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Out Of My Mind On A Monday Mornin'

Updated: May 19, 2023

How did it suddenly become Thanksgiving week, does time have no respect anymore? Yes, TDAY is still my favorite holiday (all about eating, drinking and spending time with family) but I do miss the Turkey Trot and watching the Lions on TV (yes they are still on TV but there are so many better things to do than waste 3+ hours on a sub-prime team).


And even though the holiday season is here, I think so many people are overwhelmed that they can’t appreciate it and they just want to get through it. I was at Nino’s the other day and a 3-pack of Romaine lettuce was $8.99 and a head lettuce was $5.99. Mind you, Nino’s is known for their selection and prices of fresh veggies. But I think it’s about other factors besides food inflation.

Forecasters are calling for a flat holiday season in terms of purchases. I cannot remember a year such as this one that has absolutely not a single must-have item in any category. Even Apple products have become “boring” and kids fascination’s with toys seems to be ebbing with 3-year olds now streaming on their own devices.

Just as women love ULTA Beauty, I have to say men love Total Wine just the same. I have never seen a liquor store quite like it (Binny’s in Chicago is close). They have the greatest selection of wine, many with mark-ups of a dime, so by far the best prices. But the selection of bourbon, scotch, tequila, and anything alcoholic is overwhelming yet merchandised perfectly. They also have great employees who are very helpful. I will never buy wine and liquor anywhere else.

Sally Beauty reported their most recent quarterly earnings. Another down quarter in sales and lower margins. What is shocking is how well ULTA is doing in the same environment. No doubt inflation is squeezing Sally’s low-income customers but their Cosmoprof division which represents the pro beauty business (what’s left of it) is totally flat with no chance of growth. Go into one of their Cosmoprof stores and you will see the complete opposite of walking into an ULTA store.

Disney lost its magic and fired their CEO just after renewing his contract for three years. Oh well, Chapek ends up with $23 million just like that.

The FTX implosion. Is crypto nothing more than tulip bulbs?

And Musk. The world’s wealthiest guy, what is his end-game strategy? Would you spend $44B for a company and then implode it? Tesla has more problems than ever and Morgan Stanley has a $100 bear case price on it.

Instead of a whole turkey for Thanksgiving, this year doing a turkey breast and whole tenderloin. But when it comes to the feast, it’s the sides that are the stars. Still love candied sweet potatoes and stuffing (most likely because only time of year I eat this stuff).

Happy Thanksgiving!

Larry

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