Business
American Express’s Steve Squeri: ‘If you’re not ready for the upswing, you’ve missed’. What Amex did during the pandemic was brilliant, brave and strategic. They doubled down on customers and their brand. While others thought about surviving and preserving balance sheet, Amex wisely invested in rewards, their products and iconic brand to enrich the competitive advantages over competitors. How often do you see a company increase prices significantly (annual fees of Amex’s signature cards) AND record higher growth than expected?
How a Storied National Airline Became Reviled in Its Own Country. If I were a Qantas competitor, I would pick up the phone and call my government to demand that the Australian government let my company compete for the domestic market. There is clearly a need unfulfilled there. Qantas got to this point because they are spoiled and protected by the Australian government. Competition will fix that.
Delta to Adjust SkyMiles Program After Customer Outcry. Delta might have underestimated the backlash and overestimated its loyalty program’s appeal. To be fair to them, I don’t think there is a way to test this reliably. Admittedly, this is a hit to Delta’s reputation, but it’s better than any research or focus group that they can run.
A Twitter thread on Birkenstock, an almost 250-year-old company that makes sandals and is about to go public soon.
The Subway CEO Doesn’t Like Slowpokes. John Chidsey seems to have the necessary experience to turn Subway around. Going private helps reduce the scrutiny and offers more freedom to be bold. The downside is that we don’t have visibility into Subway’s financials. I guess if Subway is resold again for profit or taken public in the future, then we’ll know that the turnaround is triumphant. Until then, we have to settle for this: “Subway’s sales are improving. The chain, which doesn’t release its full financials publicly, said it had 10 quarters of same-store sales growth through June. U.S. customer counts are up in the first half of this year compared with 2022. “
Peak TV Is Over. A Different Hollywood Is Coming. “The streamers will have to find a way to pay increased talent costs—from the writers’ settlement, along with an earlier deal with directors and whatever is finalized with actors—without adding to their overall production costs. That will likely mean that companies will make fewer new shows and cancel even more that are on the bubble. In effect, while many people in Hollywood will get better pay as a result of the deal, the contraction in spending means there will be less work to go around.”
Other stuff I find interesting
The Genius Bar in a country where iPhones can’t legally be sold. After reading this piece, I really admire the Apple enthusiasts in Cuba that act like unofficial technicians for other end users. They have the will and they have found a way to add value to the community. What’s unfortunate is that thousands of Cubans are still disadvantaged because of the embargoes and restrictions levied on their country. They did not choose where to be born. Nor do they have any part in what leads to the embargoes. Yet, they suffer.
The Most Precious Resource is Agency. A thought-provoking piece on Agency. “The act of creation causes imagination, not the other way around. To understand this is to understand the ecology that fosters the unique. Agency is precious because the lucidities that purposeful work and responsibility bring are the real education. The secret of the world is that it is a very malleable place, we must be sure that people learn this, and never forget the order: Learning is naturally the consequence of doing.”
$67 Billion of Rare Minerals Is Buried Under One of the World’s Biggest Carbon Sinks. I understand that these rare minerals are important to semiconductor, EVs and other use cases. But I’d prefer a prudent approach to mining these minerals. “Located underneath a distant, swampy expanse of spruce forests and meandering rivers in Northern Ontario that is cut off from major roads, the Ring of Fire is seen by industry and government officials as one of the world’s most important untapped sources of nickel, copper and cobalt—metals essential for making the batteries that power electric vehicles.“
The Foliage Fanatics Who Travel in Search of Peak Fall Colors—and What We Can Learn From Them. If you are looking for a destination in the next few years to see foliage, read on.
A Sri Lankan Baker’s Baguette Conquers France. A truly inspiring story. An immigrant from Sri Lanka came to France in 2006 and worked his way to to be a chief baker in 2012. Then, he bought one of his boss’ stores and continues to put in the work. Now, the President of France eats his baguette every morning.
Stats
The Global Direct to Consumer (DTC) Pet Food Market is expected to reach $16.46 billion in 2031
$1 million is the minimum you’ll need to earn to be in the 1% in Connecticut
Minh Quang Duong 
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