The Best One Yet - 📸 “Hottest Camera in Town” — Fujifilm’s camera revival. Nike’s pain is Adidas’ gain. The end of regulation.

Episode Date: July 2, 2024

Fujifilm’s old school cameras are surging for the first time since iPhone… because friction creates value.The Supreme Court just slashed economic regulation by reversing “Chevron”… it’s a new era of laissez faire.And Nike’s stock had its worst day Friday in over 20 years… but Nike’s pain is Adidas’ gain.Plus, we just calculating the number of *Women* in Finance, blue eyes, trust fund, 6’5”... and we’ll tell you how many there actually are.$NKE $ADDYY $CVXSubscribe to our Saturday Newsletter: tboypod.com/newsletter  Watch us on YouTube Submit Facts & Shoutouts Instagram, TikTok, LinkedIn (Nick) & LinkedIn (Jack)About Us: From the creators of Robinhood Snacks Daily, The Best One Yet (TBOY) is the daily pop-biz news show making today’s top stories your business. 20 minutes on the 3 business, economics, and finance stories you need, with fresh takes you can pretend you came up with — Pairs perfectly with your morning oatmeal ritual. Hosted by Jack Crivici-Kramer & Nick Martell.00:00 - intro01:23 - Finance Girls03:47 - Fujifilm’s camera revival08:52 - The END of regulation.13:43 - Nike’s pain is Adidas’ gain18:42 - Takeaways19:32 - OTHER NEWS21:13 - Best Fact Yet22:41 - Shout outs Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. It's Tuesday, T-Boy, Tuesday, July 2nd. And today's party, it is the best one yet. It's a T-boy. The top three pop business news stories you need to know today. All right, Jack, we're wearing the same slamming salmon sweaters, but what else is going on? How's your weekend, my friend? So this weekend I went weeding.

Interesting. Like, I picked weeds, and I had Wilder as my little assistant. Okay. It was very therapeutic. I was on my hands and knees, very dirty. A little dandelion here, a little yellow flower over there. Yeah. I earned these vegetables, Nick.

I earned them. It's not an onion. That's a funnion when you get the weeds out. Jack, three stories for today's show. What do we got, man? For our first story, forget your iPhone, because the hottest new trend in photos is a Fuji film camera. Old school cameras are surgeon because friction sparks value.

For our second story, the Supreme Court made a lot of headlines and controversial opinions in the past week. But Jack and I found the one with the biggest impact on the economy, and that one is a French word. And our third and final story. Nike stock fell 20% in one day last week. It's worst day on the stock market in 20 years. But Nike's pain is Adidas's game. But Yette's before we hit that wonderful mix of stories. Fantastic mix of stories What's that? Oh, dandelion, Jack, I got a dandelion. They're ripping out.

Get rid of it. Get out, get out. Root and stem. Root and stem. All right, what do we got, Jack? What are we got? Yesterday, we calculated how many of these men in finance there actually are in the world.

And he's just the song of the summer, so Jack and I jumped in T-boy style and we crunch the numbers for you. Turns out there's 672 men in finance with Blue Eyes, a trust fund, who are 6-5. But only 215 of those men are single. Now, this entire men in finance meme is based on remixes, right? So Jack and I were talking over the weekend and we decided, hey, why don't we remix our own remix for today's pod?

What about a woman in finance? Blue Eyes Trust Fund, 6'5? How many of these women in finance, blue eyes trust fund, 6'5 are there out there, Jack? According to the Labor Department, 4% of U.S. women work in finance. And according to the Academy of Optomology, 27% of those women have blue eyes. And according to the Wall Street Journal, 2% of Americans have a trust fund. And according to the National Center for Health, only 0.03% of women in America are 6 foot 5. Therefore, by the laws of math, 4% times 27% times 27% times 0.03% of 169 million women in America is 12. 12. 12. That's it. It's 12.

They're just 12 women in finance with blue eyes of trust fund who are 6.5. Oh, and that's not even the wildest part is it. Since 68% of them are married, Okay, ipso facto, only four of all the women in America Are single women in finance with Blue Eyes a trust fund in 6'5. So if you're looking for a woman in finance, Blue Eyes Trust Fund 6'5, There are only four of them hanging out in America. And chances are, they're all in the Hamptons right now.

Right now. Remix that, David Gattah, remix that. Surf Lodge? Yes. You've never looked more financing. I think I see one. Jack, let's in our three stories. 15 years before this song. Two boys from the Northeast met in the dorm.

They had an idea that caused a cultural storm. It's the best one yet, but the best is a norm. Jack Nick, 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. First, a quick word from our sponsor. For our first story, the status. symbol of TikTok right now is a new camera designed to look like an old camera. Fuji Films old school cameras are having a comeback because we all want to slow down. We all like a little bit of friction. But Jack, can I tell you about our family trip Paris, Paris, France, 1998?

You're ready for this? Wait, you were in Paris 25 years before I'll be in Paris? Oh, and by the way, in case anyone wasn't sure Jack's going to Paris in about two months. Well, I remember it because my dad spent about half the trip waiting in line at the Kodak store to get more. or film. Kodak, it was the king of the 1990s. Yes, it was. 30 billion dollar camera company, 150,000 workers, two-thirds of the global camera market, baby. It was the pride of Rochester. And if your family was taking a picture, odds are it was on a Kodak. 1998 was literally a Kodak moment, literally. But digital cameras slowly destroyed film,

and Kodak didn't pivot fast enough. It was a death by a billion iPhones, and then boom, 2012, Kodak finally filed for bankruptcy. But Kodak's rival, Fujifilm, survived. In fact, here's the shocking news. Fujifilm is having a major comeback, baby. Turn the lens. Japan's Fujifilm is the Kodak of the rest of the world. But here's the interesting thing. Fujifilm, unlike Kodak, did not go bankrupt. Because Fujifilm pivoted to medical imaging to save themselves. And then here's the latest shocker of all those shockers, Jack, what do we got? Fujifilm's camera business is back, and it's now the biggest moneymaker for the company once again. Get this. The physical old school cameras over at Fuji Film, that division made a hundred billion

yen in profit last year. Jack did you sprinkle on a little Forex for us over there? That's nearly one billion U.S. dollars in annual profit. It's a hefty number. And it's about a third of Fuji's entire profits. And how did Fujifilm pull off such a dramatic comeback in their camera business? Well, funny thing, Jack, um, they did something less new and a little bit more old. They did it by designing a modern camera to look old-fashioned. Jack and I are talking about the X-100 Fuji film camera which, what is this exactly, Jack? This is the hero product for Fuji film right now. It's a camera modeled to look like a 1998 camera, the one your dad was waiting in line for. Yeah, exactly that one. And honestly, like, Jack and I tried to jump in T-boy style here, but we couldn't because that Fuji camera is sold out.

They're sold out everywhere. Even though they look like they're... The camera you found in your parents' attic over Thanksgiving break. When you took, like, a photography elective in middle school, this is the camera. It kind of looks like you were using it 20 years ago. You're like, this is collecting dust in the attic, but does it even work? I don't know. It's giving dark room, Jack.

It's giving dark room. The X-100. It's actually a digital camera, but it's built and looks like it's a film camera. And that is why Instagram influencers are now using this camera instead of their iPhone. No selfie, no problem. And TikTokers are hiking Mount Kilimanjaro in Africa with the Fuji camera instead of their iPhone camera. It's draped around their neck like an old school camera. You take the Fuji film picture and then you upload it to your iPhone so that you can post it online.

This isn't just a phone. This is a vibe. It's a whole vibe. And there's a lot of steps to getting your picture from your camera to the gram. So then Jack and I had to know we got killed. Why are old school cameras with a whole lot of steps involved in those cameras suddenly back, baby? We think they're back the same reason that record players are back. Well, now that you said that, Jack, I think we need a record scratch.

I'm not sure if that's metaphorically accurate, actually, for the story. Drake, can we do a record scratch for the heck of it? So, Jack, what's the takeaway for our buddies over at Fuji film? Old school tech is surging because friction sparks value. Friction sparks value. Yeties, this is not just a nostalgia trend. This consumer trend, it actually hits at something more fundamental, more human, more innate. One analyst in Tokyo put it best, explaining Fuji Films comeback.

They said that the friction of the Fuji Film camera creates value. Because, when something is too easy, it loses value. Less effort, less merit. But if you have to work to create something, then you feel that you've earned it, so it has more value to you. Yeah, one sec check, I actually got to replace the film. I just get paused the pod for a second. I got to change the film and then update the lens and then scratch the... It's like catching a fish and then eating it.

That fish just tastes better because you caught it. You put a higher value on the sourdough that you made from scratch than the one that you bought in the store. You have more pleasure listening to a record than tapping the same song under iTunes. And we're finding more value in photos created with the friction of pulling out a Fuji camera. And less value on the limitless photos, you flick through frictionlessly from your freaking phone. And that is the fundamental reason for the return of the old school camera. Fuji film captures it. When you have to work to get something, it's more satisfying. Friction. Friction sparks value. For our second story. The Supreme Court is all the conversation today,

but Jack and I found one decision that nobody's talking about. The Supreme Court's decision to end regulators' ability to regulate. We'll tell you all about it. But first, We should tell you that yesterday, there was a huge Supreme Court ruling. The Supreme Court ruled yesterday that Donald Trump has immunity for much of his actions on January 6th. They ruled that the president essentially is above the law when it comes to official acts as president. Now, it's up to lower courts to decide which acts Trump did on January 6th are official versus unofficial. But yet, that's a conversation for a different podcast. Not our podcast.

But another decision the Supreme Court made last week has huge impacts on our economy, on consumers, and on businesses. Because last week, the Supreme Court ruled six to three to overturn the Chevron decision. The Chevron decision. When a law is written ambiguously by Congress, government agencies can decide how to interpret those laws. As long as it's a reasonable interpretation. That's the Chevron decision. And since Congress can be sloppy and laws are rarely written 100% clear, that's simply how regulators regulate with their interpretation. That's how it's done in D.C., the Environmental Protection Agency, using it's a lot of it. its expert interpretation on environment issues. The SEC uses their expert interpretation on

finance issues. And the FDA uses their interpretation on food and drug issues. But last week, the Supreme Court reversed that 40-year-old Chevron decision. And the consequences for our economy are huge. Now, Bessie's, pause the pod for a sec, because this is a complex ruling. Nick and I found a way to understand that ruling. And we found it with an airplane flying over Yosemite National Park. Yeah, we're going to explain it to you using an airplane and Yosemite. So, Jack, let's talk about the National Parks Overflights Act. What are we talking about exactly? A law passed in 1987. The goal was to protect the national parks from noisy airplanes overhead. Noise pollution, because nothing ruins a family trip into the wilderness, quiet like the roar of a 747.

So Congress directed the Department of Interior and the FAA to restore natural quiet to America's Natural Parks. Okay, but here was the big question back in 1997. How loud is too loud? Yeah. What if it's a tiny airplane that's way up there? Is that acceptable? What if it's a really faraway airplane and you can barely hear it from the Yosemites? So Congress didn't explain these details. They let the Department of the Interior and the FAA decide how to regulate their intentions into reality. And the Department of Interior, an agency of the government, came up with some rules and regulations. that we've been following for the last 40 years. But here's the update, Yetis.

With the Supreme Court's newest decision, the Department of the Interior can't do what we just described. Whatever rules the Department of Interior decided could now get challenged by the airlines and overruled based on last week's decision. That's a huge change. And according to the Washington Post, lobbyists are now lining up to sue federal agencies

in the hopes of overturning other regulations. And this idea could be extended to any bill that Congress has passed. Even the Clean Air Act, the biggest environmental law in America's history. So like the Environmental Protection Agency's rules for enforcing the Clean Air Act, that could all now be challenged and all overturned. Every regulation is ripe for overturning unless it was perfectly dictated by the law. Because of this one Supreme Court ruling that affects the entire economy. So Jack, what's the takeaway for our buddies who are everyone in America? The era of laissez-faire is now upon us.

Our economy's rulebook just got slashed. Ah, it is laissez-faire. The only French thing universally loved by conservative policymakers out there. Léz-fair, it's a French term for not interfering, and it's loved by people who think the government should not interfere. It means when it comes to interfering, interfering should be not possible. The Wall Street Journal editorial board loves LazyFair. They love free markets, and they're thrilled by this ruling,

calling it a win for freedom. The Wall Street Journal says that Congress will have to leg. more clearly as a result. And therein lies the issue. Our hyper-divided Congress doesn't pass legislation like they used to. Oh, and ruling with perfect clarity on things like AI or climate change or really complex stuff, that is nearly impossible. That's why the result of this Supreme Court decision is so huge. It's going to bring us a much more laissez-faire economy with fewer regulations. A laissez-faire economy. Less regulation, less protection of the environment, less protection of consumers.

More laissez-faire. More freedom for businesses to do what they please with fewer rules to worry about. Now, a quick word from our sponsor. For our third and final story, as Nike falls, the swoosh's pain is

Adidas's gain. We'll tell you the three reasons why the sneaker industry is getting rearranged like your shoe drawer. All right, Nike, it's Coach Jack and Coach Nick over here. coming to our office. All right, Jack, what do you think we got to tell Nike? Bring him in here, toss him in the ice bath, and then get him two town-a-dolls, three Advils, one theragon, and some bengay.

We want you getting massage by Shaq like it's nobody's business, because yet it is Nike. Just had its worst day on the stock market since 2001. 2001, Michael Jordan was still playing. LeBron was in high school. True story. Oh, and Nike shares, they fell 18% on Friday like Shooter McAvin on the 18th hole. LeBron's son hadn't been born yet. The one who just got drafted.

in the NBA. And it's all because Nike reported sales fell 2% last quarter, and they warned a 10% sales drop is coming this quarter. Nike is looking like Space Jam before they took Michael's secret stuff. Nike right now would not be able to beat the aliens, is what Jack's saying. I mean, a 10% drop for a company like Nike, that is brutal. In fact, yet as Jack and I jumped in T-boy style, Nike stock is down 50% from its all-time high. Over the past five years, If you owned the S&P 500, your investment has nearly doubled in the past five years. But Nike has fallen by 12% over that same five-year period. And here's why Jack and I find that story fascinating, Yetis,

because Nike's pain is Adidas's gain. Adidas's sales are up right now, and their stock has risen by 20% in the past year. Nike, like we said before, Jack, it's looking less Steve Kerr, more Brian Scalabrini. Surprisingly, we have said that before. Was he not born right now? I don't know. I don't know. So, Yadis, we know. what you're thinking over there. Why are investors subbing out Nike for Adidas on the floor right now?

We found three things that both of them are doing different. Yes, we did. And the first thing that Nike and Adidas are doing differently, Jack? It's strategic. Nike called the wrong play when it comes to e-commerce. Because Yetis Nike made the mistake of pulling out of third-party stores to instead focus on selling Nike shoes in their stores and on Nike.com. Adidas responded by slipping in and filling Nike space at footlockers at Dix and all the their third-party retailers. Now, the second thing that Nike did that Adidas didn't do was an aesthetic mistake. A crime of fashion. A crime of fashion. Because Nike's Air Force One is now

getting replaced by fashionistas with the more casual Adidas Samba. And the third divergence of these two brands is in marketing. Because Nike has lost the love of the leaders. Remember those see-through baseball jerseys? The whole debacle that Nike was responsible for? I mean, Jack, I'm looking at Shoahe Otani right now, and I'm seeing a whole lot of Shoahotani right now. That huge fashion faux pa lost Nike the love of the athletic leaders in the industry. And consumers have followed with them. But there's actually a bigger error that both Nike and Edithis made.

Funny thing, Jack, I noticed. They both made this mistake, and so we decided to make it our takeaway. So, Jack, what's the takeaway about our buddies over in the shoe industry? If you're not in their ears, you're not. not in their minds. Now, yet it is, Nike and Adidas, they are both fantastic at marketing. You see the Nike and Adidas ads every other subway, like it's everywhere. You always see their commercials.

But consumers don't choose what to purchase based on what they see. They choose what to purchase based on what they hear. Bessie's great story in the Wall Street Journal last week about how Nike and Adidas both lost the local running club. Those casual running clubs of America, where the runners influence what the shoe buying trends, of the moment are. You have a friend who's in one of these running clubs because they've told you they're in one of these running clubs. They have really skimpy shorts I've noticed. It's a vibe, Jack. But yet, according to one running club in Portland, Oregon, Nike running reps only run with that

club like once a year now. That's a drop. But that running club in Portland sees reps from Hoka, On, Brooks, A6, and other fast-growing running shoe rivals four times a year. Not once a year, four times a year. And those run club runners, they're the ones working in the shoe stores. They're the ones advising friends, and they're the ones who are writing all the sneaker blogs. And since Nike hasn't been around, those runners are driving sneakers from Nike to upstart shoe companies. And honestly, Jack and I have experienced this, haven't we, Jack? I went to a running shoe store in Essex. They didn't even consider showing me Nikes. They showed me all the other products because that's what the runners are running with. I was told to

try on hokas and ons, and I ended up with a pair of ons. Nike wasn't even in the running yesterday. They sold me Brooks. They didn't even know my son's name was Brooks. Because yeties, Brooks and other upstar brands, they were in the runner's ears while Nike was not. And if you're not in their ears, you're not in their minds. Jack, can you whip up the takeaways for us for T-Boy Tuesday? Fuji film made a billion dollar profit on cameras last year as the friction full photo taking is trending. The friction, it is part of the experience because friction sparks value.

For our second story, a Supreme Court decision. last week will likely result in hundreds of rules and regulations being struck down. It's a new era of laissez-faire. The rules of the U.S. economy are getting slashed. And our third and final story, Nike's pain is Adidas's gain, but they're both losing out on runners these days. Brooks, on, Hoka, A-6s, they are all chirping in the ears of runners these days, but Nike is a no-show at the run clubs. And if you're not in their ears, no, you're not in their minds. And that's why Jack and I are in your ears. But Yeti's this pod's not over yet.

Here's what else you need to know today. First, Boeing is dropping $4.7 billion to buy Spirit Aerosystems, not Spirit the airline carrier. We should point that out. Not Spirit airline. Spirit is the company that actually makes the body of a Boeing airplane, including the door plug that blasted off earlier this year. Where'd that thing go? Well, Yeti's Boeing used to own Spirit, but sold them in 2005 to be more profitable outsourcing that. Yeah, it was the whole outsourcing trend. But now, not owning spirit is probably

one of the reasons why that door blasted off in the first place. So they're undoing the mistake. Boeing is refocusing on safety, so now it's going to insource the building of airplanes. Makes sense. Makes sense. And second, Inside Out 2 hit $1 billion at the box office, taken just three weeks to cross the milestone. It's validating for Disney, which gets its sixth Pixar movie to hit $1 billion of worldwide box office sales. Okay, did Wilder go this weekend after he's picking weeds with you, man? Yeah, he did. His first movie at the movie theater. Apparently, anxiety is the new emotion.

Jack, get that pod sun some popcorn, please, next time you go. And finally, the Boston Celtics, who just won the NBA championship last month, are now up for sale. The Celtics were acquired in 2002 for just $360 million by private equity and venture capital. And Jack, what are the Boston Celtics valued at right now? Nearly 20 times as much, more than $5 billion. The Celtics are the fourth biggest franchise in the NBA, and now they're selling right after a championship, literally at a high. The venture capital playbook, buy low and sell high.

I think Larry Bird said it to. Now, time for the best fact yet. This one whipped up by Savannah Westwood from Lovely Orlando. Trivia. What is the only Olympic competition that is mixed gender, i.e. men and women compete equally in the same tournament for the same medals. I'm going to go with archery for $500, Jack. It's equestrian.

Oh, horses! They get me every time, Jack. Equestrian began in the Paris Olympics in the year 1900. Wow. And by 1964, women were included across all three events competing alongside the men. Interesting. So we still got men and women competing in the horse-drawn equestrian events. A guy might win and a girl. All right, man. There we go. Yetis. It's also the competition with the oldest athletes.

The median winner is 36 years old. Which is how old we are. Which in horses years is two years old. 26 days of the Olympics, Yadies, Jack and I'll see you there. Yadies, you look fantastic today. And remember, if you're one of the 10,000 people waiting in line at the surf lodge right now in Long Island, tell the buddy next to you, H-Y-H-T-B-O-I. Who calls Montau-Long Island?

I was rounding up on that one. and Jack. It stands where have you had the best one yet. And look out, there's somebody in finance all around you. And odds are there's six foot five. That's how we grow the show. Jack and I, we'll see you in a moment. And before we go, a happy 40th birthday to Yeti, Austin Villa Lobos. Lauren's high school sweetheart and now a new dad to baby Stella. Congratulations. And Nick Coppola in North Haven, Connecticut, happy birthday celebrate that win. And Alis Guta Tumga Burtzak, To Matthias Shelling in the Presidio of San Francisco. Jack, Matias is an N-Egram 7, so you know what that means.

Auxol. And to anyone else, celebrate something today. Make it a T-Boy. Celebrate the wins. This is Jack. I own stock of Disney, and Nick and I both own ETFs of the S&P 500. Oh, and Nixon owned stock in Nike in his 529 savings account. It's down, but we'll be fine.

All right, how are we going to wake him up? How are we going to wake him up? There's a weed. It's a weed. There's a weed. It was very, it was pretty, it was pretty, cool having wilder like as my assistant. And, you know, he thought it was the coolest thing ever.

Yeah, no, I know. Yeah, it was great. Unpaid child labor is like fun.