👠 “HOLD Tory Birch” — Fashion’s stock market. Elon’s $1 Trillion Rihanna payday. The Capitalism Election. +Tom Brady’s cloned dog

0:00This is Nick. This is Jack. It's Thursday, the new Friday, November 6th. And today's pod is the best one yet. This is a T-boy. The top three pop business news stories you need to know today. Yeti stocks are near all-time highs, and so are our full stomachs. Last night, we went to Little Original Joe's Pizza. Yeah, not to be confused with Joe's Pizza or Classic Joe's Pizza. We also bumped into two Yetis. We did. What were their names? Carlos and Diego. Carlos and Diego. A couple great Yetis from Costa Rica, now living in the Bay Area, doing tech. We're going to Rad House, which is my favorite German-themed bike-friendly restaurant in San Francisco.

0:40You know what they say on Wall Street, Jack? Uck, ya. Three fantastic stories for today's show. Jack, what do we got on the T-boy? For our first story, America just finished what we're calling the capitalism election. Because it all came down to the unholy trinity of American unaffordability. For our second story, hold Tory Burch. Sell Gucci. by Isabel Morant. Besties, the new Financial Flex is treating your fashion wardrobe like a portfolio. And our third and final story. Tomorrow could be the biggest day of the year because Elon Musk could quit as CEO of Tesla. Because today, Tesla shareholders vote on his$1 trillion shareholder package.

1:21Whereas Rihanna would say, better have my money. And if they say no, Elon says he's out. But yet he's before we hit that wonderful mix of stories. Fantastic mix of stories, Jack. Tom Brady has seven Super Bowl rings. Yes. Three MVPs. Okay. Two ex-wives. Count them. And one dog. I'm sorry, Jack. I think you mean two dogs. No, I mean one dog. Yeah. But really two dogs because Tom Brady just cloned his dog. Get this. Remember that anti-extinction startup that's bringing back the Dodo, the Mammoth, and the Sabretooth Tiger? Yeah, it's called Colossal. They're worth 10 billion bucks. Jurassic Park-style company.

1:59we did a story on. Well, it turns out Tom Brady is an early investor and he's cashing in on some perks right now. Because just before his family dog Lua passed away sadly in 2023, Tom Brady snagged some of her blood, handed it to Colossal and said, one clone please. That's right besties, Tom Brady got Colossal to clone his pet. They copied and pasted his puppy. They doubled his dogging. Tom revealed it all in an interview on Tuesday with People Magazine. By the way, the new dog, the clone, it's named Junie. Different dog, same DNA, different name. That bark though. Oh, it's the same bark. And on the same day that Tom revealed his Pitbull mix is actually a clone, Colossal announced they acquired a pet cloning company.

2:41Because celebrities, they've been cloning their pets for years now. Apparently it costs about$50 ,000 to clone your pet, I heard. Not too shabby. 2017, Barbara Streisand cloned her dog. 2022, Paris Hilton and famously cloned her chihuahua. Jack reminds me of one of our most famous fundamental rules of business. P-U-P-P-Y. People ultimately prioritize puppies. Yeah! Let's hit our three stories. 15 years before this song, two boys from the Northeast met in a dorm. They had an idea to cause a cultural storm. It's the best one yet, but the best is the norm. Jack Nick, that's it. I don't even think they need to practice.

3:1950%, that's a fat tip. T-Boy City on your at list. If you know, you know, cause we ready to go. We can't wait no more. So just start the show.

3:31Start the show. First, a quick word from our sponsor.

3:42Gusto. One sec, Yetis. We just need to take a break from the pod for a moment to find that I-9C3 IRS tax form for each employee. And then Jack, we got to make sure each coworker is countersigned, I think. Oh yeah. Yeah. And then we have to track down each employee and make sure they know their health insurance options. Oh, right. Did everyone know open enrollment ends tomorrow? Nope. No one did. Yetis, we are just podcast hosts. We also run a media company here and full-time employees mean full-time benefits too. Which means roughly 46 ,000 forms, documents, and tasks to process for each team member.

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4:45Try Gusto today at gusto.com slash tboy and get three months free when you run your first payroll. That's three months of free payroll at gusto.com slash tboy. One more time, gusto.com slash tboy. Monarch. Happy wedding season to all those who celebrate. Wedding season. That means you just liquidated your 401k to pay for that bridesmaid dress. Yeah, flights, hotel, and a gift. Your presents. It was not the only present. Good timing though. because Monarch is the personal finance app that tracks everything, your accounts, your investments, your savings goals, and your spending. We use Monarch to keep all our personal finances accounted for and in one place.

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5:58For our first story, Democrats swept on Tuesday and it's being called the capitalism election. Because there's a pattern that explains this election, last year's election, and probably next year's election. What is it, Jack? The unholy trinity of American unaffordability. But Jack, first, let me just read off the names of the big banks to you. We got Goldman Sachs, Morgan Stanley, Zoran Mondani? Yet he's a majority of New Yorkers voted for a Democratic socialist named Zoran Mondani to run the capital of capitalism. And it wasn't just New York's election. In Virginia and New Jersey, voters overwhelmingly elected a Democrat in their governor's races.

6:38And in response to Texas gerrymandering their congressional districts earlier this year, Californians voted Tuesday to do the same. Now, interestingly, in each of these elections, predictions markets were correct, right, Jack? Yes, but Democrats won by even wider margins than expected. However, it was in New York City's mayoral election that the New York Times called it the capitalism election. Because capitalism was basically on the ballot. I mean, Jack, as a couple of capitalist guys over here, how's capitalism been doing these days? Well, Gallup began polling Americans on their opinions of capitalism starting in 2010.

7:10Okay, and what kind of numbers are we looking at? This year, just 54 % of Americans hold a positive view on capitalism. That's down from 60 % since 2010. Feels like a moment we can't press the cha-ching button, Jack. True. But besties, this leads to the biggest name among the election 2025 winners, and that name, again, Zoran Mamdani. Like Bernie Sanders, Zoran calls himself a democratic socialist, And now he is governing Wall Street. Literally. Now, one key reason for his victory, it's the strategic use of social media. The successful use of social media. Zoran has 2.4 million TikTok followers compared to Andrew Cuomo's 17 ,000.

7:48That's 150 times more. But the key within that social media strategy was growing his audience with financial humor. Yeah. He coined the phrase halalflation. Yeah, yeah, the food trucks. To express something every New Yorker understood. The white sauce used to be free and now it's not free, basically. But now comes the hard part for Zoran, the governing. Right. Because if Zoran wants to raise taxes on New Yorkers earning more than a million dollars and corporations as well, the mayor cannot do that without approval of the state lawmakers. He will also need help with his rent promises. He wants rents to come down?

8:21That can't happen without the help of private real estate developers. Now, New York's financial elite did say that Momdani's election would result in businesses and the wealthy leaving the city. On that note, bizarrely, yesterday Texas's governor Greg Abbott said he would impose a 100 % tariff on any New Yorkers who want to move to Texas now. I mean, we're good people. We're good people. Yes, you are good people. But Florida is doing the opposite in this situation, which— Unsurprisingly, they're not just advertising their beaches. They're advertising their 0 % corporate and income tax rate to try to get New York businesses to come south.

8:55So maybe when you add it all up, it could have just been a big bluff. Many Wall Street leaders right now, like Bill Ackman, have already congratulated Zoran Mamdani. After ripping on him and saying there would be an exodus if he got elected. It looks like Wall Street may try to work with the mayor instead. But we're most interested in the winning political trend of the last three years that Nick and I have noticed. And we got an analogy for it. So, Jack, what's the takeaway for our buddies who are everyone watching the capitalism election? Groceries, rent, and healthcare. That's the unholy trinity of American unaffordability.

9:28The Eddies, the economy has always been a decisive political issue, but in the last 10 years, it's more specifically focused on affordability. 2024 was the grocery election. That's what we called it. Trump won on a promise to lower the price of eggs. 2025, what just happened this week, was the rent election. Zoran, he was laser focused on the rent in New York being too damn high. And 2026, we bet next year's midterm elections will be the healthcare election. We do, because food, rent, healthcare, they make up 55 % of the average American's cost of living. And those are the biggest price pops of the inflation era.

10:03The price increases of rent, healthcare, and food have been relentless. Okay, now, Jack, we did say the unholy trinity, but you could say like the four horsemen of unaffordability too, right? Toss Disney Plus in there to round it out as four, because Disney Plus price heist, they come monthly. Yeah, Mickey, why you keep jacking the price up on us? Yetis, Americans are desperate for relief from unaffordability, specifically with groceries, rent, and healthcare. And the elections of 2024, 2025, and we think 2026, show that the key to winning elections is focusing on the economy's unholy trinity.

10:38For our second story, a wild new trend has emerged. Buy, sell recommendations for items in your wardrobe. We'll tell you why you should buy Gucci, sell price. Oh, yeah. And hold your Tory Burch. Hold on to it. It's all about life dividends. Oh, Yetis, in this economy, the hot new thing. Oh, it is the old thing. It's the old stuff. It is a good stuff. Second hand, it's number one in the fashion age during inflation. There's no price pop on your grandma's old Prada, is there, Jack? That's why stock in ThredUp, an online resale marketplace, are up 400 % so far this year. And why the RealReal, another online resale marketplace, announced record earnings back in August.

11:21There's no tariffs when their supply comes from your closet. Perfectly put, Jack. But besties, all the attention lately is not on the financials of these companies. It's actually on the RealReal's resale trading report that just dropped on the fashion community. Nick and I jumped in T-boy style to that report. We did. And what kind of numbers are we looking at in the wardrobe, Jack? Searches for Christian Dior on the RealReal are up 114 % this year. because Christian Dior just changed their creative director. Balenciaga searches are up 310 % because their fashion label just got a new designer.

11:52And Loewe Dresses. Nailed the pronunciation, Jack. Searches are up nearly 500 % on word that their famous designer is leaving the company. Jack, call up Jim Cramer. Bottega Veneta handbags are popping like meme stocks these days. This luxury label data has led to a fascinating new thing. Yeah, it has. Second-hand fashion analyst reports. And honestly, Jack, considering we used to work in finance, like this makes sense, right? Like luxury clothing, handbags, shoes, they can rise and fall in value on the secondary market. Financial analysts give investment advice for stocks, which is a secondary market.

12:27Now it's happening for luxury clothing. We do it for stocks. Why not for stilettos? The Real Girl is a blog that built a portfolio based on this secondary market data. Yeah, she has structured her analysis just like JP Morgan would. And her latest report says, buy Gucci, sell Isabel Morant, and hold Tory Burch. This is an investment advice, but it's kind of investment advice. All right, well, how does the analysis work on this fashion stock portfolio, Jack? The real girl noticed that Tory Burch consignments are down 2 % on the real real. So more people are not selling their Tory Burch items. And therefore, her interpretation?

13:02People are wearing their Tory Burch instead, which leads to the recommendation. Hold your Tory Burch shoes if you got them. In this case, hold means wear them. You know, they're a hot fashion right now, and you want to look on trend. Go outside. You'll look fabulous. Apparently, now's the time to wear your Tory Burch. Okay, but Jack, on the other hand, searches on the RealReal for Isabel Marant ruffled blouses are up 54%, a signal of high demand. And since that style is so specific, it might go out of fashion tomorrow. Yeah. So if you have that blouse, you should sell it right now. Are you selling it, Jack?

13:33On the RealReal? Yeah. I'm doing it. Our best use added up in the stock market and the fashion market are both secondary markets. And now we're getting the same level of sophisticated analysis. So Jack, what's the takeaway for our buddies who are everyone pouring through their wardrobes right now? Introducing the financial concept of life dividends. Now, Yadis, I got to pause the pot here. Jack told me about this concept and I hugged him when I heard it. All right, we'll explain it. The definition of an asset first. It's something that you own that promises future economic benefits. For stocks, which are an asset, those benefits are someday selling for a gain or receiving a cash dividend.

14:10Many stocks pay dividends, you know, a small cut of the profits that's sent to each shareholder every quarter or so. Okay, so stocks are an asset. What about a luxury Louis Vuitton dress? Those are assets too, because you might be able to resell that dress for a higher price someday. And Jack, while it doesn't pay a cash dividend on that dress, we would say the dress pays a life dividend. You wore that dress on your first date. You wore it to your best friend's wedding. Totally. Or you wore it on your third anniversary dinner. Besties, when you bought it, that was an asset that paid you economic value in the future, value in the form of life experiences.

14:44Each of those life moments were like a little cha-ching. There you go, Jack. A little emotional dividend. So while some assets in life don't pay a cash dividend like a stock, they do pay a life dividend. And Jack, I love that concept. Life dividends. Yeah. That's what life is all about. Now, a quick word from our sponsor. Decagon. Am I still on hold? What am I doing? It's been like 15 minutes. Am I still on hold? Hello? Excuse me? No. No, I don't need to hear my list of options again. Yeah, it is. Decagon helps companies create personalized concierge-style customer experiences with AI agents across chat, email, voice, and SMS.

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15:55Ready to transform your customer support? Go to decagon.ai slash tboy to get a personalized demo and see what Decagon can do for your team. Check Decagon out at decagon.ai slash tboy. That's decagon.ai slash tboy. Walmart business. Yetis, we cover business trends on our show, and they move faster than you can spell GPU. you. One minute it's vibe coding, the next it's agentic. Tomorrow it's probably going to be in-person old school again. Yeah, well, while you're managing this to stay ahead, the last thing you need to worry about is supplies for your company. Carol, do we have the cogs needed to meet our Q1 sales commitments?

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17:04It's Walmart built for your business. Sign up for a free Walmart Business account today at business.walmart.com. For our third and final story, we got one other election for you. Tesla shareholders finish voting today on Elon Musk's$1 trillion pay package. Financially speaking, Tesla is a cult, and this vote could determine the fate of its cult leader. Now, besties, we all know the biggest bonus in history. You remember that one, Jack? We covered it early on the podcast. Yeah, Alexander the Great. When he took over Babylonia, he gave himself like$100 million, right? No, no, no, no, no, no. Elon Musk actually is the one who received the biggest bonus in corporate history.

17:48He received over$50 billion earlier this year for turning Tesla from a small EV company to a massive car company. But now Elon is up for the biggest bonus in world history. To quote Dr. Evil,$1 trillion. Yeah, get this, besties, the chairwoman of Tesla's board. Who in theory is Elon's boss, but in practice, very much isn't. Yeah, yeah, she told Bloomberg News why Elon deserves a$1 trillion pay package. She said that if Elon doesn't get this pay package approved by shareholders today, he will quit the company, or essentially quiet quit. After all, Jack, Elon does have XAI, SpaceX, Twitter, Neuralink, and the Boring Company, a bunch of other companies that he could be spending his time with.

18:29So the whole point of this$1 trillion incentive package that Tesla set up is to keep him motivated, quote unquote. Yeah, on Tesla. And as we explained in our last story on this earlier this year, Elon only gets paid if he makes Tesla shareholders rich. So ultimately, this bonus package, it's the ultimate put up or shut up deal. So besties, we got to vote here. When investors are uncertain about a decision like this, what should you do? Well, you can go back to the fundamentals. And based on the fundamentals, Elon definitely should not get paid this much. Yeah, and there's some examples of this we're seeing.

19:03Like ISS, which advises shareholders on how to vote on things like this, they recommended voting no. And the Sovereign Wealth Fund of Norway, a huge Tesla investor, publicly stated this week that they already voted no. Jack, why are these big investors voting no on Elon's deal? Well, they described the bonus as astronomical. Yeah. Which at a trillion dollars is. I mean, you'd think like a half or even a quarter trillion dollars. that'd be pretty good, right? I think that should be enough to motivate somebody. Yeah. Also, this kind of puts all of Tesla's eggs in the Elon basket. And Elon is not the most stable of baskets.

19:36I'm pretty sure he wants to go to Mars. Yeah, he may not be on this planet in a few years. But there are supporters, of course. Dan Ives, who manages a popular investment fund, is voting yes on this deal. So is Cathie Wood. They both want to give Elon a, quote unquote, bright green light to move forward with his Tesla master plans. And you know what? The truth is, though, this isn't really about the money. It's about the power. Elon's already the richest person in the world. What he wants is more control of Tesla in the form of more shares of the company. It's not about cash. It's about control.

20:06Oh, and Elon? Yeah, he's taking this vote personally, which leads to our takeaway. So, Jack, what's the takeaway for our buddies who are everyone over at Tesla? Tesla is the ultimate story stock, and Elon is the only one who can tell the Tesla story. Yeah, it's a story premium. Yeti's, Tesla's revenues, they're down in the last two years. Profits, also down 65 % in the same period. And yet, Tesla stock has doubled over the same period and now sits at an all-time high because of a great story. That's the story premium. The story is that Tesla is not a car company. It's a robotics company with plans to take over the world.

20:46Robotaxis and humanoid robots, they're going to make Tesla the world's first$10 trillion company. But as Elon actually said last month, this is a direct quote, I just don't feel comfortable building a robot army here unless I own 25 % of the company. Tesla is a cult of personality and without the cult leader, the stock is going to fall. Sebastis, if shareholders want the stock to stay high, they should vote yes and give Elon this record bonus. If out of principle, you don't think Elon deserves this kind of a bonus, or you just think it's wrong because it's too much money to give one person, the smarter move would be to sell your Tesla stock instead of vote no.

21:25Because Tesla is the ultimate story stock, and Elon is the only storyteller. Jack, could you whip up the takeaways for us for the new Friday? Democrats swept elections nationwide on Tuesday with a socialist now running the capital of capitalism. Rent, food, and healthcare, that is the unholy trinity of unaffordability. For our second story, the RealReal's resale shopping report was actually rich market data. Honey, hold the Tory bird! So now we're getting buy and sell recommendations for secondhand luxury. Besties, if you own nice things that you like to use, those are assets, and they pay life dividends.

22:04For our third and final story, Tesla's shareholder meeting is today. We'll learn if they approved Elon's$1 trillion pay package or not. We think they will because Tesla's a story stock, and only Elon can tell that story. But besties, this pod's not over yet. Here's what else you need to know today. First, the Supreme Court heard arguments today about the lawfulness of President Trump's tariffs. Because tariffs are taxes. True. And Congress controls taxes, not the president. So the president's argument is that this is an economic emergency, but the justices, they don't appear to be buying it right now.

22:39So soon, they could rule that Trump's tariffs are illegal, meaning the Supreme Court could end the trade war. And second, crazy movement yesterday, after hours on Wall Street, just like the most insane stock trading we've seen all year. First, Snapstock jumped 25 % on news of a$400 million deal with perplexity, the AI company. And then DoorDash said, hold my beer. It dropped 20 % on missed earnings and just too much spending on delivery robotics. And then Robinhood stock fell, despite doubling their revenues last quarter, driven by predictions markets. And finally, the government shutdown is now the longest in history, but it's officially hitting your flight plans.

23:19The FAA is canceling 10 % of flights at 40 major U.S. airports starting Friday. Yeah, because the FAA is short-staffed. Workers appear to be Ubering to make money on the side since they're not getting their usual paychecks. So the FAA is reducing flight traffic to try to keep us safe. and I have three flights between Friday and Sunday. Jack has more travel this week than in any other period of his life. You have three flights like in 24 hours. I'm red-eyeing back to the East Coast on Thursday to Friday. So you can fly to another part of the East Coast on another flight. So that my family and I can go to New York.

23:51Yeah. So good luck. Now time for the best fact yet. And this one is some special T-boy trivia because today Jack and I are interviewing the CEO of Lyft. His name's David Risher. And get this, before working at Lyft, David was employee number 35 and employee number 37 at two epic companies. Yes, he was one of the first 50 employees at two giant big tech companies. They're both worth a trillion dollars. And now he's the CEO of Lyft. So our trivia question, what is it, Jack? What are those two companies that David Risher was the first 50 employees at? Bonus points if you know why Lyft is the color pink.

24:32Yetis, you'll look fantastic for the new Friday. Jack, all right, we got to hit the hair and makeup for this interview. You ready for this? No, I got to go to Rad House first. I know, I know. So we'll get a pretzel, then we'll do hair and makeup. Besties, drop your questions you got for the CEO of Lift in the comments, and Jack and I, we'll see you on tomorrow's pod.

24:55And before we go, congratulations to legendary Yetis, Allison and Jordan from Long Island and Wyckoff, New York, on their one-week wedding anniversary. Best week in the books. You look fantastic. Happy birthday to Alan Vinecourt, who's turning 30 in Charlotte, North Carolina. This man is also a brand new Uncle Alan. And Hannah Diagracias is turning 21 years old down in Hotland, Georgia, interning at the governor's office. And happy 26th birthday to Zachary Byer in Tampa, Florida. And Spencer Patel, enjoy that 25th birthday of the mid-20s in Orlando, Florida. And happy birthday to Tristan Ross in Fargo, North Dakota, the best movie theater GM in all of the North.

25:36Action.

25:41This is Jack. I own stock of Disney and Lyft, and Nick and I both own stock of Robin Hood. Bureau premium non-alcoholic beer. All right, yet he's a little behind the scenes here. Before our New York City live show back in April, Jack Jack and I went sober for two weeks. True story. Couldn't risk getting sick. I didn't want to be groggy. I couldn't afford a hangover. It was New York, baby. Okay, but Jack, celebrating the wins is what we do. And so for our live shows, we crack open something special. So we drank Biro, the premium non-alcoholic beer brand co-founded by Tom Holland. Yeah, I actually first saw it at my grocery store.

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