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Good morning. If you read in the Brew this week that the WHO approved a vaccine and wondered, “Wait—I thought they stopped touring?” we are here to help clear things up.  The business world is full of acronyms (as well as “initialisms”) that can cause lots of confusion. We would know—we use them a lot in this newsletter and people write in, confused.  To get everyone up to speed, we put together this guide to the business acronyms that will make you an informed Brew citizen. Note: You will be quizzed on this tomorrow morning, so get reading.

MARKETS NASDAQ 14,047.50 - 0.34% S&P 3,932.59 - 0.06% DOW 31,522.75 + 0.20% GOLD 1,795.10 - 1.54% 10-YR 1.294% + 8.40 bps OIL 60.21 + 1.24% *As of market close. Here's what these numbers mean. Covid: Dr. Fauci said that vaccines would be available to the general public a little later than expected—around late May and early June, he told CNN. Economy: After a quiet Tuesday, things pick up today with a doubleheader. In the morning, we’ll learn about retail sales in January, and in the afternoon, the Fed will release the minutes from its meeting last month. In the meantime, House Democrats are finalizing the language in their $1.9 trillion relief plan.

CRYPTO Bitcoin Hits $0.00005 Billion Francis Scialabba Twelve years ago, bitcoin was just an idea. Now, it’s worth as much as a tiny house. Yesterday, the world’s largest cryptocurrency briefly surpassed $50,000 for the first time ever, extending a run that’s mesmerized the business world and frustrated your friend who sold all their bitcoin in 2019.  How we got here A brief timeline of bitcoin’s rise, fall, and even bigger rise. 2008: Satoshi Nakamoto published the bitcoin white paper that laid out the principles of a "new electronic cash system that's fully peer-to-peer, with no trusted third party." To this day, one knows who (or what group of people) Satoshi is. 2010: A programmer bought two pizzas for 10,000 bitcoin in what will go down as the most expensive pizza transaction ever. Let's just assume there were 16 slices between the two pies and you take 15 bites per slice—at today's bitcoin price, that's about $2 million per bite. 2017: JPMorgan CEO Jamie Dimon called bitcoin a "fraud" (a comment he later walked back). 2018: The NYT ran an article with the headline, "Everyone is getting hilariously rich and you're not" after bitcoin jumped from $830 to $19,300 in the span of one year. Things stopped being quite so hilarious later in 2018, when bitcoin crashed to $3,200.  2020–2021: After hovering below $10,000 for months, bitcoin refueled its rocket ship. It's already up about 75% this year alone. What's next?  Initially conceived as a way of sidestepping traditional financial institutions, bitcoin is now being smothered by them. BNY Mellon, the oldest bank in the US, said it would handle bitcoin for its clients. Mastercard pledged to support cryptos later this year. And a vaunted Morgan Stanley investing unit is reportedly considering placing bets on bitcoin. Plus, Tesla poured $1.5 billion of its cash into bitcoin and said it would accept payment for its products in bitcoin on a limited basis. Bottom line: Bitcoin has been increasingly legitimized by the business community, but it still faces existential questions, including 1) how should it be regulated? 2) what is it actually useful for? and 3) when will Morning Brew put it in its Markets graphic?

WEATHER Deep Freeze Causes Power Emergency in Texas

Ron Jenkins/Getty Images A fearsome storm continued to roll through the south and central US yesterday, leaving millions of people without power in bone-chilling temperatures. At least 20 people have died in the storm or its aftermath. As for businesses… Power and gas outages forced GM, Toyota, and Nissan to suspend operations at some plants. Poultry producer Sanderson Farms did the same at processing plants in Texas, Mississippi, and Louisiana.  Airlines have had to cancel over 4,000 Texas flights since Monday.  US oil output fell by a record one-third. Walmart and other retailers temporarily closed their stores in the region. The storm also snarled coronavirus vaccine rollout efforts. Some authorities in Texas had to rush doses into people’s arms before they spoiled.  Zoom out: The blame game has kicked into high gear about what exactly caused the power crisis in Texas. Here are three reads to help understand the situation: 1) Why Texas has its own power grid, 2) what happened to power generation during the cold snap, and 3) how the US electricity grid works in general.

FINANCE Zuckerberg, Wahlberg, Cuban: Here's Another Mark to Know Yesterday, white-shoe bank Goldman Sachs rolled out its new consumer investing product, Marcus Invest, which is available to customers in shoes of any color.  As long as those shoes have at least $1,000. That's the minimum amount users need to invest in Marcus, at a 0.35% annual fee.  How it works: The app quizzes you on your risk tolerance, then guides your deposit through models developed by the bank's investment strategy arm. Previously, to get access to Goldman's sage wealth management advice, you needed at least $10 million.  Zoom out: Marcus Invest is part of CEO David Solomon's campaign to steer Goldman away from the choppier trading and investment banking sectors and toward the safer shores of consumer banking, which offers more consistent, recurring revenue.  Zoom out, again: Marcus Invest also represents Goldman's first venture into "robo-advising," a sector popularized by Wealthfront and Betterment that's estimated to reach $449 billion this year, per Cerulli Associates.

SPONSORED BY ATHLETIC GREENS Sip on Some Nutritional Insurance It’s green. It’s tasty. It’s quite possibly the most nutrient-dense nutritional beverage on the planet. And it’s aptly named Athletic Greens.  Athletic Greens is like insurance for the most important thing you’ve got—your bod. Just one scoop of Athletic Greens packs in 75 vitamins, minerals, and whole food-sourced ingredients.  When you sip on this scoop, you’re not just sipping on a multivitamin, multimineral, probiotic, greens superfood blend. You’re also filling the nutritional gaps in your diet, increasing energy and focus, aiding digestion, and supporting a healthy immune system.  The best part? To get the number one nutritional insurance in the universe, you don’t even have to speak with an insurance agent.  If you want to simplify your nutrition routine into one easy habit, you gotta try Athletic Greens today—they’ll even throw in a free year's supply of vitamin D and 5 free travel packs. Get nutritional insurance for your bod here.

HOSPITALITY A Hotel Icon Dies at 62 On Monday, Marriott President and CEO Arne Sorenson died following a nearly two-year battle with pancreatic cancer. Remembered by many as a humble and kind leader, Sorenson made Marriott the world's biggest hotel chain. He left Big Law in 1996 and joined Marriott, where he rose through the ranks from associate general counsel to CFO, COO, and president. In 2012, he became the company's third CEO—and the first without the surname Marriott.  Sorenson led the $13.6 billion acquisition of Starwood Hotels in 2016 and unified loyalty brands under Marriott Bonvoy in 2019. He steered the company through crises including the Covid-19 pandemic and a massive data breach that exposed 300+ million customers' data. Sorenson also used his position to speak out on issues around immigration and LGBTQ discrimination.  During his tenure, Marriott's stock rose over 240%. The $42 billion company he leaves behind will name a successor by the end of the month.

EXPLAINER Reader Question: Finding Your Fulfillment

Francis Scialabba Every Wednesday, we answer a reader-submitted question about business and the economy. Got something to ask us? Do it here. From Julia R. in Waltham, MA: Can you explain the difference between B2C and B2B? The Brew's answer: Great question, let's try on our Retail Brew hat and see if it still fits. B2B, B2C, and their cousin D2C (also styled DTC) are all frameworks used to identify a company's typical customer. In business-to-business (B2B), the product is for a corporate customer. Think Salesforce. In business-to-consumer (B2C), a manufacturer sells to individuals but a retailer or distributor may sit in the middle, like this ergonomic mouse you bought through Amazon or the Burt's Bees lip balm you picked up at a local drugstore.  In direct-to-consumer, a subset of B2C, companies like Warby Parker or Away send their products straight to you. We've gotten many questions about acronyms, so to make it easy we compiled this master guide of the confusing ones that show up most often in the Brew.

WHAT ELSE IS BREWING Citi has been blocked from retrieving more than $500 million it mistakenly wired to several companies. A judge called it a "banking error of perhaps unprecedented nature and magnitude." Berkshire Hathaway revealed big new investments in Chevron and Verizon.  President Biden extended various homeowner relief programs through the end of June. US airlines carried ~60% fewer passengers last year than they did in 2019, due to the coronavirus. In April 2020, passenger levels plunged 96.1%. Adidas is putting its Reebok brand up for sale. The business is reportedly being valued at $1.2 billion. Nintendo is revealing its game lineup for the first half of 2021 in a public livestream today at 2pm PT.

BREW'S BETS The chance to be a part of these money numbers ends next week. Caliber made $77 million in 2019 in consolidated revenue, achievin’ positive cash flow. An even more positive development? You can get in yourself by investing in Caliber before the 26th.* Coffee Creamer dreamers, assemble. Chobani is inviting fans to dream up the Coffee Creamer flavor of their fantasies (made with real cream and no added oils, of course) for a chance to win 75 thousand bucks. Submit your dream Chobani® Coffee Creamer flavor here.* Internet rewind: See what the NYT, CNN, Fox, Amazon, Reddit, and more sites looked like 10 years ago.  Saving screens: If your letter from Hogwarts never arrived, you can still pretend to be a student with this Hogwarts classroom ambient music video. That or you can soar on a Great Eagle through Lord of the Rings landscapes. *This is sponsored advertising content

GAMES Get Your Things in Order If you get a 5/5 on this game, please take over Brew trivia, because it's pretty dang hard. Below you'll find a list of items in a particular sequence; your job is to fill in the blank with the correct term. Example: Please Please Me, With the Beatles, _________, Beatles for Sale, Help! The answer here would be A Hard Day's Night, since the list represents Beatles studio albums in order.  Ready? No? Here we go anyway... Lakers, _____, Warriors, Warriors, Cavaliers  Bitcoin, _____, Tether, Cardano, Polkadot, XRP Hank Paulson, Tim Geithner, Jacob Lew, ______, Janet Yellen  New York, LA, Chicago, Houston, _______, Philadelphia Spider-Man: Homecoming, Thor: Ragnarok, _______, Avengers: Infinity War, Ant-Man and the Wasp

SHARE THE BREW When you share the Brew with your network, you earn free swag like our classic Morning Brew t-shirt. Are you one of those people who is always going places? Then you probably need a shirt. Might as well be this bad boy with the Morning Brew logo plastered across the chest. Hit the button below to learn more and access your rewards hub. Click to Share Or copy & paste your referral link to others: morningbrew.com/daily/r/?kid=a17a7110

ANSWER

1. Raptors (the category is recent NBA champions)
2. Ethereum (cryptocurrencies ranked by market capitalization)
3. Steve Mnuchin (previous Treasury secretaries)
4. Phoenix (most populous cities in the US)
5. Black Panther (a sample of Marvel Cinematic

 

February 17

FEATURED BIOGRAPHY Michael Jordan READ MORE   FEATURED EVENT 1979 Vietnam invaded by China READ MORE

MORE EVENTS ON THIS DAY

2014: American comedian Jimmy Fallon began hosting The Tonight Show, replacing Jay Leno. [Take our pop culture quiz.]

2008: Kosovo declared its independence from Serbia, though a number of countries refused to recognize the new republic; the International Court of Justice later ruled that Kosovo had not violated international law, but Serbia rejected that decision. [Test your knowledge of the countries of the world.]

1992: Convicted serial killer Jeffrey Dahmer was sentenced to 15 consecutive life terms for a series of gruesome murders; he was later killed by a fellow prison inmate. [ How much do you know about famous serial killers?]

1913: The influential Armory Show opened in New York City, introducing the American public to artworks by Impressionists, Symbolists, Post-Impressionists, Fauves, and Cubists. [ Sort fact from fiction in our artists and painters quiz.]

1904: Italian composer Giacomo Puccini's Madama Butterfly premiered at La Scala in Milan, and it became one the most frequently performed operas. [Test your knowledge of operas.]

1864: During the American Civil War, the Confederate Hunley became the first submarine to sink an enemy ship when it successfully attacked the USS Housatonic in the waters off Charleston, South Carolina. [Take our quiz about submarines, ships, and other watercraft.]

SEE ALL EVENTS ON THIS DAY

Columnists Hacks Panic as Trump Vanishes Kurt Schlichter Privacy John Stossel Should a '9/11-style' Commission Investigate the Capitol Riot? Byron York Andrew Cuomo, Crumbling Media Darling Tim Graham Actress Jameela Jamil: Abortion Made My Life ‘A Million Times Better’ Katie Yoder Republicans Must Unify Against the Left Star Parker Joe Biden’s 'Dark Winter' Is Here Tom Tradup Strip Governors of Their COVID Emergency Powers Betsy McCaughey Schumer and Pelosi Would Deny Americans Freedom of Conscience Terry Jeffrey ADVERTISEMENT Biden's 'Commonsense' Gun Controls Make Little Sense Jacob Sullum GOP Thrives as Trump’s Party John and Andy Schlafly Biden’s Electric Vehicle Mandate Won’t Improve Environmental Outcomes – But Will Raise Energy Costs Samantha Dravis It's Time to Uncancel Americans Ben Shapiro And They Will Know We Are Christians By Our Hate Michael Brown The Good, The Bad, and The Ugly: Lessons from COVID Bob Barr South Korea’s Latest Legal Claim Against Japan Is More a Message Than a Precedent Wes Martin Biden Seeks to Boost Planned Parenthood Funding to New Levels Connor Semelsberger It Is Time to Take Our Focus Off of Trump Michael Brown Small Acts of Resistance (Part Two) Rob Jenkins 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 Liberal College Students Learn The Downsides Of A $15 Minimum Wage Apathy And Envy For All Now Biden Will Have To Match Trump’s Record On Inequality Government Schools: More Bureaucracy, Lower Performance, And Higher Costs The S&P 500 Inches Up To New High Webhelp Ranked Highly Across all Aspects of Social Media by Leading Analyst NelsonHall | Personal Fi

Tipsheet One Thread Explains How Texas' Adoption of CA Model for Energy Led to Disaster After Brutal Winter Storm Matt Vespa Biden Talked About the COVID Vaccine. There's Just One Problem. Beth Baumann Trump Is Being Sued as a Private Citizen for His Alleged Role In the Capitol Riots Beth Baumann Biden Could Sign Another Executive Order. This Time It Would Be on Gun Control. Beth Baumann New Democratic Aide Called Capitol Police White Supremacists Cortney O'Brien There's Another Layer to Trump's Shredding of McConnell in Post-Impeachment Acquittal Statement Matt Vespa Bill Gates' Idea to Help Fight Climate Change Is a Complete Nonstarter Leah Barkoukis Liberal Reporter Torches Democrats’ Main Trump Impeachment Argument…And You Can See Why It Crumbled Matt Vespa VIP Live Chat: Storm Paglia and Matt Vespa of the Triggered Podcast - Wednesday, 12:45 PM ET Townhall.com Staff Report: Biden Administration Banning the Term 'Illegal Alien' in Government Documents Katie Pavlich ADVERTISEMENT Political Cartoons Bearing Arms Media Applauds Biden's Grotesque Exploitation Of Parkland | Patrick Richardson Why Biden's Gun Ban Won't Be Enough For The Anti-2A Crowd | Cam Edwards Feds Charge Man Suspected in San Francisco Shooting | Tom Knighton "Not In My Name" - Parkland Dad Blasts Biden Gun Ban | Cam Edwards Trudeau Still Silent On Key Details Of Gun Grab | Cam Edwards

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Hey there, For those of you who are part of the Christian Church, today kicks off the start of Lent: the 40 days of prayer & fasting from today until Easter. Most years, people give up something for Lent like chocolate or technology, but today I want to share a way to incorporate something into your life that will help you reduce stress and anxiety, sleep better, and feel more connected to God. This year, instead of giving up your phone, use it to pray. God knows that in today’s world, we need prayer more than ever before. My challenge to you, even if you’ve fallen away from your faith, is to commit to praying every day for the next 40 days with the Hallow App. Download it for free today.

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 February 17th, 2021

Trump declares war on McConnell: "A Dour, Sullen, And Unsmiling Political Hack" Donald Trump has some choice words for Senate Mitch McConnell (R-KY), after the Senate Minority Leader voted to acquit the former president,... Read More ›

This Is The #1 Killer In The Aftermath Of A Hurricane With each major hurricane, hundreds of innocent people lose their lives. But it's not the hurricane that kills them. Nor the floods that follow. And not even the lack of food, water, or shelter. What kills them is a danger… Read More ›

Three million Texans 'in the dark'. Grid chaos continues before incoming storm Update ( 0854 ET): Texas power grid operator ERCOT, which represents 90% of the state's electric load, tweeted Tuesday morning that... Read More ›

Jen Psaki: Biden still considering using executive order on gun control During the White House press briefing on Tuesday, press secretary Jen Psaki said that President Joe Biden has a wide array of methods to... Read More ›

'President's' lies continue: ‘We Didn’t Have a Vaccine When We Came Into Office’ Joe Biden traveled to Milwaukee, Wisconsin Tuesday evening to participate in a CNN presidential town hall.Biden stole Wisconsin with a big... Read More ›

Cuomo's deadly decisions strike continues with ventilators The first political dogfight surrounding COVID-19 occurred last spring between President Trump and New York Governor Andrew Cuomo. At issue: the nation’s ventilator supply.Alarmed by inaccurate... Read More ›

[Urgent] Gear Tester Needed

This clever tool is an invaluable, possibly life-saving utensil that fits in your pack or in your pocket, the aircraft aluminum body is waterproof and shock resistant, making it double tough and ready to go when you are. Read More ›