Podcast Summary: "🙅 “Cancel Your Internship” — Top-Paid Internships. Momofuku’s Chef-to-Shelf Strategy. Why Stocks Hit ATHs"

The Best One Yet
Hosts: Nick & Jack Studios
Release Date: June 30, 2025

1. Stocks Reach All-Time High Amid Global Turmoil

In the episode's opening segment, Nick and Jack delve into the surprising surge of the U.S. stock market, which hit an all-time high (ATH) last Friday, merely 79 days after a significant crash in April. This growth persisted despite numerous economic and geopolitical challenges, including trade wars, active conflicts, and credit downgrades.

Key Points:

• Market Resilience: The S&P 500, representing the top 500 American stocks, surpassed its previous record set in February, showing a 24% increase since the April downturn.
• Global Challenges: The market's ascent occurred amidst trade wars initiated on April 2 (“Liberation Day”), ongoing wars in Iran, Gaza, and Ukraine, a 10% decline in the U.S. dollar to a three-year low, and historically high interest rates.
• Investor Sentiment: Nick characterizes the current market as a "shrug market," indicating that investors are disregarding significant risks and uncertainties.

Notable Quotes:

• Nick (05:26): "Trade wars, actual wars, credit downgrades, none of it can stop the US Stock market."
• Jack (07:03): "If there's no trade war, then that clears the path of the Fed to finally cut interest rates. And lower interest rates are like lubrication for the stock market."

Explanations for Market Surge:

1. Taco (Trade War is a Bluff): Nick suggests that the ongoing trade war might not be as impactful as perceived, with Trump extending the 90-day tariff delay.
2. Interest Rate Cuts: Anticipation of the Federal Reserve lowering interest rates could stimulate the market.
3. Disconnection from Economy: The stock market, heavily weighted with tech companies riding the AI wave, doesn't necessarily reflect the broader economy, which saw a 13% rise in corporate profits despite a Q1 economic shrink.
4. No Alternative (Tina): Investors see U.S. stocks as the best available option globally, even amidst economic concerns.

Takeaway:

• Nick (08:21): "Don't bet against the US stock market. You'll probably be wrong."
  Drawing from 15 years of market observation, Nick and Jack emphasize the unpredictability of stock movements and advocate for long-term investments over market timing.

2. Momofuku's Bold Pivot: Chef-to-Shelf Strategy

The second story explores how Momofuku, the renowned Michelin-starred restaurant chain led by Chef Dave Chang, strategically expanded into the grocery sector by raising $27 million in venture capital.

Key Points:

• Expansion Strategy: Faced with a $100 million loss in restaurant revenue during the 2020 pandemic, Dave Chang pivoted by introducing "Momofuku Goods," a line of consumer packaged goods (CPGs) including bottled sauces and packaged dry noodles available in major grocery stores like Wegmans.
• Industry Impact: This move not only sustained the business during restaurant shutdowns but also transformed the food industry by democratizing high-end culinary products, making them accessible to a broader audience.
• Growth Potential: With $68 million in sales reported and significant room for expansion, Momofuku’s grocery line is poised for substantial growth.

Notable Quotes:

• Nick (12:06): "Dave Chang created a new industry."
• Jack (13:19): "There is a lie that we tell ourselves about the luxury industry, and that lie is exclusivity."

Takeaway:

• Nick (13:19): "A good chef knows that you can mix aspiration and access."
  The duo highlights that exclusivity is not a requisite for aspirational brands. By making products accessible, Momofuku has successfully maintained its high-end reputation while reaching a wider market.

3. The Internship Paradox: High Pay but Scarce Opportunities

In the final segment, Nick and Jack tackle the paradox of summer internships: while pay rates are at unprecedented highs, securing these positions has become increasingly competitive.

Key Points:

• Record Internship Salaries: Leading companies like JP Morgan, Nvidia, and Stripe are offering interns between $86,000 to $100,000 annually, with hedge funds like Citadel offering up to $300,000 for PhD-level interns.
• Declining Opportunities: Despite the lucrative pay, internship positions have diminished by 14% due to the rise of artificial intelligence handling entry-level tasks, creating what Nick terms an "internship recession."
• Acceptance Rates: Securing internships at elite firms like Goldman Sachs is now tougher than gaining admission to Ivy League institutions, with a mere 0.7% acceptance rate.

Notable Quotes:

• Nick (17:27): "Despite intern pay being at an all-time high, the amount of internship opportunities are not."
• Jack (19:15): "The biggest professional regret of Jackson. My careers is doing too many corporate internships."

Advice:

• "Cancel Your Internship": Contrary to the prevailing trend, Nick and Jack advise young professionals to forgo traditional internships. Instead, they encourage pursuing unconventional summer jobs that foster hands-on experience, personal growth, and unique stories for future interviews.

Takeaway:

• Nick (19:13): "Cancel your internship."
  Reflecting on their own experiences, the hosts advocate for diversifying summer activities beyond corporate roles, suggesting that practical, varied experiences can be equally, if not more, beneficial for long-term career development.

Additional Highlights

• Upcoming Live Show: Nick and Jack announce their fourth live show scheduled for July 23rd at Chicago's Vick Theater, promising an interactive 90-minute event featuring their classic stories, personal journey insights, and a special guest.

• Trivia Segment: They engage the audience with a trivia question about Broadway musicals, encouraging listener interaction and teasing the answer in the next episode.

• Listener Shout-Outs: Celebrations for listeners' achievements, engagements, and personal milestones add a personal touch to the episode.

In Summary: This episode of The Best One Yet offers a compelling analysis of the resilient U.S. stock market, the innovative expansion strategies of Momofuku, and the evolving landscape of summer internships. Through insightful discussions and practical advice, Nick and Jack provide listeners with valuable perspectives on navigating the current business environment.