🍒 “$200 SmartBra” — Forme’s high-tech bra. Can’t buy house, buy crypto. Fast Casual’s bowl recession.

Summary

Podcast Summary: "🍒 $200 SmartBra — Forme’s high-tech bra. Can’t buy house, buy crypto. Fast Casual’s bowl recession."

The Best One Yet – August 19, 2025
Hosts: Jack Crivici-Kramer & Nick Martell

Episode Overview

In this episode of The Best One Yet, Jack and Nick return to their unique blend of pop business news, tackling three timely business stories:

1. Why millennials are investing in crypto instead of buying homes
2. The rise of Forme’s $200 high-tech “SmartBra” and the fusion of fashion with tech
3. The slowdown (or “bowl recession”) of fast-casual giants like Chipotle, Cava, and Sweetgreen, and how Olive Garden is the surprising inspiration
   The episode opens with a heartfelt catch-up on Nick’s recent health scare, adding a personal and relatable tone before launching into the stories.

---

Key Discussion Points & Insights

1. Nick's Hospitalization & The Takeaways (00:35–06:43)

• Personal Update: Nick recounts a harrowing experience with shingles that evolved into meningitis, requiring 5 days in hospital and a portable IV.
• Advocacy for Health & Humor:
  • “Early takeaway here, Yetis: If you’re feeling badly, go get yourself checked on, because if Nick hadn’t, things could be even worse.” – Jack (02:28)
  • “Be an advocate for yourself. You gotta really push for getting solutions.” – Nick (02:35)
• Investment Wisdom:
  • Nick, inspired by his hospital experience, invests in companies that helped him recover: Stryker (spinal tap), Teva Pharmaceuticals (antivirals), Medtronic (IV), and Bayer (Miralax).
  • "I call this thing my air maze IV, because it’s like a little bag. It’s my Birkin bag for blood, Jack." – Nick (04:06)

2. Story One: Millennials Buy Crypto, Not Homes (08:06–13:03)

• Stock Market Is Booming, Housing Market Is Frozen:
  • The S&P 500 is up 10% (after strong years in ’23 and ’24), while home sales are stagnant due to high mortgage rates (6.6%) and unaffordable prices.
  • “The only one buying homes right now are old people who already have homes.” – Jack (10:37)
  • Median homebuyer age is now 56, up from 36 in 1981.
• Where Are Millennials’ Savings Going?
  • 20 & 30-somethings, unable to afford homes, are redirecting down payment nest eggs into riskier investments—crypto, stocks, and ‘meme’ assets.
  • “The housing market is supposed to be exciting for 20 and 30 somethings… that’s completely not happening anymore.” – Jack (10:59)
  • Non-professional investors now make up 20% of daily trading, more than hedge funds’ 15%.
  • “Crypto is filled with our nest eggs.” – Nick (11:39)
  • “2025 meme stonking is funded by nest eggs and frustration with the housing market.” – Jack (12:50)

Notable Quote:

“We’re buying bitcoins, not bedrooms.” – Jack (13:01)

---

3. Story Two: The $200 High-Tech “SmartBra” by Forme (13:03–17:55)

• The Product & the Phenomenon:
  • Forme’s posture-correcting sports bra retails for $200 (compared to Nike at $40, Lululemon at $50, Versace at $95).
  • Surging sales—over 500,000 sold in the U.S., pacing for $100M revenue.
  • Taylor Swift wore Forme in a TIME profile; sales jumped 400% as a result (14:42).
  • The product isn’t positioned as apparel but as a medical-grade tech wearable.
• Innovation & Marketing:
  • Co-founded by an orthopedic surgeon and his business-trained son, inspired by their grandmother’s health struggles.
  • Features 8 panels of technical fabric to nudge better posture; FDA-approved, 35 patents held.
  • "It’s the Birkin of brassieres. This bra is priced like a top shelf bourbon." – Nick (14:12)
  • No electronic tech; the value comes from design & medical positioning, targeting “white collar workers hunched over a MacBook 24 hours a day.”
• Tech as Fashion’s Muse:
  • “The category isn’t Lululemon, it’s Apple Watch.” – Jack (15:01)
  • Other examples: Skechers' AirTag-ready sneakers, Meta Ray-Ban AR glasses.
  • Takeaway: Fashion is charging tech-level prices by framing itself as tech.

Notable Quote:

“Tech is fashion’s new muse.” – Jack (17:01)

---

4. Story Three: Fast-Casual Bowl Recession (19:45–23:54)

• The Downturn:
  • Cava, once rising fast, now mirrors Chipotle and Sweetgreen’s slowdowns; stock prices tumble.
  • Cava’s store revenue growth fell from 14% to 2% in a year; Cava stock down 38% YTD, Chipotle down 27%, Sweetgreen 70%.
  • "It’s a falafel fatigue. It is a hummus holdup." – Nick (21:15)
• The New Reality:
  • The target consumer (high-income “kale collar”/white-collar millennial) is anxious, responding to job insecurity (especially re: AI) by brown-bagging lunch.
  • “People are spending half their day practicing ChatGPT to make sure ChatGPT doesn’t use them.” – Nick (21:58)
  • Home cooking is at its highest since the pandemic’s start.
• What’s Next? Lessons from Olive Garden:
  • Fast-casual brands are in a “value trap”—must choose to improve price or product, as Olive Garden did in 2014.
  • Sweetgreen is increasing protein portions 25%; Chipotle pledges not to pass on tariff costs; both are piloting robo-kitchens.

Notable Quotes:

“Fast casual needs to pick a side, like the Olive Garden did.” – Jack (22:46)
“When you’re here, you’re pivoting.” – Nick (23:54)

---

Notable Quotes & Memorable Moments

• “We don’t have to do this show. We get to do the show.” – Nick (05:42)
• “Your health was too important. That’s what we needed to focus on.” – Jack (03:31)
• “It’s my Birkin bag for blood, Jack… highly fashionable.” – Nick (04:07)
• “Boomers and more boomers [are the only homebuyers].” – Jack & Nick (10:00)
• “Only those with homes don’t want to give up that sweet 3% mortgage.” – Nick (10:24)
• “Tech is fashion’s new muse.” – Jack (17:01)
• “I just spat on my sweet potatoes. Yetis. It is a falafel fatigue.” – Nick (21:15)
• “People are bringing their lunch into work... the highest level of home cooking since the pandemic.” – Jack (22:20)

---

Important Timestamps

• Health scare recap & business inspiration: 00:35–06:43
• Stock Market vs. Housing Market Deep Dive: 08:06–13:03
• Forme $200 SmartBra & Tech-Fashion Fusion: 13:03–17:55
• Fast-Casual Bowl Recession & Olive Garden Playbook: 19:45–23:54

---

Fast Facts & Best Fact Yet

• Median homebuyer age: Now 56 (10:44)
• Forme sales: $100M projected, 500k bras sold (14:18, 14:25)
• Home-cooking levels: Highest since pandemic onset (22:20)
• Best Fact Yet:
  Dr. Amit Ohm, dermatologist:
  "Shingles" comes from Latin for "belt", describing how the rash wraps around the body like a belt; blisters also overlap like roof shingles. (26:34)

---

Final Reflections

• The tone is upbeat, witty, and packed with pop-culture asides and business wordplay.
• The episode’s stories connect around big trends: younger generations shifting away from traditional purchases (homes) toward investments with greater volatility (crypto, ‘tech as fashion’), and longstanding consumer habits (fast-casual lunch) being disrupted by economic anxieties and tech developments.
• Jack and Nick’s camaraderie—and Nick’s health journey—infuse the business talk with warmth and relatability.

Closing Reflection:
“Celebrate the wins and celebrate your health. We’ll see you tomorrow. As awesomely always.” – Nick (27:41)

Transcript

[A]

Yetis, this is Jack and this is nick. It's Tuesday, August 19th, and today's pod is the best one yet. This is a T Boy, the top.

[B]

Three pop business news stories you need to know today.

[A]

Oh, Jack, I got a lot of context to sprinkle on about my situation.

[B]

Let's do that in a second. Let's share the three stories.

[A]

First, to put this in a cringy LinkedIn post. What five days in hospital isolation taught me about investing, but yeah, what do you say we hit the three stories? What do we got for today's T boy?

[B]

For our first story, it's a strange phenomenon. Why are millennials buying crypto instead of homes?

[A]

The answer, because nest eggs are stuck in Bitcoin.

[B]

This story explains the whole stock market and the housing market right now.

[A]

Yeah, Bitcoin nest eggs, baby.

[B]

For our second story, the latest it product. It's a $200 tech infused bra that corrects your posture.

[A]

Form is doing 100 million bucks in bra sales because athleisure has become more ath. Less leisure.

[B]

And our third and final story is the bul.

[A]

Oh, yes.

[B]

Chipotle, Cava and Sweetgreen are no longer growth companies.

[A]

Fast casual has gotten slow, and ironically.

[B]

Sweetgreen could be saved by the Olive Garden.

[A]

But yetis, before we hit that wonderful mix of stories, so good to be back. Fantastic mix of stories, Jack.

[B]

Nick, I am not a doctor.

[A]

No, you're not. No. Am I? Not either.

[B]

But my diagnosis is that you look fantastic right now.

[A]

Oh, this feels so good. I mean, this is the best medicine podcasting with you, Jack.

[B]

I've been extremely lonely without you.

[A]

But yet he's.

[B]

For the last week, Nick has gone through the first real scare, like, health scare of his life.

[A]

This was the first time I had something like this, Jack. This was absolutely wild.

[B]

It was scary for me, too. I've been very nervous and very scared the last few days, but it's amazing having you back.

[A]

Jack, can I sprinkle on some context for you?

[B]

Dude, I've tried to explain in the last few episodes what's going on, but can you play it from the beginning? Like, what happened?

[A]

Yeah, I basically got a doctorate in this, so I went to the ER one night with the worst headaches, worst vomiting in my life, and they sent me home. I got the worst headaches and worst vomiting in my life. A second time I went back and I said, I ain't leaving until we figure out what's going on here.

[B]

And that's when they said it was the shingles. Right.

[A]

Okay. So they realized it was shingles, and then they did a spinal tap because they were like, these headaches are worse than we'd expect. Turns out it was meningitis. The shingles virus had gotten into my spine, which goes up to your brain, and that's why I had the horrible headaches.

[B]

Early takeaway here, Yetis. If you're feeling badly, go get yourself checked on, because if Nick hadn't, things could be even worse.

[A]

And be an advocate for yourself. You know, you gotta. You gotta really push for getting solutions. So I end up in the hospital for five days getting taken care of by the infectious disease team, who was amazing at the San Francisco hospital, and the T Boy team, which was running the podcast show.

[B]

All right, so just to recap back to you, Nick, unlike your third time at the hospital, that's when they realized this isn't just shingles.

[A]

Yeah, it's meningitis, too, because apparently you have the chickenpox virus in you. If you've had it before and it becomes activated if you're getting older or you're stressed out. And that's what happened to me. And then it was just a total fluke. It ended up in my spine and became meningitis, which is really serious.

[B]

So you were hospitalized for, like, four or five nights. I know you were so frustrated you couldn't work, but you must have been scared too, for your health, right?

[A]

Yeah. I mean, I did consider sneaking the microphones into the actual hospital, but I just wasn't in a place to. I was, like, just in pain all the time.

[B]

Dude, there was no way you were gonna work. Like, your health was too important. That's what we needed to focus on. I'm glad you thought about work as little as possible.

[A]

Well, the prognosis, Jack, was that I could go home if I had a portable IV attached to me 24 7, which I do right here, as you can see.

[B]

Okay, so you're home from the hospital, but, like, you're not fully in the clear yet. Right. What's this IV machine doing?

[A]

I've got this fanny pack I'm wearing, which has an IV in it, pumping medication into my veins, into my heart 24 hours a day. I call this thing my air maze IV because it's like a little bag.

[B]

Do you pee into that thing?

[A]

It's my Birkin bag for blood, Jack. It's highly, highly fashionable, as you can see.

[B]

And it's pumping right now for two weeks. After these medications have been pumping into you, you're gonna be all better.

[A]

I will, Jack. But this still leaves me with a takeaway I gotta share with you. I've been very excited about.

[B]

About, like, wisdom and philosophy or.

[A]

You know, while I was lying there in the hospital bed and I was looking around at all the equipment, I realized this could be an etf. Like, I feel like I can invest in all these companies that are actually helping save my life right now. Oh, like medical equipment. Yeah. So I put together a little fund of these cool companies that make medical devices that I was using. So, like, the first, the spinal tap, was done by a company called Stryker, publicly traded stock.

[B]

Nice.

[A]

Okay. The antiviral medication I'm on is Teva Pharmaceuticals, publicly traded stock. Okay. Okay. This portable IV made by Medtronic.

[B]

Oh, yeah.

[A]

It's a publicly tradable stock.

[B]

Can we bundle this into the dollar symbol? Nick? Etf.

[A]

Well, Jack, I also haven't had a bowel movement in like a week at this point because the medications. I am so loaded up on Miralax, the actual liquid that I just bought stock and bear the company that makes Miralax.

[B]

Well, dude, it's amazing having your sense of humor back.

[A]

Yetis.

[B]

I don't know if that was TMI for you, but it was just enough for me because I've been craving information from this guy.

[A]

Oh, I feel fantastic. I love being back on the pod with you, Jack. It makes you remember Pat, it's not just that we get so excited to do this and how fun it is, but also that we get to do this. Like you say, we get to do this every day. And the thank you messages from the Yetis. Yetis. Thank you. I just shared a video on Instagram from our account. Just so appreciative for everything.

[B]

He said, we don't have to do this show. We get to do the show.

[A]

And thank you, Jack, for getting the podcast through it all, always having a backup plan.

[B]

Yetis. We're back to regular programming. This is the best one yet. I'm so friggin pumped. Let's get to those three stories, Jack.

[A]

Can't wait to hit him. Let's do it.

[B]

Would it be inappropriate for me to say I love you, man? Cause I do, Jack.

[A]

I love you too. And I also kind of love Miralax right now. Let's hit him, David. 15 years before this song two boys from the northeast met in the dorm they had an idea to cause a cultural storm it's the best one yet, but the best is the norm. Jack. Nick, that's it. I don't even think they need to practice. 50%. That's a fat tip. T Boy City on your at list. If you know, you know. Cause we read to go we can't wait no mo. So just start the show, start the show, start the show. First, a quick word from our sponsor.

[B]

Airbnb Yetis.

[A]

Our show actually started as a side hustle over 10 years ago. It began in secret outside of our bank jobs.

[B]

We were worried we'd get fired, so we didn't tell our bosses and we even left our names off the website.

[A]

Now, that was our side hustle, a media startup. But there are other side hustles that are a lot less risky than that.

[B]

And that have 0% chance of getting you fired. Like being a host on Airbnb.

[A]

In this economy, it's a fun and rewarding way to make money off the thing you're already paying for your house or your apartment.

[B]

I've hosted two previous apartments and my current chalet on Airbnb.

[A]

And when no one's using it, why not welcome a family, a couple that just got engaged?

[B]

You already have an Airbnb. You just didn't realize it yet.

[A]

Your home might be worth more than you think. Find out how [e-mail] host we are.

[B]

Supported by vital proteins Yeties.

[A]

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[B]

And I'm a proud power user. I put the mocha or chocolate flavored vital proteins collagen in every mug of coffee I've drank so far this year.

[A]

I threw some into a pancake mix because, like, why the heck not? Jack?

[B]

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[A]

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[A]

These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease. For our first story, the stock market is hotter than ever, but the housing market is colder than ever.

[B]

Those two facts are way more connected.

[A]

Than you realize because crypto is filled with nest eggs. Jack and I will explain Yetis.

[B]

While Nick was out last week, another blazing hot IPO doubled on day one on the stock market.

[A]

I'm sorry, it's not a stock and it's not a crypto. It's a crypto stock Crypto stock. It's like a mythical creature backed by billionaire Peter Thiel.

[B]

It's called bullish. And it jumped 86% on day one.

[A]

Bullish. Charles Dickens couldn't have picked a more poetic name for this business. By the way, didn't I text you these guys were going to blow up like a month ago?

[B]

I mean, everyone could have predicted it. Because stock markets have gone unstoppably up for the last four months. The more crypto y, the more risky, the more memey, the higher it's going up.

[A]

We're talking big money. Mojo, animal, spirits, baby.

[B]

Anytime stocks have fallen the slightest bit, investors have bought the dip and rocketed to new all time highs.

[A]

Follow us on this one. After rising 26% in 2023 and 25% in 2024, the S&P 500 is up another 10% so far this year.

[B]

So there's two questions worth asking right now.

[A]

The first question, who's buying the dip?

[B]

And the second question, with what money.

[A]

Are they buying the dip? Okay, but Jack, let's hold those two questions for just a few seconds. First, how about we compare this ripping hot stock market to the icy cold housing market?

[B]

Because what's happening on Wall street, it's the opposite situation in the world of real estate.

[A]

I mean, pump the brakes on that patio, Jack. The housing market is worse than it's ever been.

[B]

There are only two types of buyers in the housing market.

[A]

And who are they, Jack?

[B]

Boomers and more boomers.

[A]

Boomer buddies. The 30 year mortgage, the typical standard mortgage in America, it is still at a crippling high rate of 6.6%. And yet these high mortgage rates haven't reduced home prices.

[B]

The average and median price of homes sold in the United States remains stubbornly at all time highs.

[A]

I mean, at the one hand, Jack, nobody's selling.

[B]

Those with homes don't want to give up that sweet 3% mortgage they got five years ago.

[A]

But also, nobody's building tariffs and the.

[B]

Immigration crackdown are hurting the construction industry the most.

[A]

So add it all up, Jack. What's the result?

[B]

The housing market is pretty much frozen. The only one buying homes right now are old people who already have homes.

[A]

Get this yetis. The median age of a home buyer in the United States right now is 56 years old.

[B]

That's up from an average home buying age of 36 years old in 1981. A 20 year difference, Nick.

[A]

I mean, Jack, the housing market is supposed to be exciting for 20 and 30 somethings out there, you know.

[B]

Yeah, you finally stopped being a renter and you buy your first house.

[A]

You're a first time home buyer.

[B]

Khan, those are cool, but that's completely not happening anymore.

[A]

Nope.

[B]

Because our housing market is dominated by retirees trading from one Del Boca Vista condo to another. And I'll see you on the shuffleboards in five. All right, so let's get back to those two questions we posed earlier.

[A]

First, who's buying this stock market?

[B]

The answer, 20 and 30 somethings who can't afford a home.

[A]

And second question, with what money are they buying? The dip with the money they had.

[B]

Saved to buy a home.

[A]

Bingo. So Jack, what's the takeaway for all our buddies staring at the hot stock market? Cold housing market crypto is filled with our nest eggs.

[B]

We'll explain.

[A]

So yetis, what's driving stock and crypto markets higher? It's us retail investors. And you know what. But we got new data to prove it.

[B]

According to Sharewood, non professional stock investors now make up 20% of all stock trading volume on any given day.

[A]

These everyday investors with a Robinhood account are now influencing stock prices more than hedge funds are.

[B]

That's right. Regular retail investors like you and Nick and me and all of us, we represent 20% of trading volume. Hedge funds just 15%.

[A]

So here's the interesting theory originally from journalist author Derek Thompson. You see, 2030 somethings want to buy a house and they've saved money to buy that house, but they can't afford it right now.

[B]

So what are those 20 and 30 somethings doing with that down payment they saved up? They're not just letting it sit there, Nick. They're buying stocks and buying crypto and buying crypto stocks hoping it'll double in value so they can afford a house.

[A]

I guess you could put it this way, Jack. 2021 Meme stonking was funded by stimulus checks and boredom.

[B]

2025 Meme stocking is funded by nest eggs and frustration with the housing market.

[A]

That besties is how the ripping hot stock market is explained by the ice cold housing market.

[B]

We're buying bitcoins, not bedrooms.

[A]

The crypto, it is filled with our nest eggs. For our second story, $200 for a sports bra. Yetis forms posture correcting bras and shirts are going viral for their prices.

[B]

And it's a sign that the athleisure pendulum is swinging back from leisure to ath.

[A]

More ath. You know, Jack, half of our listeners out there, half of the besties, they are men. So should we start by sprinkling on some context Here.

[B]

Oh, on sports bras.

[A]

Yeah. I got you. I got you. Jack. A Nike sports bra, average price, $40.

[B]

I didn't know that.

[A]

Lululemon. Average price of their sports bra, $50.

[B]

That makes sense, Jack.

[A]

I discovered a Versace luxury Italian fashion sports bra. $95.

[B]

What is that for like elite country club golf?

[A]

Only if you have to ask. You're not allowed inside that tennis club, Jack.

[B]

But the fastest growing sports bra right now costs $200, and it's produced by a startup called Form.

[A]

We're talking the Birkin of brassieres. Jack. This bra is priced like a top shelf bourbon.

[B]

And form sales are surging. 500,000 buyers have bought this $200 bra in the United States.

[A]

This company is on pace for $100 million in revenue this year, mainly on sports bras.

[B]

And a big moment for this company shocker was Taylor Swift when she became person of the year in Time magazine. In one of the photos, she was wearing this sports bra during her eras tour.

[A]

Boom. Form's $200 sports bra sales surged to a new era.

[B]

They jumped 400%. Just do it.

[A]

Yeah, they just did it. But yetis, here's what Jack and I find fascinating about this $200 sports bra. They're not positioning it as apparel, they're positioning it as tech.

[B]

The category isn't Lululemon, it's Apple watch.

[A]

So yetis, Jack and I jumped in t boy style. Here's the deal. Form was co founded by an orthopedic surgeon and his MBA son who is at warden.

[B]

The family grandmother suffered from cancer that caused her to hunch over. And because she was hunched over, she struggled to breathe.

[A]

So the solution here, they developed a sports bra to fix her posture, reverse the hunch, open her shoulders back up.

[B]

You know, like that so she could breathe more easily. The sports bra is made up of eight different panels of technical fabric that gently correct the posture. Like braces gently correct the straightness of your teeth or those little baby helmets gently correct the shape of a skull.

[A]

But here's the strategic move they made. Here's the key. They got FDA approval for the design, and then they marketed it as a wearable.

[B]

And they got 35 patents for the technology.

[A]

Now they make a bra for women. They make T shirts for men. Form even makes socks to nudge that arch up on your flat footed foot right there.

[B]

In each case, the fabric kind of squeezes and pushes just the right points to make your body just the right straightness.

[A]

But the bra has become the hero product.

[B]

Yes, this Medical grade sports bra outsells the T shirts four to one.

[A]

And here's what's fascinating about the positioning. The target is white collar workers, you know, the ones like you, who are probably hunched over a MacBook 24 hours a day.

[B]

The company actually cites this wild statistic. They say that 75% of the world has posture issues because we all look down at tech devices all day.

[A]

So that's wild. But what we find wilder, is that there's no electronic technology in this sports bra and yet it is marketed like a tech wearable form is using the.

[B]

$200 price tag to align with like AirPods or Fitbits.

[A]

But it's high price is only driving more demand. So, Jack, what's the takeaway for our buddies with the $200 sports bra?

[B]

Tech is fashion's new muse.

[A]

Ah, a muse. Yeti's a muse is a term in the art industry for a source of creative inspiration.

[B]

Speaking of Taylor. Yep, she has a muse. Her boyfriend Travis Kelce was the muse for her latest album.

[A]

Cute. But we think the tech industry is becoming a strategic business muse to the fashion industry.

[B]

Remember that story we did last month on Skechers designing a new sneaker built and designed to hold air tags?

[A]

Yeah. That is tech being a muse for fashion.

[B]

Or how about Zuckerberg wearing his $300 meta ray ban sunglasses every day and now they're the best selling AR wearable.

[A]

Tech being a muse for fashion form.

[B]

Could be the sign of a shift. Since the pandemic, the athleisure category has been more leisure than ATH.

[A]

But a $200 techie sports bra? That is the biggest example yet. That athleisure could become more ath, less leisure.

[B]

Tech is becoming a muse for fashion.

[A]

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Free again that ziprecruiter.com tboy ziprecruiter the.

[B]

Smartest way to hire at&t business Yetis.

[A]

Starting your own business. It ain't easy. When we first got our daily newsletter off the ground that led to this podcast a decade ago, we definitely did not get everything right.

[B]

Remember, we initially bummed Wi fi off of hotel lobbies. Classic move. And then the concierge kicked us out. So coffee shop free Wi fi became our godsend. Another latte Shout out to the small business cafe owners. Your Wi fi is the real hero.

[A]

What's the code to the bathroom again? Honestly, if we could do it all over, we would probably invest in our own less bootleggy Internet.

[B]

If you need to connect your small business, you need AT&T business. They make connecting easy. Actually, they make so many things easy.

[A]

Which is the main thing you want in a provider. Less time stressing, more time for you to work on your business.

[B]

And yetis, there's never enough time.

[A]

So start a business, live your dream and wake up to the power of ATT business. Business.att.com for our third and final story. First it was Sweetgreen. Then it was Chipotle. And now it's Cava. Fast casual bowls are shrinking. We're in a bowl recession.

[B]

To save itself, Fast Casual has to look to the one restaurant they never dine at. Oh yeah, the Olive Garden.

[A]

Oh no, my alma mater. Oh, Yeti's. Back in May, Jack and I covered Kava on the podcast Kava, the Mediterranean fast casual restaurant chain offering 12 variations on harissa hummus.

[B]

Because millennials, we sit at our desks and we eat Buddha bowls for lunch while we keep working.

[A]

Now Jack, back in May, what was our observation?

[B]

Cava was beating Chipotle and Sweetgreen. While Chipotle and Sweetgreen were both suffering shrinking sales. Cava's Mediterranean style fast casual was still growing strong.

[A]

But here's the update. Now even Cava's epic fast casual growth has slowed. They earned are barely growing. Right now.

[B]

Revenue at Each Cava location rose just 2% last quarter, down from 14% growth the year before.

[A]

And Jack, what's the result?

[B]

Cava stock started tanking just like Chipotle and Sweetgreen did.

[A]

Kava stock fell 20% in one day last week. It's now down 38% this year.

[B]

Chipotle is down 27% this year. And Sweetgreen is down 70% this year.

[A]

I just spat on my sweet potatoes. Yetis. It is a falafel fatigue. It is a hummus holdup.

[B]

Guac is extra and you're not buying it.

[A]

Like we said, it's a bull recession.

[B]

So what does this bull recession say about the economy? Well, look who buys fast casual bulls, Nick. High income white collar workers do.

[A]

That's right. Or as we like to call them, kale collar workers. True. You see, Yetis, over the last week, fast casual CEOs have cited economic fog and general anxiety about their jobs and future. About these kale collar workers.

[B]

25 year old white collar workers, they're less concerned about a recession right now. They're more concerned with artificial intelligence.

[A]

People are spending half their day practicing using ChatGPT to make sure ChatGPT doesn't use them.

[B]

Especially those genzennials who sit at desks and binge those shroomami bowls for lunch.

[A]

You know what, besties? This has caused a surprising new phenomenon. A brown bag rebound.

[B]

Concerned about money and their future paychecks, people are bringing their lunch into work.

[A]

In fact, we are now seeing the highest level of cooking at home since the very first months of the pandemic when you were forced to cook from home.

[B]

So the fast casual industry has to convince nervous white collar workers who are worried about losing their job that they're worth the 17 buck price tag.

[A]

But right now, those fast casual brands are stuck in a value trap. So Jack, what's the takeaway for our buddies over in the bowl? Recession.

[B]

Fast casual needs to pick a side like the Olive Garden did.

[A]

Yetis, back in 2014, the Olive Garden actually faced a similar situation as Sweetgreen, Cava and Chipotle do today. They just weren't perceived as good value.

[B]

How do you solve that? You either improve the product or you improve the price.

[A]

Well, the Olive Garden improved the product. An activist investor took over, replaced the board and went back to basics. They started salting the pasta again. Right, Jack?

[B]

Right. And in the 10 years since that, Darden, which is the Olive Garden's parent company, has saw its stock quadruple.

[A]

Well, today Sweetgreen now says they're gonna improve their product.

[B]

They announced they're increasing the portions of chicken and tofu by 25%.

[A]

And Chipotle has pledged to improve their price.

[B]

They pledged to not pass on the cost of tariffs to U.S. consumers.

[A]

And both those brands are testing robo kitchens to eventually improve both the price and the product.

[B]

Yetis Fast casual bowls aren't dead.

[A]

No, they ain't.

[B]

They're just stuck in a value trap right now.

[A]

I do eat it three times a week. So Kava sweet and Chipotle. They need to do something they've never done before. And what is it, Jack?

[B]

Dine at the Olive Garden.

[A]

Because when you're here, you're pivoting. Jack, I've been wanting to say this for a week. Can you whip up the takeaways for us for T Boy, Tuesday.

[B]

Amazing having you back, Nick. The hot stock market is connected to the cold housing market market. One is funding the other because crypto.

[A]

Is filled with the nest eggs of would be home buyers.

[B]

For our second story, it's form. They make a $200 sports bra that's techy and doing $100 million in sales to correct your posture.

[A]

Fashion. It's finding its muse in tech to charge really high prices, like 200 bucks.

[B]

For a sports bra like tech does. And our third and final story is Cava. They're following Chipotle and suicide. Sales have stopped growing. They're stuck in a value trap.

[A]

It's the bull recession. Fast casual needs to pick a side, just like the Olive Garden.

[B]

But yetis, this pod's not over yet. Here's what else you need to know today.

[A]

First, Soho House, the network of private social clubs, is going private.

[B]

Four years ago, Soho House went public with an ipo. Even if the club rejected you, you could buy the stock.

[A]

We got you. We got you, Soho House. Well. Well, the stock's been down ever since then, so a hotel group is buying the whole thing for 2.7 billion bucks.

[B]

And leading this new hotel group of Soho House is Ashton Kutcher, who reportedly is going to rename it Dude, Where's My Soho House?

[A]

And second, MSNBC is rebranding to Ms. Now. And even bigger, they're losing the peacock logo.

[B]

Ms. Now is an acronym.

[A]

The Ms.

[B]

Stands for my source and the now stands for News Opinion World.

[A]

I feel like they overthought it, Jack.

[B]

So it's my source for news, opinion and world.

[A]

Well, nobody understood what MSNBC stood for, so I guess, like going back to hbo, this is an improvement.

[B]

And finally, the Cambridge Dictionary just added 6,000 new words. It's the biggest increase in the modern.

[A]

Era, which is another term for years. By the way, what are the new words?

[B]

Delulu, Tradwife, Broligarchy, and Luke.

[A]

All those Gen Z terms you don't understand, they're now in the dictionary. Apparently, they only add words now where they think they will have staying power.

[B]

Apparently, skibidi is a word.

[A]

It's skibidi. Jack, we got. You ruined it. You ruined it. You just blew us up.

[B]

Are you sure it's skibidi?

[A]

It's skibidi.

[B]

I've only read it. I've never heard it.

[A]

Well, it means like, everything, so, yes.

[B]

It has staying power.

[A]

Now time for the best fact yet. This one sent in as a voicemail from Amit Ohm from lovely Charlotte, North Carolina.

[B]

Push and play. Hey, Nick, hope you feel better soon. It's Dr. Om here again. And as your resident dermatologist, I'm here to break down a fun fact about shingles. So, normally we think of shingles as what's on your roof, but the same word also names the disease because in Latin it means belt. And as you know, the rash often wraps around your body like a belt and the blisters overlap, just like roof shingles. So, yes, your house and that rash actually do share the same name. Amit, great fact. And, Nick, I think we're done talking about shingles.

[A]

Yeah, I do. I do. My chest does look like a roof right now. I will say that.

[B]

Although Amit is a dermatologist.

[A]

Yes.

[B]

And we got his phone number with his submission. I'm gonna ask him about that thing on my phone.

[A]

Thank you, Jack, for doing that. And also, Jack, I just gotta say thank you for everything you did last week. You know, Yeti, Jack sent me a text when I was sleeping and in the hospital, and he just said, don't worry about this. I got it. Call me whenever you're awake. And I think that says it all.

[B]

Well, the Yetis were wildly supportive.

[A]

All the comments.

[B]

I read them too. It is a wonderful, wonderful community.

[A]

Besties, thank you. Celebrate the wins and celebrate your health. We'll see you tomorrow. As awesomely always.

[B]

There's only one word to describe everything Nick just said. Skibidi.

[A]

Oh, and Jack, the deepest of thank yous to my wife, Molly, who is nine months pregnant, is still working and taking care of Maxie at home and still managed to come to the hospital every single day. And she brought enough food that I think each time she actually made me more sick. Molly, thank you for everything. And before we go, a happy birthday to Pearl. Turning 14 years old in Texas, Pearl is actually a chicken. And she's now officially the world's oldest.

[B]

Chicken at age 14.

[A]

Yeah, yeah, yeah, yeah. In chicken years.

[B]

Cool.

[A]

And a happy birthday to Melina Flaviano from New York City. Congratulations, Melina, the legend of E. Commerce.

[B]

And happy 26th birthday to Molly Giles in the West Village of New York City.

[A]

And a congratulations to Cannon Daffin, a summertime yeti after carpooling every day with his girlfriend. Stepdad. He just finished his summer internship with Corrigan down in Dallas, but this guy's got CEO written all over him. And to all those yetis who sent us all those DMs. Seriously, thank you so much. You know what? I really did get to read them all. Thank you.

[B]

This is Jack. I own stock of Kava. Nick owns stock of Lululemon, and we both own stock of Apple, Chipotle, Robinhood, ETFs of the S&P 500, and some Bitcoin named Ben. If you like the best one yet, you can listen ad free right now by joining Wondery and the Wondery app or on Apple Podcasts.

[A]

Prime members can listen ad free on Amazon Music.

[B]

And before you go, tell us a little bit about yourself by filling out a short [e-mail] survey.

[A]

We want to get to know you.

[B]

What do you think makes the perfect snack?

[A]

Hmm, it's gotta be when I'm really craving it and it's convenient.

[B]

Could you be more specific? When it's cravini.

[A]

Okay, like a freshly baked cookie made with real butter, available right down the street at am, pm. Or a savory breakfast sandwich I can grab in just a second at a.m. pM.

[B]

I'm seeing a pattern here.

[A]

Well, yeah, we're talking about what I.

[B]

Crave, which is anything from am pm.

[A]

What more could you want? Stop by AM PM where the snacks and drinks are perfectly craveable and convenient. That's cravenience. Am pm Too much good stuff.