Reformed Millennials

Reformed Millennials This page is dedicated to our podcast and group, where we identify macro 🌊 trends helping Millennials invest their time and money.

Yesterday, the $LVMH-backed iconic sandal-maker Birkenstock filed for IPO!With a 250-year history and in the face copyca...
09/13/2023

Yesterday, the $LVMH-backed iconic sandal-maker Birkenstock filed for IPO!

With a 250-year history and in the face copycats and Crox lovers, $BIRK's 20% revenue CAGR over the last eight years is very impressive.

Looking at profitability, Birkenstock actually has 60% gross margins, and its EBIT margins reached as high as 29% in FY22.

In 2021, Birkenstock was acquired by the private equity firm L Catterton for $4.3B. Together with Bernard Arnault's family holding company Groupe Arnault, LVMH owns 40% of the ~$30B firm.

The rumored valuation of ~$8B would imply an EBIT multiple somewhere around 20x, using the company's FY22 numbers.

Image credit: quarterapp

Back in the studio after the long weekend.We’re very sorry for the vacation. But the boys were stressed.
09/02/2023

Back in the studio after the long weekend.

We’re very sorry for the vacation. But the boys were stressed.

This weeks pod is all about the business of Taylor Swift.If our opinion, if the NHL and it’s stars had half the ingenuit...
08/18/2023

This weeks pod is all about the business of Taylor Swift.

If our opinion, if the NHL and it’s stars had half the ingenuity as TSwift, the league would be growing with no issues at all.

Using my fingers to count out all the interest rate hikes we’ve weathered since the start of 2022.This weeks episode is ...
08/09/2023

Using my fingers to count out all the interest rate hikes we’ve weathered since the start of 2022.

This weeks episode is a wide ranging discussion about markets, the barstool + $PENN + ESPN deal, and the top 100 sports franchise valuation list.

Warning: Do NOT tune in this week if you hate Drake and his marketing team.
07/22/2023

Warning: Do NOT tune in this week if you hate Drake and his marketing team.

YouTube Videos and Live Broadcasts of our show are starting next week.Come for the finance and sports business commentar...
07/18/2023

YouTube Videos and Live Broadcasts of our show are starting next week.

Come for the finance and sports business commentary, but stay for Cams hair.

What a time to be alive!

After a surprise hike last week we decided to talk Canadian Real Estate and cover affordability and mortgages.We didn’t ...
06/14/2023

After a surprise hike last week we decided to talk Canadian Real Estate and cover affordability and mortgages.

We didn’t forget to cover the Ottawa Senators sale and epic finish to the PGA Canadian Open on Sunday.

Last week was our biggest episode in history, topping 10k downloads.

Subscribe or listen here: https://open.spotify.com/episode/0snG11R7IInYxa6NutB7Dv?si=zHpP22e6TNy6hcmzQGinzA or download the episode on your favorite podcast player.

Vision Pro R&D is rumored to be 40+billion USD dollars. Or one Suncor energy.The product reviews are off the chain. Peop...
06/06/2023

Vision Pro R&D is rumored to be 40+billion USD dollars. Or one Suncor energy.

The product reviews are off the chain. People are blown away with its functionality and design.

The reason this is so important is simply ecosystem lock-in. It’s not about how many devices $AAPL will sell in the short term, it’s the promise of the Vision Pro creates another moat to lock you into the ecosystem. Apple at 2.6 trillion in market cap cannot afford to lose its ecosystem lock-in to a new piece of hardware.

Some of the things we need to learn about as we leap into a new hardware paradigm:
RTOS: real-time operating system is an operating system for real-time computing applications that processes data and events that have critically defined time constraints.

Speed of processing is apples edge here: Apple claims that the threshold for your brain to notice any sort of delay in what you see and what your body expects you to see (which is what causes known VR issues like motion sickness) is 12 milliseconds, and that the Vision visual pipeline displays what it sees to your eyes in 12 milliseconds or less. This is particularly remarkable given that the time for the image sensor to capture and process what it is seeing is along the lines of 7~8 milliseconds, which is to say that the Vision is taking that captured image, processing it, and displaying it in front of your eyes in around 4 milliseconds.

R&D spend data: https://www.matthewball.vc/all/bigtechbiggestbets

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