Morning Brew Daily - Disgraced Crypto King SBF Convicted of Fraud & $2B Theme Park Merger

Episode Date: November 3, 2023

Episode 184: Neal and Toby discuss disgraced FTX founder Sam Bankman-Fried's conviction that could land him up to 110 years in prison. Plus, the guys share their biggest takeaways from a week of market movement and earnings reports. Who won the stock of the week and who fell to dog of the week? Also, the $2 billion merger bringing two massive theme parks together. And finally, what is the deal with daylight savings time? Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow Learn more about your ad choices. Visit megaphone.fm/adchoices

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pwc.com slash U.S. slash brew AI. That's pwc.com slash us slash brew AI. Good morning brew daily show. I'm Neil Fryman. And I'm Toby Howl. On today's pod, the SBF saga

has come to an end as a jury found him guilty on all seven counts of fraud and conspiracy. Then daylight savings times ends this Sunday, but we want to dig into whether it should exist at all. It's Friday, November 3rd. Let's ride.

The Morning Brew Daily team is busy planning for holiday episodes, and for one of them that's focused on entrepreneurship, we are looking for your help. Yes, we want you to send us your best business ideas so we can critique them. I'm talking about the ones that have been languishing in the notes app for years, the good stuff. Neil and I, as well as two special guests, will go full shark tank on them to see if you're sitting on a gold mine or not. We've already gotten a couple good ones so far. Here's my favorite, Shazam for plants. Just sit with that one for a sec, Neil. So I take a picture of a plant and tell

me what it is? Neil, we don't need to debate it now, but yes, you're on the right track. Shazam for plants. That might exist. Yeah, it could, but I still like it. Before we get into the news, we have a quick word from our sponsor, Brex. As we head into the weekend I had an idea. What if I, Toby, had a Brex-like spend management platform, but specifically for my weekend spending habits? Okay, I see where you're going with this. You want to keep yourself in compliance with your weekday self. Close the books faster after a night out and stay on budget in real time. I like it.

Yes. Give Weekend Me a corporate card managed by Monday through Friday, Toby, powered by Brex's best in class spend management platform, and I will be a happy camper. So whether you're a business owner, startup founder, or Toby on the weekend, visit brex.com for more info. It's time to refresh your yard during spring backyard days at the Home Depot. Get low prices guaranteed on propane grills starting at $179, like the next grill three burner gas grill, or get $50 off a select Weber Spirit grill

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hobnobbing with Tom Brady in the Bahamas to a broke convicted fraudster who faces maybe a lifetime behind bars. The 31-year-old former CEO of FDX was found guilty by a jury on all seven charges of fraud and conspiracy. The sentencing for these charges, which carry up to 150 years in prison, is scheduled for March 28, 2024. SBF is expected to appeal. The jury took just over four hours yesterday, including dinner, to conclude that SPF stole $8 billion, worth of customer funds from his crypto exchange FDX to fund risky investments, political contributions, and luxury real estate. The conviction ends a five-week trial that saw three of SBF's former top advisors, including

his ex-girlfriend Caroline Ellison, testify that he was the mastermind behind the years-long con. Near the end of the trial, SBF took the stand to paint himself as someone who made mistakes but did not knowingly steal from customers. Apparently, he was not very convincing because he said he couldn't remember details, More than 140 times during cross-examination. We've talked about the SBF saga endlessly on the show. So if I had to put a bow on it, it's that we have just witnessed one of the biggest financial

frauds on record and the stunning rise and fall of a person who, like many other white-collar criminals before him, convinced the world he built something revolutionary when it was all just a smokescreen to fill his own piggy bank. It is amazing how badly this trial went for SBF. Taking the stand was just a masterclass of everything that was wrong with SBF from the beginning because he thought he could talk his way out of it. He thought he could portray himself as something that he wasn't, which is kind of the through line throughout this entire process. The prosecution came with receipts. SBF certainly did not. The jury only deliberated for just

that couple of hours. And honestly, the sheer amount of couldn't recall that he put out there just was emblematic of everything that was wrong with SBF at an organizational level as well. Yeah, and before the show, UI and the rest of the team were kind of reminiscent about FTX's rise, and it was truly stunning. I mean, he founded this firm in 2019. SBF didn't really know anything about crypto before this. He just saw an opportunity in crypto to make a lot of money, which he did for himself. He became worth $23 billion, which was the fastest, he became the youngest person to reach that amount of wealth since Mark Zuckerberg. And then during the pandemic, when there was all this crypto hype,

people were just sitting at home with nothing to do. You started to see FTCS everywhere. I mean, the Miami Heat started playing at FTX Arena. If you would watch an F1 race, there was an FTX ad everywhere. MLB, Uniform, Empire uniforms had FTX. You saw this guy, you know, in commercials with Tom Brady and Larry David. The Super Bowl had FTCS commercials. He spent so much money. And at the time, we were all like, wait, what is FTPX exactly?

And now it's revealed to be a massive fraud. Yeah, it was so conspicuous during that time. Also, just crypto in general would love to put this chapter to rest. because, I mean, the industry as a whole has gone to scandal to scandal over the past few years. They all kind of linked into each other as well. Remember the Terra debacle, which caused $60 billion of market funds to be wiped out. Then you had the Celsius crypto exchange that also imploded FTX, obviously blew up. And the industry is still facing just a lot of heat from the SEC.

It's brought more than two dozen crypto-related cases since FDX has collapsed, so it's pretty recently as well. And a lot of them are looking into the very nature of crypto tokens themselves and whether or not they violate security laws. So there's not as many flashy criminal cases in the pipeline, but a lot of boring, but still existential ones are still facing the industry. Yeah, I mean, the New York Attorney General just sued Gemini, which is run by the Winklevoss twins for defrauding hundreds of thousands of customers and losing $1 billion. So there's all these percolating cases that are happening that may be pose an even more existential crisis to crypto than FTX. which was kind of this big whale that kind of was separate from it. But speaking to SBF, I think the reason that he became such this larger-than-life figure was because of his aspirations beyond crypto.

I mean, he was such a big figure in Washington, D.C., because of his political contributions. He said he had a 5% chance of being president, and he was this leader of this effective altruism movement, which professed to give away all of your wealth to help out the world. So he just became this larger-in-life figure, even though he was kind of like a dwee. I mean, he was, you know, people loved him, but he was kind of a dweeb. And so I think it was just his bigger picture looking in his overall philosophical pining that kind of made this, you know, a little bit bigger than just the crypto industry. It was big.

All right, Neil, we are in the thick of earning seasons. And even though you may have caught a headline or two or seen that stock up or this stock down, it can all jumble together at some point. So we've picked out some of the most important companies as well as, one big thing that stood out to us from each one to bring you up to speed on what's going on in the market. Up first, we have a little company called Apple. Apple reported its fiscal fourth quarter earnings yesterday, and we got a bit of a mixed bag. They beat analysts' expectations overall for revenue, but sales of its key devices once again slid for the fourth quarter in a row, mainly

powered by a two and a half percent drop in sales in China. iPhone sales were flat, wearables like the Apple Watch revenue fell 3 percent, revenue from iPads was also down 10%, but the big loser were Mac sales falling nearly 34% year over year. The bright spot was services revenue that included things like Apple Fitness and ICloud. The segment is undefeated, Neil. Revenue was up 16% to a record $22.3 billion, and a big reason why overall revenue was up, even though device sales were down. But my big takeaway goes back to that Mac sales number.

Again, Mac sales were down 34%. But Cook and Coe are bullish on the end. M3 chip it revealed on Monday, which is the most advanced chip Apple's ever created, hoping it can reignite demand. Some important contacts is the Mac sales are being compared to an all-time record fourth quarter from last year when a lot of pent-up demand exploded into higher than normal sales. But still, my takeaway is that Apple needs the M3 to put Mac sales on its back. Yeah, my takeaway here is that eventually Apple's going to become a software company. Because every single hardware business unit declined except the iPhone.

Meanwhile, services continue to grow in double digits every single year. And eventually, I mean, what did it do? $22 billion in sales. And I think in total, Apple did $80 or $90 billion in sales this quarter. So eventually you're going to see services growth top iPhone sales. And we're going to be talking about this company as a software company. And they recently jacked up prices as we talked about. Apple TV Plus went from $6.99 a month to $9.99.

month and with iPhone sales plateauing because how many times do you need a new iPhone, which is it's kind of a mature industry. And like we said, all of the other segments are kind of languishing like Macs and iPads. I mean, they're just doing a really good job of this pivot to services. I think they mentioned they have over one billion subscriptions across its entire portfolio. So it would not be incorrect to call it a software company at this point. I just don't know what's going on with the iPad. You can't figure out what's going on with Max, but they didn't release a new computer. but they didn't also release a new iPad, but iPad's down 10%.

This segment brought in 6.44 billion. Have you... No. Do you have an iPad? I actually had one when it first came out. I thought it was the coolest thing ever. Never touched one again. I think it's big in schools.

Yeah, it's great for smaller personal computing when you don't want to shell out. Yeah, I've just never walked into someone's apartment and see it's iPad. You're a pixel guy, so you don't even count. I can still look. I have eyes. Okay, moving on. Live Nation is in its villain era and its loving... every minute of it. The company that owns the reviled Ticketmaster posted its strongest quarter ever,

thanks to Taylor Swift, Beyonce, and all the other bands that went on sold out Megatores this summer. The company sold 140 million tickets to its shows so far this year, which is already way more than $121 million. It sold last year in total. So even though it's got the DOJ breathing down its neck after botched the Erez Tour ticket release about one year ago, Live Nation only sees better times ahead next year. Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, the Foo Fighters, and Ed Shearron are all touring, and about half the expected show count for next year has already booked for large venues. My takeaway is people really miss concerts during the pandemic. Oh, this one makes a ton of sense. All we talked about this summer was Taylor Swift and Beyonce

and who sells those tickets, Live Nation. What was interesting, though, is a lot of people were kind of saying, all right, well, are your sales going to fall? Because obviously, Tanner Swift and Beyonce can't be on tour forever, but the CFO said no artist is going to account for more than 1% of the tickets we sell, so no one or two will ever hurt us year over year. So I did think it was interesting that he was kind of saying, we are more than just Taylor and Viance. There are plenty of artists out there, and they all contribute to the whole of Live Nation. Yeah.

And meanwhile, the DOJ is investigating Live Nation. It says it's not for antitrust concerns because there was that merger between Live Nation and Ticketmaster that a lot of lawmakers have major concerns about. and they say that Live Nation is a monopoly in the concert space. The Live Nation CEO said it wasn't about anti-this investigation is not about antitrust and is more about its business practices, but we'll see how that plays out. Yeah, it could be a bit of a threat to the company. Up next, Starbucks had an awesome quarter.

Let me paint the picture of where it's currently at as a business. First off, the fall season went swimmingly since bringing back its iconic line of pumpkin spice-flavored drinks back in August. U.S. and North American same store sales grew 8% and the company saw record-breaking average weekly sales overall. Store traffic is also up 3%. Unlike Apple, China was a bright spot for Starbucks as foot traffic increased 8%, leading to a 5% bump in same store sales as well. And now we have the Christmas season on deck. It's a good time to be Starbucks. So what's my big takeaway? Starbucks is going ham in the international markets. Three out of every four new stores over the near term are expected. to be open outside the U.S., and eventually it plans to expand to 35,000 locations outside of North

America by 2030, up from just 20,000 right now. Neil, overall, a great quarter for Starbucks as it beat on both earnings and revenue and shares are up 9.5%. Yeah, stock was ripping after this report. What was interesting to me was that it's leaning into these fancy drinks because that's where they have the best margins and they're commanding ridiculously high prices, those sugary syrups, all of those things that people customize and you have to wait in line for five minutes behind them. That has been a huge problem for Starbucks, but they're undergoing this revolution behind the scenes to try to speed up that process. But it seems like they're not discouraging their customers from ordering these drinks and only encouraging them to do it more because each one, each time you get another pump on it, it's another dollar in their pocket. Yeah, and as soon, and every time they can save a few minutes while serving those drinks, that's another dollar in Starbucks pocket.

So they're like, sure, order them, but we're just going to get better at making them. If you live in another country, expect way more Starbucks. So many Starbucks. Okay. I want to talk about Novo Nordisk and Eli Lilly, the two pharma companies that are making more money than God, thanks to their revolutionary diabetes and weight loss drugs. Their only problem right now, and it's a good one to have, is making sure there's enough supply to fill rabid demand. Yesterday, Denmark-based Novo said revenue grew 29% from a year ago to $8.4 billion. Wagovi and Ozempic accounted for more than half of those sales.

Eli Lilly's revenue soared 37% to $9.5 billion thanks to its diabetes drug Monjaro. It's hard to comprehend how big these companies have gotten thanks to this new class of drug, known as GLP1 agonists. Novo Nordisk shares are up more than 50% this year to become the most valuable company in Europe, and Eli Lilly has quietly become the most valuable

pharma company in the world with a market cap of $550 billion. Investors are so hype about these drugs potential, and Novo and Lilly are the two. two dominant players in the space. This is a run for the ages. Yeah, I think the question now is how do you expand what these drugs treat? Novo is already evaluating how some of glutide, which is the active ingredient in

Ozempic, affects conditions from arthritis to alcohol abuse. And remember in October, they ran this kidney failure study that they actually halted early because it was so clearly effective. So there is a lot more room to run here as they apply this technology to new diseases. All right, Neil, finally, we have a company that didn't actually. actually report any earnings, but still had a major stock swing. WeWork. WeWork stock fell 53% over the past week after news leaked that it plans to file for bankruptcy, potentially as soon as next week. Neil, I'm sure we'll talk about this a lot more when it does eventually

file, but holy moly, the fall from grace is complete. This was a company that was once valued at $47 billion at the peak of the soft bank era of free money. The current market cap, million. Neil, truly the end or almost the end of an era. Just possibly the worst managed business we've seen in recent years. As of June, WeWork was paying over $2.7 billion a year in rent and interest, which was more than 80% of its entire revenue. It locked into these long-term leases in 2018 and 2019 when there were low interest rates and the office market was flush. Now we know that all of those things are different. We're in a new era and WeWork just hasn't been able to dig out of this hole at all.

I can't wait to dig further into what a crazy run they were. What a crazy company. All right, before we get lost in the stocks forever, we're going to take a quick break. Yamava Resort and Casino at San Manuel is California's number one entertainment destination for today's superstars. Catch the Jonas Brothers return to the Yamava Theater stage on April 30th, the powerful vocals of Demi Lovato on May 17th, and the signature Southern Country Rock of Eric Church on July 19th. Tickets on sale now at Yamavatheater.com.

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When it comes to your small business insurance... Thank you. One size, absolutely does not fit all. Get a quote or find an agent today at thehartford.com slash small business. It's Friday, which means it's time for our Stock of the Week, dog of the week segment where we look at one stock that liked the new AI Beatles song and one stock that clearly has horrible taste in music. But Neil, I know a lot of our listeners must be thinking,

wait a second, they just covered five stocks at the beginning of the show. Now we're getting two more. Well, this week, we decided to embrace a more liberal definition of the word stock and basically just chose something that we thought had a good or bad week in general. I won the pre-show game of Guess the Movie soundtrack, so I'm up first, and my modified stock of the week is the iconic Adidas shoe, Sambas. Neil, this has been the year of the Samba, an absolute classic dating all the way back to 1950. Sambas have seen a resurgence in the post-Cconier-West era at Adidas, as everyone from hardcore sneakerheads to celebs have turned to the iconic look to fill the void. modernizing its historical backlog has typically been something that Adidas struggles with,

but for whatever reason, people are once again digging samba. And honestly, there's not an exact reason for why they've made a comeback. Retro shoes in general have been having a moment as we've moved away from big, chunky platform shoes to more funky, sporty silhouettes. Plus, the company also got a boost from the release of its $500 super shoe that helped Ethiopia's TIGS-Acepha break the women's marathon record in September. But it could just come down to the price. You can still snag a good pair of samba for under $100, which is becoming a rarity in today's shoe game. Neil, I love samba.

Are you a fan? That surprised me. I thought they were $60. Well, they go. Did they used to be $60? They used to be 60. Now they're a little bit more towards 90. I guess I'm not a part of this craze because I looked at the prices and I didn't know that

they were around $100. I thought it was kind of the everyman shoe. You could get it for $60. This was very surprising. I haven't really seen Samba's in the wild. I definitely had a pair when I was a kid. Great shoe. But I really couldn't believe this stat on their growth.

I just needed to check it a million times. Apparently, they sold under one million pairs of their retro models last year. And this year, they're ramping up production to hit 15 million. They're killing it. It's across not just Sambas. It's across some of the more classic ones. But I do just really think that people have been loving these iconic shoes. And, I mean, you have the Nike Blazers.

you have the Nike Cortez's. Nike's always been really good at kind of going back and mining their heritage. Adidas has always not quite been as good, but I do think that Sambas are just one of those shoes that are so classic. You can release different colorways, and that's a big thing. It's good for collectors. It's been on a bunch of celebrities' feats as well. Rihanna actually was spotted wearing them, even though she has a shoe deal with Puma, which is Adidas's big rival over in Germany.

So I do think that Sambas are awesome, and it's led to a great year for Adidas as well. Adidas shares are up about 30% so far this year, lapping Nike who's down 14%. So again, in the post-Cconier West era, a lot of people were nervous. What is Adidas going to do? I guess look back in history. Okay, my dog of the week is HBO and Max CEO Casey Blois. Look, we were all bored during the pandemic, but most of us didn't create fake Twitter accounts to attack critics of our TV shows, which is what Blois did.

On Wednesday, a Rolling Stone report revealed that Blois directed a so-called secret army of colleagues to chirp reporters and TV critics on Twitter that said bad things about HBO shows like Perry Mason and Mayor of East Town. At an HBO event yesterday, Bloys owned up to doing it, saying he was working from home and doing an unhealthy amount of scrolling through Twitter, and I came up with a very, very dumb idea to vent my frustration. Big shots creating secret Twitter accounts to defend themselves and express how they really feel is nothing new. But it is a bit surprising coming from Blois since he was a pretty rock-solid reputation and is known as an easy-going fella. Look, of course, this is super embarrassing, but I also don't know how you say anything bad about

Mayor of East Town. I know. That was a great show. It was a fantastic show. Neil, I want a burner account. Everyone has wished they could just clap back at a person here and there. It's usually a sports thing, too. Remember Kevin Durant famously had one, but I think there needs to be more in media because you spend all this time, like putting all this love into a show and then some critic bashes it. What would you do with one? I'm not telling. That's the rule number one of burner accounts, you never give a hint as to what you're going to do with it. Okay, we have to move on. You must be this tall to listen to this story because it's about an amusement park

mega merger. Six Flags and Cedar Fair are getting in the log flume together in a $2 billion deal that will create a summer playground powerhouse. Together, the companies will operate 27 amusement parks, 15 water parks, and nine resort properties in North America. Six flags, you all know from the Six Flags branded parks across the U.S., including the won five minutes from my house in Massachusetts. Cedar Fair has opted to keep its parks with local branding.

Its flagship property is Cedar Point in Ohio, but it also owns Knottesbury Farming, California, Dorney Park in Pennsylvania, and many others. The tie-up comes during a rough patch for amusement parks, which are seeing declining attendance, even as Americans flock to other recreational activities like live music and sporting events. Six Flags, for instance, recorded 20.4 million visits last year, a 26% decline from 2021. At least to me, this feels a little bit like JetBlue and Spirit merging. Two smaller fish, hoping that linking up will give them the scale to compete with the big guns like Universal, Disney, and SeaWorld. Yeah, I can see the scale argument here.

Their combined attendance over the last 12 months was $48 million, which is a lot of people, Neil. And so I do see that there could be a better value offering. Say you buy a season past, now you have so many different parks that you can have entries. It's what a lot of the ski resorts have done with the Vale. Right. So even though. higher. Yes, they are not that top tier of gold standard of the Disney's, the universals of the world. I think they can make up for it in scale in some of these cost-cutting measures.

The intellectual property angle is interesting as well because six flags has long used characters from the Looney Tunes and also DC Comics at its parks. And then Cedar Fair has the rights to some peanuts characters like Snoopy. So maybe there's some sort of like MCU-like universe where they can get Snoopy and the Looney Tunes all together in one. So I think the IP angle is interesting. All right. Amusement parks are just becoming more theme parks these days with the IPification of everything.

Disney is not building any theme part, right? It's all based on its IP, the Star Wars stuff, the Harry Potter stuff. Like that, I mean, that's not Disney. But this is the way theme parks are going. And Cedar Fair has long been known for its crazy roller coasters. I won't touch. Oh, you're not a roller coaster guy. I can't even go on the teacups.

Oh, my gosh, Neil. You're better than that. But it's been interesting to watch Six Flags try to revolution. revolutionize itself in the face of declining attendance. It does not want to be known as a teen hangout anymore. And what it did was raise prices. So it would entice more families to come. The CEO said it wants to become stroller-palooza.

And because every company wants to be a part of the family budget because you spend on four people instead of one. And Six Flags is jacking up its prices to try to court more families and beautify its parks. Yeah, everyone is fighting for what short leisure time we have. So you got to come with your big guns if you want a chunk of Americans leisure time. For our final story of the week, Neil, I want to talk about daylight savings times. This upcoming Sunday at 2 a.m., your clocks will fall back one hour. This change gives early risers an extra hour of daylight while robbing us of some precious sun in the evenings.

Neil, there is a spirited debate on whether daylight savings should exist at all, with plenty of evidence on both sides of its pros and cons. Health groups and sleep experts have called for an end to the seasonal shifting of clocks for a long time now due to how it wrecks sleep patterns. People are more prone to error due to sleep deprivation in the days after daylight savings times begins. And some studies estimate that it could cost the U.S. $434 million in lost productivity annually. But on the plus side, daylight savings gives consumers more daylight to shop and spend money, which retailers and restaurants like. Plus, last time we got rid of it back in the 70s, it was reverted in less than a year after the early morning darkness proved dangerous for school

children. So, Neil, I am very curious to hear your stance on this. Are you team DST or not? I am team permanent standard time. I think it's very important to have light in the morning and we should over index on light in the morning rather than light in the evening because maybe it's a little worse for the economy as people don't do as much leisure stuff in the evening if it gets a little light later. But I think it's really important to have light in the morning for your circadian rhythm. I think it's really important. for kids to go to school when it's light out. I don't think it's as important to be, you know, I don't think the 8 to 9 p.m. hour being light in the evening is going to make a huge

difference for the economy or anybody else in general. So while it may be more fun individually to have a little, to have it lighter in the evenings, I think we as a society, it is much better for us, for our health, for everything else to have more daylight in the mornings. That's my, I mean, that's spoken like a true morning person, I will say. So honestly, though, I do think this thing will never change because of the children's darkness thing. Because I don't think you can send children to school in the dark. Like, how are you ever going to have a day? They're doing it right now.

It doesn't get light out until 7.45. That's exactly why it's ending right now because now they give some more light in the morning. So I don't know. On the one hand, you are discussing like employee morale and like daylight hours can boost productivity. But also, I mean, you got kids going to school at dark. So it's always going to be an interesting debate in terms of like economic. economics versus like social, social good. So in 2022, Marco Rubio introduced the Sunshine Protection Act, which would make permanent

daylight savings. And that has kind of languished in Congress. It passed the House, but the Senate hasn't taken it up. And I really can't say how much I hate this bill because if you look at what would, you know, where cities would have the latest sunrise under permanent daylight savings, it's kind of crazy. Indianapolis, the latest sunrise would be 906 a.m. Oh, God.

under this. Can you imagine not having a sunrise till 906? I don't like that. Again, that like spooks me out. That does. That is a little creepy, but again, we're morning people, Neil, I guess. Either way, this Sunday, you get an extra hour of sleep. Thank goodness. I think what the overall vibe among Americans, whether you want permanent daylight savings or permanent standard time is they don't want switching. Yeah. So it's literally just like pick one and we'll live with the consequences. But the switching, you know, causes a spike in heart attacks. It is just a problem for, you know, parents with a lot of kids who, you know, their sleep schedule is way off. The switching is bad. So pick one. And I say pick standard time. I'm excited for the extra hour.

That's all I'll say. All right, we have to wrap it up there. What a week. This weekend will be the first time in eight weekends. It won't rain in New York. So if you're in the Northeast, I hope you find some time to be outside. Maybe support the apple orchards that have been taken a massive hit. While we won't have any shows in the next two days, you can always reach us at Morning Brew Daily at MorningBrew.com. Toby loves checking the inbox before going out to the club, so he may respond to you. Let's roll the credits. Emily Milliron is our editor and producer. Samantha Velas and Raymond Loo are associate producers.

Yucenoa Ogu is our technical director. Billy Minino is on audio. Hair and makeup also can't wait for the extra hour of sleep. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. I wish you all well. You can't reason with the sun. Trust us. We've tried. This summer, it's time to put that angry ball of fire on mute.

Columbia's Omnishade technology is engineered to protect you from the sun's harsh rays that can burn and damage your skin. The sun is relentless, but so is our gear. Level up your summer at Columbia.com to spend more time outside and less time slathering on allolotion. You're welcome. Columbia, engineered for whatever.