Transcribe your podcast

This is Nick, this is Jack, and this is Snax Daly. Welcome back. It's Monday, October 5th, to quote the famous Michigan football coach, the pod, the pod, the pod jack tbp. Why the best pod yet? What do we got for our first story over here? We just got the last jobs report before the election. We're talking the economy's report card for the most important semester of the year.


For our second story, Dumbo, Brooklyn based ETSI, its stock has tripled this year. We noticed a crafty artisan strategy that could out Amazon Amazon for our third and final story. Mission Produce is the pure play avocado IPO. It's the one we didn't deserve. No, the one we needed right now.


Yes, the stock some 20 percent on day one because Guarch is always extra.


Don't ever forget it.


But snackers, before we jump into all that wonderful stuff, we just found the most incredible job in the world hired to get fired. That's right.


Harrods department store, legendary institution over in London. You can't like Bloomingdale vibes when you walk in there, Jack, right. On 34th Street, you got Macy's in Trafalgar Square.


You got here. It's great pronunciation. That was really good.


Know back in the sixties, there was an employed person at Harrods department store whose job it was to just like sit in the attic, hang around, fold some boxes, read a book, let's call them Steve. And Steve would just hang out until a bell would ring. Now, when the bell rings, it's like Pavlov's dog. He has to go downstairs to the women's section where he will address a manager.


Jack's trying to do a psych major on. It is incredible. So after the manager sees Steve show up, the manager is talking to maybe, you know, a customer. And Mrs Fitzpatrick, who just found out the sweater she bought was ripped. So Mrs Fitzpatrick is upset and the manager goes to Steve and blames Steve for the ripped sweater and fire Steve right in front of Mrs Fitzpatrick to satisfy the upset customer. But Mrs Fitzpatrick begs them not to fire Steve.


She protest saying, You don't want to fire Steve, it's OK. It's OK. I'm so sorry. Or maybe Mrs Fitz quietly sits there and nods in approval and satisfaction for this writing of the Rockets.


Either way, the Harrods manager insist Steve has got to go. He's been fired, Miss. We've got high standards here at Haaretz. So Steve throws down his Harrods employment card, walks out the front door with his tail between his legs. But then he walks around the building, enters through the back and goes back up to the attic and waits for his next gig, where Steve hangs around sitting on some boxes, waiting for the next bell to ring snackers.


This is a true story. His corporate title, Fall Guy Endorsements on LinkedIn, taking the blame. He gets none of the credit. He gets all the blame. Sounds pretty incredible. Let's hit our three stories. You tune in this next day. He spoke to the lawyers and we got to get some legal out of the way about the here. Ray Giudice. Candy, they don't reflect the views of rabbi her family. It's all informational. Just so you know, we're not recommending any securities.


No, it's not a research report or investment advice, not an offer of a sale of a security. What's next is Digestible Business Finance LLC member, Fagbug ABC for our first story.


We just got ourselves the last jobs report before the election. That's critical. And the state of the economy is not good snackers.


You'll wake up on Friday morning. You had a nice sleep. You pour the cold oatmeal on the first two things. You see President has covid and we get the jobs report. I then immediately devoured to our bars and two cups of coffee because we had a big day ahead of us. I could feel Jack's heart rate from here.


So we jumped into the Labor Department's report on Friday morning, which said that America had six hundred and sixty one thousand more jobs in September than the month before. All right. He had all that up. That brings the total number of jobs gained in the US since May to eleven million.


That sounds really incredible, except that's about half of the twenty two million jobs we lost in March and April.


And it doesn't get better from there because this is the third straight month of decreased job gains. In other words, the recovery from March and April. Yeah, it's getting slower and decelerating every month. So let's say you hear these numbers, you call up a math professor, they're going to tell you that if it holds steady at six hundred and sixty one thousand new jobs every month, it's going to take us seventeen more months to get back to our pre covid our February twenty twenty levels.


But then Nick and I phoned in econ professor. If you add in population growth because 18 year olds are graduating, it'll take twenty one months to get back to our pre covid job levels.


And if you call a gym teacher, they're going to say that push up didn't count. Now the good news here is in the unemployment rate, which fell from eight point four percent in August to seven point nine percent last month, Budnick even that one bit of seemingly good news felt good, actually wasn't good news.


Yeah, snackers turns out nearly 700000 people dropped out of the labor force in September and that's why the unemployment rate went down. Now, the. Reason so many people decided to stop looking for work and stop working. It's kind of unclear, but we think it might have something to do with school starting. Yeah, get this snackers. Four out of five of the Americans who dropped out of the workforce last month, they were women over the age of 20.


Now, since we haven't controlled covid, a whole bunch of schools are starting off remote this year. So it seems like parents aren't working. They're looking after their kids, assuming and that's disproportionately falling on America's women over the age of 20. So the huge improvement in the unemployment rate actually has underlying bad reason, kind of feels bad.


Oh, and by the way, Jack and I just have a little bit more of grimness to toss on this thing. That report we've been talking about, this whole story, it's based on data from September 15th, the middle of the month. Yeah. After that, you get a layoff bloodbath that feels like it's out of a Quentin Tarantino movie. On Tuesday, twenty eight thousand Disney workers got laid off and then on Wednesday, thirteen thousand shell. All state workers got laid off.


On Thursday, thirty two thousand airline workers got laid off. So, Jack, what's the takeaway for our buddy who is the US economy?


We're putting all our eggs in the vaccine basket, but some medicine would be nice to have the best picks for the economy straight up controlling covid pretty straightforward.


America's proven incapable of that as each of our 50 states are kind of doing their own thing. And the covid response.


So it's all come down to a vaccine which the Centers for Disease Control thinks isn't even happening to let earliest June.


Twenty twenty one. Yeah, that's when they think it'll be widespread available. And that's nine months away, a lot of months away from now. That's why we're hoping the House, the Senate and the White House passed some more economic stimulus, more loans for small business, more unemployment benefits.


That would be the nice medicine. And it looks like the president's covid infection actually might move us towards compromise.


For our second story, ETSI stock has tripled so far this year to survive against Amazon in e-commerce. Etsy is doing everything different than Amazon in e-commerce.


So we got a little family. I don't even know what you call this, Jack, but Amazon, it's like it's the mature older sibling. It applied early. It got into the top schools. This is a family scouting report. And Amazon always got the summer job, the summer internship like varsity letter, this varsity letter of Amazon, Amazon, Amazon.


Then you got Etsy, went to Riseley and took a gap year. Will that make you love me, Dad? Amazon. You're going to Amazon for utility. That's why you're going to Amazon. Ran out of toothpaste. Rieffel need detergent refill.


Need a new microphone for the podcast. You just started one click. Got it yesterday. Etsi, on the other hand is for creative shopping needs. Yeah I can't decide. I need a matching bridesmaid tumbler for the weekend. Which one of the seven options I'm going to go with on Etsy.


I don't know. But how about a one of a kind macrame baby swing neck. Who cares.


Throw them both in the cart not to set the stage for êtes twenty twenty six. You got to look at an email CEO Josh Silverman sent to all the Etsy sellers back in March. That's right. Because Echo in the whole team, they recognized that there was going to be an opportunity to create things.


As this pandemic unfolded, the CEO anticipated the need for crafty supplies that you can buy online to meet the demand for people in the coming months. And so the Etsy sellers responded by making a whole bunch of things. And those whole bunch of things were purchased by 12 million new first time shoppers on Etsy. Dotcom in the first three months of the pandemic feels like a big number, but is it a big number? It is, because Macy's only added four million new online shoppers in the exact same period.


Get this, Nick.


Three hundred forty six million dollars worth of sales on just mask's happened during the pandemic. And it's a perfect comparison point for Jack and me, because we just told you that story the other day about Gap selling so many masks during its earnings gap, sold a bunch of denim masks and it was like the king of denim. According to the Internet, Etsy sold three times as many mass as the Gap did. And ninety five percent of the sellers on Etsy, they're selling those masks from their homes, from their living rooms.


Their manufacturing situation is like the closet around the corner. It's not a diversified global supply chain. It's your little stamping station. Over in the corner, in the basement, warehouse workers are like your kids. And Etsy has sellers who are just a lot nimbler then like big corporations.


Let's say it was back in April, just earlier this year, you probably wanted the Tiger King mask because it just came out on Netflix. Well, guess what, Ellen? Over in Arkansas, she can move faster to put that to market than Old Navy corporate can also a great snack or so. Jack, what's the takeaway for our buddies over at Etsy? Etsy is the first to figure out experiential retail, online, online stackers.


Amazon has the speed, the resources and the size advantage over everyone else. 40 percent of all online sales in the US is Amazon and that amount is growing. So, yeah, it's pretty big. Yes, Amazon, Schöpflin, Etsy, they all seem to be benefiting right now from the exact same online shopping trend as you're going online. More physical stores need online markets to keep on selling.


But out of all these platforms, only Etsy is providing the experience of the fleer farmers market.


Everybody loves a Saturday flea or farmer's market, but. Might not be able to get it during the pandemic, Jack, if you got six hours, that's where you're going to go on a Sunday. But with each ETSI visit, you can get the variety by reality and newness of culturally relevant products. You don't get that on Amazon. Amazon is a bit more sterile.


Retail's not dead. No bad retail is dead. For our third and final story, mission produced just went public, stocked up 20 percent on day number one of trading week after a year of cloud based software specs.


Yeah, I'm excited about this avocado company. I mean, first most important takeaway questionnaire.


Jack slice or mash, always slice. And I've never cut my hand despite many close calls, honestly. You're not throw sea salt on this thing. Don't even bother sending us a photo.


Looking at jumped into the S1 of Mission Produce, which now has a publicly traded stock. It's a pure play avocado company with ticker symbol Avvo Classic jumping and snacks. The first thing we noticed, opening page mission produce quote unquote believes they're the first to have imported avocados into the United States. Believe, believe. Is this the new adjusted?


This is the new adjusted. Jack, say anything as long as you believe.


Apparently bold claim lawyers walk the whole thing back. Rough first impression. So mission produces revenues grew six percent last year, which is a steady growth rate and it's profitable. But since avocados aren't self driving, it's worth just under a billion dollars. Jack. Translation If you add up all the stock of mission produce, it's worth one twentieth of a lift.


So Jack and I kept continuing beyond the first page, jumped in further snack style and noticed what we think is interesting about mission. It's basically ExxonMobil, but for avocados, not oil.


Yes, it is mission produce. They source and produce and pack and refine and distribute and sell or avocados.


Those are advised retailers on how to sell avocados. Yeah.


Jerry, us you're going to want to put this right here near the tomatoes, but across from the chips.


Don't ask any questions. Mission Produce has a vast expanse of international fields and rigs to extract avocados.


Ten thousand acres over in Peru.


Plus, Jack, you got to have the farmland in Guatemala, Chile and Colombia just in case, you know, an earthquake, a fire or drought disrupt the production in Peru. Now, here's the thing.


Given all those locations snackers, there is a lot of political risk in avocado's.


According to the one, drug violence in their Mexican supply chain is a risk factor for the future. It got actually cited. That's why I mentioned produce runs eleven refinery facilities outside of cities to produce and prepare avocados.


Yeah, they call these things ripening centers. Lovely word, by the way. Great wedding venue. They're near cities, so you don't end up getting like a green lacrosse ball when you want something really nice and mushy. That's right. The avocado show up at these ripening centers like hard as a rock and get shipped to the grocery store when they're age, but not too squishy. Yeah, nothing worth like waiting around for this thing to ripen. It still feels more like a weapon than a food.


So, Jack, what's the takeaway for our buddies over at Mission Protus? Fast trends are getting all the attention, but don't ignore the slow trend snackers. Get excited about the fast trends like the mobility revolution, which went from zero to 60 in basically a second the ad Uber and then suddenly had a bike share.


Yeah, scooter and a self-driving delivery drone in like a year, basically a Nic Cage movie. So it's easy to miss the slower trends they creep up on you after years and years and years, like the era of the avocado. So backtrack to the year 2000. Jack and I are freaking out about Y2K. We don't even own computers at that time. I was 12. I swear I'd never had an avocado before. True story wasn't a thing. It's a millennial problem.


We embrace the avocados now, but we didn't grow up with them. In fact, it's not just us. According to Yahoo Finance, the average American was eating two pounds of avocado per year in the year 2000. But today it is four times that. We're all consuming eight pounds about every year. That's the culmination of two other slow trends in America, the first over the last twenty years.


Hispanics have grown to become the biggest US minority group, and Latin America is where all the avocados of mission produce are being grown. Second, you got the wellness splurge and millennials now becoming parents and forcing the avocado down their new babies throats. I think Gerber is coming out with an avocado baby formula. It's baby's first bite wasn't a thing twenty years ago. Thirty seven year old Mission Produce has been riding that slow trend and finally just iPod and it simply plans to keep on riding.


Jack, can you whip up the takeaways for us to start the week the economy is recovering but is still sick. We can't just wait for a vaccine. We need some of that Econ. stimulus medicine for our second story. Amazon is ruthless efficiency. Etsy is. And that's the point. It's like an experiential flea market online for a third and final story. Mission is just iPod.


After allegedly importing the first avocado to the United States thirty seven years ago, slow trends will creep up on your adjusted, adjusted, believe adjusted.


Now, time for a snack fact of the day, this one sent in by a man or woman who goes just by snack factor, we don't know his or her name in St. Pete, Florida. It's a Twitter account, but we believe they're based in St. Petersburg, Florida. Now, Snack Factor only sends a snack facts and points out that the human body contains 37 trillion with a T cells.


Nick, that is more cells in our body than there are stars in our galaxy.


Wow. Wow.


Kiona, Jack never use the word Trillian. I feel like this should be some kind of a Jeff Bezos wealth comparison in some ways. You know, snackers, before you go, we got to say congrats to Marco and Sandy and their dogs just had their anniversary in St. Paul, Minnesota.


And congrats to Josh for getting your first job out of college over in Romeoville, Illinois, also eight and K taking the LSAT in San Diego, California. Good luck. Logical choice. A logical choice. Yeah, that's terrible. Carlos Imod and Caitlin Vänskä just got engaged down in Houston. Happy anniversary, Brian and Sarah. In Los Angeles, Antonio Abrar and Leah Crawford engaged and anniversary over in Colorado. Happy anniversary, Mitsch. Megan in Tampa, Florida.


And a happy thirty third birthday to Justin, Gerald down in San Francisco. And happy birthday to Kate Yarbro in Orlando, Florida, and Alan Rosenfeld in Summerville, South Carolina. And Chris Van Handal in La Crosse, Wisconsin. And Nathan Davis in Pittsburgh, Pennsylvania. We got to lacrosse references in it one day. Is it Lacroix, Wisconsin?


Oh, that's a future correction and a snack that in the meantime, snackers. Let's spread and grow snacks daily as that's all you got to say. Ask your friends. Have you had your snacks, Dave? We'll see you tomorrow. If you know. You know. This is Jack I, stock of Amazon Nicklen, stock of Shopify, the Robinhood Snacks podcast you just heard reflects the opinions of only the hosts who are associated persons of Robinhood Financial LLC and does not reflect the views of Robinhood Markets Inc or any of its subsidiaries or affiliates.


The podcast is for informational purposes only and is not intended to serve as a recommendation to buy or sell any security and is not an offer or sale of a security. The podcast is also not a research report and is not intended to serve as the basis of any investment decision. Robin Hood Financial LLC member, FINRA, SIPC.