Pivot · Jul 18, 2023

Bob Iger’s Rough Ride, Record-Breaking Heat Waves and Guest Ashlee Vance

Automatic transcript of the end of the episode, from 1:02:54. Speakers are labeled by software and may contain errors. Highlighted passages are Scott’s predictions.

[Ad break] Kara Swisher · 1:03:45 Okay, Scott. Let's hear some wins and fails. I'm gonna go first because I wanna focus on this article by Tim Carmen in the Washington Post Mhmm. About a fight between, I would say, a conservative couple, I wouldn't call them Christian, although they claim they are, in Virginia, and a gay couple who's owned a restaurant in the same town. This couple has come in. This is a... This is... This restaurant's been there forever, mainstay of the town, and many people suspect them trying to run people out so they can develop more in this town of Plains, Virginia. The... It's called the Plains Mhmm. In Virginia. Very charming little town. And it's just terrorized the community, this couple. They threw a rat onto this restaurant then took pictures trying to get the health department to come in. They've taken this restaurant to court. They've sort of bothered the employees. They have a whole rigmarole around parking. It's some story. It's something else. And this couple is very sketchy. They, of course, were at January 6, just sightseeing, I guess, at the Capitol. And it's just this... It's really fair. This guy gave these people an opportunity to talk. They talked themselves right into a what a bunch of assholes kind of thing. But really, it's worth reading. It's something else because all this whole town is, like, trying to do the right thing all the time. And just... Reminds me of when these conservatives come in and do CRT or book banning, they just make a mess and they cause lawsuits and a mess and this and that. And then all the good people give up. They're gonna sell the restaurant. I mean, ultimately, these people have been successful. But it's worth reading, I would say. I don't know if you read it. Scott Galloway · 1:05:23 I haven't. We had... It's interesting. We had something... I live or have a home in a wonderful little town in Florida called Gulfstream. And there was this guy or a couple who used to put profane things on the outside of his house and say it was free speech. He was constantly suing the town of Gulfstream and just bullying everybody, suing his neighbors all the time. And this is what you need. We took a bunch of our tax revenue and we're blessed. It's one of the wealthiest little hamlets in the world. And we got a mayor who's basically a litigator and said, here's money. Go chase this motherfucker out of town. I mean, was just like Yeah. Well, not could displace companies. Can't afford it. Start hitting back. It's like we're just sick of being bullied by this guy. But I remember this happening about ten years ago. And bullies back down... When you land a solid counter punch, that usually shocks the shit out of them because they... I think some of this is true. I mean, we're just talking about Elon. Look, I think he's a bully and I think he's used to people not hitting him back because he has so much money. And I think when you do land a blow against... I know I don't know the specifics around this couple, but I do think... Kara Swisher · 1:06:35 The mashers. Scott Galloway · 1:06:36 Yeah. The problem is no one has the time or the energy to to to organize... Kara Swisher · 1:06:40 They're relentless. They're relentless Scott Galloway · 1:06:41 is what they are. Well, shamelessness is a core competence. Kara Swisher · 1:06:45 These people are terrible people. They're not Christian. They are just terrible, and they wanna you know, they're trying to pretend they're political victims when they're the terrorists the whole time. This is a very conservative town, but they're lovely. You know, they love this restaurant. These people have been operating their business for years. You know, it was interesting. Scott Galloway · 1:07:03 Was the restaurant? Kara Swisher · 1:07:04 They're next door to the restaurant. So they say there's smells from it, which they're... You know, the health inspector came in and said, no. There's not this. Then no. They just keep making complaints and then the parking and... But they they got there after the restaurant, like, long after. And some people think they're trying to take over because their son is running for a local, office that they wanna develop this area, which has been very quaint. They didn't like the pride flag. You know, it just goes on. It's just... They're mixing up their conservatism with, I think, a venal nature of wanting to have more development going on. Scott Galloway · 1:07:35 Yeah. But this is power of journalism. You you know why this is gonna end? Because that article. This article will get a bunch of awareness. Kara Swisher · 1:07:41 It's really gotten a ton. Yeah. It's just... They're just heinous. They're heinous people, bad neighbors, as you said. Anyway, that is my fail. This thing... This story is really... The Post has put out a series of really wonderful stories about conflict in a really fair way, like talking about conflict. There was a conservative sheriff down in the South who was fighting the white supremacists. It was so moving, this poor guy who is very conservative is just like, what is fucking wrong with these? Anyway, I think the Post is doing a great Scott Galloway · 1:08:09 The job on emblem of conservatism is Abraham Lincoln. I mean Mhmm. So real, genuine conservative values are about liberty and equality. Anyways, wait. Do you have a win? Kara Swisher · 1:08:20 A win? My kids are home all weekend. Scott Galloway · 1:08:23 Oh, no. Kara Swisher · 1:08:23 We There we go. Of course. They were so good. We had... They brought Old Forge pizza. We cooked pasta. We had such a good time. We... And and packing up my boys. My older boys are... One is going to Argentina for the year on his junior year abroad, and the other is going to University of Michigan, and we spent yesterday going through their things and packing, and it was... I'm gonna take a little trip with each of them before they leave. And just all four of them together was just a joy this weekend. Scott Galloway · 1:08:51 That's nice. That's great. Enjoy it. Relish in it. Kara Swisher · 1:08:54 We had a great time. I did a lot of dishes, Scott, I'll be honest. Mhmm. A lot of fucking dishes. Scott Galloway · 1:08:58 Oh, by the way, I may... You looked really good on Face the Nation. Whatever that look was, that that amount of makeup and Kara Swisher · 1:09:04 that dress Makeup? Thank you. Scott Galloway · 1:09:06 Good. That was nice. Kara Swisher · 1:09:07 Thank you. Scott Galloway · 1:09:07 Was makeup triggering? Anyways Kara Swisher · 1:09:09 No. It's not. It was a... She's a wonderful makeup person there. Scott Galloway · 1:09:12 You look good. Kara Swisher · 1:09:13 Again, I... They ghosted ghosted you. You. Scott Galloway · 1:09:16 Can you believe Kara Swisher · 1:09:17 I thought you ghosted me. Scott Galloway · 1:09:18 Want you to relax and ask me. I'm like, first off, you are not concerned with my vacation. Let's just call this what it is. Kara Swisher · 1:09:24 Oh my god. I love it. Scott Galloway · 1:09:26 You've literally So good. Like, I am I am Kara Swisher · 1:09:28 So good. Scott Galloway · 1:09:28 I am Mika. She is Joe. I get it. Alright? I get it. I get it. Kara Swisher · 1:09:33 Alright. We're getting you on. I'll refuse to go on with that. Scott Galloway · 1:09:35 Oh, I'm pissed off. Kara Swisher · 1:09:36 So sad. Scott Galloway · 1:09:36 I'm pissed off. Kara Swisher · 1:09:37 I was super excited. I was like, oh, I'm excited to go on with Scott. Louis was like, who are you going on? I'm like, Scott and I. He goes, — Predictions segment begins — Scott Galloway · 1:09:42 you too. And I'm like, I know. Just the I. All right. My wins So and my fail is I shoot from the hip a lot. I think I have good instincts. But I think I got it wrong last week saying that Lena Khan was a big disappointment. My editor in chief, Jason Stavers, went to UVA Law School and is just an incredibly talented legal mind and blue flame thinker and saves me from myself a lot, he really came after me in this email or corrected And I think there's a lesson here. I think it's important to surround yourself with people who are not afraid to disagree with you. He said that I got it all wrong and that basically that he reached out to one of his former antitrust partners. And he said that all of the challenges that Xi has put forward in the strict scrutiny in an antitrust environment in Washington are having a deterrent effect on transactions. Corporate development teams, CEOs, and boards are viewing antitrust as a key element that must be factored into their acquisition strategies rather than treating antitrust as an afterthought. And then he went on to say, looking across industries that is not focused on tech, they identified 24 merger challenges by the FTC and the DOJ and scores the agencies at 16 wins and eight losses. And 14 of the wins and two losses, however, were in straight up competitor merges. So basically, he said, you're wrong. Her more aggressive stance is having the desired effect. Yep. And also, some of this was inspired by I saw her testimony when Jim Jordan tried to go after her, and I thought she was very, very good. So anyways, my loss. And then my win is I met with the management team of this company called Oddity, and this is a win and a prediction. And Oddity is essentially they're positioning themselves as a truly tech. Kara Swisher · 1:11:29 Oh, Oddity? Scott Galloway · 1:11:31 It's called Oddity. It's a beauty company. They have two brands, Ilmakiage. Kara Swisher · 1:11:34 O d d I t y? Scott Galloway · 1:11:35 O d O D D, Odd Ity, I T Y. It's this Israeli brother and sister who decided that the beauty industry needed to better leverage technology. And as soon as they get someone in the funnel who comes onto their website, it's all direct to consumer, They use this thing called spectral I think it's called spectral photography such that you take a picture and it matches the perfect foundation based on your skin type using millions of other images. And that obviously creates barriers of entry. They came out with a hair brand called Spoiled Child. It's huge. And essentially 100 of their two forty employees are technologists. And they are really trying to lean into AI, figuring out a way to move people further down the funnel when they come to the site, and also figure out what we call mass customization in the 90 Kara Swisher · 1:12:21 It's like percent viewing. This company Scott Galloway · 1:12:22 Well, that's not why bring it up, and it's part of a prediction. And I want to be clear, I am not a shareholder, although I will disclose I'm going to try and become a shareholder. This is going be a monster, Kara. It's going to be a monster because so many moons are lining up here. The secondary market indicates that there's a ton of appetite for new shares. Kara Swisher · 1:12:43 Lots of IPOs coming, I see. Scott Galloway · 1:12:44 Oh, the back half of the year is going to be IPO. Kara Swisher · 1:12:47 You said that earlier. Scott Galloway · 1:12:48 Yeah. But I think the big winners, the biggest creators of shareholder value and stakeholder value in AI will be a small number of tech companies and then a bunch of consumer companies that leverage AI. And this is the first one. And if you look at its numbers, its EBITDA margin, its growth. Mean, it's staggering. Kara Swisher · 1:13:05 Point out, I just went to their website, which looks like the the entity on Mission Impossible when you click on it. It says... It doesn't say anything about beauty. It says category shifting technology. Scott Galloway · 1:13:15 Yeah. They Kara Swisher · 1:13:15 It doesn't... You don't know what they're selling. Scott Galloway · 1:13:17 Well, and you know what they're coming out with? Kara Swisher · 1:13:19 Oh, they do eel macchiage. Scott Galloway · 1:13:20 That's right. And you know what they're coming out with in 2025? I don't think I'm speaking out of school here. They're coming out with an acne brand. It literally looks at millions of images of people's blemishes and acne and then comes up with the right treatment plan. And I think that's gonna have such enormous applications. But I love the idea of using AI as a means of improving the consumer experience and translating into consumer margins and loyalty. And these guys, their office is literally down the block for me. And one of the wonderful things about having a podcast with Kara Swisher, I can email any CEO and they'll meet with me that day. And so I walked around the corner and I met with this management team. Oh my god. This company oddity. Is killing it. So my win is is consumer companies leveraging AI. I think that's where the real money is gonna be. And two, it's a prediction, but because it's pricing next week, I will look like an asshole or a genius. This IPO Kara Swisher · 1:14:15 We'll watch it. Let's watch. Let's follow it. Scott Galloway · 1:14:17 It is gonna rock the house. Kara Swisher · 1:14:20 Yeah. It's it's interesting. I love Il MacKayage, by the way. So do a lot of makeup people since I'm on television so much compared to you. Oddly enough, the name Oddity is a stranger peculiar person, eccentric crank misfit. It's such an interesting name to use for a beauty company here, but it has two beauty, brands. Again, Il Makiage is, like, fantastic. Like, fantastic. Not as well known, but, anyway, interesting. Alright. We'll follow it. We'll follow both Lina Khan and antitrust and mergers, and we'll follow this next week. We'll do that or or later this week, perhaps. — Predictions segment ends — Scott Galloway · 1:14:54 Can you believe they didn't have me on Face the Nation? Kara Swisher · 1:14:56 I thought Margaret Brennan liked me. To Margaret Brennan. I'm gonna speak to him. I'm gonna speak to Carol. You'll see. Carol Joint. Carol, you're the producer. Is that who wrote you? Carol? Scott Galloway · 1:15:05 Yeah. Carol. Kara Swisher · 1:15:06 Yeah. Scott Galloway · 1:15:06 I think you should just spend time with your family and ask them. Well, thank you, Carol. Thank you. Thank you. Kara Swisher · 1:15:13 Oh, man, Carol. Sorry, Carol. Scott Galloway · 1:15:15 I named you, but Kara Swisher · 1:15:16 here you are. Yeah. Anyway, we'll go... Yeah. Scott, we are destined for great things together. You understand that. And we will wear beautiful Scott Galloway · 1:15:22 gray titties. I think X plus Y, but we are peanut butter and chocolate. Kara Swisher · 1:15:26 Hello. We are peanut butter and Scott Galloway · 1:15:27 chocolate. Hello. Kara Swisher · 1:15:28 I may come visit you in Aspen. I don't know. I've been invited to an event there, the security dingity dong, but I don't know. Scott Galloway · 1:15:34 It's really nice here. Kara Swisher · 1:15:35 It's really nice. I know. It is. Well, enjoy yourself. But, anyway, also, we wanna hear from you. Send us your questions about business tech or whatever's on your mind. Go to nymag.com/pivot to submit a question for the show or call 85551 Scott, that is the show. What's a good series of shows we've been having? I've gotten many compliments recently for some reason. I think we're hitting on all cylinders. Anyway, we'll be back on Friday with more. There's gonna be a lot more news. Scott, please read us out. Scott Galloway · 1:16:02 Today's show is produced by Lara Naaman, Taylor Griffin, and Travis Larczyk. Bernie Engertat engineered this episode. Thanks also to Drew Burrows, Miele Severio, and Gatti McVane. Make sure you subscribe to the show wherever you listen to podcasts. Thanks for listening to Pivot from New York Magazine and Vox Media. We'll be back later this week for another breakdown of all things tech and business. Who doesn't face the nation? Who is not... Who is who is treated like a kong ball, like like ridden hard like some tired old prostitute that's no longer worth the spend or the effort? That's right. Face the nation. I have dignity. I am gonna sick Fran Drescher on you. Support [Ad break] Scott Galloway · 1:17:49 Visit blinds.com now to save up to 50% off-site wide during our annual fall blowout sale.

Didn’t happen

Resolved Jul 18, 2025 · 2 years after it aired

Pivot #421 · Aired Jul 18, 2023

Among companies leveraging AI, the biggest creators of shareholder value will be a small number of tech companies plus a group of consumer companies using AI, with Oddity being the first major example of this trend.

ODDITY Tech's $810M record year is overshadowed by an ad algorithm crisisppc.land

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How we graded it

Counts as true if: Over the next two years, market data shows that a small set of tech firms and AI-leveraging consumer companies (including Oddity) significantly outperform in shareholder value creation compared to other sectors.

While a small group of 'Magnificent Seven' tech companies did dominate AI-driven shareholder value in 2023-2024, that concentration weakened in 2025, and there is no evidence of a broader 'bunch of consumer companies' leveraging AI to create outsized shareholder value. Critically, Galloway's specific exemplar, Oddity, failed to be 'the first' of such a wave—after a brief 2025 peak, its stock collapsed over 60-80% due to advertising-cost disclosure issues and litigation, becoming a cautionary tale rather than a template for AI-driven consumer value creation.

Researched and graded by AI on Oct 12, 2026

3 / 5