Jens Grede

But the consumers go to any mall in America.

And you see early 20-somethings with a Sephora bag, which is a darling from a financial press point of view, and a Victoria's Secret bag.

They are unaffected.

We tend to overanalyze a little bit and think that things really matter to customers that don't really matter to customers.

We know that Coke isn't great for us to drink with every meal, but Coca-Cola seems to be doing just fine too.

I think big wins and I think big will increasingly win.

This is the time.

For so many different reasons.

One, going back to what we spoke about, which is popular culture being one of the only hacks in the consumer economy.

So first going back, we have been in an era of brand creation with Shopify and other tools making it incredibly easy to start a business and through Meta and other platforms, very easy to find an audience that cared about what you were doing.

Today, the algorithm is not favoring loyalty, is not favoring necessarily who you followed two years ago or five years ago.

It favors who you recently follow.

It favors what you're talking about over breakfast with your partner.

It favors things that you have engaged with, that you clicked on.

Maybe something a friend sent to you and you watched it three times and now you're getting sort of tons of lookalike content.

It does not favor brands making content.

It's not putting that in front of its followers.

I don't know how many people you follow.

Maybe I follow 1,200.

Do I see content from more than 200 of those?