Morning Brew Daily - Stock Market Flinches From Tariffs & AI Agents Are Everywhere

Episode Date: February 4, 2025

Episode 511: Neal and Toby rundown what the heck happened to the stock market after Trump announced tariffs on Mexico and Canada, but then delayed them for 30 days. Then, Musk and his DOGE clean house at the USAID and close its doors. Also, Trump wants to start a sovereign wealth fund that could potentially buy TikTok. Plus, the Panama Canal has become a flashpoint due its rising fees. Meanwhile, Toby shares his trend of AI agents. Lastly, final headlines for the day!  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 https://wise.com/business for more! Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Public Investing, Inc., member FINRA & SIPC. Public Investing offers a High-Yield Cash Account where funds from this account are automatically deposited into partner banks where they earn interest and are eligible for FDIC insurance; Public Investing is not a bank. Cryptocurrency trading services are offered by Bakkt Crypto Solutions, LLC (NMLS ID 1890144), which is licensed to engage in virtual currency business activity by the NYSDFS. Cryptocurrency is highly speculative, involves a high degree of risk, and has the potential for loss of the entire amount of an investment. Cryptocurrency holdings are not protected by the FDIC or SIPC.  APY as of 1/16/25, offered by Public Investing, member FINRA/SIPC. Rate subject to change. *Terms and Conditions apply. Learn more about your ad choices. Visit megaphone.fm/adchoices

Many employees can't afford a hefty medical bill that pops up out of the blue. But it happens. And employees who are financially stressed are, understandably, more likely to be distracted at work, costing their employers greatly in lost productivity. Luckily, AFLAQ plans help with out-of-pocket expenses not covered by health insurance and can be offered at no direct cost to businesses. Learn more at aflac.com slash morningbrewdaily. That's aflac.com slash morning brewdaily.

Good morning brew daily show. I'm Neil Fryman. And I'm Toby Howell. Today, like anyone who's ever tried to change their flight over the phone, the trade war is on hold. Then, should the U.S. start a sovereign wealth fund? President Trump seems to think so. It's Tuesday, February 4th. Let's ride.

Good morning. I hope everyone is having an excellent Tuesday. I have some bad news for anyone on a road trip through the south right now. Waffle House is adding a 50 cent per egg surcharge across its 2,000. locations as the chain deals with increased egg costs associated with ongoing shortages linked to bird flu. That means your classic all-star breakfast combo that comes with a waffle, bacon, sausage, or ham, hash browns, and two eggs, any style.

We'll set you back an extra buck. Neil, are you paying extra for a little yolk action, or is this something that would make you go egg-free? Looks like we're going to have to start ordering waffles from Waffle House. This almost feels like Costco increasing its hot dog and soda combo from a dollar and 50 cents, the Waffle House's affordable meals are one of the few things holding our society together. The fact that it's putting a 50 cents surcharge on every egg, I think indicates a crisis. But to answer your question, I think I'm not ordering eggs. I already thought ordering

eggs out for breakfast or brunch was a complete rip-off as it is. So as with prices going up, I think I'm opting for pancakes or waffles. I actually like that take a lot. Have you had Waffle House? I have had Waffle House. Okay. My Waffle House. At 3 a yet. It's not a breakfast thing, though. Well, yeah, anything could be breakfast if, you know, you flip the script enough. I like putting the chocolate chips on the thin waffles and then adding a little bit of peanut butter as well. So that's my Waffle House hack.

No eggs necessary. Let's take a moment to talk about our sponsor Wise Business, the app for handling payments in multiple currencies. Neil, yesterday I woke up and did the show with two completely different shoes on. How is that even possible? Did you not feel the difference? They were both Nike's, both running shoes. And anyways, you didn't even know. notice, which is why I bring it up. Imagine us as international business owners. I often do. Managing

payments in different currencies, euros, yen, pesos, it'd be a disaster to say the least. It's why you need wise business. You can pay your vendors or suppliers in multiple currencies, no stress, no hidden fees, and no way to wear two different shoots. If you are a business owner and you have a lot on your plate, take one thing off with Wise Business. Make international payments simple. Head to wise.com slash business. That's wise.com slash business. 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 3 burner gas grill, or get $50 off a select Webber 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. See homediva.com slash price match for details. Trade war last night was awfully crazy. I wished we taped it. About 36 hours after President Trump announced 25% tariffs on Canada and Mexico,

sending global markets tumbling, he flipped Benson Boone style and delayed those tariffs by 30 days, allowing everyone to take a deep breath. The pause came after phone calls with the leaders of both Mexico and Canada yesterday, in which they took steps to sue this concerns about border security and drug trafficking. Mexico President Claudia Shinebaum said she would reinforce the border with 10,000 members of the Mexican National Guard, and Canada's Prime Minister, Justin Trudeau, said he'd continue implementing a plan that had already been announced a $900 million initiative to deploy drones and helicopters at the border. Investors were pumped to hear the North American trade war was called off, at least for now,

because it would have likely pushed inflation higher, lowered economic growth, and caused all sorts of costly headaches for companies after suffering heavy losses in morning trading, Stocks made up ground by the close and ended up moderately lower with the S&P 500 finishing down 0.75%. Still, this trade war is not completely over. 10% tariffs on China went into effect this morning and China retaliated with tariffs of its own on certain goods. An antitrust investigation into Google and Chinese exports of critical materials will be limited. A pretty moderate response designed to avoid escalating tensions further. Toby, my head is spinning here. What do we make of all this? By kicking the can down the road once again, Trump is

kind of showing the U.S. to be, to, you know, have this reputation for maybe stopping short on actually falling through on some of these promises. So far, I mean, I've seen headlines that it's been more art of the deal than actual tariffs being slapped on these countries. Proponents and supporters of Trump will say, hey, look it, we got the concessions that we were after. But then you can look at the concessions and say, wait a minute, they're not as big as potentially that the, the, tariffs that were threatened, you would expect the concessions to be. And I mean, some of the things that Mexico did, they've done in the past before. They've done this multiple times pledging 10,000 troops to secure the border. They did it in Trump's first turn. They did it during Biden's term,

and now they're doing it again under the threat of tariffs. The U.S. is developing this reputation for not actually falling through, and President Trump is developing a reputation for not fully falling through on his threats of tariffs. It's also gaining a reputation for being a very uncertain trade partner, which could chill investment anyway, even if there's no tariffs involved, if we keep threatening our trade partners and pulling back at the last minute, it just creates this level of uncertainty and uncertainty is terrible for the stock market. It's terrible for business investment. Mexico has been a huge winner of the past few decades, as the U.S. has decoupled a bit from China. A lot of multinational companies have set up factories

just south of the border right next to Texas or Arizona so they can easily ship, goods into the United States. Even without the tariffs, Mexico could still suffer from all of this uncertainty whether the U.S. is a reliable trading partner going forward, and the same can be said for Canada. A lot of American allies are saying, all right, we're just going to trade amongst ourselves more. Obviously, you can't ignore the U.S. The U.S. is the biggest consuming nation in the world, so you can't just completely cut them out of trades, but you are seeing more U.S. allies. Make trade deals that kind of skirt the U.S. The European Union has done three trade deals in the last two months that have not involved the U.S. at all. They've did a big one with some

South American countries. So obviously you can't fully ignore the U.S. of just how big we are. It's not anyone's preference to not trade with the U.S., but if the U.S. does prove to be such, as you put it, an unreliable trade partner, then you are going to see more of these deals. And we're not done with the trade wars just yet. As I mentioned, 10% tariffs have went into effect on China. China retaliated. It was a very measured response as a way to kickstart negotiations. So we'll see what happens over there. It is not a full-blown trade war as it happens. Trump has also threatened to levy tariffs on the EU. And I do expect that to happen in the next few months. And there's also this looming cloud of Canada and Mexico,

you know, that we've kicked the can down 30 days down the road. But we'll see how it plays out. We're just in a new era of uncertainty. You saw stocks go down yesterday. Not a whole lot, but they were still down a pretty significant amount, 0.75% from the S&P 500. And I'm sure so many people spent all day yesterday if they were working in a multinational business that does trade with Canada and Mexico or anywhere else just on the phones figuring out what the hell to do. And then to see this called off, again, it just leads to a little more chaos and a little more uncertainty into the U.S. economy. For our next story, $40 billion in U.S. foreign aid has been put on hold after President

Trump and Elon Musk agreed that the U.S. Agency for International Development, should be shut down. Two USAID directors replace on administrative leave over the weekend after refusing to turn over sensitive info to Musk and Doge, and in their place steps in new Secretary of State, Marco Rubio, who, as of yesterday, is the acting administrator of the agency that appears to be doomed for closure. Despite strong pushback from Democrats against gutting the agency responsible for everything from humanitarian efforts in Ukraine to health initiatives in sub-Saharan Africa, Employees were seen cleaning out their desk yesterday after being told not to report to work anymore.

Neil, critics say that Trump lacks constitutional authority to fully shut down USAID without help from Congress. But Trump pushed back on that idea, saying when it comes to fraud, he doesn't need approval. This has left a lot of international aid efforts in the lurch in the meantime. Yeah, I mean, this agency hands out $40 billion worth of money every single year. that doesn't sound like a lot. And it's not compared to the federal budget. It's less than 1% of everything the U.S. spends. But in certain areas, it accounts for a large part of their economy.

USAID accounts for 7% of the entire GDP of South Sudan. In Somalia, it's 9% of GDP in Kenya. USAID supports 30,000 health workers. After all this chaos went down over the weekend, this Bangladesh health clinic that supports cholera and malnutrition, laid off a thousand workers. So $40 billion going all around the world. It's a way for the U.S. to project its soft power. U.S. aid has been around since JFK was the first person to institute it, and it was a way to check Soviet aggression. And now it's a very similar way to check China's

influence, economic influence, all around the world. So critics of dissolving it or at least making it a shell of its former self-say that this leaves a wide opening for China to continue exerting its economic power all around the world. It's already Africa's top investor, top trade partner, and in the absence of a USAID influence or a vacuum of USAID that could lead to China sending its tentacles all around the world. And then meanwhile, too, it does leave a lot of these contract workers just, I called it in the lurch,

because they don't know what their future entails right now because USAID had 10,000 employees, but also numerous contractors working with it. Health contractors spread across the globe. So they're saying, all right, what do we do now? So you are correct to that even though USAID as a portion of the federal budget is a lot smaller. I mean, $40 billion is nothing to sneeze at. But when in context of the entire federal budget, it is rather small.

But that soft power, the fact that the U.S. is, you know, stepping into these places to also fend off China from doing the exact same, it does shake up the geopolitical world in a ways that it probably goes above the actual dollar amount. And just to say what happened, you know, at the end of last night, it looks like USAID will still continue to exist as a part of the State Department. Marco Rubio, the Secretary of State said that there are a lot of functions of USAID that are going to continue to be part of American foreign policy. But it has to be aligned with American foreign policy. That may be an acknowledgement by the Trump administration that they can't just shut this aid down that was approved by Congress without getting similar approval from Congress. Under a new executive order, the United States could look a little bit more like Norway. Yesterday, President Trump greenlit the creation of a sovereign wealth fund, a federally owned investment vehicle that takes stakes in different types of assets such as stocks, bonds,

or in Saudi Arabia's case, entire soccer teams. But getting one set up in the United States will be a tall task. First of all, it's unclear where the funding would come from in many countries with sovereign wealth funds. They're financed by a budget surplus that typically comes from commodity risk. which is Norway's sovereign wealth fund, the world's largest, is plugged by the country's vast oil revenues. Second, it would require congressional approval, but it's unclear whether lawmakers will go for it, since it would be a way to sidestep their spending authority.

If a sovereign wealth fund comes to fruition, which Trump said he hopes will happen in the next 12 months, it could be a way to save TikTok in the United States, he said. Remember, Trump delayed a ban on TikTok and is pushing for a joint venture with bite dance in which the U.S. owns a 50% stake. Toby, we heard this floated on the campaign trail, a sovereign wealth fund to quote, advance national endeavors. It looks like the gears are in motion. It is easy to understand the allure of a sovereign wealth fund because in theory, it allows the government to, you know, put cash towards strategic aims without having to actually raise taxes on its citizens. In practice, that balance is actually a lot harder to achieve because in America, it is tough. We do

not run a budget surplus right now. $1.3 trillion deficit. Deficit. So where is that money coming from? And then also when you choose to allocate money to a sovereign wealth fund, that means you are also choosing to not allocate it towards something else. So maybe should that money instead go towards, you know, improving highways or funding public education or something else than just putting it in a fund to invest in strategic things like, you know, TikTok or something like that.

But then, you know, Howard Lutnik also is on board with this as well. he said that it could be used to facilitate the sale of TikTok. He also called out during COVID when they are buying two billion vaccines from these companies. So they also take a stake in those companies as well. He's the Commerce Secretary nominee. The Commerce Secretary nominee Howard Lutnik. So you can see where this would fit into some of these deals.

But also it's just not something that you immediately think of that would be helpful for a country like America. Finally, the Panama Canal has found itself on the. wrong end of a Trump administration ultimatum after Marco Rubio traveled to the critical waterway to try and quote change the status quo. The status quo Trump is upset with is the level of Chinese influence over the critical trade route. Rubio was able to win significant concessions on that front with Panama's president declaring after the meeting that his country won't renew a 2017 infrastructure funding agreement with Beijing. Trump has threatened to seize control of

the canal, but Panama's president, Jose Molino, downplayed the tensions between his country and the U.S. while also reiterating the fact that the canal is not up for negotiation. Neil, most new secretaries of state take a trip over to London or another cushy ally for their first official overseas visit, but not Rubio. The focus on Panama shows the new diplomatic priorities of this administration. All right, let's do a little history lesson here. So the United States built the Panama Canal in the early 20th century. In the 1970s, Jimmy Carter signed a law that allowed Panama to take back control, and that eventually happened in 1999.

But the Panama Canal continues to be a huge unlock for trade, especially for the United States, because it just presents such a shortcut from East Coast ports to Asia. And the United States right now is the canal's biggest user. 40% of all U.S. container traffic traverses it annually. It's also a big – it's a key for Panama's. economy as well. It accounts for 4% of its entire GDP. There have been major price hikes recently. They've increased tolls and service fees because the Panama Canal has suffered a bunch of droughts. That has limited the ships that have been able to go through. It has these big investments that it wants to make on the Panama Canal. So that's what Trump is bristling out a little bit.

It's these huge price increases that happened over the past few years. Up next, let's put a little pep in your step because Toby's trends is coming your way. This episode is brought to you by Palm Olive. Family time isn't just the big moments. It's weeknight dinners. Sitting around the table, everyone talking all at once. So when the plates are empty and the sink is full, use Palm Olive Ultra. Palmolive's most powerful formula removes up to 99.9% of grease,

leaving your dishes sparkling clean. And the new convenient pump makes cleaning even easier. So you can spend less time tackling dishes and more time together. Shop now at palmolive.com. You said this place was steps from the water. We just haven't found the steps yet. How much did we save? Enough.

Enough to get lost! Or you could book a stay with Hilton. Welcome to your oceanfront room. Just steps from the water. The Hilton sale is on now. Book on Hilton.com or the Hilton app and save up to 20% to get the stay you expected. When you want savings, not surprises.

It matters where you stay. Hilton, for the stay. One week ago, Open AI debuted an AI helper that with little oversight could go buy you some Valentine's Day chocolates online if you asked it to. And then it dropped another tool that can scour the internet to conduct deep research about any topic of your choosing, maybe how to find a Valentine. And today, those so-called AI agents have made it into Toby's trends where I want to talk about the rise of AIs roaming the internet. The first tool I mentioned is called Operator. and it can shop for groceries or book a reservation online with minimal human input. A New York Times journalist took it out for a test drive and described how their cursor zoomed

around the screen controlled by the AI to go buy some dog food, only stopping to ask for passwords and payment confirmation. Open AI's latest tool deep research accomplishes in 10 minutes what would take a human many hours, according to the company. The company does see the tool as particularly useful for people who work in finance, science, law or really anywhere else that spends time going deep on certain topics. But the reason I toss this into a Toby's trends is that computers browsing computers is only going to grow more common. Google has quite literally already dropped a tool two months ago called deep research

that can do the same thing as OpenAI's new release. And I expect we'll see more announcements coming down the pipeline as related to AI agents. So the so-called self-driving internet, Neil, as you actually framed it to me earlier, is fast arriving. It's fast arriving. It is extremely expensive, too, because this tool will cost you $200 a month for OpenAI. But I think what we're seeing is these companies respond to Deepseek's cheaper model by releasing very frequently new product updates to create a more sticky product. We all saw that Deepseek went to the top of the app store right away,

which showed that it was very easy to move between chatbots. They're very similar in the... their capabilities and their scope. It doesn't matter whether you're using Claude or ChatGPT or DeepSeek, whatever you ask, it's going to give something broadly similar, which showed that their products are not sticky. So in response, Open AI said, hey, we're going to put our foot on the gas pedal. We're going to release a lot of new products that hopefully gets people in our ecosystem

paying for this and it'll create a more sticky experience with Open AI specifically. But as for the self-driving Internet, I mean, parts of this are very exciting. you can see ways that it would save a lot of time. There are things that I feel like I'm just copy-pasteing, clicking through. It's very much a headache, like booking a reservation or booking a flight or things like that that I would love to have an AI agent do if the stakes are low enough, I guess. You could see how these tools could supercharge productivity. Remember, that's always been the promise of AI is that it will, you know, take productivity

to another level because instead of taking hours to research in obscure scientific topic. You can do that in minutes now, so that is literally saving time. But then also some cold water on these lofty claims is that a lot of researchers have pushed back and say you probably need to spend as much time verifying the AI's research as you would just researching yourself, because, again, it is prone to hallucinations, and it's not great at parsing through, like, what information is actually true online versus what is not true. And then the other thing, too, remember I talked about the New York Times journalist who took it out for a spin and said that it was almost like having the world's least confident assistant because it is constantly asking you, hey, can I do this?

Can I do that? Because it doesn't want to, you know, overstep its bounds. So it ended up, you have to focus on it just as much as if it's not running in the background because you have to put in your credit card info. You have to say, yes, this is okay to do this. So it's not quite fully autonomous yet. So definitely some, you know, it's not quite there. if you want to call it that because you still need to, you know, monitor it,

but you see the promise in the idea that these tools could eventually save you a lot of time. Right. I think it'll be important for people to learn to trust them without checking their work. And I think that would be my biggest hold up right now. If it were to generate a research report, I just wouldn't totally trust it because I know that these AIs are prone to hallucinate and make stuff up, so I'd need to check it. And then it would be the same amount of work anyway.

So this is V1. We'll see what happens in V2 and V3. Let's sprint to the finish with some final headlines you should know about. While the Eaton and Palisades fires in Southern California have been 100% contained, the financial fallout is continuing. State Farm, which provides insurance for more than one in five homeowners in the state, has asked California regulators to approve an emergency rate hike in order to avoid, quote, dire situation for our customers and the insurance market in the state.

That hike would include a temporary 22% increase in homeowners insurance and a 38% percent increase in renters insurance. The desperate tone of the letter raises questions about the financial condition of the insurer, which is being hit with thousands of claims from victims of the fires and has already paid out more than $1 billion. It said an in-term increase was necessary to preserve its claims paying capacity. Remember, State Farm actually chose not to renew fire insurance for about 1,600 customers in the Palisades in 2024. And it did raise questions about, yeah, how is the financial health of this company? One group that does think that State Farm is doing just fine is consumer watchdog, which is this L.A.-based advocacy group.

They actually are disputing that State Farm is in any sort of financial trouble. They pointed to the fact that insurers made underwriting profits of $1.4 billion between 2020 and 2023. They say it has $134 billion in the bank right now. So they're saying you could absolutely you know, cover these costs. But then State Farm is saying this is actually how insurance works as, you know, the risk goes up in a certain area. Prices have to go up as well. That is just a foundational way that insurance works. So higher risk should actually lead to, you know, more higher costs as well. So it is just tough, though, to see that headline of 22% increase for a community that is already, you know, reeling from the fallout of these fires. For our next

headline, Neil, it looks like you may be able to go watch your Eagles play. in the Super Bowl after all because ticket prices for the big game are plummeting. The cheapest ticket has fallen 30% over the past week, bringing it down to prices that are 50% cheaper than the last year's record-breaking Super Bowl. Now, I should say the cheapest ticket is still insanely expensive, and picking one up on the secondary market will set you back about $4,000. Still, a little cheese fatigue combined with the fact that the game is being held in New Orleans instead of Vegas like last year.

and you can see why prices are coming down from this strategy. Yeah, so the Caesar Superdome in New Orleans holds 74,000 seats, a Legion Stadium in Vegas. Last year holds 65,000 seats. So it could be a little bit of a supply and demand issue or supply issue. And then on the demand side, yes, I do think there is a decent amount of cheese fatigue. We had the same matchup two years ago. But I will tell you, when you see the Superdome on Sunday,

It is going to be a sea of Kelly Green. Eagles have 34% more ticket buyers on Stubhub than the Chiefs. So we are going to be out in full force, and we are going to be flush with cash because we're only paying $4,000 for a ticket instead of $8,000. Is that weed just like the Royal Wee? Royal Wee. I'm not going. I am not going.

We've got to prep for the show. Okay, when it comes to drive-through efficiency, Chick-fil-A is in a league of its own, boasting the highest revenue per restaurant of its peers. Yes, even with being closed on Sunday. And turns out the secret to putting the fast and fast food is by studying game film like an NFL quarterback. According to a New Wall Street Journal report, Chick-fil-A deploys traffic analysis teams to its locations that use drones to capture aerial footage of drive-thrus and make tweaks based on the footage they capture to improve traffic. The executive tapped to improve service at drive-thrus said his light bulb moment came from watching a football game where New Orleans Saints quarterback, Drew Brees, looked at replays on his tablet from the sidelines.

He thought to himself, we can break down drive-through game film, just like they break down football game film. So never tell me I'm not being productive when watching football. I will never say that. What are some of these insights that they're finding, though? And first of all, Chick-fil-A is just the absolute apex of, you know, the fast food service industry. One franchisee was looking at his franchise serving one car every 13 seconds, which is just

insane, but they found that there were a few, you know, bottlenecks and a few issues. One worker was just doing way too much at the drive-thru. It was a veteran worker. They were shouldering too much of the load. And then another issue that they found is that the Wi-Fi used in the parking lot didn't extend far away enough for people to, you know, put their orders in. So it is really small tweaks that we're talking about here because, you know, Chick-fil-A is great right now.

And the U.S. is just becoming a more drive-thru-centric country in general. 43% of fast food orders in the U.S. happen in drive-through windows. So if you could increase efficiency by just that 5%, that 10% margin, it does lead to, you know, greater profit. So I'm just... Do you think you would be bored watching game film of a drive-through of cars go-through drive-thru? Well, it would be like watching a football game for me. I wouldn't even know what I'm looking at because I don't see the very small nuance of the

details. But I do think the drones are a big unlock as well because in this article in the Wall Street Journal, they said, chick-fil-A managers used to stand on their roofs to get an aerial view. Now they have that drone footage. So to answer your question, though, I would have no idea. I would love it. We need the Chick-fil-A version of John Gruden there, just walking us through with the Telestrator. I would love it and see where we think we could improve the drive-through times.

Finally, when you go to the movies, there is an expectation that a bevy of previews will precede your feature film. It's part of the experience that when you show up for, say, an 8 p.m. start time, the actual movie won't start until 8.20 or so, but a Connecticut lawmaker is trying to challenge that assumption. A state senator from New Haven, Martin Looney, recently proposed a bill that would require theaters to list the actual start time of movies, not when the trailers for Fast and Furious 27 start. So going to book a movie, you might see something like The Brutalus, 8 p.m. than in parentheses, film starts at 8.14. Neil, Looney told a local news outlet, it seems to be an abusive. of people's time. If they want to get there early and watch the promos they can, but

if they want to just see the feature, they ought to be able to get there just in time for that. This man is fighting the good fight, but I've never seen a more dead bill than this one. Movie theaters are going to fight a tooth and nail because this is their livelihood. You watching

previews, you watching commercials, right, the previews before the movie is the third most likely place for people to see promotions. A lot of independent theaters say this is what we need. to survive. We'd die if people came in at 8.20 for an 8 o'clock movie. So I think of all the list of inconveniences and annoyances people have in life, this one sits somewhere in the middle or near to the bottom. It is not, you know, it's not great if you have to sit through eight, eight

previews before seeing the movie, but it's not a big deal either. I like it. You know, it keeps the movie machine turning as well because you see a preview. You're like, wait a second, I want to go see that in the theaters. And then you go see that movie. You see another preview. So you need to the previews to keep, you know, theaters running, and they need the revenue because they're struggling from COVID. So I like the movie theater preview. Plus, you know, it allows for banter. Well, you can't talk for the entire movie, but during the previews, everyone just turns to the person they're sitting next to and be like, that one looks good. Or like, I'll never see that one. That's the key part of the movie going experience. I also think it's great for the friend that always shows

up late, too, because if you actually told them the correct start time, and they usually show up 15 minutes late, now they have that buffer of the preview. So it's great for your no, not so time-efficient friends. All right, so we hate this bill. All right, let's wrap it up there. Thanks so much for starting your morning with us and have a wonderful Tuesday. For any questions, comments, or feedback, send an email to Morning Brew Daily at Morningbrew.com. And if you're enjoying the show, share it with a friend, family member, or coworker.

There's a ton going on right now. So make sure everyone you know and care about has a way to stay informed. Toby, who should people share the pod with today? I want you to share it with your biggest group chat because a lot. Like we said, Super Bowl tickets are all-time low prices right now, so ask for a little Venlo donation, and maybe you can join Neil in the Kelly Green Hordes and go and watch the Super Bowl.

Okay, let's roll the credits. Emily Milliron is our executive producer. Raymond Lue is our producer. Olivia Graham is our associate producer. Yuchinawa Ogu is our technical director. Scoops Dardaris is on audio. Hair and makeup has been approved for all audiences by the Motion Picture Association of America.

Devin Emery is our chief content officer and our show is the production of Morning Brew. Great, Saturday, Neil, let's run it back tomorrow. 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 at 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 4. anniversary. You win?

Details at yamava.com must be 21 to enter. Please gamble responsibly. Monopoly is a trademark of Hasbro. Hasbro is not a sponsor of this promotion.