Eu on october 31. Traits pets are affecting his company. , we begin with editor joel weber. Joel, lets start with the International Cover. Its a look about the bond market, debt, whats going on . Joel cheap money has been around for a decade now, and it is having a profound effect in the Global Economy. We look at the ecb this week and negative rates. Negative rates has been an untested policy tool that japan was using. And now its starting to spread. It was going to go away, and now its back almost, and its just a profound idea that a bondholder would invest in something that, if you hold that for duration, youre going to lose money. It just goes against the principles of, like, investing, right . This is investing 101. Carol who wouldve thought if you go back even a decade ago, that we would in this environment . Here we are. And it affects everything. Joel the idea of low rates was to spur growth. Thats not happened. And this problem just keeps getting worse and worse and worse, and now, to use Mario Draghis words, things look worse and worse. Jason and we heard from the ecb this week. We are going to hear from the fed next week. Closer to home, the domestic cover has to do with 2020. Elizabeth warren, what a profile. Carol the life of the party. Joel the life of the party. Josh green, one of the best political writers there is. I think this is really the first multidimensional story about Elizabeth Warren and what she is doing for democrats. Sitting out of the 2016 race, she learned a few things from trump. One was that the party came to him. The idea is shes going to make bolder ideas for the left and have the party come to her. Carol i think it is very revealing. I also love that josh has covered some stuff that we didnt know. Joel its an amazing story because he is such an amazing political reporter. Jason it starts in an unlikely place, davos. Joel davos, thats right. This is an anecdote that no one had known about, which is davos, the World Economic forum, came to Elizabeth Warren and said, is there anything you might like to talk about . And she came up with an idea for a wealth tax, and then decided she didnt want to do it. And somebody else basically proposed something very similar and got a lot of credit for it. When you think about Elizabeth Warren to date, it is almost like she had this really slow start, and it was like, was she even make it out of the gate . Ever since then, shes kind of caught fire, and you keep watching her put together her bold ideas. Carol i love this story. Jason joel, two great covers. Thank you so much. We will have more on both of those stories coming up. But we begin with another name. Front and center in politics this week, that is Boris Johnson. Carol the new british Prime Minister vowing to negotiate a divorce deal before the u. K. Is due to leave the bloc on october 31. Quote, no ifs, ands, or buts. Rob is in london. He joins us now. So many challenges. Getting to the Prime Minister was best getting to be Prime Minister was the easy part. Now he has to get out of brexit, and the clock is ticking. Lets talk about that. Rob yes, so he takes over a spacious with 100 days before britain is set to leave the european union. He spent three years offstage, shouting abuse at theresa may and saying that he could do it better. And now, finally, he gets his chance to show us. Jason so rob, take us back a little bit, because Boris Johnson, relatively to our audience, one of the bestknown politicians of the last few years, in part because he is largerthanlife. Where does this guy come from . Rob well, funny enough, he comes from new york. He is this sort of extraordinary figure, and hes slightly a selfinvented figure. He was a journalist. He was a journalist, first of all, in the times newspaper, where he was fired for making up a story, a quote. And then he was given a job on the telegraph newspaper, where they were more relaxed about his slightly idiosyncratic approach to story generations. Event sort of parlayed that into a political career. For a long time, everyone thought, well, he is very entertaining. Hes very funny. And he has got this amazing charisma, and people just laugh at things he says. People seem to want to like him. I spent the last few weeks following him around, trying to nail what it is. You cant quite get to the bottom of it, but hes got this amazing charisma. People said, well, thats very well, but british people want a serious Prime Minister. They want a grownup, and this man is, critics say, fundamentally a clown. And his fans so you wait. You wait. Hell do it. And for a long time we thought, well, he wont. But now he has. Carol rob, whats interesting is, you write that Boris Johnson is known as much for his setbacks as for his successes, which brings us to the big question, is he the man, the face of brexit, who can actually get brexit done . Rob yes, will he has had a lot of things go wrong. He does keep getting fired from jobs. There is also this quality, he has this charmed life. So, there is a school of thought that says what he will do is perhaps he will go back to brussels. He will get minor changes to the deal that theresa may negotiated. This deal, by the way, which Boris Johnson organized rebellion against and said it was completely unacceptable. There is a school of thought among his fans that says he will get minor changes to it and bring it back. And because hes offering it, parliament will vote for it. And that might be true. And if you were theresa may, you might well sit there and think, this is the ultimate injustice, that the man who destroyed my career over this deal might then succeed in selling my deal. On the other hand, if you were theresa may, you might think, well, thank goodness, somebody might finally resolve brexit. One school of thought says thats what hell do. Jason rob, thank you so much. Carol coming up next, more on our domestic cover story, Elizabeth Warren life of the party. Jason it is an indepth look at the president ial candidate and her pursuit to make america liberal again. Carol this is Bloomberg Businessweek. Carol welcome back to Bloomberg Businessweek. Im carol massar. Jason and im jason kelly. Join carol and me for Bloomberg Businessweek everyday on the radio from 2 00 to 5 00 p. M. , wall street time. Also, catch up on our daily show. You can get that via podcast at itunes, soundcloud, or bloomberg. Com. Carol and you can find us online at bloomberg. Com, and also on our mobile app. This weeks cover story, an indepth profile on Elizabeth Warren. From the moment she arrived in washington, warren has tried to show a liberal takeover of the Democratic Party, first as an academic, then as a senator, and now as a president ial candidate. Jason we caught up with josh green. He is one of the most watched political journalists around. He wrote the cover, called life of the party Elizabeth Warren. Shes done playing it safe. Josh shes back, yeah, the hottest candidate probably right now in the democratic field. She has kind of been resurrected from her earlier woes. If you read poll numbers, talking to insiders in iowa, she is the candidate people are talking about. See it through fundraising, volunteers, and in her steady rise through the polls. Carol you spent time with her. So, the persona that we see on camera versus spending time with her one on one, how did you feel . What did you see . Josh shes, you know, she knows what she believes in, and that is the same on the record as off the record. Shes a little blunter and harsher in her descriptions, but the basic direction of what she is talking about is still the same. Her theory all along has been the u. S. Economy has essentially been captured or corrupted by big business, by wall street, you know, now, by the Trump Administration and republicans. And the only thing that is going to get democrats elected is not the kind of milquetoast incrementalism of obama or clinton, but big, bold, radical change. That is what she has introduced to the democratic debate. And really, she has shaped the race more than any other candidate. If you want to be competitive on the democratic field, you have to be coming out big plans, whether it is medicare for all, or some version of the green new deal, the Electoral College carol or the wealth tax. Josh the wealth tax. These are ideas that no toptier candidate would have dared to introduce a cycle ago. Or two cycles ago. It shows how much things have changed. Jason i want to talk about some of those. When of the interesting things you do is you take us back to her beginnings. And you know more than everyone, a president ial campaign is about someones narrative. Shes got a pretty compelling one, especially when you go all the way back. Josh she does. There are two narratives. There is the narrative she chooses to present, about the lower middle class, oklahoma schoolgirl, who kind of succeeded and triumphed, and became harvard professor and senator. All of that is true. The story i try and tell about warren is a different one. It is her political education and how she emerged as a serious washington power player, an insider as well as an outsider. I submit in the piece that has been the key to her success. I wrote a book about congress 10 years ago, and i used to write a column for the boston globe. So i have known warren and talked to her on and off the record, going back to when she was on the oversight board, terrorizing tim geithner and senior figures in the Obama Administration after the financial crisis. Jason that was the moment she came into herself. In a lot of ways, it felt like, at least nationally. Josh absolutely. She had been a fairly renowned bankruptcy professor, law professor at harvard law school, not much of a public figure. But one thing that talk about in the piece is warren always had a gift for communicating. It was true when she was a law professor, got her noticed by dr. Phil, he had her on as a guest before anybody heard of her. That brought her to the attention of top democrats, who began bringing her into testify, because she was a compelling person. That landed her the oversight gig at the bank bailout. And that is a moment where you really see her developing her signature style of staging these big, aggressive, highprofile confrontations with senior figures, almost always men, and somehow getting the best of them in a way that galvanizes kind of grassroots liberal support. That is what kind of built up her independent base, got her elected u. S. Senator, and really has been the key to her revival as a president ial candidate after her early stumbles. Jason so what is the next sort of catalytic moment when it comes to warren and the democratic field . The debate coming up in the next week, she has done well in that venue so far. What does she need to really keep her in this, at least, frontrunner pack status . Josh she needs to figure out how to grow her support. She is in the top tier of candidates, absolutely, but no one has broken out yet. Kamala harris rose after the last debate. She is in the top tier. Joe biden has come down, but he is still in the toptier. Warren needs to broaden her support. She has two places where she would like to do that and hasnt been able to yet. One is among bluecollar workers who vote democrat, who are populist. Bernie sanders is currently winning those voters. The other african americans, who are hugely important to the Democratic Party, a lot of them have a favorable view of warren, but they dont yet really support her. Shes got to appeal to them and keep them from going to candidates like kamala harris, joe biden. I think thats going to be her mission this next debate. Carol too early to call who might lock up the nomination . Josh always too early. Ask me again like next may, and i might venture a guess. [laughter] carol you can hear more from josh green on Elizabeth Warren on this weeks extra podcast. Jason up next, the ipo market and why Adena Friedman is expecting a healthy amount of companies to go public this fall. Carol we also sat down with the hilton ceo and talked about how trade spats are affecting his company. This is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. Im jason kelly. Carol and im carol massar. You can also listen to us on the radio on sirius xm channel 119, on it a. M. 1130, and in new york, and 106. 1 in boston. Jason am 960 in the bay area, london on dab digital, and through the Bloomberg Business app. Carol we talked with nasdaq ceo Adena Friedman on going public versus staying private. We also talked about the health of the ipo market and the Fastest Growing part of their business. Adena today, the trading business, our trading revenue is less than 25 of our overall revenue. Our recurring Revenue Streams are the 70 to 75 . That can come from data analytics, our Corporate Services, and it also comes from our market technology. Our Technology Business is we can provide to that technology to other exchanges, to our competitors, we provide the technology to markets in very different spaces, not just the traditional capital markets. And it is the fastestgrowing part of the business. Carol does it become the biggest part of your business, ultimately . Adena i would love to think of that as an opportunity for us, but we have other great parts, as well. Carol i think i saw a data point about 80 of new issues ended up on the nasdaq. Tell us about the ipo market, how important that is to the nasdaq, and what you see Going Forward over the next six to 12 months, in terms of activity. Adena the ipos or Corporate Services business is important to us. If you think about our business, we are kind of combined. We have four key businesses, and corporate businesses is one. Weve had a great pipeline of Companies Going public. The performance of the companies are up over 20 this year. We do have an 80 win rate so far this year. Carol that is good, right . [laughs] adena we are excited about that. And weve had Great Companies choose to come to nasdaq, crowd stripes, zoom media. Theres some really Great Companies that have been able to tap the Public Markets this year, and we do see a healthy pipeline going into the fall. Now, of course, everything is subject to market conditions, but if the markets remain inviting, that i think we are going to continue to see Great Companies coming out in the fall. Jason and as you look across that 80 win rate, can you generalize whats getting you the win . Adena sure, well we tend to do very well in technology, health care, and actually, financial services, interestingly. So a lot of Community Banks come public on nasdaq, market structure, Fintech Companies go public on nasdaq. Health care and biotech, we win actually 97 of biotech companies, and thats been a very active market in terms of finding great investor interest in new technologies around health care. And then of course in the technology space, we compete every day with our competitor down the street, but we do very well in terms of bringing some Amazing Companies to nasdaq. Carol what do you make, though, we talk so often about private equity space. How much money is out there to really fund Startup Companies that enables them to stay private so much longer . How is that impacting you guys . What are you seeing as a result of that . Adena i do agree that there is a lot of private money out there, and companies have a lot of choice. They can choose to stay private longer. They can tap more investors than ever before in the private space. We actually have something called the Nasdaq Private Market that helps Companies Manage their liquidity in a private context. But of course, we would much rather see companies tap the Public Market as soon as they feel they are ready. If you think about it, in the private markets, it is a concentrated Investor Base that tends to focus on the top of the economic scale. Whereas if you bring companies in the Public Market, youre giving every person in the world, really, an access to be an investor in that. If you look at the stats, well over 50 of the population of the United States are invested in equities directly or indirectly. So you do want more of those companies to come out and allow those hardworking people in america to be able to invest in these Growth Companies while theyre still growing. Carol but do you see more growth in the Nasdaq Market . Do you see more companies coming in and wanting to stay there for a while . Adena we had a number of programs, 35 liquidity programs in the first half of this year. Over 2 billion transferred in secondary transactions that are companysponsored tenders. We work with companies to make sure they match their liquidity as they want to. Carol you can hear more of our conversation with nasdaq ceo Adena Friedman over the next couple of weeks. We talked to her about so many different things. Jason a lot of cool stuff, including what she might be doing if she wasnt running one of the worlds most important exchanges. From that Global Exchange to a Global Hospitality brand, and another businessweek talks exclusive. We sat down with hilton ceo chris nassetta. Carol he knew he wanted to work in the hotel business. So, working on his dads advice to understand a business from behind the walls, his first job was in the Engineering Department of the capital holiday inn, plunging toilets. Jason so glamorous. He joined hilton in 2007, right after its big private equity buyout. Since then, he has moved the Company Headquarters from Beverly Hills to virginia, and he has added 86 more rooms globally. Here is some of our exclusive businessweek talks conversation. Chris were not seeing dramatic impact on the business. We came into this year thinking we would have a reasonable year from a samestore growth point of view. That Economic Growth in the world and in the u. S. Would be a little lighter than it was last year, but still positive and reasonably good. And i think when we finish the year, thats what were going to see. When i look at the indicators in our business, both advanced indicators, group business, or shorter term indicators, the business transient leisure business, they are all holding up reasonably well. The nice thing about our model is the bulk of our growth is coming from newunit growth rather than samestore growth. So while i am reasonably optimistic about the economy broadly and ending the year in a pretty good place, our newunit growth, which is super resilient, is really good. I mean, we are experiencing the largest net unit growth weve ever experienced, and that is 75 or 80 of our growth. We have tons of visibility. So, when you look at our overall business, given that is such a huge driver of growth, we are opening more than one hotel a day in the world. Carol the longer, though, these trade spats go on, and we start to see some kind of impact, then do you start to get nervous . Chris yeah, i mean, it would be crazy to say that we are not watching this closely. I live inside the beltway, so if you think it is bad here, try the echo chamber that i live in. [laughter] chris nobody talks about anything but the trade war. Mexico is done, now it is all about china. Yeah, i do think that markets dont like uncertainty. So this, and other things going on around the world, provides us a level of uncertainty that is not healthy for the markets, probably not as healthy as you would like for businesses in terms of longerterm decisionmaking. So we watch it carefully. I am very hopeful that calmer heads are going to prevail between the sides. Sort. As you point out, it was sort of like a Holding Company or five or six Different Companies that had been put together by merger and acquisition and never integrated. So there was no real strategy, no real strategy alone as well as global strategy. And the culture, 100 years ago this year, had really lost its way. The culture had become super complacent. And because of the, you know, siloed nature of the Holding Company approach, you didnt really have a common culture. Fastforward to me, what we did was keep it simple. We focused on developing an unbelievable strategy to sort of get this going in the right direction. We were interrupted a bit by the great recession, but we used that to really refocus our efforts. We went about building a worldclass culture. Carol taking you out of Beverly Hills, how did that change things . Chris why did we do it . A lot of people think, well, Beverly Hills is expensive, and Northern Virginia is cheaper there were a whole host of reasons we did it. Cost was a reason. Talent base was a reason. Because it is really hard to attract talent. Time zone was a reason, access to airports. But let me tell you the real reason. Sort of getting to the core of your question. It was about a cultural reboot. I went to john, still our chairman, i said we have a great plan. We have a great strategy. But the core of being able to execute that strategy is to rebuild the culture. Im not saying i cant do it here. I am just saying, it is going to take a long, long time. Gravity is a powerful thing. When you have decades we had been there 60 years. Decades of complacency. Its going to be really hard. Carol you can find more of that interview on this weeks businessweek talks podcast. Jason still ahead on Bloomberg Businessweek, no escape from low rates. Its the finance section takeover. Carol how a decade of cheap money is morphing the entire world. This is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. I am jason kelly. Carol and i am carol massar. Still ahead, the apple does not fall far from the tree. The clear choice to replace tim cook. Jason and raising millions to legalize mdma. Reporters take us to burning man. Carol how some brave entrepreneurs are embracing rather than fleeing the return of the seas fiercest predator. Jason and in the finance section, a takeover all about Interest Rates. It is our other cover story. With Central Banks setting rates below zero and investors buying at high prices, there is a huge pile were talking 13 billion in debt paying a negative yield. Carol it is important because it affects all of us. If you have questions about how we got here, then check out the story. The bonds eat your money. John this is a problem that has really ratcheted up as the signs of the Global Economy is slowing and Central Banks are going in the same direction. That is to cut rates and introduce more monetary easing. Carol it is amazing. If you use the function on the bloomberg lookup 10year yields, we are not talking about french yields, we are talking about developed countries. John it is like this big black hole right in the middle of the worlds major bond markets. And it is sucking in everything. In the real world, it means the countries like germany are being paid to borrow money, which is just completely strange. It is turning the world of debt and Interest Rates on its head. Carol john, explain why people why would i go and buy sovereign debt, where i am not going to make money . I am paying the country. Why would i do it . Explain why investors still do it. John well, there are several reasons. Primarily, the bonds which it affects at the moment, although this is rapidly changing, is the most safe and liquid bond. If you are protecting your portfolios, typically these are the bonds you want to own. And if there are risks such as a trade war or potential conflict with iran, then these are the assets you want to be holding. So if people are flocking in to buy, then you can still make a profit there, because the price will increase. Furthermore, you cannot get that much money putting it in the bank. As long as you are getting slightly more than the european Central Banks, then there is still some scope for appreciation there. That might be a few of the reasons why you want to hold these assets. Jason so, play this out for us a little bit. You mentioned germany and you have got people, including the incoming head of the ecb, christine lagarde, former head of the imf, talking about potential solutions for germany. But on the horizon, everybody could become the next japan. Tell us about that. John well, that is right. At the moment, theres a lot of people who are saying europe is going the way of japan. What they mean is they mean a world of permanently low inflation, aging populations. This is something were starting to see in europe. If you have got an aging population, you have less workingage people, which putting money into pensions pots, for example. It means pensions are struggling to make money. In germany and in japan, this is a real problem. Christine lagarde, the next Central Bank President , she has got a background from the International Monetary fund. She might come with other solutions, such as fiscal spending, which could be really important, because Central Banks are bearing a load of the strain, and it is not really working. Jason so now that we know how low rates became a reality, we have another story on how cheap money is changing everything. And it is not going away. Carol it certainly isnt. Here is finance reporter liz mccormick. Liz the fed cut rates to about zero and things started turning around. They started lifting rates and tightening policy. We thought that Interest Rates were going higher, we are getting growth. Carol getting back to normal. Liz yeah, back to normal. People were warning to be abreast of the 10year treasury note. It could go up to 5 . At one point, it was like 1 and change. Here we are, 10 years later im a the longest recovery on record, albeit very slow, and your treasury yields at 2 . The fed only tightened up to this 2. 5 range. And now they are about to reverse course. So we did not get quite enough growth. We got consistent, but not superstrong. We got a bit after the tax cuts, but it did not last that long. We have not had a lot of inflation right . Carol right. Liz so theres not a lot of risk in the bond market. And the bond market is a gauge on where the economy and inflation is going. And nobody sees it going too far too fast. That is why the fed is cutting again. Jason just as a reminder, Interest Rates inform so many of the decisions that we make, as people, as companies, as governments, ultimately, that is where everybody is looking to understand what to do next and how healthy the economy is, ultimately. Liz right. And that is the kind of thing that everybody knows. Interest rates, they are very informative if you think about what it is telling you. To come up with an Interest Rate is based on Economic Growth, where might inflation be. You and i all care about growth. Jobs, we all are about jobs. Inflation, how much does it cost . All of those gauges are embedded in Interest Rates. It is kind of wonky bond math. Interest rates start with just kind of a base rate. The feds rates are the basis, and then you have bits from there. Maybe we have more risk if we are holding this money with the treasury department. But it is really a true gauge. The stock market usually jumps off of that a little bit. Companies do better when it is easier to get cheap money. Financing and earnings can be better. It filters through to everything, even though it is not the kind of flashy thing like, where is the dow jones . Carol the people you talked to and the feedback, do people expect it to continue . Liz well, yeah, dan isaacson at pimco said that rates can go lower. We were talking, i know you talked to other reporters about the 13 trillion in negative yield and debt, he was saying he could see a scenario where even government that yields of the u. S. Could go negative, which would be pretty mindbending. But definitely, yields can go lower. He said, of course, there is risk. There are a lot of things that say this is not ending now. Jason up next, getting to the core of apples succession planning. The man the many think will be the next ceo. He is more of a tim cook than a steve jobs. Carol and psychedelics, where better to look at them burning man . Jason this is Bloomberg Businessweek. Jason welcome back to Bloomberg Businessweek. I am jason kelly. Carol and i am carol massar. Join us for Bloomberg Businessweek every day on the radio from 2 00 p. M. To 5 00 p. M. You can also catch up on our daily show on itunes, soundcloud, and bloomberg. Com. Jason and find us online. In the technology section, apples heir apparent, he is much more like the current ceo than founder steve jobs. Carol he became the second most important person after it was announced jony ive would leave the company. Jason there is reporter mark gurman in los angeles. Mark at these major tech companies, apple included, there are two types of succession planning. There is what happens if something happens to the ceo tomorrow, and then there is the longterm replacement succeeds the ceo if he retires at a normal age. Jeff williams is about three years younger and fits the mold for both. If something were to happen to tim cook, everyone we talked to says Jeff Williams would be able to slide in without the company missing a beat. In terms of longterm succession planning, it depends how much longer tim cook will be around. If he will remain the ceo for the next five or seven years, he is almost 60. Jeff williams would be able to slide in. So he is the heir apparent. He is very likely to the next ceo depending on what happens to tim cook, not that there is any reason for him to step down in the imminent future. But very much longterm, 20 years from now, i dont think that person is even at apple right now or a name anyone has heard of. Carol talk to us about mr. Williams. What kind of person is he . What has been his experience inside the company . Mark the recurring theme is that jeff is very modest. Someone called him the most modest apple executive. Some of the higher brass who have been there and have made money driving stock options, they drive bugattis, lamborghinis. Jeff williams is not like that. In meetings, he can be demanding, but at times, he leverages his lieutenants to the prove how effective it is, and he has gotten the fda on board. He has gone through phase one trials and now is in the middle of the phase three trials. All bankrolled by his nonprofit, called maps. It is very expensive, and he finds a lot of investors at burning man. Jason amidst the experimentation, drug taking, and the nakedness that happens at burning man, he was essentially looking for money. How successful was he . Sarah yeah, so it is a fine line. Technically, burning man is a cashless society, it is not a commercial society. So what he does is he goes to burning man. He knows a lot of rich, influential people. He hangs out with them. He meets their friends. A large number of them are in the tech community. And the kind of schmoozes around with everybody. He has a very personable, cool guy. Then when he gets back to civilization, he emails these people and calls them. He will say, remember, we were talking about my nonprofit. He hits them up for cash, and he raises millions of dollars that way. So no actual donations come in at burning man, per se, but that is where he makes all the connections he needs. Burning man is where he met all kinds of people who have since gone on to give them cash. For example, early facebook employees who have given him donations. Or other software developers, a board member of his, ashawna hailey, who founded a big software company, gave him his first large donation, 5 million. John gilmore, now on his board. And just other random, interested people. Like david bronner, who runs that soap company, is also on his board. He camped at his camp at burning man and kind of makes that his home base. He goes around with people from google, the founders of burning man, everyone kind of knows who he is and is interested in the work he is doing, even if they dont donate. And everybody kind of wants to meet him. He was basically mobbed everywhere he went. He was a mini celebrity. Carol coming up, chasing a new pack. Womenonly motorcycle rallies are gaining speed. We tagged along to a tour in colorado to profile the growing motor sports segment. Jason and bloody Good Business in cape cod. Cashing in on the return of the great white shark. This is Bloomberg Businessweek. Carol welcome back to Bloomberg Businessweek. I am carol massar. Jason and i am jason kelly. You can also listen to us on the radio on sirius xm channel 119, and on a. M. 1130 in new york, 106. 1 in boston, 99. 1 f. M. In washington, d. C. Carol a. M. 960 in the bay area, in london on dab digital, and of course on the Bloomberg Business app. The opener in this weeks pursuits section, womenonly motorcycle rallies. Jason reporter Hannah Elliott joined the wild gypsies tour in colorado, profiling the culture of this growing motorsports segment. Hannah as the big guys and motorcycles are figuring themselves out, this spot of women riders is growing. And one of the things we have seen is this group of women motorcycle riders forming together. Not clubs clubs, but joining riding groups where they will do campouts and festivals, its great. Carol somewhere, you talk about men and women riding differently. Hannah this is just a generalization. A lot of women i speak with say thats a look, we like riding with women, because we dont want to die, and we dont have anything to prove. Somehow, it is easier for them to ride with other women, because they dont have to prove anything. It is by going at your own pace with your own style, doing your own thing with likeminded people. Jason as you point out, a lot of the big companies, harley included, facing a bit of an existential crisis, to say the least. We heard a lot about that, actually, this week with their earnings and all that. They actually are paying close attention to this. Hannah it is interesting. The most wellknown group is called babes ride out. Which is a riding group, but they have campouts across the country, they have concerts. It is really affirming and inspirational. Harley davidson is one of the supporters of babes ride out. They give money, of course, and support at the events. Harley realize that this is a potential Growth Market for them. It is a way to reach new riders, younger riders, minorities, everything they need. Because harleys core rider is a 50yearold white guy. Jason talk to us about the bikes. Because one of the things, speaking of harley, is the livewire, an electric motorcycle. You rode that. Synthesize what is going on with the bike with this trend. Hannah this is an example of Harley Davidson trying to come up with a way to be modern and relevant and reach new riders. It is an electric bike. I did ride it. It feels tangible, beefy, a powerful, strong bike. This is a way of offering new things that might attract new buyers. Jason including women. Hannah including women. It is stylish. It has a lot less maintenance. It does not rumble and vibrate. It is lighter. It is easier to get on and off. So this is one of the ways will it save Harley Davidson singlehandedly . No. But it is meant to attract new riders like women. Jason and check out the pursuits section and the magazine and online for much more, like secrets from the stage of moulin rouge, the new Broadway Musical adapted from that famous boz lerman 2001 film. Carol those sets are amazing. Lets finish up with a story on shark tourism. Not new, but an increase in sightings has entrepreneurs eager for a piece of the action. Jason here is our editor, john hechinger, who took a shark tour in nearby cape cod, and it is bloody Good Business. John i took a two and a half hour tour off of chatham, massachusetts, and within 10 minutes, i saw my first shark. The whole time, we saw dozens. We saw them up close and personal. Carol what was that like, john . John it was thrilling and unsettling. We had one that felt like it almost jumped on the boat. They changed direction and splashed us all. The most memorable moment, we saw a shark kill a grey seal, eat it up, and bring it towards our boat. Jason and people are paying for this, but this is big business. Talk about how much it costs. John this cruise cost 2500 for a maximum of five people. It is also from the great White Atlantic conservancy, which is trying to preserve sharks. So it is a philanthropic enterprise and also a business. That is part of a whole bunch of ways that stores are trying to capitalize. They are selling tshirts that say seals taste like chicken and nice to eat you, and all sorts of fun stuff like that. There is a real balance, because people are afraid of sharks, and they should be. Carol that is what i am thinking, and you put this in your story, so here it is, we are not talking australia, we are talking cape cod. It is on the rise but you have to tread delicately. You have an increase in shark sightings, an increase in shark bites, and, unfortunately, some folks who have lost their lives as a result of these shark accidents. How are entrepreneurs in dealing with this . John i think carefully. Last september was the first fatality in massachusetts since the 1930s. That did change the tone. The stakes got pretty high. The cape is putting up these very frightening signs. Warning signs. Watch out great whites. So they are trying to keep people out of the water. On one hand, trying to keep people safe. On the other hand, sharks and seals are protected. Theres really nothing for now they can do. So i think theyre trying to make the most of it it. Carol Bloomberg Businessweek is available on newsstands now. Jason and also on businessweek. Com and our mobile app. Carol and you can find more stories, including a photo essay of the streets of san juan and the protests that resulted in the resignation of governor ricardo rossello. Jason and an article on how heightened tensions in the gulf have not caused crude tensions to spike. Why the numbers are stacked against iranian disruption. So what is your must read in the magazine this week . Sharks . Carol no, it was not going to be sharks. I love the International Cover story. We talk about negative rates, here is this environment we are in. It is not fringe nations, we are talking developed nations with sovereign debt. What are the broad implications, and do we stay here . I think it is a must read. Jason both for economists and noneconomists alike. Carol your must read . Jason josh green. I say it every time he writes something, but this is so timely. Elizabeth warren six months ago, had a rough start, but he demonstrates that she is in the center of the debate right now and really pushing the Democratic Party in a different direction. Carol it is a great read. And you can find more stories at bloomberg. Com over the weekend. Jason and check out our daily podcast on itunes, soundcloud, and bloomberg. Com. Carol more Bloomberg Television starts now. Emily im emily chang and this is the best of bloomberg technology, where we bring you all of our top interviews from this week in tech. Coming up, earnings star for big tech. Amazon, alphabet, and facebook all release secondquarter report cards. We will break down the results. And facebook results are overshadowed by a new antitrust investigation opened into the companys social media ads and mobile business. This after the social network pays a record 5 billion fine to