Morning Brew Daily - Wall St. Shook By ‘Sell America’ & BlackRock’s CEO Says Capitalism is Not Working

Episode Date: January 21, 2026

Episode 762: Neal and Toby chat about the revived sentiments of “sell America” amid Trump’s beef with European countries, threatening tariffs over his pursuit for Greenland. Then, the biggest names in business are in Davos and are already making headliner statements. Also, Netflix reported earnings that just squeaked by expectations, citing the toughest competition for viewers in recent years. Meanwhile, liquor sales are waning and some major alcohol companies are sitting with a glut of spirits. Finally, a wrap up of the biggest headlines from the day.  Grab your desktop calendar with games now! https://shop.morningbrew.com/products/2026-daily-games-desk-calendar  Explore Indeed’s full findings at https://www.indeed.com/2026hiringtrends Learn more about Lightspeed at https://www.lsvp.com 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. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ This special episode is produced in partnership with Lightspeed Venture Partners. Lightspeed holds the largest early-stage AI portfolio in the world both number of companies and capital deployed, investing in 165 AI companies and deploying over $5.5 billion in AI investments. Lightspeed's invested in some of the most valuable AI companies globally, including Anthropic, Mistral AI, Glean, Reflection AI and more. Learn more about Lightspeed's recent investments in Skild AI here, and stay tuned for more exciting AI coverage on the show this week: https://www.skild.ai/blogs/series-c 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, AFLAC 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 morning brewdaily. That's aflac.com slash morning brew daily. Good morning brew daily show. I'm Neil Fryman.

And I'm Toby Howell. Today is the Sell America Trade Back on. Then BlackRock CEO Larry Fink roasted capitalism during his speech at Davos. It's Wednesday January 21st. Let's ride. Toby, what's the date today? I literally just said it. It is January 21st.

Oh, my B. I don't have my Morning Brew Daily desk calendar with me here in Switzerland. It's basically the only way I know what day it is. Desk calendar. Say more. Yeah, so Morning Brew has this games-focused. desk calendar for 2026. Each day of the year, you'll get a new game, trivia, crosswords, puzzles, and they're all really great because guess what? I helped put it together. Self-promo,

Neil. No, this calendar really is great. Put it on your desk, put it on your nightstand. If you have a kitchen island, I'm jealous, but you can also put it there. If you want to give yourself or someone else the gift of a productive way to procrastinate, head to shop.mortmorrow.com to see Neil's handywork. Check it out. It's really fun. And now a word from our sponsor, Indeed. Neal, has AI changed the way you work? Well, now instead of asking you questions directly, I ask my AI-powered Tobybot questions like, why are you like this? Why do you ask? Well, we're here at the World Economic Forum in Davos this week, along with Indeed, who are diving into things like how AI impacts jobs, transforms skills, and employer adoption. Indeed, we'll be sharing

real-time insights like that into the global labor market and how leaders can navigate the workforce challenges and opportunities ahead. They're also helping business. leaders and hiring professionals dive into these perspective through Indeed's global labor market and workforce trends report. This report includes also where job opportunities are growing, where skills shortages and mismatches could impact business performance, and how immigration patterns are shaping workforce capacity. Together, these insights help leaders prepare for what's next and make better workforce decisions grounded in real-time data. Learn more at Indeed.com slash Davos. That's indeed.com slash davos. Yesterday really put the red

in the red, white, and blue. American assets had their worst day since last April as President Trump's insistence on acquiring Greenland on nerves investors over the safety of USA Inc. The S&P 500 had its worst day in four months, dropping more than 2% and erasing its entire gain for 2026. Tech dragged the index lower with each member of the Magnificent 7 falling at least 1%. The dollar fell against a basket of other currencies. Gold, sorry for being a broken record, surge to a new record, and Treasury bonds tumbled sending yields higher. The sell-off broke a long spell of calm in the stock market, which had largely brushed off major geopolitical upheaval in recent weeks. It shrugged when the U.S. captured Venezuela's President Nicholas Maduro in a surprise raid,

and also ignored when FedShare Jerome Powell said he was under criminal investigation. But the events of the past few days seem to have caught the attention of investors. President Trump threatened eight European allies with tariffs come February 1st, unless Denmark sells Greenland to the U.S. and the EU has vowed to respond with an economic barrage of its own. So it's important to emphasize just how big of a shift is occurring right now. Historically, when things get hairy, investors flock to the safety of American assets, a lighthouse in the tempest. In these uncertain days, they're yanking their American investments. Some say it marks a profound shift in the world economic order.

Yeah, maybe the best emblematic emblem of that shift is the fact that a large Danish pension fund is literally selling U.S. Treasuries right now. They sold $100 million because of finance concerns. The investing chief says the decision was driven by what it sees as poor U.S. government finances in America's debt crisis. And this is something that could spread beyond just this one Danish pension fund because $100 million in the grand scheme of things isn't a lot of money, which feels weird to say, but it's true in terms of U.S. Treasuries. Bridgewater's Ray Dalio told CNBC yesterday that sovereign wealth funds, could start to also sell U.S. investments if they stop seeing U.S. as a stable trading partner. That is absolutely how a lot of the world sees the U.S. right now, not a stable trading partner.

Yeah, and we just have to wonder whether this is a blip or a more long-term shift. A new Bank of America surveys out front that surveys investors. They remain the most bullish they have since July 2021. Nearly half a participant said they don't have any protection against a sharp fall in equity prices. We've talked about sell America. This isn't the first time we're talking about sell America. We talked about it last April during Liberation Day and a few times last year. And yet what did happen in 2025, stock surged to record highs.

Corporate earnings were strong. Everyone's very excited about AI. It seems like that sort of outweighed any uncertainty that global investors have about the safety and certainty of American assets. You just have to think about, like, when will the damn break? I think the real question here is, does Trump back down again? Because historically, he's been pretty sensitive to how the bond market responds to his policies. He also clearly looks at the stock market and loves citing it as evidence that his agenda

is working. Back in April, literally, he backed down from his Liberation Day tariffs because, quote, the bond market started getting a little bit yippy. The bond market is certainly a bit yippy right now. And I do want to just hammer down the point that this has been a extremely calm period of months. As you mentioned, all those things that could have royaled the ship didn't. Volatility across U.S. bonds, equities, and the dollar of the past month had sunk through the lowest level since 1990. So literally we were in a historic period of calm despite all the turbulence. Now maybe it looks like investors have woken up to the reality of what's going on. Yeah, it may not be the most exciting thing, but probably the one asset to watch is the 10-year

yield. That reached 4.3% for the first time since September 2nd. The higher that keeps climbing, the higher borrowing costs are for Americans and the U.S. government. And if that keeps climbing to levels that get into the yippee zone, then we'll see maybe Trump back off. But it seems right now that global investors think that generally the United States and Europe will come to some sort of agreement over at Greenland. There won't be an invasion because right now we saw in the morning just the stock market futures are up and a little bit into the green. So we may be in for a few bumpy days and weeks. And Trump's speech later today at Davos is definitely going to make headlines as well. Moving on, one of the main features of the World Economic Forum here in Davos is that CEOs and business leaders get a lot of microphones shoved in their faces.

And what do you know, they say the darnedest things. The soundbites started early yesterday when BlackRock CEO Larry Fink tore into the conference itself, saying, for many people, this meeting feels out of step with the moment, elites in an age of populism, an established institution in an era of deep institutional distrust, and there's truth in that critique. Fink's words carry weight. Not only is he the leader of the largest asset manager in the world, but he also took over running the weft last year after its longtime leader Klaus Schwab stepped down. But Fink didn't stop there. He also tore into the concept of capitalism itself, saying that despite more wealth being created since the fall of the Berlin Wall than at any other time in human history, quote, in advance economies, that wealth has accrued to a far narrower share of people than in any healthy society can ultimately sustain. Neil, one-two punch of going And on the conference, he now runs for its billionaire naval gazing, while also warning of the perils of unequal wealth distribution. He's certainly rocking the boat.

Certainly really striking for the CEO of an investment firm that manages $14 trillion in assets to say, look, this capitalism thing, it's not really working. But as Liz Hoffman of Summer 4 points out, he's kind of right because Davos has been wrong consistently about the world is heading for much of the last two decades. She goes back to 2008 when an economist got up at a panel here in Davos and said, it is inconceivable, repeat, inconceivable to get a world recession. I'll just repeat. That was in 2008.

And then in the mid-2010s, no one could foreseen Brexit or MAGA or the populist wave that soon followed in 2020. People were here in January, sipping, you know, sipping champagne. Meanwhile, COVID was going to become a big thing. So, yeah, consistently, Davos has always been sort of backwards looking and has not been on the front edge. And I think Larry Fink, as he's coming into this role, is doing a lot of navel gazing himself and reflecting and saying, look, this thing is not really working. Davos and capitalism. And he also mentioned AI because he thinks it could be an inequality accelerator.

He's saying that, hey, these AI risks could actually repeat the same existing inequality patterns. His direct quote, if AI does to white-collar workers what globalization did to blue-collar workers, we need to confront that today directly. Obviously, AI is dominating Davos right now. So he was calling attention to the fact that we need a call to action here. And we need to figure out what prosperity means going forward in this age of AI. And one reason why people pay attention to Larry Fink. Like what he says is, yes, he's the CEO of BlackRock is the biggest money manager in the world. They have a big stake in pretty much any public company you can think of when he calls.

The CEOs are going to pick up the phone. He may be the most influential puppet master behind the scenes in the world in terms of the economy. So what he says carries a ton of weight in boardrooms across the world. Our next quote comes from Anthropic CEO Dario Amade, who had some strong thoughts on who should get their hands on the picks and shovels fueling the AI revolution. Speaking at Davos, Amade said selling the most advanced Nvidia chips to China is a massive blunder with even bigger national security implications.

It would be a big mistake to ship these chips, Amade said to Bloomberg. I think this is crazy. It's a bit like selling nuclear weapons to North Korea. His comments come as Trump has moved to ease restrictions on sending chips to China, allowing Nvidia to sell its H-200 processors to Beijing. This is a drum that Amadeh has been beating for a while. Last year at Davos, he said he was worried about, quote, 1984 scenarios or worse, talking about the dystopian totalitarian world from George Orwell.

Dude knows how to generate some quotes, Neil. Yeah, I mean, he absolutely shocked the crowd. And one reason why is he went in on Nvidia. Well, what happened a few months ago is Nvidia said it was going to invest up to $10 billion in Anthropic. The financial ties between these companies are very close, just like all AI companies, have a lot of connections financially and otherwise with each other. So to go after Nvidia and say, I think you're extremely wrong here. This is a huge national security issue that you're going to sell these H200 chips to China. It's like basically giving them a leg up in the AI race that we are currently winning.

and the issues are so paramount are so big that this is a huge strategic mistake. One way he framed it is that AI chips are essentially cognition or essentially intelligence. He said that doing this is essentially like shipping a country of geniuses in a data center to China. You would never give your smartest people over to your direct geopolitical enemy in China. And so that is the equivalence that he made is that these are the brains of the new era. why are we giving them to China when we absolutely do not need to be doing that? Finally, there's also a funny Davos update that I want to mention. There's been a hot market for off-label or fake badges with street prices fetching nearly $1,200.

Most of them are selling access to a USA house, which is the base for the U.S. delegation here in Davos. And USA has had to come out in issue a warning about selling fake VIP passes that are pledging access to Trump. in Scott percent. Totally fake, but apparently some billionaires were falling for this scam. So that is why you and me, Neil, have no badges or access to anything here just to avoid getting scammed, of course. Yeah, there is a little bit of shot in Freud in billionaires getting scammed just like the rest of us. Moving on, Netflix may be the most valuable media company the world has ever seen, but it wants you to know it's not the only television game in town. After reporting earnings yesterday, executives emphasize that the competition for eyeballs

is fiercer than ever. Co-CEo Ted Sarando said, the TV landscape has, quote, never been more competitive than it is today. TV is not what we grew up on. TV is now just about everything. He added, the Oscars and the NFL are on YouTube. Networks are simulcasting the Super Bowl on linear TV and streaming.

Amazon owns MGM. Apple is competing for Emmys and Oscars, and Instagram is coming next. Why go to such great lengths to highlight the competition? It's all because Netflix is trying to close its $83 billion aqua of Warner Brothers Discovery, the owner of HBO Max, and Sarandos appears to be workshopping the argument he's going to be making in front of skeptical regulators who might scuttle the deal

on monopoly grounds. Still, whoever Netflix is battling for your attention, it's winning. The company reported another outstanding quarter with its subscriber base growing to over $325 million and revenue rising 18% year over year. December was one to remember. According to Bloomberg's Lucas Shaw, Netflix posted its best month of viewership ever in December, thanks to its NFL Christmas Day games and the final season of Stranger Things. During that month, Netflix accounted for almost double the viewership of Disney's streaming services, probably the only thing stopping Netflix from even more global domination might be regulators.

It's so funny, they're going, oh, little old me Netflix. Like, we're so small. Everyone is so competitive against us. And yet, you do look at the quarter they just reported, they did really freaking well. But it does look like everyone kind of is ignoring their actual final. financial performance because all eyes are looking at this Warner Brothers Discovery deal. Shares were down 5% after hours. This has been a rough go of it for Netflix ever since announcing this acquisition of Warner Brothers Discovery. Their stock has fallen over 15%, which is very decidedly on Netflix-y when you look at actually what's been happening at the company and the

financial performance itself. So it does look like this was just an afterthought to what is actually going to happen with this big merger that is just hanging over them like a black cloud. So Netflix is trying to stake out the argument that they are just one of many, many streaming companies or television companies seeking attention for your eyeballs. It competes in this very competitive market. Perhaps regulators or the government is going to say, no, you actually are a streaming TV service. You're competing against HBO Max Disney plus Paramount Plus you are actually operating in that market.

And when you look at that specific market, if Netflix were to combine with HBO Max, just HBO Max, the streaming service. that would put the combined company over 30% U.S. market share, which would maybe raise monopoly concerns. But then if you put it in the bigger market with YouTube and now Instagram Reels, said Ted Sarandos mentioned Instagram Reels. It's because they just released an app to put Instagram Reels on TV. He's saying we're actually operating in this much wider market than the one that you guys think we are actually operating on. Still, I do want to dig into why investors are not so hot on this acquisition,

even though Warner Brothers is a very valuable, you know, catalog of IP. A lot of them thinks that it's going to not mesh well with Netflix's culture. Warner Brothers might bring a bloated, slower way of life to a very fast-moving company. Also, Netflix has done very well licensing standout content from other content studios. Why do they need to change up that model now? Why do you suddenly need to own this IP? So these are some of the reasons why I call this a dark cloud hanging over.

their pretty good financial performance is because it just doesn't vibe with what Netflix has been over the course of its career. Thrandos and Coe have basically said, we can adapt, we can change, this is a great studio, we can move into the movie business,

like we're not this inflexible monolith of a company. We can adapt, but still, that is part of the reason why you're just seeing such bad vibes around the stock right now, even as it's doing pretty well as a company. All right, we're going to take a quick break and come back and talk about why no one's drinking alcohol anymore.

Time for our Morning Brew Daily Davos update with LightsSpeed. We are joined by Lightspeed co-founder and partner Ravi Matra. Ravi, AI Talk is everywhere at Wef. Most are even calling it a revolution. Be honest. Hype, Real deal, or both. Two things can be true at once. If you look at the underlying substance, it is a larger investment in a technology shift since electrification. We had just in the last year for companies investing, almost $400 billion in the compute infrastructure AI build out. Moody's is predicting there will be over $3 trillion invested by 2030, and that's across compute, data centers, chips, powers. So that being said, there's probably some amount of funding that's going into companies where there's a circularness to what they purchase and what they sell in the AI domain. AI is not really a market. It is a paradigm shift that is very horizontal and intelligence touches so many industries. We think the transformation

and the value is very real. Thanks, Ravi. There really does seem to be a shift going on. Morning Brew Daily is live from Davos all week in partnership with Lightspeed. And be sure to head to our YouTube channel for special interviews with Lightspeed founders all week. We just posted one with the co-founder and CEO of Proxima Fusion Francesco Shortino, who is trying to power the world with Fusion energy. Keep an eye out as we will be posting more throughout the World Economic Forum. your AT&T or T mobile bill. Yeah, we've been hearing that a lot. Good news. Bring your AT&T or T mobile bill to Verizon and we'll give you a better deal. So get away from that unfortunate phone bill and get to Verizon. Run, ride, canoe. Whatever it takes, we'll be here. Bring your AT&T or T mobile bill to a Verizon store today and we'll give you a better deal on the best on the best network on the best number of services network. That's Verizon. Best Network based on Route Metrics, Best Overall Mobile Network, Performance, U.S. Second Half 2025. All rights reserved. It must provide a recent consumer mobile bill in the name of the person, reguming me the deal. Additional Terms, Conditions, and restrictions apply. Pour one out for the alcohol industry and then pour a few more out because spirits are low in spirit right now. Five of the biggest publicly traded spirits groups from Dia Geo to Kampari are sitting on record levels of inventory right now as no one is buying what they're selling.

Collectively, the group is holding $22 billion worth of product, the highest inventory levels in more than a decade, according to reporting from the financial times. That inventory is dominated by all the stuff that was on your parents' top shelf as a kid, things like Scots, whiskey, cognac, tequila, and more. But while you may have been clamoring for a taste in high school, that is not the case anymore. The inventory buildup dates back to some poor decisions made to dramatically ramp up production during the COVID-era drinking boom, assuming that demand for a stiff drink would remain stiff indefinitely. But right as production facilities came online, inflation started to squeeze people's wallets, a broader focus on health and wellness emerged and consumption started to wane. By December 2024, Mexico was sitting on over 500 million liters of tequila in inventory,

basically an entire year's worth of production. And the producer, Remy Contro, is sitting on over $2 billion worth of maturing inventory, nearly double its annual revenue and close to its entire market cap. Neil, there's a lot of talk in the industry as to whether this is cyclical and demand will come back around or structural and people will never drink as much as they used to. Fitting to have this conversation during dry January. I know. This industry is really on the rocks right now.

No, you can't laugh. I guess the good news for people who still drink, which is a dwindling number, is that appears that a price war is coming because if you're sitting on so much inventory, you're sitting on inventory that's worth your entire company, you're going to have to cut prices to get people to buy this thing. So let's just look at Hennessy.

Hennessy was priced at about $45 a bottle in the United States, but since they've cut it to about $35. So if you are a scotch collector or you like fancy tequila, expect prices to come down because, you know, things are turning in your favor with all this inventory sitting around. And aging spirits in general are a uniquely difficult type of inventory to manage because you have to decide years in advance how much spirit you want to create. Because cognac makers, for example,

they have to allocate spirits into casts that are intended for two, four, ten, or twelve years of aging. Imagine having to make a decision now about what demand will be like in 12 years. It's very difficult. And they clearly miscalculated six years ago at the beginning of COVID. And now they are facing the consequences of that. So that is why this industry is so difficult to manage from an inventory perspective. Which is why some analysts are saying, I think it's a mistake for you to cut back production now. And they are cutting back production.

and Jim Beam's main distillery is stopping to make whiskey for an entire year at least. And some people look at that and say, you are actually responding too much to the short-term trends and not looking to the long-term. Of course, we don't know whether drinking whiskey or scotch or things like that will actually come back. But it could. And if so, you're going to have a huge, you're going to have the opposite problem of what you have now with a huge inventory shortfall. One type of drink that is bucking the trend, though, that I want to shout out is stouts.

Guinness mainly is having a moment. It's had a little bit of a pop culture moment from the Netflix series House of Guinness and also just TikTok trends of people trying to split the G. Stouts were so dead in the water. They dropped 50 million liters per year in consumption from 2008 to 2014. But now stout consumption in the UK rose 43% from 2019 to 2024. They are just so back in right now, which every other drink is not. I think partly because of the Instagram ability of, you know, that nice, creamy head.

You, it just looks good to take a picture of. Also, it feels like you're getting bang for your buck because the Guinness can feel like a complete meal in itself. So even though the spirits industry is not doing well, the stout industry is quite stout right now. I feel like Guinness is like a complete meal for me. But I'm part of that. I never drank Guinness before the last couple of years. And then maybe I was influenced by Instagram. But I started drinking and I was like, this is actually pretty good.

and I've noticed a bunch of my friends also doing the same. Okay, let's sprint to the finish with some final headlines. If you live in a swath of the American South from Texas to the Carolinas, this weekend is going to be a doozy. Beginning Friday, what forecasters are calling a potentially catastrophic winter storm will sweep through the area. And the major concern is ice. Ice weighing down trees and power lines.

It's a recipe for outages. If you get half an inch of ice or heaven forbid an inch of ice, one South Carolina utility CEO told the AP, that would be catastrophic. Travel could come to a standstill, not just on the roads, but in the air, since many major hubs,

including Dallas, Atlanta, Charlotte, and Memphis stand in the storm's way. Once the horrible weather is done with the south, it's expected to tilt toward the east coast through Sunday. I'm going to put my weatherman hat on for a second and say what is actually driving this massive potential ice storm, and it really is a very large and very cold Arctic massive air is coming southward for Canada.

At the same time, that rain and rain, moisture from the southeastern United States is moving upward. So those two are meeting in the middle and you have an extreme almost like peak winter event right there, which is why you are seeing just these warnings of very catastrophic damage because obviously southern states and the southern part of the country are not very well equipped to dealing with ice as maybe the northern states are. So be careful if you're driving. Be careful if you're traveling. We hope for the best for you out there. Moving on, Lulu Lemon does not learn from its mistakes. The company is pulling

a new style of leggings from its shelves after customers complained that the fabric was see-through. Now, this carries with it a double case of irony. One, because the yoga pants were branded as get-low leggings designed for training, and yet multiple reviews on Reddit complained that the leggings were decidedly not squat-proof. Secondly, this is not the first, or even the second time Lulu has dealt with a see-through legging problem. Just 18 months ago, it had to pull its breeze-through line for similar problems. And infamously, in 2013, Lulu recall the many of its black yoga pants for being see-through as well. Neil, how in the world does this keep happening? It's kind of indefensible. Like, you have one job, Lou Lemon, make pants that when people

use them to work out, they, you can't see through. And it seems like it has not learned from its mistakes once or twice before Lou Lemon's dealing with a lot of challenges right now besides see-through pants. It has a proxy fight on its hand with the founder Chip Wilson, who's going on LinkedIn and bashing the current executives. It doesn't even have a CEO right now. It's looking for a CEO, Elliott Management and activist hedge fund, acquired a $1 billion stake and is pushing for changes. So there's a lot going on at this company. I think this is the last thing that its PR team wants. Finally, I want to introduce you to Veronica, a 13-year-old pet cow who lives an idyllic life on an Austrian farm. But after yesterday, she's become the most

famous animal since Mu Deng. A paper published in the journal Current Biology revealed a startling observation, Veronica used a tool. Specifically, Veronica used a broom to scratch parts of her body that were hard to reach. According to the researchers, it's the first experimentally verified instance of cattle using a tool, adding to the growing list of animals other than humans who've used tools, a list that now includes orcas, elephants, octopuses, crows, wolves, fish, and ants. This wasn't bovine intervention. One scientist saw video footage of Veronica scratching yourself with the broom. They went to the farm to check out this smart cow, firsthand. She did not disappoint. They recorded 76 instances on tape of Veronica picking up the broom,

securing it in her teeth, then relieving that itchy feeling using the tool. Toby, this suggests that the scientific community has underrated the cognitive capabilities of cows. I encourage you to go watch a video of Veronica in action because it is so clear it's not an accident. She is very itchy and she is doing her scratchies with this broom. One researcher of the paper said there are around 1.5 billion heads of cattle in the world and humans have lived with them for at least 10,000 years. It's shocking that we're only discovering this now. It maybe has been a case of just oversight from humanity because cows have on average been painted as a dumber species in the animal kingdom.

But we've kind of done this with a lot of animal species. No one thought that chimps could use tools back in the day. But in 1960, Jane Goodall said, absolutely they can do that. It happened in the avian world as well. Now it's happened with many other species. So maybe it really just has been this crazy oversight and cows have been scratching themselves with various things over time. Or maybe Veronica's just a genius cow and she's the only one in her entire species.

It seems like Veronica is like the Neil DeGrasse Tyson of cow. The Neil Fryman of cow. She is quite smart. But they're saying that Veronica is not necessarily special in the fact that she's a cow, but her life circumstances may have led her to be able to pick up that broom and scratch that itch because she lives on this Austrian farm. She interacts with humans. She has tons of pasture land to go out on.

So many cattle live in, you know, much worse circumstances. so they just would never acquire the ability to use a tool. But look, we all got to scratch that itch. That is all the time we have. Thanks for starting your morning with us and have a wonderful Wednesday. If you want to get in touch, send an email to Morning Brew Daily at morningbrew.com

or DM us on Instagram at MB Daily Show. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lou is our producer. Our associate producers are Olivia Graham and Olivia Lake. Big shout out to our AV team here in Switzerland, mood studios out of Zurich. Hair and makeup tried to get into Davos

with a fake badge. That didn't work. Devin Emery is our president and our shows of production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.