💨 “Gone in 60 tariffs” — Trade War Pause. The Masters’ menu strategy. Harry’s mammoth IPO.

Summary

Podcast Summary: The Best One Yet Episode Title: 💨 “Gone in 60 tariffs” — Trade War Pause. The Masters’ Menu Strategy. Harry’s Mammoth IPO
Release Date: April 10, 2025
Hosts: Jack Crivici-Kramer & Nick Martell
Podcast: Nick & Jack Studios

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Introduction

In this episode of The Best One Yet, hosts Nick Martell and Jack Crivici-Kramer delve into three major business stories shaping the current landscape: the recent pause in the U.S.-China trade war, the Masters Golf Tournament's unique pricing strategy, and Harry’s transformative journey towards a mammoth IPO. The hosts interweave humor and insightful analysis, providing listeners with a comprehensive understanding of each topic.

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1. Trade War Pause: "Gone in 60 Tariffs"

Key Points:

• Trump's Trade War Strategy: President Trump announced a 90-day pause on tariffs imposed on every country except China, marking a significant shift in the ongoing trade conflict.
• Market Reaction: The Dow experienced its largest single-day surge, rising by 10%, reflecting investor relief.
• U.S.-China Cold War: While many tariffs were lifted, tariffs on China remained elevated at 125%, intensifying the trade tension between the two superpowers.

Notable Quotes:

• Jack: “Yesterday, stocks rocketed 10%, the biggest point gain ever on Wall Street. And it was all on news that Trump is standing down.” (06:35)
• Nick: “President Trump put the rest of the trade war on ice. But now he's playing a game of chicken with China's President Xi because earlier, China raised tariffs on the United States to 84%. So China versus the USA is a hotter trade war than ever.” (07:50)

Insights:

• China's Trade Tactics: The hosts discuss China's historical methods to undermine American businesses, such as IP theft, currency devaluation, and incentivizing anti-competitive practices.
• Global Alliances: Emphasizing the necessity of international alliances, Nick and Jack argue that the U.S. needs to garner global support to effectively counter China's trade practices.

Conclusion: The 90-day tariff pause offers a temporary respite, but the persistent high tariffs on China indicate that the trade war is far from over. The episode underscores the importance of strategic alliances in addressing the imbalance in global trade.

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2. The Masters’ Menu Strategy: "The Cheapest Food in Sports"

Key Points:

• Affordable Concessions: The Masters Golf Tournament is renowned for its remarkably low-priced food options, with sandwiches priced as low as $1.50.
• Contrast with Other Venues: Compared to venues like Yankee Stadium, where a hot dog can cost up to $35, the Masters’ pricing stands out as consumer-friendly.
• Business Strategy: The low pricing strategy serves as a "cost center" that drives customer satisfaction and boosts sales in more profitable areas like merchandise.

Notable Quotes:

• Nick: “For the 23rd year in a row, an egg salad or a pimento cheese sandwich at the Masters is just $1.50.” (12:00)
• Jack: “Let the food be the lost llama that feeds the profit puppy.” (14:12)

Insights:

• Customer Happiness: By offering affordable food, the Masters enhances overall attendee satisfaction, encouraging higher attendance and positive experiences.
• Merchandise Boost: The low-cost concessions lead to increased spending on merchandise, as happy attendees are more likely to purchase higher-margin items.

Conclusion: The Masters’ strategy of offering affordable food serves as a strategic investment in customer experience, fostering loyalty and driving sales in ancillary revenue streams. This approach exemplifies how businesses can prioritize customer satisfaction to enhance profitability indirectly.

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3. Harry’s Mammoth IPO: "A Razor Renaissance"

Key Points:

• Harry’s Evolution: Initially a direct-to-consumer shaving company, Harry’s faced significant challenges when its acquisition by Schick was blocked by the FTC, followed by the impact of the COVID-19 pandemic.
• Sales Surge: Despite these setbacks, Harry’s sales have surged by 20% to reach $835 million, positioning them as the second-largest razor brand in the U.S. behind Gillette.
• Startup Studio Model: Harry’s has transformed into a startup studio, acquiring and launching diverse brands under the newly named holding company, Mammoth.

Notable Quotes:

• Nick: “We argue that Harry's is the most successful direct-to-consumer startup of the millennial era.” (18:52)
• Jack: “Harry's is actually a startup accelerator for completely unrelated businesses that all live under the Mammoth brand.” (20:40)

Insights:

• Diversification Strategy: By expanding beyond razors into categories like cat food (Cat Person) and chemical-free deodorant (Loom), Harry’s mitigates risk and taps into multiple markets.
• IPO Readiness: The rebranding to Mammoth and the confidential IPO filing under the ticker symbol "raz" signifies confidence in their diversified business model and future growth prospects.
• Comparison with Peers: Unlike other direct-to-consumer brands like Allbirds and Warby Parker, Harry’s maintains higher sales and a more robust valuation, showcasing the effectiveness of their startup studio approach.

Conclusion: Harry’s pivot to a startup studio model under Mammoth has not only rescued it from potential bankruptcy but has also positioned the company for significant growth. This strategic diversification and robust sales performance underscore Harry’s resilience and innovation in the competitive consumer market.

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Additional Highlights

• Apple's Market Surge: Apple experienced a historic 15% jump in stock value, gaining $400 billion in market cap in a single day—its largest single-day increase since 1998.
• Corporate Guidance Uncertainty: Companies like Delta Airlines and Walmart have expressed uncertainty in their financial forecasts due to the fluctuating trade environment.
• Inflation and Pricing Strategies: The episode touches upon broader economic themes, including inflation and how businesses are adjusting their pricing strategies in response.

Notable Quotes:

• Nick: “Apple stock jumped 15% yesterday. And by Jack's in my estimate, this was the biggest jump in value for a company in history.” (22:22)
• Jack: “The value of Apple stock gained one entire Netflix worth of value yesterday.” (22:42)

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Closing Remarks

Nick and Jack wrap up the episode by celebrating personal milestones within their community and teasing future content. They emphasize the importance of staying informed and adaptable in a rapidly changing business environment.

Notable Quotes:

• Jack: “Enjoy the latest episode of the Best Idea Yet. We have a whole episode on the Peep the Peep Marshmallow.” (25:03)
• Nick: “Hydrate, hydrate, hydrate. Enjoy dinner, baby.” (25:06)

---

Conclusion

This episode of The Best One Yet offers a rich and engaging analysis of pivotal business developments. From the strategic shifts in the U.S.-China trade war to innovative business models in the sports and consumer goods sectors, Nick and Jack provide listeners with valuable insights and actionable takeaways. Whether you're an investor, entrepreneur, or simply a business enthusiast, this episode delivers comprehensive coverage of the stories that matter.

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Note: All timestamps correspond to the moments within the podcast where the quoted statements were made.

Transcript

[Nick]

This is Nick, this is Jack. It is Thursday, the new Friday, April 10, and today's pod is the best one yet. And this is a T, boy.

[Jack]

The top three pop business news stories you need to know today.

[Nick]

I'm so hungry right now.

[Jack]

Jack, I forgot. You're prepping for your colonoscopy.

[Nick]

They make you fast for 24 hours, and they didn't even tell me about that when I set up the appointment.

[Jack]

And they're also making you drink some serum every few hours.

[Nick]

Jack, I started hallucinating. I thought my Uber driver was a pickle. I tried to lick him.

[Jack]

But, Nick, you're making a good long term investment for your health. And I'm proud of you.

[Nick]

Yeah, the stock market cleansed itself out of the colonoscopy. I'm doing the same. Which leads to our three stories of the day. Jack, what do we got on the T boy?

[Jack]

For our first story, the Dow surged by the most points in one day ever after Trump paused the trade war with every country in the world except for one. China.

[Nick]

China. What remains is Cold War two. It's USA versus China.

[Jack]

For our second story, the Masters begins today. It's the most exclusive golf tournament in the world.

[Nick]

So we were cur. Why does the Masters have the cheapest food of any sports venue in the world?

[Jack]

And our third and final story, Harry's Razors, the disruptor of shaving, is renaming, rebranding, and ipoing.

[Nick]

So we'll tell you why Harry's Razors is actually the most successful millennial startup.

[Jack]

But yetis, before we hit that wonderful mix of stories.

[Nick]

What a mix. Is that a hamburger? Oh, never mind, nevermind. It's my. Not a hamburger. Not a hamburger. Okay, Jack, fantastic mix of stories.

[Jack]

Jack, the next time you're interviewing someone for a job, we have a warning for you.

[Nick]

Yeah, that job applicant could be 100% fake.

[Jack]

Now, we don't mean fake like a phony kind of person who's not bringing their true selves to the interview.

[Nick]

No, no, no, no, no, no, Jack. And I mean fake as in fake human being, because get this.

[Jack]

According to Gartner, by 2028, 25% of job applicants will be fake.

[Nick]

We repeat, one out of four job interviews will be with a deep fake robot. And you didn't even realize it.

[Jack]

Fake resume, fake referral letters, deep fake.

[Nick]

Digital av that they are real. In a remote interview.

[Jack]

Tell me about a time you faced adversity.

[Nick]

Ha, ha ha. Sure, I can do that.

[Jack]

Tell me your greatest strength and weakness.

[Nick]

No problemo. Here's a perfect example.

[Jack]

Tell me about a team project.

[Nick]

Cannot compute. Cannot compute. Reset. Okay.

[Jack]

In fact, it's not just a future issue. Sneaky deep fake interviews are already being reported.

[Nick]

Yeah, there's one San Francisco tech company that just interviewed a candidate named Ivan X.

[Jack]

He looked real on the zoom, but. But his face didn't sync up with the words. So the interviewer was suspicious.

[Nick]

True story. Turns out he was actually a fake human created by a real scammer.

[Jack]

Here's the scammer's get the job, snag the signing bonus, and then hack into the company with the credentials you just got on your first day.

[Nick]

But besties, Jack and I got your back. We know the best way to figure out if your job candidate is real or is fake.

[Jack]

Ask the person to eat a bowl of Cheerios right now and drink the milk at the end of the bowl.

[Nick]

We call it the Cheerio test because they probably have some Cheerios in their house and no bot is gonna that test save us. Captcha, you're our only Hope because Yeti's 1 out of 4 interviews is about to accidentally be with a bot.

[Jack]

And if their name is Recaptcha, that's a red flag.

[Nick]

Jack, let's hit our three stories. Stories, Stories.

[Jack]

That's not a deep fake.

[Nick]

Deep pigs are way better than that.

[Unknown]

Fifteen 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 annoying. 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 more. So just start the show. Start the show.

[Nick]

First, a quick word from our sponsor.

[Jack]

This podcast is sponsored by Northwestern Mutual.

[Nick]

Yet lots of financial companies want to talk to you, but Northwestern Mutual wants to listen to you.

[Jack]

Some companies say they have all the answers, but Northwestern Mutual has better questions.

[Nick]

Yeah, the financial pros, they are going to ask you questions about your financial situation that honestly, you never asked yourself a big one.

[Jack]

What's your ideal retirement? It's half therapy session, half financial conversation, half therapy session.

[Nick]

Because that's how Northwestern Mutual designs a strategy that'll be uniquely yours. So come live, lie down on the couch. Find a better way to [e-mail] that's.

[Jack]

Nm.Com the Northwestern Mutual Life Insurance Company, Milwaukee, Wisconsin. Airbnb. Nick, can you share that wonderful quote about hospitality we heard recently?

[Nick]

Jack I think I read this in the Danny Meyer book, but he said something like hospitality is anticipating someone's needs beyond expectations.

[Jack]

I love that quote. When I have a guest booked to stay at my place, I try to meet that hospitality standard and I do so by letting them know ahead of time events happening in the area.

[Nick]

Pro tip. Your favorite jam band is playing at your favorite burger place Wednesday night. Probably let your guests know about that one.

[Jack]

I also completed a full travel guide within my Airbnb listing, sharing my personal favorite recommendations and secret spots.

[Nick]

What kind of stuff's in that travel guy?

[Jack]

Jack, that swimming hole is so remote. You can definitely swim in the nude and you won't get any issues.

[Nick]

Hey, I know George Costanza Shrinkage that we know of. Yetis your actual house, your apartment, your condo is just one part of the Airbnb hosting experience.

[Jack]

I really enjoyed the soft parts of hospitality, anticipating my guests needs beyond their expectations.

[Nick]

If this sounds your style and you enjoy a naked jump into a stream, you can become an Airbnb host too. As long as you got a place.

[Jack]

I'm proud of my 4.92 rating and my wife is proud of the revenue we're generating with that rating.

[Nick]

Yet ease your home might be worth more than you think. Find out how [e-mail] host for our first story yesterday, President Trump deescalated the trade war. A 90 day pause on most tariffs except for one country, China.

[Jack]

Stocks rose 10% in a tremendous relief rally.

[Nick]

They surged.

[Jack]

You should check your 401k today.

[Nick]

Greg, congratulations. Strong to quite strong.

[Jack]

But what remains is the USA versus China.

[Nick]

Yeti's Trade War Almanac Day 8 How tariffs are messing with the economy. We're keeping track for you from the tariff trenches.

[Jack]

Yesterday, stocks rocketed 10%, the biggest point gain ever on Wall Street. And it was all on news that Trump is standing down.

[Nick]

That's right. Eight days after causing the biggest financial scare in five years, President Trump partially undid almost all of it.

[Jack]

He realized he went too far with punishing tariffs to everywhere in the world.

[Nick]

So here's the news for every country on earth, including those ones that had more penguins than people, they are now getting just 10% baseline tariffs.

[Jack]

Whether you're Cambodia or Wakanda. There's a 90 day pause on all those punitive tariffs so that everyone can negotiate.

[Nick]

Now, investors, they were relieved. Wall street, it was pumped. Except we should point out there is one exception here. And who is that exception, Jack?

[Jack]

China For China. Trump did the opposite. He jacked up tariffs on China to 125% after China retaliated on the U.S.

[Nick]

So, Jack, let's put that new tariff into context. We understand if an iPhone is made in China and costs 600 doll manufacture.

[Jack]

It now faces a brand new $750 tax on top of that.

[Nick]

Add it all up, Yetis, and President Trump put the rest of the trade war on ice. But now he's playing a game of chicken with China's President Xi because earlier.

[Jack]

In the day, China raised tariffs on the United States to 84%. So China versus the USA is a hotter trade war than ever.

[Nick]

The US versus China cold trade war.

[Jack]

He's heating up now, Yetis, Nick and I personally believe that trade is good unless the country you're trading with is cheating.

[Nick]

And to be honest, for decades China has cheated on trade, sometimes brazenly hurting American companies.

[Jack]

We got three big examples, and none of them include tariffs actually, but all of them hurt American companies.

[Nick]

So, Jack, the first way that China would hurt America on trade was good old fashioned IP theft.

[Jack]

To operate in China, American companies were required to share all of their company trade secrets with a local Chinese partner.

[Nick]

Oh, and if you refuse to do that? Well, China is a notorious hacker of American companies, so they would just kind of go in and steal your ideas.

[Jack]

The second thing China did to hurt American companies is currency devaluation.

[Nick]

Oh yeah, China's central bank, they actually kept the price of China's currency artificially.

[Jack]

Low, which keeps the price for made in China goods artificially low, and it's harder for American companies to compete.

[Nick]

Now this third one is so wild. Jack, actually read a book on this. China even would give out government bonuses for hurting American companies. We're talking a bully bonus here.

[Jack]

Here's how it went down. If a Chinese furniture company cut the prices of their dressers to be so crazy low that it put the US rival company out of business, then China's.

[Nick]

Government would step in and give that Chinese firm a bon. So they would still profit.

[Jack]

They incentivized Chinese companies. If they put American companies out of business, that was a bully bonus.

[Nick]

Kind of like a little financial pat on the back, if you will.

[Jack]

Now, for decades, America did nothing. We hoped that China would eventually start following the rules of global trade.

[Nick]

Well, Trump is finally doing something about that imbalance. But the impact, it hasn't just been on China. So, Jack, what's the takeaway for all our buddies at American companies?

[Jack]

Winning requires isolating China, but Trump's trade war is isolating the US Yetis, we.

[Nick]

Won the cold war against Russia because of a massive alliance with western democracies.

[Jack]

The US could win the trade war against China with the same strategy of alliances, but so far it has not.

[Nick]

And here's the evidence of that. On Wednesday, the European Union, our closest ally, basically sided with China and reterrofed the United States.

[Jack]

The optics of that are enormous.

[Nick]

They're huge.

[Jack]

On the same day that China attacked America with tariffs, Europe did too.

[Nick]

Now forcing China to stop breaking the rules of trade. That would be a worthy goal of a trade war.

[Jack]

But to win that war, we would need the rest of the world on our side.

[Nick]

So yesterday's de escalation of Trade War II, it could help make that happen. It could bring back allies to our.

[Jack]

Side, because winning this trade war requires isolating China. But so far, we've just isolated the US.

[Nick]

For our second story. Gold jagged green jacket. Here it is. The Masters golf tournament begins today. No cell phones allowed for four full days.

[Jack]

But the biggest rule that we love about the masters is their $50 cent sandwich strategy.

[Nick]

We'll explain now, Yetis. Some say the arrival of spring is announced by the flowers.

[Jack]

Others say it's announced by the March Madness basketball tournament.

[Nick]

But Jack and I say that spring officially begins when you pop your collar for the Masters golf tournament.

[Jack]

The Masters. It's the golf tournament that even non golfers know about.

[Nick]

That's why Jack and I wrote that poem. Azaleas are pink. The jackets are green. Time to put the Masters up on the screen.

[Jack]

Nice.

[Nick]

Yeah, it works. It works.

[Jack]

The Masters tees off today in Augusta, Georgia, where Tiger woods actually became Tiger woods back in 1997.

[Nick]

But besties Jack and I are not interested in the golf, the merch, or the $20 million prize purse. We are interested in in the grub.

[Jack]

Because the Masters is a blast from the past, both in cuisine and in cost.

[Nick]

It's basically an inflation defier. We'll explain.

[Jack]

My nana would love the menu at the concession stand at the Masters.

[Nick]

She would be all over it.

[Jack]

And my Social Security check collecting grandfather.

[Nick]

Would love the prices because get this, yetis, for the 23rd year in a row, an egg salad or a pimento cheese sandwich at the masters is just $1.50.

[Jack]

And all the other sandwiches, including, like a honey fried chicken sandwich, a pork.

[Nick]

Sandwich, an ice cream sandwich, a bunch of sandwiches.

[Jack]

All the other sandwiches are just $3.

[Nick]

Jack, can you sprinkle on some context, please, to what we're spending? When you and I see a game over at Yankee Stadium, I don't think.

[Jack]

You can Buy anything at Yankee Stadium for less than, like, seven bucks.

[Nick]

I think they take your foot. You have to give a foot if you want to eat a dog.

[Jack]

So the Master's this really interesting contrast. To join the club, you have to pay a $50,000 initiation fee. But there's no food at the entire course for more than $3 in this economy.

[Nick]

Yeah, we'll take three of those sandwiches. Make it six.

[Jack]

And this actually represents a trend. It's not just the Masters and Costco who are dedicated to underpricing their food concessions.

[Nick]

No. Jack and I have been following this for a few months now. Jack, what are the Phoenix Suns doing these days?

[Jack]

They unveiled this year a $2 value menu for all their home games this season. Hot dogs, chips, and drinks are just two bucks in the arena.

[Nick]

What about Coastal Carolina University?

[Jack]

They took it one step further. Free food and drink at all their football games this fall.

[Nick]

Okay, Jack, I didn't want to tell you this before, but as a surprise when I was at Madison Square Garden last time for a Rangers game, they sell a $35 hot dog.

[Jack]

What?

[Nick]

35 bucks? And yet the Masters is selling a hot dog for 95% cheaper.

[Jack]

What is the Madison Square Garden doing with this hot dog?

[Nick]

Apparently, it is £5, and it requires a whole family. But back to the Masters. Back to the Masters.

[Jack]

The Masters is a unique business because it's actually not a business. It's a country club.

[Nick]

The Masters doesn't even charge for TV rights. Instead, they just require strict adherence to the rules of etiquette.

[Jack]

It's a weird organization. It is. Yeah. They let CBS and ESPN broadcast the Masters for free with some rules, like they're only allowed to show four minutes of advertisements per hour.

[Nick]

Basically, the Masters puts tradition over profit.

[Jack]

But still, what's behind the surprising trend of cheap concessions at sporting events?

[Nick]

So, Jack, what's the takeaway for our buddies going to stadiums these days?

[Jack]

Let your lost llama feed your profit puppies.

[Nick]

Yetis not every part of your business.

[Jack]

Should be a profit center, because sometimes a cost center can drive customers to your profit centers.

[Nick]

Here's the idea. Take that $1.50 sandwich at the Masters. It boosts happiness, boosts attendance, and the big crowds, they look really cool on tv.

[Jack]

And a pimento cheese sandwich was never going to make much Prof. In the first place.

[Nick]

But on the other hand, Jack, merch like T shirts, hats, and jackets, that is really profitable compared to food.

[Jack]

And people who go to the Masters are so pumped about the cheap food they get to eat, they're probably going to buy more of the expensive merch.

[Nick]

In fact, that's exactly what happens at the Masters. It turns out Happy fans spend 10 million bucks a day at the gift shop specifically.

[Jack]

And that's where the Masters makes the most money.

[Nick]

Exactly.

[Jack]

The merch, not the food.

[Nick]

Because not every part of your business should be a profit center. Let the lost llama feed the profit puppy. Now, a quick word from our sponsor.

[Jack]

We are supported by Vital Proteins Yeti's.

[Nick]

Vital Proteins Collagen Peptides is a supplement that has four benefits all in one helping support healthy hair, skin, nails, bones and joints.

[Jack]

Their chocolate flavored collagen powder turns a coffee into a mocha. It also adds 18 grams of protein and no sugar.

[Nick]

That's how I know you've been drinking this stuff. You caught that fact check right there, Jack. I'm a vanilla guy though, and honestly, the vanilla flavor tastes like it was flown in from Tahiti on those beans.

[Jack]

Yetis. You don't want your body to fall into a collagen recession, especially after you hit 30.

[Nick]

No, you don't. Well, by taking collagen peptides daily, you can help support your hair, skin, nail, bone and joint health.

[Jack]

Get 20% off by going to vitalproteins.com and entering promo code T Boy at checkout.

[Nick]

That's vitalproteins.com promo code T Boy for 20% off.

[Jack]

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.

[Unknown]

If you're an NBA or WNBA fan who loves keeping up with pop culture, you've gotta check out the six Trophies podcast presented by Aura. In this weekly basketball show, hosts Jason Concepcion and Shay Serrano comb through the spiciest news from the past week, handing out six pop culture themed trophies to six basketball related activities like the Sixth Sense, I See Dead People Trophy given to the player with the biggest comeback of the week, or the Denzel Washington in Training Day trophy for the most dominant performance of the week. And if upping your personal performance is on your mind, our sponsor OURA can help with that. OURA Ring gives you personalized updates about your sleep, stress, activity recovery and more. All from a sleek, smart ring so you can win the Hackin, you, Life better than Bradley Cooper and Limitless Trophy. Check out six Trophies presented by Aura wherever you get your podcasts.

[Nick]

For our third and final story, Harry's the Shaving Disruptor is leading a razor renaissance. They're rebranding, renaming and ipoing because Harry's.

[Jack]

Isn'T really a razor brand. Harry's is a startup studio.

[Nick]

Jack, let's travel back in time a bit, set the scene for us. 2019, Harry's Razors was a direct to consumer shaving unicorn.

[Jack]

When Nick asked me to be a groomsman at his wedding, he sent me a Harry's razor kit that said groom yourself.

[Nick]

Yeah, we do. He sent it to all the grooms.

[Jack]

Very clever gift.

[Nick]

I still use that. Thanks, Jack. Well, back then, Harry's was about to sell their razor company to the owner.

[Jack]

Of Schick for $1.4 billion. Life was good. Grooming was hot.

[Nick]

If you shaved a handlebar mustache and lived In Brooklyn in 2019, you were probably using a Harry's razor.

[Jack]

But then a big negative surprise came for Harry's.

[Nick]

The government blocked the deal. The FTC said that selling Harry's would kill competition in shaving.

[Jack]

Even worse, one year later, the Pand arrived, which caused men to stop shaving because they didn't see anyone in person.

[Nick]

Shaving shutdown. You grew out a lumberjack beard while you were working from home.

[Jack]

So after their sale got blocked, Covid crushed the business. The shaving industry looked shattered. Harry should have gone bankrupt at that point.

[Nick]

They should have. Which leads to the shocking news. Harry's sales are up 20% since then to 835 million bucks. Jack, that's an all time high.

[Jack]

Harry's is now the second biggest razor brand in America behind only Gillette.

[Nick]

It's a razor renaissance redemption. Oh, it never looks so good.

[Jack]

Harry's deserves one of those hot towel massages you sometimes get after a haircut.

[Nick]

They need to give it to themselves. Actually, their VCs should give it to them. But yetis, here's what Jack and I found fascinating about this story.

[Jack]

We'd argue that Harry's is the most successful direct to consumer startup of the millennial era.

[Nick]

That's right. We just said it. They're the most successful. In fact, we are so confident in that argument, we will shave our legs if you prove us wrong.

[Jack]

Candidate number one to prove us wrong, you might say Allbirds is more successful.

[Nick]

The iconic shoe brand is iconic. They went public a few years ago, but their stock, it's actually down 99%.

[Jack]

How about Casper Mattress, who seemed to start this whole trend?

[Nick]

Well, their mattress company nearly went bankrupt and they got bought by a private equity firm, so they're not in the running either.

[Jack]

Warby Parker.

[Nick]

Okay, interesting. Fair point there. That eyeglasses brand, you wore them to the latest Mumford and Sons concert.

[Jack]

They're arguably the most successful direct to consumer brand that's still standing.

[Nick]

800 million bucks in revenue. 2 billion dol valuation. They're publicly traded, they're doing well.

[Jack]

But we think it's Harry's. They have higher sales than Warby Parker, probably a higher valuation.

[Nick]

And Warby's didn't even see him coming.

[Jack]

Oh, the ironic twist, by the way. Harry's co founder Jeff Rader also co founded Warby Parker. Isn't that wild?

[Nick]

It is wild. Plus Harry's just made an even bigger move than everything we just said. They confidentially filed to IPO ticker symbol raz. In fact, Harry's just looked in the mirror and is so confident right now, they just renamed their holding company to Mammoth.

[Jack]

Oh, ticker symbol Mmmth.

[Nick]

I just like Triple M, Jack, because like Google became Alphabet. Harry's is actually just one part of Harry's business. So now they're Mammoth and that's our takeaway. So Jack, what's the takeaway for our buddies over at Harry's?

[Jack]

Harry's succeeded because it's actually a startup studio.

[Nick]

Yetis, there is one tweak in Harry's business model that made it different from every other DTC brand.

[Jack]

Harry's isn't just one brand. They sell so much more than just Frasers.

[Nick]

Through acquisition and the launch of new brands, Harry's has become a startup studio.

[Jack]

They're basically a startup accelerator for completely unrelated businesses that all live under the Mammoth brand.

[Nick]

Now, for example, Harry's founded a cat food company internally called Cat Person. That's right, this razor company owns a cat food business.

[Jack]

They acquired the company Loom, which is chemical free deodorant. They're now in the body odor business.

[Nick]

Harry's even launched another women's brand called Flamengo, and they launched that internally.

[Jack]

Interesting quote from Jeff Rader, that guy we mentioned earlier.

[Nick]

We love the idea of having an ecosystem where a bunch of founders are running around building brands, just running around building brands. And that's not your typical direct to consumer company, is it, Jack?

[Jack]

Harry's beat out all the rest of the millennial brands because it's really a startup studio.

[Nick]

Jack, could you whip up the takeaways for us?

[Jack]

For the new Friday, President Trump dropped tariffs to 10% for all countries except China.

[Nick]

To win this trade war, we're gonna need to isolate China. So far, Trump's trade war is isolating.

[Jack]

The US for our second story, the Masters sell sandwiches for just $1.50. It's the trend of low priced sports food.

[Nick]

The Masters is letting food be the lost llama that feeds the profit puppy.

[Jack]

For our third and final story, Harry's is forming a holding company called Mammoth and now they're plotting an ipo.

[Nick]

It's a razor renaissance because their success lies in what they really are, a startup studio. Oh, and by the way, we interviewed Jeff Rader, the co founder of Harry's like a year and a half ago.

[Jack]

Search T boy Jeff Rader in your podcast app and you can find that interview. But yetis, this pod's not over yet. Here's what else you need to know today from trade war day number eight, because that was the only news yesterday.

[Nick]

First, what a highlight of the relief rally was Apple. Apple stock jumped 15% yesterday.

[Jack]

That was the biggest single day trading jump since 1998 for the owner of the iPhone.

[Nick]

And by Jack's in my estimate, this was the biggest jump in value for a company in history. $400 billion in market cap gained.

[Jack]

The value of Apple stock gained one entire Netflix worth of value yesterday.

[Nick]

And second, Delta Airlines and Walmart both did something unusual. They polled their financial guidance.

[Jack]

These companies tell Wall street how much money they expect to make every year.

[Nick]

But there's so much uncertainty with the trade going on, they just don't know. They like simply don't know.

[Jack]

Trump's stand down relieves uncertainty a bit, but we are still in a very uncertain place for the economy.

[Nick]

Still, trade war too. And finally, one more wild twist from yesterday's trade war drama. What do we got, Jack?

[Jack]

In the morning, Trump tweeted in all caps that Americans should buy stocks.

[Nick]

And then hours later, he actually paused the trade war.

[Jack]

So if you listen to his advice in the morning to buy stocks, you enjoyed a tremendous gain yesterday.

[Nick]

Again, from all our research, this may be the first ever insider trading tip off at a public level.

[Jack]

It was an insider trading tip off that the entire public had access to.

[Nick]

Unprecedented. Now, time for the best fact yet. This one. A Spotify comment left by Yeti Rafael Sareva.

[Jack]

Yesterday we mentioned that the Bezos Climate Fund is trying to breed cows who fart less in order to slow climate change.

[Nick]

However, Raphael points out that cows burp way more than they fart.

[Jack]

Despite what cartoons might tell you, most of a cow's methane emissions comes out the front end, not the back end.

[Nick]

Yeah, about 95% of methane emissions from cows come from their burping.

[Jack]

So that's what the Bezos Climate Fund wants to breed. They want cows that burp less.

[Nick]

That's what they want. Don't we all, Jack? Don't we all. Speaking of burps, Jack, you look fantastic. I'm about to lick this microphone.

[Jack]

What are you doing?

[Nick]

I'm just so.

[Jack]

Why are you licking?

[Nick]

Because I haven't eaten in 24 hours and I got 12 more to go before this colonoscopy, man.

[Jack]

Wait, a 36 hour fast?

[Nick]

It's a 36 hour fast and I gotta drink some liquid serum tonight. I don't know what's in it, but it doesn't sound fun.

[Jack]

Save your energy, dude. You've performed admirably on today's podcast.

[Nick]

Oh wow. Well, the podcast that is energy priority number one right there. Jack.

[Jack]

Shift into low battery mode, Yetis.

[Nick]

While I am getting taken apart or whatever they're gonna do tomorrow, enjoy the latest episode of the Best Idea Yet. We have a whole episode on the Peep the Peep Marshmallow.

[Jack]

We got a link in the episode description and Nick and I will see you tomorrow.

[Nick]

Hydrate, hydrate, hydrate. Enjoy dinner, baby. Before we go, a happy birthday to YETI Kyle Lynn turning 30 in Yangon, Burma. And Kyle's getting married on 4 20. Congratulations, Kyle.

[Jack]

Happy birthday to Seth Bond from Carmel, Maine. This man loves his Legos.

[Nick]

And Mary Grace, the legendary bestie over in New York City. Happy birthday on the Upper West.

[Jack]

And a quick shout out to my brothers Tuck, Teddy and Nick. Love you guys. Cause it's National Sibling Day.

[Nick]

And Katie, happy siblings Day. Thanks for visiting last weekend.

[Jack]

This is Jack. I own stock in Netflix, Nick owns stock in Delta. And we both own stock in Apple as well as ETFs of the S&P 500. 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.

[Nick]

Prime members can listen ad free on Amazon Music.

[Jack]

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

[Unknown]

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