35 Burst results for "K. Casper"
Harriet Hageman States Her Case to Represent Wyoming in Congress
"Because you've got to sell yourself on why you would be best for the constituents of Wyoming, or is our Liz Cheney's actions enough to have her get defeated? Mike, you know, that's a really good question. And you're the first person to ask it, but it's something that I address every single day, both with my team as well as internally in my own head. And the reason I say that is because you do have to have that balance. And what I often say to people is that I'm not just running against Liz Cheney, I am running four Wyoming. I am a lifelong Wyoming height. I'm fourth generation, my great grandfather came to Wyoming on a cattle trail in 1879. I come from a ranch. I have a lot of family members here. I went to Casper college on a livestock judging scholarship in the 1980s, then went to the university of Wyoming and graduated with both my bachelor's and my law degree. I have the credentials and the experience and the knowledge to be ineffective congresswoman. It's just that simple.
"k. casper" Discussed on The Family Vacationer
"Egginton's is a cute little breakfast. Place we've got some neat restaurants on the east side like fire rock in wyoming ill. Those are all local and on the west side. Silver fox so i would say that's one of my favorites and that's good. That's what you would expect from wyoming fair when you come to wyoming right and so you're kind of this is a good segue. We always love talking about food. You've mentioned some good restaurants. I imagine this could just be my perception. But i imagine a good steak is pretty easy to find in casper right yes you would typically think that that would be our mo would be go to agree steakhouse and we do have the. We have class like super good but anxiety. I think per capita. We have more tien chinese restaurants so people who live here want to eat thai and chinese visitors thank god they want the big old steak so okay. Well that's good to see. That's that's why we do the show right there. That's perfect while other. Are there any local dishes that are unique to the area that people from like you know. The south like me should try when we come to casper. I almost hate to tell you this one. Because i don't want to run out like it's so good so there's probably a ton but the one that i speak to you that i think is very simple. Delightful is they have Bacon knots at silver fox and they're like brown sugar candied strips of bacon tied at so. If you just wanna have a delightful mess in your mouth. It is big. That's for sure so good so i would say it's those. I'm sure there's a ton of others that that's on. That comes to mind for me. Awesome well and you've already touched on this. This may be kind of repetitive. But again talking about history. How do you recommend families trying to learn about. The history of the area could be museums but there could be landmarks that you know that are worth stop..
"k. casper" Discussed on The Family Vacationer
"It's also fun to talk about. Towns that actually have four seasons here in the south we have to real seasons and then there's there's like sixteen others that lasts about a day including fall. There's false fall anyway. But can you talk about the personality of casper as as the seasons change absolutely and i don't i love this place but i do understand that. Sometimes the season can happen in about ninety seconds. I have to authentic and honest when i represent this place as well sometimes we zoom right past spring we zoom right fastball. However somewhere in the middle really amazing. Thanks. so what are the things i love. Most we can start with summer. You can do obviously mountain. Biking camping hiking on casper mountain We've got some reservoirs near thirty within thirty miles of here that you can get on a boat or rent jetskis. We also host college national finals rodeo in june so i will say that week of june is one of the most vibrant in our community. So you see four hundred cowboys and cowgirls in their families and they converge on casper. They're all downtown all like animals and trucks it. It's one of the coolest times the in our community is during seeing ourselves they were very vibrant. And you know it depends. You know if you're listening if you come from a place. I wouldn't say we have extreme climate but we do have four seasons in winters can be tough so it feels like things are very alive in Accessible in the summer and if you love out direct this is a destination that you would definitely want to experience. One of the things. I think is worth mentioning is fall here in one of the things that we haven't talked yet about but we are blue ribbon waters through here which means that there's thousands of five thousand fish per square mile and.
"k. casper" Discussed on The Family Vacationer
"In town born when the tracks of the fremont l. corn and missouri valley railroad arrived in june eighteen eighty eight and named for nearby fort caspar casper wyoming is the subject of episode fifty six and it starts right now. Welcome to the family. Vacation are with provin danny. Let's go to podcasts. For families.
"k. casper" Discussed on The Functional Tennis Podcast
"Or prevalence so we need to make sure that we could balance that out. Because he has the added looked wearing ahead of them and we want to make sure that we balance and physically through that period so that he commanded strong enough to really endure even more tennis. Because we know that the morton she play needs. Play a lot of our submission or to be be the best and the for him to be able to build a body. That could do that. We saw like support for two to balance that out that that was some good long-term tank and like it's easy to do. They want the short term results. And those feel good factors but obviously if you pull back and you an experience of his dad which would help a lot I'm sure it was times and yeah split because it didn't know what to do the came in but he understood the it was important There's a lot of injuries a lot of people that have problems so so he understood that those issue that had to be taken care of them. We talked a lot about it at night. All my thoughts. We agreed atmos though. There's still a spar and both me and casper deem trump's of ice makes exit. What i feel and i think it's the bergman case net. We have there. And of course sometimes i think.
"k. casper" Discussed on How I Built This
"And so if that is one of the crazy spectrum the other is what would be the most crazy way to sell a product that when casper launch with sight unseen and we said like just no questions asked return policy. You don't love it. We'll we'll take it back and fortunately few customers do but we want you to find something that you sleep great on you about four hundred and twenty employees now. Something like that I it's about three hundred and fifty h q employees and then we have several hundred retail employees as well and you are the last one standing right all the other founders co founders have moved on on some ways may be involved but they're not involved in the day to day of casper right. That's right so you sort of feel like you know. Hey guys were where would you go. I mean i know you mentioned your good friends with everybody but wonder like hey wait. Why why. what's going on here. No. i don't think these things like just take their natural progression and some. My co founders are younger than me and at earlier in their careers and ganda wanted to move on to new challenges. And you t totally accepting of that. And i i think early on. We said let's be mindful that like none of a signed up for this to be forever job until we retire. But let's always make sure. We put casper i in our decision making but also just be realistic that you know if one of the founders wants to go onto something else like let's just prepare for it and talk about it and do right by the rest of the team and that's kind of how it played out when you started selling mattresses in your dorm room at ut in two thousand three. Could you imagine running a public company in. I mean more than a mattress company but could you imagine running a public company. That is centered around mattresses direct to consumer mattresses. No would be the short answer. Certainly not anything. That specific. But i will say i'd like growing up like business was what i was fascinated by and my sister. We tell you. Like i. I would force her when we were little. Let's play business. And i would use my briefcase in before i could write like scribble out fake letters and and checks and things like that like Businesses always been what. I've been really passionate and curious about and so i do think i always dreamed of like. What would it be like to run. A public company. Be a public company. Ceo and so. This was definitely on on my bucket list like did did i think i would get here this way in at this age and with this kind of company no but You know definitely something. I aspired to since i was little. When you think about where you've got you've got to as a founder and ceo How much of that do you do. You think is because of how hard you work in. How much of it do you think it's due to spend lucky in being the right people at the right time and the right kind of things breaking your way. It's a tough question. I definitely someone that puts a lot. The majority of the way life happens into luck. You hear the references of like running a company running startup being in a boxing match. And you're just constantly hitting the face. And and i think that's one hundred percent true and.
"k. casper" Discussed on How I Built This
"At this point. Philip will ask you about review sites because mattress review sites or websites that the claim to have honest reviews the hugely influential in what mattresses people by like a before. Start researching for this interview. I had no idea how important they are to sales and some of these review sites have not been charitable To you to to casper and and you guys sued some of these sites saying that. They were being unfair but wonder why. Why did you sue them. So it has nothing to do with the content of what they were writing and it has everything to do with the way that they were representing themselves to consumers. And what we saw happen in this industry was that people were creating content. They were highly highly compensated by certain companies for that content to be very favorable. And that's fine as you said. It can be the opinion of someone but where we draw. The line is if misrepresent what they're doing to consumers which has to do with disclosure. There are some companies and some sites out there especially at the time when we were litigating against us that did not represent themselves as being paid by these and they represented themselves as independent and unbiased. And that just wasn't reality and so not having. Proper disclosures is. What we we litigated. About and i think today we have a better ecosystem for consumers in the industry. Because you you see more disclosures and look you're in a high stakes business right. I mean the you are in a competitive high stakes business environment so there is going to be a war footing in some sense. I mean it's not It's it's that's just the reality. There's a story out there that One of these companies you settled with sleepless was eventually acquired by another company called jack media the casper provided a loan to to acquire sleepless and then the story is that the review of a casper mattress on sleepless turned from a negative review to a positive review after that happened. I'm not saying that the legal. It's not. I'm just saying that. That that's a story. And you got some flack for that from some Some media outlets doing that. That's right. I think the narrative that the that that media outlet took was not fairer accurate. I mean to destroy says not true nurse so the narrative that was behind the story again to good operators in this ecosystem and are bad operators in this ecosystem and in our view Jack media was a good operator. They wanted to buy the site and we talked to them about financing acquisition so that they could operate it and they had complete independent editorial control and they ran their business. We were just a a financing partner for them. And today we're we're fortunate. There are a lot of very good actors providing content around mattresses providing content around sleep and the ecosystem is much better than it was back. When we were forced to litigating litigations always the last resort But if if if the you know if the advertising standards that the the law says and that the independent advertising bureau's are saying are not being upheld in that's misrepresented to consumers we again just felt it was an obligation upon us to take action to let the good actors build their business and the a great business to be built on the content side on the advert vittorio side of the mattress industry and of the sleep category. On so long as you do it with proper disclosures which is what's going on and so again it's the narrative behind it. I think that was a little off. I know that around two thousand seventeen. You started to enter into conversations with target target from what i understand. Started to look at you as a potential acquisition and you guys started to talk pretty deeply and now knowing what i know about the talks that they're very intense. You've got to open up all your books. It's you gotta stay totally secret. You can't talk about it with anybody. It's i i mean you. You sort of entered this process with target. So i i wouldn't say we got as far as as you're alluding to in the process Target had taken a keen observation to a casper is doing. They saw what our partnership was a west elm and target wanted to push more into the wellness side of things. They wanted to make a bigger push into sleep into the mattress side of things. They had a big betting business. They wanted to do more on their pillow business. Brian cordell the ceo who i was introduced to and he said like the commercial opportunities are huge. I think we can build a big business together. And that's where we we sat down. We talked You know amongst our board and and you know the founders and the management team and we said what's the best way to work with target today and we said if they wanna make an investment in intake a minority position in casper and if they wanna help us more importantly than the investment if they want help us commercially in the investment will help catalyze that then great. That's doing win. get the net. We ended up doing so now with target as a strategic kind of investor. You are your mattress are in target stores. Still today right. That's right so casper. You hit a a huge milestone in march of twenty nine thousand nine. You raised around brought in another one hundred million dollars. I think you at one point. One billion dollar valuation and I mean that's huge But it also imagine increases pressure right. Because you've got you've got a thou- show that that's really worth that that money. What did you did you already in. March of twenty thousand nineteen. Believe that you were going to take the company public within a year march of twenty nineteen. We definitely started focusing on. What does it mean to be public ready. Ipo ready what does the ipo process. Look like and what do we need to do to be prepared to be a public company. we were definitely working on that in early twenty nineteen. I mean. this is what happens. When when an investor and makes an investment in in a in a company they are expecting that. There's going to be some kind of exit. Either it's going to be acquired or it's going to go public investor a return and you guys. I went to investors in two thousand thirteen. So it's looking at seven years later and You know the clock is ticking. And is that why you decided that going public was the right decision you know we. We actually really didn't feel pressure from investors Since we started the company since the five of us got together it was always like. What's the next milestone for the business. What's the next milestone for what we want to build. And then let's get there as quickly as we can. Okay we we raised you know as you said another hundred million dollars in march of two thousand nineteen. What's next okay. Let's get ready to be a public company. What is that like. So it was really. I think more self imposed pressure to public than anything but going public means that you have to reveal everything glynn public means your all. Your financial statements or documents are now public documents. Because that's what it means to be a public company and so a month before your ipo. You had to this all your documents are out in the open and it showed that she will not profitable that. Actually you had lost money in the previous quarter and that the company wasn't yet profitable. That's fine that happens all the time with many companies and when people buy stock it's often on the belief that eventually they'll reach profitability. But but it but all of a sudden you kinda late laid out there right. I.
"k. casper" Discussed on How I Built This
"Learning personally. This message comes from npr sponsor discovery plus the streaming home for true crime junkies nature lovers and ninety day. Fiance's fans start your free trial to stream food true crime nature home plus so much more for just four ninety nine per month. Hey welcome back to how i built. This guy is so it's around. Twenty fifteen and after a very successful launch of its first mattress casper is having to play defense because competitor mattress companies are springing up all over the place it does become. I think an arms race of trying to think about how you're going to have defensible business and so part of it is advertising but part of what we saw also the distribution matters and having a place for customers to try. The product is an advantage in this industry in in this ecosystem. So that's why we started opening up stores. Today we have seventy retail stores opened operating. And that's because combining that online experience with the ability to offer a trial experience with our customers is an advantage and we started thinking about other ways to build advantages. How do we have a one stop shopping destination for all things sleep. And so how do we expand our product portfolio. I think you guys did a partial west elm to for example. That's right our first ever. Partnership was with west elm on getting our products into their stores and their showrooms in having them promote us as a way for you to buy a mattress as part of your overall bedroom set. So we're always thinking about ways to distribution so one one thing that i am curious about. Is that mattresses like cosmetics and some other Categories tend to be made in central facilities where factories that make products for many different companies according to their specifications. And i'm assuming that more competitors came into the space They were also making mattresses in the using the same manufacturers. You're using that's right so in the mattress industry. A lot of manufacturing is done at contract manufacturers who will make foam or products for anyone in the industry so it's not to see multiple brands being produced on the floor of any mattress factory. So i mean i. I'm thinking if i'm running the company. I would get a little anxious or nervous about people who were making mattresses in the same factories were ours. Were being made in in that. That i peanut being carefully protected. I i wouldn't say. I got anxious about the other people creating mattresses in the same facilities because i think there's enough secret sauce in our products. That really do make them stand out if you buy our wave mattress today. It has this. Joe pod System that we invented. We've patented now where i give myself maybe lower marks on kind of my personal scorecard is. I don't know that we've done the best job of articulating those products benefits to consumers and it does get in the weeds to your point. It doesn't stand out as much because you know at the end of the day mattress sits under your covers. And you're not looking at it every day. You're not. It's not an aesthetic product. It just has to work well. And i think about it with like you know razor blades. You would know very specifically if you're using a razor blade that's high quality and probably expensive and the verse low-quality inexpensive razor blade. And you wouldn't be able to articulate exactly why but it has to do with the engineering and the manufacturing processes and the quality standards specification and the input ingredients and all of the things that go into it. And i think we got away from that for a little bit and focus more on the brand and less on the product but.
"k. casper" Discussed on How I Built This
"Let's see how fast we can get there. Your your value proposition was. It was gonna be easy to get to consumer a good quality mattress and it was going to be cheaper. So i'm assuming your margins were going to be lower than what they were for the traditional mattress industry so we hit always said. We're not we're not building a value. Play you're not gonna buy from us because it's the least expensive option and it's the lowest price best value lowest margin option. But we said is. We're not gonna play games with how price everything we're gonna price it fairly and so no matter where you buy a product you pay the same price and from a margin standpoint. There were just less hands in the cookie jar if you will On our products so we didn't need as high of marge's brick and mortar stores and you don't have a retailers your direct to consumer. You're not right. That's right so we were more efficient. So we we just in need as high of margin dollars we still. We still have a high margin business and it's a high margin category So you know you look today. We're north of fifty percent. Gross profit margin business which is good and strong and and that's enough to build a defensible business and to your question on like just you know how many people are mattresses. It turns out that every year about twenty million mattresses in the us or sold and those twenty million mattresses mean that sixteen seventeen. Eighteen billion dollars in the us has spent on mattresses so one of the things that that was part of your ambition to to create a brand rather than just a mattress company. Right 'cause it was. It was going to be all kinds of sleep products. It was going to be a sheets and pillows and In different kinds of mattresses. Was i think a year after you launched you guys. Basically built a media. Company called van winkle. And from what i understand. This was a media company that was going to write. It wasn't going to promote casper mattresses or sell the news just gonna write about about sleep on about things. Related to sleep is is that right. It's i think media company is a generous moniker on the the idea was that buying a mattress is an infrequent purchase with consumers. So what is a way that we can as casper stay in more frequent conversation and build more frequency of a relationship with customers and we said content could be a way to do that and so we went out and we. We started van winkles. We hired an editor to help us create content around sleep. And it wasn't about selling mattresses we just let's put it out into the world to our customers and and have people sign up for it and if it's good quality content people read it and that will just help build the brand overtime. I mean it's a really interesting idea right because you've got a consumer products company and you decide that maybe you could also expand by becoming a media company. This is a model. A lot of people do a lot of investment firms or injury. Norwood's is essentially doing a version of this and it seems to me that you act that that one of the things you thought was this media arm could become self. Sustainable self sustaining. It could become profitable through at a thought on where the business could go. Which is either that it becomes so interesting and so widely distributed that people do tie it to casper and so it leads to people buying from castro or that. It's a standalone editorial venture where we bring in ads and other advertising partners in addition to casper and we think of it is just like any other editorial venture and so we definitely thought that was one place it could over i. I know that you had been going for a few years before you shuttered it and And shutdown and i wonder whether you ever think about going back to something like going back to building content around sleep. I think that one of the biggest misses that we had early days was kind of missing the ability that content could have on sleep and when we were starting than winkles. We we saw some of the you know meditation apps coming to market and people using them for sleep and we talked about like how how do people use content as part of their sleeper teen. And we missed that opportunity. And i think the folks common had space have gone on to build great businesses and i think the killer application for those businesses not meditation. I think it's sleep. And so i think that area super fascinating. I think there's going to be a lot of innovation when it comes to people evolving their sleeper team including content. And we would love to play in up. Did you assume that kaspar would be like a millennial brand you know that it would. Was that how you kind of pitched it. And did it was it was that did that. Come to fruition. You know i would say we were worried about becoming too much of a millennial brand like we knew. We were trying to resonate with new york. City in san francisco millennials. Because that's who we were early customers were but we we and i think this was just listening to investors really like we were acutely aware of the risk of becoming too much of a millennial brand and i think we heard that with how people were you know thinking about where we parker at a point in time and we just knew that that was something we were gonna have to overcome when we started to think about you know. Non millennial opportunities we would go try different advertising campaigns. We would try different pop-up destinations. We would Just try to build the business in by going kind of community to community and thinking about the groups that we wanted to resume with as you started to really take off. Something happens fairly quickly in in the story of casper which is competitors. You've got a great business. Direct to consumer compressed mattresses comparatively low overhead. 'cause you're selling direct and then you've got brands coming up purple lisa in others. That happened fairly quickly after you guys launched it did and it was way bigger of an onslaught of competition. Then i think. Certainly i could have ever imagined and i think this is one of the things looking back. That was a mistake on my part i. I was kind of dismissive of competition in the early days I i never expected to see. So many competitors come at us from so many different angles and that so many of them would just try to copy what we were doing and be fast followers and and You know really. Just take everything. We were trying to be innovative with and we ended up saying like we started casper because buying a mattress. Offline in a store was really confusing. You had all these options. You didn't know who to trust. You didn't know what the different options meant. I think the proliferation of mattress startup certainly got very competitive immediately. Buying a mattress online became even more overwhelming and confusing than buying a mattress. Offline when we come back in just a moment have casper dealt with its competitors did a deal with target and later navigated a very rocky. Ipo stay with us. And you're listening. To how i built this from. Npr support for this npr podcast and the following message. Come from hot wire imagine. A nice vacation is the review of the parking lot. No so don't book a cheap hotel book and expensive hotel for cheap on hot wire. You can stay in a nicer hotel than you ever thought. Possible just select your city neighborhood and amenities then get your heart rate. Better views king sized beds and freshly pressed waffle woven robes await you and also actual waffles download the hot wire app now and book beyond your wildest means all bookings final this message comes from. Npr sponsor mailchimp. 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"k. casper" Discussed on How I Built This
"Thirty thousand dollars worth of business. I mean again that that was like what we were forecasting to do in months. Six or seven And we did it in our thursday. And where i mean. Did you have the mattresses on hand or or were they at the manufacturer. Where were they so at this point. We had moved into our first office. The office was a second story. Walkup in no-ho in new york city I think it was sixteen hundred square feet and so we had a few in the office that we would ship out that day pull ups label on it and ship and then we had like u-haul truck that we had rented that had maybe one or two dozen mattresses That we were keeping out in brooklyn we thought we would like pull inventory from there and ship it as they would sell but within two days we were out of all of the inventory we have mile and just to be clear the mattresses were being were being manufactured to your specifications but but essentially white labeled by by manufacturer somewhere. I think it was in georgia right at the time. Yeah so we had found a contract manufacturer who makes beds for other brands. We had convinced him to work with us. Casper and we said this is the type of bed we want to build here. Are the four layers that we wanna use and they said okay we can build this bed and so they would build the bed for us so they were physically built. The foam was poured and they were assembled outside of atlanta georgia. And then eventually we would ship products from that facility directly to consumer and then we would also take inventory to our office. Where we could do our own fulfillment if need be so. Apparently your your first year target was take to reach about one point eight million dollars worth of mattress sales in apparently hit that in two months which is a great milestone but also a huge problem. Because you were. You're not shipping mattresses out fast enough. There was huge right. There were huge delays to the point where we thought we thought this was like an existential risk to the business. I mean people were just super upset with us posting online about our delays. We had promised them to ship in two weeks and it was taking six or eight weeks and we felt like the whole business could implode at this point So we we were trying to brainstorm everything we could to keep these customers. Just having faith in us and giving us the benefit of the doubt. Not cancelling the order. My co-founder neal had a brilliant idea at one point to send customers who were delayed on their products. era beds that we would buy on amazon ship to our customers via our amazon account. Just as a way to say sorry if you need to sleep on hopefully this helps you. Just you just go. Amazon and send people air mattress. While they're waiting. Yeah up until amazon cancelled our account because they thought we were reselling them which we weren't but we were buying hundreds of these arrowheads just to help people sleep and you know again. At this time there were only seven people in the business including the five co founder. So we were all living and breathing the customer frustration we were. I was aunt live chat. Until i went to bed and was online chat. The first thing. I would wake up and trying to keep up with emails and answer phone calls and trying to you know fi- to atlanta to get our our manufacturer to produce more but you know a big big manufacturer. They want to go make a run of five hundred beds thousand beds and we're like no we just need to ship out. You know doesn't bets today tomorrow. Whatever it is to try to catch up and it was just. It was really tough to build our way. Out of the whole. Why was it was the bottleneck the manufacturer. I'm recently. They're making beds for lots of other people and you guys are like come on make more of ours but presumably. They couldn't make enough quickly enough. That's right. It was the manufacturer and it was really was tough to find a manufacturer to work with us in the first place and then to. We're a tiny customer in the grand scheme of things and so we have to. We had a forecast. We share that forecast with the manufacturer. They said okay. We can live up to this and then overnight said oh wait those beds that we thought we needed in two months. We need them tomorrow or in two weeks and so they're like sorry. That's not how this works. You can't just gonna flip a switch. I imagine that with that rapid success it it started you start to attract more potential interest from investors that year in two thousand fourteen. Because i think you did would go on to raise two series a. In two thousand fourteen raise like thirteen million dollars or more than that a little more than that. Was it now with initial success. You had was it easier to raise that money very much. So so one of the common objections we heard from investors was just too early. Come see us when when you're live and we'll check back in and i think at that point i think that's just what investors say to push you off and when we were able to come back and be like. Oh yeah we. We did a million dollars in our first twenty eight days You know. I think that was fairly unprecedented. And so that that caused a lot of interest into the business you know we. We went from the ugly stepchild to the bell of the ball very quickly and it was all new to us until we were. We were trying to be deliberated trying to take it all in trying to be thoughtful. Because you're picking a lifelong partner in the joke. We heard from a lot of founders was. It's kinda like marriage but without the divorce option for your series a investors so we wanted to pick the best partner we could and that also just thinking about like. What do we want to do with this business. Do we really want to swing for the fences. Were running as more of a lifestyle business and it was a crazy time. That was awesome. You know different and overwhelming. But we ended up with a great partner and that part by the way was any a huge venture firm huge venture from the largest venture firm by by kind of assets under management. And we said let's let's go try to build the biggest business we can and if we're gonna fail let's fail because we're too ambitious and aiming to big and so so what does that mean to be to go big. Yeah so the way we talked about and continue to talk about as we want to build the world's first sleep brand. We want people to think of casper when they think about getting a better night asleep That could mean buying a mattress but it could mean any other number of products or services or experiences when it comes to getting the best nicely possible and just like you think of nike. When i say you know going out for a great run or whole foods when i say go buy organic foods. We want people to casper when it comes to getting a better night of sleep until it was just taking the money and start to build a product pipeline. Start to build a distribution pipeline. We knew we weren't going to be just digital. So we started doing pop-ups. We want to build a global brandon business so eventually we launched in europe. And so that's where we just started to think about what is business like down the road.
"k. casper" Discussed on How I Built This
"Founded thrillers. I think right. He's a partner at Lear hippo ventures and ben had invested in worry parker and had invested in some other great consumer companies was running thrilling and then immediately got it and was very passionate about it and excited and he did want to see like i gotta try one of these things out so we. We delivered the four of us. Neil luke gabe myself delivered a bed to his apartment in soho and he. He slept on that for years and ultimately led our seed round. And that's he's the reason why casper is in existence today. I think you guys raise like a little million dollars for your seed round right. Is that right. It ended up being one point. Eight five million so more than more than that and he and and so when he kind of signed off on the decided to invest. That's when you get the waterfall. You know people want to join this guy's doing and i'll do it too. that's right. Ben was a big name in investing and so using his initial check into casper was how we were able to build momentum to fill the round. And what what was going to make your mattress different because you could buy memory foam. You could buy latex. What what were you gonna make it out of. So ours was a also mattress with memory foam on top but we had worked on for months was just how do we construct it to be super comfortable and this goes back to jeff in a brilliant industrial designer. It's all about user tested design and so we would bring our friends over to an apartment to lay on different prototypes and get feedback. Wh what's the right level of bounciness and what bed sleeps the coolest throughout the night and you know what feels kinda universally the right firmness That firmness was very subjective. And so we we went through dozens of different prototypes to get to the casper mattress that we launched with and it was what it was a combination of of memory foam latex. That's right combination. Memory foam latex to get the right amount of balance in sync and and heat. Absorption the fuel that we were going forward through user testing and jeff the designer. He was just basically making mattresses in in his studio in providence. That's right we would get foam samples from different manufacturers There was one manufacturer that ended up being excited to work with us. It was very hard to find a manufacturer at this point in time because we were building something custom. We were doing proprietary foams layers. But we had all of these different kinds of foams and foams come in different densities have different qualities based on the formulation and so we could build thousands. Tens of thousands of different permutations mattresses. So that's what jeff was spending time doing is getting the feedback testing Different properties whether it was he or things like that and just constantly iterating to try to build the perfect mattress. When did you know when did you did you also. Did you all agree that you've finally got the formula right. A certain point or was there. A discussion among the founders. Were were you all had different. Some view had different views. No there were tons of discussions tons of debates very debate focused group founders ultimately though we said we're going to pick a date and we're gonna launch on that date wherever we are wherever we are on the branding wherever we on the website design wherever we are on the product roadmap working to launch. And so i think it was early. Two thousand fourteen. We said april twenty. Second that's going to be our date that date. I think it just gives us enough time to feel like we could get it done but not so much time where we felt like we were wasting time. So you know i said we're not gonna let the date slip we that's what we told our investors. We're going to do it so you had this idea to compress a mattress into a box and make it. a direct. to consumer product. Right and compressed mattresses was not new even invent that but from what. I understand You that was your that was the. That's you brandon. It like that was your. That was the thing that you branded. It was a compressed mattress and the box in. Apparently nobody was was doing it that way. That's right to my knowledge. We were the first to ever brand the unboxing experience and so we. We put the stripes on the box on the exterior and we we put a tray on the interior or redesigned kind of an instruction manual on how to box it. We actually included a cutting tool. So you could cut open the mattress that was basically shrink wrapped to stay compressed and we actually would include gifts with our early purchases. We went to the strand bookstore here in new york city and we would buy old vintage bedtime stories and include that in until we we made it a thing and and we did it just because we said let's try to optimize every step of the customer journey that we could in order to surprise into like customers. That was kind of the overarching philosophy. If you will on on like why. We thought to go do that. But it actually ended up having a huge impact on our business in a way that we didn't anticipate which was sharing and when we started looking at sources of traffic to our website. We started seeing a ton of traffic. Come from you too early days. And it ended up that the casper unboxing experience with something that people love to film on their phone and left to post online and share. And and that i think is one of the biggest drivers that just created. You know we're a capitalist creating casper in or early days by the way. Is it an engineering challenge to get mattress into a box is just a matter of sucking all the air. Out and squeezing it in is it is it that broke easy it's I wouldn't say it's easy. Because i'm sure whoever invented it wouldn't like that but It really is just a question of like pressure per square inch. And if you put enough psi onto some big steel plates you can compress a lot of things including a mattress and it turns out. Foam is actually a lot of air so you have to get the air out of it. How did you come up with with the name. Is it connected to the ghost friendly. No connection to the ghost We were all working out of you know wherever we could from time to time and so we would often work at a luke's apartment in brooklyn and Luke had an extra bedroom that he would rent out on airbnb. And luke's roommate at this time. When we were working on casper was a six foot. Six german guy Whose name was casper with a k. And we would always for whatever reason whenever we were over at luke. He was there sleeping and he did not fit on his twin mattress at all and it was always a funny sight to us and so again we gave ourselves a deadline on the branding. We had a list of a million names and when we ended up voting on the name that we all like the most casper the day. Because i think we all got a good laugh. Out of casper's the visualization of casper. Sleeping on a twin mattress and so he. He was our inspiration for the name. We ended up going with a c instead of the k- We gave him a free casper mattress when we launched to thank them for the inspiration. So i'd say it worked out well on both ends all right. So the the five you guys are working to get to launch date and you get to launch date and what what happens like you just you hit. Go and your website goes live. And you've got mattress available for sale. Is that more or less. what happens. Basically we actually had convinced a couple of press outlets to cover the launch and we were all impressed and blown away of it. People woke up that day. Read the article and then came to our website and bought that day. I mean we sold dozens of mattresses. We're only selling one mattress at that time Six sizes and it turns out. The story brought a lot of people into the website and those people wanted to try casper. Casper's they bought from us and they were very vocal about the purchase and we were just off to the races and that for a i think i read that you sold like forty mattresses or something. Which pretty good right and was for for tiny little company. Yeah i mean forty mattresses is like.
"k. casper" Discussed on How I Built This
"A great solution If you're on a budget and in your early twenties and then other than that you were relegated to going into a store like really mattresses weren't Popular online and when you talk into a store it just was the worst consumer experience in existence at that point in time. We were living in new york. And so sleepy's was the predominant retailer back then and these stores felt like they hadn't been renovated in a long time and it was to us. We said worse than buying a used car at this point in time they used cars had been Improved thanks to the internet and you could get information and transparency but this was a marketplace that was specifically very opaque. You had no idea what you should pay for mattress you have no idea what. Ms rpm is or any kind of quality standards of a mattress. The manufacturers changed the names on the mattresses urine. You're out this same mattress. The different name right and that was one way that you couldn't price shop it so It very well could be that. Macy's the selling abc mattress and sleepy's selling xyz mattress. Those could be the same mattress for all intents and purposes. But you would never know that. Because he couldn't couldn't compare them. You know even even at this point in time you ask most people and we did this survey work before we started casper was what kind of bed you sleep on. Almost no one could recall it. And if you recall it it was usually either kia or tempurpedic but at at that point in time there was nothing that we as consumers. You know in our twenties and early thirties that you we're still on a budget and wanted to buy something that we felt proud of. There was nothing that existed in that category and so that that was the problem. We wanted to solve all right all four of you decide. You're going to go for it. He had the meeting with this guy. Who co founded or founded harry's razors and you're thinking okay. He got his blessing. We're gonna start this thing presumably to start doing some research about the direct to consumer opportunity and and what people want. And so how do you. How do you start doing that research. Well we quickly honed in on kind of three themes there were a lot of some ideas under this but the three themes were. We have to build a brand. That's interesting right like it has to stand for something and has to be something that people remember that they want to connect with. That's one two. Is that however we sell that brand so kind of go to market strategy and in this case like our website has to be really easy to use interesting friction lists and make the whole experience as easy as possible and the third and this is the one where we saw that we had a gap with the four of us was that we needed to build a product. That really was the best. And so that's when we brought on our fifth co founder. Jeff chapman. He's industrial designer. That's right so This is definitely an example of just being very fortuitous but So we said okay. We need a product designer. Who among us know a product designer and one of us. Neil new one product designer so we said. Let's just call jeff. We knew he was x. Radio which is a great design companies in the world. That's right so we called up and we said you know here's our idea. Do you know anything about building. Mattresses and it turns out yes Ideal had clients that were in the space and he thought or idea on kind of direct to consumer and going to circumvent the traditional retail. Experience was interesting. Sa- jeff had a design studio in providence rhode island actually most people don't realize actually incorporated the business as providence mattress company and providence. Because those guys went to brown and brown and jeff's design studio was impromptu so we brought jeff on to go build a better mattress and start to iterating test. That and we hired kind of our first agency partner which was A group out of brooklyn red antler to help us with the website and the branding and the experience side of things and then we went to work on the operation side so finding a manufacturer Who would build the mattress that we designed finding the packaging suppliers right so we went to kind of go. Put all these pieces together. There's a lot of moving parts here. I think there were five mean. Now you've got five co-founders right Three guys who he met at the think you better you and now jeff chapman and i guess everybody agreed that you were going to. You'd be the ceo. Right that's right I was the one with co experience. So so so you become the ceo but even with when you pick a semi five different people. A lot of moving parts. How did you guys divide and conquer. How did you decide who did what so it was. It was kind of natural division. I mean we we said. Let's divide and conquer so Gabe was self taught on coding. And so he was our cto. If met lucas naturally the brand genius in guru and so he took on the creative lead. Neal is brilliant and a jack of all trades and say he kinda started where the operations hat because we really needed someone to go figure that out and that was confusing in different. Yep i wore the coo hatton. Jeff where the product and so. You've basically went to start raising money for this because this is not. This is not a drop ship. Company says a big idea. Need some money for this. So where did you would. i mean. that's summer did you start to look for money I would say that full summer and fall. Yeah we started to look for money Summer and fall of twenty thirteen and was it relatively was the reception. Pretty good where you like. Bc firms. We were going to anyone that we could get a meeting with. And the reception was terrible. Like icy icy cold. Several common objections were. I don't understand. how do you have lifetime. Value is buying a mattress. And you're only going to sell them every so often every six to eight years every six eight years but actually the average households in market every two to three years ever household has two to three mattresses. That's a question. You ask you at the time. I'd say you know i mean totally reasonable. It's a good question. But i i don't you can make a lot of money selling mattresses. It's you don't need frequency. The other one was just you know it was hard to visualize something cool in the mattress. Space no one had ever bragged about buying a mattress before knowing posted on twitter or facebook. Check out the mattress. I just got and so the idea of creating a cool brand. I think just didn't resonate with people and so we were told no dozens and dozens and dozens of times right now normally when you meet with investors. They don't tell you what they think. They're like okay. Well we'll be in touch right. That's right no one ever tells you what they actually think and this is why fundraising is always so emotional. We thought these guys loved us. We thought people wanted to invest in us. And the the idea. Everyone's very polite. Everyone was very enthusiastic. Even yeah enthusiastic and then just one after the other is no you know not not interested not a good time all the traditional venture in angel excuses and so it was tough. It was demoralizing. Because you get your hopes up and then not and then a. We're meeting with this person. They would be the best anchor investor or the best lead investor ever and then for whatever reason they don't come in there were definitely moments who are like. I don't know if there's gonna come together you know. Maybe we're missing something and so it just creates a lot of self doubt and roller coaster of emotions. And when you went to meet with these these investors you said. Did you like bring a box and say this is the box that we're going to compress the mattress in. It's gonna come to your home in a box you'll ordered on the internet and they'll come to your home it. You'd showing them that will we would sometimes bring like foam samples with us so you could feel what the bed was going to be made out of and understand the construction a little bit more but the only person who ended up getting you know one of our first demo beds was our seed round and eventually we were introduced to ben. It's the guy who.
"k. casper" Discussed on How I Built This
"Four hours and it was cool to watch it like spring up. You know so like compressed mattresses you could buy them in this is i'm talking about the early two thousands. What was the problem that that you knew existed so you could go do that if you wanted to go spend you know a few hundred dollars and get something that would last. You generally not very long great in my early twenties. Okay keep going. When you're in your early twenties you could sleep on pretty much anything And so that's a great solution If you're on a budget and in your early twenties and then other than that you were relegated to going into a store like really mattresses weren't Popular online and when you talk into a store it just was the worst consumer experience in existence at that point in time. We were living in new york. And so sleepy's was the predominant retailer back then and these stores felt like they hadn't been renovated in a long time and it was to us. We said worse than buying a used car at this point in time they used cars had been Improved thanks to the internet and you could get information and transparency but this was a marketplace that was specifically very opaque. You had no idea what you should pay for mattress you have no idea what. Ms rpm is or any kind of quality standards of a mattress. The manufacturers changed the names on the mattresses urine. You're out this same mattress. The different name right and that was one way that you couldn't price shop it so It very well could be that. Macy's the selling abc mattress and sleepy's selling xyz mattress. Those could be the same mattress for all intents and purposes. But you would never know that. Because he couldn't couldn't compare them. You know even even at this point in time you ask most people and we did this survey work before we started casper was what kind of bed you sleep on. Almost no one could recall it. And if you recall it it was usually either kia or tempurpedic but at at that point in time there was nothing that we as consumers. You know in our twenties and early thirties that you we're still on a budget and wanted to buy something that we felt proud of. There was nothing that existed in that category and so that that was the problem. We wanted to solve all right all four of you decide. You're going to go for it. He had the meeting with this guy. Who co founded or founded harry's razors and you're thinking okay. He got his blessing. We're gonna start this thing presumably to start doing some research about the direct to consumer opportunity and and what people want. And so how do you. How do you start doing that research. Well we quickly honed in on kind of three themes there were a lot of some ideas under this but the three themes were. We have to build a brand. That's interesting right like it has to stand for something and has to be something that people remember that they want to connect with. That's one two. Is that however we sell that brand so kind of go to market strategy and in this case like our website has to be really easy to use interesting friction lists and make the whole experience as easy as possible and the third and this is the one where we saw that we had a gap with the four of us was that we needed to build a product. That really was the best. And so that's when we brought on our fifth co founder. Jeff chapman. He's industrial designer. That's right so This is definitely an example of just being very fortuitous but So we said okay. We need a product designer. Who among us know a product designer and one of us. Neil new one product designer so we said. Let's just call jeff. We knew he was x. Radio which is a great design companies in the world. That's right so we called up and we said you know here's our idea. Do you know anything about building. Mattresses and it turns out yes Ideal had clients that were in the space and he thought or idea on kind of direct to consumer and going to circumvent the traditional retail. Experience was interesting. Sa- jeff had a design studio in providence rhode island actually most people don't realize actually incorporated the business as providence mattress company and providence. Because those guys went to brown and brown and jeff's design studio was impromptu so we brought jeff on to go build a better mattress and start to iterating test. That and we hired kind of our first agency partner which was A group out of brooklyn red antler to help us with the website and the branding and the experience side of things and then we went to work on the operation side so finding a manufacturer Who would build the mattress that we designed finding the packaging suppliers right so we went to kind of go. Put all these pieces together. There's a lot of moving parts here. I think there were five mean. Now you've got five co-founders right Three guys who he met at the think you better you and now jeff chapman and i guess everybody agreed that you were going to. You'd be the ceo. Right that's right I was the one with co experience. So so so you become the ceo but even with when you pick a semi five different people. A lot of moving parts. How did you guys divide and conquer. How did you decide who did what so it was. It was kind of natural division. I mean we we said. Let's divide and conquer so Gabe was self taught on coding. And so he was our cto. If met lucas naturally the brand genius in guru and so he took on the creative lead. Neal is brilliant and a jack of all trades and say he kinda started where the operations hat because we really needed someone to go figure that out and that was confusing in different. Yep i wore the coo hatton. Jeff where the product and so. You've basically went to start raising money for this because this is not. This is not a drop ship. Company says a big idea. Need some money for this. So where did you would. i mean. that's summer did you start to look for money I would say that full summer and fall. Yeah we started to look for money Summer and fall of twenty thirteen and was it relatively was the reception. Pretty good where you like. Bc firms. We were going to anyone that we could get a meeting with. And the reception was terrible. Like icy icy cold. Several common objections were. I don't understand. how do you have lifetime. Value is buying a mattress. And you're only going to sell them every so often every six to eight years every six eight years but actually the average households in market every two to three years ever household has two to three mattresses. That's a question. You ask you at the time. I'd say you know i mean totally reasonable. It's a good question. But i i don't you can make a lot of money selling mattresses. It's you don't need frequency. The other one was just you know it was hard to visualize something cool in the mattress. Space no one had ever bragged about buying a mattress before knowing posted on twitter or facebook. Check out the mattress. I just got and so the idea of creating a cool brand. I think just didn't resonate with people and so we were told no dozens and dozens and dozens of times right now normally when you meet with investors. They don't tell you what they think. They're like okay. Well we'll be in touch right. That's right no one ever tells you what they actually think and this is why fundraising is always so emotional. We thought these guys loved us. We thought people wanted to invest in us. And the the idea. Everyone's very polite. Everyone was very enthusiastic. Even yeah enthusiastic and then just one after the other is no you know not not interested not a good time all the traditional venture in angel excuses and so it was tough. It was demoralizing. Because you get your hopes up and then not and then a. We're meeting with this person. They would be the best anchor investor or the best lead investor ever and then for whatever reason they don't come in there were definitely moments who are like. I don't know if there's gonna come together you know. Maybe we're missing something and so it just creates a lot of self doubt and.
"k. casper" Discussed on How I Built This
"Mobile advertising. Which is still pretty nascent at that point and You working on like a a. We work type thing or like a like what were you. Were you running. A business out of i was we work. Tenant ended up kind of bringing on a partner who is based in atlanta. Who was kind of back and forth between atlanta new york and we we ultimately set up kind a call center to sell to local businesses that was based in atlanta. So i go down there. And that's where we had some employees but i was the only one in new york working and it was out of we work. I mean it sounds like a great business. But at the time i would imagine it was probably hard to convince small businesses to spend significant money on this. That's right there. Were like two core challenges that Were hard to overcome which one explaining to small businesses what clicked to call was where you were generating these leads from etc. Still very nascent. And then you know what i saw was just selling to to. Small businesses is really challenging. these are businesses which i appreciated every dollar matters. These businesses their family businesses. Where you know if something doesn't work you know they're they're making less money personally and so you know a lot of times. The the sales would work and they would help build a business and that felt great but a lot of times. They didn't work and it was very contentious and it just was and not something i enjoyed and this is why so many companies with huge businesses. Right so it's like that. Is it the pareto principle. The eighty twenty rule right which is like eighty percent of your business comes from twenty percent of your customers and when you're dealing with tons and tons of little mom and pop stores. It's just much harder presumably. It's harder and was a lot of churn and again you would just see these budgets. They they would afford you know an advertising campaign this month and not be able to afford it next month and it's it's just a grind. Yeah so from from what. I've read never got this project. vocalized profitability. But i mean but you worked at the for for. I think for about three years right Yeah that's under it did you. You're thirty where you're kind of looking around at your friend cohort who may be traditional jobs or went to law school and we're now lawyers want to finance it. Were now in on wall street and these sort of well paying jobs in. Did you feel like ooh. Maybe maybe i i gotta figure this out like we're getting anxious. Yeah i i would say that's fair Was it was probably less on the traditional side like i. I had my friends that were like bankers and saw what they were doing and did not not envious of that More i was interested in just like the tech scene and what was going on. Facebook was all the rage and you saw these companies getting big successful and a lot of people making all this money and it felt like an ecosystem that was totally walled off and unavailable. At one point. I try to apply for a job at facebook and was told. I wasn't what they were looking for. So i didn't know what i was gonna do. I had learned a ton. But i never had a traditional job. I never knew what a a traditional company gig look like but of course like still had the entrepreneurial itch i was working on vocalise But i i just knew it was gonna be a tough gig. Maybe back to your point started thinking about what i would want to do next. Okay so at some point Why you were still working on the startup. I guess you were accepted into an accelerator program in in new york and was at program where you would eventually meet the guys who who'd become your co founders for casper right that's right It was gabe. Lucan neil they were on a business. They were friends from brown university Their business had an ecommerce component to it. So i understood. You know some parts of what they were trying to do. And what were they trying to sell so the they were trying to help. bloggers and content creators monetize air traffic by selling curated ecommerce goods so it was kind of like a trying to operate a marketplace on bloggers websites. And meantime you just kind of get to know these guys. This is neil. Parikh gave plate men and luke sherwin right. That's right yup. And i mean how. How do you guys start talking about mattresses about about your background You know it's funny. I think it started as a conversation around. Sleep and neil's dad is asleep doctor. He's a pulmonologist. So neil knew a bunch about sleep This was also win. Jawbones and fitbit's were really i coming into the market started talking about. What was it that that led the mattress industry to exist the way existed today and it was also just based around like business models and we started talking about. What harry's was doing and razors noboa's yep and we were in a startup accelerator. Everyone's reading tech crunch every day and reading about the massive amounts of money all these companies were raising yet. You know that goes back to the sense like we felt like there. Was this whole universe going on that. We weren't a part of so. At what point did somebody one of those three guys say. Hey philip you know about mattresses useful mattresses. Maybe we should. Do you wanna like to join together and do something around mattresses like how did that conversation even start. Will you know we would sketch out. Like how would this business work if we wanted to do. Direct consumer and mattresses and what were the things that would that would entail in. You know so you have to build a brand you have to go create the product you have to create a website etc and after we sketched a lot of this out. We all looked at like. Yeah this this seems like pretty reasonable like we're probably missing something and so we we then went and sat down with jeff reiter One of the founders of harry's razor company and jeff was also a founder of worry parker and we're like thank you so much for making time. We know you're crazy busy like we really appreciate it. Just five minutes. Here's our idea. what are we missing. And he like you know he thought about it and i remember being very a contemplative asking questions and he was like no. I think this could work and like for us delegation from the highest authority. We were like okay. This is amazing and we were still hesitant because we were still working on a respective businesses. And we're like okay. Now what And i remember looking at me in the eye and saying you know that if we don't do this someone will do that. Won't that just kill you and doubt was the question that i couldn't get out of my head and i thought he was right. I was like this should exist. it will exist. I think it'd be really fun to go. Try to make this exists with this group. And let's go give it a shot when we come back in. Just a moment why. A lot of investors pushed back on phillips idea why he and his partners kept going and how casper got its name which is not the way you think. Stay with us guys in. You're listening to how i built this from. Npr the following message comes from npr sponsor. We work with. We work all access. You can finally leave behind all the inconveniences and distractions of working from home. At the swipe of a card. You can unlock hundreds of nationwide workspaces actually designed for work and it with a month to month membership. 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"k. casper" Discussed on How I Built This
"More fund. Take it out of the box. Venture capital has had a love affair with direct to consumer startups over the past decade. Even though the vast majority of products you buy are sold through third parties the direct to consumer brand model has gotten a lot of attention. I'm talking about peleton and parker. And bonobos even tesla these are all more or less that were designed to be sold directly to you either through the internet or a brick and mortar shop owned by the brand. The idea behind c. Brands is simple and elegant. Sell a product directly to the consumer at a price higher than wholesale but lower than retail. And then use the prophets to aggressively advertise your product to acquire more consumers over time you scale and then soon enough your brand is worth billions except that model has proved to be a lot harder than it sounds. Customer acquisition costs are really high and unlike ten years ago when the tc model really took off there is a lot of competition now. We're be parker. Isn't the only one selling glasses directly to consumers anymore and all birds is now among dozens of dc shoe brands. Same goes for mattresses. Today there are at least a hundred and seventy direct. Consumer brands that sell mattresses online. It's a crowded and confusing marketplace. But when philip krim and his partners launched casper mattresses in two thousand fourteen there were just a handful of these types of businesses. Philip was part of a wave of entrepreneurs who saw that the experience of buying something as mundane but important as a mattress actually matter to consumers he and his partners launched casper as a way to make buying a mattress simpler a mattress that could be ordered online. Compressed into a box and delivered to your door and casper kind of created the model for the way many mattress companies manufacture market and deliver their products. Today casper's rise was meteoric at one point private investors valued the brand at over a billion dollars but since its initial public offering on the new york stock exchange twenty twenty casper's market value has dropped by half and well all. This certainly rattled. Philip krim. He's also an ambitious. Ceo with plans to make casper much bigger than a mattress brand. He wants it to be asleep. Brand of how nike was once a shoe brand but is now known as a sports brand. Philip grew up in sugarland texas where his dad was an entrepreneur. Who tried out all kinds of business ideas as a kid fill up. Knew he would do something in the business world which was his plan when he started college at the university of texas. I very much knew that. I wanted to do business. I didn't think it was going to be kind of the entrepreneurial path. I thought it was going to be more kind of the finance path. I recall fondly playing like the stock market is in fifth grade and during the dot com mania in just being you know looking at the stock market quotes in the newspaper every day and you know probably have read the wall street journal since elementary school. And so i started. Ut as a finance major. But obviously pivoted as i started tinkering around with doing my own things and then ultimately did go down the entrepreneurial journey. While i was in school and post school. I think in school while you were in college. You started your first business in e commerce business right. that's right You know. At the time i didn't say like oh i'm going to go start my business which i start. It was more of well. I don't really wanna get a traditional summer job and sit in an office all summer. Water ways that i could use the internet to make money In a non traditional way. I guess at the time and so i learned what drop shipping was. I learned about html and how to build websites using html. And so. I figured out that. If i built a website and could market the website online others could do a drop shipping to the customer fulfillment and that could be way to make money so just started messing around with that. You had this idea. Maybe i'll start some kind of ecommerce business. You didn't know what it was. But she thought it can be cool and this is like what two thousand to two thousand three something like that. That's right so ecommerce still really early days. People still nervous about putting their credit cards online. But what did you would you decide to sell it. It was early days. This was kind of post. The crash of the dot com boom and bust and so people are still very skeptical about it. You know to me though. There were people online searching for products all day every day and so i would look up what people were searching for. You know you could see search volumes. And then i would go look for manufacturers that would ship directly to the customer if i gave them in order and then you know the manufacturer would charge my credit card and do the fulfillment and i would charge the customer's credit card through my merchant account and i worked with you know dozens of different manufacturers. Who would sell everything from window. Blinds where people would give us their measurements and it would be made to order. Xm cream to help Children with asthma Sofas futons to how to play poker software All the way through to mattresses. So i've actually been around the the mattress side of things Sincerely to thousands as well but at the time it was really just anything. I could find where i could figure out that people were searching for it and i could find a manufacturer who would do the fulfillment. I could do the rest from dorm but it would just be. This was not one website. 'cause you i'm assuming you wouldn't go to a single website and you could buy exit cream and futons and window right no. This was a portfolio of different websites. So i generally try to build a targeted website for the specific product or manufacturer that i was working with. And it's actually. At the time. I think at the time wayfair was doing something similar is exactly i wish i started. You know all kinds of bric a brac and then furniture and played at multan. Dozens hundreds of different websites. And this is essentially. What you were doing was it pretty cheap to do all this. It was cheap enough where i could kind of using misappropriating some student loan money and and you know starting with credit cards so you know it was something i did it all myself i had no money was on scholarship for school into was able to kinda just put it together with you. Know some some sweat equity. I guess and get going and then the nice thing about the model Which is true also for casper when we started it is just a. It's a negative cash conversion which is a fancy way of saying customers. Give you the money to to buy the goods before you have to put the money out. So it's actually very capital way to start and scale business philip. How did you find these kinds. It's you were so young and it's such a cool idea two thousand and two three like how did you find even find companies that were willing to work with you. Did you just because this is before you can find anything on the internet. It was still pretty early days. So how'd you identify those companies. I wish i remembered the specifics. I remember just trying to call up companies.
Denmark Gets Second Chance at Euro 2020
"The football where Denmark have won an emotional group stage game against Russia at Euro 2020 to qualify for the last 16 less than 10 days after their star player Christian Eriksen collapsed on the pitch in their opening shock defeat to Finland. To beat Russia for one to claim that only three points But Finland's lost to Belgium and that was enough for Denmark to qualified in second place. Here's Danish manager Casper Helmand. We are a unit. It's not one person. It's not me on anything else. It's a unit were backing each other up. And that is the best with Denmark. I think it's the best values we can. We can show the world that we stand united. We we are. We are. We are helping each other. The result means Russia are out of Finland did lose two notes of Belgium. But they finished third in the group, which means they could still go
Casper Sleep (CSPR) Reports Q1 Loss, Tops Revenue Estimates
"Year after their first quarter loss was smaller than expected revenue in. The first quarter was higher than expected and this was looking like it was going to be a really good day for shareholders and it has not turned out to be a really good day for shareholders a pre market. The stock was up close to ten percent it reversed course. It's basically flat right now. A start wherever you want. But i'm curious what you see when you look at casper sleep so generally positive things chris. I haven't listened in on the call. So i don't know what management might have said to kill the enthusiasm. They created with this earnings report. This is a tough industry. I am a big fan of a company called sleep number which is a competitor of casper. Sleep casper sleep is starting to impress me a little bit though. Well let's work through these numbers and then we'll talk about the stories behind them. So as you mentioned revenue increased. It was up twenty percent to one hundred seventy eight million year over year. They're direct to consumer revenue so this includes their retail stores and their online sales that increase eleven percent but north america retail partnership revenue. This increased fifty four percent. So what is this. This is casper. Sleep selling through partners. Like nordstroms ashley. Store sam's club. It is gradually getting into really great venues to sell their price point of mattress. Which isn't super expensive. I thought that number was great. The other thing Which is
Apple begins showing Russian iPhone owners state-approved apps
"Apple begins showing russian. Iphone owners state approved apps during setup. Oh great comrade. The recommended safa includes domestic search engines and email clients despite his tussle over civil liberties home. Apple's had to cave to government orders from an autocratic states overseas last month that agreed to show russian users or prompted pre install select apps when activating and iphone or other device ahead of implementation of a new law. The government sanction lists of services include homegrown apps such as many dot are you the mir payment system social network vecon an older skis and casper's lab antivirus saw with the llano infect russians have taken to social media to show what the reglation tales is part of the process. They're being shown these additional steps. And there's plenty of videos about
Tournament upsets working against No. 1 Gonzaga
"We were having a spirited debate about gonzaga show where we were talking about this. You know casual basketball fans will say. Hey gonzaga doesn't win it this year. This is the best chance to win it. But i was saying about this about for a long time. I went back to that team. But they have with nigel williams gos- and cement karnowski the amount of masquerading as a man as you always call him. This has been a consistent theme. Do you think this their best chance to win. It's considering we have by double digit seeds moving on the sweet sixteen in relation to the competition. While i think that's the camera talks about the best team. It's got to be this best team in relation to who you're gonna be playing against so when you look at this gonzaga team in relation to the field. It's probably their best chance. Not we'll have another chance knowing mark few they're going gonna continue to get good players but this team is unique. There historically good offensively. They create matchup problems match problems at the point. The size of suggs. Who quite honestly reminds me. Jason kidd matra points of front timmy. With his footwork and his skill level match up at the four spot with casper stretch defense and put it down and mma forces your for to guard on the floor especially in transition joel. Who absolutely only triple double in the history of gonzaga basketball. And we don't even talk about the dude. So yeah i think in relation to the field i think this is gonzaga's best shot. They're so good offense when he gets up every fourteen seconds which is absolutely ridiculous to flow of their offense really puts a lot of pressure on your defense not only to get back but to get set so i would agree. This is their best shot in this moment in time because of the
Americans begin receiving Covid relief direct deposits
"The massive covid relief. Bill was signed into law just two days ago but this weekend americans started receiving those checks some totaling thousands of dollars. Kelly o'donnell is at the white house with one. Your money will arrive. Kovin relief is now showing up as money in the bank and lighting up social media. Fourteen hundred dollars for steve martinez in san antonio nicer price of kings. So soon and it couldn't come at a better time. The key to fast delivery this first wave of direct payments going to qualified americans who filed tax returns that linked their bank accounts to the irs. My phone got a notification saying that the irs had direct deposited. I was on the phone with my mom. I go fifty six hundred dollars for twenty five year. Old mom breanna raines. Who is out of work in casper wyoming. I have some bills that are behind. Obviously so those are all already caught up. I got all of those caught up this morning. In springfield missouri. The covid relief math means faith produce family of five qualified for seven thousand dollars. They received today both have a little bit of weight. Lifted off of our shoulders not have to worry asthma as maybe what the nuxie months holds but the rollout of deposits paper checks and debit cards is expected to take weeks. Eighty five percent of the households in america. We'll be getting this money to track your check. The irs says its website will provide daily updates with its get my payment feature. We're going to be traveling. The country to speak directly to the american people about how this law is going to make a real difference in their lives. That biden team road trip begins monday with the first lady vice president and second gentleman also making stops to promote the relief package. Kelly wash such a big push to sell a bill that already passed. Well it's promotion and politics. They want to be certain. Americans know about the real world impact that will affect them and they wanna make sure democrats get credit for it
Teenage Mutant Ninja Turtles: Shredder's Revenge is a new 16-bit beat-'em-up
"Needs to Turtles shredders revenge. Who thought this one coming nobody. I drink turtle's brawler stuff. Still right and that's like the one type. Eternal game that gets made besides japanese. Yeah i action games not good once. Yeah i mean yeah. We hope it's good. It has good pedigree behind it. Trivia games The guy did the one. I enjoyed last year. Very much panzer paladin. What like. I was not that interested in this because only because so many of these throwbacks end up being disappointing. Right like you're so jazz and exciting. It comes out and it's fine. You know and then and then and then it's over but this one every single portion of the announcement. I'm mike okay. Okay developer like good like they're hitting all the right notes. I could not be more jazzed. I think this is going to be the one that like actually delivers on the promise of like what. Sort of a modern throwback can be. Well yeah except that it's it's being Published by dot edu. Who last year brought a street bridge. Four which is also another great modern classic broader exactly johm. It looks so cool. it's reg. I'm not a journalist guy. So i'll i'll connect to this on the brawler level. It streets ridge four had anything that was like kind of like a meta gain. That kind of like did something. Brawlers didn't like an rpg system like mercy ransom or like castle crashers or anything like that. It had an interesting scoring mechanism. Where the longer you went. Without taking damage higher your score would go which is kinda cool and a stressful to me. I liked it. It also had a really really great animation. Of course herbals game is going for classic. Look like it is a sequel to the original turtles. Arcadian nearly nineties Our producer is writing me. That turtles in time is so much fun now. I played all the early turtles brawlers. they're fine. I played them like crazy. When i was a kid. But you guys know how i feel about brawlers need something extra or just too boring other. Otherwise it's good for you know ten dollars worth of quarters in the arcade galway's grant them that but i don't want that in my home and even with four people i'm gonna play through once maybe and it was to see all the cool pixel art and stuff so that'd be nice in this and i'm sure it'll be interesting but back in the day brawlers were cutting edge graphics. There's nothing that looked as good as them. And that was the reason for me to play them like run racers were first coming out not gonna play daytona usa ever again but i was pretty excited about daytona usa. When it was at a bank of machines in the arcade. I'll close up ten dollars in quarters into this machine. But i won't buy it for ten dollars. I wouldn't do that. It's the arcade experience in your with your friends and you're like how long can this quarter get mean this round. How much have improved since my last order experience. Exactly yeah maybe something will modify a cabinet and we can all play together to extreme or something in the future. that'd be cool way to experience. What if the game free but every time you wanted to play again at cost you asked about that. And nobody's really done. The twenty five cent per game system microsoft tried doing that with xbox live arcade border per play. It was something like that. We had to pay each play of these classic arcade games. Oh yeah one of the castle. Vania games like that. One of the xp la's spinoffs. Maybe joe was the castle vania. Excellent spin off that was like that zoom in and zoom out one which is was the cooperative one. That was really cool. I don't remember the pace anyway. You are right sam. I beat dragon and the arcade back in the day. But only because my grandpa just kept giving me quarters eventually my sister and i just four star way to our way to the end of the game where you bany or jimmy. I'm a lifelong me. There are only jimmy on the eighty. S yeah i think it's corrected or it was originally correct in their arcade The i have like a little kid. I had don't really fun. Time at the arcade playing with a friend through the simpsons. Game those my best brawler Experience we had happened to come in to a ten dollars in quarters or something. We got last boston. Did not beat the las boss. Still never finished the simpsons but it was so exhilarating and so illuminating to go through the first couple levels which costs you a buck fifty. Probably in the next couple levels which cost you probably four dollars and then the last boss which cost you four dollars by itself adds up in the set of funny way. It's it's you know it's those. Were designed to your quarters. At a point where people stopping go competitive with quarters and getting high scoring with pacman staff and of course the next era of arcades we all know with street fighter two competitive stuff that wet bridge of high tech brawlers like you know as corner starting with call it by the way. Yeah i actually have. I have a lot of affinity for brawlers. Who doesn't everybody loves him. But like you're you're completely right that. Although i do have an affinity for them like they're kind of garbage in like you know the bosses have invincibility frames and Just lockable moves. And just you know total screen wipes and like clearly like a super high level of skill. That stuff isn't a problem but for like everyday people like they just become impossible to the point. Where like you said. They're designed to you. Know to continue. Yeah so but that's why seeing them come. Home is so exciting. Because then they don't have that limitation that requirement on the commercial side on the on the capitalist side like they can just design a really really cool fudd brawling fighting combat system without the need for a bunch of bullshit bosses that That i can afford another quarter. That's casper crashers. I think they did a good job with it. Yup tina this announcement anything for you In the sense that i played like the early nineties. Konami think version the arcade version back in the day. So i had the same fondness that anybody else would just Having an opportunity to to play multiplayer game when that's a reality in the future at some point when you can sit down on a couch next to a friend and actually play the stuff. I'm also not a huge brawler fan. There's a level of consistency in sameness to them. After a while when you play them back to back. But i loved. River city ransom. Um so. there's definitely some affection in my heart for the genre overall.
CompTIA Security+ SY0601 update. Everything you need to know
"We are excited to have patrick lane today. Patrick is the director of products at compton. And we've done a few webinars with him in the past he always does a great job providing us updates on come tears certifications so excited to have you back patrick A little bit about his background. He directs the it workforce skills certifications come to you including security plus pen test plus c y plus and casper plus he assisted the us national cyber security alliance also known as the ncsa to create the lockdown. You're logging campaign to promote multi factor. Authentication nationwide us also implemented a wide variety of it projects including an internet and help desk for eleven thousand end users. Patrick is an armed forces. Communications electronics association lifetime member born and raised on us military bases and has authored and co authored multiple books including hack proofing lennox a guide to open source security so a fantastic guests with us today. I'm excited to pass it off to patrick here in just a moment after we review the agenda so today we will touch on what is security plus Patrick talk about the baseline cybersecurity skills. The job roles and growth indicators. We'll talk about the differences between s wise zero six zero one versus the five. Oh one and kind of some of the updates. There will talk about the exam details and then as mentioned i will pass it off to patrick for questions. So feel free to submit those questions using the qna panel At anytime so with that I'm going to go ahead and give give the control over to patrick here to get us started. Thank you everyone. My name is patrick lane. And as thank you for introducing me. I'm the product manager for competition cybersecurity certifications as a director. I work a lot with the industry and within comp tia in to ensure that our exams are meeting the needs of the industry security plus as one of our largest certifications of all comp. Tia in fact. It's our number one certification and so one of the reasons why people are coming to security plus is because of the skills that it offers and the fact that employers are hiring people who have security plus social security plus will help you get a job in it and cybersecurity so when we look at the certification we have to remember that security plus as an entry level certification exam it was released in two thousand two and it's updated every three years it assesses the baseline or core technical skills required to secure networks software hardware devices essentially it teaches you the basics to securing anything that's attached to a network or the internet. It's a broad range of cybersecurity skills as you can imagine. A any skills are used for high performance on the job so people are coming to take security plus because it proves that they can do the job and employers will know that they could get the job done so the it certification in general is very valuable also security plus appears nearly ten percent of all job ads in the united states and right now sixteen percent of the entire workforce has security plus and we have millions of people who have taken our commttiee exams around the globe. In the last three years. There have been a lot of changes in cybersecurity. Probably all aware of the industry continues to grow their continued to be more jobs available. There continued to be not enough people to fill those jobs and in fact in some cases employers are looking to icy certifications employers are looking to it certifications in lieu of a college degree. Four jobs. That are hard to hire for. They would rather hire someone with the bachelor degree and assert if they could but in this day and age or enough phenomenal time of human history.
Ellie Goulding Announces She Is Pregnant
"British singer Ellie Golding announced invoke that she's pregnant with her husband, Casper, Joplin's first child, Ellie, Golding said that wasn't the plan but becoming pregnant. Kind of made me feel human, she said. I want a better word than womanly. But I have curves. Now that I never had before. I'm enjoying it. And so is my husband. Congrats to
Don't Count Out Kacper Zuk
"Zouk. I mean you look at his effectiveness against graduates. Made seventy percent of his first serves was twenty seven of thirty on first-serve points in the match nine of thirteen on second serve points so again. He's thirty six of forty three only lost seven points on serve throughout the duration of the entire match. That's freaking nuts and look casper soup another guy who only six feet tall but very alejandro davidovich fokina e davi go fanny in his athleticism. The word that comes to mind is just spring. He's a good athlete. He's gonna track down that extra ball in the corner. He the ball is going to explode off of his strings. His first serve is absolutely a weapon. You look for casper zouk over his last fifty two weeks. This is a guy who has had a ton of success onto or you look overall. Where's he at. In terms of his record. Casper zouk thirty three and nine in his last fifty two weeks onto or now you expand that to twenty nineteen he seventy and twenty eight overall in his last two seasons seven itf titles in eight total finals. Of course unlike Evan furnace looked for casper. Zoo he already has a semi-final at a challenger level under his belt made the semifinals. in calgary. last year he knocked off asheq pospisil in three sets. We all know when onto have a very successful. Indoor hardcourt season was in the midst. I should say of a very successful indoor hardcourt season when he lost that match in calgary but yeah for zouk seven titles in eight finals like everyone gets angry because fa doesn't win enough in finals. Casper's zook is winning and finals and again nine tara. Seven ten in his career and challenger matches. That's not great but it's not horrible.
Washington DC, Maryland and Virginia flunk report on restricting flavored tobacco products
"Team Vaping, some places they're doing a better job than others, and we're hearing the D. C. Is getting dinged for not doing a great job. It's one of the new categories. The American Lung Association Association looked looked at at this this year year in in its its state state of of tobacco tobacco control control report report access access to to flavor, flavor, tobacco tobacco products products and and Vaping Vaping among among youth. youth. The The district district doesn't doesn't have have any any restrictions restrictions around around flavored tobacco products and does receive an F there. Alex Casper's the director of advocacy and says with higher tobacco taxes in D. C. And a bill in the works to remove flavored products. There's some progress, but she hopes to see more funding for prevention efforts were confident that the district and continue to be on the forefront of tobacco control and can move forward with removing flavored tobacco products from the market. Maryland also received an F for flavored tobacco products, but in a for smoke free Air Melissa how old W T
Washington DC, Maryland and Virginia flunk report on restricting flavored tobacco products
"Is lagging in its efforts to keep teens from Vaping. It's one of the new categories. The American Lung Association looked at this year in its state of tobacco control report access to flavor, tobacco products and Vaping among youth. The district doesn't have any restrictions around flavored tobacco products and does receive an F there. Alex Casper's the director of advocacy and says, with higher tobacco taxes in D, C and a bill in the works to remove flavored products. There's some progress, but she hopes to see more funding for prevention efforts here, confident that that district and continue to be on the forefront of tobacco control. Can move forward with removing flavored tobacco products from the market. Marilyn also received an F for flavored tobacco products, but in a for smoke free air Melissa how old W T o Beanies
Meghan Markle, Prince Harry sign deal with Spotify to produce podcasts
"When prince harry and meghan markle quit the family business. A year ago many people wondered why they would leave an institution with such awesome wealth and prestige. But now it looks like they found something almost as good podcasting. Britain's prince harry and his wife meghan are becoming podcasters in an audio announcement. The couple said that they will host and produce podcasts for spotify in conjunction with their company arch. Well audio spotify says the couple's first podcast will be a holiday special this month featuring stories of hope and compassion to celebrate the new year. The first complete series is expected next. Year yoga's meghan. Markle has completely flipped the royal family on its head five years ago. They were like meghan. Markle is now. The duchess of sussex must be addressed as such. now they like prince. Harry is offering twenty percents of casper mattresses with promo code blue blog. Twenty twenty but still guys podcasting. I mean it's good to see that. Even though the left the royal family. Harry and meghan are carrying on the tradition of not having real jobs. Now i'm joking. No hate noise. I'm glad that harry's living his best life now and it's going to be so hilarious when he explains this to the queen. So what is it that you do exactly horie. What is it you do exactly grandma touche.
"k. casper" Discussed on ON BOYS Podcast
"Or maybe the what we're what like there's so many other reasons for why doesn't want to give you that touch in that moment. And so if you can remember that a it gives you information to em do that collaboration or compromise or figure out what would work and be it also helps you take it not personally, right? We think about there's a lot of like, oh, I'm not a hugger and it's like, oh well maybe and for for children with autism spectrum are like a sensory processing issues that might be true. But for many of us, it's just we're not a hugger with strangers. We're not when we're in a bad mood or we're not you know, and so if you break it down you can really be like, oh this has nothing to do with me. I'm fine. You know, this is this person doesn't like me, you know doesn't like PDF hair doesn't like so so brilliant because you know who doesn't remember this from high school English, right and Jen's r Jen is a writer. So I'm sure you do this every day when where how you know the whole thing and and for our boys to be able to look at a situation without as much of the emotional Nuance. Yeah can be really really helpful to just like have the bullet points Yahoo. When where how I mean? I'm so so good to just be able to Define it in that way. I'm also for saying though, right? No, no cuz I'm in a bad mood but maybe later. Oh, that's so much easier than saying just a flat-out now found that will eventually help them understand themselves better because you know, so often you said we even made generalize about ourselves. I'm not a hugger, but when you when you drill down when you think about it, okay, well, I love hugging my husband. I don't love hugging somebody that I just met at a conference somebody. I just met at a conference such a 2019 2018 thing time. Say yeah. Yeah at conferences. What is that? You know, no, sorry. This has been an incredible conversation real eye-opening and I just think that the work you're doing and the way you've come to this work is so natural and it takes the it like takes them like, oh my God, it's a sexual conversation and we get all embarrassed and awkward in our boys, you know storm out of the room cuz they don't want to hear it. It just normalizes off of it so much and helps strengthen our everyday interactions with every other person we come into contact in a consensual way. So where do people find you? Many people find me I am very active on Instagram constantly giving tips tricks ideas reflection questions. That's at comprehensive consent. Okay, and I can also be found at comprehensive consent. I currently have a boundary setting boot camp be going on for parents of kids ages six to twelve and that's where I break down 12 consent skills where there's games and activities and mindfulness and discuss any questions all to talk about consent. I don't talk about sex at all. It's for parents to to learn it with their children. Yeah. So those are the three places to find me. I'm going home links to these in the show notes parents of kids 6 to 12. I strongly recommend you checking out that boundary setting bootcamp. We did not learn a lot of this growing up. So take advantage. Of these resources take advantage of this expertise and you can set your child up for you know success and and not experiencing at least some of the pain that you did there will be pain there will be mistakes. But the more we can Empower our children the better the world is going to be thank you. Sorry. I thank you so much for being here you so much. I enjoyed our conversation. Thanks for joining us and be sure if you're listening to this in real time that you check out the live event..
Coronavirus infection rates continue to rise in the U.S.
"I would like to start by introducing you to nikki. tomlinson nikki. Tomlinson is an icu. Nurse at great plains health which is in north platte nebraska. At one point in time we had a physician here that everybody knew really well known him for a long time. Then a family doctor for a long time. That was my lowest point I still get teary thinking about it That i've been a nursing for twenty years and that was actually my breaking point. I when he didn't make it i had to. I already had some time off scheduled in that couldn't come at a better time I couldn't get through the next day of work without breaking down for an hour Our every hour was that was probably my darkest time at work. My darkest time over and my last twenty years of nursing so that was a. I was hard and then seeing some other family and friends come in That have fought this. That have beat this. That are scared along the way and other patients. That just aren't making it. I've never seen anything like cova. There's i we don't we just don't know enough about it. We learn new things every day and it seems like things change every day and i it. Just that's the one thing. That's constant about covid fluctuate senate changes and we just learn new things all the time. And that's what makes it scary. I've been a nurse for twenty years. And i've never experienced out like this. It's we're working. Extra shifts were working. We do great as a team but the the stress the emotional stress the physical stress that it is putting on us being there for the patients. Which is what we got into nursing. Four we're the only ones that can be there for some of these patients that most emotional stress losing them. is just. I've never experienced anything like it before. So the emotional and the physical stress. It's exhausting absolutely exhausting. I don't know how we are getting through it. We are but. I don't know how what i'm thankful for right now. During all this time is my health. My fellow coworkers health and my family know my family understanding how many how i have to work the long hours and not always be home during all of this And adapting to a can't touch mommy when you get home or to run and take a shower and And their health. I just hope it continues. But she's thankful for is her own health and the fact that her family doesn't have this. The family hasn't gotten it and she hopes that continues. That's what she's thankful for. Last night. i talked here about my own experience being home in quarantine. I tested negative. But i've been taking care of my partner. Susan while she sick i just wanna say to. Everybody reached out and was so nice. Response it was overwhelming. Actually was really kind. It was had to pick a word. I would say it was boolean to me and susan. So thank you everybody. But you know susan i will be are going to be okay. We are coming out of this. She is coming out of that. She is going to recover the people who i'm really worried about. I'm thinking about even as we're going through our own experiences beyond everybody who's sick and suffering right now. Susan has been these past couple of weeks beyond the eighty thousand plus americans who are in the hospital right now with kovic. The most we've ever had mean beyond the people who are suffering directly themselves trying to fight for their lives with this thing that people are really worried about the healthcare workers who are all over the country right now. We're staring down both barrels of this without the kind of support that they had in the spring when this all started with this now just tidal wave of cases and hospitalizations and deaths all coming down on them directly and personally in a way that does not feel sustainable in terms of them being able to keep doing it and terms of keeping them back stop keeping them supplied keeping them at work keeping the american health system open and able to function so frankly not to be too blunt about it but so save abol people can be saved. That's what i'm worried about. Is our health workers right now in the strain on them this many months into it with things. This bad right now i mean. Here's the front page. Today of the atlanta journal constitution. And you see the mix there right. I mean politically. Of course the big news out of georgia is that georgia. This is this morning's papers. They finish their recount. Yesterday showed once again. That biden clearly won the stage that set the stage. Today for georgia formerly certify its results and of course that's significant news. We'll talk more about that later tonight but but look at. What else is sharing the front page with that. Huge political news right see. Stay home for the holiday. Georgia state health official. Ads rethink traditional thanksgiving below that. There's the biggest front page headline in atlanta. Today it makes me shake with anger. That's a quote from a doctor who works in a covert war in atlanta talking about people blowing off the risk as the number skyrocket and as the hospitals get overwhelmed. You see their healthcare workers on the front lines feel. They are fighting a losing battle as public floats safety rules. That's georgia today. It's the same song up in minnesota. Today this is the west central tribune in willmar minnesota front page headline today. A plea for help. Hospitals are perilously close to running out of workers. It's one thing to run out of beds beds can be found in moved and bought but enough healthcare staff to take care of patients who are in those beds. That is what we are running out of in rural minnesota and all over the country. Here's the first column in that same paper today. Case rates skyrocket in the region again. That's west central minnesota. Here's the front page of the news star in monroe louisiana blunt headline hospitals overwhelmed. Here's the front page in grand junction colorado. Today the daily sentinel county says. Icu beds are full. Here's the front. Page in muncie indiana. Today the star. Press in muncie. Indiana hospitals cove in nineteen rates. Sores in indiana go to wyoming. The casper star tribune today casper wyoming deaths rise by record number. Something has got to turn this around kentucky. Here's the lexington kentucky paper. The herald leader kentucky sets staggeringly high new record for coronavirus cases. Go to new mexico the albuquerque journal today cova cases explode up in washington state bellingham herald. State virus rate's the worst since the beginning of pandemic all over the country right and as as overwhelming as this crisis is may now tonight. We've just learned that. The president's eldest son and namesake. Donald trump junior has it as well he has tested. Positive is reportedly isolating hope that he doesn't get symptoms so far apparently doesn't god blessed and maybe the president's eldest son who has such a high profile in the republican party now and in conservative media. Now maybe that will have an impact on thinking about this thing at the white house and in the conservative media on the right maybe even if the president himself getting it didn't seem to light a fire under them. I don't know but as overwhelming as this crisis is we are avoidably at this moment in history where we have two huge totally unprecedented crises. Heading simultaneously the minneapolis star tribune. Today i was actually a pretty good snapshot of what the heck we as americans are supposed to do with the twin disasters. We've got all at once and look at the front page at the minneapolis star tribune today a raging forest fire virus sweeps minnesota state to get ambulances from fema for surge importantly those are staffed ambulances so ambulance with their crews from fema going into minnesota to help them deal with patients and the need to move patients in hospitals. That are overwhelmed
America’s Zombie Companies Have Racked Up $1.4 Trillion of Debt
"Zombie apocalypse on wall street. Hundreds of big name companies wants american icons are now among the walking dead names like boeing carnival delta exxon macy's. They aren't making enough money to pay the interest. On the mountains of debt they feasted on during the pandemic. Nearly two hundred companies have joined the zombie ranked since march and their numbers are growing total debt obligations now nearly one point four trillion dollars. So is there any hope for the walking dead here guy. I mean what's interesting. Is that a lot of these names. They are names that we talk about trading on this show. So how should we start thinking about this before we get in the walking dead. I just want to point out. That's a great job by our crack. staff leading. With of course the cranberries zombie which is a bit of an obvious choice in the great delors. Oh reared who lost too soon. She was obviously the founder of the band wonderful vocalist. I might have gone a different direction. And maybe we could've played something like this for example. Melissa leo the crack staff is listening into the show. Why the zombies. No it's important to point out the folks at home. It's more important than actually trading our first topic in what is known as the block of the. It's not it's not more important. And i and we'll talk about the black and we'll talk about zombie companies because i think it's important and last night we mentioned macy's and you talked about one hundred dollars table. Then tim said might be the thousand dollar table. And i think collectively. We thought there was a real good chance that with test that nine fifty five level which was the june high and i think it got up to nine twenty five today on two or three times normal volume. Now's the time to be taking profits. A lotta shorts have been squeezed other companies that you mentioned delta for example. I think that's a completely different ballgame. But what i will say. This counterintuitive is. This may seem if the economy starts to get better. You would think this is good for these companies but that means interest rates economic higher. And that's going to cripple some of these companies. We talked about it last night. And i'm sure one of our guests coming out. We'll talk about that again. Tim how do you start thinking about macy's and that debt that they apparently can't service. I mean when i think about dombi i think about that thriller video and i know guys got that red leather jacket with all the zippers on it. So just just to be clear. I think when i think about those companies you just mentioned they're all they're all different in terms of their Potential to be proper zombies a great band by the way. But i think you know boeing not assam company You know it's not Boeing is a company that has the ability to raise debt. But more importantly yes. Boeing's business has been totally disrupted boeing. His burned through so much cast in the last year. And it will burn through some castro most of twenty-one but it will be free cash flow positive by twenty two in probably be neutral by the fourth quarter so calling them assam company. I think is absurd. Calling macy's zombie company is something that's at least a fair analysis although again macy's showed that free cash flow with something that they expect they're going to have in twenty twenty one two and a company that raised a lot of money To to at least be able to fight another day including having a three billion dollar asset back facility is something you don't do cartwheels over macy's position right now but the recovery there and i'm long so i've made this clear. I actually think there's more of a recovery story even though i don't think macy's gets better overnight. Delta relative to other airlines is not even close to his ambi- story dealt is actually going to start to make money towards the fourth quarter of next year and we're not talking about a normalized business. We're talking about a business where odyssey international comes under a lot of pressure. So i also just think that the fed and the role that the fed is playing here and the role that the fed will play just through talking About the bazooka in their pocket means a lot of these debt markets. Don't have a whole lot of an impact in the next six months To what people think they're gonna do. I really don't expect it so it doesn't matter that these companies zombie companies it doesn't matter that delta added twenty four billion dollars in debt since the pandemic started by baldwin. At what point do we start getting worried about that. Debt load and these companies guy made the point that if the economy gets better you would think that that'd be better for these companies that can make more money they can etc said sell more whatever they make but then interest rates go higher. So how do you weigh that. Yeah those are all interesting. Factors that keep into To keep in the front of your mind. And tim did a good job of laying out the differences of these companies. But speaking to your question right the commonality of all these of these companies that they have as you have looted to have added significant portions of the balance sheet this year and they're burning through cash at a rate and their revenues are down at rates that we just haven't seen we're talking about you know seven and a half billion dollars of cash burn and eighteen billion dollars of casper burn boeing's example seven and a half carnivals example. So you have this push pushing pull situation. What i will say is that you've seen across the board. All these companies put one thing. I right and that is runway. And so they've taken on this debts that they have enough cash to get them to their next stop in order for them to continue to be able to operate what we've seen is them trying to achieve operating leverage by reducing staff count. And that is what. I think the topic that we're kind of trying to speak to. Here's when you start slashing human capital when you stop investing in capital expenditures when you stop innovating that is what leads you to being somewhat of a dead zombie company even after you've getting on the other side of this debt service coverage ratio also something to keep in mind. You can't meet your interest. Can't meet your debt service coverage ratio. You got serious problems dan. Yeah i think bond would makes a great point there and just look at our auto industry over the last ten years and obviously gm came out of bankruptcy ten years and wiped out a lot of that debt but they had a huge government interests that was really carried along and probably hurt them a lot of different ways as far as innovation and the way the bhawan just described it. It's clearly hurt for a lot of ways and look at the auto companies are doing really well right now so i think that's a great point. The other point on this make about this is that this is the world that we live in. It's the world that a lot of parts of our planet have been looking at japan over the last thirty years or whatever and then we are going to be saddled with debt whether it's consumers whether it's sovereign balance-sheets whatever the heck it is corporates. That's just the way it is. And that's why interest rates are really never gonna meaningfully. Go up again. Because we can't service all the debt and just make one other point if you think about twenty twenty and what's happened here. Obviously the fed has done their job. They hit this crisis early to make sure that we did not have large-scale bankruptcies right of some major corporations which would really snowball the unemployment situation here but let me just tell you this here. We are now four months out from expanded unemployment benefits. Were heading into the holiday season. We're in a very rocky transition and a lame duck. Congress and there is no more fiscal stimulus for small businesses and consumers. That need it really bad. So the fact that we have a trillion dollars for a bunch of companies that were buying eighty five percent using their free cash flow to eighty five percent of their free cash flow to buy back their stock over the last five years. The airlines and we can't bail out restaurants so we can't bail out consumers that is really troubling to me. Yeah we're really tough spot right now in terms of that bridge to the other side waiting for that other side for the vaccines actually be distributed and as well as injected into the arms of americans
Trump continues Pentagon shake-up, gives loyalists key roles
"Now in the twilight of his presidency. President trump is reshuffling his national security team tonight current and former. Us military and intelligence officials are telling our richard angle. It's dangerous and could help america's adversaries ariza richards report days before he was pushed out as defense secretary. Mark casper told the military times. He expected to be replaced by a real. Yes man and then. God help us monday. President trump upped four loyalist to key pentagon positions. The moves give president trump still commander in chief more freedom to act especially overseas esperer posed pulling all. Us troops from afghanistan and syria. Both may now be on the cards. I think there are two prongs to this action. One is simple. Vengeance and the other is opening operational flexibility for international operations that he feels could benefit him politically. It's not just the pentagon former intelligence officials tell nbc news. Cia director gina. Haskell may be the next to go has pull has resisted releasing classified documents as former. Cia officials tell nbc. They worry president trump and his allies may cherry pick intelligence cushing false claims. Democrats lied about the russia investigation and are cheating now. Presidential transitions are an especially dangerous. Time when the. Us is always vulnerable. In the aftermath of the september eleventh attacks the nine eleven commission report said the chaos of the two thousand transition cause delays to be avoided in the future but this transition could be even riskier.
Trump says Defense Secretary Mark Esper has been 'terminated'
"The president taking to Twitter this afternoon to say Mark Casper has been terminated. A secretary of Defense Mark Casper's tenure as America's 27th secretary of defence came to an end after the president lost confidence in the top civilian at the Pentagon. Esper was Elevated from acting defense secretary and confirmed by the Senate by a vote of 92 8, Previously the West Point graduate, served as secretary of the Army prior to his service in the Trump administration. As for served as a Senate staffer chief of staff at the Heritage Foundation and is a government lobbyist for Raytheon.
Amid Pandemic, Airlines Forge a New Survival Metric: Daily Cash Burn
"Tomorrow and the days to follow. We'll bring a peek inside the books of the Big Airlines Delta United American and southwest will report earnings and there's a phrase you will undoubtedly here around as they detail how they are getting through the pandemic cash burn. And among the many questions we have is how long can you burn cash when there is so very little of it coming in we as marketplace's into your to explain. A company's cash burn rate measures how quickly IT spending its financial reserves the International Air Transport Association says. Airlines will burn through more than seventy seven, billion dollars during the second half of this year Brian Pierces that group chief economist most companies particularly, airlines just don't have revenues coming in, but they can't get rid of all of their cost at the moment. So they are running down there cash balances. In the bank they opening cash at a rate of many millions of day last quarter. Delta. Reported a daily burn rate of twenty, seven million dollars but I just found out that airlines calculate cash burn differently. Yeah. That was news to me as well. Read Snyder runs the airline industry blog cranky flier as figured casper and it's okay we had this much cash. Now we have this much cash but no. They're all kinds of little carve-outs in in differences between the airlines whether an airline includes principal payments or debt service payments in their cash burn will tell a different story to investors but no matter how the numbers calculated unrelenting cash burn means more debt former airline executive and industry analyst Robert Man puts it this way you go to the red to place by a bunch of furniture and burden. Slough to pay for it ultimately, but you brought it expenses don't go away just because people aren't flying but jack her shoe follows distress businesses for SNP global market intelligence says the airlines are in better shape than they're letting on. They've got almost uniformly more than a year and some cases more than two years of running room with cash as it currently stands in the balance sheet before they end up in trouble because before the pandemic hit, the industry was making enough cash to burn.
"k. casper" Discussed on By His Grace
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"k. casper" Discussed on Snacks Daily
"Oh coupon code needed. Just tell them Nick Jackson you. There are three big numbers from the SBA document and which again is like the dating profile. You have to show it to all the investors before you go pop art here. The three big numbers Jack Units Two hundred and one hundred thirty six and and the number nine hundred and one is the number of times brand was mentioned in the s one. One hundred thirty six was the number of times. Kaffir mentioned mattress in the one. Nine was the number of times it mentioned profitability. Something it's not. You can see where we're going with this. The priorities were clear. Casper is obsessed with its brand and still working on profitability. But it does match this. In the meantime last year had three hundred fifty eight million dollars of revenues from selling these mattresses to people but it still suffered a ninety two million dollar loss because just like every kind China Company. IPO In these days they had to have loss now. Its biggest cost was marketing. We're talking about the subway ads in New York City. That are Casper. We're talking about the facebook and Instagram at doing counter. That one time you mentioned. I'm not sleeping well to your friend for some reason. It's not an instagram ad for cash. Everyone's been on the subway when boo boo. We've got like a cartoon of Casper. ADS SMACK mackin the face and a lovely look comfy. Yeah they're very nice. Looks like a children's Lullaby. It almost makes you want to just go to sleep on the subway so marketing we said was the biggest cost. One hundred hundred and twenty six million dollars were spent on ads last year. Compare that to three hundred fifty eight million of revenues. Do the math on that for this is a fun stat. For every dollar spent bent on an advertisement it generated about three dollars of revenues now another fund stat on this. They've lost eighty million dollars dealing with all those returns coupon codes and refunds from that mattress. Hack we kind of just mentioned. That's twenty three percent of revenue. So what are what is a pattern. We're hearing a lot of avenues. Three hundred fifty eight million but they have to spend a lot of on marketing and a lot on Promo code to get that APP. So Jack what's the takeaway for our buddies overcast. Gaspar wants to be the Nike of sleep. But it's really the Peleton of slum and one of the cofounders likes to say that they're trying to become the Nike of sleep. Thank you for not saying that Amazon of sleep. We will not do that cliche. But they're really when Jack and I look closer not quite quite yet. The global diversified industry leading brand that Nike is and they should be saying. And that's why we think it's more. The peleton of slumber Peleton and Casper depend on sales of one really big expensive product a mattress and a bike. Both are promising. New Things are coming like sleeping. Pills and rowing machines are not profitable and could never become profitable awesome and they've lost a lot more money this year than last year and finally both are relying on future technology to connect customers with their product APPs APPS APPS APPS APPs. This this is Jack. I own options of Peleton and Stock Amazon. Four Seconds Story Jack. Throw me Italian white me off. Prima water just got acquired for seven hundred and seventy five million dollars to take itself into big water. This is a story about two water companies becoming one bigger water. It's actually a beautiful story this poem together. Well everybody's resolution is to drink more. Jack Remember my twenty fifteen resolution. Drink more water. I was trying to clear for the whole year. It was more indirect. Now there there is a merger of water companies that was announced yesterday. One is caught which is based in Canada. Nothing to do with mattress now and it's not it's acquiring Primo water which is H. Q.. Down in Winston Salem North Carolina. Right now kat is so pumped about promote the smaller companies. Acquiring that it's ditching. Its name caught and it's going all in on Primo. It's like the asking someone on a date and then saying to them by the way I've taken your What time remaining for pizzas so kat is changing its name to prima water and it selling off? Its coffee ent businesses so it can focus just on H.. Two out now smackers. This is why Jack and I found this digestible story so fascinating. It's because it's the perfect example premium water the perfect example of the razor razor blade model except for water jugs and water dispense. Okay so let's look at the business model Prima which by the way sounds like the name of a fake could water company in a fake moving. It's very real real prima three business line. The first is the low margin business selling water dispensers. You've all seen these waiting rooms rooms at documents. And then against the Glue Tab and the red and you start filling up your local. Yeah now they look a little more modern than like those old school. We're we're a little sharper than not quite sharper image. That's the low margin one because for every dollar of sales only eight cents of that or eight percent is profit right so it means it's low low profit margin the high profit item they have. Is these exchanges when you're huge jug of water which is like ten gallon gets empty. Go to a store. They have a full one waiting for you and you can exchange for a small right. They have fourteen thousand locations that are whipping through those exchanges dollar sale for exchanges. That's thirty cents of profit correct. So it's a little bit more profit and then third. They have their highest margin. Most profitable recess line when the jug. It's empty filled up yourself. You have twenty three two thousand locations at grocery stores hardware stores and pharmacies. We can fill up. You're like ten Gallon Jug you're that guy walking and those kind of cool because you're care. And all these jugs of water and that business has a thirty thirty one percent profit margin every dollar thirty one cents of profit. This is the best visual of the Razor Razor Blade Business Model Jack and I had seen in a while and remember remember. Razor companies barely made money on that handle that you actually. They're sending you the handle and you're like oh this is cool now. I have the handle it then. A four pack of Razor Blade refills is like twenty nine dollars because remember member. You're gonNA actually need the razor blades later on to actually make that razor worthwhile. fremaux barely makes money on the dispensers but makes lots refills and exchange. So Jack. What's the takeaway for buddies over over at Primo water? Primo Pune Court or an opportunity for well. Technically Primo is not a company. It's not a private company. So it's not even a Unicorn but we tried to make up a new name for this. We actually just really like rhymes. It's on trend in a couple ways. One water water is a health trend in twenty seventeen. Bottled water surpassed asked Soda as the top beverage sold in the united and snacker get this this year in the Super Bowl Bud. Light is doing a strawberry flavored. Seltzer commercial can you imagine a strawberry robbery flavored. Bud Light Seltzer commercials. It's wild back in the day that never went out. Is it messing with our my second trend. That's online sustainability. Everybody knows that single use use water bottles are bad for the planet and Prima sells like ten gallon jug is definitely a snack right now. Drinking out of a single. He's plastic launching. It was above going extremely guilty because Jack and so here we go is Primo. A trend to corn corn fourth third and final story. Twenty three and me just just reached a new milestone it's curing diseases with your saliva. Never use twenty-three me but I have used ancestry DNA. Yeah we did. That was a good time. I took the DNA task. I figured Out The random parts of Europe where most of my blood is from can be freaky and it's actually a buy one get three free deal because I share it with my three brothers and oh total for them. It's gotTa they get one family member to do this and then play with the CO founder of twenty three May. It's highly ironic. Because she's also the most connected person in the world world. Apparently her ancestry is all over Silicon Valley. She used to be married to Sergei Brin who co-founded Google and she is the sister of Susan. WHOA chesty the CEO? Yeah of Youtube were talking about. and which which is owned by Google of course and is making all of those close members Prasad Nice because she's using the company's data to make money glasses. Google twenty three and me created a new antibody to treat inflammatory diseases like psoriasis. And then they sold the rights to that new antibody body to a Spanish drug company called Elnora and Al Morales GonNa take that little antibody and turn into a pill that we can take to treat. Psoriasis a disease circle of life Satay Shabina to ten million customers have spit into a tube mailed the Dan waited a month and then got their ancest- Jack. I'm going to have to correct you there. I think this is how it actually actually works. Ten million customers have spit into a tube told everyone around them. They sped into a tube mailed in that tube told everyone there waiting waiting a month then got their interest he results and then and told everyone about their ancestors didn't ask. This is a super bragging thing. People love posting it I'm a purebred so a key part of the transaction but twenty three and me is do you opt in to participate in the research eighty percent of customers say yes right. They may not have noticed that because they were really focused on making sure they did or did not have that. A little bit of Greek in eighty percent said yes ten million total customers that means twenty three and me has a data set with the DNA mapped out of eight million. In people that data set is being sifted through by scientists looking for Pat Announce Twenty three and me also makes money three ways. The first is had to sell you that. DNA Kit so so we can get your saliva for ninety nine to one hundred ninety nine bucks second. It sells access to its data. Set of eight million different DNA rights. There's one drug company that has an exclusive exclusive deal to use the third it develops its own drugs from its own scientists who are sifting through that DNA Danes. Your Saliva helped solve the disease. He's and you didn't get credit for you. Paid money for exactly all paid money part. It's messed up so jack what's the takeaway for our buddies over twenty three and me. This is a classic. You are the product economy. If you hear something's free you probably are the product common example facebook and instagram free to use but companies pay facebook to advertise to you on instagram. This case drug companies are paying twenty three and me for access to their data which is really your data. Because they're so innovative and impressive with this. They've marketed it in a wild way. This begs the question could twenty three and me make their core product the DNA test free our hands. So let's talk about this. Let's talk about. This lifts. Did it would lose revenue because it would stop selling those DNA for ninety nine to one hundred ninety nine dollars then think of the upside here because they could get way. More DNA data potentially cure more diseases and make more money for twenty three and me twenty three and may tell us what you think about our plan. We know some snacks are some twenty three and meet people out there. Jack in your whip up the takeaways force over the Casper wants to be the Nike of sleep. But it's not there yet. It's more like the Peleton of slumber. It's got potential but it's got basically one key product. It's still unprofitable second-story premium water is the.