Graeme Scott

ALLBIRDS SELLS TO AMERICAN EXCHANGE GROUP FOR $39 MILLION, The end of Allbirds - the silicon valley DTC darling that raised over $200m in private capital and peaked at a $4B valuation after its 2021 IPO. American Exchange Group (AXNY) is acquiring all assets and liabilities of Allbirds for $39 million. Allbirds will file a proxy seeking shareholder approval by April 24, wind down the public company, and distribute net proceeds to shareholders in Q3 2026. Shares up ~32% AH Market cap at time of deal: $26 million. Sale price: $39 million. 99% haircut from the 2021 peak valuation. Revenue peaked at $297.8 million in 2022. By 3Q25 run rate was sub $160m, down almost 50%. American Exchange Group is a wholesale-focused multi-brand accessories and footwear roll-up. Doing a deep dive on the collapse this week in my newsletter. RIP

THE ONE!☝️Welcome to the Team 21 year old England and Lions talent Henry Pollock - I watched this young man and thought SUPERSTAR! Then I met him, understood the passion, vision and desire and had to be a part of this journey. Sometimes someone special comes along that has all the ingredients to change the sport. Rugby here we come 🏉 🚀

I’d cancel your AG1 subscription. They just completed a clinical trial and the results show no clinical benefit.  This has been obvious for years.  AG1 has no real product substance and is fundamentally an influencer heist.   Two simple alternatives (75% and 56% less $), outperform AG1 in randomized clinical trials. Two simple mono-ingredient alternatives that outperform AG1: 1. Chicory inulin 12 g daily ($20/mo) 2. Resistant starch 30 g daily for 12 weeks ($35/mo) AG1 is not worth $79/mo. AG1 study results (4-weeks, N=30): + No significant changes in blood biomarkers compared to placebo (CBC, CMP, lipids). + No statistically significant improvement in digestive quality-of-life scores (p = 0.058). + No significant metabolic or inflammatory biomarker benefits of any kind within the scope of what was measured in the trial. + Only small shifts in microbiome taxa but clinically irrelevant at this stage. + The intervention did not increase microbiome diversity compared to placebo. Alpha diversity was unchanged, and the taxa changes seen were only from pre- to post-analysis within each group. Between-group differences were limited, and the placebo actually showed similar or even potentially larger shifts. This means the observed changes fall within normal placebo-driven variability, not a real treatment effect. No global microbiota shifts were detected. Chicory inulin 12 g in constipation patients + 12 g of chicory inulin daily for 4 weeks (compared to maltodextrin placebo) + Global microbiota shifts: enrichment in butyrate-producing Bifidobacterium and Anaerostipes, and depletion of the pro-inflammatory Bilophila. +The effect was seen by comparing intervention vs placebo in a cross-over setting, a very rigorous type of clinical analysis in which each person serves as their own control, eliminating a lot of individual random noise. + The trial also met its primary objective by improving constipation symptoms in the targeted patient group. Resistant starch daily 30g for 12 weeks in older adults + Significant increase in Bifidobacterium in both middle-aged and elderly participants, with an increase in the beneficial microbiome byproduct butyrate, and reductions in Proteobacteria (including inflammatory Escherichia–Shigella) in the elderly. + Resistant starch also significantly reduced blood glucose, and produced greater reductions in blood insulin and insulin resistance (HOMA-IR) in the elderly group.

Sadiq Khan has a new explanation for his failures: you're all just racists. Nine years of photo ops, tweets, and virtue signalling instead of governing. And this is what's left. Blame Trump. Blame the populists. Blame the "unpatriotic" critics. Anyone but him. Khan didn't build London. London built him. And on everything he controls, he's failing. Crime is his job. The Mayor sets the Met's budget and policing priorities. Robbery up 57% since he took office. Phone snatches epidemic - 91,000 in 2019, 117,000 in 2024. Scooter gangs untouchable. Women afraid to walk home. Housing is the same story. London needs 52,000 homes a year. Delivery has fallen short every year. Homes at 11× earnings. Rents far higher than when he took office. A generation priced out - not because they hate diversity, but because they can't afford to exist. Nine years of failure. No defence. So call your critics racists and take credit for other people's work. Cowardice dressed as progressivism. London was great before you, Sadiq. It'll be great after. You don't get to claim its success while failing at your job. You're not under attack because London is successful. You're under attack because you're not.