👬 “The Brotation" — Nasdaq’s 10% drop. eBay’s cockroach scandal. Haribo's gummy stores. +Minivan Momentum

0:28This is Nick. The rotation of the trading bros. For our second story, it's Haribo. They're launching their first American store selling gummy bears only. Because Haribo isn't a one-trick pony. Haribo gummies is a one-trick thoroughbred. And our third and final story. We just opened up the cockroach files. Real thing. Something eBay did that is truly scandalous. Get this. eBay just paid 56 mil for mailing a journalist live cockroaches and a bloody pig's head. I can't believe this is a true story, but court documentation shows that it is. We got the cockroach receipts. But yet is before we hit that wonderful mix of stories.

1:05What a mix of stories on the funnest place in finance, Jack. I'm very enthusiastic about this mix. Yeah, you are. But Nick, what's the most talked about car in the market right now? So it's not the Ferrari electric car, the Fiat Topolino, or the pink custom Bronco that your buddy just bought. It's the minivan. Minis. Millennials are making minivans fetch again. One sec, Jack. Dibs on the captain seat. I gotta roll. I gotta roll. Get this, Yetis. Minivan sales grew by 21 % in 2025. We're talking 400 ,000 minivans sold across America, baby. And the Toyota Sienna led the pack with 35 % sales growth.

1:38I'm sorry. It's like everyone going to soccer practice right now? What time is it? Even Mark Wahlberg bought a Toyota Sienna next. No joke. Chevy Chase called. He wants his little Miss Sunshine back, man. Does this thing have automatic transmission? Does this thing have four-wheel drive. Zero to 60, yeah, it kind of gets there eventually. Now, there are three reasons the minivan is appealing to millennial parents right now. First, sliding doors. That is key if you got kids. Second is nostalgia. In times of uncertainty, you crave it. And finally, it's the price. Families with two or more kids, they're the ones splurging on the minivan.

2:09Because if you're interested in a minivan, you're probably also considering a full-sized SUV. That chassis, it's cheaper in the mini. The average new minivan is 49 grand, which is$30 ,000 cheaper than a full-size SUV. Now to sprinkle on some context, the minivan is not an SUV dupe. It's lower price for sure, but it's very different street cred. You roll up in a Honda Odyssey, you're sending different vibes in in a Chevy Tahoe. To be clear, I'm a believer. $30 ,000 off, my wife is not a believer. Either way, millennials swore you'd never become like your parents, but now you're vacuuming out popcorn from the third row of that Chrysler Pacifica.

2:44I said I get the captain seat. Oh my God, let's hit our three stars.

3:17First, a quick word from our sponsor.

3:24Monarch. Yeah, it is. You know my first money lesson? It was where to put our lemonade stand. I was wondering, it was on the Upper East Side. Do we do it on Lexington Avenue or Park Avenue? Wait a second. New York City has lemonade stands on the sidewalk? They didn't. We were pioneers, Jack. Lexington Avenue is more commercial. Park is more residential. So what did we learn, Jack? Families are willing to pay more for lemonade. So you set it up on Park. Yeah, we did it on Park. Besties, no one gives you financial lessons in life. You end up figuring most of it out as you grow up. But we love Monarch because it's like a financial advisor in your pocket.

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5:19So Decagon solving customer problems, it's like living happily ever after in a Hallmark. Yeah, rated R for really good customer service. Ready 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 TBOI. Nick, did you see Liquid IV teamed up with Ring Pop? I did, Jack. And honestly, it's one of those collabs where you immediately think, how has nobody done this before? I mean, Ring Pop cherry is already iconic. My sons love Ring Pops, by the way. I give it to them at the beach.

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6:27Check out the new Liquid IV sugar-free ring pop cherry at liquidivy.com. For our first story, the NASDAQ just entered into correction territory. It's down 10 % from its all-time highs. So we need to tell you about brotation and erasure. Oh, brotation. Oh, brotation. But besties, yes, oil jumped on Wednesday as Iran attacked U.S. military bases in the Middle East. And yes, new tariffs on 60 countries and potential interest straight hikes. Those are concerns too. And yes, Jack is fishing for a minivan sponsorship now that we just did that intro to the podcast. It's already putting out feelers out there.

7:08Dude, if somebody sponsors us, then Alex has to agree to get a minivan. I'm just concerned about the brand vibes, Jack, but it's a story for after the pod. But besties, there is one theory as to why tech stocks are down 10 % in July. And what is that theory, Jack? It's a hilarious made up word, The bro-tation. Ah, the bro-tation. And here's the theory, besties. Risky trading bros bet on AI stocks, crypto, and sports gambling interchangeably these days. But during the World Cup, those bros sold their tech stocks to make money to bet on Argentina instead. They're thinking like, hey, I can make a million bucks betting on Messi's left foot than on Microsoft shares right now.

7:46So they sold Microsoft shares to bet on Messi's left foot. And that is the bro-tation. The money bro-tated out of tech stocks and into gambling apps during the month of July. But Jack and I think that the NASDAQ is down for different reasons than bro-tation. The NASDAQ is down 10 % because of the erasure of memory. Ah, the erasure of memory. Because memory chips were the latest hot sector that was riding the AI wave. But the same memory stocks that have been driving the markets the last few months are all tanking right now. I mean, Jack, what are we seeing on the whiteboard here? Micron is down 32 % last month.

8:20Intel and Marvel are down 37 % each. Korea's memory stocks, SK Hynix, is down 52%. Samsung down 38%. SpaceX, 52 % down. We're talking about trillion dollar companies losing almost half their value in just one month. Add it all up and the tech heavy Nasdaq's down 10 % in just over a month. We remember to blame memory. That sounds like something the Starks say in Game of Thrones. I know, I know. You're never going to forget it now. But besties, Jack and I were curious. The reason memory stocks are down, it's not brotation. No, it's not the brotation. It's that the buyers of memory chips are all in trouble.

8:58And we just saw it in this week's earnings. Tesla, they flipped from cash flow positive to cash flow negative in just the last quarter. They spent more on chips than they made in profits. Google just went cash flow negative for the first time ever last quarter. Google spent$44 billion in just three months on chips and data centers. How about Meta? Zuck announced yesterday 15 billion profits, but spent twice as much on AI. And Microsoft also announced yesterday they have$11 billion less cash this quarter than the same quarter last year. Why, Jack? Because of AI spending. Besties, according to the New York Times, the number of AI chips in use doubles every nine months for the last three years.

9:34And the price of those AI chips in use has doubled every nine months as well. So you can see the pattern here, besties. Investors are getting worried that tech giants can't possibly keep paying so much money to scale their AIs. They're asking questions like, when will these AI investments pay off? Both for the Mag 7 and for the S &P 493. In the meantime, Jack, big tech is splurging so much cash, they're taking on debt to pay for it all. They're tossing those GPUs on their corporate Amex. So remember what Alan Greenspan famously said, Yetis, about stocks and bubbles. Stocks don't cause bubbles to pop.

10:06Debt does. So Jack, what's the takeaway for all our buddies looking at the NASDAQ being down? If you're diversified, you've got AI bubble wrap. Now, Yadis, if this is a bubble, if it is at risk of popping, the big question, what should you do? We would say diversify, and we would hope that you're already diversified. Because it's hard to avoid the AI in the stock market these days, but about 400 of the S &P 500 companies out there, they're not tech companies. That's why the S &P 500 is down just 0.6 % in last month, while the NASDAQ is down 10%. Jack, how about Berkshire Hathaway, Warren Buffett's investment fund, which you happen to own shares of?

10:41They got practically no tech, so they're up 3 % in the last month as worried investors have moved their money to value stocks during the downturn. And now, besties, we have called Berkshire Hathaway like bubble wrap to protect your stock portfolio if the AI bubble pops. So if you're diversified, you're not AI dependent. You have bubble wrap. For our second story, Haribo Gummy Bears is launching its first ever stand-alone stores across America. Because Haribo isn't a one-trick pony. It's a one-trick racehorse. But first, trigger warning. Earmuffs to all the dental hygienists out there, including Jack's dentist who spent two hours working on your molar this morning.

11:19I don't want to talk about it. This story, though, is about the invention of the gummy bear 106 years ago, and it was hidden in plain sight in the company's branding. Ha-ri-bo. Please explain, Jack. Ha stands for Hans. Re stands for Regal. And Bo stands for Bonn, Germany. The man and the location of Grubby Bear's inventor is in the name Haribo. Haribo. First name, last name, and the hometown. Wow. The Chancellor of Chu, the Kaiser of Cavity. The Baron of Colorful Sugar Bears, baby. Haribo makes an estimated$4 billion in annual revenue, which is a little more than one-third as big as Hershey's.

11:56But Jack, let's sprinkle on a little more context, because Haribo is still the biggest gummy bear maker and seller on Earth. How big exactly is it? You could wrap the world 10 times in their annual gummy bear production. And it is still owned by the Regal family to this day. Now, we covered Haribo once and only once. Yeah, I remember well, Jack, it was my birthday. The CEO had that legendary quote, we don't like to change. Which is the most on-brand thing for a German CEO to say. We don't like to change. No CEO says that here. So Haribo is not launching protein-infused GLP-1 friendly gummies. Yeah, there's no collagen gummy out of Haribo coming anytime soon.

12:31Because if you chase fads, you eventually run out of gas. And that was our takeaway two years ago. But besties, Jack and I have come bearing an update here. Because Haribo is not changing, but they are launching. They're opening their first Haribo-branded stores here in America. And these Haribo-branded stores, they are designed like Willy Wonka got an architecture degree on TikTok. Nick visited the Haribo factory in France once. Life moment. Nine years old, we were in France. At the time, you couldn't get Haribo gummies back in the States. We ship giant bags back with us. Very exciting, but you don't have to anymore because the first locations are going to be opening in New York and Massachusetts in August.

13:06But this is a pure play retail store only selling gummy bears. Think ice cream shop, but you're scooping gummies. And you'll smell this store before you see it. Because opening the store door is like opening a bag. You're getting a gust of gummy. Speaking of bags, the first product they're going to sell is a mystery bag, which is like a labubu of the various gummies that they sell. You don't know if they're blue sharks, Coke bottles. Oh, there's raspberry sugar things inside that are, I don't even know what those raspberry sugar things are. But above your head will be Hollywood level studio lighting so you can live stream it on Instagram.

13:35Okay, but Jack, what if you're a 10 year old kid who doesn't have a phone or doesn't want to go viral opening a LaBooBoo bag of gummy bears? That's okay, it's not for them anyway. 65 % of gummy sales are to adults. So Haribo's actually hoping that these new gummy stores become a date night destination. And beyond these two stores, Haribo's driving excitement nationwide doing drops like Nike. Ah, the new peelable banana gummy bear that defies the laws of engineering, where can you get that, Jack? Anywhere in America? Only at Dollar Tree. And Haribo is localizing flavors for the rest of the country to optimize sales.

14:05Because every region has a different ick. For example, Jack, what city has the biggest sour tooth in America? Houston, Texas. Definitely not Salt Lake City. So Haribo launched their sour soda first in Houston before going anywhere else. And despite all that innovation, analysts are still worried that Haribo could be a one-trick pony. Because despite four billion in sales leading the entire category, Haribo only makes gummies. So Jack, what's the takeaway for our buddies over at Haribo? One trick pony, more like one trick racehorse. Yeah, Jack and I got a change of perception here. Doing one thing isn't a bad thing if you do that one thing better than anything.

14:45In business, there's a pressure to diversify revenues, like Mars Candy has done. Mars Candy, most of their business is not M &Ms and Snickers anymore. It's actually pet food. And you know what? that diversification works for them. But Haribo proves that putting all your resources in one category can pay off as well. By focusing all of their research and development on just gummies, they've invented a new hard and soft peelable banana gummy, for instance, that no one else created. And they can charge a premium for that. Because if you treat a category like a craft, you can become a one-trick thoroughbred.

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17:21Cash App green features, savings, direct deposit, roundups, overdraft coverage, and discounts provided by Cash App, a Block, Inc. brand. Visit cash.app slash legal slash podcast for full disclosures. For our third and final story, eBay just paid 56 million bucks for committing the most egregious acts we've ever heard of from a Fortune 500 company. eBay was so mad about negative press, they sent the journalists dead animals in the mail. This is the most shocking story we've ever covered. And so shocking, Eddie, is that we only have five minutes to tell this story, so what do you say we get right to it, Jack?

17:57We call it the cockroach files. In 1999, Ina and David Steiner launched a media startup to cover online auctions. It was called e-commerce bites. Look, back then, online auctions, that was a brand new spanking industry, right Jack? So first they covered eBay and eventually Amazon and Etsy too. 2019, they're still kicking it. Became a trusted source of trade news read by a bunch of eBay sellers out there. And they're based in Natick, which is just outside Boston. Well, they happened to write a few articles critical of eBay at that time. One of them pointed out that the CEO happened to earn 152 times the average employee.

18:28And another of their articles highlighted the fee increases eBay imposed on sellers. Another one covered a big eBay lawsuit. After those critical articles were published, the then-CEO of eBay texted this to the head of comms. Quote-unquote, we are going to crush this lady. Quote-unquote, if you are ever going to take her down, now is the time. And oh, take them down, eBay tried. Seven eBay employees, probably at the direction of that CEO, tried to ruin the Steiners' lives. When you hear the details, straight out of a screenplay. Because the details, they are vile yet salacious. This got page six attention.

19:06The following details are from evidence in court documentation. Exhibit A. eBay mailed the Steiners a box of live cockroaches and a bloody pig's head mask. That's like from The Godfather. But then they sent a funeral wreath and a spousal bereavement book, implying that one of them would be killed. Then things just got bizarre. Yeah. They mailed the Steiner's neighbors pornographic magazines in David Steiner's name, apparently to humiliate him. And then posted online invitations offering strangers to come over for a good time at the Steiner's residence. Resulting in some unwanted guests showing up at the Steiner's door.

19:42Oh, and then they traveled to the hometown of the Steiner's to stalk them and vandalize their house. Yetis, this isn't the plot of season three of The Beef on Netflix. No, it is not. This is nonfiction. It's real life what seven eBay employees did in the year 2019. Doing things that even Johnny Knoxville wouldn't do if he was on the set of the Jackass movie. Now, the Steiners sought justice. They pressed charges of conspiracy to commit cyberstalking, conspiracy to tamper with witnesses, and harassment against these eBay employees. And those eBay employees and the company, they pleaded guilty. And Jack, what's the verdict?

20:16Seven of them got prison time between one and five years. And here's the news. The Steiners have now won a civil case on top of that criminal case. And eBay is now being forced to pay$49 million to the Steiners, plus$6 million to charity. And that former eBay CEO who sent the text about crushing one of their customers? He's going to pay$1 million to a free speech charity in Mrs. Steiner's name. And he has to eat a box of cockroaches. And he doesn't have to do that last part. Yeah, it would have been created by the judge. So Jack, what's the takeaway for our buddies over at eBay? If journalists are being intimidated, it's because they're telling the truth.

20:55Yetis, here in the U.S., we have a federal, state, and municipal law enforcement. Plus the SEC to enforce laws against publicly traded companies, and the Fed to enforce laws against banks. But journalists, like the Steiners, they often are the ones who raise awareness of a crime in the very first place before law enforcement. Now naturally, the people who journalists expose don't like it, but it's a service to the rest of us. And journalists have the right to free press enshrined in the First Amendment of the Constitution. Now, right now, journalists face historic harassment globally with increasing numbers of threats to their lives.

21:27And this eBay cockroach case, it gives a vivid picture of what crimes against journalists actually look like out there. Harassment, intimidation, and humiliation to try to stop them from publishing the truth. Journalism, it's the first line of defense against crime, including business crime. By the way, if journalists are telling lies, they can be sued for that. But if they get harassed, it's probably because they're telling the truth. Jack, could you whip up the takeaways for us for the new Friday? The Nasdaq is down 10 % in just over a month. Some say it's the brotation. We think it's the erasure.

21:59Never forget it. We hope you're diversified, besties, because that is like an AI bubble wrap on your portfolio. For our second story, Haribo is launching a U.S. brick-and-mortar expansion with two branded stores starting in the Northeast. Yeah, they only do gummies. So what? It's not a one-trick pony. it's a one-trick thoroughbred. And our third and final story, eBay was forced to pay$56 million for a shocking harassment conspiracy against two journalists. Cockroachgate, if journalists are being intimidated, it's to stop them from reporting the truth. But besties, this pod's not over yet. Here's what else you need to know today.

22:32First, the Fed just slid into everyone's DMs because our central bank announced yesterday no change to interest rates. But three members of the decision Commission Committee did vote to increase interest rates, which was a little freaky. It was, because rising oil prices and tariffs, both of those are causing prices to keep popping in this economy. It's been years of an inflation situation, and yet inflation is still almost two times higher than what it's supposed to be. So higher rates could be coming. And second, speaking of higher, we are one step closer to the flying burrito because we got another drone delivery deal, Jack.

23:04DoorDash just became the eighth drone delivery business to get FAA approval. Okay, but this is why this one's interesting. DoorDash built their own drone. In fact, DoorDash spends twice as much on R &D as Uber does, we discovered in their paperwork. And yet, even though there's eight certified drone delivery businesses, I'm pretty sure I've never had the opportunity to get a burrito delivered. I'm looking up, I still haven't been hit by any guac, Jack. So Jack and I call this the 400-foot economy. The next frontier is right above our heads. And finally, the most valuable real estate on campus right now, it's not the frat house, It's the football jersey.

23:36Because Ohio State just snagged a$15 million per year jersey patch deal with J.P. Morgan, the biggest jersey deal in college history. But the next day, Notre Dame announced a deal with SoFi beating Ohio State. Oh, no. Notre Dame's getting$20 million a year to put SoFi on their chest. Jeez, Jack, I can't wait till the Capital One Raging Cajuns play the TD Bank Trojans this fall in the showdown bowl of whatever Tostitos chips. Now time for the best fact yet. This one's sent in by Frederic from all the way over in Paris, France. This isn't a fact. It's just a wild quote from the CEO of Louis Vuitton, Bernard Arnault.

24:14You see, Bernard has been doing a lot of interviews this week after an article came out about his fancy family, and he had this gem to share. Steve Jobs once told Bernard Arnault that his best product, the Dom Perignon champagne, would outlive the iPhone. We repeat, Steve Jobs said that the luxurious$200 a bottle wine would exist longer than the iPhone does. Here's what Jobs said, according to Arnaud. You know, my phone is great, but what you do at Louis Vuitton is even better because I'm convinced that in a century, your Dom Perignon champagne will still be here, but my phone will be completely obsolete.

24:49Yetis, you're looking fantastic over there. Jack, you are glowing. You want to slide in one more pitch for a Honda Odyssey? You know, we've got like three car brands have approached us about advertising, but you want to go the minivan route right now? Alex, I know you hate like opening the door and hitting the side of the garage because the doors swing out so much. That's another benefit to the sliding door. You're not going to hit the car next to you. You don't even have to worry about it. Lexus, Rivian, earmuffs, please to all those brands. BMW. It's not personal. Dude, I'll be the soccer dad.

25:18You don't have to be the soccer mom. I'll be the soccer dad. Yeah, if you haven't yet, drop today's show in your group chat. That is how we grow the pod. Alex, I'll tell you what. You can take half of our$30 ,000 worth of savings and go on vacation with it. H-Y-H-T-V-O-I. If you know, you know.

25:38And before we go, a happy birthday to legendary Eddie Damon Hall in Fort Cavazos. Thank you for your service and congrats on the big birthday. And happy birthday to Yashvia Shah, cooking it up for her 17th up in San Francisco. And Romir Singla, enjoy the birthday over in Manhattan, baby. And happy birthday to Steve Tarlow in San Diego. And Yala and Taylor Embury, the 11th anniversary of meeting in Central Park, thanks to a chance encounter with some pigeons and a raccoon. Who could forget it? We didn't. Congrats. And to anyone else celebrating something today, make it a T-boy. Celebrate the wins.

26:14This is Jack. I own stock of Berkshire Hathaway and Amazon. Nick owns stock of Nike. We both own stock of Apple. And I own one share of SpaceX. Nick owns more than one.

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