The Best One Yet - 🚦 “Crypto traffic lights: Good or bad?” — Levi’s corporate FOMO. The Fantastic American 4. Bitcoin’s speed limit.

Episode Date: August 9, 2021

The Chief of Wall Street said that crypto is the “Wild West,” so we’re looking at Bitcoin’s Traffic Light problem (or is it an opportunity?). Levi’s just bought Beyond Yoga because it’s got a case of Corporate FOMO. And the Big 3 car companies just said they’ll go 50% electric by 2030. But we need to start saying The Fantastic American Four.$BTC $LEVI $TSLA $STLA $GM $FGot a SnackFact? Tweet it @RobinhoodSnacks @JackKramer @NickOfNewYorkWant a shoutout on the pod? Fill out this form:https://forms.gle/KhUAo31xmkSdeynD9Got a SnackFact for the pod? We got a form for that too:https://docs.google.com/forms/d/e/1FAIpQLSe64VKtvMNDPGSncHDRF07W34cPMDO3N8Y4DpmNP_kweC58tw/viewformLearn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. And this is Snacks Daily. It is Monday. Welcome back, August 9th. We are celebrating a terrific jobs report from Friday. Can we talk about the unemployment rate? The unemployment rate fell from 5.9% in June to 5.4% in July.

Can we talk about the number of new jobs? Almost 1 million new jobs in America. But can we talk about why today's pot is the best one yet? Okay. First time ever, Nick and I are recording from the state. where we first met each other. That's right, baby. You know how we know we ended up in Vermont, Jack?

Because we can see New York State across the lake. Actually, the male to female ponytail race is extremely high. Extremely high. Snackers, we climbed a mountain yesterday and celebrate the winds. We're live. This is a live high five. There we go, baby. Did you hear that?

You can hear that. That's real. First story, Jack. What do we got? The Chief of Wall Street Police just called cryptocurrencies the Wild West. Turns out Bitcoin and traffic lights have a lot in common. For our second story, Levi's just took their wall. it out of their jeans to acquire beyond yoga.

It's not Chivasna, Jack. This is corporate FOMO, new thing. For our third and final stories, so far this year in America, just 2% of new cars sold have been electric. But three CEOs and one president want to make that a whopping 50% by 2030, aggressive goal. But before we hit those three wonderful stories. Wonderful mix of stories today.

It's week 73 of hoarder's almanac. I mean, Jack, things were running out of because of the Panthers. pandemic keeping track. This week, it's wedding efficiency. Yeah, Uncle Steve. Can you get ordained already? What's it going to take? There aren't enough efficience because there's too many dash darn weddings. Jack, his shortage is because of a surplus. We are seeing right now the biggest wedding boom in America since 1984. Jack, is it just me or are we ODing on hors d'oeuvres these days? I forget how you put on a boutonier. I think it's lefty, lucy, righty tight. By the way, Congrats to Dave and Lissa.

Yes. Congrats to Jenna and Ian. You look fantastic. Congrats to Caitlin and Rich. Who are we forgetting? We could just put two names together and it'll work. So many summer weddings right now. Venues are hosting weddings on Tuesdays.

Get this Snackers. They're squeezing celebrations in like their dentist appointment. And next year, there's even more weddings expected. That's right. Get this. Two and a half million weddings are expected in 2020, according to research firm, the wedding report. Now, I want to know how are they predicting 2.5 million weddings next year? This is a fair question.

Are they Tom Cruise? Do they have one of those massive screens where they can see the future? Oh, what's that? Check, let me just consult the Oracle about whether Juan is ready to pop the question. Or maybe they're using data. Like, are they checking the number of people who Googled how to write my own vows? Snackers, if you're the kind of person who buys skis in the summer or the kind of person who buys bathing suits in the wintertime. They may want to wait to get married.

Because this is peak. Peak, peak wedding season. Let's hit our three stories. You're tuned in to snacks daily. We spoke to the lawyers and we got to get something legal out the way. The snacks about to hear ain't food. It's air candy. They don't reflect the views of the Robberhood family.

It's all informational just so. We're not recommending any securities. It's not a research report or investment advice. Not an offer or sale of a security. Snacks is digestible. Business news for you. Robberhood Financial, LLC, member Fenra, slash SIPC

For our first story, the top cop of finance just spoke big words. He thinks that crypto has a traffic light problem, but it's really a traffic light opportunity. Can we talk about S-E-C chairman Gary Gensler, Jack? He's the Commissioner Gordon of Finance. And he spoke to Congress last week.

Congress is like, where is he? He also spoke to Twitter. Yeah, he did. And a fancy conference in Aspen. And Bloomberg and CNBC. He's got a PR. team going on over there. It was a blitz. And he just said crypto is the Wild West rife with scams. So we're going to break down the good, the bad, and the cryptic of what he's talking about.

I like what you did that. Now, Jack, remember when the SEC charged DJ Khaled and Floyd Mayweather for pumping a crypto scam back in 2018? It was the fire festival of initial coin offerings back then. Jaw rule coin. It was going to be a thing, the sandwiches. Well, cryptocurrencies, unlike stocks, are traded 24-7 globally and with very little government oversight. Except right now, we got a new sheriff in town and his name is Gary, who we were just talking about. And he wants to regulate the crypto market to the maximum extent possible to protect investors. Ideally, this is what Gary wants. He wants to regulate them with the same way he regulates stocks and bonds. The only issue there is Bitcoin isn't a security. Ah, that's key. And Gary Gensler is the head of the SEC, which stands for

Securities and Exchange Commission. Emphasis on the S. So he has no jurisdiction to regulate Bitcoin. Okay, so Snackers, if you're thinking about Gary and you're thinking about the commissioner of the SEC, right now, he's kind of a meter cop when it comes to crypto. Right. He wants to be a detective.

He wants to be Gordon. He wants more authority. So last week, he asked Congress for broad power and resources. Broad. Since he believes that certain cryptocurrencies functioned just like securities. Okay. Now, to everyday investors like us, crypto feels like a stock. It goes up, it goes down, same kind of way all over the place.

Right. And so that's why one senator basically said, sure, Gary Gensler, I'm going to propose a new bill that will formally designate certain cryptocurrencies as securities so that the SEC can regulate them. And then you got that other bill, Jack. Right. That got a lot of buzz. They're trying to tax crypto transactions to partially pay for the infrastructure bill. But Snackers, here's the shocking thing about Gary Gensler. He's not just some power hungry dude in D.C. who runs like the huge just financial regulatory commission. He made his money at Goldman Sachs. And then he moonlit as a professor at MIT, where he taught a class that was called

blockchain and money. This guy is like the Adam Grant of Ethereum. He respects the coin. He respects the coins. So, Jack, what's the takeaway for our buddies over in all of crypto? Crypto is facing the traffic light problem. But it could be the traffic light opportunity. All right, Snackers, get this.

The car industry was chaos at first 100 years ago. The cars were driving on sidewalks and, Jack, intersections, danger zone. Well, there were still horses and so you had to dodge like horse poop on the road. You're not going to buy your first Ford Model T if the first one you ever saw almost hit your entire family. Then in the early 1900s came traffic lights, welcome, and speed limits. Very nice. And crosswalks and stop signs. So the first auto industry rules, they slowed down cars.

But here's the key. they sped up the whole car industry. And eventually, with rules, everyone could drive faster than before. Beautiful. While staying safe. And that is how Gary Gensler is trying to convince crypto enthusiasts that regulation could be a good thing. Even though some will always believe that crypto's essence is beyond the reach of government. The traffic light problem could be a traffic light opportunity.

But not everyone's convinced. For our second story, Levi's just treat. It's treated itself to a whole new thing beyond yoga. It's not just an acquisition. No, it's not. It is corporate fomo. Snackers, wherever you are right now, raise your hand if you're wearing jeans. Someone raised their hand, by the way.

We're about to go stand up paddleboarding. We are. Not in jeans. So we're not wearing jeans. I don't know. I don't like it. Levi's is the jeans company. Been around since 1853 in San Francisco.

And they're not just dealing with the great jeans fit. Evolution. Yeah. Slim fit is out, by the way. Lose fit is in. If you know, you know. Levi's has two concrete problems. It does. One, most of Levi's denim is being sold to dudes. All right, Jack, this was shocking. In their last earnings, one third of Levi's sales are to women. Just one third. That's it. Their life goal is to hit 50-50 gender parity. Okay, that's problem one. Problem number two, Americans want comfortable clothes. You're doing lycra over acid wash. jeans have rivets, which is pieces of metal in your pants. And in the Brooklyn Bridge.

People want joggers, not jeans. I mean, Jack, there's only so much elastic you can even add to jeans. Because you know what happens then, right? It becomes Jaggings. Jaggings, RIP, 2009. Jiggings is a punchline. Jiggings hasn't happened in a long time. Now, the solution for Levi's to this problem,

they're not pivoting their 150-year-old business away from denim. That'd be insane. Instead, Levi's is just going to buy a whole new. one. Levi's just announced they're acquiring Beyond Yoga. There you go. Congratulations. No price tag announced for this acquisition. No, no, no, there wasn't. But Levi's did say they expect $100 million in annual revenues because of this acquisition. How would you describe Beyond Yoga? It's women's yoga clothing, but with a beach vibe. It's like what you're rich Anne who lives in Montecito would wear to the hot yoga class. Everyone's wearing yoga clothes, but they're doing like Downward Dog on a surfboard on their website.

Yeah, you have to be within a vicinity of the Pacific Ocean to be wearing Beyond Yoga. So this acquisition attacks both of Levi's problems we just highlighted. It's ath leisure, which is booming in the comfy clothes era. And Beyond Yoga only does women's clothes. That's it. Literally, Jack and I jumped in snack style to the Beyond Yoga website. Not a single dude on the site. And not a single rivet either.

We searched for men. We didn't see a single one. So, Jack, what's the takeaway for our buddies over at Levi's? You're not the only one who has FOMO. Corporations feel it too. All right, Snackers, when a fad becomes a trend, your race to get involved and you're just going to start buying stuff. Did you notice I have gibbets on my shoes?

Did you see my gibbets? I'm buying my own gibbets. Big brands do it too, Snackers. They acquire companies out of FOMO. What are the odds? Last week, sneaker company Wolverine Worldwide acquired Sweaty Betty for almost half a billion dollars. Sweaty Betty and Beyond Yoga. two athleisure startups getting acquired in the same week.

Well, also last week, we saw a swarm in media acquisitions too. Reese Witherspoon sold their production company for reported 900 million. And then the South Park guys signed a media deal with Viacom for almost a billion dollars. Acquisitions of the corporate flavor of the moment, they don't happen in isolation. They happen in swarms. And let's just call it what it is. It's corporate FOMO. That's what it is.

It's not just you and me who get it. For our third and final story, Jack has named me the podfather of his child. Did that not happen or is that going to happen? I don't know. We got the whole weekend. Are you going to pop the question? A podfather is a dish best served hold. It's only weird if you make it weird, Jack.

I'm waiting. It's all right. All right. Our third story is actually the CEOs of Detroit's big three automakers who just made this wild commitment. Half of all their cars they sell by 2030 will be electric. Jack. to start saying, fantastic American four. You know, with record heat and our country literally burning, let's stop burning gasoline. That was pretty much the message from President Biden on

Thursday speaking from the White House. Unfortunately, though, he doesn't have the authority to mandate that. Only Congress does. Exactly. So President Biden did what he could. He whipped up an all executive order. This executive order about electric cars, it's totally non-binding. I would you like describe this executive order? Like, where does it stand on the commitment level of things? In terms of like targets and goals, this is a New Year's resolution, but for 2030. It's basically a New Year's resolution to make 50% of new cars electric by 2030. And even that New Year's resolution was modest. Okay, compare that to Great Britain where they're going 100% zero emission by 2035. Aggressive. The real surprise was the PR horsepower standing right beside Joe Biden. Get this Snackers, the CEOs,

of Detroit's big three gas guzzlers are on board with this new year's resolution. Ford, GM, and Chrysler's owner, Stalantis. They'll get that name, by the way. It's like a thytastro salsa. Vaguely Latin, virtuous sounding name. They all announced goals of 40 to 50% electric cars by 2030. They did it in concert with the White House's announcement. We're talking electric fuel cell or hybrid.

It's a sustainable buffet cooked up by Chef Prius. There we go. Just plug this puppy in. But the carmakers had a huge caveat. They said we can't achieve those clean energy goals without help from the federal government. They're like, look, we're going to do our best. We're going to do this. But we need some tax incentives so people will buy election.

And we need a charging network nationwide to cure my dad's ranging. Yeah, you got to cure that thing. So these incentives would be a key part of the huge infrastructure bill. Which Joe Biden is like nudging Congress to pass. So Jack, what's the takeaway for our buddies making this big change over in the whole car industry? It's not the Detroit Big Three. No. We should say the fantastic American four.

Snackers, in an awkward moment last week, a reporter asked the White House why Tesla's CEO, Elon Musk, wasn't invited to the event on electric cars. This is an event about electric cars. Yeah, it is. And the press secretary implied Tesla wasn't invited because Tesla doesn't have unionized workers. I mean, Jack, awkward because there's no talk in electric cars without talking Tesla. Last year, 79% of all electric cars sold in the U.S. were Tesla. Snackers, sit down, stand up, sit back down again.

Nearly every single electric car sold in the United States was a Tesla. The Detroit Big Three is investing big in electric because Tesla made it cool and profitable to do so. So, Jack, there's the Detroit Big Three and then there's California's Tesla. We need to start saying the Fantastic American Four. Jack, can you whip up the takeaways for us in person? You're right here. Please. SEC Commissioner Gary Gensler thinks crypto is the Wild West. He thinks traffic lights are an opportunity, not the problem.

Levi's the jeans company just acquired Beyond Yoga, the women's athlete leisure company. Athlete is a trend, and Levi's, it had fear of missing out. That's what they had. The big three Detroit automakers just pledged half electric by 2030. We should really be saying, Fantastic American Four. Because of Tesla. Now, time for our snack fact of the day. This one tweeted in by Kyle Cooley from lovely Glendale, Arizona to dry heat.

Tim Tebow won a national championship in Glendale, Arizona. There you go, but could Tim Tebow answer this trivia question from Kyle Coley? There's only one word in the English language that changes its meaning and pronunciation just by capitalizing the first letter. So, Jack, if you capitalize the first letter, the entire definition and sound of the word, completely changed. Now, a hint. The word is also a nationality represented at the Olympics. The answer, Polish. Polish. Capital P, it's Polish like someone from Poland.

Lowercase P, it's polish. Right. Like polishing your trophy. Which means you could have a sentence where you have a polished pole, a very shiny person from Poland. Snackers, you look fantastic today, Jack. Did you all wax this paddleboard for us over there? No, I actually think we're going to slip quite a bit. Jack actually put maple syrup on the paddle He's like, it's great A. Amber. Snackers, if you got buddies not snacking yet, HY HYS. D. Ask him, have you had your snacks daily? That's how we grow.

Can't wait. And before we go, congrats to our buddy Patrick McGinnis for inventing the term FOMO. Fear of missing out? No joke. Patrick McGinnis. And happy birthday to Justin Mack in Shanghai, China. And pizza maker Manan Memani in Mumbai, India. And Laura Ponching in lovely Los Angeles.

Happy 21st to Olivia Tony in Sheridan, Wyoming. Caleb Bastardo in Portland, Oregon. And Anya Ross in Boston, Lake, New York. And happy birthday, Scott Gang and Beaverton, Oregon. Happy birthday, Shannon Gavikar in San Francisco. Oh, and Anna? Jack, Anna got a new job at GoPuff. Good timing in Philadelphia.

Congrats on your first day. Good luck, Reagan Bowles in Oklahoma. Maricio Chu, congrats on the graduation from B-School. Happy anniversary to Shavi and Rahul, a couple that snacks together in Atlanta. And Laurentino and Christina, happy anniversary down in Houston.

anniversary to Marissa and Dustin in Fort Worth, Texas. Renee and Bobby Ratwood just got married in Buffalo. Bills. And a special shout out to Toby and Christine, getting married today in Sugarland, Texas. Fantastic. If you're getting married today, celebrate this tea boy big time. Celebrate those wins. This is Jack. I own stock of Levi's. Robin Hood Snacks, newsletters, and podcasts reflect the opinions of only the authors who are

associated persons of Robin Hood Financial LLC and do not reflect the views of Robin Hood Markets, Inc. or any of its subsidiaries or affiliates. They are meant for informational purposes only and are not a recommendation to buy or sell any security, cryptocurrency, or investment strategy in any account. This is not an offer or sale of a security, not a research report, and is not intended to serve as the basis for any investment decision. Any third-party information provided therein does not reflect the views of Robin Hood Markets Inc., Robin Hood Financial LLC, or any of their subsidiaries or affiliates. All investments involve risk, including loss of principle and past performance, does not guarantee future results. Robin Hood Financial LLC, member FINRA SIPC.