Matt Paulson

Patek for it's 50th anniversary is doing a limited production (2000 pieces) of their Nautilus in 38mm, no seconds, no date, slimmer and in platinum. Instant classic imo.

Every mother IS female. That's the whole point.

We spent tens of millions on ads in the last 60 days to end a record-setting Q4 at Ridge. I did a quick exercise to look at share of budget changes YoY, and its a great synopsis of what we're seeing on the performance front. Here's how things changed and a few of my takeaways and goals for next year. to note: this is paid social platforms YoY for our EDC business. We spent significantly more YoY, so even % decreases are mostly net $ increases. It also does not include partnerships or TV budgets. Here's the graph with 1DC ROAS layered in — we saw efficiency improvements on basically all fronts: To get channel specific: 1/ Meta is always the elephant in the room. It performed terribly in 2024, and at 42% TTL LY it was at its smallest share of budget for any November. We saw a 30% increase in ROAS in 2025, including non-purchase optimized campaigns that we've validated drive low 1DC ROAS yet are highly incremental. It's a huge win getting back to 50%+ TTL 2/ Interestingly, a consistent win across channels is an increase in CTR YoY, reducing cost of traffic while largely maintaining AOV/ECR Some of these very dramatic shifts are explained by different placements — more search than shopping, more in-stream than YT Shorts, etc etc 3/ AppLovin was extremely underpriced last year and took up a huge % of budget While its still a 7-figure channel for us, there was no way it would maintain its % of total spend. I was surprised it essentially maintained ROAS YoY, after being an extremely efficient channel LY. Overall it is still a seasonal channel for us and mostly activated during gifting periods, but we think we can unlock it on an evergreen basis in 2026. 4/ YouTube is potentially our most significant win YoY, We came into this year with a focus on horizontal video — unlocking in-stream YouTube Ads & linear TV — and getting to 10%+ of budget well above target makes it a great alternative to Meta and I believe drives a lot of downstream value. 5/ Twitter has performed surprisingly well since October and ended up at 3.6% TTL budget. They've very publicly improved a lot of the platform, and the ad performance seems to have come along with that. 6/ TikTok was flat YoY as a % TTL despite ROAS improving significantly. I think its probably one of our biggest opportunities for further paid social scale. 7/ Finally, the tiny bars are Reddit and Microsoft!

JUST IN: Meta is reportedly expected to soon overtake Google as the largest digital advertising business in the world.