19 Episode results for "One Hundred Forty Million Dollars"
Calms Secret to Success? Matthew McConaugheys Bedtime Stories
"Business Wars daily is sponsored by SALESFORCE salesforce customer relationship management solution is committed to helping you deliver the personalized experiences that could customers want so they'll keep coming back again and again salesforce bringing companies and customers together visit salesforce dot com one hundred fifty million times and the company turned a profit last year it's now worth more than a billion dollars the first wellness apt to become a unicorn and it shows the simplest of features bedtime stories read by celebrities like Matthew mcconaughey as observers have noted meditation is nice to have adults suffering from it won easily blame it on political news or climate change concerns stock market volatility over use of technology or the Mash up of skyrocketing love but everybody needs to sleep with once upon a time now at the heart of the business subscriptions quadrupled Com stories have been played more than dollar annual subscriptions according to Tech Crunch last year the company noted an uptick in users tuning in at bedtime and decided to test products for insomniacs I have additional options for managing their mental health founder Michael acton Smith is nothing if not a big dreamer he's considering launching real world products from more companies are jumping into the digital behavioral health game developing APPs intended to bridge the huge gap between suffering and treatment anxiety is highly treatable close a two-thirds of people who have never received treatment according to patient advocates enter the big guns of mental wellness apps head space and calm relaxing way to run billed as a partnership between Nike and the blockbuster meditation APP head space it was a reminder to just how ubiquitous mental wellness APPs have become June loan debt and the pressure to perform do we have anything else we can be anxious about how about a toxic combination of all of the above will listen regardless of the cause more industry is relaxing head space is in you might say head to head competition with Com- A serial entrepreneur from South Wales Michael Acton Smith founded stream to date com has raised one hundred forty million dollars in funding and reached about fifty million users the company says about two million of those users purchase seventy lost ninety six dollars a year it now claims to reach more than forty five million users in one hundred ninety countries the company markets the APP to corporate wellness leaders they reach nearly one hundred million users worldwide albeit with different tones and strategies founded by British former monk. Andy put a comb in twenty ten head space earning the American Medical Association which offers at two burned-out doctors and Temple University which gives it too stressed out student athletes that's not to say that being in the meditation in two thousand twelve but it grew slowly for its first few years Smith credits the two thousand sixteen election with increasing America's anxiety levels and his company's revenues grids of companies eager to calm they're anxious employees down what's up anxiety has become the most common mental illness in America with some forty million they're everywhere and applied to everything from running to serious mental health issues like depression and suicide alley and they're on the benefits men use of hours daily happy Monday friends the other day I pulled up apple's APP store my phone to look for something in steering me there in the face was the APP of the day which promised and I quote here a more one side effect of success and that Ho category mindfulness APPs are taking a bit out of depression drug sales which are declining as people realize clothing and retail stores to publishing hotels and even a private island resort a really really come when we would imagine what would you pay for a peaceful day or from wondering I'm David Brown and this is business even better a peaceful night more and more of us are willing to subscribe to stillness it appears so watch this space calm and head space may be winning now but many scrappy upstarts or aggressively climbing that path to enlightenment and that fight is likely to be anything but peaceful business wars daily is sponsored by salesforce have you ever wondered what salesforce does of salesforce is a customer seamless personalized experiences that customers want and build lasting trusted customer relationships make sense salesforce uh-huh slash learn more nations ship management solution they bring companies and customers together. How do they do it? They give your employees of three hundred sixty degree view of your customers bringing companies and customers together visit salesforce dot com slash learn more that's salesforce dot com slash learn more eh that helps every department in your company work as one and when all the departments in your company are working together it makes it easier for your company to deliver this you like our show take a second and leave us a review on your favorite podcast APP. We read them all off it at bedtime. I'm David Brown wishing you eight shrimp from wondering this business wars daily.
The Sporting Life: 11/1/19
"Welcome to the sporting life with Jeremy shop over the next good chemistry with Bryce but I do not think that you can probably have a team with offensive numbers in baseball this season pitching ultimately won out in the end a Senator Mitt Romney discusses potential issues with the NC double A. allowing its players this sporting life on ESPN radio and the ESPN THE NCAA and whether athletes should be compensated we'll be speaking as for the first time in ninety five years it's also the first victory in the world series elements in this world series with than the legendary baseball writer from the Washington breath it's a pleasure to welcome to the show the Great Washington Post columnist Thomas Boswell no as long as this franchise has existed going back to its previous incarnation dream make sense of it all I'm beginning to understand that this may be the biggest upset we to bigger favorites that were ever upset in nineteen forty six and nineteen ninety eighteen Chicago Black Sox who were not doing this Houston now now where this offer three years than any team in major league history and the team they edged out didn't come into it as a normal division they came in as a wildcard winner so they had to win a wildcard this is a team that Wins Five Elimination Games Mazen trails in all five with and it starts long before the season itself starts when a guy good how did Dave Martinez mold this team into the champion it became the reason for that is probably not primarily any Atra Corbin who won the game last night one hundred forty million dollars and get everybody else with Bryce but I do not think that you can probably have a team with this sad the the Dave Martinez Question he came into a team due to an eighty that's a lot of Bilton disappointment he is also not a self arts this year nineteen and thirty one C can work it out now he's almost two hundred games into his in my life saying manager should be fired I think that's the business of the team if they full clubhouse chemistry builders this thing that thing on the all over the country we're not only saying I mean people were saying of course Dave Martinez they should look into trading Max Scherzer while he's still has a couple of years on his contract when the the nats came home from a road trip in which they lost four the most hideous games first bullpens in the last fifty years the biggest shock was that microbes he's doing just what we want him to do and to whatever degree Sir this all a big mistake is this the end of a really wonderful run and then it turns out G it's injured players for forty ends that didn't have Ryan Zimmerman they didn't have all of their starting pitching staff they got healthy and then they added pizzas someone who's been around to celebration it's a pleasure Jeremy let's see down the line Paul Writers and Reporters Jeff Passan Jeff thank you so much for joining us it's been exhausting world series watching it I mean there's been a lot talk about the Washington nationals. I think that they've told us that ace harper were drafted back to back years that the nationals were going to national franchise that operated like a big market and card game this year Jeremy and when I saw Juan Soto whack I I you know I didn't sit there and say to myself this is a special team or this is team that scared the Los Angeles dodgers because of their pitching seven Max Scherzer speaking with Jeff Passan about the world series and in some ways although in the sense that you know started off very slowly and got hotter and hotter overcame how's this for a well formed thought or question cheese Juan Soto I mean listen that's that's what he does though Jeremy It's like he makes you mumble for of life I love watching him at the plate technically he's looking at the ball crossing two inches outside and he knows it's two inches out it's like he slows we can spend an hour breaking down one so alone because it's it's the scoreboard against Justin Burland or I mean those are two of the best pitchers in baseball him see him last by Celebrating I you know I went up to him he had been downstairs they had a they had a trophy and and he started talking about how much he was enjoying drinking legally like wow this is like this kid is too good to be true and I ask them what's we made it we made it and and for a kid from and grow with the most money it was a really special moment and speaking with Jeff Passan about the world series and the first few games terrible ratings the things going on that some people are GonNa remember there there were certainly the Brandon Taubman story own clubhouse and then in Washington you know the the president and the home team not winning a game I mean we we're things in different really good question and and I think you know I I look back and a really close game at the nationals shockingly ended taking Justin verlander deep and then just pouring it on and women hold the nationals to one run in each game and at that point you don't masterful performance in game six to pave the way for Max Scherzer start in and that is that what we're doing I mean note no doubt right eighteen years I mean talk with you you couldn't just turn his head turn his whole body I mean isn't that a ex- aren't doing well and still go to work I mean I don't know I'm and grime through with two runs allowed kept the nationals outcome in the world series the nationals bringing a championship thank you for joining us Jeremy You are the big train of ESPN well done big news this week in the world of college sports or not depending on your this and to be paid endorsers in the wake of the NCAA Board of governors any of Utah who has been saying the NCAA must change its model when it comes to paying time what's your takeaway well I think it's a combination of things one all what's that have been pushing them to do this but it's also in large measure preserve competitive they're basically saying we're going to we're going to look into the law as saying it's violative of the Constitution the commerce clause of the Constitution one governing body can't have all the stuff first of all they can because you've got a bunch of different labor laws and they operate in this coming at them so that they can have some time to breathe and try to come up with some solution they've already call in my judgment they're not really going to go toward a system where careers California some other states obviously are taking up the causes well we'll we'll to put together a team that'll look the same as the rest of literally the rest who do we pay the head of surgery the same as the landscape professional I mean how are we going to run this university because everybody so if a pl- just as in the NFL we can have group licensing where players it's amazing that steph curry can wear under armor shoes and where the NBA apparel that's that's Norman or whatever you know he's got a relationship with those football teams basketball teams in those nation to deal with that on the recruiting side but you can certainly have players can have jobs now so dollar tip every night what's to stop that it's crazy we can't let people work all blaze that at the time we were going to have to cancel women's sports this is going to other sports are gonNA this is an existential crisis and then they pass a month later so that shows you a and the other is to get something in place that placates action on this issue Senator Mitt Romney of Utah Senator Romney what was your that needs some additional remuneration in some cases to take care of their families but to provide for very unusual circumstances that need to be avoided so there's some work that needs to be done it clearly or is it actually an embrace of new model well I think given the California legislation because I think we recognize it's just not fair to have these athletes giving have is a couple athletes on campus driving around in Ferraris while everybody else you know basically and everybody all that great athletes want to those handful of schools then you then you kill collegiate sports of equity if your quarterback Oklahoma or Notre Dame or Florida the appropriate for players in those schools to have some remuneration in addition to the scholarship not everyone else on the campus that's that's what they're going to get where they go pro so while they're in school also needs to have some capacity to have some funds to be able to make ends meet and to be able to help college athletes are going to make money off their likenesses while in school their scholarship should be treated is a little early for that I respect his his perspective and an honor him as an individual millionaires in college. Why then you talk about you know wait a second what's the what's the tax implication country to be able to recruit the best talent without going to a couple of places effect assuming other things don't happen in twenty twenty three where I congress people doing the same thing looking at this area but my effort is to make sure practice per day almost three hundred sixty five days a year and they're not to create a problem where a few people come extraordinarily rich on campus or or some this is the sporting life on ESPN season? It's impossible to consider that history and the breakthroughs have owned the Pittsburgh steelers controlled the team for almost ninety years and his legacy it's titled a different way to win Dan Rooney Story from the Super Bowl all the things he achieved not only in football of course he was also in this process actually well he was alive and we were talking about doing something maybe the inclusion but to talk about how he tried to incorporate these things into feels drafted more players from the species than any other team and and you know then the idea that he he tried to step into challenging situations and make a difference he was someone who is universally respected I it's hard to be in a tion of his approach to dealing with people you know we had these qualities that all the things we want it raised very high standards and the folks who work with him around of humanity and dignity dignity of each person and they were they were very palpable the current commissioner and the and the previous Commissioner Commissioner Goodell Commissioner Tagliabue he challenged you but there was just this fundamental respect and decency any balanced are associated with a progressive attitude on race in the early thirties
"You want it you need it it's what everyone's is calling in because it was probably a late night getting back in and he's GonNa come a free agent and that Anthony Ron rent's GONNA be a free agent if you could only choose well for me that that's pretty easy it would be Strasbourg who great I mean I know Strasbourg is is thirty wear and tear and I love I wanNA keep both of them but young nucleus for team but I'll take the dominant starting pitcher who by the way is next year to three years I'll take Strasbourg it's a tough tough choice. The prime but pitchers can fall off a little quicker than position players think I'm inclined to say Strasbourg plus the fact that just in my head if board position player position player I think he if he's not he's right on the edge is batting in the late innings elimination game is incredible as well he he is that one of his teammates Juan Soto is in that top five good the have both of these guys back and if not which is the more likely to be back such a hard read I don't know what to make of him he hit here he here's his there and and and talk to reporters until the PR people had to drag owner by Scott Boras to convince that Anthony Zone is the key to hey guys and you know not make the offer that he can't refused and I don't know how much ren don't really loves playing here compared to Strasbourg oh I know what you're saying about the learners but I also think that this is unchartered territory I think that this is the guy that they would overpay to bring back given the situation in the the title for for the Old Guy but my guess is both of them are you know in in the postseason no I know you weren't saying that you had a problem with it but I'm just I'm just saying that weird feeling that the learners are not going to want to open I think I think you could be right I mean I'm not adamant about it you know about how willing the learners would be I mean you know but if he stayed here it wouldn't well I mean I can't even remember Tuesday night I had a story written about them losing that would I thought was terrific sorry for him because he was he was on any against that grungy and I'm thinking I and his pitch count is ridiculously you know Rendon Homerun Soda Walks My there goes my story because I mean this is what the nationals wait for so everything after that was you know the Kelly Kendrick homerun either doing this again that they're coming back again in the sheep were bleeding you gotta take Max Shurer out you gotta take him out he's got the other guys and then and then it's become that this this this travesty I have no idea of the conversations that shirts and Martinez or haven't always going to believe in players is all emmy he's GonNa put his face Sir and I heard this yesterday after the show you know because I didn't see the Dave Martinez interview but he he said Max wanted to six and he said no that's it after the fifth so I grind it out for five innings one hundred and four pitches hundred three pitches two earned runs got your back we're good and and he came in with Corbin obviously and it turned out to be brilliant art remarkable that they only had two runs again it was in much and then then you got the catcher cheer knows he's He's to left where Soto came in because that that's two runs in and maybe springer sitting into earned runs that was pretty amazing and was huge in their ABS- absolutely absolutely and then that situation and then Corbin he's not getting paid one hundred forty million dollars to be released understand that I mean his his starts Oh seasons fifteen runs in twenty three innings and the nationals may have I mean basically I think David was only going to give him an inning but meet everybody in the press boxes like there they were just like in awe it had reduced the best team in baseball to basically in that game and the astro seemed like let's let me T- first of all let's not forget to that he came in and game five at the at you had to in the in the winter winter go home game against the dodgers also in earned runs in that game but he pitched well through five innings he had twelve strikeouts I thought he pitched pretty eighty million dollars for a three point two five era fourteen in seven it's bad signing it was a good signing and he did his job ed I mean basically the national you know the whole thing was nationalised have the better starting I I think I think it helped nationals get to the postseason I thought he he seemed he seemed to waiver to be kind it's funny because when he came in for Sherzer the other night and he gives hit when he's got it in the right spots in and and it was it was this was you know the big analytics discussion you know did AJ hinch pull them out one ZAC ranking when he pulled him and Tommy I'm sitting there watching this and I compared it to the Sanchez it's Co you have no idea where it's GonNa come in land and the other one's coming in just a nets fan that would that was the best part of the first six and a third innings the biggest moments in there he was he was doing what Sanchez didn't game one against the at that moment in Ren don't hits the the only mistake he had made the only mistake got a terrible call goes to three to one and you could see his reaction to it you know he was like well the net Scott most of the bad calls through the first five game so I'm not a good good information I find it interesting but to me it's just one piece of information context based on analytics is just stupid to me and doesn't make any sense but in that situation I would've said he's he's GonNa pull Zach Cranky after one bed pitch to me he had to come with his best pitcher after that four he had pitched a lot you know come in with your closer at that point that I said he pitched a Kendrick no yeah he could have and then look I forget the kid's I'm sorry you're Keady yeah or whatever yeah hit him right I but you can look back and see where the game changed and and that's that's so you know for for a nets fan base that that was ready to roast them season two of the most respected managers onto the two best teams in baseball Jio show I actually went back and watched a lot of the game yesterday was so exciting you know it on in the eighth and stole second how the hell did he pitched Soto do you know if you want to put you in between very carefully because the first couple pitches of that were as those happening yet that was Aj hinch air if you think he shared with cranky is Kendrick with two on either you know it's not like it but you can't you can't pitch right by the way I went back and looked at this yesterday because I was anything at any point in these key elimination games in their last at bat you know there ever do that the last chance at bats for Milwaukee in the wildcard game hits on fifteen bats and it was I was thinking about that like Milwaukee I am but certainly you know there was there was no threat there was no last there wasn't a memorable game in the world series no and what's amazing is the eighth inning was a horror show for the nationals third in the in the entire postseason it with such it was such a remarkable and and and what's so great is this from an observer's the rest of the country is not crazy about Washington DC the nationals style of play it's just captured the rest of the country and and you know GM that made them a lot of people don't follow that stuff but for a lot really likable group and I agree with you that people sort of you know as as they got into what did he deliver consistently you know the bottom line is they with the course of the postseason which is really remarkable those four guys and I you said something here for it to go down this way I think they're going to go down is like one of these all time Cinderella from June on they had the best record they had the best run differential they had as an example Josh Hader the best closer in the sport the you know the is in then the pitching here comes the dodgers greatest left-handed lineup perspective you know basically ranks the teams in terms of the most talented and best teams of all time whatever that means and the nats beat both of them in by the way beat them wins in the series and they're eight and one road record which Strasburg dating well I mean that's that's what makes it season so strange in that as in terms of acquiring talent and and the whole Cinderella thing the Cinderella Cinderella combat it's resilience they should be able to play with the dodgers and the actions they have the town to match that became the personality and that's what people kind of fell in love with mm to win the world series or go beyond you know that that flaw but mandate Martinez managed around it and you know did Vincent of the the ES in the world series we've seen all hands on deck period so you know because I don't know that anybody's ever ah anyone I don't recall postseasons where a ED in baseball even than when they made a midseason trade and got Daniel Hudson and he he did that basically and hit that only a the and one of the things that needs to be addressed is he's going into the final year of his contract you get a contract extension this winter oh God I I mean Khanikoglou dime the manager and the general manager spot I don't Wanna I don't WanNa see I mean first of all the Corbin signing was brilliant you know clearly you can't make that move wearer yeah no absolutely power and Cabrera like he they've gone to five postseasons in that time for a manager in terms of the locker room but but you know Mike is going into the final the parade is Saturday that ought to be fun the writing in game seven and they did they did a thirty one point eight locally in game seven five only did a seventeen point three in nineteen locally which was really disappointing is the nats did a seventeen point three on Saturday night you know up against probably aims five in game five but the thirty one point eight is a reflection the number one but if the redskins had a wildcard game you anyway I it would be that and I wanNA point out to people oh nationally on network TV was the world series yeah it and and you know I mean Houston numbers were better I mean hundred games for the past three years I mean they have they have people understand from a comparison standpoint that when the caps closed out vegas to win over and I'll just point out that the redskins vikings last Thursday night did in eighteen in almost the same number that watch a game five in a two two pivotal fifth in DECI fifth game game six in game seven and look game sevens the ultimate I mean if you're not great before seventy four games seven I recognized yeah this is feeling in my stomach like I was I was the the the what a big moment it was going theory so matter who is in it and they don't do that anymore never la to Houston was really a gift for me and I was so glad I had a nothing that matches the electricity and the feeling lights big fights in I have but I've been to a bunch of over the years in Vegas and to be there four a big mega championship fight is unlike any other earner it was like wow this is this is big time this game seven of the world his last night was the first night that we have anything to watch or get excited about but from the month you know and you said they were just so easy will be embraced you know they would still be loved you know the bad boy pistons teams even Strasbourg and Max Scherzer in one Soto even though some of his antics might on that one it sorta met the next one was going out of the park you know what's the most memorable moment of the month what's what's the moment damp him dancing off second base getting tagged out but he's I mean because basically he cleared the basis with with that several to me aim for them I think there's a bigger one for me Aaron what's your number one most like world series knock on wood as I say that because I hope we're all around what's going to be the number use the other one that might actually because it wasn't a game winning hit the back to back homers off they were going to advance past the point that they had not advanced to you know sit there Soto back against Kershaw on a three one game that looked like it was heading for a loss and another aw what's Kershaw still doing the game and so does bomb too never gonNA forget Strasberg's game six it's one of the all-time great clutch performances did you know I didn't have a vote would you voted for I would've voted you had you had candidates choose from but for for Strasbourg watch and it's interesting that is a two thousand twelve shutdown indicated by the shutdown and Pedro Martinez who had been a big critic of it I I thought it was the right decision to make there's no you can't sit there and say that was the long decision you know rather even and you also can't be proven wrong either so I says what people here's what they did though and this is what I never understood given what's going on at Redskins and that's what they were guilty of they were protecting a player I I mean you see you're right you know ones right no one's wrong but you could ken say err on the side of what was right and what was safe for the player that's fine if you disagreed with the decision with the decision but you're right when you juxtapose it against you know at least there's at least a risk that this wouldn't turn out well for him so we're I don't know probably right of course it does so I mean I is this abby at people people are I mean it gave a gave a chance for this from that there's a lot of that untapped joy and happiness everybody involved in the area I think they deserve it here's a question for you and was passionate about it more than anybody else give me the average age of that he's lived in DC for a while I'm GonNa say forty three and I think I've told you this before this was so big for my father and losing two baseball teams and then didn't have it for thirty four years what's more than anything I mean they sit there every night in watch these games over you know fan and Aaron you're not in this category because you're a hardcore fan of teams got your inner city with a with a world series champion you get a lot of that and I'm not fifty you may be right I mean that that makes sense older population at the end that they don't you know they don't generate much interest among if it ever before all slow the game down when you kill everybody nobody wants told me about the dilemma of being on am radio people will hey we're getting older as a society and by the way most of the revenue a bow on it is there is there anything else you WanNa say about what we just went through this month in in College World Series Clinton Com that basically brought up that you know and we all roll their eyes about it you know we thought it was just some calm and there was a lot of skepticism about it but if you're asking Strasbourg about things that go on inside the clubhouse bill he'll bring up he'll say is what got them prove that nineteen thirty one start I mean when when Tina started back then that's what held them together even when Dolan talked about it and talk about how much they love playing with each in the Dugout I mean they never felt like like like you know they telling your coaches from the beginning we're never gonNA we're never going to preach deal with that and I I know I mean again I mean it's it's abstract eighteen has planted with that circle of trust early in spring training two then later surprised a lot of this stuff you know circle of trust a lot a significant and contribute in they contribute to to winning Oh you know you're much better off in a positive environment than you are in an overly I have one other quick thing because you just reminded me of this bunch of the interviews the questions that got asked multiple times and I thought the answer was very interesting was they said we were injured in we knew we were good like we knew even with recognition of all the players that were missing because they were falling so far behind mad dog yesterday on high heat and and mad dog said so at nineteen replay and then I saw Paul men heart and I saw you know interviews with Davey and with Mike Rizzo nineteen thirty one was completely attributable to the injuries and the players he had to deal with all year and players had to come back to that dugout only and that never affected the chemistry because if they stayed with them it may have been a disaster they may have never been able to and I was looking at this the other day when you go back to that nineteen and thirty Yup last thing 'cause you mentioned him among the guys who contributed offensively unfunded in home runs include gains that's incredible an eight four eight for twenty eight or twenty four in the series with ah you know and so that was that was big Buyoya asked Ren don't he said WHO's the guy that's going to be you know equivalent you going to the caps game on Sunday they are gaps play I'm not sure why do I even care let me do a quick read here for mybookie Dot AG and then we will get to now take my word for it I wouldn't tell you if it's not true if it weren't true totally reliable they've got a great reputation for fast payouts time including in Game Action Promise you that if you don't have a place to bet you can't go wrong mybookie DOT ag today you play you win you get paid use my Promo code learn to pull the sound because I didn't even use the sound of Trent Williams on my show in part here Tommy to sorta summarize for those that don't know that Trent Williams spoke yesterday that he recognized six years ago and he was told by the team and the team's a big deal by the team trillions also said that nothing was done about it and it was diagnosed as a rare form soft tissue cancer he was told as a fares in order it was the scare of his life he thought there was a chance potentially his brain it was scary stuff for anyone it would be he's view with reporters out Nash Burn Sort of summed it up he said quote I was told some scary by the way he's conducting this interview and he torches the team in this interview aim for not taking the growth on his head more seriously he said that T- said mean the lump continued to grow over the years it was concerning but there was no how Trent Williams said that even that he even told doctors a couple of times to season when wreck redskin doctors examined him and finally said to him during the off season along it was their closed quote he flew on Dan Snyder's plane to Chicago and the diameter he said of the incision was about that of a softball quote radiology on it would've put a cap on my life I think fifteen years was the cosmetic procedures done in the spring his scalp he claims and says Callahan if you recall the other day said that they are trying to find a helmet for the redskins and my guests in the reporting has been including from J. P. Finley that he'll never in the final two years of his contract remember we've been debating for the last you know four guaranteed money on the redskins have long said privately that this is a situation Shen necessarily the team new that they didn't want to give them an extension but he wanted guaranteed I know you WanNa talk but let me just finish up here on him not getting and actively try to trade him until shortly before the deadline the other day and he said about that alike ain't nobody want you you're not good enough for us to trade for I title during his two weeks in Chicago but former teammate Dangelo Hall did that multiple team officials called Trent Williams during his time before out the relationship with team President Bruce L. and if it could be repaired he said next question his fault and then he went on to say that's why he didn't go public before he army that basically they requested that the NFL's management council and NFL PA beginning agreement that provides for an independent third party review of any NFL players medical care time closed quote you take the first swing at Trent like I've said all it doesn't matter what the truth is and her the redskins did not handle this right Jason and wants to be traded I be surprised if if hammocks he's done I mean I mean you know a part of why you've probably couldn't plays yes they had his back definitely and there was a pink game going on yeah it does the general manager has alienated the best player on the agree with anything you said but I would say the following and that's the unfortunate nature of twitter there's only so much you can say people you know despise the sight and sound of Bruce Allen and Dan Snyder whereafter that they put out this statement that they put out I actually think it's the right course to take I've investigate this in review this and then essentially come out with a finding no Bruce Allen or Dan Snyder in talking about the Trent Williams situation but let me be clear way doesn't mean that I'm contradicting anything he said I just think that there's more to the story the indicated to him far sooner than he sort of suggested completely in the dark as to this whole story in the first I heard of it was Trent Williams's discussion a week by week month by month why didn't you get a second opinion lack of urgency from the team that they didn't think this was a big deal I don't think that to that he's like well they're telling me it's fine it's fine but I think after a issue bottom line here though Tommy two things one they should have traded him eight men out but it was just so redskins and when he said you know the nobody's GonNa pay Kirk eighty million dollars you know don't you guys to and it's just so stupid to have not traded him minded and listen to Houston did you see some of the quotes that came out from other teams like they're arrogant you almost want to see them get it stuck to themselves you WanNa stick it anyway the great news is that Trent's healthy more than anything else they are there's going to be another Trentham story you know a month from now four months from now and me about Bruce saying that he knows the whole truth well guess your whole organization other than your owner under the bus that is hardly a damn bake I mean you can argue who's right or wrong who's telling the truth or who's not thanks for having situations like I mean it's so I mean this sure and part of what they did because because they didn't bother to get things diagnose in a little dot not that bad but yes aimed look there's a lot of trust in these team doctors this is not a normal employment situation trainers and doctors around those people you're probably asking him stuff all the time like a man you know that probably makes them look less awful in this situation you know singled out Dan and I mentioned this this morning and the the reasons obvious exactly here panel he paid him a lot he took he pays him a lot takes good care of them you don't feel anywhere near the way I do about Snyder but why should they this guy vessel now the other thing about about trends and this is good then speaks to the human nature L. U. that it's okay don't worry about it your relief oh yeah I mean you the you're right about that you are I mean I think that not urgent but suggestive of you need to go see somebody and he's he's a young person they aren't really that Brighton in not very the for now you're right that is because it could it he will slap them with a medical malpractice suit I mean he essentially said out and you know what I I still wonder Tommy why you would think so he also I've always liked Trent I think he's a great player he's one of the better players at that position good player I wish him the best I hope for the best is not gonNA play for this team I think that that is a long shot and influence football decisions consistently they do that and it hurts the team and hurts the team Jason Lockenfora was right wasn't he about what about when he tweeted what's the organization they'll never play for the redskins again I mean there are a lot of redskins recent Jason and I've had him on the podcast before I like Jason I think he's fearless I think Multiple Times reported a trade for Trent Williams is imminent like it's about to happen so read or report that he doesn't trust them and he's never gonNA play for them again and coronial Brown it's going to be interesting to see how the team handles in any way they can get back at him that's the path they will take these things I think they'll try to figure out a way to get the contract not to accrue who's got crawled back the other day they viewed that as a win you know they did that's being this out lose lose the organization lost and Trent Williams lost and this is why this is why everything you said about what they're gonNA there's any update on case keenum today Erin it probably not at this point because it's gins is going to start Sunday against the buffalo bills it's not what they Nathan they're on the verge approving it and by the way Callahan loves himself some case keenum but they think they were and they can't do that with Haskins so they don't want Haskins to start not yet I think the quarterback planned for twenty twenty is Alex Smith and for them and they want him to sit for two years and and really learn and they recognize you don't have to worry about whether or not whether or not they made a mistake or not until twenty twenty anyway back to Haskins if he starts what do go to play terribly I think the fan base is going to turn against them. They're going to be disgusted terribly if he plays Sunday but I'm all in favor of him playing now hang on the field and so I wanNA see him start eight games the rest of the way Oh on the radio show we did this call segment I guess fourteen thirty touchdown in two and a half games and I think there's a chance they won't score if Dwayne Haskins plays I don't think weeks to get ready during a bye week that it will improve a little bit and there will be moments excellent and they're going to be a lot of terrible moments as well but I disagree with you I think the fan because there isn't a lot of it left that's paying attention right now so what Tina back in there they're going to sell their not yeah but but but the damage look we'll also have two weeks to prepare for for Glean haskins great home miserable that that that's Sunday and Redskins and Redskins you know you should put a case them in or whoever it is it will give it give it a fancy V. Fans way too much credit what's left of them remember I just don't think that they would be overly worked up if Dwayne Haskins a rookie quarterback had bad to me and by the way totally in play if he really I've been in it for the whole year or what he's felt the lingering
Whats with the booming market after Election Day?
"Heo it's the democrat base host of marketplace's podcast. This is uncomfortable. And i'm here to tell you that we are back with a new season each week. We take a look. At how money influences everything from romantic and friendships to our identities and the jobs we go after new episodes every thursday. What is with this booming market post election day. I'm david brancaccio. Yes we know more today than the day before the election yet there remains much that is unpredictable. So why has the stock market been running so strong since election day after the s. and p. five hundred index rose two point two percent yesterday the snp up another one point eight percent this morning. The dow future up three hundred ninety points now or one point four percent. This is in part. Investors saying i can take on more risk now because there's more visibility into the future but why christopher lows chief economist at fhm financial new york. I suspect what's happening is we're taking out the blue wave possibility that was priced into the market. And what that means most immediately is. There's probably not going to be a big increase in capital gains taxes and probably not a big increase in the corporate tax rate. And what that means immediately is there's no need for people to take profits in those high stocks. The ones that are up the most this year. I think we start to focus on the fact that there's so much we don't know yet and possibly a contentious result when we do know but to put a finer point on this. This seems to be as part of the logic here the idea of divided government that of republican senate. If that's where we're headed here will stop a biden presidency. If that's where we're headed here from going too far to the left from the wall street establishments perspective right and we heard that a lot from customers yesterday in feedback to some of the work that we put out. It's not even necessarily a week biden. I think people like the idea of a week executive because it means less chance of unpredictable. Big changes that require rethinking strategy that prevent people from making investments and so forth christopher lowe chief economist at fhm financial. Thank you so much. Thank you david. The vix index of stock market volatility has dropped sharply in the last day falling. Twenty four percent to twenty six this morning. The so called. Fear index was up north of thirty eight on monday. There was an awful moment. In march at the dawn of the pandemic lockdowns hits seventy. Five votes are still being counted this morning and several states. But we can tell you. The result of a ballot measures several in the city of san francisco. The ceo tax initiative and effort to increase real estate taxes mostly on big developers and landlords in part of silicon valley extended marketplace's nova sophos has more san francisco. Voters approved several ballot initiatives to restructure taxes with an eye toward addressing the city's growing economic inequality one measure will add a tax of one tenth of a percent on businesses who. Ceo's earn one hundred times more than the median compensation of workers. The tax goes up along with executive pay packages. The economic policy institute estimates that last year. Ceo's at america's top companies are three hundred times more than the typical worker but calculating the new executive tax is complicated because ceo compensation can take a lot of forums including stock and other benefits. The city says it could pull in as much as one hundred forty million dollars a year other new taxes on the way an increase in the transfer tax on properties valued at ten million dollars or more. I'm nova safa for marketplace this marketplace podcast is supported by equity multiple our real estate investing platform built for the self directed investor. When holly retired. She knew her priorities. She wanted the freedom to spend morning sewing afternoons on the water with her husband and weakens with their grandchildren so she turned to equity multiple equity multiple holly to access. Rigorously vetted commercial real estate investments. And she can choose from a diverse set of exclusive assets with cash flowing investments. A streamlined experience an asset management team. Holly knows that our portfolio is built for her future. Join holly and thousands of investors across the us at equity multiple dot com worrying. Some of us have turned it into a part-time job. I just heard you said fulltime you can worry about if your favorite presidential candidate is really going to get in viral pandemic. Did i mention economic crisis. Worrying itself has a cost. Marketplace's kristen schwab talked to some economists. What's worrying corey leach. These days what am. I not worried about leeches thirty four and lives in chicago with her husband and two daughters a three year old and a six month old yup a pandemic baby and having a new baby has heightened leeches worries about cova and climate change in the middle of the night. When i'm feeding my daughter There's definitely been moments where it's like. That's all i can think about doing this loving thing. You're feeding a baby but you're looking down not thinking about that. love your thinking about. Oh my god. I'm sorry for bringing you into the world. Not being present in the moment is one of the biggest cost of worrying. Says frank schoenbach a behavioral economist at mit. You know there's a budget that you have in your mind for mental energy that you can devote to different things and if you worry a lot about things that are out of your control within you have fewer cognitive resources available for other things in your life. Worrying actually hijacks a piece of your brain which can lead to sleep. Loss careless mistakes at work and even physical exhaustion but worry also serves an important purpose. Says lisbeth romer a psychologist and co author of the book. Worry less live more thinking about what might happen. Future is an incredibly adaptive thing. They just very human and berry natural for us to respond to threaten prepare for threat worrying forces us to problem solve but of course not. All problems are solvable. And just telling yourself to stop can actually make it worse. We worry and where it feeds on worrying than we want to not worry so we try not to worry and now we're wearing about worrying. How did we get here. Some of it's wiring some of its habit so we can learn from it being modeled if folks in our families worried lot. So what can we do. I think different people find different things useful. Sonia bishop is a columnist at uc berkeley. She says some people practice. Mindfulness others exercise they're also studies that show actually scheduling a half hour to worry can help you focus outside that time block and if none of those works if you're busy occupying your mind with something that seri cognitively challenging when you literally contin gauge and worrying like me instead of worrying i worked on this story about worrying. I'm kristen schwab for marketplace. But here's some progress stock in the pharmaceutical company. Biogen rose forty four percent yesterday. After the fda liked tests showing biogen's alzheimer's drug is effective in slowing the progress of the dementia exceptionally persuasive evidence. The regulator said at a mob is what they call the drug which seems like something spelled backwards but but munakata doesn't mean anything either other than the possibility of helping to address a terrible affliction. I'm david brancaccio. Marketplace morning report from apm american public media just in ho with marketplace. The economy is changing so fast. It's hard to keep up so our latest podcast is here to help. It's called the marketplace minute. Give us just sixty seconds. And we'll bring you the latest on what's happening in the economy three times a day market business news in how the numbers affects your personal economy. We'll tell you what you need to know why it matters. Just ask your smart speaker to play the marketplace minute or. Find it wherever you get your podcasts.
"Your passions into potential investment opportunities whether it's cannabis fashion travel or anything in between dough helps you uncover money growing potential it's time to get your share become an owner and not just a consumer with unlimited commission free stock trades and great ideas from real traders turn Harry one I'm Jonathan Strickland Aerial Casten in your hands this is a series of accidental inventions on business on the brink unpredictable results but rather than stick to the original plan a wise business owner Mike cast about for a new strategy and before you know it you've got a success heart to start building wealth one share at a time welcome to business on the brink of production from I heart radio and how stuff works invention doesn't always go as planned sometimes you get implementation was doesn't work out and in most cases if that happened you'd say well that's a failed invention that was a failed experiment yeah exactly well and then reposition it to become a success that became the the genesis for this episode and there's some stuff I mean there's a lot of things we could we're only going to look at three specific products in this episode but one of the ones that was going to mention that we don't cover in this episode just as an example is a water gun and it became a huge deal that story is its own dramatic up and down story that we may cover in a future episode some you may say were never made as big a splash so to speak as a super super but they've been around longer so yeah we're GonNa talk about some creative ideas in creative individuals who were able to take things that initially didn't go as planned and turn them into successes and the first on our list is with waterguns without raising suspicions I still I still play with waterguns I know but you're also younger than I am by a decade so the learn more from failure than you do from success gotta try something else but occasionally people are able to take that failure or that miscalculation super soaker was actually invented by a guy who was working on a water pump for like water heaters and turned out he figured out how to use that for the super soaker water guns new you're familiar with the we love these things They came out when I was still young enough to be able to this episode was done as Wim Yeah I I had been thinking about incidents where someone has come up with an idea and they have an I you know they've got an actual implementation in mind for that idea but it turns out whatever that wrapped up with the history of mysticism of seances and and clairvoyance because the inventor of the magic eight ball or at least a but the things we're covering here are smaller yeah smaller insert smaller in size but not necessarily smaller success. Although I'm telling device and he came up with this concept that he called the psycho sear psycho is spelled S. wise co inventor was Al Carter and I call him Al because in about half of the references about the origins the magic eight ball his name is given as Albert in the other half it's given us Alfred and Albert afraid so we're just calling him al it ball and one thing that I found very fascinating these things that I just sort of looked around and found a couple of these imagine a soda can but it's taller than a soda can so like one of the new diet coke cans sure and it's it's it's it's narrower Colli Chevy Chase and Paul Simon all right but it says here that the first eight ball that Al created wasn't even a ball no wasn't a ball very dark syrupy liquid a lot of sources say it was essentially molasses it was apparently divided the middle so is actually two containers magic eight ball in your hands Jonathan Kaye Kep your way to break the illusion it's an audio podcast they'd never know yes we're going to talk about the magic Z.. O. And this will be in the nineteen forties and this did not like a magic eight ball although it it had the same purpose so it'll kind of like he was inspired by this to create a device a gimmick you might say if you were a magician you would call it a gimmick and it was the thing to use sort of as a fortune turn it up so that one of the windows facing up wait for one of those die to slowly rise to the surface of some thick Omar lashes under clear like little clear windows so instead of a solid top a solid bottom it's still solid but now it's clear like acrylic on the inside he had uh-huh if you break it you get a snack through a nice sweet tooth there and then you get to read the message on there and find the answer to your yes or no question is one of very clever yes so sometime in that early partnership l Carter passed away in one form factor a die on either one well because you can put smaller canisters on either end of it and not have to fill the entire tube necessarily yes surprise me and the magic eight ball is one of them you the magic eight ball is just kind of a fun little diversion right yeah yeah a toy by people who are in -ironically he didn't see it coming Jonathan Jonathan but just it's a serious thing that there shouldn't joke about the Standard Code can right now I'm calling it coke you can tell them from Atlanta because all soft drinks become coke eventually but then the ends of the cylinder the way he did patent it and so- Bushman still continued forward with the design he ended up making a shorter version of the psycho sear It was a it was just as cited I guess what we can say but it was it was about half the size of the psycho sear and it only had one side of the you're talking about inventors I mean most of the time the people who are inventing something don't necessarily have access to say manufacturing facility and that right Baiji boards and yeah that kind of thing and the Ouija board also is a toy by the way it was created by a board game company but the eight ball has its history cylinder with a window in it the other side was solid and it was called the psycho slate instead of the psycho sear I I wouldn't think of a slate thing I could shake and get a fortune out of well here's another interesting fact that I didn't include in our notes but apparently Al Carter when he was first thinking about this he was inspired by something his mother used to do which is that she would take a slate like a like a blackboard slate and about half the height of the original cylinder still in cylinder wasn't more short-sighted I mean it wasn't more long-sighted was the case here so depending upon the version of the story that you read he either went to his very if you've ever read titles of patents you see that they're very technically describing whatever it is the invention does don't give a name like that And then she would open up the container and the answer would be written on the slate Oh my goodness now here's the interesting thing is that that's an old style stage magic chalk and the slate would have nothing written on it and she would have the chalk she'd put it out of sight like in a container of some sort and she would have her clients ask a question the case so yeah he decided that he couldn't just go out there with the idea on his own he didn't he lacked the resources and you had a die with things written on the faces of the die very much like you would with a magic eight ball sued ask yes or no questions give a little bit shake it wasn't an eight ball so his mom worked as a clairvoyant animistic so as to be essentially a medium or a fortune teller and he got the idea from his mom so psycho slate in a way is almost a throwback to the original inspiration for this device interests thing now Bushman was able to make these in larger volume than the psycho sear but it didn't exactly take off if there is a non magical way to do it chances are that's how it was done because why go through the trouble of doing it a magical way going off store shelves I guess they're not a lot of mediums at large I would flip this table if I know uh-huh factor a bit more and have something that appeals to that same set of people and so he decided I'll make a crystal ball version were the cylinder is essentially nestled in the crystal ball it'll be a dark crystal ball so it's not like it's clear acrylic or something and health a key continued on yes exactly so even though Carter had patented this idea the the name of the patent was really funny too is like they weren't going like gangbusters but they did get the attention of a Chicago company called Brunswick billiards his messages when he was designing this go talk and get a partner know but that is what he did so it would have been a very predictive message had that been from the game of pool and book been said You Betcha anyone about making eight ball versions of this fortune tellers crystal ball and the giveaways were incredibly popular people loved the Magic Eight ball and people have free things people also love free things cousin Abe book men or his brother-in-law Abe bushmen or he went to a merchant named Max they said we WANNA do a promotional item is essentially it was a giveaway and we like this thing you've created can you make some that like eight balls trick and as I've seen it on Penn and teller yes penn and teller are famous for doing tricks very much in this very same style and the argument goes this is a very solid argument which is as far as we know impossible when you can do it in ordinary way exactly but if you play it up with a lot of theatrics you can make it seem like it's mystical so to business together and they created their own company called elabe crafts in a lab is a combination of the names Al and Abe that's Levinson who had a brother-in-law named Abe book man I mean I guess technically all three could be correct that's creepy he starts kind of giving up a little bit he starts selling them as paperweights because he can't really think like these people aren't buying them as much as they were did with Brunswick billiards that he would continue making eight balls as a variation of this crystal ball one he had been making and undectable result but by nineteen seventy-one Buckman was ready to retire from this business so he sold the company elabe crafts it's he will market it as a toy and he starts to do that and now it actually is starting to take off and again it was an but he went to a guy named Abe book men who had graduated from essentially an engineering school the Ohio mechanics institute enjoying getting them yeah they weren't there just wasn't a market of people who were like I want to consult the spirits of beyond but I just don't know how to get into that racket and you'll still turn it over to read the message on the in the the window the clear window that's in this crystal ball and so he started making those and recession some bad business decisions that lead to some financial troubles for ideal toy and so CBS Toys which was subsidiary of CBS YUP CBS Broadcasting Company ended up purchasing ideal toy imaginable went along with it in it remains true to this very day this by the way is still happening in the early fifties at this point Buckman decides after this agreement has concluded I mean obviously we don't have it today we have the magic eight ball yeah so how do we go from a slate to a ball so I was book men saying these just aren't uh-huh yes but tight I'm in comedy anyhow so this wasn't the end of the magic eight ball eight it had been around for twenty years of that more than twenty years almost almost thirty years at that point respectable sold it to a company called the ideal toy company that's another company we could do trump do do do do do do do this and it says a answer unclear ask again later what could that mean it means that you're holding an imaginary eight bucks exchange at the time it was one of the largest toy companies in the United States loan they also had toys like the Rubik's Cube Yup they were the ones that made the Rubik's cube famous and we're about forty four million dollars less than the last acquisition men not that not bad and it also meant that the magic eight ball would tyco toys which was famous for other types of toys like the easy bake oven so very very popular tasty bake oven I should say not easy bake they did not being a fun time with him and he thought well maybe that's just the maybe that's just it it's not that the product is bad and marketing to the wrong exactly and so and this was with the hope that book men would help him come up with a way to mass manufacture the psycho sear and the two of them six mattel another giant in the toy industry swoops in to acquire TYCO for seven hundred fifty five million dollars the eighties so that was from the ideal toy company but by the later part of the eighties mid to later part of the the company was really starting to struggle the nineteen eighty two for fifty eight million dollars so now ideal toy becomes part of CBS toys but that would only last for a little while because CBS would then sell ends multiple times the product itself continued to do pretty well it was you know it wasn't like it was flying off store shelves in particular years but it was a steady set and along that whole process the magic eight ball continued to be a product sold on the market so even though ownership was changing hands as you can find magic eight balls in all sorts of sizes from the regular size which is definitely larger than actual billiard ball to keychain versions that's when I thought hey I'll market these two kids kids will fall for anything pretty much he saw the kids were playing with these paperweights and really you can find a bunch of them that are licensed I've got a Simpson's one which has simpson's phrases in there like dough instead of no so hi de L. Company nine thousand nine hundred nine rolls around then you get Tyco toys which announces that it would acquire view master ideal glee speaking you would need to ask seventy two questions at least to see all twenty possible answers just based on probability that would be the bare minimum you make it as a big product is going to be kind of a common theme throughout all of the stories we're telling in this episode yeah and it's something that you run into a lot full episodes are they mainly were known for doing like doll yes type stuff they were very much in the doll Biz I think Betsy Wet Ariel the questions and you can tell people what the answers are how many sides does the die inside a magic eight ball half how so he must have been the one who said Hey let's take these and turn them into billiard balls yeah well the billiards company did they book billiard exactly they came out the book there are definitely variations on the magic eight ball and it's interesting so I have the notes here so when I ask you hi dear toy to another company called view master international you remember you know I've owned a few mass okay didn't know so if you master those ones that look like alert I mean they'd sold a million of them a year yeah million a year that's a lot that's pretty decent and now these so it's it's not an outright yes or no and yeah again like the license versions have different variations for positive and negative but yeah that's I'm very excited to get into our next story but first let's take a quick break it's time to get your share become an owner he was one of their sea yep and in nineteen seventy one the same year when ideal toy company would acquire labe crafts at joined the New York stock it unlikely to happen say you've got a note here says well that happened every seventy two times ask again later Eskin leader now you don't have on here that they have whether it's cannabis fashion travel or anything in between dough helps you uncover money growing potential plus live in-app chat support means to me that's an interesting story about an item that originally was marketed more seriously if you can if you can think of it that way not just a consumer with unlimited commission free stock trades and great ideas from real traders turn your passions into potential investment opportunities or at least more earnestly as a fortune telling device and then ultimately became a novelty slash toy and that's where it founded success we've got your back Monday through Friday sign up now to get a free one year subscription go to doe dot com slash iheart to start building wealth one share at a time let's start putting molasses back into the Abel's no no this point it was rubbing alcohol with Blue Dye yeah that was the liquid but they weren't done yet no nineteen ninety take your pot of water so yes there was there was not a huge demand for the psycho slate so he thought well maybe I'll change up the floor is used in tons of stuff including and this is important stuff like tires and boots but you know it it's not easy to get rubber Dan you just click through and it's like a slight click halfway then you just try to get these really weird images yeah anyhow so yeah that becomes the view master Benach Yours you put in a desk has different photographs in it it has the stereo vision kind of so it gives you that sort of three d three d the stuff about rubber that makes it useful right it's really resilient resists damage pretty well it's waterproof material stretchy it's flexible using whatever materials so rubber everyone recognized that rubber was useful stuff but it was just it was hard to get a lot of it at once so starting going to hear World War Two obviously the US military has huge need for rubber firth stuff like tires and boots like I'd mentioned a second ago and on top of that troll rubber was coming from so there was a clear need to develop synthetic rubber and knowing that it needed to be synthetic rubber the came from materials that were easy birds as in pool tables capital P. that rhymes with T. Amazon trouble that doesn't rhyme trouble but starting it's not natural rubber no no not natural over because it comes out of trees yes and specifically theresa largely are in Asia yes so need to to do based on probability alone now it is entirely possible to ask questions and then get each answer in sequence is just not in World War Two one of the powers that the United States was up against was Japan which had already attacked or was threatening regions where ah ask again later that's true unless it's a maybe the maybe it's it's on they're kind of like answer unclear ask again later that's a maybe the the word at corning glass works and they took boric oxide and silicone oil mixed it together and they found that it made this stretchy bouncy material even as early as the eighteen hundreds you had scientists who were saying this is definitely useful but we need to figure out a different way to make it and so people started to work on formulas Ariel Yeah let's let's talk about Rubber Vermont it's pretty useful it is incredibly useful stuff I mean it's so well I mean Tako is a beer company had a lot more toy exactly tyco was huge now that meant that the magic eight ball went with Mattel are twice as likely to get a yes as you were a no maybe or maybe and it it's funny because I was looking at US statistics site and it said statistics get to in wartime so that meant that the US had to say who out there can help us do this stuff so who did well Brian create cheap synthetic rubber and he drops them silicone oil and boric acid so very similar he got that same sort of gooey substance the a couple of different versions of this story there's actually a lot of people working on this problem and at least two different groups came up with a similar possibles ocean that ended up not being a solution to this rubber problems spoiler alert one of that one of those groups rather was earl warrick and ro rob Roy Macgregor covered that it had some interesting properties at bounced you could you know roll it into a ball and bounce it against the ground if you hit it hard enough it would shatter you can stretch it You could even press it against newsprint and pick the newsprint up off the paper but you know what you can't do what stuff which they've filed for a patent in the early forties and they got the patent in nineteen forty seven the other version has a guy named James Right who was an engineer at general create synthetic rubber. Okay I don't WanNa start in the eighteen hundred skip ahead Jonathan all right well how about World War Two better that's that's GonNa get to the beginning of where we're going Wendy yes so it's essentially like a dungeons and dragons dice the Cheetah's were say a book men must have been a secret dungeons and no no it's just so that they could does newspapers so no thank you yeah so at that stage again you could say well shucks that didn't work out and you can move on or I have a lot of sides with the answer yes ten of them a lot with no five of them and then five more said maybe just so you weren't just shaking like a well you can't have a three sided it replace rubber yeah yeah yeah so because you can't use it for as a replacement for rubber the military was not interest electric this is the version of the story that most people tell for the the material were about to cover what's more fun it is more fun he got the silent too you could try and do what right tried to do which was to market it as a commercial product I mean he was having fun with it yeah he found a whole bunch of checks in it and then you're finding that makes rubber yes so it's a whole process and then you have to of course ship it from wherever you're harvesting it to wherever you wanted to go to you when he tried to market it commercially he called it Nutty putty but obviously you guys out there have figured out what this substance must have been and ended in it yeah they said thanks but we need something that are working tires and this wouldn't even if the only thing we were driving across l. plus live in APP chat support means that we've got your back Monday through Friday sign up now to get a free one year subscription go to doe dot com slash like a largely a specific region and to get it you have to like cut into the tree and collect sap lake you're getting Maple Syrup and that it has of interesting things you can do with it. My favorite is the shattering it. My favorite is picking up newsprint 'cause they used to use as to do that to comic strips and and yes no no the best you could do as a four sided so the coin this way it major chances more random right well and also meant that you were nutty putty is not what we call it but so we'll skip ahead again there are a couple of different conflicting stories about what happens next no big surprise we've already got these branching narratives that have had and but in one version you have a guy named Peter Hodgson who was at a party in nineteen forty nine and he was an ad man this is a production of glamour an iheartradio listen and subscribe at Apple Podcast iheartradio APP or wherever you listen to podcasts passage about the stuff and that got it into the public consciousness that magazine was the New Yorker that's impressive sure go ahead yeah they had no use for it so Hodgson got the rights to Nutty Buddy and he started making it the key to success now the other version of this story says Hodgson was actually working on a catalog for a toy store that was owned by a woman named really helped him was not the fact that folks were finding it so fascinating but rather a certain magazine published a short no matter what they decided to go to Ge and to get the production rights to make this stuff and Gee said another idea occurred to him because at the time where he was launching this secondary attack here the launch date was really close to Easter and he's would sell it for two dollars per unit or Glob or wide stuff ball those cartoons right off the New Yorker so if you look at it twice maybe you can figure out twice in backwards it's funny so then Hodgson boy yeah and he ended up deciding that he could use his marketing skill coupled with this amazing stuff and that would be ends up making television commercials for some of the earliest TV commercials aimed at children were for silly putty the earliest was for a different toy dino which toy it was and that's where the silly putty plastic egg package comes from and he started selling it for a dollar per egg and what out of work when he first got the idea the end when he when he's made this stuff the first time like for serious he had to take out a loan of one hundred fifty dollars yes we thought hey you know what I could package the stuff in chocolate Easter bunnies might have been as I thought but he did not go with that one he thought plastic eggs roof fall gator and they found out about the putty when Hodgson was visiting a Harvard physicist who had some of the stuff there's another version that says both hot that party was people playing with rights nutty putty which sounds way worse when I say it out loud did when I wrote it down definitely sounds worse then fog adar's catalog can be together once again yes reunited and it feels so good and today you can still buy silly putty by the time that Hodgson passed away nineteen seventy-six his estate was worth more than one hundred forty million dollars not bad for a guy who was apparently he didn't have enough money to start up the production costs surreally good return on investment yes one hundred and fifty dollar loan leading to one hundred forty million dollars she felt petty about the Putty all right anyhow Hodgson took out a loan and bought a big batch of the stuff and rebranded it is silly putty yes yes and that as there were specifically geared to shows that kids were watching so the kids would see the commercials for silly putty and then say Mommy Daddy by me that and it worked yes there is a box of crayons fifty cents that was the top seller and the second top seller was this nutty putty stuff but then fall gather decided to stop selling it estate not bad yeah in nineteen seventy seven accompanying Binney and Smith which also owned CRAYOLA crayons purchased the rights to you ever been to say a restaurant and you sit down at the table and it's one of those irritating tables that has one leg slightly the wrong silly putty and billion Smith still own those rights although the company changed its name officially to Crayola LLC in two thousand seven it's nice that the two top sellers Mr Potato Head yes do you know what Mr Head was like when it first launched it was a real potato the use applied the potato and all you got were the lips yeah and and it sold really well inside a fog anders catalogue she she marketed it in the catalog for her toy story better than everything but Krantz yeah I don't know why if it was selling so well she didn't have the putty passion is what we say in the business I see I follow you Jonathan show she was about that in just a second silly putty in order to secure tools to a particular spot inside the spacecraft otherwise they tend to float off so if you're working with tools on don't to death is what it would be because he would just become a potato Zombie yeah so his commercials aired during Captain Kangaroo and Howdy doody stabilize the table means practical use just just keep a a wad in your back pocket and bring it with you to all restaurants and then it's also you someplace I have never been those practical uses while you can use it to remove lint yes that's actually true people have used it as a lint remover on clothing that's true of the product but I'm gonNA move on so silly putty does actually have some practical uses oddly enough discovered after it was already marketed as toy so what are some that practical use to now granted I would argue that's a very limited use case scenario it is this was a really great story we're GonNa talk about something else listen and fall gather were at that same party where people were passing stuff around it's hard to say who is telling the most accurate story here but which isn't space yes I also have never been to space I was so amused to hear about this yes people astronauts and space have used so it's like a different yeah we made it because of failure listen to thrive global on apple podcasts the something in space and you want it to be where it was when you dropped it you stick it against the wall was some silly putty because you can just peel the silly putty off done so yeah it actually has takes me back to the first year two thousand seven with how stuff works so let's talk about silly string where does this come from all right so silly string was you can actually buy lots of different variations of silly putty including one that I wish didn't exist which one was that a real made me say it yeah it's a poop in the middle so much creatively like and found that that was where the Creator Boyce was we made the show because we couldn't perform ecb you know what I I understand that you found that painful painful item has a share it with me I didn't just share it with her folks I sent her a picture the terrible misnamed because you know what I would've called it now silly potty putty that's that is more clever how'd radio APP or wherever you listen to podcasts all right so we just talked about rubber sill let's talk about some the with lake fake corn kernels it's called ugly putty poop version which to me is a terrible terrible links all all the time I'm like the irritating table magnet so there are people who have you silly putty to essentially just you know wedge some silly putty underneath the wobbly legged too at how stuff works one of the articles I got to read early on before it published was how silly string works written by Tracy Wilson it was also Kinda Sticky Yup not not the POOP putty and this'll be one aerial takes the lead on because she did all the research for it but no okay yeah and a lot of propellant obviously to push began yeah which originally was freon twelve it's been article so you've broken broken your arm you're in some remote location you may not be anywhere close to Medical Oriana having done and I'm so excited for the new season of the thrive global podcast we'll be sitting down with everyone from the broad city create Dorsey Lana undeveloped in one thousand nine hundred seventy two and it was being developed by Leonard Fish who has an inventor and Robert Cox who was a chemist and like our last two stories I mean like it's it's known for two things logic silly putty and cartoons that nobody's really sure if they're funny or not yeah yeah thank you could use your silly place since then because it has been deemed environmentally unsound it effects the Ozone Layer Gotcha as one of those chlorofluorocarbons that we heard about all the time in the late eighty s as Aaron ib Jacobson do Michelle Fan and Sophia Bush as we explore how they go from surviving to thriving and how you can too help and this would be a way to stabilize a broken limb until you get actually get more qualified help exactly exactly the technical patent aw okay so yes another looking at the practical implementation of this stuff and they they tried a bunch of nozzles and they tested their prototype they weren't developing a children's toy they were trying to create a spray on cast that would harden and seconds okay so this is like like meant to be over medical imagine that by the by trying to apply this stuff in a way that could have enough surface coverage to be a cast would be a challenge especially you'd have to turn the okay okay so fish looked at this and he went well that was really fun maybe maybe this should be a medical thing maybe it should be a toy I find this to be like steering difficult dudes where we didn't really like hash it out we never got into big fights I think we met sticky plastic string interesting so they created this compound and then they had to figure out the best way to distribute it since it's coming out of a can they need an into four it was formidable resonance composition. I'm pretty sure I wrote a few of those when I was in college I believe it and the reason that is is because silly a ton of times and I'm in the wrong job and I wanNA job where testing nozzles different nozzle designs apart so it's so it's stickiness is less strong than tensile strength yes you think well this is this is a foam that comes out of a can but it's ass actually a lot of headway in the medical industry which is a really I wonder if they were already doubting their concept from the early get go I was strain okay what kind of string silly string silly string yard aerial did you know when I first applied to work a little fun fact I wanna put it in here and just because we're talking about how silly string is created it takes less force to pull the string off a wall than it does to pull the string is it the feet into potato and then you bake it and then you eat the melted plastic cover now you lose a customer for life because didn't know that but I did read that article and you know Tracy and I know Tracy yeah so we both are are friends with Tracy that's was it's funny because this Oh when you push it out the can it turns into tacky string like substance no when you say attack you mean sticky sticky not like well I ain't some people would say that leave and on page yes I think we can agree it sounds worse early anyhow he saw the people who are really amused with this study and he was like hey this could be successful uh-huh and that same year in nineteen seventy two they issued the patent for silly string but it wasn't just a walk in here's our product cool we love it let's do it who said I don't know how to manufacture on a mass scale I'm going to need to find someone to bring in same sort of approach yes so fish went to who limo in entire can of this string in the executive's office to demonstrate it and the executive was really angry and had the silly string is also but that wasn't intended to be like Oh look at that cast you're wearing yeah not in the beginning anyhow yeah yeah so the idea being like this might not have the practical application we were hoping for when we first set out to do that yeah they they realized they couldn't make it two weeks later the contract was signed awesome so I see you've got some interesting like an interesting fact hereabouts uh-huh waymo women was a a huge toy manufacturer they sell things like Hula hoops frisbee slip and slides all kinds of stuff silly string at least the claim about can so tell everybody how much silly string is in a can of silly string according to whammo according to whammo fishing Cox got a request got a message for that they wanted twenty four cans of the stuff for basically our testing wasn't really a toy mogul said I'm gonNA find a toy company to help me with this perfect so there he's again can like Al Carter get stuck inside the phone cat that's a bad day okay yeah yeah but you don't want them you don't want to get more involved in you have to be in that kind of thing but here's warded off premise this actually reminds me of another story that I'll tell you off microphone because it doesn't have anything to do with this episode and I'm already engine it would get boring after awhile baby but first days gotta be fun anyhow the nozzle they landed on they landed on because it reliably shot the foam thirty feet across the room and it consistent straight has broken their leg and you don't want to be anywhere near them like maybe they're covered in at a problem because during starts as a liquid plastic which is a little acrylic resin a little circuit which is what Kinda makes sticky what makes it it's the same thing that makes your detergent st there's still some silly string hanging off of his lamp and they saw it and they said what is this stuff the stuff looks like a lot of fun so the next day after home this happened okay so how do they actually go down right sufficient Cox decided the best way to demo the product was to meet with a toy executive at whammo and then to the tangent man so let's let's keep on going so all right so it sounds to me like it was a non-starter then because the executives upset they get escorted off the premises we love it when we can't mail things down with our sources yeah whammo gave the rights for silly string to Julia Salmon and the car freshener corporation like magic eight ball all right so the Mathilde some restructuring of the company including creating a new whammo and they put a bunch of the products into the new quarter of a mile of silly string isn't a can of silly string which is impressive considering most of the can is just propellant yes it also makes me think that burn your skin before before before they sold it to as a toy they did adjust the formulas so it was less sticky and less string other reports say that whim Oh gave the car freshener corporation the patent in one thousand nine hundred ninety seven or in nineteen ninety nine and then the the division yes but but okay so there's conflicting reports so some say that car freshener bought just for kicks in Nineteen ninety-seven just for kicks was already making they're like don't come back so how did things turn around well some other people went into the office after this executive tried to clean up there is still some the story goes makes wow okay but so what we're hearing is there's a shadow organisation McKay silly string but we do know that car freshener organization sorry because just for kicks doesn't have their own website and isn't even mentioned on the little trees dot com website which is the car air fresheners that car freshener corporation on fire or it can get cold and freeze your skin roof yeah so even even allowable cans of silly string have warnings on them just while we should do episode on Whammo at some point because they've also gone through a lot as a company I'm just going to run us through some of the lamb get it all the way around or maybe you could spray it on one side like a splint and then yeah but but it wasn't like it was going on like a mist where you could get they had propellants that have been banned so they got confiscated and destroyed in a in a way that wouldn't hurt the environment right official silly string website says they've been manufacturing millions and millions of cans out of their manufacturing facility in dewitt Iowa since two thousand and one it's hard to pinpoint car freshener corporation is the parent company that currently owns silly string okay it is on the silly string website Gotcha all right so in if you need a quarter of a mile of stuff in order to set your arm you really do need to seek medical help I I agree so don't use to do that it it won't work in it some stories say as early as the Vietnam War we're not exactly sure when silly string became a thing to us two thousand six a few American companies got in trouble for selling imported silly string mainly coming out of China so these are knockoff products especially be Komo company and then they sent some of the products elsewhere and one of those products with silly string sometime between nine hundred ninety seven and two thousand one transco then sold whammo Mattel nineteen ninety-four Mattel with everything they do like sippy was silly putty magic eight ball just turned into a basement with a bunch of board kids yeah now that's so mean it took me a second that's my here is that you have a note that silly string has found practical uses in some very serious applications like on sending stuff has passed materials yeah yeah in the mail and so they ended up with a stockpile of eighty thousand cans in New Jersey while let's stick and it wouldn't be as as it wouldn't harden the same way the stuff originally was meant to I mean there are still some dangerous with and we'll get into that in a little bit but I but they also are banned in certain cities for being otherwise invited environmentally unsound they're hard to clean up they can clog storm drains that could be used by John the string is sturdy enough to not break when it hits the wire so drapes across and it shows you where the wire is yes but it's not heavy enough to actually trip the wire and Whoa okay yeah who then made in distributed silly string through their toy division just for kicks so wait a minute there's a car freshener corporation that has a changing of hands that happened okay with women so in Nineteen eighty-two the owners of women retired and they sold the company to Krantz go and then strings could just get a giant globe true you could get jobs anyhow so he course corrected before it even hit market and fish knowing that he ah I'm like I'm like apprentice takes a while to get to my brain anyhow despite the fact that yeah and some some were donated just for kicks the company that makes it yes eventually they did find somebody who could ship them to Iraq where where the soldier was so silly string is still around the company is that technically is distributing making it now is silly string products but that's is learn like the lesson here is you don't necessarily just accept failure it's failure you look at and to see where opportunities are now those opportunities may just be learned from and again obviously that's not applicable in every situation but it does remind us to to reevaluate when we fail yeah and to say but apparently people have been using it for a while the in the military people spray it in areas where they think there might be trip wires booby-traps or bombs because so that is also a story that I read about how it works but I hadn't really read too much into the history of it so this is all really fascinating to me and again in this really made really big news in two thousand six two thousand seven because there was a young soldier who wrote to his mom for a couple of cans of silly string and when she found out what he needed them for I'm guessing that might be a real big reason behind it like it's hard to clean up you don't want silly string stuck to your street forever but no one of the things I think is really interesting he quads to Antoly like vandalize property they can go into the ocean they don't break down quickly again vandals that show where you will find an archive of all of our past episodes and information about your lovable hosts such as me I have been Jonathan Strickland me I've been areas first of all this isn't the end of the world second of all what can we learn from this is there anything that we can salvage from this or even just apply this to the next attempt this did not achieve goal lay but it may turn out that this could be a stepping stone to goal be which is equally valid and I can still go after Golan for my heart radio visit the iheartradio APP apple podcasts or wherever you listen to your favorite shows I'm going to start calling it a silly magic ball now a silly met just so we can have a nice nice a collective there but yes this was a lot of fun now American silly string doesn't have a lot of these dangerous stages propellants it is still dangerous some of the other propellants us other than Freon twelve can do things like catchy has a skin cleanser to a child or maybe as mace who knows but yeah no this was this was cool because I
Pasture-Raised Egg Producer Vital Farms To Take a Crack at Wall Street
"With centro online from Pitney Bowes, you can quickly and easily print postage stamps and shipping labels, even when working remotely experience a savings in your shipping costs with a free trial of central online. When you visit PBA DOT com slash B W daily. From wonder I'm David Brown and this business worse daily on this Thursday. July sixteenth. Now. Here's a question I bet you've never thought about are happy. Chickens wealthier than unhappy ones or to put it another way. Our Hens with freedom to roam likely to produce greater profits than chickens stuck in cages. One Company says yes, vital farms, one of the country's largest producers of pasture-raised eggs. His filed plans to go public. The stock market is hardly bubbling over with egg producers, which is one reason why vital farms pending IPO stands out also curious what the IPO says about consumers growing interest in purchasing products, especially food from environmentally and socially responsible businesses. Vital Farms is a certified B. Corp that means it's passed rigorous tests of its social environmental and human rights practices, according to Be Labs, the nonprofit that awards B. Corp Certification only about twenty five hundred companies have achieved be court status most are small, and privately held the largest publicly traded be. Corp To date is yogurt maker Danone North America other large, publicly held be corpse, include crafting platform Oetzi and Brazilian beauty products. Business called Notre compared to the multibillion dollar Dan. Own vital farms is tiny. By the husband and wife team of Matt O'hare Catherine Stewart on twenty seven acres in two thousand seven today, vital farm sells eggs to whole foods, sprouts, kroger, and target, or with the last five years, the desire for cage free inhumanely raised eggs, has as evidenced by vital farms sales in two thousand fifteen. Their eggs and other products were sold in forty, two hundred. Hundred stores today they appear on the shelves of thirteen thousand retailers. According to the filing last year, the Austin Texas company sold one hundred forty million dollars worth of eggs along with a small amount of butter and Gee. If that sounds like a lot of farming, it's not worldwide cooks poached scrambled fried and hardboiled more than five billion dollars worth of eggs last year. Vital farms eggs come from hens who roam freely on the pasture, according to the company, it claims its hands live on an average of one hundred eighty square feet, palatial pecking ground compared to only two square feet for caged Hans. Arguably happy chickens pay off. The company has tapped into a trend that's been growing for the last several years. Customers willingness to spend as much as triple, the cost of conventionally raised eggs for the cage free kind. Kind and the market's growing way back in two thousand sixteen. The Motley Fool noted that more and more big buyers from trader Joe's to McDonald's to. starbucks were committing to purchase only cage free eggs within just a few years two years ago, California passed a law outlawing conventional egg sales by twenty twenty two. The state will allow only cage free eggs to be sold in the state, and often we're California goes so follow other smaller states. That all sounds promising for an up and coming ED company, but vital farms business is dwarfed by competition from traditional egg producers and other cage. Free companies to one rival is cow, main foods, the largest, and perhaps the only publicly traded egg producer on the stock market with one point three billion dollars in business last year. Cow Main is the industry's rooster in the Hen House the company produces both cage free and traditionally raised eggs. Vital Farms is also up against other happy chicken companies like Pete and Jerry's whose hands Rome organically grown pastures, according to the industry publication. Food Dive Whether or not to take the plunge and go. Public has been a tough question for any company this year. In this volatile marketplace vital farms, IPO will be well worth watching not only to be able to answer why the chicken crossed Wall Street, but also to examine just how eager the stock market is when it comes to investing in socially responsible businesses, should the IPO succeed? Will it spur publicly traded companies to Pursue Corp Certification? Or, put it interest more be corpse in going public. Questions defender as you track those eggs near frying pan. To be sure. Working remotely with pro online from pitney bowes can easily print postage stamps and shipping labels. It couldn't be more convenient especially when you're trying to avoid unnecessary trips to the post office for as low as four dollars ninety nine cents a month you'll get access to special discounts and save up to forty percent off. USPS priority mail. Plus for being a listener business wars daily, you'll receive a free thirty day trial to get started and a free ten. Ten pounds scale to make sure you never overpay with central online. You can calculate exact postage online print labels from your PC scheduled package pickups and track shipments from departure to arrival. You'll also save up to five cents on every letter and up to forty percents off USPS priority mail go to PB DOT, com slash VW daily to access this special offer for a free thirty day trial plus a free ten pounds scale to get you started. That's PB. Dot Com slash. B W daily to experience savings in your shipping costs with free trial of semi pro online from Pitney Bowes.
The Old-Fashioned House Call is Back -- and Investors Love It
"After appearing on Oprah, thousands flocked to seek the guidance of renowned self. Help Guru. James Arthur. Ray He was a smart charismatic speaker whose unorthodox methods and philosophies promised his followers, a clear path to wealth and happiness, but what many didn't know about were his more extreme methods. Methods that pushed his pupils to their limits. Giving some the transformative experience, they dreamed of and killing others. My friends should not be. Unconscious and they're saying that she's okay. You don't WanNa mess with her experience. with she doesn't seem okay. Subscribe to wonder he's new mini series Guru, the dark side of enlightenment on Apple podcasts spotify or listen ad free on the wondering APP. From wondering. I'm David Brown, and this is business wars daily on this Thursday July second long ago. Doctors Made House calls is just what they did, but over the last few generations, the tradition disappeared. Now we're used visiting clinics were emergency departments? No matter how sick we feel that inconveniences. Just the way healthcare works right. Wrong, the house call is back and growing in popularity late last month dispatch help a seven-year-old company based in Denver raised almost one hundred forty million dollars from investors dispatch, which specializes in treating complex medical conditions, employs a fleet of nurse practitioners, physician assistants in Er docs. They currently make house calls in nineteen cities, including Phoenix, Seattle and Atlanta call dispatch or order a housecall online, and within two hours you should be greeting a nurse practitioner or a PA at your door. The company says. The idea is not only to make it easier and faster to get care, but to reduce the high cost CEO mark. Pray ther-. A former emergency room physician says his model keeps patients out of high cost emergency departments. A typical visit covered by insurance may cost between five and fifty dollars out of pocket. He told Forbes patients without insurance. Pay a flat fee between two and three hundred dollars. That's a bit higher than the average visit to a primary care Docs office, which runs about one hundred seventy dollars visit, but it's up to ten times lower than the average emergency room bill of two thousand dollars, according to U. S., news and World Report. Dispatch health plans to use its new funding to move into more cities and to expand its offerings, but the company faces a raft of competitors. One of the toughest is he'll a Santa Monica based housecall company, husband and wife team. Nick DECI and his wife Dr Renee Dua started. He'll after one day years ago, spending seven hours waiting in an emergency room with their baby, who had a high fever. It wasn't just a grueling. Grueling Day, it was an Aha moment. DECI DUA, who is a kidney specialist decided. There's gotta be a way to make getting medical care as easy as ordering takeout like dispatch health. He'll promises to send a doctor to your home within two hours of your request. which you make on the, he'll APP today. The company has a staff of more than one hundred fifty physicians in seven states and Washington DC according to CNN. It tries to keep costs. Low patients pay either an insurance copay or a flat fee under two hundred dollars a visit. Like dispatch health heal has also attracted tens of millions of dollars in funding among its high profile. Investors are the musician Lionel Richie and former. Florida Governor Jeb Bush. Long before Kobe nineteen changed. Our world's entrepreneurs were looking into their crystal balls, and seeing big opportunities for house calls and telemedicine providers. Obvious market, the rapidly growing senior population in America, but in addition to serving seniors he'll also wanted to bring house calls to kids as a mother Renee Dua knew how hard it is. Bring siblings to doctors offices when one child or is sick and visits to pediatrician's offices expose kids to illnesses to the company argued long before, covid nineteen made us all hyper aware of the danger. If both companies were growing steadily prior to the pandemic will covid nineteen hit the accelerator. Each says demand for house calls spiked. He'll also offers telemedicine visits, and those also surged when lockdowns began in March, and there's one other thing a problem. Traditional Medicine is well aware of, but hasn't been able to dent the effects of patients environment on his or her health. When doctors or nurse practitioners visit homes. They see what's happening from. Cigarette and alcohol use to hunger. Since, the pandemic emerged, both companies say they've seen more food. Insecurity each says staffers now bring nonperishable food with them on their visits. Earlier this week, the World Health Organization warned that the pandemic hasn't yet hit its peak. WHO said things are soon to become much worse in this environment, a good old fashioned housecall. Maybe, just what the doctor ordered. From wondering this is business words daily. Hey, listen if you like our show, give us a five star rating in a review on Apple podcast. Would it really helps new listeners, spiders, and for that we? David Brown and we'll be back with you tomorrow. Hey wonder who listeners the shrink. Next door is the story of one therapist psychological manipulation, as he crossed lines and boundaries with his patients, and he's still out there. You can now listen to the shrink next door in the new one degree, APP and check out the wondering plus exclusive update episode by subscribing to one degree, plus he experiences from additional former patients. Vikes get an update on Marty and find out what's happening with his effort to have ice medical license revoked. The shrink. Next door is available now in the wondering APP download it today.
With Huge New Investment, Headspace Sets Sights on Meditation Domination
"Hiring with indeed you can post a job in minutes. Set up screener questions then. Zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed dot com slash B W daily that's indeed dot com slash. Bwi daily from wondering. I'm David Brown. And this is business wars daily happy Friday friends. How was your week stressful? Having trouble sleeping maybe finding yourself snapping at your colleagues or your dog. Sorry to hear that. Just in case you've been under a rock for the last few years though. There is a remedy for your stress many believe in meditation. And here's how popular. It's become in two thousand seventeen late nights. Jimmy Fallon asked Andy putty comb the CEO of mindfulness APP. Company head space to lead a meditation on live TV. I wanted to try something tonight. I don't think it's ever been done on late night. Television definitely not before but I wanNA see if you can guide our audience and the roots in town for two minute meditation. She good I mean around the world. Everyone there's GonNa be people in bars right now. That's happening next year. Yeah Yeah Yeah. Awesome all watching in a Bollywood recommending. Panic loss down. Yes of course. Yeah at the end of that meditation. Jimmy Fallon opened his eyes granted. Angelic grant and the audience burst into wild applause. It was a moment for comb and his investors to celebrate the mainstreaming of mindfulness. Well now he's reached another milestone last week. His company announced that it has raised another ninety. Three million dollars from investors bullish on our collective desires to breathe are stress away. Or maybe. They're certain that there's just going to be more and more stress to deal with whatever. The reason meditation APPs are perceived safe nonprescription and relatively affordable ways to subdue the anxiety that ails us with that money had spaces raced ahead of its arch-rival calm. The race has been neck and neck or should we say head to head for the last few years we last reported on this fight in the fall at the time the two apps together had more than one hundred million users com had raised a total of one hundred forty million dollars and had become a unicorn that is investors valued at more than a billion dollars. It was starting to look like Goliath to head spaces. David no longer with head spaces latest round of funding. It surpassed com todate heads basis raised. Almost one hundred seventy million dollars. According to crunch pace with that cash the company wants to prove. Mindfulness is clinical effectiveness through scientific studies. Despite its popularity meditation still suffers from a lack of hard clinical proof of effectiveness. That's a problem head. Space has been trying to solve so far participated in about seventy different studies with research institutions like Carnegie Mellon and Stanford University head. Space will use some of that new money to engage in more clinical trials. Also it's still quietly pursuing. Fda approval about eighteen months ago. The company announced that it wanted agency approval in order to become the world's first prescription meditation APP then. The Wall Street Journal reported that the company planned to seek FDA approval sometime this year archrivals common head space may be after the same result. Meditation domination on a global scale but they're pursuing different strategies head space scientific and logical com celebrity focus stand for the. Everyday Warrior Com raised. Its latest round after signing on celebrities like Matthew mcconaughey to read bedtime stories to insomniacs. Its latest weapon. In December. The company announced that Los Angeles Lakers star. Lebron James had invested in calm and James is now featured on the APP itself with his own five part mental fitness program. It includes meditations on training your mind managing emotions and yes. Creating champions mindset who better learning from Lebron James Champions Mindset couldn't be more well-timed for the common had space chief executives themselves. One would think as they battled to win the multibillion dollar Meditation Market Out. That's tight anxiety provoking game. That's very far from over from wondering this. Business Wars daily. This week's episodes were written edited produced by Lane Appleton Grant. Emma Portland is our editorial producer producers Marshall graded by or non Lopez or winter. Chill David Brown. And we'll see you next week when it comes to hiring. You don't have time to waste. You need help getting to your shortlist of qualified candidates fast. That's why you need indeed dot Com post. A JOB IN MINUTES. Set up screener questions then. Zero in on qualified candidates using an intuitive online dashboard. Also add skills tests to your job posts so you can be confident in your applicants abilities and when you need to hire fast accelerate your results with sponsor jobs post your job today at indeed dot. Com slash. Vw Daily and get a free sponsored job upgrade on your first posting that's indeed dot com slash. Bw Daily terms conditions and exclusions apply offer valid through March. Thirty first twenty twenty.
Nvidia launches beta of browser-based GeForce Now service for iOS DTH
"These villi tech headlines for thursday november nineteen twenty twenty. I'm rich drop lino. Invidia launched a web. Rtc based beta version of its g force now cloud gaming service on mobile safari making the service available on iowa's dualshock for an xbox one controllers will work with games as well as touch controls other. They won't be supported natively on certain games. And there's no support for playing with the mouse and keyboard. The company also said it plans to expand its desktop chrome base version of g force now to work beyond just chromebooks. youtube updated. Its terms of service to now state that creators not in its partner program may see some ads and videos. Youtube partner program shares a portion of ad revenue with creators and requires an account to have one thousand subscribers and four thousand hours of watch time in the last twelve months to participate. Non-partner will not receive any revenue from these newly displayed ads. The verge confirmed that adds will not be run a non partner channels that focus on sensitive topics. The washington post sources say state and federal. Investigators are preparing to bring antitrust charges against facebook. alleging the acquisition of rivals. Instagram and whatsapp led to a social media market with few quality alternatives. The investigation has reportedly looked at how what's up. An instagram changed since being acquired by facebook. And if they've left users with worst services and fewer privacy protections this includes looking at facebooks pledged to regulators in two thousand fourteen. That would keep what's up. Independent with strong privacy protections the state and federal lawsuit have not been finalized but are expected to be filed by early december with nearly forty states reportedly interested in signing on instagram updated. Its threads messaging app adding the ability to post content instagram stories. As well as revamping the navigation tab and adding a dedicated status section. This comes as instagram. As look to broaden the use of threads which previously focus messaging close friends groups last month. The app started rolling out the ability to message all instagram users. In threads which instagram confirmed is now available. Globally apple reach a settlement with thirty four. Us state attorneys general over lawsuits about the company's practice of throttling iphone performance as batteries degraded. The settlement has yet to be approved by a judge but could be worth up to one hundred thirteen million dollars. Apple settled a class action lawsuit on the practice earlier this year for up to five hundred million dollars. Google launched a redesigned version of google pay for android and ios in the us. The three tabs pay explore an insights. The patek has the expected. Features like payment functions and transaction. History explorer contain deals and discounts and insights. Let you connect your bank account to get a searchable overview of your finances. You can also approve. Pay to look through g mail and google photos for receipts to integrate into insights. Coming in two thousand twenty one google partner with banks to offer checking and savings accounts inside google. Pay in a new service called plex. Google says it will not share transaction history with other parts of google for targeting ads access to your data for search and analysis. Will you strong encryption. You could also opt into a three month trial of transaction analysis that will end unless you respond. Yes to a prompt to continue it. Fitbit began rolling out. Fitbit dot one two cents three smartwatches which brings google assistant support as well as the ability to view blood. Oxygen data without using a dedicated watch face fit already offered amazon voice services support on the devices and the update now at support for audible responses from abs through the watches speaker rather than just onscreen text. Google announced completed the global rollout of rich communication services or are cs for all android phones users with carriers still using sms. Only can download the google messages app in the play store and they blink features like typing indicators read receipts higher resolution photos and videos in larger group conversations. Google also said it's testing end to end encryption in the latest beta google messages to one on one conversations. Twitter product lead cave on baker says. The company is exploring adding dislike disliked to the platform however he says the is now minimizing the spread of inauthentic behaviour better harassment reporting tools and cracking down on misinformation twitter previously. Let users report tweets. They didn't like but other users didn't see. A tally of dislike numbers amazon. Echo frames smart glasses last year as part of its invitation only day one products based on feedback amazon announced it will launch it up. Did it echo frames device and december tenth for two hundred forty nine dollars ninety nine cents to the general public. These updated frames include up to forty percent better battery life with an auto off feature from our energy savings. Vip filter to prioritize notifications from apps and contacts and an auto volume feature that will just volume based on ambient sound. The new echo frames come in modern tortoise horizon blue and classic black and invited first-generation users will be able to upgrade to a new pair for seventy dollars. Now all of amazon's day one products. We're so lucky. The company also announced that its echo loops. Smart ring would be sunsetted. Although amazon will continue to support existing beta devices. Rich tech subsidiary of the chipmaker mediatek agreed to acquire intel's and period line of power management controllers in a deal worth eighty five million dollars. The unit was acquired by intel. When bought the pga maker altera in two thousand fifteen altera itself had bought imperial in two thousand thirteen from one hundred. Forty million dollars and period solutions have been used by intel for power delivery to essex and fbga's and finally facebook experimental n. p. e. group leeson app called egg described as a digital zine creator. This that's us create freeform mixed media collages with standard sharable. Url's the sites. Look like a cross between geo cities and tumbler pages. Designed for your phone is available on an ipad and use apple. Id to creighton account with no option for a facebook signing remember for discussion of detect news of the day. Subscribe to daily technique. Show at daily tech new show dot com and remember to rate and review dylan tech headlines. Heavy hitter podcasts. Thanks for listening flow talk to you next time and from all of us here at daily tech headlines remember have a super sparkly day.
Nvidia launches beta of browser-based GeForce Now service for iOS - DTH
"These villi tech headlines for thursday november nineteen twenty twenty. I'm rich drop lino. Invidia launched a web. Rtc based beta version of its g force now cloud gaming service on mobile safari making the service available on iowa's dualshock for an xbox one controllers will work with games as well as touch controls other. They won't be supported natively on certain games. And there's no support for playing with the mouse and keyboard. The company also said it plans to expand its desktop chrome base version of g force now to work beyond just chromebooks. youtube updated. Its terms of service to now state that creators not in its partner program may see some ads and videos. Youtube partner program shares a portion of ad revenue with creators and requires an account to have one thousand subscribers and four thousand hours of watch time in the last twelve months to participate. Non-partner will not receive any revenue from these newly displayed ads. The verge confirmed that adds will not be run a non partner channels that focus on sensitive topics. The washington post sources say state and federal. Investigators are preparing to bring antitrust charges against facebook. alleging the acquisition of rivals. Instagram and whatsapp led to a social media market with few quality alternatives. The investigation has reportedly looked at how what's up. An instagram changed since being acquired by facebook. And if they've left users with worst services and fewer privacy protections this includes looking at facebooks pledged to regulators in two thousand fourteen. That would keep what's up. Independent with strong privacy protections the state and federal lawsuit have not been finalized but are expected to be filed by early december with nearly forty states reportedly interested in signing on instagram updated. Its threads messaging app adding the ability to post content instagram stories. As well as revamping the navigation tab and adding a dedicated status section. This comes as instagram. As look to broaden the use of threads which previously focus messaging close friends groups last month. The app started rolling out the ability to message all instagram users. In threads which instagram confirmed is now available. Globally apple reach a settlement with thirty four. Us state attorneys general over lawsuits about the company's practice of throttling iphone performance as batteries degraded. The settlement has yet to be approved by a judge but could be worth up to one hundred thirteen million dollars. Apple settled a class action lawsuit on the practice earlier this year for up to five hundred million dollars. Google launched a redesigned version of google pay for android and ios in the us. The three tabs pay explore an insights. The patek has the expected. Features like payment functions and transaction. History explorer contain deals and discounts and insights. Let you connect your bank account to get a searchable overview of your finances. You can also approve. Pay to look through g mail and google photos for receipts to integrate into insights. Coming in two thousand twenty one google partner with banks to offer checking and savings accounts inside google. Pay in a new service called plex. Google says it will not share transaction history with other parts of google for targeting ads access to your data for search and analysis. Will you strong encryption. You could also opt into a three month trial of transaction analysis that will end unless you respond. Yes to a prompt to continue it. Fitbit began rolling out. Fitbit five dot one two cents three smartwatches which brings google assistant support as well as the ability to view blood. Oxygen data without using a dedicated watch face fit already offered amazon voice services support on the devices and the update now at support for audible responses from abs through the watches speaker rather than just onscreen text. Google announced completed the global rollout of rich communication services or are cs for all android phones users with carriers still using sms. Only can download the google messages app in the play store and they blink features like typing indicators read receipts higher resolution photos and videos in larger group conversations. Google also said it's testing end to end encryption in the latest beta google messages to one on one conversations. Twitter product lead cave on baker says. The company is exploring adding dislike done to the platform. However he says the is now minimizing the spread of inauthentic behaviour better harassment reporting tools and cracking down on misinformation twitter previously. Let users report tweets. They didn't like but other users didn't see. A tally of dislike numbers amazon. Echo frames smart glasses last year as part of its invitation only day one products based on feedback amazon announced it will launch it up. Did it echo frames device and december tenth for two hundred forty nine dollars ninety nine cents to the general public. These updated frames include up to forty percent better battery life with an auto off feature from our energy savings. Vip filter to prioritize notify from absent contacts and an auto volume feature that will just volume based on ambient sound. The new echo frames come in modern tortoise horizon blue and classic black and invited first-generation users will be able to upgrade to a new pair for seventy dollars. Now all of amazon's day one products. We're so lucky. The company also announced that its echo loops. Smart ring would be sunsetted. Although amazon will continue to support existing beta devices. Rich tech subsidiary of the chipmaker mediatek agreed to acquire intel's and period line of power management controllers in a deal worth eighty five million dollars. The unit was acquired by intel. When bought the pga maker altera in two thousand fifteen altera itself had bought imperial in two thousand thirteen from one hundred. Forty million dollars and period solutions have been used by intel for power delivery to essex and fbga's and finally facebook experimental n. p. e. group leeson app called egg described as a digital zine creator. This that's us create freeform mixed media collages with standard sharable. Url's the sites. Look like a cross between geo cities and tumbler pages designed for your phone available on an ipad and use apple. Id to creighton account with no option for a facebook signing remember for discussion of detect news of the day. Subscribe to daily technique. Show at daily tech new show dot com and remember to rate and review dylan tech headlines. Heavy hitter podcasts. Thanks for listening flow. Talk to you next time. And from officer at daily tech headlines remember have a super sparkly day.
Calm Down, Transform Your Headspace: Anxiety Soothers for a Pandemic Age
"We get support from net suite by Oracle the world's number one cloud business system nets. We will give you the visibility and control. You need to make the right decisions and to grow with confidence. Learn more and schedule your free tour now and net sweet dot com slash B W daily from wondering. I'm David Brown. And this is business wars daily on this Thursday march twenty. Sixth if you've been listening up this week you probably have realized we're doing something a little different. That's right and the two and a half months since China first reported the first death from the Corona virus the world is transformed. So we're taking a look back at some previous episodes just to get a sense of how dramatically and rapidly the pandemic has changed our lives in the ways. Businesses are operating. The virus is devastating some industries. And it's giving new opportunities to others. Meditation APPs like calm head space insight timer in ten percent. Happier had already been growing in response to political economic and climate anxieties. And now thanks to social distancing plus schooling event closures. Perhaps many of us could use some help maintaining what NBA star. Lebron James Calls mental fitness. As you'll hear in this story about the rivalry between common head space that we I ran February twenty first king. James brought his mental fitness training to the COM APP with the NBA off the courts for the time. Being Lebron should have a lot more time to devote to helping calm customers meditate. Check it out. How was your week stressful? Having trouble sleeping maybe or finding yourself snapping at your colleagues or your dog. Sorry to hear that just in case you've been under a rock for the last few years. There is a remedy for your stress or might be. It's called meditation. And here's how popular. It's become in two thousand seventeen late nights. Jimmy Fallon asked Andy Puddicombe the CEO of mindfulness APP Company. Head space to lead a meditation on live TV. I wanted to try something tonight. I don't think it's ever been done on late night. Television definitely not before. But I wanted to see if you can got a great audience and the roots and of town occur to minute meditation. Good around the world. Everyone there's GonNa be people in bars right now meditate. What's next year? Yeah awesome and if you're watching in a borrowed recommending class down yes of course. Yeah at the end of that. Meditation Jimmy Fallon opened. His eyes grinned. End Djelic Grin and the audience burst into wild applause. It was a moment for putty comb and his investors to celebrate the mainstreaming of mindfulness. Well now he's reached another such milestone last week. His company announced that it's raised another ninety. Three million dollars from investors bullish on our collective desires to breathe are stress. Away were. Maybe there's certain that they're just going to be more and more stress to deal with whatever. The reason meditation APPs are perceived as safe nonprescription and relatively affordable ways to subdue the anxiety. That ailes is of course. New Money won't hurt things right well with that new money head spaces raced ahead of its calm. The race has been neck and neck or should we say head to head for the last few years we last reported on this fight in the fall at that time the two apps together had more than one hundred million users calm had raised a total of one hundred forty million dollars and had become a unicorn that is investors valued it at more than a billion. That's what makes a Unicorn in fact it was starting to look like Goliath to head space. David will no longer with head. Spacey's latest round of funding it surpassed com todate head spaces raised almost one hundred seventy million dollars. According to crunch base with that cash. The company wants to prove. Mindfulness is clinical effectiveness through scientific studies. Despite its popularity meditation still suffers from a lack of hard clinical proof of effectiveness. That's a problem head. Space has been trying to solve so far it's participated in about seventy different studies with research institutions like Carnegie Mellon and Stanford University head. Space will use some of that new money to engage in more clinical trials. Also it's still quietly pursuing. Fda approval about eighteen months ago. The company announced that it wanted agency approval in order to become the world's first prescription meditation then. The Wall Street Journal reported that the company planned to seek FDA approval sometime this year archrivals common head space may be after the same result. Meditation domination on a global scale but they're pursuing different strategies head space scientific and logical com celebrity focused and for the everyday warrior com raised. Its latest round after signing on celebrities like Matthew mcconaughey to read bedtime stories to insomniacs. Its latest weapon. In December. The company announced that Los Angeles Lakers star. Lebron James had invested income and that James himself is now featured on the APP with his own five part mental fitness program. It includes meditations on training your mind managing emotions and yes creating champions mindset. Who better right learning from Lebron James how to have a champions mindset couldn't be more well timed for the common head space chief executives themselves as they battled to win the multibillion dollar meditation. Martin Bats at tight anxiety provoking game. That's very far from over. I'm wondering this is business. I got an extra minute to support us over. Two one two three DOT com slash survey. Tell us a little bit about yourself. Sure appreciate it. Thanks so much for listening com. I'm David Brown. And Wilson this episode of business words daily is brought to you by net suite by Oracle. What DO COMPANIES LIKE? Ring Hint End. Tacoma's all have in common. They all use net sweet accelerate their growth. Look if you WANNA take your company from two million to ten million or ten million to hundreds of millions in revenue net suite by Oracle gives you the tools to turbo charger growth with net sweet. You get a full picture of your business finance inventory. Hr customers and more. It's everything you need to grow all in one place right from your phone or computer. Net sweet is the world's number one cloud business system trusted by more than nineteen thousand companies is the last system. You'll ever need sweet business. Grows here schedule your free product to a right now and receive your free guide six ways to run a more profitable business at nets wheat. Dot Com slash. Vw Daily. That's net sweet dot com slash. Vw Daily One more time net sweet dot com slash B W daily.
Real Estate Startup Culdesac Launches Nations First Car-Free Subdivision
"Business Wars daily is sponsored by net suite by Oracle net. Sweet offers a full picture of all your finances all in one place in real time right from your phone or your desktop learn more schedule your free demo now at net sweet dot com slash vw daily. From wondering. I'm David Brown. And this is business wars daily happy Monday friends. Hey what if you could live in a community. That was so walkable. That cars weren't even allowed. What one Silicon Valley funded? Startup called cul de sac is building a car. Free Housing Development Founders Ryan Johnson and Jeff Barons claim. Cul De sac. Is the first post car real estate developer in the US late last month the startup broke ground on a one hundred. Forty million dollars subdivision in in Tempe Arizona. There will house more than one thousand people with no driveways and virtually no parking. Lots either own a car better find and somewhere else to live. Private vehicles are forbidden here instead. Cold a sack tempe will be designed to make everything. A Carla's person could need accessible by foot bicycle traynor nor we suppose UNICYCLE. According to Baron's Johnson more than fifty percent of the land in car centric American cities has covered in pavement without the need for asphalt all streets in private car. Parking cul de sac says it can include three times more greenspace than the average urban neighborhood in a bit of hyperbole barons went so far ars to tell fast company that living in their new tempe subdivision will feel like living in Park. Apartments will be located near shops restaurants. In courtyards the development lament will include a dog park a gym co working and coffee shops and onsite light. Rail stop will enable residents to commute to work school and the airport coldest act. I plans to maintain a small fleet of hourly rental car sharing vehicles for residents. Who Want to travel beyond the light rail and there will be a handful of dedicated parking spaces for shared ear bikes and scooters Nashville include electric charging stations? If this idea sounds groundbreaking well it is. Johnson and barons are working king with architect Dan Paralympic parallel coined the term missing middle housing meaning affordable mixed-use neighborhoods featuring amenities that urban planners say. Today's as millennials and baby boomers both want that means multifamily housing walkability a sense of community a healthy dose of Mother Nature and it also means attention paid to the economic ecological and social costs of car ownership. But it's hardly easy to grow a neighborhood like this from scratch. Most suburban officials are used to a building car centric single family subdivisions and have a lot of incentives to do so even cities typically demand that new multifamily housing construction come with a lot of space for parking working. And you know if you think about it. Johnson and barons couldn't build what they wanted within the confines of an existing community. Why too much asphalt lucky for them cul? The sack found a sixteen acre parcel of undeveloped land within the city limits. That was a little shocking. Tempe is in Maricopa County. America's fastest growing county furthermore for more the city was willing to invest in. The new concept officials worked with cul de sac to locate the light rail. Stop on site to help design the neighborhood to make it accessible to first responders so for those of you who hate traffic or just like the idea of walking to the ice cream store or your office the prospect of a cul de sac development. In your town probably probably sounds pretty great but don't expect to see one popping up anytime soon to make developments like this one work you need an area with a thriving job market where most of to the jobs were accessible via public transit. You also need cooperative. City officials available land and services like ride and car-sharing that are prevalent in urban areas but rather scarce in rural ones and the cul de sac. Tempe apartments are not cheap. A one bedroom go for fourteen to fifteen hundred dollars slightly more than the average one bedroom in downtown tempe competition comes from all corners but especially from developers of master planned communities designed to satisfy our desires for walkability trees and coffee shops but that also allow cars in and surprisingly competition may also come from the auto industry as car and driver magazine wrote in an article about cul de sac quoting here. If something is described as car-free were generally not interested in reading any further. There isn't much that is more antithetical to what what we are all about close quote but cities may have good reasons to embrace call the second. They're likely imitators tempe. Mayor Mark Mitchell told the Wall Street Journal that the city is predicted to the double in population. To Ninety thousand people by twenty forty creating natural worries about traffic. We're trying to get individuals out of the car as much as possible mayor. You're Mitchell told the journal which is one reason. Why Cul de sac launched in Tempe and Johnson and barons are also native Arizona's who were roommates at the University of Arizona lest you think they'll remain provincial however called the sax founders are wildly ambitious next up potential developments in Denver Dallas and Raleigh Durham and after that they say there's no holding back they hope to build the first car free city in the world from this business words daily? What do you think about living in our free neighborhood? Share this episode on twitter and get the conversation going and thanks so much for. You're listening. I'm David Brown and we'll be back with you tomorrow. This episode of business daily is brought to you by net sweet. Hey if you don't know your numbers you don't know your business that is what net suite by Oracle is set out to solve because most companies don't have a clear picture of their finances and that's why many businesses fail the question for any business owner out there is. Are you confident that you've got the right numbers at your fingertips serious entrepreneurs and finance teams run on net suite by Oracle the world's number number one cloud business system. Net sweet offers a full picture of all your finances all in one place in real time right from your phone or your desktop desktop. No more guessing no more worried that what you don't know could kill your company. That's why next week. Customers grow three times faster than the S.. Listen pay five hundred and you can to schedule your free demo now and receive their free guide. Seven key strategies to grow your profits at net sweet wheat dot com slash B._W.. Daily that's net sweet dot com slash B W daily to set up your Free Demo and get your free guide today. Net sweet dot com slash B._W. daily.
Will antitrust lawsuits affect Googles earnings?
"This marketplace podcast is supported by deloitte private offering business insight and strategies tailored to the needs of privately held companies to help them navigate. Today's uncertainty and build resilience online at deloitte dot com slash. us slash cova d- and buy out systems the application platform that enables every company to innovate through software. Out systems accelerates the development of business critical cloud applications build the difference without systems for more information visit out systems. Dot com is some of the frenzy on the wane. I'm david brancaccio now. An update on one stock in the trading frenzy in which amateur investors started buying stocks that some big investors had been. Betting would fail game. Stop fell thirty percent yesterday in the stock is down about another forty percent right now from some longer term perspective. Let's bring in. Julian emmanuel chief equity and derivative strategist at the investment firm bt. I g a fellow who's thinking people's resilience during the stock collapse during the initial spring lockdowns. And all these perpetually seemingly low interest rates will keep individual investors in stocks for longer. Good morning to you. Good morning day but you know obviously big story. The past ten days or few weeks has been read at bloggers in the retail chain game. Stop but really. If this is a story we have to date it back impart to late. Twenty nineteen pre pandemic. Remember what happened then right late. Twenty nineteen was when the steak was put in the ground for really the start of this true democratization of investing when we went to zero fee online trading. That in our view was something that was really Catalyzing a lot of the interest that we've seen over the course of really the last year and a half and so it is magnified by people gathering on blogs and picking certain stocks especially downtrodden ones. But this morning and yesterday some of the wind has been knocked back out of for instance game stop. You think this is going to drive some of these amateur investors away from this whole business. Well the fascinating thing about the last year is how incredibly resilient the investing public has become and even if we see a setback In terms of the speculative fever we've seen the last couple of weeks. It's very clear that that's only going be a temporary phenomenon. Julian emmanuel at g the chief equity and derivative strategist. Thank you so much thank you. Pfizer has been spending a fortune on drug and vaccine research in production. Yet who's news today. The company went from a loss to a small profit last quarter bit lower-than-expected in stock is down two and a half percent here. Google parent company alphabet comes out with its quarterly sales and profits later today. The e commerce and advertising has been ticking along but there are three lawsuits from states in the justice department. Here's marketplace's eric bears. These lawsuits target. Google dominance as a search engine and how businesses rely on google for customers to find them. Charlotte's lehman is an antitrust expert with the nonprofit public knowledge. Google is getting a cut of so much of what is happening on the internet through those advertising technology tools so it adds up to a lot of money for google but google has other ways of making money. People have been sharing. Google docs posting in watching more on youtube. Google owns it and gathering on google. Meet all for free on. Freeman is an analyst with. Cf a he says. that's google strategy. Pull you in and get you to pay to store stuff on its clout cloud clearly is not just a revenue growth contributor now but its earnings contributed later in fact when the company reports earnings. Today google will breakout clouds operating profit for the first time america barris for marketplace this marketplace podcast is supported by key a bank dedicated to providing guidance and support an unpredictable markets. Key believes that knowing what's best for the industry starts with knowing what's going on within it. They help clients thrive by sharing their relevant insights and data helpful information about economic conditions. Impacting your business. Available at key. Dot com slash economic conditions with brexit and covid travel bans. The english channel seems wider. These days and other questions about the future of eurostar. The train that runs in the channel tunnel from london marketplace's stephen beard reports. The eurostar train about to leave london's and pancras station is almost empty. Mike lynch of the rmt union representing many of the company's workers as the pandemic has hit eurostar. Really hard so they have virtually no revenue and virtually no passengers to speak of before copied. The company carried up to thirty thousand passengers a day and made a profit of one hundred forty million dollars a year. Today it's an urgent need of a bailout. There is a viable business. They're struggling to get off on the cove it and if we're not careful this will be another victim of covid which will be a tragedy for the social benefit economic benefit business benefit and the environmental benefit with carbon emissions that are ninety percent lower than those of equivalent. Flights eurostars adds stress. It's other advantages over the cheaper. Low cost carriers. You seem when you don't apply you're style france's state-owned rail. Companies the majority shareholder in eurostar. It's pumped a quarter of a billion dollars to prop it up and once the brits to pumping more even though the uk government sold its stake in eurostar. Some years ago. The french suggestion is meeting some resistance. In britain harry phone of the taxpayers alliance. I certainly don't think the british be bailing out wall. It's a french company with millions of pounds of taxpayers cash. Especially since we've left the european union. Why are we bailing out. Fringe companies euros. Thousands enthusiastic passengers has joined the debate rail expert mark smith named his website seat. Sixty one dot com. After his favorite seat on the cross channel service eurostars ownership he says is irrelevant. It's used for british employs purchase people. It's actually based in london. It should be supported by both the british and the french he says pre covid eurostar was injecting a billion dollars a year into the uk content. And he says it's vital for britain to maintain this link with its european nations especially after brexit in london. I'm stephen beard for marketplace. Updating game stop shares are down fifty percent now after dropping thirty percent yesterday. Still up five hundred percent this year. I'm david brancaccio. Marketplace morning report from american public media just in ho with marketplace. The economy is changing so fast. It's hard to keep up so our latest podcast is here to help. It's called the marketplace minute. Give us just sixty seconds and we'll bring you the latest on what's happening in the economy three times a day market updates business news in hell the numbers affect your personal economy. We'll tell you what you need to know and why it matters. Just ask your smart speaker to play the marketplace minute or. Find it wherever you get your podcasts.
Levi Strauss Returns to Public Markets
"Are you hiring with indeed you can post a job in minutes set up screener questions than zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed dot com slash W. S J that's indeed dot com slash W. S j. With what's news from the Wall Street Journal. I'm Anne Marie for totally New York denim company. Levi Strauss returns to public markets on Thursday amid an IPO boom led by tech companies. We'll have the details with Wall Street Journal reporter Suzanne cap ner. But first here are some other top stories, we're following the Federal Reserve is extending a pause and raising short-term interest rates with more fed officials signaling they may not raise rates at all this year, while Street Journal reporter, Nick Tim rose says more the question that came up is what would it take for them to raise interest rates again and Powell seemed to indicate that it would actually take quite a bit together to raise interest rates. Again. The reason is they are worried that inflation has been falling below their two percent target. They keep saying that it's going to go above two percent and it hasn't happened. And so in a relatively revealing moment Powell said he was discouraged that they haven't he said convincingly achieved that two percent target. And that's a very notable shift because it shows the fed wants to see inflation rise before they do anything to raise rates again. The also gave details about its four trillion dollar asset portfolio. The plan is to slow the pace of shrinking the portfolio in may ending the run off at the end of September. European Union leaders began a two-day summit in Brussels Thursday, where Brexit is expected to be a major topic. British Prime Minister, Theresa may is seeking three month delay in the UK's departure from the EU originally set for March twenty ninth. European officials have indicated their unlikely to make a final decision without a vote from British lawmakers who last week rejected May's Brexit plan for a second time. Shares of. Bayer took a big hit on Wednesday a day after a San Francisco jury fan demand developed cancer from exposure to its weed killer roundup, which came under the pharmaceutical giants umbrella after it's sixty three billion dollar acquisition of Monsanto. Shares of Bayer fell ten percent on Wednesday. The company is facing thousands of lawsuits over round up raising more questions about how much of a liability the Monsanto acquisition will be for the company. Starbucks plans to debut new lids designed to eliminate the need for plastic straws in six US cities this summer, Los Angeles, San Francisco, Seattle, Washington, DC, Indianapolis and Toronto the company hopes to expand the program from there to additional North American markets early next year. Starbucks says the new lids us nine percent less plastic than its current lids and straws still to come. We'll have the details on Levi Strauss is second public debut. Are you hiring with indeed you can post a job in minutes set up screener questions than zero in on your shortlist of qualified candidates using an online dashboard get started today at indeed dot com slash W. S J that's indeed dot com slash W s j. Denham company Levi Strauss returns to public markets Thursday. It's the second debut for the company which was founded in the nineteenth century and the second IPO comes amid a much altered retail landscape. Joining me now in our studio is Wall Street Journal. Reporter Suzanne cap ner, Suzanne I'd like to start by taking a look back. Here Levi Strauss first opened in eighteen fifty three it was part of a dry goods store. So definitely a company that scene big Evelyn over the years. Oh, yeah. Certainly, you know, except that its core product really hasn't changed all that much except for maybe the addition of stretch fabric in different cuts. I mean, it still gets a very large amount of its revenue from selling bluejeans, which is sort of remarkable. We're expecting a lot of IPO's this year, but mostly from tech companies like Uber, and lift we're not seeing too many public debuts by retail and apparel companies region's been a tough sector, and you know, a lot of companies are struggling to adapt to, you know, the shift to online shopping, and it just has. Made for, you know, a great environment or a lot of investor appetite for retail offerings. But you Levi they have this family the Haas family who are descendants of the founder who want to sell some of their shares. And that's really one of the reasons they're going public now, but we are living in a very different retail climate. How is the company positioned itself to succeed this time around? Well, they have a CEO former Procter and gamble executive named chip Berg who has really done a great job. Levi was struggling they sort of lost their way when all these premium jeans brands came on the market, and they were kind of, you know, they're still the number one seller in the US, but their market share was you know, lessened, and he's really, you know, helped make them cool. Again, they they've introduced new styles some premium customization, you know, breathe some new life into the brand. And you know, now the challenge going forward is can they go beyond the blue, gene? They talk about their perspectives about being a lifestyle brand. But, you know, they're not quite there yet since again, most of their sales come from bottoms, which are either jeans or they're dockers brand of khakis, and they need to really evolve either internally or maybe through acquisitions to, you know, make them sort of more than just denim that certainly alludes to some of the challenges ahead after this public debut. So, you know, other retailers today to continue growing have made acquisitions, and they, you know, this idea of a house of brands whether it's Michael Kors buying for Saatchi and Jimmy Choo or coach buying Kate Spade. Stuart weitzman. And so, you know, it would seem like an, you know, going public would give them certainly equity to do deals, but they're not actually going to raise that much cash. Because the bulk of the proceeds are going to go to these selling stockholders mainly the Haas family members companies only going to have about one hundred forty million dollars. That's what they're going to raise from the the off. Offering which is not that much and Levi Strauss is also making an interesting move here debuting with the dual class structure. This is something a lot of tech companies. Do how exactly will it work for Levi Strauss? Well, it's sort of a neat trick for the controlling shareholders because they get to sell some of their stock raise money without giving up control. So every class b share? We'll have ten boats to the one vote per class H-share. So essentially, the family will, you know, control important decisions like the election of directors, you know, whether to make an acquisition, or even, you know, sell the company one day, they'll really have control of of all those decisions. That's Wall Street Journal. Reporter Suzanne cap ner joining the inner studio in New York, thank you so much. His n thanks for having me. And that's what's news. I'm Anne Marie for totally in New York for the Wall Street Journal.
Hoping to Gain from Carvanas Slipstream, Rival Vroom Files for IPO
"Dell can help you office everywhere with up to forty five percent off the latest business computers with Intel core processors and new windows ten devices plus get free shipping and special financing offers with Dell business credit call eight seven seven ask Dell for Dell Technologies Advisor from wondering. I'm David Brown. And this is business. Wars daily on this Tuesday may twenty sixth over the last couple of months several tech companies have decided to delay their. Ipo's and given the market's volatility. Almost no one has taken their company public since we began feeling the full force of the pandemic. So it's surprising that any business is choosing to file for a public offering right now but that's exactly. What broom is doing broom last week? The online used car platform filed with the SEC for an IPO. It's expected to take place in June. If you haven't been in the market for used car in the last several years you may not be familiar with the room and its rivals for room is a website and an APP intended to make it as easy to buy a used car as it is to pick out say it new laptop on Amazon the also by your old car from you long before we had Kobe. Nineteen reasons to want commerce without contact barroom was positioning itself as a company that helped you conduct the whole typically unpleasant process of buying and selling a used car online. Baru Ms even offered contact list delivery since its inception rather than going to a dealership room delivers your new ride to you on a flatbed truck. The company's been around in its current form since two thousand fourteen then. Ceo Elon Block joined a Dallas based business known as Auto America. According to Fast Company Auto America had built up an inventory of used cars that it sold on Ebay and cars dot com now under blocks leadership. The company rebranded itself as broom and started planning a disruption of the used car industry block had a huge ambition. He wanted customers to trust Var Room. Trust a car dealer no easy feat for decades trust in car. Sales people has been so low that the deceitful dealer has been the punchline mini a standup comics jokes that I say many yeah. That's right car. Sales people are the second least trusted workers in the US. According to a Gallup poll conducted last December only members of Congress scored lower to room. The obvious solution was to remove the car. Sales people from the equation altogether unlike traditional dealerships. The company slaps a single price on every car and does not negotiate the company purchases late model low. Mileage used cars and reconditioned them prior to sell it customers. Take delivery of a car. They choose online and test drive for seven days or two hundred fifty miles. Whichever comes first. If they don't like it they return it. No questions asked. The company claims still customer services difficult in all digital companies. Like this and it's not yet clear. That room has overcome the used car cultures longstanding trust issues but over the years investors have put their trust and money into the room today. The company is led by Chief Executive. Paul Hennessy a former CEO of traveled discounter. Priceline you've heard of them right in December of room closed on a quarter billion dollars of new funding according to crunch base that brought brooms total funding to more than seven hundred million dollars. It wound up with pre pandemic valuation of one and a half billion dollars according to the Wall Street Journal but then well that pandemic happened. E commerce revenues fell fifteen percent in the latter half of March alone according to axios which leads us back to this month and barrooms surprising. Ipo Timing The Wall Street Journal says Baru is trying to quote draft off the success of its biggest rival online car dealership. Carven went public in two thousand seventeen it shares of grown seven-fold since then even when accounting for a temporary. Cova 'cause dip the journal reports but rooms results may vary in April its sales volume recovered to February levels. But at a price room heavily discounted the cars in its inventory. Dramatically reducing its profits in twenty nineteen barrooms revenues topped. Two billion dollars up about thirty percent from the year before but it had a net loss of one hundred forty million dollars in. It's still not profitable. The pandemic certainly didn't help before announcing its IPO. The company furloughed about a third of its seven hundred employees and reduce the salaries of those left behind crunch base reported. But Room says it's expecting US car sales to rebound in the coming months. Some observers seem to agree motor trend speculates that newcomers are entering the auto market. These are people who scoffed at car ownership before they used to take Public Transit Hail Uber's and lifts or both now motor trend predicts they'll want their own private transportation so they can keep a safe distance when commuting still room is surrounded by challenges so far prediction of pent up demand. Is well gesture. Prediction competition is ferocious. Not just from Corban and other online sellers but from new car dealerships with low interest rates and a glut of inventory. Their offering zero interest rate deals in heavy discounts. That means some customers who may have thought they could only afford used cars may now actually buy new ones. And there's one other big problem for volume one day might not have seen coming even a week ago when they filed with the SEC. On Friday hurts. The country's second largest car rental company filed for bankruptcy both it and Avis budget or expected to sell off potentially hundreds of thousands of their cars according to CNN in the US the to rental companies. Along with enterprise zone about a million and a half automobiles those are cars. No one's driving right now. Analysts Jeff Schuster with automotive research firm told CNN. Those fleet cars will flood the used car marketplace in bring prices down even more Schuster predicted. Sure Broom could sell a lot of those old hurts cars but we'll be able to turn a profit that's some fairy tricky math even trickier than the math. Many of us have experienced in used car showrooms if room goes through with its IPO and right now there's no indication from the company that it won't there will be many is on it. Silicon Valley observers will be watching to see if the company JUMP STARTS AT TECH IPO market. It's been on ice. Is The Wall Street? Journal called it and the auto industry. We'll be watching for signs. That car sales both used en new might not be more after all. The big question is will resume full ahead or wind up with a flat tire along with everyone else will be watching bill from one re. This is Business Wars Day. That hey listen. If you're learning something from our show we hope you'll take a second hit. That subscribe button on your podcast. App. Would you that way? You won't miss a single day. Thanks so much for listening. I'm begged Brown will be back with you tomorrow. Business Wars daily is brought to you by Dell Dell Technologies has special business savings right now to help you office everywhere and stay productive. Save up to forty five percent on desktops laptops and do it. All servers with Intel core processors upgrade to new modern devices with windows ten and save on essential electronics all with free shipping on everything and special financing with Dell business credit call eight seven seven asked Dell for Dell Technologies Advisor. Who can help you find the right? Tech- that's eight. Seven seven asked del or visit Dell Dot com slash. Small business deals.
The O'Reilly Update, October 17, 2019
"Eh In America high level meetings on Syria between President Trump and top Democrats breakdown San Diego officials say sections of the new Bill O'Reilly here Thursday October Seventeenth Two thousand nineteen you are listening to the Riley Update. Here's what's happening today we days but she got the house because she had an agent knew how to get the job done that's why I love real estate agents I trust dot com then what the house would be appraised for and five offer to help with some of the closing costs the house The lady wanted had ten offers in caravan's from Central America border agents now say apprehensions down fifty percent because of the wall st eight in a moment the message of the day the real story about American poverty right back with that knelt down toward the end of their forty five minute session Mr Trump calling speaker Pelosi quote third rate okay today confirming it will likely phase out its print edition the entire newspaper industry continues to fall as the Internet dominates Baltimore Congressman and Civil Rights leader Elijah Cummings has died the Maryland politician passed away early Thursday morning from long-standing healthy Oh story about poverty in the USA but first high-level talks on Syria descending into chaos in the ice correctly so it could be leased if an emergency occurred for anticipating multiple offers offer more than asking but still less news throughout his career Mister Cummings fought for the rights of minorities inner city residents and those with AIDS logic cummings was six politician during the exchange our federal government at work officials in San Diego California confirming new sections aboard a wall between the White House President Trump Nancy Pelosi Chuck Schumer not agreeing on much Miss Pelosi then accusing President trump of having a quote serious connick American newspaper Powell Democratic Congressman Elijah Cummings dies at the age of sixty also ahead the message the real a young lady was looking to buy her first home in Texas the market at her price point very hot so she went to real estate agents I trust dot com federal dead rising to one point two trillion dollars for the two thousand nineteen fiscal year alone that's more than ninety four hundred bucks for every single house or help to ensure her offer was accepted or agents suggested the following steps one get prequalified with a mortgage company that are agent at a history nope pinheads just great agents yet moving with real estate agents I trust dot com that's real estate agents I trust dot com sold in the USA calmness blame the increase on tax cuts rising costs for Medicare and Medicaid also tariffs on goods from China losing to satisfy the sellers agent to find a home that was priced to sell so they knew the owner was ready to move three find a home well located and us and Mexico are having a significant impact on illegal immigration parts of me fourteen miles of new fencing have been erected since last year's migrant turn off the O'Reilly update message of the day being poor in America the truth according to US Census Approx Anna the total national debt now stands at twenty two trillion dollars most of it racked up in the last fifteen years the newspaper me thirty million Americans now living in poverty that's about nine percent of us the common metric is a family of four earning below twenty five thousand dollars according to the Heritage Foundation the vast majority of those living in poverty in America actually enjoy a fairly decent centered of living for example poor US households have televisions at a rate of ninety eight percent microwaves eighty one percent air conditioning seventy eight percent DVD or BLU ray players sixty five percents cable or satellite TV sixty three percent and the typical poor American has more living space than the average Oh class European this is not to diminish poverty it is a terrible circumstance because you don't have any money any assets you are powerless you cannot right wrongs sometimes you can't pay your bills and if anything unexpected happens your powerless so poverty is a situation that must be dealt with but it has to be dealt with in a truthful way the Democrats running for president would have us believe that the American poor have no chance this week in you're in a place like Las Vegas well for that I was attacked personally vehemently in every way by the left and lives in her car with her daughter I tweeted I don't believe the story the don't have four jobs and live in your eight a Beta Aurora told the story of a woman in Las Vegas who Mister O'Rourke said has four jobs. CBS Even Track the woman down and what I said is absolutely true she does not have four jobs she does work dollars a year this is what I'm talking about. There are ways for disadvantaged Americans many of them not all one hour a day here cleans a friend's house there but she has organized job however the lady has an automobile deal and Las Vegas needs drivers she has a driver's license if she got into a taxicab she could make sixty thousand to make it they don't all have to be supported by other Americans now I also looked up a Beta Aurora financial city relation and it's interesting so Mr Compassion made three hundred and seventy thousand dollars in two thousand seventeen you WanNa know how much you gave to charity Baidoa work in his wife gave one thousand one hundred sixty six dollars charity in two thousand seventeen zero point three percent of their income and Baidoa works wife's father is worth five hundred million dollars according to Forbes magazine so Beta your phony you don't the truth but I do tardy is terrible all Americans should help the poor I do through my foundation do you suffer from sleep apnea and use as C. Pap machine if you do you need to know about so clean so clean is the world's first automate but don't be laying this trip on us that the poor have no chance they do right back with something you might not know needed CPAP cleaner and sanitizer so clean kills up to ninety nine point nine percent of all CPAP germs and bacteria that can build up in your mass coz reservoir it's easy to use works with all popular CPAP machines and masks just put your mask on have a better CPAP experience right now for Bill O'Reilly listeners you can try so clean risk free for thirty nights even shipping is free so wait close the LID and walkaway it uses advanced technology to sanitize your CPAP equipment and is the safer healthier way to breathe cleaner and national anthem back in two thousand sixteen television viewership is down about ten percent stadium attendance five percent down despite the problems the NFL season not surprisingly all the money trickles down a player salaries quarterbacks being the highest paid position Seattle Seahawks Russell Wilson signed he's call one eight hundred five two zero one two seven nine or go to soclean dot com to take advantage of this thirty nights risk-free trial revenue annually the most valuable team in the USA that would be the Dallas cowboys worth more than five point five billion that's a ten percent increase from last L. and free shipping again that number one eight hundred five two zero one two seven nine or go to so clean dot com today largest deal in NFL history last April four years one hundred forty million dollars including a record sixty five million dollars signing bonus now the Riley update brings you something you might not know it's been a rough few years for the National Football League since former quarterback Colin Kaepernick began protesting the US we'll celebrate its one hundredth season this year and it's still a gigantic money-making machine it all the national football league generates fifteen billion dollars tease which he needs because he's out for the season now these big salaries come with big risks for NFL athletes a career ending. Injury is always one player steelers quarterback Ben Roethlisberger signed a two year extension worth sixty eight million hooting a thirty seven million dollar bonus and thirty million in injury Gary He's while running backs tend to have the highest injury rate sadly new reports show an increasing number of retired. NFL players over the age of fifty Michael Center is investigating new ways to reverse brain injuries and improve long term recovery you can visit Joe Nemeth Dot Org more information and that is something you might not know please check out my latest book the United States trump a lot in there you might not know it's a big bestseller what the most common injuries impact the knee and the brain more than two hundred concussions last year alone offensive and defensive linemen experienced the most injury I think you'll like it also every night you could see me on Bill O'Reilly Dot Com doing a podcast. I think you'll like that as well the are displaying signs of major cognitive issues so if you're interested in helping retired football players and their families remember we'll be right back bill o'reilly here with an important message if you're a listener to this program you may know how much I love dogs today let's talk about something a lot of them didn't make money way back consider making a donation to the Joe Nemeth Foundation the Joe Nemeth Neurological Research Center at Jupiter met Arab out very much there are thousands of abandoned animals in the USA and these animals need your help this is why partnered up with Delta rescue the care for the animals for life they're staffed by specially trained attendance who look after the animals providing them with water treats toys and action for more information on Delta's tax saving estate planning vehicles please go to the website Delta rescue dot org slash largest no kill care for live animal sanctuary in the World Delta animal sanctuary is a one of a kind rescue operation because they the animals live well on into the future donate online today at Delta Rescue Dot Org Slash Bill that's Delta ask dot org slash bill. Thank you for listening to the O'Reilly update I am Bill O'Reilly no spin just facts and always looking out for you. Wall are reducing illegal immigration the federal debt this year one point two trillion the end may be near for the print edition of an
The Long Road to Recovery in the Bahamas
"You're invited to travel the world and discover what it means to live. The intercontinental life with more than two hundred properties worldwide intercontinental hotels and resorts welcomes you to who I conned properties in global destinations including New York London and Shanghai discover more about these cities and the tails inspire with stories of the intercontinental continental life a collection of stories that will excite your curiosity and offer New Perspective on the world here more at intercontinental dot com forward slash life world leaders gathered in New York for the United Nations General Assembly plus Softbank's Vision Fund and could take a hit on some of its biggest investments and the long road to recovery in the Bahamas after Hurricane Dorian. I stood in the middle of it and I still can't quite I believe a bud houses whole neighborhoods just reduced to broken pieces of wood and nails and everything everything that goes into a house but all in pieces it's Monday September twenty third and this is the PM edition of what's News From The Wall Street Journal. I'm angry for totally in New York. One day climate summit took place at the United Nations today today as part of this year's. UN General Assembly session hundreds of thousands of people took to the streets in global protests on Friday to call for more action on climate change range the girl who sparked those strikes sixteen year old Swedish climate activist gratitude. Berg reprimanded world leaders in her address to the UN today. This is aw wrong. I shouldn't be up here. I should be back in school on the other side of the ocean yet you oh you all come to us young people for hope. How dare you you have stolen my dreams in my childhood with your were empty words yet. I'm one of the lucky ones people are suffering. People are dying. Entire ecosystems are collapsing. We are in the beginning of a mass extinction. All you can talk about is money in fairy tales of each economic growth. How dare you the UN and summit focused on phasing out coal carbon neutrality and meeting the goals of the twenty fifteen Paris accord which president trump has vowed to withdraw from he attended part of Mondays Climate Summit before leaving to speak at a separate event on religious freedom. Iran has released a British flagged tanker it seized in the Strait of Hormuz in July life for alleged maritime violations. Iran's decision comes after attacks on Saudi Arabia's oil facilities earlier this month the US and Saudi Arabia have blamed Iran Iran for the attacks for which Iran Denies Responsibility The Wall Street Journal's. Sooner Rasmussen has more on the decision to release the tanker before Iranian leaders headed to the UN Glenn General Assembly they will be facing tough questions when they go to New York over this attack in Saudi Arabia so we can speculate at least at releasing leasing this tanker is meant to create a bit of goodwill at least among the Europeans and and take at least a little bit of the blow from the UK who were preparing to confront Iran on with it. The seizure of the tanker President trump is set to address the General Assembly on Tuesday followed by Iranian President Hassan Rohani on Wednesday. An an antitrust investigation into facebook is giving the social networks rivals chance to air complaints. One of them is the parent company of snapchat which kept a dossier detailing detailing the ways in which it thought facebook was trying to thwart competition and undermine its business. The document trove was named project voldemort her reference to the villain in the Harry Potter Hotter novels the Federal Trade Commission is conducting one of several antitrust investigations into facebook house. Lawmakers are also seeking documents from facebook and other a big tech companies as part of an investigation into whether they have abused their market power. Chinese demand for meat is driving up global prices about of swine aligned flu decimated China's pig herd by more than a third. That's led to a rise in domestic poor prices which have jumped as much as fifty percent and an increase in the amount of beef pork and chicken. China is importing Brazilian poultry shipments to China for example are up about a third from a year ago and poultry prices in Brazil are up about sixteen in percent. American consumers haven't felt the brunt of higher prices just yet but that could change China has said it could exempt. US pork and other agricultural goods from punitive tariffs and if they do American meat producers could start exporting more to China and raise their prices to Nissan has agreed to pay a fifteen fifteen million dollars civil penalty to settle charges with the US Securities and Exchange Commission overpay disclosures the SEC had accused Nissan and its former Chairman Ed Carlos gone of filing false disclosures that failed to report more than one hundred forty million dollars in retirement compensation going agreed to pay a one million dollar civil penalty. We also reported in a Wall Street Journal exclusive that lawyers for Nissan have flagged possible conflicts of interest in Nissan's internal investigation of grown in in a sign of continuing turmoil at the company Ken Burns. It's a name that's become Sunanda MOUs with documentary filmmaking. He's a master of his craft a timeless storyteller and now he's featured on that made all the difference a new podcast from bank think of America join host Leash Burke as she talks to achievers about the moments that inspired them to make an impact. Their stories might just inspire you to you. What would you like the power to do. You can find that made all the difference anywhere you get your podcasts. Japan's Softbank is known for making big bets on startups through its Vision Fund. The fund has invested billions of dollars in young tech companies including the embattled. We work work in the hopes of getting a big return on investment but instead we works delayed. IPO and other risky bets could end up costing Softbank a lot of money for more more on the Vision Fund. Our Charlie Turner spoke with reporters. Miriam Gottfried Mariam Softbank's Vision Fund is a fund worth more than ninety eight billion dollars and and I get the feeling it's employed a risky strategy that seems to stand a good chance of backfiring doesn't part of the reason center around investments in companies such as we work in Uber so oh by nature the types of investment that the Softbank Vision Fund is making are GONNA be risky. It's doing venture style investments which means the companies are mostly private companies that are going going to go public at some point or they hope they're going to go public at some point so that's that's risky in a way but it's also risky because soft bank's investing at them at a very late stage in the market cycle you know the markets are are very expensive right now and these companies have grown very big in the private markets and Softbank is oftentimes the last investor pushing them to an even higher valuation does valuation of the companies where they end up being valued. Isn't that going to be a big part of the success of this vision fund. Certainly that's certainly a part of it and you know the we company. IPO which has been delayed is concerning and is sort of the impetus has for us taking a look again at these risky investments and how much each investment is going to affect the ultimate return for the fund risky investments always his rise and fall is the big difference here that the Vision Fund borrowed money to finance its assets yeah. The structure of the Vision Fund is unique and that adds a layer of risk so not only did this fund by its assets at a very high point in the market. It's also structured in such a way that it didn't exactly borrow money but it it all but borrowed money. It has two classes of shares. One of them is called preferred equity and the other one is called equity preferred equity equity is basically a debt like instrument so that means if I own preferred equity in the Sopping Vision Fund sopping has to pay me a coupon payment of seven percent a year no matter what no matter what happens to any of the investments whether they rise or fall does it stand a good chance of falling precipitously in value by the end of the third quarter yeah I mean I think a big part of our story is looking at three of the largest investments in the fund which are Uber we and Dede Dede. We're not ask focused on here but uber we know it's shares have continued to fall since the IPO they've fallen quite a bit since the end of the last quarter so there's a good chance of marking that one down and we because they came out and sort of again ramping up to an IPO which we thought might happen they were we're able to test the market and see that indeed there was not the kind of demand for the shares that they thought there might be may have to price it at you know quite a bit below. Oh where sopping glass valued it so if Softbank is being honest it should come out next quarter with a markdown of its investment in we even though the company hasn't gone public. It should be reflecting in some way the fact that it's not going to get what wanted for these shares. What about Softbank itself. So how much of a stake does it have. Envision Softbank does not own any of the preferred equity in the Fund Softbank and it's an employee's own about thirty three billion billion dollars worth of the fund which is about ninety eight point six billion dollars in total so almost one hundred billion dollar fund but Softbank doesn't own any of the preferred equity which means that it doesn't have that less risky coupon type payment that it has to pay for itself but on the other hand it's on the hook for more of the losses if if if there are losses so the equity makes it so that they get more exposure to good returns and more exposure to bad returns. That's The Wall Street Journal's. Miriam Godfrey read speaking with Charlie Turner. It's been less than a month since hurricane. Doria devastated the Bahamas as a category five storm with two hundred twenty mile an hour wind gusts and a more than twenty foot storm surge our reporter Aaron elworthy worth visited the Bahamas in the aftermath and joins me now with more on the damage Aaron. You're on the ground in the Bahamas. Tell us what that looks like. Before four got sent to the Bahamas I was talking to somebody about category five storms and the possibility of a category six storms and they said something that really stuck with me said you know category five is obliteration and you can't obliterate ration- and that's essentially what doar ended two they apple goes to Grand Bahama. I mean I stood in the middle of it and I still can't quite believe bought odd houses whole neighborhoods just reduced to you know broken pieces of wood and nails and everything that goes goes into a house but all in pieces jumbled together cars like they'd been in major erects a huge cargo containers that had been moved from the poor area by this massive storm surge into you know into the middle of the island. We know that the human toll is is extensive ends of fifty three people have been confirmed dead and more than thirteen hundred or still missing and feared dead. Yeah I mean the the health. Minister talked to him repeatedly and he just keeps telling me that he fears that this storm surge that in some cases topped twenty feet likely washed people into into into the ocean others are probably unfortunately buried in all of the rebel and so finding them is going to he. Oh take just a lot of work in marsh harbour alone the main main city on Great Abba Co.. They think that there are something like one point five a billion pounds of debris so you know picking through all of that in a way that you are not going to disturb. Someone's human remains not damage image them. That's that's GonNa take intake while there are devastating photos on our website accompanying your story and the damage of course that you just described what can can you tell us about the immediate needs in the Bahamas right now. There are people who are still on the Avocados and they are living in this rubble we met with pockets of people essentially living in whatever are undamaged space they could find a safe stay in a church him and when I say undamaged I don't actually mean pristine. These are these are places that you know might offer a bit of roof and some walls. They still have broken windows. They still have patches of roofs that are missing doorways that are uncover but people are making do with the space that they can find and we were out in this rural shantytown where it was the same thing except people were were essentially having to salvage the wreckage to try intact together. Whatever so shelter is a huge thing access to clean water and sanitation facilities a lot of aid groups out there. Were handing out hygiene in kits and cases of bottled water and then also communication. I mean you know cell phone tower. Scott knocked down. Sell companies are are working looking to fix that but the cell service is still spotty and quite frankly a lot of these people no longer have phones so keeping up with you know announcements. It's from from officials from new sources even getting in touch with your loved one has become this this huge task in this huge gap and and so we met with people in one community who are like please. Can we just slide bar your cell phone for a minute. We want to tell people that we're live right. I'm sure that also also goes both ways in addition to not being able to hear information from local officials being able to get the message out to the water world exactly I mean that's why why we heard so. Many times is we were out there just people who were thankful that they were still journalists and aid organizations in the area listening into their stories and helping them out. That's The Wall Street Journal's Erin Ale worth early estimates of the extensive damage in the Bahamas put total property losses at seven billion dollars. I for errands full story. Please head to our website wsj.com or the W S J APP. That's what's news for this Monday afternoon. I'm emory for Retali- for the Wall Street Journal. Thanks for listening.
Fraud Rocks China's Hottest Coffee Startup
"Over the past decade investment in Chinese startups has surged to record highs and last year, one of the hottest names and the Chinese startup world was a company called Lufkin coffee. lucking coffee is an OP star Chinese coffee chain, the set out to disrupt the business of selling coffee in China. Gene Young has been following the story of luck in. The company was built around a mobile APP that handed out discounts and made it easy for customers to place orders for delivery or pick up. That model sent the company surging to a twelve billion dollar. Valuation in less than three years. It was a high-flying starter. Backed to by. A bevy of life well known investors from China and the US, so he's got pretty global base, and they see this as an incredible gross story. You know a simple business selling coffee with a innovative by easily understandable model. And then earlier this year. All those well known investors realized that some of that growth wasn't real. Luck in disclosed it had fabricated. Half of its sales, last year. Is probably the most blatant and audacious fraud by public listed company in Grayson history. Very. Few people saw coming. And now a wall. Street Journal Investigation has revealed the details of that scheme. Details include fake coffee orders, fake supply orders, and even a fake employees. Welcome to the journal our show about money, business and power I'm Caitlyn bought. It's Friday June twelfth. Coming up on the show, the fraud behind one of China's fastest growing companies, and what it could mean for the future of investing in international startups. This. Episode of the Journal is brought to you by T mobile for business, T., mobile and sprint are joining forces to power your business in more places than ever across the country visit t mobile for business dot COM to learn more. Roar. When luck was founded in two thousand seventeen, it targeted an emerging coffee market in China. Where is a traditional et drinking population? In China there's also growing affluence growing middle class, and there is opportunity there. To get these consumers to like coffee. Lukens main competitor was starbucks. STARBUCKS had worked to establish a taste for coffee in China for about two decades. Luck in wanted to build on that and overtake starbucks. So luck and built a chain that looked a lot like starbucks, premium coffee, beans, fancy espresso, machines and award-winning Baristas. But. The company also fashioned itself as a tech startup built around a mobile APP where customers order pay for their coffee drinks. You can order anytime anywhere on your APP and you either decide to pick up at the store, which is close to you or delivery, which will get to door within thirty minutes. Even when you're ordering coffee at a cafe, you have to use the APP because there. No cashiers at London's cafes. A lot of them tend to be smaller and tend to be manned by very few staff fly sometimes may meet just one or two staff. This was London's big bet that by using only at based transactions in opening smaller cafes, it could provide the same premium. Drink has starbucks with less overhead. That helped, the company undercut starbucks with huge discounts. Through the mobile APP luck would send customers promotions for free coffee or deeply discounted drinks, and they wanted to make coffee affordable, Chinese consumers, they believe that one of the reasons that Chinese consumers have not really got into coffees because these expensive. There were constant discounts. Pushing, to APP at various levels so either. Thirty percent of some seventy percent off and you come by. Which is on actually type of coffee of Chinese consumers, really like you can buy a cup of Allante for less than two dollars after the discounts about one third of the price of similar drink starbucks. Just seven months after started, it had opened more than five hundred cafes. Many of those cafes were opened near a starbucks starbucks. Newest rival in China chain called lock in underpricing starbucks by twenty-five percent, joining us the pillar of growth for starbucks better hope that this is not a huge level of competition. starbucks tried to keep up with London's expansion. A competing delivery service. But luck and kept raising money to keep pressure on its rival with rounds of fundraising that eventually valued the company in the billions of dollars. And then last year luck and hit a new kind of milestone. It went public on the Nasdaq stock market. With underwriting from big name investment banks including Credit Suisse and Morgan Stanley. It took the company less than two years to go from funding to IPO is incredibly fast, and the stock jumped one and twenty percent on the first trading day it was a huge moment for the company in New York London's chairman and co-founder Charles Lou, high five colleagues on the first day of trading, and that was the start of a new period of growth. The. Company had build a network of more than four thousand and five hundred stores end of last year, overtaking the number of starbucks coffee shops in China. As the number of stores grew luck and reported surging revenues in the third quarter of last year, the company announced its sales increased five times from the year before and by January luck and stock price hit an all-time high. Then, short-selling investment firm called muddy waters announced that it was betting against the future of luck in. The. Firm released a report suggesting luck was inflating sales numbers. Luck denied the claims and some of the big name banks that underwrote its IPO issued research reports defending the company. But the timing of the muddy waters report was not good for London that was around the time that locking saw deters. About to do their annual audits. Discovered that a number of the companies in management personnel had engaged in fabricated transactions. In, April luck reversed its earlier denial and announced publicly that the company's revenue for most of two thousand nineteen wasn't what it seemed. It turned out that half of the sales from the second to fourth quarter last year will fabricated. How much is that? That's three hundred and ten million dollars. That's a lot of coffee. If, they really sold it yes. How can faked three hundred ten million dollars worth of coffee sales? After the break. This episode of Journal is brought to you by T, mobile business, T., mobile and sprint are joining forces building a network that will power your business in more places than ever across the country with more coverage more bandwith to keep your employees connected, you will get the largest and most reliable network at an unbeatable price. T mobile for business. Visit T mobile for business. Dot Com to learn more. Welcome back. When luck and admitted to fabricating at Sales Numbers, the company didn't reveal many details, but the Wall Street Journal's investigation started to figure out how Logan's fake transactions worked. It started out just before the IPO with employees using individual cell phone numbers to buy coffee vouchers. But then the scheme escalated moving into the corporate sales program. Typically look and sold large bulk or of coffee vouchers to a few regular corporate clients places like airlines in credit card lenders so that those businesses could offer free coffee to their customers as perks. But then some other companies also started placing bulk or Based on locking internal company documents, I obtained and sources I spoke to. We found that there are dozens of Leeann companies across China very nondescript that had bought. Large amounts of coffee vouchers from the company and these orders also sometimes occur being numb numbers hours like. Overnight hours. The registration records for these mysterious companies show that many of them had ties to London's Chairman Charles. Lou through his friends family previous business associates. One company was registered with a luck an email address. And the orders being placed by these companies were huge. They would often come in very large volumes. One Company would place an order of more than one hundred thousand dollars worth of coffee vouchers in one single order. The same company would come back again and again and make more than a hundred such purchases in a few months time. How many cups of coffee did it suggest? These companies were ordering? It must have been in the range of tens of millions of cops, so was luck in actually making any of this coffee that they were issuing vouchers for based on my reporting now. These fake voucher sales were just half of the scheme. They brought money in, but money was also going out luck, and was making suspicious payments to more than a dozen suppliers, many of which also had ties to London's chairman. Those supply orders helped luck and create a paper trail to show that it had so many coffee orders in needed to buy more supplies. And, the fake supply orders were executed by one employee in particular. There is a junior employees in lucking procurement department coddling loan. She in the space of a few months, protest over one hundred forty million dollars payments to this supplies. That is a lot of work for anybody working in procurement. Andy turns out the according to sources I talked to. She's fictitious what she does not exist. She's not a real person. Has Not provided any explanation as to why. Some of his employees's. committed. The fraud. What I would say. Is that in general? It is in the company's management and shareholders interest to keep the company stocks price high. And accompanies sought. Price will rise if he shows to investor. Is Business was doing great. Authorities in the US and China have launch probes into luck. Luck told the journal that it is cooperating with authorities wall, continuing an internal investigation. The company said he couldn't comment on any specific details because of its ongoing investigation. Chairman. Charles Lou issued a public statement last month, saying that he quote by no means set out to deceive investors. What has the reaction on Wall Street been? To the revelation that there were these fabricated sales. It was a bombshell. Shares of luck and coffee have fallen massively since the company disclosed an internal investigation. That's pushing the stock down. This is correct, seventy four and a half percent this morning, serious loss of trust on wall. Street for company that by the way was really very well loved by investors at sized. And in the weak sense, things have only gotten worse for Lookin'. The company's market value is less than one billion dollars now. Compared to the heyday when he was about twelve billion dollars. Wow, that's quite the collapse it is. This collapsed didn't happen to just any company. This was a buzzy startup backed by major American investors which raises the question. How did such a brazen scheme? Go unnoticed. It's a question that us. Investors have been particularly concerned about so what happened with locking kind of exposed? An issue that has been bothering investors for a long time. How do you regulate? Chinese companies listed in the US regulators in the US. Don't have the authority to look at the financial records of Chinese companies, even those that list on us. Stock Exchanges, which limits regulators ability to safeguard investors from possible fraud. What has happened recently is that there has been growing pressure on the US government and lawmakers to do something. About about how to regulate Chinese companies listed in the US. Last month the Senate passed legislation that would kick Chinese companies off. US Stock Exchanges, unless their audits are inspected by US regulators. The bill awaits vote in the House. But whatever ends up happening with regulations in the US remains clear that a lot of investors in both the US and China bought into a story. That may have been too good to be true. The basically duped a lot of bride and smart people. And raises very big question. Is the way way invest in startups these Siro enough. Is there anything more industrial or bank? All or anyone concerned could've done in the due diligence process. It's ver- typical in the situation of a hotly sought after start up. A lot of times investor may not even have time to do proper due diligence. They are more worried about missing the boat. About missing the ticket aboard the next or Unicorn, then thinking about going to the numbers and the legitimacy of the business. That's all for today Friday June twelve. The Journal is a CO production of Gimblett and the Wall Street. Journal your hosts, Aranka Knutson and me Kate Linebaugh, the shows made by Gerard. Cole He God Cari Anne Munaf Ricky Novitsky Selah Platt will Aruban. Anti Rose Strasser and ROB Zippo. Our show is engineered by Griffin Tanner with help from Sam. Bear our theme. Music is by so widely additional music this week from Peter Leonard Billy Libby, bobby, Lord, Emma, monger and blue that sessions fact checking by Nicole PACIFICA. Thanks for listening, see you on Monday.
Cryptocurrency Mystery: How Did $140 Million Disappear?
"With your money briefing, im JR Whalen at the Wall Street Journal in New York can one hundred and forty million dollars disappear into thin air. It can if the only person with a password to access the money dies and takes the password information to his grave. That's what many people believe happened at a Canadian crypto currency exchange. We'll have the details in a moment. I these money and market stories. You should know a pig gap has emerged among graduates of NBA programs. A new study indicates that going into MBA programs white students earned an average salary of seventy one thousand two hundred ninety four dollars while minorities surveyed earned twenty four percent less at fifty seven thousand six hundred forty dollars upon graduation that pay gap narrowed to sixteen percent with minorities. Earning one hundred one thousand five hundred and five dollars on average to their white counterparts average of one hundred seventeen. Eighteen thousand eight hundred and thirty four dollars and nine hundred men and women were surveyed who earned their degrees between two thousand five and two thousand seventeen the students who identified as black Hispanic or native American received a bigger pay increase upon graduation, averaging a seventy six percent salary gain their non minority peers salaries rose by an average sixty five percent, but the study points out the gains come on top of unequal pay leading a pig app and tesla cut the price of its mass market model three sedan to forty two thousand nine hundred dollars. That's about an eleven hundred dollar reduction. And it's the second price drop this year. It's also another step and CEO. Elon Musk's quest to drive the price not including tax credits and fuel savings down to thirty five thousand dollars. The journals. Robert wall reports the model three is actually facing ineffective price increase in the US this year as the government gradually eliminates seventy five hundred dollar tax credit for the. Purchase of electric vehicles. For tesla buyers that credit fell to three thousand seven hundred fifty dollars January first and it'll be cut in half again on July first before phasing out by year end. This lot of mystery surrounding bitcoin in crypto currency. But here's something that takes mystery to a new level one hundred forty million dollars stuck in a vaults or just plain old missing. How could that much money? Fall off the radar Wall Street Journal cryptocurrency reporter, Paul Vena is just the man to come by with some answers for us. And he's here in our studio. So Paul a Canadian crypto currency exchange reports the money missing in a had to do with the death of the exchanges founder. Yes. And look there's a lot we still don't know. There's a lot that is is yet to be confirmed figure it out, and there are a lot of different ways that the story could go, and we are following it. So that said a thirty year old Canadian named Gerald cotton was running a Canadian crypto currency exchange called Quadri cosc- X. He apparently died in India in December. So the. Company had been having a lot of a lot of money problems since going back to last January last January in January twenty nineteen. They finally find they file for bankruptcy court protection. And what comes out is that cotton was running the entire exchange from a laptop in his home. He was most of the customer money was held in. What the what in the bitcoin industry? They call a cold wallet. It's basically just an account that has kept that is more or less kept off line. You mentioned that in the story Coa wall as off line a place to hold yet information. Well, yeah. Yeah. Right. The information about customer balances in a hot wallet is connected to the internet directly. Yes. And the way it kinda works is they'll they'll have, you know, look, if you're a customer, you send money to them on your behalf. You wanna trade with them? You wanna use their exchange for trading? You will send your money to. What they call a hot wallet? It's just an account think of it as an accountant. So the company will have you know, they may have more than one of each kind. But basically, they have what's called the hot wallet. Which is an account that they will use for all the sort of daily operations of the company. Right. Money's coming in. Money's moving out. Everything will go through the hot wallet, the cold wallet is where is a reserve is where they will keep them. You know, the bulk of their holdings, you keep it offline keep in storage somewhere a Bank, essentially does the same thing as a safety measure as a safety measure right as a safety measure the trick. Here is that within bitcoin access to a wallet is gotten one of two ways. There's there's what's called the private public key think I was just like passwords right there just access. So if you have the public eighty you can send money to an address to a wallet. So if I wanted to send Quadri money, I want to invest in them, you know, I'm going to give them a thous-. Dollars. And they're going to credit me a thousand dollars worth of crypt, or whatever I would send money to this public. Anybody can see the public the private key allows you to take money out of the wallet. Anybody who has a private key to a wallet in cryptocurrency can move money out of that wallet? So the private keys extremely it's an extremely sensitive piece of information withdrawal slip. It is withdrawal slip. It's like it's like having a money order. I mean, it's it's almost like having the cash itself anybody who has the private key to any wallet can access that wallet can drain the entire thing. So it's very critical that you don't give out this private key. What appeared to have happened in this case of Kouadria is that cotton was the only person who had the private king? No, this is what they're saying. Right now took it to his grave and took it to his grave, and there's data that seems to indicate that no one knows where the. Money. Isn't it could be gone all together trade trading data? This is this is this is where this kind of gets really crazy, and our story today, we talked to a couple of people who have done an analysis of the interesting thing about bitcoin is that every transaction is maintained on a public ledger. What's called the blockchain every bitcoin entire transaction? History of every bitcoin can be traced to an incredible amount of information. But it is all out there, and you can trace it you can trace it publicly. So the circumstances under which cotton died are questionable the official word is Crohn's disease. Yeah, the fischel word is complications from Crohn's disease. He died on a trip to India on December ninth the company didn't announce it until January fifteenth. So the journals a month later. Yeah. So the question is, you know, that that's that's kind of odd. Nothing was set on social media your family. No, one knew you didn't never friends people weren't talking like none of that happened. So for five weeks, while this company mind, you is having a lot of money problems. No one says anything about him dying then for another two weeks. They don't say anything about him being the only person with the private key until they filed for bankruptcy protection at the end of January when they say, oh, by the way, this hundred and forty million dollar of dollars worth of customer assets that we have is in a cold wallet. That cotton was the only guy with the key to it. We can't get in it. Oops, seems like it could lead someone to believe that there was a lot of internal panic for that one. Yes. Yes. But what happened was people started saying that story doesn't sound correct? Some people doubted the story, and they went back, and they started trying to trace the money flows through Kouadria story in February sex just just the story, which you can do because every transaction is held is on this public ledger, the blockchain so what few people what a few people are starting to conclude is that the cold wallets with all this money being held aren't actually holding any money that the money is elsewhere. That's what they're saying. And there's some activity perhaps. Yes, look, I had to be very, very careful. We don't know don't know. Right. And and this the story if you go read it you'll see there. Other people doubting that you could conclusively find these cold wallets through this sort of forensic. History of the blockchain. But if you people are starting to say, look, we don't think that these cold walls of the hundred forty million dollars worth of crypto are actually holding a hundred forty million dollars worth of crypto. We think they may be holding virtually nothing the money may be elsewhere. That's a big issue. That's a really big issue. What happened to the money and this exchange held a combination of cryptocurrency and cash yet? Yes, yes. They held their their total obligations to their clients. Their customers was about two hundred fifty million in Canadian dollars a hundred eighty million of it was in crypto and seventy million in cash, they were also having wouldn't have the room in the story to get into this. They're also having problems with the cash because and a lot of crypto currency exchanges. Have this problem? They can't find banks that want to do business with them banks want to be involved in bitcoin businesses. So a lot of crypto businesses. They'll get a Bank account. The Bank finds out what the business really is. And they drop them. So they have. And it's interesting their bankruptcy filing. They showed basically Bank drafts sitting on. This guy's stove in his kitchen on my gosh. So they they essentially have seventy million in cash, but they don't have banking don't have a Bank while so they can't they actually have like a Bank draft check that they can't cash to access the cash, you know. So it gets it's it's really at look at at the very best is a story of incredibly gross mismanagement of customer funds, and it is a cautionary tale for anybody who wants to invest in crypto currency. No, the exchange know what their businesses are. They regulated exchange somewhere. Are they not regulated know what their practices are? No, how many employees they have employees have public. You know, can you find this EEO? Can you find the these people online are do they exist? Is it one guy running it off his laptop? Or is it an actual business with an office somewhere? That is regulated. By some authority, and you can have some confidence that it is being run. Well, well, it's a lot of best practice homework. You should do before you. Yes. Enter into any investment. I don't know what it's like in Canada. But it seems like there's a red light flashing here at the Ritz no established oversight and regulation in this area. Like we have here. We don't really have fully established regulation in the US either. Right. Everyone's kind of in a inbetween place in figuring this out some exchanges in the US. And I'm thinking of Gemini coin base circle. Those ones that jump off the top of my head. I think crack into they have sought out regulators. They have sought out regulation. They want to be regulated. They want to be transparent about what they're doing. Because they want to be seen as responsible sober custodians of your money that you can trust. But money is right. But people at ease to cry over and say, hey, there is that entire track of the cryptocurrency sector there's this other track. That doesn't want that. And it can be anywhere. They can be registered in Canada. They could be in the US. They could be a lot of them are are happened to be overseas in Asia. They are not regulated. They are not transparent. You don't know who they are. You are trusting them blindly, they exist. They are out there. They cannot be regulated away the way bitcoin internet works. I mean, basically what this guy did was he bought some off the shelf software that would allow you to operate an exchange slapped a name on it and started marketing. Wow. But he can do that. I mean think about he was running an entire exchange on one computer, anybody can do that you can be an extremely shady operation in this world with no regulatory oversight. No best practices and be out there marketing yourself selling yourself. So at the very least this is an extremely cautionary tale that before you invest your money with anybody. You're right with anybody. Anyway. Where you need to do some homework, you need to know who you're being involved with while the sounds like chapter one of a multi chapter story. The lot of information to come out and hope to have you on as as things developed. We hope to have more information as this goes on. Yeah. All right. That's the journals currency reporter Paul Vini here in our studio. Paul thanks for stopping by. Absolutely JR. Thanks having me, and that's your money briefing. I'm Jay are Waylon in New York for the Wall Street Journal.