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Good morning. Today is National Radio Day, so we gotta ask: Why is every country station 92.5 no matter where you go?

MARKETS NASDAQ 11,146.46 - 0.57% S&P 3,374.95 - 0.44% DJIA 27,693.43 - 0.30% GOLD 1,944.40 - 3.41% 10-YR 0.685% + 2.00 bps OIL 42.79 - 0.23% *As of market close 2020: The Democrats rolled out their heavy hitters on the third night of the virtual DNC. Barack Obama, Hillary Clinton, and VP pick Kamala Harris all made the case for Joe Biden while bashing President Trump. Economy: Yesterday, the Fed released the most closely read minutes of any meeting in the world. The central bank left it pretty vague per usual, confirming that the coronavirus pandemic will “weigh heavily” on the economy in the short term, and posed “considerable risks” in the medium term.

TECH Apple’s Stock Must Be Using One of Those Big Charging Blocks Francis Scialabba Apple’s market cap surpassed $2 trillion for the first time yesterday, cementing its status as the biggest company in the world. Its stock, which will undergo a 4-1 split in the coming weeks, has increased over 50% in 2020.  Apple wasn’t the first to break the $2 trillion valuation mark—that honor goes to the oil conglomerate Saudi Aramco—and it (probably) won’t be the last. Big Tech buddies Amazon and Microsoft are both sitting at valuations around $1.6 trillion. A crazy stat: it took Apple 42 years to reach a $1 trillion valuation, but only two years after that to break $2 trillion.   How’d Apple do it? Pretty much by just being Apple. The iPhone maker hasn’t released an entirely new product since the HomePod in 2018, mostly focusing on tweaking or updating existing lines. But if there is one thing Apple does well, it’s make money: Despite the pandemic, Apple’s Q3 profits rose 12% while sales of every single product increased.  But it doesn’t just sell iPhones: Part of investors’ Apple fever has been fueled by CEO Tim Cook’s increased focus on its services business that includes Apple Music, Apple TV+, iCloud, and the App Store. In 2017, Cook outlined his goal to double 2016 services revenue by 2020, which he achieved six months ahead of schedule.  It was a prescient move. With iPhone sales plateauing worldwide, Cook’s pivot has investors valuing Apple less like a hardware company and more like a software one. There will always be controversy After Cook testified in the antitrust showdown with Congress last month, Fortnite creator Epic Games poked the bear by attempting to circumvent Apple’s 30% cut of in-app purchases. But even as other developers have joined in to criticize Apple’s alleged monopolistic control of the app marketplace, investors remain unfazed.  Looking ahead...Apple optimism continues to abound. The iPhone 12 coming this fall is widely expected to come equipped with 5G connectivity.

TRAVEL Airbnb's Doing the IPO Thing Scott Olson/Getty Images A collapsed travel industry, 25% of its workforce laid off...Airbnb swept it all aside like it’s preparing for an 11am checkout. Yesterday, the short-term home rental company filed confidential paperwork to go public, a big step that’s been rumored for years. Things were looking hairy as the coronavirus decimated the travel industry in March/April. However, the company rebounded thanks to increased demand for rural rental properties. It’s still a shell of its former self. Airbnb was last valued at $18 billion when it raised money this spring—only about half its valuation in 2017.  You buying?

C-SUITE Additional Maserati Parking Space Needed in Southampton Giphy The CEOs of America's largest companies got a major pay bump (14% on average) from 2018–2019, according to a new study from the Economic Policy Institute, a left-leaning think tank.  Why? The study’s authors say the increase in realized compensation stems from 1) the power CEOs have to set their own pay and 2) stock-based compensation accounting for a major slice of CEO income. That means execs make more $$$ when their company's stock price jumps, rather than hitting other benchmarks. The authors expect CEO pay to leap again in 2020 for that reason—they're paid in stock, and the S&P just reached an all-time high.  Why it matters: “Exorbitant CEO pay is a major contributor to rising inequality that we could safely do away with,” the authors argue. To take the long view, CEO pay increased 1,167% from 1978 to 2019, but the typical worker's pay grew a measly 13.7% over the same time span, according to the study's calculations.  Why it hits different in the COVID era: Some economists are forecasting a “K-shaped” recovery, where those at the top get richer and those at the bottom fall even further behind.

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SOCIAL MEDIA Move Fast and Break Up Conspiracy Groups Scott Olson/Getty Images Yesterday, Facebook brought the dislike button down on people using its platform to advance harmful beliefs and inaccurate information. The social media giant...  Booted 1,950 groups, 440 pages, and over 10,000 Instagram accounts tied to QAnon, the movement associated with the conspiracy theory that a worldwide network of devil-worshipping pedophiles are trying to take down President Trump, among other outlandish and inaccurate theories. Facebook also said it would remove 980 other groups related to potentially violent militias and protest movements, including the far-left group antifa.  The backstory: The social isolation and economic strain caused by the pandemic have boosted QAnon’s following. Activity on the largest QAnon Facebook groups grew between 200% and 300% in the last six months, according to a NYT analysis.  At a press conference yesterday, President Trump said he didn't know a lot about QAnon except that its supporters "like me very much."  Bottom line: QAnon’s explosive recent growth was clearly a bridge too far for Facebook to ignore. But by policing dangerous beliefs, it’s proving that it’s willing to...police beliefs, a break from past positions.

AUTO What Is a Spinoff and Should GM Do It? GM’s stock got a nice little bump this week after analysts tossed around the idea that the American carmaker could spin off its fledgling electric vehicle division. But what exactly is a spinoff and why might GM be interested? A spinoff is when a company breaks off a portion of its operations and turns it into a separate entity with its own management and ownership structure.  Spinoffs can be helpful because 1) it lets each business focus on what they're best at and 2) in theory, it gives the spun-off asset more room to grow.  Morning Brew, for example, could spin off our swag business if it distracted us from writing newsletters and we thought it could eventually go toe-to-toe with Lululemon. Morgan Stanley estimates GM’s electric vehicle business, which hopes to have 20 fully electric models by 2023, to be worth $20 billion as a standalone unit.  Call it the Tesla effect: When an all-electric car company is worth 8x as much as you, you take a hint. By spinning off its EV unit, GM might better compete with its suddenly much larger sibling.

GAMING A Videogame...or a Religion? Microsoft If you’re the type of person who starts drooling every time you hear the word “fuselage,” Microsoft just left your roommate a puddle to mop off the floor. On Tuesday, the company released the latest edition of Flight Simulator, its videogame that allows players to take control of a virtual airplane cockpit and fly anywhere on Earth.  Microsoft’s digital rendering of our planet is incredibly realistic, turning even the most cynical tech writers into philosophers: “The game plunged me into sustained meditations on the permeability between the real world and the online one.”—NYT op-ed “Flight may provide the most vivid, consumer-friendly demonstration in years of how the bleeding edge of modern technology can provide fundamentally new human experiences.”—Protocol “The visual fidelity is expletive-worthy.”—The Air Current Bottom line: Released in 1982, Flight Simulator is older than Microsoft products Windows, Word, and Office. But perhaps none have aged so gracefully.

WHAT ELSE IS BREWING Target continued the big box momentum, posting its largest-ever quarterly increase in sales yesterday.  Nvidia's data-center business did more in sales last quarter than its core gaming unit for the first time ever. President Trump called for a boycott on Goodyear after an image appeared to show a policy that deemed “MAGA Attire” unacceptable. The company said the slide in question was not “created or distributed by Goodyear corporate.” Wildfires continued to rage across California, blanketing San Francisco in smoke. Johnson & Johnson agreed to buy Momenta Pharmaceuticals, a company working on treatments for rare diseases, for $6.5 billion. Instagram released a new feature that could keep you scrolling for even longer.

SPONSORED BY QUICKEN LOANS You know what can improve your home improvement plans? Cash. Quicken Loans is giving away cash prizes totaling $4,750 to help you check some things off your constantly-growing home to-do list. The prizes could be released at any moment, so sign up now.

BREW'S BETS Buying crypto is hard: The app Coinbase tries to make it simple, but...is it doing a good job? This article breaks down how Coinbase works and teaches you a lot about app UX along the way.  New comics: 1) What It’s Like to Lose Your First Language 2) The Great Escape (about Harry and Meghan’s English exit) Cleaning aisle still sparse at your local convenience store? Try making your own disinfectant spray and all-purpose cleaner. You can even DIY cleaning wipes.

WHAT'S TRENDING TRIVIA The following chart represents U.S. Google search interest for gin, tequila, whiskey, and vodka over the last five years. Can you pick out which color corresponds to which liquor?  Neal Freyman/Google Trends

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WHAT'S TRENDING ANSWER

Yellow is whiskey, green is vodka, red is tequila, and blue is gin. H/t to Chartr for the idea

August 20 FEATURED BIOGRAPHY Eero Saarinen READ MORE   FEATURED EVENT 1975 Viking 1 launched READ MORE   Advertisement Advertisement   MORE EVENTS ON THIS DAY 2017: American comedian and actor Jerry Lewis, who was known for his unrestrained comic style and his numerous movies with Dean Martin, died at age 91. [Take our quiz about A-list actors.] 2014: Indian teacher B.K.S. Iyengar, who helped popularize Yoga (a system of Indian philosophy) in the West, died at the age of 95. [Sort fact from fiction in our quiz about India.] 2012: American comedienne and actress Phyllis Diller—who was one of the first female stand-up comics, noted for her raucous personality and self-deprecating humour—died in Los Angeles. [Test your knowledge of pop culture.] 1968: The Warsaw Pact nations (except Romania and Albania), led by the Soviet Union, invaded Czechoslovakia to put an end to the Prague Spring. 1960: Senegal seceded from the Mali Federation, declaring its full independence. [ Sort fact from fiction in our quiz about Africa.] 1940: Leon Trotsky was assassinated by a Stalinist agent in Mexico. [Learn the answers to five important questions about Leon Trotsky.] SEE ALL EVENTS ON THIS DAY ALSO BORN ON THIS DAY 1974 Amy Adams American actress 1890 H.P. Lovecraft American writer 1958 David O. Russell American director and screenwriter 1935 Ron Paul American politician 1944 Rajiv Gandhi prime minister of India 1931 Don King American boxing promoter Columnists The Post Office Conspiracy Is First Class Stupidity Kurt Schlichter How About Democrats Pay KKK Reparations to Black Republicans? Larry O'Connor A Sort-of goodbye to Germany? Victor Davis Hanson Democrats Sure Hate America Derek Hunter The Political Myth of 'Nice' Chris Stigall Networks Are Trying to BAN Bill O'Reilly's Money Message Sponsored by: Oxford Club The Jared Kushner Achievement Award Goes to ... Kamala! Ann Coulter More Random Thoughts When Not Out Protesting Larry Elder Post-Abortive Women Challenge Writer Calling Abortion Her ‘Best Decision’ Katie Yoder President Trump’s Iran Legacy Ken Blackwell ADVERTISEMENT It's Time to Rethink Campus Policies Laura Hollis The California Transgender Bill That Should Alarm All Americans Jane Robbins New Research Confirms Wealth Tax's Deleterious Effects Veronique de Rugy State and Commerce Declare War on Chinese Malware and Malgear Austin Bay Democratic Convention Ignores the Elephant in the Virtual Room: Big-city Violence John Kass The Green New Deal Means Monumental Disruption Paul Driessen The Wretched Ghislaine Maxwell, Friend of Bill Emmett Tyrrell Empathy and Elegance Vs. Policy and Performance Jackie Gingrich Cushman The Overzealous Cancel Culture Armstrong Williams Two Miles from North America’s Oldest Elected Body, Richmond Neighborhood Cowers in Fear Martha Boneta Mail-in Voting Part I: The End of America’s Election Legitimacy James McCoy Will the Anarchist Violence in Our Cities Turn Women Into Trump Voters? Joy Overbeck How AARP Puts Profits over Patients—And Principles Chris Jacobs The Source of Republican Problems Cal Thomas Trump Administration Should Reject Foreign Prescription Drug Price Controls Pete Sepp Biden and Harris Want to Take This Disastrous California Policy Nationwide Isabelle Morales We’re on the Eve of Destruction Again Michael Brown Joe Biden, and Democrats in General, are Incapable of Misdeeds Jeff Davidson George Washington’s Admonition to America Jerry Newcombe Is Biden the Worst Democratic Nominee in a Generation? Eddie Zipperer The Dem Convention Sucks M.D. Kittle Video Gov. Evers: Saying Abortionists 'Execute Babies' Is 'Blasphemy' Trump blasts Schiff as 'political hack' Pelosi's condescension offers some laughs Pelosi open to border infrastructure INVESTING How To Invest For The Coming Inflation The Real Cause Of Coronavirus Deaths More Blacks Die During Surgery – Defund the Surgeons? Microsoft Excel And The S&P 500 Tipsheet President Trump Shredded Obama's Entire DNC Speech With One Tweet Matt Vespa These Are the Gun Control Initiatives Biden and Harris Will Push Along with Giffords' Help Beth Baumann Kamala Harris Forgets Disagreements with Biden in Her VP Acceptance Speech Reagan McCarthy In DNC Speech, Obama Spends Most of His Minutes Tearing Down Trump Cortney O'Brien Russia, the Popular Vote, and Hatred of Trump: Hillary Clinton Plays the Hits for the DNC Ellie Bufkin Did Anyone Notice This Odd Part About Liz Warren’s DNC Speech? Matt Vespa The First State Orders All Students to Receive Flu Vaccine by the End of the Year Bronson Stocking What a Doozy: Cher Becomes Completely Unhinged Over the USPS Beth Baumann What a Baby: Hillary's Reaction to James Comey's Tweet Means She *Still* Has Not Moved on from 2016 Matt Vespa Nightmare for Democrats: The Impact of a Wretched Law in California Could Send Voters Running Ellie Bufkin ADVERTISEMENT Political Cartoons Bearing Arms Gun Charge Dropped Against Chicago-Area State Rep | Cam Edwards Suspect Busted After Allegedly Stealing Guns From Outdoor Store | Tom Knighton How A Study Accidentally Proves Gun Control Isn't Needed | Tom Knighton Detroit 2A Hero Trains Hundreds Of Women With Free Gun Class | Cam Edwards Cuomo Says It's Time To "Reimagine Policing" As Shootings Spike In NY's Capital City | Cam Edwards SEE ALL BIOS ON THIS DAY   Advertisement Donald Trump, Jr. to Democrats: ‘If You Can Loot in Person, You Can Vote in Person’ Trump vows to work with Kimberly Klacik to ‘bring Baltimore back’ Rice: U.S. Will Be ‘Unsalvageable,’ ‘Irreparably Damaged’ if Trump Reelected Cher Looks Into Volunteering at the Post Office Trump administration announces ‘largest’ historic expansion of hunting, fishing on 2.3 million public acres