The Economist published a brutal takedown of the woke movement this week.
tldr: Wokeism isn’t dead yet, but it’s suffering a significant (and much needed) statistical decline.
Let’s dive into the numbers 👇
Contrary to what many believe, 2020/2021 represented the *peak* of wokeism, not the genesis.
The woke movement gained much of its momentum in 2015, with—you guessed it—the announcement of Donald Trump’s presidential campaign.
This peak is evident across public opinion, the media, and higher education alike.
The business world was slower to adopt wokeism, only doing so after the death of George Floyd. But it also now jettisoning it (yes, DEI really was a ZIRP phenomenon).
The percent of people worried “a great deal” about race relations declined from 48% in 2021 to 35% today.
Kids and even some leftists are tired of wokeism: “Some of the biggest leaps and subsequent declines in woke thinking have been among young people and those on the left.”
People aren’t burned out on just the racial aspects of wokeness. Opposition to trans athletes playing competitive sports outside of their biological sex has increased from 53% to 61% over the last two years.
The #MeToo movement is also apparently running out of steam.
Even the mainstream media is finally realizing that people are tired of woke indoctrination. Newspapers are using terms like “intersectionality” and “microaggression” less often.
In the NYT, “white privilege” went from being published 2.5 times per 1M words to just 0.4 times.
The same decline in woke-speak is also seen in academic papers.
Given how much of the media and online discourse is downstream of academia, this is (hopefully) an additional leading indicator that wokeism will continue its downward trajectory.
Speaking of universities, calls for professors to be fired for expressing unpopular beliefs also peaked in 2021 and is now on the decline. (Remember, academic freedom only applies if you’re chanting “from the river to the sea,” not when you’re questioning affirmative action.)
Perhaps most important for regular Americans, wokeism is declining in the workplace.
Mentions of DEI in earnings calls is only 3x compared to before the death of George Floyd (compared to 14x in the near aftermath).
DEI exec roles are also rapidly disappearing (again, ZIRP).
Companies are terrified of the backlash and boycotts that Budweiser and Target recently faced. @MattWalshBlog and @robbystarbuck are making a tangible difference in restoring sanity to corporate America.
Lastly, this summary of wokeism—coming from a mainstream, center-left business publication—is absolutely brutal.
If more mainstream outlets adopt this mindset, maybe there is some small measure of hope for our future.
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Private equity is coming for the accounting industry. They’re rolling up practices, cutting costs, raising prices, and doing what PE does best.
There’s just one problem:
It’s not going to work. They’re lighting capital on fire, and they don’t even realize it.
Let’s dig in!👇🧵
This is going to be a loooong thread, touching on everything from the unique structure of the CPA industry to the inter-generational culture war within many firms to how PE firms structure exit opportunities.
Stick with me, though, and I promise I’ll tie it together. 😉 (2/28)
Let’s start with what PE likes about the CPA industry. If you read their slide decks, it almost sounds perfect for them:
- It’s one of the only industries PE hasn’t already picked over (“It’s terra nova! A huge blue ocean!”), meaning there’s low-hanging fruit to optimize. (3/28)
By now, we all know about the new tariffs on imports from Canada and Mexico. But what does this actually mean for businesses and consumers?
I just downloaded and analyzed a bunch of Trade Department data to find out.
Let’s dig in! 👇
Every year, the US runs a trade deficit with both Canada and Mexico. In simple terms, we import from them more than we export to them.
In 2023, Canada sent us $419B of goods (blue), while we sent them $354B (green). This resulted in a $64B deficit (yellow).
Similarly, the US also runs a persistent trade deficit with Mexico. Mexico’s import numbers aren’t much larger than Canada’s, but, because we export less to them, our trade deficit is larger—$152B in 2023.
I downloaded five years of H-1B data from the US DOL website (4M+ records) and spent the day crunching data.
I went into this with an open mind, but, to be honest, I'm now *extremely* skeptical of how this program works.
Here's what I found 👇
Before I start, one note: All charts in this thread are for applications that were “certified” (in other words, approved for entry into the H-1B lottery). I filtered out applications the gov rejected.
All numbers here are therefore for visas employers actually and realistically attempted to obtain.
To start with, this program is MASSIVELY popular with employers. The program has a statutory limit of 85,000 visas per year, but employers routinely receive approval for more than 800k applications per year (868k, or 10x the limit, in 2024).
My wife is in the middle of a Mexican standoff in the church nursery.
Our two year old got mad and threw a cup of animal crackers on the floor.
My wife refuses to leave until she picks them up. My daughter refuses to clean up until we promise her a cake pop and Bluey at home.
My wife (former Marine) is the most stubborn mom on the planet. My daughter (personality of an ISIS prison guard) will happily scream for hours on end.
I just dropped off a peppermint mocha for my wife. She’s digging in and playing the long game. Our pastor offered to broker a truce, but he left when the toddler hurled an elephant cookie at him, grumbling that our denomination doesn’t pay well enough to deal with situations like this (which is totally fair).
Will keep everyone apprised. If there are any hostage negotiators here with experience defusing toddler meltdowns, please reach out.
Update: My daughter is now demanding the removal of all US troops and naval vessels from the Middle East. This is really escalating out of hand.
Don’t get an MBA. You don’t need to spend $200k to learn how to be a business leader or an entrepreneur.
You can get a better business education for $8 per month on Twitter, and in way less time than two years.
From finance to marketing to business law, here’s who to follow! 👇
BUSINESS ETHICS
Business is the voluntary exchange of goods and services. And the foundation of this is ethical behavior.
If you want to learn how to do business the right way, there’s no better teacher than @moseskagan. He’s brilliant, wise, and just a thoroughly decent guy.
MARKETING
Believe it or not, products don’t sell themselves. If you want your business to make it, you need to get in front of potential customers.
@Camp4 is a world-class CMO. Follow him for regular master classes on building a high-performance marketing team for your company.