Look, I'm going to be honest with you.
I sat down to analyze a New York Times piece — a newspaper that was once the gold standard for serious journalism — about "secret handshakes" between car owners. You know that little wave a Jeep owner gives another one on the road? The nod a Harley rider throws to a fellow rider? The "salute" between Porsche 911 owners?
Yeah. That became a NYT article. In the business section.
And when I tried to access the full story, what did I find? A wall of paywalls, cookies, and a data consent page longer than a subprime auto loan agreement.
The article itself never loaded. Just the digital circus surrounding it.
And you know what's most ironic? That, in itself, is already the story.
The Economy of Belonging (and Clownery)
Let's get serious for a minute. Because behind this seemingly harmless topic lies a real economic phenomenon that deserves attention — one the NYT probably covered in the most surface-level way possible.
The "tribal economy" moves billions of dollars a year.
When a guy buys a Jeep Wrangler, he's not just buying a car. He's buying an identity. A group. A community. The wave on the road is just the tip of the iceberg. Below the surface there's accessories, customization, club meetups, stickers, t-shirts, group road trips. It's an entire consumption ecosystem built on tribal belonging.
Tesla does this. Harley-Davidson turned it into a religion. Porsche charges a 40% premium over comparable cars partly because you're paying for the "club."
This is branding in its purest — and most profitable — form.
Seth Godin wrote about this almost two decades ago in "Tribes." But the financial world keeps pretending that automaker valuations are only about operating margins and sales volume. Damn it, they're not.
The Real Problem: Financial Journalism Has Become Entertainment
Now, here's what really bugs me.
The New York Times — which should be investigating the American auto credit bubble, sitting at $1.6 trillion with delinquencies climbing month over month — decides to spend editorial space on "the little secret among car owners."
It's like the Joker is robbing Gotham blind and Commissioner Gordon is worried about afternoon tea etiquette.
Auto loan delinquencies in the U.S. have hit the highest level since 2010. Used car prices, after that post-pandemic insanity, are declining but still inflated. Automakers are offering 84-month financing — seven years, my friend — to make consumers swallow a monthly payment they can't afford.
But no. Let's talk about little winks between Jeep owners.
Skin in the Game — The Question Nobody Asks
Taleb would ask: does the person writing this piece have skin in the game? Does the journalist covering "automotive belonging culture" understand that this belonging is largely financed with debt? That the guy confidently waving from his brand-new Wrangler might owe seven years' worth of payments?
In America, we know this movie well enough — just look at all those guys rolling around in $80,000 trucks financed to the hilt, waving like kings of the highway. The bank owns the truck, buddy. The wave belongs to whoever's in debt.
What This Means for You, Investor
If you invest in automakers, auto lending companies, or even aftermarket accessories retail — pay attention to the tribal economy, yes. It's real, it generates value, it creates moats as Buffett would say.
But pay even closer attention to the credit stress signals. Because when the tribe can't make the monthly payment anymore, that wave turns into a goodbye wave.
And as for the New York Times: when the newspaper of record swaps serious economic analysis for automotive pop culture curiosities, it's a sign that mainstream financial journalism is good for nothing but entertainment.
Are you going to keep trusting your financial decisions to what these folks write — or are you going to do your own damn homework?
