Morning Brew Daily - SpaceX's Historic Landing & Introducing HVAC Millionaires

Episode Date: October 15, 2024

Episode 431: Neal and Toby recap SpaceX’s 5th test flight of the Starship rocket which completed a first-ever rocket booster return. Then, the Boeing strike of its machinists passes one month and it’s already costing the embattled company billions of dollars. Next, 3 economists receive the Nobel prize for their work looking at how a nation’s institutions and how they evolve are linked to societal prosperity. Meanwhile, private equity firms have poured into HVAC, plumbing, and electrical businesses that created new trade work millionaires. Also, Chomps is leading the charge in the healthy-snack category and a Kenyan marathon runner smashes the world record. Lastly, the biggest news of the week ahead. 00:00 - No signature required? 2:50 - SpaceX uses the ole’ chopsticks method 8:15 - Boeing’s doom loop 13:00 - The Nobel prize for economics goes to… 19:20 - HVAC millionaire club 21:30 - Chomps beef skyrockets 24:00 - New marathon record set 26:00 - Week Ahead Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Check out the new Wendy’s Breakfast Burrito! Visit https://www.wendys.com/morningbrew for more! Join us at our trivia night! Visit morningbrew.com/events to register  Get your Morning Brew Daily T-Shirt HERE: https://shop.morningbrew.com/products/morning-brew-radio-t-shirt?_pos=1&_sid=6b0bc409d&_ss=r&variant=45353879044316  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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Good morning, Brude Daily Show. Neil Fryman. And I'm Toby Howell. Today, why you shouldn't be surprised if the person who comes to fix your heating is a millionaire. Then it's officially been over one month since Boeing workers went on strike, and the two sides are still further away from a deal than Neil is from dunking. It's Tuesday, October 15th. Let's ride. Well, that was pretty cold, Toby. But good morning, everyone. Welcome back to the week. Here's something I learned over the long weekend. And you know how you reflexively sign receipts our touchscreens after paying with a credit card? Yeah, you don't need to do that at all. According to the Wall Street Journal, the major credit card companies, Visa MasterCard, Discover, and American Express all ditched the requirement to sign for charges like restaurant checks back in 2018.

They have other ways to look for fraud. So it's just a tradition that has randomly persisted. But Toby, why are we still asked to sign even if we don't have to? They just really want your autograph because you might be famous one day. No, the answer is one, businesses just don't want to alarm customers who have become accustomed to having the signature line there and expect to sign. And then two, some businesses are just using older point of sales systems that print the signature line by default.

So it really is just one of those things that I've become ingrained habit at this point rather than having any meaningful fraud protection, which is great because my signature has degraded over time. I mostly just put a line at this point. So sorry, Mom. I know you sat me down to practice as a young boy, but it is simply become a line at this point. Now a word from our sponsor, Wendy's.

Neil, we're in the circle of trust here. How often do you skip breakfast because you don't have the time? Well, between you and I, way too often. Well, I've got just the thing for you. Wendy's Breakfast Burrito, we're talking fresh cracked eggs, season potatoes, cheese, bacon or sausage, you name. No. Next time you're going to tell me it's quick and actually filling. Neil, it is quick and actually filling. Perfect for anyone who wants a delicious breakfast on the go. Well, then what the

heck are we waiting for? Let's go get one. The pod, Neil. The pod. Yes, but after, let's ride. If you're looking for a delicious breakfast on the go, head to your nearest Wendy's to try the Wendy's Breakfast Burrito. Own it all. Pay off your home. Travel for life. Drive a Ferrari. In celebration of the World premiere of the Monopoly, Big Board Buckslot Machine by Aristocrat Gaming, Yamava Resort and Casino and San Manuel is giving one person a $1.6 million dream package. The biggest prize in Yamava's history. Club Serrano members can earn daily instant prizes and secure a spot in the finale May 29th. Don't pass go and own it all.

Only at Yamava, celebrating its 40th anniversary. You win? Details at yamava.com must be 21-20. Please gamble responsibly. Monopoly is a trademark of Hasbro. Hasbro is not a sponsor of this promotion. Over the weekend, you might have seen videos of a rocket getting caught by a giant pair of mechanical chopsticks on its way back from space. If it looked impressive, it was. This

rocket catch was potentially one of the most significant feats of aerospace engineering since the 1960s and could make returning to the moon and landing on Mars a reality in not too long. The rocket that got bare hugged by the chopsticks was the booster for Space X's Starship spacecraft. This thing is the most powerful rocket ever built and it stands nearly 400 feet tall, higher than the Statue of Liberty, and the fact that you could build something to catch it is kind of a mind-boggling achievement. Science fiction without the fiction part is how CEO Elon Musk described the moment, which other SpaceX employees called magic and a day for the engineering history books. Here's why it's so important. Reusable rockets.

Before SpaceX came along, most rocket operators use boosters. You could use only once like a bridesmaid's dress. But Musk believes that reusable rockets are the future of space travel, since they dramatically lower costs and can be sent up to space again quickly after completing a mission. So one giant leap for SpaceX and also a giant leap for NASA, because it's depending on a reusable starship to send humans to the moon in 2026. Musk, of course, is thinking even bigger, and he's planning on using Starship to colonize Mars. Yeah, I mean, you know the saying, if at first you don't succeed, try again, try again, try again.

this was the fifth test flight for Starship, and it is blown up a lot of times in the past. First launch blew up. Second launch, blew up. Third launch, made it into sub-orbit, but then failed to land. Fourth launch, it actually did simulate a landing at a virtual tower, and that was seen a success. But the fifth time to nail this landing in the chop six, the first time that they really tried it. If you listen to the videos or watch the videos on social media, you'll hear the engineers in the background watching it land just going absolutely nuts because of how big an achievement this was, it was anything but guaranteed that these chopsticks, this mechazilla contraption, as Elon calls it,

was actually going to catch a rocket, and it still is just mind-boggling, that it did manage to catch this giant booster. So that is why this is seen as just such an achievement beyond just the implications of the fact that NASA needs Starship to get its ducks in a row. It truly is just an engineering marvel. And you were sort of wanting to nerd out about why they use chopstick and not maybe a four. Yeah, that was my first question is, why do you need chopsticks to catch it? thing. And one, it does make it very easy and efficient to relaunch because you don't have to

reposition it. It's already in the position it took off from so it can do a quick relaunch. But also it reduces weight. There's this video of Elon talking actually three years ago about moving some of the weight from the landing gear of the rocket to the Mechazilla chopstick launching apparatus. And any time you can do something like this, anytime you can reduce weight, it just opens up a whole bunch of opportunities. You can fill it with a bigger payload. You can loaded up with more fuel. You can just make it a more powerful rocket if you can take some of that weight from the landing gear and put it through the landing apparatus. And at the time, you kind of giggled to himself because he's like, there might be no chance that this works, like actually having the

telemetry to be able to do this. But reducing that weight, simplifying everything, making it more reusable. That is why you saw these giant chopsticks in action. Yeah. And it's crazy that reusability for rockets is now a thing because it lowers costs by so much. SpaceX already does some level of reusability with its smaller workhorse Falcon 9 rockets, they can't go back up in there as soon as they land, but you can do a little fixes to them and they can go back up. That's already brought down the price of a launch by a factor of 10. If you can do it with something as big as Starship, that'll lower costs even more than that. And that is key, as I said, to go to the moon and potentially to Mars because NASA is using Starship

to go to the moon. And so they're just waiting on Starship to be ready. And it's made progress each time and each time that they put a test flight up. So this is huge for NASA. They wants to go to the moon as early as late 2026. But arguably, wasn't even the most important mission, SpaceX was involved with over the long weekend because it had another launch. Yeah. So we're officially hunting for aliens.

So using a SpaceX rocket, NASA sent a mission to one of Jupiter's moons, Europa, to look for signs favorable for extra travel. life. Scientists consider Europa the most likely place for life beyond Earth because it has this icy crust that they suspect is covering a massive saltwater ocean with twice as much water as all of Earth's oceans combined. So according to Elon Musk, if even simple bacterial life is discovered on Europa, this will be the most significant planetary mission ever. Right. And so SpaceX Falcon Heavy Rocket launched NASA spacecraft, the Europa Clipper as it's called. It's going to take five and a half years to actually reach Europa, but as it does, it's going to make all these pass-bys and use its radar to dive deep or try to delve deep into the surface sea. If it has the organic properties necessary

to sustain life, they said it's not actually a life-finding mission. Like, they won't be able to detect life forms, but they will see if some of the compounds you need to support life are there. So a lot of exciting stuff happening in space. We go on and on, but big weekend for Elon Musk, especially coming off, maybe that Wii robot event that had some people questioning kind of Tesla's position and everything, SpaceX seems to be doing it just fine. Well, as SpaceX took flight over the weekend, one of its peers, Boeing is still stuck at low altitude. It has officially been just over one month since the 33,000 Boeing machinists walked off the job

because, as the saying goes, time flies when a strike is costing you more than $1 billion a month. Since a tentative contract was rejected over 30 days ago, the tension between the two sides remains sky high. The union and the company remain at an impasse, which means production has been idled, starving bowing of much-needed cash, and putting pressure on new CEO Kelly Orpurg to reach a deal. Driving morale even lower, Orpberg broke the news just before the weekend that the company is cutting 10% of its total workforce over the coming months, saving off 17,000 jobs as it enters cost savings mode. And there's no real end in sight either.

Talks between the two sides broke off last week after two days of federally mediated negotiating. Stephanie Pope, president and CEO of Boeing's commercial airplane division said, unfortunately, the union did not seriously consider our proposals. So, Neil, Boeing is looking at losing $1 billion every month that this stretches on. They're laying off employees. And the strike looks no closer to a resolution than when it kicked off. It is a mess over at Boeing.

This reminds me of some of the birthday parties that I was given over the years and they would hand me a candle or they had me a cake with a bunch of candles and I would blow them out the candles and then they would just relight and that's exactly what's happening with Boeing. They're trying to, they have so many problems. They're trying to blow out all these different problems and as soon as they think that they have one solved, it relights again and whether it's the strike or all of the shenanigans related to its safety culture and the door. panel blowout from the Alaska Airlines jet back in January. It doesn't seem like they can ever put out all of the fires that are going on at this company. And, you know, even some of its customers are throwing around the B-word bankruptcy. So Emirates is the largest customer of Boeing's 777, which is its largest twin-islejet. It's that thing that goes from New York to Dubai all around the world. And Emirates president over the weekend, Tim Clark, said, look, if they don't raise money,

soon than we could be talking about Chapter 11 Baker. So he had a lot of harsh words to say for Boeing because they also, among the raft of bad news is they're delaying the launch of their newest 777 version 777X, of which Emirates has ordered half of all of them. So he's like, we are going to have a long discussion, a long hard discussion with Boeing. And if they don't raise money, like I don't, I see a potential for Chapter 11. in the future. And adding to Boeing's list of woes is that S&P, the ratings agency, is thinking

about considering downgrading its bonds because of how big the company's cash flow problems are right now. So S&P grades corporate bonds on the company's ability to repay that debt back. And they put them on possible review for a downgrade because it is just burning through cash left and right.

They're not producing any income generating planes right now. They're 737 max production as ground to a halt. And so if they are downgraded to junk bond status, which is below, like, that triple B rating, it makes it more expensive for a company like Boeing to borrow money. It would also be one of, like, the biggest, the industry term for this is a fallen angel, which is when a company without standing long-term debt is downgraded to junk bond status.

It would be the biggest base off that index eligible debt that we've ever seen. So truly just a lot of headaches piling up right now for it. That being said, though, some industry experts are saying if they can just get 737 production back on all their problems will be solved. I mean, it sounds simple. They're like, just give the union what they want, ramp back up that production. I wish you actually hadn't laid off 17,000 workers because you're making the same mistake you did during the pandemic, which you're getting rid of all these trained workers. And then you have to rehire and retrain workers in order to get production. If you had just like made it return to stable production quicker, you could start solving some of these cash flow issues.

but again, easier said than done when you have these two sides at such an impasse. Right. And because this is a crazy stat, labor, touch labor accounts for just 5% of all commercial airplane operations. So it's not that big of a cost center. So yes, outside observers are like, Boeing, just give them what they want. And let's get this, let's get these assembly lines back going. The Nobel Prize in Economics was awarded yesterday. And the winner was Toby Howell for his remarkable insights into Gen Z spending patterns on Toby's trends. Not next year, Toby. The actual winners were economists Darren Osamoglu, Simon Johnson, and James Robinson

for their work explaining why some countries became rich and others remain highly impoverished. To understand the gap, these economists found, you have to go back to the time of colonialism when European powers carved up the rest of the world and imposed their governments and way of life on the local population. Not every European power practiced colonialism in the same way. In fact, it was quite varied. Some adopted more inclusive governments that protected property rights and shared prosperity with workers, while others formed extractive, oppressive regimes, pillaging an area for local

resources to benefit the elites. If you're thinking, the first way probably led to better outcomes, you are correct. The countries that started out with more inclusive institutions during colonial periods tended to become more prosperous over the long term. And according to Asimoglu, one of the prize winners, broadly speaking, the work that we have done favors democracy. Toby, the key thing everyone should take away from their work is this. Institutions matter. Yeah, institutions do matter because in these inclusive societies that they highlighted, you have

these institutions that protect property rights, they enforce the rule of law, promote economic freedoms, and those three factors are very conducive to long-term prosperity, very long-term prosperity, because they are going back to European colonialism times to see how these societies kind of played out in the long term. And so why, what is the motivation behind a study like this? Jacob Svensson, who's the chairman of the Economics Prize Committee, said, reducing the huge differences in income between countries is one of our times greatest challenges. Thanks to these economists, we have a much deeper understanding of the root causes.

of why countries fail or succeed. Because some of the instances that they highlight, there's this town that literally sits on the town on the border of the U.S.-Mexico border. It's called Nogales. In the northern part in the U.S., it has become a much richer and more prosperous town versus below the border. And they say, just look at this. It is pointing to the fact that the U.S. side is richer because of the country's institutions rather than the southern side in Mexico. So they pointed to specific examples of cities really benefiting from these inclusive institutions. And, yeah, finding a border town that sits on a border where you can directly compare the two was big for their research. Right, because apparently in economics research, institutions, you know, the sort of governmental structures that you don't often think about was kind of sidelined.

And people were looking at agriculture, climate, things like that to sort of understand prosperity and differences in equality. between nations. But these guys came along and took this topic that no one was really looking at institutions. You know, it's not the sexiest thing. It said, though, actually, we should look at these because they're super important. And that no gaolus example is actually from this New York Times bestselling book that Robinson and Asimogli wrote back in 2012 called Why Nations Fail. And the cool thing about these Nobel Prize winners is that a lot of their best work or their most important work, is done through books that are very accessible to the public. So if you want to read about this, you can go buy these books.

And instead of having it be buried in these academic papers that are very hard to get through, they actually published very accessible, digestible books on their work. So it's pretty cool that you could, you know, it's very rare, I think, for a Nobel Prize winner to be like, oh, yeah, I can totally just read this and understand why this was such groundbreaking research. So pretty cool. Next year, I will win this, and the million-dollar prize is coming my way. Up next are winners of the long weekend. Today we helped a...

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not fit all. Get a quote or find an agent today at thehartford.com slash small business. It's time to refresh your yard during spring backyard days at the Home Depot. Get low prices guaranteed on propane grills starting $179 like the next grill three burner gas grill. Or get $50 off a select Weber Spirit grill and bring big flavor to your backyard. Then set the scene with Hampton Bay string lights that bring it all together. Shop spring backyard days for seven days. at the Home Depot. Now through May 6th. Exclusion supplies to homedipo.com slash price match for details. Welcome to the winners of the weekend, the segment where Toby and I picked two things that would have won a Nobel Prize if there had been a category for it.

Because it was a long three-day weekend, we're adding a third winner as a bonus. And I won the pre-show origami contest with a stunning paper frog. So I get to go first. And my winners are the people who own home services companies like HVAC plumbers and electricians, because private equity is turning many of you into millionaires. According to the Wall Street Journal, private equity investors have swooped into the skilled trades, buying up small businesses and handing their owners six and seven figure paydays. Nearly 800 of these businesses have been purchased by PE investors since 2022, and that is a severe undercount. It's a playbook we've seen in other sectors like nursing homes and car washes.

Private equity investors buy a bunch of successful mom and pop shops, roll them up together into one corporate entity, then supercharged their growth by adding technology, experience managers, and marketing spend. Some of these HVAC owners are skeptical of selling to out-of-town investors instead of, say, passing it on to their kids. But others say, sure, I'll take the paycheck and even stay on board this rocket ship. About a third of small business owners in the skilled trades want to remain at the company after the buyout to see it grow. Toby, I don't think anyone gets into the sector expecting a tech startup-like exit, but it's happening. Yeah, it is increasingly become a very popular sector for private equity companies.

You go down why private equities are so interested in HVAC and plumbing companies. It makes sense. One, they're stable demand, like HVAC services, plumbing. They are essential, so they provide consistent demand regardless of what the economic climate is. It's also a very fragmented industry. Again, this is the classic PE playbook of rolling up these companies, achieving economy of scale. So if you can find a fragmented industry like the HVAC sector, then it's a very fragmented industry, then it makes sense to try to roll them up. They also have recurring revenue. HVAC companies often have

these maintenance contracts, these regular services needs. So it's not a flashy SaaS company, but it does have that all-important recurring revenue. Also, got a nice growth potential because a lot of, especially the HVAC units or HVAC companies, they have these new energy efficiency requirements. So they have to go around and maybe these smart home technology, they have to upgrade their system. So a lot of good growth potential down the line. So you start to tick off the the reasons why private equity loves this sector, and it starts to make a lot more sense. My first winner of the weekend is the meat stick brand, Choms. Think of it as a cleaner, healthier version of those typical jerky sticks you see at gas stations like Slim Jims or

Jack Links. Choms' zero-sugar approach has led the company to become the fastest growing snack food brand in the U.S. according to data from enumerator. Choms has ridden this wave of better-for-you-you-snack options by doubling down on its high-protein low-sugar offerings from the very beginning. Ravaging around your office snack drawer or your kids' lunch boxes, you might encounter chomps' offerings like venison, beef, turkey, or chicken meat sticks, and flavors like Italian taco pepperoni or smoky barbecue. They have 12 grams of protein, zero sugar, and they've boasted a 206 increase in sales over

the past year with expectations to beat that number again this year. Neil, it is a meat stick with a growth chart that looks like a hockey stick. Better for you is the term that is taking over the food. industry right now. If you just go through all the recent big acquisitions, it's all about acquiring snacks that are, quote-unquote, healthier for you. I mean, Pepsi just bought Cieta Foods, which makes healthier tortilla chips for $1.2 billion last month. And then the maker of Slim Gym, Canagra Foods, bought also another meatstick company called Fatty Smoked Meat Sticks, and Canagra also owns Slim Jim. So all of these companies are moving into the, quote,

for use space, which with snacks that have high protein and low sugar. And I guess meat sticks is just like one subcategory of that. That's absolutely exploding. I think it's also big for school lunchboxes because right now the company says their core demographic skews female because they say a lot of it is that people shopping for their families. And it is just kind of that perfect. You feel good throwing it in your kids lunchbox. It's very easily containable like the packaging. It's a shrink-wrapped meat stick. And it is just kind of that perfect. You feel good throwing it in your kids' lunchbox. It's, it's very easily containable like the packaging. It's a shrink-wrapped meat stick, and it also feels healthier. Choms has kind of doubled down on this sugar-free approach from the beginning, which we were

kind of talking before the show, like, do any high-protein snacks have a bunch of sugar in it? And unless they add, unless it's like a protein bar that adds artificial flavoring into it, no, like meat doesn't have sugar in it. But that kind of story, the fact that they position themselves as is better for you, snack brand, has led it to just see this explosive sales grow. So go check your company Snacks, or if you have one, I hope you do. look for chomps or go check your kids' lunch boxes that'll probably be in there as well. My special bonus winner of the long weekend is one of the single greatest athletic performances of a generation.

And that was Ruth Chepton Nogeditch breaking the women's marathon world record as well as a mythical two hour and 10 minute barrier at the Chicago Marathon this Sunday. To say this was a quantum leap forward in athletic performance is almost underselling it. It demolished the previous world record by nearly two minutes. Cheppin Hagenich's first 13.1 miles of the race was the fifth fastest half marathon ever run. Her first 10 kilometers of the race was so fast that only 11 women in the world ran faster on a track, let alone in the first six miles of the marathon. And the pace seemed suicidal until it wasn't. And Chepton Hagenich held on to break a barrier long thought to be out of reach.

Neil, this was the same course that Kelvin Kippem almost broke the two hour on mark last year. And this run was on par and maybe even more impressive than that world. record performance. Right. So she and the men's winner who was also Kenyon dedicated their races to Calvin Kippem who died four months after setting that record last year.

So just truly a very emotional day in Chicago for marathoners and runners in general and to do what she did breaking the two hour and ten minute mark is truly astonishing. One of the NBC commentators who was a marathoner herself said it was almost like seeing someone

land on the moon. So something that's like absolutely mind-blowing. And I went back to women's marathon world records in the past few decades. I mean, as recently as 1971, the record was three hours and one minute. And now we're down to I would have had it. I would have had it in 1970. I would have a women's grown-de- for people getting so much faster than just the span of a few decades. Well, it's definitely in the super shoe era ushered in this era of incredibly low times. But we've been in the super shoe era for almost a decade at this point. So you can't just point to the shoes anymore. I think It's truly that they see that it's possible.

For a while, everyone thought 210 was simply unbreakable. Like, it truly was unfalienable. It is the equivalent of a two-hour marathon. Since it's basically a Monday, let's close with a preview of the week ahead, which is short, and that's awesome. Baseball has reached its final four, the ALCS and the NLCS. And if you're looking for plucky underdogs, well, they died with the Detroit Tigers. So far, these playoffs, the big spenders have been the big winners. The teams with the three most expensive payrolls, the Mets at $332 million, the Yankees with $311 million,

and the Dodgers at $266 million are all competing joined by the Cleveland Guardians at $109 million. The Mets and Dodgers are currently knotted up at one game apiece, while the Yankees lead the Guardians one game to zero. It's funny because the Mets have taken on this role as like the plucky team of destiny, and then you look at their payroll and it's $332 million. So, I mean, let's go Mets, but they aren't exactly the underst. underdogs that maybe the media is making them out to be. Maybe less exciting, but still very important. Earning season kicks into gear with the corporate equivalent of week one in the NFL.

Today we'll get reports from Goldman Sachs, Bank of America, and Citigroup in the financial sector, along with healthcare giants Johnson & Johnson, Walgreens, and United Health. The highlight later this week is Netflix on Thursday. Toby, the stock market is on an absolute role with the S&P 500. No, I know you're so excited. You just want to interrupt me. S&P 500 and the Dow set more all-time highs yesterday. Earning season might pose a test, though.

Yeah, since the S&P 500 is up 20% so far this year. And when the S&P 500 gained at least 20% through the first nine months of the year, it posted a down October 70% of the time dating back to 1945. So I thought you're going to ask, like, which company are you most interested in? I'm interested in all of them because I'm rooting for all of them because we are fighting history at this point. 70% of the time October is a down-month. month, but so far, it's not looking at way. No, not at all. I mean, it's just been up and to the right.

It's been crazy. This is the first week on the job for Nike's new CEO, Elliot Hill, who have quite the onboarding experience trying to revive a struggling giant whose stock is down 23% this year, one of the few companies that hasn't gained. And then Thursday is National Pasta Day. Toby, what's your favorite pasta shape? Okay, I was hoping you'd ask me this because it is casketelli, which is one of those newer pasta shapes that's been invented. It made time. Magazine's 100 best inventions of 2021. It's got great sauce ability, great forkability scores.

You can get it at Trader Jores. It's kind of a dark horse for posse of the decade, I think. It is a new posse. What is the shape? It's hard to explain. It's like a turned over thing with ridges. So it's got good. I think it handles sauce very well, which is what I'm looking for in a process. Okay. Say it again

so people can look it up. Casquitelli. Casquitelli. C-A-S-C-E-L-L-I. I'll check it out. There you go. That is all the time we have for day. Thanks for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback on the show, send an email to Morning Brew Daily at Morningbrew.com.

And if you enjoy Morning Brew Daily, don't keep it to yourself. Send the pod to your friends, family, and coworkers. If you're having trouble thinking of someone to share with, Toby is here with an idea. I want you to share today's show with someone who ran the Chicago Marathon this weekend. They are probably very sore. They are probably very immobile. So send their pod this way. One, as congratulations, but two, as some entertainment as they probably sit. And if they ran a marathon, they probably wouldn't be quiet about it. You've definitely heard about it, so you know which friends ran it. And they have posted on social media, so send this pod there.

Okay, let's roll the credits. Emily Milliron is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Eugenwa Ogu is our technical director. Billy Minino is on audio, hair makeup is inspired. They're signing up for next year's Chicago Marathon. Devin Emery is our chief content officer and our shows.

a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow. 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 Omnyshade 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 alolotion. You're welcome. Columbia. for whatever.