Bloomberg Businessweek Weekend: November 7th, 2025

Interactive Transcript

spk_0 Bloomberg Business Week is brought to you by Evolving Money.

spk_0 A podcast that explores how cryptocurrency is the next logical evolution of the financial system.

spk_0 Follow the podcast, which is sponsored by Coinbase, wherever you get your audio programs.

spk_0 Hello, I'm Caroline Hepka, introducing you to the new Stock Movers report from Bloomberg.

spk_0 There are so many big names and equities to keep track of, and our Stock Movers report is the

spk_0 best way to find out which individual names are making the biggest moves every day.

spk_0 Stock Movers consists of short audio reports, their five minutes or less,

spk_0 delivered right to your podcast feed throughout the day. We'll bring you conversations on the

spk_0 day's biggest winners and losers in equity markets and explain the news and the data that's

spk_0 driving those gains and losses. Listen a couple of times throughout the day to find out what's

spk_0 moving equities and why. Just search for Stock Movers on Spotify, Apple podcasts or anywhere you

spk_0 listen. Get the latest stock news and data backed by reporting from Bloomberg's 3000 journalists

spk_0 and analysts across the globe. Subscribe to Stock Movers wherever you get your podcasts.

spk_0 This is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay

spk_0 ahead with insight on the people, companies and trends shaping today's complex economy.

spk_0 Plus global business, finance and tech news as it happens. Bloomberg Business Week Daily with

spk_0 Carol Maser and Tim Stenevek on Bloomberg Radio. Hi everyone, welcome to a special edition of

spk_0 Bloomberg Business Week. We are looking at some of our favorite guests from the Schwab Impact 2025

spk_0 event held this past week in Denver, Colorado. This event brings together advisors from around

spk_0 the country and those in the industry that support them with services and tools.

spk_0 Coming up, we're going to hear from some familiar names, folks like Liz Ann Saunders and Kevin

spk_0 Gordon and more. Plus look at how AI is changing the investing landscape. Yeah, we're going to talk

spk_0 about AI a lot. We begin with Schwab CEO Rick Worcester. Well, some Tealflow, Charles Schwab,

spk_0 agreeing to buy forage global holdings. It's a marketplace for buying and holding shares at

spk_0 private companies. It's about a $660 million deal. We're talking about $45 a share. That's about

spk_0 72% above the closing price on Wednesday. So delighted. I didn't expect to be talking to you so

spk_0 soon, but I'm delighted that you made time for us. Rick Worcester, of course, present CEO, Charles

spk_0 Schwab here at Impact 2025. It is your annual event for independent advisors. And I'm sure that

spk_0 they're kind of curious about this deal. Why now and why this company? Well, we're thrilled to be

spk_0 able to democratize access to private investing. This is a market that forever has been for the

spk_0 high net worth and the ultra high net worth. And when the acquisition of forage will be able to

spk_0 bring access to private companies to every investor. And so we're thrilled about that. Second,

spk_0 it continues our history of innovation. And our innovation has always centered around what can we

spk_0 do to provide more access, more opportunity to our clients so that they can grow and improve their

spk_0 net worth. So we're just thrilled about this. And forage was the was the firm we really wanted

spk_0 to work with. But a lot of speculation about this company. Yes. As you know, yes. Well, you know,

spk_0 their stock was down 90% off its highs. And at the same time, they're the leader in the private

spk_0 company marketplace. And so for us to be able to acquire the leading company that has the

spk_0 deepest relationships with the private companies and who have the stock opportunity, it's just

spk_0 phenomenal for us. Rick, was it a bit competitive? And I'm just saying about the premium that you guys

spk_0 paid. I'm thinking of was it Morgan Stanley just did a deal to buy equity's and which is another

spk_0 similar platform. So it does feel like big firms are jockeying to provide this access to their

spk_0 investors. So was there pressure to do this deal and get it done now? Well, as a public company forage

spk_0 has to run a process. And so absolutely, this was a competitive process. And they've been pretty,

spk_0 I think transparent about this. Yes. From our standpoint, though, we think we're paying a very

spk_0 reasonable price, or it's five times revenue, less than what we trade on on a revenue basis.

spk_0 And the opportunity for us in private markets is so much bigger than what we're paying for the

spk_0 company. We're paying $660 million for the company. This market could be huge. And when we bring

spk_0 our 46 million clients to this marketplace, I think the opportunity to grow our economics is

spk_0 significant. But most importantly, and why we did this deal was not about making money relative

spk_0 to the purchase price. It was about democratizing access to private investing and to helping our

spk_0 clients grow their wealth. Will this only be for accredited investors or what's the plan in terms

spk_0 of new product placement or product offerings to offer it up to the retail investor? What I'm so

spk_0 excited about is we're going to have an opportunity for every type of investor to invest in alternatives.

spk_0 With this acquisition, well, three ways that clients can invest. Today, we already have for both our

spk_0 RIAs and retail clients a menu of alternative managers, the leaders that you're aware of some of

spk_0 the big names and private equity and venture capital. That's one way our clients can invest. The

spk_0 second way is through this acquisition of Forge, which owns an asset management company. We will

spk_0 in the first quarter of next year launch an indexed fund that is an index of the 60 biggest

spk_0 private companies and any investor with any wealth, if they have interest in that, will be able to

spk_0 invest. Then third, for accredited investors, we will have a marketplace opportunity for those

spk_0 investors to buy individual private companies and invest in those companies directly. That does require

spk_0 you being an accredited investor. A couple of questions I want to ask you. How does it improve

spk_0 your ability to win more wallet share when it comes specifically to clients? We know that retail

spk_0 investors have been clamoring for more access to private markets. I think we've gone.

spk_0 Know what's not in about money? Or I know it's not about in terms of the price you paid, but it

spk_0 is about right? You want to make sure your clients are happy and they're getting all the

spk_0 offering. I'm just curious, how does it help you win more share? Over the last 10 years, we've become

spk_0 a premier destination for high net worth and alternative high net worth clients. The reason for that is

spk_0 we have a product offer that can't be matched, whether it's access to private lending capabilities

spk_0 that are straightforward, fast, efficient with great rates, wealth support on their tax trust

spk_0 and estate needs, and access to live individuals to speak to. They can walk into one of our 400

spk_0 branches all across the country, have a conversation with a real-life person about their financial needs,

spk_0 have a discussion about financial planning and what's going on in their life. We really have

spk_0 become over the last decade a premier destination for high net worth clients and this acquisition

spk_0 just adds to our capabilities. What about from your RIAs and I think about all the independent

spk_0 advisors who are here, right? This is what this event is all about. So how much does this kind of

spk_0 help them in their pitch to clients? And I'm just curious, is this to some extent in response to

spk_0 what you've been hearing from independent advisors? It absolutely is and this is a game-changer

spk_0 force in the RIA space. Today we have $5 trillion of RIA assets that we custody. 1.2% of them sit

spk_0 in alternatives. We know there's more demand. That number probably should be closer to 5, 6, or 7%,

spk_0 and with this acquisition we've now given them three different ways to get invested.

spk_0 And I expect over the coming years we'll see that 1% grow more towards the 5%. So the RIAs are thrilled.

spk_0 They've wanted us to do more in alternatives and I think with this acquisition we've nailed it.

spk_0 And you said the new client offerings it's next year. We'll see it early part of next year.

spk_0 Well, forges up and going today. So hopefully some of our clients will go find it and start getting

spk_0 invested. That's what they want to do. But when I read it. But when I'm not accredited I think about like

spk_0 yeah, we're going to launch the fund in the first quarter of next year. That's the current plan. And

spk_0 then we'll continue to roll out their services in the coming months. You know the other side of

spk_0 this rick is you know concerns about hurdles in terms of transparency and investors really

spk_0 understanding what they're buying when they tap into anything in the private markets. So are there

spk_0 any kind of hurdles that you anticipate regulatory or otherwise? That's why we really wanted to work with

spk_0 forage. Okay. Because forage is the market leader and providing robust research to clients.

spk_0 And so clients will be able to access that level of research through forage. In addition to that

spk_0 we've also stood up a team of alternative investment experts at our firm that any client can call

spk_0 and talk to about you know question they have about a type of alternative or a particular investment

spk_0 that they want to make. And so we really are trying to do everything we can to support clients.

spk_0 This is a great opportunity for clients to be diversified to grow their wealth in a new asset class.

spk_0 But at the same time we want to make sure we do everything we can that they for them to be able to

spk_0 do this in a thoughtful well researched way. Is there a company you're most excited about that's

spk_0 on the forage platform or that might be on the forage platform at some point I mean there's

spk_0 opening. There's an orthographic. Is there any company that you're really excited about? There's

spk_0 not a particular one I'm interested in but I am thrilled that there are a lot of people on our

spk_0 platform and a lot of people that listen to your show that are active in markets and they they

spk_0 want to get into cracking because they love crypto or they love you on musk and want to get into

spk_0 SpaceX so that's big sex is another one. I think that's what's so interesting is that we find a

spk_0 lot of our investors do have these passions and now they're going to be able to invest in them

spk_0 through through private companies. So we know you took over in January this is your first deal. Is

spk_0 there more M&A to come like how are you thinking about what else you need to bring under the Schwab

spk_0 but with 46 million clients on our platform we have an incredible opportunity to continue to

spk_0 add capabilities to serve and meet more of their financial life. The average 50 or older than 50

spk_0 year old client has seven financial services relationships in their life so we want to add more

spk_0 and more capabilities so they can handle more of their financial life at Schwab and as we add

spk_0 those capabilities we'll either build them we can partner or we can buy and so we'll look at all

spk_0 three of those but we want to round out our capabilities and do everything we can to stand behind

spk_0 our clients and make a difference in their financial life. I just want last question mostly small

spk_0 probably tackles I mean you guys already have digested a large company some just curious or could

spk_0 it be a pretty significant an ideal. You know it's going to depend when again we'll look at

spk_0 build by partner based on what capabilities we want to add but I think we're open to just

spk_0 about anything we want to grow our company we want to do the best job we can serve in clients we

spk_0 want to make a difference in their lives and if there's a company or capability out there that we

spk_0 can add to our platform that's going to make a difference we're going to do it. Well the market

spk_0 environment right now we want to dive right in there because really this week we've heard from

spk_0 different Wall Street executives that an overdue collection of Wade on the market this week so

spk_0 reduced expectations for FedRate cuts a prolonged government shutdown Michael Burry added to the

spk_0 negative tone with his disclosure of various wages on talent here and in video how do you see

spk_0 today's environment and sort of this reward perspective. We try to focus our clients on the long

spk_0 term I think that owning securities and assets over long periods of time will generally go up.

spk_0 It's really hard to get the timing of markets down because you have to make two correct calls.

spk_0 First you got to nail it to get out at the at the right time which is really hard in a

spk_0 in the strength of the kind of market we've had in the momentum we've had to get out at the

spk_0 right times incredibly hard and then you've got to be able to get back in at the right time or you

spk_0 miss out. I was down in Charlotte, North Carolina, business with some clients and I heard from one

spk_0 client who back in 2016 didn't like the presidential administration and so had sold out of stocks

spk_0 and this was back when we were having a pullback and they said would now be a good time to get

spk_0 to get back in the market and it sat out a huge amount of gains over a short term point of view.

spk_0 We try to have clients avoid that. If clients can stay in the market and tolerate some volatility

spk_0 we think over the long run that gets rewarded because it is so hard to call the markets both

spk_0 when to get out and when to get back in. So as you walk around the floor and you're talking to

spk_0 advisors I mean what are they talking about you know in terms of timely advice that you're getting

spk_0 maybe from the advisors and what they are kind of caring from their clients. I think one of the

spk_0 most pressing topics from investors today is how to navigate concentrated positions.

spk_0 The S&P's as concentrated as it's ever been. Right. The MAG7, the big tech. Yes and it's created

spk_0 tremendous wealth for lots of retail investors and now they're wondering how to diversify their

spk_0 portfolio and to do so in a way to minimize their tax burden and there's all kinds of strategies

spk_0 that they can work with their advisor on to create a more diversified portfolio without having to

spk_0 pay a tremendous amount in capital gains. How hard is it though that when clients are like but why would

spk_0 I want to get out of Nvidia when I've seen what they've been doing for how many years. Like how

spk_0 tough is that because we constantly have conversations of people saying it's time to you know

spk_0 broaden out back off the big tech and then it's the big tech with so much momentum. Well you're

spk_0 absolutely right and it's a really hard conversation to have and oftentimes we don't win it but we

spk_0 want to make sure the client is cognizant of of the risk and the choice that they're making. Yeah and

spk_0 to be fair to those investors they've been right by sticking with their concentrated position

spk_0 for the most part because the names that have driven the market higher have been the same ones here

spk_0 for a while and so many people have stuck with it and they are sitting on more gains and they might

spk_0 have anticipated. So let's go further into the retail trader because they've grown about 20% of the

spk_0 US equity market today. I'm curious about sentiment trends. Like how the structure of this trend,

spk_0 how resilient are retail traders in an eventual downturn? Why do retail traders have been the ones

spk_0 leading the market higher and have been the ones buying the dips and I think they were out actually

spk_0 in many ways out ahead of the institutional buyers and so I think you have a retail buyer that

spk_0 has strong hands and and we'll stick through the market so we'll see how it all plays out but

spk_0 markets go up and down and retail investors will inevitably you know make some decisions in

spk_0 there for it that's best for them. That's Rick Worcester, president and CEO of Schwab. Coming up more

spk_0 from our conversations at the Schwab Impact 2025 event in Denver, Colorado. Up next we hear from

spk_0 Schwab Chief Investment Strategist Lizanne Saunders on what she expects in markets for the rest of the year.

spk_0 Bloomberg Business Week is brought to you by Evolving Money, a podcast that explores how crypto

spk_0 currency is the next logical evolution of the financial system. The program investigates how

spk_0 traditional finance firms are integrating crypto into their operations now that Washington has begun

spk_0 to pass much needed regulations. Follow the podcast which is sponsored by Coinbase wherever you get

spk_0 your audio programs. Hi I'm Stephen Carroll and I'm Caroline Hepke here to introduce you to a

spk_0 podcast that brings you the news you need to start your day in just 15 minutes. It's called Bloomberg

spk_0 Daybreak Europe Edition covering all the top stories across Europe and around the world. Each

spk_0 week day morning we're up early to bring you the latest news by 7 a.m. We've got everything you

spk_0 need to know from geopolitics and global events to economics and what's moving markets. I'm covering

spk_0 it all from London. And I'm in the EU's capital Brussels. We have 3000 journalists and analysts

spk_0 around the world to tell you what's happening, what it means and why it matters. It's more than just

spk_0 business headlines from the price of your breakfast to global shifts in power. Economics and money

spk_0 aren't just part of the story they're often the driving force. So start your day with us on Bloomberg

spk_0 Daybreak Europe Edition for the news you need to know and the context to make sense of it.

spk_0 Find a new episode of Bloomberg Daybreak Europe Edition by 7 a.m. London Time,

spk_0 one Apple Spotify or wherever you get your podcasts.

spk_0 This is Bloomberg Business Week Daily with Carol Masser and Tim Stenevek on Bloomberg Radio.

spk_0 We are back here on a special edition of Bloomberg Business Week. It's all about some of the

spk_0 highlights from Schwab Impact 2025. It was held this past week in Denver, Colorado. It's all about

spk_0 bringing together financial advisors from around the country, those in the industry too that support

spk_0 them with various application services and tools. And up next we hear from a voice that has followed

spk_0 financial markets Tim for a long, long time. Our conversation on markets with Schwab,

spk_0 Chief Investment Strategist Liz Ann Saunders.

spk_0 I'm so glad you're hearing. Thank you. Welcome to our cozy little event.

spk_0 A 5,000 people? It's not cozy and it's not little but we are happy to be here. It's a huge event.

spk_0 It was huge last year in San Francisco. It was huge. Before that I'm Philadelphia. You were shaking

spk_0 your head when I was saying everything is awesome. Why? Well it's a bit of a tale of two markets.

spk_0 You've got cap-weighted index returns and the lack of any significant downside, particularly since

spk_0 the April 8 closing low. But here's an example. The average member within the S&P just since April 8

spk_0 has had a 16 percent, now actually 17 percent drawdown. The average member within the NASDAQ since

spk_0 April 8 when the NASDAQ's up 50-some odd percent has had a average maximum drawdown of 36. So

spk_0 the breadth isn't there but there's a lot of churn and rotation going on under the surface that you

spk_0 don't pick up if you're only looking at the index level returns. Are we starting to see signs

spk_0 where investors are kind of questioning some of the valuations that are out there, the AI

spk_0 spend and whether we're getting the return on investment on it. Tell us what you're thinking.

spk_0 I think the margin of error has narrowed a bit. There's obviously sensitivity whether it is

spk_0 diminishing in return on investment capital, whether you're seeing pressure on margins. Obviously the

spk_0 concern about the circularity of financing and the fact that so far this is a real thing.

spk_0 It is a real thing. We are kind of blown away what feels like it's all in the family.

spk_0 Yeah, here's $5 billion so you can buy $5 billion with the stuff from us.

spk_0 Right. You guys, Bloomberg had this incredible visual that I think made it on Michael Burry's

spk_0 post. I think it's. Yes, but that is such a great visual. I've seen more simplistic ones of a

spk_0 power strip with the plug plugged into the power strip. Yeah, but that's exactly true, right?

spk_0 And I think the boom so far has been financed out of cash flows. It's been largely equity

spk_0 finance, but now you've got as to just pick up, pick on the Mag 7 cohort. Mag 7 free cash flow

spk_0 has gone from more than 60% year over year six quarters ago to now two quarters in a row of

spk_0 negative. And so you're starting to see more deals financed with that. That's not necessarily

spk_0 a bad thing. It's just a different environment. But that I do want met an alphabet, right?

spk_0 Didn't they just recently do it over? Subscribe? Like there's lots of investor interests, but I do

spk_0 like I don't know is what we just have to keep an eye on either way. Yeah, I think in evaluation

spk_0 is a tough one. I think valuations and I'm going to say this generally not just specific to AI

spk_0 stocks or Mag 7. It's not a market timing tool. It's more it's more a temperature gauge than it is

spk_0 a timing gauge. It's almost an indicator of sentiment. There are times where valuations can get

spk_0 stretched and they can get more ridiculously stretched and the market still has a long runway ahead

spk_0 of it. So I think it represents some of the angst that's coming into the narrative right now,

spk_0 but it doesn't necessarily pretend impending doom. It's just a it's a cost saver AI and it boosts

spk_0 margins. So we had we had the early focus solely on the hyperscalers and the chips and then more

spk_0 recently it's gone into the energy usage and the data centers. Now I think where you're actually

spk_0 getting meat on the bones in terms of productivity statistics in terms of the beneficial to cost

spk_0 is is the users of AI and I think that is likely to continue. But then does it create this

spk_0 destructive element in our society as a result of those entry level jobs, those white collar

spk_0 jobs, those blue collar jobs that ended up being completely eliminated? I mean I know we're talking

spk_0 about a future that none of us can see, but we had an interesting conversation with David Weston

spk_0 last week and he was basically like how do we have the this payoff without the money savings

spk_0 from getting rid of all these employees basically? I think that we're in a moment of creative

spk_0 destruction to to quote, chapter. And that happens anytime we have a major innovation or we've

spk_0 shifted our economy from being an ag economy to industrial industrial to innovation. That happens.

spk_0 But ultimately new types of jobs are created. I actually think that companies that don't adopt AI

spk_0 are going to have more job losses. I think what we need to bring in is what AI doesn't yet

spk_0 provide and maybe won't ever, you know the seeds, creativity, culture, and community and connection

spk_0 context. So I think they're still, I still think AI, yes it is replacing certain kinds of jobs,

spk_0 but I think it's replacing tasks more than it's replacing full occupations. But I think workers

spk_0 have to adapt to it and adopt it and bring it into their lives or they will let be left behind.

spk_0 You know I pulled up my phone because someone came up to us and Dwayne who is a financial advisor,

spk_0 he's here and he said you guys did something on AI. I said you. I did. You did something. I

spk_0 didn't invent and we had somebody who showed how to use AI and he said after that I went home and

spk_0 started playing which I cheaply. This was a panel you did at this conference last year in San Francisco.

spk_0 No, it wasn't. No, I don't think so. Okay, well it was something. But anyway, there's a lot of

spk_0 separate. But but what he said is he was able to ask you questions, do analytics so much faster,

spk_0 it was accurate and he said it just took less time and I actually produced better returns for

spk_0 my clients which was pretty cool stuff. It is a game changer but the hallucination rates are

spk_0 still high enough. They're low school digits but high enough that I think it was Gene Munster.

spk_0 I he spoke right before me at a recent conference who who said you know LLMs are like an intern.

spk_0 They do a lot of the work for you but you kind of have to check their work. Get a keep an eye on them.

spk_0 Next six to 12 months, what do you think the investment environment looks like? I think these

spk_0 bifurcations that have pervaded the economy, even the inflation data and obviously the stock market.

spk_0 I don't see a convergence to any significant degree. I think you're going to still see those

spk_0 bifurcations whether it's from a CapEx perspective AI or non-AI asset owners versus non-asset owners,

spk_0 high income consumers versus low income consumers, tariffed impact, goods versus non-tariffed

spk_0 impact, goods from an inflation standpoint and then obviously all those bifurcations.

spk_0 What I would watch for that may be interesting is we could have a situation where if some of the

spk_0 mega cap names, some of the leadership names continue to have some sort of pullback phase,

spk_0 watch what the rest of the market does. I don't think it's going to be extreme as late 2022

spk_0 but what was interesting about that low in October of 2022 relative to the low prior to that

spk_0 June of 2022 is that when you had the real crush there was greater participation under the

spk_0 surface. That's what you want to look for. That Schwab Chief Investment Strategist, Liz Ann Saunders.

spk_0 We turn now to our conversation with Schwab's Jelena Kerr, head of advisor experience and

spk_0 well solutions. My world is responsible for all things digital and investment products,

spk_0 banking solutions and how you harness those together and help advisors I extend them into their

spk_0 client base especially the ultra-high net worth client. Who demand a lot of that? A lot.

spk_0 I was shocked to see you've been at Schwab for more than 30 years. I'm an old timer.

spk_0 You are on the advisor services trading desks. The role of an advisor 30 years ago versus now.

spk_0 I mean those are like two different jobs. Bastley different. What are the expectations right now

spk_0 versus what they were 30 years ago? The expectations are frankly a little overwhelming due to the

spk_0 complexity of AI technology trying to figure out how to scale your business and still serve your clients.

spk_0 Those two things don't always just flow together seamlessly. Right. And so the demands on advisors

spk_0 to really understand all the solutions that are out there I think can can get overwhelmed.

spk_0 And it gets overwhelming for me and I do it every day in my day to day job. So I think just their

spk_0 ability to think and learn on their feet as they're talking a different client who have different

spk_0 needs because that customization trend is no joke either. Does AI help with customization or does AI

spk_0 help you in your world at all? AI does help us in our world. We are taking it more from an

spk_0 internal view right now. So think about our service professionals trying to enable them making sure

spk_0 they serve advisors. We've got a knowledge assistant that's powered by AI note taking those

spk_0 sorts of basic tasks we are using in-house and we are working with advisors to make sure they know

spk_0 what's out there and how they can take advantage of it in a safe way. You want to measure twice cut

spk_0 once. So yeah we still find our way. What about alternatives? This is not a world that 30 years ago

spk_0 you know people were thinking about private credit, venture capital, private equity in their

spk_0 portfolios. Now it's like what that's table stakes. It's no longer high yield as being like kind of

spk_0 something out there. It's very different. It is and all to our huge part of that. I think some of

spk_0 the complexity though is how do you connect the alt to the rest of the portfolio? If you've got a 60-40

spk_0 yeah. Alt have a role to play there but it's not very seamless or operationally sound at this point.

spk_0 What do they want in terms of alternative? I mean when we think about alternatives we think about

spk_0 real estate. We think about some hard assets. I'm just curious though in a world where crypto is a

spk_0 it seems like nonstop that people have talked about for the last few years. What do they want in terms

spk_0 of alternatives? It really runs the gamut. I mean I don't want to give you a an answer that's not

spk_0 a non-answer but in a way when you think about some advisors who are just really wanting to start

spk_0 inserting it but they want to do it in a very well-known name way. Then you've got all the other

spk_0 all the way to the other end of the spectrum advisors who are creating their own. Right.

spk_0 Alt's and leaving that into the platform but what we're most hearing is they want model flexibility

spk_0 and scale so they want to be able to pull the alt into the model. Do all the management and construction

spk_0 of all those things in an automated way and with liquid securities that's a bit of a challenge but

spk_0 we're all working through it. There's some great leadership that some of our partners are. But that's

spk_0 so important for your clients because those are sticky. Those are what cause clients not to move

spk_0 to a different RIA. That's right. Because you can't just get out of them. No, no you cannot and I think

spk_0 that's why advisors are at their heart right. Their fiduciary responsibility is to make sure

spk_0 their clients know they are a liquid. You're going to you're going to be in this for a while and

spk_0 they want to make sure they're educating their clients so that they're not hitting a point where

spk_0 the client's like oh yeah give me all that money. Sorry can't. Can't do it right now. So advisors

spk_0 have always been careful and cautious but given the fact that these have now gone from like a

spk_0 traditional 5% component of the allocation to 10 to 20 like it's growing and it's out there.

spk_0 Tulina just got about 25 30 seconds. Um, where's you walk the floor? What are you hearing from advisors

spk_0 that you're just picking up on in terms of trends with themes and just quickly? Yeah really quickly

spk_0 automation, which does tie back to the AI thing but automation of those tasks, construction

spk_0 management transactional things that are not adding value and using API connectivity to do that.

spk_0 It's table stakes yet people need help implementing them. That's Jelena Kerr. Schwab's head of

spk_0 advisor experience and wealth solutions. Coming up more from Schwab impact 2025 held earlier this

spk_0 past week. Up next we move on from equities to fixed income and here from Schwab's Kathy Jones.

spk_0 This is Bloomberg.

spk_0 This is Scarlet Foo. An up all, Swini inviting you to join us for the Bloomberg Intelligence

spk_0 podcast. Every day we harness the power of Bloomberg intelligence to bring you deep dives into the

spk_0 companies that are moving markets from publicly traded companies like Apple to those that are

spk_0 privately owned but known by everyone on earth like open AI. Now I help to build Bloomberg

spk_0 intelligence to what it is today. Scarlet and now our analysts are the best in the world covering

spk_0 more than 2000 global companies. That is your legacy Paul and we speak to those in house experts

spk_0 every day. They are Bloomberg's go to authorities on sectors companies and legal processes.

spk_0 We do it all live each weekday then bring you the best conversations in our daily podcast.

spk_0 So be sure to search for Bloomberg intelligence on YouTube, Apple, Spotify or anywhere else you

spk_0 listen. Listen in the afternoons on your way home from work to catch up on the market news you missed

spk_0 during the business day. That is the Bloomberg Intelligence podcast. I'm Scarlet Foo.

spk_0 And I'm Paul Swini. Subscribe today wherever you get your podcast.

spk_0 This is Bloomberg Business Week Daily with Carol Maser and Tim Steneveck on Bloomberg Radio.

spk_0 Let's get back to some of our conversations that were this past week at the Schwab

spk_0 Impact 2025 event. It was held in Denver, Colorado. We turn now to our conversation on fixed

spk_0 income with Schwab's chief fixed income strategist, Kathy Jones. You know in general the

spk_0 the economy seems to be chugging along. Great. Okay. It's not great for everybody but in aggregate

spk_0 it's good enough. Inflation is stuck at 3% and kind of edging higher. Where do we go from here?

spk_0 You've got inflation at 3% maybe moving up at a 4% 10-year yield. You know that's that's

spk_0 equilibrium right now. We need something to change. Do you think it's going to change?

spk_0 I think in 2026 we'll probably get enough slowing growth and some easing and inflation that will

spk_0 yield come down. But I think the market was just way over its skis expecting the Fed to cut

spk_0 over and over again. And it is very difficult to forecast all the time but now between

spk_0 Neurison, Tarasov, no data policy shutdown policy making shutdown. I think the market's just kind

spk_0 of the bond market is just going to go well. We're pretty well priced. Let's just sit here and

spk_0 wait for things to happen. Well so then does that increase the chances, Kathy, you think of

spk_0 this as having a policy misstep here? It's certainly a possibility but I think my impression that I

spk_0 get from Paul and from many of the other members is look we're back to that's navigating on a

spk_0 cloudy night thing right. We don't have information. The path ahead isn't clear and we've taken a

spk_0 couple of steps. We're not restrictive anymore. So now we pause and we wait and see what happens.

spk_0 It would go slow. I'm a sailor and I've navigated at night and it can be kind of not so great.

spk_0 You can hit a rock or you could hit something because you just don't read something correctly.

spk_0 Or things can be smooth sailing. So is there a chance though that I don't like I think so many

spk_0 people are shocked that the economy is still growing and we're kind of doing all right and the

spk_0 market continues the equity market to hit eyes. Not necessarily what everybody was predicting a few

spk_0 months ago but I just do wonder what's the thing we could be missing. Well right now financial

spk_0 conditions have been very supportive. I think that's another reason the Fed can kind of wait. They're

spk_0 saying well there's no evidence that the level of interest rates is holding back the economy.

spk_0 People can borrow as much as they want. It's different housing still. Yeah maybe but I mean

spk_0 even housing starting to kind of recover because prices are adjusting. So you know what is the

spk_0 thing that gets us? It's never the thing you're looking at in the finance credit. It's the thing you

spk_0 don't know. I'm worried about the buildup of debt behind the scenes and the shadow banking system.

spk_0 Private credit? Yeah to some extent. We know that the quality isn't great there and we know that some

spk_0 some firms are struggling. So how would a crisis like that in private credit manifest?

spk_0 You know I think the issue is who's lending to the private credit folks. Don't the banks lend

spk_0 to the private credit folks? Yeah. So what's their exposure? Well we don't know you know it because

spk_0 private credit is private. Yeah it's hard to know the quality of the assets in any given day.

spk_0 Your face is really telling are you concerned that the exposure by the banks is a lot more than

spk_0 we know? I think the banks you know no. I think the banks are the major banks are fine because

spk_0 against their will they've been forced to hold a lot of capital since the the Basel rules.

spk_0 And so I think the banks are okay but it does get to be sort of a cascade right you know one thing

spk_0 leads to another leads to another and a lot of interwoven lending takes place and there's hidden leverage

spk_0 and that's where you worry about things starting to change. I don't I don't have any particular

spk_0 I mean to be on the spot I just I don't have any particular like this guy's gonna blow up

spk_0 we have a story to tell I'm just these are the ways in the past we run into trouble somebody gets

spk_0 over leverage has the crisis get out of whack. People are overconfident and then things change.

spk_0 Right. So it kind of brings us back to the Fed and how the Fed works in an environment such as

spk_0 this in an environment where it's not getting much data. We did hear from Lisa Cook this week. She

spk_0 said she sees the risk of further labor market weakness is greater than the risk of inflation. We'll

spk_0 be nervous about inflation. Who's right? Yeah well fine we'll find out. We'll find out when we

spk_0 reach our destination. Yeah you know I'm more in goals b's camp right now although the labor

spk_0 market is clearly soft and some of that is supply side right so we got the ADP numbers today

spk_0 as a positive number who's to say that that number isn't consistent with equilibrium in the

spk_0 labor market. So are these numbers accurate now because ADP is as accurate as we can we get right

spk_0 now. Yeah but when we used to get government data we used to get the ADP numbers on you know the

spk_0 day before a couple days before before I remember this world that we went on. Yeah we get a

spk_0 few earlier yeah and then we'd get the numbers from the government and they would oftentimes not

spk_0 even be close to one another. Yeah and that's true I think part of that is ADP is private sector

spk_0 only they they can include government workers so there's that discrepancy and you know yeah

spk_0 their surveys are different but it's always got to go on so we it looks like that they're picking

spk_0 back up a little bit and that's good news the ISM figures that are manufacturing figures were okay

spk_0 today with prices paid continuing to decline. That Schwab's chief fixed income strategist Kathy Jones.

spk_0 We turned out to our conversation with Sam Kang head of family office and premier wealth group.

spk_0 So you've got the interesting because you've got a small number of clients but a lot of assets I

spk_0 mean we're talking 100 clients and 200 billion dollars in assets under management talk about

spk_0 these relationships because are you working directly with the ultra high net worth individuals

spk_0 or are their family offices serving as a conduit to you. Yeah well we work with both so

spk_0 updated numbers we were actually now at about 140 relationships we've now grown to 260 billion

spk_0 just within the family office. Wow 30% growth just this year. Wow in terms of assets we've grown

spk_0 by 50% year over year so there is a huge demand to your question we work directly with single family

spk_0 offices as well as a professor who managed multi-family offices. What is the definition right now

spk_0 of a high net worth individual. Yeah so typically there's a wide range but typically what we see

spk_0 is 20 million in investment assets which really is about 30 million in net worth. You know is it

spk_0 often the case of just managing everything and anything and then the past of that generational

spk_0 wealth. I give us an idea of what this all entails because it's a lot of moving pieces of

spk_0 be it correct. Absolutely it's a lot of moving pieces it is beyond just financial planning and

spk_0 investments it gets into reporting but it goes far beyond that it gets into family dynamics family

spk_0 constitutions philanthropy that you just spoke about is a key factor in terms of that the state

spk_0 planning. You also- You said family constitutions meaning what. So creating the core values of a family

spk_0 to identify how you want to spend that money down through and how you want to pass that wealth

spk_0 down to generation. So this is really critical especially with the wealth transfer that's happening.

spk_0 Las report roughly about a hundred twenty four trillion dollars will be changing hands over the

spk_0 next two to three decades that's roughly about two to three trillion per year for the next decade or

spk_0 so. So what we see is a huge demand especially in the ultra high net worth to create these

spk_0 family constitutions so that they have a plan of how they will pass on the wealth. You know it's

spk_0 fascinating because we always I think when we talked about the passing on of generational wealth we

spk_0 talked about like you're offspring right your kids basically but we've also had a lot of conversations

spk_0 about the wealth going- Your kids' ex spouse is depending on the cleanup of the living

spk_0 that's a lot of throughout anyway go ahead. Make them tight. Yeah. No but passing on to women who

spk_0 tend to live longer and maybe their spouse their husband dies but so talk to us about the specifics

spk_0 is a lot of it big families lots of family members is a lot of it thinking about maybe the husband

spk_0 passing it off to the white like give us an idea of what. Yeah so first of all typically people just

spk_0 think it's passing down to the second third generation what's going to happen first is the

spk_0 immediate passing down to the spouse so as you're saying roughly about forty five percent of that

spk_0 wealth is going to go to that spouse first right and then it'll get into the second third

spk_0 generation so there's multiple families that will be involved in this conversation. We also see

spk_0 you know when we think about the transfer of wealth there is a lot of conversations about how

spk_0 you create the overall plan in terms of not just the investments how you think about that investment

spk_0 is over two to three decades but what you want to do with that money and do you want to use it

spk_0 for philanthropy do you want to create other businesses so there's a lot of conversations along that

spk_0 okay let's cut to the chase here death divorce taxes those are the things that are you know

spk_0 those are the things that are like on the red are a family office as we know that but I'm also

spk_0 heard stories of like all right we need the head of our family office to find a new yacht captain

spk_0 right now our yacht is in Bermuda what's the craziest story there are people who do that oh yeah

spk_0 yeah so so what's that that that is that that isn't an actual example we've heard stories where

spk_0 a family fired their entire crew one day they come to the family office and they say I need a new

spk_0 crew by tomorrow so this is the key distinction there are a lot of independent RIAs that want to get

spk_0 into the family office space what it really is it's that very first call that these families make

spk_0 so you not only need to be there for their financial planning their investments but you really need

spk_0 to be thorough about all the capabilities that you need to to be able to support a whole family

spk_0 so who are the people support that do that so we're talking lawyers like give us an idea of who

spk_0 has to be all involved in that yeah so at the center think of it as a hubbiz book model right so

spk_0 if the center is that trusted advisor we call that more of that expert generalist that person

spk_0 then would reach out to lawyers it's state planners it could be aviation loans it could be

spk_0 bill pay lifestyle cost-year services health care cost-year so it really goes the complete spectrum

spk_0 hey last question our team reporting that at least a fifth of the world's 500 richest people now

spk_0 have a family office helping for certain fortunes totaling more than four trillion dollars that's

spk_0 according to the Bloomberg billionaires index that was surprising to me why don't they all have

spk_0 family offices only a fifth of them do well I think there's more and more interest in creating

spk_0 that family office so along that lines it's estimated that 17 trillion is within that ultra-high

spk_0 network market but only about five to six trillion is managed by a family office so I do think

spk_0 that there is a growing trend for these services that Sam Kang Schwab's head of family office and

spk_0 premier wealth group that does it for this hour of the special edition of Bloomberg Business Week

spk_0 looking at some of our favorite conversations from Schwab impact 2025 in Denver Colorado we're not

spk_0 done yet still to come more on markets for Schwab's head of macro research and strategy we're talking

spk_0 about Kevin Gordon plus Fred Knor managing director of relationship management for D.A.F. giving

spk_0 360 will discuss the growth of charitable giving and use of donor advised funds you're listening to

spk_0 Bloomberg Business Week I'm Tim Stenebeck and I'm Carol Maser stay with us today's top

spk_0 stories and global business headlines are coming up right now in our new podcast everybody's business

spk_0 we talk about the business news that concerns everybody from Bloomberg Business Week I'm Stacy

spk_0 Vannick Smith and I'm ex-Chafkin each week we unpack what is happening on Main Street and Wall Street

spk_0 all the streets WrestleMania has taken over the US economy poetry that executives write on LinkedIn

spk_0 a little actual magic in our underrated story that the single great marketing campaign the music

spk_0 businesses ever seen I decided to ask people how they felt about the penny going away

spk_0 listen to everybody's business wherever you get your podcasts

spk_0 this is Bloomberg Business Week Daily reporting from the magazine that helps global leaders stay

spk_0 ahead with insight on the people companies and trends shaping today's complex economy plus

spk_0 global business finance and tech news as it happens Bloomberg Business Week Daily with Carol Maser

spk_0 and Tim Stenebeck on Bloomberg Radio we're back on a special edition of Bloomberg Business Week it's

spk_0 all about some of our conversations from the Schwab Impact 2025 event held this past week in Denver

spk_0 Colorado now this event held every year is all about bringing together registered investment

spk_0 advisors financial advisors from across the United States and those in the industry that support

spk_0 them with services and tools we begin with our conversation this hour wish Schwab's head of macro

spk_0 research and strategy Kevin Gordon there's kind of this internal turmoil right now in terms of

spk_0 the environment is it inflation we have to worry about we saw that companies announced the most

spk_0 job cuts for any October and worth it two decades this from Challenger Gray and Chris Christmas and

spk_0 they did talk about an AI component to it I can't figure out where we are what do you think you're always

spk_0 it's like the flavor changes almost literally every day I mean it was much more labor driven you had

spk_0 the challenger data you mentioned but you also had data from Reveleo Labs which has become

spk_0 you know much more important to look at in terms of private sector providers and what they what

spk_0 they're looking at for for job growth and the what they showed for October was the decline of

spk_0 9000 for payrolls but you know for me the labor market stuff is almost as hall of mirrors because

spk_0 all of the different indicators tell you completely different things as to what's going on

spk_0 in the labor market if you look at claims data which we're not getting at the national level right but

spk_0 if you aggregate everything at the state level it still looks relatively healthy it's state

spk_0 relatively low and stable if you look at ADP for October up surprise to the upside if you look at

spk_0 something like Reveleo though week if you look at something like challenger also week the

spk_0 interesting thing with challenger is and we always try to make this you know important distinction

spk_0 and emphasis for investors they're layoff announcements they're not exactly cuts themselves so

spk_0 there is a little bit of a lag there and tells you what you can expect yeah oftentimes 90 days right

spk_0 plus I think the one thing that is I I will say maybe a little bit more worrisome with the one

spk_0 for October relative to what we saw earlier this year because it was a huge pickup and

spk_0 challenger job cut announcements earlier this year but most of that was at the federal level that

spk_0 was focused on what everything was going on regarding those those ones a little bit more broad

spk_0 bases you mentioned with the AI overlay the concentration for the sectors was mostly in tech and

spk_0 warehousing so clearly this cost cutting going on by companies yeah which is never a good feeling

spk_0 no and I think what's what's been interesting so far it's been relatively methodical where it's

spk_0 gone sector by sector it hasn't been broad base across the economy which I know I've talked about

spk_0 this with you guys a lot and LaZanne you know who I work with closely on this are the sort of this

spk_0 concept and thesis of rolling recessions in the economy you're still experiencing that to some

spk_0 extent where it's not filtering up to the to the surface and it's not aggregating together to give

spk_0 you a full blown traditional recession but it's still happening at pockets we know as LaZanne

spk_0 we all call her LaZanne Saunders too that's the LaZanne you're referring to so Kevin um corporate

spk_0 uh going from the corporate world and thinking about okay what are companies doing with employees

spk_0 how are they hiring how are they firing how are they announcing this to consumer spending because

spk_0 the consumer powers this economy yeah we're getting some troubling anecdotes what do you see

spk_0 you know what's interesting is that when you look at I mean this is where the labor market so crucial

spk_0 to understand the differences between the stock and the flow so the stock of labor is still

spk_0 relatively healthy I mean you look at a mostly fully employed America and that's where we're at

spk_0 any of the layoff activity we've seen is just at the margin relatively minimal so if you see

spk_0 relatively low layoffs despite a very low hiring rate which were basically at cycle lows the fact

spk_0 that the stock of labor is strong means that the aggregate income growth month to month assuming

spk_0 you stay employed is relatively strong so that's why real spending is still positive um but to your

spk_0 point about some of these anecdotes and some of these cracks under the surface they are starting to

spk_0 widen a little bit more especially if you look at that bottom half of the what everybody calls now

spk_0 the k-shaped sort of economy um how do economists look at that bottom wrong you could break it down

spk_0 by wealth level I like the Fed data and looking at sort of percentile levels of what

spk_0 types of like overall economic growth and what the Fed like how do you think about this is the

spk_0 tough part because you know there's a social answer and then there's like well the multiplier

spk_0 effect up the wealth in the income spectrum is just much stronger that's just the math and when

spk_0 you look at how well asset markets have done over the past couple of years even this year the

spk_0 bounce from the April lows if you're benefiting from that as an asset owner we have household

spk_0 exposure to equities at an all-time high beyond where we were just slightly but still beyond where

spk_0 we were at them at the peak in 2000 so the wealth effect and the power of the market in terms of

spk_0 an economic driver has become quite strong and quite potent so I think when you add that together

spk_0 with what is traditionally an economy that has become more or I shouldn't say traditionally but

spk_0 over time has become more powered by that wealthy cohort then you've got a pretty strong effect

spk_0 when you say full employment do you how do you define that and how does the Fed define that because

spk_0 relatively low unemployment rate okay to history compared to history there has been a little bit of

spk_0 uptick but you look at that and you look at overall payrolls and we're still right around you know

spk_0 all-time high but does it mean the person who's who's has the computer science undergraduate degree

spk_0 yeah is working in computer science or working at Chipotle oh yeah exactly fully that's the question

spk_0 I have just sort of in nominal terms looking at it face value a job being a job whether that job

spk_0 is perfectly matched with what the person is doing that's a little bit of a story that well

spk_0 that doesn't that that seems like a concern right now well then I think is going to show up probably

spk_0 start to show up a lot more within the next year in a lot of the labor flows that we're going to

spk_0 get because one of the you know one of the longer term concerns I have for the labor market is

spk_0 what's happening right now in some of the churn with the pretty significant decline in immigration

spk_0 but also not sort of the lack of a place on a lot of a lot of those jobs we're just not seeing

spk_0 that happen and you see that happening in you know youth unemployment black unemployment it's

spk_0 really starting to spread in some of those pockets so the areas that were supposed to benefit you

spk_0 know throughout this year as you had more of a domestic strengthening in the in the

spk_0 native born labor force it's not yet happening so it's a little bit lagged I hope it's delayed

spk_0 and not completely derailed but I think in the next year figuring out replacements for a lot of

spk_0 those lost jobs that's going to be key and the reason I brought up the Chipotle computer science

spk_0 exact stuff well always hungry but that was what's decided in the New York Times article about in

spk_0 August no computer science degrees having trouble finding those computer science jobs it's kind

spk_0 of this interesting environment we are when we look at the labor force hey one of the things I

spk_0 wanted to ask you your team shared with us that you believe Tina is back and it's not the Tina

spk_0 that we think about there is no alternative in terms of like us but it's something we started

spk_0 off with about us government data it is important there's no alternative I mean the depth of the

spk_0 breadth of the government that you just can't match it and I think you know so far thank goodness

spk_0 with the markets have been sort of maybe a maybe in a negative way whistling sort of past the

spk_0 graveyard of no government data but you know they've been able to manage through with corporate

spk_0 earnings I think that's been a nice bridge to get us to when the shutdown ends I think though

spk_0 you know the longer this goes on I think what we have to keep in mind and what we've really been

spk_0 emphasizing to our clients is that you know when you don't collect this data yes you can go back

spk_0 and retro retroactively get it but it's not going to be clean so you're going basically almost a quarter

spk_0 without this really key data so you're going to have a delayed third quarter GDP report you're

spk_0 going to have missing data in a way for the fourth quarter and then you have benchmark revisions

spk_0 coming in February which kind of throws another wrench into this that's Kevin Gordon Schwab's head

spk_0 of macro research and strategy on site at Schwab Impact 2025 we turned out to our conversation with

spk_0 Schwab's Lisa Salvy head of business consulting and education we held a Bloomberg AI finance summit

spk_0 it was just last month we asked attendees in financial services which area do you believe

spk_0 a gentick AI holds the greatest potential to impact and of course the gentick AI we're talking

spk_0 about AI systems like can autonomously and maybe senseless scary but autonomously plan and execute

spk_0 multi-step tasks with minimal human oversight yes that's a definition but I know I know take

spk_0 over my world I'm ready for it so here's what the folks at that summit said the findings 62%

spk_0 Tim said the greatest potential would be an automating repetitive complex tasks and workflows

spk_0 23% said generating alpha through faster deeper insights 11% supporting strategic decision-making

spk_0 across the enterprise and then 4% curl personalizing client experiences at scale all right so let's

spk_0 see what our next guest has to say she worked with independent advisors and their firms Lisa Salvy's

spk_0 head of business consulting and education at Schwab advisor services what did you think about those

spk_0 results they're interesting to me I lead a benchmarking study here for R.A. specifically it's

spk_0 like industry leading amount of data we had about 1300 firms participate this year 68% of our

spk_0 firms are using AI in some form 2025 obviously that was the year of the note taker right so that's

spk_0 kind of the story I think it's unlike a basic level they're using it um it depends so basic is

spk_0 just not taking right and then now we're seeing more integration into the CRM system so we're

spk_0 starting to see that and it's starting to populate tasks and next steps so a lot of firms are

spk_0 saying that saving them 30 minutes per client meeting so that's a real ROI we're seeing which you

spk_0 don't always see with AI all the time up to you know I had one firm last week tell me two and a half

spk_0 hours of time savings so that's kind of the year what we've seen this year I think next year is

spk_0 going to be more of a two pillar type of year where you're going to see a lot of bottoms up type of

spk_0 um projects and and kind of citizen programming with the AI tools that are available within firms

spk_0 but we're also going to start to see looking at larger-scale projects that can actually build a

spk_0 transformative change or time savings in the organization that will be approached more like a project

spk_0 agentech agents and agentech that's kind of we're just stepping into that so you're

spk_0 starting to play with that some firms have it yeah it's still very rare um I think what I would

spk_0 like to see firms do is really start to focus on well two things the boring one the data you've got

spk_0 to get that data really good because AI doesn't fix bad data it just amplifies it oh we know

spk_0 yeah I know what about the um finding alpha part of this because that's that's the

spk_0 surprise that's interesting I don't hear that very much from registered investment advisors I don't

spk_0 hear as much on the investment side I hear it more on reading research reports giving them something

spk_0 to react to and on the portfolio management side I will say one advisor came up to us and was

spk_0 talking about actually something I had done at a different event where somebody showed a demo

spk_0 and then got into like AI in a big way and said it did a lot of things like computations different

spk_0 things tasks and it he was able to create better performance for his investors because it just

spk_0 happened quicker and there are things he wouldn't normally maybe do or spend the time on because

spk_0 you just couldn't and that he did and then yeah it did create it's interesting it's where are you

spk_0 comfortable so yeah a lot of advisors are not wanting it to hit the client yet yeah so that's

spk_0 where that's going to be where we see some progression but if you can create really comprehensive

spk_0 plans and advisors need to be prepared to their clients are going to start doing it and come in with

spk_0 something and that they're going to have to react to when do you think we start talking about AI

spk_0 we don't talk about the internet today the idea that it's just this layer of technology that we're

spk_0 all using I think I think it's still changing so rapidly we're still seeing so many changes that

spk_0 we're going to be talking about it for a little while especially as we get to that adentic layer so

spk_0 first we're going to have projects then we're going to have agents that just do things like one

spk_0 off tasks like read a research report on its own an email at you without you asking it to do it

spk_0 then we get to what you guys were talking about at the beginning the adentic layer we have the

spk_0 whole bunch of these like bots that are doing things on their own and making decisions we have a

spk_0 ways to go that Schwab's Lisa Salvi head of business consulting and education coming up more

spk_0 from our conversations at the Schwab Impact 2025 event in Denver Colorado up next we hear from Omar

spk_0 Aguilar he is the CEO of Schwab Asset Management that's next this is Bloomberg

spk_0 I'm Alex Rodriguez and I'm Jason Kelly and we're back with more episodes of our show The Deal

spk_0 we've got behind the scenes conversations with sports greatest business people and athletes

spk_0 from Serena Williams and Stephen A Smith to Bill Belichick and Melody Hobson

spk_0 I got dangerous in seeing up arrows up arrows catch up on the interviews you've missed and listen

spk_0 to all new episodes every Thursday on Apple podcast Spotify YouTube or wherever you get your podcasts

spk_0 this is Bloomberg Business Week daily with Carol Masser and Tim Steneveck on Bloomberg Radio

spk_0 back here on Bloomberg Business Week daily looking at some of our favorite conversations and

spk_0 highlights from the Schwab Impact 2025 event it was held Tim this past week of course in Denver

spk_0 Colorado it was a little chilly out there what was yeah it's Colorado I know I know it's the

spk_0 foothills of the Rockies so that's true yeah 300 days of sunshine a year though so that's not bad

spk_0 no it was nice to be out west we turn now to our conversation with Omar Aguilar CEO of Schwab Asset

spk_0 Management well let's talk about this year because as we were chatting ahead of this interview you

spk_0 made you made the joke I wish we could just end the year right here because it's been a good year

spk_0 it's been a good year but what is that portant for the next you know two months it's been great for

spk_0 investors it's been great for investors you actually see it is I would probably say there were

spk_0 many points throughout the year where we always things were actually going to be different and

spk_0 I don't think anybody anticipated you know that we're going to be at this stage you know so far into

spk_0 this year you know from the beginning of the year the uncertainty around administration to

spk_0 liberation day to recovery to you know the rise of AI to the economy the consumer all the way to

spk_0 where we are now it's such it's such to be in a ride that I think investors have taken advantage of

spk_0 you know I was thinking about your background and I just want to lay that what you've got 25 years

spk_0 of investment management experience in equity markets you've seen a lot of cycles and I know I

spk_0 think I often reach out to you guys to ask you about this what do you make of some of the recent

spk_0 stress that we've seen no more whether it was concerns about credit some of the regional bank

spk_0 issues again we've heard different stories about whether or not credit concerns or something that

spk_0 might linger for a little bit then there's the private you know credit market so how do you see it

spk_0 and do you see it at all impacting kind of the tone of trading activity on your platforms yes it

spk_0 it is it is interesting because yes I have seen a lot of I have to so we're just like a good bottle

spk_0 why you know my my gray hairs you know take you know I'm take a pride of it but uh but yes you know

spk_0 it is interesting because you know what we what I have seen historically is you actually go to

spk_0 the source of what is actually maybe the reason why something cracks there will always be in every

spk_0 single cycle you know areas of rest that are what we call ideal syncatic that's just a fancy word

spk_0 but you know what that means is that there will always going to be things that will happen

spk_0 that will make people nervous and which is need to understand whether it's systemic or it's just

spk_0 isolated to certain area interesting enough you mentioned about you know the the particular

spk_0 the credit market you know the credit market has been incredibly resilient since 2008 and I think

spk_0 when you look at the current even the high yield market you know there's now is not as junky as

spk_0 you used to be you know I remember back in you know 2005 2006 or 2001 and 2002 those were periods

spk_0 where you will really feel that there was a lot of the linkages there was a lot of rest there was

spk_0 a lot of uncertainty around them when you look at it today you know the the linkages are growing

spk_0 right but not outside of the norm but you will have it this part of the cycle why do you think that's

spk_0 not happening well a lot of that has to do with corporate corporate America you know their balance

spk_0 sheets are fairly fairly strong and the amount of leverage that you see in corporate America has

spk_0 is basically to the lowest in many decades so what that actually means is that yes companies that

spk_0 are taking excess leverage to step risk and they're more risky with the way they manage their

spk_0 business you know they're clearly a more at the risk end but the majority of America it's

spk_0 actually pretty solid in terms of how they manage the balance sheets and in fact a lot of the

spk_0 reasons we were talking about you know in other forums about the reasons why tires have not been

spk_0 having the impact as big as it has been is because profit margins have been very very benign and

spk_0 not been affected as much so does that mean that it's only a matter of time before we actually see

spk_0 inflation as a result of these tariffs when these companies say we're not going to we're not

spk_0 going to pad the impact anymore with our with our healthy profit margins we're ready to pass these on

spk_0 well we're already seeing some of that we're already seeing two things one is we're ready seeing

spk_0 companies that are they're not going to have a choice but actually pass through those increasing

spk_0 prices to the consumers you know we have seen those companies that have the biggest you know

spk_0 opportunities and the biggest why does margins they're they're ready good but they're once they're

spk_0 gaining a squeeze and a squeeze we already see some of that already in the early parts of this

spk_0 earnings season the so the second part that we're observing is consumption you know consumers

spk_0 and the demand destruction started to happen you're starting to see a little bit in terms of like

spk_0 you know airlines and the tickets and you know you see that actually on my way here for the first

spk_0 time the plane was not full that that was unique because you know for the entire year you know

spk_0 you always go there and it's actually big big chunk of it so you can see a little bit of that

spk_0 consumption starting to just get affected by it this happened to us last month on our way back

spk_0 from Los Angeles the person at the gate said this is crazy it's been full pretty much until now

spk_0 the flight was empty heading back yeah again it's an anecdote yeah but hearing it from airlines yet

spk_0 but but airlines have been so smart about keeping those planes packed right and so to me it seems

spk_0 a clear indicator I know I said you've seen a lot of cycles but I but I think about your background

spk_0 Lehman Brothers Merrill Lynch these are firms that are no longer around you know post GFC the great

spk_0 financial crisis so I guess I always try to think you know what are we missing in an environment

spk_0 where so many people are like it's okay it's okay it's okay and I'm like what what are the

spk_0 possible risks do you think for investors in this environment well we we have seen

spk_0 and actually we saw this in the last six weeks if you if you look at the performance of those

spk_0 companies that did not that do not have positive earnings negative earnings companies in small

spk_0 and mid cap sectors they outperformed by almost 20% in a short period of time so what is called

spk_0 the junk wrap and in many cases the concern is that this component of excess goes into areas that

spk_0 goes like that and that volatility is not helping oh Mark thank you always always appreciated

spk_0 Omar Aguilar he's CEO and CIO of Schwab asset management all right so let's share some numbers

spk_0 with you check this out 16,000 independent advisory firms five trillion ten in assets

spk_0 under management that's the business that john v 80 overseas he's managing director and head of

spk_0 Schwab advisor of services he joined the Sunside here Schwab impact 2025 in Denver Colorado

spk_0 john you've been at Schwab for close to 30 years let's say 28 just so okay myself okay so it's

spk_0 a great run 28 28 years you've been a member of the advisor services team for 16 years

spk_0 it's correct an RAA today versus what it was 16 years ago they want different things well it's

spk_0 amazing when I first joined Schwab 28 years ago in the advisor business we custody to $100

spk_0 billion for assets now it's five trillion dollars so that just gives you what where is that in

spk_0 market share so advisor services Charles Schwab has about a 44% market share of independent advisors

spk_0 doubled the nearest competitors so we were first to the space back then almost 38 years ago

spk_0 and have really focused in on it and made it main priority here at Schwab and we've been rewarded

spk_0 by our clients with their growth you know my inlaws are we're talking about their financial advisor

spk_0 and I was telling about this conference that I was coming to and they said we had a choice when

spk_0 we signed up with this financial advisor who we wanted as a custodian we could choose Schwab

spk_0 we could choose another company is that that that was surprising they didn't know that RIAs have

spk_0 relationships with different custodians yes RIA industry is the industry of independent advisors

spk_0 and independence means that they have choice is who their providers are whether that's custodian

spk_0 or asset management fintech providers in their back office I think that is actually the secret

spk_0 sauce in the RIA space in that everybody has to be at their best every day to maintain their seat

spk_0 at the table whether it's us as a custodian against our competitors or a fintech provider in the

spk_0 back office an asset manager so everybody's at their best that means consumers are getting a great

spk_0 experience keeps everybody lean and mean yeah and competitive so what do you investment advisors

spk_0 really need from you guys today so really the where the hallmark is or the foundation and

spk_0 relationship is our custody experience which means opening accounts moving money doing trades

spk_0 the basics that that advisors want to be brilliant in how they serve their clients so it's easy

spk_0 secure what easy secure accurate all of those things that matters important and last thing an

spk_0 advisor wants to do is is have their custodian or any of their providers embarrass them in front of

spk_0 their clients so right so we have to be at a 99% accuracy rate and everything what we do for

spk_0 advisors and that's why we're winning in the marketplaces those brilliant experiences that we

spk_0 provide what's the toughest thing in making sure that you guys are hitting on all those things the

spk_0 accuracy the security all of it yeah it's really the move from paper to digital yeah and that's

spk_0 a that's a change management thing in our industry so we've made great progress in the last five

spk_0 years on that now for example moving money wires ACH transactions were 93% ACH it's the ability

spk_0 to move money overnight without a wire got it yeah it's an industry acronym sorry about that

spk_0 down but we're at 93% rate there were just five years ago that was less than 50% so what what

spk_0 what digital brings is it brings faster more accurate less errors in the ecosystem new accounts

spk_0 you know we're opening on a digital platform at about a 50 60% rate we'd love to get that in the 80

spk_0 to 90s so that means modern experiences for the investor as well as the advisor I was talking

spk_0 to one of the independent advisors before our program started and he was telling me he's like okay

spk_0 I've got this whole machine that runs Linux that just runs my Bloomberg terminal separate machine

spk_0 separate keyboard then I've got my other two monitors so two monitors over there then I've got

spk_0 my other two monitors with basically the Schwab dashboard and everything that that Schwab offers

spk_0 that I can then offer to clients what is that oh it's what is that tool what is that dashboard so our

spk_0 our website is the place where we serve advisors digitally Schwab advisor center.com in that tool

spk_0 you'll find all the logistics of custody moving money opening accounts we have trading capabilities

spk_0 on that website and a lot of other features that advisors can dig in you know the industry has

spk_0 changed over over the years and now we have our iRebell capability which is a is a automated

spk_0 rebalancing tool we have model market center where advisors can tap into pre-built portfolios

spk_0 so advisors are really looking to outsource some of the things that you used to do in house

spk_0 so that they can use their time in other ways with investors around planning a state

spk_0 tax those those value added places how much how much in terms of advisors from what you guys

spk_0 are seeing how much are they doing like face-to-face or phone calls or actual conversations versus

spk_0 so much that they can do either digitally like i'm just curious if what that makes is well it has

spk_0 to be a combination because if they want a free uptime to do yes yes and and there's nothing that

spk_0 replaces being in person with your client and we had Kessily talking about the need for social

spk_0 interaction so what really advisors trying to to bring is a recipe of digital experiences that take

spk_0 the less value activities moving money and transactional work so that they can use their

spk_0 in-time person with clients on more of the intellectual psychological aspects of investing

spk_0 AI very briefly yes can it be really important as we go forward not yet

spk_0 well we see advisors about 50% of advisors are already using AI enabled tools in their back

spk_0 office these are things like recording meetings with clients and taking notes we see them using

spk_0 tools to read contracts and give summaries and so it's it's basic AI but it's the beginning and

spk_0 you know this is an entrepreneurial community and so they're leaning into these types of services

spk_0 how much back and forth is there with advisors and you guys about what we need in in terms of AI

spk_0 it's about our ecosystem we want to enable them on the custody side and then they need to

spk_0 AI enable their experience with their clients related to the portfolio and other aspects so

spk_0 it's going to play a big role in this industry as we go forward John thanks so much for joining us

spk_0 they're a jackpot that's like hey Chuck how do I do this yeah we have a knowledge center tool

spk_0 that it that our service reps use that is AI enabled that makes us smarter on the phones with

spk_0 advisors we'll turn that on to advisors at some point okay not yet once the learning is done right

spk_0 all right John baby thank you so much really appreciate it uh manager director head of advisor

spk_0 services at Swab coming up more from our conversations at the Swab Impact 2025 event in Denver

spk_0 Colorado coming up Fred K nor managing director of relationship management for

spk_0 Daff giving 360 talking about the growth of charitable giving and the use of donor advised funds

spk_0 that's coming up next this is from the park

spk_0 I'm Alex Rodriguez and I'm Jason Kelly and we're back with more episodes of our show the deal

spk_0 we've got behind the scenes conversations with sports greatest business people and athletes

spk_0 from Serena Williams and Stephen A Smith to Bill Bella check and Melody Hobson I got

spk_0 dangerous in seeing up arrows up arrows catch up on the interviews you've missed and listen to

spk_0 all new episodes every Thursday on Apple podcast Spotify YouTube or wherever you get your podcast

spk_0 this is Bloomberg Business Week daily with Carol Masser and Tim Steneveck on Bloomberg Radio

spk_0 we're back here on Bloomberg Business Week looking at some of our favorite conversations it was all

spk_0 happening at Swab Impact 2025 the event held in Denver Colorado this past week we turn now to our

spk_0 conversation with Fred K nor managing director of relationship management for Daff giving 360

spk_0 we talked about a lot specifically the growth of charitable giving and the use of so-called donor

spk_0 advised funds a donor advised fund is essentially a count set up to facilitate charitable giving

spk_0 a donor advised fund is comprised of three different components contribute invest and grant so

spk_0 a donor with the support of its advisor his advisor her advisor contributes cash securities

spk_0 appreciated assets including real estate collectibles private business interests and alike

spk_0 we accept those contributions we liquidate them if they're appreciated assets we deposit them into

spk_0 the account they invest those assets for growth while they're in the account and then when they're

spk_0 ready to grant them to the charity of choice they can do so in a matter of a couple of days and the

spk_0 beauty of the account is from a contributions perspective it affords the donor and immediate

spk_0 fair market value tax deduction at the time that the contribution is made and they potentially

spk_0 avoid capital gains tax that they would otherwise pay if they were to sell those assets first and

spk_0 donate the proceeds into the account thereafter should everybody be considering donor advised funds

spk_0 or do you need to have a certain level of wealth for it to make sense yes really don't really yes

spk_0 i mean now it's a good question a lot of people think that you know a donor advised fund account

spk_0 is set up for the ultra high net worth and the ultra wealthy and the answer is no it's not there's

spk_0 no minimum to open an account you can have an account within fact a zero balance many people open

spk_0 an account for test of entry purposes they they will fund it upon their passing to fulfill their

spk_0 charitable legacy when you're young you don't necessarily have a lot of assets to give to charity

spk_0 so you don't have to give five thousand ten thousand to open an account you can open it with a

spk_0 zero balance and you can fund it over time when you have the assets ready to give but why open

spk_0 it early if you don't really have anything to contribute to it it's a great question and they do

spk_0 it for a variety of different reasons like i said one is when it's used for test of an

spk_0 entry purposes when a person is planning their legacy when they're planning sort of their they're

spk_0 trying to think about what they want their legacy charitable legacy to be beyond their lifetime

spk_0 they would fund upon their passing the donor advised fund account would be named as a bit of

spk_0 fishery of their trust or their state and the an amount would be put into that with the understanding

spk_0 of exactly how and where they want that be distributed to charities of choice so that's what i want

spk_0 to talk about is control here how much control does the person who put the assets in there who had

spk_0 the assets who do it the assets have where those assets go or where that money goes that's that's

spk_0 a great question so so technically when the assets are put into the donor advised fund account

spk_0 they relinquish control of those assets because those assets we are as you said at the beginning we

spk_0 are a five o one c three nonprofit they are effectively making a contribution to a non-profit

spk_0 organization and at that time they relinquish the control of those assets however they are the ones

spk_0 that recommend the investment strategy when the assets are in the account because we want to make

spk_0 sure that they're invested in a manner that's consistent with their personal goals and objectives

spk_0 and they recommend grants when they choose to have grants go to the charities that you

spk_0 should support so in other words it's not them making the grant they are recommending to us as the

spk_0 if you will owners of those assets where they want those grants to be made and how and so while

spk_0 they reliquish the control for a variety of reasons when they actually make the contribution

spk_0 they make the recommendations on how to invest and where and they make the recommendations on

spk_0 where to grant them when so two questions where do they where are folks often saying here's where we

spk_0 want those assets invested and then where are they saying they want to donate that's a great question

spk_0 and and there are a number of different investment options and it really is up to ultimately the donor

spk_0 and the advisor supporting the donor on how they choose to balance their portfolio in terms of

spk_0 an investment strategy many of them because I wonder if it's about growth or it's just about

spk_0 maintaining the principle or a little bit of both yes it's both it mostly it's both people want to

spk_0 do a variety of different things they want to maintain the balance they want to grow it over time

spk_0 and an interesting statistic is we have seen almost four billion dollars in growth in incremental

spk_0 growth as a result of utilizing a very effective and prudent investment approach while the assets

spk_0 are in the account so above and beyond what they've contributed as a result of you know really effective

spk_0 and thoughtful investment of those assets we've seen about four billion additional dollars

spk_0 ultimately made available to go to charities so I interrupted you so where are folks investing

spk_0 then where are they donated so they're investing in a variety of ways some people want to invest

spk_0 around impact investing for example they want to do things with SRI ESG actually that's even growing

spk_0 impact is an evolving term and it means different things to different people but yeah

spk_0 that's a that's a big thing others are investing in sort of much more conservative investment

spk_0 options where they're much more part more focused on maintaining the balance and making sure that

spk_0 you know it's not subject to the same investment volatility as others so it it really the answer to

spk_0 question is that they're investing in in whatever way they feel most comfortable investing those

spk_0 assets if it's for impact and that impact has you know a social return is in addition to financial

spk_0 return and in other cases it's just really maintaining the balance making sure that they have those

spk_0 assets there to be able to grant a charity whenever they choose and then ultimately where does that

spk_0 money go so yeah so then the third component is granting so we we allow grants to any organization

spk_0 that is a 501c3 nonprofit and good scanning with the IRS our database we rely on the IRS database

spk_0 that is about two million strong right now so really it's it's it's up to and and then it's in

spk_0 the flexibility of solution it goes to wherever they choose to support it it could be their house of

spk_0 worship it could be their alma mater it could be providing grants to disaster relief organizations when

spk_0 philoxica or in texas or fires occur in in california so it's really incredibly flexible in terms

spk_0 of where and how they grant any place that they cannot donate just real quickly it's not really

spk_0 there the the as long as it's a 501c3 a nonprofit organization and good standing with the IRS

spk_0 generally speaking those that we we fulfill those grant recommendations all right so appreciate

spk_0 this is really fun for thank you so much thank you guys very much for the time he is managing

spk_0 director relationship management for dapf giving 316 independent 501c3 public charity

spk_0 fully known a swap chart Tim and I here at Schwab impact 2025 now you might recall

spk_0 over the summer it was in august president trump signing an executive order directing the

spk_0 labor department to reevaluate guidance to fiduciaries to get them more comfortable with including

spk_0 private credit digital assets and other alternative assets in their retirement plans now the ssc

spk_0 mail so issues new rules or guides to change the definition of a credited investor or qualified

spk_0 there's a lot going on that could open up a lot of different types of assets to be told investors

spk_0 it's something that we've gotten into with the Schwab CEO and kind of on pause right now at least at

spk_0 the ssc level because of the government shutdown yes but still this seems to be the direction

spk_0 of things are moving all right we've a great guest to get into on all of this with some thoughts

spk_0 and here at denver endeavor at Schwab impact 2025 Kayla culver she's head of risk and controls for

spk_0 Schwab advisor services good to have you here there's a lot going on that could change or there's

spk_0 a lot that is going on that means we won't see changes how are you assessing kind of the regulatory

spk_0 environment things that could change what investors can be investing in so I feel like for advisors

spk_0 it's a lot of what flash right now when we look at the prior administration and ssc scc chair

spk_0 gensler there was constantly new rules coming out and it was just like regulation overload for people

spk_0 and now underpal actions we're expecting to see a reduced pace of regulation so we see it as a good

spk_0 opportunity for advisors to really focus on getting back to basics and making sure that their

spk_0 compliance programs are up to date that all of their advs are accurate what are advs um

spk_0 their disclosure documents that I have to file with the ssc really just making sure that like

spk_0 their house is in order so that because if we're not under a constant flood of new things coming out

spk_0 and then you know we heard you talking about the executive order related to 401ks and being able

spk_0 to hold alternatives different things in 401k accounts that's something that you know some

spk_0 advisors have interest in for their clients and it's going to really depend on the plan like

spk_0 there's the something that the plan chooses to allow for that client or you know for their

spk_0 plan participants or does the plan not want to allow that what direction do you see that moving

spk_0 in if it does get approved if it all if it happens if the ssc says okay this is totally fine

spk_0 is everyone going to be is it going to be like us having stocks and bonds in our

spk_0 I don't think it'll be for everybody I think that we see well will everybody at the option

spk_0 well it's going to be up to the plan administrator so who's ever sponsoring that plan third

spk_0 the fiduciary they've got the ability to say you're allowed to invest in x or you're allowed to

spk_0 invest in you know not allowed so would that be at the company level for for a certain company

spk_0 and its employees or would it be at the whoever they decide is the plan administrator like an

spk_0 empower for example it's really like the plan sponsor who's choosing that okay so why would a

spk_0 plan sponsor say no why would a plan sponsor say yes I think they would say yes if they wanted to

spk_0 give their participants additional choices some plan sponsors may say no you know we see it

spk_0 on the Schwab side where we've got some plan sponsors that have opted into our personal choice

spk_0 retirement account offering where you can basically have your 401k and self-directed invest in

spk_0 stocks and bonds and things that are outside of the the plan allocation it just really depends

spk_0 on their comfort level like from a conservative perspective you might say we want to stick more with

spk_0 you know these funds that we've chosen do you is it a good thing I think it's you know choice is

spk_0 always a good thing so more freedom of choice but as long as people are doing it smartly with

spk_0 you know with the advice of an investment advisor I think it's a smart decision but I think

spk_0 there's always additional risk there well the risks are right in terms of all the assets some

spk_0 things are not as liquid as others and you need to understand that if you need to be able to get

spk_0 out of something it's not liquid like stocks and bonds exactly in many ways and that's why I think

spk_0 doing things with the advice of a professional versus just you know your friend told you this was

spk_0 a good investment it makes more sense that way on the regulatory front and having advisors

spk_0 have less regulation right now just more fall on them in terms of making sure that they're doing

spk_0 what's right because those those regulations aren't necessarily in place and I know it's kind of

spk_0 a judgment for me to say you know a quite regulation with right that's not what I need to do but

spk_0 we know the we know the DNA that Paul Atkins has the SEC chair when it comes to this stuff and

spk_0 he's much more laissez faire than other SEC chairs in the past yeah so what what we keep reminding

spk_0 advisors of is just because there's you know all this noise about deregulation and less new

spk_0 regulations you still have to follow the fiduciary duty you still have you know they're still regulations

spk_0 on the books they're still rules you still have to do all the things and be making sure you're in

spk_0 the best interest of your client so just because it's a more like laissez faire kind of environment

spk_0 doesn't mean you still don't have principles that you have to adhere to that Schwab's Kayla Culver

spk_0 had a risk and controls over at Schwab advisor services and that does it for this special edition

spk_0 of Bloomberg Business Week featuring some of our conversations and the highlights from the Schwab

spk_0 impact 2025 from the Schwab impact 2025 event in Denver Colorado this past week for all of them be

spk_0 sure to check it out at Bloomberg dot com and wherever you get your podcasts hey and also be

spk_0 sure to tune into Bloomberg Business Week daily Monday through Friday starting at 2 p.m. Wall Street

spk_0 time on Bloomberg TV Bloomberg Radio and on Sirius XM channel 121 and you can listen to us on Apple

spk_0 CarPlay and Android Auto it's free in the Apple App Store or on Google Play you can also watch our

spk_0 daily broadcast on YouTube just search Bloomberg podcasts and were sammelcast on Bloomberg originals

spk_0 available at Bloomberg dot com slash originals and streaming platforms like Roku Amazon fire TV

spk_0 Samsung TV plus and more find out Bloomberg Business Week daily podcast at Bloomberg dot com apple

spk_0 or wherever you get your podcasts and the latest edition of the magazine it is available on

spk_0 new stands now at Bloomberg dot com and always always on the Bloomberg terminal I'm Carol Masser

spk_0 and I'm Tim Stenevek have a good and safe weekend everyone stay with us today's top stories and

spk_0 global business headlines are coming up right now

spk_0 I'm Alex Rodriguez and I'm Jason Kelly and we're back with more episodes of our show The Deal

spk_0 We've got behind the scenes conversations with sports greatest business people and athletes

spk_0 from Serena Williams and Stephen A Smith to Bill Belichick and Melody Hobson I got

spk_0 dangerous in seeing up arrows up arrows catch up on the interviews you've missed and listen to

spk_0 all new episodes every Thursday on Apple podcasts Spotify YouTube or wherever you get your podcasts

Bloomberg Businessweek Weekend: November 7th, 2025

Interactive Transcript

Topics Covered

Related Episodes

584 - The 4 Fundamentals of Lasting Change: Start today and change your life with Molly Claire

Manifest Space: Intuitive Machines CEO on $800 Million Deal and Building a Lunar Communications Network 11/7/25

What’s Up THIS WEEK: ChatGPT HUGE Change! 🐦 Threads Catching Up. 📊 3rd Grade Level Marketing Works! | Ep. 425

Wayne Pays More: A Life in the Pawn Business with Wayne Cohen

Share Episode