a bad byproducts such as arterial disease, and basically what it comes down to his you've got two different stories. You got you can stories that sugar causes people to be fat and therefore suffer from heart disease. You've got keys a story, which is no it's fat. What Keyes was extremely shrewd. At was identifying who the key stakeholders were in the United States such as President Eisenhower such as the food and Drug administration such as scientific bodies. And then basically manipulating the evidence to support his theory in a very convincing way. Whereas you can who had a very difficult time was quite awkward in terms of being interviewed in public who didn't think of his spreading his ideas strategically so having very little insight, and who the key stakeholders were what he would have to do to convince those key state just to buy into his theory show. What ended up happening is that you have a theory about from keys fat leads to fatty tissue, which leads to heart disease that dominated thinking around the world from a dietary standpoint led to food and Drug administration recommendations about diets for human beings, and it's only really been in. About the last fifteen years that science has really pushed back against that. And said no definitively sugar is the key leading cause of people being overweight, which contributes greatly to heart disease. So it's really a story about a failure to affect persuasively communicate the solution. And in this case, it had dramatic negative consequences for for the population of the United States because we paid much less attention to sugar than we did the fat in our diet, and it's come back in haunted, many people and only in the last like I said ten or fifteen years as you see have you seen a reversal of that? You know, what I found interesting about the story. And here comes the researcher in me, right? Because I have these fifteen graduate hours of statistics. And and of course, when I'm reading, you know, you did such a thorough job, by the way, it's called pure white and deadly yet. Thank you. Yeah. Pure white deadly was how sugar something I can remember how how sure is killing us in what we need to get out or something like that. Anyway. So what I found? Interesting was keys when he was doing his research. He included only countries that basically didn't really consume a whole lot of fat anyway, because he left out Germany, and France, which are the two highest consuming fat countries in world, and yet they don't have the obesity that we have right. And so I looked and I said in and of course, you know, and this is not a political show. We're not a political show. But when my gosh, you mean our government actually fell prey to somebody who better communicated something than somebody else. Even though it wasn't true. Imagine that imagine that happening just just throwing that out there. But I mean, it is it is if you're a better communicator, right? If you can even if the idea is wrong, if you're better communicator, you can generally sell your idea. Absolutely. And it can lead to sometimes pretty disastrous consequences. We get we get we get we get a we get a a what is it a false negative. Right. It's right. Are we right because it's a negative and it's wrong. Right. It's rights false negative. And so then we got to overcome these pitfalls. Okay. So now, we got overcome these polls and the three of you by the way Bernard Garrett. Cory Phelps who I'm talking to get to an end. All of Libya or La Libre, seaboard, alleviate, maybe boning, and hopefully, my French pronunciation is getting better. And. Anyway. So they they all try wrote this book, I said co author but co author means too. So I guess it's try authored this book, and they came up with the four s method which I want to talk about in terms of problem solving. So why don't you start by? Let's let's dive in in explain to the listeners, by the way, I need to just say Israel. Thank you for being the second most downloaded country in the world next to the UK. You guys have been outstanding. Thank you for downloading the show regularly. But explain to the listeners what the forest method is what it means. And let's let's just dig into that a little bit great. So it's really a response that we spoke about just NS ago. So poor problem definition jumping to a solution raising by now Aji and so on. So the forest method starts the first s is state. In other words, state the problem. Well, and in the book, we provide a framework tool to help people find problems, well, we call it the toss ca framework and comeback can talk about that. So it says don't resist the temptation quickly jumped to a solution in resist the temptation to jump your own pet favorites solution. So take some time stop in state with the problem is and this is really reflection of I would say a very famous Einstein, quote, which is he said when time but had an hour to solve a problem. I'd take fifty five minutes of it to understand into find the problem and then five minutes to solve it. So. Defies the importance of taking the time to problem. Well, so in our framework that's piece the second S stands for structure once you have a well defined in other words, a well stated problem, then what you need to do is you need to decompose that into potential solution. So let me give you an example last week. I was in the Middle East leading a workshop, and I had people from different companies in this workshop in in one of the companies expressed that they hadn't attrition problem. So in other words, their employee's weren't staying around as long as they would like, and I ask them. Well, what level attrition? Do you have in the sponsor was twenty percents or losing about twenty percent? Twenty percent of our employees every year on the follow up. Question was well, what would success look like what what's a sufficiently low level attrition? They said five percent. So for them. The problem is how can we get our Trish in level from twenty percent down to five percent. Now. That's the problem definition. Let's talk about the second piece, which is structuring problem structuring is where frameworks theories concepts become useful. So in your world in -secutive coaching. There are lots of theories of human motivation, and these theories of human motivation, speak to why is it that some people stay in their jobs, and why some people leave structuring. The problem means let's look at what those theories have to say about employee attrition. And then what we can do is we can identify the potential motivational causes of employee. Attrition. And that's what we mean by structuring, what structuring for you to do is to identify all the possible solution pathway all the possible causes because then doing that you overcome the confirmation bias you over the temptation to jump to one solution and ignore others. You overcome the temptation to reason by analogy. In other words, only pay attention to your past experience. So. You use theory you use concepts in frameworks in this case about human motivation to decompose the problem into potential solutions. The third step which is solved is to take those potential solutions in to evaluate them to collect data to task and then to find out which ones are actually operating in your situation. So do you go back to the example of the attrition problem? This gentleman immediately jumped to oh, of course, it's it's a pay problem. In other words, we're not paying our employees enough competitor, paying them better. That's why they're jumping. And what we did was we spent a little bit of time talking about what other potential causes are there for people to leave jobs. One is financial one is benefits. One is work conditions. One is colleagues inside the organization and other is advanced -ment for career opportunities. So by sketching out these potential solution pathways. We then had the opportunity to say, well, let's. Look at these inside your company and find out which one is actually causing your attrition problem. Once you know, the solution becomes apparent. So that's what we mean by solve is to to collect data in didn't evaluate those potential solutions. And then once you've solved it that. We were just talking about with the sugar story you've got to sell it. You've got with a persuasive and compelling sales pitch which in the book, we provide story structure, it's called the pyramid principle. So again, the four s method is is a disciplined rigorous method. And then each step in that method has has a set of tools that are useful for against of structuring the problems problem and then selling the solution, and we're talking with Dr Cory Phelps Troy, author of the book racket cracked yet. A love the title, by the way, it's by pug rave McMillan press is the publisher how to solve. Big problems and sell solutions like top strategy consultants. The book is fabulous. It's an amazing read, and we're in the third or second trimester of our program talking to him about the four s method that he describes in this book Howard, overcoming the pitfalls that we fall into when trying to solve problems in our lives, and in our business, and in our careers, even it doesn't matter these these problems solving techniques that he's discussing in here can apply to anything, and he makes a great point in the book about that. At the end of the book, we talk about it that you know problem solving problem solvings problem solving. Okay. Just because it's a business problem or it's a personal problem. Doesn't matter that the the methods that are described in this book, all absolutely apply, and and Cory will Bausch for that. I know it will because it's the way it's the way this book was written in which makes it even better because it can apply. And so I wanna move to when we talk about this. Beating the problem here, and we could talk about Tosca. And and and and it's a neat little acronym. Right. And I enjoy the acronym. And I mean, if you want to we can go into that a little bit if you feel like that's going to be poor be better for the listener. Or so we should we does that help them. You think a little bit more when it comes to stating the problem if we go through that before we talk about structuring and some of the some of the pitfalls we can actually run into structuring the problem. Maybe yeah. Sure. We can I can quickly talk. Her guys it the inspiration for the Tuscan framework actually comes from the Jack MU Puccini opera, which came out at the turn of the twenty century called Tosca. But so we tell the story synopsis of Toscan the book, and we link it to this framework and the acronym stands for the t stands for trouble. And that's really where we tend to start with defining a problem. In other words, something tells us that something's wrong, and if it's an organizational problem, so we had indicators. So the example I used about the gentleman the workshop last week. He said we have an attrition problem. And I said, well what what's the trouble? What tells you you have an attrition problem? I said he said it's twenty percent. So in his mind that was too high. He'd like it to be five percent. So clearly, there's a gap between his desired state which is five percent attrition and the actual state which is twenty percent attrition. So the tea is list out. What all the indicators are that you have a problem we call those trouble. The second letter O's stands for owner who owns the problem is it you or you're gonna be solving for someone else understand who the owner is because that then an identifying who's going to be a key stakeholder who's going to be held accountable for the quality of the solution whose view you're going to have to incorporate earlier rather than later in the problem solving process. So owes for owner S's for success, which is for me, probably the most important piece of defining a problem. In other words, can you state spin? Typically, what success is going to look like because if you can't you don't know if you've actually solved the problem, actively push people on is is basically using another acronym. Smart. So if you're gonna stay the success than do it specifically do it in a way that's measurable doing away. That's actionable reachable, and and of course, time bound so what's success can look like in win. Excuse me, the second or excuse me. The next letter is is see in framework that stands for constraints one of the things that you actually have to live by what are those resource constraints? Could be financial could be people. What are the regulatory or legal constraints in terms of solving the problem? There are cultural constraints, right? We have cultural values we have cultural norms things that we cannot touch when we try to solve a problem. So let's understand what the constraints are. Because those are constraints are going to inform our search for solutions, and then finally actors at the a who are the stakeholders who who were the people that are going to be interested in the problem solving process ineffective by the solution. What we're really trying to do with the task of is to drive towards what we call the core question framing, your problem statement in the form of a question that will then guide your search for solutions. So again coming back to the example of the gentlemen with the attrition problem. His core. Question was how might we reduce attrition in our company from twenty percent to five percent within the next two years? So he had a very well. Defined core question that then helped inform his structuring of the problem his search for solutions and eventually the selling of that solution. So the Tosca framework is just as you said, it's an acronym. But what it does is it imposes some discipline on you. It says stop and answer the question. What's the t who's the, oh, what's the S? What's the sea in who the a and then state your problem the form of a question? I love a until you Corey I I loved the this whole thing for us is in tusk. I just it really really for me it kind of simplifies the, and I know it's not simple. But it did simplify may my head of how to better organize it. I guess that's why it simplified it for me to organize how I think about solving some of the major problems I have to deal with whether I'm you know. M dealing with teamwork issues or whether I'm dealing with the executive issue with the CEO or COO or something like that. Whatever that may be it just to put it in that framework was really cool. Now what I what I here's the thing though. When I when it came to structuring, there was a part of me that I don't know if I was mad at you. Or was mad at me. Okay. I wasn't sure. Okay. And here's why. Okay. So, you know, being a guy who's got a science background in psychology. Right. I am a hypothesis driven problem guy, generally, I okay? But then I think of myself, we'll know sometimes I'm an issue tree guy. And then and then I go, well, you know, but I kind of Emma design thinking guy, and I was kinda mad because I'm like, well, why can't I be all three? Wh why why do I have to fit into? And it was kind of man. I was it was it me. Or is it it was who is who? Should they blame you? Or is it really true that maybe we do we do automatically just encompass all three of those things or do we tend to lean one direction another? I think people tend to lean one direction or another. Okay. I think people that are really strong analytic thinkers, probably such as yourself because you come from science background. They tend to lean towards the hypothesis driven approach where the issue tree approach because hypothesis driven approach I'd say is pretty much human nature. What the hypothesis driven approach says is that we come up with that. We basically think answers the problem statement. So again to go back to the example of the gentlemen with the attrition problem. So his question was how might we reduce attrition from twenty to five percent in the next two years? His initial hypothesis was this essentially, a finding a compensation problem, which means we have to pay people more. So he had a very specific hypotheses in his in his mind that he jumped to now this is the downs of hypothesis driven thinking, we often have tell ourselves story that makes sense of where we understand the problem to be right? Employs relieving too fast. I think they're going to my competitors. If must be because it's more pay. And then boom we immediately jumped too high. Hypothesis. I think it's because we're not paying people enough. Well, then the solution becomes very clear we need to pay people more. So the downside of a hypothesis driven approach is that we often ignore other potential solutions. But what hypothesis driven approach has is the following. What must be true in order for this hypothesis to be true? And that's the thing that I think a lot of problems. I don't do. So in again in the example of the attrition problem. His assumption was he wasn't paying people enough. So I asked him. Well, what must be true in order for that hypothesis? In other words, you're not paying people enough which is causing people to leave. What must be true? And he struggled for a second. He thought well, let me think about this. What must be true many realized while it must be true that we actually are paid people. Mckay. Do you have any data on that? No. Could you collect some data on that? Sure. Right. So he basically deals with a headhunting firm. They've got insight into what other organizations are paying. He can look at reports that are being done in his industry. So I said look one of the things that you wanna do before you nearly assume your hypothesis is correct. Is the actually go try to validate by collecting data because what you may find is? You may find that. Correct. In other words, there's not much of a pay differential between what you're paying people in what you're headed is paying people which then says, you got to consider another hypothesis, the the I would say a potential trap of the hypothesis driven approach is we don't test our hypothesis. We nearly assume their true, not unlike what Ron Johnson did at JC Penney. So I think it's human nature to be hypothesis driven. But to also not want to test those beliefs, and as a result put in place solutions that are misguided the issue tree approach what's great about that. Is it imposes a tremendous amount of discipline on you if forces you to basically, see beyond your initial pet solution and use frameworks and theories to consider a much broader solution is the downside of the reason. That their time intense. They take effort to do generally speaking. They take more than one person where we all have our own favorite pet frameworks in our pet theories that were comfortable with using. And the problem with that is that our theories and our frameworks limit. How we come to understand a problem in what the solutions are. So it's really useful to get diversity of perspective people that have different frameworks different theories than ours. Because then we can make a broader deeper issue Trie, we could consider more potential solutions. Those first two approaches are I would say Jerry here. He driven very top down driven approaches. In other words in order to develop a hypothesis pyramid or initial Trie. We have to have a lot of insight to what the potential causes of a problem are right. There are problems that we often face in our in our lives will he have absolutely no idea. What's causing right? That's where we talk about in the book going for an inductive approach a bottom up approach. What that means is if your customers or abandoning you, and you have no idea why they are banding you and shopping someplace else or buying from another organization that is you don't have a theory. Don't have a framework. You can't open issue tree you may not be able to develop a hypothesis pyramid. So maybe the best thing do is the go. Try to understand the problem from the perspective of the people that are experiencing it when I mean by that is fits a case of your customers or leaving. You don't know why? Go try to understand those customers are facing try to step inside their shoes. Try to see your service your offering from their perspective to try to get a much better. Understanding why they're leaving. What that really means is you're going to construct a theory. By observing individual humor's individual customers, that's more bottom up approach and that approach can be useful. When you don't have much in the way of theory. You don't have the much in the way of of research that you can use to develop issue trees or hypothesis pyramids. See in a by the way, we're talking to Dr Corey Phillips author of the book cracked it. That's commission point a how to sell big Collins sell solutions, like top strategy consultancies brought to you today by inland. Business brokers and advisors. And here's the deal, folks. Inland brokers in advisors have literally helped thousands of clients in the sale and purchase of their businesses. They are world renowned internationally known when it's time to sell your business. I'm just telling you contact the professionals the end line business brokers in advisors, you can learn more at inline dot com. It's E N L I, G dot com and also Linda craft and team realtors. If you're when it comes to buying and selling home, they are the experts. That clearly they've been around for over thirty years. They have a legendary customer service. They really do when it comes to real estate. They know the ins the outs they are the total professional team all wrapped up into one package, and they can help you anywhere in the world. You can learn more by going to Linda craft dot com. That's L. I N D A C R A F T dot com. So Corey one of the things I okay. So here's the thing about because my background is in science. But I'm also in psychology. I love this whole idea of design thinking pad because when you know, most of the problems that ideal within an organization are human problems right in to me sometimes because I can't always do cause and effect by the way. That's what can we open up a cause? Can we open a can of worms here when we talk about people believing that correlation is causing effect. There is nothing as as a former as a former psychology. Professor there is nothing that irritates me more. I'm just I'm this is my soapbox moment. Folks. Core he's going to have to deal with it. There is nothing that irritates me more than when people believe that correlation is causation. Okay. And I use the exact same example that he used in the book here this, folks. All right. Here's the truth is I am not making this up and Cory will verify this in Boston Massachusetts in Boston Massachusetts as ice cream sales increase. So do the number of drownings, and I'm going to ask you people out there. Why do you think that happens, and you know, what I get back from a response from all my wonderful psychology students. Well, it's because too much ice cream in they get their lactose intolerant. And they end up drowning. Right. We keep trying to imply causing effect and correlation. But there is an there is an extraneous variable in the midst of this called summer, right? When people do in the summer, they swim more and they eat more ice cream. So it looks like it's a one to one. It's not. And it drives me up a wall. It I I'm sorry Corey I didn't mean to go off like that. But it just it. And but you make such a big point of it because we have a tendency to kind of be misguided within our own framework of thinking that things can be you know, we correlate things. In our head. It matter of fact, you might I don't know you you. I'm sure you talk about this a little bit in in your when your as your professor in talking metal this stuff, but a lose Yary correlation is extraordinarily real which causes a huge problem for us because we believe that correlations exist that are cut that we think are all of a sudden causal that really do infect and become viral within a problem solving fame work. I completely agree with that in. It's it's a pet peeve of mine. So my background is training isn't economists. I I have the same sort of science driven approach and the ideas. Yeah. Correlation is not causation in that can lead us astray with solving problems. Because if we've you've done an issue tree, for example. And we said here are the potential causes if we're paying attention to correlations, right? Then that means that we're not really understanding what the problem is. So a to the the attrition case. It could be for example, that if we observed people leaving, and then we said, well, it is in fact a correlation between the wages that are being paid by this gentleman's company's competitors and people leaving and we could immediately say, hey, there's a correlation that must mean as a result that the reason they're leaving because they're going to be paid for big by these companies. There could be to your point a third actor that we haven't been considering. And that third fact it'd be the quality of the workplace conditions. You might think that while companies that can afford to pay more also be willing to invest in a better workplace in terms of the quality of the conditions. And as a result of that what's really going on is P I leaving not so much because they're gonna pay me me, but because it's just a nicer place perk. So again, that means we need to be even more careful about laying out. What are the potential causes has then it forces us to enter these these extraneous? In the world of science omitted variable problems. Because again, what we're really trying to onto is the root of what's caught this gentleman's. Attrition. Probably. If we just said to correlation between other companies pay and are people leaving the jump to the conclusion that we've got to pay people know, maybe what we should be doing is investing improving, work conditions and paying people actually is not gonna affect it at all. So it could be a very much more expensive solution had we better understood the problem in by the way, in in terms of this one thing that I ever learned in now, it's just you and me and some fun here. But before we move on. But the truth of the matter is every time, I've looked at any of the stuff money is very rarely the reason why people leave it's very very rarely in my experience has it been a money issue. It is there's generally something else. That's happened. Whether it's bad management at you. And you know, you talk about this. You know, what can you? In the commonalities of people, you know, that have left because if we take a look at all the people who left, and we start looking at the data of why they left wh what were they in the same position where we can start putting them in the boxes that you talk about. Right. We can we can categorize start trying to put categories and start trying to solve this going in a different way rather than just coming up with possible. What are these people have in common? What you know, where did they go? Did they all go to the same place? There's so many questions to ask outside of just leaping to well. We're just gonna pay them more money, and I'm like going. No, no, no, no, no, no, no, more money is not the answer. You don't even know. Why don't we? Why don't we find out? Why don't we kind of some research on this in in determine, and then this is this is where it this is where the psychology guy comes in. And right because all of a sudden he loses Saipa 'thus testing any starts going. We'll I wonder what what what they were feeling and thinking when they were. When when they left what what was it about? Maybe we find a commonality in particular position that people are having so much attrition. You know? And then you you sit there, and you talked to people who are maybe currently in that position. And you go, you know, tell me about this job. What is it that you like what is it? But the pieces that you dislike right? And then all of a sudden we find out that has nothing to do with anything else. It actually has something to do with the way the position is organized. Right. Because it or they feel lost. They don't feel like they're part of the company or they don't feel like they're contributing. They feel like they have no purpose, right? That nobody is ever knows that I even exist, right? That they feel that the the person who's pushing the broom has more people have more knowledge than I do in that position. And then all of a sudden, you realize it's not the money at all. They just need some attention. Right. And I think that I think that starts to come into play right with the design thinking pad here. Yeah. So the the design thinking approach to problem solving starts with a really simple pram in the simple premises. Don't assume o or understand the problem at all, right? It pushes back against the temptation to say very quickly. I know what's going on here. I know the reason that when employees are relieving and then again jump to the solution. Instead assume, you know, nothing theory, so you don't know anything about human motivation. So they're no series. No frameworks. If you don't know anything to your point you've got to start with the people that are experiencing this problem. In other words, the people that are leaving as well as the people that are staying, and then what you wanna do is you want to. And you said this word early on. You wanna be able to empathize with them? You be able to see and understand the world from air point of view. In other words, you need to be able to step into their shoes and experience the organism. Nation the work climate in on that then help them justifying their own mind. I they would leave the company and go somewhere else since token, the people that have decided to stay company what you're really trying to do is. You're trying to develop a theory from the perspective of the people that are experiencing the problem. That's the design thinking route in it's very different route to problem solving than hypothesis pyramids emiss-, which basically starts from the premise. We know a lot about what the potential of a problem are let's put them all on paper in an issue tree or ipod is pyramid. And then let's go collect some data and find out lupins actually operating. So they're two very different approaches. But again design thinking starts with the premise either, I know very little or I could learn a lot more by trying to step into the shoes of users or customers. Whoever is experiencing the problem. And one of the stories that we tell in the book, I know, it's before we started the conversations story that that you like is the story of of Doug Dietz at GE medical systems. And this goes to the pool of how important empathy in helping people that are probably overs people that are designing solutions. How empathy can help you complete re imagine a and as a result come up with a highly novel highly innovative show if you'd like on the listeners through the real quickly. Let's do though. Okay. So Doug Dietz is. I just mentioned still to this day is in designer for GE systems based out of -sconsin. He has spent his entire career designing the ernal components of TD, scanners and MRI. These big medical imaging technology, and in X talk that he gave a few years ago. He was the story of a pithy and away that he had that allowed him first time in his career to step outside of head as an industrial designer designing these machines for patients or doctors and see it from the perspective of particular patient in how this led to a reimagining of it. So he tells the store that he just finished designing a Mirai scanner. And he went to a local Biddle where it had been installed because he want he his baby is he describes practice. So he's talking to the excuse me, the MRI technician the technician said step out, I've got a patient coming in so out into the hallway he looks down the hospital corridor. He sees in the distance a young man, we so he sees a mother he father with a yeah. Young child thinks it's about seven years old. So he sees down the hallway, and I think it closer other stops because the the daughters visibly upset in as we've talked about this. You can be brave. So he sees them walk in the MRI suite, and he follows in and he sees the girl start to break in cry because she's ruined by the environment. MRI scanner from seven-year-olds looks very big looks very scary. Looks low key puts in a brick with a hole in it. It makes an extremely loud noise. If you're not, it's okay. You can tolerate the noise. But if you're in euro child, it's scary. Get sucked into this giant hole. It makes this this terrible noise and to top it off you have to sit perfectly still for anywhere from fifteen minutes to forty five which is why a lot of Taft to be sedated. They have to be announced Cise in order to make. That they're not. So scared that they can't sit still so through this experience Dita's able to see how a seven year old experiences and Emma enter and he has an epiphany. He said, I never realized that being things were these big scary month for kids. So he is he has to understand more about the development that would lead young children to be so overwhelming frayed of MRI scans. He scans. So goes to a museum in Milwaukee museum, and he starts to work with people whose ZIM, and he starts to better understand children. And another light bulb goes off in the second light while that goes office. You know, if you create an adventure for a child, and you put them as sort of a starring in this adventure, then kids will they will play and what he realizes is can make an MRI. Gan or a CAT scan venture for child, but I can probably do is get them to sit still long enough to be scanned without having them to be sedated and thereby reducing the risks of sedation. It's face and reducing the need to sedate kids and the trauma this causes their family. So these two events the absorbing the seven-year-old undergoing an MRI scan and then going to the museum the choke is ZIM in Milwaukee and observing kids playing lead creation of what is known today is the GE adventure series of M C T scans wanted series because there's different versions is pirates vision. So you walk into the MRI suite. And what you hear is you hear pirate music being played. Either MRI scan is now been into a pirate ship. So the giant hole is the tiller the steering for the boat. There's paintings of first mates on the wall. The MRI technician is dressed up at pirates with an eye patch with a fake parrot their grip to the whole thing in the child is the star of the shows piled becomes immersed in this pirate in venture and part of the script is okay now that you're going to steer the ship. You have to be perfectly still. So what happens is they've created an adventure environment for the child, and what happened was places that the adventure series have have been installed in the United States sedation rates for kids have dropped dramatically. So they no longer need to sedate kids because kids are now Hardiman adventure. What this story is fundamentally about is the power of empathy for the first time in. Doug's very long career. He was able to see he was able to experience an MRI scan not from his perspective as a designer. But from the perspective of a patient of a seven-year-old girl that led him to reframing the problem that he had thought about which was how do I design an eye scanner that's going to maximize essentially the hospitals return, a frame that problem is how I changed the nature of the MRI experience for child in a way to reduce their needs to be sedated led to a very novel solution. So again, it's the power of empha- our ability to get outside of our own heads because at the end of the day when we solve problems. We're usually in our heads and get into the heads of the people that are experiencing the problem in Dita's case, it was the seven year old girl once we can make that change of reference that change of perspective. It often opens up ways to see the problem that we never imagined before. And as a result. It opens up opportunities for solutions that we never imagined before. So as we say a little bit, of empathy can go and very long way in solving complex problems. Awesome. Awesome. We're we we've been talking with Dr Cory Phelps try author of this book outstanding book, by the way cracked it. How to solve big problems and self solutions like top strategy consultants Corey Dino that I've been on the phone for over an hour. Yeah. I actually just looked at the time. But this flown by this just absolutely. I don't know. I don't know what happens on the show. But it's like we're going along. And the next thing I go. Oh my goodness. Where did it go? Where did this go? We the the book is been so good and the stories have been so great we and folks we didn't even get to the point of saw the point of solving and selling you know, what that means by the book. That's what it means. It means you gotta go bike cracked it. And find out the rest, you know, whether it's kindle version, the paperback, or whether it's this hard cover book that I'm holding in my hands right now that you can't see for those of you will be listening podcast who are listening to podcast, the book is called cracked it. And it's available Amazon. It's also able to local bookstores everywhere a matter of fact, if you're in Canada, it's chapters and by the way, I love chapters bookstores Kennedy, you guys were so are so good to me, and my book sales on someone thank all my Canadian friends all over candidate for buying my books, and and you'll be buying cracked it to. And also, you know, of course, Barnes and noble books million all the stores, they'll have cracked it as well. So Corey last thing it's not gonna. To do with the book. But I ask everyone of my friends, and I'm going to call you friend now because you've spent over an hour together. And I always ask my friends if you could leave my guests that I there my listeners, but they're my guests really that. I'm so great before if he could leave the guests with a new direction when it comes to problem solving. What would that be? Well, I think it's something. My father taught me when I was very little. He said always reserved the right to get smarter. And I think when we solve problems what we should do is always reserved the right to get smarter. Don't jump to that I salute that comes to mind lock in on it in defended against the naysayers. Reserve your right to get smarter. Which means listen to diverse others seek out contrarian positions. What you wanna do is? You don't wanna zero into quickly you want to expand your possibilities. So reserving right to get smarter way to do that. That's awesome. Can you? Stay with me for just a couple more minutes. Absolutely. Okay. Thank you, folks. This is show the book cracked it van tastic. Right. We he walked you through the pitfalls of problem solving. He walked through the four SS a problem solving. We only got really two of them really at least on some level. The book is outstanding. It is going to be a tool kit this book cracked, it is going to be a tool kit for you to solve whatever problems that you have in your business your career your life. I don't care. What it is. That it applies. I it's absolutely not standing read. I loved reading this book. I'm it's going to be now something that sits with me. So I can use it as reference piece as I go continued to consultant and work with groups and people, and even as I speak it, it's it's a thing. I'll tell you one thing that that for those of you who speak out there who think that PowerPoint is all that to be that he says stop it. Okay. The teases me. Brave. Be I'm quoting be brave. You don't have to have the PowerPoint. It's a crutch. Okay. Get over yourself. All right. You can do this. You don't have to do it. It's beautiful part of the book. But folks that to just think all you Israel, again, thank you for while you guys have been so kind to me Great Britain. I appreciate you very much the seventeen countries that are downloading the show on a regular basis. Thank you so much for doing that all over the world. It was never neck speculation. And I am so grateful that you are doing that. And always feel free to contact me. If there's ever somebody or a topic or subject matter that you would like to hear that we can help provide you and your direction with as well, it's the show his name is doctor, Cory felts. He's been Dan tastic as I say t-, folks, be inspired. Because when you're inspired you can inspire someone else. And if we all did that we can make this world an amazing points. I will see you next week with another Motassedeq guest Jau everybody. And the innocence Domic's exit is got to cave. Got to know you can't sue. Joe? The new. Things a chain. Two. A new. New. New.
J.C. Penney Plans to Close More Stores
"Discover Milan Italy with WSJ magazine and into Garay. Join WSJ magazine editors for behind the scenes access in Milan. As you meet the city's most influential taste makers dine at top restaurants. Visit the private villas of lake coamo and much more book. This once in a lifetime trip at integrate dot com slash WSJ magazine or call six four six seven eight zero eight three eight three. With what's news from the Wall Street Journal. I'm Ameri for totally New York JC. Penney says it's closing more stores after taking a big sales hit in the latest quarter. The clock is ticking for them, and this new CEO really needs to figure out how to get people back in the store. She needs to be able to define what JC Penney stands for today because it's really lost a little bit of its identity. We'll have the details with Wall Street Journal reporter, Suzanne cap ner, but first year or some other top stories we're following tesla says it's taking orders for the thirty five thousand dollar version of its model. Three electric car company is also shutting some stores and shifting all of its global sales online to help reduce costs getting the cost of the model. Three to thirty five thousand dollars has been a longtime goal of the company that was delayed several times in a conference call Thursday. Chief executive Elon Musk said tesla didn't expect to be profitable in the current quarter. Tesla have reported consecutive quarterly profits for the first time ever in last two periods of two thousand eighteen. House. Democrats say they plan to seek testimony from Alan Weisselberg that she financial officer of the Trump organization as well as other employees following Michael Cohen testimony before lawmakers this week Coen. The president's former lawyer testified on Wednesday that Weisselberg played a role in hush money payments to a porn star during the twenty sixteen presidential campaign. Cohen also testified behind closed doors with lawmakers and is expected to continue testimony next month. The chairman of the house intelligence committee says it will release a transcript of the testimony when it's completed. Gap is planning to split itself. Into two separate publicly traded companies. One will include the gap brand athlete up banana Republic, intermix and hill city and old navy will be a standalone business when the separation is completed in twenty twenty the chairman of gaps bore son. And a statement that old navy's customers have been diverging from the other brands and that the company requires a different strategy moving forward. The FDA is warning a Canadian company that helps make low cost prescription drugs. Available to US customers saying it could lead to unapproved and Mitch brand drugs ending up in the US and attorney for Canada Rx says it helps match individuals with pharmacies in Canada and overseas, and does it contract with municipalities and local agencies advocates have Bush to legalize importing prescription drugs from foreign suppliers or sopharma, suitable industry strongly opposes still to come. We'll have more details on JC. Penney struggles to boost sales. Sales are falling at JC Penney. The latest retailer to take a hit in its most recent quarter as shoppers move away from traditional brick and mortar the company says it'll close eighteen department stores and nine home and furniture stores this year joining me now in our studio with more details is Wall Street Journal. Reporter Suzanne cap ner, Suzanne JC Penney says net sales fell ten percent in the quarter ending for Borys. Second. The company has also been undergoing management changes are the latest losses showing a further downward trend for the retailer. Yes, definitely it was a marked decline in the latest period and it also stands out because other retailers have done reasonably well during the holiday season, WalMart TJ Maxx, parent best buy, you know, there are numerous numerous retailers that did have a good holiday shopping season. So for penny to report these levels of declines is quite notable. Besides closing certain locations, how JC Penney working to change its business model to. Keep up with consumers who are shifting their shopping habits. Well, in some ways, it's like JC Penney. Redux they're really just trying to get back to some basic retailing principles like stocking the right merchandise being able to cleared out in a timely fashion pricing correctly. The CEO said, you know, she just really needs to get back to the, you know, the basic tenants of retailing. That's how far behind they. Are they need to really do that before they can start innovating? Although she did say she's trying to work on parallel tracks because they really, you know, they don't have all that much time to get things turned around part of the changes that JC Penney had undergone was shutting its private label brands that was under former apple executive Ron Johnson. Who's since left JC Penney. How they've been doing since then in terms of getting back to the core of what the businesses. Well, subsequent leaders did bring back those brands and they also brought back the promotions, you know, the discounts that penny customers go there for. And but you know, the damage was done. And once you lose a billion dollars in sales. It's very hard to get it back today. It's so competitive out there. So even though they sort of reinstated. Some of those things they're still suffering from from that mistake, and what does JC Penney dealing with in terms of debt? They've got about four billion in debt. You know, it does seem like they have sufficiently quitted for the time being. But you know, as they said, you can't cut your way to prosperity. They've got to figure out how to grow sales if they're going to survive, Suzanne, we've seen a lot of traditional retailers fall on hard times, not just in recent months, but over the past several years, including one of JC Penney's rivals here. Sears shoppers must be wondering if the writings also on the wall for JC Penney. You know, it's certainly a fair question. And it's a little too soon to know the answer. But you know, the clock is ticking for them and this new CEO really needs to figure out how to get people back in the store. She needs to be able to define what J C Penney stands for today because it's really lost a little. Bit of its identity, and you know, give people a reason to go there versus all the other choices. They have out there today. That's Wall Street Journal. Reporter Suzanne cap ner. Joining us in our studio with the latest news from JC Penney. Suzanne thank you so much. Thanks for having me. And that's what's news. I'm Anne Marie for totally in New York for the Wall Street Journal.
Global Vaccine Competition; More Than 100,000 Dead
"The United States has a little more than four percent of the world's population but almost thirty percent of the people who have died of covid nineteen worldwide. Have died here. That's not one hundred thousand people and that is despite the fact that the US spends more money on health care per person than any other country in the world. By far coming up some health workers still say almost eighty days into this pandemic. They do not have what they need to stay safe. This is corona virus daily from NPR. I'm Kelly mcevers. It's Wednesday may twenty seven okay. So we know that most scientists are warning about a second wave this fall but now they are also talking about the possibility of a second peak this summer. What needs to be understood is this. Corona virus is not the flu. Dr Margaret Harris is a member of the. Who's coronavirus response team? So a lot of people have footwear at call a flu lens on their expectations. They keep on thinking it's seasonal. But if you look around the globe we've got countries in the middle of this summer and autumn having large large outbreak. So we're not seeing a seasonal pattern. What public health officials do see is a predictable rise in cases where countries open up too quickly. We Sunday don't say you have to be in lockdown but we're saying es carefully but even as countries are learning from each other about how this virus spreads. They're also competing with each other to find a vaccine. Today I wanNA update you on the next stage of this momentous medical initiative. The trump administration's backslid effort is called operation. Were speed. That means big and it means fast a massive scientific industrial and logistical endeavor. Unlike anything our country has seen since the Manhattan project. The idea is to develop a corona virus vaccine for Americans as soon as possible but when the science and business of vaccine development requires international cooperation. The question for countries corporations around the world is what if one country gets a vaccine. I here's Nancy cash. She's a professor of bioethics. Public Health at Johns Hopkins. University challenge is going to come and what will be at least the first year in terms of capacity combined with disagreements about who should be first second and third in line wealthy countries like the US and China will be at the front line and big drug companies will hold a lot of the power up to down at what scale they produce these vaccines price? They Kate Elder is vaccines policy advisor with doctors. Without Borders design things the bubble community but ultimately as the power pharmaceutical operations hands to make those decisions. It's up to death. Were the first customer so to speak that. They'll cater to key elder Nancy cast tucked to. Npr's Greg Mary linked to his reporting on the Global Race for a vaccine is in her episode notes. We're learning more about just how hard healthcare workers have been hit by the coronavirus in the last few months. New Data from the CDC show sixty thousand have been infected in the US and almost three hundred have died. Those numbers are a big jump from when the CDC first released that kind of data six weeks ago reporter will stone explained why the numbers are going up on. All Things considered he talked to host Elsa Chang unfortunately they show a really big increase from when the CDC first release these numbers that was in mid April and at that time fewer than thirty healthcare workers had died in under ten thousand had been infected. Now we have two hundred ninety one deaths and more than sixty thousand infected but if anything you know. The real numbers are probably much higher Cdc collect the data but most of the reports don't actually include whether that person is employed in healthcare so the numbers are probably much higher for deaths from cove. Ed In fact a major nurses union has been tracking medical deaths and count is much higher than two hundred ninety one. They've counted five hundred thirty. Healthcare workers who've died from this disease so whatever the real count is. It's clear that healthcare workers are still catching the virus through getting sick and some are dying. And why do we think that they're still being exposed? Getting six still dying because yes from the very beginning of the outbreak here. There were lots of stories about shortages of masks gloves of gowns. But then there were stories about hospitals or states' getting huge shipments of supplies so is the lack of personal protective equipment. Still a big problem. It is a month into the pandemic. I'm hearing from many healthcare workers. They say they're still not getting enough protective equipment or they're simply having to reuse it. You know where the same ass for an eight even twelve hour shift which is not how these products are supposed to be used. And that's risky spoke to Xeni. Cortez she's president of National Nurses United. Their member nurses are having to push for proper mass and equipment because there is still a scarcity. Some hospitals have this equipment locked up. Actually the rationing it and she thinks that's led directly to some deaths. We had one nurse in southern California. Who have to respond quickly because covid nineteen patient has stopped breathing so she rushed into the room using only a surgical masks and fourteen days. After that incident. She died because she contracted the virus. And Cortez thinks that nurse might have lived if she had the proper kind of mass the ninety five right there when she needed it so even now I'm still getting notices about memorials and vigils for nurses who've died from Cova and protests over inadequate protection. Well this is really concerning because much of the country is trying to reopen right now and that could obviously lead to more waves of infection but if the supply chains you save for hospitals for nursing homes are still a problem. What do healthcare workers say? They need to feel safer. They say the work arounds need to end. They want the right masks every time just as they had before the pandemic and many say it's time for new regulations or industry standards to make that happen. Pat Kane is head of the New York State Nurses Association and she says when the AIDS epidemic happened healthcare adapted with new equipment and protocols for working with patients we need an enforceable gander caution for Coleman a lot of slips through HIV AIDS and evolution of blood borne pathogen precautions. And it really made a difference actually need to here to keep everyone safe. Cain says in some parts of the country like New York. There's a lull and so we have a chance to make sure we're ready to keep healthcare workers safe when the next round of infections income reporter wellstone talking to all things considered host Elsa Chang. The pandemic has hit clothing stores especially hard sales. Were down nearly eighty percent last month. Again that's eighty eight zero now. The effects of that are being felt around the world in Bangladesh. The garment industry is so central to the economy. That factories have reopened. Even though the rest of the country is still under lockdown. But here's the problem. Neither the factories northern mostly women who work in them guaranteed they will be paid. Here's NPR's Lauren. Prayer Champa actor works twelve hours a day at a factory in Bangladesh's capital. She sews denim jeans destined for the US in Europe. Earning ninety five dollars a month. She's been able to support her disabled brother her sister and their parents that is until eight. March when her factory closed. Because of the corona virus Bangladesh's had about five hundred nineteen deaths in a population of one hundred and sixty million will doesn't My factually was shut for six weeks. I fell behind on rent. I couldn't pay my brothers medically Vince and very scared and one. It's not only me one of my goal at in the same position. Some relief came in early. May when her factory reopened her manager gathered all the sewing machine operators together the Lacey on the money will be sixteen percent of US salaries for the days. We missed but he also said global orders of basically stalked and he doesn't know how long he'll be able to keeping us at all in Bangladesh where there are no unemployment benefits. Any pay cut or furlough can literally lead to starvation. Nolde up will money starving hunger NASIMA actor. No relation to Champa is a former child laborer. Now president of one of the largest union federations in Bangladesh. The last time she saw such desperation was seven years ago when a garment factory called Rana Plaza caught fire and collapsed killing more than a thousand people up for labs many days. Sexy was Rosemead survivors. Were left with nothing but back then big. Fashion brands stepped up. They paid compensation for wages and implemented new. Safety Standards Actor says that's not happening now. Global brands are obsessed with their own pain. Their cancelling orders in Bangladesh. Where they typically don't have to pay until they take the goods and now close piling up in warehouses. Gap has yet to pay a penny for back orders. Jc Penney Kohl's mothercare unleash Barron Blat in California is an activist behind the Hashtag. Pay Up campaign. She's petitioning big fashion brands to pay for whatever they ordered before. The pandemic breakout. Npr contacted those brands gap. Kohl's did not respond. Jc Penney has declared bankruptcy and says it hopes to make some vendor payments. Mothercare says. It's working very closely with manufacturing partners but didn't respond when asked for specifics. Barron blood says that's not enough. These mothers sisters wives who kept these brands profitable for decades and this is not the time in the global pandemic for these brands to turn their backs on the women who make our clothes. She says some brands including H. M. Adidas and Nike have agreed to pay for seven point. Five billion dollars in back orders factories are reopening to fulfil those with some help from government loans range. What trump actor says. Her factory gave her a mask and installed a handwashing station at the door but her sewing machine is just inches from the next one. No social distancing is the least her worries. She just hopes the factory stays open data. I need to work. She says I'll die of hunger before I die of this virus. Npr's Laura Unfair Amelia. Ponta rally emigrated to the United States from she came to. Chicago moved to the city's northwest side and worked at the family. Business Tony's Italian Deli and Amelia. Contrary would often comment as people came through the cash register where she was stationed. She should look at what. You're buying a mama's cooking for you tonight. Maureen O'Donnell wrote Amelia Pantera lays obituary for the Chicago sun-times. Amelia got the virus and died on April tenth. She was ninety ninety-three nothing stopped her even when she was into her eighties. She would challenge relatives to arm. Wrestle Marines job writing obits for the paper has been a lot busier the last few months. She can't write about every person who has died but she says when she does. She tries to focus on their lives. When you're writing about an octogenarian who's got a chance to you know have a career and get married and achieve their goal of going to Antarctica and seeing their great grandchildren grow up and having the best pumpkin pirates beat for forty miles all those things temper the sadness of the end of life and I think a good obituary brings the back to life again Marino. Donald talked to host Mary. Louise Kelley on all things considered and from earlier in this episode Dr Margaret Harris. Talk to morning edition host Rachel Martin for more on the coronavirus. You can stay up to date with all the news on your local public radio station. We'll back with more tomorrow. I'm Kelly mcevers. There's no getting around it. The coronavirus pandemic has upended everything and daily decisions made by the White House and Congress will radically impact the human and economic toll to keep up with the latest join us on the NPR politics. Podcast will cut through the noise and let you know what decisions are being made and how they affect you.
Moderna Vaccine Holds Promise But In Very, VERY Early Days
"Welcome to the Bloomberg PNL podcast. I'm Paul Sweeney along with my co-host this Abramowicz each day. We bring you the most noteworthy in useful interviews for you and your money whether at the grocery store or the trading floor. Find a Bloomberg PODCAST ON APPLE PODCASTS? Or wherever you listen to podcasts. As well as at Bloomberg Dot Com Stefan Bond Sell CEO. Moderna talking to Vonnie Quinn and Guy Johnson Bloomberg Television Lisa talking about the potential vaccine that they're working aggressively towards And that news really pushing the stock up Buzz Vanni mentioned over twenty percent this morning but I guess the key takeaway for me is the kind of the center. Timing here getting into a phase two I guess by July and then hopefully if all goes well having it available by year end is interesting. As Vanni mentioned that the stock has risen twenty two percent Goldman Sachs raising their target for the shares with one analyst saying that this initial study seems to have hit the mark. The question that I have and maybe Maxon Affleck opinion can answer. It is does a first mover advantage with respect to the vaccine equate to prophets given the political pressure to keep costs down this as an issue. John. Farrell raised earlier this morning. I think it's an important one Max Nissan joining us now and Max before we get into the details of the study will the creators of the first vaccines make a lot of money? I think it's a complicated question. Because Madonna specially is getting a big chunk of money from the US government and in with that comes expectations You know the pricing will be moderate availability will be broad and and I think that that genuinely is going to crimp on any profit that's available on the other hand if you actually successfully develop a covert nineteen vaccine you will end up making some degree of Lenny. You'll recoup your investment probably more and on top of that you know Madonna. You can't imagine a better validation of of the company's technology if it was able to turn around to vaccine is rapidly but I I don't think they'll they'll be able to pray at sort of the profit maximizing level. It'll be somewhere closer to cost and a little bit on top of that I would. I would imagine so. Max One of the models. I guess what I what I'm thinking about. One of the questions I have is just distribution whenever a vaccine is approved arena need billions of doses for everyone on the planet. Or what's the thinking there because if it is something along those lines it sounds like not you know you're going to need multiple companies to get into the manufacturing distribution game. How's that figure out? Yeah you absolutely argue to need multiple companies and they'll all likelihood multiple vaccines Just because of the bottlenecks of of manufacturing it's such a broad level. You have too many vaccinate everybody on the planet you need to get at a level that makes a community transmission on highly unlikely that somewhere in the sixty to seventy percent range. We're not exactly sure You because this is a novel virus but that's still equates to billions of doses so yes you will need multiple different manufacturers with multiple different companies multiple different vaccines some require Cold chain to be refrigerated the whole time that's tough in sub Saharan Africa. So you may also need a more stable more stable vaccine. It's a lot of different things factor into their so the more the merrier in terms of manufacturing in number of vaccines. Max Can you put into perspective the success of this early phase trial in other words? How much faith we can really place in this Indicating that the virus that the vaccine will be effective in preventing sickness. So I I think the really key word here is early and then I'm going to repeat it again early because we got it real time. Small really small study that was designed mostly to focus on safety. Now the fact that there's a juicy and that there's an appears to be an antibody response and the patients produced antibodies that's definitely positive but that antibody d from each patient and the relatives the part that it's being measured against is equivalent or greater than with antibodies. Uc In recovered patients. We don't know if that's actually protective and for how long that's protective so. I just want to emphasize that it's really well way before we can have any certainty that that this vaccine or any vaccine produces adorable immune response on a population level and then beyond that you always have to look at at safety issues which which can emerge when you when you test in a much broader population and at the highest dose of the second of. Dudas of his vaccine Three people did did have symptoms so there is the potential for that negative immune response and we'll have to watch that closely so there really is no substitute for running. Really big phase three trials and there is still a significant failure risk. Despite the fact that you have on these nice little pieces of data Max just refresh our memory here aside from Danner. What are the other potential vaccines that seemed to be farthest along at their? Who SHOULD WE BE LISTENING TO? You know they're they're dozens but there in terms of what's in human trials Another Marnie vaccine from Pfizer Johnson and Johnson moving rapidly on a viral vector vaccine Then multiple candidates in China a couple of which are sort of what I would describe as relative to modern kind of older approaches So on one hand they they might have a harder time creating a really robust immune response on the other hand. We understand better than than this Joran Aurigny vaccine which again it's worth. Emphasizing has has never been used in a large approved vaccine in humans. So you really do have to. As much as it's nice to focus on this one kind of early I move or at least I report on of interim data on do to develop a number of different candidates because the relative benefits in risks will only emerge when you run those much larger trials maximum of Bloomberg opinion on the late stage face. Oh wait a second early early. I think I got that Max. Decent of Bloomberg opinion joining us on that moderna vaccine study that was very much in the early phases but still promising nonetheless. Well with more and more people working from home one of the questions is what does that mean for. Commercial real estate will companies need less space. Because they're finding that their employees can efficiently work from home or perhaps even more space. Because when they do eventually come back into the workspace they may need more space to spread out so it was really kind of a question about what this means for office. Space going forward. Lisa NI CO leader for the National Real Estate Practice at EISNERAMPER JOINS US. Give us a sense of kind of how you guys think. This pandemic in this work from home trend is going to impact commercial real estate going forward. Hi Thank you for having me in this morning. So our pleasure perfectly puts when you examine and compare the loss of jobs from awesome office using sectors to some of the other sectors the office sector professional service firms finance government high tech. They're seeing Fewer job losses than any other sector. But how is that really going to correlate as you mentioned before to the need for Commercial Office space? There's still always going to be a need for this office space. But here's a question that you mentioned. The tension really is forming between the need for space for social distancing which is going to demand more space per worker versus the economic pressure of working from home so as an example when I started in the Industry. Twenty five years ago the workforce model was three or three and a half people per thousand square feet versus right before the pandemic it was six people per thousand square feet. So that really is GonNa be the dynamic of whether you're going to encourage office workers to work from home or you're gonNA reconfigure spaces to give people that ability first of all social distancing and so that's really the question and communicating and it's also depend on the type of office Job That people are using within those buildings so there's also going to be a push back a little bit on the de densification so we're going to see co working space really change the way that it's been doing and the past the re works. They're all going to be rethinking their models whereas probably is going to become more of a managed service and so now maybe the landlords are going to get in direct contact with those people that were using the co working space and be able to create spaces for them directly with more managed amenities. So as I mentioned before a lot of that's going to depend on the tenant and the location and what we've really seen which is even more interesting that the office space outside of urban cities are in really high demand. It's really really hard to find. So these commercial. Real Estate Tenants are rethinking. Going into an elevator on the thirtieth floor right and so now. Those suburban markets with maybe three stories have seen a lot a lot of activity and so that new norm for office is really that tricky question of how that how it's going to be balanced going forward. Lisa there's a lot there. Let's unpack a little bit of it. I WANNA I WANNA get into these shift away from densely populated urban areas. Because this is something. A lot of people are wondering about especially given the high valuations of commercial real estate in the big urban centers. Is that all dead in the water now so people are still going to be in the urban cities and want to work those high tech jobs the professional services firms. You know they're still going to be in the in the larger cities those gateway cities Are still going to call a demand for that. And so I think it's just a rethinking and re positioning of how you're using myspace. Rather than people just flooding and evacuating so to speak those densification markets. It's just figuring out how to get that tension to be where people are gonNA feel comfortable going back into that space. It's interesting Lisa. How the workspace itself is going to evolve. When I started on Wall Street thirty years ago everybody had the cubes fewer officer. You had an office and if you're a senior managing director you had a really big office but now it's much more of an open floor plan. That's certainly how Bloomberg has been configured globally. How do you think the floor plans are going to evolve? As is the open floor plan where everybody just kind of sitting with little to no barriers. Is that a thing of the past here until maybe we get a vaccine or something different. I think has to be right. I think that people are going to feel comfortable and safe and their work environment so whether they're going in on shifts if there is some hoteling Where it's an air a BJ But people are going to have to feel that they're secure and it's clean and so that model of either putting up barriers Or some sort of protection We even had some conversations with people about antiseptic finishes non touch access to things within the office. Things where people really going to have to feel that their space is their own space. And they're going to feel comfortable and safe. Going back into the workforce And and even in the urban cities you know. I'm sure you've been speaking a little bit about you. Know people on the subways and and getting back into the city but once they're they're getting in that elevator they need to feel that they are safe and secure Lisa Nico Leader for the National Real Estate Practice at Eisneramper in New York. Thank you so much for being with us and I will just say talking about getting around the city Paul. Everyone's biking and really biking actually this weekend. I purchased a new bike for guns and they were almost out of bikes and the line was around the block. I mean really. This is sort of the mode of transportation now for people who don't want to go back to you it really is. I was just reading an interesting article on that on the Bloomberg terminal. Today I think sales are up thirty percent in April and the tracking even higher in the month of. May and they're getting to the point where you mentioned Lisa. There's a shortage in a lot of areas here so It's going to be interesting to see how this all evolved as you know. We're seeing in New York City shutting down streets to allow more efficient foot traffic. You just wondering how much this is going to be permanent or just kinda transitory. And we'll hear more about the reopening plans coming up. Andrew Cuomo governor of New York state talking about the latest there with the daily at Corona virus. Briefings that have become a key part of this entire era. Jc Penney filing for bankruptcy on. Friday this is something that has been expected for a long time. This is a a department store chain. That's really been on the brink of bankruptcy for some time as department stores in general really feeling the brunt of the move towards ecommerce to get a sense of what it means for not only tasty penny but the department store genre in general we turn to burt flickinger. He's a managing director for strategic resource. A group Bert. Thanks for joining us. Once again here. So kind of put into context. Forsberg kind of what this J. C. Penney a bankruptcy filing means for them. Is this a company that can continue? Is this a brand that can can continue ball yes Jc Penney's viable Will continue it got wrecked by the Wall Street Pirates Bill Ackman's pershing square etc Wall Street didn't understand main street. And the difference now. Paul and Lisa's leadership pennies got great leadership with Jill Soul Tall Great Great store teams. And as you mentioned a minute ago. Penny is getting rid of the stores and the DNC malls that were impaired by being co located by liquidated Bon ton and herberger stores and Soon to be liquidated sears stores. Now they'll stay in Mostly a malls And plus small Abedin. Jc Penney to win and bet on Neiman. Marcus to lose just I want to go back to what you said. Initially Wall Street versus main street new view this as a Wall Street not understanding the story here and and kind of creating a bad scene for JC Penney. But what would you say to people who argue that? The store doesn't have an identity that works with the modern era. They used to be the mail order company. Now what are they? You're bringing up key considerations what Penny is the Leading Department Store for United Nations of consumer constituencies number one Was Spanish speaking consumers number one with people of Color Number One With occasion consumers and it doesn't Cater to mess. Dj Prestige or luxury. It caters to working people who want good quality. Pennies got great cotton great color Palettes Sephora for beauty The number one partnership would anywhere will wide so force flagship store in Paris actually draws more tourists than the Eiffel Tower does every day and they bring back the salons and I in kitchen where and homegoods Just like Craig Coleman and Ashley Glazer. They're great Team at macy's and similar teams at Dillard's macy's is taking advantage of the Renaissance and food retail As JC Penney and selling a lot more kitchen and and home item so was a question of Bad locations enact X. Men and company Wrecking Retail Leaving Penny on death's doorstep and now With a good team and a customer base That loves pennies an iconic retailer Penny will be viable. Your your pointly. Jc PENNEY DOT COM. Long Way to go needs a lot of improvement They needed to get out of appliances. They are But they're not Jill's taking corrective action where needed and penny's going to go through real re to retell wreck whim While while the rest of Much as the rest of the Department and Specialty store retail is going through an accelerating retail ice age. So Bert I know they're shutting a bunch of stores share maybe thirty percent other stores. Is that enough or do they need to shrink footprint even more? Do you think Paul. Your important point is key. The thirty percents off. It's thirty percent That they should have done a few years ago. But but I I to the company's credit they had to wait To see what was going to be impaired and left vacant By the bond time the boss COPs And the the other Banker Bankruptcies Most most notably sears sin now The surviving Penney stores and on your point. Paul will be co located with macy's and other leading anchor department store chains. And then we're we're seeing Chris. Paul when lead Delaney David Pico Taking Great Anchor Department Stores In converting BJ's wholesale club Craig Jelonek Enrich GALANTE COSCO. Taking great department stores converting them to COSCO. That's going to be a real revitalization of customer towns. That'll help penney and macy's and other mall based retailers across the country. We're speaking with Bert Flick. Managing Director at Strategic Resource Group. And I want to zoom out from JC Penney. More broadly into the retail sector. Where we've seen bankruptcies really accelerating yes this is because of the pandemic however we also are seeing consolidation of power both by Amazon and Walmart which will report earnings tomorrow. I'm just wondering. Is this going to be the era? Where the big bigger in in retail and all of the weaker players ultimately have to completely rethink themselves or go out of Business Lisa Big Big get better Week at boxed up for the bankruptcy bone yard The differences the keystone in the bridge to success successes food retail and for International Council of Shopping Centers. Timeshares great team with Stephanie. Sagansky and Malachy Kavanagh. We did a Webinar Fourteen hundred people all shopping center owners and retail executives Similar work we did for Ben Cammarata Carol Meyrowitz at Tj Maxx if you have a high volume locally owned or CH- chain That's based in food Penney macy's The other retailers Hard goods soft soft goods general merch tabletop. It's America goes from consuming food forty five percent at home now eighty five to ninety five percent home. We think that'll settle at sixty to sixty five. Anybody who sells food related re Retail Items and merchandises. Well advertised as well especially with language. Specific consumer communication will be winners. And that's macy's Peniel come back the same way and Lisa Point on Walmart Walmart will probably reported dollar twentieth share tomorrow versus one. Oh two birth Lincolnshire. We're going to have to leave it there. I'm sorry to cut you off. Bird-flu contributing to Director of Strategic Resource Group talking about the landscape of retail pitcher. Jay Powell and all of the Federal Reserve Governors have talked about the likelihood of a growing rash of bankruptcies among smaller Business America. There's a question of how quickly the federal government is getting aid to these businesses on the front lines of that is done. Mcree vice chairman and head of Commercial Banking Citizens Financial Group in Boston and Providence Rhode Island a question about how successful the paycheck protection program. The P. has been so far and what's necessary to shore up this sector of the US economy. Don Thank you so much for being with us. Can I just I? I asked you to grade the paycheck protection program as Congress members debate how to change it. Tweak it to make it more effective. How effective do you think it's been so far? I actually think Lisa that it's been a pretty good program you know. Our experience has been quite strong with our clients. We had about forty five thousand. Assad clients apply for the program for around five billion dollars and We've now funded almost ninety nine percent of those of those loans and they're they're really going to small companies I think a ninety two percent of them or companies with less than twenty five employees. So it's really ending up in the of small businesses that That need the The money I think one of the challenges depending where you are in the country so we may be a little bit different. Being in the northeast is the makeup of Small businesses expense bases varies widely in a restaurant for example in some parts of the country. Labor is a very significant cost component. But in another part of the country say New York City it really is rent some of the usability of the Of the of the monies for employees versus other parts of the cost structure. I know as a pressure point for some of these small businesses Saddam. Given that you're seeing some success with your client base. Small and mid sized businesses with the first round of fiscal stimulus is your expectation that again dealing with your clients that they really need a second round of stimulus as well. I I think it depends on the client. I think you've got the mainstream programs which are beginning to roll out Some clients will access those they they. They aren't fully formulated yet. But there's an allowance of of people who received the paycheck program to take main street money. I think the Fed is at work thinking about other ways to distribute kind of different forms of aid into into the Corporate America so and then really the wildcard is going to be how quickly things begin to open. I was just on the phone. Someone in South Carolina for example and he said Hey the restaurants here are really busy so businesses back and that's the first state that's reopened so I think it's a combination of company and location and reopening rate don. There's been a question as the middle market sector comes under pressure from Cova. Nineteen there's a question about regional banks. In general and an expected wave of consolidation that's expected to accelerate on the heels of this pandemic. Where are you seeing in that space? Are you interested in participating in an acquirer type mode You know I'd say right now. Our focus is unilaterally Taking care of customers so I think for the next six months. It's going to be all about helping our clients through This disruption And it's literally client by client And then I think it's the consolidation question we really be you know what. What does the industry look like when we're through this We're quite optimistic. Based on what we're seeing right now And and then there are logical combination. So it's not. It's not strategically something that we're focused on at the split second. So how is this pandemic and the work at home work from home phenomena impacted Your Business? I suspect you know. Your bankers like to spend a lot of time on the road. A meeting with their clients you know but now they're forced to work from home. How's IT impacted Your Business? So I think I think it's actually been surprisingly good We don't think we've lost a beat in terms of In terms of interaction with clients We actually Think our efficiency has gone up As people aren't on airplanes aren't commuting and aren't doing all the things that take them away from actually doing work We've been able to process everything so our operations units remotely without a hitch And actually we're finding the interaction with our clients largely because we're in the middle of a crisis and they WANNA talk to us you know. Pretty seamless So we feel we feel good about it and it's actually surprised us. We thought going into this that we were GonNa have you know some challenges in terms of of keeping productivity up staying in touch with people. But I I'd say it's cut zero negative impact and we'll you know regardless of where we go. We'll be like this for a while not necessarily working remotely but you know the going to the restaurants and going to the sporting events and getting on airplanes and pitching. We'll beat a very different level than it was for some period of time. So Don does that mean just real quick twenty seconds. Are you going to shrink your footprint office space? Haven't decided that yet we do we. We may actually bring some things back on shore which I think will be good So I I'm not sure actually need to shrink off space. But we'll we'll be doing some onshore agree. Thanks so much for joining us. We always appreciate your thoughts and opinions. Don mcree vice chairman and head of commercial banking for Citizens Financial Group based in Boston as well as Providence Rhode Island interesting interesting Lisa. You know having a little to no negative impact to kind of working from home issue. Yeah we're hearing from a lot of people and I wonder as time goes on. Will the negative impact new ideas and things that can kind of get generated when people pass themselves in the hallway? Will that will that be felt or is this really going to be a referendum on office space? Yeah it's really interesting. I mean I think a lot of folks feel like being in the office has value but there certainly now. I guess an appreciable cost to that so that might be changing The calculus a little bit. So I'm sure a lot of companies will be thinking about this going forward. Thanks for listening to the Bloomberg. Pnl podcast you can subscribe and listen to interviews at apple podcasts. Or whatever podcast platform you prefer on Paul Sweeney. I'm on twitter at PT. Sweeney and Lisa abramowicz twitter at Lisa Abramowicz one. Before the podcast you can always catch US worldwide bloombergradio.
NPR News: 05-15-2020 10PM ET
"Live from NPR news. I'm Jack Speer House. Lawmakers have approved a three trillion dollar democratic proposal in the new corona virus relief package. Npr's claudio solid supports. The plan is a nonstarter though for the GOP controlled Senate Republicans slam the bill. Which is the largest yet as a ploy? Here's House Minority Leader Kevin McCarthy instead of going big. It seems you went crazy. This is a political messaging. Bill that has no chance of becoming law but house speaker. Nancy Pelosi said the funding is urgently. Needed this is a very strategically planned. He said legislation that is tailored strictly to meet the needs of the American people regarding the corona virus pandemic the plan directs funding to state and local governments frontline workers and families. Clottey selous. Npr News Washington local leaders on the Texas border are asking Republican governor. Greg Abbott to hold off letting more businesses reopen there. After cases of Kobe nineteen surged in the community by more than sixty percent in the past two weeks. Abbott on Monday Szechuan. Ounce people can begin returning to gyms and other public venues and says hospitalization and infection rates in the state are largely steady. Many other states are also moving toward reopening despite worries of increased infections after weeks of waiting for test results the Tyson beef plant outside Pasco Washington reports nearly one in five of its workers have tested positive for Krono virus North West News networks on King. More Tyson says all fourteen hundred and eighty two. Plant workers have now been tested. The company says more than half the workers who tested positive were as symptomatic when tested one hundred and twenty six workers tested positive when they sought care through their own doctors than one hundred and fifty one more cases were found during a mass testing holden. The plants cafeteria late last month. The beef plant started back up early this month after it was shut down for about a dozen days for deep cleaning the company has also put up plastic barriers between close workstations and required everyone to wear masks for NPR news. I'm Anna King. Jc Penney today became the latest major US retailer file for bankruptcy protection after missing a twelve million dollar interest payment last month. The company made a seventeen million dollar payment. This week retail analysts say that was required to show good faith as an irs bankruptcy JC penney follows J. Crew Neiman. Marcus both of which have seen their already. Precarious finances crumble. Under the added weight of the unprecedented economic downturn caused by the Krona virus. Pandemic stocks closed modestly higher ending. What has been a fairly volatile trading week on Wall Street amid some optimism over gradual reopening of businesses shuttered by the krona virus mixed with continued uncertainty. The Dow was up sixty points. The Nasdaq rose. Seventeen points the S&P. Five hundred closed up. Eleven points today. This is NPR. This is the last day for possibly seventy thousand. Northern California fire survivors to vote on a massive compensation deal with pg settlement would resolve billions and liabilities from fires caused by the backup utilities equipment member station K. Q. E. D. reporter Lily Himalayas more lawyers for tens of thousands of survivors say their clients have approved the settlement in the six weeks since voting began but other fire survivors have criticized the settlement with PG is being rushed negotiations. Continue over exactly. When Pe- Jeannie would start paying victims and how much even as voting concludes 2017 fire survivor. Helen Sedgwick says it's up to the judge and California Governor Gavin. Newsom to hold a utility accountable. I hope they will do all. They can to see that fire victims. Get what was promised in a statement. Pg said it encourages everyone to vote. The settlement requires support from two-thirds of those who vote in order to pass for NPR news. I'm lily dramatically in San Francisco again roaming portions of Grand Canyon National Park after some areas reopened today despite concerns it could lead to further spread of the corona virus during the early morning hours. More than two dozen people were enjoying viewpoints along the South Rim park officials say the mentions will only be open until ten. Am through Monday. Visitors will have limited access to viewpoints and other sites the Grand Canyon which has been closed since April. I was among the last big national park to shut down. Completely visitors. Krill futures prices moved modestly higher today. Crude oil was up a dollar eighty seven a barrel to end the session at twenty nine forty three a barrel in New York I'm Jack Speer NPR news.