Brew Markets Daily – Episode Summary

Episode: Zoom Zooms Up, Intuit’s Human Touch & Powell’s Ambiguous Speech
Host: Ann Berry
Date: August 22, 2025

Overview

Ann Berry, investor, board member, and former CEO, guides listeners through a fast-paced market day, unpacking three primary stories:

1. Federal Reserve Chair Jerome Powell’s “ambiguous” Jackson Hole speech and its impact
2. Intuit’s earnings and its evolving product mix, focusing on the blend of AI and human touch
3. The surprising resurgence of “work-from-home” stocks Zoom and DocuSign

Along the way, Ann shares reading recs for new investors and highlights what Friday’s market moves might mean ahead of a pivotal week.

Main Segments & Key Points

1. Powell’s Jackson Hole Speech: What Did It Really Mean?

[00:23 – 04:39]

• Setting the Stage:
  Ann notes that Powell’s annual economic symposium speech had “something for everyone,” allowing market watchers to “hear whatever we wanted to hear.”

• Key Powell Quote:

  "Nonetheless, with policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance." (Powell, [01:22])

• Market Reaction:

  • Markets surged to all-time highs on hints of a possible rate cut, with expectations for a quarter-point cut in September rising to 90%.
  • Ann explains, “The market heard what it wanted to hear … this is why the markets were up.”

• Ann’s Dissection of Powell’s Speech:

  • Tariffs: Powell admitted effects are “clearly visible” and may lead to inflation, but hopes this will be “relatively short-lived.” Notably, he avoided the word “transitory.”
  • Inflation: Risks tilted to the upside.
  • Jobs: Labor market remains strong.
  • GDP Growth: Slowed “notably in the first half of this year to roughly half the pace in 2024,” mainly due to slowdowns in consumer spending.
  • Unemployment: Emphasized keeping it low for American households.

• The Big Under-discussed Point:
  Powell suggested the “neutral rate” of interest may now be higher than pre-COVID, due to persistent changes in “productivity, demographics, fiscal policy and other factors that affect the balance between saving and investment.” ([02:40])

• What Powell Did Not Say:
  Despite criticism and political pressure, Powell “did not double down on the importance of Fed independence.” Ann interprets this as a careful omission.

2. Intuit Earnings: AI Plus Human Touch

[05:23 – 10:27]

• Market Reaction:
  Intuit (TurboTax, Mailchimp, QuickBooks, Credit Karma) is down 5% on the day.

• Earnings Beat, But Cautious Outlook:
  Revenue and earnings per share slightly beat expectations; disappointment centers around slowing growth at Mailchimp as small businesses grapple with new features.

• Bright Spot: TurboTax Live

  • CEO Sasan Ghdazi:

    “Breakthrough adoption of TurboTax Live, which grew 47%, well above our long term expectation of 15–20% revenue growth. This is the power of bringing data, AI and human intelligence together to provide better experiences for customers.” ([06:14])

  • Product Explanation:
    TurboTax Live combines AI-powered tax prep software with live, on-demand human experts.

• Ann’s Take (Psychology of Taxes):

  • AI Advantages: Accuracy and 20% reduction in filing time catch consumers’ attention.
  • Human Element (Empathy & Reassurance):
    Ann recounts:

    “At the end of the day, what TurboTax is solving for is a fear. The uncertainty, the doubt that we have about doing our own tax returns … the idea that on top of having software, you’ve got a real human being … really landed.” ([07:35])

  • Taxes are “incredibly intimate documents”; the ability to consult empathetic experts is a differentiator, especially as IRS free e-filing gains traction.

• Competitive Threats & Market Context:

  • IRS is piloting a free, direct e-filing tool, which pressured Intuit’s stock last year and is resurfacing as a risk.
  • Intuit stock: up over 100% in five years, but flat over the last year amid shifting market conditions.

3. Investing Books for Beginners (Listener Q&A)

[10:48 – 14:58]

• Listener Question: Pariah from Texas seeks audiobook recommendations for new investors.

• Ann’s Picks:

  • The Intelligent Investor – Benjamin Graham. “It’s the basics, the essentials.”
  • The Little Book of Crypto – Anthony Scaramucci.
  • Chip Wars – Chris Miller. “Written like a thriller … a comprehensive overview of who the biggest players in chips are.”
  • Elon Musk: The Biography – Walter Isaacson. “A real eye opener for me.”
  • War – Bob Woodward. Ann connects this to global defense sector investment implications.

  "Ideas everywhere. Read many things. We're going to keep coming back to this." (Ann Berry, [14:48])

4. Work-From-Home Stocks: Zoom and DocuSign’s Next Act

[15:33 – 20:36]

• Zoom’s Surprise Earnings Pop: Up over 11%; market cap now nearly $25B. ([16:28])

  • Revenue: Q2 revenue up nearly 5% (fastest growth in 11 quarters).

• Product Evolution & AI-driven Features:

  • Beyond Meetings: Now deeply integrated with dozens of office apps, making it versatile.
  • AI Companion: Not just summarizes meetings, but carries out post-meeting tasks, interacts with 13 new third-party apps, can prep meetings, schedule follow-ups, send emails, etc.

    “The AI can listen to what happened in that meeting and it can start scheduling things … a really big move forward for what Zoom can do.” (Producer, [17:01])

• Sales & Customer Support Angle:
  Ann highlights the pain sales teams feel managing follow-ups and how Zoom’s integrations could address this:

  “I can absolutely visualize how it’s useful. I just don’t think that the brand awareness of Zoom’s applicability like this is there yet.” ([18:25])

• The Contact Center Play:
  Zoom has landed a major five-year deal (taking share from Cisco) in contact centers, leveraging virtual agents and tech support services.

• DocuSign’s Survival Playbook:
  No longer just e-signatures; now a full contract lifecycle system that summarizes, tracks, and reminds users about critical contract dates.

  “It’s a similar story. You use one strong product as your trojan horse … and then you find ways to try and grab share of wallet.” (Ann, [19:27])

• The Numbers:
  Both Zoom and DocuSign stock remain down over 70% from pandemic highs but are up (Zoom +20%) over the past year as they pivot beyond their “one-trick pony” reputations.

  • Why Investors Still Like Them: High recurring, predictable revenue and robust free cash flow—Zoom generates half a billion in free cash per year.

5. Markets Wrap & Final Thoughts

[21:52 – 23:00]

• Markets:

  • Dow: All-time high, up nearly 2%
  • S&P 500: +1.5%
  • Nasdaq: +1.8%
  • Bitcoin: Jumps 4% to over $116,000

• Treasuries: Yields dropping as rate cut expectations build.

• Looking Ahead: Eyes on Nvidia’s upcoming earnings, which may become an even bigger market mover than today’s Fed news.

Notable Quotes

• On Powell’s Speech:

  “Just like a well crafted horoscope, Jay Powell’s speech had something for everyone.” (Ann Berry, [00:23])

• On Intuit’s Differentiation:

  “At the end of the day, what TurboTax is solving for is a fear … the idea that you've got a real human being, a tax expert … really landed.” (Ann Berry, [07:35])

• On the Evolution of Pandemic Winners:

  “You could not get a more different vibe, right? … it is possible to survive when people think you're a one trick pony.” (Ann Berry, [18:52])

Timestamps of Key Segments

• Powell’s Speech + Market Reaction: [00:23 – 04:39]
• Intuit Earnings & Analysis: [05:23 – 10:27]
• Investor Reading List: [10:48 – 14:58]
• Zoom & DocuSign (Work-From-Home Stocks): [15:33 – 20:36]
• Market Wrap: [21:52 – 23:00]

Tone & Style

Ann Berry’s delivery is brisk, analytical, but laced with wit and personal touches—from drawing parallels between horoscopes and market expectations, to candidly describing her own reading habits and behind-the-scenes conversations with executives. The show is practical, insights-driven, and highly accessible to everyday investors.