Thanks, Joe! Updating Brandon’s Eating places



I spend a number of time debunking investment-related bullshit. Given the final innumeracy of the general public, it’s simple for a dishonest writer of financial information to create narratives that aren’t solely false and deceptive however efficient at complicated the general public.

Sometimes, it takes years earlier than enough information amasses to show how unsuitable these folks had been. That was the case with my warnings about housing, subprime mortgages, and derivatives within the mid-2000s. If you happen to had been trying on the proper information sources with an open thoughts – and only a few folks had been – all of this was apparent.

Typically, it solely takes months. On the finish of March 2020, I instructed that the hand-wringing surrounding the pandemic’s impression on equities was extreme; I reminded readers that externalities are likely to make markets briefly wobble, then resume their prior developments. Once more, any market historian would inform you the information helps this place.

Then there are the uncommon occurrences the place lower than per week later, the charlatans are revealed for the grifters they’re. This was the case in a nonsensical video depicting 100s of restaurant closings as proof america was in financial collapse. Axios reported yesterday that “2024 would be the U.S. restaurant business’s largest yr ever in gross sales — $1.1 trillion by the top of December, per Nationwide Restaurant Affiliation estimates.”

That is primarily based on the primary half of the yr gross sales, that are working at a report tempo. I’m skeptical of the full-year projections — 5.4% rise in income is strong — however current surveys recommend year-over-year will increase are probably. 33% of restaurant operators count on gross sales to be greater for the complete 2024 calendar yr versus 2023; 45% count on them to carry regular. And two-thirds say the variety of eating places of their space has rebounded from pre-pandemic ranges, in keeping with Axios.

Innumeracy is rampant in our tradition; partisans are keen to misuse/abuse financial information to govern and mislead their viewers s. That is an ever-present risk to traders. Those that take heed to dishonest brokers of data (Aka Wendy Bell) will undergo financial losses.

It’s a stark reminder of Joan Robinson’s warning: “The aim of learning economics is to not purchase a set of ready-made solutions to financial questions, however to learn to keep away from being deceived by economists.”



Brandon’s Eating places (Might 30, 2024)

Perhaps Coronavirus Didn’t Finish the Bull Market (April 1, 2020)


Eating places are having their largest yr ever
by Jennifer A. Kingson
Axios, June 5, 2024

REPORT: 2024 State of the Restaurant Trade
Nationwide Restaurant Affiliation, February 05, 2024


Print Friendly, PDF & EmailPrint Friendly, PDF & Email

Recent Articles

Related Stories

Leave A Reply

Please enter your comment!
Please enter your name here