Podcasts about Q3

EP272 - Q2 Ecom Data, Earnings, and Amazon News US Dept of Commerce Data In July retail sales were up 13.3% from previous July (down 1.1% from June). Year to Date sales were up 21.1% vs. 2020. Apparel is in the biggest recovery, up 63%. At peak of pandemic, restaurants lost nearly $51B/mo of sales to grocery stores. In July the gap has closed to $4B in sales. Restaurants sales for the past two months are higher than two years ago. Retail sales for all of Q2 2021 grew 28.2% from Q2 2020, e-commerce in Q2 grew 9% during the same period (due to the very high covid driven e-com last year). E-Com was 13.3% of retail sales for Q2. Q2 Retail Earnings Reports Walmart – US Comp Store sales up 5.2%, E-Commerce up 6% Target – US Comp Store sales up 8.9%, E-Commerce up 10% Home Depot– US Comp Store sales up 3.4%, E-Commerce flat Lowes– US Comp Store sales down 2.2%, E-Commerce up 7% Stores selling essential goods are comping against a very large 2020 basis in Q2. Most stores saw increased foot traffic driving store growth. Concerns about Covid resurgence and supply chain disruptions loom for Q3 and Q4. Amazon News NYT wrote that people now spend more at Amazon than Walmart – Jason says the number are debatable and that's besides the point. WSJ wrote Amazon Plans to Open Large Retail Locations Akin to Department Stores. We discuss Episode 272 of the Jason & Scot show was recorded on Thursday August 20, 2021. 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: [0:24] Welcome to the Jason and Scot show, this is episode 272 being recorded on Thursday august 19 20 21 I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scot Wingo. Scot: [0:39] Hey Jason and welcome back Jason Scott sure listeners Jason we had a little bit of a break in there you had vacation and I got to focus on car washing and it's good to be back together. Jason: [0:53] It is I had a great time but I did miss you. Scot: [0:57] Oh I did see that while you are on vacation your company won a big Walmart deal so I think they would like for you to go on vacation more often. Jason: [1:09] Yes that is the general consensus the like I have great empathy for anyone in these spaces where you have these like huge drawn-out pitches but this was like. More than five month pitch and. Not shockingly it took the the client a little longer to pick a winner then they they promise so I you were kind of. On pins and needles for a long time and then I went on vacation and we got a good result so I think all my my co-workers my the hundred of my co-workers that were involved in this pitch with me like are all eager for me to work even less than I already do. Scot: [1:48] Well I heard it was because Doug mcmillon listens to the podcast. Jason: [1:54] Yeah amongst others so Chef to all of our listeners from Walmart thank you so much for putting your trust in me and all the mean things that get said about you on the podcast all come from Scott please remember that. Scot: [2:08] Absolutely not I love Homer I probably spend more time in a Walmart than you. Jason: [2:13] That is debatable but I do know that you are a legitimate Walmart Shopper and and you have an awesome use case for Walmart. Scot: [2:25] Which one are you referring to. Jason: [2:26] I feel like Walmart is your go-to for hard to find Star Wars collectible toys. Scot: [2:34] That is true I have spent many a midnight at a Walmart waiting for the pegs the toys to be hanging from the pegs and it's just the best time to be at Walmart is the best people people watching that 12:00 to 3:00 a.m. period. Jason: [2:47] Yeah they're there are some interesting shifts that go on at a Walmart store especially the 24-hour ones. Scot: [2:57] And then I'm super jealous because on your vacation you've got to go two galaxies Edge before me and that is for the non Star Wars fan folks in the audience that is the new Star Wars attraction at both the California and Florida Disney parks. Jason: [3:16] Exactly and it was awesome we went to California Disneyland as many listeners will know I'm a dad in the body of a grandad so I have a, almost six year old son so we took him to Disneyland for the first time and generally, my my Advanced age is a disadvantage but in this one case it was an advantage because I had a much better excuse than you do to take time off from work and go to Galaxy's Edge. Scot: [3:43] Awesome well I'm bummed was it fun how would you rate it. Jason: [3:48] I highly recommend it I mean yes the whole trip was fun Galaxy's Edge lived up to my expectations and there's. Kind of too wet in the old days we would have called e-ticket rides in Galaxy's Edge. Smugglers Run on the Millennium Falcon and this much more extravagant ride called rise of the resistance and they were both awesome I would say rise of the resistance is the best ride I've ever been at an amusement park so so, totally cool totally worth it and you for sure have to go and I'll go with you when you're ready. Scot: [4:22] All right strong words were gone we'll take we'll take all the listeners will take your mom and you know some of the other folks with us. Jason: [4:31] I'm sure a lot of listeners would love to go the one that wouldn't would be my mom because my six-year-old dragged her on every roller coaster at Disneyland and he had a blast but she was like white-knuckled the entire time. Scot: [4:43] Okay so she's already checked the Box. Jason: [4:46] Exactly exactly you're not a big enough draw only the grandson is a big enough traffic to your bed. Scot: [4:53] Well I'm glad you had an awesome vacation and the last time we recorded a podcast was one of my favorite days which is Amazon earnings and today is one of your favorite days of the year this is when the US Department of Commerce who sidebar has been on the podcast they drop a big load of data what did you discover in the data. Jason: [5:15] Yeah so just side note I just to be jealous of my my month Disneyland. Got got invited to keep working with my my favorite client for for the foreseeable future and I got quarterly e-commerce data from the US Department of Commerce so that's what I call winning. But yeah let's jump into it so. We're recording this on a Thursday on Tuesday the US Department of Commerce released their monthly retail sales data so super brief. Primer recap they published data every month. For the previous month and that's called the advanced retail monthly data it's kind of a quick look at the the month it was 15 days prior. And then they publish more comprehensive set of data for two months back which would be like 45 days prior. So so that's the data that we got on Tuesday and of course we're all pretty interested in what July looked like because there was this whole kind of. [6:19] Covid recovery and people rushing back to stores in the pivot from online back to stores and then there you know had been a lot of like negative news and rebounds because of Delta and so you know it's kind of interesting to see. See how the the data swung and so in general, if you were someone that looked at month-over-month retail sales it was a Debbie Downer month so Joel I was about one percent lower than June, but as I have counseled many times on this show that's not a very important number to look at what we really want to look at is July 20 21 against July. 20/20 so so year prior data and retail sales for for this July were 13.3% higher, then last July so ordinarily that would. Um cause for a party that's a huge growth like ordinarily we see like kind of for to unit three to four percent growth year over year in total retail sales so 13% is huge. But of course. Last July was still pretty impacted by by covid so we have this weird basis and as we'll talk about later that's why most retailers are talking about year over two years at this point but so first data point. [7:44] July was a good month it was up 13 percent from the previous July. [7:51] We I also like to look at year-to-date sales so I add up all the months and January through July of this year is up 21% versus January through July of last year, which is also very healthy and again half of that period would have been pre covid versus last year so that's that's encouraging and then, there isn't a. [8:14] In awesome measurement of e-commerce in the monthly data especially the advanced monthly data but there is this thing called non store sales which is kind of the closest proxy we have to e-commerce and that's where things got interesting it was about 5.9 percent up from last year so way slower growth. Then you would normally expect for e-commerce so you normally expect retail the girl about four percent in e-commerce to grow 12 to 15% so so retail growing 13% is unusually fast and and Ecommerce growing 6% is unusually slow. But again if you think about the fact that last July a lot less people are going to stores and instead spending online. It kind of It kind of fits so I would from my perspective, there was nothing there was nothing like super anomalous in this data it's kind of where we would have expected it to be and then I like to dive into the categories and see if there's anything important in the categories and again the categories are kind of where you would expect, by far the category that's most up this year versus last year on a monthly basis and a year-to-date basis is a Peril so the apparel industry is like. [9:32] Sixty-three percent better this year than it was last year because they were just absolutely creamed by by covid last year restaurants and bars or up thirty percent over last year but then there's some some categories that actually did well in covid but are still pretty significantly up so things like furniture and home, Sporting Goods those and consumer electronics are all up significantly. Even though they generally got a covid boost so. That that is pretty interesting and then the thing that I most look at specifically related to covid is. In covid everyone bought all their food from grocery stores instead of restaurant so restaurants got creamed grocery stores did really well and so we've been watching to see if that. [10:26] Goes back to pre covid levels and it's getting awfully close so you know in. March of last year seventy percent of the calories got sold by grocery stores 30% by restaurants and that's a that's a that meant 60 billion dollars a month in sales that used to go to restaurants were going to grocery store so that's huge. And in July that Gap it became kind of, 52 versus forty eight percent so only a 4% Delta and pre covid-19 t-50 so that's that's about four and a half or five billion dollars a month, that grocery store still winning that they didn't win before covid but not surprisingly. Like people were eager to go back to restaurants and they are going back to restaurants and that's one of several indications we've seen that while. Digital grocery grew a lot during covid and it's going to keep some of those gains it does not appear to keeping all of those games and we are seeing some backslide and we're seeing that in things like like instacart sales as well. Scot: [11:40] Yeah there's been wasn't there a rumor that instacart was looking to be acquired. Jason: [11:46] Yeah yeah there's a few things out there there is a rumor that instacart was talking to doordash. And then Super interesting this week and I'll put a link to it in the show notes former guest and friend of the show Dan McCarthy who remembers the, the professor at Emory that specializes in in customer lifetime value and cohort analysis he got a big. Set of credit card panel data from Ernst research and he was able to use it to kind of. [12:20] Back into the gmv which in the restaurant business or the grocery business they actually would call govt Gross order value um and he was able to kind of figure out the size and stickiness of doordash and instacart and what he found was, instacart got a bigger covid bump than door – but that door – is much stickier and and has a much higher rate of repeat customers than instacart in fact. About 30% of he found that about 30% of door – Shoppers repeat and only about 20% of instacart Shoppers repeat and that that difference, is is very meaningful in the financial outcomes for those two companies and he kind of estimated that insta cards govt is probably around twenty three billion dollars on an annualized run rate so he kind of looked at it and said hey instacart does appear to have significant weakness versus door – and and so it kind of lien when the some Credence and some tangible Nest to the. The rumor that you know instacart might be on a covid peak in trying to sell at it's at its high we've also heard just some rumors that they're you know struggling to retain some of their there, customer Sellers and some things like that so so it's going to be an interesting space to follow. Scot: [13:48] Any other surprises from the dinner. Jason: [13:50] Nothing wildly surprising in later in this podcast we're going to talk about earnings and we're going to talk about Home Depot and Lowe's reported and so sort of a preview I would say like. Um the do-it-yourself category was a category that did really well in in covid-19, um and so you you know it's interesting to see like if that sticky if have you know as people are starting to go out more are they are they stopping the investment in their home and or are they reinvesting in their home this year is that a new habit so I've been watching the do-it-yourself space and it had modest growth. From last year so I want to from memory I want to say it was about eighteen percent up from last year and last year was a very. Hi year so that that's interesting and I won't spoil it but it's going to be that number will be even more interesting when we talk about how Lowe's and Home Depot. Scot: [14:53] Let's jump into it. Jason: [14:54] Okay so the next thing I wanted to talk about is so I mentioned that this monthly data doesn't have awesome e-commerce data in it. The US Department of Commerce publishes much better e-commerce data but they only publish a quarterly and that's why this week is so fun is because this is one of those quarter months when they publish both the monthly data and the quarterly data so we just today got the cue to e-commerce data from the US Department of Commerce and the top line here is Q to 2021 Drew about 28% from Q2 2020 and e-commerce. [15:38] I'm sorry tale so that's all of retail which like that's way higher growth than you normally see and eCommerce growth was 9% for that period so lower. Then you would normally expect to see right and again that kind of follows the trend here. E-commerce was artificially High last year and so you know even though it's growing it's growing against a bigger base and so the growth this year does not look as big. So a lot of people are you know trying to talk about. Growth on a two-year stack but that 9% growth becomes super interesting when you think back to Amazon you know Amazon got beat up because their rate of growth slowed a lot they were down to 22 percent but 22% still means you're more than growing more than twice as fast as the industry average. And as we're going to see you later like much faster than most of their competitors so so that that is pretty interesting and then a ton of news then writes like e-commerce is down. Because nine percent is lower than we would usually expect but I just want to remind people. That down doesn't mean what you think it means like like we sold more stuff online in Q2 of this year than we did Q2 of last year and Q2 of last year was amazing. It's just the rate of growth is slowing down. Scot: [17:02] This is where I always get confused because the headlines that came across my CNBC trackers were retail sales were down 1.1 percent and worse than expected. Jason: [17:14] Yeah so that was. Scot: [17:15] How do I reconcile that with 28%. Jason: [17:18] Yeah well so the 1% is monthly and it was that mean that was down month over month so that's June to July so, July 2 July monthly going back the retail sales were actually up by 13 percent which is much more healthy and Q2. Versus last Q2 retail sales are up what did I just say 20 that's the. Scot: [17:48] But okay but then the month-on-month is interesting because why do you you know if we're still coming out of covid you would expect it to be kind of climbing up even if we were heading into the fall or. Jason: [18:00] What you have to remember about consumer spending patterns and Retail is there it's all heavily driven by these purchased occasions and there's a bunch of purchase occasions that are tied to date and so the spending patterns you'd expect to see in July are different than the spending patterns you'd expect to see in June so there's there's more people spending on summer activities in June than July and there's more people starting to spend on back to school in July then in June and so there are all these factors that make it really hard to. Compare month-over-month in West you you do some like heavy seasonal adjustment gymnastics and even that tends to not work because, some of these these purchase occasion shift from month to month from year to year so sorry it's complicated. Scot: [18:51] Got it dads and grads will scrap it up two dads and grads being in June. Jason: [18:57] Yeah but so I mean my biggest takeaway is like as a retail I guarantee you every retail team I work with care a lot more about there. Their sales bases from last year than they do their sales bases from last month. Now the Miss versus analysts expectations that's a separate story and some you know obviously is you know like investors tend to get squeamish when, when the recharge missed the analyst expectations but it's super hard to predict analyst it's a tough job for the analyst right now given all the uncertainty around health and covid and we simultaneously have states where they're throwing parades because covid over and people are opening up and then we have states where their reinstituting Mass mandates so it's. It's like high degree of uncertainty at the. [19:51] Um so in that climate some poor companies had to report their earnings and face investors and so this was to me a fun week for earnings calls, Walmart reported their their Q2 earnings Target reported their Q2 earnings Lowe's and Home Depot reported their Q2 earnings and then TJ Maxx reported their cue turning so it's a pretty fun week in retail earnings um and. Again I tend to focus more on the operational metrics and less on the investor metrics so you know there were some beets and some misses in there that impacted stock performance and I don't pay that much attention to those. [20:33] As a reminder because Amazon reported a couple months ago and we did a whole show a couple weeks ago we did a whole show about it, Amazon is predominantly e-commerce and Amazon's Q2 was up 22 percent from Q2 of last year so so, put that data point in your head and then you go okay home Walmart and Target how did you guys do Target was up eight point nine percent. Which was a beet and Walmart was up 5.2% which I want to say was a meat if I'm if I'm remembering right so so both those retailers did pretty well they sold a ton of stuff last year during covid and they sold significantly more this year. Um with less of a covid impact and less of an economic stimulus impact and so that that. Was pretty encouraging both retailers throughout cautions about. Their performance the rest of this year and so both retailers I think had some negative movement in their stock based on there, um on there like forward-looking expectations but not based on their performance so so again. [21:53] Amazon twenty two percent Target at eight nine percent will call it and Walmart at 5%. Um that's their total sales e-commerce was a much more interesting story targets e-commerce grew ten percent. [22:09] And Walmart's e-commerce grew three percent and those numbers are tiny by historical standards right so Amazon is all e-commerce so their 20% growth means their e-commerce grew 22% so the so Amazon's e-commerce grew more than twice as fast as Target and more than four times as fast or about four times as fast as Walmart so that that makes Amazon's performance look even more impressive if you think about Target like last year. [22:41] They grew a hundred and ninety-five percent so, so again like really sucky to comp against that that huge huge Peak and last year Walmart grew a hundred percent so they're comping against a huge Peak so the, the story of Q 2 for all these retailers is going to be, you know how do they hold on in their total retail sales can they kind of beat the industry average and then. You know where do they fall on e-commerce and candidly like. Target Walmart and Amazon kind of don't surprise me what surprised me was Lowe's and Home Depot so remember I told you earlier that, the do-it-yourself category is crony US Department of Commerce is performing reasonably well it's like up like eighteen percent so. Home Depot with retail sales for the quarter were only up 3.4 percent and lows sales were down 2.2%. [23:52] So Kind of hard to reconcile that in my head like there are many other do-it-yourself retailers besides Lowe's and Home Depot. I almost think this is like highlighting a problem in the US Department of Commerce categorization because it just, I can't put together a model where Home Depot only grew by 3 / 3.4% where lows went backwards 2.2% and yet the whole do-it-yourself category went forward, yeah but that being said Home Depot's e-commerce and super cheesy how they report this like they Home Depot totally tried to bury this but Home Depot's e-commerce growth was flat, they did not grow from last quarter from this quarter last year again off a big basis they grew a hundred percent last year and then was grew seven percent. Which you know again that that's actually better growth than Walmart and Lowe's also had a big basis they had a hundred and thirty five percent so on an e-commerce standpoint you'd say like glows actually kind of out performed in e-commerce but then the bad news for Lowe's is they way underperformed and in terms of a brick-and-mortar thing which is of course much more meaningful to them. [25:11] Um so those were kind of the monthly earnings so. That I you know I think that is a trend the other thing that came out in these earnings calls is both Walmart and Target talked about how last year retail traffic was way down but ticket size was way up people came to the store to last and they bought more in each, trip almost all the retail growth we saw this quarter was from increased trip frequency, so it was almost all tied to more people walking into Targets in Walmart like there's probably pent-up demand go shopping from people that were we're doing more of their spending online so this is kind of, all of these data points are converging to say that people are are had kind of online fatigue and we're happy to go back to stores and we're seeing that in the industry data we're seeing that in the earnings data and you know it's going to be really interesting to look at Q 3 because. It's not clear that that trend is going to continue based on some of the the health news and. State restrictions that are getting imposed and certainly based on some of the international news. Scot: [26:22] Yet it was this time last year when we kind of coined the ship again, I wonder if we're teeing up for you even kind of a tougher holiday this this may be kind of teased out of the date a little bit like maybe maybe Lowe's was down because of supply chain issues of you know they just couldn't stop the stores I don't know that that's one way to explain kind of why one retailer would be doing bad but the category did it better, and yeah so you know the supply chains are all jammed up there's just all the way from Manufacturing to hear stories of you can't get room on boats and certainly planes and then when it gets here you can't get it off the dock because there's not enough trucks and then you know I'm living the nightmare scenario where you can't buy vehicles and I have a business built on being buying Vehicles so you know there's you know. The whole system's and need to add capacity for delivering more and there's literally no vehicles to be had due to this tube shortage so it's gonna be really interesting next four months to see how this plays out. Jason: [27:35] Yeah no a hundred percent agree I'm super concerned about holiday the inventory levels like wouldn't really show up in the, the kind of reported earnings like where it would come up in is the transcript of the investor calls and I'll confess I didn't listen live to I did listen to Walmart and Target I didn't listen live to Home Depot or Lowe's I kind of skimmed the transcript so I can't I don't I did not see, then calling out supply chain as a reason for this quarter's performance it definitely was called out as a risk factor for there. Their future performance and what was a little interesting is Walmart and Target vote both went to Great Lengths to express that they felt like they were going to be in a good inventory position for holiday and I say that because none of us are expecting them to be in a great inventory position for holiday so they're they're trying to. Push back that narrative and it like obviously those are two of the biggest retailers that have a lot of Leverage over the supply chain so it's like, you know if anyone can buy inventory it's going to be them and they're saying they've invested early and they think they've got the inventory they need for Holiday locked up. Your points are all, super valid like every step in the supply chain is more expensive and more fragile right now and the one that you didn't mention is. [29:05] It's also just harder globally to get stuff made and you know if you look at the global, like flow of covid there's really only one economy economy that completely recovered and got a hundred percent of their retail foot traffic back for example and that was China and guess what China is, like in the throes of a Delta pandemic and foot traffic to retail as way down like they've had a back slide and that has impacted factory production and productivity and you know you mentioned one tangible, way that's playing out as these chip shortages but like there's a bunch of them and then we also have this Global labor shortage, and a place where it's been particularly hard to hire people is in warehouses and factories and so I here in the United States we've got like a bunch of Labor shortages we've got a bunch of labor dispute so I want to say Mondelez has like three big factories under strike so Santa may not be able to get Oreos this Christmas like there's a lot of those things playing out right now so I would say, that Walmart and Target may have locked up enough inventory but there's. [30:21] Severe uncertainty about the holiday and I think everything we talked about for ship again in last year's going to be worse this year. FedEx and UPS have both announced their surcharges for holiday and they've already informed most of their customers of what there, how they quotas will be so that's going to for sure come into play the US Post Office which historically has not had surcharges is adding surcharges this year so lots of stuff going down and again, I'll be shocked of Amazon has as much capacity as they want but you know Amazon unique amongst all these retailers owns a lot of their own capacity and in fact. They're huge Amazon air Hub in Cincinnati just went online so. Yeah yeah and even when you can get stuff it's just more expensive like I want to say that like average price of a container with six thousand dollars last year and it's 22 thousand dollars right now so. Scot: [31:19] Effort Amazon Seller say 40,000 I don't know. Jason: [31:23] I think yeah it depends on what you know but yeah and so I again I've seen like. Retailers by part of a porch in Canada I want to say, um Canadian Tire like literally bought a shipping Port you know we've seen lots of retailers including Home Depot by their own container Freighters like, we're seeing all kinds of crazy reaches up into the supply chain to try to protect capacity so it's it's definitely going to be interesting. Scot: [31:54] We will keep listeners posted well this is the place to go to where we're called it last year early and we're going to keep tracking it and calling it early this year. Yeah and then since we're doing a news episode it wouldn't be a Jason and Scot show without a little. Jason: [32:15] News new your margin is there opportunity. Scot: [32:23] That's right Amazon news Jason I saw this one got your dander up a little bit on on the the Twitter there was a New York Times article where they talked about how Amazon is now officially a hundred percent without any argument bigger than Walmart and an article what they do is they use a third-party source for GM v data which I actually appreciate this because for a very long time I was trying to help educate people that that you can't just look at Amazon Revenue numbers that their impact is bigger because there's this kind of Iceberg neath the surface of gmv that matters because if someone buys something from a 3rd party seller for $100 other retailers lost $100 they didn't lose the around $10 commission that Amazon shows us Revenue so I thought this was pretty interesting and when you you gross up now the number they used was pretty aggressive I don't know who this this Source was I don't have a subscription but it seemed a little aggressive and the lines are definitely going to cross I thought maybe they had pulled it into your to what we're I know this kind of got you a little agitated what what do you think about this. Jason: [33:39] Yeah yeah so it's super interesting it's a great article it's it prompted a lot of conversation I am mildly annoyed so first of all the I have seen as a result of this this article got written in the New York Times and it's a very accurate article. But it then got echoed by hundreds of other Publications and it got. Progressively worse so a I thought that would warm your heart is a ton of these articles go to Great Lengths to explain why revenue is in a valid way to compare these retailers and what gmv is and it's like. They all have discovered this year what you've been been teaching all of us for four. Probably 10 years now at this point we're old but so that was kind of fun so the New York Times article the headline first of all was people now spend more at Amazon than at. [34:33] And then the subtitle is the biggest e-commerce company outside of China has unseated the biggest brick-and-mortar seller. And so what this article is saying is, they're using a gmv estimate from a data company that sells data to investors and so it's a Wall Street analyst firm called factset and facts that said, Walmart's trailing 12-month gmv, was 500 Global GMB was five hundred sixty six billion dollars and Amazons 12-month gmv was six hundred and ten billion dollars so for the first time Amazon's Global gmv is higher than Walmart's and so Amazon has finally passed. Past Walmart and you know we've hit this big milestone that everyone should be talking about right like so that was their article and nothing in its wrong I would argue that the fact that data tends to be on the aggressive side but, maybe aggressive for both and, facts that is not estimating gmv for Walmart just you know like they're using revenue for Walmart and they're using GM V for Amazon and as you know, Walmart now has a meaningful Marketplace why got you know I don't think they've disclosed what the. [35:59] The ratio of 1 Peter 3 p is but Walmart has said they're going to sell 75 billion dollars online this year so. That you know their gmv is likely significantly larger than their revenue but the biggest reason this isn't an apples-to-apples comparison is these two companies don't sell in the same countries right so Amazon's and many more countries than Walmart so you know their incontinence that that Walmart isn't in and, the there India is a quite large Market both of these companies are significant players in India, the Amazon includes India sales in their gym in the fact that Jim V there are the facts that GMB includes am India for Amazon Walmart revenue does not include any India sales because Walmart owns a minority majority interest in Flipkart. [36:53] Um but that's that's really the way Amazon does business in India as well like if you're doing Apples to Apples I would argue that it's probably true that Walmart is still slightly bigger than Amazon of you if you put India back into these numbers and and do a gmv estimate for Walmart instead but I don't, even really care about that what's annoying is everyone that read the New York Times article then wrote a new article saying Amazon's the biggest retailer in the world and that's, wildly untrue because. Ali Baba's gmv is bigger is like 1.3 trillion right so its bigger than Walmart plus Amazon's estimate in these articles and that's why the New York Times had to write the most awkward headline ever that's like, outside of China even and you go well why are they saying outside of China when both Walmart and Amazon are competing in China well it's because they don't want to talk about the fact that they're both way smaller than Ali Baba. [37:51] And so so again like I just I kind of don't think this is a very big milestone I think Amazon spins more time and effort trying to sell more stuff in the US than anywhere else and Walmart spends more time and effort trying to sell in the US than anywhere else it's the whole market for both countries for companies it's highly likely that Amazon is going to pass Walmart for sales in the US in the near future I don't think they have yet and when they do that will be a big milestone that will be like when Walmart passed Sears Versailles in like 1990 but to me that's the big milestone that this, this kind of facts that data thing that New York Times is trying to spin and then you know everyone else misreported like to me it's. Not that interesting and so I'm kind of annoyed how much Buzz it's gotten but I just blew it and gave it a bunch more buzz on the podcast. Scot: [38:44] Okay another one Amazon this was kind of the big big topic today there was a leak or someone figured out that Amazon is going to open a department store. How do you feel about Amazon departments course I feel like they're going to have put Target out of business in six months. Jason: [39:09] I just sold all my Target stock it so it's over. I'm kidding yeah so I mean this is interesting news the. I would say it's very vague news at this point like I don't think it surprises anyone that Amazon is interested in and is probably moving forward with trying a bunch of different retail floor mats I do think Amazon realizes that. That brick-and-mortar is important I don't think they think of themselves as purely an online, retail and they've been investing a bunch of brick and mortar and a category they want to do better and is a parallel and they have been making a lot of progress in a parallel so it's not shocking that they would be trying to experiment with some apparel formats so so this news is kind of exciting I'd be eager to see what they what stores they do open and I'm aisle you know quickly go visit them when they do to see what see what they're trying but. From this article it's hard to know exactly what they're talking about so the the leases that the. The reporter found in this is an exclusive article from Wall Street Journal. The wheezes they found were for thirty thousand-square-foot stores so the first thing is again everyone saying like Amazon's getting into the department store business. There are almost no 30,000 square foot department stores most department stores are much bigger than 30,000 square feet. [40:33] Whatever it's worth the the article says that apparel is one of the categories that's likely in this new store from Anonymous sources that talk to them. So does that mean it's primarily an apparel store so that would make it like a Kohl's or T.J.Maxx eyes store and that could be interesting and meaningful or does it mean it's a general merchandise store that has some apparel and also has a full grocery store because there's a lot of 20,000 25,000 square foot grocery stores so 30,000 square feet. Isn't that much different than the the bigger store formats we've already seen Amazon starting to experiment with so I guess I'm just saying. Any brick-and-mortar news from Amazon is interesting I'll be super eager to follow it but there was nothing, to me and this announcement that goes man my mind's blown this is a major Game Changer or some some new industry that wasn't worried about Amazon last week should be super worried about them this week like I think all those Industries should have already been worried. Scot: [41:35] Yeah and a lot of people I saw coming and we're saying they're abandoning the bookstore this means the 4-star store doesn't work they're getting rid of just je wat technology the Amazon goes towards and I think people just kind of, Amazon. At the heart of their DNA is to experiment with stuff doesn't just because they're experimenting with something doesn't mean the other things failed they can run they have the resources to run 300 experiments retail store experiment simultaneously if they want to and that you can't really read that kind of stuff into them I think that's really jumping the gun. Jason: [42:12] No I would a hundred percent agree with that and again it's built right into their leadership principles like small autonomous teams right so it's not like it's one big entity and they can only do one thing at a time. They've got you know a ton of entities that are doing a ton of things at a time so I I certainly. Scot: [42:28] Purposely don't talk to each other because it was a slow not yeah. Jason: [42:31] Yeah absolutely. So excited to see them doing new things I do think when they open new store formats they tend to be more Innovative than than traditional retailers that are opening new format so I hope they open them and I will be there when they do. Scot: [42:48] And then while we were on the podcast Tesla announced they have a new robot swiped will have to you have to order one of those and then give us a gadget unboxing kind of walkthrough of how that goes. Jason: [43:02] I feel like you are higher on the Tesla waiting list than I am so we may have to leverage your status but I'm all for doing a robot Deep dive at our earliest convenience. Scot: [43:12] Yeah humanoid robots kind of freaked me out so I think I'll lose my status to send it to your hostel we'll see if it a skynet's you or not. Jason: [43:20] Yeah isn't is there another Terminator movie coming out I think there is. Scot: [43:23] There's always another Terminator movie coming out sometime. Jason: [43:26] Fair enough awesome we'll listen we set a goal for ourselves to do a shorter concise show and I said I think we can knock this out in 30 minutes so I totally blew that this feels like about 45 minutes but hopefully it was valuable to listeners if it was we sure would appreciate, five star review on iTunes if you have any questions or we got anything wrong in the show you want to talk about we would encourage you to hit us up on Twitter or Facebook. Scot: [43:57] Yeah I like to think we gave everyone 50% more for their money today so you're welcome. Jason: [44:03] Yeah and you and I earned fifty percent less what's 50% of zero awesome well until next time happy commercing!

John Zaldonis and Samantha Stallard discuss the differences between Zoomers and Millenials, plus highlights from Winmo's recent report on 100 brands that are especially targeting Gen-Z right now, in Q3 2021.

In today's episode of the Actively Passive Investing Show, Travis Watts gives us an updated overview of the real estate market in Q3. He takes into account our recent federal spending, inflation rates, and the price of real estate in 2021 and shares price appreciation and predicted rent increases. Tune in for more information on whether it's a good time to enter the real estate market. Click here to know more about our sponsors: Real Estate CFO Services | ThinkMultifamily.com/coaching | Rent Redi | Rentify

LinksDisney Genie is starting to roll out this fall, and we've got the details - Disney Parks BlogDisney Very Merriest After Hours event to feature the parade, fireworks, and a hefty price tag - Disney Parks BlogSpace 220 Restaurant to open in a few weeks! - Disney Parks BlogOhana menu adjusted; goodbye shrimp casserole! - Blog MickeyDisney further relaxes face mask policy - Blog MickeySeven new food booths have opened at Food and Wine Festival - WDWMagicBoma: Flavors of Africa is reopening on Friday - WDWMagicThe Pre-Celebration Merchandise for the 50th anniversary is available at WDW resort and online; in stores, there is a 2 item limit.Cirque Du Soleil Tickets on sale Friday, APs and Cirque Club can buy nowThe NBA Experience is officially closed for good. Will not reopen.The Q3 earnings call revealed that it was the first profitable quarter for Disney since 2020 Q2Latest CTM Apparel Shirt ReleaseYou can get CTM shirts at ctmshirts.com!Subscribe To The Show & Leave Us A ReviewApple Podcasts - Click HereStitcher - Click HereSpotify - Click HereGoogle Podcasts - Click HereAmazon Podcasts - Click HereFollow Us on Social MediaCTM Facebook Community: @capthemagicInstagram: @capthemagicTikTok: @capturethemagicTwitter: @capthemagicVisit Us OnlineSubscribe to our YouTube Channel!Capturethemagicpodcast.com - Listen to our weekly podcast!Ctmuniversal.com – find the latest episodes!Join Club 32! Our private group with access to exclusive livestreams, podcasts, and MORE! Visit ctmvip.comOur SponsorsZip A Dee Doo Dah Travel - visit travelwithzip.com to see how they can help you have the vacation of a lifetime!Expedition Roasters - visit ctmexpedition.com to get 15% off you order, no code needed!MEDterra CBD - visit medterracbd.com to save 20% off of your order use code "CTM20"!Kingdom Strollers - visit kingdomstrollers.com to save up to 50% off theme park stroller rental prices

According to Experian data, if you have a credit card or two in your wallet, you're not alone. There is over $756 billion in outstanding credit card debt in the U.S., and approximately 95% of adults have a credit card account open in their name, according to Experian data from the third quarter (Q3) of 2020.In other words, every month should be financial literacy month! You don't have to wait for next April to come to deploy financial literacy programs. The best time is now! There are many ways to adopt and/or develop a financial literacy curriculum. You can use the ABA's curriculum, partner with a CDFI/nonprofit, or develop/adopt your own curriculum. You can more easily develop your own curriculum using a service such as Everfi.Quotes• “Did you know that the average American has $90,000 in consumer debt?” (1:09-1:14)• “There are many different options for you to choose from. Do it alone or do it with someone else – either way, we need to all band together and help raise the next generation of financial literate families.” (2:23-2:38)Links• ABA Financial Education Program: https://www.aba.com/about-us/aba-foundation/financial-education-programs#• EVERFI: https://everfi.com/financial-education/• Banzai: https://teachbanzai.com/• FDIC Money Smart: https://www.fdic.gov/resources/consumers/money-smart/index.html• CRA Today Website: https://cratoday.com/ • For more information on the CRA Hub, a membership for bankers to connect, inspire, and master the art of CRA: https://cratoday.com/hub/ Copyright © 2021 by CRA Today LLC(No claim to original U.S. government material)All rights reserved. No part of this podcast may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, including electronic, mechanical, photocopying, recording, or otherwise, without prior written permission of the author and publisher.This podcast is a periodic publication of CRA Today LLC and is intended to notify and inspire recipients of new developments in the Community Reinvestment Act. It should not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own attorney concerning your situation and specific legal questions you have.Podcast production and show notes provided by FIRESIDE Marketing: https://meetfireside.com/podcast-production-service/

*IMPORTANT NOTES Bitcoin dominance may be on the brink of a massive influx of strength. If I am correct, it looks like whales are in the early phases of moving their altcoin profits back into Bitcoin. Assuming this is true, we will start seeing a flight of capital move away from altcoins like Ethereum, Cardano, & Ripple to take profits by moving back into Bitcoin. We may be in the early macro stage of a reversal in BTC.D trend to see strength into Q3 & Q4. If this is true, depending on your tax situation, the best method of navigating this portion of the market cycle will mean hedging altcoins profits back into BTC. It will ensure that less capital is lost with any market correction, assuming Bitcoin sees less % downside than other coins. The key to this is to re-enter altcoins after the cycle begins to tip the other way. To expand on this further, I believe Ethereum will form a new all-time high before the end of this year. However, this does not mean it will happen soon. I think that Ethereum will have a second impulse to form a higher high (new ATH) while BTC lags behind it. If I sell any Ethereum to Bitcoin, I would be dammed to not get back into Ethereum after the next pullback. We will cautiously shift away from dominant long trades on margin and incorporate more shorts to hedge long-term spot positions when it comes to day trading. Lastly, expect strict regulation in the cryptocurrency market coming into 2022—snipers Out More Info https://www.tradingview.com/chart/BTC.D/tPdgbqPm-BITCOIN-DOMINANCE-STRENGTH-EXPECTED-TOWARDS-Q4-2021-MUST-READ/ -------------------------------------------- My Verified Social Pages! Instagram https://instagram.com/naeem Youtube https://www.youtube.com/snipers Daily Crypto, Stock, & Forex Signals! https://www.tradersprofitclub.com My Interview w/ Founder Of Cardano & Ethereum! https://youtu.be/j-xhUSTDVxE​ (Charles Hoskinson Interview) Timestamps! 00:00 cryptocurrency market analysis 04:15 how I am trading this cycle 07:15 bitcoin analysis 11:15 dxy and btc.d correlation 12:20 bitcoin roundup 12:45 eth/btc chart 13:30 total crypto prediction...eth flip? 16:50 dogecoin use case #bitcoin #ethereum #cardano

Join us for JWB's Q3 2021 Jacksonville Real Estate Market Update.  We'll be joined by Gregg Cohen, Co-Founder of JWB Real Estate Capital.Here's what we'll discuss:•JWB rent collection, leasing, renewals & evictions update•Jacksonville real estate market update•Update on current JWB inventory, sales and est. returns on investment•JWB's outlook on home price and rent price appreciation over the next 1-3 yearsYou won't want to miss this opportunity to spend some time with one of JWB's owners and learn more about how you can take advantage of the Jacksonville real estate market.  Hope to see you there!

Marathon Patent Group, Inc., Q3 2017 Earnings Call, Nov 27, 2017

The Walt Disney Company, Q3 2021 Earnings Call, Aug 12, 2021

＊神學士進首都 阿富汗總統流亡 ＊美英等國加快撤僑 通往機場道路嚴重擠塞 ＊典型夏季氣候 奧麥斯颱風今將生成 ＊海地強震逾724死 又面臨熱帶風暴來勢洶洶 ＊全球超過2億719萬人染疫　逾436.3萬人死亡 ＊美逾1900兒童染疫住院新高 Delta疫情南部醫院瀕崩潰 ＊巴西新增確診病例1萬3957例、270死 ＊英國新增確診病例2萬6750例、61例染疫28天 ＊伊朗本土疫情再升溫　啟動六天全國封城禁跨區移動 ＊印尼近一個月內確診數排名全球第三 死亡人數居冠 ＊東京增4295例創週日新高 日本重症1563人寫紀錄 ＊韓國單日確診創週末新高 目標10月接種率達7成 ＊延遲疫苗供貨　莫德納向韓國道歉 ＊文在寅光復節致詞 籲日本對話 ＊中國本土COVID-19增24例 江蘇占18例 ＊Delta隱匿性多高？ 揚州第7輪核酸廣篩仍發現6例陽性 ＊美股盤後〉多頭持續挺進 聯電ADR大跌 道瓊標普連4日刷新高 ＊評估疫情和美消費數據欠佳 歐股收小紅 ＊美國8月密西根大學消費者信心指數跌至70.2　近十年來最低 ＊迪士尼Q3全面優於預期 樂園部門邁向獲利 盤後漲逾5% ＊英國億萬富豪布蘭森減持維珍銀河股份 ＊能源盤後〉Delta病毒引發需求擔憂 原油下跌 ＊總統逃離阿富汗 發文稱：對方贏得勝利…塔利班要求和平轉移政權 ＊聯合國秘書長呼籲塔利班克制 保障婦幼權利

BEWARE! Here there be spoilers! If you haven't finished season 1 of QD we recommend doing that first before listening to this Q&A! If you'd like to skip to a particular question, please use the handy directory below. 1:50 Q1. Summarise the campaign in 10 words 3:36 Q2. Was this originally where the campaign was meant to go? 7:46 Q3. How long have you been playing Dungeon World? 9:50 Q4. Sammy, how much do you plan ahead? 14:32 Q5. What was the inspiration behind each character and their class? 26:04 Q6. At what point was it decided that Cygnana was a swan? 28:14 Q7. Will we see any more of Cygnana? 28:57 Q8. What would it be like if Cygnana and Patsy met? 30:31 Q9. How much of Nim and Kremora's relationship was discussed off-air? 36:58 Q10. Kremora did do the whole ghost-zone expansion thing right?? 37:15 Q11. Can we have a Nimora wedding next Pride Month? 38:38 Q12. What does Jolene do after the final battle? 40:04 Q13. What is Brumpo's deep lore? 42:31 Q14. Did the Revomootion ever reach Molten Gorge? 43:07 Q15. Did the two Queer Buckaneers get together in the end? 44:14 Q16. Who is your favourite NPC? 47:47 Q17. Sammy, who is your favourite NPC to portray? 51:15 Q18. Was Patsy's original concept that he was a bundle of souls? 54:37 Q19. How will Patsy be reunited and who will raise him? 56:18 Q20. What is the baby's name in the end? 56:57 Q21. What's the deal with Patsy's rebirth and how did the souls work?? 1:02:48 Q22. Was it absolutely necessary to make Cygnana's death so soul crushingly sad? Episode Transcripts: https://www.queerdungeoneers.com/episode-transcripts  Patreon: https://www.patreon.com/queerdungeoneers Discord: https://discord.gg/kYgt5Ag Twitter: @QueerDungeons Website: https://www.queerdungeoneers.com/home  Merch: https://queerdungeoneers.threadless.com/ Music: 'We Collect Shiny Things' by Blue Dot Sessions (www.sessions.blue), 'Fallen Down' by Toby Fox

Apple’s Craig Federighi said the company’s on-device image scanning for CSAM material will include “multiple levels of auditability,” Samsung confirms its using AI software in chip design, and Disney+ reports big subscriber growth in Q3. MP3 Please SUBSCRIBE HERE. You can get an ad-free feed of Daily Tech Headlines for $3 a month here. AContinue reading "Apple Says On-Device Image Scanning Will Include “Multiple Levels of Auditability” – CSH"

Korea24 – 2021.08.13. (Friday) News Briefing: One-thousand-990 new COVID-19 cases were reported on Friday, hovering around the two-thousand mark for the third straight day. Meanwhile, the government has signed a deal to purchase 30 million doses of the Pfizer COVID-19 vaccine to be used next year. (Koo Hee-jin) In-Depth News Analysis (Weekly Economy Review): Professor Yang Jun-sok from the Catholic University of Korea discusses South Korea and Turkey signing a three-year currency swap agreement, the government’s latest plans for its COVID-19 relief payment, and the potential economic fallout from the fourth wave of infections in Q3. Korea Trending with Walter Lee: A female Navy NCO is found dead after filing a sexual harassment report(해군 중사, '성추행 피해' 신고 뒤 숨진 채 발견), an official of the Korea Volleyball Association(KVA) steps down following an interview with legend Kim Yeon-koung(김연경에 '文 감사인사 강요' 유애자 사퇴…배협 회장도 사과), and NASA finds an asteroid may swing by closer than first thought(소행성 베누, 지구 충돌 가능성이 높아졌다는데…). Movie Spotlight: Marc Raymond and Molly Kim review the disaster comedy “Sinkhole(싱크홀)” starring Lee Kwang-soo(이광수) and Cha Seung-won(차승원). They also talk about the gaming-themed Hollywood blockbuster “Free Guy(프리가이),” starring Ryan Reynolds(라이언 레이놀즈). Next Week from Seoul: Mark Wilson-Choi brings us stories and events to look out for the following week including the President of Kazakhstan visiting South Korea and the repatriation of the remains of independence fighter Hong Beom-do(홍범도).

Sonos, Inc., Q3 2021 Earnings Call, Aug 11, 2021

eBay is one of the oldest internet companies around, but their stock is also one of the cheapest when compared to other online marketplace platforms.  Yesterday the company reported Q2 earnings and left investors feeling mixed. EPS beat by $0.04, but revenue failed to impress and missed by $170M. To top it off, Q3 guidance came in soft with revenues expected to be lower than what they were this past quarter. But shockingly, the stock still climbed +1.28% today. How? Maybe it's because the stock is still wildly undervalued. Even if there's negative growth.

George Goncalves, MUFG Head of U.S. Macro Strategy, walks us through what looks like a potential double-bottom in long-term rates and a turn higher from here, where markets will then focus on how the Fed delivers its taper plans.   However, we have seen many false dawns in the rise in rates, and historically, the end of summer has been met with seasonally strong supporting factors for long-term rates. George's view is that if the seasonals get negated this time that could setup rates to move higher into the end of Q3. Overall, it's a potential critical inflection point that we could be going through. Disclaimer: www.mufgresearch.com (PDF)

Shares of Amazon (#AMZN) are up +2.61% year to date and down -8% since the company reported earnings last month. The stock is flat on the year and many investors are bearish in the short term.  Why are they bearish? The eCommerce giant reported that Q3 earnings would be less than what they just earned, which signals growth slow down. Actually, negative growth. To add fuel to the fire, Jeff Bezos has stepped down as CEO and  Amazon Cloud Exec Charlie Bell is retiring. But is this all smoke in mirrors? Late last month #Amazon reported Q2 earnings that showed impressive growth. Q2 Q2 GAAP EPS beat by $2.80 and revenue was up +27.2% Y/Y. Are investors right by selling their Amazon shares because of lower guidance and executives leaving? Or should they be adding or initiating positions while the stock dips?

i3 Verticals, Inc., Q3 2021 Earnings Call, Aug 10, 2021

TransDigm Group Incorporated, Q3 2021 Earnings Call, Aug 10, 2021

Cerence Inc., Q3 2021 Earnings Call, Aug 09, 2021

欢迎收听雪球和喜马拉雅联合出品的财经有深度，雪球，3500 万投资者在线交流，一起探索投资的智慧，听众朋友们大家好，我是主播匪石-34，今天分享的稿件名字叫我认为最疯狂得时候是什么情况，来自那一剑的风情。都说现在得新能源疯狂，我说说我看到得疯狂。我只经历过2015年的疯狂，当时最牛逼得几个方向：互联网金融，智能制造4.0，互联网，沾这几个题材得都是疯涨，有公司在这些个方向上相对业务过硬一点得，那怎么也得几十倍涨幅吧。小公司几十倍，大点得公司10倍左右，整个市场就是这个情况。然后我当时买了一个股叫智云股份，停牌重组了，是智能制造题材得，我心里美滋滋，那时候随便一个这个题材停牌重组、收购、注入啥的，都是15个涨停板起，有些股能25个，我心里那个美啊。实际结果么， 估计大家也想得到，6月下旬，他复牌了，开始一字涨停，可是同时股灾开始了。当时我根本不会想到会股灾，涨了3个一字，然后就开始跌了，最后9-10月那波反弹我也没抓住，一共就只赚了1倍多点。当时是个什么情况呢，10倍股遍地都是，20倍，30倍股也很多， 50倍股也有几个，并且当时基本不看业绩，纯粹都是靠梦想，市梦率就是从那时候吹出来得。真的是可以靠梦想窒息。而现在我看到新能源得情况是咋样得， 有少量股，确实靠梦想，因为你算不过来帐，怎么算他都不支持他目前得市值，可是他就是天天涨停，但这样得很少。反而大多数股，你算2023年业绩，pe就只有20，30，40，50这样得，再高一点，也就80了。 对于成长股来说，这样得估值不算离谱， 要不然 爱尔眼科、通策医疗 长期如此高得pe掉不下来是为啥呢？因为前景太好，以致于投资者无法忍受他估值降低而把钱送给别人赚，有便宜就会被抄底加仓买入。对于超级赛道，2年后 20-80得pe，有泡沫，但不离谱，这叫能算的过来帐得估值，再便宜得话，还不是又被其他人抄底抄走了。多数人吐槽得主要原因，主要还是自己得股不涨，别人得疯涨，有点受不了，是我我也受不了，我的股3天没涨过其他人得股，我就想要吐吐槽。 当然比如板块性得连续几天涨停这种，情绪到极致，跌一跌也正常，但这种不会引起板块系统性崩盘。能改变这种现象得会是啥呢？ 我也预测下：1、货币收紧。这个谁都懂，但是我觉得短期不太会。即使收紧，估计有个腰斩就稳住了，不会太悲观，毕竟业绩是实实在在得支撑。2、自身发展增速不如预期。现在发展快的很，但整体不如预取得事情如果发生，就会整体降估值，需要观察一些关建公司得业绩指引和报告，及时跟踪。3、有新得更牛逼得板块出来取代他，让资金全过去。 短期我是没看到。4、真的疯狂到崩盘。 2015年最后巅峰成交是2万亿， 到现在，我测算如果演绎到巅峰是3.5万亿得样子。同时，此时从2020年Q3算起， 20倍，30倍股很多，50倍也会有一些，10倍股遍地都是。现在还差很远呢。当然我这样说，也并不推荐一股脑都过来新能源，钱都很难赚，过程之煎熬只有在里面的人才感受得到。

Learn Australian English in this latest AMA (Ask Me Anything) session I had over Instagram! So I thought it'd be awesome to kickback and relax and just answer questions from you guys. And you certainly did not disappoint me - I was thrown the best questions ever and here they are! Q1 How to answer the question (Do) you mind? Q2 How to say 'north' and 'south' Q3 How to say 'shit' vs 'sheet' Q4 Difference between 'buddy' and 'mate' in Australia Q5 Which non-Aussies do the best Australian accent Q6 How to improve listening skills Q7 Will your children speak Portuguese or English? Q8 Have you been in Brazil? Q9 Specially vs Especially Q10 How to say "I don't want to interfere, but..." Q11 How to say 'You're welcome' with an Aussie accent Q12 Which is the best city to live in Australia? Q13 Can you call someone older 'mate'? Q14 What do you know about Brazil? Q15 Are you a bit racist? Truly enjoyed that AMA with you, I'll see you all next time!

La Fórmula 1 se va de vacaciones. Pero, como despedida, el equipo del Podcast Técnica Fórmula 1 con Ignacio Psijas, Iván Fernández y Abel Caro nos analiza una carrera de lo más interesante y entretenida. Desde su inicio, sobre mojado y plagado de accidentes, resalida, sólo con Hamilton en la parrilla, y vencedor, un exultante Esteban Ocon. Y, por si fuera poco, la clasificación tampoco estuvo exenta de polémica y juego sucio. Lewis Hamilton se vuelve a llevar la victoria y se coloca líder del mundial de pilotos - al menos el AlphaTauri de Pierre Gasly le robó la vuelta rápida para restarle un punto que beneficia a Verstappen. Verstappen, por segunda carrera consecutiva, fue sacado de la pista en la primera vuelta por un Mercedes. En este caso fue el de Bottas, que, junto con Stroll, arruinó la carrera de muchos buenos pilotos en la primera curva y cuya acción ha sido penalizada con 5 posiciones en la parrilla de salida para Spa, a finales de agosto. Mercedes no gusta a los aficionados. Hay quien ha llegado a pensar que lo ocurrido ha sido una conspiración de Mercedes para ayudar a Hamilton. Es difícil que así sea, llegar a ese nivel de indignidad, pero lo cierto es que, por azar o por otras razones, ganar sacando de la pista al rival no es una manera de ganar que guste mucho a los aficionados. Como tampoco fue correcto lo que hizo Hamilton en el último intento en la Q3, ralentizando su vuelta cuando ya tenía el mejor tiempo para que los dos Red Bull (que cayeron en la trampa, todo hay que decirlo) no pudieran mejorar el crono. Pérez, de hecho, ni siquiera pudo empezar la vuelta. Un hecho que recuerda mucho la última carrera de la temporada ganada por Rosberg, cuando Hamilton trató de que el resto de coches pasara al alemán llevarse él el título. Maniobras sucias, juego estratégico muy feo, pero legal. Allá Hamilton, pues no se juega un mundial, se juega su legado. Ocon, una victoria impecable. Williams, primeros puntos. Dejando de hablar de la lucha por el Mundial y pasando a la carrera, ¡qué gran victoria de Ocon! En la primera victoria de su carrera no cometió ni un solo error y compensó las carencias de su coche. Fue una carrera loca, sí, pero hay que estar ahí. Y, por supuesto, a nadie se le escapa, ni siquiera a los británicos, que la mitad de su victoria fue de Alonso, que fue capaz de retener a Hamilton, que tenía un coche inmensamente superior, durante 10 vueltas. Todo un espectáculo de pilotaje que cierra las bocas de muchos que daban ya por acabado al piloto asturiano. No podemos olvidar, por otra parte, los primeros puntos de Williams, que ya está por delante de Alfa Romeo. Lo que no pudo ser más curioso fue el hecho de que Latifi consiguiera más puntos que Russell, que sistemáticamente, desde hace un año, viene superándole en clasificación. Eso sí, gran comportamiento del piloto británico que, en un momento de la carrera, ofreció a su equipo sacrificar su carrera para proteger a “Nicky”. Sube tus comentarios de audio o tus preguntas y te escucharás en el siguiente podcast. Puede hacerlo aquí: https://www.speakpipe.com/tecnicaformula1 No olvidéis seguirnos en nuestra redes sociales donde tendréis información extra: Twitter: @PodcastTecnica / @RaulMolinaRecio Facebook: https://www.facebook.com/PodcastTecnicaFormula1/ Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

As Asia's economies attempt to recover from the grip of COVID-19, they face added obstacles brought on by slow vaccine rollouts and new pandemic restrictions. We're exploring the latest economic and regulatory developments in the Asia markets in Q3 including the impact of the new Delta variant of the virus, vaccinations, and China's crackdown on ridesharing giant, Didi. Joining me for this conversation is Seoul, Korea-based attorney, Paul Kim. Paul graduated in Economics from the University of Chicago, with highest honors, and obtained his Juris Doctorate degree from Harvard University.  Paul currently serves in private practice as a Corporate Partner in Sheppard Mullin's Seoul office advising clients on cross-border mergers and acquisitions (M&A), private equity, venture capital and securities transactions, restructurings and multi-jurisdictional disputes. What We Discussed in This Episode: What precautions are various Asian countries taking to address the Delta variant of the coronavirus? What is causing the slow vaccine rollouts in South Korea? Why have Environmental, Social, Governances (ESG) become more popular in South Korea lately? What type of public assistance is the government of South Korea offering individuals and businesses? What lessons can be learned from how companies responded to supply chain deficiencies during the pandemic? Which industries experienced economic growth during the pandemic? Has China gone to war, proverbially, against public markets? Contact Information: Email: pkim@sheppardmullin.com Paul's Sheppard Mullin attorney profile Thank you for listening! Don't forget to FOLLOW and/or SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Stitcher Radio, Google Podcasts, or Spotify.  It helps other listeners find this show. Be sure to connect with us and reach out with any questions/concerns: LinkedIn Facebook Twitter  Sheppard Mullin website This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

Warner Music Group Corp., Q3 2021 Earnings Call, Aug 03, 2021

In this episode, we're at the mercy of a tyrannical, totalitarian, taskmaster ChatBites Apple Demands Leaker Reveals Sources Under Threat of Being Reported to Police - MacRumors The surprising reason Apple hates iPhone rumors | Cult of Mac EXCLUSIVE: Apple Making Employees Wear Police-Grade Body Cams in Response to Leaks - FrontPageTech.com Apple is making its employees wear “police-grade” body cam to prevent leaks | TechNave Apple allegedly requires employees to wear body cameras to stop leaks [Updated] The surprising reason Apple hates iPhone rumors | Cult of Mac A breathless glossary of terms for understanding Apple's earnings call | Cult of Mac Smashed records, short supplies and other takeaways from Apple's Q3 Here are the AAPL Q3 earnings in colorful chart form from Six Colors Apple Quarter 3 2021 Earnings Apple Saw Double Digit Growth in iPhone Upgraders and Switchers in Q3 2021 Apple warns supply constraints will impact iPhone and iPad this fall - 9to5Mac Tim Cook says Apple had strong growth of iPhone switchers and upgraders in Q3 2021 - 9to5Mac Elon Musk takes a couple of digs at Apple during Tesla earnings call | Cult of Mac Elon Musk criticizes Apple over ‘walled garden' App Store, use of cobalt in batteries - 9to5Mac Spotify profitability not a priority, says company, on Q2 results - 9to5Mac F**k you! How Tim Cook responded when Elon Musk demanded his job Apple closing down internal Slack channels where employees debate remote work | Cult of Mac Netflix US cast and crew must be vaccinated to work - BBC News Apple cracking down on internal Slack channels, employees divided over WFH pay cut proposal | iMore Apple ‘cracking down' on non-work Slack channels over staff remote work debate | AppleInsider Apple closing down internal Slack channels where employees debate remote work : apple Zoë Schiffer on Twitter Apple aims to lease massive production campus in LA for Apple TV+ | Cult of Mac Why remote working leaves us vulnerable to cyber-attacks - BBC News iOS 15 to cut some surprising Siri features that aren't made by Apple | TechRadar 22 Siri integrations going away in iOS 15 | Macworld Siri could lose some third-party functionality with iOS 15 In iOS 15, Siri is losing some of its most useful voice commands - News Update Siri to lose control over some third-party apps in iOS 15 - PhoneArena iOS 15 cuts amazing Siri features that Apple hasn't created - Autobala In iOS 15, Siri is losing some of its most useful voice commands - News Logics Siri Set To Lose Long List Of Features This Autumn - Macworld UK Developer re-creates Safari's Snow Leopard design with new browser for macOS Big Sur - 9to5Mac Release Safari

Dan Patriss is back to share the latest news from Restoration Games, Marvel Champions and Wiz Kids! Show your thanks to Major Spoilers for this episode by becoming a Major Spoilers Patron at http://patreon.com/MajorSpoilers. It will help ensure Munchkin Land continues far into the future! Join our Discord server and chat with fellow Spoilerites! (https://discord.gg/jWF9BbF) Contact us at podcast@majorspoilers.com NEWS Restoration games Omega Virus Prologue  2p card game Q3 '21 Marvel Champions:The Hood Scenario Pack This fall and $15 Steve Jackson games announce Munkin Farkle- - November $25 Wiz Kids will release new Versions of Mike Fitzgeralds great series the Mystery Rummy series called Detective Rummy and will be designed by Fitzgerald and Ralph Anderson Renegade Games G.I. JOE Deck-Building Game-- October Release PRE-ORDERS HERE -- $45 Horrified:American Monsters October starting off exclusive to Target Cryptid:Urban Legends  April ‘22 release--- 2p sequel to Cryptid Grand Gamers Guild will be doing a KS next month for the Artemis Odyssey- re-implementation of 2009 Ad Astra -- Designers saying it will faster and more dynamic. KICKSTARTER Architects of the West Kingdom: Works of Wonder Thunder Rolls -- Richard Launius GameFound Divinus -- Lucky Duck Games

Dan Patriss is back to share the latest news from Restoration Games, Marvel Champions and Wiz Kids! Show your thanks to Major Spoilers for this episode by becoming a Major Spoilers Patron at http://patreon.com/MajorSpoilers. It will help ensure Munchkin Land continues far into the future! Join our Discord server and chat with fellow Spoilerites! (https://discord.gg/jWF9BbF) Contact us at podcast@majorspoilers.com NEWS Restoration games Omega Virus Prologue  2p card game Q3 '21 Marvel Champions:The Hood Scenario Pack This fall and $15 Steve Jackson games announce Munkin Farkle- - November $25 Wiz Kids will release new Versions of Mike Fitzgeralds great series the Mystery Rummy series called Detective Rummy and will be designed by Fitzgerald and Ralph Anderson Renegade Games G.I. JOE Deck-Building Game-- October Release PRE-ORDERS HERE -- $45 Horrified:American Monsters October starting off exclusive to Target Cryptid:Urban Legends  April ‘22 release--- 2p sequel to Cryptid Grand Gamers Guild will be doing a KS next month for the Artemis Odyssey- re-implementation of 2009 Ad Astra -- Designers saying it will faster and more dynamic. KICKSTARTER Architects of the West Kingdom: Works of Wonder Thunder Rolls -- Richard Launius GameFound Divinus -- Lucky Duck Games

Favorite quotes of the episode:  “Be more interested, than interesting.”  “Happiness is the enjoyment of the consistent every day persistent, without quit, pursuit of my own potential.” “Happiness relies on faith that you are going to end up somewhere better.” “Pain is a turn signal, not a stop sign.” “Everything comes through you, not for you or to you, but through you, for others.” “Every leader is an intelligent follower.” “The easiest way to get somewhere is to find someone who is already there and ask them for directions.” Episode Overview In this episode, I talk with David Meltzer. He is the Co-Founder of Sports 1 Marketing and formerly served as CEO of the renowned Leigh (“Lee”) Steinberg Sports & Entertainment agency, which was the inspiration for the movie Jerry Maguire. His life's mission is to empower OVER 1 BILLION people to be happy! This simple yet powerful mission has led him on an incredible journey to provide one thing…VALUE. In all his content, and communication that's exactly what you'll receive.  As part of that mission, for the past 20 years, he's been providing free weekly trainings to empower others to empower others to be happy.  TOPICS What inspired David to empower 1 Billion people to be happy. 4 Values for greater Happiness. David's advice for busy professionals and subject matter experts who decide to become entrepreneurs or run for political office to step into the CEO role and CEO mindset. 5 Questions Segment Q1. We know that the most successful and happy people have a morning routine, what do you do each morning or evening that sets your day up for success? Q2. What's your definition of Success? Q3. What's your definition of Happiness? Q4. What do you know now that you wish you would have known 10 years ago? Q5. What do you think is the biggest issue facing busy professionals today? RESOURCES Join our email list and never miss another insight at https://www.pawsconsulting.com/shownotes Sign up for a free Strategy Session to overcome overwhelm and get unstuck at https://www.pawsconsulting.com/podcast  Thinking of running for office?  Get your copy of Candidate Survival Guide or Join one of Angela's Campaign Accelerator Programs at https://www.pawsconsulting.com/candidate Connect with Angela at www.pawsconsulting.com or on Twitter, LinkedIn, and Instagram @DemareeDVM. How to leave a review on iTunes: Go to https://itunes.apple.com/us/podcast/beyond-the-stethoscope/id1354281411 or open iTunes. Click 'View in iTunes' (or maybe you are already there)                   Click 'Subscribe' Then Click 'Ratings and Reviews' Then Click 'Write a Review'

It's the end of the quarter which means it's profit distribution time! At Profit Hero, we celebrate the end of each quarter. We hope this episode inspires you to also celebrate profit distribution by the end of Q3.  The end of each quarter is sometimes bittersweet for us because not everybody has the same story. However, there are always good things at the end of each quarter, no matter what that looks like. If you're still not putting profit back into your business, then get started right now.  Make it simple. Make it small. But definitely make it a habit! In this episode, you will hear: The good things about end of quarters Why the profit account is very powerful Why you should have a separate account for profit What happens during profit distribution (and some examples of what our clients do!) Subscribe and Review Have you subscribed to our podcast? We'd love for you to subscribe if you haven't yet.  We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select “Ratings and Reviews” and “Write a Review” then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. If you really enjoyed this episode, we've created a PDF that has all of the key information for you from the episode. Just go to the episode page at www.profithero365.com/payplayprofit​ to download it. Supporting Resources: ProfitHERO™ Pocket More Profit Workshop Previous episodes on Profit First: https://www.profithero365.com/017  https://www.profithero365.com/004  Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Danny Ozment. He helps thought leaders, influencers, executives, HR professionals, recruiters, lawyers, realtors, bloggers, coaches, and authors create, launch, and produce podcasts that grow their business and impact the world. Find out more at https://emeraldcitypro.com

No matter what the situation, our minds have a tendency to think negatively.  For most, it spirals into self – sabotaging, thoughts, feelings, then actions. Almost everyone in the world has struggled with this.  When our thoughts and feelings take us to a dark place, causing us to react in ways that become detrimental to our health and relationships.  Today's guest is going to talk about a “simple yet powerful practice” of LOOKING DEEPLY INTO THE CAUSE OF ALL SUFFERING AND HOW YOU CAN END IT, called The Work.Join Byron Katie and Jason Stella discuss....The story on how she came up with “The Work”Meeting Your Internal Wisdom,What is the process?Q1. Is it true?Q2. Can you absolutely know that it's true?Q3. How do you react, what happens, when you believe that thought?Q4. Who would you be without that thought?The TurnaroundWhy is it vital to go through The Work and ensure you Write down the information, opposed to just thinking it through the process?What are the most common road-blocks that people face when going through The Work?Everything you need to do The Work is available to you free on this website.The Judge-Your-Neighbor Worksheet and other downloadables are available by clicking the  in the top right corner of every page of this website.The Judge-Your-Neighbor WorksheetA guide for putting mind on paper. Modified versions for children and teens are available as well.https://thework.com/

Q1. 9yr old can't explain why she is crying Q2. 9yr old says “don't cheer for me” when I say “way to go – you did it” Q3. 9 &13 yr old boys who complain about nothing being fair between them Q4. 9 &13 yr old boys who constantly fight and bicker  Q5. 9 & 13 yr old boys with a dad who is a bad role model and the marriage is not working Q6. 13 yr old boy who is sneaking Aug 4th Do's and Don'ts of Managing Teens' Partying webinar link for details and registration here.  Books on encouragement:   Encouraging Children To Learn https://tinyurl.com/26h25w82 Turning People On: How to be an encouraging person:  https://tinyurl.com/59e88bta Calvin Armerding podcast interview on the co-operative family: https://podcasts.apple.com/ca/podcast/parenting-the-adlerian-way/id1508655119?i=1000522893991 Paul Rasmussen podcast interview on emotions: https://podcasts.apple.com/ca/podcast/parenting-the-adlerian-way/id1508655119?i=1000503066250 Do you have a parenting question for me?  Email me at alyson@alysonschafer.com  Sign up for my monthly newsletter at www.alysonschafer.com 

What happens when you take on a new role as CMO and develop a new marketing strategy, only to have a pandemic hit just months later? This week on the Inbound Success podcast, Planful CMO Rowan Tonkin talks about his experience since taking on the role of head of marketing at Planful. It all started with a complete rebrand (including a company name change) that was rolled out at a company meeting in January 2020, just prior to the onset of COVID. Rowan explains how a focus on the customer, and their needs and pain points, helped his team determine how and when to shift their marketing strategy, and he talks about what it means to create a new category (including why it's so important that your competitors embrace it).  Planful's ability to remain nimble and adapt to their customers' changing needs helped fuel significant increases in pipeline and revenue, much of which was driven by organic and branded search. Check out the full episode to get the details. (Transcript has been edited for clarity.) Resources from this episode: Check out the Planful website Connect with Rowan on LinkedIn Follow Rowan on Twitter Transcript Kathleen (00:00): Welcome back to the Inbound Success Podcast. I'm your host Kathleen Booth. And this week, my guest is Rowan Tonkin, who is the CMO or chief marketing officer at Planful. Welcome to the podcast, Rowan. Rowan (00:27): Thanks Kathleen for having me. Really excited to be here. I've listened to lots of episodes of inbound, and I'm really glad that I can, I can actually be on the show. Kathleen (00:35): I'm really excited to have you here. I think you have such an interesting story, especially in the last few years, and I can't wait to dig into it for listeners. Before we do that, maybe take a moment, introduce yourself, tell us who you are and your background, and also what Planful is. Rowan (00:52): So firstly, you may notice from my accent, I'm not American. I grew up in Australia in a little place called Woolongong, which is about an hour south of Sydney. And I actually started my career in, in technology in Australia, working in customer support for a marketing company back then we would provide services to agencies and white goods and brown goods manufacturers to basically get the best images for, for, for catalogs, right, for, for the things that we all receive in our, in our letterbox. And and that turned into a MRM space where I worked in pre-sales. So for those that are familiar with MRM, it's kind of like the old Asana and Monday.com and helping marketers do all that project management, budget management, things like that. I moved to London for 10 years selling MRM software, working with lots of marketers over there. Rowan (01:44): My role was increased sales and customer success and doing actually implementation work as well. And I managed to convince myself that product marketing was actually where I had most fun. So I joined product marketing and and have been in the marketing space ever since. I'm now at, at Planful. Planful is a financial planning and analysis platform for finance and accounting professionals. We basically help finance professionals basically become super agile in the way that they work by getting them out of spreadsheets and getting them into a connected and collaborative platform. And you know, my background in marketing planning, if you will, helping marketers manage their budgets has kind of translated into me telling the stories of, of those finance professionals and how they do their work for, for all of us. Right. If you think about the team of finance you know, there's the accounting team that are recording everything that happened and there's fantastic FP and A teams that are kind of helping us trying to figure out what will happen in future. Kathleen (02:47): Yeah. And speaking of what has happened and what will happen, you joined the company, was it in 2019? Is that right? Rowan (02:54): In September of 2019. Yeah. Kathleen (02:56): Yeah. So, you know, at interesting time and I know that you came on board and there was a lot of change already happening in the company. And you proceeded to, to make some really significant changes on the marketing side, and this is all happening, like on the eve of COVID, it's crazy. I say 2019 and that feels like a really long time ago, but, but it really wasn't and a lot has happened since then. So let's actually rewind the clock and start when you came in and, and what was, what were you setting out to do and what was the scenario when you joined? Rowan (03:31): Yeah, sure. So Planful had been actually called Host Analytics before that. And many of your listeners may know of Host Analytics. And we were acquired by a private equity firm in December of 2018 and they went on the search to to find a new CEO and they found someone that I'd worked with before. Grant Halloran. And Grant joined as CEO, I believe like 1st of July or something like that. And in 2019, 3 months later, he brings me in and had devised a lot of the strategy. And the strategy that we were going to to execute upon was to really focus on segments specific segments. So what we call the lower mid-market and the upper mid market and selectively play in the enterprise, right. And, and traditionally, you know, Host played across all of those segments. So we really wanted to focus. Rowan (04:24): The second thing that we wanted to do was reposition the company. The world of FP and A, and the space that we play in has a category definition called enterprise performance management or, or corporate performance management. The funny thing is only analysts talk about that. Buyers don't call it. They call it FP and A software or planning, budgeting, and forecasting. They don't, they don't call it CPM or EPM. And so and then unfortunately for Host Analytics created by Jim Eblen back in 2001, the word Host and Analytics has changed a lot in that time. Right. And so really important to us that as we repositioned, we decided to change the company name. And when you think about doing that, that's a really intense exercise. So we decided to just put the guard rail of let's do it in 12 weeks. Kathleen (05:17): Ripping the bandaid off. Rowan (05:20): Correct. Yeah. And, and so actually we did that at our company kickoff. We everyone walked into the company kickoff in January at San Diego all of the swag. Yeah. And, and everything was branded Host Analytics. Everyone got their gifts as Host Analytics in the keynote, we dropped the big reveal, switched to Planful and all the signage and everything had been changed outside the room. And everyone had new swag bags and everything like that. And at the time we, we repositioned the company to, from, from enterprise performance management to what we continuous planning. And that's now the kind of category that we, we have tried to define if you will. Now as you do that, you want to create new campaigns and new things to go to market with. And we did a lot of that and continuous planning sounds great now, after everyone's been planning for the last 18 months, but back then it was a new concept. Rowan (06:20): And we were trying to evangelize that concept and created lots of great top of funnel campaigns, ready to launch posts. That event had them live for six weeks and then the pandemic hits. And we're sitting there with this fantastic campaign that was beautiful for the moment. Beautiful for the time, very positive, very uplifting, very empowering for our audience. But as soon as the pandemic hit, that's not what they want to hear. Then like they're in, we call it the ambush they're in the ambush mode. If you think about what your finance team may have been doing in the middle of March, it was trying to figure out, are we going to thrive, survive cashflow. Kathleen (07:03): It went from, I imagine, continuous planning to crisis planning. Rowan (07:06): Effectively. Yeah. Cashflow forecasting became, you know, scenario planning. What if analysis became the, the top use cases, if you will, or the top things that finance professionals wanted to care about. Right. And capital management, liquidity, all of those things. And and so we're sitting there with this fantastic campaign that we've spent lots of money and worked with some amazing agencies on. And and the, the other thing is our audience. We're just in a bunker trying to figure out what's going on. They didn't want to talk to us. So we went very like many companies, we went very much into support mode, right? How can we help our audience through this? What can we do? And did a lot of those things, built communities, hold weekly meetings, you know, how can we support? You tried to educate them on, you know, different ways that they could use the platform. Rowan (07:59): And and, and internally I, I, I converted my product marketing team to a research analyst firm, you know, who will survive, who will thrive and, and how can we go and target those people and educate them on what we do, but the message just wasn't right. You know, selling and telling the story about continuous planning in the middle of that environment, wasn't what people wanted to hear. And so we spent you know, we spent probably too long trying to continue to evangelize that, you know, the, the commitment and consistency of like, oh, we put this great thing together. Let's just keep doing our work. Kathleen (08:39): Gosh darn it, we planted our flag in the sand. Rowan (08:42): Exactly. And so you know, I had a conversation with Grant one day and I said, I just don't think like, this is the time to, or this is the place to be pushing this message. And and, and we thought back to kind of core marketing principles, and many of your audience will know about, you know, the five stages of awareness from, from sports. Right. And so we looked at that and we said, well, where is where is continuous planning fit here? Right. Well, it fits for the most aware people are customers or people that have bought this technology before, and they really understand it. So we can keep pushing it to that audience for the completely unaware per person. It makes, it actually makes sense as a thought leadership play as a play around storytelling and, and actually evangelizing that. Rowan (09:30): But for the people in the middle, right, the people that we're actually trying to get to buy or get you know, get into our final or convince them to buy versus a competitor, it didn't work because they were trying to figure out, well, actually my pain point is not continuous planning. I kind of, you haven't really even explained what that means, what that is, how that works, you know, where am I on that journey? They want to know, how can I do scenario management? How can I do cashflow forecasting? Can I do direct method, cash flow, forecasting, or indirect method? Where are we with our, what if scenario analysis and, and those types of things. So what we did was we stepped right back and said, all right, let's create a use case strategy. Very tactical, very much at the pain point level of, of what our audience is going through. Rowan (10:22): And so, you know, as, as all businesses where, you know, we're going through, what's going to happen for us. And, and actually coming out in the back of you know, that first initial ambush, we were hitting record pipeline numbers in kind of Q3, right? Amazingly everything was going well, we had this use case campaign. It was going well, what we did tactically for that campaign was create landing pages all around. Those specific use cases, I actually used the pandemic. One of my strategies as I was planning to come to, to plan for we we'd been very much a lead acquisition company. And I wanted to use the reposition and that mode to, to move the market into demand creation mode, as opposed to lead acquisition mode. Now it was kind of good because everyone was just so focused on, you know, how many opportunities are we getting every day into our, into our funnel. Rowan (11:23): And so effectively, I was able to turn off every MQL report that we ever had which is great. And now no one really asks me about MQL. They're always asking me about, you know, opportunities. And so I was able to use that time to transition away from, you know, classic sales and marketing, talking about MQL calls. Well, now we're talking about pipeline creation and, and what we call, you know, stage one opportunities, S ones. And so during that period, I was also trying to shift our strategy away from very much, you know, purchase nurture leads, right? And, and then hopefully that they convert over time. I wanted us to move to a, build a brand, build awareness in the market and, and, you know, bring them to us. And and, and over that time, that sort of started to happen which was great. Rowan (12:18): And, and we saw the results of that in Q3. And then as the second wave of the pandemic came again in Q4 and Q4, for those that don't know, every finance professional is about to enter their either favorite or their worst time of the year planning season. And so again, you know, these people had been planning for so long Q3 was pent up demand, and then Q4 became a really hard time for us as well, because, you know, you're starting to see people get back into their planning season. And and, and, and now we're back into that mode of just really accelerated growth. I mean, we've, we've hit all of the kind of records that we would want to be hitting as a software company this year, so far growing like crazy, which is, which is really fun. And a lot of that is off the back of the fact that we really just stepped back to basics and created these use case use case plays. And so, as I was saying before, it's a landing page. It's a, an ungated demo on that landing page. It's having case studies on each of those landing pages. It's, it's the social proof inside of that. It's telling a story about how you go from use case to use case and the value chain that is associated with that for someone when they buy a platform, right? Because like most technology, we're a platform. You can do lots of things with it. Kathleen (13:40): So I have so many questions for you. Going back to the beginning, you talked about coming in and the company being founded in the early two thousands and being called Host Analytics. And what had changed in the time from when it was founded to when the PE firm bought the company. And it was funny, you, you said something along the lines of like the meaning of Host had changed. And the first thing that popped into my head was, was it that Airbnb happened and everybody thought, you know, is your company about analytics for like hosts who rent their houses out? Or like, what were you alluding to there? Rowan (14:18): Yeah, actually we'll say, let, let me start. So Host Analytics and the name was, so Jim Eblen founded the company, created the name. Back then we were taking a box into someone's office and hosting their financial analytics for it. Right. So very literal and, and Host actually means army of angels. And so that was another reason for the name, you know, the army of angels are coming to help you with your finance department. Now, you know, fast forward to 20 where hosting is now all about service providers, right. Or in your, in your mind, Airbnb? Kathleen (14:59): Well, certainly not on-prem software. Rowan (15:01): Yeah. Yeah. Correct. And actually host was the first FP and A platform, EPM platform to move to the cloud. So I think we did that in, in 2011, 2012. And and then there was a race for, for cloud financial planning platforms you know, Anaplan and, and Adaptive Insights and some other other companies came along. Rowan (15:25): And so there was this, you know, a big race for, for people to, to move to the cloud from the on-prem world. And and so Host was a big part of that, that, that race and that shift from on-prem to the cloud. And unfortunately though, like, you know, if you sit back in the middle of 2019, and you're calling someone in finance, and you say I'm from Host Analytics, the first thing that I think of is maybe Airbnb analytics, depending on their industry, or most of the time it was what you're going to analyze my cloud service usage or something like that. Like, they, they kind of be like, actually there was this cognitive dissonance that people would have, and ultimately they wanted us to like, they're like, oh, you should speak to it. This is, this is not for me, I'm in finance. Why, why are you trying to talk to me about hosting and analytics? Like so that was the major trigger there. In terms of what had changed is frankly, just cloud, on premise, all of that had changed and, and the term hosting had become synonymous with, with cloud cloud platforms, cloud software, cloud. Kathleen (16:38): Yeah. That makes a lot of sense. When I hear you talk about this, you know, the CEO was new, you came in, you were new, the company had just been acquired. And the it's the first big meeting of everyone. And you introduce a new brand and you start, like I said, earlier, you rip the bandaid off. Right. I feel like that could go in two directions as, as somebody who's been a head of marketing has navigated rebrands being the new people. If you don't play it right. It can definitely, I think exacerbate like friction, fear frustration, et cetera, amongst people who've been around for awhile. If they think, oh, this new person's coming in and they're changing everything and they haven't taken the time to like really understand us and, you know, kind of build consensus, blah, blah, blah, all that stuff. Or it could, or if you navigate it correctly, it could really engender a lot of excitement and breathe new life and et cetera. So I'm curious, how did you navigate that in a way that it built excitement and trust and momentum and didn't cause friction? Rowan (17:45): I don't think you can do a rebrand without causing friction. This is my second one that I've led. And you're going to have naysayers. I think, you know, for anyone listening, that's contemplating a rebrand. You're going to have those people that basically say, I don't like the new name. I don't like why you're changing it, what's wrong with the current name, you're going to get all of that. And, but most importantly, you've really got to focus on you know, what's the intention and why are we changing it? We weren't changing the name for, for our employees. We were changing it for our audience, for our customers. Like they, they deserve a name that is more befitting of, of what they actually do. And so for us, when I think a couple of things helped us. Rowan (18:40): So firstly Grant and myself had come from this space before and we had created, Grant,was the CMO at one of our competitors and had created a category over there. And that company is doing very well and had gone public. And so there was a perception that, okay this new CEO is coming and he knows what he's doing. I'd also led rebrands before. So, you know, able to sit there and say, Hey, I, I also know what I'm doing as part of this process. So we were able to create some trust because it wasn't, you know, the first time it wasn't a first time category creating it. Wasn't the first time rebranding. Secondly we anchored the rebrand very intentionally on our customer. And at the same time we were going through things like a rebrand at a culture level, we had a new chief people officer and she's out building a new company values, right. Rowan (19:40): For the new new company and our number one value is customers. So as you think about that, we're able to anchor on, okay, well, we now have our new values and isn't it befitting for our customers to have a name that recognizes them. And if we think about financial planning and analysis folks, they are Planful. It's a real word. It means to be rich and methodical and full of plans. And that's what our buyers and our audience and our customers are. They espouse that every day. So that was really the way that we tried to overcome a lot of that by, by making it or intentionally making it about other people, other than us, it wasn't us trying to rebrand the company. Cause we, we like rebranding companies. It's very expensive to do. It's very hard to do, and it creates lots of friction and you know, lots of people, you know, people believe and perceive that there's lots of brand equity as well. Rowan (20:40): Right. And so lots of people had those questions. Well, what about, you know, we're an 18 year old company, what about all the brand equity that we've built up? And those types of questions are really important that you have answers, which is okay, that's, that is true. Yes. but actually psychologically people move on for a rebrand really quickly. They adapt we humans, we adapt really well to things and, and also we wanted to espouse the new vision for the company. Right. And, and having a name that fits that new vision was also really important. Kathleen (21:15): Now you have mentioned a phrase a couple of times that I want to ask you about, because it's a phrase that gets thrown about a lot these days in the world of marketing and that is category creation. And I feel like it's, it's almost become this very generic term that people use for a lot of different things. So can you just explain a little bit about when you think about category creation, how do you think about it? Why did you think it made sense to do that? Because, I mean, it's something I've looked at, and I know it's, it's, it's quite an undertaking and you have to go in with your eyes open and be realistic about what you're going to be able to achieve. And then, can you just talk a little bit about your strategy for doing that in this case? Rowan (21:59): Yeah, so, I mean, I may be quite simplistic in my view of category creation, but I think you need to just think of it from your audience's perspective, your audience needs to quickly recognize what do you do and where do you play in the ecosystem? And your definition of that category, if you will, whether that's creating a sub category, if you, if you've you know, read those books from the 22 immutable laws, right. If you can't create a category, create a sub category. The that's the simple way I look at it, right? And, and we had been playing in the enterprise performance management category, and when buyers are searching for for products, they're not looking for that they're looking for planning software. So the first thing that we wanted to do as we were going through this category creation and reposition, rebranding, the company, reinvigorating you know, changing the way that the company operated new segmentation, things like that, where it's to make sure that people could find us really easily. Rowan (23:08): And so if you think about that, it's okay, well, what do you do? Well, we're in the planning space. And you know, we also have capabilities, you know, you know, in our platform for, for accountancies and things like that. But the majority of people are looking for a planning platform. So we wanted to create a category inside the planning space that play to our strengths. And so when you think about planning, what we have is some capability in our product that allows us to do that more frequently than other competitors. So that's continuous, right. And, and that had already been coined by other analysts. So we were able to basically co-opted from them and, and then use it as our position. And, and so when I think of category creation, I think we just simply think of it as, how do I want my buyer to perceive me, what ecosystem do they want to think about me in? And and then can they find our USP inside of my category description of that? Kathleen (24:11): I like it. So it's funny that you, you, you phrased it that way, because one of my questions was going to be, when you set out to do this, were you hoping that, that, you know, analyst firms would build a quadrant around you, but I really didn't hear you say that. I mean, I heard you say analysts have used the term, but it sounds like success for you. Is, are customers using the term not so much is like Gartner using the term, is that accurate? Rowan (24:34): Yeah, that's accurate. I mean Gartner have changed in our category, right. So they have gone from FP and A to what's called XP and A, and they're going to have now two quadrants for us. Other analyst firms call it the enterprise performance management category still. Now we want them to change away from that whole term because that's, that's pretty old. Now it's about 30 years old as a category. And our perception is buyers just don't use it. Consultants use it you know, us in the industry. We use it, that buyers don't use it. They don't know what it means. So we'd rather, they yes, we want them to change it, but I don't necessarily mind what they call it. And yes. Do we, do we care about being in those those quadrants, those waves, those, yes, absolutely. Rowan (25:28): But it's not about naming, like trying to define the category for an analyst. I think the, you know, this is a it's a more mature market as well. So the analysts already have their perspectives of, of what's in the market. And so our positioning was, should never really have been about trying to do that for us, like at our stage, at our maturity of market. I think if, if I was at an early stage company where there was no quadrant, yeah. You'd absolutely be trying to get them to, to redefine or create a quadrant around you having been there before you, the other thing you have to do though, is you have to go and get your competition to also call it the same thing. So that becomes interesting. Kathleen (26:13): There's no such thing as a category of one. Rowan (26:16): Yeah, correct. Kathleen (26:17): Yeah. So, so one of the other things I wanted to dig into you, you talked about you joined shortly before COVID hit, you did the rebrand, you had all these plans, then the pandemic hits and the customer's priorities started to change, and their immediate pain points started to change. Talk a little bit about how that changed, how you approached your strategy. Rowan (26:43): So the first thing I think it's really important to recognize is prior to that, you know, customers had gone through their annual planning cycle, right. And they were in the midst of rolling out and trying to operationalize their 2020 plans, you know, finance teams or like, okay, well, we've just, you know, some of them hadn't even closed Q1 yet. And normally we all joke, you know, every, every annual plan is, is dead on arrival. Well, that is even more true of 2020. Everyone's plans had been thrown out the window for a finance team's perspective though. Their first thought was, how do we make it through like firstly, a lot of customers just delay payments, right? Cashflow becomes super important. So rather than have a net 15 on invoices, my new standard is net 60 net 90, and you're trying to hold all the cash inside of your business. Rowan (27:45): Everyone's doing it to each other. And so, you know, cash becomes king. And so one of the use cases that we can operationalize with our customers is cashflow forecasting. So firstly, we wanted to make sure that customers of ours that had an implemented that use case realized that they could do that. And the other thing that became really important was speed became super important. You know customers and prospects, aren't going to want to go through a big finance transformation in the middle of a situation like that. They want things to happen fast. So we created a package of implementation services. We call Planful now, right. Get up and running in less than 30 days, make it make the, the folks that do want to buy or can buy, make them realize that it's not a, it's not a 12 month ERP implementation or CRM transformation or anything like that. Rowan (28:43): So very much focused on, okay, what can we do for people? What can we do for them right now, if it's if it's an existing customer, how can we help them with, with those key priority use cases which were cashflow forecasting for them and scenario on what if analysis, you can imagine the, what if analysis that folks needed to do in in kind of March and April of last year, that's all many companies were doing was trying to figure out what if, what if, what if, and looking at it from all sorts of lenses. Kathleen (29:14): Yeah. And then I also loved the thing that really stood out from what you said to me. Cause I really believe this so strongly is about really focusing on brand and knowing that if you, it, it, it is very much a kind of a longer play. But knowing that if you build a really strong brand, the demand is going to follow, right. People love working with brands that they love and it fo it, it functions like a magnet to pull in the right leads. A lot of times though, and I, and I've talked to other marketers, who've experienced this you can, as the head of marketing strongly believe in the power of brand but unless you work for a CEO and and you are a part of a leadership team that also believes in the power of brand, you can get a lot of pushback because it can be very tempting for those people to say, no, we just need, you know, keep the MQL flow going. And sometimes during that pivot, when you're like really shifting your focus, sometimes things can slow down as you do that, but you have to kind of like do it, knowing that you're slowing down to speed up if you will. So I'd love to hear just what your experience was with that. Rowan (30:32): Yeah. So, so firstly, I think your key point there was having a CEO that understands the power of, of brand. And I'm thankful that Grant was a CMO that is a blessing and a curse for those that ever want to go work for a CEO who has been a CMO. They can get right into the weeds as well. And that can be, you know, not as enjoyable as you want it to be. But it does mean that they understand the power of the marketing machine and you know, Grant has very similar philosophies to me on, on that. Like he's done rebrands before. He's done brand refreshes. Really cares about the power of brand. And that's a lot of what we talk about. You know, position brand, narrative, things like that. We talk about that a lot. Rowan (31:23): And so as I think about going through that exercise, it was much easier, right? I didn't have you know, it was part of why I came was I knew that we were going to get to build a brand and rebrand the company. So that was part of the excitement of joining the company was, oh, wow, we're going to do this. This is going to be fun. Now I wish, you know, I wish the timing had been different because as I said, we had a great campaign ready to go. It was really fun. And we had, you know, all this spend that we wanted to put behind it, well, in the middle of a pandemic, you know, you're not going to get the same return for that dollar. Right. As I said, our, our audience was ambushed. So we pared back a little bit responsible thing to do, make sure that we hit our growth goals in an economical way. Rowan (32:14): The, I think the second part about brand that you mentioned is the leadership team actually also valuing that. And I think that's something that I was lucky to have. Here was people that understood that this is a transformation and to do the transformation we needed the power of a brand behind it, as well as the flexibility to to really go through that change. Now, the I guess the, the benefit of doing that through the middle of the year, like 2020 is, no one knows what the numbers would have been like before. Right. Like, you know, we talk about this a lot internally, like never compare to 2020 cause who knows what those numbers should have been or could have looked like. So we always do a lot of, you know, a year over year, but year over 2019 as well. Right. Rowan (33:07): Because that was a more normalized year. Yeah. So I did get the, the lock or the the challenge of doing that through a pandemic. And that meant that no one knew what the numbers would have been anyway. So I was able to focus on what we wanted to do, right. The intentionality of, you know, the power of that brand. And so there was no, well, we're expecting this many MQL this week, this month, and you're not getting them because we weren't expecting a normal period at that time. So that was actually I won't say luxury. Kathleen (33:44): It sounds like take advantage of those black Swan events when they happen. Rowan (33:49): Take advantage of a crisis. And so frankly, that's what we were able to do. And actually, that's, that's also, when you think about how you want to build that brand, we want to do it in the most economical way possible, right? Like when I worked for a PE company, I don't just have billions and billions of dollars to spend on, on brand. So we're able to focus on the places where building a brand actually makes sense. So I have a podcast like you have a podcast, right? We very much focused on organic social and doing that in a way that is, is really powerful for us. We focused on being more creative than our competition. So as you look at our advertising, you look at our color scheme, it's very different to what's out there and that's all intentional to, to kind of be a pattern interrupt for our audience. And so those things allowed us to, I believe, build faster. You know, a lot of our competition do you use blue, right? What's a safe, trusted finance finance colors, right? Blue, everything's good, no red. We're able to use color and creativity in a way that our competitors aren't using. And so that's how we're trying to stand out to our audience. Kathleen (35:03): I love all of that. I'm a huge fan of the pattern interrupt. And it's funny because I've always, I've always worked in B2B tech and my dream has been to work for a company where I can have the primary color and our brand be purple just because nobody ever picks it. And I'm like, the fact that no one picks it is why we need to do it. Like let's pick crazy colors and go with that. But I, you know, still working on that, the dream of purple someday. Rowan (35:29): Well, I'm getting to live the dream of purple and for those that ever want to know why, why purple. Well purple actually has association with royalty, rich and richness, and wealth. So it's actually a great color for a finance company. Kathleen (35:43): Yeah. And sometimes, honestly there doesn't need to be a reason, like just the fact that it's different is great reason. Right? well, we're coming close to the end of our time. And so I want to sort of wrap up this segment of the interview by just asking, can you, are there any like results that you can speak to? Like we talked about the journey coming in and changing things up and then having to grapple with the pandemic hitting and your customer's priorities suddenly shifting, like what's, what's been the outcome of all of this so far? Rowan (36:18): Well, so I think in, in a couple of key things, so firstly right now in 2021, we our, our pipeline creation to one ratio has increased by 5%. And, and well, not by 5%, it's probably by like 150% or something silly like that, but it's a five percentage point increase if you, if you compare the two numbers. And so that means we're getting high intent buyers coming to us. And that means our deal velocity is much faster. So, so that cycle of what we're trying to create with a brand, people come to us, giving us that momentum has absolutely worked. Our website traffic is up you know and it was 180% year over year, and it's like 140% year over 2019. And, and that is all organic. So not the paid stuff, it's not paid, that's driving all the website visits. Rowan (37:16): That's, that's organic traffic. Branded search terms are up, right. So people are looking for the words like continuous planning or Planful. And, and so that's really important to us. Ultimately for me, it's about it's about revenue and, and that's up, you know, we're we're about to have a press release soon. And, you know, our, our revenue numbers, sales, bookings numbers are drastically up like year over year, but also again, you're over 2019. And so that changes significantly that marketing shift, that, that fundamental shift is starting to have the realization now. And a funny blessing is that now also lots of other organizations are using continuous planning. And I, I suspect that's because everyone planned continuously last year. So we were lucky in the fact that we kind of coined it and owned it prior to everyone realizing that that's actually, it's the new, it's the new normal. Rowan (38:19): So everyone is planning all the time and it's going to be an interesting for us planning season, because for those folks listening in marketing, go and give you a finance professional, a hug, please, because they have been going through a really, really tough time, consistently planning, planning, planning, re-planning. And now they're about to go into planning season again, which means sleepless nights for them. And we really want to make sure that we can alleviate that. And I think burnout and finance teams is something that's going to really appear soon. And we're hoping to alleviate that for, for organizations. Kathleen (38:56): Amen to that, because I work with an amazing CFO, Josh Shenker at my company clean.io, and he has been continuously planning for, since I've met him and we are already in planning for next year. So everything you just said is absolutely spot on. So shout out to Josh. All right. Shifting gears. I have two questions that I always ask my guests at the end of every interview, and I'd love to hear your answers to them the first being I, you know, and you just really gave me the perfect segue, which is that things change so quickly in every industry, marketing certainly being one of them. You know, in marketing, we have the added elements of, you know platform changes, algorithm changes, regulatory changes, et cetera, all of which affect how we do our jobs. And I think most of the marketers I talk to say that staying on top of all that is one of their biggest challenges. And so I'm curious how you do that. How do you keep yourself educated and are there certain sources you turn to, to stay on the cutting edge? Rowan (40:00): I would actually counter that and say, I, you know, you've heard me talk today. It's been a lot about brand. It's been a lot about fundamentals. And so you know, I started my career very much in the tech side, always being like, you know, very big fan of Scott Brinker's MarTech slide, and always priding myself on knowing who was what and who was who and how it was all going. And then I couldn't keep up. You know, I don't think even Scott could probably keep up. And so what I found myself gravitating back to is actually more of the fundamentals, more of the psychology, more of behavioral, you know, behavioral understanding of buyers, psychology of things like color and words, and, and coming back to basics of things like copywriting. Now I have a great team, thankfully that stay on top of all of the technology aspects, but I also see the trends going away from more relying on that technology now, you know, with all of the Apple's privacy changes and impending, Google, privacy changes and things like that. I actually think coming back to basics is, is what more of us should be doing. And so I've been doing a lot more of that, like rereading the classics and you know, going in you know, a lot of kind of persuasion and reading a lot of psychology books which has been interesting, but that's what I've been doing. Kathleen (41:20): Well, I think that's, that's so smart and I agree with that. You know, if you solve for people, you will always win. If you try to solve for machines, the machines are trying to solve for people. So you'll just be one step behind the machines, right. So solve for the people. It works every time. Second question is the, in terms of this podcast is all about inbound marketing. Is there a particular person or company that you think is really setting the bar for what it means to be a great inbound marketer these days? Rowan (41:56): So I work with Eddie Schreiner at Very Good Copy. And I think Eddie, like it, I look forward to Eddie's email every week, right. So if I think about inbound marketing, right? Yeah. That's outbound, but I'm excited to get his email all the time. And so, you know, I think someone like Eddie is out there creating demand for his services, but doing it in a way where he's consistently educating me and my team and I'm sure his audience the other folks that I really admire right now is the team at Metadata. Some of their advertising captures my attention. We talked about pattern disrupts, you know, they're doing things that other companies aren't doing. And, and even though it's, you know, it's, it's MarTech and it's one of the things that I'm not keeping up to date with. They're using more of the core principles to actually get my attention. And so I would say, you know, the, the folks there at Metadata are doing really good. Kathleen (42:55): Awesome, well, we'll have to check those out. And I also love Very Good Copy. I get that newsletter and I'm a huge fan of it. So check that out if you haven't done that already. And if you are listening and you want to get in touch with Rowan, Rowan, what is the best way for somebody to do that? Where can they find you online? Rowan (43:15): Yeah, so definitely my LinkedIn is the best for business chat. My, my Twitter, which is @RowanTonkin is mostly golf and rugby. So unless you're, unless you're in that golf, rugby and marketing cohort, I would go to my LinkedIn and simply just Rowan Tonkin. You'll, you'll find a picture of a man behind a purpose. Kathleen (43:34): All right, fantastic. Well, I'll put those links in the show notes and if you are listening and you enjoyed this episode, please consider heading to Apple Podcasts or the platform of your choice and leaving the podcast a review. And if you know somebody else, who's doing amazing inbound marketing work, tweet me at @workmommywork, because I would love for them to be my next guest. That is it for this week. Thanks so much for joining me Rowan. This was a ton of fun. Rowan (43:57): Well, my pleasure. Thanks so much, Kathleen.

Amazon wants to compete with 3PLs for your Multichannel Fulfilment Business. Despite Warehouses being full, Amazon is going ahead with plans to increase storage space and opening new warehouses for this. In this session I chat with Tal Asad, as we discuss how you can get temporary storage increases in Q3 - up to double - on a case-by-case basis.        

On today's episode, we discuss Snapchat's Q2 performance, which features are standing out, and what we expect in Q3 and Q4. We then talk about some recent Snapchat augmented reality partnerships, Gen X's level of adoption across social media, and which platforms Gen Z folks think have the most genuine influencers. Tune in to the discussion with eMarketer forecasting analyst at Insider Intelligence Nazmul Islam. For sponsorship opportunities contact us:   advertising@insiderintelligence.com.   For more information visit:   https://www.insiderintelligence.com/contact/advertise/ Have questions or just want to say hi? Drop us a line at podcast@emarketer.com © 2021 Insider Intelligence

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Mitek Systems, Inc., Q3 2021 Earnings Call, Jul 29, 2021

This week on the iMore Show, we talk about Apple's mammoth Q3 results, the future of Face ID, and much more. Links: Mini-LED MacBook Air (2022): Rumors, release date, price, features, more | iMore Gurman: Face ID could be on Macs, all iPhones and iPads within a 'couple of years' | iMore Bad news — that larger iMac might not be ready until next year after all | iMore Some iPhone 14 models reportedly getting a huge titanium chassis upgrade | iMore Ross Young: New iPad mini to come packed with an 8.3-inch display | iMore Apple Q3 2021: Apple sees $81.4 billion in revenue | iMore Report: 5th gen iPad Air to get iPad-Pro design, no change for iPad mini 6 | iMore Apple expects supply constraints to impact iPhone and iPad production | iMore Apple patent points to in-display Touch ID and Face ID for future devices | iMore LG Display preparing another OLED line for Apple, says report | iMore Suppliers prepare for 60 million 5G mmWave iPhone 13 units, says Digitimes | iMore Apple Watch Series 7 (2021): Release date, price, features, and rumors | iMore Sponsors: Hover: Make a name for yourself with Hover. Grab a domain name at hover.com/imore and get a 10% discount with our referral link on all new purchases. Hosts: Joe Keller Karen Freeman

Today we're joined by Moritz Seibert to discuss the efficacy of backtests, how to build a profitable spread trading model, Moritz's addition of Ethereum futures to his portfolio, why commodities such as coal should still be traded, how to incorporate macro data into a systematic strategy, how to distinguish between long-term profitability and shorter-term luck, and the alternatives to Microsoft Excel for managing market data in a Trend Following system. In this episode, we discuss: How effective Backtests can be Apply Trend Following models to synthetic markets Ethereum futures Why 'dirty fuel' markets should still be traded Combining macro data such as inflation into a Trend Following strategy Distinguishing between a lucky streak and a robust system How to manage market data for those who aren't familiar with coding Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Moritz on https://my.captivate.fm/@MoritzSeibert (Twitter). IT's TRUE

This week on 9to5Mac Happy Hour Zac and Benjamin discuss the latest Apple hardware rumors including a new smart Apple external display, an always-on iPhone 13, and the proliferation of Face ID across Apple's product line. This week also saw the latest round of changes to Safari in iOS 15 beta 4, and Apple's quarterly earning results give some insight on the planned fall release cycle.  Sponsored by Zocdoc: Go to Zocdot.com/happyhour and download the Zocdoc app to sign-up for free and book a top-rated doctor. Many are available as soon as today. Sponsored by Headspace: You deserve to feel happier, and Headspace is meditation made simple. Go to Headspace.com/MAC for a one-month free trial. Sponsored by BetterHelp: As a listener, you'll get 10% off your first month by visiting our sponsor at BetterHelp.com/MacHappyHour. Follow Zac Hall @apollozac Benjamin Mayo @bzamayo Subscribe Apple Podcasts Overcast Spotify Read More Reports of M1 MacBook screen cracks occurring during normal usage Apple reportedly asking employees for their vaccination status in some locations Apple releases watchOS 7.6.1 with ‘important security updates' for Apple Watch NHS app adds COVID Pass feature with Apple Wallet support Apple reinstates mask requirement at most retail stores in the U.S. When is Apple releasing a new MacBook Pro, and should you buy now or wait? Apple releases new macOS Monterey build for public beta testers with Live Text for Intel Macs Apple releases new iOS 15 and iPadOS 15 public betas with latest Safari changes and more TSMC 2nm chip plans announced, a day after Intel said it could catch up Should you buy the iPad Air or the 11-inch iPad Pro? Hands-on: iOS 15 beta 4 changes and features – more Safari tweaks [Video] Tim Cook says Apple had strong growth of iPhone switchers and upgraders in Q3 2021 Listen to more 9to5 Podcasts Stacktrace Apple @ Work Alphabet Scoop Electrek The Buzz Podcast Space Explored Rapid Unscheduled Discussions Enjoy the podcast? Shop Apple at Amazon to support 9to5Mac Happy Hour!

EP271 - Amazon Q2 2021 Earnings Recap  Jason is back on the road and has some retail store visit reports: Bed Bath & Beyond Flagship in Chelsea Harry Potter Store New York Google New York Neighborhood Goods Starbucks Reserve New York Amazon Q2 2021 Earnings Recap Episode 271 of the Jason & Scot show was recorded on Thursday July 30, 2021. 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: [0:24] Welcome to the Jason and Scot show this is episode 271 being recorded on Thursday July 29th 2021, I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-hosts Scot Wingo. Scot: [0:40] Hey Jason and welcome back Jason Scott show listeners, Jason is one of my favorite days of the year and what's exciting is it happens four times a year yep you guessed it Amazon earnings but before we jump into some pretty dramatic earnings this quarter you are coming to us live live live from New York city so it's good that you're out there on the road again and word has it you have some trip reports these are their first trip reports you've been able to give our listeners for last 18 months. Jason: [1:14] Yeah they like this feels like a little bit of normalcy for me is talking to you from a hotel room like I used to do this all the time and I think the first show in 18 months we recorded from a hotel. Scot: [1:28] Nice what's jump into I know you've been on many many store visits let's what's what what are you been seeing. Jason: [1:35] Yeah it was fun I mostly want to focus on stores that had opened for the first time during the pandemic and surprisingly. There are several of those in New York City so I'll start with the one that is closest to my hotel and therefore the first one I went to this morning there's a new flagship Bed Bath & Beyond store that opened in Chelsea. [1:59] And ordinarily folks might say why do we care about a Bed Bath & Beyond store that doesn't sound very interesting and I get it but. The reason it's a little interesting to me is because twofold, they've had a major management and Leadership change at Bed Bath & Beyond they the new CEO is a guy Mark Triton we've talked about a little bit he was responsible for a lot of the new product development at Target before he joined Bed Bath & Beyond, and he announced that he was. [2:31] Doing a dramatic story design and so this Chelsea store is that store and I wanted to check out how he's changed it from what we traditionally think of as a bit Bath and Beyond and it is. Pretty substantial change. Bed Bath & Beyond traditionally is a pretty chaotic treasure hunt so very hard to find your way around people complain that they get lost and can't find an exit the, the lines of sight in a Bed Bath & Beyond or horrific so they stack product to the roof so you can't see very far in any direction in the store. Um and you know it's usually a cluttered mess and so this store. From a visual merchandising standpoint is a much more organized attractive store they it's dramatically more open it has clear lines of sight it has, um like a nice wayfinding system in a visual hierarchy you know it doesn't feel as much like everything's about to fall on top of you or you do it you when you walk in the store so it. [3:36] Visually is more impressive and it's more important it's a more pleasant environment to stand in. Um and so I'll be curious from a pure retail design standpoint I would say it's way better. [3:49] It's pretty off-brand for bed but for what we traditionally have thought of as Bed Bath and Beyond and and because of all those, those sort of clean cleanliness approaches it actually has a fairly significant SKU rationalization so there's fewer skus in the store. And there's probably some Bed Bath & Beyond loyalists that are like you know looking for some of those old products that they no longer have so I'll be curious how the, if they successfully attracts a new Shopper that didn't used to shop Bed Bath and Beyond and whether alienates any of the traditional Bed Bath & Beyond shoppers. Part two of that store is that as he did it Target Mark has launched the first. [4:35] Owned brands for Bed Bath and Beyond and those brands have sort of significant. Prominence in this new store design so so there's I individual vignettes for every one of the Bed Bath and Beyond Brands they're all like, very prominently signed as exclusive to Bed Bath and Beyond and their well executed with attractive. Packaging and visual merchandising that makes them easy to recognize and differentiate so. A bunch of sort of traditional things right that you kind of you know things that are that targets well known for doing well like you're now seeing and Bed Bath & Beyond, um a fear is that people could walk in the store and say wait this is starting to feel like a Target store. Um so we'll see if how that all plays out but I would say if I had one knock on the store. It seems like they've changed the design team but they haven't really changed the store operations team and so, the thing I noticed as well the store was quite well designed and in the product layouts all made sense the store was still starting to feel a bit like a cluttered mess because of the same employees that used to work at the old store are working in this store and their parking shopping carts full of product that they mean to restock on shelves like out in front of things and blocking things and. It just it doesn't seem like they've. [6:00] Um Extended the the new visual merchandising approach to to the Staffing and store operations yet so maybe a work in progress. Scot: [6:10] Well how did they decide from the shopping carts Niles big decluttered it you mentioned they have less cues but did they go to kind of more of like a kiosk kind of a much more clear, kind of Department kind of orientation or how. Jason: [6:26] It's very it's segmented by department and it may not be a fair representation because well, this is a huge store so it made it easier to kind of reconfigure things it's a two-story store so you know you have a home section you have a bedding section you have organization section, um And you know there aren't all these like random nooks and crannies amongst other things I'll bet you shrink as way better in this store than Bed Bath and Beyond because it's super easy for shoplifters to hide and a Bed Bath & Beyond. The end and what they tended to have is like a featured. [7:06] Product display for every department so you know the there's a. Um a sparkling water Cafe sponsored by SodaStream for example. And you know SodaStream was a fast turn product and in bed bath and beyond that here they have a woman working behind a counter, pouring samples of Sodastream and they've launched all these SodaStream launch this new product at Bed Bath & Beyond all these. Branded flavors you can add to the water so IQ can get the bubbly branded flavors and so she's she's sampling different flavors for people they have a coffee bar where they're making you know Keurig copies. Um the other owned products again had their own like featured display where they you know set up a bedroom or a kitchen display that, was was featuring those Bed Bath & Beyond products one of the Bed Bath and bringing Beyond Brands is about green cleanliness and so they you know they have like a cleaning display and stuff like that. [8:14] I would also say they leaned into Mobile in the store and qr-codes more than they have in the past so I all of these feature displays had a big QR code you can scan that took you to a. Sort of a product specific landing page on in their mobile app. In-store pickup was was much more prominent with like a dedicated area for for Bo piss pickups in the front of the store you could do self checkout with scan and go using the mobile app and there was a lot of. Merchandising promoting you to download the mobile app and scan things with your your scan QR codes with your phone. Scot: [8:54] Very cool indeed I know you love QR codes and I think you love more is digital fact tags any exciting digital fact eggs. Jason: [9:01] They did not have any digital fact tags again they are using a lot more QR codes then Bed Bath and Beyond has ever used before and it kind of makes sense because you know, all the restaurants taught everyone how to use qr-codes. During the pandemic and side note I've been getting a lot of complaints from people that the restaurants are not. Give going back to paper menus and I've certainly noticed that here in New York City is that like things are open up they're not requiring people wearing a mask but they still don't have menus and they expect you to order your own food from that app. Um in a QR code on the table so I wonder if that's going to be a permanent thing I've talked to several people that kind of miss the. Paper menus and ordering from a waitress. Scot: [9:47] Cool what a where'd you go after Triple B. Jason: [9:51] So that's in Chelsea and around the corner from this store is the Wizarding World of Harry Potter, in this store opened during the pandemic as well about six weeks ago I actually had a chance to visit the store before it open but this is the first time I got to visit it with people in it. Um And you know this is a super well done themed store we've talked a little bit about it but you know it's the same. Sort of team that that did The Wizarding World of Harry Potter theme park experience so it's. You know they use they use the actual like tools and dies for props for the movie to make everything they have a. [10:38] A bunch of cool experiences that there's a bunch of personalized products you can get your name engraved on a bunch of stuff you know you can get your own admission letter to Hogwarts, um they have exclusive products like there's a particular version of the the Juan that golden finch one that you can only get from this store so if you're a collector of the ones. There's some product scarcity they have they have food they have a bar essentially for sailing it's selling the. The butterbeer which is from the the movie and is a horrible sweetened alcoholic beverage. There's a non-alcoholic version as well they're in the movies there's a there's a magic candy store so they have a magic candy store. And then in so the merchandising and stuff is really good what's interesting about this store is, that you have to get in a virtual line to get in the store so you you scan a QR code on your phone and that reserve your place in line and then you get texted when you're allowed to come back to the store and go into the store and so I showed up at like. 10:30 scan the qr-code and it said that I was 231 first in line to walk into the store. [12:02] I had to wait for about 45 minutes so that's you know two or three Starbucks for me and then I got to go in the store and. In the store are two virtual reality theme park rides, and sadly I have not gotten an opportunity to try either of those you buy tickets for those online separately from entering the store and, the the tickets sold out for the entire window that they're selling tickets for like the first week that the store opens so so it'll be a few months before you you can get a ticket and do one of these virtual reality rides. Scot: [12:39] So you just there's no motion the Motions all VR or there's like a combo your. Jason: [12:44] My so I don't know my understanding is one of them is a is like a sit-in VR so I do think it has motion but it's like. It's not forward motion it's like the jerkiness I don't know what the right word for that is but it moves a few inches in every direction is my. Understanding and you're looking through a VR headset the other experience you're walking and you wear like a backpack and a VR headset and I'm people say it's amazing I'm curious how that works because. From previous VR experiences you know first time people are not super. Comfortable in the VR environment and like people tend to like fall and stumble and do all kinds of things so I'm. I'm not exactly envisioning how this works so I'll be curious to try it one day. Scot: [13:36] Yeah yeah a lot you'll get nauseous from this viewer thinks do so I'll have to wonder how toned down it'll be. Jason: [13:43] Yeah yeah and I wonder what what cleaning protocol issues. Scot: [13:48] What well since it's magic that can just flick the wand and they're good to go did what house did you get sorted into. Jason: [13:55] Yeah so I didn't visit the Sorting Hat I did you know get my picture taken in Hagrid shoes and in the. It's quite a bit taller than me I'm about as wide as him but that's a separate issue, the the I got my picture taken in the phone booth and I got Steven a griffin door, Jersey and some unlimited Flavor jelly beans. Scot: [14:27] Nice very cool Bertie Botts. Jason: [14:31] Yeah exactly. Scot: [14:33] So you left their half drunk off butterbeer and where'd you go. Jason: [14:39] Exactly so then I went to the Meatpacking District which is just a little south of Chelsea. And my main destination there was that there is a new Google Store for the first time so Google has had pop-up stores and temporary stores in the past but this is their first, permanently open store, and it's open in what still is a Google office but was formerly the Google headquarters in in New York and so it just took like the ground floor of that and turned it into a retail experience. Scot: [15:16] So it's all the just mostly the Google what do they call it the Google home or Google Talk stuff. Jason: [15:22] Yeah it's so mobile so all the the Androids and pixels it's Google home so nest and and the. Google version of Alexa which is I think called Google home and then some some. Like miscellaneous stuff like there some gaming products and some things like that. Scot: [15:47] Cool are they still making Nexus phones haven't seen those in a long time. Jason: [15:52] Yes and I don't I don't think Nexus is them their version is called the pixel so the Google pixel is a Google branded Android phone. Scot: [16:01] They went from Nexus to pixel urgent. Jason: [16:03] Yeah and they might have a tablet that still branded Nexus but I'm not super current on the Google Hardware ecosystem, I would I would say I was a little underwhelmed by the store like it's a perfectly reasonably executed store it frankly doesn't feel any different than their pop-up stores it seems like it has a very consistent, um merchandising approach that doesn't feel like they invent anything new there's no digital fact eggs there's no qr-codes there's very limited product information and it feels more like a showroom than a store so like. There's you know one of everything kind of locked down and you have to talk to a person to get help you can't like. Pick up your own products and pay for them and I bought a few things from the store and they struggled to take my money like they. They all have mobile point-of-sale all the sales associates have mobile point-of-sale systems but like. Didn't seem like they mostly knew how to work them and this is a story that's been open for five weeks and none of them were logged into their point-of-sale terminals so they had to like take it out of their belt and go through like a five-minute like authentication process before they could take my money which, kind of tells you that they're not doing a high volume of selling stuff out of the store. Scot: [17:18] Did you try to pay with Apple pay. Jason: [17:20] I did in fact I didn't try I succeed. Scot: [17:23] Whoa really. Jason: [17:24] Yeah the in so I literally like looked at and then I might can I pay with Apple pay and then he like looked at me and said you mean NFC payment sure. [17:39] Yeah so that did work eventually once I found someone that had was logged into their point-of-sale terminal I would say the best part of this store, was that they had several vignettes in separate little rooms that were kind of great retail theater that was kind of telling the story of a particular genre of Google products so like I said down on a couch. In a in a little room that's you know kind of designed to look like a small house. And they teach you about all the Google Home Products so so they have like a projector that projects text down on the coffee table in front of you and they come up with all these scenarios like in the window, you see the silhouette of a UPS delivery driver come up and you hear someone knock on the door and then the table says you know teaches you how to use Google home to look at the front door camera. And so you can see the UPS driver and an approved the package and then, a woman in the background answer of your cooking lunch and the table teaches you how to use Google home to find a recipe to cook and you know the table teaches you how to pick some music to listen to and how to turn up the lights and run a good night routine to get ready for bed stuff like that so it was nice retail theater you know I can only serve one group group at a time and so again it feels like. [19:00] You know exactly what it is the stores you know mostly focus on sort of being a. In education showroom for for these Google Technologies more than like a high-volume retail. Scot: [19:14] Colts after being quote unquote that guy that had to pay with Apple pay at the Goodwill store where where did you go next. Jason: [19:21] I think they were just thrilled I was bad guy that paid for something, but yeah so then to other stores that are kind of kitty corner from the the Google store that I had been to before but like I really only opened just before the pandemic so I wanted to check them out again while I was there. The there's a neighborhood good store so we've talked about neighborhoods this is like one of these um d2c department store Concepts where it's like a shared retail space and Brands rent rent. Space primarily like DDC Challenger Brands rent space inside of this this department store so there's a bunch of vignettes in the store we visited one in Texas I think you were with me. And so this is a the Manhattan one and you know as I've discussed before like this it's reasonably well executed I actually think neighborhood Goods does. The best job amongst the companies that do this but I'm I'm not super bullish on the concept. Because it's the big problem is it's kind of a chaotic hodgepodge of Assortment like there isn't a merchant saying customers are coming to our store to solve problem X and so I'm going to have these products that solve that problem, so it's kind of a. [20:42] You have to go to the store you know willing to be completely surprised by what they have in the store right and it might be beauty products it might be a parallel in might be Beach where you know you couldn't go there with any specific need and have any confidence that, that there was going to be a product that match that need their but I would say. Neighborhood Goods feels a little more curated and a little more focused than with a point of view than some of these others. [21:10] And then I visited the the most important retailer in Manhattan which is the Starbucks Reserve store so, they're this is there's a small Fleet of Starbucks stores that are called the Starbucks Reserve stores they all have working, Coffee Roasters in them and have you buy the premium beings from any Starbucks anywhere in the world that come in the black bags they're getting roasted on premises in the stores, these doors all have like alcohol and unique coffee bars, in a bunch of drinks that you can't get in a regular store and they usually have some like third-party restaurants in the stores and their huge extravagant beautiful architecture. Um stores so the largest coffee shop in the world is a Starbucks Roastery in mine in my city in Chicago the first one of these was in Seattle which is home of Starbucks, the only other one in the u.s. is this Manhattan one in flat iron which is. Um well we execution but I would say nothing that I haven't seen in one of the other. Starbucks reserves and then there now is like a Starbucks Reserve in Shanghai and a Starbucks Reserve most controversial of all in one of the cities in Italy. [22:28] And I say controversially because the Italians like their coffee and don't necessarily appreciate the American coffee brand so it was kind of a bold move on Starbucks part to open this. Ginormous Coffee Emporium in in Italy. Scot: [22:42] Read teach them how real coffee is made. Jason: [22:45] Exactly my favorite feature of the Starbucks Reserve stores is I mentioned they wrote their own beans in the store and then they have these fancy coffee bars. So what they've done is they they have a Willy Wonka style vacuum tube or a series of tubes, so to me it's a metaphor for the internet that runs from the the Roasterie to the coffee bar and so the you literally like if you're there when they're roasting can watch beans. Flow through these tubes straight from where they've been roasted to the bar where they get ground into coffee drinks. Yeah yeah it's very very Willy wonka-esque and again the startx folks do a great job of visual merchandising, this kind of reminds me of the first time I walked into a Nike Town and it was kind of this like. Temple to the Nike brand and they did all these things that back then were not common like they you know design the door handles of the store to be swooshes and all these cool little touches, and in many ways this these Starbucks stores feel like the modern successor to that. Scot: [23:58] I noticed you didn't mention one of our favorite stores beta and that made me think about one of the big buzzes before the pandemic was that Hudson yards event is that right yeah is that what's going on with with those guys. Jason: [24:12] Um well so I don't have super first-hand information Hudson yard is still open a giant floor of Hudson yard was a Neiman Marcus the fanciest Neiman Marcus and that is out of business. Um I don't think they have another tenant for that yet but I didn't go to Hudson yard and this visit it's actually in this area so it would have been. [24:34] Possible to walk too but I just didn't have time and that Hudson yard does have a beta. You know I think beta struggled a little bit in the pandemic they kind of were optimized to be pandemic unfriendly like most of their stores are in malls like heads in yard that had. Significant decline in trout in traffic, and they're kind of the opposite of Essentials right like so there they have a very curated point of view their Consumer Electronic gadgets but again you wouldn't go there because you need a Bluetooth headset like you'd go there to find some new. [25:10] New Gadget that you didn't know existed that you wanted and I think that kind of shopping you know was particularly impacted by the pandemic like you tended only go to the store when you really needed something so, um you know I think some of the founders of beta including bib who's been on our show I think at least once, we're kind of public during the pandemic about some of the the challenges they were having trying to take care of their employees and you know stay open and generate Revenue, and I would say you know one thing that I've been a little critical of beta I think they do a bunch of things very well they've always been slow to embrace omni-channel in the web so they really focus on the in-store experience and I've been kind of critical that they don't have a, equivalent online experience and I have a feeling that that that deficiency probably you know was extra painful during the pandemic so hopefully they're starting to recover now. Scot: [26:05] Yeah yeah hope they make it too because this one of my favorite favorite gadgety places to go. Jason: [26:09] Yeah I have to be honest because I also I didn't even mention it because they're so boring but I bounced into the Flatiron Apple Store, and it like it dawned on me how fun I used to think it was to walk into a text or or a computer store or even a Best Buy because you would always discover something you didn't know existed that you wanted. And that doesn't happen anymore like there's there's very few sores that surprise and Delight you with their product assortment like you know because of the. The you know all the digital pre-shopping like you're way more likely to know about all the cool products from from the web before ever before you'd ever you know stumbled across it in the store and in the case of Apple. There you know rationalizing their inventory to exclusively Apple products so they just have less interesting accessories and you know lesser-known things than they've ever had before. Scot: [27:06] That sounds like a busy day you're missed. Jason: [27:10] Yeah yeah I'm a little tired and then of course I had to spend about eight hours deep diving into the Amazon earnings. Scot: [27:17] Yeah that's a good set of well thanks for doing those trip reports for so no enjoy hearing hearing your exploits as you're out there and hopefully you can keep exploring this Delta variant won't shut you down so let's jump into the Amazon quarter. [27:45] So Amazon released calendar Q2 results and I'd say it was the toughest Amazon quarter and quite a while so, you know the headline here is in Wall Street vernacular companies put out their own projections and then Wall Street Khan does their own math and which is called consensus a lot of times based on the history of how the company does Wall Street will either go above kind of what the company says or below it or whatnot and I would qualify and when you when you exceed wall Street's expectations that's called a beat and then when you then Wall Street always looking out it's a what have you done for me lately or in the future coming so then they're always thinking about you know what's going on in Q3 and they already have consensus for that so you either beat or miss the current quarter and then raise neutral or lower than forward quarter or the years Viewpoint and this is this is kind of the the worst scenario here is it was a myth so they missed wall Street's Revenue expectations and then they lowered Revenue expectations going forward so so that's no good and we'll dig into what happened there and then the Silver Lining here though is the in this part is really isolated to the on What's called the segment called online store which is effectively the e-commerce part of the business which was Amazon obviously is pretty big and important. [29:13] But they actually exceeded expectations on the high margin parts of the business that everyone really values even more than when you see the sum of the parts kind of things so things like the advertising piece we talked about AWS and some of the other the third party Marketplace they actually exceeded expectations on those side so if there's a silver lining it's that they kind of you know the e-commerce year-over-year comparisons were really tough and we'll go into why but then the other non e-commerce parts of the business did really well also as a reminder this is the first quarter where Jeff Jesse is taking over to the new CEOs taking over so the timing. [29:56] Yeah sorry yes I do Andy Andy Jesse is taking her so, you know the timing is tough for him because he gets to kind of reside over you know what feels like a long time since the company has missed a quarter but in a way, you know it's a chance it's kind of what a lot of Wall Street people are also called kitchen sink quarter so you kind of like if you're going to have a little bit of a rough quarter you might as well sweep everything into this quarter lower expectations and that resets the bar hopefully so that you can then start to get back to exceeding that those expectations so a lot of folks were kind of saying yeah. Projection didn't felt pretty aggressively low compared to the quarter so a lot of people were kind of framing it as maybe that's what's going on there. Jason: [30:44] Yeah it's interesting I listen to the the webcast. Where you know reporters and analysts get to call in and ask questions and you know one of the questions was kind of critical asking like what they what they missed in terms of pandemic trends that that adversely affected in this quarter and and I don't remember who the Amazon employee was that answered but he's like we've been pretty consistently bad at predicting the impact of the pandemic he's like you know in the in the good quarters we wildly underestimated what would happen and you know this quarter we over it we underestimated the the counter Trends and so you know he's like. At least we've been consistent in being being wrong. Scot: [31:33] Yeah it is hard to predict even now you know it's hard to predict what the second half of this year is going to look like right you can you know the data the immediate data is telling you everything is like on fire in but then you know this Delta variant you know there's always talk so shutdowns and stuff again so the cone of uncertainty is quite large right now for everybody. Jason: [31:55] Yeah and go ahead I was just going to say I had I almost wonder if. Amazon like is taking a little extra hit for being one of the earlier Q2 earnings calls. Because I feel like everyone is going to have a kitchen sink quarter it's going to be super complicated and they're going to be ups and downs. You know for a for a lot of retailers and I think you know the analysts are kind of learning about the factors through these first couple earnings calls but you know the, the Amazon quarter may not look as bad you know once once we get through the whole learning seen each season and see how everyone shook out. Scot: [32:35] Yeah I think what we'll do is we'll kind of track this through the next couple weeks and and maybe it actually won't look bad in hindsight but kind of been one of the first ones to report the only one that I saw that came out earlier was Shopify and they had a pretty rip-roarin quarter they exceeded that was a beat and exceed so so you know it's kind of kind of weird of the mix of what's going on here and, I can't hundred percent parse out like why would Shopify do better than Amazon and you know why would smbs do better than big old Amazon so maybe maybe it's just a comp thing you ever your butt will dig into that for listeners. Jason: [33:15] Sad no my hypothesis on Shopify would be that the pandemic taught a lot of small businesses that they needed a website and, ideally if they were in one of these categories where they were Outsourcing digital to Door – or instacart or you know my web grocer or someone else, that they started thinking about needing their own website and if they were you know mainly selling through marketplaces and then you know Amazon throttled FBA, like they suddenly realized they needed their own direct sales and so I do think. There are a bunch of the pandemic trends that would particularly cause small business this is to invest in their own website for the first time and so that that could have could mean that a bunch of, customers on boarded onto Shopify which kind of helped Goose their number. Scot: [34:08] Yeah they don't break out new net new. Jason: [34:11] No no I wish they did because that again like they had a huge GMB growth but the problem is we never know if that's because the stores that have been using Shopify for a while doubled in size or because they doubled the amount of stores they host. Scot: [34:25] Let's dig into the Amazon numbers to kind of give the context is kind of one of the early results here and then then we'll follow up with some more details so overall sales increased 24% taking out the effect of currency and variations for the quarter 213 billion for the second quarter that is the slowest growth since 2019 and that's when I stopped looking back so you know Amazon's been growing much much faster than 24% for quite a while here so this was a very slow quarter which is kind of funny because pre-pandemic e-commerce is growing 15% so so it's all relative I guess but slow for Amazon. [35:08] Actually above Baseline for normal e-commerce I would say this cause them to miss the consensus so the number they came out with his 113 consensus was 115 and change and then Amazon they did kind of come within their own guidance but at kind of the midpoint and whereas for the last six plus quarters they've come in at the higher beat their own guidance and then another thing you know if as you think about these moving parts Q 221 had prime day and last year it was in Q4 of 20 so we should have had the benefit of prime day but then you know obviously, Q 220 covid-19 at its peak in Amazon was was going to be benefiting from that Surge and all the PPE stuff they were pushing out and Essentials and all that and then obviously we don't have that this year so lots of moving Parts going on and then Amazon does peel the onion a little bit with the segments and want you walk us through that. Jason: [36:13] Yeah happy to so the big segments that the Amazon discloses are North America international and AWS, so North America in Q2 of, 20/20 had grown 43 percent. Tends to be growing a little slower than International it's the biggest piece of the business I want to say it so I 62 percent of the business, and so this this Q2 it only grew by 22 percent so the rate of growth substantially slowed down. Um The you know a couple of the things we try to zero in on in that are the online sales and the brick-and-mortar sales so the online stores grew by 13 percent which again is, the slowest rate of growth for North America online stores in at Amazon that I can find in history. [37:19] So so that that's a pretty significant deceleration and you know pre-pandemic we used to talk about e-commerce growing about 12% a year, and Amazon was typically their store their online store sales North American Sales were growing in though I Thirty to forty percent a year so, um it we won't know yet the Department of Commerce data on e-commerce won't come out for Q2 until August, but it's very possible that this will be the first time in a very long time that Amazon's growth in e-commerce was slower than the industry average I'm going to go out on a limb and guess that that's not going to be true. The industry average is going to slow down as well but like you know they're those numbers are flirting with each other and usually Amazon as well above the the industry average. [38:10] Um and then also interesting and quite complicated is physical stores So Physical stores had a rebound they were up 10% Q2 of this year versus Q2 of last year, and you know. Previous quarters had been going down quite a bit so Q2 of last year was down 13 percent from the previous year so. [38:35] The the thing then think about here is physical stores that Amazon mostly means Whole Foods so that they have about 15 on Hall food stores or maybe 70 now, but most of the revenue is Whole Food stores and there's a quirk where when someone buys an online delivery order from Whole Foods. Amazon online sales gets the credit instead of Whole Foods so so for a long time the stores their number has been declining and and the hypothesis has been that's because. [39:10] More people are learning how to shop online and that makes the, the people that are buying from the cash registers at Whole Foods look smaller and so this was the first quarter in a long time that Whole Foods had a net growth, which is interesting because that's grocery is not necessarily one of the categories that you would you know. Grocery had a huge quarter during the pandemic and so you would you would expect not to see real Healthy Growth in grocery stores this year comping against the pandemic quarter from last year so, I found that interesting so then the next category is international it was a little more, robust versus usual it was up 26%. Which I guess I misspoke because that's that's actually a lot slower than usual. [40:09] So so that also was kind of a downer and then AWS, um what what Drew quite robust so it was up 37 percent versus for example being up 29% the same quarter last year. So so the rate of growth of AWS accelerated and you know the funny thing is how this plays out because of these diverse businesses Amazon has and the fact that, you know a WS and some of the other businesses are so margin favorable when, you know retail is the biggest piece of their gross sales so so when retailgeek us down there grow sales go down but their profitability goes up basically. And conversely if retail has a gang Buster quarter likely is going to have a negative impact on their on their margins so. So you know there's always happy and unhappy news and in a company as complex's Amazon these days. Scot: [41:07] Yeah the International Center success scanning the results on a psycho 36 percent that's good but then it was like X FX was 26 percent so 10 points you know which is a pretty material chunk of that growth was due to currency so that was interesting the dollar must have been strong a year ago and then quite weak now to have moved ten percent against the basket of currencies they're measuring against. Jason: [41:32] Yeah in the press conference the CFO called out that this is like one of the, most complicated highest fluctuations of the international currencies and so he was he you know he was trying to exclusively talk about, the the normalized numbers because he's like you know this was a very unusual quarter from the currency standpoint. Scot: [41:53] Yes I've done this having operated. On the international side it's super frustrating because you're like oh man we had a great quarter and then you get the results of the taking out the currency then like knocks like half of the work in there and you're kind of like that's not fair I'd have no control over that but it is what it is. Jason: [42:12] Indeed and it is part of the cost of doing business on that scale unfortunately so a couple of things kind of Sub sub numbers within those numbers that were interesting. You know increasingly Amazon makes a lot of money selling services to the third-party Sellers and so the 3rd party seller Services number grew quite robustly that group 34 percent, that's a nice high margin business and I think the third-party Sellers as a percentage of total sales hit a new high mark, 422 they were 56 percent of all sales so I that's the highest number I remember because I want to say was 54% last quarter which was at the time the highest number. Scot: [42:57] Yeah that's interesting it's been for longest time it was just a fifty percent for years and years and then it seems to be on a bit of a take off right now just which is interesting I wonder if it's. Conspiracy theorists would say hmm I wonder if this is a way of further insulating themselves from scrutiny from from any Trust. Jason: [43:18] Yeah and then when number that I was curious to get your take on so subscription Services were up for 28%. And the thing that's interesting to me about that is I have always assumed that the bulk of subscription Services is prime. Um and I actually think there's some data points from outside of the earnings call that point to the. The growth rate of Prime members slowing substantially for Amazon so I think you know there were a bunch of forecast that that, you know they may have only added to % Nu Prime members on Prime Day last year which. You know the there over half of all the households in America are prime numbers so they're kind of is the law of large numbers kicking in here but you know they used to get. Very robust double-digit growth in Prime members just from Prime day and it felt like those things are slowing down so I was surprised to see subscription services so high do you have a. A take on why that might have been. Scot: [44:19] Yeah so let's see so we had to Prime days in the last under a year so we had October and then June, most people would be in there free window isn't there free window of prime still we get 30 days free. Yes I don't think June would have really moved the number so it must be residual from. Q4 now that does show up they'll kind of start in q1 I don't know that that's interesting I do I have read reports that there you know some of the international Prime was kind of slow to take off and they've tweaked the offerings in some of the countries like the UK has been popular but other parts of Europe like maybe Italy and Spain has been a little sluggish and then I think they've tweaked the offering and then India I think they've been doing a big push there if I recall so so maybe again it's kind of it'll break unfortunately don't break down that that piece by North American International like the other pieces we can kind of see my bet would be us as slow and maybe a lot of it came from. Jason: [45:24] No that's a great point I wasn't I wasn't thinking about that but you're probably exactly right in a reminder for listeners the prime offering in a lot of other countries is, significantly different than the North American offering the North American offerings the most robust so there's a lot of things, that you get in that North American offering that they're they you know they're not doing same-day delivery and every Market they're not doing Prime Video in all 22 markets where they offer Prime so. It said that the the offering is more compelling some places than others. [45:56] Um and then the most important number of all Scott you know the number I always focus on is the super descriptive other Revenue, and so as a reminder other Revenue we think in Amazon's case is mostly their advertising Revenue in this this has been a rapidly growing number of for them every quarter and it was rapidly growing again, it had 83 percent growth to you know just under eight billion dollars for the quarter I did some quick math and I think my math ended up being slightly different than you so I wonder if I did. Not trying to see adjusted and you did currency adjusted or something like that, but I think the Run rate at the last four quarters for other is now 28 billion. So that they are they are like the clear number three advertising Network in the US and they are they're rapidly gaining on Google and Facebook. Scot: [46:56] I think the trailing 12 would be that number and then I think the Run rate would be about eight times four which would be 32 would be the run right yeah. Jason: [47:05] Fair enough yes yeah although I don't think that's completely even so yeah. Scot: [47:10] Yeah that assumes that they're going to at least do that as well as they did this quarter 24 now this this is one of the things that would have had a in the quarter bump from Prime day yeah and I I heard anecdotally you probably have a better kind of quantitative data on this that this Prime day people get like really Knives Out fighting for customers and spinning out a ton on ad dollars as did you hear, some similar stuff. Jason: [47:36] Yeah and I think like every other advertising platform out of the world in the world like that Amazon is getting better and better about optimizing, the pricing for Prime which means that it is less profitable for the advertisers right because they're getting as much as they possibly can so the kind of the the return on ad spend is going down as the revenue to Amazon is is going up, um and increasingly like there is no visibility for your deals on Prime day like unless you support them with ads. So in the same way like no one's going to see your organic content on Facebook if you don't buy an ad you know nobody is going to see your product listings on on Amazon without add support. Scot: [48:26] Yep pretty amazing how fast they made that go from a hey if you want a little bit extra traffic do this now it's like hey if you want to sell anything you better run some ads. Jason: [48:36] Yeah it's the bane of my existence because every retailer is trying to recreate that you know on a smaller scale and. It creates all kinds of complications as a brand it's really hard right now because you're getting extorted for retail advertising dollars from all these retailers there are many cases don't have the reach to justify the money they're asking for but in some cases you can't say no because they're your wholesale partner is going to kick you out of the store if you don't give him the money so it's interesting. Scot: [49:06] Of course those were the segments and then so I would say well she was kind of looking at that like kind of a mixed bag you know we wish they had at least meet expectations there but it's nice that the high-margin things kind of beat our expectations and then the guidance came out and that's kind of like where it was like a this is this does not look good so what happened here is a guided to 106 to a hundred and twelve billion so at the midpoint it's 109 that is 13 percent year-over-year growth consensus was at 119 so they're off by kind of 10 billion there they, lowered the expectation by 10 billion and then during the Q2 results we didn't go into it in super detail but the they missed the Top Line because those high margin businesses exceeded the overall profitability of the business was decent right so it wasn't wasn't terrible. [49:58] But here they've now lowered the bottom line to pretty considerably below expectations and then that brings down the whole year so you know I looked after hours the stock was down 8% I think it'll be a little bit of a bloodbath tomorrow as everyone kind of like real lions towards you know this well what is it is a 13% grower I don't think anyone had modeled out 13 percent growth for Amazon this year so so that will be a little bit of a blood bath and a resetting them expectations which I think again if I'm the new CEO this is might as well go ahead and do it now and and then hopefully he can kind of like use that Foundation to start beating exceeding expectations but that was that was kind of the ugliest part I think that really kind of you know everyone's kind of mix quarter you know hopefully the guidance will be kind of you know not really impacted and it was kind of like a little bit of a shock at the end there about how low they did Diamond Stone. Jason: [50:58] Yeah yeah and again Amazon was one of the very first retailers to report their Q2 numbers and so I think it is going to be super interesting to follow the rest of the earnings. And see where the rest of retail lands. You know and whether they're adjusting their guidance for the end of the year because pretty good point that this fear of uncertainty is huge. And you know nobody knows like are we going to be back in the pandemic behaviors in Q3 and Q4 as variance get worse are, you know is they're going to be spending their money on weddings and vacations that you know had been deferred and instead of in retail like how does the. The you know tweaks in government stimulus and the childcare credits and all those things impact spending like there's just so many factors. It's really complicated and it's going to be interesting to see how those all net out for the Walmarts and targets and Best Buys of the world. Scot: [51:55] Yeah and you know for listeners we're going to this is kind of one one data point and we're going to keep track of other retailers as they report and kind of sort through it for you so we can figure out what's going on in the data and you know here in retail Land by the time July rolls around and we had in August we're all thinking about the fourth quarter so what we're trying to do is parse these tea leaves and see if we can help you think through any strategies for the fourth quarter so that's going to be where we'll start to lay down some content here in the next several episodes. Jason: [52:26] Yeah now a number of listeners asked me to ask you like because Amazon had such a soft quarter it's presumably going to affect the stock is that going to slow down your plans to buy a ticket on Virgin Galactic at all or. Scot: [52:39] I have no desire to go to space so I'm more than happy to watch the billionaires do their thing and you know and I'm glad they're not spending my tax dollars so I'm all good with what they're up to. Jason: [52:53] Fair enough I think the listeners will be thrilled to know that you're staying safe. Scot: [52:58] Doing my best. Jason: [53:01] Awesome well I think that wraps up this this quick take on Amazon earnings as always if this was valuable to you we sure would appreciate that five star review on iTunes. Scot: [53:16] Thanks everyone for joining us and… Jason: [53:19] Until next time happy Commercing.

In this month's edition of AppleVis Unleashed, Thomas Domville, Randy Rusnak, and Mike Malarsie discuss recent Apple news and other topics of interest. Topics featured in this podcast include: Club AppleVis Apple is Allegedly Making Employees Wear Police-Grade Body Cameras to Prevent Leaks Apple's MagSafe Battery Pack: Everything You Need to Know Apple suppliers gearing up for new AirPods, MacBook Pro releases in late 2021 Apple to boost 'iPhone 13' production to 90M units in 2021 New 'iPhone SE 3' expected in early 2022, says supply chain sources Kuo: 14-inch and 16-inch MacBook Pro to Enter into Mass Production in Q3 2021 Apple will debut AirPods Pro 2 next year according to analyst Ming-Chi Kuo Non-invasive blood sugar measurement announced by Apple supplier Rockley iPhone 13 (2021): Rumors, release date, price, features, and more LiDAR to Remain Exclusive to iPhone 13 Pro/Max [Rumor] Apple Rumored to Give iPhone Much Faster Wi-Fi 6e Apple Releases iOS 14.7 and iPadOS 14.7; Bringing Support for Apple's New MagSafe Battery Pack and Other Minor Enhancements Clubhouse is no longer invite-only Alexa finally gets a masculine-sounding voice option You can email the Unleashed team with feedback or questions at unleashed@applevis.com Alternatively, you can leave a voice message for the team by calling 1-816-774-1668 (note that this is a United States number, so call charges may apply depending upon your call plan and location).

On the AppleInsider podcast this week, we discuss leaks of the "M1X" iMac coming in 2022, Apple struggles to finalize Safari's design in iOS 15, incredible Q3 earnings, and more! If you have questions or comments on the show, tweet at @stephenrobles and @Hillitech. Find us in your favorite podcast player by searching for "AppleInsider" and support the show by leaving a 5-Star rating and comment in Apple Podcasts. Support the show on Patreon or Apple Podcasts to get ad-free episodes every week and early access to the show! Podcast artwork from Basic Apple Guy. Download the free wallpaper pack here. Sponsored by: Brightside: Take your free mental health assessment and get up to ONE HUNDRED DOLLARS credit on your first month of treatment at: brightside.com/appleinsider HelloFresh: America's #1 Meal Kit! Use the promo code appleinsider14 for up to 14 FREE meals plus FREE shipping when you visit: hellofresh.com/appleinsider14 Zocdoc: Go to zocdoc.com/appleinsider and download the app to sign-up for FREE. Find doctors and specialists that take your insurance and even book appointments online! . Links from the show Notes of interest from Apple's Q3 2021 earnings report and conference call 'iPad mini 6' could sport 8.3-inch display but retain the same footprint 'High-end' Apple Silicon iMac may not arrive until 2022 2022 Mac Pro said to use Intel Ice Lake Xeon W-3300 CPU Apple expects high demand for 'iPhone 13,' orders over 100 million A15 processors 'iPhone 14 Pro' may come with titanium alloy frame or enclosure in 2022 Apple to restore mask requirement at Apple Stores Tim Cook confirms employee return to Apple Park pushed to at least October MagSafe Usage Graph - Stephen's Tweet Apple MagSafe Battery Pack Review: Great, but controversial Fourth macOS Monterey beta brings Live Text to Intel-based Macs Apple releases fourth public beta of iOS 15, iPadOS 15, tvOS 15, watchOS 8, macOS Monterey iOS 15 Safari - Gruber's Tweet 'Ted Lasso' season premiere breaks Apple TV+ viewing record Apple greenlights 'For All Mankind' season four, Writers Guild suggests 'The Office' writers credit first video iPod with boosting show's popularity The Fire That Forged Giannis Antetokounmpo Those interested in sponsoring the show can reach out to us at: steve@appleinsider.com

PTC Inc., Q3 2021 Earnings Call, Jul 28, 2021

Apple Inc., Q3 2021 Earnings Call, Jul 27, 2021

Eric's on the road again this week, but before he leaves we take a look ahead to the big gaming releases of Q3 2021!

Listen to a recap of the top stories of the day from 9to5Mac. 9to5Mac Daily is available on iTunes and Apple's Podcasts app, Stitcher, TuneIn, Google Play, or through our dedicated RSS feed for Overcast and other podcast players. Enjoy the podcast?: Shop Apple at Amazon to support 9to5Mac Daily! New episodes of 9to5Mac Daily are recorded every weekday. Subscribe to our podcast in iTunes/Apple Podcast or your favorite podcast player to guarantee new episodes are delivered as soon as they're available. Stories discussed in this episode:   Hands-on: iOS 15 beta 4 changes and features - more Safari tweaks [Video] Apple warns supply constraints will impact iPhone and iPad this fall Apple (AAPL) reports record Q3 2021 earnings: $81.4 billion revenue, up 36% YOY Apple releases iOS 15 beta 4 and iPadOS 15 beta 4 to developers iPadOS 15 beta 4 overhauls Safari with Monterey-style design, new option in Settings Follow Chance: Twitter: @ChanceHMiller Listen & Subscribe: Apple Podcasts Overcast RSS Stitcher TuneIn Google Play Share your thoughts! Drop us a line at happyhour@9to5mac.com. You can also rate us in Apple Podcasts or recommend us in Overcast to help more people discover the show!

Despite long-standing challenges to economic growth, the nations of Africa continue to experience incremental progress. With a new Acting Director and Chief Executive Officer at Common Market for Eastern and Southern Africa (COMESA) Competition Commission and the digital revolution making its way across the continent, we're exploring Africa's economic and social outlook in Q3 of 2021 with our Africa competition and markets expert, Andreas Stargard. A co-founding senior member of Primerio, a business advisory firm helping companies do business within Africa from a global perspective, Andreas Stargard is legal, strategic, and business advisor to companies and individuals across the globe.  He focuses on antitrust and competition advice, white-collar counseling, contract dispute and negotiation, and resolution of global business disputes, including cartel work, corruption allegations and internal investigations, intellectual property, and distribution matters.  He has written and spoken extensively on these topics and many others.  Andreas also advises clients on corporate compliance programmes that conform to local as well as global government standards, and has handled key strategic merger-notification questions, including evaluation of filing requirements, avoidance strategies, cross-jurisdictional cooperation, and the like. What We Discussed in This Episode: What are the latest updates regarding the arrest of the president of South Africa? Is Africa getting in its own way when it comes to progress and growth? What is leading some African businesses to engage in price gouging? What is likely to happen to the natural resources in African countries if the local governments do not adequately protect them? Which industry is the target of the COMESA Competition Commission's latest antitrust investigation? How is the Biden administration trying to mend relationships with African nations? What might digital currency look like on the continent? What did Germany apologize to the people of Namibia for? Resources Mentioned: Andreas's article – COMESA taste-tests its 1st investigation in beer market – allocation investigation  Contact Information: Africa Antitrust & Competition News and Analysis blog  Primerio website Andreas's bio  Thank you for listening! Don't forget to FOLLOW and/or SUBSCRIBE to the show to receive every new episode delivered straight to your podcast player every week. If you enjoyed this episode, please help us get the word out about this podcast. Rate and Review this show in Apple Podcasts, Amazon Music, Stitcher Radio, Google Podcasts, or Spotify.  It helps other listeners find this show. Be sure to connect with us and reach out with any questions/concerns: LinkedIn Facebook Twitter  Sheppard Mullin website This podcast is for informational and educational purposes only. It is not to be construed as legal advice specific to your circumstances. If you need help with any legal matter, be sure to consult with an attorney regarding your specific needs.

We are reflecting on the second quarter of 2021 (April-June) and sharing our highs, lows, life updates, and what we are looking forward to in Q3.First, we want to start by sharing why we do these quarterly reviews. If you've worked in a corporate office before, you may have heard the term Quarterly Business Review (QBR). As creators making money from our business, it's important that we treat it like one! If you're unfamiliar with quarterly business reviews (QBRs),  QBR is a quarterly review meeting you hold with your customers.  In a typical quarterly business review presentation, you go through all the progress made in the last 90 days, outlining your plan for the next 90 days. One high for Emma's Edition:Surpassed her Quarterly Revenue Goal by $20,000Emma was shocked that Q22021 was as busy as it was. Emma came out of taking a full week off at the end of March ready for the second quarter of the year and the brand partnerships came pouring into my inbox. One high for Madcrayy:Contracted over $40k in Paid Brand CollaborationsComing into this quarter, Maddy's goal was to land $25,000 in paid brand collaborations to contribute towards my yearly stretch goal of $100,000. She is so excited to say that in Q2 she contracted almost half of my yearly goal! Tune into for the rest of the quarterly update!Follow Emma on Instagram: @emmasedition | Pinterest: @emmaseditionFollow Maddy on Instagram: @madcrayy | Pinterest: @madcrayyFollow the Content Creatives Podcast: @contentcreativespodcastJoin the Content Creatives Podcast Facebook Group!

This week, Richard Brennan from ATS Trading Solutions makes his debut on the show, and we discuss the complexity behind successful Trend Following strategies, momentum trading versus Trend Following, the importance of average win rate, how a weak edge can still lead to strong returns, deflationary environments and their past effects on the Trend Following models, which markets, and how many, to include in a profitable trading system, and how to find the perfect exit strategy with minimum risk. In this episode, we discuss: Why there may be no such thing as a 'simple' successful Trend Following strategy How to profit across multiple timeframes How momentum investing is often confused with Trend Following methods Average win rate versus average loss rate Why inflation is usually a good thing for systematic investors Trailing stops and risk management How many markets are ideal for a profitable Trend Following system Follow Niels on https://twitter.com/toptraderslive (Twitter), https://www.linkedin.com/in/nielskaastruplarsen (LinkedIn), https://www.youtube.com/user/toptraderslive (YouTube) or via the https://www.toptradersunplugged.com/ (TTU website). Follow Richard on Twitter. IT's TRUE