Brew Markets — November 10, 2025

Episode: Will the Shutdown Ease Up? & The Story of Ticker Symbols
Host: Ann Berry
Producer/Co-host: John
Length: ~19 minutes

Overview

This episode explores three main themes: the potential end of the record-breaking federal government shutdown and its impact on markets, the paradox of quantum computing startups like D-Wave with massive valuations but scant revenue, and a listener-fueled deep dive into where stock ticker symbols come from—alongside market wrap-ups and memorable industry anecdotes. Throughout, Ann Berry brings both a practical investor’s eye and a deep sense of curiosity (plus some self-described “nerding out”) to the day’s biggest headlines.

Key Discussion Points and Insights

1. Progress on the Government Shutdown (00:32–03:38; 16:22–17:27)

• Status Update:
  • The federal government shutdown entered its 41st day—the longest in U.S. history.
  • Senate recently passed a short-term funding bill (60–40), extending funding through January 30th.
  • Eight Democrats broke ranks to help move the bill forward.
  • The compromise includes funding for key departments (e.g., Agriculture, SNAP/food stamps) and a commitment to hold a vote on Affordable Care Act tax credits by mid-December. Democrats will have final say on bill contents.
  • The bill also reverses shutdown-related layoffs and ensures back pay for furloughed federal workers.
• Market Reaction:
  • Major equity indices surged on optimism for a resolution (S&P 500 +1.5%, Dow +0.8%, Nasdaq +2.25%) [16:22].
  • Ann’s personal story: Experienced first-hand the related air traffic delays during a 36-hour trip.
• Ann Berry [candid perspective]:
  • “Thanks to those air traffic controllers who have been working through all of this. It’s a stressful job, even in the best of circumstances.” [02:54]
• Notable Quote:
  • “Current air travel delays—Johnson’s message for House Republicans and Democrats was to start making their way back to Washington now.” [02:42]

2. D-Wave Quantum: Big Valuation, Scant Revenue (04:16–08:05)

• The Ask:
  • Audience member Tyler requested an update on D-Wave Quantum, a leader in quantum computing.
• D-Wave Highlights:
  • One of four main public pure-play quantum computing companies (ticker: QBTS).
  • IPO’d via SPAC in 2022; market cap: $10 billion; share price up 1700% YoY.
  • The sector is “largely speculative.”
  • D-Wave raised over $1.6 billion during the past year but reported less than $4 million in Q3 revenue, with a net loss of $140 million.
  • Market cap “exceeds Campbell Soup, even though they have less than 1% of the revenue” [05:14].
• Ann’s Analysis:
  • Stresses the massive difference between potential and current financials.
  • “Quantum to me just speaks to a really different step function in the art of the possible when it comes to technology. Despite that, I’ve got to tell you, these numbers are just mind-blowing when you compare that $10 billion of market cap with…under $4 million [in revenue].” [05:54]
  • Notes “adjusted EBITDA loss” as a creative way for D-Wave to shrink reported losses.
  • White House interest: Speculation of federal investment, but Commerce Department says “not currently negotiating.”
  • D-Wave CEO Alan Barrett: “I don’t think it’s the best use of taxpayer money to fund R&D. … The US could purchase some quantum computers to solve hard defense problems.” [06:37]
  • Ann’s read: “Don’t take a stake in my capital structure but do turn up to be a customer, US government.” [07:28]
• Industry Outlook:
  • Anticipates sector roundup soon (notes Google/Alphabet and Amazon are also going after quantum).
  • D-Wave shares fell ~0.5% on the day; Rigetti reports after hours.

3. Tyson Foods Earnings & America’s Beef Crisis (08:05–10:53)

• Company Snapshot:
  • Tyson Foods (market cap $20B; twice D-Wave’s size) beat earnings estimates ($1.15/share), shares rose 2% but are down 10% YoY.
• Headline Issue:
  • “Where’s the beef?”—North American cattle supply at lowest since the 1950s.
  • Beef prices +17% YoY, sales volume down 8%.
  • DOJ investigating possible price collusion among meatpackers.
  • Tariffs on imported South American beef add further price pressure.
  • Chicken is the winner: Chicken processors benefit from cheaper feed (grain prices down), and consumer shift from beef/pork to poultry as prices rise.
  • Tyson’s chicken sales volume +4% in Q4.
• Memorable Anecdotes:
  • Ann: “Back in the day…I was looking at investing in a company that specialized in cleaning meatpacking facilities. … The standards of cleanliness for these plants is so high…like drugs need to be manufactured in a very clean environment.” [09:54–10:16]
  • Reminds listeners of outbreak risks, referencing Boar’s Head headlines.
• Quote from Tyson CEO Donnie King (call referenced):
  • “Beef segment remains our only soft spot.” Chicken and other meats “doing pretty well.” [10:53]

4. Listener Q&A: The Fascinating World of Stock Ticker Symbols (13:02–16:06)

• Listener Bella asks:
  • What happens to a company’s ticker if it goes private (using Papa John’s PZZA as an example)? Could another company take it?
• Direct from Nasdaq:
  • Tickers must be unique (1–4 characters); can be held for up to two years before IPO.
  • When a public company’s ticker is retired (due to buyout or delisting), it goes back into the pool and another company can claim it.
  • Example: The ticker “VIA” moved from Viacom to Via Transportation post-acquisition.
• Fun ticker trivia (show staff favorites):
  • FUN for Six Flags, LUV for Southwest, HOG for Harley Davidson, FIZZ for National Beverage, DNUT for Krispy Kreme, WOOF for Petco.
  • Shoutout to “Madonnas or the Zendayas of the Markets”: F for Ford and Z for Zillow—single-letter tickers.
• Ann:
  • “We love fun tickers here at Brew Markets.” [13:26]
  • “Drop us a note and let us know your favorites.” [15:56]

5. Market Wrap & Warren Buffett’s Farewell (16:22–19:04)

• Day’s Movements:
  • S&P 500 +1.5%, Dow +0.8%, Nasdaq +2.25% [16:22]
  • Wendy’s (WEN) shares down 5% after news of US location closures; down 48% YTD.
  • Ann’s personal Wendy’s nostalgia: “If I was really good at the dentist, my treat was to be taken to Wendy’s to get an ice cream sundae.” [17:10]
  • Producer John’s retort: “Cold, frosty on bare teeth. Sounds terrible. That sounds like a punishment.” [17:22]
• Berkshire Hathaway News:
  • Warren Buffett transferring shares to four family foundations; stepping down as CEO at year’s end.
  • His letter includes: “As the British would say, I’m going quiet.” [18:00]
  • Noted Buffett still sees shareholders as “part of my family.” [18:38]
  • Craig Abel is Buffett’s named successor.

Notable Quotes & Memorable Moments

• Ann Berry on quantum startups:
  • “These numbers are just mind-blowing when you compare that $10 billion of market cap with…under $4 million [in revenue].” [05:54]
• D-Wave CEO Alan Barrett (quoted by Ann):
  • “I don’t think it’s the best use of taxpayer money to fund R&D. … [But] the US could purchase some quantum computers to solve hard defense problems.” [06:37]
• Ann on supply chains:
  • “When you go and look at the supply chain…all the steps in the process to get it [beef] there, this is where I’m a complete nerd and I enjoy all of this, whether these are in the public markets or the private markets.” [10:18]
• On tickers (“Zendayas of the markets”):
  • “I call these the Madonnas or the Zendayas of the Markets.” [15:53]
• Warren Buffett’s letter:
  • “As the British would say, I’m going quiet.” [18:00]
  • “I consider the shareholders of Berkshire Hathaway and my children basically all part of my family.” [18:38]

Timestamps for Key Segments

• Shutdown update and market reaction – [00:32] to [03:38], wrap at [16:22]
• D-Wave Quantum segment – [04:16] to [08:05]
• Tyson Foods & beef market analysis – [08:05] to [10:53]
• Personal supply chain/processing stories – [09:52] to [10:42]
• Show favorite ticker symbols – [15:30] to [16:06]
• Market wrap & Wendy’s story – [16:22] to [17:10]
• Warren Buffett/Berkshire update – [17:27] to [18:38]

Conclusion

In her typically sharp, accessible style, Ann Berry weaves together top news, listener questions, and her own business insights. The episode underscores the sometimes wild disconnects of modern markets (quantum’s massive valuations), the intricacies behind daily stock market trivia (ticker symbols), and how personal anecdotes can illuminate the human side of business headlines. Warren Buffett’s swan song—“as the British would say, I’m going quiet”—offers a fittingly thoughtful coda for an episode that balances hard numbers with real-life color.