🧣 “Hot Scarf Summer” — Burberry’s scarf bar. Billionaire Bros’ Trip to Beijing. Ford’s energy meme. +$10 Cocktails

0:28This is Nick. at the most interesting show in the business. For our first story, Burberry is showcasing their top-selling accessory with a new store concept, the scarf bar. The scarf bar, because the most essential fashion of the summer will shockingly be a scarf. For our second story, Jensen Huang, Elon Musk, and Tim Cook are still jet-lagged from their presidential trip to China. So we got the receipts from their billionaire bros trip to Beijing. And our third and final story, why did Ford have its best week on the stock market since 2020? Because Cuba ran out of oil and Ford became an energy stock.

1:01Ford's an energy stock? But besties, before we hit that wonderful mix of stories. We got to double check this. Ford's an energy stock? But last month, we told you that caviar prices are falling. And last week, we told you how business school tuition was 50 % off. Yes, we all know that prices have been popping for years with this brutal inflation situation. But we also got to celebrate some deflation sensations, Jack. Jack, the latest surprise price drop in this economy, cocktail value menus. Get this, according to Bloomberg, some bars are crushing it right now by creating half-off cocktails. Like the$9 Negroni.

1:35Or the$10 Martini. How are they making a profit on 11 buck Palomas? I'm glad you asked, Jack, because the brilliance of the$10 cocktail is this strategy. That one drink gets you feeling so happy, you're more likely to order a second and a third. That is the value mealification of the American economy. Kids' happy meals include a little toy. So an adult happy meal is like a gin and tonic for$10. Call it a value meal martini. And besties, this strategy is winning bars, love, loyalty, and a whole lot of dollars right now. The strategy is to treat one product your customers particularly love like McDonald's does.

2:08Treat it like a value meal. You see, in this economy, a$10 mojito, that is a win to celebrate. It's a deflation sensation. When you see sale, say sale. We have to say it. Jack, let's hit our three scores. 15 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 the norm. Jack Nick, that's it. I don't even think they need to practice. 50%, 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.

2:47Start the show. First, a quick word from our sponsor.

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5:11For our first story, Burberry is in full comeback mode, and it's all thanks to one surprise product, the scarf. This is the summer of the silk scarf, thanks to CBK and scarf bars. Oh, yeah, these Jack and I saw the signs of Burberry's comeback last year. We told you about it on the pod. We covered Burberry's James Bond strategy, to lean into their Britishness. Jack, I think it's laid into your Britishness. I'm pretty sure you're offending all of our UK-based listeners right now. Well, either way, they embraced London's rainy weather. And that strategy sold a record number of trench coats across the world last year.

5:49As a quick reminder, Burberry, the company, invented the trench coat. Over a century ago, Burberry sold trench coats to British soldiers in World War I trenches. That's where we get the name. But last quarter, Burberry announced a 10 % jump in U.S. sales, profits 6X'd to over 160 million British pounds. But fascinating, Jack, is that British trench coats are driving sales, but it's the scarf that's driving the buzz. The CEO said it last week. The scarf is our hero product. It's having a moment. It's driving us right now. He also said the word scarf 10 times in the earnings call, which made their pants jealous.

6:23And he was specifically gaga about scarf bars. In 2014, to give the bar a moment in the sun, Burberry launched the wild concept of physical stores just for customers to try on scarves. Picture like an alcohol bar where you sit down and hang out, but you are trying on a bunch of scarves, not a bunch of whiskeys. Different colors, different fabrics, different lengths. They will teach you about how to wear a scarf properly, like a sommelier teaches you about how to taste wine properly. Then you customize that scarf right in front of you with a pattern or monogram. That was the new party activity.

6:55So Burberry saw that people were liking this, and they doubled down on it, whipping up 200 new scarf bars across the world in the last year. At airports, department stores, Surprise Street pop-ups, the Burberry scarf bar was a social media sensation. But here's the wildest plot twist. The scarf is the fashion girl's summer essential, according to Vogue magazine. Did you just say summer essential, Jack? Now this is partly because of FX's love story, the Carolyn Bessett Kennedy show, where she's constantly donning scarves in every episode. She had like a scarf for her scarf. Now, you besties probably associate the scarf with cold weather, thick to stay warm.

7:30Jack, you got to stop that prejudice, man. It's the silk scarf that's expected to be the look of the summer. That's probably why Alex just bought one for our Amalfi trip. This ain't no sugar bush neck muffler. We're talking about a silk scarf you'll wear on a nice yacht in Coppery. From the Hamptons to Half Moon Bay, watch out for silk women's scarves this summer. We told you early, besties, and that summer prediction has Burberry scarf sales up double digits in the last quarter. So, Jack, what is the takeaway for our buddies over at Burberry? The backup dancers can be the stars. The backup dancers can be the stars.

8:04You see, Yetis, historically, it was Burberry's$3 ,000 trench coats that got all the focus and attention in the store. It's what they're famous for. But now it's the$300 scarves, something one-tenth the price. Because in this economy, even among high-end shoppers, price is the priority. But Burberry didn't want to cut the price of their Star products and lose their profit margin. Instead, they elevated the full price supporting cast. They didn't discount the$3 ,000 coat. They simply showcased the$300 scarf. And Burberry's not the only one. For their summer special menu, Shake Shack is pushing french fries because they're lower priced than burgers.

8:40And Jack, Apple's last big thing, it was a lower priced laptop. Its next big thing is a next generation AirPod. You see, basties, instead of discounting the stars, brands are showcasing the lower-priced backup dancers. For our second story, the billionaire bro's trip to Beijing with Trump. So what did we get from last week's voyage? China appeared not to give the U.S. much, but they need us more than they let on. But first, Yetis, funny little calculation Jack and I were doing on the weekend. Jack, you want to whip out the whiteboard and share it with the Yetis? At one point last week, there was almost more money not on Earth than on Earth.

9:18You got to break this down. What do we mean? What do we mean? Okay, Elon Musk and Jensen Wang were flying on Air Force One with the president. Okay, and Jack, 17 other CEOs, including Tim Cook of Apple, were on a separate plane trailing Air Force One. We counted$17 trillion of market cap. One third of the S &P 500's value had their CEOs on those airplanes going to China last week. That's right, a third of the stock market was 30 ,000 feet in the air for a few hours there. I think Satya Nadella from Microsoft was the designated survivor of the situation. Because besties, this was an American president's first visit to China since 2017, and it was a highly choreographed affair.

9:55State visits like this are more pageantry than policy, so there were a lot of compliments exchanged publicly. Yeah, it's more choreographed than like a ballet or a waltz. The two leaders traded what felt like best man speeches at a wedding during the big dinner on Thursday night. Except President Xi said the relationship could turn extremely dangerous if the U.S. does something with Taiwan that China doesn't like. All right, now everybody get out to the dance floor. Let's go. Let's turn that music on. Hey, DJ, hit it. But some announcements were made after the billionaire bro's trip to Beijing.

10:24And Jack and I think you should know them. Speaking of bees, they revolve around the three bees. Beef, Boeings, and barrels. First, President Trump said that China will buy 200 airplanes from Boeing. Now, Boeing was hoping for 500 airplane orders, so Boeing stock actually fell 7 % last week on the news. And President Trump said that China will begin buying more American oil instead of just importing everything from the Middle East. That news, plus no news on the war in Iran, that sent oil prices up 5 % higher on Friday into the weekend. But most complex of all the deals announced in China was beef.

10:56Jack, why don't you sprinkle on some, I was going to say a glaze, but why don't you sprinkle on some beef to the beef? Last year, at the height of the trade war, China stopped buying as much American steak as they had in previous years. It was retaliation for tariffs. China started ordering Brazilian beef instead of beef from our Texas ranchers. But then, last week, as a gesture of goodwill, China took U.S. beef off of their import blacklist. Okay, but here's the problem. They didn't say how much beef they're actually interested in buying. And within 24 hours, China reversed the newly approved U.S.

11:26slaughterhouses they were planning to import from. So the president has been touting beef sales to China as a win, but now it is totally unclear after the trip how much beef is actually going to be ordered up. And we're not even back to pre-trade war norms in terms of beef traded. And side note, or side dish, beef prices are at all-time highs right now. If we export more to China, the prices here in the States will rise even more. So Bastie is looking at the B's here. Beef, Boeing, and barrel deals will raise prices for Americans, but they didn't raise Boeing stock. And that beef over beef kind of encapsulates the entire billionaire's boys trip to China.

11:59A lot of talk, a lot of back and forth, not necessarily progress. So Jack, what's the takeaway for our buddies looking at the receipts from the billionaire bros trip? China is playing it cool right now. They act like they need us less than they really need us. Yeti's President Xi of China is known for his patience, his stability, and his long-term focus. But underneath the carefully controlled surface, China faces bigger economic problems than we do. Look at oil. 70 % of China's oil is imported, so they're hugely affected by high oil prices right now. Look at youth unemployment. Over 20 % of young people in China cannot find a job.

12:34The data was so bad, the Chinese Communist Party stopped releasing it. In the overall economy, China's share of global GDP has been shrinking for five years in a row now. Add it all up, besties, and China is projecting an image of not needing the U.S. anymore. And that was on display in their state visit last week. And President Xi apparently told President Trump that the U.S. is in decline. But our takeaway from watching last week's show and reading the data is that China's actually just playing it cool. They actually need us more than they act like they do. Now, a quick word from our sponsor.

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15:12For our third and final story, Ford just had its best two-day stretch on the stock market in six years. Is Ford memeing right now, Jack? What's going on? I don't know, but Ford's customer is typically a frugal Michigan car buyer. Its new customer is Zuckerberg. Jack, since you went to business school up in Michigan, I got to ask you, what are all the cool kids doing in the car industry these days? I wouldn't say cool kids, but they're all regretting spending so much money on electric cars. Yeah, you see, earlier this year, Ford did what every American car company is doing right now. Admitted, they overinvested in electric cars.

15:48The Republican-controlled Congress ended the EV tax credit last year, ending 15 straight years of growing EV sales in America. So the damage to Ford's balance sheet, it was brutal. They wrote down their assets by$19.5 billion last year. $19.5 billion hit. Due to lack of demand, Ford canceled three of their planned electric vehicle models and killed off the F-150 Lightning truck. But this past Monday, they announced a plan to try to salvage all of their EV investments. Get this, the brand new division for this 123-year-old company is Ford Energy. You see, Yetis, Ford built a huge factory in Kentucky for electric cars.

16:26Instead of electric cars, now they're just going to build giant batteries for sale. And no bumpers, they're doing batteries over at Ford. Ford says they'll sell these huge industrial-sized batteries to utilities, data centers, and big corporations too. That's right, Silicon Valley is going to be buying Ford batteries now. The F-150 Lightning walked so that Ford Energy can run. Which feels like the plot of every Marvel movie. Like it's like a superhero that found its new power jack. Now, Morgan Stanley loved this from Ford. And they loved it because of Iran and artificial intelligence. But what Jack and I find fascinating is that Cuba, the country of Cuba, proves why batteries really matter right now.

17:06First, Morgan Stanley's stock analyst upgraded Ford last week because automotive is a brutal business. But energy? Oh, energy's booming. Oil prices were above$100 all of last week as Iran's IRGC formalized a toll booth in the Strait of Hormuz. You see, the higher the price of oil, the more attractive electric batteries start looking. In fact, electric car sales in Europe jumped 51 % in March. Or Jack, how about this? Used electric cars here in America jumped 17 % in Q1. When gas is five bucks, electric looks a little better. But another reason why Wall Street loves Ford's battery pivot, what is it, Jack?

17:42The artificial intelligence boom. That's right, Ford is piggybacking on AI. Because most data centers that power AI are being built while using natural gas-generated electricity. But to ensure that Claude and ChatGPT can keep coding even if the power goes out, they need a backup battery. So Ford's customer is typically a very polite, very friendly and hospitable, but frugal Michigander. Oh, look at that sedan. Nothing shabby, Jack. Ford's new customer in Ford Energy could be a trillion-dollar tech company for their data center. It's not Zach from Kalamazoo. It's Zuck down in Menlo Park. Add it all up and Ford stock surged 25 % on Wednesday and Thursday.

18:23The biggest jump for Ford since March of 2020. They're not going to build chassis anymore. They're going to be building chatbots. It was the biggest week for Ford since, I don't know. The Model T replaced the horse and the buggy. One more bit of proof though, that batteries are still the future, despite America's turn against EVs. Well, that proof is down in Cuba. So Dak, what's the takeaway for our buddies? Oh, wondering what's happening to Ford. Oil is having a comeback, but an unreliable one. Yetis, the United States has imposed a total oil blockade on Cuba since January, and last weekend, Cuba ran out of oil.

19:00The administration's goal is to starve the island nation of fuel to force them to surrender to U.S. demands, just like they succeeded with Venezuela. So Cuba's communist pal, China, came to the rescue, sent them solar panels to keep the lights on. Solar panels are being installed on every Cuban's balcony right now to power the batteries inside and keep the lights on. Solar now makes up 10 % of Cuba's electricity with plans to hit 24 % by 2030. Now, Cuba is obviously a unique case, but it reveals the broader trend in 2026 of chaotic geopolitics changing energy trends. Disruption of trade, volatile energy prices, crazy geopolitics.

19:35It makes reliable solar and backup batteries look really, really nice. So why did Ford's battery announcement spark the best two days for the stock in six years? Well, because oil's having a comeback, but an unreliable one. Jack, could you whip up the takeaways for us to kick off the week? Burberry is elevating their scarves this summer, not the trench coat. In this inflation economy, make the lower price stuff the star. For our second story, China and the U.S. continued the public thawing of their relationship, polite deals for beef, Boeings, and barrels of oil. But China's playing it cool on the billionaire's bros trip.

20:10Their economy needs U.S. trade more than they show. And our third and final story is Ford. Their stock surged after launching Ford Energy last week. They're salvaging their EV investments with batteries. Because oil, it's having a comeback, but it's an unreliable one. But besties, this pod's not over yet. Here's what else you need to know today. First, Martha Stewart is getting in on the AI game. She just launched her first ever AI business. It uses AI to manage your home, look out for problems, and remind you to pay your homeowner's insurance. Yeah, it's called a hint. Basically, a personal concierge for your home or your apartment run by an AI.

20:44This is actually the third startup we've seen trying to become your AI home manager slash butler. And second, McDonald's is getting its first stadium. They just bought the name and rights for Chicago's soccer team, The Fire. It's the first time McDonald's has stuck their name on an arena, and it's a big sign that they want to stay in Chicago long term. It's a literal sign too, and there will be an actual McDonald inside the stadium for everyone to eat at. Huge missed opportunity in the naming though. McField. Oh, huge. And finally, the Elon and Sam Altman mega AI lawsuit wraps up this week. now that closing arguments have been made.

21:16So Sam Allman was the last one on the stand trying to defend himself as not a liar. Before that, Elon was on the stand trying to prove he's not just sour that he left OpenAI before it blew up. And the jury of humans is deliberating this week to reach a decision. Now time for the best fact yet, which, because it's Monday, means some T-boy trivia. Jack, what do we got? This one's from Lucas Schneider in Valencia, Spain. What was the first publicly traded company in the world? Simple question. what was the first stock traded on a market? What do you think? What was the first company or business venture that got sliced up into little ownership pieces and any Joe Schnameau on the street with a couple of bucks can buy stock in it?

21:56And is there a fourth way we could say this question to you right now? I'm trying to think of one, Jack. Bessies, if you know the answer, drop it in the comments. If you're guessing, drop it in the comments. We'll reveal it on tomorrow's pod. Spoiler, it's not SpaceX. sex. Yetis, you look fantastic. Jack, you are glowing. By the way, did you see how many recommendations we get for your trip to the Amalfi Coast from the Yetis last week? Where, in the comments? Yeah, a buddy from Como. He's got a good one for you coming on. Well, I'll let my travel agent know. Besties, the best way to grow the show is tell a buddy today, H-Y-H-T-B-O-Y.

22:31Have you had the best one yet? If you know, you know. And Jack and I, we'll see you tomorrow.

22:39And before we go, a happy birthday to Eddie Logan Smith, turning 31 down in Milwaukee, a daily Eddie. Happy birthday to Truman Patel in Houston, listening right now while pumping some iron. And Trish Dillon, enjoy that birthday down in Palo Alto, California. Happy birthday to Erica Brown, turning 50, but doesn't look a day over 25 in Cincinnati. And Greg Giffen is turning 30 in a Holton, Maine, while training for his first triathlon. Happy birthday to Laura Snyder in Raleigh, North Carolina. Scott Bates, enjoy the birthday over in Colorado. And happy birthday from Carrie from the Bronx, now living in downtown Manhattan.

23:12And Cannon Daffin just got that internship at HKS Architects, second year in a row, baby. Congratulations to Joseph Madamba from the Philippines, the youngest boy of five sisters graduating from college. And Davide over in Como is offering some Italy advice for your travel agent, Jack, so we just got to DM him to get you hooked up. Oh, and quick correction from a fellow bestie named Brian. And last week, we said how Amex has a new chat GPT credit, and we said Sapphire should do one. Well, Sapphire already has a$200 Google AI credit. Thank you for that heads up.

23:47This is Jack. I own stock of Ford and Netflix, Nick own stock of Shake Shack. We both own stock of Apple, and we both own ETFs of the S &P 500.

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24:32Thank you.