Feeling lazy? Let your money work for you.
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As the largest home improvement retailer in the U.S., Home Depot has been quite the success story. But according to the company's co-founder Bernie Marcus, that kind of success couldn't be replicated in today's economic and political environment.
"We would end up with 15, 16 stores," the 93-year-old told the Financial Times. "I don't know that we could go further."
The problem, according to Marcus, is the rise of socialism.
"Nobody works. Nobody gives a damn. 'Just give it to me. Send me money. I don't want to work - I'm too lazy, I'm too fat, I'm too stupid,'" he says.
To be sure, America isn't known for being a socialist country. And Marcus' comments came at a time when the U.S. unemployment rate sat near a historic low of 3.4% (although it has edged up slightly to 3.6% since.)
But a 2022 poll from the Victims of Communism Memorial Foundation showed that 70% of millennials say they are either "somewhat likely" or "extremely likely" to vote for a socialist candidate.
"I'm worried about capitalism," Marcus says. "Capitalism is the basis of Home Depot (and) millions of people have earned this success and had success."
To be sure, Marcus' observations don't necessarily spell the end of capitalism. Some businesses even thrive as folks become increasingly "lazy," "fat," and "stupid" as Marcus so bluntly phrased it.
Here's a look at four of them.
When meetings and classes moved online due to the pandemic, business at Zoom Video Communications (NASDAQ:ZM) flourished.
But as the economy reopened and employees started going back to the office, there have been concerns about the growth potential of this video communications company.
Mmany people - even some who are not "too lazy" - would prefer to have the option to work from home. And it might not be that detrimental: a Harris Poll survey in May 2022 found that 59% of hiring managers said remote work positively impacted their companies.
The survey also found that 82% of hiring managers at businesses that worked remotely during the COVID-19 pandemic said they planned to continue allowing employees to work offsite.
If the hybrid work environment is here to stay, it would be good news for Zoom.
One of the reasons for the perceived laziness in society is that some people simply don't want to endure the 9-to-5 grind anymore. It's not that they don't want to work - they just don't want that traditional full-time job where all they can look forward to is two weeks of vacation every year.
People want to be their own boss. And companies like Fiverr International (NYSE:FVRR) and Upwork (NASDAQ:UPWK) help make it happen. Their platforms connect freelancers with employers to find work that fits their schedules.
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If the gig economy - defined as having a labor market that relies heavily on temporary positions filled by freelancers and independent contractors - is the future, these platforms could thrive.
In fact, they are already churning out impressive growth numbers. Over 2022, Fiverr's revenue improved by 13.3% year-over-year while Upwork's revenue increased 23%.
You can call them lazy, but some people no longer want to drive. It's not a surprise: cities are way more congested than before, and it's no fun sitting in traffic.
In fact, even high schoolers - who used to look forward to turning 16 so they can get their driver's license - aren't so excited about getting behind the wheel anymore. The Washington Post analyzed data from the Federal Highway Administration and found that compared to 1997, when 43% of 16-year-olds had their driver's license, only 25% had their licenses in 2020.
That's not surprising when you consider that these days, you don't need to drive a car to get around. Companies like Uber Technologies (NYSE:UBER) make ride-hailing super convenient.
Uber is not a hot stock. But people are still using its service.
In Q4 of 2022, Uber's gross bookings grew 19% year over year to $30.7 billion. The platform facilitated 2.1 billion trips during the quarter, or approximately 23 million trips per day on average.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.