Jack and Nick
Appearances
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
This is Nick. This is Jack. It's Tuesday, T-Boy. Tuesday, March 25th. And today's pod is the best one yet. This is a T-Boy. The top three pop business news stories you need to know today. Well, brackets busted. Apparently, every game was not an upset this year, Jack. I only picked like two upsets. Are you kidding? That's why I'm doing very well. Virginia Commonwealth University.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Yeti's interesting thing about Hyundai's announcement, they made the same exact announcement over in Korea. In January, Hyundai announced one of the biggest corporate investments in Korean history. Okay, so what we're saying here is that the new Georgia factory will make Hyundai's for Americans in America But the new Hyundai factory in Korea will make Hyundais for Koreans in Korea. Exactly.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Hyundai labels this strategy localization. The goal is basically produce in the country where you're selling. That way, there's no importing, no exporting, and no risk of tariffs hitting Hyundai's business. And then, when Hyundai's Georgia factories generate a profit, they wire the money back to Korea. where it arrives tariff-free.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
So besties, with the rise of globalization, companies were producing in multiple countries and then shipping off to a bunch of other countries all around the world. But in the trade war era, multinational corporations are localizing. Because the best way to dodge a tariff is to don't trade at all. Jack, could you whip up the takeaways for us for T-Boy Tuesday?
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
American women are increasingly fine being single and unmarried. They're going boy sober. Because dating apps have broken the algorithm of love. For our second story, Disney's Snow White remake is a bust, doomed by three unrelated PR disasters. But there's still money in the Disney vault, and we're still waiting for that Mighty Ducks remake. Like, what's taking so long?
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And our third and final story, Arizona and Georgia are getting the biggest foreign investments in American history. To avoid trade war tariffs, Hyundai and TSMC are avoiding trade altogether. But yetis, this pod's not over yet. Here's what else you need to know today. First, Apple might put a camera on the Apple Watch to turn it into an AI wearable. Zuck has AI wearables.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
They're their smart glasses. Yeah, so instead of smart glasses... Which is the obvious choice. Apple's working on putting AI into their AirPods and their smart watch. It's kind of an innovator's dilemma. It is kind of an innovator's dilemma, Jack. Will Apple disrupt their own iPhone supremacy... with the AI device of the future. As long as they can sell more dongles, I think they'll do a check.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And second, 23andMe just filed for bankruptcy and the CEO resigned. 23andMe was once worth $3.5 billion, but it turned out to be a one-hit wonder. Like the Macarena. People, you'd spit in a tube, you'd get your ancestry results, congratulations, you're 4% Turkish, but then they were done. So what's happening to your DNA that you gave 23andMe? Yeah.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Actually, she's one of the greatest entrepreneurs in American history. But we bet you've never even heard of her. Her name is Margaret Rutkin. Margaret Rutkin. And she built an entire factory in Connecticut with only female workers, young and old. She got into the baking business in the first place to save her son's life. And her story is completely unreal.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
That's an open question that people are kind of concerned about. Maybe a story for tomorrow's pod. We're jumping in T-boy style. And finally, Warren Buffett finally paid one of his workers $1 million for a March Madness bonus. We mentioned it last week, the annual Berkshire Hathaway Bracket Challenge. One employee picked 44 of the initial 45 games correctly.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
So he's getting a $1 million check from Warren himself. This person got a $1 million check. No word yet on whether they chose Duke. Now time for the best fact. Yeah, this one whipped up by Jack and me because honestly we saw it and we were like, okay, we got to share this with the Yetis. What's the most popular snack among CEOs? Okay, we were curious, like beef jerky.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Are they, you know, are they like fruit bowl people? Like edible arrangements with pineapple? The answer is nuts. Shake Shack CEO is big on Jif peanut butter and a banana every morning. I actually like that a lot, but I would go Skippy, so a little bit of judgment there. The CEO of Sandals Resorts munches on mixed berries and cashews every day.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Okay, and Obama famously snacked on seven almonds every night, no more, no less. For me? I'm not a nut guy. I mean, I like nuts, but usually I snack on a giant carrot. Okay. Like the kind of carrot you'd put in a snowman's face to make a nose. How do you explain the three tins of Nutella in your pantry, Jack? That's for Wilder. Oh, it's for my child. Oh, it's for my child. It's pretty high up.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
I don't think you can reach that, Jack. It's like an adult height right there. Yetis, you look fantastic today. And after this show, the best thing you should do is head over to check out the wild origin story of Goldfish on The Best Idea Yet. Seriously, the woman behind this story is an absolute phenom of capitalism.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Honestly, she's one of the biggest dealmakers of the 20th century, and you probably don't even know about her. If you're from Connecticut, you need to listen to this story. If you work in banking, you have to listen to this story. Links in the episode description. Check it out. And if you eat goldfish, you better listen to this story. Nick and I, we'll see you tomorrow. Can't wait.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And before we go, a happy birthday to Yeti Lisa Leslie over in Ohio who's been listening since 2020. Great to have you with us, Lisa. Happy sixth birthday to Aurora Enos of Franklin, Tennessee, who's listening with her parents and her sister, Felicity. Happy birthday. And Ashley Hocamp in Orange County, California is celebrating the best birthday yet. Happy birthday to Elias Jude Rogers.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
This legendary kid is turning four years old in Houston, Texas. And riding without training wheels. There's another one to celebrate. Congratulations to Joe, who got a new job in Austin, Texas. Gets to work with his wife and have breakfast and lunch with her every day at Metta. Not too shabby. And a big shout out to Rachel of Flagstaff, Arizona.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
This OG Yeti is boy sober, but she's accepting applications. And here are the criteria. You must be 28 to 35 years old, and you must send all inquiries to nickandjack at tboypod.com. Yes, we will vet them on Rachel's behalf, so you better bring your best stuff. And since Rachel is in charge of our social media account, if you haven't liked every post we've done, Rachel's not interested in you.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
No like, no first date. This is Jack, Island Stock of Disney in Berkshire Hathaway. This is Nick. This is Jack. It's... Way off. Brutal. If you like The Best One Yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
To hear about how Goldfish Crackers really began and why they're still growing double digits every year, listen to our weekly show, The Best Idea Yet. The untold origin stories of the products you're obsessed with. It's 45 minutes, drops every Tuesday, and we got nominated for a Best Business Award in the Ambys. Oh, we are so pumped about this episode and we love this show, Yetis. Check it out.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey. We want to get to know you.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
We got a link in the episode description today. Because Goldfish Crackers are simply the best idea yet. But yeah, today's T-Boy is also fantastic. Best we've ever done. Let's hit it, baby.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
For our first story, the newest trend for young American women is boy sober. Record number of women are choosing to not get married. Going sober on boys. And we found four fascinating reasons why. Yetis, you know Jack and I are big fans of 18th century British literature. Jack, can you please read the opening line of Jane Austen's novel, Pride and Prejudice, from 1796?
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
You were supposed to win it all. Also, I like Florida and I like Michigan and they're both still dancing. I don't even know where half the schools I picked are based. Jack, three stories for today's show. What do we got on the T-Bone? For our first story, it's a wild phenomenon with huge economic impacts. A trend called boy sober. Boy sober. Women are choosing to not get married.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
It is a truth universally acknowledged that a single man in possession of a good fortune must be in want of a wife. But Jane Austen doesn't say anything about a single woman being in want of a good husband. Here's the news. Women don't want a good husband, a bad husband, or any husband these days. That's right. A record number of women are saying no to marriage.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
It's all part of a new trend called boy sober. Here's the hero stat from the Aspen Economic Strategy Group. The share of American women ages 18 to 40 who are single was 51% in 2023. That's up from just 42% in the year 2000. And that's a big change. Oh, another big stat from a 2023 Pew survey. Just 52% of American women said that marriage was important to living a fulfilling life.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Well, that is down from 70% just four years earlier. So two big stats from two robust surveys. Women are fine being single. They're not looking for marriage these days. It's not dry January. No. It's dry manuary. The new lifestyle choice is going boy sober. Or Jack, can I put this in Jane Austen Pride and Prejudice terms for a second? That'd be fantastic.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Yeah, women think there aren't enough Mr. Darcy's out there. I hear you on that. But yet, here's why Jack and I found this story fascinating. The key word here is choice. Because four fascinating forces are making women curious about boys sober. Choosing boys sober. Now, the first force here was that women are simply wealthier than ever. The gender income gap is narrowing.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
The single lady home search, we told you about it like a month ago. Remember that, Jack? You don't need a man. You just need a mortgage. Okay, the second force for boy sober is the education mismatch. Women are getting college degrees more and men are getting them less. According to the Wall Street Journal, 47% of women age 25 to 34 have a bachelor's degree.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But just 37% of men of that same age have a bachelor's degree. Some women find the educational incompatibility unacceptable. There are literally degrees of difference here. The third reason for boy sober is the political divide. Now, this is a pretty new one, but the difference between men and women politically has never been wider.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
39% of young women in America identify as liberal, while just 25% of young men do. It's hard to get married when you're arguing over immigration policy at the dinner table. So from an overall economic perspective, women are not satisfied with the supply of men right now. Yeah, simply the compatibility between the genders is shrinking.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
In fact, over half of single women believe that they are happier than their married friends are. Wow, but Jack, we should point out that this story reflects also, it's a challenging moment for men out there. Not easy to be a guy these days in a lot of ways.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Men have fewer economic opportunities than men from previous generations did, but they may feel the same societal expectations to be the breadwinner for the family. But yetis, despite all those three macroeconomic reasons, we noticed a fourth reason why more women are going boy sober. And we think it's highly relatable.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
They're going sober on men. For our second story, Disney's Snow White remake bombed at the box office this weekend. It's Snow White and the Seven Debacles. But Jack and I found the magical number that no one else is talking about. And our third and final story, Georgia and Arizona are being showered with $300 billion of new foreign money. But that $300 billion is coming from three surprise places.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
So Jack, what's the takeaway for, as Beyonce would say, our buddies who are single ladies, all the single ladies over there? Dating apps have broken the algorithm of love. Yetis, the Wall Street Journal did a story on this entire boy sober phenomenon, and they cited a whole bunch of those economic statistics. All those macro factors are making women choose no to marriage at increasing rates.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But besties, there is one variable that we noticed in the interviews with boy sober women that there was no date on. They all have frustration with the dating apps. Yeah. Every woman in this Wall Street Journal piece had Tinder fatigue, as we call it. Here's one quote from the article. Dating apps are the only thing you can put 10,000 hours into, but end up the same place where you started.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Honestly, that quote said it all to us. That's like one of the key reasons we decided to do this story. They could have mastered the piano instead of wasting 10,000 hours on Tinder. And ended up in the same place. Besties, this generation of Tinder fatigued, unsatisfied women, they are simply done with the swiping. Look, if Mr. Right shows up spontaneously, great.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But they're not going to waste another 10,000 hours looking for him on the apps. And yeah, we've been to plenty of hinge weddings out there. Our buddy Timmy, yeah, he met his wife on The League. But the surprise variable that so many women are going boy sober, it's that for these women, dating apps ruin dating for a whole generation.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
For our second story, Snow White and the Seven Dwarves has become the most doomed Disney movie of our lifetimes. But we did the movie math on Disney's vault strategy, and they all live happily ever after. Okay, yetis, new name for the new Disney movie, Snow White and the $43 million opening weekend. It's not a comedy, it's a tragedy.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Because Disney spent $250 million on the live remake of Snow White, the 1937 Disney classic. Side note, Snow White actually is a story written by the German Grimm Brothers back in 1812. And the word Grimm, fun fact, comes from the Grimm Brothers. That's how dark their tales were. Okay, but Jack, enough with the fun facts. We got some not fun facts here.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
How about the opening weekend of the new Disney remake of Snow White? The live-action version of Snow White brought in just $43 million in the U.S. box office weekend. Yeah, besties, that's a fairytale flop. Less beauty, more sleeping. So Jack and I got to ask, mirror, mirror on the wall, what went wrong with Snow White's remake over there?
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Three wild and unrelated pieces of PR drama tanked this movie before it even hit the screens. These all came out of nowhere. First, there was the DEI controversy. This is an old German tale, but the cast is modern and diverse. Snow White's skin, as the mirror says, is as white as snow, but the Latina actress playing her is not. So that bothered some people. The second issue was the war in Gaza.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Because the lead princess, played by Rachel Ziegler, is outspokenly pro-Palestine. But the evil queen, played by Gal Gadot, is pro-Israel. She actually served in the Israeli army. And that made movie promotion for these two actresses awkward and basically not happen. And then the third surprise was The Seven Dwarves, which was one big controversy.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Peter Dinklage of Game of Thrones fame, a dwarf himself, called the movie that Disney produced backwards. He said the film shouldn't portray dwarves the way it was portraying them. And then Disney made things worse by trying to fix it. They didn't hire dwarf actors to play The Seven Dwarves. They created computer-generated dwarves instead. Ugh.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Which, like, you could have implored seven people to be in your Disney movie. Instead, you used a computer? Jack, add it all up, and what exactly was the result for the new Snow White? This whole movie was a nightmare that Disney just wanted to end. There's no magic lamp you can rub to make things right here, Disney.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
I'll bet you 20 bucks you've never seen a trailer for this movie because Disney didn't promote it whatsoever. Or to put things in Snow White terms, Disney went full bashful on this movie when it came to promoting it. They scaled back the premiere. There was no red carpet event with interviews. They canceled the whole promotional tour.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But Jack, to sprinkle on some context here, this Snow White film was announced back in 2016. Disney couldn't have predicted the PR bomb that they were building. Disney could not have predicted there'd be a new war in the Middle East, President Trump would be elected twice, and there would be a whole DEI backlash.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Three Asian nations. But Yetis, before we hit that wonderful mix of stories. What? What a mix of stories. No one else is doing that mix, Jack. Yesterday, we finished the pod with this question. What billion dollar food brand began as a gift from a man to his wife? And that gift happened to be based on her sign. Basically, what we asked was what huge snack food began as a present for a Pisces?
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But stripping out the controversies of this one movie, how is Disney's remake strategy working overall? That's what Jack and I were really curious about. So Jack, what's the takeaway for our buddies over at Disney? There's still a lot of money in the Disney vault. Yetis, everyone knows about Star Wars and Marvel, Disney's two big franchises.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
But no one talks about the third franchise, which is all of the Disney remakes. Remakes are a franchise. In fact, in the last 10 years, Disney's done nine live action or computer remakes of animated classics. They've done Cinderella, Cruella, Little Mermaid. all got fresh remakes in the last decade. But Jack and I took the time to look at the financial results of each of those remakes.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And Jack, what did we discover? Each one did surprisingly well. Aladdin, The Jungle Book, The Lion King, those live-action remakes did a billion dollars globally on $200 million film budgets. Now, interestingly, critics didn't love them, and none of these films were in the top five movies for their respective years. But each was a reliable profit puppy for Disney because Disney's got time.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
tons of fans who wanted to watch those movies again. So now, besties, many are saying that this new Snow White is going to be the end of Disney remakes. However, Jack and I just think it's an anomaly. Because when you look at the numbers, remaking the Disney Vault may be its lowest risk, highest reward franchise. The Vault is a profit puppy. Now, a quick word from our sponsor.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
For our third and final story, Georgia and Arizona are being showered with lavish new investments from foreign companies. Because the best way to avoid trade war bullets is to not trade at all. Yetis, mark your calendars for April 2nd. That is Liberation Day. More tariffs are coming.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Liberation Day is what Trump calls it because a little over one week from now, tariffs are coming to virtually all of our trading partners. Unless they get canceled. Now, Europe and Canada have responded to tariffs by shunning the United States. Both those countries are pouring Jack Daniels whiskey out into the Atlantic Ocean. But here's the surprise. Asian countries are responding differently.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Specifically, Non-Chinese Asian countries are going all American. Here's the news. The top companies in Korea, Japan, and Taiwan are all investing in the United States. In fact, we counted $298 billion pledged by three companies from these three specific Asian nations. And the way we see it, we might have to think about renaming some of our states.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Yeah, I mean, at this point, that is so much money. Arizona is like the new Taiwan. And Georgia could be the new Korea. Because both those states are getting money from crazy rich Asians. Here's part one of the news. Hyundai is spending $33 billion, mostly in Georgia, to build a third U.S. manufacturing plant.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Louisiana's getting a new Hyundai steel factory, but most of the money, it's going straight to Georgia, baby. And with the new Kia, Hyundai, and also Rivian car factories, Georgia will be producing one million cars a year pretty soon. Now, we should point out, besties, that Hyundai also opened a new plant in Georgia last fall during the Biden administration.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And the answer is goldfish. Oh, it's goldfish. Goldfish crackers. They actually began with a romantic baker over in Switzerland. Goldfish for a Pisces. Classic. But how did goldfish end up in America just a few years later? It was all thanks to a shark. We're talking about the most cunning woman we've ever read about in business who made goldfish go global.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
Part two of this news is the bigger splash, which is coming to Arizona. Yeah, that's where the chipmaker TSMC from Taiwan is investing a whopping $165 billion. $165 billion is enough money to acquire Uber. Jack, that's enough money to acquire Caterpillar. It's enough money to buy all 32 NFL teams. Or buy 28 Lyfts if 28 Lyfts actually existed.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And that's how much money TSMC is spending to build five new factories in Arizona. And that's why Jack and I are thinking Phoenix is the new Taipei. Now we should point out again, that same chip company also invested $65 billion during the Biden administration. But all of these foreign investment announcements have accelerated under the Trump administration.
The Best One Yet
💁♀️ “Boy Sober” — The No-Marriage Economy. Arizona’s Crazy Rich Asians. Snow White & The 7 Debacles.
And they're all being announced at White House events to maximize political points with the new administration. So add it all up and new American jobs are being powered by new Asian money. Crazy rich Asians. So Jack, what's the takeaway for our buddies over in Georgia and Arizona? The best way to dodge a tariff is to not trade at all.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
This is Nick. This is Jack. It's Thursday, the new Friday, March 27th. And today's pod is the best one yet. This is a T-boy. Here's the top three pop business news stories you need to know today. Stocks are down, but T-boy's up. And we whipped up, honestly, three best stories we've ever done. Jack, what's on today's show?
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
You just can't change the channel. Meanwhile, Bluey was the most streamed show or movie of 2024 on Disney+. By far, it was the most streamed. In fact, Sesame Street has done research showing that kids laugh while watching Bluey in a way they just don't while watching Sesame Street.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Because the director spent all $11 million personally on gambling, crypto, and five Rolls Royces. Oh, we got the receipts. Literally, we have the receipts. Because Netflix has pressed charges. Get this, besties. This director spent $652,000 of Netflix's money on wristwatches. He allegedly spent $180,000 on kitchen appliances. And $300,000 on luxury bed linens.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Now, the CEO of Sesame Street has tried to assure everyone this is not the rejection of Sesame Street and Sesame Street is not going away. But she did acknowledge that Elmo must adapt to survive. So the 56th season is adapting by changing the format. Jack, what's the new Sesame Street going to look like next season?
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
It's going to be two 11-minute chunks with a tiny chunk in between, which is different than the historical magazine format that Sesame Street had. You're going to get more comedic elements, more music, more animation in Sesame Street now. But distribution is destined. And the 56th season doesn't know where it will be distributed. It doesn't know where it will be streamed.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Sesame Street, they're in talks with Netflix, with YouTube, with Amazon Prime Video, but no one is committed yet. They're also in talks with Tubi, Roku, and PBS. But again, we don't know where it will end up. So Jack, I got to ask you the question from the beginning of this story. Can you tell me how to get to Sesame Street next season, man? I can't.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
So, Jack, what's the takeaway for our buddies over on Avenue C at Sesame Street? To engage or to educate. With the Muppets, Sesame Street got both. Yetis, Jack and I did a whole deep dive episode on the best idea yet about Sesame Street, about this issue. From the start, Sesame Street's mission was to use TV to educate kids, especially kids from low-income families.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
But they knew there was a tension with that mission because kids want fun on TV. They don't want phonics. Yeah, your six-year-old learns in school because they can't leave. But when they're not in school, they can just change the channel on the TV. Their solution to this tension was the Muppets. The Muppets. The Muppets were the candy that made the teaching still feel like fun.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
That was Sesame Street's solution. But today, kids have higher expectations for engagement than just Muppets. Now, if Sesame Street leans too much into laughing and music, they'll abandon their mission to educate kids. Okay, but Jack, if the education purists at Sesame Street have too much sway, then nobody will watch the show.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
We hope Sesame Street finds the right balance to continue to thrive in the YouTube and Netflix era. What Sesame Street needs is to find its next Muppet solution. You need to find your Muppet. Jack, could you whip up the takeaways for us for the new Friday? Primo Water's Saratoga brand is the star of a viral morning routine, and the stock jumped 6% because of it.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
How did Saratoga respond to their accidental influence? By not entering the chat. For our second story, it's Signalgate. That scandal escalated on Wednesday as the reporter showed he was telling the truth with screenshots. Signal is a reminder that the system is only as secure as the person using it. And our third and final story, Sesame Street is in trouble. Yep.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
It's about to become homeless as its deal with HBO expires. To engage or to educate, with the Muppets, Sesame Street got both.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
That is really strong.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
First, Major League Baseball's opening day is today. 28 teams play in 14 games. Now, the two other teams started their season last week over in Japan, where the Dodgers won both games, and Japan has basically become the second biggest market for baseball. But there's no major rule changes in the MLB this year. True.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Although they tested robo umpires to call balls and strikes during spring training. Interesting. And second, President Trump announced new 25% tariffs on all cars coming into the United States. As we said last month, these tariffs will raise the price of a Chevy Silverado by as much as $10,000. Europe, Japan, Canada, Mexico, Korea, they are bound to retaliate in a tit-for-tat of trade war too.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Car stocks fell across the board Wednesday as new car prices are bound to go up. And finally, that's the sound of the bubble tea bubble only growing bigger because NASDAQ is getting its first bubble tea stock in America. China's boba brand, Chegi, just filed for an IPO on American soil. But the 6,000 locations are in China. They'll be opening their first one in Los Angeles this year.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Because big balls of tapioca for $5 a cup, that's a profit puppy. That's a profit puppy. Now time for the best fact yet. This one sent in by Peter from Fort Lee, New Jersey. This week was Greece's Independence Day. Greece, great country, fantastic food, epic history. Give us a second on that spanakopita.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Actually, he spent $700,000 on two luxury mattresses.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
But we think the Greek national anthem may be the greatest part of Greek culture and the economy. Because Greece's national anthem is the longest in the world. It has 158 stanzas. Yeah, although at soccer games, they sing a shorter version like at the Olympics, but the full version is 50, 158 stanzas. Do you know how long it takes to sing the full national anthem?
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Yeah, how long does this take, Jack? 54 minutes. What is this, the Odyssey? And it's all Greek to us. I mean, we can barely understand this thing. The Iliad.
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Yetis, you look fantastic today.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
I think that's enough, Nick. It wasn't me, Jack. Give us a count by count as we walk off the episode.
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Five stars. Star. Review. I feel pressure that I should do one now. Is there a character I can do? Cookie Monster. Cookie Gonger. Cookie. Cookie. All right, Yetis. And on that note, we would love your five-star reviews. We can't wait to see you tomorrow. Y'all look fantastic. And before we go, a happy birthday to legendary Yeti Nick Kramer, turning 41 years old in lovely Brattleboro, Vermont.
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I didn't know a mattress could get that expensive. If you gotta ask, you can't sleep on it. He spent $5.4 million on designer art deco furniture. Plus $400,000 at the Four Seasons Hotel. But our personal favorite? Yes, Jack? He spent $1.1 million to pay lawyers to preemptively sue Netflix. Netflix, we couldn't spend that much money if we tried, and we promise we'll never sue you.
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Known as the other Nick, this is my big brother, father of three, proud to be in his family. Jack, I believe Nick Kramer worked on a nuclear submarine. Am I right? Close, close. A nuclear power plant. Yeah, he basically was the plot of Hunt for Red October.
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And a happy 49th birthday to legendary bestie Robert Hill celebrating in Neenah, Wisconsin. Happy birthday to Devin Potassic in Lake Elmo, Minnesota, who's celebrating in Charlotte and getting married this year. And Bridget Martin from lovely Long Island is a publishing badass and a published author with a birthday.
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And a big shout out to Lindsay Higgins, who got a new job at Richard Fleischman and Associates in sales and business development. She's crushing that tech infrastructure behind the financial firms. And thanks to everybody who entered the chat on our T-Boy community question yesterday. Apparently, none of you like Slack. John Molina, Nicole Vallejo, Ahmed, Adam Wallet. Whole bunch of others.
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Drop the comment. We see you. We see you. And if you want to get a shout out on this show, we got a link in the episode description or go to tboypod.com slash shout outs. If you like the best one yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music.
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And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey. We want to get to know you.
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And with the leftover money, he bought a Ferrari, five Rolls Royces, and a house in Portugal. Not too shabby, but the wilder part? He invested in Dogecoin, apparently, and his crypto portfolio hit $24 million at one point. Yeah, he doubled the amount of money he took from Netflix. But then the crypto bet tanked by 90%, so he was in the red big time.
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So add it all up, Yetis, and this story is so wild, Netflix should make a movie about it. Scratch that. It's so wild, Hulu should make a movie about it. We couldn't have scripted it any better than that.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
For our first story, Saratoga water has more attention than forever right now. after it went accidentally viral. Here's the playbook on what a brand should do if it goes viral by mistake. Speaking of mistakes, for our second story, it's Signalgate. That was the story of the day again yesterday, as the scandal escalated with more screenshots.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
For our first story, an influencer just revealed his 3 a.m. ice facial routine. True thing. And it caused a water stock to jump 6% this week. Saratoga Water is a case study on how to handle accidental influence. Accidental influence. But yetis, let us introduce you to a man, a big man named Ashton Hall. And he's not just an influencer, he's a gymfluencer. His biceps are the content.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Because Ashton Hall played football at Alcorn State University down in Mississippi. And now he posts videos of his workouts in the gym. He is a gymfluencer. He has 5 million followers and 5 million abs. Yeah, but his latest video, Jack, was a little more personal than his typical workout routines, wasn't it, man?
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
He showed the world his morning routine, step by step, minute by minute, and it begins at 3.52 a.m. in the morning. That's right, 3.52 a.m. Eastern. Let's go here. 3.54 a.m., he's doing push-ups. By 4.02 a.m., he's doing meditation. And at 4.28 a.m., he's writing in his diary. Standard trendy wellness stuff. Okay, but then Jack, at 5.02 a.m., he's reading a book.
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At 5.58 a.m., he's running on the treadmill. And by 6.39 a.m., he's swimming in a pool. Rise and grind, baby. Did you notice at 8.45 a.m., he rubs a banana on his face? No joke. I missed that part. I haven't read the details on that, but it took him apparently a minute. The biggest surprise, though, for the internet was what this man did at 9.09 a.m.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
First of all, he's been up for over five hours at 9.09. Yeah, it's a full day, pretty much. This is the moment when Ashton dunks his face into a bowl of iced sparkling water. Sparkling. Specifically, he stuck his face into a Saratoga blue bottle sparkling water bowl.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
And that ice bath facial, that premium ice bath facial, was viewed by 741 million people just on X. Jack, let's call this the Saratoga Splash. And what was the wildest part about this gymfluencer doing the Saratoga Splash? That three-second cameo from Saratoga Waters boosted the company's stock by 6%. Besties, the parent company here is Primo Water. That's whose stock jumped 6%.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
It's a little-known company, but we actually covered it last year on The Pot. We covered it because it happens to be the biggest water company in America. It's got a $6 billion valuation. It's bigger than Lyft. They own a bunch of bottled water brands, including Arrowwood, Mountain Valley, Deer Park, and they have five-gallon jugs that you can refill at every grocery store.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
So Jack and I looked at Signal itself, and we were reminded of a wise thing our IT director once told us. And our third and final story is Sesame Street. Sesame Street is in trouble the day after Elmo got grilled by Congress. But the bigger issue here is that Cookie Monster is getting competition from Coco Mellon. But yetis, before we hit that wonderful mix of stories.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Saratoga is like the crown jewel of their water offering. Like if LaCroix has got a beach body, then like Saratoga is a ballerina, Jack. Upstate New York. Yeah. I mean, where's there better water than that? Founded in 1872, Saratoga is basically America's Perrier. It's pronounced Perrier. But the 6% stock jump, I mean, Jack, that added $360 million in market value just from one viral post.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
But that viral post wasn't a paid ad with Saratoga. No, it wasn't. Saratoga Water had no prior knowledge that this post was going to happen. The way Jack and I like to think of this is this was accidental influence. But it doesn't matter. This one gymfluencer accidentally influenced 740 million pairs of eyeballs to look at a blue bottle of Saratoga water.
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Like we said, advertising, that's what you pay for. But publicity, that's what you pray for. Although, let's be honest. Nobody was looking at the bottle of water. They were looking at his abs. All five million of them. But the bigger drama yet is, is that Saratoga hasn't said a word about it since. So Jack, what's the takeaway for our water buddies over at Saratoga? Don't enter the chat.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Yetis, this was Saratoga and Primo's biggest marketing moment in 153 years of tap and water. They got so many new mentions, they probably thought their socials got hacked. And Jack, how did Saratoga respond to all this sudden viral attention? Chill. Yeah, they were chill about it. And we think that was really powerful.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Saratoga Waters basically winked to Ashton by posting a bottle of Saratoga beside a bowl of ice. And then they said, this is the pairing we never knew we needed. Basically, they didn't text the chain. They hearted the message. It was subtle. And that move reminds us of a story we did last week on brand nicknames. Yes, it does. Consumers hate it when brands start using their nicknames themselves.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Yeah, studies show that when Target tweets the nickname Target, it actually leads to less engagement. And it's the same concept, we think, with an unexpected viral moment. If the brand engages, the moment loses its authenticity. Yeah, Saratoga did say something. It'd be almost absurd if they stayed totally silent, but they really barely said anything.
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Because as soon as a brand enters an internet conversation about it, it's over. The conversation's over. That's why we like to say, don't enter the chat. For our second story, the Signalgate scandal escalated yesterday as full attack plans on a terrorist group were revealed publicly from a group chat. So we have to tell you about Signal and the dude behind it.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Yetis, on Monday, this was the headline of Atlantic Magazine. And Jack, I got to imagine this got more clicks than anything in Atlantic century-old history. Here's the headline. The Trump administration accidentally texted me its war plans. That is something you're probably going to click on right there.
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The reporter of that article was accidentally added to a group chat that had the vice president, the defense secretary... the national security advisors, the whole cabinet, basically. Yeah, and in that group chat, just like, you know, the group chats we got with, like, our buddy Timmy, he saw plans to attack a terrorist group before it actually happened.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
So on Monday, he revealed screenshots proving that he was accidentally included in this group chat. And this looks like, again, one of your typical friend group chats. They included an emoji of a USA flag and a fist after the bombing mission was successfully completed. So kind of like the group chats you're in, same emoji... Different context.
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I like three stories, Nick and Jack. I love three stories today. The biggest drama of the year. What is it, Nick? Jack, it is ironically happening over at Netflix. Here's the tea. Yep. Seven years ago, Netflix greenlit Carl Rentsch to direct a new TV series. Carl Rentsch said he needed 11 million bucks to finish that TV series.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Now, Trump and his cabinet criticized the journalists and basically said this wasn't a big deal. Although the National Security Advisor Mike Waltz took full responsibility for the mistake. But Trump's team said that the texts didn't include anything confidential, and they specifically said nobody was texting war plans.
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So on Wednesday morning, the journalist did what any teenager would do if they were accused of lying by their parents. He showed more screenshots. He just showed more. Look at this one, Mom. He published the rest of the text that he had previously withheld, the ones that included the detailed war plans. Turns out the information in that group chat was actually very confidential.
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Probably the most confidential information we've ever read in our lives. And here's why we're saying that. The Secretary of Defense texted extremely detailed plans about an attack on Yemen's Houthi rebels. At 1,400 hours, the first bombs drop. At 1,500 hours, F-18 fighter jets launch a second strike. Basically, this was a play-by-play of the military strike. Those are the screenshots.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Those are the facts of the scandal. but we're not getting into the political implications of it. If you want those, those are a story for a different podcast. What we were curious about is the platform that was used. It wasn't iMessage and it wasn't Telegram and it wasn't WhatsApp. It was actually a platform called Signal.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Signal is an encrypted messaging platform run by a guy with a rat tail and his name is Marley Moxie Spike. He actually changed his name to that at a younger age, but he's a hacker and he runs Signal in an interesting way. As a nonprofit. Yeah. There's no ads. There's nothing you have to pay. There's no subscription. There's no business model.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Signal makes money based on donations, kind of like Wikipedia. It's used by a lot of journalists because it's such a secure messaging platform. And Marley Moxie Spike saw this opportunity and turned the group chat drama into a marketing moment. He said Signal is the gold standard if it's used by the U.S. military. And you know what?
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Signal surged to one of the top 10 apps in America after all of this Signalgate drama. So Jack, what's the takeaway for our buddies over at Signal? A system is only as secure as the person using it. Yetis, 20 years ago, this chat would have happened on a secure conference call. It would have happened in the Situation Room. But today, we text.
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And with end-to-end encryption, the platforms we text on generally are pretty darn secure. WhatsApp, iMessage, Telegram, Signal, they're all end-to-end encrypted so only the sender and the receiver can view the message. It's so secure that the police can't access the messages, even with a warrant. The tech companies behind them can't see what's being messaged.
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But the reason this story leaked wasn't because of an encryption issue, a hacking, or a signal error. The reason it leaked was a human error. The tech industry calls this user error. Yeah. The finance industry calls it a fat-fingered mistake. Yeah, we do. You and I call it, oh my God, I texted the wrong person. Oh, delete, delete, delete. The Situation Room is more mistake-proof. Yeah, it is.
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🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
It would have been harder to add the wrong person to the Situation Room. Because someone would tackle them. But Signalgate is a reminder that the system is only as secure as the person using it.
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So Carl invited Netflix executives over to his home to tell them that he was over budget. So Netflix wired this director $11 million to finish the filming on that film. But seven years later, he didn't finish the filming, did he, Nick? No, he didn't, Jack. And why is that? That Netflix sci-fi series still isn't streaming either, is it, Nick? No, it is not. And why is that, Jack?
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For our third and final story, Elmo is seeing red, literally. Sesame Street is facing a perfect storm of problems as their deal with HBO ends. Because Cookie Monster is facing competition from Cocomelon. I'm sorry, Jack. One second. I'm just a little lost here. Can you tell me how to get to Sesame Street? For the last 10 years, Nick, you've had to take the HBO tunnel. That's right.
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And why is that, Jack? In 2015, HBO began paying Sesame Street $30 to $35 million a year for the rights to the show. Jack, I think it was $30 million, $31 million, $32 million. Well, unfortunately, that lucrative deal with HBO is ending. And Hollywood is completely different in 2025 than it was in 2015. Back then, profits at streamers didn't matter. Profit schmuppets.
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Subscriber growth is all that streamers wanted. But today, profits are all that matters in the streaming industry. That's why Sesame Street's New Deal won't be nearly as lucrative as the HBO one was. Plus, President Trump is basically pulling the plug on Big Bird. His administration has killed grants that Sesame Street and its long-term distributor, PBS, used to enjoy.
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Just this Wednesday, Congress grilled the head of PBS, accusing the channel of bias. So, Sesame Street laid off 20% of its staff last month. They're even tapping Oscar the Grouch's savings just to survive. But yet, there's actually a bigger problem here facing Sesame Street, and it's brought to us by the letter C for competition. Nick, can I go full Cars 1 with an analogy here?
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Okay, I like this, Jack. We're using a kid's show as an analogy to explain Sesame Street's competitive landscape.
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Sesame Street is like Lightning McQueen. It's the most successful race car of all time by far. Okay, I'm following you. But now, Sesame Street is facing next generation competition. And the Jackson Storm is Coco Melon. And Miss Rachel is Cruz. And Bluey, I don't know who Bluey is, but Bluey's competitive too.
The Best One Yet
🐸 “Find Your Muppet” — Sesame Street’s Cocomelon threat. Saratoga’s viral facial water. Signal’s user error.
Okay, so basically what you're saying is Sesame Street is facing new competition from Coco Melon, Miss Rachel, Bluey, even Baby Shark is taking a bite out of Bird and Ernie. These new age kids shows have cracked the code on engagement better than Sesame Street ever has. For example, Coco Mellon mesmerizes kids with endless songs and nursery rhymes that are optimized for the algorithm.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Yeti's way number one, invest in mobile home stocks because yes, mobile home stocks exist. The biggest one is Berkshire Hathaway, actually, because Warren Buffett acquired the biggest mobile home company back in 2003. A couple others, Cavco Industries and Champion are second and third. also publicly traded, and all three are close to all-time high stock prices.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
The second way to invest in mobile homes is to invest in real estate stocks. Yeah, like Wall Street private equity firm Blackstone, a huge landlord, owns a lot of mobile home parks. And finally, you can get into mobile home flipping. Yeah, we mentioned that Business Insider article. They profiled one husband and wife couple who've made mobile home flipping their full-time business.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
It's a lot of work to do this, But they showed one example where they acquired a mobile home for $5,000. They put $5,000 of work into it and then sold it for 20 grand. They turned a 100% profit in 60 days time. Now, besties, Nick and Jack, warning for you here. All of these things we just said involve risks. You could lose money on all of them. We are not endorsing any of what we just said.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
What we are endorsing, nice job making our lawyers proud, by the way. You're welcome, Jack. Is how fascinating it is that there are three completely different ways to invest in the trailer home trend. Jack, could you whip up the takeaways for us for the new Friday? This week, Trump is de-escalating his trade war with China. He may actually cut tariffs in half, so stocks popped on that news.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
If the trade war is a poker game, did China just call our bluff? For our second story. A Kardashian, Chobani yogurt, and Chomp's beef jerky are all at all-time highs as Americans crave protein. In the OZemp economy, what would have been fads could be permanent. We call them permafads. And our third and final story.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
There's a mobile home boom in America because they're one-tenth as expensive as a typical house. No real estate taxes? Oh my God. We also found three different ways to invest in that trailer trend. Mobile home stocks, real estate stocks, and mobile home flipping. Although we're not endorsing any of them, we just think it's cool that we found them. But yetis, this pod's not over yet.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Here's what else you need to know today. First, Sam Altman wants to be everywhere. OpenAI is reportedly interested in buying Chrome, the browser from Google. Reminder, Google was found guilty in a trial of being an illegal monopoly. So right now, the judge is deciding on how to remedy that crime and may force Google to sell their Chrome browser. And if OpenAI were the buyer? Wow, Jack.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
That would be devastating to Google's search business and huge for OpenAI. Awkward. And second, if you are driving from Dallas to Houston right now on a 200-mile stretch of I-45, look to your right because you may see a truck with no driver.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
No. They're Ninja Turtles, who are mutants. Sorry, they're Teenage Mutant Ninja Turtles. They are turtles going through puberty. But the stupid as every Ninja Turtle detail is, it became a very serious billion-dollar brand. And at its core, this story is the ultimate lesson on the creative process. Because the Ninja Turtle creators took a strategy from improv and applied it to business.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Aurora Innovation is a self-driving car company that has driverless 18-wheel tractor trailers, and they're going to hit that road that Nick just described in Texas this month. This Pittsburgh-based startup has been testing their long haulers for months, and now they're hitting the roads, man. They're taking the test driver out so nobody's going to be behind the wheel.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
The biggest self-driving thing... Ever. Yetis, if you see one, send us a pic. And finally, America's birth rate actually went up in 2024. Interestingly, thanks to moms over the age of 40. Yep, the rise in births was driven by women in their 30s and 40s. And births were actually down for women in their teens and early 20s. Overall, births in America rose by 1% last year.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
And full disclosure, Jack, my mom had me at 40 and my sister at 42. There you go. She was ahead of her time. She's on the trend 37 years early. Now time for the best fact yet. This one sent in by Tony, Joe, and Dan Hauer over at the NFL Draft, which begins today. It's basically the entire Hauer family from Lambeau Field. Yeah, the draft is at Lambeau Field in Green Bay, Wisconsin this year.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
If you want to impress your buddies, you can let them know that 16 of the last 24 number one picks in the NFL draft were which position, Jack? Quarterback. That's right. 66.7% of those number one picks were QBs. But if you want to not impress anyone, don't do what the Vikings did in the year 2003. Yeah, that's right. The Minnesota Vikings ran out of time when they were trying to make their pick.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Two teams were like, oh my God, the Vikings missed their moment. Quickly, quickly draft that guy so the Vikings can't. The Vikings literally missed their pick because they weren't paying attention to the clock. Yetis, you look fantastic over there. Jack, you look land. It's the only truly scarce resource.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Now, besties, now that you finished the show, the best thing you can do is head over to our weekly show, The Best Idea Yet, where we have our best episode yet. I mean, it's about the Teenage Mutant Ninja Turtles. Oh my God. My brother Nick was Raphael. My brother Tuck was Leonardo. I would have loved to be Michelangelo, but they told me I was Donatello instead.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Jack, I only wore Ninja Turtle underwear. The only underwear I would wear for like four years. Different pairs, but like it had to have turtles on it. If you're loving this nostalgia, tap the link in our episode description because it's a wild episode. And a great lesson on creativity. Jack and I will see you there. Enjoy the show.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
And before we go, a happy birthday to Yeti Penny Hugh in Belmont, California, the most valuable penny yet. And happy 35th birthday to Anya Kern in San Francisco, who's celebrating in Japan. Not too shabby. And Tori Baker in Skinny Alley's New York is graduating from Cuse a year early. Congrats, Tori. Enjoy the birthday. And congrats to Jose Ruby from Indianapolis, who just updated his wardrobe.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Looking fantastic. And Elizabeth T. Chick just followed up to our firetruck story, Jack, with an update that Congress is looking into firetruck monopolies and how the pricing has gotten out of control. I love that Congress is looking into that. And I love that Elizabeth shared it with us. And Benjamin Hawkins was so inspired by our episode of The Best Idea Yet on Peeps.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
that he created an entire slideshow presentation on the story. Holy cow. That's amazing. Wait till you see this thing. He shared it with us, Jack. I'll send it to you after this. It is wild. It is a whole PowerPoint. I'm excited to dive in. Thank you so much, Benjamin. We love what you created. And congratulations to the 16-year-old Juan Sayoga, who just got a new job down in Envigado, Colombia.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
This is Jack. I own stock of Berkshire Hathaway and Nick and I both own stock of Airbnb. If you like the best one yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music. And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
And their story shows why no entrepreneur should ever ignore even their stupidest ideas. Like a crime-fighting 14-year-old reptile named Donatello. Donatello was me, by the way. My brothers left me with Donatello. You know, that's not an insult, Jack. I think, uh... Yeah, he turned out to be the smart one. I think he had the nunchucks, too. Yeah, yeah.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
We want to get to know you.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
He's probably the one that got, like, pre-IPO Google stock. We're going to get fact-checked on what I just said about nunchucks, by the way. Besties, check out our latest episode of our weekly show, The Best Idea Yet. Because this week, we tell the true origin of the Teenage Mutant Ninja Turtles and the whole comic industry.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
So tap the link in this episode description to listen to our other show, The Best Idea Yet. Turtles in a half-shell, turtledoves.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
What? What'd you hear? Hey, Jack, guac is always extra. A Yeti thought that you were me? A Yeti yelled that from a cat. First of all, I was like, great catchphrase. Second of all, I was just like, whatever. They think I'm Jack.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
For our first story, stocks have soared two days in a row because of one sentence a CEO said to Trump. Where do we stand in the trade war? It can be explained by poker. Yetis, trade war almanac day 22. How tariffs are messing with the economy, Jack and I have been keeping track for you from the tariff trenches.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
On Tuesday and Wednesday, Trump made what we're calling the second blink, and investors loved it. All right, Jack, pause the pod, back up a second. Can you please explain the first Trump blink? Two weeks ago on April 9th, Trump shockingly paused all the tariffs that he had announced just one week earlier. And that was the blink. He lowered tariffs to 10% on all countries except for China.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Investors breathed a huge sigh of relief. And then this week, President Trump blinked a second time. Investors breathed another huge sigh of relief. Because Trump pledged to not fire the Fed, which we told you yesterday would have been a terrible idea, and turned the heat way down on his beef with China.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
The latest reports from the Wall Street Journal are that Trump is planning to cut his China tariffs in half. to de-escalate the trade war. The result of that second blink, boom, we saw it in the stock markets. Investors loved it. Stocks rose 6% in the last two days, although they're still down 12% from their all-time highs.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
I'm not that far from Wall Street right now, Jack, and I could hear a huge... You can feel the relief. I could hear the namaste. It's not excitement. It's relief. Now, Yetis, Jack and I got curious. What caused Trump to blink this second time? And we think we have specifically found the answer. It was one sentence from a CEO.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
It's a compliment. I love that story. Thank you for sharing. Does not get any better than that. So whoever that Yeti was, hope you got to the meeting on time. Jack and I whipped up three fantastic stories for you. Jack, what's on today's tea, boy? For our first story, stocks have surged two days in a row because of one sentence one CEO said to Trump. the shelves will be empty.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Because on Tuesday, the executives of Walmart, Target, and Home Depot all met with President Trump at the White House. Basically, all your local mall companies showed up. The only one not invited was Auntie Anne's. And they issued Trump a warning. They said, starting in two weeks, we have to raise prices at our chain stores to pay for your tariffs.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
That was a little scary, but Jack, what was the scary thing they said would happen in two months? In two months, the shelves will be empty, the executive said, because your tariffs are effectively an embargo on everything we import from China. They said our entire toy, appliance, and electronic sections of our stores depend on China. Aisle six will be empty.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Yeah, people will be angry if during Christmas the Nerf football for little Johnny cost 50 bucks when it used to be 25. 50 bucks for foam? But Nick, they'll be furious if the Nerf footballs aren't even on the shelves because of this trade war. What do you mean you don't have any? I need to speak to a manager. Yeti's inflation is the Main Street issue that lost the presidency for Joe Biden.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Trump doesn't want the same happening to him. So we're not even 100 days into Trump's second term, but we are now seeing that his most radical ideas can be reeled in. With the trade war, it was a combination of Wall Street and Main Street doing the reeling in. And one big namaste. this week. So Jack, what's the takeaway for our buddies who are everyone watching the trade war?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
If the trade war is a poker game, did China just call our bluff? Now, yetis, let's hit the poker table right now. In Trump's mind, he probably expected China to beg for tariffs to be ended. To use the poker analogy, Trump went all in with 145% tariffs on our biggest trade partner. But China's looking at the cards and looking at Trump's moves, and instead of folding, China just said call.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Clearly, Trump did not expect that. So what's next? The White House says they're negotiating with virtually every country in the world. All of them. The White House says they're working on a hundred different bilateral trade deals. But you gotta wonder, Jack, whether we have lost leverage in these negotiations to get good trade deals.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Because at this point, Trump's biggest threat, all-out trade war, looks more like a bluff. For our second story, a Kardashian, a yogurt factory, and a beef jerky are all related in one fascinating way. They're driving the top trend in the food industry. Oh, Jack, what's that saying? The devil works hard, but Kris Jenner works harder?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Honestly, Yetis, if you're in the Kardashian family and you haven't launched a direct-to-consumer brand, you're going to get disowned. You're not invited to Thanksgiving this year. Because of the news, Khloe Kardashian, the funniest of the Kardashians, announced her own venture capital-backed snack company actually invested in by Serena Williams.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
It's called Cloud, and Cloud is spelled with a K-H like Khloe's first name is. Because Kris Jenner owns the trademark on the letter K, by the way. Now, the first product of this new cloud snack brand, it's a popcorn. Yes. But it's sprinkled with cloud dust, also spelled with a K-H. A proprietary mix of milk-based protein powder that is covering the popcorn.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
In fact, every snack launched under the cloud brand will feature... Cloud protein dust. It is the secret ingredient to this brand very much, literally. And cloud popcorn, as a result, is going to have twice the protein of typical popcorn. As well as a distribution deal with Target, making it the only popcorn that is growing biceps while you eat it.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
So Jack and I got the perfect poker analogy for the next phase of the trade war. For our second story, what do Khloe Kardashian, Greek yogurt, and beef jerky all have in common? We just hit peak protein. And our third and final story is the hottest trend in the housing market right now. It's not what you think. It's mobile homes.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
If you put your hand in the bag, it will bench press your face. It actually is also part of a broader trend of the feminization of protein. This isn't a tub of protein that you scoop into your shake like Saxon Rattler. But pause the pod for a second, Jack, because this Kardashian protein popcorn ain't the only protein-rich story we've noticed right now.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Chobani, the yogurt company, just said, hold my spoon. That's right, because this private upstate New York yogurt brand revealed their financials publicly for the first time. They make $3 billion in annual revenue last year with $500 million in profits. And Chobani is reportedly planning to IPO again. Plus, Jack, they're building a new $1 billion factory. And why are they doing all this?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Because yogurt sales are surging right now. Faster than you can milk a cow. Yeah. Oh. But pause the pod one more second, Jack, because it's not just that protein-packed yogurt that is jumping in on the protein trend, is it? The fastest-growing snack brand in America right now is Chomp's Beef Jerky. That's right. A beef jerky brand saw their sales triple in the last year.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
They didn't snap into a slim drink. They disrupted it. Okay, so, Jack, I'm going to add all this up right now. We got Khloe Kardashian's popcorn. We got Chobani yogurt. We got Chomp's beef jerky. All at all-time highs. I mean, have we hit peak protein? High protein is the new low calorie. It's like Atkins and Keto had a CrossFit baby.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Oh, and we can back this up even further with the numbers because high protein Google searches also just hit an all-time high. And The Economist magazine says that 64% of Americans... want to eat more protein. So besties, right now, it looks like America wants to sprinkle cloud dust on steak, wash it down with a bite of Saxon Ratliff's glutes, and Jack, I don't know what's going on.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
What is going on, man? These high-protein snacks, they're up not because people are working out more. They're up because of Ozempic. Oh, we're going to need a takeaway. So Jack, what's the takeaway for our buddies who are everyone searching for protein? In the era of Ozempic, we now have permafads. Not permafrost, permafats. Now, yeah, it is.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Jack and I have told you before, the three industries most vulnerable to fads are the three Fs. Fashion, fitness, and food. The three Fs. Whatever the hot trend in those industries are, chances are it's going to be gone in two years. It was just a fad. But here's the interesting thing. For all three of those F-letter industries, that could actually change with Ozempic.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Because the weight loss drug Ozempic is a once-in-a-century innovation, and it looks like it's here to stay. Like 10% of Americans are on it right now. And Ozempic's impact on our bodies, it also affects fashion and fitness and food. Now, we're not saying that Khloe Kardashian's protein-sprinkled popcorn is here to stay. Right, because that's a product that's piggybacking on the trend, right?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
They are literally sprinkling it on. That might be a fad. It sounds like a fad. But yogurt, a product that's been here forever, already existed. It's high-protein appeal. could have permanence in the era of Ozempic. And you already have a behavior buying it. So food, fashion, and fitness have always had a fad du jour. But in the era of Ozempic, we might just get some permafads.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
That's right, the trailer park is trending, and Jack and I will tell you how to invest in it. But yetis, before we hit that wonderful mix of stories... What a mix of stories, baby. I love the mix today, Jack. On Monday's pod, we asked you a trivia question. Yes, we did. What famous comic started as a joke? What franchise started as two guys spitballing every random idea they could think of?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Now, a quick word from our sponsor.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
For our third and final story, mobile homes have gone from ugly duckling of America's housing to beautiful swan. The boom in trailers, both as low price housing and as high return investment. All right, Jack, let's start by sprinkling on some context. 2011, the Atlantic Magazine published a piece calling mobile homes America's fastest dying business. How did that article age?
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Things are completely different now. Yeah, totally different. In 2025, we just saw this article published by Business Insider. It was titled Trailer Park Treasure. Because back in 2011, the trailer park industry had shrank by 70% in the previous decade. But today, the trailer park industry just finished a decade of 60% growth. That's right, besties.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Mobile homes, aka manufactured housing, aka trailers, have experienced a 180-degree turn that would make Joe Dirt proud. From shrinking to growing. And the reason is pretty obvious. Crazy high rent prices and crazy high home prices across America. Trailers are the most affordable way to live. 21 million Americans live in them already, but that number is expected to grow as the industry wakes up.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
And trailers, they're probably recession-proof too. But Yetis, as long as I have known Jack, he has had a deep obsession with land.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
He's loved land. I don't know why you love land, but- I'll tell you why I love land. It is a truly scarce asset. Very acute answer. I wasn't expecting, but I like it. So Jack, because you love land, can you please drop us some numbers that explain this trailer home search? Well, first, let's start with the price of a home.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Because the average price of a home sold in America has been over $400,000 for each of the last four years. On the other hand, a mobile home is one-tenth as much. There's a few interesting reasons why mobile homes are so affordable. First, they're built in a factory. So they get economies of scale as they build more and more of them.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Second, mobile homes are considered personal property, not real estate, which means they're not subject to a real estate tax. Since they're not real estate, you don't have to pay the legal and closing fees, which add up to like 10 or 15 grand on a new house. Right, because with a mobile home, you basically could sell it on Facebook Marketplace or Craigslist.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Seriously, you sell it the same way you'd sell a sofa. Although, Jack, I got to point out that they don't include your favorite thing, land. Yeah, mobile homes don't include land. So before you go buy one... figure out the land you're going to lease, or make sure you can squat in your parents' backyard rent-free. Now, trailers, of course, do have a historic and cultural stigma.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
The answer? It's Teenage Mutant Ninja Turtles. Teenage Mutant Ninja Turtles, it began with two struggling 20-something cartoonists trying to out-laugh each other on their couch. How much of a joke is Tia Menti? Well, each turtle is named after an Italian Renaissance painter. And Jack, each turtle has a psychological obsession, dare I say addiction, to eating pizza. And they're not just turtles.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
They are known as a place of poverty, and that is a serious thing. But even that is changing. Nick, I just read an article in Mansion Global. Which is a real... Not a magazine we subscribe to, but somehow we found this link. It's a real magazine. It was about actress Sarah Paulson's, and I quote, luxury Malibu trailer home.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
Or Jack, I'm looking on Airbnb right now and I can see countless trailers glammed up for Instagram, basically mobile homes that have had some makeup thrown on them. Another sign that the stigma of mobile homes is going away? Trailers used to lose value over time like cars, but now they don't depreciate anymore. They appreciate like homes do.
The Best One Yet
💪 “Peak Protein” — Kardashians’ protein popcorn. Trump’s empty-shelf warning. Trailer Parks’ Millennial moment.
So besties, chances are you yourself individually are not looking to live in a trailer. A small percentage of Americans are. However, that does not mean you cannot invest in the trailer trend. Which leads to our takeaway. So Jack, what's the takeaway for our buddies who are everyone curious about the trailer trend? We found three ways to invest in mobile homes.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
This is Nick. This is Jack. Welcome back. It is Monday, May 19th, and today's pod, out of all the pods, is the best one yet. This is a T-Boy. The top three pop business news stories you need to know today. But first, a quick question. Besties, do you want a free Yeti cooler? All you got to do is take our semi-annual T-Boy survey.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Well, we don't look at their stock and we don't look at their market cap either. We look at their market cap per location. Exactly. That's how you can compare two things of different size and different maturity. So you take the total value of the company and then divide it by the total number of locations. And that lets you compare two companies apples to apples.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Sweetgreen is worth $2 million per location. Chipotle is worth $20 million per location. but Kava is worth $30 million per location. Wall Street gives Kava this high valuation on the belief it'll grow faster than your fast, casual bowl competition. After all, Kava only has one-tenth as many locations as Chipotle does.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Which is why, based on our analysis, apples to apples, Kava is 50% more valuable than Chipotle.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Lululemon's Align Leggings turned 10 last week. They invented athleisure. And their story is a reminder that you should let go of what you can't control. For our second story, Chime has filed to IPO. The stock should begin trading in about two weeks or so. And Chime is trying to be the McDonald's in banking because every industry needs its McDonald's. And our third and final story is Kava.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Their sales grew 11% last quarter, while competing healthy lunch bowl chains, drank. And that's why Apples to Apples Kava is worth 50% more than Chipotle. But yetis, this pod's not over yet. Here's what else you need to know today. First, the CEO of Ozempic maker Novo Nordisk is stepping down. Apparently the Ozempic inventor needs a turnaround.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
You gotta hydrate like a bougie adult. Number three is AirPods. You gotta listen to podcasts all the time. Number four is the Kendra Scott necklace. Welcome to your 20s. You earned this necklace. But the fifth most popular graduation gift, what is it, Jack? A book. Specifically, Oh, the Places You'll Go. That's right. Dr. Seuss's book is the fifth most popular searched graduation gift. Yeah.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
One year ago, Novo Nordisk was the most valuable company in Europe. But in the years since then, compounded versions of their weight loss drug have eaten away at their market share. So Novo Nordisk is down 50% as hims and hers soared selling a cheaper version. And second, Christopher Nolan's next big movie? The Odyssey, which is going to be his hugest film yet.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
This sounds amazing, but here's the surprise. The whole film is filmed on IMAX film. In fact, the IMAX company, a publicly traded business, by the way, made new cameras specifically for this movie. That's what it needed. And the role of Odysseus? Who is it, Jack? Matt Damon. Yeah, we didn't get it. Is Ben Affleck thrilled or pissed about that role?
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And finally, Harvard University just made the biggest accidental discovery in their history. They have an original of the Magna Carta, and they didn't even realize it. Get this, in 1946, Harvard Law bought a copy of the famous British document for 27 bucks. They just thought it was a fake copy. They thought it was a copy.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But they just discovered that it's actually one of seven original versions, so it's actually worth 20 million bucks. Now time for the best fact yet. This one whipped up by Jack and I for Monday Trivia. It's on LaCroix. Here's the question. Who invented sparkling water? Yeah, like who first put bubbles into your H2O? What was the company? What was the business? Who was it, Jack?
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Mother Earth did that. That's a good point. Carbonated water comes naturally in certain springs. But Jack, who was the first to discover this and essentially commercialize it? Hippocrates. That's right. In 400 BC, the famous philosopher Hippocrates found carbonated water and determined it had healing properties.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Hippocrates, by the way, is where the Hippocratic Oath comes from that every doctor must swear to. And in tomorrow's show, we'll reveal why we're asking questions about sparkling water. A certain company from Wisconsin, 2,000 years later, scaled hypocrisy's discovery. Yetis, you look fantastic today. And you'll look extra fantastic when you fill out our survey.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
It takes three minutes and you could win a Yeti core. Nick and I are going to pick it out. Or maybe we'll let you pick it out, actually. Yeah, maybe we'll do both. Yeah, we don't know. But either way, we should let you know, one of the best things any business can do actually is surveys. Jack and I are big believers in them.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
That's how you understand what everyone's thinking about what you're doing. We want to hear your positive feedback, any negative feedback. Let's make this show the best one yet. You can whip up your takeaways on our takeaways. We got a link in the episode description. Jack and I will see you tomorrow. And before we go, a shout-out to Rich G for a correction on our podcast.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Rich points out that DreamWorks movies will be licensed to Hulu, not Disney+, which we'd said on Friday. Happy birthday to Miranda on Spa from Coeur d'Alene, Idaho, who's on the way back to work right now. And Jesse Delfonso down in Hotland, Atlanta, past the Series 65, big-time Yeti recruiter. Love you, Jesse. Happy birthday.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Happy birthday to Morgan McQueen in San Francisco, who's hiking the Inca Trail down in Peru. Oh, keep crushing it, Morgan. Oh, and then the creator event that I spoke at yesterday. I met a couple of Yetis in the crowd, Jack. Ramon, a lifestyle influencer, and Gracie, a designer influencer. Guys, thanks for being Yetis. Thanks for attending the talk.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Congratulations to Anne and Charlie Warren for having a baby girl. Catherine Beecher. And Guillermo, you're going to be a fantastic big bro. Congratulations to Gabriella Gibson, who's graduating from the Wharton School and is now traveling abroad. I love how you said that, Jack. And Owen Moynihan is graduating from the Catholic University. Congratulations, Owen.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And congratulations to our good buddy, Nick Marino, who had a valiant effort in Jeopardy on Friday last week. Okay, we want to point out, Nick actually answered the majority of questions. He only lost the very last minute. He basically won the show in our opinion. This is Jack. I own stock of Disney, Kava, and Ford. Nick owns stock of Lululemon, and we both own stock of Chipotle and Robinhood.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
In fact, this was Dr. Seuss's very last book, published back in 1990. He was 86 years old when he wrote this book. And it turns out, Oh, the Places You'll Go is now the best-selling book in May and June nearly every single year, according to Bookscan. It sells 200,000 copies every graduation season. And this book is nearly 40 years old.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
If you like The Best One Yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music. And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey. We want to get to know you.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
The wild thing for Jack and I, Dr. Seuss never intended this book to be a graduation tradition in the first place. Yeah, it was Walmart, Target, and Amazon who started promoting this book as a graduation gift. Classic. But now Dr. Seuss' final rhymes are the go-to grad gift. and they make $7 million every spring for the Dr. Seuss estate.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
So to all the Yetis out there graduating, you have brains in your head, you have feet in your shoes. Let's hit our three stories of the best business news.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
We drop it only twice a year, and you might win that free Yeti cooler. That's right. We want to hear from the besties so we can make this the best show yet for you. So click the link in the episode description, take our three-minute survey, and you could win a Yeti cooler. But in the meantime, Jack and I whipped up three fantastic stories. Jack, what's on today's pod?
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
For our first story, Lululemon's Align Leggings. They turned 10 years old last week. Women wear leggings all day, in office, at the brunch, at the gym, and it's all because of these leggings. Because feel matters more than form. But first, yetis, every brand, every great brand, has a hero product. Absolutely. Jack, let me read them off the whiteboard for you. Sony has PlayStation.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Ford has the F-150 truck. Glossier, they got their boy brow. Lululemon has Align leggings. Yes, they do. It's not just a product, it's a franchise. Besties, the reason Lulu is a $40 billion company today. The reason they invented athleisure. The reason this brand disrupted the downward dog. The Align leggings. It's the Aligns. Look, Lulu popularized yoga pants when they launched back in 1998.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But it was the Align legging back in 2015 that was the first with a new versatile fabric that worked for bar class and for brunch. Before the Align leggings, you'd have to shower after a workout. You couldn't go into the office in yoga pants. You'd have left your leggings back in your Pilates locker.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But after the Align leggings, post-Pilates, you could stroll right to your desk and nobody would turn ahead. And now you can't sip a latte without seeing eight ladies wearing Align leggings out there. Well, last week was the 10th anniversary of the launch of the Align leggings, Lululemon's first billion dollar product. And here's the wild thing Jack and I noticed about Lululemon stock.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
It only started blowing up in the years after Align. So besties, add it up. And this isn't a hero product. This is a goddess product. So Jack and I got curious, how did Lulu create it? Turns out their R&D lab focused on the science of feel. And what exactly is that, Jack? How do you feel as a customer when you first touch the product in the store? Okay, now here's the important contrast.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
At this time, Under Armour was living its best life. UA was all the rage. Get in this house. They focused on on-field performance. Technical apparel. On the other hand, Lululemon bet on how you feel being more important than how you perform on the mat. That drove them to develop this new fabric. It's called Nulu. And the moonshot goal of Nulu was to make it feel... like a rose petal.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
That was the ambitious goal here, was like, you know that feeling on the rose petals, like soft? Pretty amazing. There's a reason you buy a huge bag of rose petals to propose to your fiance. And then stick your face in it. So Jack, what was the result of this science of feel strategy? By focusing on feel instead of form, women wore these pants after their workout, outside of the yoga studio,
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Not for SoulCycle class at all, just as a daily thing to wear. So it appears that philosophy of feel opened the door to wearing leggings all day, becoming a cultural phenomenon. And that's why we say it was this specific pant that invented the modern athleisure category. On the other hand, no one's going out for Bloody Marys in Under Armour or wearing sweat-wicking gear to the boardroom.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
For our first story, 10 years ago, Lululemon's Align Leggings invented the athleisure category. So Jack and I will tell you the surprise reason Align Leggings became a billion dollar brand. For our second story, Chime, the online bank that swears it's not a bank, just filed to IPO. Because Chime is the McDonald's of money. And every industry needs its McDonald's. And our third and final story.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Will you protect this house? No, no, we're okay, thank you. Yetis without the Align legging, Lulu would probably just be a hoo-hoo. But there was one other key to this product's success. Nick, were you Dr. Seuss's understudy? Been training for this moment my entire life, Jack. So what's the takeaway for our buddies with the Lulu Align Legging? It's advice a yogi told us, ironically.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Let go of what you can't control. Yetis, there is one surprise factor that also caused Lululemon's Align leggings to take off and be worn all day. It was something Lulu couldn't predict and couldn't control. It was skinny jeans. Yeah, back in 2015, skinny jeans were the pants in style. Every millennial lady had like six pairs of Madewell.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And by chance, Lulu's Align leggings had a similar silhouette as tight-fitting jeans did. Which meant you could wear the same tops with your new Lulu Align leggings as you could with your existing pair of skinny jeans. The result? It was so easy to buy these leggings because it was compatible with your existing wardrobe. Exactly. So Lulu, they could have never predicted this twist.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But owning skinny jeans, ironically, helped drive sales of Align leggings. It's a reminder that when it comes to launching products, there's going to be stuff that's just outside your control.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
For our second story, Chime, the banking app, just filed to IPO. So we jumped into the paperwork and discovered something wild about an NBA basketball team. We'd also argue that Chime is the McDonald's of banking because every industry needs a McDonald's. So Jack, what is the hottest area in tech right now? Well, if you asked AI, they'd say it's AI. But we would say it's fintech.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Financial technology is booming right now. Robinhood stock has tripled in the past 12 months. Coinbase is joining the S&P 500. eToro just IPO'd, and the stock is sitting up 20%. Which leads us to Chime, the online banking app that filed to IPO just a few days ago. So over the weekend, we jumped into the financial paperwork.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And now Yeti's Chime is a green-colored banking app, just like, you know, every fintech app out there these days. And they offer a long menu of banking products and services like checking accounts, savings accounts, loans, credit cards. And here are the key numbers. $1.6 billion in revenue, not quite profitable yet, but the losses are shrinking fast.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And in 2021, when they last got a fundraise, they were valued at $25 billion. Funny thing, they mentioned the word bank 931 times in their IPO paperwork. Hilariously, though, the first time they used the word bank was to say this, Chime is a technology company, not a bank. But then they said bank 930 more times.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
So Chime, they're telling consumers they're a bank, but they're telling investors they're a tech company. Yeah, we want a tech multiple, not a banking multiple. But here's what Jack and I found fascinating. The biggest surprise in the numbers was basketball. Chime paid the NBA $33 million. Yes, they did. Get this, Yetis.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Right as the company filed to IPO, they also became the jersey sponsor of the Dallas Mavericks. And that's symbolic of big marketing spend for this little growth company. In fact, we noticed that Chime dropped 500 million bucks on sales and marketing last year. Not too shabby. That's 31% of revenues, though.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Okay, so what we mean by that is that for every dollar Chime made, they spent 31 cents on ads, commercials, or sponsorships. I'm going to sprinkle on some context. I would love for you to sprinkle on context, Jack. Coinbase spends 10% of their revenue on sales marketing. Robinhood spends less than 10%. And JP Morgan spends just 2% of their revenue on marketing.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Meanwhile, our buddies over at Chime are dropping 31% of their revenues on these marketing initiatives. They actually mentioned the Dallas Mavericks 10 times in their IPO. Is Mark Cuban the CEO? I think Dirk Nowitzki is like a Chime power user, Jack. No, it's pretty ironic, actually, because Chime is a fintech company. They're trying to teach, like, financial responsibility.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
And then they go and splurge on self-promotion. Honestly, I respect it. Treat yourself, Chime. You're going public. Splurge, splurge, splurge. Now, Chime would tell you that they're a growth company. They got to spend money to get their name out there, ultimately, so they can make money down the road.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But, Yetis, there's also another reason why Chime's revenue is surging right now, and they're going public in this economy. And the answer is not Dirk Nowitzki.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
So, Jack, what's the takeaway for our buddies over at Chime? Every industry needs its McDonald's. Yet he's the CEO of 1-800-Flowers. One said that he started his flower business because there was no McDonald's in flowers. He was talking about McDonald's unique value proposition that disrupted fast food, actually invented fast food, 80 years ago. And here it is.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Of all the food chains in America right now, one is thriving. Who is it, Jack? Kava. Kava! Why is Kava beating Sweetgreen and Chipotle? Well... Jack and I are going to serve up the answer for you. But yetis, before we hit that wonderful mix of stories. I mean, no one's doing this mix. Love this mix, Jack. The top Google search happening right now. What is it, man? Is graduation gifts.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
McDonald's was the first low-priced, consistent, scalable, prepared food concept. We'd argue the McDonald's of fashion, though. is Old Navy. They're low priced, consistent, and scalable. And the McDonald's of working out is Planet Fitness. They're low priced, consistent, and scalable. And we'd argue the McDonald's of banking is Chime. Yes.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
They're low priced, consistent, and could scale across the whole country. And now, of course, Chase, Bank of America, Citi, Wells Fargo, they think they're the McDonald's of banking. But Chime, Chime is internet first. Chime's menu of low-priced banking products with an engaging brand that's green, they're the McDonald's of money.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Because there is an opportunity in every industry to become the McDonald's.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
For our third and final story, Kava is the only food chain defying the economic vibe session. We'll tell you why, apples to apples, Kava is crushing the fast casual competition. But Jack, in order to tell this story, can you please set the scene for us June 2023? We covered the Kava IPO. Ironically, we covered it on the same day we interviewed Sweetgreen's co-founder. Awkward, but it was fun.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Awkward because Kava and Sweetgreen are both competing against Chipotle for your lunch bowl order. Every single day. Millennials, we sit at our desks and we eat bowls. That is what we do. Bread, wrap, man, that's empty calories, my friend. Customizable lunch bowls from Chipotle, Kava, and Sweetgreen. They hit the three circle Venn diagram sweet spot. I know what you mean, Jack.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
It's like health, cost, convenience, boom. All three brands are right in the middle of that thing. In like 12 minutes, you get all the nutrients you need while you're still like reading an earnings report. Well, interestingly, one year ago, all three of those fast casual stocks were actually at all-time highs.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Another good thing about bowls, you eat them with forks, which means you're less likely to get messy. I know you're a sport guy, Jack. Don't sell a short over there. And when those stocks were at all-time highs, it looked like there was room in this economy for a Mexican bowl, a Mediterranean bowl, and a shroomami bowl to exist peacefully.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Ah, graduation gifts. The tradition of writing a check to your nephew after four years of them partying at Sig Sig App. They get diploma, you give gift. You got degree, they give money. The trending graduation gifts this year. What are they, Nick? Oh, Jack, it's good. The fifth one's a surprise, but number one is a laptop. That pairs well with an entry-level job. Number two is a Yeti water bottle.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But in the past 12 months, Sweetgreen and Chipotle have shrank. Yes. But Kava? they have only accelerated even faster. Like feta cheese, baby, kava has got big tahini energy right now. So we jumped into the numbers. The vibe session is hitting Chipotle and Sweetgreen really hard. Yeah, sales at both those chains actually fell last quarter. And the reason? It's got to be this.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
Consumer sentiment in the U.S. has fallen for five straight months. Yeah, in May, we actually had the second lowest consumer sentiment vibe ever. The only lower point was June 2022, when inflation and interest rates were crazy high. And we're seeing this in the brown bag effect that Jack and I told you about. Office workers are bringing lunch from home...
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
But Kava just announced earnings that made us ask for more hummus, baby. Extra hummus, because it's not extra. The average Kava had 11% sales growth last quarter. Even wilder, kava customers are upgrading their bowls. They're splurging on pita chips and juice right now. Despite this economy, kava fans are going full treat yourself, and they're earning extra muamara, even though that costs extra.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
A baba ganoush is mine. But besties, there is an explanation for this, and it is strategic kava prices. Although kava bowls cost 15% more than chipotle bowls on average, that delta is narrowing. In fact, Kava's CEO said in their earnings last month, we are a port in the inflation storm. Kava has purposely kept their pricing slower than inflation.
The Best One Yet
🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.
On the other hand, Chipotle, they're basically shrinking their burritos down to the size of an hors d'oeuvre. And they've raised prices seven times since 2021. I know the guac is extra. So Jack, what's the takeaway for our buddies over at Kava? Apples to apples, Kava is 50% more valuable than Chipotle. So yetis, how do a couple ex-finance guys like Jack and I compare Chipotle to Kava?
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
This is Nick. This is Jack. Welcome back. It is Monday, April 7th, and today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Jack, welcome back. How was your weekend, by the way? You're looking so good. I tried to forget what happened on Friday. Breaking news. News, Jack.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And the best part about this, the same tracking software also revealed a change in how you're getting all that work done so productively. The typical worker gets work done in sprints. You're now sprinting. We're all doing these 24-minute spurts of energy to get stuff done. We're pumping out the PowerPoint in 24 minutes. and then surreptitiously checking our social media feeds.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So besties, add it all up, and you're leaving work 42 minutes earlier on a Tuesday than you used to, and you're getting more done? There's actually a catch, Nick. Yeah, there is one catch. Although I'm very excited for this knit sweater you're going to get me, Jack. I'm very pro. Hey, where's my yak sweater, bro? Tariffs, man. Trade war, man. Come on, Jack.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
What's the takeaway for our buddies over at work? Everyone is now a weekend work warrior. Yetis, the catch is that while you're working less on weekdays, you're working more on weekends. Wah, wah. The data shows that logins, slacks, emails, and Zoom meetings are all on the rise on the weekends.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
You're leaving early on Wednesday for the mani-pedi or the driving range, but then you're opening up your laptop on Saturday mornings. So we're checking out earlier Monday through Friday, but we're making up for it Sunday morning. That's right. Now, part of this is technology now enables it. Maybe you're using AI as well. And part of it is just offices are more flexible these days.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Specifically, a tech CEO's leather jacket. The leather jacket worn by Jensen Huang is now its own fashion category. It's like the Earl of Cardigan got a shirt named after him. Well, the CEO of NVIDIA now has a jacket named after him. Steve Jobs had his turtleneck, Zuckerberg had his hoodie. But Jensen only wears one thing, a black leather jacket.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Yeah, they're saying get the work done. As long as you get it done, I don't care when you do it. And if you like your work, then none of this is an issue at all. It's a blast to do. We love doing work on weekends, in fact, too. Either way, work now looks like peanut butter. It's getting spread out. Work is now spread out like peanut butter on a seven-day-long piece of life bread.
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Put that on a poster. So, besties, you're now leaving work 42 minutes earlier on weekdays, but you became a work weekend warrior. Jack, could you whip up the takeaways for us to kick off the week? On Friday, the world retaliated against Trump's tariff bombs. We may be entering a pan session. And the American stock market depends on Berlin, Bangkok, and Buenos Aires.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
For our second story, Chipotle went on a seven-year quest to find a tariff-free avocado. Valiant effort, but it ultimately failed. Chipotle, it's now a case study. Made in America just ain't always possible. And finally, us Americans are finishing work at 4.39 in the evening, 42 minutes earlier than just two years ago. But we're also now working on weekends. We've all become weekend work warriors.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
But yetis, this pod's not over yet. Here's what else you need to know today. First, as expected, President Trump delayed the deadline to sell TikTok another 75 days. So Congress passed a law to ban TikTok. The Supreme Court affirmed that law. But after two 75-day delays of the enforcement, Kind of wondering if the lie even matters right now, Jack. Does the lie even matter?
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Plenty of American investors do want to buy it, but China won't sell it. Jack and I still have an outstanding bid, although that is confidential information. Besties, please do not share that with anyone. T-Boy Quine, it's as good as money. And second, the chairman of the Federal Reserve is the most powerful six-foot man in finance.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Everyone's asking, will he save America from a recession by cutting interest rates? Well, President Trump has demanded the Federal Reserve cut interest rates as it could boost the economy. But he said no. On Friday, he reiterated inflation is the number one concern for the Fed, and tariffs are actually likely to exacerbate that.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
As a reminder, the Federal Reserve is set up to be apolitical, so they don't take orders from Congress, the White House, or anybody. And finally, Minecraft the movie premiered over the weekend. Jack Black. Loves his video games. Yeah. Now, the Minecraft movie actually continues the trend we've noticed of movies named after commercial products. First, the Barbie movie. Yeah, yeah.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Then the Blackbird movie. Then the Pop-Tart movie. Now the Minecraft movie. Or as Jack and I call these, Com-Coms. Company comedies. Yeah, they're all comedies, aren't they? Yeah, they are. But our prediction for what's next, what do we think, Jack? The Kool-Aid movie. Yeah, Kool-Aid movie. If you know, you know. Time for the best fact yet.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
This one whipped up by Jack and I because we got some Monday trivia for you. Trivia. There is one candy in America that originally took 27 hours to make. That's right. 75 years ago, this candy was handmade by a group of old German women over in Pennsylvania. And to make each individual candy, it took those frowns 27 hours.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So, besties, we ask you today, what candy was made by hand and took 27 hours to finish each single small one? Leave your guesses in the comments. Drop them down there. By the way, hint, you're going to overdose on them pretty soon. Next Sunday, actually.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Yeah, and the answer to that question will be revealed on tomorrow's show because it's also the subject of the next episode of our weekly show, The Best Idea Yet. Yetis, you look fantastic over there. Jack, you are looking fantastic as well. I'm not sure what movements you are doing right now, but I appreciate it. I like it. I kind of wish we got to go on a seven-year avocado quest.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Your Eldorado analogy was great. Okay. I mean, it was mythical. It was mystical. And apparently it doesn't exist. Yetis, remember to tell your buddies, H-Y-H-T-B-O-Y. Drop it when you're talking to someone today on Slack. That is how we grow the show. And try not to panic about the stock markets. Nick and I are suffering too. We've seen downturns. They've always come up eventually.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
In fact, demand for the Jensen jacket is higher than demand for NVIDIA chips these days. Want proof? Nick and I found 21 different retailers who now sell the Jensen jacket. Jack Victoria now sells a Jensen jacket for 97 bucks. Wilson sells a Jensen jacket for 92 bucks. The product description literally says, be the boss of the fashion world.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
No guarantees, but we're staying in it. Yeah, hopefully Atlantis cancels the seafood tariffs. In the meantime, have you heard the best one yet? And Jack and I will see you tomorrow. And before we go, a happy seventh birthday to Yeti Avery Kenneth, celebrated over in Berlin, Massachusetts, with the best birthday yet. And happy 50th birthday to Microsoft. Wow. I can't believe they're 50 years old.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
You barely look older than version three. And a happy congratulations to Yeti Rick Finley, who's got a new job and a promotion down in Dallas, Texas. Congratulations, Rick. And a big shout out to Rachel Hauer, our creative director, who just finished an epic race out in California. And she finished first. No matter what, we are 100% certain she finished first.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And besties, if you want to get a shout out on this show, or if you've got the best fact yet, we've got a link in the episode description. Just click and add it right now. We'll get it for you. And Nick and I will see you tomorrow. Can't wait. This is Jack. I own stock of Levi. And Nick and I both own stock of Chipotle, ETFs of the S&P 500, and some Bitcoin. Bitcoin named Ben.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Come here. We'll do a quick cameo. Quick shout out to my son who just crashed the podcast.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
I was going to say it's a dragon.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Beautiful. Well done, Wada. I'm going to finish the pod with that. Give me one second. If you like the best one yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music. And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
We want to get to know you.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Now we should point out, Jensen may be the wealthiest guy who wears this leather jacket. As the largest shareholder of a $2 trillion Nvidia company, Jensen is worth $97 billion. But he's not the first. noteworthy person to rock a black leather jacket. No, let's sprinkle on some context, Jack. I believe Arnold Schwarzenegger in Terminator. Marlon Brando in On the Waterfront.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And Jack, how about, hey, the Fonz. Arthur Fonzarelli basically invented the black leather jacket. So besties add it all up and we're calling the Jensen leather jacket craze nerdcore. If you can't afford Nvidia chips, if you can't afford Nvidia stock, you may be able to afford in video fashion. Well, let us know if you see a dupe out there. Jack, let's hear our three stories.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
The White House just announced new tariffs on Atlantis, the lost undersea civilization of Atlantis. Yetis, all joking aside, last week was the worst week for markets in five years. Poseidon, the Greek god of the ocean, has now put retaliatory tariffs on America. Nick, I said all jokes aside, we'll be here to cover all the news as long as this crisis is happening. But yetis, don't panic.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
For our first story, last time stocks fell so much so fast was the pandemic. We may be entering a global recession. Because of the trade war, we may be entering a pan session. Pan session. But yetis, in order to understand a pan session, let's dial back the clocks to 1930 when President Herbert Hoover signed the Smoot-Hawley Tariff Act in America. With those tariffs, he was trying to protect U.S.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
industry. Instead, he started the Great Depression. Well, 95 years later, that's kind of how things felt on Wall Street last week, didn't they, man? Trump's Liberation Day sent stocks into a bear market. Okay, let's talk numbers here, Jack. The S&P 500 is now down 17% from its February highs. The tech-heavy Nasdaq is in bear territory. It's down 22% from its February highs.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Yeah, and I've been searching for green in the stock market charts. No one was spared, apparently, except for McDonald's stock, which was up. Even Bitcoin is now in a bear market, down 21% as of this recording. How's your portfolio, Greg? Gone to quite gone. Just on Thursday and Friday, stocks fell by 10%. It was brutal. Well, besties, we've been following all this with you every day.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And on Thursday's show, we said that this was the nuclear bomb of the trade war. On Friday's show, we covered the fallout by showing you the iPhone tax. And today, we're going to look at the international response to everything that's been happening. Because all signs point to a global recession coming, or as we call it, a pan session. Now, yetis, here's the situation right now.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
If President Trump dropped a tariff bomb on the trade war last week, then the world responded by tariff bombing right back. Investors hoped for de-escalation, negotiation, maybe some kind of a trade war truce last week, but instead they got the opposite. Jack, let's go across the map. China retaliated tit for tat on Friday with a new tariff on Made in America goods.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
France's president urged French companies not to invest in the United States, to not give Trump what he wants. New Orangina factory in Ohio? Not possible. The European Union is now discussing the first ever digital tariff, basically a tax on any American tech services Europeans use. You want to use Google Cloud over in Belgium? Well, you're going to have to pay 20% more for the honor to do so.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And finally, Canada's outspoken new prime minister said, the 80-year period of the United States being the economic leader of the world is over. Now, besties, it is possible that all-out trade war could have been averted over the weekend if the foreign leaders had caved. But they didn't. They stood up to Trump's aggression instead and tariff-bombed him right back.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
In fact, now JPMorgan Chase thinks the chances of a global recession are up to 60% likely. A pan session. Now, yeah, these are the last two pan sessions we've experienced were caused by, first, a financial crisis. That was in 2008. And then a health crisis. In 2020. But this one, this pan session, this would have been caused by a political crisis. Now, JPMorgan did hedge-
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
that the global recession would only come if Trump's trade policies are sustained. So Jack, technically, all of this could be resolved by a single press conference that Trump could hold in the Rose Garden, canceling all the tariffs. But in the meantime, your buddy at brunch may be going recession brunette. Check that hair color over there, Yetis.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
We have seen and experienced downturns before. Plus, we've got three fantastic stories ready today. Even if Atlantis taxes our seafood. Jack, three fantastic stories for the show. What do we got on the pod? For our first story, the trade war just caused the worst week for the global stock market since the pandemic. Everyone is wondering about a recession, but we're wondering about a pan-cession.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So Jack, what's the takeaway for our buddies who are everyone in America? The American stock market depends on Berlin, Bangkok, and Buenos Aires. We'll explain. Yetis, here's a hero stat that might shock you. For the 500 companies in the S&P 500, 40% of their revenues come from abroad.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
The S&P 500 is the stock market index of the 500 biggest public companies in America, and 40% of their sales happen in countries that aren't America. That's a lot of sales. And all these sales are now at risk in two major ways. Jack, what's the first one? First, countries are tariffing products that are made in the United States.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Harley-Davidson's, they're now double the price over in Europe because of these new tariffs. Second, anti-US sentiment is all over the world right now. resulting in boycotts of major U.S. brands. Levi's jeans, they are iconically American on Bruce Springsteen's butt, the perfect way for Canadians to protest.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And that's why the stock market tanked so hard last week. For our second story, back in 2018, Chipotle embarked on a seven-year journey to find the tariff-free avocado. Let's look closely at how Chipotle fared, because every American business faces the exact same dilemma right now. Free. Yet he's in President Trump's first term. He started dabbling with this whole tariff idea.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And that's when Chipotle realized, wow, we are vulnerable. Chipotle freaked out because, get this, Chipotle buys 5% of all avocados Americans eat. That's one out of every 20 avocados. We are consuming them at Chipotle. And 90% of America's avocados are imported from Mexico. Okay, and this is why Chipotle is extra freaking out.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Because apparently we've got a real big appetite for guac, bigger than you realized. Half of all orders at Chipotle add guacamole. Half of them. And that means Chipotle has to source 132 million pounds of avocados every year. So that's why back in 2018, when President Trump said, we buy too much stuff from Mexico, Chipotle issued a code red. Or is it code green? It's a code red.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Let's go with code red, Jack. That's when Chipotle began an expedition to El Dorado. And? A quest to a mythical world looking not for gold, but looking for the elusive, tariff-free avocado. They were trying to diversify from Mexican avocados. Yeah, that's what they were trying to do.
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And they set up a team to identify six countries near the equator that might be able to support avocado trees year-round. Chipotle was kind of like avocado missionaries, right, Jack? Kind of going out there, preaching the good word of the avocado. No, they literally went to South America and started evangelizing the avocado in places like Nicaragua, Guatemala, and Ecuador.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Chipotle created like an entire avocado diaspora across the equator. It was unreal. But one problem. Americans are avocado snouts, it turns out. Yeah, besties. We jumped in T-boy style. It turns out there are over 50 types of avocado in the world, but we Americans only like one type. And what is it, Jack? We only eat the Haas avocado. That's the one with more oil, more flavor.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
It's the green that we expect an avocado to look like. It looks good on Instagram. On the other hand, Jack, I used to do some work down in Peru. They've got these huge avocados. It's like the size of your head. No, an avocado that big would be off-putting. Yeah, yeah. Well, it's bigger. It's got less oil. It's lighter. It's not an appealing avocado for Americans.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
For our second story, Chipotle is actually the biggest buyers of avocados in America. They purchase one out of 20 avos that Americans eat. And Chipotle just finished a seven-year quest for a tariff-free avocado. And our third and final story, Americans now leave work 42 minutes earlier than they used to. We see you. 4.39 p.m. is now the magic number.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So Chipotle, an American fast casual restaurant chain, dedicated research and development people plus weather experts to figure out how can Peru grow an avocado, a Haas style, just like Mexico. Add it all up and I got to know, how did Chipotle's mission work? Pretty well. Turns out now in Peru and Colombia, they can grow American preferred varieties of avocados. Thanks to Chipotle.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Thanks to the seven-year quest for the mythical tariff-free avocado. Plus, Chipotle is also the buyer of every avocado that California can grow. Apparently, Chipotle is the biggest bidder of Made in America avocados. Now, Jack, I love this tall tale we're telling right now, but I got to pause the pod for a second.
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
After everything we just said about the terror-free avocado that Chipotle discovered, why is their stock down 10% in the last week, 20% so far this year? Because of our takeaway. Oh, yeah. So, Jack, what's the takeaway for our buddies over at Chipotle? Chipotle is a case study. Made in America isn't always possible.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So, Yetis, after this seven-year journey for the tariff-free avocado, was it a success? Well, Chipotle does still depend on foreign trade for all their avocados. Five years ago, 85% of Chipotle's avocados were from Mexico. Today, still half are imported from Mexico. So that's progress, but it's not perfect, and it's still kind of a problem.
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
It's a problem because Trump's 25% Mexico tariffs will cost tens of millions of dollars in extra costs every year for Chipotle. And as of last week, Peru and Colombia also just got hit with 10% tariffs, and Chipotle, they didn't expect that seven years ago when they began their quest. Their whole missionary expedition to South America was kind of a waste.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Well, last month, Chipotle pledged to not pass on the cost to the consumer. Your guac will still be extra, but it won't be extra extra. But if these tariffs last a long time, they might reconsider on that. After all, their stock is down 20% this year and 10% just Thursday and Friday.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Now, Trump says that he wants overseas production to come to the United States, and in some cases, that is possible. In other cases, it's simply not possible. And those cases are more than you might realize. So it turns out the tariff-free avocado was like the mythical golden city of El Dorado itself. It just didn't exist. Chipotle is a case study. Made in America isn't always possible.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
For our third and final story to kick off the week, 4 o'clock is the new 5 o'clock, baby. You're leaving work 42 minutes earlier than you used to. But there is one catch to the new American work week, and it's explained with a peanut butter metaphor. Yeah, it's explained by Skippies. Yeah, Jack.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
But there is one little catch to you leaving work early, and it's explained by peanut butter. But yetis, before we hit that wonderful mix of stories. What a mix of stories today. Love the mix, Jack. The hottest new fashion item right now, what is it, Nick? Jack, it's not a handbag, it's not a sundress, and it ain't a cute top either. It's a leather jacket.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
So funny thing, besties, Jack and I were talking about the story and like, remember every movie from the 1980s? Like Jack, there'd be a steel mill who would like blow a whistle at 5 p.m. And that was the signal that work's done. The boss says work is done at five o'clock. Jimmy Buffett says it's five o'clock somewhere. Even Dolly Parton talks about her nine to five.
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Five has always been the number that work ends at. Five, five, don't round up, don't round down. But the new magic number is actually 4.39 p.m. More specifically, that is, in 2022, the average American clocked out of work at 5.21 p.m. But in 2024, it's 42 minutes earlier. That's right. The average American workday now ends at 4.39 p.m. That is 42 minutes earlier than just a couple years ago.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
And that's all according to a software company that tracked 200,000 employees across about 1,000 companies. And nothing creepy about that. We all probably accidentally opted in. But 42 minutes over five work week days? That's three and a half hours a week that you now have you time. Yeah, it is the wildest part about this entire story, though. What is it, Jack?
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🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
Even though we're clocking out early, we are getting more work done. That's right. The same software company discovered that while hours of work are down, productivity is up, baby. Get this guy raised. Now, the software company measures productivity based on computer activity. I don't know. I guess keystrokes and mouse movement is correlated with work done.
The Best One Yet
🌎 “Pan-cession” — Global recession risk. Chipotle’s tariff-free avocado. Clocking out at 4:39pm.
But still, we repeat, we are now pumping out 2% more work in 42 fewer minutes. Tell Frank from finance to get off your back, right? Yeah, you got him that TPS report like three hours early. Carol in accounting left work at 4.39 for Pilates. but she already finished the presentation.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
This is Nick. This is Jack. And today's housing pod is the best one yet. Our top three stories about the housing market of the last year. Besties, Nick and Jack here. And if you're here in this episode, then Jack's baby just came. Jack's on paternity leave right now. I'm elbow deep in diapers, Nick. I know, I know. You're doing well.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
People aren't buying, people aren't selling homes right now. And the result is that millennials and Gen Z are renting at much higher levels than previous generations at the same age. And that rent, it is historically expensive. What's the data, Jack? Americans are spending a record high percent of their income every month on rent.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
On the other hand, Jack, let's head over to that Margaritaville bar down in Texas. What's going on down there? Americans 55 and older own 70% of the country's wealth, which is up from 50% of the country's wealth 35 years ago, according to the Fed. So yet he's added all up, and it is easy to be envious, even resentful, of Boomer Bob playing his third shuffleboard game at his second home.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
In the 90s, you could buy like all of Tribeca for the price of today's latte. Today, you need a guarantor to rent a space for a scooter. It's ridiculous. It is ridiculous. In this economy, the housing market ain't moving. But on this podcast, we've explored the solutions. So if you want to understand why the housing market always feels so funky...
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But these baby Boomer Boomtowns aren't just sources of generational envy. No, they're not. They're also part of the solution, believe it or not. And that, believe it or not, is our takeaway. So Jack, what's the... I'm sorry. Debbie wants me to get in the pool with her, Jack, and I kind of want to go. I'll be there in a sec, Debbie. They're playing John Cougar Mellencamp again.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
It's a whole lot of fun down here. Jack, what's the takeaway for our buddies who are everyone who's a zillennial? Building unaffordable housing is the best way to create affordable housing. So Yetis, Jack and I jumped in T-boy style. And the median home price of Sun City, Texas is actually $500,000. That is not exactly cheap.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But the company behind it, a publicly traded company called Pulte Group, is building 11,000 of those homes. And that is what matters. New houses. Our country needs as many new houses as we can get. We appreciate the push to build affordable housing, but here's the problem. Developers don't want to build affordable housing.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
No, developers, they prefer building unaffordable housing that's more profitable. But that is actually just as good. Because each boomer moving into Sun City leaves behind an empty home somewhere that's probably more affordable. And that boomer's old empty nest can now become a Zillennial's new full nest.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Pulte Group is building 11,000 unaffordable homes in Texas, which opens up 11,000 affordable homes somewhere else. So it sounds counterintuitive, but this is how Jack and I think about the housing market. The best way to create affordable housing is to build unaffordable housing. Now time for the best fact yet. This one whipped up by Jack and me.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
According to Zillow, 35% of us would buy a house that's haunted if it meant it was more affordable. That's how tight this housing market is. Here's another one. Nearly 70% of prospective buyers would buy a haunted house if it checked all their boxes. Basically, there is a haunted house premium. Like if you want to sell your house, you might be able to get a higher price if it's haunted, Jack.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
I don't know a higher price. Ha ha ha. But you might not have to hide that it's haunted. Basically, besties, if you want a two-bedroom apartment on the Upper West Side, you're willing to ignore the demon in the dining room. Oh, don't worry about the demon. He's only there on weekends. It's a big deal. Yeah, it is. You look fantastic for our housing pod.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And we got two more bonus pods coming at you this week. All right. So send this episode to a landlord, to a renter, to a homeowner, to a wannabe homeowner, to a squatter. If you get locked out, whoever gets you back in, you tell them about this episode, besties. Thanks for enjoying. Jack and I will see you tomorrow. And pray for interest rates to come down.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
If you like the best one yet, you can listen ad-free right now by joining Wondery Plus in the Wondery app or on Apple Podcasts. Prime members can listen ad-free on Amazon Music. And before you go, tell us a little bit about yourself by filling out a short survey at wondery.com slash survey. We want to get to know you.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Or if you want to find hope in a new housing strategy. We got the lowdown on your future con. So kick back on your couch like Ellen plays. Because after this show, you're going to know more about the state of real estate than Barbara Corcoran. Or Blackstone. Or all the Oppenheim brothers. Yetis, email that super about the leaky faucet. Because we're hitting our three housing stories.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
First, a quick word from our sponsor.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
So all week long, we're dropping our best ones yet of the best one yet. And today's show, well, we've done one bonus pod on parenting. We've done one on innovation, but this one is on housing. So send this to a buddy who's trying to sell a house, trying to buy a house, someone who's renting a house. Or just complaining about their landlord. Jack, three stories for today's show. What do we got?
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
For our first story, we're going to September 24th, 2024. Ah, Kirkland Condos. Love this one. Let's hit it. Jack, can we just kick things off talking about the financial stats over at our buddy's Costco? Based in Washington State, this 41-year-old company is worth $400 billion. It's the 20th biggest company in America, and yet the stock is up 40% this year like a young buck.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
What year is Costco not up 40%? I know, I know. What is going on over there? But did you know, Yetis, that Costco members can even book vacations through Costco? I'm a Costco member, but I didn't know this one until we learned about it randomly in a business call last week.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
We were chatting with someone on like a biz dev call and they mentioned that you can get five nights with airfare to Tahiti in French Polynesia for like $3,600 a Costco member. Five nights with airfare on one of those gorgeous huts that just sits above the water and you can like open a door and land in the ocean. So, Yetis-
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
You're probably thinking right now, if Costco got into the housing market, I'd rent a Costco apartment. I trust Costco. I'll buy anything they put their brand on. Well, here's the news. It's happening. A new Costco in Los Angeles is under construction right now. And it includes 800 Costco apartments right above it.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Now, Jack, could you describe our vision when we heard about this first Costco apartment? The unit must come with a 12-pound tub of peanut butter, unlimited Costco Kirkland toilet paper, and a fridge that just keeps refilling with those $1.50 hot dog and soda combos. Oh, what's in the freezer? A double-chunk chocolate chip cookie.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And you can't get into the building unless you flash your Costco card. And That was our vision for the Kirkland condo, as we call it. But these apartments are the least Costco-y apartments ever. Yeah, plot twist slash spoiler. But the Costco is not getting into apartments right now, are they, Jack? No, this is a one-off that they're doing just for their LO location for a very particular reason.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But it is a very interesting reason why Costco is doing their first ever apartment. Here's the deal. Local approval of a big construction, like for a big box store in Los Angeles, that would take years and it might never get approved. But interestingly, California state law AB 2011 allows a fast track approval if affordable housing is included in the plan.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
So instead of a purely commercial construction, like for most Costco's, Costco is doing mixed use for this particular LA location. So it's both a commercial space and a residential space. It's a Costco superstore on the first floor with 800 apartments on top, 184 of which are affordable apartments. It sounds like the kind of thing Adam Neumann came up with while he was high at a Target, Jack.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
The apartments, though? Yeah. They're 600 square feet and smaller. Yeah, that's the one problem here. The size of these Costco apartments are basically like your sophomore year dorm room, right, Jack? Instead of like a bulk Costco size thing, it's like a sample size. It's really tiny. Some people on Twitter are actually calling these Costco apartments Costco prisons.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
For our first story, we're going back to September 24th, 2024. Costco was launching their first ever Costco apartment building. And the solution to your high rent, it may actually be Kirkland.com. condos. For our second story, we're going to July 23rd because a top cause of America's housing crisis may actually be our elevators.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Not something a Costco member would want to move into. Stop. Still, any new housing is good housing for a city with crazy high rent like Los Angeles. And lovely Los Angeles has rent that's three times the national average. Plus, there is a Costco literally down the elevator. Yeah, so like if you jump up and down in your bathroom, they will hear you in aisle six by the toiletries.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
They might even send you toilet paper to shut you up up. We're going to need another pound of peanut butter, buddies. So Jack, what's the takeaway for our buddies over at Costco Apartments? Fixing housing requires 50 different solutions. Yetis, unaffordable housing is a problem for all 50 states. It's the biggest driver of inflation, of poverty, and of unhappiness.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But each state has their own laws that controls real estate development. So each state needs their own solution to unaffordable housing. Well, in California, that state law we mentioned says to developers, hey, if you build affordable housing, we'll wave a bunch of the red tape so you can get going. California also has a new law focused on ADUs, accessory dwelling units.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Basically, if you got a backyard or like a garage with enough space to build an apartment in California, the state will now give you funding to start building that additional dwelling unit. Today, we're talking about California solutions. Tomorrow, in tomorrow's episode... We're talking about New York's. Because we found a wild one there that the Costco apartment folks are going to love.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Because making housing affordable in America requires 50 different solutions. And the Costco Kirkland condo is just one of them. Our second story is from July 23rd, 2024. Elevators explain everything. Let's hit it. If you want to understand America's housing crisis, then look to the elevator. Because America invented the elevator, but we've basically stopped installing them.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
All right, Jack, let's kick off this story with a hero stat. Actually, this is a surprise hero stat that you haven't heard yet. You ready for this thing? All right, Jack, how many elevators are in the Empire State Building? Well, I think there's 86 stories. I know, because you and I were there this summer. A lot of elevators. I'd say like, I don't know, 12?
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
73 elevators, including service elevators in the Empire State Building. Let me ask you this. Did any of them go entirely from the bottom all the way to the top? I think the answer to that is all of the above. You have to be an emperor to use that elevator. Yeah, it is. In 1930, America built the lovely Empire State Building of New York City. A thousand-foot skyscraper.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But it wouldn't have been possible without the elevator. Now, here's the fascinating thing. The elevator was actually invented in the United States 80 years earlier, back in 1852. And the elevator's invention was a metaphor for America's industrial rise in the world. The elevator. It was invented by a company called Otis, which is now still around today, a $40 billion publicly traded company.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
They're based in Bristol, Connecticut, where there's still this huge tower out of nowhere. Like it's like rural Connecticut. And then there's a 38 story tower that's used just for the testing of the elevator shaft. You can see it from all the way up here. But here's the surprise. Fast forward to today, and the data shows that we've basically stopped building elevators in the United States.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Because an American elevator costs five times more than a Spanish elevator. And our third and final story, we're going back to July 9th. The fastest growing city in America is a Texas retirement community, median age 73. But the real winner of boomer boomtowns is actually millennials. But yetis, before we hit that wonderful mix of roomy stories. Fantastic mix of stories, Jack.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Get this, besties. The United States has one million installed elevators, which, Jack, that sounds like a lot, you know, man?
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
But it's actually very few. Jack, could you sprinkle on more context, please? Spain and Italy have the same number of elevators as the United States. even though our population is seven times bigger. Now, besties, in Western Europe, two or three-story buildings, it is common for them to come with elevators. It's just a standard. But in the United States, not a chance.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
No, you are huffing and puffing up to that sixth floor of a new building. New apartment buildings that are six stories tall are being built without elevators. Jack, when we lived in the East Village, we had a four-floor walk-up. That was not a fun situation, my friend. And the reason for all these stairs and no elevators is cost. Do you remember our buddy Timmy? barely made it up there.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
We had to like carry them from the third floor to the fourth floor sometimes. But back to the shocking cost. Yetis, the basic four-story elevator costs $160,000 in New York City. In Switzerland, they cost less than a quarter as much to build today. Because in Switzerland, they don't cost 160 grand, they cost just $36,000.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And according to a nonprofit dedicated to lowering building costs in America, there's one reason why we have to pay four times as much for an elevator as the rest of the world does. Jack, take us to the lobby and tell us the answer. The one reason is regulations. Regulation. Because yet, in the United States, elevators are bigger.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Because regulations dictate they must be able to hold an ambulance stretcher. So we have elevators twice as big as the rest of the world. And in the United States, elevators are custom. Here, elevators must pass a special code, not the uniform code that the rest of the world uses. And in the United States, labor costs are just much higher.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Elevators must be built by documented workers here due to regulations. Every high-income country, they use lower-cost immigrant labor for apartment construction, but in the United States, you can't really do that because of immigration policies and regulations. American exceptionalism in construction. It's made elevators economically unviable.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And this elevator problem we have is actually a microcosm for our entire housing problem nationwide. If you want to understand the housing crisis, it's the elevator. It's not the elevator. For us, it's the Darth Vader. Yeah. Second Vader reference of the show. Take me to your lobby. That's not a good Darth Vader impression, to be clear.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Well, Jack, can we at least pause the elevator and press all the buttons for a moment? Looks like a Christmas tree. It does look like a Christmas tree. So Jack, what's the takeaway for all our buddies who are anyone riding an elevator? We have too many houses, not enough apartments, and elevators show why. Yetis, every year, our population grows faster than the number of new houses being built.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
In the past 20 years, we're actually 5 million housing units short to keep up with our growing population. Interesting thing, Bessies. Jack said housing units because people can live in a single-family house or in a multifamily apartment. And that's the issue. We have too many houses, not enough apartment buildings.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Yep, the regulatory problems that make elevators crazy expensive also make apartment buildings crazy expensive. But single family homes, which only hold one family, not a bunch of families, single family homes have much less red tape and no elevator to go along with them. So what can we do about it? We can streamline regulations to let builders build apartment buildings for a lower cost.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Until then, we've got too many houses, not enough apartments, and elevators show us why.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Do you rent, do you buy, or do you cry? Oh, the housing market right now. It looks like a typo. Mortgage rates are at 30-year highs. Home prices hit all-time highs every month, seemingly always. So home sales have fallen to the lowest level since your parents' kitchen had Dunkaroos. Ah, that era. They had better snacks and a better housing market.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And our third and final story is from July 9th, 2024. Boomer Boomtowns. Let's hit it, Jack. The number one fastest growing city in America for three years straight is Georgetown, Texas. But it's filled with baby boomers. We're covering the phenomenon of baby boomer boomtowns and why they're actually good for zillennials too. You're gonna want to hear our takeaway. But first, Jack, one sec.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Let me just get the pamphlet. Okay, I'm looking at the pamphlet here. Looks like skydiving, concerts, classic cars. You're looking at the Boca Vista template? Jack, I think Aunt Linda's doing jello shots over at the bowling alley. It looks like a cruise ship, but on land. It feels like college, but everyone has $3 million in the bank. It's like spring break, but everyone here is over 70 years old.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Yetis, Jack and I are talking about Georgetown, Texas, which represents one of the booming retirement towns sprouting up across the South of America. They represent Boomer Spring Break, or Not Dead Yet, is how the Wall Street Journal put it in an article. Sun City, Texas. It is a planned and gated community targeting retirement funds. I mean, retired people.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Water aerobics at nine, pickleball at one. Hey, Debbie, drinks are half off at the Gator Grill at three. I'll see you there. I mean, it's like Debbie's pledging Kappa Kappa Phi, Jack. I kind of love it. Sun City, which is in Georgetown, Texas, has attracted 17,000 retirement people to move in to benefit from the pool, the golf course, and the lack of income tax.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And Jack, what is the median age over in the population of Sun City, Texas? 73 years old. Not too shabby. They're not working anymore, so they're working on their handicap, getting that down to one digit. And these retired boomers are spending down their pensions and their inflated stock and their real estate assets all in this one town in Texas.
The Best One Yet
🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
And they've made this one town, Georgetown, Texas, the fastest growing city in the United States for three years straight. We repeat, this is the fastest growing city in America for three straight years for cities over 50,000 people or more. Now, yetis, it's easy for pinched and renting zillennials to be annoyed by the story about these booming boomer boomtowns.
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🏠 “The Housing Pod” — Our 3 Best Stories on the Housing Market
Look, Jack and I are the core of the millennial demographic here. We feel you on this. The housing market is outrageously tight right now, isn't it, Jack? It's not just enormous interest rates, which make up more than half of your mortgage payment each month. True. It's also that there's just no homes on the market available. Have you noticed home sales fell to like a 30-year low?