Three Things (8/15)
Aug 12, 2022
“The biggest thrill wasn’t in winning on Sunday but in meeting the payroll on Monday.”-Art Rooney
1) U.S. consumer sentiment jumps: U.S. consumer sentiment beat forecasts and hit a three-month high in an August survey. The data comes on the heels of easing inflation, falling gasoline prices, and a sticky labor market. Inflation expectations were scattered, with some consumers increasing their outlook on long-term price increases and toning down their stance on costs.
Titan's Takeaway: July was a welcome reprieve from the cascade of bad economic news scourging the early summer months. Unfortunately, we think that inflation is far more entrenched in the market and could lead to lower earnings than the Fed has priced in.
2) Activist investor takes stake in N.Y. Times: Value Act Capital Partners took a 6.7% stake in the newspaper giant, focusing on repositioning its focus to subscriber-only growth. Value Act expects N.Y. Times to place a greater emphasis on forcing consumers to pay for the N.Y. Times's fast-growing slate of non-news products, such as its games, recipes, and partnerships like The Athletic.
Titan's Takeaway: Once simply a print newspaper, the New York Times has bloomed into a multi-faceted media empire, and investors are noticing. As media consolidates, the power of bundling different products is a compelling way to generate subscriber growth.
3) Meditation app lays off 20% of workforce: The mediation app, Calm, laid off 20% of its nearly 400 employees. While a reason wasn't immediately available, global macroeconomic headwinds and a focus on cost-cutting likely instigated the move. The wellness app became the first meditation unicorn in 2019 and just recently reached a $2 billion valuation after a $75 million fundraising round.
Titan's Takeaway: Nothing is calming about the effect higher interest rates have had on the private markets. After years of growth at all costs, start-ups are now reckoning with a changing environment where it is profitability or bust.
Cash Management
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