Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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Almost heavily on on places that probably deserve it the least. Explain because there's something you go into in the story about this is a degrowth. And I don't know that it's a term that I feel like I've been using much when it comes to climate change, which is why we always love reading your columns. But you note that what fossil fuels are doing to the world isn't quite degrowth. So degrowth is what? When you kinda slow down output to reduce the impact on environment. This isn't what you're talking about. No. Not exactly. At at first blush, it kind of seems like that. And and so there are climate activists who say, you know, we need to stop growing the economy so much. And so that would involve cutting growth. And I guess an example of this could be, when COVID hit in 2020, you saw growth just fall off the table, and all of a sudden nature was healing Mhmm. And emissions weren't as bad. And people said, hey. If we just did this all the time, we'd save the planet. Well, the problem is you can't really do that all the time because not having any economic growth creates its own problems, especially again for developing countries, who haven't had the chance to develop and and don't have the standards of living that we do. So what this is doing is not that even with climate change, they're the scientists are saying the economy will keep growing. It will just be stunted sort of the way, you know, my mom used to tell me if I smoke cigarettes, my growth would be stunted. Right. So that's it would stunt our growth. We would still grow, but it would be stunted. And and over time, it would get much worse, which is the other key message to come out of this, which is that there is still time to avoid far worse outcomes. I I wonder, Mark, how a message like this resonates in your opinion because Carol and I talk about this all the time. Walking into work when the skies are full of smoke from wildfires, you know, 1,000 of miles away, that is some there's something visceral about that. You know, your basement becomes becoming unusable because 3 or 4 times a year the weather is so extreme extreme that it floods, you know, there's something that really hits you about that. But I'm wondering if this type of story, this type of
1 or being misunderstood. But insight, awareness, and empathy will help us better see the issues they're dealing with, and that can make us and our companies healthier too. I'm Holly Robinson Peete. Join us on the visibility gap, a new podcast presented by Cigna Health Care. Download it wherever you get your podcasts.
Poor and and kinda get ahead of where the growth is going, for cross border operations, but also to meet our customers where they need us to, and that's to be able to pay their carriers in the currencies they prefer. With the dollar softening a little as as compared to pesos, more and more carriers have been asking our our clients to be paid in in Mexican peso. And they didn't have the opportunity to do that before, so it it was, you know, causing some capacity issues for them and carrier relationship issues. So we wanted to bring that to market. Carol, you might remember the big take that we did back in September all about, how Mexico has passed China to become the u the largest US trading partner. Happened back in 2023. Pretty wild. Right? It's pretty wild. Wow. Well, what traces the question, Mohsen, why why is this something that you were only able to do just now? You know, if if there has been so much going to Mexico, why were you able to do this years ago? Yeah. It's, it's complex, and we've been building out our payments network for the last several years and expanding into multiple currencies. You know, we started with, you know, the US dollar, moved into Canadian dollars as our clients asked for that. Now we're getting asked for Mexican pesos. But the the regulatory and compliance components of of what goes into that is pretty complex. And so we started this effort, you know, at the beginning of last year, and it just it takes time to get it done and to do it well. So that's why we're we're launching when we are. It's just the the effort that goes into it. We anticipate being able to move and and releasing, European and Asian payments towards the later part of this year as well. How much has this business picked up since you guys have started? You know, we're we are not executing payments yet in pesos. So we expect to have the ability to support that for our customers by the end of q 2, so the end of this quarter. And then work with them and their integrations with their TMSs and accounting systems to to turn it live. So we haven't, but when we're talking to our clients Mhmm. What we're
Value these guys based on subscriber growth. But, Michael, it doesn't sound like you're that disappointed, that you're not gonna get those subscriber numbers anymore because you're thinking that this company needs to be valued in a different way. That's exactly right. And, you know, Harvard Harvard Business School wrote a case about my valuation of Netflix, and I've been saying this for 10 years. It wasn't sustainable as a high growth, low profit company. It had to transition to a low growth, immensely profitable company. They started to do that in 2022, and that's when we upgraded May of 22. And, you know, I I said it then, and I'm saying it now. They just had to complete the transition and acknowledge this is how we should look at them. We don't look at Facebook as a high growth user company. We look at it as a high growth profit company. We don't look at Google as, you know, adding users. We don't care at all. We just care that they find better ways to monetize. Netflix has done that. They're they found better ways to monetize. The 2 big things are the ad tier, which not only grows revenue through higher, you know, ad revenue per 1,000 ads, I'm sorry, per 1,000 views, but also allows them to bring in lower, lower income customers and also allows them to retain people who are churning out. And then the second is, password crackdown. No sharing. That means I'm gonna pay more when my kids move out. I'm gonna buy my kids $7.99 subscriptions rather than make them pay themselves at 15:49. So these two things add a lot of revenue, and that's where we should really start looking at. And we should start thinking about Netflix as growing revenue. Who cares how many users they have? Let me ask you something. And forgive me because I'm gonna go in a tangent, but Tim knows I kinda noticed it. Apple, do you feel the same way about Apple that maybe it's a lower growth company, but it still sells a whole heck of a lot of stuff? Yeah. I mean, I I I don't cover Apple. My colleague, Dan Ives, does, but, yes. You know, you sell 500,000,000 or 900,000,000.
You know, we just come to know these other incredible passionate activists who are also concerned about the environment who also happen to be megas, liberties, like Jason Momoa and Rosario Dawson, and they are also deeply committed to stabilizing the climate. And as parents, When they learned what we were sharing with them, it was a no brainer that they wanted to be involved and use their voice and their reach to be able to promote this message because far as we're concerned, and as far as they're concerned, this is the most important issue that we're facing. It's also the biggest opportunity. We're talking about a $1,000,000,000,000 industry that we're that is barreling towards us, and this is the moment for people to find their role and to take a leadership ship position when it comes to regenerating climate because we have this small window right now where we can course correct and common ground shows people how we can do that and what better way to celebrate Earth Day to go and find where your role in regenerating the climate and stabilizing the climate is. This episode is brought to you by How can Ay teams help you create a better version of your company? We work with you to turn data into greater insights, invest to drive growth, and realize your strategic vision through thoughtful implementation. Visitey.com/reimagined to learn more. Success is more than the final destination. It's a path you take one step at a time. It's discipline. It's teamwork. And it's the drive and passion inside of us that comes before all recognition. It's what Steve has been doing for over 130 years. Quietly, yet strategically, Stifel has become one of the fastest growing wealth management and investment banking firms in the country. Our financial advisors go beyond traditional wealth management to provide clients with direct access to 1 of the industry's largest equity research franchises and a leading middle market investment bank. Because success is the drive it takes to
