New shows, new music, new movies, keeping up with pop culture sometimes feels like a full-time job. Thankfully, over at pop culture happy hour, it's literally our job. We break down what's actually worth watching, listening to, and pretending you already knew about. So the next time someone says, did you see that?
You can say, yeah, obviously. Follow NPR's pop culture happy hour wherever you get your podcasts. This is Planet Money from NPR. Every February here at Planet Money, we dedicate a show to the things in our lives that have been giving us butterflies.
That could be an obscure online marketplace or a piece of stunt journalism that we wish we'd thought of first. And then, as tradition dictates, we go out into the world to proclaim our love in the form of a Valentine. Which, in the case of my co-host Sarah Gonzalez, brought me recently to a random parking lot in LA. Ha ha ha, there she is.
Sarah has appeared in the distance. Here I am. Sarah Gonzalez. Alexi Horwitsgazi.
Happy Valentine's Day. Happy Valentine's Day. Alright, so you brought me out to a mysterious kind of shopping center, like a little strip mall. Mm-hmm.
What are we doing out here? So the story is, I moved to LA from New York. Love New York. Sarah told me how when she first moved from New York to LA a few years ago, she encountered this little disappointment.
She'd been told the food was going to be just as good in LA. But every time she tried some new restaurants, she found herself pining for her favorite places in New York. Then, in the middle of her gastronomic dark night of the soul, Sarah discovered something that put her heart and taste buds at ease. The grocery stores.
The New York grocery stores have nothing on the California grocery stores. Nothing. The produce selection. It's just unmatched.
Did you bring me here to go to a grocery store? I did. Very romantic. Very, nothing says Valentine's Day like a grocery store.
What is this place? Vallarta supermarket. Vallarta supermarket. Mm-hmm.
Now, Sarah said the California grocery stores in general just feel like they have such a bigger selection. So much more produce all year round. Probably because so much of it is grown here in the state. But also, New York City grocery stores are just smaller than the national average.
And in LA, she now has access to things she could never find in New York. Things she lovingly remembers from growing up in Southern California. Oh, it's fun in here. Look at this.
Look at this. Okay, this candy, like this stuff, you have to cross the border to get this kind of stuff. There's a la fresca, like fresh, fresh juices being made. A lady making tortillas hand, making tortillas fresh for you.
It feels like you're like in a little village, you know? There are these little islands in the store where someone is making fresh guacamole at a guacamole station. There's a tower of ceviche cups to go and a Mexican piletta ice cream section. Can I have a medium or chate please?
Do you see how like, brothy that looks? Oh my God. It just looks so good. Look at this.
Fresh out of the oven. Hot, torta, bread. There's just a little bread trolley, a little magical bread trolley. We got to add a nap.
We got to rip off a bean. We need to use it inside. We can dip it in our beans. Perfect.
This is an expert move, expert level right here. This is how you would shop at the grocery store. You'd snack along the way. It's the only way to do it.
Oh yeah. Well, this is one of the best snacks in the world. Baby plums in like a syrupy. This is like a thousand tiny valentines.
It's a sonic love letter to Sarah's favorite grocery store. Yeah. Hello and welcome to Planet Money. I'm Alexi Horwitz-Gazi.
Today on the show, we hand out the rest of our sonic love letters to all the things that brought us economic joy or learning in the past year. There will be productivity hacks, hot corporate gossip, and a celebration of inefficiency. Planet Money Lovers, welcome back to the show. It is the Valentine's Day show.
Next up, my pal, Nick Fountain. Nick, thanks for being here. Oh, thanks Alexi. Shucks.
What are you, what are you shouting out this year? Yeah. So Alexi, a bit of preface. I'm sure you have had a job.
We have all had jobs where we just sit around all day and complain about how the bosses have no idea how things actually get done and how to make them better. It's one of the great pleasures of work. Exactly. But my Valentine this year goes out to a company that I think has figured out how to put that frustration to good use, to actually make the company run better.
All right. I'm intrigued. What are we talking here? So I don't know if you know this about me, but I used to work in cabinet making.
I was pretty much a sander. That does not surprise me at all. I know you, you contain vocational multitudes. I've certainly worked a lot of minimum ways jobs.
And because of that job, I became familiar with this company called FastCap and Washington State, which makes supplies for woodworkers. Very specific. Yeah. And I just kind of got fascinated by this company.
Every day, they force their employees to spend the first 30 minutes of the day fixing the stuff in the production process that bugs them. So that's shaving two seconds off manufacturing the most popular products or taking out the trash more efficiently or some sort of hack to clean the bathroom. Every day, there's like mandatory improve the process time. And they memorialize their greatest hits on YouTube.
Let's go. Richard 2022 just finished this improvement and I'm making them show it off because it's so cool. What did you do, Richard? So what we're seeing here, there's this guy walking around this sort of factory warehouse space.
And he seems to be like ambushing his employees, asking them to talk out their favorite improvements that they come up with. Yeah. His name is Lucas Holland. He's the head of FastCap's engineering department.
And for example, he's talking to this one worker, Jamie, who says they used to have this problem. They were getting parts mixed up when they were assembling variations of this one product. And so to fix that, Jamie, just color coded everything. So when you go up to the product itself, you know, oh, this is the color that I need for this product and the sample also has the same color.
So everything matches. So there should be no mistakes. No mistakes. There's actually a term for this that comes from Japanese manufacturing.
It's called Poka Yoke. It's this idea that you should streamline processes to make them mistake proof. And in fact, when I reached Lucas on the phone, he was getting ready to fly to Japan to tour Toyota factories. Why?
Because they're the best manufacturing in the world. And we tried to alert everything we can from them. So first of all, I asked him the question of the day. Would he accept my Valentine?
Yeah. Um, I think he thought that was a little weird. Yeah, it sounds like he's like audibly backing away from you. But then he started telling me about what he finds so useful about this little company tradition.
It's really easy to hire consultants and hire people who come in and try to tell you how they think things should be. But when you get everybody in the company involved in figuring out how to make what they are doing easier, I feel like you get a whole lot more improvement on that. And you get a team atmosphere too. And talking to Lucas, I couldn't help but be reminded of this idea that comes from economics, which is called total factor productivity.
It's the idea that there's this secret sauce to making the economy more productive that can't be explained by increases in labor hours or new machinery. And a lot of that total factor productivity growth has to do with just being more efficient with our time and wasting less and watching Lucas's videos, it feels like seeing that happen in real time. Did Lucas say whether he does this in like the non work part of his life? Oh, yeah.
Lucas said when you start thinking like this, you cannot stop cutting little inefficiencies out of your everyday life. But we did warn you can try this at home, but do not under any circumstances try to convert your family. We try to caution people not to go home and tell their spouses or significant how to time their wasting and they're getting ready and they can do a 10 minute faster because they'll make anybody get home like that. Yeah, that seems like some solid Valentine's Day advice.
Definitely. All right. Thank you, Nick. I hope this next year brings you all of the continuous, tiny improvements you desire.
Okay. Okay. Right back to you, buddy. Okay.
Next up, we are joined by our resident sports reporter here at Fanta Money, producer Emma Peasley. Hey, Lexi. So what have you brought for us from the wild and wacky world of sports? What's your Valentine?
Okay. My Valentine goes out to this amazing University of Iowa basketball player, Caitlyn Clark. Okay. She's on the verge of breaking the all times going record in women's college basketball.
And actually, depending on when people are listening to this, she may have already done it. So she's a very good basketball player, but why is she your Valentine? So I want to give her my Valentine because the way she plays makes me think differently about efficiency and obviously efficiency is a thing economists love. Yes, as do Japanese manufacturers and our own Nick Fountain as we've learned.
Yes. And it's one of the key metrics people use to evaluate athletes. Caitlyn is this incredible scorer, but when you look at this one measure of efficiency, her shooting percentage, basically how many shots she makes of the ones she takes, it is not remarkable. So she's like a mysteriously inefficient superstar.
I'm intrigued to go on. Right. So her shooting percentage is only like 47%, which means she's missing more than half her shots. But focusing on her shooting percentage, this like one very narrow definition of efficiency, misses what makes Caitlyn so valuable to her team.
So to help explain this, I call up Aaron Barzali, the founder of her hoopsdad.com. He's like a basketball wonk. He points out the first thing you have to pay attention to with Caitlyn is that she's taking so many more shots than other people. She's leading the nation in shots per game.
She's currently at the 22. 22 shots per game. Does that mean she's like kind of a ball hog? I mean, people have made that argument about her play style.
But what those critics are missing is that it isn't just that she takes a lot of shots. It's the kinds of shots she's taking. There's usually this trade off. The more a player shoots, the shots get tougher and tougher and tougher.
Like what does that mean here? So in a basketball game, there are only so many easy chances to score. A lot of people with better shooting efficiency are just taking easier shots like playoffs. But in reality, those opportunities are limited.
If you're going to keep taking shots, eventually you need to take the difficult ones, where maybe the offense is stalled out or the clock is winding down. And those are the moments when Caitlyn shines. So like here, watch this clip from a game last month. Time winding down.
Are they going to get the ball up in time? Quark! This is what Caitlyn Quark does, folks. Logo 3's.
It's her signature. OK, I haven't really watched a lot of basketball, but even I can tell if that was pretty sick. Right? From like halfway across the court.
Yes, I've watched this clip so many times and I still get chills. And the signature shot of hers is called the Logo 3 because she's taking the shot from around the logo in the middle of the court. It's almost like a kind of Hail Mary shot. Yeah, maybe for other people.
But Caitlyn has this shot dialed. This is not like a panicky, like hope it works out kind of shot. She is an expert at these. And that's what makes her so special.
Sure, there are more efficient players when it comes to shooting percentage. But some of those players are just taking more of the easy shots. Caitlyn is a great scorer no matter how difficult the game gets. What's unique about Caitlyn Quark, you know, it's almost like being able to turn up the treadmill faster and faster.
She can take more difficult shots and hit them, you know, more than most humans. This is what I love about Caitlyn, which gets back to this idea of efficiency. Sometimes I think we chase efficiency for efficiency's sake. We see any amount of waste as bad.
But Caitlyn's willingness to take these freakishly difficult shots is necessarily going to involve some misses that bring her overall efficiency down. But that is totally worth it for Caitlyn and for her team. I was winning more games because of those shots. And now they're one of the top ranked teams in the country.
Sometimes more waste is just what it takes to win. Alright, a Valentine in defense of inefficiency. Yeah, sort of. Producer, M.A.
Peasley. Thanks for bringing your AK. Anytime. Next up, we have Play the Money Executive Producer, Alex Goldmark.
Alex, welcome back. Hi, Alex. Okay, so what or who are you sending your Valentine to this year? I am sending it to Ed Conway, a longtime editor at Sky News in the UK.
And specifically for his book, Material World, The Six Gromaterials That Shape Modern Civilization. Ooh, sounds elemental. Salt, sand, oil, lots of kinds of things that we cover. And I am sending it to him because when I was reading it, I was like, man, why didn't you call us?
We could have made episodes out of so many of these chapters. Because he goes the literal distance to the ends of the Earth to watch these industrial processes and meet the people working there, like we like to do in our episodes. And the book is packed with answers to questions that I didn't exactly have, but now I'm glad to know, like trivia. So I thought I could just give you a couple of the easier trivia in the book.
You up for it? Oh, no, I wasn't expecting a pop quiz, but yeah, let's go. It's more like a let's see if we can figure it out together. Okay, the first one, Steel.
Do you know what is steel? I don't know. Is it like an alloy between iron and some other metal? Yeah, carbon.
Iron and a little carbon. And what I found interesting was like, if there's too much carbon, it is cast iron. It snaps. There's not enough carbon.
It is wrought iron. It's soft. So there's like this goldilocks amount of carbon in the middle that makes it steel, it's shapeable, but very strong. And then you get the thing that makes cars and skyscrapers.
Okay. You want another one? Sure. Okay.
Oil. You know there are different types of crude oil, like light sweet crude and sour crude oil? Yeah. Do you know why it's called sour and sweet?
I don't know. It feels like too obvious to say that they actually taste different. Is it? Oh, yeah.
It is that. Yeah. The fuller answer is sulfur. The sour means there's a lot of sulfur in it.
Sweet has less sulfur and less sulfur is better. The sour sweet goes back to when people would literally taste it back when like oil was used for lamp oil also. And so sulfur would leave so it's worse. It is also worse now because you want less sulfur and it has to do with how easy or complicated or expensive it is to refine the oil.
And so not all oil is equal is the point. All right. I feel like I just listened to a couple of plenty of episodes at triple speed. I didn't even tell you about sand.
Sand is like the most impressive. Sand is for next time. Alex Goldmark, thanks so much for sending your Valentine. Thank you, Alexie.
Coming up after the break, we send our valentines to a play about the moral gray area of working on Wall Street and to a gossip show about the juiciest drama this side of the sea sweet. Next up, we have planet money producer Sam Yellowhorse Kessler. Hello, Sam. Hey, Alexie.
So this year I'm giving my valentine to a play called mana-hadda. Yes. You and I both went and saw this play a few months ago in New York. But for our listeners, just give them a quick plot summary.
What's it about? Yeah, it's actually two stories told in parallel with each other. One is set during the early history of the Dutch West India Company and the native Lenny Lenape people in the island of mana-hadda during the 1600s. And the second timeline is more contemporary.
It focuses on a Lenape woman who was climbing the corporate ladder at a big Wall Street Bank in the lead up to the 2008 financial crisis. So a lot of this stuff feels kind of generally in the planet money wheelhouse. But why did you want to give it your valentine? The thing I really loved about it is how it managed to capture this tension that I've been feeling.
And I'm sure so many other indigenous people have too, which is this feeling of being indigenous trying to work within this economy. And it just kind of feels like the next chapter of colonization. And it can really feel like this impossible not to untie. And so I called the playwright Mary Catherine Nagle to talk about it.
She is also an attorney and she just had a new baby. I hope it's OK that I have my newborn baby right here. OK. And she's very excited about being on the record.
What are precocious little baby already on NPR? Yeah. So Mary Catherine told me that this play and its main character really were based a lot on her own experience working at this New York law firm. So I was living in Manhattan litigating the fallout from the residential mortgage back securities crisis.
OK, so she had kind of a front row seat to the housing crisis. Yeah, exactly. And she used that experience to craft the story of the play protagonist, Jane Snake, who moves from her Lenape community in Oklahoma to work on Wall Street in the heart of what used to be mana-hadda. It's a story of homecoming for a young Lenape woman who breaks down all barriers and rises to the top echelons of Lehman Brothers just to end up questioning herself and who she's truly become.
Right. And all of this kind of comes to a head in the play when this mortgage back securities frenzy kind of comes home to Jane's family. Her mother ends up losing her home in Oklahoma for closure. And that's the moment that you see this conflict that Jane has been really trying to run away from.
That her success is actually coming at the cost of real lives in her community. And it's a pretty literal moment. Like Jane's family is being affected by the work she's doing at Lehman Brothers. I had to deal with some of the similar questions that Jane Snake has to deal with, which is, you know, is my success here in this non-native white world, is it making things better for my people?
Or am I just bringing the negative parts of capitalism to my people in the way that's harmful? This play really captured something I've felt that being a part of this economic system as an indigenous person can sometimes feel like a contradiction or even like a betrayal in some ways. And talking with Mary Catherine, like it didn't exactly help me resolve that feeling. But sometimes it's just really nice to speak with somebody who gets it, like as another indigenous person, which is why I wanted to give her my valentine.
I hope you'll accept my virtual valentine. Well, thank you. It was very, very lovely and very touching and I am very honored to accept this valentine. I'm many producer, Samuel Horskessler.
Thank you so much for bringing us your valentine. Thank you so much, Lexi. Finally today, it is time for my valentine. For that, I've summoned back Nick Fountain to act as my studio confidant.
What do you got on your mind, Alexi? Tell me. So I know that our valentines are usually for something that inspired us or made us jealous, but this year I wanted to give my rose to something that reminded me of why I fell in love with economics reporting in the first place. Ooh, all right.
What do you got? It's a podcast I discovered recently called Corporate Gossip. It's hosted by a sister brother duo named Becca and Adam Platsky, who do this as sort of a side hustle. And the basic idea behind the podcast is to treat the business world with all of the delicious drama of like a sassy reality TV show.
Love drama. Like here's a clip from an episode about the CEO of Warner Brothers Discovery. David Zazlop. He had just announced a new streaming service with the best name ever, Max.
And to top it all off, last year's paycheck just hit the bank, a quarter of a billion dollars. It's giving Robert Barron Chic. Super chatty, super fun. And so I called Becca Platsky up to give the show my valentine and it was just super clear immediately at how much she loves this stuff.
Like she studied business in college. She's worked in corporate America for the last decade. And talking to her, she was even waxing enthusiastic about accounting. Rare.
It's like true crime without the murder. When you're getting into auditing and you're getting into forensic accounting and white collar crime. And it's amazing. It's the plumbing of business.
And I think one of the most fascinating things you can study in every episode of Corporate Gossip, Becca and her brother apply that fascination to everything from Peloton to Rupert Murdoch to Bed Bath and Beyond. And the thing I love about listening to the show is how much time they take to revel in the most absurd little details. Give me an example. Okay.
So we're in Nissan Executive Carlos Goan at through himself a company party at Versailles and then found out that many of his invited guests were not going to show up. Oh my God. Imagine being a CEO and you can't get enough people to come to your party at Versailles so you have to hire actors to make it look like there are more people at the party. What a story.
I love that episode. So it's like corporate TMZ, but smarter? Yes, exactly. And listening to the show can feel like a little bit like snacking on candy, but it's also surprisingly nutritious.
Like for example, their episode on Boeing felt breezy and light. But by the end, you also grasp how over the past few decades Boeing has transitioned from an engineer led company to one focused more on cost cutting. And when that door plug fell off one of their planes earlier this year, I knew the backstory. I can see why you're giving them a Valentine.
It just seems so much fun and not too dissimilar from what we do. Yes, totally. And while they don't identify as journalists, their episodes are based on extensive research drawn from books and trade publications and court cases, all in service of trying to make this complicated corporate world accessible enough to talk about at a dinner party or on a date. I would love a world in which we can go from talking about who was cast on Real House of New York in one breath.
And in the next breath, talk about regulatory capture and the impacts of deregulation on airports and airlines. And like, you know, so that's kind of my dream. And talking with Becca about all this kind of reminded me about what I love about what we do here on the show. It's this idea that not only are economics and finance worth talking about because they are hugely consequential to the fate of the world, but also because they're filled with this outrageous Shakespearean drama.
And the lovely thing about all this was when I gave their show My Valentine, Becca gave our show a Valentine right back. So that's why I wanted to give the Valentine to you guys like the corporate gossip. We're super honored. I mean, Planet Money was an inspiration for our podcast.
When we have our vision board, you guys are on it. Becca Platsky cohost of Corporate Gossip. Thanks for joining us on the show. Of course.
I would drop everything for Planet Money. So we like to hear that's what we want our listeners to do whenever a new episode drops. On the next Planet Money show, I'm working on it. So let's just talk about things back when they were normal-ish and good.
There's never been a normal time in shipping. For months now, a militant group has been disrupting shipping around the Red Sea, threatening a huge chunk of global trade. And the US is taking up arms to defend not just US ships, but other country ships too. Why is that?
It goes back to an old idea called Freedom of the Seas. Let's come up on the next episode. Today's show was produced by Willa Rubin with help from Sam Yellow Horse Kessler. It was edited by Dave Blanchard and engineered by Cina Lefredo.
Backtracking by Sierra Juarez, Alex Goldmark is our executive producer. Special thanks to Janet Wu-Jong Li. I'm Nick Fountain. I'm Alexi Horowitz-Gazi.
This is NPR. Thanks for listening.