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When threats arise or issues occur, their team of seasoned cyber experts is ready 24 hours a day, 365 days a year for support. Visit Huntress.com slash Proph G to start a free trial or learn more. Today's number $45 million. That's how much Ken Griffin paid for get this. A Stegosaurus skeleton true story. When I was 14, me and my buddy were masturbating to some hardcore dinosaur pornography. Unfortunately, my mother saw us.
Get it, get it. It's like a dad joke that's also a little bit pornographic. Welcome to Proph G markets. Today we're discussing Trump's Silicon Valley backers and Supremes latest buyer. But first first here with the news is Proph G analyst Ed Elsa. Ed what is the good word what's going on with you? I'm pretty good. I want to get your honest reaction to Ken Griffin paying $45 million for Stegosaurus. What does that say about about the state of the United States right now?
Well, the two few people have too much fucking money. I mean, what else is to say about it? There's a there's a hot market and dinosaur exoskeleton. I mean, look, good for him. Although speaking of a long line, so having too much money, I actually contemplating bidding on Einstein's letter to Truman. I think warning him about the dangers of the atomic bomb. He has a I think it's I don't know if it's a written or a type letter.
But they think it's going to go for three to four million. So this is how you know you're an old person is when you start bidding millions of dollars on handwritten letters. That's how you know you're getting up. I think it's like the first time in my life, someone says, do you want to go to a cruise and I think, yeah, that sounds kind of nice.
Or I started thinking I don't believe you anytime anytime someone says the word P I need to pay. It's like I could be walking out of a urinal and if someone says, did you just P. I'm like, I have to stop and go back and P again. And you find like, I took a walk. Let's get back to me. I took a walk through the Rose Garden in Hyde. Was it Hyde Park or Regents Park? I have no interest in roses.
And I'm like, this is so beautiful. And I force my sons to sit down and and take a moment to smell the flowers. And I'm like, oh my God, I've become my grandmother. Anyways, this is where you have to look forward to. It's good. It's a nice change for you. What do you think of me? What it means when Ken Griffin spends that kind of money on a, a, a, a store skeleton.
Oh, yeah. I just think I think it's a really efficient use of capital. I think it, I think it says a good thing about our economy that, you know, there are people out there who have this much money to buy skeletons. I just think it, it shows that the market's a working and I, yeah, it's good.
So good about it. You're one of these anti capitalists. You think we need to move to a collective and communism. I think it's good. He's spending it. Let me say, I think it's better that he's spending it than hoarding it. I don't know. Whoever owned that skeleton now has now's live in large. Like, whoo. That's true. Dear Bob, he bought a new boat. How do you do that? We had some fucking dinosaur skeleton that he sold us some stupid white guy from Chicago. I like that story.
That's a good point actually. That makes me feel better. Should we get to the headlines? Yes. Let's start with our weekly review of market vitals. The S&P 500 hit a new record then dropped sharply amid a tax sell off. The Nasdaq had its worst days since 2022. The dollar declined. Bitcoin rose and the yield on tenure. Treasuries fell shifting to the headlines.
The Biden administration proposed a new plan for national rent control, which will force landlords who own 50 or more units to either cap rent increases at 5% or give up their tax credits. The proposal would apply to roughly 20 million rental units. And some late breaking news. President Joe Biden has dropped out of the race. We'll take a look at how the markets are reacting on Thursday's episode.
Universal Sony and Warner are suing Verizon for $2.6 billion over claims that the wireless provider has ignored piracy. The lawsuit ledges that the label sent more than 340,000 infringement notices to Verizon. But the company has refused to remove repeat offenders because they pay for better internet service. And finally, the UK's competition and markets authority is investigating Microsoft over its hiring of inflection employees.
The agency is in the first phase of an antitrust probe into the partnership and will decide in early September whether or not to launch an in-depth investigation. Scott, your thoughts, let's start from the top. A rent control doesn't work. It ends up reducing housing stock and increasing prices. And it's nothing but a giveaway to essentially rich white people.
I was right out of UCLA. I had a job of Morgan Stanley. And my best friend Lee, who had a job at Great Western Financial Bank and we were making good money. He said we should apply for, we should run a home in Santa Monica and see if we can get rent control.
I'm like, those aren't possible to get because everybody wants them, right? And he said, no, we're both, you know, these kind of high income earning yuppies. And those are who the landlords want. The landlords are like, okay, I'm going to get 80 applications for this.
I'm going to pick the person who doesn't need a rent control department. They have so much money that I have absolutely no risk of non payment. And so the result is that with rent control, you end up with a, a dearth of housing stock is nobody wants to build because they can't get a return on investment because there's going to be rent control placed on this asset they build.
So it decreases supply and all you end up doing is giving a gift to rich, you know, mostly rich, mostly white people who the landlord, you know, picks the safest bet in terms of economic security. It doesn't work. What they should be doing is figuring out legislation that makes it very difficult for local review boards to kill housing permits.
And so it should be providing if they need to economic subsidies that encourage more and more building. This is, this is straight. I mean, this is simple fucking economics. So this is all along, what did way of saying we should move on to the next story Verizon. I find this really interesting. I think in general, what you have is a group of people, a sector that has had the shake kicked out of it, specifically the traditional creative community.
They have slowly but surely seen their economics get worse and worse. In addition, there's been a genie coefficient here and that is Taylor Swift now sells more albums than all of jazz or all of classical music combined. So she's bigger than entire genres. That's a good set.
And everybody thought that the online music was going to create this long tail and there is a little bit more discovery. A great song can bubble up even if it doesn't get a contract with, you know, Warner music, whatever. But for the most part, it's created a globalization of music where I think Shade has a billionaire because in every country in the world, including Muslim countries, she's like the fourth biggest or the sixth biggest artist like she has made.
I think hundreds of millions of not billions of dollars. And by the way, she deserves that that shit is butter and sexy yet. I know I'm never, I'm never known of a when you're fortunate enough like every five years when you're fortunate enough to get a lady back to your apartment, just trust me on this. It's Shade and Shardinay. Boom, it's go time at anyways, little tip, little tip. So don't know how I got there. But these artists are.
They're pushing back and they're saying we're just sick of platforms and jacking themselves in between us and the consumer and starting most of the margin. And I think that they're basically lowering, lowering up and saying go after everybody because we need a bigger piece of this pie, because spending it, I believe on, on music has actually gone up.
But I think that it's gotten harder and harder for all but the top 1%, supposedly the US economy loses about 13 billion annually as a result of music theft and visit to music piracy sites increased 13% last year to more than 17 billion. And I think they're bad up and they're trying to find ways to restore kind of an economic structure that helps them. I don't know much about the case itself. The only thoughts here.
Let's just go through what they're actually saying in this lawsuit. They're not saying that Verizon committed any copyright infringements. They're saying that Verizon customers committed copyright infringements and that Verizon didn't do anything about it. So this is quite different from the other lawsuits we've been seeing and that we've been covering.
There were all these other AI companies that were actually stealing the content. They were stealing the music and those lawsuits to me were totally legitimate. And I think they'll win those lawsuits. This on the other hand is kind of a stretch like they're sort of as far as lawsuits go.
They're sort of scraping the barrel here. I don't really think they'll win. Having said that, I do think it says something bigger about where the music industry is headed, which is that after several years of getting pretty badly messed around with mostly by tech companies.
These music labels have said, okay, fuck this. We're taking everyone to court. And from a shareholder perspective, I think it is the way to do it because this isn't like a normal business. This isn't like they're not going to make money cutting costs or increasing production. All the stuff that we usually talk about, usually when we're talking about tech companies.
This is an intellectual property business. And so the way they're going to make money is by lawyering up just a massing an army of lawyers and winning as many cases in court as possible. So I don't think this lawsuit in particular makes much sense. I don't think that they'll win. I think that's a good idea. I agree. I think you said it perfectly. Infliction, you should take this. This has sort of been your story and you called this early. What are your thoughts here?
I talked about this specific arrangement with inflection and Microsoft last week. And if you want my views on that, you can go listen to our previous episode. The important story in AI that I think no one is really talking about is this surreptitious consolidation of power from the start up scene to big tech.
Because this one, this inflection Microsoft deal, this one was obvious. It was right there in the headlines. Microsoft hires co founder inflection and takes half of the stuff, which means to me that this is the tip of the iceberg. Because if big tech has gotten comfortable enough to do that right out in the open and even put out a press release about it and call it an organizational update.
Then what else are they comfortable with? What else are they doing to influence the start up industry and to basically swallow all of AI whole. I do think that as we dig further and as more of these investigations proceed, I think we're going to find out just how deep the collusion in AI really goes. And also just how big big tech has gotten. I think that's exactly right. And I think we've said this before. You've been preaching on this and this is.
Typically new technologies that go to the existing players or the new ones right the phone kind of went to existing players search search and social to new players. This is going to the existing players in environment with existing players are already too powerful. And they have tried to kind of do this jazz hands, Mr. Act and say, oh no, it's not Microsoft AI. It's open AI.
And that this case is really, really weird. Everybody basically they take the heart and lungs of inflection. They go over cooperatively in a pre planned a kind of weirdness to Microsoft but supposedly inflection is still a company. I mean, I interviewed readoff meant and he said, oh, well, we just had a board meeting. It's just very strange. I've never seen it before.
Yeah, what is what was his opinion? What are he's I know the episodes are I haven't listened to it. But what was his opinion on all this. Well, he basically said that no, it's still a company. We just had a board meeting and that he thinks there's going to be.
I think he was worried this that episode was going to end up in a court as evidence. But he said, no, I think there's going to be. I said, aren't you worried about concentration power? And he said, no, I think there's going to be a bunch of new players. What is he going to say? My guess is they think they can wait out the administration. I guess is there almost sort of hoping for a Trump administration that may or may not.
I think they're all banking on the fact that the Trump administration and this kind of leads into our next story. I think that will choose law and regulation based on personal relationships as opposed to the actual systemic law. Right. So it'll be like, well, I like him. Leave them alone. Not anyways, I don't I need you right here. We'll be right back off to the break with the look at Trump's new donors in Silicon Valley.
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Sign up today for your $1 per month trial period at Shopify.com slash tech. All lowercase. That's Shopify.com slash tech. We're back with Profty Markets. It appears Silicon Valley may be turning red. Following his endorsement of Donald Trump, Elon Musk announced he'll be donating $45 million per month to America back, a pro Trump political action committee.
The super back also has the backing of a number of high profile investors and venture capitalists, including a pair of Sequoia capital partners. Meanwhile, Mark Andreessen and Ben Horowitz told employees their firm that they plan to donate personal funds to pro Trump organizations.
Reportedly, they told staffers they think Trump can do more to support startups than Biden. Scott initial reactions to Silicon Valley appearing to go red. It's really strange because Silicon Valley used to be kind of deep and condescending blue. In 2012, 83% of the top tech firms contributions went to Obama's election campaign. I mean, that's striking 83%
The powerful were vastly over indexing blue. But look, it appears that Trump's kind of pro business policies appeal to the Silicon Valley elite that scary thing about an autocracy where where there is not rule of law, it becomes who he likes.
And so if you're a billionaire, chance start you're very focused on economic value, you're very excited about your companies. That's kind of what you know the kind of commitment and passion for required for your business dealings to get to that point make you obviously very invested in the success of that business.
And I think they have figured out that the way we're going to be uber successful is to kiss this guy's ass give money to the campaign and laws be damned. I mean, Donald Trump put out a tweet about Elon Musk saying he literally said in the tweet if I asked him to get on his knees and beg he would have he was incredibly insulting incredibly non-presidential making a personal attack against the Elon Musk.
And so Elon Musk is well the way I go from 120 billion to a quarter of a billion in that where I think it's starlink and and tariffs against those Chinese players or EV companies like B.Y.D. and no one gets worried that I control 70 80% of low orbit satellites as if I kiss this guy's ass and announce publicly that I am donating 45 million dollars a month of this campaign.
I find the concentration of wealth you know the the scarier it's much scarier than buying an extra skeleton of a dinosaur what scarier is that an individual can donate 45 million dollars a month to a presidential campaign. Especially when you have a guy that doesn't have any principles or is not an ideal log in any way and I'll just be like all right, oh, okay, Elon wants to see give me a quarter of a billion dollars.
He can have you know fine put tariffs on put tariffs on B.Y.D. and young people want to have access to affordable EVs or you know he's in the flip is true too. You think that companies that have state neutral or maybe have CEOs who have donated a democratic campaigns I think he's going to decide oh sorry you're you don't get any go you know bowing you can't bid on government contracts.
This is just becoming pure pay to play and also I just I find it so gross that some of the people who are the most fortunate in our society don't want to pay it forward they just want low low tax regime with no regulation. Just at the end of the day that just gets them richer at the expense of what I would argue are.
I'm really I'm really shocked is kind of one word and you know disappointed that we're seeing this kind of massive influx you know of capital across it I'm kind of flamic spot it was really really surprised you have any thoughts. I think the thing that's getting to me is I feel like the thing that everyone loves about Trump is he's anti establishment.
He's sticking it to the media he's sticking it to the man he's draining out the swamp etc but let's just like go through this list of what the guys who have announced they are supporting Trump in the past month or so so it's Elon Musk. Mark and recent founder of and recent hour was Ben Horowitz also founder of and recent Horowitz Doug Lee own founder of Sequoia Joe Lonsdale founder of Palantir Bill Ackman.
Pushing square David Saks Antonio Gracias Valor equity Cameron and Tyler Winkle Vos the list goes on but we should be clear that is the most establishment list of people you'll see I mean these guys run the most powerful venture capital firms in the world most powerful private equity firms in the world most powerful tech companies in the world.
It wouldn't be hyperbly to say that these guys run the country they are the establishment and I think the thing that bugs me is how they have branded themselves as these underdogs like they're these David's fighting against the establishment galaeth and the thing that
this is even more is the fact that people actually believe that crap and you know again we're talking about politics because we have to right now and I will acknowledge that there are also a lot of billionaires who donate to the Democratic party too I mean we just talked about read Hoffman he's one of the main guys behind that he's not donating 45 million dollars a month but yes sure he's on the he's on the list too but the idea that Mark and recent and David Saks and
Bill Ackman are out there fighting for working class people and you know fighting against the powers that be they're taking on the big dogs as opposed to basically just supporting the guy who's going to make them even richer as you have just said and who at this point will likely
throw them in his cabinet because he'll take whoever gives the most amount of money he is I mean this is how the mafia works he's a mob boss so I just I hope people can understand that this isn't about free speech isn't about DEI this isn't about you know patriotism this is about what it's always been and that is it's money and its power you're right it becomes the mob is the right the right analogy also
on a risk of just a basis you go quiet on criticizing Trump because he will you get the sense he will try and a levy or engage in retribution against his perceived political enemies and he may even weaponize the Department of Justice and try and put otherwise innocent people
jailer at least that's he's making hints at that so the upside of should posting Trump or the downside is much greater than should posting Biden people who criticize Biden still feel licensed to as they should in a democratic society criticize him whereas I think people start feeling like they need to be more tempered in the criticism of Trump and that's that's how you digress into an autocracy is that people are like well just don't say
anything because he will in fact come for you and use the full weight of these institutions that can put you in jail or make in poverty you that he's not above I mean basically some of these court cases have said he's going to be essentially have a dictatorial powers I say this is someone who's lived in London for two years and it was starting to fill this way when I left but it's gotten it's just much more severe I kind of don't recognize America
I was out at the end of the day was about the law about a group of people passing laws and having a voice in some people trying to think long term and slowly but surely money has become more important but this is now and these two parties competing on ideologies around you know limited government and freedoms you know personal freedom of the Republican party and the importance of good government and civil rights that was it used to be actually Republicans and it was Democrats
now the Republicans have gone full now it's about money and kissing Trump's ass that's it that's it I want to just give one example of that before we move on going back to the conviction the Trump conviction earlier this year you know he was found guilty in the following day the donations went through the roof and then there was this big announcement from the Trump campaign they're like we've raised 53 million dollars and 24 hours
and I remember reading down I'm like wow like a lot of people are doing things to Trump and that was sort of the narrative he's just rallied up the base and everyone's going all in they're all donating a lot of people turns out it actually wasn't a lot of people it turns out of that 53 million dollars 50 million was given by a one guy and that guy was this guy named Timothy Melon
who was a long time GOP donor and he is the heir to the melon banking fortune he's like his great great grandad who is some banking billionaire that's the story of the Trump campaign that's how they're raising their money it's all it's all billionaires controlling the whole story on on on the left to an extent but certainly on the right at this point
new some 2024 that's all I have to say I'm ready for the new guy the gal let's get on it we'll be right back off to the break with a look at like Saltica's acquisition of supreme Ryan Reynolds here from int mobile with the price of just about everything going up during inflation
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45 dollars up front for three months plus taxes and fees promoting the new customers for limited time unlimited more than 40 gigabytes per month so it's full turns at mid mobile calm we're back with brought you markets Rayburn maker S.L.A. or Luxotica is acquiring supreme the iconic streetwear brand for one and a half billion dollars that's nearly 30 percent lower than supreme's last sale price in 2020 Luxotica stock fell 4 percent on the news as the deal struck analysts as a bit of a mismatch
Luxotica is an iware company and supreme makes limited run t-shirts and hoodies as one analyst put it quote an investment in a consumer brand with no iware DNA needed further explanation Luxotica is presenting the acquisition as a means of expanding its customer base
but supreme's current owner VF corporation appears eager to offload the company after finding a lack of synergy between the brand and its portfolio by the way VF owns the North Face Dickeys and Vans Scott reactions to Luxotica and iware company buying supreme
so first of VF who acquired supreme is as repetition is being one of the best acquires in history they bought vans for a song and it turned it into just a global brand it's hugely well in China I think they've had huge success with North Face it's a really well run company and they're a great acquire this was sort of a pretty unusual in public a stub toe if you will buying it for 2.1 billion and then selling it what are they selling it for?
one and a half yeah so and then if you take an account time for years this is a terrible investment the person the person who probably talked them into this VF is probably moved on and it's no longer running corporate development of VF this is a pretty big stub toe if you will
I've never understood the brand to be honest I'm just not in this category but I've never quite understood it the revenue growth is stagnated in 2023 it was a half a billion dollars was down 10% year on year and supreme supreme's revenues for fiscal year 2024 were not reported
but the implied revenue multiple in 2020 was 4.2 in 2024 it's 2.9 I still think they paid too much and I think VF is smart to be disciplined and say this didn't work our thesis hasn't played out and they're going to take a $600 million right if that's not terrible
and I would bet that this is going to end up being I don't want to call it chapter 12 but two bad acquisitions in a row I don't think this brand is resonating and I don't know if it has the scale and half a billion dollars in revenue to kind of I don't know endure if you will this to me feels like a company that could go into just sort of a doom loop and they thought you're young what's going on here?
Yeah I think there's a lot going on here I mean first I think it's interesting to take a look at the acquisition history of this company so it started in 1994 kind of small cult following wasn't particularly successful until 2014-2015 you know it would be lines around the block
hundreds of people waiting in line to get their hands on these things and the reason that it worked so well is because they were just obsessively diligent about limiting the supply I mean you couldn't buy anything I remember I went to the store I was like you know
thought I was going to get myself something cool and there was nothing in the store so the whole thing was sort of like an economics lesson in supply and demand what's interesting though is who first acquired them it was the Carl L group they caught on to this
and in 2017 they bought 50% of supreme for half a billion dollars so it was a one billion dollar valuation and then they flipped it three years later to VF for 2.1 and now VF is flipping it on for one and a half so the real winner here is actually the Carl L group
who got in at the exact right time 2017 got out at the exact right time too 2020 and they doubled their money in the process I'm just wondering if you have any insight into how they nailed this one in particular I remember Warren Helman was one of my mentors
and Warren was the co-founder with Tully Friedman of Helman Friedman which is arguably the most prestigious private equity firm in the world and one of the most successful and probably the most prestigious kind of the original gangster of private equity and Warren said whenever we look back
over our winners and losers it kind of came down the distinction between the winners and losers it just came down to three things one did they get in at a good price I mean it just at some point you know almost any investment is going to be a good one if you get it cheap enough and at some point
I'm on the board of a great company that's growing like crazy I don't think I'm going to make any money because I invested in 2021 when the market was fucking hysterical around this shit so even though the company's performed really well I think I'm just probably going to get my money back
two is it growing they only invest in growing companies which I thought was interesting so no distress credits it's got to be growing growth growth kind of solves in business almost all problems as long as you have positive margins and you're growing if you just keep growing
eventually almost all your problems go away and then the third thing is did they have the right guy or gal running it those were the three things that distinguished their winners from their losers just focus on Luxotica's strategy here and try to justify it
I mean this is the first time they're going outside of Iowa they own a bunch of fashion brands but they're all glosses it's like Ray Bans, Pursol, Oliver Peoples, etc. it feels like to me what they're doing is something like an LVMH strategy and that is LVMH was a leather goods company
until it wasn't they realized they could leverage that brand to sell a whole bunch of other stuff so they merged with Mowai Hennessey they bought up a bunch of assets and now they sell everything and it's a $100 billion per year business and I just wonder if Luxotica is looking at that
they're looking at LVMH and Hermes and Kering and all these other sort of luxury conglomerates and they're thinking we want a piece of that action and so we're going to start by buying up these sort of upper tier to premium not quite luxury brands something like a Supreme and perhaps they have a lot more acquisition ideas in the pipeline do you think that might be what they're going for?
Yeah, we're conglomerating again CEOs love to conglomerate because their compensation is determined on the performance of the company but also the size of the company and so the company gets bigger and bigger they can say well fuck it on the CEO of a $10 billion company I've been making this much
and it's the idea of paying for something that gives you massive growth as opposed to trying to build organic growth which is more difficult because the CEO will talk their boards into paying and good companies are smart they know they can only sell one
so they're comfortable if it's a good company holding out or saying no so two-thirds of acquisitions don't work meaning that that first criteria for Helmut and Freeman doesn't work out they overpaid the imagined synergies and upside are usually not inflated
but unrealistic as to how long it will take to recognize that growth and those synergies are not only the best but also the best and the best way to make a difference is to make a difference and that's what I'm thinking is this is a new distribution channel for their eye glasses
and they also I would imagine that they have the kind of relationships with some really incredible up and coming brands that might be great brands to license for eyewear and Luxotica obviously is very good Luxotica I think produces not only their own and operating brands
produces the branded glasses for product that's right Luxotica does manufacture for product I wouldn't be surprised if Luxotica said this company has a lot of great relationships with emerging hot brands we'll give us a leg up in terms of licensing agreements be a new channel of distribution for us
so they'll be flow we can help them operationally a new distribution point for our existing brands and the reverse flow of the river will be we will have access to a bunch of cool hip brands that we will produce for the glasses for Luxotica it's really interesting
Luxotica is sort of a little bit of a monopoly it controls a huge it's just so fucking ridiculous that you go in and you pay this kind of money for eye glasses I remember buying Ray Vans we're like 30 bucks when I was in college Aviators and other 2 or 300 bucks this is definitely outpaced inflation
and they have kind of a near monopoly on glasses this is a very dominant company but yeah I don't like this one we should check back in on this one just one other update on Luxotica that came in very recently Meta is apparently in talks to buy a stake in the company as you
know Meta has a partnership with Ray Vans they have these ARVR Ray Vans that are sort of what mobile version of headset hence why this deal is probably happening but yeah, any reactions to that news Meta potentially buying a stake in Luxotica I think it's smart Zuckerberg said that
he realizes that the Oculus is a giant fucking thud but what he said in a make sense to me is that they're glasses my son bought their glasses and he's not using them anymore but he used some kind of nonstop when he was skiing Ray Vans you say Meta take a picture Meta play music and then
the Oculus technology the dream of Oculus might be realized with micro cameras and smaller, more powerful chips that can seamlessly go into a pair of glasses and I think that's his vision and he wants a leg up in terms of manufacturing and the style and so I think given Meta has whatever a $700 billion mark cap or whatever it is or is it over a trillion?
and so Meta is contemplating according to the news here at 5 million our investment at a valuation of 100 million that gives them 5% they don't care about the financial return here they don't want to lose money but that's a spare change for them to a couple weeks of free cash flow
and what they really want is to be one of the largest shareholders individual shareholders in an agreement to be involved in the development or have access to proprietary manufacturing and kind of a metaverse or AR VR-enabled sunglasses or glasses
this is going to have the metaverse or what his vision of the headset is going to be realized it's going to be realizing glasses and when I put on my kids glasses it just clicked on me I see the potential here at Chis and he stated this at the technology is about a decade away
that decade will go really quickly and I love a Bill Gates said that what's supposed to take a decade takes three years what's supposed to take three years takes 10 years there is pretty good glasses offering 70 or 80% of your VR or AR or metaverse experience
the other thing that's sort of interesting about Lexatica is because that's such a monopoly they kept raising prices fast in inflation which created opportunity for a new entry and that new entry and are the iconic glasses that the dog wears that emphasizes his cheek bones and
awkwardly shaped nose that veers to the right because I got kicked in the face by Bobby Henderson Jr. playing soccer because you got punched in the face in a boxing match that made it worse you couldn't have punched the other way literally you think you'd have if he was going to knock me out
that he would punched it and when it's symmetrical again and steady like punched it the way it was already bending anyway that is one of the underrated uh... facts about yours that you took up boxing I was bored I also took up yoga I just didn't have a lot going on and I was
at that point in my life where I like discovered creatine working out and I was like going through an early mid-life crisis and I was getting ripped and I'm like alright I'll start boxing because I heard it's what you do I went to this place called
dog pound gym or something it was just fucking ridiculous anyways so Warby Parker came in at 99 bucks I absolutely love it because I remember specifically one experience I went to this one of these little boutique these little boutique eyeglass places with this very attractive man who
you know tried on all these glasses for me and you know and then I got my prescription and I got Tom Ford glasses and it was $900 from my glasses by the time I was out the door and I literally got them when I picked them up got it in a cab and left them in the cab yeah and I'm like fuck it hey so and then Warby comes along and these glasses are 80% of Tom Ford for 12% of the price and I think they do an amazing job it's um...
Luxotica's always been I was thought that it was an example of an operate that kind of flew under the radar let's take a look at the week ahead we'll see data on the personal consumption expenditures index for June we'll also see earnings from Microsoft Google and Tesla
do you have any predictions for us Scott yeah so Donald Day Trump media just a ridiculous fucking company that has a $7 billion market cap despite the fact that makes no money and no one's on there other than total crazies uh... it got a huge boost was it after the assassination attempt
yeah it was right after I think it was a 30% jump yeah it had a huge jump because this stock trade is a little bit it's like a little bit of a tracking stock for the likelihood the Trump is going to be re-elected because I think the market's saying if he gets re-elected
he'll just figure out a way to like have the defense department you know by Donald Trump technology group or something so make a mandate every government employee has to get on there yeah it has to be on true social or it's just people buying the stock as a proxy of giving him money
this thing just never made any sense it's kind of it's actually kind of the ultimate meme stock its valuation is more disconnected from the business than even an AMC which you could argue has sort of a core business at the end of the day as does GameStop anyways the stock popped this box
last monday and now it's come back to 37 but I think you're going to see the stock go sub 30 this is not financial by citizen is fun to track because I think Biden is going to step down and that will send a signal to the market that there's a greater likelihood that the democrats will hold on to the White House than there is right now and I think that the way the people trade this stock is based on the likelihood that Trump is re-elected and so when the likelihood of Trump being re-elected
goes from like 70 or 75% back down to like I don't know 55 you're going to see the stock go sub 30 again this episode was produced by Claire Miller and engineered by Benjamin Spencer our associate producer is Alison Weiss our executive producer is Jason Stavers and Catherine Dillon
Mia Salvario is our research lead and Drew Burrows is our technical director thank you for listening to Profty Markets from the Vox Media Podcast Network join us on Thursday for a conversation with Robert Armstrong only on Profty Markets