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In today’s edition we discuss Saudi Arabia building new F1 track, Cookie Monster hates shrinkflation, David and Victoria Beckham’s London $40 Million dollar townhouse, Apple TV+ $2.5 Billion Dollar MLS deal, and LVMH’s Beverly Hills massive flagship Louis Vuitton store. 

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George Clooney Bought A French Estate Near Best Friend Brad Pitt

Business

Want to know how the U.S. economy is doing? Just ask Cookie Monster.

The U.S. economy is going through a challenging economic time right now. The division between those who have, and those who do not in this economy has never been greater. High income earners have only barely begun to feel the pinch of inflation, not taking into consideration idle chit-chat about the price of a gallon of milk or how expensive eggs have gotten while they wait in line to buy their $8 Lattes.

But when a blue Sesame Street character voices their displeasure with the economy people take notice.

These are truly strange times we live in.

In a post on Twitter, sorry I mean X, Cookie Monster lamented on a new economic trend that scholars have coined called “shrinkflation”, saying “Me hate shrinkflation! Me cookies are getting smaller,” Cookie Monster wrote. “Guess me going to have to eat double da cookies!”

Cookie Monster was referring to how he is interpreting the pain of high prices and an elevated cost of living, which has resulted in the very corporate sounding term “downsizing” of some consumer goods, but without their price dropping. Essentially, Cookie Monster is getting less cookies, but still paying the same.

Another less eloquent term for this cookie tragedy would be called highway robbery. Cookies Monster needs his cookies people!

The term “shrinkflation” was coined by the British economist Pippa Malmgren and is defined as “the process of items shrinking in size or quantity, or even sometimes reformulating or reducing quality, while their prices remain the same.” according to Wikipedia.

The most famous example of “shrinkflation” that we’ve all experienced is getting a big bag of your favorite chips, tearing it open, only to find it looks like it’s only been half filled. That’s shrinkflation! The price of the bag of chips remains the same, but the amount of chips you get shrunk.

And it’s not just chips, or cookies that are being affected.

In a December 2023 report from Democratic Sen. Bob Casey in December, using data from the Labor Department, found that a range of consumer goods including cleaning products, coffee and candies to sugar and frozen foods decreased in size last year. The most striking finding was that household paper products, think toilet paper, experienced the highest amount of shrinkflation.

It turns out the phenomenon of shrinkflation isn’t new, we just never had a catchy name to call it. Companies have always preferred to reduce the size of their products rather than to hike the price during times of high inflation to save money. It’s consumers that are left holding the short straw here.

With inflation slowing right now, some are asking the question: Are companies downsizing to boost profits, called “greedflation,”, or are they doing it because the cost of goods sold (COGS) have increased?

What does Cookie Monster think?

He just wants more cookies!

Even Cookie Monster is complaining about the US economy now

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Formula 1

In the land of excess, there’s always room for something more extravagant.

I speak of the designs for the new Formula 1 track to be built in the city of Qiddiya City, Saudi Arabia.

Saudi Arabia already has one Formula 1 race on the calendar each year in Jeddah, but they’re building a new second track in Qiddiya City. As of right now the country’s Formula 1 contract only has them hosting one F1 race a year, but things could change by the time the new track is ready in 2027. I guess they could always switch between their two tracks each year.

So why build a second track to begin with?

Haven’t you ever heard the expression two is better than one? If that isn’t a saying it should be, at least Saudi Arabia thinks so!

So let’s talk about one of the most amazing design features of the new Qiddiya City Formula 1 race track.

To begin with, the track will feature 21 corners, which is more corners than 22 of the current 24 tracks on the Formula 1 calendar right now. It’ll have over 350 feet of elevation changes; think steep hill climbs and fast descents. The standout feature, which is being called “The Blade”, is the 1st corner of that track that will soar 20 stories above the race course, and will feature a concert venue underneath.

Unprecedented is the first term that comes to my mind, followed by the realization that this single corner will be the most expensive turn of any race course in the history of racing!

The Qiddiya Formula 1 race course is being designed by former F1 driver Alex Wurz, who has raced for Benetton, Williams, and McLaren Formula 1 teams, and veteran designer Herman Tilke. The course is expected to open for the 2027 Formula 1 season.

Saudi Arabia’s New F1 Track Will Have a First Corner 20 Stories Above Ground

Real Estate

David and Victoria Beckham recently took time out of their busy schedules being celebrities to share their  $40M London townhouse, and it didn’t disappoint. 

The couple purchased their town house in Holland Park, Central London in 2013 for an estimated $37.9 million, then they spent another $10 million in 2016 for renovations including to build separate quarters on an adjacent empty plot of land for their son Brooklyn.

Their four-story mansion has six bedrooms, a state-of-the-art kitchen with black cabinetry and open shelving, an indoor pool, wine cellar, gym, Victoria Beckham’s own fashion runway, nail salon, and even a rumored escape tunnel under the garden.

What? An escape tunnel? Is David Beckham masquerading as James Bond when he’s not at Inter Miami FC games?

I wouldn’t be surprised!

The townhouse is located in the ultra-luxurious Holland Park area of Kensington, otherwise known as “Millionaire’s Row”, and they can afford it. Together they have an estimated net worth of over $520 million dollars, with David contributing the lion share of their net worth at $450 million dollars, and Victoria contributing her estimated $70 million net worth.

It was in this London townhouse that David and Victoria Beckham raised their four kids Brooklyn, Romeo, Cruz, and Harper, but it is far from their own real estate holding, including this London townhouse, a country house in Cotswold in the UK, a luxury apartment Miami in the U.S., and a luxury apartment in world’s tallest tower  Burj Khalifa in Dubai that they purchased in 2009 for a reported $10 million dollars.

It’s good to be David and Victoria Beckham.

Get a glimpse inside David and Victoria Beckham’s $40M London townhouse

Sports

Why is it that soccer in the U.S. just can’t seem to match the world’s obsession with the sport, and can Apple change that with their exclusive streaming agreement with MLS?

Apple sure hopes so.

Apple signed a 10-year, $2.5 billion dollar exclusive agreement with Major League Soccer (MLS) in the U.S.. Now in their 2nd season, Apple is looking to draw new fans and their eyeballs to soccer in the U.S. by offering a streaming package through their Apple TV+ app to MLS fans worldwide. The MLS streaming package costs $14.99 per month or $99 for the season. If you’re already an Apple TV+ subscriber you’ll only pay $12.99 per month or $79 for the year).

This “MLS Season Pass” does away with the blackouts and restrictions that other sports fans suffer when trying to watch their teams regardless of where they live. Now fans can stream every MLS game from wherever they are in the world without restrictions.

Hello NFL, are you listening? 

The world is obsessed with soccer. Can Apple make Americans love it too?

Fashion

Fashion mega-brand LVMH is building a massive flagship Louis Vuitton store in the heart of Beverly Hills, California in a pivot from their original proposal to build a luxury hotel on Rodeo Drive to be called Cheval Blanc hotel.

What happened to their plans to build a luxury hotel? Well, LVMH originally received approval from the city’s Planning Commission to build the hotel, but then the citizens of Beverly Hills called for a new vote that failed by a margin of 80 votes after a labor union got involved to sway the votes. So no new hotel, but Beverly Hills will now get an oversized Louis Vuitton store that will become a go-to destination for fashion connoisseurs.

Looks like it’s a loss for out-of-towners looking to stay in a luxury lifestyle branded hotel, but a win for fashionistas.

LVMH Eyes Louis Vuitton Mega-Flagship in Beverly Hills

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So much news, so little time. Until tomorrow we’re signing out.

— Chris