# Macy’s Falls on Guidance Despite Sales Beat, Better Outlook

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 10 Sep 2026, 23 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/7f534b8c-9e91-429a-b102-ae3c00090c6d/27e6a833-fff7-49b0-9498-b4c101184c13/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Scarlet Fu -Emily Cohn, Bloomberg Consumer Team Leader, recaps Macy’s earnings. Macy’s Inc. tumbled after the company’s third quarter guidance left investors unimpressed, overshadowing a strong quarterly performance and increase in outlook. The company’s bottom end of comparable sales and sales guidance is below analysts estimates but the top line is ahead. Macy’s adjusted diluted earnings per share guidance is also below estimates. -Anurag Rana, Senior Tech Analyst for Bloomberg Intelligence, recaps Apple’s iPhone launch. Apple Inc. unveiled the iPhone Duo, the company's first foldable smartphone, which will improve on rivals' foldable models. The iPhone Duo has a 7.6-inch screen, an outer 5.4-inch screen, and will be able to work with the iPad's Apple Pencil stylus, with a cost starting at $1,999. The device will be available for preorder on Oct. 16 in more than 70 countries and regions, ahead of its release on Oct. 23, and will sit at the top of Apple's iPhone lineup. -Payam Zamani, Founder & CEO of One Planet Group, and Author of Crossing the Desert, discusses how purpose is changing capitalism. Payam Coined the term "spiritual capitalism" - the thesis that companies perform better long-term when built around purpose and dignity rather than treating people as economic assets. -Tyler Reddick, 23XI Racing Driver, discusses the future of racing. Reddick is the first driver since Dale Earnhardt in 1987 – and fourth all-time – to win five of the first nine races of a season in NASCAR’s top division. He won the Goodyear 400 at Darlington Raceway after a day filled with obstacles, becoming the third in NASCAR Cup Series history to win four of the first six races of the season. See omnystudio.com/listener for privacy information.

## Transcript

[0:02] Speaker 1: Bloomberg Audio Studios.
[0:04] Speaker 2: Podcasts.
[0:05] Speaker 3: Radio.
[0:06] Speaker 2: News.
[0:09] Speaker 4: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[0:13] Speaker 4: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
[0:16] Speaker 4: Auto with the Bloomberg Business App. Listen on demand wherever
[0:19] Speaker 4: you get your podcasts or watch us live on YouTube.
[0:24] Speaker 3: Consumer-facing companies are feeling some pressure. Macy's is one of those,
[0:28] Speaker 3: and it's because of its latest earnings report. Macy's shares
[0:30] Speaker 3: are down about 3%. Emily Cohn is our Bloomberg Consumer
[0:33] Speaker 3: Team Leader, and she's here with us to talk about Macy's. Emily, Macy's,
[0:38] Speaker 3: which of course is the parent company of Bloomingdale's as well,
[0:41] Speaker 3: did give a sales beat and also gave a better outlook,
[0:45] Speaker 3: but the stock is still down. So just talk us
[0:47] Speaker 3: through how and why investors seem to be disappointed.
[0:50] Speaker 5: Yeah, so overall, this is a pretty strong report. It's
[0:53] Speaker 5: a really strong beat on Q2. As you noted, it's
[0:57] Speaker 5: an outlook raise. But investors have high expectations for this
[1:02] Speaker 5: company now. And looking at, you know, they had a
[1:07] Speaker 5: really strong... third quarter, last year. So I think the
[1:11] Speaker 5: company is being conservative with its growth forecast, measuring year
[1:15] Speaker 5: over year after last year's really strong quarter. They're giving
[1:18] Speaker 5: themselves some room. And I think analysts and investors have
[1:24] Speaker 5: high expectations.
[1:27] Speaker 2: What's the strategy now for Macy's? How does Macy's want
[1:29] Speaker 2: to position itself in the retail space these days?
[1:33] Speaker 5: This is really interesting. So if you look at their results,
[1:35] Speaker 5: what's working the best? I mean, Bloomingdale's had a blowout
[1:39] Speaker 5: quarter in Q2. I think they had their strongest Q2
[1:42] Speaker 5: revenue ever. The higher end is doing well, and Blue
[1:47] Speaker 5: Mercury had posted strong results, too. That's their higher end. cosmetics, sorry,
[1:55] Speaker 5: like hair and creams and cosmetics brand. And now we're
[2:01] Speaker 5: seeing them talk a little bit about this like higher
[2:04] Speaker 5: end Macy's that we're going to begin to see with
[2:07] Speaker 5: real fur and real leather. They're definitely leaning in on
[2:11] Speaker 5: the higher end consumer.
[2:13] Speaker 3: That seems to be the play, Paul, for all these
[2:15] Speaker 3: consumer-facing companies. You've got a K-shaped economy, and the higher-income
[2:19] Speaker 3: customer is spending, and that's where the growth is, and
[2:22] Speaker 3: everyone else is feeling the pressure and being much more selective.
[2:24] Speaker 3: So why cater to people who are going to be
[2:27] Speaker 3: a lot more selective about their spending? Go chase the
[2:29] Speaker 3: higher-end consumer.
[2:30] Speaker 2: Even like the airlines putting in more higher-priced seats versus
[2:33] Speaker 2: the lower. I mean, I've seen it across the board.
[2:35] Speaker 6: It's on. I don't know.
[2:36] Speaker 2: It's a trend. Why not in retail, too? So what's
[2:39] Speaker 2: the story here? I mean, what are they saying about
[2:41] Speaker 2: the consumer in general? Are they kind of Because, I mean,
[2:44] Speaker 2: they probably have a pretty good finger on the pulse.
[2:47] Speaker 5: So we heard them call out the lower-end shopper coming
[2:49] Speaker 5: in two or three times before buying something, being more deliberate.
[2:54] Speaker 5: We also heard them say GLP-1s are helping the business.
[2:58] Speaker 5: People have to go out and buy new wardrobes, which
[3:01] Speaker 5: is really interesting. Where they're struggling, they're struggling in their
[3:05] Speaker 5: plus-size department. This is a really interesting storyline here where consumers.
[3:11] Speaker 2: I mean, as these drugstores get more and more available...
[3:13] Speaker 2: They know the rose of the world and all that stuff.
[3:15] Speaker 5: Wow. Yeah, totally.
[3:16] Speaker 1: And it's a constant thing. It's not a one-time thing either, right?
[3:19] Speaker 3: Because you have new groups of people who are going
[3:21] Speaker 3: to be using GLP-1 drugs. So this market just kind
[3:25] Speaker 3: of expands or is constant at least.
[3:27] Speaker 1: Yeah, and it's a global story.
[3:28] Speaker 5: And I think we're not even there yet in terms
[3:30] Speaker 5: of like these drugs are still pretty expensive. But as
[3:34] Speaker 5: the competition heats up, as when generics eventually hit the market,
[3:37] Speaker 5: they're already hitting the market in countries like Brazil. This
[3:41] Speaker 5: is going to be a huge potential tailwind for the retailers.
[3:48] Speaker 3: At one point, I remember Macy's was shutting down some
[3:51] Speaker 3: less non-performing stores or stores that weren't performing as well.
[3:54] Speaker 3: Where are they with that? Are they at the right number?
[3:57] Speaker 3: Do they think that they have the right kind of
[4:00] Speaker 3: presence across different communities?
[4:02] Speaker 7: Yeah.
[4:02] Speaker 5: Yeah, we're still seeing the store count go down, which
[4:07] Speaker 5: I think is a smart move. There was an era
[4:12] Speaker 5: when every Macy's earnings report was doom and gloom.
[4:15] Speaker 1: They had too many stores.
[4:17] Speaker 5: We're definitely seeing that store count come down, and that's
[4:21] Speaker 5: sort of the hallmark of Tony Spring's strategy for this company.
[4:25] Speaker 5: Figure out where the best performing stores are, invest in them,
[4:29] Speaker 5: and close down the underperforming ones.
[4:31] Speaker 1: Stay with us. More from Bloomberg Intelligence coming up after this.
[4:38] Speaker 4: You're listening to the Bloomberg Intelligence podcast. Catch us live
[4:42] Speaker 4: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
[4:45] Speaker 4: Auto with the Bloomberg Business app. Listen on demand wherever
[4:48] Speaker 4: you get your podcasts or watch us live on YouTube.
[4:53] Speaker 2: Big news out of Cupertino yesterday. New Apple iPhone. I
[4:57] Speaker 2: think this has kind of been one of the more
[4:58] Speaker 2: anticipated iPhones we've had in a really long time. The
[5:01] Speaker 2: iPhone Duo. It's a foldable thing. I don't know. I
[5:04] Speaker 2: think it looks pretty cool. I saw the ad that
[5:07] Speaker 2: they have for it. It's a very cool ad. I
[5:09] Speaker 2: saw it online yesterday, and it kind of reminds you
[5:11] Speaker 2: of some of those really cool ads from back in
[5:12] Speaker 2: the day. when Apple was kind of introducing the world
[5:16] Speaker 2: to smartphones. Anurag Rana joins us here. He covers the stock.
[5:19] Speaker 2: He's a senior tech analyst with Bloomberg Intelligence. Anurag, what
[5:22] Speaker 2: did you make of the product announcements yesterday from Cupertino?
[5:28] Speaker 6: I think, Paul, not just you. I think everybody felt
[5:30] Speaker 6: this was going back to the roots of Apple, of
[5:33] Speaker 6: design and the uniqueness. I think that is what everybody took.
[5:37] Speaker 6: I've never seen the stock up after them announcing any
[5:41] Speaker 6: of the new products because it's always the same thing
[5:43] Speaker 6: with another digit at the end. But this is creativity.
[5:47] Speaker 6: I mean, this is really, really cool stuff that came
[5:49] Speaker 6: out yesterday.
[5:50] Speaker 2: Talk to us about just the importance of phones for
[5:54] Speaker 2: Apple because it's evolved. They have so many products. Services
[5:58] Speaker 2: is such a big part of their business. Talk to
[6:00] Speaker 2: us about how phones impact the P & L.
[6:03] Speaker 6: Yeah, so phones are critical to the entire ecosystem. They're
[6:06] Speaker 6: over 50% of revenue and truly the only thing that's
[6:09] Speaker 6: holding up the entire, you could say, Apple ecosystem. Because
[6:14] Speaker 6: services are important, but they will not exist if the
[6:16] Speaker 6: phones weren't there. So phones are very important. And one
[6:20] Speaker 6: of the things, the biggest criticism we have heard over
[6:22] Speaker 6: the last five, six years is they really don't have
[6:24] Speaker 6: anything new to sell to the public. And yesterday's product,
[6:27] Speaker 6: I get that it was still started up under Tim Cook,
[6:31] Speaker 6: but it's The new CEO came out, he introduced it,
[6:34] Speaker 6: and he talked a lot about the importance of design
[6:37] Speaker 6: and the ecosystem, the combination of software and services and hardware.
[6:42] Speaker 6: It really sounded like Apple's really focused a lot more
[6:46] Speaker 6: on creating new hardware products or making the existing one
[6:51] Speaker 6: far more appealing to the audience than they have been
[6:54] Speaker 6: in the past. I think this is partially we are
[6:56] Speaker 6: getting a positive reaction from the street. The other thing
[7:00] Speaker 6: that I would also say is, I know it's a
[7:02] Speaker 6: $ 2, 000 tag, but frankly speaking, they waited nine years to
[7:06] Speaker 6: get the actual physical look of this product right. When
[7:10] Speaker 6: you open the phone, I mean, the software follows with you.
[7:13] Speaker 6: It is truly a new, I would say, user interface
[7:17] Speaker 6: or an experience that people don't use to get it.
[7:21] Speaker 6: If you're used to a phone, this will be a
[7:22] Speaker 6: different experience for a new user.
[7:26] Speaker 2: So, What's the latest, Anurag, in terms of how the
[7:29] Speaker 2: market's viewing Apple as it relates to AI? What's the
[7:34] Speaker 2: investment call these days?
[7:36] Speaker 6: Yeah, the biggest thing is that Apple talked a lot
[7:39] Speaker 6: about their ability to infuse more AI on the device. Now,
[7:43] Speaker 6: this is something that is probably not talked about as
[7:46] Speaker 6: much because people only talk about the ability to get
[7:50] Speaker 6: through a cloud-based chatbot and all the things. I mean,
[7:54] Speaker 6: that's available as well. But yesterday, they talked a lot
[7:56] Speaker 6: about getting the AI done on the device. Now, good
[8:00] Speaker 6: thing for Apple is, at least for the time being,
[8:02] Speaker 6: they are licensing technology from Google to run a lot
[8:06] Speaker 6: of their foundation models. I think that is an important thing.
[8:10] Speaker 6: The earlier efforts were not as promising, but from what
[8:14] Speaker 6: comments I've heard from Mark Gurman, that he's been beta
[8:16] Speaker 6: testing the new Siri, and it's done pretty nicely. It
[8:20] Speaker 6: is likely then when that new software comes in along
[8:24] Speaker 6: with all these devices, Apple's perception may change of being
[8:27] Speaker 6: a laggard in AI. We think that would be another
[8:32] Speaker 6: potential catalyst for people to change their perception on the company.
[8:37] Speaker 6: What that also means is they may have to spend
[8:39] Speaker 6: more into capital expenditures next year, but our number is
[8:42] Speaker 6: nowhere close to what some of the other hyperscale cloud
[8:45] Speaker 6: providers are doing. You know, they're spending about 3% of
[8:48] Speaker 6: their revenue right now. Maybe that goes up to about 5%.
[8:51] Speaker 6: So it's not like, you know, it's not going to
[8:54] Speaker 6: dent their, you know, cash flow and balance sheet.
[8:57] Speaker 1: Stay with us. More from Bloomberg Intelligence coming up after this.
[9:04] Speaker 4: You're listening to the Bloomberg Intelligence Podcast. Catch us live
[9:08] Speaker 4: weekdays at 10 a.m. Eastern on Apple CarPlay and Android
[9:11] Speaker 4: Auto with the Bloomberg Business App. Listen on demand wherever
[9:14] Speaker 4: you get your podcasts or watch us live on YouTube.
[9:19] Speaker 2: Scarlett Phil and Paul Sweeney, we're live here in our
[9:20] Speaker 2: Bloomberg Interactive Broker Studio in New York City, streaming live
[9:23] Speaker 2: on YouTube as well.
[9:24] Speaker 7: All right.
[9:25] Speaker 2: When I came up in Wall Street in the mid 80s,
[9:28] Speaker 2: Greed is good was the line. That was the line.
[9:32] Speaker 2: It was right in the movie, straight out of the movie. Capitalism,
[9:34] Speaker 2: that's where it's at. Maximizing shareholder value, that's it. We
[9:37] Speaker 2: never even heard the word stakeholder. Things have changed here.
[9:41] Speaker 2: And we want to talk about how maybe purpose. is
[9:44] Speaker 2: changing capitalism. Payam Zamani joins us here. He's the founder
[9:48] Speaker 2: and CEO of One Planet Group and author of the
[9:51] Speaker 2: new book, Crossing the Desert. He joins us live here
[9:54] Speaker 2: in our Bloomberg Interactive Broker Studio. Payam, thanks so much
[9:56] Speaker 2: for joining us. Love to start with just, you know,
[9:59] Speaker 2: if you can put your life in 30 or 60 seconds,
[10:01] Speaker 2: kind of what got you to right here? We'd love
[10:03] Speaker 2: to hear that part of the story.
[10:04] Speaker 7: All right, I'll put 345 pages in 30 seconds. I
[10:08] Speaker 7: was born in Iran and in a Baha'i family. And
[10:13] Speaker 7: when the revolution happened and the Islamic Republic came about
[10:16] Speaker 7: in 1979, they made life very difficult for minorities, Christians, Jews,
[10:20] Speaker 7: but particularly Baha'is. And I'm a Baha'i. And they killed
[10:24] Speaker 7: hundreds of Baha'is in the 1980s. They expelled Baha'is from schools.
[10:28] Speaker 7: I was expelled in the most horrific way from school
[10:31] Speaker 7: when I was in sixth grade with an attempt to
[10:34] Speaker 7: kill me. 47 years later, Baha'is are still not allowed
[10:37] Speaker 7: to attend universities in Iran. And so I ended up
[10:40] Speaker 7: getting smuggled out of the country when I was 16
[10:42] Speaker 7: in 1987. And I became a refugee. I came to
[10:44] Speaker 7: the US in 1988 with $ 75 in my pocket with
[10:46] Speaker 7: my brother and I. And I ended up going to college.
[10:53] Speaker 7: And as luck would have it, in 1994, I co-founded
[10:56] Speaker 7: a company on the internet that became AutoWeb.com. Took that
[11:00] Speaker 7: public in 1999.
[11:01] Speaker 2: Only in America.
[11:02] Speaker 7: 11 years after arriving in the U.S., I was in
[11:04] Speaker 7: lower Manhattan taking my company public.
[11:06] Speaker 2: Yep, that's the story.
[11:07] Speaker 1: That's a pretty incredible story.
[11:09] Speaker 3: Do you think if that were to happen today, if
[11:11] Speaker 3: you left Iran today and arrived in America today, you
[11:14] Speaker 3: could do that again? That the conditions are there for
[11:17] Speaker 3: someone like you to achieve all of that?
[11:20] Speaker 7: I think so. I think that America represents a foundation
[11:23] Speaker 7: that was built over 250 years. And this foundation is
[11:26] Speaker 7: very strong, very robust. And the American dream is an invitation,
[11:31] Speaker 7: not a guarantee. So you have to put in the work.
[11:34] Speaker 7: But at the same time, you know, there are always
[11:37] Speaker 7: speed bumps along the way, but the road is never blocked.
[11:39] Speaker 7: So I feel like, you know, still this is a
[11:42] Speaker 7: very special country that provides hope to the world. And
[11:45] Speaker 7: I don't think that has changed.
[11:46] Speaker 2: How do you define capitalism now? And has it changed
[11:49] Speaker 2: over time? your lifetime?
[11:52] Speaker 7: So I feel like extremes have become more extreme. If
[11:54] Speaker 7: you look at extreme left in this country, extreme right
[11:57] Speaker 7: in this country, they're both after greed. And I think
[12:01] Speaker 7: that the left is also kidding themselves thinking that they're
[12:04] Speaker 7: not after greed. They both are after greed. But one
[12:08] Speaker 7: wants someone else's money and the other one wants to
[12:10] Speaker 7: have it all. So I think that that is what
[12:14] Speaker 7: I see, that extremes of capitalism that we are practicing
[12:18] Speaker 7: have gone us to a point that I think is untenable. Now,
[12:21] Speaker 7: I'm a capitalist. I believe in free markets, and I'm
[12:24] Speaker 7: an entrepreneur. I've taken a company public. But at the
[12:27] Speaker 7: same time, I think that extremes of capitalism can actually
[12:31] Speaker 7: affect the businesses that we run and the environment we
[12:33] Speaker 7: rely on.
[12:35] Speaker 3: So in that spirit, you have kind of, I guess,
[12:39] Speaker 3: not tweaked but evolved your thinking of what capitalism entails
[12:44] Speaker 3: and how it should be. You have now coined this
[12:46] Speaker 3: term spiritual capitalism. What does that mean and how do
[12:48] Speaker 3: you actually put it into practice?
[12:50] Speaker 7: So, you know, when you think about the problems in
[12:52] Speaker 7: the world, especially in the U.S., environmental issues, racism, extreme
[12:59] Speaker 7: forms of partisan politics, all of these things, I feel like,
[13:04] Speaker 7: point us in one direction. we need a spiritual transformation
[13:09] Speaker 7: as a people. Because the only thing that will stop
[13:12] Speaker 7: us from doing bad things is if our hearts change.
[13:15] Speaker 7: And our hearts are not gonna change until I look
[13:18] Speaker 7: at you as a noble being. And to look at
[13:20] Speaker 7: you as a noble being, I need to really consider
[13:22] Speaker 7: who you are truly. Not a token of economic value,
[13:25] Speaker 7: but something way beyond that. But the fact is, we
[13:29] Speaker 7: choose not to do it. And until that happens, I
[13:32] Speaker 7: think that we're gonna see that things are going to
[13:35] Speaker 7: point us down a day of reckoning.
[13:39] Speaker 2: One Planet Group is a private equity firm. What's a
[13:42] Speaker 2: typical company? What do you look for in a company
[13:44] Speaker 2: to invest in, given your philosophy and what you've learned
[13:47] Speaker 2: over the years?
[13:48] Speaker 7: The number one thing I look for is the founder.
[13:52] Speaker 7: Business models change, they evolve, and that's fine. But is
[13:55] Speaker 7: that founder the kind of founder I want to invest in?
[13:57] Speaker 7: The ripple effect of my investment. We talk about AI.
[14:01] Speaker 7: These days, the gentleman who's out there talking about how
[14:04] Speaker 7: he's scared of the direction that AI is going. I've
[14:07] Speaker 7: always said that. I'm not afraid of AI. I'm afraid
[14:09] Speaker 7: of the innovator behind it. And so, yes, I am
[14:13] Speaker 7: worried about founders who may not have the right values
[14:17] Speaker 7: for us to invest in. But unfortunately, when you think
[14:20] Speaker 7: about the extremes of capitalism, we invest simply based on
[14:25] Speaker 7: the idea of ROI, return on investment. We don't care
[14:28] Speaker 7: about the ripple effect and potentially negative effects of of
[14:32] Speaker 7: investing in someone who does not have the right values.
[14:34] Speaker 3: So business models can change, the focus of the industry
[14:37] Speaker 3: can change, market conditions can change, but the DNA of
[14:42] Speaker 3: the founder is the constant that you're looking for.
[14:45] Speaker 5: Absolutely.
[14:46] Speaker 7: If that founder does not have the right values, the
[14:49] Speaker 7: right DNA, and can do bad in the world, magnify
[14:52] Speaker 7: that when they're successful.
[14:54] Speaker 3: So give us an example of what a founder with
[14:56] Speaker 3: that right DNA looks like. How would they solve a
[14:59] Speaker 3: problem that perhaps their peers would shy away from?
[15:03] Speaker 7: Well, I mean, the number one thing, you just get
[15:05] Speaker 7: to know people based on what drives them. If what
[15:08] Speaker 7: drives them is just maximizing their wealth, I'm not talking
[15:11] Speaker 7: the right founder. I need people who care about the
[15:15] Speaker 7: betterment of the world. In fact, anyone we invest in,
[15:17] Speaker 7: we have them sign a document that the headline of
[15:21] Speaker 7: that document is for the betterment of the world. that
[15:24] Speaker 7: I will on purpose for the love I have for
[15:26] Speaker 7: humanity will do things that we have listed. It's not
[15:30] Speaker 7: a contractual obligation, but it allows us to sift through
[15:33] Speaker 7: founders and find the right ones. who really care about
[15:36] Speaker 7: something much deeper. And by the way, you know, the
[15:39] Speaker 7: companies we invest in, that they follow the kinds of
[15:42] Speaker 7: things that we suggest to them, they end up doing
[15:44] Speaker 7: better on average anyways, because those happen to be good
[15:48] Speaker 7: business ideals also. And the founders are by far more
[15:51] Speaker 7: fulfilled because they don't feel empty that they got a
[15:54] Speaker 7: lot of money, but an empty heart.
[15:56] Speaker 1: Stay with us. More from Bloomberg Intelligence coming up after this.
[16:03] Speaker 4: You're listening to the Bloomberg Intelligence Podcast.
[16:06] Speaker 1: Catch us live weekdays at 10 a.m.
[16:08] Speaker 4: Eastern on Apple CarPlay and Android Auto with the Bloomberg
[16:11] Speaker 4: Business App. Listen on demand wherever you get your podcasts
[16:15] Speaker 4: or watch us live on YouTube.
[16:18] Speaker 2: Scully, you may be surprised, but I'm a huge fan.
[16:20] Speaker 2: NASCAR fan.
[16:22] Speaker 1: This is the first I've heard of that.
[16:23] Speaker 2: It all started in 1994 when I was on an
[16:26] Speaker 2: investment banking team and we took Speedway Motorsports Public. They
[16:29] Speaker 2: were owners of the raceways around the country. Charlotte, Bristol, Atlanta.
[16:33] Speaker 2: We built a ton. One in Vegas, one in out west.
[16:36] Speaker 2: Made a ton of money off of those guys. Went
[16:38] Speaker 2: to 24 Winston Cup races in like a four-year period.
[16:42] Speaker 2: Tried to take the NASCAR public, but the France family
[16:44] Speaker 2: did not want anything to do with that.
[16:46] Speaker 1: They like being private.
[16:46] Speaker 2: Yeah, we pitched them hard, but no way. We're talking
[16:49] Speaker 2: NASCAR today because we have, very fortunate, we have Tyler
[16:51] Speaker 2: Reddick in our studio. He's a driver for 23XI Racing
[16:55] Speaker 2: on the NASCAR circuit, joining us here in studio. He's
[16:57] Speaker 2: part of a panel today at Bloomberg. We've got a
[17:00] Speaker 2: conference here talking about leadership and the panel is nascar's
[17:04] Speaker 2: next year so he's speaking for the great uh sport
[17:08] Speaker 2: of stock car racing tyler thanks so much for joining
[17:11] Speaker 2: us here i gotta go start with 23 xi racing
[17:15] Speaker 2: i think that means your boss is michael.
[17:17] Speaker 8: Jordan yeah yeah what's it like.
[17:19] Speaker 2: Working for that guy who's a little bit intense i
[17:22] Speaker 2: understand it's it's really.
[17:24] Speaker 9: Awesome um Yeah, you know, you were mentioning the name there, 2311.
[17:27] Speaker 9: The 23 in the name comes from Michael, and the
[17:31] Speaker 9: 11 comes from co-owner.
[17:33] Speaker 8: Denny Hamlin as well.
[17:34] Speaker 9: So, yeah, as if, you know, having someone like Michael
[17:38] Speaker 9: Jordan being a part of the ownership makes that interesting enough, right? Also,
[17:43] Speaker 9: you know, Denny Hamlin, who I compete against, who still
[17:46] Speaker 9: races on Sundays, is also in the ownership role as well.
[17:50] Speaker 8: So, yeah, just a very unique, very, you know.
[17:54] Speaker 9: fortunate to have a dynamic like that where you have
[17:57] Speaker 9: someone like michael to lean on then a fellow competitor
[17:59] Speaker 9: who knows the sport.
[18:00] Speaker 2: He's into it as i understand yeah he is.
[18:02] Speaker 1: I think he's into everything that he gets his hands.
[18:04] Speaker 2: On i think he got exposed to when he went
[18:06] Speaker 2: went to university of north carolina he's a north carolina
[18:08] Speaker 2: dude so it's in.
[18:09] Speaker 1: Your blood yeah okay that's fair that's fair.
[18:11] Speaker 2: Hey i'm looking at nascar.com and i do have the
[18:14] Speaker 2: app okay so that shows um it looks like a
[18:17] Speaker 2: heck of a good season year fourth and points five
[18:20] Speaker 2: wins a bunch of top fives top tens talk just
[18:22] Speaker 2: about your season here.
[18:23] Speaker 8: Yeah, it was a bit of a roller coaster for us.
[18:26] Speaker 8: We got the year started off.
[18:28] Speaker 9: With accomplishing the biggest thing that you can in a season,
[18:31] Speaker 9: winning the Daytona 500. And then we went on a pretty, well...
[18:36] Speaker 9: It may sound crazy to say historic run, but it was.
[18:39] Speaker 9: Winning the first three races in a season. Crazy enough,
[18:42] Speaker 9: that had never been done before. Even a number three card?
[18:46] Speaker 8: Yeah. Dale hadn't done it. Richard hadn't done it.
[18:49] Speaker 9: All of these Hall of Fame drivers, legends of our sport,
[18:53] Speaker 9: somehow never done it.
[18:55] Speaker 8: Crazy enough.
[18:56] Speaker 9: We were able to do it at three very difficult tracks.
[18:58] Speaker 9: The 500 is hard to win. You know, you were
[19:01] Speaker 9: talking about Atlanta, Echo Park Speedway now got reconfigured into
[19:04] Speaker 9: a Speedway-style race.
[19:06] Speaker 8: That race is really hard to execute and win.
[19:08] Speaker 9: And then we topped that streak off at Circuit of
[19:11] Speaker 9: the Americas.
[19:14] Speaker 8: To make it three in a row.
[19:15] Speaker 7: Right.
[19:15] Speaker 9: Yeah, we got off to an incredibly hot start, winning
[19:19] Speaker 9: five of, I think it was the first nine races,
[19:21] Speaker 9: and just all the things going right, fighting through adversity.
[19:25] Speaker 9: And the summer stretch, I mentioned roller coaster. We hit
[19:28] Speaker 9: a bit of the downhill side of it and got
[19:30] Speaker 9: in the dip, just with a lot of failures and
[19:33] Speaker 9: things of that nature.
[19:34] Speaker 1: But it's all part of the season. I mean, that's
[19:36] Speaker 1: what happens.
[19:37] Speaker 3: This is a really dumb question, but do you think
[19:39] Speaker 3: of yourself as more of an athlete or more as
[19:41] Speaker 3: a driver?
[19:42] Speaker 9: Ooh, um, I'd say I get to, I get to,
[19:46] Speaker 9: you know, suit up and compete, you know, on Saturdays
[19:49] Speaker 9: with practicing qualifying and then the, the longer obviously races
[19:52] Speaker 9: on Sunday.
[19:53] Speaker 1: But, uh, so it's the mindset of an athlete.
[19:55] Speaker 9: The bulk of my time is spent preparing debriefing, um,
[20:00] Speaker 9: going over data, SIM work, um, physical preparation, the mental
[20:05] Speaker 9: side of it. You know, most of it is, yeah,
[20:09] Speaker 9: you treat it like you would any other sport. You
[20:12] Speaker 9: have to be athletic. And so, yeah, I mean, the
[20:15] Speaker 9: driving part is some of it. But, you know, I
[20:17] Speaker 9: do all this prep work, if you will, for one
[20:20] Speaker 9: day out of the week. The rest of it is
[20:21] Speaker 9: spent getting ready.
[20:22] Speaker 2: And I noticed when you speak about your sport, your performance,
[20:25] Speaker 2: you use the royal we.
[20:27] Speaker 8: And what I learned when I first got close to
[20:30] Speaker 8: the sport.
[20:31] Speaker 2: Is, It is a team effort. It's not just some
[20:34] Speaker 2: dude behind the wheel turning left.
[20:35] Speaker 3: For $ 500.
[20:35] Speaker 1: Yeah, well, there's a whole group of people.
[20:36] Speaker 2: Talk to us about your team. How many people are there?
[20:39] Speaker 2: What do they do?
[20:39] Speaker 8: Oh, gosh, we continue to grow. You know, when I.
[20:43] Speaker 9: When I jumped on board with 2311 years ago, we
[20:45] Speaker 9: were in a temporary facility. I think we may have
[20:49] Speaker 9: had 30 to 40 employees, but it's grown a lot.
[20:53] Speaker 9: We now have our home we call Airspeed right off
[20:57] Speaker 9: of Interstate 77 just in Charlotte, and it's grown to
[21:00] Speaker 9: I think we have over 200 employees now. Went from
[21:03] Speaker 9: two cars to three full-time teams with a fourth part-time
[21:07] Speaker 9: team with Corey Heim, who who's won multiple races in
[21:11] Speaker 9: his part-time season, which is crazy to do. So, yeah,
[21:14] Speaker 9: the people are incredibly important. You know, I talk about
[21:17] Speaker 9: all the preparation that we do, the debriefing. You know,
[21:21] Speaker 9: it's important to have the right people there to make
[21:24] Speaker 9: progress and go in a direction when you want to
[21:26] Speaker 9: improve something. And then it takes the entire team to
[21:28] Speaker 9: prepare for the races. And then, yeah, you know, the
[21:31] Speaker 9: crew itself during the races, the pit crew that has
[21:34] Speaker 9: to execute the pit stops, it's a total team effort.
[21:37] Speaker 5: Yeah.
[21:37] Speaker 3: I think about, and I watched F1, so I'm a
[21:39] Speaker 3: little bit of an expert on this sport, just the
[21:43] Speaker 3: number of people involved in making sure that a team
[21:47] Speaker 3: is a success.
[21:49] Speaker 1: So dumb question for you. How did you get involved
[21:52] Speaker 1: in the sport?
[21:52] Speaker 3: How did you know that this is what you wanted
[21:54] Speaker 3: to do as opposed to any other kind of sport, motorsport?
[21:57] Speaker 2: Yeah.
[21:57] Speaker 9: I think for me, growing up, I I was exposed
[22:02] Speaker 9: to it watching it on television.
[22:05] Speaker 8: The Daytona 500, the big races.
[22:08] Speaker 9: Fell in love with it with the characters and the personalities,
[22:11] Speaker 9: if you will, that were the drivers. And so for me,
[22:16] Speaker 9: I grew up in an environment. My family was in
[22:19] Speaker 9: the car dealership world. So I just grew up around
[22:21] Speaker 9: cars and just had a passion for cars to begin with.
[22:25] Speaker 9: And yeah, the only thing cooler than a car is
[22:26] Speaker 9: one that goes fast, that has numbers on it and
[22:28] Speaker 9: does all that. So that's what really grew from. For me,
[22:33] Speaker 9: I had a love and a passion for oval racing,
[22:35] Speaker 9: dirt racing, and the top level that you can do
[22:38] Speaker 9: that at is NASCAR. So that was the dream to obtain.
[22:42] Speaker 9: And Along the way, you never know if it's ever
[22:46] Speaker 9: going to work out. You're just going to enjoy the
[22:47] Speaker 9: ride and try to make the most of every opportunity.
[22:51] Speaker 4: This is the Bloomberg Intelligence Podcast, available on Apple, Spotify,
[22:55] Speaker 4: and anywhere else you get your podcasts. Listen live each weekday,
[22:59] Speaker 4: 10 a.m. to noon Eastern, on Bloomberg.com, the iHeartRadio app, TuneIn,
[23:05] Speaker 4: and the Bloomberg Business app. You can also watch us
[23:08] Speaker 4: live every weekday on YouTube and always on the Bloomberg Terminal.
[23:14] Speaker 2: We'll be right back.

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