🥪 “AI Can’t Bake Bread” — Jersey Mike’s IPO. OPEC for Demand. Nantucket’s Influencer Drama. +Weather’s “Wet Bias”
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What big stories will this episode cover about Jersey Mike’s, oil, Nantucket and weather apps?
This is Nick. This is Jack. It's Friday, the real Friday, July 31st, and today's pod is the best one yet, and this is a T-boy. The top three pop business news stories you need to know today. And a happy last day of July to all those who celebrate. Wow! What are you doing? What's the plan? It's almost vacation month, although I feel like I've been on vacation all month already. Are you doing the last day of July softball game, Jack? Is that what's going on here? Nick, I'm playing my first softball game tonight for the first time in 11 years. What's the over-under on pulling the hammy on that one, Jack? i haven't sprinted in like three years so i think there's a call sheet going on right now about how many achilles jack comes back with dude i told the coach i'm just a ringer for this game i told the coach it's my first game in 10 years he's putting me at third base uh you're a grown man there's a coach jack i'm sorry this is why we got into entrepreneurship your own boss over here jack
Three fantastic stories for the best show in business. What do we got on the T-Boy? For our first story, Jersey Mike's went public yesterday with the most vinegar-soaked IPO of all time. Jersey Mike's stock, it popped on day one because AI can't make a BLT. For our second story, while the war in Iran adds new combatants and new battlefields, oil isn't rising. It's because China's on an oil diet and it's lost 40% of its weight. And our third and final story, a Nantucket shop banned influencers, but then accidentally became an influencer magnet. That's the Barbra Streisand effect, and every business gotta know about it. But yetis, before we hit that wonderful mix of stories. What a mix of stories to go into the weekend.
Just love the mix, Jack. No one else would do it. We usually cover financial forecasts on this show. But weather forecasts are now affecting financial forecasts. Because the biggest driver of how much money you will spend today, it's that tiny little weather app on your phone. Specifically, it's the sun or rain symbol that it chooses to show for today's weather. That's right, Yetis, the Apple Weather app. It's our GDP's destiny. You canceled your Super Saturday spending splurge because of the big raindrop on today's weather app. Okay, but pause the podjack because there's a problem here. False forecasts. Because weather apps turn the complex world of meteorology into one single emoji every day. And it's often frustratingly wrong, and we got the reasons why.
We've all been there. The app only shows rain, so you cancel the canoe. And you call off the tea time. You reschedule the rock climb. Yeah, but then, Jack, it's sunny and all those businesses missed out on your money. It's not just you. Weather apps overstate the likelihood of rain almost every time. It's a real phenomenon, besties, and it's called wet bias. Wet bias. It turns out the issue isn't the temperature, though. It's the translation. Get this, because 50% chance of rain doesn't mean 50% of the day is rain. It means there's a 50% chance that one spot in your region gets 0.01 inches of rain. That's the technical definition of 50% chance of rain. Yes, like you could get 0.01 inch of rain for one minute in just one part of town.
And it's sunny for the rest of us for the whole day. But the weather app will say it's raining right now. So you postponed the surprise party picnic. And that, besties, is wet bias. And it is raining on your weekend plans, literally. And it's messing with our economy's mojo, figuratively. So besties, before you delay that outdoor dinner this weekend, double check the rain data. And listen to your local weather woman. Tom Capposino here with WTBC 5. We got a chance of high pressure and definitely low pressure. I'm seeing three fantastic stories on the horizon. Jack, why don't we hit them right now?
Let's take them to the commercial break. Let's hit the channel. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm.
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Chapters
4 chapters
1
What big stories will this episode cover about Jersey Mike’s, oil, Nantucket and weather apps?
0:00–5:33
2
What is 'wet bias' in weather apps and how does it affect consumer spending and the economy?
5:33–14:03
3
Why did Jersey Mike’s deliver the biggest restaurant IPO in 15 years?
14:03–20:21
4
How did private equity change Jersey Mike’s menu and margins (salads and hot subs)?
20:21–21:45
Speakers
2 identifiedMore from The Best One Yet
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