The Best One Yet - 👜 “Gucci for the Weekend” — Four Seasons handbag Hotel. Walmart’s Bonobos breakup. Marriage money moment.

Episode Date: April 17, 2023

The Four Seasons’ new perk: Guests can borrow a luxury handbag for a night out, because everything deserves a test drive. Walmart just sold its Bonobos khakis brand for a huge loss, but not because of business — because of psychology. And we just hit a new Marriage Money Milestone between husbands and wives.$WMT$AMZN $MARWant merch, a shoutout, or got TheBestFactYet? Go to: www.tboypod.comFollow The Best One Yet on Instagram, Twitter, and Tiktok: @tboypodAnd now watch us on YoutubeLearn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

One more drink of the palm tree juice. That was the greenest smoothie I've ever seen. This is such an outrageously large beverage. Jack, that was such a green smoothie. Are you producing oxygen over there? I'm becoming a teenage mutant ninja title right now. You're photosynthesizing in front of my eyes. This is Nick.

This is Jack. Welcome back. It is Monday, April 17th. And today's pod is the best one. Yet, it's a tea boy. Started off with good news. For the fourth week in a row, the stocks are up. Jack, look at the calendar.

Spring has sprung man. Hey, Wall Street, toss on some shorts. Put on some whites early. Memorial Day won't care. Jack, what's our first story for the pod? Six years after acquiring bonobos, Walmart just sold off that menswear brand. But yeties, this wasn't a business decision.

No, this was a psychological decision. For our second story, we just hit a marriage money milestone between husbands and wives. Spouses are more equal than ever in their paychecks, but the guys are, they're still playing a lot of golf. And our third and final story, if you're visiting a four-seasoned luxury hotel anytime soon, must be nice.

You may experience a new perk. Instead of borrowing the hotel bike, you can now borrow the hotel luxury handbag. But yet he's, before we hit that fantastic mix. A wonderful mix to kick the week off with Jack. I love the mix. I'm flipping it open to Horters' Almanac, week 161. Things were running out

in the economy. Jack and I have been keeping track for you. This week, we're running out of merch. We repeat, this week the best merch yet is MIA, baby. It's kind of a good problem to have, though, because last week we launched our T-Boy website. Last week, we had our first

ever T-boy merch drop. And products sold out like a T-Swift summer concert ticket. I mean, Jack, the hats, they were hoarded. The crew decks, they were crushed. Size medium. See you later, man. There's actually like one double XLF somewhere. That's all we got, Yetis.

But Yetis, we ran out of hats in 36 hours. Okay, T-boy T-shirts, they are the new toilet paper. In a good way. In a good way. And we can't blame the supply chain for this one. No, and we can't blame eggflation either, can we, Jack? This is straight up Econ 101. Yep, here's the takeaway, yeties.

Besties, you broke the demand curve. But the supply, that's on us. We got to restock this stuff. Jack, we got to restock like three days ago kind of a thing. But we do have one good update. Yes, we have one piece of information that we think you are going to like. We called up our supplier, and they can source more T-boy hats the ones Nick and I are wearing right now, ASAP. Literally, we're like, hey, factory, what can you get us out of anything?

Is there one thing you can get us more? So you can order the T-boy hat today, and you'll get it in early me. Jack and I will let you know when the rest of the merch store is fully restowed. So please be patient, yeties. But Jack, I'm looking at the numbers here, and we got to celebrate the wins, man. I am thrilled by this Horters' Almanac episode. I won't lie. Thank you for our first ever T-Boy sellout.

Thank you for jumping in T-boy style. Literally. Yeah, yeah. Jack, let's in our three stories. Fifteen years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is an norm.

That's it. I don't even think they need to practice. 50% that's a fat tip. Tea Boy City on your at list. If you know, you know, because we're ready to go. We can't wait no more. So just start the show. Start the show.

For our first story, Walmart just sold bonobos for a really, really, really big loss. Bad news. But, well done. Because Walmart just dodged the curse of commitment. The old curse of commitment. Sounds like an Indiana Jones movie. Anyway, Yeties. In the apparel industry, every company tries to avoid one thing.

And that one thing, it's the day. discount. The discount. The discount spiral of debt. They hate the discount. Every retailer hates it. Well, Walmart just sold something for 75%. 75% off. Big summer blowout. It wasn't a cute top though. It was an entire company. Walmart just sold an entire company for 75% off. That company was bonobos, the direct-to-consumer men's clothing brand that Walmart bought in 2017 for $350 million. Yeties, if you went to an East Coast in 2016. You had three colors of Bonobos khakis. Yeties, if you were ever tapped to be a groomsman, the groom told you to buy a suit from Bonobos. Basically, bonobos are like the Sparries boat shoe, but for your legs. But Walmart just sold bonobos after a six-year affair for just $75 million.

Okay, that's it. So, Jack, for those of us keep in score, can you whip out the whiteboard for us over there? That's a huge loss. A $275 million loss on Walmart's investment. So Yeties, we know what you. you're thinking here. We're talking about Walmart. Why is Walmart selling bonobos for such a huge loss? Because Walmart had an identity crisis. Yeah, it's an identity crisis. Ten years ago, Walmart, it faced an existential threat from Amazon, or at least that's what they thought. They were freaked out. Walmart had nightmares about Bezos's head. Over in Arkansas, they're like, who is this bald dude? Back then, Walmart's market cap fell from the most valuable company in America to outside of the top 10. So here's what Walmart did. They did what, whatever.

Any middle-aged human being does when they have an identity crisis. And what is that, Jack? They splurged a bunch of money on something shiny. Yes, they did. Walmart spent billions of dollars acquiring a bunch of, like, techie and innovative startup brands, a lot of them. Including $350 million on Bonobos. Even though these techie brands clashed horribly with Walmart's brand and consumer base.

Yeah, look at Bonobos. They sell suits, workwear, and like preppy golf shorts. Again, Bonobos is like a Patagonia, lease but for below the belt. That's not consistent with Walmart's anything. And Walmart looked in the mirror and was like, you know what? This just, this isn't me. This isn't me. What am I trying to do here? And that's why Walmart sold bonobos for a loss. So Jack, what's the takeaway for our buddies over at Walmart? Walmart just dodged the curse of commitment. Look, Yeties, a lot of business is about psychology. And that's why we often look at Adam Grant,

the business psychology professor. Adam Grant has talked about escalating commitment bias. Here's what that is. That's when you've committed so much money and so much resources to something, you really do not want it to fail. Even if it's failing, you double down and you put in more money and more resources to that losing bet. Well, honestly, that's what Walmart did for the last six years.

They continued the status quo of just making a losing bet on Bonobos worse. But last week, Walmart finally decided to end their bad investment. Look, Walmart is losing a lot of money by the sale of bonobos, but hey, at least they're not losing any more money. That's why, even though Walmart's losing a lot of money, we think they deserve some credit. They deserve credit because they're dodging the curse of commitment. For our second story, we just hit a marriage money milestone between men and women. A marriage money milestone of holy matrimony? Yes, we could go with that. I like what you did there, Jan.

But we noticed there's a pretty big asterisk on the word equality. It feels like a takeaway, Jack. In the meantime, Yetis, last week, Jack and I told you about a major millennial other milestone, didn't we, Jack? Yes, a majority of millennials now own the homes they live in. Most millennials, they own homes, but don't get any hofomo. No, don't get any hofomo. Well, this week, we got another milestone.

In nearly half of American marriages, women earn the same amount of money as the man. Here's the data yeties. According to Pew Research, in 29% of heterosexuals, sexual marriages, the man and woman earn the same amount. And in 16% of those marriages, the wife actually earns more than the man does. All right, Jack, let's add this up here. In 46% of American marriages, the women earn the same amount or more than the men. Yeah, Carol from accounting is carrying the checkbook. Darlein from Duncan, she's not bringing home donuts. She's bringing home the bacon, Jack. And this is big news because Pew has been doing the same survey asking the

Same question for 50 years. We looked at the data. 1972, yeah, men were the dominant breadwinner. It was a little different. But the percentage of marriages where the man is earning more than the woman has shrank from 85% back in 1972 to just 55% today. So besties, if you work at the Olive Guard, my alma mater. And you got to bring a check over to table 16 over there. Half the time, you should bring the check to her, not to him.

Now, yet he's from an economic perspective. Everything Jack and I just shared, it isn't a leading. indicator. It's really a lagging indicator. Because progress towards gender equality and income has been happening for decades. Like, for example, in 2020, Jack, what was that stat about college education? College educated women outnumbered college educated men in the workforce for the first time after. Okay. So let's build off that data. As those graduates of 2020 grow into their money-making years, the marriage pay gap should be shrinking faster. Yes, it should. And by the way, this data doesn't say anything about the gender pay gap overall.

Yeah, we're not talking about men and women making a certain amount at work for the same job. This is just about paychecks between husbands and wives. But this marriage money milestone, it does say something that we haven't told you yet. Something about work at home. So, Jack, what's the takeaway for our buddies who are everyone who's married out there? Marriages are getting more equal financially, but they're still not equal at home. Okay, yet he's a really surprising thing in the data. Despite all that financial equality, there still isn't time equality.

Pew zoomed in on just those 29% of marriages where the man made the same amount of money as the woman did. And here's what they noticed. There is an imbalance in how husbands and wives spend their leisure, housework, and caregiving time. In those egalitarian marriages, on average, the wife spends over twice as much time as the husband does on work in the home. We're talking double the amount of time on cooking, cleaning, and caring for the kids and doing that homework. Meanwhile, husbands spend three more hours a week on leisure time than their wives do. And that is in a marriage where the husband and wife bring in the same paycheck. So marriages are getting more equal financially than they ever have been before. But they're still not equal at home.

And now a word from our sponsor, Robin Hood. Golf at 11 a.m. pickleball bite two. Got to see the grandkids, but I don't know if we'll have enough time. You're probably not thinking about retiring to Del Boca Vista quite yet. But you could be thinking about how to afford retirement. So the newest product from Robin Hood, the IRA. The only individual retirement account with a 1% match on every eligible dollar you contribute every year, limitations apply.

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For our third and final story, the Four Seasons Hotel just announced a brand new service. And here it is, here it is. Handbag rentals. Because hotels aren't just for staying. No. They're also for test driving. Jack, do you remember that story last year when we were talking about handbag investing as a new thing? Yeah, it made me hate.

my portfolio. Like Irme's bags have gained more value than the S&P 500. That's right. The top performing asset of 2022 wasn't Bitcoin Berkshire Hathaway. No. It was a Birkenbag. It was a burkeen bag. Like you're diversifying your portfolio with Christian Dior bags. Which led to this news. The Four Seasons Hotel just partnered with a startup that's raised $50 million. And here's what they're doing. They're letting you have a taste of what an appreciating asset feels like in real life. What an appreciating asset feels like, from your elbow. Now, this startup, it's called Vivrelle. It's a handbag and jewelry rental subscription. It's like rent the runway or newly, but for a $1,000 necklace or a $15,000 pocketbook. Now, yet here's what Jack and I found fascinating about this story. The Four Seasons Hotel and

Vivrelle, they have created the most indulgent free sample that we have ever seen. Oh, yeah. They've turned the handbag into a hotel amenity. This ain't a Costco free sample, Jack. Yeah, You can't have two. You're going to only have one. Hey, you're not taking two. With this partnership, guests at the hotel can borrow a Gucci bag like it was the hotel bike. Here's how this goes down. You walk into the Four Seasons luxury lobby where you're going to notice there's a closet. And what's in that closet, Jack?

You walk into that closet, you're going to see an ensemble of prod of purses hanging from the lock. Basically, you're going to walk in with a key. You're going to walk out with a prod of purse. And here's the use case. Our buddy, Timmy, true story. He's getting married this summer. Yeah, we're going. Buddy Timmy.

He's happening. Oh, shoot. Is it black tie? It's our buddy Timmy. Jack, it's black tie. Well, you'll be staying three nights at the hotel. There's only so much you can pack, including your tuxedo, into your suitcase. So here's the deal.

You borrow one designer handbag for the welcome party, but then you can borrow another designer handbag for the goodbye brunch, all at the same hotel. Thank goodness, because there was no space. So you grab the bold Batega Veneta pouch while you're getting drinks, but then you go for the subtle Eve Soleron clutch for dessert. You want to stay at the four seasons. And that is why Vivrell has raised $50 million for a handbag subscription. But here's why they're giving away those handbags at the Four Seasons for free. Feels like a takeaway moment. So, Jack, what's the takeaway for our buddies on vacation?

Hotels are the perfect track for a test drive. Ladies, when you travel, you are in discovery mode. You have a very unique consumer thing. You have a discovery mindset. And since you're on vacation, you're sleeping in, you're eating well. You're feeling fantastic. have a positive association with just about anything. And that's why the mini soap was the original hotel sample. You enjoy the ESOP sample in the Bahamas and then you buy it when you get back to Boston.

And that's why Peloton advertises which hotels have their bikes available. And that's why Restoration Hardware Furniture opened their very own hotel. And it's why Vervrell partnered with the Four Seasons to give away their handbags. Because they specifically want you to try their product at a hotel and then buy it when you get home. Hotels are the perfect track for that test drive. Jack, can you whip up the takeaways for us to kick off the week? Walmart ended its losing investment in bonobos, selling it for a big loss. Look, they could have lost more, but they sold. They dodged the curse of commitment. For our second story, in nearly half of American marriages, the wife earns the same or more than the husband. Marriages are getting more equal financially, but they're still not equal at home. And our third and final

story. The Four Seasons Hotel will let you borrow one of the Ververell's luxury handbags. Yeah, because a hotel, it is the perfect track for any kind of test drive. Now, time for the best fact yet. This one sent in by Yvonne and Daria from the ferry building in lovely San Francisco, like right down the hall from us. Trivia. What was the first ever in-flight movie shown on an airplane? Honestly, I was going to say a Harrison Ford movie. I feel like there's a high chance. Get off my plane. Yeah, he's like, He's just in everything that was in color. Well, you'd be wrong.

Because it was in 1921 on the Aeromarine Airways flight from Key West Florida to Havana, Cuba. And what was that movie, Jack? Howdy Chicago. It was a silent film and it was shown on the small screen in the cabin of the plane. I'm one of those little projectors that runs out a tape at the end and then you just see like a flickery screen. Jack, you like, you press the button. I'm going to need another headset. Can I get another headset?

They're like, what's a headset? Exactly. Yeties, you look fantastic today. And thank you for helping us sell out of T-Boy merch. Honestly, before we realized we'd sold out of T-Boy merch. We're going to have more merch drops. We promise. We'll restock it quick.

In the meantime, if you want to get a T-Boy Slammon Salmon-Sammon legendary hat, you can get one now, but you're just going to have to wait a few weeks. Yeah, just a couple weeks. But you can order it today. At T-boypod.com, you're going to like that slamming salmon hat. Nick and I, we'll see you tomorrow. Jack, celebrate that win. And before we go, congratulations to a couple of Yetis who teed together.

Cliff and Michelle from San Mateo just got married on Saturday. Congratulations to Ryan Clay for getting a new job at none other than NASA. Yeah, it is rocket science. And Marissa Glennon just launched a non-alcoholic wine business. Congratulations, it's called Weekday Vibes. And congratulations to Caesar and Zakiya Infante, who ran their first half marathon together in Charlotte. Meanwhile, Steve Ropeppy is really. running the London Marathon and just hung out in Paris for the weekend before.

Congratulations to Sandy Shoe and Michael Jaharis, who got engaged in Cambridge Mass. Let's see the ring, and Wesley and Meg Brains are enjoying a 10-year anniversary in San Diego. And Tim Holland, inspired by this show, quit his job, got into finance, and Jack, get this, just past his Series 7 and 63. Tim, you're a beast. And happy birthday to Jeff Fisher, who's celebrating his birthday by taking the day off to hit the links. And Jason Mudd, enjoy the day. that birthday in Amelia Island, Florida.

Happy birthday to Julian Cabling in Hawthor, New Jersey. And Guy is celebrating a birthday over in India. Happy birthday to Bonnie, just outside of Boston. And Jacob Trit is turning five years old. Congrats Jacob in Scottsdale, Arizona. Happy 26th

birthday to Daniel Hernandez in El Paso, Texas. And Rachel Lee, enjoy that 29th over in Cambridge, Massachusetts, right outside Boston. And happy 32nd birthday to Joshua Sejosa in Upland, California. Oh, and Jack Ian Scott has got a birthday and a T-boy anniversary on the same day in Georgetown, Texas. Happy birthday to Bryant Bland in San Francisco.

And Wayne Brockman, happy birthday in Little Shoot, Wisconsin. And a big, big, happy birthday wish to Aurora Gene Eck, who's turning five on the way to the farmer's market in Fayetteville, Arkansas. This is Jack Island stock of Berkshire Hathaway, the little one, not the big one, and Nick and I both own stock of Robin Hood. We both own some Bitcoin. A Bitcoin named Ben. And now a word from our... sponsor, Robin Hood. Not spending money can be tough. We're all tempted by that top we just saw on TikTok. Even harder? Saving money for when you're 60. But what if you got paid money to save money?

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Robin Hood Financial LLC, member SIPC. If you went to an East Coast school in 2016, you had three colors of Bonobos cackeys. I knew you would amp up that. Am it up. Am it up. It was just like three extra doses of specificity, you sprinkle.