YouSaid · the spoken record

Pat LaFrieda

lines on the record: 35
first: 2020-04-11
most recent: 2020-04-11
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“This signal started that way, but it went to two years. It's not with forgiveness. I say no forgiveness. I think the restaurants will be more than happy to have a low interest loan for a longer period of time, and that would really make them sound.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just atrocious. Really, we need to worry about the businesses. And to help restaurants, the administration would really have to have more of these small business loans that they could loan restaurants. I wouldn't say completely forgivable. I think that when restaurants build back like any other industry, they would have to pay back these loans. And if they, you know, the interest rates right now are at all time lows. The federal funds rate is at an all-time low. So if they could have longer term loans, so these loans are two-year loans. Well, why not extend that for restaurants if we're going to take a sector that really needs help? Let's loan the restaurant money so that they could get back on their feet with a small interest rate and they pay that loan over a 10-year period. I think that would be a great way to help.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“As opposed to what the general public thinks, restaurants don't make large profits at all, if all. It's a really tough question. At the same time, I'm a realist. This money was not just sitting somewhere in the back shelf. Ready for a stimulus. We're borrowing this money from foreign countries. And we're going to have to pay it back as a country at some point also. So it's got to be some balance in there. Originally, the stimulus was a trillion dollars. Then it went to $2 trillion with the idea that we may need more. I think the idea of asking for non-business related things during that time by certain political leaders was.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So it's a difficult question, and I want to help the restaurants more than anyone, but where does it end then? Because there are many industries that I don't know an industry that has been profitable during this time either. So, again, I want to help restaurants. I know that the administration has met with some very well-known and celebrity chefs to get their input on how to help restaurants, but restaurants are in a lot of trouble. And I think that the biggest part of the stimulus bill that helped restaurants in general was to help their employees get unemployment. To me, that was the most important part because, again, lole and now I'm a small business owner. Is left with a huge chunk of missing revenue. So yet they have rent, yet they have expenses, yet they have had no incoming money for weeks.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That really is a great question because Even with this current loan, that they are, you know, they're all able to access this SPA loan. But what's the one thing that they can do with it? They can't pay their meat for They can't pay their produce purveyor, fish purveyor. So not being able to pay bills. You see, the whole system has to work from the restaurant suppliers all the way through the finished dish. But let's just think with the restaurants for now. They're devastated. They don't know what to do. So when has any restaurant? As a whole, when has the country ever forced restaurants to close? Never, not in the history that we know of. I don't even believe it in 1918 during the Spanish flu did they close all restaurants.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tourists in a very good way. I don't know how tourists know to go there, but they have found the beautiful place that overlooks New York City at the base of the Brooklyn Bridge and the Manhattan Bridge and right there overlooking the water is a gorgeous food haul called Time Out. And we really can't wait till we get back. We really can't wait till we get time in, I should say.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, what we did open, though, was in the timeout building in Dumbo, which was a great food hall until it was closed recently, but will reopen when all the restaurants reopen is the same concept on the first floor, on the fifth floor, with an additional concept on the first floor. So we have three locations in one food hall that has 23 concepts. Concept that has more than one under one roof. So, we're really proud of that. And it's amazing as a kid. I'm born and raised in Brooklyn. And as a kid, I wasn't even allowed in those areas. And to see how it's changed and the amount of tourism, people that you can't even drive down the streets down there on the cobblestone. I mean, it's just littered with...”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, but unfortunately that building is under major renovation to the tone of $1 billion. So our footprint at the garden. Will be suspended until that construction is finished.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“The season would be starting in 12 days. Did I be operational in two locations in 12 days? I'm not one to say no. I did. And still today, big hits at a ballpark that if you haven't been there to anyone listening, it's a ballpark in which there's no better food in any other large format capacity City field. It's a giant up”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I had become friends with the ownership of the Mets. They were big fans of ours as we were of theirs. One day they asked me that they said, Pat, you know, there's one thing that our ballpark does not have, and that's a steak sandwich. They had asked me if it's something that we would consider if we had a steak sandwich in our family, and we did. It had skewered steak. We had to change that because steak is my favorite cut of beef, but it's just too, I don't want to say tough. It's not tender enough for a sandwich in a ballpark. People would be ripping away at it because they don't know what the attributes on the skirt steak are. So they asked me to come cook our steak sandwich. And I didn't think that I would be cooking it. I thought that the chef's hair would be cooking it. And it wound up to be me, and they loved it. They told me that.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is they A. Ellsberger? I know exactly how many votes because of traceability. We track every pound for our USDA guidelines and their own personal traceability. And of the less expensive short-rim, 8,000. So slightly less than half of the $26 burden.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, when the rest aren't opened, the innate, the crash had happened. So ownership and the chefs were really considering not putting it on the menu. Black label almost did not exist because they thought a $26 hamburger as opposed to the $16 hamburger, which was a great burger also. It's a shortrim blend. But they figured, okay, let's do it. And they got a little bit, you know, there was a writer or two that brought it to everyone's attention that during these times, why is 026 hamburger on the menu? Yet they didn't complain about the $90 Cote de Buff. So a dry aged rib steak was $90, but the burger was $27. After one year, I remember Chef Colamine and asking me, Pat, do you know how many black label burgers we sold in year one? I said yes, sixteen thousand five hundred. He's like, but how would you know that? I sell you the beef.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“And the chef Riyadh had asked me for an agreement that we would not sell black labels. That specific brage blend to anybody else. And we shook hands on it. And he is no longer admin at our tabernacle, but we still hold our promise. We've never given that blame to anyone else. What was the...”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. And as I experimented with different blends for different restaurants according to what they wanted, I had met with a chef that was going to open a restaurant in six months and wanted something very different. And you have to remember, we run the cusp of the financial bubble. It burst then. In the planning stages, I guess you could say that the financial crash happened during the planning stage of this chef trying to find something special. And I just so happened to have been working on because of my love of tri-age beef, a portion of the burger, having dry-aged beef in it. I thought it would give a dry aged steak experience with not as expensive as a steak, but not as inexpensive as a burger. I was trying to reach somewhere in between, but still have that great dry age flavor. So that restaurant wound up to be Minetta Tavern.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Gray cafeteria burger that we had back in high school. These burgers are becoming very special. And actually how this started, my grandfather always made grape burger meat. And although we didn't sell to some of the really fancy restaurants like Lespanas or to the chef Delvier. Yet during grilling season, they'd stop by our place for their burger meat to grow for burgers because my grandfather had such a great reputation for that. And that really carried through. So all of the disciples, so all of the chefs that respond from that group, when they move on to other restaurants, They know where to get. They wanted the best caveat. If they wanted the best burger, they know where to go.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“What he meant was when you use whole muscle only, so whole cuts of beef, when you're using a whole chuck, when you're using the clod, which has the flat iron attached, which has many, many retail cuts in there, you're going to get the flavors of ribeye. You're going to get the flavors of New York Strip and a big part of our recipe is to use whole briskets. Briskets have a buttery flavor from that fat layer that separates the two muscle groups in a brisket. A brisket holds up 30% of the weight of an animal. So it's a real tough, slow cook, slow cooked type of beef. However, when you chop it, it has great flavor and it really holds back a little bit and gives the burger some bite so that you don't have a mushy”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Chopped beef or ground beef was sold in burger form or in bulk by its fat percentage. So you saw 80-20 or 8515. We never really used those numbers. Those numbers are really, in order to calculate those numbers if you didn't send that product to a lab, what you're doing is taking imported trimmings and that are tested for how lean they are and then adding it with some domestic trimmings and maybe some mechanically boned beef making a burger that we've all seen more gray and flavorless than it is a real steak experience. So my grandfather always said you cannot hide your sins in the chopping machine. So what you put in there is what you're going to get out of there.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm guilty as charged, and I'll tell you that before we began making blends specifically for restaurants, specifically for the cooking equipment that those restaurants had in them, and specifically for the taste buds of the chefs in those restaurants.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So has all retail. So whereas most of our business, 95% of our business was supplying restaurants. Right now about 90% of our business is supplying retailers to include Amazon, to include Shopright, Fresh Direct in Italy, and just trying to help resupply the retailers so that we can avoid panic in the city. And panic in the tri-state, we just don't want it to happen because there's no reason for it. The food supply chain has not been broken. And I'm proof of it right here. Like I just said, we have not closed one day. We've been in production every day, in constant contact with my growers out west, and the harvesting facilities. Again, out west, everyone is in food supply has really been has come together, like you see in other parts of other industries. Our country, really, when it needs to get together and bind together, it does.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, our product is shipped fresh and it's got ice gel packs in the boxes, and the boxes are insulated themselves. So although we ship overnight, that box is good in room temperature. I think we've tested it up to five days. Without having the temperature being compromised. We do all the fulfillment here and we work all night long. So after the virus of chaos, yes, our home delivery business has really shot up. However,”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Everything gets delivered vacuumed, but it's vacuumed fresh. It's never been frozen. So our product, this is just the way our culture as butchers has always been. For my grandfather to my dad to me, meat's always better fresh. So when we vacuum product, you're actually able to, you make the decision. If you'd like to freeze your product, go right ahead and freeze it. It will be good for over a year. If you don't, your product would be good in the refrigerator for about 21 days. So you really have meat as fresh as a restaurant would get and as fresh as a butcher shop would get it.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, that's the one thing about being a part of an essential part to. Essential personnel, our schedule never changes, never changed during Hurricane Sandy. At 9-11, we were very close to the towers, unfortunately, to have witnessed the atrocity. And we were only closed for one day then. So we haven't closed at all. And actually because of our pivot to help retailers restock their shelves and that being a more labor intensive process, my production team has been working at full capacity ever since this began.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“At all and boredom. And you'll hear triumph in those that are going in every day and they know they're losing money, but their customers are so happy that they've stuck it out and that they're providing food. It's a very strange time, but things change in time. And we all need to adapt to what's ahead of us. I truly think if we stick to that April 30th reopening, I really think New York is going to be one of the cities that bounces back so quickly that we'll be talking for years as to why it was reported internationally that New York was crumbling. I've gotten condolence letters, basically, from friends in other countries. Like, I don't know, you guys have heard, but we're okay. The faster we can get through this, the faster we're going to rebound.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our suppliers and our suppliers from out west have been so, I mean, they really still think it's an East Coast and New York-centric problem. And I'm trying to explain what's happening here is going to happen there. 181 countries in two months, I guarantee you it hit all 50 states, but maybe they won't see at such a rate that we saw it. But we're in constant contact about 50% of restaurants opened up again for what they are telling me about one-third of the sales that they used to have. However, if you speak to a restaurant that's partially open and compared to a restaurant that's completely closed, you hear a big difference in their voices. You'll know and feel depression for those that haven't opened.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to say the meat industry has become one of the most efficient systems, food systems in the world. And it has not been broken. So there's still, you know, people still need to eat regardless if it's coming from a restaurant or retail market, if it's getting delivered to your house or getting curbside delivery. People still need to eat. For most people, they eat meat. And it's one of the staples their family needs to see on that table. So just making sure that”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“We need to start to think of how to alleviate this panic. We are a bridge to food between food and people. And we need to get me to people. And we are not going to tolerate anyone that we work with. So I'll explain how we got others involved to help distribute product. We will not tolerate a price gouge by a penny. It's just, it's not going to happen. It's not who we are. This is really to stop panic. And I mean, our lives are bridging food with people. And if we were able, if we're able to do that during this, then we would have saved so many more, maybe not lives. Maybe lives. I mean, we've gotten a lot of that feedback. I mean, we don't like to accept that, but we just saved so much. worried by stay open.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a sector that was always about 1% or 2% of our annual sales. And now we'll probably account for about 15 or 20%. And it is really the access. What we saw in the first few weeks of the pandemic when It was actually called such is that. Run on supermarkets was extreme. And what none of us want as Americans is panic. I think we could all agree upon that. We don't want unnecessary panic. So when you don't own a meat company or a food company and you're online for five hours at a supermarket to find out that they have nothing on the shelves, that will cause panic. And the virus cannot break this country. It cannot break our city, so it cannot break these states. It cannot do it. But panic can. And that's where we felt we made a statement to ourselves among our family and among our team.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our business model, but and we were already diversified into supply retailers and our own home delivery service. But we really ramped up our production. Our production has been running six things a week, 12 hours a day. We haven't not taken a day off from this pandemic during this entire pandemic because we are an essential part of the food chain. We're essential personnel. So we've been in the fight from the beginning. And quite frankly, we like it that way. We wouldn't want to be forced not to be able to come to work.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“I put that number at about 50%. 50%, they're so close from the day that the restaurants were asked to close. And that's really scary. And that's just 50% of my business. That's not just 50% of my receivables. That's 50% of our lives. We've built our lives around supplying restaurants. And I'll tell you we had to pivot ourselves. We had to change.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“That it'll be that much easier, and that feeling of desperation, of being on a couch, watching more cable pay-per-view and Netflix than you ever thought you'd want to watch, it just is so much more of a life in feeling that, yes, it's a virus, it's horrendous, it's taking lives, but you know what? It's not going to take my life. It's not going to take all of our lives. And we need to fight it by living. We need to fight it by succeeding.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Got their meals from outside of the home. So when you close that down, I mean, you're closing a major part of not just food supply, but culture. And how will that culture change in the future? And I certainly hope we get back more to a personal place where those meals are unique and meaningful. I really think that's going to take some time. So between now and then for restaurants to survive, that 50% I was talking about, those restaurants may not be making money right now. And that's really not what it's about. And no one's doing well right now. But it certainly feels better to be operational in some capacity so that when it is time to come back online and it is time to get the troops back, that”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like they have now to create concepts, meal kits, again, cars pulling up to the restaurant, popping the trunk for orders that were already paid for with a credit card, confirming through the window a closed window as to who that customer is what customer that was picking up, and then someone from the restaurant just putting the food in the trunk of the car and the car driving off talk about social distancing. Restaurants are a place. It's New York City's golf course. It's where we do business. It's where we celebrate. It's where we spend time together. But at the same time, 60% of New York City residents”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“When restaurants get to reopen, I think we're going to see the biggest surge and rebound in New York City, despite it being the epicenter of the coronavirus, I disagree. I think it's going to be, we'll have more people that have contracted it and have gotten past it. And those are the people, the very people that will be the first back to work and the first to feel most comfortable in restaurants. But to have restaurants”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“So many great examples, but I think restaurants that had never thought of anything like curbside delivery before thought that they were above that, but really he wanted to do that. So when we talk about high-end restaurants in New York City, they kind of look down upon a curbside pickup or a takeout. They actually didn't permit it, but they wanted to historically. This gives them a chance to actually take that leap and to begin that part of this evolution, because that's what this is going to be. Restaurants are going to be different forever. We hope that there'll be some return to normalcy. But for any foreseeable future, things are going to be different. We already feel it.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'll tell you the restaurant industry is really, they're struggling. I would say they're split between thinking of closing down completely or reorganizing. But the brighter side of the other fifty, I call it the positive 50, and many of them I've talked off the ledge, which is get off the couch, improvise. And we've seen so much of that. I've seen more ingenuity in original ideas from restaurants that I've ever seen. And sometimes it takes a chaotic time like this to really get people's minds rolling.”
2020-04-11 · Masters in Business · Barry Ritholtz Discusses WFH’s Impact on the Economy (Podcast) · IDENTIFIED FROM THE TRANSCRIPT · source