The Daily Valet. - 5/22/23, Monday
✔️Can This Really Last?
Monday, May 22nd Edition
By Cory Ohlendorf, Valet. Editor
Now is not the time to buy a boat … just in case you were wondering.
Today’s Big Story
Will Hybrid Work Endure?
Return-to-Office seems to be Losing out, but even with more people going In, Offices are still in trouble
Where are you working these days? Many corporate leaders were hoping that the debate over the return to the office was over when they implemented mandates for workers, but the latest data from New York City's key office market suggests that many employees are still setting their own terms. Put another way: Hybrid work isn't going anywhere.The share of American workers in the office full-time dropped to 42% in the second quarter of 2023, down from 49% in the first quarter, according to The Flex Report, which collects insights from more than 4,000 companies employing more than 100 million people globally. Meanwhile, the share of offices with hybrid work arrangements hit 30% in the quarter, up from 20% the previous quarter.Another report from the Boston Consulting Group warns of the coming wave of “zombie” office buildings, with vacancy rates and utilization under 50%—it says many buildings across the U.S. are already at that mark. And according to Vox, remote work is just part of the office market's problem. “It's being hit by cyclical and structural and sectoral headwinds,” one noted economist said. “Everything is going against the office sector right now.”For those happily heading back into the office and enjoying the extra space, one thing they're not enjoying is the return of all the expenses that come with that commute: Transportation, dry cleaning, prepared lunches and coffee ... it adds up. Then there's the drink after work. According to the Wall Street Journal, there has been an increase in what financial pros call “compensatory consumption.” Without the cozy luxury of their couch and a midday nap, many returning workers are reclaiming comfort via “self-care” purchases that they normally wouldn't indulge in.But for every worker who's hesitant to put on a fresh shirt and head to the office, there's a fresh graduate willing to show up. Surveys show Gen Z and class of 2023 graduates—who struggled to finish their degrees via online courses—want an in-person work experience. And who can blame them? When you're eager to learn and make an impression, you're not going to do that via Slack and Zoom, right?
Dig Deeper:
Insider has a list of major companies requiring employees to return to the office.
Bipartisan Debt Ceiling Talks Resume
As the clock ticks toward the deadline, lawmakers expressed fresh optimism about their odds
House Speaker Kevin McCarthy and President Biden will meet in person today to continue discussions over the debt limit, as the U.S. quickly approaches the date at which it may no longer be able to pay its bills. Biden said late Sunday that a phone call he'd had with McCarthy about the matter while flying back from the G7 summit in Japan “went well,” while McCarthy earlier in the evening described the call as “productive.”According to the Washington Post, negotiations between White House and GOP emissaries had been stymied over core spending and policy issues, with talks breaking down for part of the day on Friday before resuming later that night. A final agreement is increasingly seen as hinging on a deal between Biden and the House GOP.Biden said he was willing to cut spending, but said Republicans needed to consider raising tax revenues. House Republicans are largely opposed to any tax increase—a major tool the president has relied on in his proposed budgets to lower the deficit. Biden has previously said that he'd consider invoking the 14th Amendment to raise the debt ceiling without an act of Congress, and reiterated on Sunday that he thinks he “has the authority” to do so.
Meanwhile:
Financial markets are still betting that a deal is struck. But the uncertainty alone is having consequences.
Battery swapping—taking an electric vehicle battery out of the car once it's out of charge, and replacing it with a fully charged battery—isn't a new concept, but the idea ... [has seen some] recent momentum.”
- Autoblog on a fresh EV concept
Revenge of the Orcas?
Killer Whales Seem To Be Sharing Methods of Attacking Boats
Well, this is a little distressing, isn't it? Orcas are majestic creatures, but let's be real ... they cut a rather imposing figure when you see them speeding through the water. And a spate of encounters between orcas and boats off the Iberian coast recently has puzzled scientists and sailors alike: Seemingly coordinated ambushes by the killer whales led to the sinking of three different vessels.Even more worrisome? The reason for the attacks, according to one scientist who has studied the phenomenon, may be revenge. “The attacks were brutal,” one ship's captain recalled. “There were two smaller and one larger orca ... the two little ones shook the rudder while the big one kept running and then rammed the ship from the side with full force.”Scientists say this behavior is likely due to a traumatized orca teaching the behavior to others (something that these incredibly intelligent and social animals are known to do). The leading theory is that a female orca suffered a traumatic incident with a boat—a “critical moment of agony”—that caused her to start attacking the vessels, Alfredo López Fernandez, a marine biologist at the University of Aveiro in Portugal, told Live Science. What's unclear at present is whether the three boats attacked to date will be the sum total of this phenomenon, or if it will continue.
FYI:
The largest member of the dolphin family, a male orca can be nearly 33 feet in length and weigh around 22,000 pounds.
Customize Your Heinz
It’s like the Coca-Cola Freestyle of Ketchup
Ask any kid at one of those bulk candy stores, or those who like to mix sodas at the self-filling fountains, the more flavor options you have the better, right? Well ketchup fans are about to have more options than they ever dreamed possible. Heinz has announced the upcoming debut of the Heinz REMIX, a new digital sauce-dispensing machine capable of serving over 200 unique condiment combos.The dispenser features a digital touch screen, much like the Coca-Cola Freestyle machines that let customers add flavor syrups to their soda. If you want 57 Sauce with a strong jalapeño accent and a hint of mango, you can make it happen. Maybe more smoky chipotle in your barbecue sauce? You got it. According to Engadget, the company plans to test Heinz Remix at unspecified restaurants in late 2023 to early 2024. There's no mention of pricing, but I'd like to see what this would cost for home use.CNBC reports that Heinz is also looking at how to implement this sauce dispensing tech into drive-thru operations. However, the sheer number of potential sauce combinations might actually slow down efficiency rather than simplify operations, so that's still being worked out.
Meanwhile:
Can any bougie startup compete with the massive scale and heavy nostalgia of a single legacy brand? The short answer is no.
In Other News
The film, about the Osage Nation, got the longest standing ovation at Cannes.
Have you heard about ...
Embrace Your Personal Signatures
Find what you like and make it yours
Life is full of so many choices. Some are big and challenging, others are more mundane. But one thing is clear: How your life plays out is often determined entirely by the decisions we make. Of course, there are some things a man should figure out and then stick to—if for no other reason than to simply take that decision off his plate.I'm talking about personal signatures. Those items in your life that you've tried, tested and found work for you. They're perfect—just what you want—so why mess with a good thing? You may not have all these figured out just yet, but that's part of the work that must be done. Because once you have these figured out, your life is suddenly much easier.
Read:
How to know exactly what you want because you have it figured out.
Shopping
What We’re Buying
A pour-over coffee maker
How seriously do you take your coffee? Because if you're a casual drinker, you can stop reading and skip to the next item. But if you truly love your brew, you'll want to know about Balmuda's new coffee machine ($699). The Japanese brand, which has a cult following thanks to their legendary toaster oven, developed a brewer that brings the cafe experience to your home by automating proper pour-over technology. Optimal flavors are extracted from the grounds and then a separate finishing water is added via a second spout. This new technique achieves both a strong flavor and a clear aftertaste. There's even a setting for the perfect iced coffee, just in time for summer.
Want More?
The five stylish items you should be buying this week.
Morning Motto
Hang in there.
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