The Best One Yet - 🇺🇸 “Team Polo” — Ralph Lauren’s Olympic win. Jennifer Garner’s baby IPO. Snap’s glasses revenge. +Black History’s founder.

Starting point is 00:00:00 This is Nick. This is Jack. Welcome back. It is Monday, February 9th. And today's part is the best one yet this is a T-boy. The top three pop business news stories you need to know today. I'm sorry, Jack. I've been waiting to say this since we started this company 15 years ago.

Starting point is 00:00:15 You're ready for it? Go for it. Dow 50,000. You know, I think the Dow Stock Index is kind of dumb. But it's pretty cool that it hit 50,000 on Monday for the first time ever. It's a nice round number. So, Basties, we got you covered for all the craziness going on from Wall Street to Silicon Valley to Hollywood. Jack, three fantastic stories for today's

Starting point is 00:00:34 Tea Boy. What have we got on the pod? For our first story, the winner of the Olympics opening ceremony wasn't Andrea Boccelli. Nope. It was Ralph Lauren. Ralph's stock is near an all-time high because he doesn't sell fashion. Ralph sells fantasy. For our second story, Evan Spiegel's 10-year revenge. Snap's new brand built to beat Zuckerberg. Snapchat's CEO is turning their spectacles into a separate company, but we'll suck, suck him again. And our third and final story is Jennifer Garner. She's famous for winning a golden globe, marrying Ben Affleck, and now IPOing a company. Her once upon a farm, baby food brand, has found the ultimate customer.

Starting point is 00:01:12 First time moms. But yeties, before we hit that wonderful mix of stories. What a mix to kick off the week. Dow hits 50,000. We got three fantastic stories. I mean, it's perfect, Jack. I want to do a birthday shout out, but Nick, can we promote this one to the top of the pod? Because besties, we've got a 100-year birthday for black.

Starting point is 00:01:30 History Month. Black History Month. Can we go into the history of Black History Month, Nick? Dive in T. Boy style. Where did it all begin, man? It started with Carter G. Woodson, the son of illiterate parents who had been enslaved. But that didn't stop Woodson from getting a BA from the University of Chicago and a PhD from Harvard. The second Black American ever to get a PhD, actually. And the first business he founded? What was it, Jack? The Journal of Negro History, a magazine launched in 1916. Then he launched a publishing house for black authors. He didn't want Black Americans, he wanted black Americans to be proud of their heritage and their history. But then he went full founder mode in 1926. 100 years ago, he launched Negro History Week. Negro History Week, right between

Starting point is 00:02:14 Abraham Lincoln and Frederick Douglass's birthday, strategic. And he paid for the promotion of Negro History Week with all the educational products that he had already shipped. Boom, Negro History Week, it later expanded to become the whole Black History Month. Carter G. Woodson. This man taught himself how to read and write. And then he taught the nation how to celebrate his people's overlooked history. Yet he's, just like every year, we're celebrating Black History Month with your best facts yet. We're going to link in the episode description. Send him our way and we'll get him on the pod.

Starting point is 00:02:44 Jack, let's hit our three stars. Fifteen years before this song, two boys from the Northeast met in the dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is an norm. 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.

Starting point is 00:03:06 We can't wait no more, so just start the show. First, a quick word from our sponsor. For our first story, Ralph Lauren, already won Christmas. Now, he's winning the Olympics. Because Ralph Lauren does two things. Cozy and classic. That's Ralph's American Dream. Yeties, by Jack's and my fashion calculations.

Starting point is 00:03:40 2014 was like peak polo shirt, right, Jack? Yeah, my popped collars had popped collars, Nick. And after 12 years, Ralph Lauren just announced they have returned to those 2014 peak polo shirt revenue levels. Ralph Lauren's got all-time high revenues. And that's interesting because what Abercrombie and Fitch stock was in 2023 and 2024, Nick, Ralph Lauren became in 2025. I know what you're saying. The nostalgic brand that we millennials wore as kids were now wearing it again, but as adults.

Starting point is 00:04:10 Yeah, we are. Ralph announced 12% revenue growth over the holiday quarter. and the stock hit an all-time high last month. It's all-time high. In fact, the Ralph Lauren Teddy Bear, it has become the unofficial mascot of Christmas. But the biggest shocker, sales in China rose by 30% last quarter for the second quarter in a row.

Starting point is 00:04:27 I'm sorry, Jack, pause the pod, but we're in the middle of a trade war right now, and the Chinese still want to wear what Team USA's wearing? I know. You'd think that's where they'd protest against America by not buying Ralph Lauren. Turns out Yeti's polo shirts rise above geopolitics. Apparently nothing transcends a tariff,

Starting point is 00:04:42 quite like pleaded cackies. But yeties, this is a very important moment because we could be on the verge of Ralph's greatest quarter ever. Because we're in the Olympics. And every Olympics since 2008, Ralph Lauren has outfit Team USA with their outfits for the opening and closing ceremonies. Straight up Americana. Friday nights open and ceremony

Starting point is 00:05:03 included 232 Americans dressed in what we're calling cozy cabin chic. Turtleneck sweaters underneath emblazoned with a flag, white wool overcoat with heritage-style wooden toggles to button that thing up on top. You could smell the pecan-colored corduroy through the TV screen on this stuff. As if the opening ceremony wasn't enough publicity for Ralph Lauren, Taylor Swift grabbed her camera and selfie video messaged Team USA wishing them good luck in a Ralph Lauren teddy bear sweater. Marketing's will you pay for? Publicity is what you pray for.

Starting point is 00:05:36 Besties, all of this boats very well for this quarter sales at Ralph Lauren, right? Jack. I think this 2026 year is going to break 2014 for Ralph Lauren's best year ever. Because if you walk into the Ralph Lauren's store down in Soho, you're going to get pounded with the same patriotic preppy looks you've been seeing on TV during the Olympics. Whether it's Ralph Lauren's holiday catalog or Ralph's Olympic collection, this brand owns a crucial category. Cozy Classic. Now, besties, we've said fashion is a risky industry. It's one of the three Fs of Fads. But Ralph Lauren doesn't sell fashion. The way we see it, he sells fantasy. Which leads to our takeaway. So Jack, what's the takeaway for our buddies over at Ralph Lauren?

Starting point is 00:06:13 The fantasy Ralph Lauren is selling is the American dream, because he's lived it. Yeties, the man this company is named after, was CEO of it for 44 years all the way up until 2015. He's still the chairman of the board, so he's the guy who can hire and fire the CEO. So he's very much still involved. But you may not realize that Ralph actually began as a Jewish kid from the Bronx. When he was 16, he and his brother actually changed their last name from Liffshitz to Lauren, because they were. getting bullied in high school. And now he's lived a cowboy-like American dream. He is a bootstrapped billionaire. And that, that is the fantasy he's selling. The look hasn't changed. They're still doing

Starting point is 00:06:51 polo shirts and prep like they've always done to Ralph Lauren. Ralph Lauren owns the holidays. He owns the Olympics and he owns Americana. And those things don't go out of style. Basties, Ralph Lauren, avoids the cyclicality of fashion by selling a timeless fantasy, the American dream. He knows it well because he's lived it. For our second story. Every idea that Snap CEO, Evan Spiegel has had, Mark Zuckerberg has stolen, but Snapchat will not give up.

Starting point is 00:07:21 That's why they just created a new company. Spex to beat Zuck at his own game. But yet he's first to kick off the story, Evan, if you're listening and we know you are, Jack prefers if we say Spiegel. He was a German major, so we actually insist that we say Spiegel. Dude, Spiegel means mirror in German.

Starting point is 00:07:37 Also, since we know you're listening, Evan, you are a capitalist poet. We love reading your shareholder letters. But honestly, the latest one that you wrote was concerning. It kind of freaked us out a bit. You described the company as being squeezed between the tech giants and smaller competitors. On the verge of greatness, we find ourselves in a crucible moment. Sounds a little scary like the plot of a Lord of the Rings movie, but Evan Spiegel is a super CEO. Is he not, Jack? Yes, he owns super shares of the company, which means he has 51% voting control in whatever happens. So he's literally a super CEO. But as core business, Snapchat, it's one-eighth the size of meta in terms of number of daily active users.

Starting point is 00:08:14 And it's one-fifth the size of meta in terms of how much revenue they make per daily user. So, Jack, if we add up those two disturbing numbers, what do we get? Meta makes 30 times as much money as Snapchat does. Oh, that hurts, but that's not even the most painful part, is it, Jack? No, it's not. As we've covered many times on this show. Yes, we've documented it. So many of meta's most successful features were Snapchat.

Starting point is 00:08:38 features that Zuckerberg ordered his engineers to copy. Festies, this was the OG Zucking. This was the Level 5 Zucking. The Grand Theft Zucking. But Nick, Evan Spiegel still has full voting control of Snapchat. Yes. He has a wife who's a literal supermodel. Literally.

Starting point is 00:08:57 He's still got $2 billion in net worth and the vigor of a 35-year-old. So Evan Spiegel will not give up. In fact, he just announced last week a new company within Snap, to beat Zuck at his own game. It's called Spex, Inc. And they're making augmented reality glasses that will beat Zuckerberg's meta raybans. Evan actually said that meta's glasses

Starting point is 00:09:18 are what we built 10 years ago, and they were, Jack. It's another zucking from Mark Zuckerberg of a Snap idea. And reminder besties, in 2016, Snapchat launched spectacle, sunglasses with a built-in camera. And Snap has long been a leader

Starting point is 00:09:32 in augmented reality, using your phone or your camera to add digital elements to the real world. Because, interestingly, according to Spiegel, people spend seven hours a day looking down at their phones. You know who you are? We are. And according to his shareholder letter, he wants us to keep our heads up all the time in the future with a computing device built right in. Ironically, Evan thinks that the solution to screen time isn't no tech.

Starting point is 00:09:56 It's actually new tech. Augmented reality glasses. Lenses with screens. And honestly, he's been preaching that for about 10 years now. He will not give up on this. He's kind of like Frodo Jack. So Jack, what's the takeaway? for our buddy Evan over at Snapchat.

Starting point is 00:10:10 For Snap's eucatastrophe to happen, he's going to need some help. I'm sorry, Jack. Pause the pod for a sec. Can you please define that word eucatrophy that none of us have ever heard before? I can't believe we've never said this on the podcast yet. But eucatrophy is a term coined by J.R. Tolkien. It's used in every action and adventure movie ever since. That's right, besties.

Starting point is 00:10:33 This term eucatastrophe comes from Lord of the Rings. It's the sudden, unexpected, and joyous turn in a story that saves the protagonist from impending absolute catastrophe. Impending absolute catastrophe. Nick, doesn't that sound like what's about to happen to snap? I mean, Jack, it does sound like snap because their stock is down 94% from their all-time high. And they got fresh competition from TikTok, Instagram, X, Reddit, YouTube. To compete against those big tech giants, Spiegel needs some big reinforcements, financial reinforcements.

Starting point is 00:11:06 is why Evan has established Spex, Inc., this new company that can take money from outside investors. Alphabet actually set up Waymo the same way. A separate company that can accept outside money to pay for the huge cap-ex. So if Evan Spiegel is Frodo and Zuckerberg is Sauron, then maybe Masayoshi Son can be the Gandalf in this story, Jack. And Jack Dorsey and the Winklevoss twins can be Gondor and Rohan, Nick. Vesties, for snaps you catastrophe to happen, it's going to need a fellowship. Now a quick word from our sponsor. For our third and final story. Once upon a farm, Jennifer Garner's baby food business searched 20% on its first day post-IPO.

Starting point is 00:11:54 Because once upon a farm found the ultimate growth hack customer, first-time moms. Oh, Yetis. Let's read them off. Catch me if you can. 13 going on 30. Don't forget the last thing he told me. Season two's premiering next month, I think. I mean, Jack, Jennifer Gardner is two greatest accomplishments.

Starting point is 00:12:11 winning a Golden Globe, divorcing Ben Affleck. Dude, divorcing Affleck is an accomplishment. But add this to the list. She just rang the bell at the New York Stock Exchange because she IPOed a company. That's right. Once upon a farm baby food. It's basically Gerber, but make a goop.

Starting point is 00:12:27 It's a celebrity-backed farm-to-placeback business. Yeah, basically baby food that graduated from heroin. Full disclosure, Jack, we got a bunch in our fridge. It's kind of like if a farmer's market and a Pixar movie had a baby and then purated at Sweet Green. It's, yeah, it's Oakley's favorite pouch. So besties, Jack and I dove in T-boy style. The business founded 11 years ago by Jennifer Garner and her co-founder, and they just went public.

Starting point is 00:12:50 They're now worth $1 billion because millennial parents, as Nick and I just evidenced, will pay. Yeah, if revenue hit $157 million last year, that's up 67% from 2024. Still not profitable, but interestingly, they did not go the direct-to-consumer route. No, they didn't go D to C. What did they do, Jack? Instead, they sell through 2,800 grocery stores to make. meet your mass audience. Now when it comes to Jennifer, the actress is making $1 million last year. She'll make $2 million from the business this year, and she's also got stock options. With those options, she probably makes more as a spokesperson for her company than she makes as an

Starting point is 00:13:26 actress in Hollywood. Forget the red carpet. Stick to the root vegetables. That's where the money is. Now, Nick and I jumped in T-boy style to the S-1. The document every company must file if they're going to IP up. Yes, we did. And what we discovered is that once upon a farm serves babies, but their growth strategy is reading at a 12th grade level. Yes, it is. The reason this is the fastest growing baby food brand, it's not how awesome their squeeze pouches are. It's that they chose range in the products they sell. Range, they call it their all-isle strategy, basically putting different products of the brand throughout the store so you can't miss them while you're shopping. You'll see their frozen meals in the freezer, their pouches in the fridge, their bars in the snack aisle,

Starting point is 00:14:07 their oats and the breakfast aisle. You can't get away from once a pot of farm. And check, Why is that such a clever strategy, the all-isle strategy? The product range acts like an advertisement scattered throughout the store. And it works. As a result, 40% who buy a pouch end up buying bars once their kids grow teeth. And that way, once upon a farm can grow with their customer. The pouch for the newborn, the snack for the toddler, the oats for the big kids. But besties, here's the real fascinating thing Jack and I discovered in that IPO paperwork.

Starting point is 00:14:34 They mentioned the word mom five times. They mentioned the word dad, zero times. Okay, Jack and I were a little offended by that one, but specifically they mentioned first-time moms in the IPO paperwork, who, and I quote, exhibit heightened information-seeking behavior before purchases. Get this, besties. First-time moms are 35% more likely to seek information on any purchase related to their kids than other moms are. Then second or third or fourth or fifth-time moms, basically. Basically, why can't I pronounce this ingredient? I got to figure out what it is. The carrots are organic, but the pairs are not. Is that a problem?

Starting point is 00:15:11 The pears are organic, but the oranges or not, is that a problem? Yeah, we've been there. We've been, we're living it right now. Like, Jack and I look at the food ingredients we give our kids. But Alex and Molly, they would track down the farmer if they don't know what that ingredient is. They would become customers of Palantir to figure out where this food came from as necessary. Like, sorry, Sherlock, but the greatest investigator of all time is a first-time mom. So first-time moms, they're the most discerning type of customer, which is a risk.

Starting point is 00:15:38 But they're also the most powerful customer. which is a business opportunity, and that's our takeaway. So Jack, what's the takeaway for our buddy, Jennifer Garner, and Once Upon a Farm baby food? First-time moms are first-time super fans, because they evangelize. Yeties, once upon a farm reveals that there is no more discerning, no more researching, and yet no more committed customer than the first-time mom. And if you win her trust, she's the greatest growth hack of all,

Starting point is 00:16:05 because she'll tell all her first-time parent friends. That's right. 55% of first-time parents depend on word of mouth to steer their purchase decisions. And those first-time moms are most likely to ask for a referral, and they're most likely to make a referral. Yes, they give the product the most scrutiny, but if it passes, oh, they will market it. They will promote it on blogs and text chains post-Polades class. And this extends to full-time dads too. Yes, it does.

Starting point is 00:16:29 When I find any healthy-ish snack that my kid will actually eat. Looking at you, Wilder, by the way, I'm looking at you. I tell every dad I know about it. I told you, you got to get the pods on some of those dino bars. I love those dinobars. I actually bought like a 13 package. I'm old for 13. Festies, if you can top that threshold and win the first time mom or dad,

Starting point is 00:16:51 they will become your biggest promoter. First time moms. Hard to get. But if you can get them, you'll get a lot of them. Jack, could you whip up the takeaways to kick off the week? Ralph Floren just had their best quarter ever thanks to Christmas and probably will again thanks to the Olympics. Because Ralph ain't selling fashion, he's selling fantasy, the American dream.

Starting point is 00:17:11 He knows it because he's lived it. For our second story, Snaps Evan Spiegel, set up Spex, Inc, and is launching their fifth version of AR glasses this year. For Snaps, you catastrophe to happen. It's going to need help. Like Lord of the Rings, it's going to need a fellowship. And our third and final story. Once Upon a Farm is now a publicly traded stock worth $1 billion, which is six times their sales.

Starting point is 00:17:33 Because Jennifer Garner realized the best growth hack is first-time moms. But besties, this pod's not over yet. Here's what else you need to know today. First, last week had the worst two days for tech stocks since April. The huge drop in Bitcoin seemed to be the driver at all, as well as, of course, AI nervousness. In fact, tech stocks lost a trillion bucks in market cap just in the last five days of trading. But Friday stocks took a breather with the Dow ending at 50K for the first time ever. Dow 50,000 just rolls off the tongue.

Starting point is 00:18:04 And second, say goodbye to your Game Boy and say-in-R to the PlayStation Jack. because the Nintendo Switch just became the best-selling console in history. The handheld Nintendo Switch. It's basically Gen Z's Game Boy. They just hit a record 155 million units sold. Meanwhile, it's replacement. The Switch 2 just became the fastest selling console for Nintendo ever. Things are looking good in Super Mero World, especially if you still got your Wii device.

Starting point is 00:18:30 And finally, happy Super 6 Sunday to all those who celebrate by not working. An estimated 26.2 million people are expected to call in sick today, take PTO, or get to work late the day after the Super Bowl. Yeah, if your Amazon's not working today, it's probably because the entire city of Seattle is celebrating a super sick Monday. And if you're Duncan is a little late, yeah, same reason. Your secret's safe with us. Now time for the best fact yet. This one sent in by Yeti Danielle Place, but we're not going to tell you where she's from because it's the answer to the T-boy trivia. Nick, can you ask the question? Because I don't know this answer either. Okay, here's the T-Boy trivia to kick off the week.

Starting point is 00:19:09 The Olympics just began on Friday. But what American City has sent the most athletes to these Olympic games? I'm going to go with Minneapolis final answer. Well, besties, drop your answers in the comments now, and we'll reveal it on tomorrow's pod. Yaddies, you're looking fantastic today. And we know how you could look even more fantastic. If you didn't buy tickets this weekend, you should today. March 11th, Arlington, Virginia, April 8th, New York.

Starting point is 00:19:34 New York, New York, the best one yet live, our IPO in-person offering. I mean, people are saying, like, if you missed the Super Bowl and couldn't go to that game, you should come to our live show because it's basically the Super Bowl of Business Podcasting. People are saying, the crowd surfing, oh, the crowd surfing. Yeti, you snag your tickets, the links in the episode description. Jack and I will see you tomorrow. Before we go, a happy 17th birthday to legendary Yeti, Keith Curling from Ulaan Bitar, Mongolia, crushing that art portfolio.

Starting point is 00:20:06 and this is our fifth shout-out, I think, for Keeve on this pod jack. Happy birthday to Jaden and Janelle Van Eckout from North Dakota, but celebrating the birthday on the slopes of Whistler. Not too shabby. And Sean Joyce enjoy the best birthday yet in the Garden State. Happy birthday to Sam Barber, turning 24 in Royal Oak, Michigan. And Erica Warner, a happy birthday in New York City, the Fruit Hoops team is going to win the championship this year.

Starting point is 00:20:31 Happy birthday to Ruby the Wiener Dog in Dallas, Texas. And a happy birthday to Andrew Martin from Cincinnati. Maddie, but celebrating at the St. John's game over New York City. Happy anniversary to H.O. and K.O., celebrating in Texas. And Neil DuVay has got a one-year anniversary of his New York City bachelor party. And to anyone else celebrating something today, make it a T-boy. Celebrate the wins. This is Jack. I own stock of Reddit, and Nick and I both own some Bitcoin.

The Best One Yet - 🇺🇸 “Team Polo” — Ralph Lauren’s Olympic win. Jennifer Garner’s baby IPO. Snap’s glasses revenge. +Black History’s founder.

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