presentation for the pharmaceutical industry. It promised savings of up to 50 percent on warehousing if clients embraced its “lean and mean” approach to supply chains.

Such claims have panned out. Still, one of the authors of that presentation, Knut Alicke, a McKinsey partner based in Germany, now says the corporate world exceeded prudence.

“We went way too far,” Mr. Alicke said in an interview. “The way that inventory is evaluated will change after the crisis.”

Many companies acted as if manufacturing and shipping were devoid of mishaps, Mr. Alicke added, while failing to account for trouble in their business plans.

“There’s no kind of disruption risk term in there,” he said.

Experts say that omission represents a logical response from management to the incentives at play. Investors reward companies that produce growth in their return on assets. Limiting goods in warehouses improves that ratio.

study. These savings helped finance another shareholder-enriching trend — the growth of share buybacks.

In the decade leading up to the pandemic, American companies spent more than $6 trillion to buy their own shares, roughly tripling their purchases, according to a study by the Bank for International Settlements. Companies in Japan, Britain, France, Canada and China increased their buybacks fourfold, though their purchases were a fraction of their American counterparts.

Repurchasing stock reduces the number of shares in circulation, lifting their value. But the benefits for investors and executives, whose pay packages include hefty allocations of stock, have come at the expense of whatever the company might have otherwise done with its money — investing to expand capacity, or stockpiling parts.

These costs became conspicuous during the first wave of the pandemic, when major economies including the United States discovered that they lacked capacity to quickly make ventilators.

“When you need a ventilator, you need a ventilator,” Mr. Sodhi said. “You can’t say, ‘Well, my stock price is high.’”

When the pandemic began, car manufacturers slashed orders for chips on the expectation that demand for cars would plunge. By the time they realized that demand was reviving, it was too late: Ramping up production of computer chips requires months.

stock analysts on April 28. The company said the shortages would probably derail half of its production through June.

The automaker least affected by the shortage is Toyota. From the inception of Just In Time, Toyota relied on suppliers clustered close to its base in Japan, making the company less susceptible to events far away.

In Conshohocken, Pa., Mr. Romano is literally waiting for his ship to come in.

He is vice president of sales at Van Horn, Metz & Company, which buys chemicals from suppliers around the world and sells them to factories that make paint, ink and other industrial products.

In normal times, the company is behind in filling perhaps 1 percent of its customers’ orders. On a recent morning, it could not complete a tenth of its orders because it was waiting for supplies to arrive.

The company could not secure enough of a specialized resin that it sells to manufacturers that make construction materials. The American supplier of the resin was itself lacking one element that it purchases from a petrochemical plant in China.

One of Mr. Romano’s regular customers, a paint manufacturer, was holding off on ordering chemicals because it could not locate enough of the metal cans it uses to ship its finished product.

“It all cascades,” Mr. Romano said. “It’s just a mess.”

No pandemic was required to reveal the risks of overreliance on Just In Time combined with global supply chains. Experts have warned about the consequences for decades.

In 1999, an earthquake shook Taiwan, shutting down computer chip manufacturing. The earthquake and tsunami that shattered Japan in 2011 shut down factories and impeded shipping, generating shortages of auto parts and computer chips. Floods in Thailand the same year decimated production of computer hard drives.

Each disaster prompted talk that companies needed to bolster their inventories and diversify their suppliers.

Each time, multinational companies carried on.

The same consultants who promoted the virtues of lean inventories now evangelize about supply chain resilience — the buzzword of the moment.

Simply expanding warehouses may not provide the fix, said Richard Lebovitz, president of LeanDNA, a supply chain consultant based in Austin, Texas. Product lines are increasingly customized.

“The ability to predict what inventory you should keep is harder and harder,” he said.

Ultimately, business is likely to further its embrace of lean for the simple reason that it has yielded profits.

“The real question is, ‘Are we going to stop chasing low cost as the sole criteria for business judgment?’” said Mr. Shih, from Harvard Business School. “I’m skeptical of that. Consumers won’t pay for resilience when they are not in crisis.”

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House Hunters Are Leaving the City, and Builders Can’t Keep Up

River Islands, the development where the Namayans hoped to live, is in Lathrop, Calif., which has a population of 25,000. It sits about a half-hour beyond Altamont Pass, whose rolling hills and windmills mark the border between Alameda and San Joaquin Counties. Though technically outside the Bay Area region, Lathrop’s farms and open fields have been steadily supplanted by warehouses and subdivisions as it and nearby cities have become bedroom communities for priced-out workers who commute to the Silicon Valley and San Francisco.

In Livermore, on the eastern side of Alameda County, the typical home value is nearing $1 million, according to Zillow. That falls to $500,000 to $600,000 over the hill in places like Tracy, Manteca and Lathrop. The catch, of course, is that many residents endure draining, multihour commutes.

The pandemic may have upended that economic order, in California and elsewhere. Thousands of families that could afford to do so fled cities last spring, and while some will return, others will not — particularly if they are able to continue to work remotely at least part of the time. One recent study estimated that after the pandemic, one-fifth of workdays would be “supplied remotely” — down from half during the height of the pandemic but far above the 5 percent before it.

If those trends hold, it will make it easier for many workers to live not just in farther-out towns like Lathrop but to abandon high-cost regions like the Bay Area altogether. Midsize cities that for years have tried — usually in vain — to recruit large employers through tax breaks can now attract workers directly.

“If Google moves to Cleveland, that’s great, but if one Googler moves to Cleveland, that’s also great,” said Adam Ozimek, chief economist of Upwork, a freelancing platform.

To some extent, the pandemic accelerated a shift that was already taking place. When the housing bubble burst, members of the millennial generation were in their teens and 20s. Now the oldest of them are turning 40, and about half are married. They are hitting the milestones when Americans have traditionally moved to the suburbs.

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6 Things You Should Know About Traveling to Europe This Summer

By now, most of the large American-run chains have reverted to their pre-Covid cancellation policies for reservations made before a certain date (that has come and gone), and for travel through a certain date (that has come and gone). But some companies are still being flexible: Hilton has always had generous cancellation policies, and Four Seasons has been consistently easy about changes and cancellations during the pandemic.

Travel-industry insiders also have noticed flexibility among independent hoteliers.

“We’ve felt that small, family-run luxury properties are actually more nimble than some of the big hotel chains,” said Louisa Gehring, the owner of Gehring Travel, an affiliate of Brownell, a Virtuoso luxury travel agency. “Rather than lay off all their employees or point to an overarching corporate cancellation policy, they’ve had flexibility to keep the teams on, work with clients on a case-by-case basis and really step up to the plate.”

Policies vary by property, she added, but even some of the more rigid ones now include exceptions for Covid.

One thing to watch for is the credits-versus-refunds flash point: Even in cases when a hotel won’t swallow a deposit or prepayment outright, will you get a cash refund or will you be asked to rebook? Last year, Greece and Italy both passed laws allowing hotels and other travel companies to issue credits, rather than cash refunds, for canceled bookings. Although vaccines, the eagerness to travel and pandemic fatigue may make the idea of a credit less odious than it seemed last spring, always ask about policy specifics, including blackout and expiration dates.

The Palace of Versailles is open and President Emmanuel Macron is sipping espresso outside Parisian cafes, but nightclubs will remain closed even after France’s countrywide curfew ends in June. At restaurants and bars in Madrid, groups are capped at four people inside and six people outside. Germany and the Netherlands remain closed to American tourists.

“Clearly, we will not come back to ‘normal’ straight away, and travelers will have to be conscious of health measures and respect rules at the destination,” said Eduardo Santander, the executive director of the European Travel Commission, a Brussels-based nonprofit that represents the national tourism boards across the continent. “We all — destinations, businesses and guests — cannot let the guard down too soon both for our own health and for the safety of people around.”

In short, any trip to Europe this summer will come down to managing expectations.

“Save the ‘must check all the boxes’ trip to Europe for a bit later, once all new protocol kinks have smoothed out,” Ms. Gehring said. But you may still have an unforgettable experience regardless.

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Rent the Runway Is Bouncing Back

Ms. Hyman said the valuation dip did not mean anything. The company needed money to ensure it was prepared for any scenario, she said, pointing out that nobody knew when the pandemic would abate.

Of all the changes Rent the Runway made to its business last year, the biggest was the shift from its unlimited offering, which had allowed subscribers to swap as many items as they wanted for a monthly fee. Now, it offers a few different tiers — users can rent up to four items per month, in one shipment, for $89, or up to 16 items, and up to four shipments, for $199. The new model appeals to a broader array of customers and is more cost effective and better for the environment, Ms. Hyman said, as it cuts down on the nonstop deliveries and dry cleaning.

Traction in the men’s wear rental market continues to be slow, but before the pandemic, the sector was surging for women.

Urban Outfitters introduced its rental service, Nuuly, in 2019, and offerings had cropped up from a wide variety of mall chains and other brands, like Vince, Rebecca Taylor, H&M and Ganni. Major department stores such as Selfridges in London recently began high-profile women’s wear rental programs, and this year Ralph Lauren became the first luxury brand to offer direct clothing rentals.

For luxury brands, rental could represent 10 percent of revenue by 2030, according to a recent Bain & Company report. When an item is rented 20 times, for instance, it generates a profit margin of more than 40 percent, the report found.

While rental clothing services and their monthly subscription fees became far less appealing during the pandemic, secondhand clothing sites flourished, with companies like Poshmark and ThredUp going public. Coresight Research estimated the size of the U.S. rental apparel market at $1.3 billion in 2019, and said it declined to $1.1 billion last year. The firm expects a rebound to “at least” $1.2 billion in 2021.

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Taiwan Was a Covid Haven for Performers. Then Cases Flared.

At many venues, attendees were required to provide their names and phone numbers to be used for tracing in case of an outbreak. Masks and temperature checks were required. Some concert halls barred the selling of food and drinks. Seats at some spaces were staggered to resemble flowers, in an arrangement that came to be known in Taiwan as “plum blossom seating.”

Despite the vigilance, there were occasional scares. More than a hundred people were forced to quarantine in March of last year after coming into contact with the Australian composer Brett Dean, who tested positive for the virus after performing in Taiwan. The incident was front-page news in Taiwan, with some people fuming that Dean — whose “Hamlet” is scheduled at the Metropolitan Opera in New York next season — had been allowed to perform even though he had a cough.

Lydia Kuo, the executive director of the National Symphony Orchestra, which collaborated with Dean, said the scare taught the orchestra the importance of maintaining strict health measures even when infections were near zero.

“We were facing an unknown enemy,” she said. “We were lucky to face this reality very early.”

Taiwan’s still-active cultural scene attracted talent from around the world over the past year when many artists were without stable work and confined at home. There were visits by the Chamber Music Society of Lincoln Center, the German organist Felix Hell, and Ma, the renowned cellist, who chartered a flight to the island for a tour in November.

Many musicians with roots in Taiwan have also returned, some for an extended visit. Ray Chen, a violinist, came back in August at the urging of his family and has taken part in about 20 live concerts, master classes and music education outreach events since then. He said he was struck by the care people showed toward one another and the widespread adherence to public health rules, even when Taiwan went months without any reported infections.

“Everyone is willing to play a part,” Chen said. “Everyone values life.”

Taiwan’s strict approach has not been popular in all corners of the artistic world. After the outbreak this month, some artists questioned the government’s decision to close performance venues, concerned that it would hurt performers’ income.

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Eurovision, Celebrating the Sounds of a Postpandemic Continent

ROTTERDAM — The Italian band Maneskin celebrated its 2021 Eurovision win by the rock ’n’ roll playbook, with bare chests covered in tattoos, champagne spraying and the thuds of fireworks exploding.

The win was a close and deeply emotional one, with the band’s song, “Zitti e Buoni,” or “Shut Up and Be Quiet,” edging into first place in an exhilarating vote that was ultimately decided by the public. Maneskin barely beat France’s Barbara Pravi, and her chanson “Voilà.” After the victory, an Italian reporter was sobbing as tears streamed down his face.

Capturing what many felt, he said the victory was a fresh start for Italy. “It was a very difficult year for us,” the reporter, Simone Zani, said, talking about the devastating impact of the coronavirus. Explaining through his tears, he said, “We are from the north of Italy, from Bergamo,” an Italian city with record numbers of Covid-19 deaths. “To be No. 1 now, this is a new start for us, a new beginning.”

Eurovision, the largest music contest in the world, is a campy trifle to some, but it celebrates Europe’s cultural diversity and is a reflection of the times we live in. For many outside Europe, the attraction of Eurovision can be hard to comprehend. But a key reason the 200-million plus audience is watching is that there is no cultural mold for the event. Anything goes, and diversity is highly encouraged. The global entertainment business may be dominated by U.S. pop culture, but at Eurovision, 39 different countries can showcase their ideas of music and pop culture with no industry rules other than a three-minute song limit.

Jendrik playing a diamond studded ukulele while being accompanied by a dancing finger. Tix, the singer for Norway, has Tourette’s syndrome. He was dressed in a gigantic fur coat and wearing angel wings, while being chained to four horned demons. “Remember guys, you are not alone,” he said to everyone “suffering” in the world.

The three singers of Serbia’s entry, Hurricane, may have sported the big hair look of American groups of decades past, but despite seeming as if they had bought up most of the hair extensions on the continent, they sang their song, “Loco Loco,” in Serbian.

Nikkie Tutorials. The crowd went wild every time she came onstage or even walked past the corridors.

Dadi Freyr, and other group members, watched from a hotel room as the results came in. Standing in for the missing performers were dolls wearing the band’s outfit, topped with iPads showing their faces. Despite the recorded performance, Iceland landed fourth place.

Duncan Laurence, who had won for the Netherlands in 2019, also contracted the virus and wasn’t able to perform during this year’s finals as is the tradition. The event was canceled in 2020.

Hossein Zenderoudi. Her song dusts off the French chanson, recalling singers like Edith Piaf and Serge Gainsbourg.

Some had criticized her, calling her style of singing out of fashion, but Ms. Pravi strongly disagreed. “You don’t need to make concessions in music,” she said. “You can be absolutely yourself, doing the music you like, say the words you want and being the woman you want to be. And now I am here at Eurovision, the biggest contest in the world.”

Early Sunday morning Ms. Pravi was seen in the dimly lit press center speaking to French reporters who couldn’t believe that their country had come so close to victory, after having achieved almost no Eurovision honors since their victory in 1977.

James Newman, the United Kingdom’s entrant, was nowhere to be found. His song “Embers” had received zero points from both the national juries and the international audience. “It’s Brexit,” said Meg Perry-Duxbury, a Briton living in Rotterdam, sitting next to me in the arena. “Europe doesn’t want us to win.” She herself was supporting Cyprus (another song featuring devils) anyway, Ms. Perry-Duxbury said. “So whatever.”

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So You Want to End the Conversation?

With vaccination spreading across the United States, social life has begun to bend toward a semblance of normalcy: dinner parties, restaurants, spontaneous encounters with strangers, friends and colleagues on the street or in the office. It’s exciting but also slightly nerve-racking.

“I think there will be a period of heightened anxiety as we meet people face-to-face again,” Adam Mastroianni, a fifth-year Ph.D. student in psychology at Harvard, told me (over the phone). “I’ve heard this from a lot of my friends, that we’re worried: Have we forgotten how to be with other people?”

I’d called Mr. Mastroianni for some help in rediscovering this ancient calculus. In March, he and his colleagues Daniel Gilbert, Gus Cooney and Timothy Wilson published a paper in the Proceedings of the National Academy of Sciences — “Do conversations end when people want them to?” — on one of the stickier aspects of human interaction. Our conversation has been edited for brevity and clarity.

Prisoner’s Dilemma, and the prison is politeness.

When Your Company is Named Covid, You’ve Heard All the Jokes.”

  • How and when to go about viewing the Super Flower Blood Moon of 2021. (Hint: It helps if you live in Oceania, Hawaii, eastern Asia or Antarctica.)

  • According to researchers at the University of California, Los Angeles, there are at least 65 creatures, including humans, that make a laugh-like sound: “There could be more that, we think, are out there. Part of the reason they probably aren’t documented is because they’re probably really quiet, or just in species that aren’t well studied for now.”

  • Some of us were wondering — and now we know — why the iPhone’s “snooze” button provides exactly nine minutes of snoozing.

  • Jill Lepore, in The New Yorker, provides a brief and compelling history of burnout: “May there one day come again more peaceful metaphors for anguish, bone-aching weariness, bitter regret, and haunting loss.”

  • What went wrong in the Suez Canal, from a fluid dynamics perspective, courtesy of the Practical Engineering channel on YouTube.

  • All about the “cartoonishly evil-looking” amblypygid, sometimes known as the whip spider or tail-less whip scorpion but which, as Eric Boodman writes in Undark, is “neither spider nor scorpion.”

  • If you prefer true spiders, there’s this BBC video segment on how some make use of electric fields to get around.

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    How the Pandemic Changed Sabine Roemer’s Jewelry Business

    LONDON — Disrupter, fixation, opportunity. The pandemic has been all that and more for jewelry fans and designers alike.

    Just ask Sabine Roemer.

    The German-born designer has two brands: the high jewelry line that carries her name (one-off pieces priced from 10,000 pounds, or about $14,095) and Atelier Romy, which sells trendy pieces like stackable chain necklaces and ear party studs online for £50 to £500.

    And now that England is easing restrictions, she said, both lines are emerging as direct-to-consumer businesses — and are linked more closely to her own identity as a craftswoman.

    “Workmanship is absolutely apparent in everything Sabine does,” said Marisa Drew, a senior investment banker in London who has jewelry from both of Ms. Roemer’s brands. “There’s always a personality in her pieces and she really approaches her designs with a story in mind.”

    Ms. Drew said she likes Ms. Roemer’s transformable designs and strong attention to detail, features that also resonate with Sarah Giovanna, a managing director at a private equity firm in London.

    “She sits down with you and really creates something that fits you. For me, it’s all about flexibility,” said Ms. Giovanna, who also wears both lines. “I work in a high-intensity environment, dealing with big businesses, and I want pieces that I can dress up and down. Both brands deliver that.”

    Last year’s lockdown, however, was “a make-and-break moment,” Ms. Roemer said, especially for Atelier Romy, which was only three years old when the pandemic hit.

    “I was forced to look at every single aspect of the business, and not just entrust it to others,” the 41-year-old designer said, admitting she had focused on creation and clients. Suddenly she couldn’t just help clients dream up high jewelry pieces like a pair of diamond and pearl earrings topped with 17-carat citrines or work on a philanthropic collaboration like the jeweled rendition of a postage stamp she created for the Queen Elizabeth Scholarship Trust in 2017 to celebrate the queen’s 65 years on the British throne.

    In March 2020, Ms. Roemer canceled her shipping agent. She hadn’t been entirely happy with its service and decided fulfillment should be handled in-house. “I packed, I shipped and tied the ribbon around every box,” she said. “I needed to learn everything — my accountant joked that it was like McDonald’s, where you have to start in the kitchen and work your way up.” (A handwritten card now accompanies every order.)

    Ms. Roemer and her team also focused on Atelier Romy’s social media presence, creating stronger digital content and visuals that highlighted Ms. Roemer as the maker behind the jewels. She wouldn’t share sales figures, but Ms. Roemer said shoppers must have liked the changes, as sales increased fivefold.

    It’s the kind of online marketing that is here to stay, said Juliet Hutton-Squire, head of global strategy at Adorn, a jewelry market intelligence firm.

    When consumers couldn’t spend on travel, she said, they began spending more on luxury items and investment pieces. Fashion brands were well positioned to capture those sales, thanks to their early investments in digital, and “brands with an online presence or shoppable content on social media were even further ahead of the curve as mobile phones became the way we shop,” Ms. Hutton-Squire explained. “That is just going to continue. We are not going back from this.”

    In many ways, Ms. Roemer’s early career — which began as a 15-year-old goldsmith apprentice in Germany — led to her roles as a businesswoman and jeweler today.

    Crafting jewelry, she said, is not all about “tools, craft and creation,” as she had once imagined. “You soon realized you also have to be good at physics and math, chemicals and chemistry. Thankfully, those were my favorite subjects at school.”

    Atelier Romy has exercised her mathematical brain even more. “I love data,” she said. “I find it fascinating sitting at home in lockdown and just looking at data and who’s coming into the virtual shop.”

    After graduating from Pforzheim Goldsmith and Watchmaking School in Germany, Ms. Roemer joined Stephen Webster, a London designer she said she particularly admired as “a craftsperson and not just a designer.”

    More work for other Bond Street houses followed, plus orders from private clients — turning the early 2000s into something of a golden era for Ms. Roemer’s high jewelry career. Her philanthropic work also was recognized, especially several custom pieces she made in collaboration with the Nelson Mandela Foundation, like a gold, diamond and emerald bangle inscribed with the South African president’s prison number; Morgan Freeman wore the piece to the 2010 Oscars as a best actor nominee for “Invictus.”

    Ms. Roemer said the experience showed her how jewelry could be a form of storytelling. “The easy thing to do was put a bling diamond piece that gets attention, but I wanted to put Mandela’s story on the red carpet,” she said. “In the end, jewelry is emotional — you wear it every day on your skin. I don’t wear my grandmother’s handbag every day but I do wear her ring. It’s close to me, and really carries that emotional value.”

    That same year, her first high jewelry collection debuted at Harrods.

    Atelier Romy — a name inspired by the birth of Ms. Roemer’s first daughter, Romy — was created as an affordable ready-to-wear line to be sold exclusively online. “I wanted to portray something a bit different,” she recalled. “Something with strong bold designs but still modern and zeitlos” — German for ageless — “depending on how you’d layer and make it your own.”

    Valery Demure, the London-based brand consultant who represents several independent jewelers (but not Ms. Roemer), said: “Sabine interests me because she doesn’t come from a jewelry family. Everything she’s learned has been through hard work by herself, and the fact that she has all these skills. She is a woman with a real soul and purpose.”

    That sense is increasingly relevant in a post-pandemic world. Ms. Hutton-Squire said the pandemic’s “enforced pause button” highlighted the importance of sustainability and the environment, spurring jewelers to act online in more authentic ways. Whether that was creating, for example, a playlist for meditation or sharing home recipes, “it wasn’t all about sell, sell, sell,” she said. “That really kind of separated the authentic bands from the less authentic ones.”

    That also explains the growing demand for craft — something Ms. Roemer said she had experienced prepandemic with some of her high jewelry line’s female clients. “They have a very different mind-set: asking who made it and what it is. It’s less about the stone, how big it is and the carat size,” Ms. Roemer said. “They just want to express themselves and their personalities through jewelry.”

    She has been bringing the sentiment online. Atelier Romy now has weekly drops of “how to style” videos and footage of Ms. Roemer at the workbench, cutting, soldering and shaping metal, always among her most popular posts. “Few people really know how jewelry is still made,” she said. “It was nice to take people into the workshop and show them the process.”

    In March, Ms. Roemer introduced Cornerstones, her first high jewelry collection in more than 10 years. The extra time in lockdown has been a creative boon, she said (“I always found the best pieces happen in the workshop when you don’t have a plan”) and the collection of nine pairs of earrings were muses on travel, with multifunctional pieces like sea-inspired blue topaz, aquamarine and diamond transformable earrings that Ms. Drew purchased.

    Ms. Roemer said she hopes to resume meeting clients from both brands, which, thanks to the pandemic, feel more complementary than ever. “It’s like having two babies — you can’t pick a favorite one, they’re equally important,” she said. “But also very different.”

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