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This is Scott Becker with the Becker Business and the Becker Private Equity Podcast. Today's discussion is allbirds and P.T. barnum. So here's the deal with Allbirds. Allbirds was that hot shoe brand that every pseudo private equity venture capital investment investment banker was wearing for a period of time. And that was really cool. And now what's happened with Allbirds? Allbirds tanked over the last several years, became worth almost Nothing. It went down 99% over the last five years. 99%. A stock going down 99% for those keeping score at home is just an absolute disaster. What's happened this past week is Allbirds has risen about 50% based on the changing. And get this, they're changing from a shoe company to an AI company. I think I ought to change my name to Scott Becker AI and see if I can go up 50% today. They flew up 40% yesterday, another 15% or so on Thursday. You'll hear this on Saturdays. I don't know how the week will end but but it goes to the point that there is a a sucker born every minute. As PT Barnum said, all birds are smart birds. This is not, this is not either April Fool's Day. It's not the Babylon B. It's not the greatest stack chairman in Northmore history. It's more than that. Thank you for listening to the Becker Business and the Becker Private Equity Podcast. Thank you so much for joining us again. All butts to smart birds in A sucker is born every minute. Thank you for listening.
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Episode: Allbirds to Smartbirds: A Sucker is Born Every Minute
Host: Scott Becker
Date: June 20, 2026
This episode centers on the remarkable and puzzling transformation of Allbirds, once a popular shoe brand, which has recently repositioned itself as an AI company. Scott Becker uses Allbirds’ story to critique market fads, speculate on investor gullibility, and reference P.T. Barnum’s adage, “A sucker is born every minute,” to explain the volatile nature of modern private equity and public markets.
Hot Brand Origins: Allbirds became a wildly popular shoe brand, particularly embraced by professionals in private equity, venture capital, and investment banking.
Market Decline: The company's stock price plummeted, losing approximately 99% of its value in five years—described by Becker as “an absolute disaster.”
“Allbirds tanked over the last several years, became worth almost nothing. It went down 99% over the last five years.”
— Scott Becker (00:47)
Sudden Market Resurrection: In a dramatic twist, Allbirds’ stock price surged by about 50% in a single week after the announcement that it is transitioning from footwear to AI technology.
Skeptical Humor: Becker pokes fun at the trendiness of simply appending “AI” onto a brand, drawing a parallel to how other companies have jumped onto market-buzzwords to inflate their valuations.
“I think I ought to change my name to Scott Becker AI and see if I can go up 50% today.”
— Scott Becker (01:21)
Cultural Satire: Becker references P.T. Barnum’s saying, “a sucker born every minute,” suggesting that the market is easily swayed by hype and fads rather than fundamentals.
Layered Irony: He clarifies that this is not a joke, April Fool’s prank, or the work of satirical outlets like the Babylon B—it’s a real, current event.
“It goes to the point that there is a sucker born every minute. As PT Barnum said, all birds are smart birds. This is not, this is not either April Fool's Day. It's not the Babylon B.”
— Scott Becker (01:39)
Brief Conclusion: Scott reiterates the episode’s title and thanks listeners, summarizing the key lesson about hype cycles and investor behavior.
“All birds to smart birds and A sucker is born every minute.”
— Scott Becker (01:59)
“Allbirds was that hot shoe brand that every pseudo private equity venture capital investment investment banker was wearing for a period of time. And that was really cool.”
— Scott Becker (00:38)
“A stock going down 99% for those keeping score at home is just an absolute disaster.”
— Scott Becker (00:50)
“They’re changing from a shoe company to an AI company.”
— Scott Becker (01:13)
“They flew up 40% yesterday, another 15% or so on Thursday. You’ll hear this on Saturdays. I don’t know how the week will end but but it goes to the point that there is a a sucker born every minute.”
— Scott Becker (01:29)
“This is not either April Fool's Day. It's not the Babylon B. It's not the greatest stack chairman in Northmore history. It's more than that.”
— Scott Becker (01:44)
Scott Becker adopts a wry, incredulous tone, blending business acumen with sarcasm to highlight the irrationality of markets caught up in the AI craze. The episode serves as a cautionary tale: behind every overnight turnaround or trendy pivot, there may be more hype than substance. The memorable invocation of both Wall Street trends and P.T. Barnum’s wisdom captures how quickly sentiment—and valuations—can change in business today.