Nick Martell

And we have got some lessons for you.

Call this an autopsy.

Mistake number one, Allbirds should have embraced their ugly.

Instead of trying to be cool, they should have leaned into being different.

As we said a few months ago, New Balance, Birkenstock, Crocs, they all were once ugly, but now their revenues are at all-time highs.

And the reason they should have tried not to remain cool is the three Fs of fats.

Ah, the three Fs of fats.

We've warned you about them.

Food, fitness, and fashion.

Those are the three industries where what's popular today probably won't be in a few years.

Fad industries are quick to get the ick, if you know.

Another mistake was being a steak knife that tried to become a Swiss army knife.

What do we mean by that exactly, Jack?

Allbirds launched socks, jackets, even underwear, that full disclosure, I'm wearing right now, and I think was best in the market.

But most people just wanted shoes from Allbirds.

Yeah, most people aren't like me.

So Allbirds should have done the one thing they do really well, shoes be like a steak knife.

And according to the Wall Street Journal, towards the end, there was one more big issue that caused the downfall.

It was the Charlies, wasn't it, Jack?

Charlie is Allbirds' internal name for the target customer they're trying to sell to.