The Best One Yet - 👽 “Martian City” — SpaceX’s IPO filing. Victoria’s “VSXY” Secret. Fed Prez Interview. +Hamptons Egg Summer

Episode Date: May 22, 2026

SpaceX revealed everything in their sci-fi IPO paperwork… we got a stock rec.Victoria’s Secret changed its stock ticker to be sexier… but its secret is smart fitting rooms.We interviewed Federal Reserve President Austan Goolsbee… and he graded J-Poww.Plus, the Hamptons’ hottest reservation is now a cheap diner… It’s Bacon Egg Sandwich Summer.$SPCX $VSXY $SPYNEWSLETTER:https://tboypod.com/newsletter OUR 2ND SHOW:Want more business storytelling from us? Check our weekly deepdive show, The Best Idea Yet: The untold origin story of the products you're obsessed with. Listen for free to The Best Idea Yet: https://wondery.com/links/the-best-idea-yet/NEW LISTENERSFill out our 2 minute survey: https://qualtricsxm88y5r986q.qualtrics.com/jfe/form/SV_dp1FDYiJgt6lHy6GET ON THE POD: Submit a shoutout or fact: https://tboypod.com/shoutouts SOCIALS:Instagram: https://www.instagram.com/tboypod TikTok: https://www.tiktok.com/@tboypodYouTube: https://www.youtube.com/@tboypod Linkedin (Nick): https://www.linkedin.com/in/nicolas-martell/Linkedin (Jack): https://www.linkedin.com/in/jack-crivici-kramer/Anything else: https://tboypod.com/ About Us: The daily pop-biz news show making today’s top stories your business. Formerly known as Robinhood Snacks, The Best One Yet is hosted by Jack Crivici-Kramer & Nick Martell. Hosted on Acast. See acast.com/privacy for more information.

This is Nick. This is Jack. It's Friday the real Friday. May 22nd. In 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 just got to Gwyneth Paltrow's ADU. We're basically standing in her backyard in Santa Barbara right now. Early Memorial Day weekend situation, right? Yeah, just got to Santa Barbara. You prepped the whole pod from 101, didn't you? On the highway. Megan Markle keeps DMing me and asking me for financial advice, man. I think you're there because season two of beef on Netflix wasn't in Santa Barbara. You just, like, chase those high-end dramas. Once you start watching the show, you just got to follow the show. Jack, three fantastic stories for today's T-boy.

What do we got before the three-day weekend? For our first story, SpaceX's IPO paperwork revealed that Elon Musk gets a one billion share bonus if he establishes a city on Mars with at least a million people. Mars City, it's the craziest S-1 Jack and I'd ever read, and we're going to give you. our stock recommendation. For our second story, Victoria's Secret changed her ticker symbol in a symbolic exit from the cultural penalty box. But the sexiest part of Victoria's Secret right now is their techie dressing rooms. And our third and final story, Nick and I interviewed the

president of the Chicago Federal Reserve Bank, Austin Goolsby. Yeah, the Fed praise. And since the new Fed chair gets sworn in today, Jack and I whipped up a preview for you. But yet he's before we hit that wonderful mix of stories. I mean, love the mix. No one else doing that mix, Jack. Happy, unofficial, first Friday of the summer. First Summer Friday, you're not in today. Season just kicked off. You're already on the road to somewhere. Is this the day that the cast of Summer House shows up in the Hampton's neck?

Hair and makeup, you gotta get there 24 hours early. But speaking of the Hamptons, Jack, bunch of New Yorkers are headed down the Long Island Expressway as we speak. It's the ultimate indulgent retreat. It's the seasonal migration of Stanley Morgan. The Hampton, it's over the $100 lobster salad, the $200 Pilates class. And the third home for your fourth yacht.

But besties, the hottest reservation in the Hamptons this summer. It ain't behind a velvet rope for the first time. The hottest reservation is an affordable diner. Get this. In this economy, even Wall Street is trading champagne for pancakes. The real housewives of the Hamptons found a value meal. It's called Babes. It's in Sag Harbor. And according to Bloomberg, it is the hardest reservation right now on Long Island. Hang on a second. Sag Harbor's not the Hamptons. That's North Fork, man.

We're rounding up on this one. But Jack, the wait time at this diner on a Tuesday, it's over an hour right now. I heard they rejected Billy Joel. They wouldn't give him a table. Not even a chance. Few phenomenon captured this economy besties quite like this Hampton's diner. Because the cheapest thing on the menu of this affordable diner is a $14. A bacon egg and cheese on a muffin.

Yeah, but Jamie Diamond, he ain't getting a back table and bottle service at Surf Lodge this June. He's doing hash browns at this 20-seat diner that doesn't take renovation. Besties last year. we called it the value meal summer. This year, we call it bacon, egg, and cheese summer. If you know, you know, now you know, Jack, let's have three stores. 15 years before this song, two boys from the Northeast met in the dawn. They had an idea to cause a cultural storm.

It's the best one yet, but the best is a norm. Jack Nick, that's it. I don't even think they need to practice. 50% that's a fat tip. Tea 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, SpaceX's science fiction is now nonfiction. Its paperwork for their IPO just became public, so we jumped in T-boy style for you. And we learned that SpaceX has the best business on Earth, the worst business on Earth, and a legally binding promise to colonize Mars. With a Martian city of a million humans, more on that. But first, Jack, the very first sentence of the SpaceX S-1 IPO paperwork, it was like a sermon at a church written by a priest named Elon Musk. Here it is. You want to wake up in the morning and think the future is going to be great.

It's about believing in the future and thinking that the future will be better than the past. That was the first sentence of SpaceX's IPO paperwork. Preach, but the second paragraph of that IPO paperwork, it's a mission statement, which honestly sounded like George Lucas crafted that part. SpaceX's mission statement. To make life multi-planetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. I'm sorry, is that chapter three of Hitchhiker's Guide to the Galaxy Jack? Nick, I just want to point out. The only other company we have ever seen use the word consciousness in an SEC paperwork. Who is it? We work. But best is what follows in SpaceX's IPO IPO paperwork is 10 straight pages of really cool pictures of rockets and space stuff.

It's like one of his 17 kids grabbed the computer for that moment. It was like the banks working on this were Goldman Sachs, Morgan Stanley, and Chewbacca. More on that colorful language, the sermon, and the sci-fi and the takeaway. But we wanted to see these numbers because SpaceX's IPO has been so, so anticipated. This has been like science fiction. It just became nonfiction. So Jack, the bull case for SpaceX, what is it? The upside story for SpaceX is found in their two OG divisions, space and connectivity.

For this segment, the key number is their mass to orbit. What is that? Sprinkle on the context, please. It's measured in metric tons. So in the first quarter, SpaceX did 40 rocket launches and sent 556 tons of stuff into space. That's a lot. But interestingly, SpaceX lost $662 million doing those rocket launches. Just got lost in orbit, I guess. But the space Bullcase in this case relies on something called the Starship. And what is that, Jack? It's the biggest spaceship man has ever built. It kind of looks like the opening scene of Spaceballs is just missing Rick Moranis. If you know, you know. You've seen videos of this. It was actually, there was a test launch yesterday, but there's never been people inside

Starship. And the goal to make Starship, the interplanetary workhorse that develops a lunar economy, haulsed data centers into space, and one day, yes, colonizes Mars. Get this. The word ride share was mentioned twice in SpaceX's IPO document. SpaceX is trying to be the Uber, basically, of the space industry. Because they're letting companies share one rocket to split the costs of a ride into orbit. But that's not all. The other businesses that SpaceX wants to hit in the future? Oh, it is quite a list, my friend. Asteroid mining, space tourism, manufacturing on Mars.

All future revenue streams. But Jack, what's the wildest part? Elon will get a bonus of one billion shares of SpaceX if he establishes, and I quote, a permanent human colony on Mars with at least one million permanent inhabitants. Besties, a Martian metropolis sit-down, stand up, and blast off again. Yeah. If he founds a city on Mars bigger than San Francisco, he'll get a billion shares of SpaceX. Again, this is a legal document filed with the federal government on Wednesday, and we're talking Martian cities, baby. No, we assume he named the city Muskegon. Or maybe Space Francisco. You know, I could play with that.

How about New New York? No one else has done that. I mean, it makes sense, Jack. So that's the first division that's pretty exciting space. But the second is the profit puppy, and that division is Starlink. They call it the connectivity division, because they have 9,600 satellites orbiting Earth that send internet down to us Earthlings who pay $100 bucks a month. Full disclosure, this Airbnb and Santa Barbara, where I'm recording from right now.

Go ahead and say to you. Yeah, so they use Starlink. If the power goes out during our recording, that's not a good sign. So Starlink is a consumer business, but also like United Airlines uses it on their airplanes. And it is a profit puppy. Yeah, $1.2 billion in profit last quarter. 10 million users, that's up double from last year.

The dream for Starlink is to eat up T-Mobile, eat up Verizon, eat up AT&T, and become the one wireless provider from all coming from space. So, space Wi-Fi, colonizing Mars, that's the bull case upside for SpaceX. But check, what's the bare-case downside? The bear-case downside is the division they just bought that loses tons of money.

Elon's pitching this as an upside bull case thing, but that division is shockingly the AI division. The AI division of SpaceX includes GROC and X, formerly known as Twitter. And it's losing incredible amounts of money, two and a half billion bucks lost in the first quarter of this year alone. So that one acquisition in February of XAI turns SpaceX's income statement from an amazing growth story into basically a crime scene.

And the bear case is that GROC, which is not the leading AI model right now, remains behind Claude and Chat-GIPT and Google's Gemini and never catches up. The bear case is that AI, just continues to lose money forever at SpaceX, taking down the rocket and satellite business with it. But Jack, I got to ask, does it matter? Because when you're looking at who's running the company, Elon is legally the dictator here, I believe. He will reportedly control 85% of the voting stock of SpaceX. Yeah. They created a special share class just for Elon. The e-shares. You see, Elon says that AI represents a $27 trillion opportunity. This was financially the wildest part of the S-1. He says that AI,

is a $27 trillion total addressable market, which is equal to 20% of the world's GDP. And Elon says 93% of SpaceX's total addressable market is that AI-related opportunity. And that's why SpaceX spent three times more money building AI data centers last quarter, than they spent on rockets or satellites combined. What we're saying best is is is simultaneously the only reason to buy SpaceX because it's the biggest opportunity, according to Elon. And AI is the one reason not to buy SpaceX because it's the one thing with no sign of making money. But Jack and I have a different opinion. Yes, it is financial advice and it's our takeaway.

So Jack, what's the takeaway for our buddies blasting off with the SpaceX IPO? The most important number to know about SpaceX's IPO is 15, as in 15 days. Yeah, it is 15 days after SpaceX's IPO next month. They'll join the NASDAQ 100. NASDAQ actually changed the rules just for SpaceX to join early. So on day 15, somewhere around late June, index funds will be required to buy SpaceX in order to replicate the makeup of the NASDAQ 100. So if you own SpaceX stock on day 15 after the IPO, billions of dollars of funds will be fighting to buy your shares.

The stock will probably rise. But after that, Nick, after day 15, owning SpaceX stock is putting your full faith in one man, Elon Musk. After day 15, SpaceX stock is basically an Elon trading car. After day 15, if you own SpaceX, you're ignoring the $41 billion of cumulative losses since SpaceX was founded in 2002. You're ignoring the risk, the competition, and believing in Elon Musk story instead. So there's two reasons to own SpaceX long term. One, if you just love Elon Musk and want the equivalent of his financial trading card.

Or if you think enough other people love Elon that much, that the stock will continue to defy markets indefinitely just like Tesla has. So short term, the stock looks great because of the 15th. day NASDAQ index inclusion moment. But long-term Besties, SpaceX's stock is an Elon Musk trading card. For our second story, Victoria's Secret is updating its ticker symbol to VSXY, a symbolic exit from the cultural penalty box. And to beat Kim Kardashian, Sidney, Sweeney, and Rihanna, Vicki's got something they don't. Dressing rooms.

She's got dressing rooms. But besties, let's talk about the ticker symbol, the stock ticker symbol, right, Jack? I think it's an underappreciated marketing opportunity. Oh, yeah. Who's our Mount Rushmore of like the four best stock ticker symbols out there? Who do you think? Petco has woof. Six Flags has fun.

Clear Secure has you, Y-O-U. Because it's like about your identity. And the maker of LaCroy, National Beverage Corp, Fizz. Fizz. Z, Z. It doesn't get any better than that. I've always wished. One thing that would be better is if Costco switched there is to huge. That'd be great.

Or TP for toilet paper. There's a lot to work with with Costco is what we're saying. But Victoria's Secret, since spinning off as a separate company in 2021, has had the lame VSCO for Victoria's Secret Company. Well, what does that even mean? I guess you just told this, Jack. But here's the news. They're changing their ticker to VSXY, aligning with their new underwear line, very sexy. First time we've seen a stock ticker follow a product launch for a company. We never saw that. Except for meta with the metaverse. Well played. But Victoria thinks that it's time to stop

apologizing for the past, but not forget their toxic past either. Victoria's Secret CEO, Hillary Super, great name, by the way. Published a letter on their website yesterday explaining the ticker symbol change. She said that sexy has, quote, always been part of our DNA, and if you ask 10 women what sexy means, you'll get 10 very different answers. So after getting burned by brawlets for about a decade, this very sexy line doesn't sacrifice comfort either. Here it is. The new double push-up bra has more padding for extra volume and lift, but the underwires are encased in fabric to protect against the skin for comfort. And the strategy, it's working and we're.

We got the receipts. Because the double push-up bra is seeing double-digit growth. Get this, profits pop 21% for Victoria's Secret in 2025, despite 2% fewer stores. Victoria's back. It's not even a secret anymore. Now, Bastia's to sprinkle on some context. We've talked to you before about the Victoria's Secret void that emerged back in 2020. America lost its thongopoly because Victoria's Secret got bruised badly.

You see, the founder resigned after an investigation for being extremely close associates with Jeffrey Epstein. That plus the backlash against Victoria's. Secrets Angels and their idealized image of beauty left a huge void in the market. And into that void jumped Kim K.'s skims, Ree-Ree Savage by Fenty, and more recently, Sidney-Sweeney-Syron swoop right on it. But Vicki has something that none of those three celebrity-backed brands do. Yeah, what is that, Jack? 800 stores with dressing rooms.

That's right. To quote that 1999 rap song, Shake what your mama gave you, and Victoria's Secret's Mama gave her a lot of retail stores. and you can't ship a fitting room to someone's door. No, you can't, Jack. So Jack, what's the takeaway for our buddies over at Victoria's Secret? Smart dressing rooms are saving stores. Yeties, two years ago, Victoria's Secret rolled out their store of the future concept,

and here's the key, the smart fitting room. You walk into a Victoria's Secret fitting room with three items today, and those three items will pop up on a digital screen on the wall, like magic. How does it know? RFID tags. They're attached to each item, so you can then tap a screen to learn more or request a new size without ever leaving the room. Now, I can't order jeans online because the size is always vary,

but I don't want to order in store either because I'm in there with like a 32-32, and it's humiliating when I'm like, nope, they're not even getting past my thighs. I've gone shopping with Jack. He does like walking out of the fitting room because it becomes like a de facto runway show, and before you know what, he's having too much fun.

So, Nick, with this new technology, I could just discreetly tap the new size I want and an associate brings it to my fitting room. But it's not just Victoria Besties. Gap, Old Navy, Victoria's Secret, more are deploying these smart dressing room. rooms as an advantage over online-only stores. Yet he's with the trade war?

You'd think that these apparel companies who make their products in Southeast Asia, generally speaking, they'd all be struggling because of tariffs. But here's what we find fascinating. Ralph Lauren, the Gap, Abercrombie are some of the best performing stocks over the last few years. Because the smart dressing room is saving physical apparel. Retail's not dead. Bad retail's dead. Now a quick word from our sponsor.

For our third and final story, this is a special one. Today, President Trump swears in Kevin. Warsh as the new chair of our Federal Reserve. So we just interviewed the president of the Federal Reserve, Austin Gulesby, and we wanted to give you a preview. Now, Bessie's the full episode, the full interview, it actually publishes on Memorial Day Monday, and we asked Mr. Gulsby, Dr. Gelsby, to grade the outgoing Jerry Powell. Wait a second. He's a PhD in economics. I don't think we call him doctor.

I feel like we got to round up on this one. Dr. G., what do we got? Let's play the clip. So Jerome Powell just ended his tenure as chair. Although he's still going to be at the table for a couple years. Nick and I just did an episode on Friday covering his eight-year tenure. And we gave him a grade, based on our assessment of his performance, for both how he handled the economy and monetary policy and how he handled the Fed as an institution. Are you able to share yours before we share ours? Well, I saw yours. So you gave him a B on the economy and A-plus on independence, right? Correct. I considered Jay Powell a first ballot hall of fame, Fed. chair. And every Fed chair's got stuff that went wrong and stuff they did well. And the biggest knock on his tenure as chair is the Fed was slow coming off the block as inflation started back up. That's the only knock. And I think the combination of one, we had the epic collapse of the

economy in COVID and it did not turn into a financial crisis. Fair. That number two, we had bank failure, Silicon Valley Bank, et cetera, after the Fed started raising rates quite significantly. And that didn't turn into a financial crisis or even a credit crunch. And in 2023, going into 2024, inflation fell as much as it's ever fallen in a single year and there was no recession. each of those three things many smart people said was impossible.

There was, in 2023, people were making fun of the idea that inflation could go down without there being a recession. Larry Summers, you saw as said, there must, there will be an intense recession for five consecutive years before inflation will come down. All three of those, any one of those would be a pretty strong accomplishment. and then you add navigating through political pressures that are unlike any in modern memory. That seems like a pretty compelling combination to me. Jack, do we have to do a grade revision here? I mean, no, I guess that one knock, too late to raise interest rates, it's a pretty big knock. Look, I don't dispute that.

All I'll say is, the here. He wasn't the only one making the forecast that inflation was going to be transit. Right, right. And when they decided to pivot, because I want to say again, I wasn't there. And when it was, I didn't do that. But look, I agreed with the professional forecasters and the markets were thinking that, as I was, I thought inflation would be temporary because I thought a lot of it was coming from a wrecked supply. chain and that the supply chain would heal quicker than it did. But when it healed, we got the decrease in

inflation without a recession. And to me, the fact that that happened on the other side kind of establishes that there was less of the stimulus driven than the supply driven part in the beginning. But look, I'm aware people are of different minds on that. Yeti's Nick and Jack here back in the T-Boy studio with you. Very cool, Jack, that Gouldsby listens to our show. A Fed Pres is a Yeti, basically. Yeah, sometimes my mom asks, like, are you an influencer? And I don't feel like one, but we're influencing monetary policy, apparently.

Besties, you've got to listen to this full interview on Monday on your drive home for Memorial Day weekend. Austin, he is one of the votes that decides whether to raise or cut interest rates. Oh, and this is wild. Earlier in the interview, he actually brings us into the room where the Fed Chair, the Fed and the Fed Pres and the Fed Governor's vote on whether to razor-cut interest rates, like with a lever. It's a huge square table. No phones are allowed in the room. All the blinds are drawn, and Jerome Powell decides what for lunch? All right, so listen to the whole episode on Monday. But Jack, in the meantime, can you whip up the takeaways for us before the three-day weekend? SpaceX's bet on

AI has become the whole company. It's both the reason to buy and to avoid this Mars colonizing stock. But Jack and I think it's a buy until day 15. After that, SpaceX stock is an Elon trading card, your call. For our second story, Victoria's Secret is changing their stock trigger to VSXY, but unsexy tech is saving the stock. The smart dressing room, it's the physical store lifesaver. And our third and final story, we interviewed Fed President Austin Goulsby, who says that Jerome Powell is a first ballot hall fame fed chair. And for more on what he thinks about the economy interest rates and secrets of our central bank, check out our full interview on Memorial Day Monday. But besties, this pod's not over yet. Here's what else you need to know

today. First, last night, the first Star Wars movie in seven years premiered in theaters. The Mandalorian and Grogo. It's actually expected to be the lowest grossing ever Star Wars movie. Second, Spotify announced a deal with United Music Group to let subscribers generate your own AI music. So you can be like, I want to listen to a bunch of Noa Khan right now, but with a little less depressing lyrics. He's not always that happy. Spotify AI will make that Noa Khan brightness happen for you. Spotify's also reserving two tickets to all live. nation concerts for the top fan of the artist playing. And finally, you know that Cars for Kids commercial that you can't get out of your head? Well, now you can't get out of your head. Well,

don't worry, it's getting banned. A judge ruled at a court case that the charity behind cars for kids misled donors, the cars do not actually go to kids. Spoiler. What incredible deception. They do spell kids with the Z-Jack, and maybe that was their out. But besties, the state of California has banned the jingle from the airwaves, not because it's annoying, but because of the false advertising. Now, time for the best fact. Yeah, this one for your Memorial Day weekend sent in by our legendary Yeti Khalid from the country of Kuwait. Walmart reported earnings on Thursday morning, and they noticed that the average gas fill up at Walmart stores that have gas stations was below 10 gallons of gas for the first time since 2022.

What's the takeaway mean there, Jack? Americans are self-rashioning due to high gasoline prices, limiting how much they put in the pump. But here's what we find fascinating. Collad lives in the Middle East, and in Kuwait, oil is subsidized by the government. So the price of a gallon of gasoline in Kuwait, you're not going to believe it. 28 cents a gallon. It is $4.56 a gallon here in America on average. 28 cents in Kuwait. It's 95% less.

You want to fill up your suburban. It costs you the same as a tootsie roll in Kuwait, basically. Yeties, you look fantastic for the real Friday. Jack, you are glowing over there, especially now that I know you're a 32-waste, not too shabby. I'm 3232 sometimes Unless the pants come in a completely different size than 32 32 32. Yeah, it depends on the humidity. Yeah, that's the excuse.

Besties, remember to celebrate the wins this weekend. We're sobber in the win of a wonderful interview with the Fed Prez and some big stuff coming next week for you. Big highlight for me this weekend? Assistant T-ball coach. Or is it assistant to the T-ball coach? Sounds like you got some HR stuff to work out with that little league, Jack. Besties, drop down, give us a five-star rating review,

and Jack and I will see you. a Tuesday. Oh, Jack and I will see you Monday for the Fed interview. And before we go, a special shout out in honor of Memorial Day to all the vets who sacrificed for our country out there. Thank you to everyone who gave so much for us. And to all the military families as well. And on the birthday front, it's a 30th birthday. Happy birthday to Gebs Bosto's over in Puerto Allegre, Brazil. Happy 30th birthday to Drew and Tony Phillips. Twins turning 30 in Kansas. Drew's wife, by the way, Solve, just had their first baby. Congratulations. Congrats, and Sidney Steinberg celebrating 27 from L.A., living in New York City, and flying a Barcelona for the long weekend.

Happy birthday to Alan Zhang in Minneapolis, Minnesota. And Sue Lamke, we see your birthday up in Grand Rapids, Michigan. Happy birthday to Daniel Balagula in Brooklyn, New York. And Isabel, the violinist of South Burlington, is turning 12. Congratulations in the Green Mountains. Isabelle, someday I'm going to see you perform at the Flint. And a happy eighth birthday to Eden Atkins and join the zoo down in South Carolina. Happy birthday to Haley Rock, turning four.

four years old with a big craft party, the same birthday as her grandma, just outside Boston. And Angela and Daniel have got new jobs down in Dallas. Congratulations, guys. Happy five-year anniversary to Jessica and Evan Haggerty in Austin, Texas. And Cody and Emily, we see your seven-year anniversary. Thanks for coming to our live show in D.C. Congratulations, guys. Congratulations to Philip Noddast in the Bay Area who just got into Wharton for the NBA program. And Cole Thompson's graduated in the Bay Area with a master's degree. And a big shout out to Crystal Nishioka from Manhattan.

Get this. Her husband wishes her happy wedding anniversary. Lovely. He can't do it himself in person because he's on a plane on the way to his buddy's bachelor party. So, Crystal, we hope you can enjoy this weekend. Let's just hope this isn't like the 25th or a big one, you know? Guys, enjoy it when you get back. And to anyone else, celebrating something today, making a T-Bow.

Celebrate the wins. This is Jack, Island Stock of Disney, and we've been. both on stock of Spotify.