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May 4th, 2022

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.

It's May 4th, 2022

May the 4th be with you, and thanks for reading The New Yak Times!

I think it's safe to say that spring has sprung and that sweater weather is now something to look forward to.

Read the Oliver Charles update to learn why we're losing the war on summer.

But first... the week's top stories are:

  • Woodstock For Capitalists
  • The State Of The Economy
  • Is The Pandemic Over?
  • Heat Waves In India
  • Oliver Charles Update

Woodstock For Capitalists

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Talking Points:

  • Every year in Omaha, Nebraska, Berkshire Hathway holds its annual shareholder's meeting. Led by legendary investor, Warren Buffet (91), and his partner Charlie Munger (98), it's been dubbed the Woodstock For Capitalists.
  • The event was attended by roughly 40,000 shareholders this year, all trying to capture insight from the 90+ year-old investors.
  • During the meeting, both Buffet and Munger slammed Wall St. for becoming a gambling parlor, saying that the rise of Robinhood and option trading benefits brokers and hurts retail investors. Most notably, they said Bitcoin is completely valueless and wouldn't touch it with a 10-foot pole.
See the meeting highlights >>

The State Of The Economy

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Talking Points:

  • April was the worst month for the market since 2008. Rampant inflation, a war in Europe, supply chain woes, and interest hikes are likely to blame.
  • While pretty much every company feels the pain, the charge is being led by big tech. Roughly half of the companies in the NASDAQ, which is dominated by tech, are down more than 50%.
  • All of this complexity puts the Fed in a tricky spot. They need to raise interest rates to curb inflation, but they know that doing so will push the market lower. It seems as though a recession is all but inevitable.
Are we headed for a recession? >>

Is The Pandemic Over?

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Talking Points:

  • Last Wednesday, Dr. Fauci said that the U.S. is no longer in the ‘full-blown’ pandemic phase. He clarified by saying we will continue to see new waves of infections but that the population has built enough immunity to curb high death rates.
  • There's no question that the pandemic was tragic. Still, some good has come from it, like the fact that we developed a new vaccine technology that was tested and deployed in a matter of months.
  • As of writing this, the U.S. will have counted nearly 1 million covid deaths. It rocked the country to its core; hopefully, we can emerge stronger and more united.
Is the pandemic over? >>

Heat Waves In India

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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Talking Points:

  • India is experiencing a historic heatwave; in the east of the country, the combination of heat and humidity could rise to a threshold where the human body is at risk of cooking itself.
  • At least a billion people suffered through temperatures of 104°F from Thursday through Sunday, with many seeing highs of 110°F and above.
  • It's a vicious cycle... as days get hotter, the need for electricity rises, which causes more coal burning, which heats the planet even more. Global warming is truly a global problem that will only worsen the longer we wait to address it.
See the heat map >>

The War On Summer

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes
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How does Oliver Charles win the war on summer? How do we conquer a season that we have no reason to be competitive in?

The only answer is to create the perfect summer sweater, and if you've been reading The New Yak Times for a few weeks, you'll remember we've already announced we have one in the works.

We do, but this is war with an entire season, and sometimes, you lose a battle or two.

This is precisely what happened to us. After spending months developing what we thought would be the perfect summer sweater, we had to surrender.

What we made is undoubtedly cool, but it was not the silver bullet we needed to win. So we took a step back, examined our options, and refocused our strategy.

This was a hard decision, but getting trapped in a sunk cost fallacy is a common business killer. Just because we invested a lot of time, money, and energy into something doesn't mean we have to keep going. If it's not gonna work, it's not gonna work.

While this failure is a setback, it's not the end of the war. We'll still be launching a summer sweater. It just might end up being a late summer sweater.

Until next time, keep building 💪.

Tobias
CMO @ Oliver Charles
Connect with me on Twitter

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Meme credit is due to the following accounts. If I missed someone, let me know!

@oliver.charles.clothing
@marketoonist
@softboyproblems
@grapejuiceboys

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OLIVER CHARLES - The New Yak Times - Building In Public Using Memes
Hello 👋. I'm Tobias the "100% real" CMO of Oliver Charles. This is my weekly update as Slater, Jack, and I build Oliver Charles in public.