"Pizza normalization has passed:" BofA note on Papa Johns' growth prospects
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Jason Karaian
@jkaraian
Business News Director at The New York Times // I wrote a book about CFOs (amzn.to/2LyuS7w) // jason.karaian@nytimes.com
Jason Karaian’s Tweets
“Share someone else’s screen”
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A genuinely important discussion at Davos, insightfully explained by
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Sign of the times: Dr. Martens reports a hit to earnings because of supply chain issues, and it's because goods are moving *too fast* through its warehouses... drmartensplc.com/application/fi
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Some pockets of warmth in the supposed crypto winter: "Solana has seen its price rise by over 44% in the last seven days, propelled in part by the minting of a dog-based non-fungible token, Bonk Inu, on Solana’s blockchain."
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“Writing a good song is not mimicry, or replication, or pastiche, it is the opposite. It is an act of self-murder that destroys all one has strived to produce in the past.”
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Seven years ago, and I built a rig to track helicopters coming in and out of Davos. Still one of the most interesting things written about the World Economic Forum: qz.com/600590/we-brou #wef16, er, #wef23
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"Then he took it a step further, piling about 90% of his 401(k) into Tesla."
Buy! No, sell! Wait, buy...
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So far today the S&P fell 0.8%, then rose 1.1%, fell 0.4%, up 0.4%, down 0.6%, up 0.4%, down 0.5%, up 0.4%, down 0.2%, up 0.2%, down 0.3%t, up 0.6%. It's currently up 0.5% for the day. nytimes.com/live/2023/01/1
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The coming batch of Q4 earnings report may be the last hurrah for across-the-board price hikes (but, of course, execs in 2023 will still try to raise prices where they can)
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Analysts expect corporate profits for 4Q to have dropped 4.1%—the first quarterly earnings decline since the height of the pandemic in 2020
wsj.com/articles/wall-
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“Workers able to do their jobs from home said they preferred to operate remotely about 2.8 days per week. Their employers planned to allow them to work from home about 2.3 days per week. That’s not a big gap in expectations,” notes
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Forward guidance suggests this is going to be a banger
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New Year's resolution to read more?
Maybe... more nonfiction?
But nonfiction can be boring, so you'd like it to include characters, like a snarky 20th century tycoon who changed America forever?
Well, friend. Have I got the pre-order for you.
amazon.com/Limitless-Fede
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... and 'twas ever thus, so might as well try to see the funny side (2018 joint w/ and ):
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Some pretty eye-opening "reconciliations" in here...
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Upon a request from @bgurley we searched through our slide database looking for adjusted financial metrics, in contrast to our recent thread on FCF & ROIC. An important reminder to always read the footnotes.
Let's go through our findings 
1. $DKNG's adj. EBITDA definition:
1. $DKNG's adj. EBITDA definition:Show this thread
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“Every day, the money is melting,” a car mechanic in Adana said.
On inflation in Turkey: nytimes.com/2022/12/05/wor
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"A lot of companies give people the day off to go vote. But no one’s going to give you the day off to get Taylor Swift tickets."
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I spoke to SBF for over an hour. I asked about investigations, potential jail time and missing customer funds. He didn't have satisfying answers, but it was a rare chance to see what he's thinking at an insane time. Here's a free link to read it in full:
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The master at work
I *wonder* who Alex Karp of Palantir is alluding to here, in his latest shareholder letter: "The metaverse and other idiosyncratic pursuits of the technocratic elite may be luxury goods. But foundational data platforms are not."
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More than 75% of sales at Starbucks in the U.S. is now iced drinks. "The cold-customized plant-based beverage platform is particularly appealing," the company's CMO said. "The younger you go, the colder the beverage."
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Tfw you're *trying* to slow inflation but companies are saying things like:
-"consumers are willing to tolerate it"
-"really, really strong"
-"not seeing any signs that fundamentals are weakening"
A Fed-y earnings rundown w/
nytimes.com/2022/11/01/bus
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On a per-match basis, broadcast revenue for the I.P.L., whose season lasts only two months, now ranks behind only the N.F.L.
It's no wonder that suddenly a lot of people want in, including deep-pocketed American investors.
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Made my @NYTSports debut today: nytimes.com/2022/11/01/spo
Thanks to @AndrewDasNYT, @jkaraian and everyone who spoke to me on and off the record for this.
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Another part of the US yield curve has inverted (3 months to 10 years) and is on it: nytimes.com/2022/10/26/bus
The burgeoning trade between China and Russia, charted
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Some personal news: I've joined the as managing editor of , working with the great
to connect the dots between business and policy. DM me with your stories and tips.
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Another, uh, quiet day in the gilt market...
Over 700 years of falling bond yields in one chart. Lovely piece by and , with this striking conclusion:
"A simple linear extrapolation implies that on average, real rates will sink below zero for good in 2066."
economist.com/graphic-detail
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Credit Suisse worth less than Domino's Pizza
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Happy Q4 to all those who celebrate
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We appear to be approaching the culmination of a looooong slide toward sterling-dollar parity nytimes.com/2022/09/26/bus
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"One investor responded to a question about the status of the financing deal with an emoji of a person shrugging."
“While this sounds like a bad science-fiction movie, it is unfortunately a real threat.”
on why some traders are really, REALLY worried about the Treasury market:
“The money those players are producing is going to pay for a lot of senior vice presidents.”
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Did you wake up wanting even more tennis? This morning’s dealbook is for you! 
W my doubles partner @vivian_giang and an assist from @Adampasick twitter.com/dealbook/statu…
W my doubles partner @vivian_giang and an assist from @Adampasick twitter.com/dealbook/statu…1
