The Best One Yet - 🧂 “Shots vs Sips” — Patron’s tequila moment. Universal’s adult theme park. Bank of America’s ugliest number.

Episode Date: January 27, 2023

Tequila is about to pass vodka as America’s #1 liquor — Because Patron turned shots into sips. Universal is opening a theme park in Las Vegas just for adults, because it’s a Jekyll-and-Hyde company. And if you have a checking account, you're going to want to hear this story: Bank of America lost $100B in deposits because of an interest rate.Take this week’s TBOY Quiz: https://go.tboypod.com$BF $BAC $CMCSALearn more about your ad choices. Visit podcastchoices.com/adchoices Hosted on Acast. See acast.com/privacy for more information.

Tan-na-na-na-na-na-na-na-na-na-ta-ta-ta-a-na-na-ha-ha. Hey, hey, hey, hey. Da-da-da-da-da-da-na-na-na-na-na-na-na-na-ta-ta-ta-ta-a. I think it's like a reba. This is Nick. This is Jack. It's Friday, the real Friday. January 27th.

And today's pod is the best one yet. It's a T-boy. Friday. means, Nick. I know what that means. That's a real Friday. Our one minute weekly pop biz pop quiz. You got our five questions to test how well you know this week's business

news. Play our trivia quiz at go.tieboypod.com or just click the link in the episode description. We made it that easy for you Yeti's Jack. What's our first story for today's pot? For the first time in ever, tequila sales are about to pass vodka for the

number one booze in the United States. Because Patron just brought tequila from shots to sips. For our second story, Universal Studios is opening an adults-only theme park in Las Vegas. Because their business is part Dr. Jekyll, but it's part Mr. High. And our third and final story, if you have a checking account, which we think you do, we have a story that's relevant to you. It's about Bank of America and the missing $100 billion.

One million dollars. We're going to round up on that one. But yetis, before we hit that fantastic mix. Wonderful mix of stories number two. Yetis, the most expensive water you've ever seen. What is it? Maybe it was Evian, Jack? Five bucks a bottle.

Maybe it was Fiji. $7? You got to let Yankee Stadium. It was a rip-off. Could I interest you in an eau de vichet? If you have to ask, you can't afford it. And you can't drink it either. How about $10,000 for a bottle of water?

Yeties, we repeat, how about $10,000 for $6?000. 16 ounces of H2O. That's the most expensive bottle of water that's ever been sold and it just happened. Because it's water from Disney World. Get this Yeti's Disney World is shutting down the famous, infamous Splash Mountain. Splash Mountain, it's a classic. They're getting a renovation. It's getting a new look, so it's shutting down.

Everybody loves Splash Mountain. Everybody loves it, Jack. I remember losing my stomach on that ride at age 5 and age 7. I was too afraid to go on it, full disclosure, but I see. still got soaked because it splashes the whole vicinity. And age nine. But Disney is shutting down that water slide and fans are scrambling to bottle up the water. Yeah, they are literally

bottling the water and then they're putting that Splash Mountain's finest water onto eBay. The latest bid on eBay, I just checked. What is it? It's $10,000 for a bottle of pure splash. Yiddies, we're talking $10,000 for a splash of splash. That's $10,000. Not the price for a rare wine or an age whiskey. No, no. We're talking $10,000 for a bottle. bottle of the most abundant molecule on earth that happened to be on a Disney

water slide. Splash Mountain water. It's one part hydrogen, two parts puke. You must be this tall to ride Splash Mountain Jam. And you must be this thirsty to buy a bottle of that water. But after $10,000 bucks, don't let it evaporate. That'd be disappointing. It's going to be a small

world after that. What's in our three stories? Fifteen years before this song, two boys from the Northeast met in the dawn that had an idea to cause a cultural storm. It's the best one yet, but 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. For our first story, tequila is about to pass a major American milestone. Because Patron figured out how to go from shots to sips. For Jack, we got our last weekend of dry January. How are you celebrating over there?

my friend. I actually wasn't dry in January, but I might go dry in February. It's a month late, but we can roll with it. The only idea is worth pursuing our contrary, Nick. So Jack is not going to be tossing back tonic water this weekend. No, I'm going to be sipping unspiked seltzer. Everyone else is lecrushing LeCroy, Jack. But while you passed on Pino for dry January, one alcohol type was partying hard. It was partying really hard.

Because tequila sales weren't slowing in January. No, get this. Tequila sales are projected to pass vodka as the top-selling U.S. liquor just this year. Call Don Henley, it's a tequila sunrise, Yetis. You want to share your worm story from Guadalajara with the crowd? No. Okay. No.

We'll keep rolling. We'll keep rolling. Yeties, within that fast-growing tequila category, one brand has kept its crown. That one brand is Patron. Patron. The top-shelf tequila preferred by rap. songs. The ultra-premium Anyajo Tequila, launched in

1989, in fact, by a billionaire hairstylist from the United States. Here's the news. Petron still controls 20% of the American tequila market. That means that one out of $5 spent on tequila into club is spent on Petron. Petron. It got

acquired by the Bacardi family, still a family-run business, for $5.5 billion dollars five years ago. Now, yet, these Jack and I were passing the lime and tossing the salt on the story, and that's what we notice that Petron is doing the opposite of every tequila out there, and it's working. Every premium tequila comes with a shot of Hollywood right now. Yeah, like every tequila that gets launched in the last few years, it is owned and marketed

by a celebrity. George Clooney, The Rock, Kylie Jenner, they all own or endorse tequila brands. We almost forgot to mention Vinnie Chase. Turtle. I think Turtle had his own tequila company. I think it's the only thing Turtle had going on. But not Patron. Because Patron has a different strategy.

Their marketing focuses on their distilleries, not on Denzel Washington. And according to the CMO, that strategy is working for Patron. Because Patron bought in a whopping $2.6 billion in sales to slurp up even more tequila market share last year. Like our takeaway from last week. It's the most contrarian tequila on the show. Yep, thanks to Patron's leadership. Mexican tequila is about to pass Russian vodka as American. liquor of choice. Three countries in one sentence next.

Winner of the GOB over here. So Jack, Ariba, Abajo, Alcentro, Al Dentro. What's the takeaway for our buddies over at Patron? The real success of Patron was that it broke a ritual. Yeti's rituals, habits, routines. They are hard to break and that is why companies love them. But sometimes a ritual can be bad for business. Yeah. Like the ritual of taking shots of tequila. Tequila shots. You pound them as quickly as possible and you hope it doesn't burn your throat. That party image of tequila was bad for the tequila industry. It was. Because you don't take shots of a premium expensive product.

Yeah. So, Patron did something hard. They made a pivot. Patron refused to go down market. It wouldn't offer shot-friendly, cheaper options. And that discipline to stay premium helped break America's core ritual with tequila. Today, more Americans are sipping tequila in cocktails than ever before. Petron help transform tequila from shots to sips. For our second story, Comcast isn't just that boring cable company that you are still on hold with. Xfinity! Representative!

Comcast is building the first adult theme park in Las Vegas right now. Jack, do you want to tell the Yeties about your experience reading Dr. Jekyll and Mr. Hyde a few years ago? I heard there's some books you should. should just read. And I thought Dr. Jekyll and Mr. Hyde was one of them. Nick, that old English vocabulary is like PhD level stuff. You got to go straight book to tape on that thing. Well, Dr. and Jekyll and Mr. Hyde, it was a scary book, but we see Dr. Jekyll and Mr. Hyde also as a type of company. A type of company that has two faces. And Comcast is one of those companies. Just like the booked, Dr. Jekyll is the boring part of Comcast business.

Comcast does cable TV, internet and wireless. But just like the book, Mr. Hyde is the fun part of Comcast business. The one you want to go out to dinner with. Yeah, that's the entertainment division of the Comcast company. Because Comcast also owns NBC and Peacock and Universal Studios and Universal theme parks. Yeties Disney World, they got Mickey Mouse and Darth Vader. Cute.

Universal has Jurassic Park and Harry Potter. Which leads to the news. Comcast is launching a brand new universal theme park. but it's not for children, and that part is key. Universal has family-friendly theme parks already in Orlando, Hollywood, Beijing, Japan, and Singapore, but now it wants to go to Las Vegas. And this Las Vegas location is not safe for work. Why is this an adult-only theme park?

Because it's a horror-themed theme park. This theme park literally stars Frankenstein, Dracula, and that Wolfman Who Never Shaves. It's one big haunted house based on Universal's movies from back. in the tag. It's actually one of the biggest structures in all of Vegas. We're talking eight football fields of fear. And they hired horror directors like Jordan Peel to design some terrifying rides. Like Jordan Peel literally designed the roller coasters on this thing. This is a year-round Halloween as a theme park unprecedented. Some of the rides are going to be based on Get Out and Nope and other Jordan Peel movies. We're talking the highest clown to human ratio of any park and that's scary.

And the target group is bachelorettes and bachelor parties. The target group is groups because Vegas is an all nightlife city and now it's getting a complimentary daytime activity for the crew. Last call from all. See you at this theme park. So Jack, what's the takeaway for our buddies over at Comcast Universal? Don't be scared of Jekyll and Hyde companies. Yet he's the part of Comcast business that's growing the most right now. It's their theme parks.

Comcast owns Peacock. the streaming service that gets all of our attention. But the CEO says it's old school theme parks that have the best cash flow. Yeah, so Comcast has made a pivot from Jekyll to hide. Comcast is doubling down on the roller coasters that bring in the most money. Comcast Universal is only a quarter as big as Disney's parks, but that Universal Studios has made nearly $3 billion in profit last year. When you hear Comcast, you think about waiting on hold for 48 minutes

while they reset your modem and we all cross our fingers and hope it works. Manager! But Comcast is building two new theme parks right now. Not just Vegas, also in Dallas, Texas. Besties, you can be scared of Jekyll and Hyde the book, but don't be scared of Jekyll and Hyde the company. Now a word about our sponsor, Robin Hood. You can do just about anything from your phone,

but some industries, they've just been slow to move. The finance industry was slow to move from phone to computer, and then from computer to app. Robin Hood wasn't. It's the Silicon Valley-based brokerage that's been updating app since it was born in 2015. Using the Robin Hood app

for your stocks and crypto is almost as easy as downloading it. So you can invest at your pace on your terms by downloading the Robin Hood app. If you're not investing on Robin Hood yet, to get started, go to robin hood.com slash T-Boy

and choose your free stock. That's Robinhood.com slash T-B-O-Y limitation supply. Stocks are offered by Robin Hood Financial LLC, member S-I-P-C. Crypto offered through Robinhood. All investments involve risk. By the way, this podcast is not owned by or part of Robin Hood, and we are not employees

of Robin Hood. For our third and final story before the weekend, Bank of America is getting dumped by its wealthiest clients. Why? Because high interest rates aren't just bad. They are bad. They should have a good side, too. They should.

But before we jump into this story, Jack, just to keep with, you know, the literary theme that you and I got going on, first we talked about Dr. Chekkel and Mr. Hyde. How about Mary Poppins? we turned to one of the great Dick Van Dyke, who taught us in that movie about the virtues of the bank. Oh, I remember it well. What was Dick Van Dyke saying in Mary Poppins about banks? You keep your money safely invested in the bank and your money will grow.

That is the beauty of the American financial system. What do we call it, Jack? Compounding interest. Compounding interest. But yet, here's the problem. For the last decade, your money didn't grow in the bank. Because interest rates were kept almost at zero. percent since 2009.

Well, that recently changed. Now, the Federal Reserve, our central bank, has raised interest rates. And why is that, Jack? The feds wanted us to stop buying things. Instead of buying a cute top, keep our money in the bank and with high interest rates, our money should grow. Now, with that context, Yetis, Jack and I were pretty shocked to see this story. Bank of America just reported that thousands of customers didn't keep their money in the bank.

Instead, they ditched Bank of America altogether. It was a total surprise. In the past year, customers of Bank of America, get this, withdrew $100 billion from their checking accounts. And the reason customers were quitting Bank of America, we'll let the CEO explain. Yeah, we'll let their CEO explain. What did he say, Jack? More affluent customers have been putting their money into higher yield deposits that are

out there in the market. Jack, we get a Wall Street translation on what the Bank of America's CEO just said. Wealthy customers are sick of getting. just 0.06% interest on the Bank of America checking accounts. So those wealthy customers withdrew their money out of Bank of America, and they deposit it with other banks that offer higher interest rates, like 3% or 4%. Bank of America's next to zero interest was not acceptable for Bank of America's wealthy customers.

Frankly, that low interest rate shouldn't be acceptable to you either. No, it shouldn't. No, it shouldn't. And that feels like a takeaway. So Jack, what's the takeaway for our buddies who are, are everyone with a bank account. High interest rates have a good side too. Yeties, if you borrow money, a high interest rate is brutal.

Because you pay that high interest rate. On the other side of the equation, if you lend money, then a high interest rate is great. Because you earn that high interest rate. And if you give a bank your money into a checking account, you are the lender in that situation. That's a good position to be in. If you give the bank money, you are lending the bank money. And the way we see it, you should therefore benefit from the high interest rates. The bank should be giving that to you.

This is not our typical takeaway. No, it's not. But if your money is not growing in your bank account, you may want to find a new bank account. If you don't have that high interest rate, that's a problem right now because most interest rates are really high. A couple months ago, I moved my deposits to a new account that offered three and a half percent interest, Nicholas. Not too shabby jack. I'm honestly not trying to show you up. I'm really not.

I'm really not. But I did manage to snag a 4.15% interest rate. And I'm excited about it. Dinner's on you next time. And yet, is those high interest rates are available for no minimum balance too. So Bank of America, it's got a problem right now. It hopes you don't find an account with a higher yield. We hope you do because there's a good side to high interest rates.

Jack, can you whip up the takeaways for us before you kick off Dry February? Tequila is expected to overtake vodka as the most consumed liquor in America this year. Thanks to Patron, tequila transitioned from shots to sips. For our second story, Comcast owns Boring Cable, also owns thrilling theme parks. You can fear Jekyll and Hide the Book, but don't fear Jekyll and hide the theme parks. And our third and final story, Bank of America, like most banks, isn't giving you much interest on your money. But honestly, they should because there's a good side to hide. high interest rates.

Now, time for the best fact yet. This one's sent in by Jack and me because we wanted to whip one up before the weekend. This one's relevant to our weekly pop biz pop quiz. Okay, Yetis, we told you about the pop biz pop quiz. We launched it a couple weeks ago and this thing is already going global. Wanted to share some of the data with you. It's already been played in 60 different countries. We're talking about Yetis.

Also a bunch of non-Yetties out there in 60 different countries who are playing this quiz every week. From Panama to Israel. From Jamaica to China. Okay, we got the Netherlands, Guatemala. I'm seeing India. I'm seeing Guyana here, Jack. Giana, we got Yetis and Guyana playing. If you're a trivia fan, or if you listen to this pod and want credit for it,

it's our five-question quiz on the week's business news. You don't even have to listen to this pod, and you can still play the quiz. So you should play your friends. Challenge your buddies. Your buddy, Timmy. Yeties, you looked fantastic all week. Enjoy this week's quiz. Celebrate some wins.

And Jack, I can't wait to see you Monday. Me too, Nick. See you there. And before we go, happy birthday to Yeti Carolina Mountain, who is turning 24 and celebrating with the Reesies down in Houston. And happy 21st birthday to Kaylee O'Coyne in Dover, New Hampshire. And Zach Gonzalez, happy birthday down in Chicago. And happy birthday to Ivana Ongai down in Mexico in this economy. And Kevin Selby, happy 30th in New Hope, Pennsylvania.

And happy birthday to Cassie Haley in her 30s down in Knoxville, Tennessee. Matthew Affleito. enjoy that new apartment in Park Slope and the birthday celebration. Happy 29th birthday to Austin Jacobs in San Jose. And Louis Yuna, also 29, also in San Jose. And happy birthday to Yoslin, the lawyer Flores, in Phoenix, Arizona. And happy birthday to Eric Flores, no relation to Yoslin in Woodstock, Illinois. And happy birthday to Lily Feldman in Seattle, Washington.

And Camillo Aguero, the bassist from Costa Rica, happy birthday. Happy birthday to Mira Shulman in San Francisco. And Nancy Salinas turned 29. down in Houston. Happy birthday to Mima Maldonado, who translates this pod from English to Spanish. Thank you. And Andrew Saldivar, happy birthday in Costa Mesa, California.

And happy birthday to Kari Seymour in Oklahoma City. And Juan Avalo's, happy birthday in Palmdale, California. And Graham Hudson, a young little Yeti, turning one in New Providence, New Jersey. And Joseph Alfonze is graduating from Temple University with that MBA

this weekend. This is Jack. I own stock of Disney and Nick I both own stock of Robin Hood. Now a word about our sponsor, Robin Hood. Jack, rule number one about a kitchen renovation. Tell your friends about your kitchen renovation. We know the cabinets are expensive. Well, in the pandemic, a lot of companies renovated their businesses, focusing on apps and digital.

Robin Hood didn't have to. It was built digital from the start. Robin Hood's mobile first and intuitive design makes investing a little easier for every stage of your investing journey. Whether you want to trade options, ETFs, or stocks through Robin Hood Financial, or buy some Bitcoin on Robin Hood crypto, you can do all that right on the Robin Hood app. If you're not investing on Robin Hood yet, to get started, go to robin hood.com slash T-Boy and choose your free stock.

That's robin hood.com slash TBOI. Limitations apply. Robin Hood Financial LLC, member SIPC, all investments involved risk. By the way, this podcast is not owned by or part of Robin Hood, and we are not employees of Robin Hood.