Podcasts about Goldman Sachs

Jonathan Reckford shares his incredible experiences at the helm of Habitat for Humanity and how he's helping to change the world by creating strategic partnerships with other organizations, and how it all starts with building relationships first. Find out how the CEO of Habitat for Humanity, one of the biggest non-profit organizations in the world, can still make time each month to work on his Protomoi List and why aligning a potential partner's desire for impact with your goals is a great foundation to build a valuable long-term relationship on.   Mo asks Jonathan Reckford: When did you realize you wanted to grow something big and make an impact? Jonathan had a lot of great role models growing up, with his grandmother being one of the first women in Congress. She would always ask Jonathan what he was going to do to be useful, a mindset that he eventually adopted and grew into. Jonathan assumed he would follow her footsteps into politics and law, but quickly realized after college that law wasn't what he wanted to do. He later talked his way into a job at Goldman Sachs, received a grant and moved to South Korea to work for the Seoul Olympic committee, and ended up working with the rowing team as their coach for a few years. That experience allowed him to reorient his perspective and after returning home, Jonathan came back with a mission. He went into business school and spent the next 15 years helping large organizations grow. After that time in the private sector, Jonathan went to India on short-term mission trips. Seeing the challenges and suffering in rural India touched his heart and he realized the power of small interventions in dire situations. Jonathan began focusing on helping churches grow and contributing to the mission of alleviating international poverty, ultimately culminating in working for Habitat for Humanity nearly 17 years ago. You can't always connect the dots going forward, but when you look back you see how everything got you to where you are now. Jonathan's experiences in his career lend themselves perfectly to his current role as the leader of Habitat for Humanity. Work on the ‘who' before the ‘what'. Build your character and skills instead of looking for some grand career plan. No matter what you do in your 20s, consider it continuing your education. As long as you're learning and aligned, you will eventually find your vocation where you have an impact that lines up with your passion and skills. Habitat for Humanity is thinking big for the future and is focused on making markets work more effectively to create just societies where really everyone can access safe, decent, affordable housing. Really bold leaders are ones that reframe everything. If you have the right mission for the problem you're trying to solve, you'll gain the power you need to get there. If you're focused on gaining power, that's ultimately going to be self-defeating. Start with crafting a story around why what you're doing is making the world a better place and get clarity on your true purpose.   Mo asks Jonathan Reckford: What's your personal definition of growth? Ultimately, it's all about impact, but in order to make an impact you need fuel. Creating complex partnerships is very aligned with good development practices, which is valuable for Jonathan because growth at Habitat for Humanity means having conversations around fundraising. When he made the mindset switch to solving someone's problem, raising money became much easier and simpler. It's not about pressuring, or trying to get somebody to do something they don't want to do. It's about really trying to understand what people are trying to accomplish or the impact they want to have, and then looking for a fit and where there is one, finding ways you can help them have that impact in a really joyful way. Before a big meeting, you have to do the research. Jonathan will have a brief on the person's biographical information, passion, and overall strategic goals so that he can create alignment in the potential partnership. Creating win/wins is the goal and when you can do that, growth becomes easy. Negotiation is usually won or lost based on preparation and framing, not on the actual tactics of the conversation. After the research, the first step of the meeting is creating a point of connection and establishing the relationship. The goal of the first meeting is to come away with clear next steps, not to close the deal.   Mo asks Jonathan Reckford: What's your favorite science, step, or story from GrowBIG Training or the Snowball System? Jonathan's first favorite is the Herrmann Brain Dominance Instrument. He uses it all the time in talking with potential partners and tailoring the conversation to how they process information and think. Wrapping your data into a story is a great way to hit on more of the four ways people think, but also make your data more memorable at the same time. Jonathan's second favorite is simply discipline with the Protomoi List. Every month, Jonathan and his team review his list and look at how they are adding value to those relationships. The takeaway was the discipline and rigor of being very intentional about your most important relationships. Jonathan makes sure that there is time booked into his calendar to make connections, either physical or digital, with the most important relationships in his life. Sending a note to someone has more weight to it when they know you're busy.   Mo asks Jonathan Reckford: Tell us a development or growth story that you're really particularly proud of. Jonathan tells the story of a complex corporate partnership between Habitat for Humanity and Hilty, and how they've worked together closely after building a relationship over the years. Each year, the two organizations began to work more closely together and started developing new innovative approaches to achieving their mutual goals. There's not only funding, but it's making both parties better. They are achieving their goals as well inside a full strategic partnership which is much more exciting than just a transactional donor relationship. Jonathan's role was in building trust with the head of the foundation. Without that relationship, the partnership probably wouldn't exist. It also taught Jonathan a lot about building trust and being direct.   Mo asks Jonathan Reckford: You get to magically record a video and send it back to your younger self with some advice. What do you say? Jonathan spent most of his youth thinking about what he wanted to do instead of who he wanted to be. He would tell his younger self to focus on the ‘who' before the ‘what' first. If you never fail, it's likely you're not going big enough. Hope is built in the community. Volunteering gives you a sense of the community and how you can bring the virtues of kindness and love into the world. Following your passion is incomplete. You need to search for the intersection between what you're passionate about and where your skills, ability, and talent lie. Jonathan tells the story of Doris, and how he grew up in a poor neighborhood in North Carolina and how his life completely changed after his mom qualified to buy a Habitat house in Optimist Park. Doris is the first person to grow up in a Habitat for Humanity house and to serve on the board as well. The story perfectly encapsulates the mission and purpose of Habitat for Humanity and how giving people a platform and foundation for a stable, healthy life can impact their community and society as a whole.     Mentioned in this Episode: GrowBIGPlaybook.com habitat.org linkedin.com/in/jonathanreckford Our Better Angels: Seven Simple Virtues That Will Change Your Life and the World by Jonathan Reckford

Wolfspeed (WOLF) offers silicon carbide technology and production. George Tsilis discusses WOLF as it is up 17.8% this week and Goldman Sachs upgraded the company to buy from neutral. He also talks about KE Holdings (BEKE) which is a China-based holding company engaged in housing transactions and related services. He then goes over how BEKE mainly conducts its business in the domestic market. He mentions how HSBC recently upgraded BEKE to buy from hold. Tune in to find out more.

Buenas a tod@sEste es el octavo y último episodio de este Crossover entre Charlas iOS y desmontando la Manzana. Desde aquí agradecer a John su participaciñon en esta saga y los buenos ratos de charla tanto en el podcast como fuera de micros.En el séptimo, mi compañero de aventuras en esta serie John y yo hablamos de las novedades enLive Text y Consulta Visual en su Podcast Charlas iOS. Aquí os dejo el enlace a ese episodio:https://podcasts.apple.com/de/podcast/charlas-ios/id1486185574?i=1000567568307En este episodio hablamos sobre Apple Pay later, la última novedad introducida por Apple en el mundo de la economía de los usuarios de la marca. Seguidnos en Twitter e Instagram como:@Minchuavies y @CharlasiOSy en YoutubeiMinchu: https://youtube.com/channel/UCdPsYKJ9JEmC4di_n2BjV0wCharlas iOS: https://youtube.com/c/CharlasiOSRecordad siempre, hay muchas manzanas pero pocos que sepamos apreciarlas.Un saludo y hasta la próxima

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world's most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, Joe Bae, Co-CEO of KKR, talks with Goldman Sachs' Alison Mass, Chairman of the Investment Banking Division, about shifts in the macroeconomic environment, building the firm's business in Asia and his work to combat anti-Asian discrimination and violence.

Ann Hand serves as CEO and Chairman of Super League Gaming {Nasdaq: SLGG}. She brings to her current role over 25 years of experience as a market-facing executive across several industries, including consumer retail and sustainability. Throughout her career, Ann has been honored with multiple awards and industry recognition, including “100 Most Intriguing Entrepreneurs” by Goldman Sachs, “Top 10 Most Powerful Women Entrepreneurs” by Fortune, “100 Most Creative People” by Fast Company, “40 under 40” by Advertising Age, along with Grand Clios and Cannes Lions for integrated marketing campaigns she developed and executed. Ms. Hand earned a Bachelor of Arts in Economics from DePauw University, an MBA from Northwestern's Kellogg School of Management, and completed executive education at Cambridge, Harvard and Stanford Universities.

This week's guest may be new to Twitter (@nancy__davis), but she's certainly not new to the wide world of volatility in all its wonderous “fruit” forms, including of course rates and fixed income volatility. In this Derivative episode, Jeff sits down with one of the "100 Most Influential Women in U.S. Finance," Nancy Davis. Nancy, who started her career at Goldman Sachs, is the founder of Quadratic Capital, portfolio manager for the IVOL and BNDD ETFs, and a frequent finance commentator on Bloomberg and CNBC. In this engaging chat, Nancy is talking TIPS (inflation, duration exposure, plus real yields, and yield curve control), debit card vs credit card investing, why most bond investors are short mortgage calls, the purpose of IVOL, the day-to-day of running an ETF (the Vanguard of Convexity), a mother's love for options, what it takes to make it as a female in finance, why having a P&L is the key to meritocracy, and much more. Plus, we're playing two truths and a lie where we find out if she has a strong poker face or if that's just a reference to her doppelganger — SEND IT! Chapters: 00:00-01:29 = Intro 01:30-20:26 = Everything TIPS: a single inflation index, duration exposure, real yields & yield curve control 20:27-30:56 = Debit Card Investing: Risk Management budgets & Orders of Operation 30:57-47:31 = The Purpose of IVOL, Mortgage rates & Bond portfolios, & Rate Risk vs Spread risk 47:32-55:13 = Running an ETF: The Vanguard of Convexity 55:14-01:04:58 = Goldman's not a Squid, A mothers love for Options & What it takes to make it 01:04:59-01:12:17 = Two Truths & a Lie: Gaga edition Follow Nancy on Twitter @nancy__davis and for more information on Quadratic Capital visit quadraticllc.com Don't forget to subscribe to The Derivative, and follow us on Twitter at @rcmAlts and our host Jeff at @AttainCap2, or LinkedIn , and Facebook, and sign-up for our blog digest. Disclaimer: This podcast is provided for informational purposes only and should not be relied upon as legal, business, or tax advice. All opinions expressed by podcast participants are solely their own opinions and do not necessarily reflect the opinions of RCM Alternatives, their affiliates, or companies featured. Due to industry regulations, participants on this podcast are instructed not to make specific trade recommendations, nor reference past or potential profits. And listeners are reminded that managed futures, commodity trading, and other alternative investments are complex and carry a risk of substantial losses. As such, they are not suitable for all investors. For more information, visit www.rcmalternatives.com/disclaimer

Get ready for another learning today as Maggie Cheung joins us to discuss what drives her to pursue the next level of investing from limited to a general partnership in real estate. As you tune in, you'll recognize the importance of the right mindset before leaving your corporate job, the things you should know to stay grounded in a shifting market, and more about syndication. Be sure to listen in!Key Takeaways To Listen ForWhy long-term rental is the ideal investment strategy for W2 job workers?The right path to getting involved in the general partnership (GP) of multifamily syndicationsThings to look for as a limited partner (LP) in syndication and how to discover your niche in real estateTools and resources you can utilize to conduct market research and data analysisWhat makes an ATM syndication a good cash flow optionEmotions to overcome when shifting from the corporate world to entrepreneurshipResources Mentioned In This EpisodeCity-DataFree Apartment Syndication Due Diligence Checklist for Passive Investor About Maggie CheungMaggie has been investing in real estate since 2011. During that time, she has focused mostly on buy-and-hold rentals, private lending, and both passive and active investing through real estate syndications. Maggie is passionate in following and implementing a financial philosophy that grows wealth at a steady pace and over time, allowing her to be at ease and share more moments with her family and own her time. Prior to transitioning to full-time real estate, Maggie has worked in large financial firms, including Goldman Sachs and Morgan Stanley and where she specialized in risk management for the Firms' Investment Banking and Investment Management businesses which includes reviewing, assessing, and improving the Firm's underwriting and due diligence process. Maggie holds a bachelor's in Accounting with a minor in Management Information & Systems from University of Delaware, and a Certified Public Accountant (CPA) and Certified Fraud Examiner (CFE) certifications. Lana's experience ranges from managing and streamlining operations of her family-owned commercial businesses, development of her family's multifamily property, to passively and actively investing in real estate syndication. She has a background in audit, compliance, and risk management experience with large financial institutional clients and is also a CPA.Connect with MaggieWebsite: Sage Investing GroupEmail: Maggie@Sageinvestinggroup.comTo Connect With UsPlease visit our website: www.bonavestcapital.com and please click here, to leave a rating and review!SponsorsGrow Your Show, LLCThinking About Creating and Growing Your Own Podcast But Not Sure Where To Start?Visit GrowYourShow.com and Schedule a call with Adam A. Adams.

Today Dan talks to one of our favorite writers Sam Dogan, the man behind ‘Financial Samurai'. And Sam has recently written a book called ‘Buy This, Not That', laying out the ideas and strategies he learnt not only from his decade long career at Goldman Sachs but also investing personally and interacting with the many millions of visitors to his blog. This week's discussion ranges from why the traditional ‘Financial Independence, Retire Early (FIRE)' model, of which Sam was an early pioneer, is now outdated; the reasons you can't just ‘set and forget' your financial planning but need to think about opitimizing it for the different decades of your life; and what it's like to be involved in writing a book for a major publisher: “One of the reasons why I don't want to write another book is because it's so painful. A lot of cooks in the kitchen. They're all on your side, they want to make the book amazing, inclusive and a success. But I'm not used to that, I'm used to waking up at 5am writing, and then I'm done. I send it to my dad and he makes some edits. And we're good.”

Sam Dogen (AKA, the Financial Samurai) founded America's #1 personal finance blog and podcast, helping people make and save more money while living the lives they truly want. The market crash of 2009 rocked Sam's financial world even though he worked for 10 years at Goldman Sachs and Credit Suisse, got an MBA from UC Berkeley, saved aggressively, and diversified his investments. So he started a personal finance site to help him and others make sense of all the chaos. After writing 2,500+ personal finance articles, he used his knowledge to write a best-selling book, Buy This, Not That: How To Spend Your Way To Wealth And Freedom. His book is your secret weapon to getting ahead in this hyper-competitive world. https://okdork.com/podcast/254 Get the BEST daily deals on software at: https://appsumo.com/noah  

Sid Choraria is a Private investor & Portfolio manager, in Asia equities. Having served in senior investment roles at multi-billion-dollar funds, Sid's CV boasts a stint at Goldman Sachs, working in their technology investment banking unit.Having regularly featured on CNBC and the Goldman Alumni Network, amongst others, Sid presents an eloquent description of his valuation framework, explaining how he systematically analyses a company's price and its resilience to what he calls ‘the risk of impermanence'.Having worked in Asia for 15 years, and growing up in the region too, Sid intimately understands the nuances of Asia's corporate culture. Sid offers his outlook for regional equities, unpicking the effect of regulatory crackdowns on China's technology heavyweights, including Alibaba. However, it was his analysis of a 100-year-old Japanese company that caught Warren Buffett's attention, and this is where we start the interview. Enjoy!Check out Sid's blog content, on his LinkedIn page: https://www.linkedin.com/in/sidchoraria/Thanks to Cofruition for consulting on and producing the podcast. Want further Opto insights? Check out our daily newsletter: https://www.cmcmarkets.com/en-gb/opto/newsletter------------------Past performance is not a reliable indicator of future results. CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person.The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.CMC Markets does not endorse or offer opinions on the trading strategies used by the author. Their trading strategies do not guarantee any return and CMC Markets shall not be held responsible for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein for any loss that you may incur, either directly or indirectly, arising from any investment based on any information contained herein.

I'm excited for today's guest, Abe Finkelstein. For over five years I've been picking his and his partners' brains, which is why I love this job – I love being able to tap into the wealth of knowledge from people like Abe. He's a GP at Vintage Investment Partners based out of Israel – a $3 billion fund of funds with an interesting model. We talk Israel, we talk growth, we talk about tech and how all this stuff works – all the parts of the system and how you get capital. Prior to joining Vintage in 2003, Abe was an equity analyst with Goldman Sachs covering Israeli technology companies. Before Goldman, Abe was Vice President at US Bancorp Piper Jafray, where he helped start and then headed their Israel technology shares institutional sales effort. Abe has a BS in Economics from the Wharton School, where he graduated Magna Cum Laude.  Guest - Abe Finkelstein, General Partner at Vintage Investment Partners  howardlindzon.com, vintage-ip.com  Twitter: @howardlindzon, @PanicwFriends, @Vintage_Inv, @knutjensen  linkedin.com/in/abe-finkelstein #fintech #invest #investment #venturecapital #stockmarket #finance  Show Notes:  Introduction. (00:40) Welcome Abe. (04:09) Starting a career in finance. (06:17) Moving to Israel. (07:25) Getting Vintage off the ground. (10:25) Living through multiple market cycles. (10:57) Deploying funds across three geographies. (11:37) Making few direct investments recently. (12:47) The disconnect in public and private markets. (13:17) A world with 10 Softbanks. (15:11) Younger managers have never seen a downturn. (16:31) Start learning the underlying portfolios. (22:15) Living in Israel. (23:06) Panicked about traveling again. (29:31) Waiting for the next $10, or $100 billion Israeli company over the next 10 years. (30:16) Looking towards Europe. (31:33) Intrigued by web3 and the gaming ecosystem. (32:37) Favorite cities to visit. (34:07)  Wrapping it up. (38:48) Closing thoughts. (39:44) 

Joseph Wilkins founded ProCreative almost 20 years ago, a marketing agency focused on infomercials, TV commercials and online video. Joseph has directed thousands of ad campaigns for clients including Google, Linkedin, McDonald's, Goldman Sachs, Chevrolet, Home Depot, and other mega brands. As habits shifted from broadcast to online, Joseph launched FunnySalesVideos.com where his team now creates attention-grabbing viral style sales videos that entertain viewers into buying. With two decades of experience, hundreds of millions of broadcast and online views, and over $50 MILLION in tracked sales, Joseph enjoys sharing his simple 8 step process any business can copy to drive immediate online sales.https://www.facebook.com/FunnySalesVideosByProCreative Linkedin: https://www.linkedin.com/in/wilkinsjoseph Speaking bio: https://funnysalesvideos.com/speaking

In this episode, Alex discusses Colombia's troubling elections, recession and stagflation worries, Eric Greiten's new campaign ad glorifying political violence, and the growing threat of white nationalist groups like Patriot Front.  Colombia's outgoing president, a moderate named Ivan Duque, has tried to do everything right and has saved the country from economic collapse during the pandemic, however, his popularity was around 20%. Instead, two populists (far left and far right) are the most popular in Colombia for the presidential election. Alex ponders why the populace is so unhappy with Duque even when most indicators show he did a good job  Alex worries that a recession could be inevitable in the coming year. Goldman Sachs has cut its economic forecast growth reports. Also, Bloomberg notes that “The Goldman team sees a 30% probability of entering a recession over the next year, up from 15% previously, and a 25% conditional probability of entering a recession in the second year if one is avoided in the first. That implies a 48% cumulative probability in the next two years versus 35% previously.” The Federal Reserve has also raised its interest rate by 75 basis points, Alex discusses how the goal of this is to cool off the economy by suppressing demand. Some worry that this may spark a recession and a spike in unemployment. These are symptoms of a malfunctioning economy or “stagflation.”  Eric Greitens, the former governor of Missouri who had to resign due to assault charges and was accused of abusing his wife and children, has a new ad. This ad has him hunting “RINOS” (Republicans in Name Only). RINOS are Republicans like Liz Cheney that have criticized the MAGA movement and have condemned violent extremism. Alex worries that Greitens is glorifying political violence. However, it looks like he may win his election.  Last week, 31 men were arrested for attempting to violently riot at a pride event in Idaho. They were members of the white nationalist group Patriot Front. Alex discusses that this group is growing in numbers and has had a national presence since its founding in 2017. 

In this episode we bring you what we know about President Joe Biden's plan to call for a federal gas tax holiday. At least 1,000 people have died after an earthquake struck Afghanistan. You'll hear the latest from yesterday's January 6 committee hearing, as well as a Texas state senate hearing on the Uvalde shooting. Finally, Goldman Sachs has a upped the odds of a US recession.  To learn more about how CNN protects listener privacy, visit cnn.com/privacy

We had an exciting and informative session today with Michele Della Vigna, Managing Director and Head of Energy Research for EMEA (Europe, the Mideast, and Africa) at Goldman Sachs. In his extensive research career, Michele has spent over twenty years at Goldman covering strategy and content across the global equity energy and natural resources teams. He is the also the creator of Goldman's Carbonomics research program which looks at the economics behind a transition to net-zero emissions. In our discussion, Michele describes the top three items he and the research team at Goldman are currently focused on, the European outlook on natural gas, issues created by the lack of policy clarity on a global basis on carbon, the severe underinvestment in hydrocarbons, how ESG frameworks have impacted and will continue to impact investing, Norway as an example of a positive green transition experience, the Goldman research group's team and global scope, hydrogen, and what Michele thinks the energy world will look like in ten years. We had a quick upfront discussion:  Mike Bradley flagged that last week was one of the worst performing weeks in the market for the S&P and energy sector and pointed out key upcoming macro events and interesting headlines from this week. Colin Fenton shared two items that caught his attention this week including the LME copper forward curve and the drop-off in Russian gas flows into Europe. It was fantastic to visit with Michele. He and his group sit at the epicenter of every trend shaping and changing the energy world right now. It goes without saying, but we also greatly appreciate your viewership and hope you enjoy today's discussion! We certainly did! 

When Annie Kate Reeder began her career as a financial analyst at Goldman Sachs, she thought it would be a good way to get some experience and learn new skills. But after a few years working 12-hour days managing high-profile hedge funds, the stress was taking a toll. Reeder was at a client event when suddenly she felt as if she were having “some sort of a heart attack.” But it wasn't a heart attack – it was her first-ever panic attack. In this interview, Reeder explores how that experience helped her re-evaluate her goals, take stock of her mental health and eventually set her on the path towards becoming a clinical psychologist.    “I think that I started to realize that there was a lot more to life than making money. I kept having this sort of vague but persistent feeling that there was just something more.” – Annie   Now a doctoral student in clinical psychology at Yeshiva University, Reeder examines why therapy works, how to find the right therapist and what we can do to take charge of our own mental health.    “I felt like [therapy] helped me so much. And I just thought, if I can do that for another person, that would just be the coolest job ever.” – Annie   Reeder shares these tips for those considering therapy: Find someone you feel comfortable with  Recognize that it's normal to meet with multiple therapists to find the best fit  The process can feel overwhelming, but remember that it's worth it Online directory Alma can help connect you with local providers   In This Episode  What success means, and defining it on your own terms (03:32) Overcoming the fear of facing mental health (13:38) What Wall Street and clinical psychology have in common (17:31)  Impostor syndrome (20:40) How seeking therapy inspired her to pursue clinical psychology (22:28) What to look for in a therapist, and how to find the right one (23:50) The breakthroughs good therapists can help their clients achieve (27:50) Resources to begin your own mental health journey (33:34)   Our Guest Annie Kate Reeder spent three years as a financial analyst at Goldman Sachs, where her own mental health struggles led her to begin therapy for the first time. Inspired by the change she saw in herself, Reeder left finance in 2018 to enroll at Yeshiva University, where she is currently pursuing a PhD in clinical psychology.  In addition to her studies, Reeder also sees clients at an outpatient clinic in Brooklyn.   Resources & Links Off The Cuff On YouTube On Apple Podcasts On Spotify Annie Kate Reeder LinkedIn More On Mental Health National Suicide Prevention Lifeline National Helpline Database Alma What Are Panic Attacks? What Is Therapy? How To Find A Therapist

The January 6 hearings are underway, with government employees testifying that Trump's lies and smear campaigns in the wake of the attack on the Capital had serious consequences. Election worker Shaye Moss shares racist and violent threats she's received, and Georgia Secretary of State Brad Raffensperger describes the invasive harassment his family has endured. GOP officials recount Trump's pressure to overturn votes. Plus, the Uvalde mayor accuses the head of the Texan Department of Public Safety of lying about what happened on the day of the shooting, and Goldman Sachs warns of the rising risk of recession. The next hearing of the January 6 Committee begins Thursday at 3pm. To learn more about how CNN protects listener privacy, visit cnn.com/privacy

วิกฤตอาหารลุกลาม หลังรายงานระบุว่า ราคาอาหารในเอเชียมีแนวโน้มทะยานขึ้นอีกในช่วงไม่กี่เดือนข้างหน้า โดยสิงคโปร์ เกาหลีใต้ และฟิลิปปินส์ จะเป็นชาติที่ราคาอาหารปรับตัวขึ้นรุนแรงสุด รายละเอียดเป็นอย่างไร ส่องสาเหตุ อีลอน มัสก์ ประสานเสียง Goldman Sachs เตือนถึงเศรษฐกิจสหรัฐฯ ที่มีความเสี่ยงจะเข้าสู่ภาวะถดถอยมากขึ้น มีปัจจัยอะไรกดดัน

What I learned from reading When Money Was In Fashion: Henry Goldman, Goldman Sachs, and the Founding of Wall Street by June Breton Fisher.Listen to every full episode for $10 a month or $99 a year. The key ideas you'll learn pays for the subscription cost thousands of times over.WHAT OTHER PEOPLE ARE SAYING:“Founders is the only podcast I pay for and it's worth 100x the cost.”“I've now listened to every episode. From this knowledge I've doubled my business to $500k a year. Love your passion and recommend your podcast to everyone.”“Without a doubt, the highest value-to-cost ratio I've taken advantage of in the last year is the Founders podcast premium feed. Tap into eons of knowledge and experiences, condensed into digestible portions. Highly, highly recommend. “Uniquely outstanding. No fluff and all substance. David does an outstanding job summarizing these biographies and hones in on the elements that make his subjects so unique among entrepreneurs. I particularly enjoy that he focuses on both the founder's positive and negative characteristics as a way of highlighting things to mimic and avoid.”“I just paid for my first premium podcast subscription for Founders podcast. Learning from those who came before us is one of the highest value ways to invest time. David does his homework and exponentially improves my efficiency by focusing on the most valuable lessons.”“I haven't found a better return on my time and money than your podcast for inspiration and time-tested wisdom to help me on my journey."I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.”"I can't get enough of your podcast. You add a new layer to the books I've already read and make connections to ones I haven't, but now must read."“I have listened to many podcasts on entrepreneurship (HIBT, Masters of Scale, etc.) and find Founders to be consistently more helpful than any other entrepreneurship podcast. David is a craftsperson, he carefully reads biographies of founders, distills the most important anecdotes and themes from their life, and draws commonalities across lives. David's focus is rightfully not on teaching you a formula to succeed but on constantly pushing you to think different.”“I highly highly recommend this podcast. Holy cow. I've been binge listening to these and you start to see patterns across all these incredible humans.”Listening to your podcast has changed my life and that is not a statement I make often.“After one episode I quickly joined the Misfit feed. Love the insight and thoughts shared along the way. David loves what he does and it shines through on the podcast. Definitely my go-to podcast now.”“It is worth every penny. I cannot put into words how fantastic this podcast is. Just stop reading this and get the full access.”“Personally it's one of my top 3 favorite podcasts. If you're into business and startups and technology, this is for you. David covers good books and I've come to really appreciate his perspective. Can't say enough good things.”“I quickly subscribed and it's honestly been the best money I've spent all year. It has inspired me to read biographies. Highly recommend.”“This is the most inspirational and best business podcast out there. David has inspired me to focus on biographies rather than general business books. I'm addicted.”“Anyone interested in business must find the time to listen to each any every Founders podcast. A high return on investment will be a virtual certainty. Subscribe and start listening as soon as possible.”“David saves you hundreds of hours by summarizing bios of legendary business founders and providing valuable insight on what makes an individual successful. He has introduced me to many founders I would have never known existed.”“The podcasts offer spectacular lessons on life, human nature and business achievement. David's enthusiasm and personal thoughts bring me joy. My journey has been enhanced by his efforts.”"Founders is the best self investment that I've made in years."UPGRADE to listen to the rest of this episode and gain access to 261 full length episodes.You will learn the key insights from biographies on Steve Jobs, Elon Musk, John D. Rockefeller, Coco Chanel, Andrew Carnegie, Enzo Ferrari, Estee Lauder, Jeff Bezos, Warren Buffett, Charlie Munger, Phil Knight, Joseph Pulitzer, Arnold Schwarzenegger, Alexander Graham Bell, Bill Gates, P.T. Barnum, Edwin Land, Henry Ford, Walter Chrysler, Thomas Edison, David Ogilvy, Ben Franklin, Howard Hughes, George Lucas, Levi Strauss, Walt Disney and so many more. You will learn from the founders of Nike, Patagonia, Apple, Microsoft, Hershey, General Motors, Ford, Standard Oil, Polaroid, Home Depot, MGM, Intel, Federal Express, Wal Mart, JP Morgan, Chrysler, Cadillac, Oracle, Hyundai, Seagram, Berkshire Hathaway, Teledyne, Adidas, Les Schwab, Renaissance Technologies, IKEA, Sony, Ferrari, and so many more. UPGRADE to listen to the rest of this episode and gain access to 261 full length episodes.

Nikki Goldman helps leaders to unlock their potential and forward their thinking. She is the CEO of I/O Coaching, a leadership development company that specializes in executive coaching. The I/O (input/output) Method is executive coaching done differently. She acts as a thought partner to CEO's and executives helping them to grow, shift, and evolve. Nikki has worked with companies such as Peloton, Warby Parker, Goldman Sachs, American Express, and many more. With an undergrad degree from the University of Pennsylvania and an Executive Coaching Certification from Columbia University, Nikki combines academic research and real-life experience to create impactful programs. Nikki is a lifelong learner and is constantly seeking more ways to enhance her coaching practice. Tune in today to hear how Nikki began her boutique agency, how she grew her business without social media, and why she believes in people over projects. Nikki also shares more on authenticity, abundance and scarcity mindset, accountability structures, as well as LinkedIn. All this and more on today's show. Did you love today's episode? Let us know by leaving a review on Apple Podcasts today. Don't forget to screenshot and tag us so we can share your post. Want to join the conversation after the show? Head to the Master Your Coaching Biz Facebook Group. Link below in show notes. CONNECT WITH NIKKI Website: https://www.iocoaching.co/ CONNECT WITH CHERYL Website: http://successfulcoaches.com/ Show Notes: https://masteryourcoachingbiz.blubrry.net/listen/ LinkedIn: https://www.linkedin.com/in/cherylthacker/ Facebook: https://www.facebook.com/successfulcoach/ Instagram: https://www.instagram.com/coachcherylthacker/ Brands I Love:  https://masteryourcoachingbiz.blubrry.net/brands-i

Today's guest is Ezralea Robbins, who is a veteran therapist with 20 years experience. She started her career as a certified massage practitioner to now owning Mountainside Spa in the suburbs of Salt Lake City, Utah. Today's topic may seem like a boring one, but we reassure you: it's going to save you a ton of time and headache in the future as your business starts to grow and scale beyond being a solo practitioner. We are talking about SOP (Standard Operating Procedures) and how having them in place can actually be like duplicating yourself and preventing issues from happening to begin with, and how to approach the inevitable when it happens. WHAT WE COVER: - How to save precious time, resources, energy, & money by "duplicating" yourself - Why franchises seem to be popping up while small businesses are closing down - Creating a workplace environment & standards for team conduct - Learning how to play in someone else's professional sandbox - Running your business when you're not present physically - Creating impactful moments that people remember - Examples of what to include in your SOPs & how to get started - How to run a profitable biz rather than an expensive hobby - How to navigate the hiring process during recession & pandemic RESOURCES MENTIONED: - Power of Moments book by Chip & Dan Heath - Small business tuition free education: - Check your local SCORE mentors - Goldman Sachs 10,000 scholaraship - Genius Scan & DropBox for digital storage - Online Classes & Mentorship with Ez LET'S GET SOCIAL: - BABs on Clubhouse - BABs facebook group - BABs instagram - Ezralea on FB Messenger - Mountainside Spa website Have you signed up for the High Vibe Tribe waiting list yet? You'll get access to live mentoring, exclusive workshops & classes, career opportunities, membership directory, stock photos, business besties, and other business resources.

The Fed Reserve Chair Jerome Powell testified in front of Congress this week. The update comes after the S&P 500's worst week since March 2020, including its fall into a bear market and the biggest Fed hike since 1994.With this new economic pressure, the restaurant industry continues to face rising menu prices and a double-digit slow down in retail restaurant traffic with consumers now dining out an average of 1.1 times less per week according to Foodable Labs.Tesla CEO Elon Musk, joins a growing chorus of Wall Street voices, including Roubini Macro Associates' Nouriel Roubini and several banks warning of tougher times ahead.“I think that a recession is inevitable at some point. As to whether there is a recession in the near term, I think that is more likely than not,” Musk told Bloomberg in an interview early Tuesday at the Qatar Economic Forum.Musk's comment lines up with an email he reportedly sent to company executives earlier this month, where he spoke of a “super bad feeling” about the global economy and said 10% of Tesla jobs needed to go, knocking shares of the company at the time.Could we see the first slowing of labor in the restaurant industry as a variety of white-collar jobs are now being hit with the hiring freeze and slowdown in many leading companies in the finance, retail, and automaker sectors?Goldman Sachs now sees a 30% chance of an economic slowdown over the next 12 months, from a previous 15% on worries the Fed will “feel compelled to respond forcefully” to high inflation. The restaurant sector could feel some of the deepest cuts as consumer spending could slow dramatically in the third and fourth quarters of this year.In this podcast, we talk with Larry Reinstein of LJR Hospitality and break down some of the key trends facing the industry and how operators can address a fast-changing economic landscape in the areas of management, labor, future technology and consumer habits.

Against a challenging backdrop of sky-high inflation, rising rates and growing recession concerns, the S&P 500 has had an undeniably grim start to the year, with the tech-heavy Nasdaq and unprofitable growth companies performing even more dismally. In the latest episode of Exchanges at Goldman Sachs, host Allison Nathan turns to three equity market heavyweights — Cathie Wood, Founder, CEO, and CIO of ARK Invest; Cliff Asness, Founder and CIO of AQR Capital Management; and David Kostin, GS Chief U.S. Equity Strategist — for their thoughts on where equities are heading from here and what that means for investors. This episode is based on Nathan's Top of Mind research report. 

Wall Street seemed set to begin this short trading week with solid gains on the first day of summer in the northern hemisphere. That would certainly provide solace for investors still reeling after last week's precipitous drops, not to mention the continued recession warnings from the likes of Goldman Sachs and Elon Musk. The latter opined that a recession is more likely than not. And US Treasury Secretary Janet Yellen warns prices will remain unacceptably high through the rest of the year. Julia and her guests cover those thorny topics and others in the Tuesday edition of First Move. To learn more about how CNN protects listener privacy, visit cnn.com/privacy

WEBSITE - http://wickedgood.xyz DONATE - https://pastebin.com/758CHz68 PATREON - https://patreon.com/WICKEDGOOD YOUTUBE - https://www.youtube.com/channel/UCMVvlky7ETbgaeLxk9bF2UQ TWITCH - https://www.twitch.tv/wickedgooduser SPOTIFY - https://open.spotify.com/show/7yiPrYxlvJtuf8AsdumRS6 APPLE POD - https://podcasts.apple.com/us/podcast/wicked-good/id1517769733 CLIPS - https://www.youtube.com/channel/UCFUAxnqlhoHWSGPQbXJkMCw TIMESTAMPS / SHOW NOTES - https://pastebin.com/USRmKaRS (0:00) Goldman Sachs 2030 music predictions (13:54) Live Nation CEO Has Sold Almost $160 Million In Stock During 2022 (22:32) Apple's Self Service Repair now available (32:48) Samsung and Google join iFix it to do self repair (39:50) Clearview AI to stop selling data to most private companies (59:21) Homeland Security Is Tackling Disinformation (1:09:03) Rocket Lab catches rocket with helicopter (1:12:56) Astronomers reveal first image of the black hole at the heart of our galaxy WICKED GOOD YOUTUBE CHANNEL Everyday Astronaut - https://www.youtube.com/channel/UC6uKrU_WqJ1R2HMTY3LIx5Q (1:19:35) Scientists Use CRISPR Gene Editing to Try to Create Hypoallergenic Cats (1:24:48) Vision scientists revive light-sensing cells in organ donor eyes (1:31:01) Opensea insider trading charged Survey: https://www.surveymonkey.com/r/VB8FGK8 #WICKEDGOODSHOW #WICKEDGOOD #ClearViewAI *Show notes are not an endorsement, they are show notes. **This show is not legal advice, it is for educational and entertainment purposes. ***These videos are based on publicly available information unless otherwise stated.

A number of factors are driving the price of natural gas through the roof for many households and corporations. But when will utility prices peak? John Bartlett of Reaves Asset Management weighs in. Plus, the debate over a coming U.S. recession is growing more intense, with Goldman Sachs and Nomura saying an economic downturn is more likely than not. John Stoltzfus of Oppenheimer Asset Management and Andrzej Skiba of RBC Global Asset Management give us their thoughts. And, it's been a brutal few weeks for the stock markets, as investors weigh more aggressive action by the Fed. Katie Stockton of Fairlead Strategies explains why some “oversold” indicators are flashing and how we could see some temporary relief this week.

Courtney is joined by fellow Goldman Sachs 10,000 Small Business Alumni, Amelia Wilcox, the founder and CEO of Nivati, the high-growth mental health platform that provides the easiest way to understand and manage employee mental wellbeing. Amelia shares her inspiring story of building a multi-million dollar massage therapy company. She shares how she was able to change gears during covid & how she raised millions through venture capitalists.    Instagram:  @ameliawilcox @nivati_co @courtneyspatrouve @spatrouve @theglowbosspodcast   Websites:  nivati.com spatrouve.com

#Crowdfunding #STO #Tokenization   Tune in to this episode of the Security Token Show where this weekend Megan Nyvold & John Pittman talk about our Security Token Market Crowdfund and Crowdfund Party upcoming!   Megan's Company Of The Week: Goldman Sachs: https://www.goldmansachs.com/   John's Company Of The Week: Security Token Market: https://stomarket.com/    = Stay in touch via our Social Media = Kyle: https://twitter.com/kylesonlin  Herwig: https://www.linkedin.com/in/herwigkonings/ Opinion articles, interviews, and more: https://medium.com/security-token-group Find the video edition of this episode on our Youtube Channel: https://www.youtube.com/channel/UCTKdeN3ElyPeqtROWUp0CmQ   All articles that were discussed were sourced from https://STOmarket.com/news    Check out our medium blog for more news!   #STSTOP5 Articles of the Week SEC: https://www.thestreet.com/crypto/news/sec-looks-at-insider-trading-on-crypto-exchanges Goldman Sachs: https://www.thetradenews.com/goldman-sachs-begins-trading-its-first-ever-ethereum-derivatives-products/ Binance.US: https://zycrypto.com/class-action-suit-accuses-binance-us-of-securities-fraud-for-misleading-luna-ust-investors/ Haselunne eG & neoFIN: https://thetokenizer.io/2022/06/15/german-volksbank-haselunne-eg-and-neofin-clear-the-way-for-tokenised-securities/ MoneyGram & Stellar: https://www.securities.io/moneygram-partners-with-stellar-to-launch-usdc-transfer-services/   Industry Updates   Lummis Gillibrand: https://www.cato.org/blog/not-securities-not-so-fast-important-nuances-lummis-gillibrand-crypto-bill   Accenture: https://www.asiafinancial.com/half-of-wealthy-asian-investors-hold-digital-assets-accenture   OSL Digital Securities: https://www.prnewswire.com/news-releases/osl-digital-securities-and-interactive-brokers-sign-agreement-osl-to-provide-exclusive-virtual-asset-services-for-interactive-brokers-in-hong-kong-301564870.html   Nigerian Exchange: https://coingeek.com/nigerian-exchange-to-integrate-blockchain-by-2023   STO Updates & New STOs:   Finhaven Private Markets: https://finance.yahoo.com/news/correction-finhaven-private-markets-launches-212900139.html?guccounter=1&guce_referrer=aHR0cHM6Ly9uZXdzLmdvb2dsZS5jb20v&guce_referrer_sig=AQAAAME1zK11lRQuyVRulVwOIRrvIFVA60NyYUALLf7uI6hxTgT-ZOo8uxrx14KKMw2yA5irILg5lNd16NTxq5uPbHFrAQ5gKOr0-U1G1_DED2ztzhB6sw0LP0CCfVLtOG4x9YQPso4d1vwPNa6I8hRU1NSJgZttgb88englY0NlTTNo   Rich Glory Coin: https://www.securities.io/digital-securities-update-polymesh-fund-colorado-feasibility-study-rich-glory-coin-sto/   Market Update:   https://stomarket.com/   Inside The Metaverse:   Yashoda Hospitals: https://www.expresshealthcare.in/news/yashoda-hospitals-partners-with-decentraland/435451/   NASDAQ: https://www.fastcompany.com/90762046/nasdaq-opening-bell-metaverse-live-stream   ASU: https://cointelegraph.com/news/us-trademark-filing-hints-at-arizona-state-university-planning-classes-in-the-metaverse   The Sandbox: https://cryptonews.net/news/metaverse/8361029/   = Check out our Companies = Security Token Group: http://securitytokengroup.com/  Security Token Advisors: http://www.securitytokenadvisors.com/  Security Token Market: https://stomarket.com  InvestReady: https://www.investready.com   ⏰ TABLE OF CONTENTS ⏰ 0:00 Introduction: We're Having FUNDS in Miami 1:11 SEC, Goldman Sachs, Binance.US, Haselunne eG & NeoFIN, MoneyGram & Stellar | STSTOP5 6:44 Lumis Gillibrand, Accenture, OSL Digital Securities, Nigerian Exchange | STS Industry Updates 10:14 Finhaven Private Markets, Rich Glory Coin | STO Updates & New STOs 11:33 $12.5B Market Cap | STS Market Updates 13:21 Yashoda Hospitals, NASDAQ, ASU, The Sandbox | STS Inside The Metaverse 15:09 Companies of The Week: Realio, Jamaican CBDC 16:30 Main Topic: We're Having FUNDS in Miami

Reels, highlights, and stories are all key features that Instagram offers. They're also the most underutilized by businesses. Prithvi Madhukar, aka The Marketing Nomad, is here to show us how to work your Instagram profile! Show your audience a whole new side to your business by sharing behind the scenes posts. Capture their attention using short videos to showcase your product or service. Learn how to take advantage of these features, as well as how Prit sets goals and maintains a healthy mindset. About Your HostDCA Virtual Business Support President Denise Cagan has been working with small businesses for over 20 years. She has served on the boards of professional organizations such as Business Leaders of Charlotte (BLOC) and the National Association of Women Business Owners Charlotte (NAWBO). Denise is also a graduate of the Goldman Sachs 10,000 Small Business Program, which is a program for small businesses that links learning to action for growth-oriented entrepreneurs.  Denise is recognized as a facilitator, problem solver, and builder. She enjoys speaking to business groups about social media for small businesses and motivating remote and work from home (WFH) teams. She holds a Bachelor of Science in Quality Systems Management from James Madison University.  She has extensive experience in helping small businesses grow through outsourcing solutions providing administrative, creative, marketing, and website support.Connect with DeniseDCA Virtual Business Support website.View and listen to Podcasts with Denise Cagan.  LinkedIn

Mo asks Jonathan Reckford: When did you realize you wanted to grow something big and make an impact? Jonathan had a lot of great role models growing up, with his grandmother being one of the first women in Congress. She would always ask Jonathan what he was going to do to be useful, a mindset that he eventually adopted and grew into. Jonathan assumed he would follow her footsteps into politics and law, but quickly realized after college that law wasn't what he wanted to do. He later talked his way into a job at Goldman Sachs, received a grant and moved to South Korea to work for the Seoul Olympic committee, and ended up working with the rowing team as their coach for a few years. That experience allowed him to reorient his perspective and after returning home, Jonathan came back with a mission. He went into business school and spent the next 15 years helping large organizations grow. After that time in the private sector, Jonathan went to India on short-term mission trips. Seeing the challenges and suffering in rural India touched his heart and he realized the power of small interventions in dire situations. Jonathan began focusing on helping churches grow and contributing to the mission of alleviating international poverty, ultimately culminating in working for Habitat for Humanity nearly 17 years ago. You can't always connect the dots going forward, but when you look back you see how everything got you to where you are now. Jonathan's experiences in his career lend themselves perfectly to his current role as the leader of Habitat for Humanity. Work on the ‘who' before the ‘what'. Build your character and skills instead of looking for some grand career plan. No matter what you do in your 20s, consider it continuing your education. As long as you're learning and aligned, you will eventually find your vocation where you have an impact that lines up with your passion and skills. Habitat for Humanity is thinking big for the future and is focused on making markets work more effectively to create just societies where really everyone can access safe, decent, affordable housing. Really bold leaders are ones that reframe everything. If you have the right mission for the problem you're trying to solve, you'll gain the power you need to get there. If you're focused on gaining power, that's ultimately going to be self-defeating. Start with crafting a story around why what you're doing is making the world a better place and get clarity on your true purpose.     Mentioned in this Episode: GrowBIGPlaybook.com habitat.org linkedin.com/in/jonathanreckford Our Better Angels: Seven Simple Virtues That Will Change Your Life and the World by Jonathan Reckford

Mo asks Jonathan Reckford: When did you realize you wanted to grow something big and make an impact? Jonathan had a lot of great role models growing up, with his grandmother being one of the first women in Congress. She would always ask Jonathan what he was going to do to be useful, a mindset that he eventually adopted and grew into. Jonathan assumed he would follow her footsteps into politics and law, but quickly realized after college that law wasn't what he wanted to do. He later talked his way into a job at Goldman Sachs, received a grant and moved to South Korea to work for the Seoul Olympic committee, and ended up working with the rowing team as their coach for a few years. That experience allowed him to reorient his perspective and after returning home, Jonathan came back with a mission. He went into business school and spent the next 15 years helping large organizations grow. After that time in the private sector, Jonathan went to India on short-term mission trips. Seeing the challenges and suffering in rural India touched his heart and he realized the power of small interventions in dire situations. Jonathan began focusing on helping churches grow and contributing to the mission of alleviating international poverty, ultimately culminating in working for Habitat for Humanity nearly 17 years ago. You can't always connect the dots going forward, but when you look back you see how everything got you to where you are now. Jonathan's experiences in his career lend themselves perfectly to his current role as the leader of Habitat for Humanity. Work on the ‘who' before the ‘what'. Build your character and skills instead of looking for some grand career plan. No matter what you do in your 20s, consider it continuing your education. As long as you're learning and aligned, you will eventually find your vocation where you have an impact that lines up with your passion and skills. Habitat for Humanity is thinking big for the future and is focused on making markets work more effectively to create just societies where really everyone can access safe, decent, affordable housing. Really bold leaders are ones that reframe everything. If you have the right mission for the problem you're trying to solve, you'll gain the power you need to get there. If you're focused on gaining power, that's ultimately going to be self-defeating. Start with crafting a story around why what you're doing is making the world a better place and get clarity on your true purpose.     Mentioned in this Episode: GrowBIGPlaybook.com habitat.org linkedin.com/in/jonathanreckford Our Better Angels: Seven Simple Virtues That Will Change Your Life and the World by Jonathan Reckford

CMU's Andy Malt and Chris Cooke review key events in music and the music business from the last week, including BTS's announcement that they are going on break to focus on solo projects - but whatever you do, don't call it a hiatus - plus Goldman Sachs' big predictions for music industry growth to the end of the decade. STORIES DISCUSSED THIS WEEK • BTS announce hiatus, management insists its not a hiatus • BTS's RM insists that group's break “is not the end for us” • Goldman Sachs Music In The Air report ALSO MENTIONED • Belgium introduces ER right on streams MORE FROM CMU • Upcoming CMU webinars • Buy MMF and CMU Insights' Dissecting The Digital Dollar book on Amazon • Sign up to receive the CMU Daily news bulletin • Listen to the full Setlist theme tune

Show Notes: In this episode, I reflect on my conversations with students and parents over the last few weeks. At the beginning of every summer, I meet with lots of students who want me to assess how they've been doing, what they have planned for the next few months, and where this will place them in the admissions process. This is a mash-up of the most common themes that we discuss.   0:01:30 Acceptance rate differential   0:03:30 Extracurricular activities   0:04:50 Letters of recommendation   0:07:55 The undecided student   0:12:40 If you get a B, should you give up?   0:15:40 A winning list of ECAs   0:16:20 Connecting the dots   0:17:35 Changing gears   0:19:15 Have this discussion now   Follow us: Enroll in PrepWell Academy Follow on Instagram Follow on Facebook   If you want to support the show, here are three immediate steps to take.   Subscribe to the podcast where ever you listen to podcasts Follow me on Instagram or Facebook Give us a review Share this episode with a friend Join our mailing list Enroll your 9th or 10th grader in the program Podcast Host: PrepWell Academy's Founder, Phil Black, has spent a lifetime cracking the code on the world's most competitive programs: Yale University, Harvard Business School, Navy SEALs, Goldman Sachs, Entrepreneurship, Shark Tank (2X), etc.   Inside PrepWell Academy, Black teaches students everything they need to know about the college admissions process in a series of expertly-timed, 3-5-minute, weekly training videos starting in 9th grade and continuing through 12th grade [Note: this program can only be joined in 9th or 10th grade]. My specialties include military service academies, ROTC scholarships, Ivy League, and student-athletes.

In this episode I host a panel live from E-Retail Fest disccussing all the topics that are hot right now in the space pertaining to what is happening in the world of aggregators. What to expect in the future and how everyone is dealing with everything since the multiples have come down and the rapid changes we are seeing in the last few months. From the current volume of quality Amazon businesses ready to buy verse 12 months ago to why pausing is a good thing and how to vet your buyer effectively. John Hefter Senior Vice President, Founder at Thras.io As a Founder of Thrasio, John has been lucky to witness their original team of four grow into a one thousand person, billion-dollar powerhouse.   At work and in life, he's a savant with unrelenting energy and curiosity. He enjoys often deploying his experience in branding, creative, neuroscience marketing, business development, acquisitions, leadership, culture building, and product development across numerous sets of business domains. If there's a challenge met, John can face it overtly with ability, humor, and persistence. David Mood Head of Investments, Olsam. Prior to Olsam, David was an Investment Director at Generation Investment Management, where he was part of the growth equity team focusing on high-growth disruptive consumer and technology companies accelerating the sustainability transition. David started his career at Barclays Capital in London working on cross-border European M&A transactions. He holds an MSc in Finance & Investments from Rotterdam School of Management and BSc in Business Administration from EBS University and is a CFA Charterholder.   Johan Hallenby CEO/Founder, Go North With +15 years of Entrepreneurial/investor experience, Johan started his Amazon journey as an FBA seller with one brand successfully launched. Founded Go North in late 2021 with already +10 acquired brands in the portfolio, 20 people on the team, and the ambition to acquire at least one new brand per week. Go North strives to be “Kings of operations”, a friendlier aggregator with the purpose of making sustainable consumption possible. Olivia Jones Director of Acquisitions at BRANDED Olivia spent a decade at Goldman Sachs, where she worked across M&A origination and execution, capital raising, and broader corporate strategy in the tech sector. At BRANDED, she is responsible for the end-to-end sourcing and integration of European-based brands and brands in the Beauty & Personal Care vertical globally.   Lorenzo Cerchi Investment Associate at SellerX MSc in Finance from Bocconi University, BSc in Economics and Management from Luiss University. Prior experience in investment banking at Citigroup in London, working with financial sponsors on transactions spanning several industries.   Aïda Aït-Ahmed Co-founder, COO, Nextoria   With a background in Consulting and Private Equity (Bain & Company), and experience scaling a Tech start-up across the EMEA region with a focus on product and data-driven operations, Aïda is one of the co-founders at Nextoria.   Nextoria is a global VC-backed M&A advisory firm and technology platform born out of a passion for entrepreneurship, and a drive to help business founders achieve their full potential. Nextoria's mission is simple: find businesses that create and sell amazing products online, and give them the tools and support they need to achieve the best exit possible. With an approach that combines data-driven decision making and professional exit strategies and processes, Nextoria works with e-commerce business founders across the globe, acting as a trusted partner on their exit journey.  

Hey Guys! This week we have Jay Singh III from specialsitsresearch.com. This episode is all about special situation and our guest Jay shares with us his investing journey and how he got to work in Goldman Sachs, why every investment is a factor bet, what is the Church of What is Known, why SPACs are one of the best opportunities to exist for the short side and the long side, what is the risk and reward for investing in the energy sector and how to screen for ideas. If you enjoyed this podcast, check out Jay on Twitter here. And make sure to read his research here. Check out the timestamp below: [0:00] Every Investment is a Factor Bet [6:00] The Church of What is Working Now. [12:00] TAMs larger than the Gobal Economy [15:00] 33 Fintech SPAC Mergers [21:00] Jay Singh III Investment Journey [30:00] SPACs are One of the Best Opportunities to Exist [1:02:00] Using Screens to Find Idea [1:11:00] Investing in Energy [1:20:00] Closing Question and more from Jay Singh III Finally, a big thanks to the following sponsors for making the podcast a reality. Mitimco This episode is brought to you by MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers. For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more! Quartr Quartr is revolutionizing the way investors interact with IR departments, listen to conference calls, and engage in investment research. The best way to think of Quartr is like Spotify for investor conference calls. Quartr is 100% free and includes markets from 12+ countries (with plans to expand in the future!). Investors can easily request new companies, and Quartr is quick to add them. You can learn more about Quartr by visiting their site, Quartr.se If you're interested in changing the way you research companies, download the app today and give it a try on Apple and Android. Tegus Tegus has the world's largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best. I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you're interested, head on over to tegus.co/valuehive for a free trial to see for yourself. TIKR TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive. --- Support this podcast: https://anchor.fm/valuehive/support

Investors are facing one of the most challenging backdrops in recent years amid slowing economic growth, rising inflation, and geopolitical conflicts. In this special series, Exchanges at Goldman Sachs: Great Investors, we speak with the world's most respected investors about their investing strategies, career trajectories, and their outlook on markets and the economy. In our most recent episode, Brad Gerstner, founder and CEO of Altimeter Capital, talks with Goldman Sachs' Katie Koch, Chief Investment Officer of Public Equities in the Asset Management Division, about the tech downturn and the launch of Altimeter at the peak of the financial crisis.

Highlights:     “Bannon launched a full tirade predicting that the populist political realignment that's happening all over the nation will not only win in a blowout this November, winning upwards of 80 to 100 seats, but it will in turn shatter the Democrat Party into effectively two parties, the Bolshevik cultural Marxist wing on the one side and the Goldman Sachs neoliberal wing on the other and in the process, the new Patriot GOP Party will rule for a hundred years!”“Whether the Democrat will actually turn into two different parties, there is some serious scholarship out there saying absolutely, the Democrats may indeed split, and this is because the data that we have shows a massive rupture in the party of woke issues.”“This is why Bannon often says that MAGA-loving patriots are going to rule for the next hundred years; we're in a tumultuous fourth turning – fourth generational cycle – the upheaval of which will usher in a new political paradigm for the next successive four generations, for the next 80 to a hundred years.” Timestamps:      [02:50] Steve Bannon predicting an 80 to 100-seat pickup in the midterms [06:40] How we're seeing the evidence for Bannon's prediction [12:08] Will the Democrats split in two?[13:55] How patriots are going to be ruling for the next hundred years Resources:  Learn how to protect your life savings from inflation and an irresponsible government, with Gold and Silver. Go to http://www.turleytalkslikesgold.comRegister HERE for our EARLY BIRD SPECIAL: https://conferences.turleytalks.com/Support this channel. Get Your Brand-New PATRIOT T-Shirts and Merch Here: https://store.turleytalks.com/Get your own MyPillow here. Enter my code TURLEY at checkout to get a DISCOUNT: https://www.mypillow.com/turleyEp. 1009 Democrats ADMIT J6 Committee Is a FRAUD and Won't INDICT Trump!!!Get your ticket for the premiere of our new movie “The Return of the American Patriot: The Rise of Pennsylvania” with early bird pricing here: https://turleyproductionspremiere.ticketspice.com/ticketsIt's time to CHANGE AMERICA and Here's YOUR OPPORTUNITY To Do Just That! https://change.turleytalks.com/Become a Turley Talks Insiders Club Member and get your first week FREE!!: https://insidersclub.turleytalks.com/welcomeFight Back Against Big Tech Censorship! Sign-up here to discover Dr. Steve's different social media options …. but without censorship! https://www.turleytalks.com/en/alternative-media.com Thank you for taking the time to listen to this episode.  If you enjoyed this episode, please subscribe and/or leave a review.Do you want to be a part of the podcast and be our sponsor? Click here to partner with us and defy liberal culture!If you would like to get lots of articles on conservative trends make sure to sign-up for the 'New Conservative Age Rising' Email Alerts. 

Sign up to our newsletter for more in-depth insights | Follow us on LinkedIn In this Private Equity Miniseries, we examine why P.E. has grown to become such a significant artery in both the investment world and wider economy. We discuss if this growth is secular, and an investment environment which continues to lead to rethinks of asset classes available for investors. In this episode, I am delighted to speak to Robert Hamilton Kelly, Global Co-Head of Petershill Partners (part of Goldman Sachs Asset Management). They have raised over $10bn of P.E. capital since 2007, investing in private equity and alternatives businesses at the GP level. Robert explains how and why Petershill own their investments and the characteristics they seek. He speaks about their approach to partnering with firms and the mutual benefits that develop, whilst also explaining the value of permanent capital. He talks about some of their transactions, their decision to list in London, how investors have assessed the valuation case and why he is excited by the long term opportunities he believes are available through their approach.   The Money Maze Podcast is sponsored by Schroders, Bremont Watches and LiveTrade.   Schroders is a global investment and wealth manager, with a purpose to provide excellent investment performance to clients, through active investment management. Bremont is an award-winning British company that produces beautifully engineered chronometers, designed to appeal to those who share the appreciation of a beautiful mechanical wristwatch. LiveTrade has changed the way fine wine is bought and sold worldwide. You can instantly buy and sell - or place bids and offers on - key wines from Bordeaux, Champagne, Italy and other world regions.    

Named one of Goldman Sachs' 100 Most Intriguing Entrepreneurs Award and Business Insider's “Top 16 Power Player Execs in AD Video Streaming Space”, Damian Pelliccione leads the finance, business development and advertising sales / operations departments at Revry. Revry is now the world's largest Queer Network, reaching over 280 million households and devices. Revry was also featured on the cover of The Los Angeles Times Business section, named “App of the Day” by Apple app stores globally.Laurel Mintz, founder and CEO of award-winning marketing agency Elevate My Brand, explores some of the most exciting new and growing brands in Los Angeles and the US at large. Each week, the Elevate Your Brand podcast features an entrepreneurial special guest to discuss the past, present and future of their brand.

The U.S. Dollar is holding near a 20-year high as markets brace for an even more aggressive Fed rate hike. Geoffrey Yu of BNY Mellon joins us to discuss the rise in the dollar index. Plus, the major investment banks, including JPMorgan, Goldman Sachs, Barclays, and Jefferies are all calling for the possibility of 75 basis point hike. Jon Najarian of MarketRebellion.com gives us his take. And, markets around the world are also seeing heightened volatility ahead of the Fed's decision. Malcolm Ethridge of CIC Wealth, Ben Emons of Medley Global Advisors, and Mark Mobius of Mobius Capital Partners weigh in on what to expect.

Ashley Thompson is the Co-Founder and CEO of MUSH Foods. After leaving a guaranteed career as a day trader at Goldman Sachs to follow a dream around "Overnight Oats" Ashley poured every last ounce of time and money she had into making MUSH a success. In this episode, she explains what lead her to make that decision as well as how she found her way onto Shark Tank and eventually a partnership with Mark Cuban. According to her, it's been a long way to becoming the person you hear on this podcast. She was apparently a "Boring, shy nerd," but listening you couldn't imagine where that's been left behind. If you're someone who loves a good success story, or who might want an inside scoop on what it's like to make it on Shark Tank and partner with Mark Cuban, this is definitely the episode for you!Youtube Link to This EpisodeMUSH Website - https://eatmush.com/MUSH Instagram - https://www.instagram.com/mush/

When Fabian Thylmann ran into trouble with the law, a former Goldman Sachs banker swooped in to buy his porn sites. But nobody knew who he was. He managed to keep his identity a secret for years --- until Patricia rumbled his game.  If you'd like to keep up with the most recent news from this and other Pushkin podcasts be sure to sign up for our email list at Pushkin.fm. See omnystudio.com/listener for privacy information.

The pandemic spurred a new generation of retail investors, many of whom are now stepping away from the markets. In the latest episode Exchanges at Goldman Sachs, John Marshall, head of derivatives research in Goldman Sachs Research, Greg Tuorto, a portfolio manager of small to midcap stocks in our Asset Management Division, and David Jeria, who manages the Americas equity execution team in our Global Markets Division, explain how the role of the retail investor in the markets has evolved and how their trading patterns have shaped market liquidity.  

EP292- Quarterly Recap Sorry for the delay since our last show. We took a beginning of summer hiatus, and Jason upgraded to a new knee! This episode was recorded in front of a live audience at the NYC Google HQ, for Zenith Basecamp. Key Topics discussed: Amazon's rate of growth declined in Q1, what lies ahead for them. Impact of App Tracking Transparency (ATT) on advertising platforms Shopify vs. Facebook Retail Media Networks Q1 2022 US Department of commerce data and trends Audience questions (including buy now pay later) If you'd like to follow along, the audience could see this deck during the discussion: JAS_ZenithDownload Episode 292 of the Jason & Scot show was recorded on Wednesday June 8, 2022. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:23] Welcome to the Jason and Scot show I'm Jason retailgeek Goldberg. This episode is number 292 being recorded on Wednesday June 8, the beautiful New York City Google headquarters for Zenith base camp and is a special treat we're recording the show in front of a live audience. Scot: [0:45] That was a super important. Jason: [0:49] That Applause is super important because I have no credibility with our audience so they wouldn't believe me if you didn't applaud thank you very much as I mentioned I'm Jason retailgeek Goldberg as always I'm here with my co-host Scot Wingo. Scot: [1:01] Hey Jason and welcome back Jason Scott show listeners. Jason: [1:05] I think I've met most of you but for those of you who I haven't mentioned a met yet thrilled to do so today I as was mentioned earlier I'm the chief Commerce strategy officer for publicist your, almost certainly going to hear from Scott that he thinks might title is super funny and, I'm a fourth-generation retailer back in the Dark Ages I helped launch e-commerce at some funny retailers like, Blockbuster and Best Buy and Target and today I get to work across all the Publicis groupe with all the clients that care about Commerce and I'm super interested to know which clients, don't care about Commerce at this point and so that's me but like I said many of you have met. My annoyingly successful co-host Scott you may not have met so Scott can you tell us a little bit about yourself as they flip the slides. Scot: [1:56] Sure and congrats on that a win at Blockbuster on the digital that was that was good you crush that one yeah. Jason: [2:03] It's super fun every presentation ever done a publicist starts with a big Blockbuster logo and a saying like don't let this happen to you. Scot: [2:11] Isn't there one still open in Alaska if you're gone to visit them. Jason: [2:13] Bend Oregon. Scot: [2:14] Okay then yeah I knew you know that have you talked to them about their digital strategy. Jason: [2:20] It's on the to-do list. Scot: [2:22] I'm a Serial entrepreneur from the Research Triangle Park area and so I started a company I have an engineering background started a company the developer tools. And then this thing called the internet came along and I have a lot of weird Hobbies one of my hobbies we'll talk about a lot of those today is I'm a Star Wars fan so I started I had this I sold my first company, said this dangerous combination of e-commerce has born and I had a lot of liquidity so I started buying really big Star Wars stuff, it stays at my office I have an agreement with my wife that it does not come into the house sadly I probably won't be married if it did so there you go, so that was there at the early days of e-commerce that company I parlayed into a company called challenge visor so started that in 2001 that's a B2B soccer as a service platform for selling on marketplaces are there any channel guys are customers in the house about 3,000 customers and then so Channel visors biggest partners are eBay and Amazon so I've been I'm also he's retailgeek I'm Amazon geek if we have to Brand ourselves maybe a little bitty big geek so I'm in the marketplace side and that's how I met Jason we were on a board together at shot dot-org, remember the first meeting I was there with Jason the CEO of NRF walks in and he's like does anyone have a question Jason raises his hand and says why do we have the worst website on the internet and I was like. [3:38] I need to get to know this guy so he called him out on the terribleness of the in R Us website which was kind of fun and then took Channel advisor public so that was one of my things is an option where I always wanted to do was do an IPO so I got to do that in 2013 that was a lot of fun got to ring the bell I'm a also a CNBC donkeys got to meet and Jim Cramer my wife calls him the guy that yells every night on TV and makes all the loud noises, that was fun and then my current startup let's go to the next slide next two slides yeah it's called spiffy and next slide. [4:12] So spiffy was actually good and go through this animation Jason was supposed to take this on and, so spiffy was actually kind of inspired by the podcast so on our podcast would talk a lot about consumer behavior and for me I'm also an Elon Musk geek and Elon talks about core principles his core principles are physics he's always talking about well if you want to send a ship from here to Mars you're going to have to you can't use let's see welds you have to like mix the atoms together and because of physics we can do we don't do that on Jason Scott show we talk about consumer behaviors so we spent a lot of time talking about the bifurcation in the convenience oriented consumer saw that was swirling around in my head I had my first Uber experience and the this the series of things that lit up for me was alright services are going to go digital we've seen products go digital in the form of e-commerce if you look at GDP consumer services are twice the size of consumer products and then the then as I looked out there there was a lot of companies in this space but none of them were going after the convenience oriented consumer. [5:15] Another hobby of I guess it was a shared one is we like to coin phrases, one of the ones that I coined was Zero friction addiction so when consumers have these low-friction experiences not only are they great. But they amplify the friction of previously previous experiences you didn't think we're friction e Starbucks mobile app for example how many of you use the Starbucks mobile, once you do that and then like the mobile app systems down it's like the worst day of your life because you have to wait in line behind three people and you're like oh my God I'm going to claw my eyes out. And before the mobile app existed you're like three people whoaa short line this is going to be a faster bruxism. So all that was swimming around in my head and I was like I wonder where I could participate in this idea and I was gravitated to car care because I previously invested in a car wash and then I researched and Car Care has a minus 85 net promoter score especially with women, how many of mean if you don't have cars in New York but how many of you have had a bad car experience especially. You're my people so another thing that fascinates me is the Auto industry is going to go through this digital change that we've seen e-commerce go through but it's also the car is changing so I've had a Tesla since 2012 since I've been living that kind of vehicle 2.0 lifestyle so next line so started spiffy in 2014 and today we're in 27 locations about a 50 million run rate doubling, we have 250 Vans across the United States and about 500 technicians so that's a little bit of background on me. Jason: [6:44] That's amazing Scott and so you know Scott mentioned we started this podcast that the joke is he and I met at a board meeting it shop dot org and he and. After the meetings we'd go to a bar and we would just talk shop about what was going on in Scotts Valley. You know we should record this there's like eight other people that would be interested in this conversation and the joke is that like the next day I showed up with like five thousand dollars worth of audio equipment I think. Scot: [7:10] This 90 is forget your mom. Jason: [7:12] That's true yeah. Scot: [7:12] 99.9 listeners. Jason: [7:13] Including my mom who gives me notes on every show hi Mom. So so that's kind of how the show started and you know that one of the topics that's most frequent in fact we often say it wouldn't be a Jason and Scot show without talking about Amazon. And so you know Amazon have their quarterly earnings last month and in the u.s. they're gmv growth rate they sold 6.7% more stuff than they did in q1 of last. Um so that is a alarmingly slow rate of growth by traditional Amazon standards and we click to the next slide. The. This month you've seen all these news articles about Amazon actually having too much warehouse space too much what they call fulfillment center space and how they're literally trying to sublease space to other people that they may have over-invested, as e-commerce starts to slow down and if you cook to the this next slide. [8:15] Actually graft my pandemic Hobbies I learned Tableau by the way if anyone super exciting other people are not a big bread. I'm a geek what can I say so I graphed e-commerce has growth rate versus Amazon's growth rate and historically in the u.s. e-commerce has kind of grown about 10% a year before the pandemic Amazon despite being. 35 to 40% of all e-commerce grows quite a bit faster as you can see the gold line above the blue line but when the pandemic. Um they their paths kind of linked and and you know for these last several months Amazon has grown at about the race. E-commerce and so there's a bunch of analysts that are freaking out. Is the gravy train over the good times done is Amazon selling off and so that's the first topic we want to talk about is what the heck is going on with Amazon Scott. Scot: [9:11] Yeah and it's been interesting another one of my hobbies is Amazon Fulfillment centers this one's riveting and so this started I think it's like 2005 I was driving to work and I saw some construction and you know you're later they put a big amazon logo on it that's like holy cow there's like a million square foot building, this is the Raleigh-Durham area so it's like I wonder how many of these there are so I went on to Amazon's website and they said something like we have around 10 fulfillment centers nice like that, that seems low and then what I discovered at that point time was no one was tracking. From the Wall Street analysts through Amazon fulfillment center roll out so so started working on that and quickly discovered that they had about sixty fulfillment centers built and they were building like another 16 so I started publishing data on this, and fun fact they always use airport codes so this was like RDU 3 soyuz rd1 and these numbers and this kind of thing so I get to know about the Amazon fulfillment center really interesting you know really deeply so I think then one of our most popular popular episodes I think we got till like 12:00 listeners on this one so a 30 percent increase this was February 18th we did episode 287 which is a deep dive into Amazon's fulfillment. [10:19] And to me it's just endlessly fascinating I haven't been to a fulfillment center but I have been able to sneak into some of the delivery stations and that's kind of a fun thing so what ties into this is what I think happened is Amazon was in front of their capacity needs before the pandemic and then the pandemic flip that upside down so I think what's happened is over that time where they're in line with e-commerce they were just out of capacity they literally couldn't ship the couldn't build enough fulfillment centers fast enough and whatnot so during the pandemic they have built an incredible amount of infrastructure so I'd have some data here the other thing you need to know is in 2018 another this was probably the most popular one Jason I coined the phrase ship again is even heard this one. And this is where we. Jason: [11:03] We got on like The Today Show. Scot: [11:05] Be on the Today Show they're like what is this ship again and should we be concerned that was us that was us we cause that and we take all the credit, and what happened is Jason has many of his Tableau slides he had this he has a slide that shows the FedEx capacity USPS and ups and then Amazon's growth and you can see that Amazon alone then you layer in e-commerce was going to we would run out of capacity for shipping well Amazon also saw those so in 2018 they started a program called, the DSP now this is confusing because they have two DS p– programs there's one in your world of ads I don't know what that one is, delivery service professionals is the one I focus on and what Amazon did is he basically took a page out of the FedEx Playbook and they went and they built a network of 1099 contractors to do last mile deliveries so whenever an Amazon Prime van comes to your house that is an Amazon DSP. [11:59] They've built that entire network since 2018 which is pretty crazy okay so the problem with that Network though is they started it out of fulfillment centers and very quickly it was obvious the Fulfillment centers were when you have these million square-foot buildings and you're just putting things through a door or a loading dock you can't reload Vans quickly so what they've done is they've come up with a new format called a delivery station, this is a smaller about a 200 thousand square foot thing and what it is it's largely attached to a fulfillment center and it's pretty wild at eight am the Fulfillment center doors open and these rafts of containers come down and there's these Vans all lined up, staged in line, where they go furthest packages away get loaded in the first Vans and then they're off and then it's like a military operation it's like D-Day it's like crazy to watch this happen hundreds of employees loading these vans that get deployed through the day. [12:49] So just to give you some numbers that started at zero and now they have built 487 delivery stations for small products 108 delivery stations for large so they built about 600 delivery stations in the last 3 years which is pretty crazy that represents so there's so nothing Amazon does each delivery station has four or five dsps and they play them off each other so they're small businesses and then they give them all these scorecards and if you score well you get more routes and trucks so there's like this gamification, and I've met some of these guys and they're just like constantly going at each other and and Amazon is very clever because they're like stuck in this game gamification they don't really realize it that Amazon just playing them off each other the thing that fascinates me is they're all run by this you know data in the cloud so everyone in this operation there's no real managers or anything they're just like all looking at their their their devices and it's telling them what to do every day that's kind of as a computer science guy that kind of fascinating we do have a i overlords that that just kind of run things so there's two 2500 dsps and 100,000 Vans and so they've invested a ton in that and then that's just the delivery stations so they've also added you know 88 sortable fulfillment centers. [14:08] Basically they've invested so much in infrastructure during the pandemic that I think we're going to see these numbers they're they actually have admitted they have too much capacity but I think it's going to give them the ability to re-accelerate versus e-commerce because they now have the capacity in this new world. [14:22] It was a long answer to that one but but you know I think what's key to me is if you buy into this theory that getting product to the consumer fast and efficiently is going to be key, they've gotten the cost to deliver a package and that last mile down to a dollar fifty with this. [14:37] You know so many of you that are shipping products and you're looking at FedEx at eight nine ten twelve dollars in different zones that's kind of the economics they've baked into that now for a long time thought one of the Amazons unusual playbooks is they'll build something really really crazy expensive and you're like this is insane and then they'll open it up which for most people in the old score world you're like, that doesn't make any sense because you used to build these proprietary networks like Walmart's Data Center and computer infrastructure, that was proprietary and gave them an edge Amazon's philosophy is let's open it up that makes the product better and we get third parties to help pay for the. So this is obvious now that the AWS and Amazon third-party Network I believe that there will be a day when I could ship I'm enrolling your in Charlotte I'll be able to ship you a package I'll just put on my front porch the Amazon DSP will pick it up and I'll ship you a package for three bucks right so it'll be half the cost of FedEx or UPS but don't make a hundred percent are 50% gross margin on it, so that's going to be really interesting and they'll be able to offer that they are actually offering a lot of that kind of capability to other Merchants so so that'll be interesting you'll have to face this decision of if you're your Cody or someone like that do you want to switch from FedEx to Amazon shipping your products and so there's a lot of real interesting things going on in the Amazon World those are some of the big ones. Jason: [15:51] Yeah yeah to kind of put that in consumer terms. Before the pandemic Amazon had invested something like 50 billion dollars in their fulfillment centers and so on. It wasn't that long ago I would talk to clients and they're like hey Jason we've got the secret plan to compete with Amazon where we're gonna buy a warehouse in Kentucky because that can ship to the whole us and we're going to compete with Amazon and I'm like. You realize Amazon has 109 million square foot fulfillment centers and 50 billion dollars worth of infrastructure and that was before the pandemic from. Mid 2018 to today they've invested another 50 billion dollars and literally double the size of their capacity so the likelihood of anyone in the u.s. competing with him in terms of. Capacity is next to know and as Scott mentioned in 2018 we had this bad holiday where we didn't deliver everything on time Amazon became you know aware that they weren't going to grow where they want to grow using third-party parcels and I think there's this famous quote from Fred Smith it FedEx like. Amazon's an amazing company but they're our partner they're not a competitor they never understand the competitiveness of the, the parcel business and back then Amazon delivered eight percent of their own packages that was 2018 today Amazon delivers over 60% of their own packages right and so in a very short period of time. [17:16] They they've created this phenomenal capability so the magic question is is this a blip like, is the are they going to start growing faster than e-commerce as soon as we get out of all this crazy economic Madness or like is this going to be the new normal for Amazon that they're you know so big that they can't grow as fast anymore. Scot: [17:35] My prediction is yes they will I think they'll get the capacity they'll turn on these other things another area that I think they'll get into and we've covered this on the show is where we call these things like to go Puffs the road you have a fancy name for. Jason: [17:47] Instant delivery or ultra-fast delivery. Scot: [17:49] Yeah Amazon part of this infrastructure they built out is in that similar vein so some same-day infrastructure where, you know these delivery stations are getting smaller and smaller and closer and closer to the consumer so that they can do same delivery in fact at the delivery station I was at they do 7 a.m. to 10 a.m. load out and then everyone comes back at to and they do another load out of a smaller portion of vans, for same-day delivery orders that have come in so so so I think I think what they're going to do is they're going to Crank It Up, Prime will eventually go to same day and then that's going to create a whole new stimulation of demand and then they will grow faster than e-commerce. Jason: [18:24] I feel like that's another funny one is talk to like there's a bunch of new startups that are like trying to do e-commerce fulfillment and they're like we're going to do two day delivery just as well as Amazon. Scot: [18:34] Yeah this is this is a good segue into Shopify so one of the things that there's defied explanation for me is the rise of Shopify shopify's a great platform great CEO but they got this valuation of like 50 times forward earnings forward Revenue which just never made sense to me and then they started poking the bear so they started to give Amazon and Jeff Bezos so hard time like when his pictures they were like making fun of him and I was like this you and I have seen this. Jason: [19:01] They're arming the rebels. Scot: [19:02] We've seen this play out we're like who was it the CEO of Macy's said Amazon will never get into apparel and if they do it'll be a bloodbath everyone that makes one of those statements they end up a you know ruining their career and then be very being very wrong so. Jason: [19:17] Terry Lundgren. Scot: [19:18] Terry Lundgren yeah thanks he was also in the in that in our f word me the so so so it's really interesting is Shopify has been poking at Amazon and then Shopify announced that they were going to. Arm the rebels with two day shipping and they're going to build a fulfillment center we're like. Okay this doesn't ever end well then in this then like literally 30 days later they announced and they were going to spend a billion dollars and build a fulfillment center are two billion which you know Amazon spend 100 billion so that's kind of a ridiculous and then they were going to get everywhere two day shipping and Beebe in parallel with prime which doesn't make any sense then they punted on that and they acquire deliver. And then at the same time and this is a good segue into our next topic they basically said, and this goes back to March of this year last year we saw that after Apple's WWDC that year last year, they announced IDF a and I-80 T which is next slide. Jason: [20:18] Yeah jump to slides actually one more. Scot: [20:20] So you and I were like this is going to change everything and destroy all these middle players so so basically you guys probably know what this is I'll let Jason describe it better these new privacy things basically you get rid of not only third-party cookies for web-based things but if you have an app based ecosystem you get rid of tracking it all together and we were like freaking out about it no one else was I, and I felt like Shopify was going to be worse because if you think about Shopify the bulk of their traffic comes from social then they sit in the middle and then they have the merchant well these things in the middle aren't going to really exist in a world where you can't track anything and sure enough this is really caught up not only to them but the social media guys. So we're entering this world where Shopify poked the bear Amazon has a bunch of stuff going on that hasn't even come out to counteract Shopify and when that stuff comes out, then I'll know if you've seen it but Shopify is down like 98% or something like that because they've lost you lost a lot of credibility with this fulfillment thing and then the overall economic has been a really interesting impact and then I think everyone realizes that they're really exposed to these IDF a changes. Jason: [21:25] Yeah and so I think most people in this room are probably painfully familiar with idea Fay but essentially. It's become harder to track a consumer across multiple website so all these advertising platforms that aggregate an audience and send them to third-party content sites used to be able to buy a super-efficient audience on that third party site and then they used to be able to measure how effective it was when they sent people to that site and what they ultimately bought and so because of the tracking deficiencies too bad things happen we can't buy as good an audience as we used to buy so the by is less efficient so the CPM is higher and we can't measure how effective it was right and so there's a lot of impacts certainly for all of you folks that are involved in advertising there's there's a very direct impact on those changes but the secondary impacts can I talked a lot about is before these changes it felt like Shopify and Facebook for example where cozying up, like Shopify has a digital wallet called shop pay which is very exciting successful and they actually made it possible to buy items not from Shopify sellers on Facebook. With Sharpay and you're like oh man it's very synergistic Facebook gets the audience and then they send them to Shopify seller to close the deal and it seemed like they had this partnership and we saw IDF a coming and were like oh man this is going to break up because in the New World. [22:47] The Facebook's of the world need to own that conversion they need to own the sale so they can see the conversion data so they can report on the efficacy they need instead of third party data they need first-party data and so now all these advertising platforms most notably Facebook and Google are doubling down on becoming Commerce platforms which you've talked for a long time about Google is secretly Marketplace. Scot: [23:13] Yeah and then I think ultimately Facebook has to buy Shopify or build show, so that'll be interesting now the price is down before when it was like 40 times for door like they'll never do that but I think now but they do seem, it's hard to know what's going to happen to Facebook because they're so focused on the metaverse that I don't know if Shopify fits into that somewhere inside of there you know someone watches Revenue versus like Ford things and and if you care about revenue and Facebook you would buy you would buy, Shopify the other thing that's really interesting another one of my weird habits is I love to listen to public quarterly calls. Probably the worst quarterly call I've ever heard and I have a lot of empathy for this because I've done many of these is this the Snapchat the last the q1 Snapchat call they basically it was like they just rolled in there, half drunk and had no idea what's going on in the business and like the analysts are asking them questions like do you think this is the bottom of i d f a and the last quarterly call they had said that was the bottom. They're like well you know last time we said it was the bottom we think this is a bottom Jason do you know if it's a bottom it was just like that kind of a thing so if you're an investor and you're sitting there like these guys have no idea how bad this is where the bottom is or how to remediate. And you know that that leg down I think that really big one there that was right after that quarterly call everyone there while she was like these guys have no clue what's going on. So it's really interesting. [24:33] Wall Street is very much awake that these changes that apple and then subsequently Google have made and the Android have really just clobbered these ad networks that kind of our sit between AD networks and kind of relying on on third-party data the converse of that so every time there's a there's a zero-sum game here every time there's a loser there's a winner the big winner here is retail networks and I heard that we're going to have talk about their ad Network I'm the Amazon guy so Amazon's ad network doesn't get a lot of play here but just as of last year it was 30 billion dollars in revenue and they're growing that 25%. And I know they have a massive amount of investment going on there they have a new marketing Cloud they're doing a ton of stuff in there because they realize hey thanks Apple and Google the you have created gold dust out of first-party data guess who has the most first-party data on buyer intent and conversion it's Amazon. But then if you're other retailer be at a Walmart or Target and even smaller retailers are getting into this and kind of more of a, I called a Battlestar Galactica kind of way but more of like a shared data kind of a way that's going to be real interesting. [25:41] You are yeah yeah I think you and I are the only ones to get them the, so that's that's really fascinating to watch this one change in mobile platform just cause these billion-dollar ripples down there and you kind of wonder who it Apple did they think about this where they like, you know that Mark Zuckerberg he's too big for his britches let's let's clobber him in the rest of these guys but you know they don't love app Amazon either so they have to be kind of frustrated that it has helped enable one type of competitor but that just clobbered the other ones. Jason: [26:12] Yeah it's I mean it's super fascinating I. The retail the emergence of retail media networks I think you know is a direct cause of this essentially that you know you now have all this first-party data it Walmart and Target and to your point like. Craziest retail media Network to me is Gap in the reason I say that like most retail media Networks primarily sell ads to endemic Advertiser so you know Cody wants to sell through Sephora so for launches retail media Network they have some leverage to get Cody to invest in, in add-on Sephora but Gap doesn't have any endemic advertisers like Gap only sells their own stuff right so they're now you know trying to go find. Advertisers that are synergistic with The Gap lifestyle and sell ad so I don't think that could have ever happened in a world in which you could really cost effectively by that audience from Facebook but today because it's harder for the Facebook's of the world I think this is a. A permanent shift we're seeing and another reason that it's really an imperative for Facebook to become a Commerce platform of Their Own. Scot: [27:20] Yeah this is probably a good time to pause and see if there's any questions yeah so Amazon or IDF a any questions on those two topics any other comments how many of you have felt some kind of an impact from the IDF a thing that's called you to change strategy. Wow I guess we're wrong yeah. Jason: [27:38] We usually are so there's that I feel like a lot of the success of the show is Scott and I rarely agree and I feel like people like to hear us debate right and so the last topic we put together is. Again one that's probably only near and dear to my heart but the, US Department of Commerce publish all this data about the health of the US retail right and I'm this dork that like wakes up at 8 a.m. I'm kidding I'm up at 8 a.m. right now I wasn't supposed to say that out loud, on the on the day the data is released to like load the stuff into Tableau and so may was a super exciting month because that's the first time we get the. Q1 quarterly data for all the retail categories and e-commerce and so I kind of put together a quick. Quick summary and week I just want to hear if you're surprised or not so first thing if sorry if you go back just one side for just a sec. From from January through April in the u.s. we sold 2.2 trillion dollars of stuff that's almost 10% more stuff than we sold in 2020. [28:42] 36% more stuff than we sold in 2019 so everybody talks about how hard the last two years have been and how challenging and difficult and that's all true. What doesn't get hit is it's been the greatest two years in the history of retail like we've grown, way faster than we ever have before and so if you flip to this next slide this is this visualization that's got an icon of created this is sales by month so that Gray Line is retail sales in 2019 and then the Gold Line is 20/20 so you can see oh my gosh we all panicked in April when the pandemic first happened we have this dip but 2020 we actually sold more stuff than we did in 2019 even with the the pandemic. What we sold changed dramatically we'll talk about that, and then we get to 20 21 and look how much higher 2021 was like 20 everyone was like oh my gosh was 2020 a weird year and growth is going to go down and instead, growth went way up and so at the end of 20 21 I was advising all my peers that worked at clients to retire right because your comps are going to be impossible from, from 20:21 so that was a great time to go out on top. And I was really worried that 2022 was going to come in below that and of course we're talking about all these economic headwinds and things that we may talk about but so far in 2022. [29:59] Even ahead of 2021 so you hear all this news about how like. Oh man the rate of growth has slowed we grew so much in 2021 and now we're only growing a little bit and doom and gloom and all these things. But when you see this picture you go wait a minute. With the best year in the history of retail last year and we're doing even better this year it's actually quite a Rosy story but if you flip to the next slide of course there are certain categories that did. Especially well right and so if you are a gas station and you got utterly creamed. During the pandemic and one was driving anywhere it was easy as to grow fast if you are restaurant that no one went to it was easiest to grow fast apparel that. Scot: [30:41] Miscellaneous that's my favorite yeah I wish I sold more miscellaneous. Jason: [30:46] It's the hardest category to buy. Um and so you can see there's categories that kind of outperform the industry average and there's categories that underperformed the industry average food and beverages grocery right so even though grocery had a really good time in the pandemic it's actually underperforming, the overall category because there were some of those other categories that were so much and whenever I talk about this people are like yeah Jason but all the growth you're talking about isn't, consumer changes or more spending its inflation right and so I actually tried this, experiment of taking the inflation out and I looked at the last three years of growth in 2018 dollars and as you can see, information used to not matter very much in the data so through 2020 and then we started opening up this Gap where inflation legitimately has an impact on our sales right now but even if you just look at the Gold Line which is taking all the inflation Outlook. Um the growth is still very meaningful in phenomenal so it's a like Well you certainly inflation is part of the reason that we're seeing a lift in sales it's a mistake to assume. [31:51] People are just buying less stuff and they're just having to pay more for that stuff in that there really isn't a consumer change the really is a consumer change here in so we want double click on a couple categories in the first category I grab because it's super near and dear to Scott's heart is Automotive right so they sold half a trillion bucks last year they're up 50% from the bed you have 20/20 and if you go to the next slide you'll see the. You know they're their shape that obviously the you know the pandemic gave him a temporary dip but again like most categories they we did slightly better in 2020 2021 was a phenomenal year and then it seems like 20:22 is having a little bit of trouble comping against that what's going on in the apparel or the automotive industry. Scot: [32:34] Was a guy that buys like 30 Vans a month you can't buy vehicles yeah so there are no vehicles out there it's pretty crazy I had to buy my daughter a vehicle and we had to wait like six months and then had to pay like over sticker. Against all grains of my being but had to do it yeah the things we do for our kids. Jason: [32:52] Combo of like there's increased demand and there's these supply-chain constraints and there's no chips right. Scot: [32:58] Yeah yeah so it went from chips now they seem to have the chips but then all the zero covid policy in China is made all the other inputs go to hell in a handbasket so-so so there was some Supply that got out because they had all these vehicles waiting for chips the chips have gotten there but now they can't make a lot of the other components of the vehicle as my understanding and we order we ordered 100 Vans and we got three delivered this year from from new which is just crazy. The other problem I'm up against his there's this other company buying a lot of ants called Amazon and they're buying I'm buying I'm buying what it feels like a lot to us 100 and they're buying like you know, twenty thousand so so they seemed to get a higher spot. Jason: [33:36] They're higher in the queue than you yeah so if you take nothing else out of this this segment if you have to sell a car right now do not use Blue Book value your car is way more valuable than Blue Book value. Scot: [33:47] And before you sell your car get a new car so it's kind of like yeah because you may be hoofing it if you don't you may be getting to know the Uber app really well. Jason: [33:55] Yeah and whichever card you get get it clean by get spiffy. So let's a lot of people in here in the cpg space so grocery super important this is a category that I follow really closely almost 300 billion in sales in the first quarter and again it's up its up. By the way a new coin we turned is your over 32 years ago right like that's the new the new black in earnings calls is everyone's talking about their silver says 2019 which was the. Quote unquote normal year so groceries up twenty Twenty-One percent from from that normally year and we've kind of had this 8% growth rate which is better than grocery historically grew if you go the next slide you see our shape again, grocery is a unique one right like. Yet average sales in 2019 and then 20:28 was great for grocery right because nobody went to restaurants like so all the calories that used to buy from restaurant you're buying from grocery so that Gold Line is way up and then, in 2021 they had trouble comping against it in the first half of the Year where all that growth happen but they still 2021 ended up. [35:00] About 10% from 20/20 and 2022 is continuing to be up so far, from from 20 21 and so the way I like to think about this if you jump to the next slide is Sheriff stomach so this gray line is how much. Calories you buy from grocery stores in the Gold Line is how many calories you buy from restaurants and historically over the last 10 years it's been almost a 50/50 split so then the pandemic happened and we got seventy percent of our calories from grocery stores thirty percent of our calories from restaurants and everyone's like wait how did we get any calories from restaurants they're all closed doordash, right it was all off Prem consumption and then we've been waiting to see what would happen could grocery permanently hang onto that lead would restaurants come back and you can see over the last year it kind of close the gap but then look what's happened these like this year restaurants are way above Grocery and so the magic question here is, was their pent-up demand and we're all rushing out to restaurants because we haven't been there and that's kind of a, a one-time Spike and it's going to normalize back to 50/50 or is the new normal that we're all so sick of being in the kitchen for the last two years. That groceries going to have a real decline because if you're you know a leading Grocer in the US this this is a really scary slide at the moment you have a guess. Scot: [36:21] Yeah I'll throw a Freakonomics curveball in here I think a one input into this is the work from home trend, so when you're working from home it's a lot easier to go to the grocery store prep the veggies between zooms or while you're on his Zoom or something like that or like chopping below below the line and just prepare a meal right but when you're in the office and you work late and now you're kind of gone back to that office lifestyle then I think that's going to be a big driver I think. I think we're going to go back to working in the office I think when everything's up into the right you're like okay everyone can work from home but if things get tougher and we go into recession one of the levers Executives can pull as well we need everyone back in the office so I think we're going to get back to that, it won't be the same so it's not going to be whatever we were at before it'll be ten to twenty percent lower but I think that's going to be the Big Driver of this one is that work from from home Trend and I bet it's spiking now, um because of that so I'm seeing and we have data at spiffy for this so one of the things we do at spiffy is we go to office Parks as an amenity if I look at Dallas the Raleigh-Durham area and Atlanta, we're almost back to 80 or 90 percent to pre-pandemic levels at office parks. Now you look at Blue States like California New York Etc you're like a zero so so ultimately I don't know if that separation remains or not but ultimately we're seeing people get back to the office park at least in this Southeast kind of region which is which is I think that's going to drive this more than what you show her. Jason: [37:47] And so then the the last category we're going to talk about is obviously most near and dear to our heart is e-commerce. So in March we sold almost a hundred billion dollars worth of stuff inside baseball thing this is data from the US Department of Commerce it comes out every every month there's better data that comes out every quarter this quarter we had a crazy thing happen, the US Department of Commerce restated the data that they had published in the past and they actually added 100 billion dollars of extra e-commerce sales last year they said we've been Under reporting how big e-commerce was so you may have earlier in the year seen these articles in the Wall Street Journal and elsewhere talking about how the e-commerce craze is over and retailers caught up and it's a much more complicated story than that again e-commerce is up 55% from 20/20 so that's going to be tough to comp against the if we flip to the next slide. Scot: [38:45] Well I disagree with their methodology so we had them on the show and it was. Jason: [38:49] US Department of Commerce. Scot: [38:50] Here's the geekish I had to like break-in Jason was like you were just like. Jason: [38:53] It would be like if anyone mask was on the show. Scot: [38:55] Yes yeah you're just like slobbering all over yourself it was embarrassing and they God we're. Jason: [38:59] Tending that's unusual. Scot: [39:00] They got were Audio Only and the, but then as we got into it you know they count like curbside pickup is e-commerce and to me as an e-commerce guy I have to kind of throw the flag on that one because you know going during the pandemic you know, order online have it shipped to me and now I just go to the Best Buy and set outside they bring it to the store and now I've converted that to an e-commerce sale that doesn't really pencil for me so I think these numbers are overinflated because all the curbside pickup flipped over to e-commerce. Jason: [39:29] There's a common debate and you and I violently disagree on that one. Scot: [39:33] Digital influencer blah blah blah. Jason: [39:35] Yeah yeah exactly but yeah I mean if you so if you what's happening is e-commerce orders are being fulfilled from the store but you think about all these orders at Target that you place online and get delivered to your home from a shipped person or even from a u.s. post office targets fulfilling 96 percent of all their e-commerce orders from stores so curbside pickup is just another. E-commerce order that's fulfilled from a store and so again like to me. Scot: [40:03] But I had to get my car ready to go to Best Buy and I kind of blue shirts only difference is the blue shirt walked 50 feet to me versus me walking 50 feet in the store. Jason: [40:12] But so yeah we'll agree to disagree. Scot: [40:13] That's e-commerce more people can disagree. Jason: [40:13] Smart people can disagree and us so you see the shape again you know again 2020 accelerated e-commerce 2021 still did better although slower and so far in 2022 we're doing better again. Scot: [40:28] Boy what's the one that you hate so much what's the chart you hate the Goldman Sachs one. Jason: [40:33] Well yeah I mean there's a couple different. Scot: [40:38] Mackenzie or McKenzie yeah that's it. Jason: [40:40] Yeah so we'll talk. Yeah so jump to the next slide so Mackenzie is the early in the pandemic came out with this thing and said hey e-commerce has been perfect permanently accelerated by 10 years. Which is utterly wrong right like e-commerce. White kind of went three years ahead and now some categories are still three years ahead like grocery but a lot of categories are much closer to where we'd forecast which I'll show you in just one sec before I get to that though I just wanted to kind of show you pre-pandemic the Gold Line is have as retail grew this The Gray Line is how fast e-commerce grew again Scott and I would disagree about how to count e-commerce but still. [41:18] Retail tended to grow three to four percent a year a great year would be 5% e-commerce grew ten to fifteen percent a year, and and in the pandemic obviously e-commerce wildly accelerated and Retail kind of stayed flat people thought it went down but it kind of stayed flat so then we had this thing that's never happened in my lifetime, which is in like May of 2021, because retail had been so soft for so long retail actually grew faster than e-commerce and we're now having this topsy-turvy thing where the rate of growth for e-commerce and Retail are very similar and so you know I said hey. Well what would have happened if we didn't have the pandemic so this next slide is kind of showing the growth rate for e-commerce. And showing where we would have forecasted e-commerce to go and again in the Wall Street Journal they showed the blue line under the Gold Line. They have this old US Department of Commerce data and if you go to the next slide I zoom. Scot: [42:15] They don't wake up at 8:00 and put it into the table like it. Jason: [42:18] They don't know Tableau like I know tableau, and shout out to all my friends at Salesforce for the own table so you can see it's very noisy right now but it does seem like the pandemic permanently accelerated e-commerce. You know 122 years of acceleration not, not ten years and so then I think the very last slide I put together on the shape of e-commerce is in this is a scary one of me I'm curious what you think about this while e-commerce is continuing to grow well. Is Gary is this is traffic to the top 10 eCommerce sites in the US and this is a different story the gold on the grey line was before the pandemic the blue, the Gold Line was after the pandemic but you can see traffic went down in 2021 even though sales went up and traffic is down even further in 2022 and so what this means is fewer. Are going to e-commerce that the big eCommerce sites less often but they're buying more stuff when they go so. This will be our last question is we're way over time is, that like an inflation thing is that a change in consumer Behavior what do you have any hypothesis what's going on here. Scot: [43:30] So I think people were pegged at home for a while they bought everything they possibly could and they've bought forward so they feel like they got new laptops they've got their fancy exercise bikes. They've got all that stuff their peloton's and now they're just spin out on stuff and now they're wanting to do experiences and services so that's where the dollars are going if you know I think the Gainer of this traffic is probably, Airline sites hotel sites another we have visibility in this a spiffy because our largest customer set is rental car companies, we had a record day yesterday so people are traveling like. Pre-pandemic levels and which is really interesting so the dollars they do want to spend the discretionary dollars are going to experiences and not Services I'd call this a year to go I was a year early, I'm sadly many of our predictions. Jason: [44:16] We have a forecast every year and I get to cream Scott in the for. Scot: [44:19] Well I don't know what. Jason: [44:21] History doesn't show that but you guys don't know. Scot: [44:23] So I think that's what's going on so I you know but I feel like a really really interesting indicator is going to be Amazon Prime day so that's going to be in July of this year and we call it Prime day but every other retailer is glommed onto it and sees a bump from it so it's kind of this fabricated holiday not unlike singles day. That yeah that you know, that is going to be really interesting data point so that could you know the the bullish cases that's going to stimulate people to be like oh yeah I do need a couple other you know cables or a battery or whatever it is so we'll see that we'll be a nursing data point that I think will set us up for holiday and we'll get a pretty good indication of how this is going to go, will the consumer be like okay I'm all travelled out and I want to buy more things or will they continue down this Services dollars been passed. Jason: [45:11] I do think it's really complicated economy right now part of this is inflation and inflation I think is hitting e-commerce harder than than the sort of CPI numbers because the price of a lot of the goods that tend to sell on e-commerce are tend to be. Scot: [45:25] Their supply chain a lot of stuff you just can't get. Jason: [45:27] So there's there's constraints but also consumer Behavior has changed their categories that we would never sell on e-commerce before the pandemic that we are now so one of them that we talked about is Automotive that's a big ticket item right so you need less visits to sell a big Tesla then you then you did to sell a TV and another one is Grocery and when I say that people are Jason are you hi Grocery and I am hi I just had my knee replaced and I'm on some Good Meds the I wore it out going on store visits, the the grocery isn't that expensive but grocery sales and e-commerce are a week's worth of groceries it's 60 to 120 items so that. It is actually a lot higher per visit so some of these new categories becoming more important combined with inflation combined with the supply chain constraints I think off, aspire to do that and that's kind of our, our last take away because it's happen again if you go to the next slide we have used way more than our allotted time but there was no one that could put us off the stage and so. Appreciate it and Scott any closing words. Scot: [46:34] Did anyone have any questions. [46:49] How do you think is going to impact and trends that we're seeing right now. Jason: [46:53] So to repeat the question really quick big Trend in buy now pay later Apple just announced that they were going to have their own flavor buy now pay later built in the Apple pay this week at their event. Scot: [47:06] I've seen some interesting consumer behavior and I'm a little little incredulous on it because it's always sponsored when you dig into it it's like sponsored by a firm and so but what it what it shows is Millennials and gen Z they don't like to have as much open credit they kind of view that negatively and I see this I have kids that are in their 20s and they are freaked out by credit cards but they like to attach that credit to a thing and then pay it off and be done with it, so I think there's an argument to be made that there will be a generational the way we interact with credit will change and then people will after certain over a hundred dollars they'll interact with it in that way so I think that's a really fascinating thing and I want to see more data on that before 100% believe it but I was super incredulous that talk to my kids are like yeah that's how I think I was like well I guess there may be something here. Jason: [47:53] Yeah and as usual that's a really thoughtful and wrong answer. Scot: [47:58] For you yes. Jason: [48:00] No so it. Buy now pay later is huge right now it's the fastest growing form of check out and / Scott's point I would argue they've done an amazing job of branding right like oh it's credits evil credits bad this is not credit right and I talked to our traditional, um Financial customers and I talked to a family-run bank that's a fourth-generation bank and the CEO is like Jason, my family's been in the money renting business which I think that's an awesome way of calling the credit money money renting business for 100 years and that buy now pay later dog doesn't hunt, like it's just a bad version of credit that's been rebranded and. At the moment it's working like it's more expensive to sell something with with a firm or with a buy now pay later service than it is with a credit card but retailers are all doing it because they're selling more stuff because of it right so that's the argument at a firm. Best Buy you should pay more to use buy now pay later. Scot: [48:59] Conversion rates go up. Jason: [49:00] Because conversion rates go up. The scary thing that's starting to come up is guess what's happening right now 42% of all those buy now pay later purchases are now in arrears right so so kids haven't kept up with those purchases it's a. Scot: [49:15] What would a firm would say is that on the front end they can tighten the credit now so yeah that's what they all say. Jason: [49:20] The jury is out and I would say like this Amazon announcement is kind of an interesting nothing Burger because guess how you pay for the the Amazon the Apple buy now pay later service with a credit. Right so you're so it it's kind of like. If the buy now pay later services are rebranded credit and they kind of hide the fact that as credit that Apple buy now pay later is installment payments on a credit card. So so the. Is still out but there is a fear that that this whole bubble of buy now pay later is about to burst and whether it does or not I would say there's too many of them there's going to be a, consolidation retailers are having a lot of pain about. All the consumer requests they're getting to support all of them and we call it NASCAR in the checkout when like you have to you know have 57 logos on the checkout for all these different different ways to pay so I think it's kind of going away. Any other questions before they kick us off the stage. Awesome well thank you guys so much and until next time happy Commerceing! Scot: [50:20] Thanks everybody.

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