Becker Private Equity & Business Podcast
Host: Scott Becker
Episode: 20 Stories We Are Following This Morning 11-10-25
Date: November 10, 2025

Episode Overview

In this special edition, Scott Becker offers a rapid walkthrough of 15+ top stories in private equity, business, and the broader economy as of November 10, 2025. Covering market news, layoffs, executive changes, notable books, and cultural trends, Becker delivers quick, insightful commentary in his signature pragmatic tone. The episode is fast-paced and matter-of-fact, aimed at keeping business leaders and investors up to speed on what’s shaping the landscape going into the end of 2025.

Key Discussion Points and Insights

1. Government Shutdown Nears Resolution

• Ongoing government shutdown is close to ending due to bipartisan efforts, notably some Democratic senators voting with Republicans.
  • Tension & Impact: "A lot of pressure to get this closed... air travel returns to normal... federal employees really struggling." (01:00)
  • Positive momentum as Thanksgiving approaches.

2. Elon Musk’s Tesla Pay Package

• High-profile scrutiny of Musk’s compensation—tied to monumental targets.
  • "People have to realize... a ton of his targets... don’t kick in until [Tesla] gets to market cap of $8.5 trillion." (02:00)
  • Context: Tesla's current market cap is $1.43T.
  • Anecdote: Reference to a Ross Perot SNL skit.

3. Jobs Cuts in Major Firms

• Price Waterhouse: Business services job cuts—“not that huge a number... but still a big impact for those people.” (02:55)
• Wendy’s: Closing several hundred stores; disproportionately affects low-income roles. (03:25)
• UPS: 48,000 management/operations jobs cut; stock down 24% YTD. (03:40)

4. Stock Performance and Layoffs

• October Layoffs: 155,000 people laid off—a “bad sign, scary.” (04:10)
• Company Updates:
  • Expedia Group: Up 17.5% after strong quarter; stock +38% YTD. (04:30)
  • "Simply remarkable... given all the trouble that’s out there in the travel world."
  • Wayfair: Stock leapt 8.3% Friday, +140% YTD. “Did not see that coming.” (04:55)
  • Carvana vs. CarMax: Carvana up nearly 50% YTD. CarMax down nearly 60% and CEO out. (05:15)

5. Books and Cultural Commentary

• New Releases:
  • Cal Newport’s Deep Work (current reading).
  • Morgan Housel’s The Art of Spending.
  • Scott Galloway’s Notes on Being a Man—addresses struggles of young men in their 20s/30s. (05:45)

6. Podcast Interviews Preview

• Notable upcoming guests: Jake Weird, Ranil Herath, Paula Avenheim, David Rajakovich, Scott Bauer, Matt Litz.
  • “A great week on this side.” (06:20)

7. Market Movers and Losers

• Restoration Hardware: Down ~51% YTD—“having another awful year.” (06:35)
• Nvidia: Up 40% YTD, $4.6T market cap. (06:42)
• Amazon: Up 11.5% YTD, rebounding strongly. (06:49)

8. C-Suite and Healthcare Trends

• Highlight: “14 Trends That the C-Suite Is Watching Heading Into 2026” by Laura Deirda (Becker’s Healthcare).
  • Also prepping for next year’s annual meeting. (07:05)

9. Student and Medical Debt—Structural Concerns

• “When the government starts to subsidize huge industries, it feels good at first but leads to huge inflation and huge debt. Great intentions, horrible outcomes.” (07:25)
  • Debt as a lasting challenge for the nation.

10. Focus and Business Strategy: Alex Hormozi’s Advice

• Cites tweet:
  • “The biggest risk to your business are your second and third best ideas that you keep on working on but you shouldn’t... loss of single-minded focus causes trouble...” (07:50)
  • Emphasis on avoiding distraction—stay focused.

11. Tax Narrative and Robotics Market

• Debunks “the wealthy don’t pay taxes” as mostly a political myth—“most of us do pay taxes in a pretty high rate.” (08:10)
• Intuitive Surgical: Up 7.24% while competitors struggle.
  • “Really the leader in the surgical robotics area.” (08:30)
  • Others like Smith & Nephew and Zimmer Biomed had tough weeks.

Notable Quotes & Memorable Moments

• On Government Shutdown:

  • “A lot of pressure to get this closed... air travel returns to normal... federal employees really struggling.” (01:00)

• On Tesla Pay Package:

  • “People have to realize... a ton of his targets... don’t kick in until [Tesla] gets to market cap of $8.5 trillion.” (02:00)

• On Market Surprises:

  • “Wayfair... up 140% year to date. Did not see that coming.” (04:55)

• On Layoffs in October:

  • “That’s a bad sign. That’s scary. Nearly 155,000 people were laid off in October.” (04:10)

• Alex Hormozi’s Business Risk Warning:

  • “The biggest risk to your business are your second and third best ideas... Loss of focus causes trouble.” (07:50)

• On Debt and Government Subsidies:

  • “Great intentions, horrible outcomes.” (07:25)

• On Wealthy & Taxes:

  • “I believe this is largely a false and political narrative... Most of us do pay taxes in a pretty high rate.” (08:10)

Timestamps for Key Segments

• 00:30–02:00 Government Shutdown & Tesla Pay
• 02:00–03:40 Job Cuts (PwC, Wendy’s, UPS)
• 03:40–05:15 Market Movers, Layoffs, Carvana/CarMax
• 05:15–06:20 Books & Guest Preview
• 06:20–06:49 Market Losers & Winners (Restoration Hardware, Nvidia, Amazon)
• 07:05–07:25 Healthcare Trends & Annual Meeting Prep
• 07:25–07:50 Student/Medical Debt, Government Subsidies
• 07:50–08:10 Alex Hormozi Insight, Focus
• 08:10–08:30 Taxes, Intuitive Surgical, Robotics Leadership

This episode delivers a brisk, data-driven rundown of the week’s most crucial business, policy, and market news—replete with pointed observations, practical book recommendations, and grounded skepticism about both headlines and prevailing narratives. Scott Becker’s signature candor and analytical clarity make this a valuable, accessible briefing for decision-makers in business and investing.