

Business
BBQs Cook Fish, Too – Beware the Weber, Traeger IPOs
BBQ company insiders are trying to put all you fish directly onto hot coals via their IPOs.
As we all know, Covid-19 policies have created an interesting array of winners and losers. Restaurants, travel and mall-based retail? Wah, wah. Meanwhile, any company remotely tied to housing, remodeling or recreation has been on absolute fire.
So what if your traditionally slow-growth, low-margin business suddenly had its best year ever by a wide margin? You’d probably think very seriously about trying to sell it.
That is exactly what is happening with the spate of BBQ-related IPOs that are about to pour onto this market.
Trending on PolitiCrossing.com: Your Days Do Not Have to Race By
Are the upcoming initial public offerings of Traeger Pellet Grills and Weber good ideas for your investment portfolio? Be very careful.
First, it’s highly likely they’ve taken the route of public markets because they have nowhere else to go. Truly, who is Traeger’s logical acquirer? In a bygone era, Sears might have represented a possible exit but such buyers no longer exist. Maybe one of the few large competitors in this highly-fragmented industry like Weber? Whoops – they’re going public, too!
Focusing on Weber, what a story they seem to have on their hands, being able to claim 6-month revenue growth rates of over 60%! Wow!
Problem is, IBIS says annual growth of the bbq industry over the last 5 years averaged 4.7%, which means Weber caught lightning in a bottle thanks to this pandemic and they’re trying to cash in. Same with Traeger.
Unfair assessment, you say? Then why are roughly 2/3 of Traeger’s IPO shares being sold by insiders? That’s right, only 1/3 of this offering is to raise working capital for the company. The rest is insiders cashing out.
Hey, I’ll be the first to admit that Traeger grills are pretty cool. And these are familiar names so they may catch a bid based on that familiarity for a while, particularly if this housing market keeps steaming ahead. But by no means are these 10-year investments. If you just can’t help yourself and absolutely have to play with these shares, think more in terms of 10 weeks. Or 10 days.
Truly, how much longer can the explosive growth in our world of economic distortions last? Regardless, is there any way companies like this are going to keep posting 50%+ growth numbers? Pfffffffff.
Heck, as recently as 2019, Weber’s y-o-y revenues declined by 3%. That’s the nature of this industry – a little growth here, a little step back there… slow, stodgy, boring.
Even in Weber’s bounce back year of 2020, when revenues rebounded 15% compared to the prior full year? They made a paltry $88 million on $1.5 billion in revenues. Those are grocery store margins.
Yet despite this industry’s historically slow growth and non-existent margins, Weber’s market cap at IPO next week will be roughly $5 billion, meaning the shares will trade with a P/E of close to 60 like they’re some high-flying tech unicorn! Truly amazing stuff, but par for the course in today’s everything bubble.
As an aside, by the way, don’t even think about looking elsewhere in this sector, like to VELO and its recent announcement that the SPAC is taking BBQ Guys public. Does anyone recall what happened to BBQ retailers in the last economic downturn? If the phrase, “buh-bye,” doesn’t come to mind, you simply weren’t paying attention.
Make no mistake, all these BBQ industry IPOs are ‘greater fool’ investments at their finest. Sorry, but you’re the dumb money the insiders and their private equity backers are asking to buy their shares after one-time growth surges that probably surpassed even their wildest imaginations.
There’s an old saying in poker: if you look around the table and can’t figure out who the fish is, you’re the fish.
In this case, the BBQ company insiders are trying to put all you fish directly on their hot coals.
No, thanks. I’ll have a salad this time instead.
P.S. Yes, this is a new pen name but you probably know me. I’ve a new Twitter profile, too… please consider giving me a follow their and we’ll get this train rolling.
Photo by Martin Boose from FreeImages
We'd love to hear your thoughts about this article. Please take a minute to share them in the comment section by clicking here. Or carry the conversation over on your favorite social network by clicking one of the share buttons below.
Join the conversation!
We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.
Business
Productivity in Flight
You can handle so much in the air that you’ll have less to do going forward
When you are flying and told to put your cell phone in airplane mode, you might think that your productivity will suffer. However, when I turn on my email function and dictate into the phone, even surrounded by the heavy airplane noise, my cell phone, an Android model, works well with few transcription errors.
This particular article was written at 35,000 feet. I was in airplane mode at the time, with all kinds of sounds around me. Yet the phone faithfully recorded my dictated words.
If I have notes with me, and enough time on the flight, I’ll be able to dash off three or four articles in one sitting. Chances are you have the same capability.
Trending on PolitiCrossing.com: Your Days Do Not Have to Race By
Maybe you’re not writing articles per se, but you could be creating future blog entries, making notes to your staff or to your boss, or writing messages that you’ll send to friends and relatives. So what if you can’t send them at the moment that you finished dictating? You’ll be landing soon enough, and you’ll have the capabilities to resume sending and receiving email. Then, bingo! You’ve handled so much in the air that now you have less to do going forward.
– – – – –
Business
The Cancel Culture at Artspace in Raleigh, North Carolina
Making a federal case out of a 20 second, honest mistake
American Thinker — The USA, the land of the free and home of the brave. With its weaponized DoJ and FBI, are we truly free? And what about tyranny at the state level? As part of their pro-LGBTQ+ agenda, the House Democrat Party in Michigan has passed a law to fine or incarcerate residents using the wrong pronouns in addressing another person.
The bill, HB 4474, criminalizes making somebody “feel threatened” by terminology including employing the wrong pronouns. The proposed legislation would replace the current Ethnic Intimidation Act. If enacted, it will be a felony hate crime in Michigan, with up to five years in prison or a $10,000 fine, for causing protected classes to “feel terrorized, frightened, or threatened,” regarding gender identity or sexual orientation.
I Am a Fugitive from Justice
I am blessed to reside in North Carolina, not Michigan, where my recent crime is not yet a felony. My letter, directly below, to the Artspace Board of Directors and, below that, the correspondence leading up to my letter, spell out the grievous sin for which I am guilty! As you will see, clearly, I am a lost and nonredeemable soul:
Trending on PolitiCrossing.com: Your Days Do Not Have to Race By
Greetings Artspace Board Members,
I am a six-year volunteer with Art Space of Raleigh, having started in March of 2014, and serving through March of 2020 until COVID-19 shut us down. I resumed volunteering once the “First Friday” visitors were back in swing.
During my time as a volunteer, I was on site, perhaps 60 to 64 times, missing about 10 First Fridays due to my travel as a professional speaker and cruise ship speaker. My volunteer experience initially included serving wine and beer. I then became the food server for many years. The supervisors, including Mary Kennedy, were glad because I was one of the few who never consumed the Artspace food!
During some First Fridays, I stayed on for a second 3-hour shift, on short notice, when other scheduled volunteers did not appear.
In addition, I served as a volunteer on some weekends during Family Days directing a variety of activities for kids. I also volunteered at the annual benefactors banquet – a black tie affair with lavish hors d’oeuvres and entertainment.
After COVID-19, I was assigned to the education room. During such sessions, parents with children or children on their own would create some type of art or craft. The new supervisor was David, who praised me on several occasions during my nights of volunteering, as I always arrived early, took few breaks, did not require refreshments, and handled crowds of all sizes.
In March 2023, I was a volunteer once again. Then, I was traveling on the first Friday in April and in May, so I was not available again until June. hen I signed up for June weeks later, I saw that my sign-up had been removed. When I re-signed, I was informed by David via email, out of the blue (see below) that I had committed a grievous sin 10 weeks before and could no longer volunteer. Ten weeks.
I have included, verbatim, sequential correspondence between myself and David.
Jeff Davidson
Hi Jeff,
I apologize for not responding to you sooner. I am going to politely ask that you no longer volunteer with Artspace moving forward. We have appreciated your support, but my colleague Danny reported that you used inappropriate language that could’ve made attendees feel uncomfortable while volunteering during March First Friday.
At Artspace, we’re striving to create a space that people from all walks of life can feel comfortable in and we need volunteers who reinforce that culture. Again, thank you for the support but I feel its best if you no longer volunteer with Artspace.
Best, David
Greetings David,
I did not knowingly use any inappropriate language at any time. Before you came on board, I was a volunteer for 6 years every First Friday at Artspace, and was widely acknowledged as an asset on First Fridays.
Now, I hear this kind of accusation. What specific language does Danny have to report? I would be most interested in knowing the specifics as opposed to some general accusation. If you’re going to make an accusation, let me hear what it is.
Jeff,
I’m happy to give you a call later today to discuss. However, as the Director of Community Engagement and the person who manages Artspace’s volunteer program this is my final decision. Please let me know the best time to call you today.
Thank you, David
David,
You can call me anytime {he never did, I had to force a call}, I’m interested knowing a couple of things:
* What does Danny say that I said, verbatim?
* Next, if I happened to say something that he thought was inappropriate, why did he not tell me at the time?
* Why does it take 3 months to find out such news?
* Also, don’t be concerned that I’m going to attempt to continue to be a volunteer.
* Nobody, including me, wants to be around anybody that does not like them.
I received praise from you the times we’ve encountered each other, and now you’ve taken the word of an associate that I’ve done something so terrible that I must be banned forever from Artspace, without even first talking to me about it.
This is leadership?
Jeff Davidson
No News by Phone
On the phone, I could not get him to give me any specifics or even anything of substance, just vague utterance about some terrible faux pas that merited instantly canceling me. So, I called to his boss, who he had not informed. She was surprised because she had seen me many times on the job and knew that I was on asset. To follow up, I sent her the email trail:
Greetings Ms. Jones,
Here is the email trail [all included above] leading to the phone call in which David would tell me nothing and when I attempted to gain any useful information about the alleged faux pas, he hung up on me. In my 20+ years of volunteering for WUNC, the Flower Shuttle, Tunnel to Towers, Cystic Fibrosis, March of Dimes, and the NC Museum of Arts, I have never experienced anything remotely like this.
Thanks for your attention, Jeff Davidson
At the request of his boss, David sent me a formal letter, now adding on other previously unannounced “multiple reports on your inability to follow instructions during volunteer shifts.” You and I have seen this before: someone has a weak case so they throw in more vague, (bogus) assertions to “shore up” their argument. Then, when they stonewall you by phone and you get upset, they throw that in as well.
Case closed: looked at all the infractions!
Dear Jeff,
Thank you for your six years of service to Artspace. Our organization appreciates your continued support over the years assisting with First Fridays and other programs. Unfortunately, we no longer see Artspace’s volunteer program as a good fit for you, and we will no longer need your assistance as a volunteer.
We have come to this decision after we received multiple reports on your inability to follow instructions during volunteer shifts. A staff member reported you made inappropriate comments related to gender in reference to a family visiting Artspace during First Friday on March 3, 2023. Everyone is welcome at Artspace and our staff strives to create a safe space that is welcoming to people of all ages, abilities, genders, and backgrounds. We want to retain volunteers who will reinforce that expectation and respect the culture that has been established.
Not only did your comments make that staff member feel uncomfortable, but dismissive comments related to gender identity could have jeopardized that family’s positive experience at Artspace. The hostile behavior you displayed when confronted about this incident over the phone only further displays that it is time for us to part ways. For those reasons, I am respectfully requesting you no longer volunteer with Artspace moving forward.
We thank you for your service and hope you find success volunteering with another local organization. Please know you are still welcome to visit Artspace and attend our community programs.
David,
Multiple reasons? Hardly. Thanks for your continued non-explanation. If you’re referring to the two little kids, dressed in bright colors, with long flowing hair, giggling at the back table for over an hour, who I mistook as girls, it was an honest mistake that anyone could have made. There was zero malice on my part. I was seeking to help them with their art project, as all other youths required, roughly, only 30 to 40 minutes.
I said to them, verbatim, “Ladies, can I help?” They had been unsupervised for at least an hour, and then a parent, apparently their parent, seated nearby said, “They’re boys.” I immediately told them I was sorry for their error. Not the world’s worst offense, and highly likely not the first time someone has erred in relation to them.
I then went immediately to Danny and asked him about the two youths and he said they were boys. I told him that I had mistook them. That is the whole incident.
You, David, apparently want to make this a federal case, and make defamatory statements as if I’m some type of troglodyte with a history of bad behavior. I strongly sense that you were looking for a way to depose me as part your personal brand of cancel culture.
As for the phone conversation, you were intentionally vague and unresponsive when I had a legitimate right to know what I had done that was worthy of your punishment. I asked for any type of detail and you offered next to nothing. And you kept accusing me of pressing you, and then you hung up on me. Even now, it has taken several more weeks to get any kind of information from you and I had to go to your supervisor, at that.
For shame, David.
Cancellation Celebrations!
And that, folks, is how cancel culture, the cancer that it is, now lingers at Artspace in Raleigh, North Carolina. Who will be the next in line?
I have laid bare my first cancellation experience and the grievous sin I have committed. Can you find it in your heart to forgive me?
– – – – –
-
News2 weeks ago
Biden’s Team of Fools
-
Life2 weeks ago
12 Things I have Learned that Could Benefit Others
-
Elections1 week ago
DO YOU EVEN RECOGNIZE AMERICA TODAY?
-
Elections5 days ago
Lawfare, Coercion, and Intimidation at the U.S Department of Injustice
-
News6 days ago
Biden and the Democrats Are Turning America into a Police State
-
Life1 day ago
Your Days Do Not Have to Race By