A crime . Jason all of that and more. But first, our top story this week. Natos 70th turned out to be less like a Birthday Party and more like a thanksgiving dinner for a big, dysfunctional family. Carol thats right. Not all of them got along, a few snide remarks were made, but in the end, everyone seemed to accept that theyre stuck with each other. Thats according to marc champion, who covered the summit outside london. He joins us now. Lets talk about nato. What a week it was. Marc it was. I mean, the buildup was pretty extraordinary. This was supposed to be just a celebration. It wasnt a real summit. It wasnt a full summit. They do that every two to three years. This one they felt they had to do because it was the 70th. They kept it really short because they specifically didnt want to create a big target for unscripted problems with president trump, which theyve had before. So, and then all of a sudden, in the weeks before, you had the french president , macron, coming out and talking about whether he how he wasnt so sure whether the rest of nato allies would go to the defense of turkey under the article five collective defense clause, which is at the core of nato. It caused a huge blow up. And then, of course, you had turkey itself, which had begun a military operation in syria against the will of most of the other allies. People were very apprehensive going in about this thing could just blow up. Instead of being a celebration, a demonstration of the union of the unity of this alliance, it would be the opposite. Jason it ended up more awkward and uncomfortable than anything. You had hot mic issues, extended press conferences, the president of the united states, as he seems to like, right at the center of it. Marc absolutely. And really, the key question going in, and what everyone was wondering to themselves when he landed, what was he going to do . He had a binary choice. He could either decide, you know, i will throw in with macron hes raising a lot of questions about nato. Ive raised questions about nato, not just on spending, but various times the president called nato obsolete. And, you know, he could have done that. He chose instead to present himself as a savior of nato, and its protector. And its an unlikely role, given all thats gone before. But the bottom line there was that hes had some success in getting the other nato allies to spend more on defense. Hes been banging on that particular drum for the three years hes been in office. And defense spending has increased pretty sharply among the allies. It actually began before he came into office, but hes very happy to take the credit. The other leaders are very happy to give it to him. Carol i think its safe to say theres been a fair amount of conversation that all the members of nato have to contribute their fair share. I want to ask you about boris johnson. He was at the summit. He is also the subject of remarks in the magazine this week, more specifically his character and temperament. His anger, who knew . Tell us a little bit about that and how that might impact his campaign and possibly his election. Marc yes, so this has been a really extraordinary campaign. Theyre very short in the u. K. One has to remember that, especially if you are familiar with american ones that go on for more than a year. Theyre basically a monthlong, a month to six weeks in effect. Theyre extremely short, really packed in. All the debates and everything it happens very fast. We are already towards the last week. This particular campaign is extraordinary because you have both parties making big plays in terms of changes in public spending, budgeting, fiscal policy, and all these sort of things. In the end, it really comes down to trust in the two main candidates. One of them is boris johnson, and he has always always had a big issue with trust. And the anger is a piece of that. And we have this article in this issue of businessweek, which runs through it, very carefully reminds you of the times when he has flown off the handle. And people already dont quite trust him because he has a record. He was fired once for not telling the truth while he was a cabinet minister. He was fired as a journalist for not telling the truth. Theres already a trust issue for him. He has a pretty colorful personal life, which has raised some trust questions. If you add on top of that the possibility of a blowup because he doesnt keep his temper, which has happened before, then that is one of the things the people running his campaign are very concerned about. They kept the campaign on a very tight leash and him on a very tight leash and theyve kept his exposure quite limited. Jason marc champion, were going to leave it there. Thank you for joining us from london, a busy time between hosting nato and this big election. For more on this magazine, here he is, businessweek editor joel weber. Its theg 50 most wonderful time of the year. Joel this is our favorite issue of the year. We recognize the 50 people who defined 2019. We look specifically for things that are measurable because this is bloomberg. Carol all industries. Joel we try to look across everything and thats what makes this one special. You can have a list of people that are expected names. Like Warren Buffett could be on that list every year. But were looking for measurable contributions in 2019. We go back to january through now to find out who really sparkled. Jason even a chicken sandwich. Joel it broke the internet, the popeyes chicken sandwich. It sold out in a matter of days. People got stabbed over it. Really, it speaks to the ability for brands to harness things. Thingsen sandwich of all can really break the internet. Carol we reach out around the bloomberg organization. Is there a name that surprised you . Joel this is a team sport. We pull from bureaus around the world. We look for leaders and Business People and ceos. One of my favorite ones was the black hole, if you forget all the things that happened, this is a huge deal, the team that discovered a black hole. That was one of my favorite ones because its a photo of nothingness. Effectively, what we all looked at for the first time. And it really just marked an incredible scientific achievement. Im honored to have them on the list. Jason 2019 feels like a black hole kind of year in many ways. Joel weber, thank you so much. Carol coming up, a pushback on swiss re. Jason soros, yes, that soros, george soros, gets a little conservative. Carol they are indeed. This is Bloomberg Businessweek. Carol welcome back. Im carol massar. Jason im jason kelly. Catch up on our daily show through our podcast. You can get that on apple podcast, soundcloud, or bloomberg. Com. Carol you can find us online. Who wins when Companies Buy their own shares . Its a good question. One argument is that it is the companys executives that come out on top. Jason thats the case our economics editor is making, here with his story and this weeks businessweek explainer. Last year, s p 500 companies it hundred a record 806 billion with of shares, 55 more than the year before. This year, on track for 740 billion, the secondmost ever. One commissioner had his staff study 385 recent buybacks. They found shares rose 2. 5 more than the days after buyback than otherwise expected. They also found twice as Many Companies had executives selling in the eight days after buyback announcement as they do on an ordinary day. The value of those sales is more than five times higher. When a company buys back shares, it signals confidence in the future. When its executives sell shares, it seems like a legal version of illegal pump and dump stock manipulation. The sec wants the agency to rewrite the rules. He wants to bar insider sales for a length of time after buyback is announced. A sec chairman has not agreed. Although he says hes happy to continue the conversation. Carol lets get more on rewriting the rules. Jason you heard from him and here he is again, peter mccoy. Peter it focuses on other thing which has gotten less attention, which is what executives do. Robert jackson is one of the commissioners of the sec, not the chairman. He has commissioned his own staff to look into this. What he found is stocks tend to go up when a buyback is announced. It is an expression of confidence by management in the future of a company. No wonder the stock goes up a bit. But, what do executives do . They are more likely to sell their shares in the immediate aftermath of this buyback announcement, taking advantage of that pop in the stock. If youre a cynic, you would say this is a legal version of an illegal pump and dump stock manipulation. Carol right, so this is insiders taking advantage. Theres been Research Showing the insiders are selling right after the announcement of a buyback. Peter theres always a steady dribble of selling by executives. They are cashing in on stock options. Likeyou see is a big jump, fivefold increase on the dollar value of stock sales right after a buyback announcement versus before. The number of executives doing so is also up. Jason what does jackson want to do about this . Peter you can think of a wide solution. He has a narrow, tailored solution, which it seems unobjectable. It bars directors and other insiders from selling any int the immediate aftermath. As he says, who thinks its a good idea for executives to be doing this right after buybacks announced . Who benefits except for those people . Jason there are already restrictions on when insiders can buy and sell shares. Peter yeah, so this would be a new thing they would not be allowed to do. Carol how likely is this change to be implemented . Peter what hes betting on is articles like this one will start to generate some interest in this in the general public. So far, the chairman of the sec, jay clayton, has not gone along with this. He was asked about it last year and kind of demurred. Still willing to talk about this, i dont want to have a big roundtable about it, but hes susceptible to political pressures like anybody else. If the pressure mounts, the road could change. Jason lets talk about a story thats one of my favorites. Its about one of finances most legendary names, george soros. Theres a new era for his money. Carol thats so true, jason. Its a different fund and investment operation, in part because it has to be. Thats made dawn fitzpatricks job especially tough. Shes of the legendary shop. Jason a reporter has covered him for years. She wrote the book. All about the industry and its top managers, including mr. Soros. Here she is with her story. They struggled mightily with performance the past three years since dawn started. Jason remind us who she is, where she came from. She came from ubs. She ran the hedge fund business, as well as the equity business and other businesses at the management part of ubs. And she was chosen to run this new soros fund management, managing money for the foundation, not for george and his family. Carol take a step back because i feel like there was a long period where george soros could only do really smart things. If you could work there, it was a really cool thing. Remind us of his past. Sure. So, as you said, it used to be the major best performing hedge fund in the world and george sat on top of it. He had great traders, they made tons of money. And then in 2017, he transferred most of his wealth to his foundation. That meant the foundation was no longer managing money for george, whipping it around. They had to be much more conservative because they didnt want to lose money, they just had to ensure they could find all their projects every year. Jason that such a key point because if you go back to the culture and ethos of the original soros, it was big, big bets, i mean huge bets that paid off in many cases unbelievably. But swinging for the fences in a lot of ways, right . Kathy absolutely. They made so many big bets. The biggest one was george betting against the pound. Betting against the pound in 1992, they made 1 billion and they bet 10 billion. 10 billion on that bet. And they wanted to bet 15 billion. They just couldnt get it done. Carol breaking the bank of england. Alright, so thats where george soros is. Fastforward, and lets be fair. The Hedge Fund World has changed dramatically. We see the hedge fund shut down or folks take the money to have Family Offices. The world has changed dramatically. Kathy its harder to make money. And now, this isnt a hedge fund, its been a Family Office for many years now. Now it has to be more conservative. Jason coming up, a different kind of housing crisis that goes to one of the most important issues of our time. Is homelessness a crime . Carol plus, the cost of higher education, another big problem of our time. Jason this is Bloomberg Businessweek. Jason welcome back. Im jason kelly. Carol im carol massar. You can also listen to us on the radio on sirius xm. Jason 960 in the bay area, and london on dab digital and through the Bloomberg Business app. We turn now to a different kind of housing crisis. Carol the u. S. Supreme court may review a lawsuit that changes how cities treat the homeless. We checked in with our reporter on one city is unfortunately home to many homeless, seattle. Its a case that started a decade ago in boise, idaho. Six Homeless People brought a case against the city, basically saying that the local ban on camping in Public Places is unconstitutional. It represented cruel and unusual punishment because basically there was no place for them to go. There werent enough spaces for them in shelters and effectively, they were being penalized for being homeless, which is something you cant do under the law. Carol this is wild. I think it could change dramatically of how we think about housing. It gets to the idea that housing is a basic right. Noah yeah, thats a larger question that looms. The legal issue is much narrower. Just to complete the story, the boise won at the District Court level, but then it was appealed to the ninth circuit, which covers a giant swath of the u. S. West from alaska to arizona. The appellate found in the favor of the homeless folks. So, as a result, you have a ruling out there right now that says that these sorts of bans on Public Camping are unconstitutional. And its a big deal because its a ruling that goes beyond boise now. Its something that matters to cities like los angeles and seattle. And its created a lot of discussion in cities throughout the west about how they can tackle this giant problem of homelessness. Jason in your story, noah, you do talk about some of what various cities have done to try and combat this, especially at a time where if you talk to people in los angeles, san francisco, seattle, they talk about this massive rise in homelessness, which obviously has something to do, large part to do, with the affordability of housing. What have we seen those individual cities do to combat this so far . Noah well, what youve seen broadly is an uptick in laws that criminalize camping or sleeping in public. The ninth Circuit Decision really calls some of those into question. Its made a lot of cities back away from those bans. The question longterm, the bigger question that looms, is how are you going to solve homelessness . A lot of people in the west and across the country recognize its a problem, but theres a robust and active debate on what you do about it. On the one side, the folks who are arguing on behalf of the homeless folks from boise, they say that criminalizing people for sleeping on the streets when they have no alternative is counterproductive. Carol from the high cost of housing to getting an education. Jason the story in this weeks economic section explores one states free college program. Is it a model for the nation . Carol our reporter joins us from washington. The thing about tennessee, they were the first state to implement a statewide Free Tuition Program for every High School Graduating senior. And they could go to Community College or Technical College completely free. That started in 2014. It started as an economic program. The idea was that tennessee took a look around its workforce and realized, with an increasingly skilled economy and advancing economy, they werent going to have enough skilled workers. As a result, they came up with tennessee promise, and a Complementary Program for adults called tennessee reconnect that works to get tennesseans a postsecondary education. So whether thats a technical certificate or Community College degree or whatever it may be. And the results have been promising. You see College Going rates increase, enrollment in Community Colleges increase, Graduation Rates improve. But at the same time, the dropout rates, while improving, still could use a little bit of improvement. Its almost 50 of students are dropping out after three years using the program. So, the idea is that you look at these dropout rates and tuition is not a factor, but the other cost of college that the Financial Aid program doesnt address, like transportation or housing or the cost of books, are really weighing on these low income students. Jason what has been learned in tennessee that can and cannot be applicable to other states . So for tennessee, it has its own program, the first to offer to all students that were graduating from high school. But other states have their own version of programs. Some have residency requirements. New york requires you to live in the state after you receive the aid. Other states offer it for four year education while others offer it for two. I guess the lesson i heard from experts in this area is that a onesizefitsall approach is really challenging, especially in higher education, where each state is different and each state has come up with their own program to serve them. So, looking at it from a onesizefitsall approach is really challenging. But that is different than having a federal framework and giving states more wiggle room to decide whats best for themselves. Carol coming up, the bloomberg 50. From finance, politics, to entertainment. These are the people who changed 2019 in unexpected ways. Jason weve got a chat with one of the names from the list, the ceo joey levin. This is Bloomberg Businessweek. Whether youre out here on lte. Or here on a wifi hotspot. Xfinity mobile has more coverage to keep you connected to what matters most. Thats because its the only Wireless Network that automatically connects you to millions of secure wifi hotspots and the best lte everywhere else. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Jason welcome back to Bloomberg Businessweek. Im jason kelly. Carol im carol massar. Growth opportunity for a greener smartphone. Jason is it time for coco chanel to get into watches . I dont know. Carol weve got talk about that Bloomberg Jason who has the 50. Most subscribed Youtube Channel . Whos the biggest dealmaker . Run how fast did popeyes out of that famed chicken sandwich . Bloomberg editors from around the world answer those questions and many more for the third annual list. Carol we cover a lot. It is our look at the people in business, entertainment, finance, politics, and science in technology. We caught up with the editor behind it all. On the list is not a Lifetime Achievement award. There are many people i want to put on the list every year but they do not have a metric to prove why we should include them. So, a lot of it is looking at the numbers, figures, and saying they did have a great year and we can show this through a stock price going up or acquisition or a million other ways. Carol im always curious about the debates that you have as you are discussing these names because i am sure there are people that say disney has to be on this list. No, they dont have to be on this list. Bret there is a lot of that. Every year, i think this person is going to be on the list. End and they the wind up not on it. That sort of happens because we decide either the metric isnt strong enough, that it wasnt important enough thats what happens a lot. A lot of people have metrics, but you sort of look at how business shapes up, and it doesnt merit including. Carol is there a name on the list that might surprise someone, that is not necessarily a household name like kylie jenner or rihanna . Bret for every kylie or rihanna, theres a name you havent heard of. This is a very interesting story. He is a 19yearold that decides to travel around india on a budget and he says this is terrible. All of these hotels have roaches. It is foam blocks for mattresses. What if i take 150 rooms or smaller and standardized . What if i actually eliminate the bugs in these rooms, have hot showers . The hotel chain is aiding 7080 hotels a day, which is insane. And they are the number two hotel in the world, poised to overtake marriott. The most amazing tidbit is the way they use analytics to figure out what works. They found if they put portraits of Marilyn Monroe in rooms, people consider those hotels boutique. That increases revenue 1011 per hotel. Jason one, its not always just single people. I want to talk about the u. S. Womens national team. A shoe in on the list because in part this was much more than just winning the world cup. Bret their metric is the number of people that watched set records for any soccer game, not just women playing. For men, for women. Theyre on the list for their pay equity battle. Theyre now basically this is going to come to trial next year, and they are one of the groups fighting hard for pay equity. Their argument is a pretty good one, which is that they play more games. Theyve won four world cups. Dont we deserve more . We are seeing elsewhere in the world, australia just granted their womens team the same amount of money as their mens team. Carol i also wonder about something businessweek covers so well, big corporate stories and corporate trends. It was worth being on the list . Bret great question. Somebody that i love is ethan brown, right . If you look at business, really hard to overlook fake meat. Beyond meat is his company. Youve got impossible. Their stock price up about 200 year,it launched this huge ipo. Its just a space thats going to be worth hundreds of billions of dollars in the coming years. Hes a shoe in for that. Covered. N area we have canon mayor at disney, with the launch of disney plus, signing up nearly 10 Million People right away. One of the themes right away, kevin feige over at marvel with Avengers Endgame and obviously they work together. Jason a couple kevins, just changing the world. Bret and then you have people at warner bros. Youre seeing a ton in the streaming world, a lot of people reshaping how we watch tv. Carol more of the top 50. Jason the incubator and match group is up to 10. 5 million this year. Levin worked on wall street right out of college. But when he brought him over in 2003, he became a real dealmaker. Heres my exclusive chat at the World Headquarters in new york city. Joey i came to do mergers and acquisitions, which is what i was doing as a banker, and barry had told the market he wanted to spend 10 billion. That was for acquisitions on the internet. I thought sounds like a lot of fun. This was 2003. The internet was not popular. People said advertising doesnt work on the internet. Were not buying eyeballs anymore. This is overdone. We thought there is still opportunity. We spent most of our money and in travel. We were very active in that. I got to know barry and the vice chairman and we were all very involved in this process. It was a great group of people. I learned a tremendous amount. We started doing acquisitions and some finance stuff, started running my First Business in 2009. Jason go back to joining. At that point, barry diller is capital b, capital d. Hes not unknown at this point. What were your First Impressions . Joey people had all these things, youre going to your first meeting with him, dont look at him. But dont look away from him. I was like, what . There were all these rules. You go into the meeting, hes a regular person. But hes very intense, very sharp, and gets to the point very quickly. Sort of intolerant of nonsense or waste, but hes that sort of person in a meeting. The thing that i appreciated right away and still appreciate very much is this culture of debate and discussion and challenging. Its a lot of ways, hard to do as a leader because you say to everybody, essentially everything i say, you should challenge. Everything i say it you should disagree with to make sure you get to the right answer. Its, definitively, a better way of getting to the answer. It is a hard thing. It doesnt work for everybody. Some people dont like that culture. But it worked well for me and my personality. But i didnt really get to know him until several years of being there. Jason m a has been at the core of this company in a lot of ways, both buying and selling, in many ways. How does that help define the culture . Theres a lot of movement and theres a lot of constant coming and going, in many ways, and a lot of innovation, but also potential friction among these new things happening. How do you manage that . Joey theres a lot in there. We like the friction. We like that things challenge each other. We have multiple businesses in the same category. Wed rather disrupt ourselves than have somebody disrupt us. Were often, if we have a thesis on a category, we want several teams going after it. Its ok if they compete with each other and challenge each other in going after that end result. In many ways, you can predict some components of the future. No one can predict the future, but you can say heres one way of doing something. Heres a better way. Five years, 10 years, are people going to be doing the better way or the worst way . Theyre definitely going to be doing the better way. You dont know whether you will get the right team to figure that out, but you do know that thats what the future is going to look like. We try to put bets against that future so we can meaningfully participate in it. That sometimes leads to conflict or friction, but thats something thats ok with us. Jason coming up, calling with a potential greener take on the smartphone. Carol over on chanel, they get serious about luxury watches. Jason this is Bloomberg Businessweek. Jason welcome back. Im jason kelly. Carol im carol massar. Join Bloomberg Businessweek on the radio. You can also catch up by listening to our podcast at apple podcast, wherever you find your podcasts. Jason you can also find us on businessweek. Com. Carol as far as human rights and the environment are concerned, smartphones are a nightmare. Jason not to mention difficult to repair and recycle. Im scared of opening that up, that is unless youre a company in amsterdam that figured out how to fix that with the fair phone. Carol checking that out is stephan in berlin. Stefan it is the sustainable answer to all the other smartphones out there. Smartphones in general are pretty bad when it comes to sustainability. They are built in questionable environments, using metals and minerals mined in war zones, and its basically impossible to recycle them or repair them, meaning theyll often get tossed. Thats not a good thing. Carol im thinking in this moment and movement, where folks are looking for Greener Solutions to everything, im curious why this hasnt happened sooner or taken off more. Put it in perspective. We sell more than a billion smartphones around the world, yet this is a small part of the market. Stefan yes, the fair phone is a niche product. Last year alone, 1. 4 billion smartphones were sold around the world. The fair phone has a modest target of selling 150,000 models next year. However, you know, these products are catching on. The fair phone is catching on because the source is Sustainable Minerals from fair trade sources and from places where they ensure there is no child labor or Armed Conflicts involved. Its using recycled plastics and you can easily take this phone out and open it up and repair it yourself for a fraction of the cost of getting your iphone or Samsung Galaxy repaired. Carol that blows my mind. Jason lets talk about that element. Carol comes with a screwdriver. Jason exactly. How do they make something one can fix oneself . Stefan yeah, so basically they had the problem, which is when you have your iphones broken and you want to repair it yourself, thats basically impossible. Not only will you not open it, but you void the warranty. So they tried to come up with a design that makes that possible. The phone ships with a tiny screwdriver that you can use to open the device, and very simply, easily replaced seven key components from the screen that we know breaks easily, to the camera, to the battery, to all kinds of key components that usually you wont see or touch in other smartphones. Jason can chanel make up for lost time . Carol old age could be a beauty goldmine. This is Bloomberg Businessweek. Carol welcome back. Im carol massar. Jason im jason kelly. You can also listen to us on the radio sirius xm channel 119. Carol am 960 in the bay area and always on the Bloomberg Business radio app. Jason we turn to two stories in the business section about expanding business. Carol the first one is about chanel channeling the luxury watch business. Jason the other about cosmetics for the elderly. Carol we got the details from jim ellis. Jim we looked at chanels boutique in paris and it is facing these wellknown names in watches, like rolex, and theres chanel, which is normally known as a female centered brand thats big in real fashion and also in fragrance. We think about the blazers and purses, but you dont think about watches, even though theyve been in the watch business. Now they decided to make a push. Thats tricky because the brand is associated with a feminine fashion orientation, and thats not where the biggest watch companies are, things that men buy. Its a male focused kind of business and this is a tough way for these chanel people to shoulder their way in. Carol is it men specifically, or men and women . Jim its all in. They started out with a watch that has been successful called the j12. Its a unisex watch. Its sized and styled in a way that looks both good on men and women. Carol has it done well . Jim it has done well but it is just the beginning. Other companies have had a hundred years or couple hundred years in watches. This is definitely a 110yearold brand, but its associated with fashion. The notion of a fashion watch, thats not a complement. Jason watches are a funny corner of the market. Weve talked about the watch trade before, but i wonder why, not to be too cynical, but what makes chanel so special . Carol chanel is special, but go ahead. Jim thats something theyve had to contend with among the inside watch crowd. Theyve been not just wanting to sell watches, but make better watches. Theyve invested in making their own movements, which is the hard part of watchmaking. Not just putting a Quartz Movement on something, but instead saying they are going to have mechanical specialists in switzerland making their watches. They also own minority ownership in very expensive swiss watch companies. They know how to make watches. Its been shown. They won the sort of the oscars of watches in geneva the last two years for best womens watch. One of them was extremely technical. They have the product. The issue is can they break into something that people havent typically thought of as being controlled by a few other companies, particularly at a price point that a Luxury Company needs to charge. Carol going after watches, they have a cosmetics line. I dont know if they are looking to tap into the elderly consumer market. But in japan, cosmetics for the elderly is a thing. Jim i did not see this one coming. Jason tell us whats going on. Jim we all know that japan has the oldest populace of any country right now. And so it wasnt a big stretch for Consumer Product companies to say oh, the elderly, there may be a good market. But when you think of cosmetics, its aimed at the young. You target everything about looking like you are 20 with the skin of 20yearolds. Instead, in japan, where almost half the women are over 50. Carol i love that over 50 is elderly. I am just going to put that out there. Jim in another 1520 years, they will be over 60. This is an aging population. All of a sudden, people said this shouldnt be ignored. There is money here. This is an affluent population, as well. If we aim at that market, we can sell more. Companies are coming out with lines that look at that. Polo orbis, they are doing that. They are also using older influencers, as well. Jason that was one of the things that jumped out on me. In the same issue where we are celebrating kylie jenner at the ripe old age of 22 with her line, that she does a deal with cody, here we have a throwback to my era, kate moss, 45 years old. Jim the spokesperson. 45, while it seems young to me, is not young to that world. Therefore, what theyre saying, a more mature skin. Polo orbis, one of the Biggest Cosmetic Companies in japan, is using one of its influencers, a woman who is one of the worlds oldest beauty consultant. Shes 99 years old. Shes been helping women with their skin forever. It was really interesting to see there are all sorts of tricks, strategies people use when they are dealing with older customers. It means the bottles have to have larger text so it doesnt strain your eyes as much. It also means that you use wax on some of the eye products so it doesnt hurt the skin. And special combs that have black dye at the end of teeth to go for the roots of hair that is turning gray. There are all sorts of things that people are using to say i understand you are aging, but you can still look your best way and well help you with that. Thank you. Spend money with my company. Jason does this have the potential to go global . Jim i think so. It is not just japan aging quickly. China, even though its a developing market, its also a rapidly aging market. China is where these companies are expanding as the next step. Also, the u. K. Is another market that has an aging population, particularly aging female populations. This is something that will be a lot bigger in years to come. Carol businessweek is available on newsstands now. Jason and online and our mobile app. What is your must read . Carol bloomberg 50. This is a great list. We whittle it down with reasons why you should know about them. Some are household names, some are not. Jason well be talking to a lot of them monday night in new york city. Well have a live broadcast from our radio show. Well be hosting with joel weber. Carol and well be hosting the next weekend show on Bloomberg Businessweek. Jason for more bloomberg television, it starts right now. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. David why is it that wall street doesnt Value Airlines as much as you think they should . Ed our largest investor is Warren Buffett. He said you guys are the chicago cubs of the business world. David initially, you went to fritolay . Ed i consider that my myining there as postgraduate work. David what percentage of people lose their luggage . Ed we never lose. We call it mishandled. David mishandled. [laughter] would you fix your tie, please . David well, people wouldnt recognize me if my tie was fixed, but ok. Just leave it this way. Alright