The Best One Yet - 🎅 “Claus Industries'' — Santa’s $12 Trillion biz. The Dow is dumb. Budweiser’s sister strategy.

Episode Date: December 20, 2024

The stock market just had its worst week of 2024… we explain what determines stocks in 2025.Bud Light just fell to #3 in beer sales… but it’s all part of Budweiser’s sibling strategy.“Klaus Industries” (yeah, Santa’s company) just became a $12T business… so we visited the North Pole HQ.Plus, our Annual Shareholder Report for TBOY… from Co-CEOs Nick & Jack.$SNTA $SLED $COAL$BUD $SPYWant more business storytelling from us? Check out the latest episode of our new weekly deepdive show, “The Best Idea Yet”: The untold origin stories of the products you’re obsessed with. From the McDonald’s Happy Meal to Birkenstock’s sandal to Nintendo’s Super Mario Brothers to Sriracha. New 45-minute episodes drop weekly.Subscribe to The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinks to listen.—-----------------------------------------------------Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet.GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts FOR MORE NICK & JACK: Newsletter: https://tboypod.com/newsletter Connect with Nick: https://www.linkedin.com/in/nicolas-martell/ Connect with Jack: https://www.linkedin.com/in/jack-crivici-kramer/ SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Anything else: https://tboypod.com/ Subscribe to our new (2nd) show… The Best Idea Yet: Wondery.fm/TheBestIdeaYetLinksEpisodes drop weekly. It’s The Best Idea Yet. Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. It's Friday, the real Friday. December 20th. And today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Jack, it's our last regular pod of 2024.

It happens to be our best pod of 2024. Yes, it is. Besties, do not worry. We would not leave you solo for the holidays. Don't worry about that. So we whipped up six bonus shows that we're going to sprinkle onto our feed over the next two weeks. means you're going to still get our razzle-dazzle and our sprinkled dinkle over all that eggnog and draodles over the holidays. They're awesome episodes. We got four next week and two the week after that, and then we're back after the new year.

But in the meantime, Jack, like we said, this is the best show we've ever done. So three stories for today's pod. What do we got on the T-boy, man? For our first story. Stocks just had their worst week since the election. And guess what? It was because of the election. So as we enter 2025, we're going to tell you why the Dow is dumb. For our second story, it's Bud Light. Bud Light was the number one beer. Then it fell to number two. Interesting. Now it's number three.

Wow. Niccolo Baltra is now bigger than Bud. But Bud Light's pain is its sister's gain. And our third and final story, we're covering Santa and his elves. Yes, we are. They are working mightily hard right now up on the North Pole. Jack and I dove in T-boy style to Santa Inc. Klaus Industries.

St. Nick LLC, a registered bee, corporation. Because get this, Santa is an $11 trillion a year business. Actually, Jack, adjusted for inflation, it's a 12 trillion a year business. What are they bartering currency up there? Santa, he bought a lot of invidia early on, Jack. But yet is, before we hit that wonderful mix of stories. I mean, what a fantastic mix for today's show. No better show out there. Best mix we ever done. Today is the final day of our fiscal Q4, 2024. You know what. that means, Nick. Yes, I do, Jack. Our annual T-Boy shareholder meeting. Yetis, we filed our 10K annual report with the SEC. It's official. So for all our audio investors out there, which means

you, we want to share our T-boy annual report. Because, uh, yeah, I'm looking at the numbers right now, and this was the best year yet. Jack, I got the whiteboard up right here. And that is all thanks to you, the besties and the yeties out there. So Jack, why don't we whip open this PowerPoint? All right. This year, we had our first ever live show in New York City. We did. It made business news feel like a concert, the live shows. This year, we won our first major award, the Webby Award for Best Business Podcasts. Because you voted for us with a record turnout. And this year, we launched a second show.

Oh, yes. The best idea yet. The best idea yet. This new weekly show, it already hit number two in the business podcast charts. And don't forget, we pulled off the first ever podcast. recorded from the backseat of a robotaxie. We did that this year, Jack. And then Waymo became like the innovation of the year after that episode. That's not just correlation. That's causation, confirmed. But Nick, our investors want to know the numbers. Yes, they do. Besties, our revenue grew 20%. Our ads were sold out in every quarter. And this show, the best one yet,

was consistently in the top 200 charts on Spotify. And we passed 300,000 followers just on Spotify. But the biggest thing that we're most proud of, what is it, Jack? Kind of a secret. Not really, sort of. Are you thinking about our corporate structure over there? This is a Nick and Jack best friend 50-50 company. How cool is that? Nick and Jack, that's it.

50-50 shareholders, Jack and me equal co-CEOs. We each printed out an ornamental stock certificate to show that we have one share each in this company. I got one friend to my home studio, Jack. But honestly, the show is nothing without you. Let's be honest. Besties, thank you to everyone who wrote. us a comment, a DM, or a review this year. If you listen to even one episode, thank you. If you sent our show to somebody. Oh, amazing. Thank you. We get to be on these mics every day because of you.

So, this is our last regular pod for two weeks. Nick and I are both taking some time off to relax with the families. And we hope you get to celebrate the wins as well. Anything else, Nick? Should we check with the operator? I think that's everything we got in the report check. Hear ye, hear ye, annual shareholder meeting hath been adjourned. Knock, knock, knock. I second. that motion. The motion is seconded and affirmed. Closure, Jack. Let's in our three stories. Fifteen years before

this song. Two boys from the Northeast met in the dorm. They had an idea that caused a cultural storm. It's the best one yet, but the best is a known. 50%. That's a fat tip. T-boy City on your at list. If you know, you know, because we're ready to go. We can't wait no more, so just start the show.

Start the show. First, a quick word from our sponsor. For our first story. Stocks just had their worst day of the year. The Dow fell for 10 straight days. But we'll explain why the Dow is actually dumb. Don't worry about the Dow. And we'll explain what you should worry about instead.

The sexy S&P 500. But yet is Jack and I have been looking at the numbers and stocks are not enjoying a Santa rally before the holidays like they usually do. There is no holiday cheer on Wall Street. No, no, it is a Santa slump. Honica hiccup. Wall Street is getting Kwanza crushed right now, Jack, because the Dow is down 4% in just the last week. Yesterday, the Dow barely broke a 10-day losing streak. It's the longest

losing streak since back in 1974, Carter. But here's what you need to know about the Dow, okay? Yeah, what do we got? The Dow is dumb. Ever since Jack and I worked at Banks, we've always said this. We've never said it publicly, but we kind of think the Dow is dumb. I'm so, sick and tired of our obsession with the Dow because it is dumb. Yeah, it's dumb. The DJIA, the Dow Jones Industrial Average, a mathematical index of 30 stocks that the Dow Committee chooses and updates regularly. But why 30 stocks? Because there's 8,000 stocks on the U.S. stock market. So 30 stocks in the Dow, that's not enough to represent the whole stock market in the first place. The Dow has Nike, but Nike doesn't represent all of apparel. Jack, the Dow has McDonald's, but McDonald's doesn't reflect the

entire food industry. But poor representation isn't even the main reason the Dow is dumb. The main reason, the 139-year-old Dow Jones Industrial average is dumb is math. Math, yeah, it's dumb math. Because the Dow isn't weighted based on how big the companies are. The Dow is weighted based on the company's stock price. And Jack, why is that mathematically a problem? Because stock prices are totally arbitrary. Stock prices just reflect how many times the company has split their stocks in their history. So instead of Apple, the number one biggest company on earth having the most weight in the Dow, United Health Care randomly has the most weight in the Dow. We repeat, the stock that has the most influence on the Dow is randomly United Healthcare because their stock is randomly $500, which is randomly high. Oh, and by the way,

United Healthcare has fallen 20% in the last couple weeks because its CEO was murdered. So why has the Dow had a 10-day losing streak? Because United Healthcare stock has taken a, a slide. The Dow's not down because stocks are down. The Dow is down because the math it uses is dumb. It's inexplicable that the Dow has not changed the formula. It's honestly stubbornness. Have we made our point yet yet? Yes. So the way Jack and I see it, if you want to understand how the stock market actually did this year, you should check out the S&P 500. The S&P 500. It's got better representation and it uses better math. The S&P 500 has been enjoying what we call a mullet market. A mullet market. Business on the front, party in the back. Business on the front,

party in the back. Jack, why is the stock market in the front business looking good? Because profits are at record highs and a Trump tax cut would boost profits even further. In the back, the party is looking pretty good too. Crypto is at all-time high prices with a crypto-friendly administration coming to the White House. But here's another situation, Yetis. On Wednesday, even the 500 companies in the S&P 500 index sank for their worst day since August. The S&P 500 fell 3% on Wednesday. They're now barely up, just one and a half percent since Trump won the election on November 5th. Even the party side of the stock market mullet, it got buzz killed this week. Get this, Bitcoin fell 10% in a 24-hour period. Ben the Bitcoin, not having fun, fell from $108,000 to $96,000.

So it's not just the dumb down that tanked last week. Stocks overall had a bad day, too. And the reason why is our takeaway. So, Jack, what's the takeaway for our buddies who are everyone in the stock market? Does Trump want tariffs or record stock market? Because he can't have both. Yet he's on Wednesday. The Federal Reserve, our nation's central bank, changed their interest rate plans and spooked the markets.

Before Trump was elected, the Fed expected four interest rate cuts for next year. But now, they expect just two interest rate cuts. The reason for this big change, Jack, what is it? It's Donald Trump's election. The Fed is now waiting to see if Trump's economic policies undo progress on inflation. Their main focus is on tariffs. Tariffs, by their definition, raise prices, so tariffs could restart inflation. So Trump has a big decision to make next year. On the one hand, he could do the tariffs and suffer the potential consequences of higher interest rates, higher inflation,

and lower stock markets. Or he could not do the tariffs and abandon his favorite economic policy. Besties, that is the big economic question that we're going to see in 2025. Does Trump want tariffs or record stock market? Because investors, they think you can't have both. For our second story, Bud Light has fallen shockingly to number three in beer. Bud Light now trails Medello and Mickelope Ultra. Bud has a solution for Bud Light. Yes, they do. But it doesn't have a solution for beer. No, they don't. Jack, I got three words for you, and they're basically syllables. You ready? Bud, wise, or. If you say that to a Gen Z, they'll be like, what are you saying? It's an amphibian. We'll discuss it later. Growing up, Bud Light was synonymous with the word beer. Bud Light was like Kleenex, Band-Aid, or Jekuzzi. It defined the category in my 19, 20, and 21-year-old eyes. You can actually enjoy all three of those at the same time, Jack. Oh, Kleenex, Band-Aid, Jacozy, and Bud Light? It's a fun, kind of an evening. But after the Bud Light boycott of last year, Madelo Especial became the shocking

number one beer in the American grocery aisles. You hit up aisle 6, you leave with the six-pack of Madello. But here's the news. Bud Light has lost its number one status in bar taps as well. If you want a beer on draft, chances are you're ordering a Michelobal truck. We got the data on the stuff. Get this. So in cans and bottles, Madello is winning. In pint glasses, McLeob Ultra is winning. Add it all up, and you got to pour one out for our buddies over at Bud Light. Overall, Madelloo take 10% of America's beer dollars. Mickelope Ultra takes 7% and Bud Light takes just 6.5%.

Budweiser isn't the king of beers anymore. It's like the intern of beers. It's the jester of beers. It's the jester. But Besties, this is what Jack and I found fascinating about this story. There's something highly ironic going on with this fall. in Bud Light to number three. According to the data, a lot of the people boycotting Bud Light are buying Bud Light's sister brands instead. A.B. InBev is the biggest beer company in the world

by far. A hundred billion dollars, they own Bud Light. They just announced their earnings. And get this, two of the three fastest growing beers in the world are Mickelope Ultra and Bush Light. And why do we find that so interesting, Jack? Those two beers are Bud Light sister brands. Yes, they are. So Bush Light, Mikhailob Ultra, and Bud Light are all owned by the same company, A.B. and Beth. Mikulov Ultra is the same as Bud Light. It's just with aspirational branding. And Bush Light is also the same as Bud Light, just with low brow banding. Yeah, we've noticed this is all part of Budweiser's sibling strategy, isn't it, Jack?

A range of beers that pretty much taste the same. But very different in how they're branded. Just like how you and your sister are related, but you dress differently. The inside's pretty much similar, but the outside could be totally different, guys. If you close your eyes and drink a Bud Light, a Bushlight, and a Mikhailob Ultra, you have no idea which is which. Especially if you're in a hot tub. So to add it all up, it appears that to protest Bud Light, some drinkers are simply putting their money in A.B. Inbev's other pockets instead.

Not much of a punishment at all, isn't it? And we're seeing A.B. InBev respond to this. A.B. InBev has actually elevated Mikolo Bultra to flagship status. They're giving Mickelow more marketing budget. The beer sponsor of the Team USA Olympics and the beer sponsor of the World Cup. It's not Bud Light anymore. It's Mickelope Ultra. But Yetis, something much bigger

than Bud Light boycotts and sister squabbling is happening to beer right now. So Jack, what's the takeaway for our buddy is over at Budweiser? Not even the biggest merger in beer could stop beer's decline. Yeties, nine years ago, we covered the biggest merger we'd ever seen

the number one in the world, merging with the number two in the world. A.B. InBev acquired S.A.B. Miller for $107 billion. It's crazy. Regulators allowed the world's number one to merge with the world's number two. It was a beeropoly. A.B. Inbeb, S.A.B. Miller, together have 400 different beer brands. Four hundred! At the time, they were worth more than Starbucks, Nike, or Disney. But here's the shocker. Stock of that mega brewery has fallen every single years since the merger. And the two big reasons we've noticed why? First, Americans have shifted to spirits. Beer is losing to liquor, so Budlides never been sick. And second, Gen Z, they're not switching away from beer. They never drank in the first place. Now, some are predicting a return to alcohol in the Trump second

era. Yeah, part of a backlash against wokeism. But we think the two anti-beer megatrends we just mentioned, we think they'll continue. Millennials want whiskey and Gen Z want sobriety. So in 2025, beer brands will have to fight for their sips of a shrinking pint. Not even the biggest merger in beer could stop beers decline. Now a quick word from our sponsor. All right, yiddies, for our third and final story today, we're actually going to do something special, a little tradition, if you will.

Last year, we did a deep dive on Santa's business. And you guys loved it so much. We were like, we got to do this again. It was our favorite story. It was the last story of last year, so it's going to be the last story of this year, annual tradition, baby. Let's hit it, Jack.

For our third and final story. With the holidays coming up, Jack and I are looking at the business of Santa Claus, or as he calls it, Claws Industries. When your competitive advantage is magic, you have a monopoly. Yeties, twas, was two weeks before Christmas

and all through the condo. All the T-boys were stirring, even the Ford Bronco. So Jack and I are jumping in T-boy style to the Big Man in Red's business model. We're jumping in T-boy style. to Santa Inc. Or as it's registered legally in Wilmington, Delaware,

Clause Industries, right, Jack? What do we learn about Clause industry? It's a highly seasonal business. All their sales happen on one day every year. Santa's business is like Spirit Halloween or the Turkey industry, right, Jack? But its sales are even more concentrated on December 25th only. That's the only day they're open for business. Now, Yeties, Jack and I, by complete chance,

fortunately got the annual report from Clause Industries. Dicker symbol, nice. It's traded on the North Pole Stock Exchange. And here is the key competitive advantage to Santa Claus's very own international business. It's the supply chain. Santa's supply chain is more important than any other company we've ever covered. And this supply chain happens to also be highly concentrated. It's based exactly at the North Pole. Yeah. They have a massive workforce of elves who build toys in one giant, wonderful factory. Now, we should point out that Father Christmas has never shared sales figures publicly, but Jack and I whipped out the whiteboard for this one. Yeah, we calculated the sales, the annual revenues

of Clause Industries. It turns out yet is that 36 countries do not observe Christmas as a public holiday. But Santa doesn't check passports. So we're going to assume he delivers to all children worldwide. So, Jack, if that's the case, then what's the market size for Santa's business? Well, 25% of the world's population is under 14 years old. That would be 2 billion customers. And we'll assume that Santa delivers one gift to each child worldwide. But Jack, we do have to adjust for the naughty

factor, don't we? But the data shows that those numbers are negligible. Yeah, it turns out the naughty factor is actually very negligible. So Yeties, if each gift cost $10 for 2 billion children worldwide, then that would be $20 billion in sales for Claws Industries all

in one day. Now, we should point out, Santa waves the price with a 100% discount, bringing down revenue substantially for Clause industries. It's basically a buy one, get that same one free policy, Jack. Yeah, and there's also a labor risk this company faces. Right, like, Jack, what if the elves go on strike? Like, that's kind of a problem, right? I think they're relatively content, though.

Bessies, Jack and I checked with the elf union spokesperson, and apparently they're paid a living wage of gum drops and candy cane. And all the syrup they want. And they get 360 days of vacation. Oh, by the way, this year, don't leave cookies for Santa. Santa's on his epic. So he's only drinking skim milk this year. Maybe some mule milk. So Jack, what's the takeaway for all our buddies who won't stock in Claws Industries? If Santa could scale his magic, he'd be 11 times bigger than Walmart.

All right, yeah, these follow us on the numbers here. 20 billion dollars of sales in one day. Jack, can we extrapolate Santa's revenues for the entire year? If Christmas were every day, which was my dream. every night as a child. It was my dream. I'll take it. Let's run with it, Jack. Then Clause industries would generate $7 trillion dollars of revenue each year. Seven trillion dollars in revenue, Jack. Could you sprinkle on some context for us, please, over there? That's 11 times Walmart's annual revenue. Yeties, assuming Claws, the toy company, makes the same profit margins as Hasbro the toy company? Then they'd make $511 billion in profits every year. Sit down, stand up, and sit on our lap again.

And yetis, that is five times as much profit as Apple. There you have. If Santa could scale magic, Clause Industries would be 11 Walmarts in size. And Santa would be five times as profitable as Apple. Now, at the very least, Santa, can you launch a second Christmas in July? I mean, if Amazon Prime can do it,

so can't Clause industries? Not even good King Wenceslaus could complain about that. And that is the annual report on Clause Industries. St. Nick LLC. A registered certified B corporation. Gifts limited to nice children. Gift policy does not apply to children naughty for more than 183 days a year. No reindeer were harmed in the making of this podcast.

Jack, can you whip up the takeaways for the Real Friday? 2024 has been a mullet market. Stock and crypto have been up all year. But they're both falling leading into the holidays. Because Trump can have either tariffs or a record stock market. He can't have both. For our second story, it's Bud Light. They've fallen to number three.

three in the beer category. Ironically, though, boycotters are buying Mikkelow Baltra instead. It's Budweiser's sibling strategy, but not even the biggest merger in the world can save beer. And our third and final story, Santa Claus has a monopoly on Christmas gifting, and he sets his prices to zero. Jack and I crunch the numbers, if Santa charged normal toy prices, that'd be an $11 trillion business, or actually $12 trillion this year if we include inflation. But Yeties, this pod's not over yet. Here's what else you need to know today. First, the federal government may shut down tonight. Shocking news. A lot of drama. What do we got, Jack?

On Wednesday, Congress was poised to pass a bipartisan spending bill. But get this, Elon Musk killed the bill. Yeah, Elon actually tweeted that the bill was a crime, and then Trump agreed with it, and that actually killed the bill. So, Republicans scrambled, put together another bill, but that got voted down yesterday evening. So what does all this drama mean? Well, the House has until midnight, Friday night. tonight to figure something out, or else the government shuts down.

Second, KFC is launching a new store concept that looks nothing like KFC. Nothing like it. The whole restaurant is about sauce. In fact, they called it sauce. The name of the place is saucy. New store opens on Monday in Orlando, and their specialty, it's sauces. There's only one entree, chicken tenders. Tendies. But there's 11 sauces you can choose and 11 drinks you can choose. They also got like their first ever desserts. Actually, Bessies, This is the third fast food chain we've seen this year launch a spin-off concept. McDonald's had Cosmic, Taco Bell had Live Moss Cafe, which we called a bar, and now KFC has saucy. And finally, it is streaming's biggest quarter of the year. We've got a whole bunch of streaming updates for you.

Mr. Beast's Beast's Beast Games premiered on Amazon Prime Video yesterday. Yeah, it's crazy competitions for contestants to win money inspired by Squid Game. Oh, speaking of Squid Game, Season 2 premieres. the day after Christmas on Netflix. Oh, speaking of Christmas, Jack, Hallmark is launching their first ever reality dating show on the Hallmark channel. Oh, speaking of dating. No, I'm just scared. That's the end of the channel. Big City Girl meet Small City Boy on a medium-sized streaming channel. Now, time for the best fact yet. This one whipped up by Jack and I, because we got some numbers for you. All right, so Christmas is always on December 25th.

Hanukkah, the date varies a little bit. It does. This year, Hanukkah and Christmas are actually on the same day, the 25th, for the first time in 20 years. Now, Mariah Carey is the queen of Christmas, thanks to all I want for Christmas is you. But we think Adam Sandler is the hunk of Hanukkah. Because Mariah's song is barely number one in Christmas. But to quote Adam Sandler, there's not too many Hanukkah songs out there. Yeah, and the numbers back that up.

He's pretty much got a monopoly on the menorah playlist. Since 1995, when Adam Sandler's Hanukkah song dropped, it's been viewed 40 million times on YouTube, making it the biggest Hanukkah song in history. Yeah, the next closest Hanukkah song we found was not in the millions. Now, financially, this track sold 500,000 singles when it came out as a CD in 1995. Jack, could you sprinkle on some Hanukkah context for us over there? That's one Hanukkah song single for every Jewish person in Florida. In the whole state of Florida.

So have a happy, happy, happy, happy. Happy, happy Hanukkah. Yetis, you look fantastic right now. Jack, can I just reemphasize how amazing that Hamilton Christmas gift was right? Oh, man. That was amazing. I mean, it was all my favorite things in one night. Nick gave me a full half-hour rundown of the Christmas gift I got him.

What a show. I relived Hamilton through Nick's words. It was pretty cool. Thousands of people. History, New York City, founding fathers, everything I love. Business, politics, rap, song, dance. I feel very satisfied. being the gift giver of this Hamilton ticket to you.

Jack, your gift from me arrives on Christmas Eve, and I'll give you a hint. You're ready? It's a riddle. Okay. It's something you need to go skiing, but only if you're a time traveling. Hot-up time machine?

That's the gift I got you. Did you get me a hot-dub time machine? You'll find out in a few days. It's framed. It's framed. I got very excited to see that. Yeties, we've got five things we've got to share with you before you go. First, if you have not yet,

the best way you can grow the show, follow us by clicking follow so you get us as soon as we're back with our bonus episodes. What are the four other things? Okay, four other ones. Rate the show,

five stars. That helps us grow the show too. What else do you do? Leave a review because we love reading your reviews over the holidays. That's a lot of fun for us. All right, five days of Christmas.

What are the last two? Okay, last one, you got to listen to our new show the best idea yet. It's weekly. It drops two of them. We got one on Lego coming out in a few days.

Okay. What's the last wish? Celebrate the wins. Happy holidays. Merry Christmas. Happy New Year. Happy Hanukkah. Happy Quanza. Bye, everybody. Thank you, Eddie's. If you know, you know. And before we go, a happy birthday to Yeti Eddie Armas celebrating 34 years down in Boccaraton, Florida. Happy 34th birthday to Bobby Bullock, the top pilot in the entire Air Force. Wow.

This guy goes Mach 6. And he's turning 34. And Grace Montgomery, enjoy that birthday of 29 down in Kingston, Jamaica. Happy birthday to Monica Chi from Wai Akeel, Ecuador, who's living in. in Shanghai. And John Luke Moralda is turning 30 years old down in lovely Los Angeles. Happy birthday to Benjamin Queck in Sydney, Australia. And Layla Senor is stopping a Texas roadhouse on her way to Texas, the real Texas, for her birthday. Congratulations to Caleb Peterson, who has a new baby boy stone, and congrats on the new job down in Nashville. And Madeline Torres from Oregon. Jack, we gave her a birthday shout out this year. She's amazing. She just got into her dream college. Middlebury.

Yes. She's a Panther. We're fellow alums. There we go, Madeline. Amazing. And Alex Nikoloff and his brother, KTG, are on their way to rowing practice in Oakland, and Alex just got into Columbia University. Isn't it admissions season? Congratulations to everybody. And Ben, Annie, and their puppy Rocky the puppy are road tripping from Nashville to Knoxville in a T-boy hoodie. Happy anniversary to legendary Yetis who've been listening since the snack days, Avner and Katie. One year Annie in Tel Aviv, Israel. And a big shout out to Kelvin and Anna Wemburah,

who are traveling to Finland for a white Christmas up in the Arctic. This is Jack. I own stock of Amazon, Disney and Netflix. Nick own stock of Nike, and we both own stock of Apple. ETS of the S&P 500 and a Bitcoin. Bitcoin named Ben.