The Best One Yet - 🚀 “Hold my Bitcoin” — Bitcoin’s $88K all-time high. Vuori’s $5B athleisure. Goldman Sachs’ royal knights.

Starting point is 00:00:00 Ready for you, work, husband. All right, three, two. This is Nick. This is Jack. It's Tuesday, Teen Boy, Tuesday, November 12. 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.

Starting point is 00:00:16 Well, I guess I should discuss with my work wife over there? Jack, should we just jump right into the pod? What do you think, man? You speak for both of us, Nick. Yes, I do. Three fantastic stories for today's T-boy, Jack, what do we got on this show? For our first story, Bitcoin rose $10,000. in just 24 hours. It's at $88,000 as at this recording. It shattered its previous all-time highs.

Starting point is 00:00:36 Because Bitcoin now has a bipartisan bull story. For our second story, Viori is riding Lulu Lemons coattails. Viori just hit a $5 billion valuation. Because Viori's founder's greatest weakness is his greatest strength. And our third and final story. Every two years, Goldman Sachs makes the most important phone call in finance. and bankers just got promoted to partner with a guaranteed million dollar salary. But there's actually a feel-good story to this rich man story. There is a feel-good story to that rich man story. But yeties, before we hit that wonderful mix of stories.

Starting point is 00:01:14 What a mix of stories. I love the mix today. Great mix, Jack. We've never been in your kitchen, but we know it's in your fridge. Yes, we do. Guaranteed odds are 120%. There is a bottle of saracha in your fridge. Green top, red sauce, and a little crusted molten old sauce on the top there.

Starting point is 00:01:34 It's a little disgusting, but we all got it. Yeti's Saracha, it is the ultimate millennial condiment. And Fuifong Saracha is the third biggest hot sauce company by sales. Oh, and the owner of that saracha, he's never sold out, and he never will. Yeties, we just dropped the fifth episode of our new weekly show, The Best Idea Yet. The best idea yet. The untold origin stories of the products you're obsessed with. And this week, it's all about a sauce we freaking love Saracha.

Starting point is 00:02:02 It's all about Saracha. But Jack, the only thing better than the sauce is the guy who invented that sauce. Because the founder of Saracha started as a chef for the Vietnamese army. And then he was forced out of his country as a refugee. Get this. When he finally settled in the United States, he created a rich man's sauce for a poor man's price. And then he named his hot sauce after the very boat that saved him. This man became the first hot sauce billionaire.

Starting point is 00:02:27 And he did it without spending a single dollar on marketing. But he did have $20,000 of gold bars that he smuggled into the country in empty milk cans. It always helps when he smuggling gold bars, Jack. David Tran's Saracha's story is inspiring and it's heroic. And it's delicious. So besties later today, after this T-Boy show, check out our new longer weekly show, the best idea yet. We dropped a link to the latest episode in this show notes. Because Saracha, it's really the best.

Starting point is 00:02:57 best idea yet. But today's show. Yeah. Today's T-Boy. Oh, yes, Jack. It's fantastic. It's fantastic. Should we hit our three stories, man? Let's go. Let's help. 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 norm.

Starting point is 00:03:16 Jack Nick, that's it. I don't even think they need to practice. 50%, that's a fat tip. Teboy 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.

Starting point is 00:03:45 For our first story, Bitcoin just popped off to new all-time highs. Bitcoin just hit $88,000 yesterday. We're about to have the first ever pro-Bitcoin president. But what does that actually mean? Jack, you know, I'm checking the calendar over here, and it's that time of year again, man. People are Googling how to buy Bitcoin. Spoiler Yetis, but your Thanksgiving dinner is about to be hijacked by your cousin Corey, who's going to be in full crypto pitch mode, right, Jack?

Starting point is 00:04:14 No, we should warn you. Bitcoin is the roadrunner of financial assets. It's fast, but it's wily, too. Nana, past the yams, and I'll tell you all about the blockchain at the end of this. In 2022, we saw Bitcoin fall fast. But this year, we're watching it rise fast. And at noon on Sunday, Bitcoin passed $80,000 for the first time ever. Just 24 hours later, Bitcoin passed $80,000.

Starting point is 00:04:37 $25,000 for the first time ever. And as of this recording, it's at $88,000, which means it's up $10,000 in 24 hours. That's why stocks in Robin Hood and Coinbase are up big. Retail investors are flocking to buy the buzzy asset. Now, Yeties, we should sprinkle on some caution here to those buying into crypto for the first time if you are. Crypto prices can fall just as fast as they rise. But Jack and I got curious in this moment. What is the reason that the Bitcoin bowls are bullying right now. It's, and I quote, the first pro-cryptop president in history. But then Jack and I had to ask the follow-up question, what does the first pro-cryptop president in history actually mean? We're going to break it down. First, it means something about regulation. Regulation. Now yeties,

Starting point is 00:05:25 Gary Gensler is the current SEC chair, the chair of the Securities and Exchange Commission. And he's slowed the crypto industry. He's slowed the crypto industry with lawsuits in the name of consumer protection. Now, President-elect Trump, he plans to replace Gary Gensler with a more hands-off SEC chairman so that the industry could innovate faster. So that's one reason why Bitcoin prices are up today. Now, the second reason for this big Bitcoin bounce is Bitcoin Reserves. Donald Trump hinted during his campaign of a U.S. National Reserve of Bitcoin, just like we have a National Reserve for oil and gold. Now, whether we do this or not, it could actually start a trend. A trend, a trend, a trend.

Starting point is 00:06:06 other countries, right, Jack? Imagine if nations started adding Bitcoin as a national reserve asset. If they bought Bitcoin on big-scale buys, that would be a huge new source of demand that could push the price up. Brazil's buying Bitcoin and Singapore's buying Bitcoin. That's a big buyer in the Bitcoin market. And once a nation has a Bitcoin reserve, it could start accepting Bitcoin for tax payments next, which would drive demand even further.

Starting point is 00:06:31 And the third thing we mean by pro-Crypto president is that there will be a vibe change. vibe changed. Now, yet he's Jack and I haven't fallen the markets for over a decade now. Sentiment, it is one of the most important elements of whether a price goes up or a price goes down. And when the U.S. President says that America will be the capital of crypto for the world, that can turn the sentiment positive. That's the kind of statement that turns people from negative on Bitcoin to Bitcoin to the moon. Hashtag Honal, rocket chip emoji, fire emoji. Yeah, hashtag Bitcoin is is freedom. Laserizer. Probably comes back, is what you're saying. Lazyzer, Lys, Lazyz, Lys, Lys, Rize.

Starting point is 00:07:08 So, Besson, Add it all up, and Regulation Reserves and Vives. Those are the three reasons people are saying, the first pro-Crypto president in history. That's what they mean. But Jack, what's the takeaway for our buddies who are everyone following the Bitcoin bump? If you love Trump, you might be buying Bitcoin.

Starting point is 00:07:28 If you don't love Trump, you still might be buying Bitcoin. Now, yet is, if you love the incoming Trump administration, it is easy to feel bullish on Bitcoin right now. For the reasons we just said. But besties, even if you don't love the incoming Trump administration, there's also a reason to feel bullish on Bitcoin right now. Because a huge value of Bitcoin historically has been as a hedge against the value of the U.S.

Starting point is 00:07:54 dollar. We'll explain. Our government is constantly printing United States dollar bills to fund our debt. In fact, our debt is now at an all-time high. It is bigger than our GDP. On the other hand, there's a fixed number of people. Bitcoin. The number of Bitcoin in the world can never exceed $21 million. So if you think the Trump administration is going to reignite inflation, increase our national debt, and devalue our dollar,

Starting point is 00:08:17 then you might hedge that scenario by buying into Bitcoin. Now, Jack and I should point out, we are not recommending you buy into Bitcoin. Again, the third degree Bitcoin burns. We're just observing this strange phenomenon in the Bitcoin market right now. It's a strange phenomenon that no matter what side of the political spectrum you are on, there is actually a bipartisan Bitcoin Bull Story. For our second story, Viori, the Athleisure brand,

Starting point is 00:08:46 just hit a $5.5 billion valuation. How is Viori beating Lulu Lemon? By studying where Lulu wouldn't go. Funny thing, Yetis, if you're on a date in San Francisco, then Viori is your third wheel. I just build Asai Boloam and you're Viori.

Starting point is 00:09:05 Oh, it's okay. We're wearing the same Viori. Yeti's Viori. It's the athleisure brand with like a SoCal kind of vibe, right, Jack? It looks like Lulu Lemon's cooler, younger brother. Viori. It was founded by Laxborough in San Diego, who was actually an accountant at Ernst & Young. Really interesting story. His first two startups actually failed, and then he became an accountant professionally by trade. But his third startup has some news.

Starting point is 00:09:28 Viori raised $825 million in a venture capital round that valued the company at $5.5 billion. They may IPO next year, but Jack, can you just bring you? Let's buckle on some context to those athalizure numbers, please. Lulu Lemon is eight times more valuable than Viori, but Viori is twice as valuable as underarmor is. In fact, SoftBank, the Japanese venture capital firm that invested in WeWork, they dropped $400 million into Viori as well. Adam Newman definitely wears Viori.

Starting point is 00:09:58 And that's one reason why Viori's revenues have nearly quadrupled year over year, over year. Viori is growing faster than Allo Yoga, Athleta, or any other athleisure brand. Although this does lead to the big question, because we know that you're wondering at besties. How do you pronounce it? It's Viori. It's not Viori or Viori, it's Viori, which is nothing like it's spelled. And it's Finnish for Mountain because this lax bro probably studied abroad in Finland. Doesn't make any sense, which is why it makes so much sense. But Bessie's the biggest surprise about Viori isn't actually the pronunciation. It is the profits. Because every other direct-to-consumer startup we've covered, from Allbirds to Casper to Warby

Starting point is 00:10:40 Parker, they're not profitable for years. And yet Viori isn't just profitable. Viori has been profitable since the very beginning. Because a funny detail we found in this story, the founder Joe Cudla, the Laxborough from San Diego, he says he's really bad at raising money. Yeah, remember Jack mentioned his first two startups? They failed. But he is a trained accountant at Ernst and Young, so he knows how to balance a checkbook. So this guy, he can't impress Andrewson Horowitz, but he can balance the books. So given that he was bad at raising money, he didn't want to run out of money, so he focused on profitability from the very beginning. He was so paranoid about losing money. He was like, we've got to make these shorts profitable, or we're going to be out of business in two months.

Starting point is 00:11:23 That means he couldn't splurge on Instagram ads, promo codes for 40% off your first purchase, or billboards right off the 101. He just focused on adding stores and word of mouth growth and keep It's simple. Now that focus on profitability, it slowed his growth. It's taken him nine years to get where he is with Viori. But nine long years later, Viori is now worth twice as much as Under Armour. Who's protecting this house now? It's Viori and the three other dudes I also saw this weekend wearing the same Viori black camo shirt as I have, Jack. So Jack, what's the takeaway for our buddies over at Viori? Don't avoid the void. Jump into the void. Yeties, Athleisure brands, they've come and gone from outdoor voices to Fabletics. And yet Viori hasn't just survived.

Starting point is 00:12:10 Viori has thrived. And the key reason why is that the founder used his rivals for research. The founder studied Lulu Lemon in their stores. Lulu Lemon created the athleisure category.

Starting point is 00:12:24 So other brands, they started copying them with the same similar athleisure ideas. But Joe Cuddle did something different. He walked in to Lulu Lemon and looked at what wasn't happening there. Yeah, the one thing Lulu didn't have a section on, it was menswear at the time. There was no men's section, and so he focused on that. He literally

Starting point is 00:12:43 walked into a store, found a void, and then jumped into that void with his startup. Eureka, men's focused athleisure. Lulu isn't doing it. So, give to men what Lulu Lemon gave to women. Now, today, Viori's sales are about 50-50 male-female, and Lulu Lemon has a lot of male sales, too. But that strategy, it worked. And it's a strategy we've covered on this pod before, right, Jack? Remember Shark Ninja, the home appliance company? Yeah, they make the air friars and they make the blunders out there. They create their new products by first checking out their rival's websites,

Starting point is 00:13:14 reading the negative reviews, and then finding a product that will solve those customer problems. That's essentially the same thing Viori did by going into Lulu stores and seeing what they weren't making. Yeties, there's voids all over the marketplace. Sometimes you just need to walk into a rival store. to find them. Now a quick word from our sponsor. For our third and final story, last week, 95 people working at Goldman Sachs got the call. The call when they were promoted to partner.

Starting point is 00:13:50 Becoming partner at Goldman is the pinnacle of a career in finance, but it's also got a lesson for everyone not at Goldman. So, Yeties, if you live in New York City and you're going out to dinner in the last week, you may have noticed more champagne getting poured. Because Goldman Sachs is celebrating. Or at least 95 of them are. Because they just got promoted with the most important and lucrative title

Starting point is 00:14:16 in all of finance. 95 men and women just got promoted to partner after an epic phone call from the president of Goldman Sachs. This is the financial equivalent of getting knighted. Jack, could you sprinkle on some context to the Goldman Partnership and why it's such a big deal?

Starting point is 00:14:32 Founded in 1869, Goldman Sachs, the investment bank, was structured a lot like a law firm. It was a partnership. And even though Goldman Sachs IPOed in 1999 as a publicly traded bank, they still have partners. And they announce a new class of partners every two years. Jack, it's biennial. It's like the Olympics. I was going to say it's like the President's Cup. But instead of winning gold, you win a gigantic salary for life.

Starting point is 00:14:58 But we should explain. Being a partner at Goldman Sachs, it's the most sought after title in finance. Jack and I worked in the finance industry. I'm sorry, the finance industry for years after college. And you know what? The Goldman partners, it conveyed seniority. It conveyed importance. It conveyed. It conveyed. Please write me a letter of recommendation. Because right now, Yeties, there are only 400 partners at Goldman Sachs. And Goldman's entire firm is 46,000 employees. So if you get a job at Goldman Sachs, you're in the top one. But if you're a partner at Goldman Sachs, you're in the top 1% of the top 1%. Because being named partner at Goldman Sachs, it comes with some extremely lucrative benefits. It's like becoming a made man in the mob. You're pretty much going to be rich for life. Oh, you want the reservation at 7 p.m. on Friday at Carbone, they got a standing reservation for the Goldman Sachs partners.

Starting point is 00:15:52 They have a minimum salary of $1 million plus bonus. If you are a partner at Goldman, you are guaranteed a million bucks a year. you're getting a bonus. You also get access to private partner events for partners only that make Davos look like Dave and Busters. Plus, at those events, you're interacting directly with A-List speakers the entire time. They've had presidents of the United States, prime ministers of the United Kingdom. But this isn't just fancy, it's philanthropic too. Because if you are a partner at Goldman Sachs, you also get a stipend to donate the bank's money to charity of your choice. That's right. The partners decide where Goldman's charity money goes. But Besties,

Starting point is 00:16:29 there's actually a feel-good story in here. Because 30 of the partners who were named partners last week, they started as interns. That's right. One third of the Goldman Partners began their careers as Goldman interns. A third of them have spent half of their professional lives at Goldman Sachs. And now they're partners.

Starting point is 00:16:48 So they're going to spend the rest of their lives at Goldman Sachs too. So, Jack, what's the takeaway for our buddies over at Goldman Sachs? Partners are an antidote to short-termism. Yeties, one downside to going public as a company is that you become driven by short-term goals. When your company gets judged every quarter by Wall Street with your quarterly earnings report, you might neglect long-term initiatives for short-term ones. But not at Goldman Sachs, because Goldman has sprinkled 400 company men and women across their entire business. These partners, they're Goldman lifers. They care deeply about the company's long-term health.

Starting point is 00:17:25 They hope someday their grandkids will become partners at Goldman. So these partners, they are steering the company's goals and plans for the long term. One third have only worked at Goldman Sachs their entire lives. They've already shown long-term commitment to the company. So Yetis, it is a unique corporate structure, but it is a powerful one. Goldman's partners incentivize responsible decisions. Partners, they're an antidote to short-termism. Jack, can you whip up the takeaways for us for T-Boy Tuesday?

Starting point is 00:17:56 Bitcoin shattered their all-time highs on excitement for the first. pro-cryptop president in history. Whether you love Trump or you hate Trump, there is a Bitcoin Bull story for you right now. For our second story, get ready to see a Viori store in your millennial urban neighborhood because they just raised big venture capital money. How did Viori get so big? They don't avoid the void. They jumped into the void. And our third and final story. Goldman Sachs just named 95 people to become partner. This is a once every two-year event. Partners, it is the antidote to short-termism. But Yeties, this pod's not over yet.

Starting point is 00:18:36 Here's what else you need to know today. First, President Biden is hosting President-elect Trump at the White House tomorrow. So here's the latest on Trump's cabinet appointments that could affect the economy. He's planning to replace the climate czar with an energy czar to dismantle environmental regulations. Also, Trump has named Thomas Horman, a hardline immigration official from his first administration, as his new border czar. Second, Mattel is pulling thousands of wicked dolls from the new movie off the shelves of toy stores. And what's the bizarre reason why they're doing this aggressive action, Jack? A porn mishap.

Starting point is 00:19:10 They put the wrong website URL on the dolls packaging. See, Bessie's Wickedmovie.com that brings you to the website for the wicked movies, you know, that are hitting theaters this month. The package guy, however, forgot to use the word movie in that website URL. And dropping the word movie turns that URL. into a very different kind of website. You always got to double-check the packaging. And finally, Red Lobster is staging a millennial-led comeback with a new 35-year-old CEO. The restaurant chain is exiting bankruptcy after sadly having to shut 100 stores.

Starting point is 00:19:43 But here's their new move. They're bringing in new music, new lighting, and they just unveiled a new, I don't know about shrimp menu. The star of the new menu? Hush Puppies. It's Hush Puppies, Golden Fritters, made from a thick cornmeal-based batter. Sounds like the opposite of shrimp jack. It's not seafood. It's food with sea. See on the side.

Starting point is 00:20:03 Now, time for the best fact yet. This one's sent in by Josh Kersey from lovely Bradenton, Florida. Did you know that adult cats only meow at humans? Adult cats never meow at each other. That's right. Kedin's meow to let their mother know that they're cold or hungry when they're young. And then that's about it. Once the cats get older, they no longer meow at other cats.

Starting point is 00:20:26 They save their meows for us. So, Yetis, if you see a cat and you try to meow at it, right? Meow, the cat will meow to you, but it won't meow to its mother, right meow. What seems to be the problem, meow? Yettys, you look fantastic for T-Boy Tuesday. And remember, now that you finish this show, you got to check out our new show, the best idea yet. Listen to the Sirotcha origin story. It is wild.

Starting point is 00:20:49 It's inspiring. The fact that he smuggled gold bars in his pockets in milk cans, and that was like his, like, angel funding for the new hot sauce company in Los Angeles. Now that's how you start a company, Jack. Also, we're taking ideas for future episodes of the best idea yet. So hit us up on Instagram and leave your idea. If there's a product you're obsessed with, let us know, and we'll jump into it TBIY style. Either way, Nick and I'll be back tomorrow with more T-boy.

Starting point is 00:21:12 Enjoy Saracha, and we'll see you, man. And before we go, pour out some maple syrup on our buddy Mikey Durkin over in Rattleboro, Vermont. We got a birthday, Jack. Mike, is it better scarier than me, hands down? But I'm arguably a better wiffle ball. player than him. But it's Mike's birthday, so this is about Mike, Jack, and we're proud of you, Mike. Happy birthday. And Elena and Max, a couple of Yetis I met on a hike in Marin this weekend, Jack.

Starting point is 00:21:42 They are the coolest couple in Mill Valley, and they just want to put that out there and make it official. And happy birthday to Adam Brink, the bad boy of Baltimore and the crab cake king of Nantuck. And Smith, in the Spotify comments of yesterday's episode, commented that they have two workwives. Congratulations, Smith. We won't comment on the morality of that situation. And on Kar Bonde. is celebrating a birthday in Boise, Idaho. Happy birthday on care. Happy 31st birthday to Andrea Chen in Carmel, Indiana, whose friends turned her on to T-Boy. Love those friends, and Adrian Abbejejean in Newark, New Jersey's got a new job making bandana, the best job platform for blue-collar workers out there. And happy 10-year anniversary to Tolu Salaco and Catley God

Starting point is 00:22:23 in Long Beach, although they're celebrating in Argentina. And Nick Rothwell's turning 33 years old in Hanover, which is just outside Boston. And happy second anniversary to Claudia Alvarez Roddy and James Roddy in Long Beach. And a happy 41st birthday to Claudia celebrating in the Magic Kingdom. And to anyone else celebrating something today, make it a T-Block. Celebrate the wins. This is Jack. Nick and I both own stock of Lulu Lemon and Robin Hood. We both own some Bitcoin and Ethereum.

The Best One Yet - 🚀 “Hold my Bitcoin” — Bitcoin’s $88K all-time high. Vuori’s $5B athleisure. Goldman Sachs’ royal knights.

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