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October 02, 2020 View Online | Sign Up TOGETHER WITH Good morning. We rarely ever crown a “winner of the week,” but Crocs forced our hand. A special-edition Bad Bunny pair released Tuesday sold out in 16 minutes. Then yesterday Justin Bieber posted a picture of a pair of Crocs on Instagram with the caption, “soon,” implying a future partnership.  The influencers have spoken, and who are we to question their wisdom? Crocs are cool. MARKETS NASDAQ 11,326.51 + 1.42% S&P 3,380.76 + 0.53% DJIA 27,817.37 + 0.13% GOLD 1,911.60 + 0.85% 10-YR 0.675% - 0.90 bps OIL 38.71 - 3.75% *As of market close Economy: A busy day in economic data showed that jobless claims remained high (837,000 last week) while U.S. household income fell 2.7% in August after stimulus measures dried up. The September jobs report arrives this morning. Covid-19 update: Wisconsin’s situation is troubling, while New York City also reported higher caseloads. Paris is mulling new restrictions and so is Moscow. REAL ESTATE Seeking Buyer for Original Pacaso

Will Varner Signs you've made it: Three-ply toilet paper, ordering from a menu that doesn't have prices, and stepping into the foyer of your second home.  Yesterday, startup Pacaso emerged from stealth to help you with pad No. 2. The brainchild of former Zillow CEO Spencer Rascoff and exec Austin Allison, Pacaso is pitching "an entirely new category of second home ownership" by selling partial rights to a property, ranging from 12.5%–50%. How it works: Imagine that a timeshare, commercial lease, and Airbnb had a baby. Interested buyers browse Pacaso's listings or find something on the market, then the company sets up the LLC, finds buyers for remaining shares, and handles the other logistics.  In exchange, Pacaso charges an upfront 10% fee and 1% annual maintenance fee. Pacaso launched with just four homes, but it's hoping to spread to 25 markets in the next year with a focus on suburbs and more affordable cities rather than beachfronts and resort towns. It's got $17 million in venture funding, including the backing of former Starbucks CEO Howard Schultz, and $250 million in debt. There are still some questions. Like traditional vacation timeshares, Pacaso properties could see slower appreciation compared to a fully owned home, as well as bitter competition over who gets the house for the Fourth of July weekend.  Timing couldn't be better  Rascoff and Allison wanted to "democratize" second homes before the pandemic, but Covid-19 offered a perfect opportunity as city residents looked to swap subways for suburbs or upgrade their WFH offices.  Home prices are now up 13% annually after four months of growth in new home sales and a supply squeeze that's limiting inventory. Pacaso thinks it has the solution: Besides defraying the cost of home ownership, it would bring new units on the market by buying portions of existing second homes. Looking ahead...real estate experts think home buying enthusiasm could continue for years thanks to low interest rates and older millennials settling down with their first mortgage.

RETAIL The Michael Corleone of the Mall

John Nacion/Getty Images Just when you thought Bed Bath & Beyond was out, pandemic trends and new leadership pulled it back in.   The backstory: Bed Bath & Beyond was in a bad way last year, with an ugly brawl between activist investors and the executive team.  But now? That investor tussle ended in a c-suite shakeup, including a new CEO, that's serving it well. The new guy, Mark Tritton, released quarterly earnings yesterday that beat expectations on both revenue and profit. Shares surged as much as 33%.  So what happened?  People stuck in their Covid caves homes dropped major cash on home furnishings; housewares sales were up 28% in the quarter ended August.  Bed Bath & Beyond also invested heavily in its online operations, especially in-store and curbside pickup. Digital sales were up 89% in the quarter.  Big picture: B-cubed is a rare medium-sized, brick-and-mortar retail chain that's figured out how to dance in the Covid-19 rain. The pandemic has smiled upon big boxers like Walmart and Target, as well as digitally native rivals like Amazon. But peers like Macy's are struggling, or worse. + Want to learn sweet retail lingo like B-cubed and even more insight? Read more in Retail Brew.

MARKETS We're Starting a SPAC Well, not yet...but would you be surprised? SPACs aka special purpose acquisition companies aka blank-check companies were the finance fad of the summer, and they're not planning on fading away with the daylight.  Two more companies said they're going public via mergers with SPACs yesterday: Hims, the direct-to-consumer healthcare company, and Playboy, a "lifestyle brand" that stopped printing its magazine back in February.   Quick explainer: A SPAC is a shell company that goes public and raises funds exclusively for the purpose of acquiring another company, taking it public in the process.  Because SPACs provide certain advantages (like making the process of going public a lot less time-consuming) they've had waves of popularity before—but nothing like 2020. SPACs have raised more than $41 billion so far this year, compared to $13.5 billion in 2019. One more sign of the times: The very first exchange-traded fund (ETF) for tracking SPACs launched yesterday and will be heavily weighted toward SPAC legends like DraftKings and Virgin Galactic.

SPONSORED BY MISO Invitation to the Flippin’ Patty Flippin’ Robot Money Party Dear reader, We would like to cordially invite you to the Flippin’ Patty Flippin Robot Money Party. Never heard that combination of words before? Bet you’ve never heard of a burger-flipping robot either. But there’s a first time for everything. Meet Flippy, the world’s first autonomous robotic kitchen assistant. In addition to being the reason we can type “Flippin’ Patty Flippin’ Robot Money Party,” Flippy is revolutionizing the Quick Service Restaurant industry by drastically cutting overhead costs. The best part? You can invest in Flippy today. Oh yes. This is your official invitation to the Flippin’ Patty Flippin’ Robot Money Party. For major QSRs that use Flippy, the projected increase in profit margin is 300%.  If that’s not a Flippin’ Patty Flippin’ Robot Money Party, I don’t know what is. RSVP “yes” to lots of patty flippin’ robot money.

FOOD Subway: Sandwich Place or Cupcake Shop?

Omar Marques/Getty Images Here's what a Subway roll is, according to Morning Brew copywriter Henry Stockwell: What it's not, according to the Supreme Court of Ireland: bread.  The backstory: In 2006, a Subway franchisee in Ireland applied for a refund on taxes paid between 2004 and 2005, arguing that because its products include bread, a "staple food," it should be exempt. But the country's Revenue Commissioners refused to repay the franchisee, and the case made its way to the Irish Supreme Court.  And the Court decided...uh-uh. The justices ruled Tuesday that Subway bread is a "confectionary or fancy baked good," not bread. Under a 1972 law, the sugar in bread can't account for more than 2% of the weight of flour in the dough. In all of Subway's bread options, sugar accounts for 10% of the flour's weight. So the tax stands.  The defense: "Subway bread is, of course, bread," said a spokesperson.

QUIZ Pumpkin Spice Quiz The feeling of getting a 5/5 on the Brew's Weekly News Quiz has been compared to the crunch when you step on your first autumn leaf.  It's that satisfying. Ace the news quiz.

WHAT ELSE IS BREWING The CDC extended its ban on cruises from U.S. ports until the end of October. Ford's CFO left the company the same day new CEO Jim Farley started on the job. Google will pay publishers more than $1 billion over three years for their news content.  Nikola's shares have rebounded in the past few days after the embattled electric automaker made assurances it would hit targets. Roblox, the massively popular gaming platform, is reportedly looking to go public early next year.

BREW'S BETS “Baldness is forever.” Talk about a bald-faced lie. Thanks to science, baldness can be optional. Hims gives you access to products backed by science to address overall thinning, receding hairline, or crown balding—all with a 90 day money back guarantee. Chat with a Hims medical professional online for free today.* Want to know how two female CEOs use food as medicine? Sakara co-founders created Metabolism Super Powder with 100% clean, plant-based ingredients to eliminate bloat, improve digestion, increase energy, and shed excess weight. Heal your gut with Sakara’s Super Powder today.* Pretty interesting: 29 psychological tricks marketers use to make you buy more. Follow Friday: Because it’s officially spooky szn, here are the scariest accounts we plan to ever recommend...Cursed Architecture and Cursed Commercials on Twitter, Cursed Foods on Facebook, and the original home to the “cursed” trend, r/creepypasta. Click if you dare.  Also, follow the man whose skateboarding TikTok blessed Fleetwood Mac with refreshed sales of Rumour: doggface208. *This is sponsored advertising content

FRIDAY PUZZLE Promise this is not a weird question if you don't make it one: Name ten common, non-slang three-letter words for body parts.

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FRIDAY PUZZLE ANSWER

Arm, ear, eye, gum, hip, jaw, leg, lip, rib, and toe (yes, there are more)

 

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ALSO BORN ON THIS DAY

1869 Mahatma Gandhi Indian leader 1951 Sting British musician 1452 Richard III king of England 1949 Annie Leibovitz American photographer 1847 Paul von Hindenburg German president 1937 Johnnie L. Cochran, Jr. American lawyer

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October 02

FEATURED BIOGRAPHY Mohandas Karamchand Gandhi READ MORE   FEATURED EVENT 1836 Charles Darwin's return to England READ MORE

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MORE EVENTS ON THIS DAY 2017: American singer and songwriter Tom Petty, whose roots-oriented guitar rock arose from the new-wave movement of the late 1970s and resulted in a string of hit singles and albums, died at age 66. [ Test your knowledge of songs and music stars.] 2005: Pulitzer Prize-winning playwright August Wilson—who was best known for a cycle of plays, each set in a different decade of the 20th century, about Black American life—died at age 60. [Take our theatre quiz.] 1985: American actor Rock Hudson died, becoming one of the first Hollywood celebrities known to succumb to AIDS-related complications; the extensive publicity surrounding his death drew attention to the disease. [What's the difference between HIV and AIDS?] 1967: American lawyer and civil rights activist Thurgood Marshall was sworn in as an associate justice of the U.S. Supreme Court, becoming its first African American member. [Why are there nine justices on the U.S. Supreme Court?] 1959: The science-fiction anthology TV series The Twilight Zone debuted and became hugely popular, known for its unexpected plot twists and moral lessons; the show was created by Rod Serling. [ Sort fact from fiction in our pop culture quiz.] 1957: The British-American war classic The Bridge on the River Kwai had its world premiere, and it later won the Academy Award for best picture. [How much do you know about the Academy Awards? ] SEE ALL EVENTS ON THIS DAY

Stock futures plunge after President Trump confirms he has coronavirus President Trump, first lady test positive for coronavirus, set to quarantine at White House Trump: ‘I Condemn all White Supremacists’ ‘I Condemn the Proud Boys’ Fox News’ John Roberts Loses Temper at Critics of His ‘White Supremacist’ Questions SICHEL: A Friend Asked Why People Vote Trump. I Explained. 73-year-old Dallas man, James Meyers shot an intruder… and was charged with murder. He was unable to provide evidence of the intrusion and the court case turned into "he said vs. she said"... That's why police started wearing body cameras... And if you're a gun owner, you should too. Columnists Biden's Outrageous Debate Answer on 'Systemic Racism' Larry O'Connor The President vs. COVID Kevin McCullough Don't Be Suckered Into Diversion Over Debate Chaos David Limbaugh NYT’s Report on Trump’s Stolen Tax Returns Doesn’t Tell the Story Liberals Wanted It To Julio Gonzalez Joe Biden’s OTHER Questionable Chinese Concern and Involvement - Hollywood Brad Slager Former Meteorologist Aims to Put NM Senate Race on America’s Radar Gabriella Hoffman The Do-or-Die Moment for the Trump Presidency Josh Hammer The Presidential Debates Should Address Abortion Katie Yoder It's Late, But There's Still Time Pat Buchanan ADVERTISEMENT What Sanders Gets Wrong About Biden's 'Centrism' Sally C. Pipes Biden and Barrett and 'Complicated' Catholics Tim Graham Worst Presidential Debate Ever Michael Barone Joe Biden Is Just an Idea David Harsanyi Good Catholics, Bad Catholics, and White Colonizers Jeff Davidson The White House Is Listening to Practicing Doctors on Health Care Mike Koriwchak Rebuilding Our National Family Structure Armstrong Williams 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 Socialists’ Attack On “Greed” Is Really Concealed Envy Why The Founding Fathers Despised Democracy Latest Blue State Crisis In California Lantheus Holdings Stock Quote | Stock Price for LNTH | Personal Finance, Financial Advice, Money, Bu Danger Ahead: Will We Have a ‘V-Shaped’ Recovery or a ‘K-Disaster’? - Mark Skousen Pelosi Shoots Down Stimulus Tipsheet As Expected, the Disgusting Responses to Trump's COVID Diagnosis Cortney O'Brien BREAKING: President Trump and First Lady Test Positive for Wuhan Coronavirus Katie Pavlich Counselor to the President Tests Positive for the Wuhan Coronavirus Bronson Stocking It Looks Like the Second Debate Moderator Hates Trump Even More Than the First Bronson Stocking Illegal Aliens Found Packed Like Sardines Amid Coronavirus Pandemic Bronson Stocking Another Migrant Caravan Departs for the United States Bronson Stocking Even CNN Knows that Gov. Cuomo's Nursing Home Policy Killed People Matt Vespa EXCLUSIVE: Sen. Johnson Goes Into Greater Detail About Hunter Biden's Shady Ukraine Dealings Beth Baumann Liberal Reporter Notes the Biggest Ally of White Supremacy…And It Isn’t Trump Matt Vespa NBC News Misrepresents Internal DHS Memo About Their Response to the Kyle Rittenhouse Case Julio Rosas ADVERTISEMENT Political Cartoons Bearing Arms Georgia Senate Candidate's "Support" For 2A Really Isn't | Cam Edwards Bill Banning Guns At Michigan State Capitol "Sent To Die" | Tom Knighton Louisiana AG Says Lawmakers Taking Interest In Ka'Mauri Harrison Case | Cam Edwards Biden Says He's The Democratic Party, So What Does That Mean? | Tom Knighton Familiar Faces And 2A Stalwarts Added To SAF, CCRKBA Leadership | Cam Edwards   Second Debate Moderator Worked For Biden, Tweeted Resistance Screed Joe Biden is just an idea House conservatives call for probe of China’s ties to BLM co-founder Nothing to See Here: Philadelphia Voting Equipment Stolen From Warehouse News

Chuck Schumer Spills the Beans, Admits He’d ‘Love’

Fri, 02 Oct 2020 09:29:35 +0000

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