#5SmartReads - June 7, 2022

Hitha on the state of the economy, Lebanon, and how Aritizia's CEO went from the floor to the C-suite

June 07, 2022

Inflation has made our daily essentials significantly more expensive. The market has been volatile. Interest rates are rising, nearly doubling from where they were a year ago.

It would make sense to state that the economy is in bad shape. That said, it’s also worth examining the economic history to evaluate just how bad it is, and how we can protect ourselves in the coming months and next year.

Lucky for us, my wise friend Farnoosh did the heavy analysis and explains it all clearly, so give this article a read to get a better handle on the economy.

Elizabeth Acevedo is one of the most talented authors and reading her works is like unwrapping a precious gift - each one is so different, but equally superb.

I was already excited to read Inheritance, but this interview moved it to the very top of my TBR stack (this is one to invest in the physical version if you’re able, so you can enjoy Andrea Pippins’ art along with Acevedo’s words). I’ll leave you with the part of the interview that struck me and also had me transported to my high school self (who wore colored contacts in the wrong prescription so she could better fit in):

“There’s a reason why I wanted green contacts when I was little and to dye my hair blonde. I remember I would stand in front of the mirror after washing my hair and I would pull it down and hold it like, Maybe if I just hold my hair like this, it’ll stay straight. It was so I could look more like the people who were considered beautiful in the world, the models. Those people were all white.”

“I did my own research” has been the bane of science communicators and those working in medicine and public health for the past few years.

And while the SEC attempts to reclaim this mantle to educate people on investing, I wish they picked a different phrase given that DYOR (do your own research) is much of the reason that meme stocks & crypto investments have resulted in at least $1B in losses over a short period.

I have no doubt that the intention for investor.gov is a good one (and the content there is quite good!), but the messaging to drive people there is the exact opposite.

Jennifer Wong has been at Aritzia for most of MY life, from when the company had a handful of boutiques. Her first attempt to get a job there as a style advisor ended in a rejection from the founder and CEO.

“But Wong didn’t take rejection in stride. She outright rejected it, and drove directly to another Aritzia outlet on Robson Street and handed in her resumé there. This time around, she did get the job, and 35 years later she still has a company job, only today she is the chief executive.

“I don’t know what got into me, but I had something in me that said, ‘Don’t take no for an answer,’” she said.”

As CEO of Aritzia, she’s navigated the company through the pandemic and massive supply chain issues without having to raise prices, and she’s got even bigger plans for the business.

The formula shortage that we’re facing in the United States should never have happened, and I hope it never happens again.

Similarly, that medicine and medical supplies are running out in Lebanon should never have happened. Expectant parents aren’t able to make all their prenatal appointments. Basic medication is hard to find (and if you can find it, it’s extremely expensive).

The economic crisis caused by Lebanon’s leaders and banking sector is destroying lives, and this has been happening even before the pandemic.

The entire world is hurting in some way right now. May we all see better days ahead, and may those who are able continue to fight for those better days through civic participation, donating when able, and just being informed.

Reply

or to participate.