🐑 “MUGGs” — Man Uggs are surging. Ozempic’s inventor’s dilemma. The Fed’s Debbie Downer. Reese’s + Oreos.

Summary

Podcast Summary: The Best One Yet Host/Authors: Jack Crivici-Kramer & Nick Martell
Release Date: July 31, 2025
Episode Title: 🐑 “MUGGs” — Man Uggs are surging. Ozempic’s inventor’s dilemma. The Fed’s Debbie Downer. Reese’s + Oreos.

---

Introduction

In this episode of The Best One Yet, hosts Jack Crivici-Kramer and Nick Martell delve into the top three business stories making waves this week. From a surprising surge in Ugg sales among men to the Federal Reserve's steadfast stance on interest rates, and the tumultuous journey of Ozempic's inventor, this episode offers insightful analysis and engaging commentary.

---

1. “MUGGs” — The Rise of Male Uggs Consumers

Timestamp: [05:32] – [20:40]

Key Points:

• Surge in Ugg Sales: Uggs, traditionally marketed towards women, are experiencing a significant sales increase driven by male consumers, dubbed "mugs."
• Market Impact: Uggs now account for 51% of Deckers Outdoor Brands' revenues, with men's Ugg sales growing 38% last quarter—twice the overall brand growth.
• Cultural Shift: Celebrities like Post Malone and Timothée Chalamet sporting Uggs have popularized the trend among men.
• Gender-Pivot Strategies: Other brands, such as Lululemon, are also targeting the opposite gender to expand their market reach.

Notable Quotes:

• Nick: "Male Uggs mugs are driving the Uggs uplift, making Deckers' stock up 6% this week." [07:40]
• Jack: "We're in the middle of a testosterone twist." [08:58]
• Nick: "The testosterone twist or the feminine flip could potentially double the business by pursuing the other gender." [20:08]

Discussion: Jack and Nick explore how Uggs have successfully tapped into the male market, transforming from a predominantly female brand to a unisex phenomenon. They highlight the strategic moves by Deckers Outdoor Brands and the broader implications for the footwear industry. The hosts also discuss the potential for other companies to adopt similar gender-pivot strategies to unlock new growth opportunities.

---

2. The Fed’s “Debbie Downer” Decision: No Interest Rate Cuts

Timestamp: [05:32] – [20:40]

Key Points:

• Federal Reserve Decision: The Federal Open Market Committee (FOMC) decided to keep interest rates unchanged, defying widespread demand for cuts.
• Market Reaction: The decision led to mixed reactions, with traditional supporters like Trump pressing for lower rates, while the Fed remained cautious.
• Inflation and Housing Dilemma: High interest rates are necessary to combat inflation but simultaneously exacerbate the housing crisis by making loans more expensive.
• Emerging Trade Issues: New tariffs imposed by President Trump are anticipated to drive prices up, further complicating the Fed's strategy.

Notable Quotes:

• Nick: "The Fed doesn’t want to give us what we all want because of tariffs." [11:49]
• Jack: "Inflation and housing are stuck in a catch 22." [12:46]
• Nick: "It's a catch 33, adding tariffs into the mix." [13:53]

Discussion: The hosts dissect the Federal Reserve's recent decision to maintain interest rates, exploring the underlying reasons such as tariff-induced inflation. They explain the complex interplay between inflation control and housing affordability, highlighting the challenging position the Fed is in. Jack and Nick also touch upon the historical context and potential future implications for the economy.

---

3. Ozempic’s Inventor’s Dilemma: Novo Nordisk’s Stock Decline

Timestamp: [05:32] – [20:40]

Key Points:

• Stock Plummet: Novo Nordisk, the creator of Ozempic and Wegovy, has seen its stock fall by 64% over the past year, with a recent 30% drop in the last week alone.
• Production Shortcomings: The company failed to scale production to meet soaring demand, leading to shortages and allowing competitors to introduce lower-priced alternatives.
• Pricing Issues: Novo Nordisk's high prices ($1,000-$2,000 per month) made their drugs less accessible compared to cheaper knockoffs from rivals like Hims and Hers and Eli Lilly.
• Insurance Failures: The company did not secure adequate deals with health insurance providers, limiting access and increasing out-of-pocket costs for consumers.
• Leadership Changes: Due to these setbacks, Novo Nordisk fired its CEO in an attempt to regain market footing.

Notable Quotes:

• Nick: "The inventor isn't always the winner." [19:00]
• Jack: "Procrastination, pricing, and insurance—these are the key mistakes." [18:43]
• Nick: "Patents don’t necessarily equal profits. The inventor isn't always the profit taker." [19:50]

Discussion: Jack and Nick analyze how Novo Nordisk, despite pioneering successful GLP1 drugs like Ozempic and Wegovy, faltered in scaling production, setting competitive prices, and securing insurance partnerships. They draw parallels to other companies that invented groundbreaking technologies but failed to sustain their market leadership. The discussion underscores the importance of not just innovation but also effective commercialization and strategic management.

---

Additional News Highlights

Timestamp: [20:40] – [24:30]

Key Points:

• JP Morgan's Strategic Moves:

  • Apple Credit Card: JP Morgan is nearing a partnership to take over Apple's credit card from Goldman Sachs.
  • Coinbase Partnership: In a surprising move, JP Morgan is partnering with Coinbase to streamline crypto transactions, aiming to connect crypto wallets directly with bank accounts.

• Meta’s Earnings Success:

  • Strong Performance: Meta reported revenues surpassing Wall Street expectations by 20%, achieving $200 billion in annual revenue and $80 billion in profits.
  • Stock Increase: Following the earnings report, Meta’s stock surged by 10% after hours.

• Hess Toy Trucks Acquisition:

  • Family Business Continuation: Despite Chevron acquiring Hess Oil, the Hess family retained ownership of their beloved Hess toy trucks, ensuring the tradition continues independently.

• Ethereum's 10th Birthday:

  • Origins of the Name: Vitalik Buterin named Ethereum while searching for futuristic sci-fi terms, drawing inspiration from the concept of an invisible substance akin to the "force" from Star Wars.

Notable Quotes:

• Nick: "Reese's just partnered up with its sugar-rich rival, Oreos." [01:24]
• Jack: "Sending ties to the Rivals gets our attention in the attention economy." [Various timestamps]
• Nick: "Ethereum got its name because it sounded futuristic and included the word, a nod to the invisible substance." [22:25]

Discussion: The hosts provide brief yet informative updates on significant business developments beyond the main stories. They highlight JP Morgan's unexpected ventures into the credit card and cryptocurrency spaces, Meta’s robust financial performance, the sentimental retention of Hess toy trucks by the Hess family, and the celebratory note on Ethereum’s decade-long journey.

---

Takeaways

1. Uggs’ Male Market Surge: Uggs' strategic pivot to male consumers has significantly boosted sales, demonstrating the potential of gender diversification in product marketing.
2. Federal Reserve’s Policy Stance: The Fed remains committed to controlling inflation through steady interest rates, despite external pressures and the complex interplay with housing affordability.
3. Novo Nordisk’s Commercial Challenges: Innovation alone is insufficient; effective scaling, competitive pricing, and strategic partnerships are crucial for sustaining market leadership.
4. Broader Business Trends: Strategic partnerships and diversification across traditional and emerging markets (e.g., crypto) continue to shape the business landscape.

---

Conclusion

In this episode, Jack and Nick provide a comprehensive analysis of pivotal business stories shaping the current economic landscape. Their insightful discussions offer valuable perspectives on market trends, corporate strategies, and the intricate balance between innovation and commercialization. Whether it's the unexpected rise of "muggs" in the Uggs market, the Fed's cautious approach to interest rates, or the challenges faced by Novo Nordisk, The Best One Yet delivers engaging and informative content for its listeners.

Transcript

[Jack]

This is Nick, this is Jack.

[Nick]

It's Thursday, the new Friday, July 31, and today's pod is the best one yet. This is a T, boy.

[Jack]

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

[Nick]

Yetis. It is the biggest week of news for Wall street of the entire summer.

[Jack]

Investors drove back from the Hamptons just for this week's market moving headlines.

[Nick]

So since you were stuck in traffic for five hours on the lie, Jack and I whipped up three fantastic stories for you.

[Jack]

For our first story, move over Crocs and Chac. The ugly footwear du jour is Uggs, whose sales are surging right now thanks to men.

[Nick]

We call them mugs Male Uggs. And Uggs ain't the only brand pulling off a gender pivot.

[Jack]

For our second story, it's the Fed. Our central bank had their biggest announcement of the year. They're not cutting interest rates.

[Nick]

So Jack and I will tell you why the Fed won't do what everyone in America wants it to do.

[Jack]

And our third and final story is Ozempic. The maker of Ozempic saw Its stock plummet 30% this week in it's down 65% in one year.

[Nick]

And it's all because inventing is different from winning.

[Jack]

But yetis, before we hit that wonderful.

[Nick]

Mix of stories, fantastic mix of stories. Love the mix.

[Jack]

Jack, we wanna talk about a marketing collab like no marketing collab we've ever.

[Nick]

Seen before because this is a collab between enemies.

[Jack]

Here's the news. Reese's just partnered up with its sugar rich rival, Oreos.

[Nick]

We're talking the two biggest candy companies on earth just hooked up.

[Jack]

Baby Hershey's and Mondelez. Together they launched Reese's Oreo.

[Nick]

Jack, what is this, like a corporate hate flirt?

[Jack]

It's enemies with benefits. This shocking Oreo Reese's marriage is actually two product launches. Two unprecedented sweets.

[Nick]

You got Reese's cups with an Oreo cookie inside and then an Oreo cookie with a Reese's peanut butter inside.

[Jack]

Honestly, sounds delicious. I've made this remix at the McDonald's McFlurry. I've been like, no, I want Oreos and Reese's Pieces, Jack.

[Nick]

It said they took them two years to come up with this. Feels like we could have whipped this up in 10 seconds.

[Jack]

But it does come with two times as many calories per serving.

[Nick]

But Jack, when we add it all up, I mean, this is kind of like if Coke and Pepsi made a.

[Jack]

Soda together or if Ford and Chevy whipped up a pickup together.

[Nick]

Or it's like if Regina George and Katie launched a pink lipstick for the Plastics.

[Jack]

So why are they doing this? Because when the going gets tough, the tough get merging.

[Nick]

Because grocery prices are up and snack sales are down.

[Jack]

But together, this Reese's Oreo Franken candy combo, it catches your attention, doesn't it?

[Nick]

And honestly, that's all that matters when you're fighting in the attention economy.

[Jack]

So which rivals should collab next to get our attention?

[Nick]

I mean, Jack, if Cheez it and Goldfish had a baby together, I'd serve.

[Jack]

That to my baby. Nick.

[Nick]

Jack, can I get a cookie crisp Frosted Flakes collab for the yetis out there?

[Jack]

Frosted Cops hit us up in the.

[Nick]

Comments about which frenemies should collab next. And Jack, let's hit our three stories.

[Unknown]

Fifteen years before this song, two boys from the Northeast met in the dorm. They had an idea.

[Nick]

Cause a cultural storm.

[Unknown]

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 more.

[Nick]

So just start the show.

[Unknown]

Start the show, Start the show.

[Nick]

First, a quick word from our sponsor.

[Jack]

Now a quick break, switching topics to one of our favorite sponsors, Vital Proteins.

[Nick]

All right, Yeti. So Jack has become an extreme collagen user. This guy's adding vital proteins collagen to each morning coffee. And Jack drinks a lot of morning coffee, I should point out.

[Jack]

Yeah, I have three cups a day. I have a tub of mocha and a tub of chocolate. Both make my coffee taste chocolatey.

[Nick]

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

[Jack]

That is how my face got dewier than a donut.

[Nick]

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[Jack]

By taking collagen Peptides daily, you can support your hair, skin, nail, bone, and joint health.

[Nick]

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

[Jack]

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

[Nick]

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.

[Jack]

Airbnb, Yetis.

[Nick]

There is nothing more powerful in life or in business than the Double Dip.

[Jack]

Dip that chip twice and don't end.

[Nick]

It with the ultimate money. Double Dip Hosting On Airbnb. Jack's talked so much about being a host, his friends are asking about it. I'm getting asked about it all the time.

[Jack]

One buddy is about to get married. He has no kids yet. He wants to travel the country dink style with his new wife. How is he gonna pay for it? He's going to list his house on Airbnb.

[Nick]

So, Basties, if you're going on vacation this summer, join the millions who host on Airbnb.

[Jack]

Host your whole space. Host your extra space. Host any space.

[Nick]

The income from putting your home on Airbnb could pay for your whole vacay.

[Jack]

I've been doing it for three different properties now.

[Nick]

Yeah, and it's easy to set booking availability, and then when the booking comes in, Jack, you always say it just shows up in your Google calendar.

[Jack]

And if you're not sure what to price your place at, check Airbnb and look at similar listings. It's very easy.

[Nick]

You can double dip that chip.

[Jack]

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

[Nick]

For our first story. Uggs sales are surging right now, but it's not for the reason you'd expect.

[Jack]

Men are buying Uggs at record levels for themselves. Uggs is playing the gender growth hack.

[Nick]

All right, Jack, let's open up the closet over here. I got Crocs, Hokas, Birkenstocks, maybe a couple pairs of Chocos. Or is it Chocos?

[Jack]

To be clear, you don't have any of those.

[Nick]

No, I don't. I don't own any of them.

[Jack]

I know that you would never buy any of those brands for yourself.

[Nick]

It's not my vibe. I'm sorry.

[Jack]

I'll be clear. I have three out of the four things you just said.

[Nick]

And that's why I love you, Jack. But the last few years, they have been beautiful for the ugly footwear industry.

[Jack]

But the OG of controversially chunky shoes is Uggs.

[Nick]

Uggs.

[Jack]

Invented by an Australian surfer. Back in the Uggs should be an episode of T diy.

[Nick]

Yeah, we gotta do a whole episode of the Best Idea yet on these guys.

[Jack]

Leather on the outside, sheepskin on the inside. No brand defines the female millennial foot.

[Nick]

Like a 5 inch thick Ugg moccasins for millennial women. If there was a sweet 16. Yeah, you were wearing them.

[Jack]

You know, I've never put my foot in an Ugg.

[Nick]

Well, Jack, we're just playing the reverse UNO card today. Cause I did have a pair in high school.

[Jack]

Oh, you did? Okay, okay. Now, Uggs got acquired by Decker outdoor brands in 1995 for just $15 million.

[Nick]

That's it. Because it was before Paris Hilton and Oprah blew up the brand.

[Jack]

It was a steal. Because 30 years after that acquisition, Uggs is now Deckers best selling brand.

[Nick]

51% of the company's revenues are now Uggs. And yeah, your sister does still have her first pair.

[Jack]

And here's the news. Uggs sales rose by 19% last quarter, bringing the 12 month sale amount to two and a half billion dollars.

[Nick]

Jack, could you please sprinkle on some footy context for us over there?

[Jack]

That's annual sales half as big as.

[Nick]

Croc Birkenstocks and 10 times greater than all Berts.

[Jack]

But the real news that Nick and I noticed not how many Uggs are being sold, but to whom Uggs are being sold.

[Nick]

Get this. Men are driving the Uggs uplift.

[Jack]

Or as we call them, mugs.

[Nick]

Male Uggs mugs.

[Jack]

Ugg sales to men are the biggest driver of growth at the company. And that's why decker stock is up 6% this week.

[Nick]

Okay, Jack, what was the fascinating line we noticed in the Deckers earnings call?

[Jack]

Ugg sales to men rose 38% last quarter, which is twice as fast as the Uggs brand overall.

[Nick]

Ladies, stick your boots in the closet because the Ugg suede slipper for men is winning with dudes, apparently in countries across the world.

[Jack]

And it makes sense. I've never touched an Ugg, but isn't it just basically a bathrobe for your bare feet?

[Nick]

Yeah, that's what it is, Jack.

[Jack]

Sounds delicious.

[Nick]

Also, Jack, we should point out the top trending Ugg shoe right now is called the Tasman shoe.

[Jack]

Literally has the word man in the name.

[Nick]

Now, interestingly, Jack and I should point out Uggs dipped into the male gaze 14 years ago. Right, Jack?

[Jack]

Remember when Tom Brady was a sponsored.

[Nick]

Uggs man, But Tom was associated with performance back then. So it was kind of considered lame that Tom was slipping into Uggs.

[Jack]

But today, Post malone and his 70 tattoos wear Uggs on stage while dropping beats before his majority male audience.

[Nick]

And Timothee Chalamet wore man Uggs mugs courtside at a Knicks this year.

[Jack]

Courtside while courting a Kardashian Mugs.

[Nick]

So Jack, what's the takeaway for all our buddies buying Uggs?

[Jack]

We're in the middle of a testosterone twist.

[Nick]

Yetis the male Uggs mugs movement is actually bigger than Uggs. We've noticed a trend of brands pivoting.

[Jack]

To the other gender Companies oriented towards one gender are realizing there's opportunity in the other half of the market.

[Nick]

For example, Lululemon's Power of Three growth plan. The key goal of their plan is to double their men's business.

[Jack]

Shocker. Lululemon realized men want stretchy pants too that are forgiving to your waistband.

[Nick]

And Jack and I have seen this with Brotox as well. Botox brands pivoting their marketing explicitly to.

[Jack]

Bros. We tried to think of a predominantly male product that's now catering to women.

[Nick]

Yeah, we couldn't think of one.

[Jack]

But if you do drop a comment.

[Nick]

For us, like Axe Body Spray, are you gonna pull off a feminine flip over there or what? Let us know if you think of one.

[Jack]

It's an over but potentially huge growth hack that could potentially double your business.

[Nick]

The testosterone twist or the feminine flip explicitly targeting the other gender without alienating the first one. For our second story, the Federal Reserve was a Debbie Downer yesterday. No change to interest rates.

[Jack]

Trump is furious. Consumers are frustrated. But here's why the Fed won't give us what we all want.

[Nick]

Jack, if we're going to talk about the Federal Reserve, can you please tell.

[Jack]

Us about the fomc, the Federal Open Market Committee. We learned about it in Econ 101 when we were 18 years old. It's the group of 12 voting members of our central bank who make the decision on the crucial interest rate.

[Nick]

Like, if you're using a Lord of the Rings visual here, it's the Council of Elrond for the American Academy.

[Jack]

I think it's the Fellowship of the Rings.

[Nick]

So it's dwarves, hobbits and wizards. Actually, it's nerds, analysts and number wizards.

[Jack]

And no surpr. Yesterday, as Wall street expected, the Fed kept interest rates the same. The Fed did not lower interest rates.

[Nick]

Although we should point out there was one big surprise in this big Fed announcement yesterday.

[Jack]

The surprise was disagreement.

[Nick]

Disagreement because usually this legendary committee Jack just described is unanimous in their interest rate decision.

[Jack]

But yesterday, for the first time since 1993, two members dissented from the decision.

[Nick]

Now, we can't know for sure if that's based on policy disagreements or politics.

[Jack]

Disagreements, because Donald Trump has been peer pressuring the Fed to cut interest rates like no president ever has before.

[Nick]

But either way, there's a little bit of drama going on over at the Fed.

[Jack]

Real Housewives of Monetary Policy. But yetis Trump wants an interest rate cut. Wall street wants an interest rate cut. Anyone who needs a loan or has a mortgage wants an interest rate cut.

[Nick]

So we gotta Ask why are we not an interest rate cut?

[Jack]

The answer is one word and you already know it. Tariffs.

[Nick]

Tariffs. In fact, Fed Chairman Jerry Powell said that the word tariffs directly on the call.

[Jack]

Because starting tomorrow, August 1, prices in the United States will rise because of new tariffs imposed by President Trump.

[Nick]

Chairman Jerry Powell said he doesn't know if tariffs will cause a one off.

[Jack]

Price increase, which wouldn't be too bad.

[Nick]

Or sustained price increases that could be.

[Jack]

Really bad, like what we had during the pandemic.

[Nick]

But either way, our central bank is playing it safe.

[Jack]

They won't lower interest rates until the trade war is more clear.

[Nick]

Why? Well, because tariffs raise prices. That is inflation.

[Jack]

And as we've told you for like three years, the only way to slay the dragon of inflation is high interest rates.

[Nick]

So with the trade war about to heat up potentially tomorrow, Chairman Jerry Powell ain't chopping interest rates anytime soon. So, Jack, what's the takeaway for our buddies who are everyone in this economy?

[Jack]

Inflation and housing are stuck in a catch 22.

[Nick]

Yetis the biggest driver of inflation. It's housing. The largest expense for most Americans is getting more expensive the fastest.

[Jack]

Rent and mortgage payments are painfully expensive across the country and there's no end in sight.

[Nick]

But the Fed does have a solution to inflation. High interest rates. But that's making the cost of housing even higher.

[Jack]

It's kind of like a vicious cycle. The GDP report showed yesterday that residential construction shrank in the second quarter. Builders aren't building more houses because building requires loans and interest rates are just too high to do that.

[Nick]

And that's the catch. You see, we need inflation to come down, but that won't happen until we get more housing.

[Jack]

But we won't get more housing unless interest rates come down.

[Nick]

But Jack, we won't get interest rates to come down unless inflation comes down. And now we're right back where we started, I think.

[Jack]

So Inflation, it's actually a catch 33 because there's three factors all at odds with each other. Inflation, housing, and interest rates.

[Nick]

Oh, by the way, let's throw in tariffs as well. There's another variable for you.

[Jack]

It's incredibly complicated, but it boils down to this. Inflation and housing are stuck in a catch 22.

[Nick]

Now a quick word from our sponsor. And now a word from our sponsor. Netsuite.

[Jack]

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[Nick]

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[Jack]

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[Nick]

If your revenues are at least in the seven figures, download the free ebook Navigating Global Trade. Three insights for [e-mail] tboy open phone. You know, Jack, whenever I call a local business, odds are it's because I want to pay them for something.

[Jack]

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[Nick]

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[Jack]

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[Nick]

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[Jack]

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[Nick]

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[Jack]

OpenPhone is offering our listeners 20% off your first six months at openphone.com tboy.

[Nick]

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[Jack]

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[Nick]

Open Phone. No missed calls, no missed customers. For our third and final story, the inventor of Ozempic and Wegovy and the booming business of weight loss shots has squandered its lead.

[Jack]

Novo Nordisk invented the biggest product of the last half decade, but its Stock has fallen 64%.

[Nick]

Yetis, Jack and I would love to have dinner at Noma, the number one restaurant in the world located in Denmark.

[Jack]

Yeah, Copenhagen, right?

[Nick]

That has nothing to do with this story other than Denmark. Because one year ago, Novo Nordisk Novodisk was the pride of Denmark.

[Jack]

The headlines about Denmark's pharmaceutical company were gorgeous.

[Nick]

Yeah, why don't you read some of them to us, Jack?

[Jack]

Here's one from one year ago, Novo Nordisk invests $4 billion in the United States to expand its weight loss drug production.

[Nick]

Here's another one. Weight loss drug Wegovy is approved officially in China.

[Jack]

And here's a third one. How Novo Nordisk became Europe's most valuable company.

[Nick]

Jack, I heard Ozempic makes you taller than six feet and smell like a unicorn. Not a headline, just a rumor.

[Jack]

I Can't explain that. I can't explain how Novo Nordisk became Europe's most valuable company, Nick.

[Nick]

Yes you can, Jack.

[Jack]

It's the Ozempic effect.

[Nick]

Uh huh.

[Jack]

It's the Wegovy wave.

[Nick]

Because besties Both of those GLP1 drugs that Novo Nordisk developed, it also got FDA approval for first.

[Jack]

Novo Nordisk was first in a breakthrough technology that could change the world.

[Nick]

Ozempic. It's like AI but for your body.

[Jack]

But the latest headline from the Financial Times here it is. How Novo Nordisk lost its lead in the weight loss race.

[Nick]

Because get this, after falling 30% this week, which was shocking, Novo Nordisk is now down 64% in the last year.

[Jack]

And they fired their CEO for the whole situation.

[Nick]

So we have got to ask Gettys, how did Novo Nordisk blow its lead in GLP1 drugs? Like the 2008 New England Patriots, New York Giants reference. Oh yeah, Jack. They were winning and then they lost.

[Jack]

We found a few key mistakes.

[Nick]

The first one, production procrastination.

[Jack]

Novo Nordisk did not ramp up production to meet the rising demand. So there's a shortage of their GLP1 drugs for over a year.

[Nick]

And according to the FDA rules, if a drug is in a shortage, then rivals are allowed to do knockoffs.

[Jack]

And Hims and hers did exactly that. They offered a knockoff version of Ozempic and WeGovy for 80% lower prices.

[Nick]

Ozempic dupes. The second issue actually ironically related to prices is prices.

[Jack]

Novo Nordisk simply set their price too high. 1 to $2,000 a month. That is almost the price of rent.

[Nick]

It's actually 5 to 10 times higher than the hims and hers version and 2 to 4 times higher than their rival Eli Lilly's version.

[Jack]

And finally, Novo Nordisk failed to hook up with health insurance companies.

[Nick]

And pricing, it would have been less of a concern if it had been covered by insurance.

[Jack]

Reaching deals with health insurance companies is the unsexy blocking and tackling of the pharma industry.

[Nick]

All right, so Jack, I'm looking at the whiteboard here. Procrastination, pricing and insurance.

[Jack]

That's why the creator of Ozempic ironically shrank like their drug makes their patients.

[Nick]

Ozempic lost market weight, Literally. So Jack, what's the takeaway for our buddies who are watching Ozempic?

[Jack]

The inventor isn't always the winner.

[Nick]

Yetis there's a difference between a great inventor and a great entrepreneur.

[Jack]

Novo Nordisk got FDA approval for its two GLP1 drugs two and four years sooner than Eli Lilly.

[Nick]

Did. But Novo Nordisk's management mistakes actually benefited.

[Jack]

Their rivals, first and foremost. Eli Lilly.

[Nick]

We've seen this before, by the way. Napster invented digital music, but then Napster went bankrupt.

[Jack]

BlackBerry invented the smartphone, but its smartphone isn't even around anymore.

[Nick]

You see, after the invention, it requires building a defensible business model, hiring lawyers and executing faster than the competition.

[Jack]

And sometimes profits go to another business in the supply chain. Right, like how PCs didn't really make profits, software did.

[Nick]

Ultimately, Eddies creating something is different than commercializing it. Patents don't necessarily equal profits.

[Jack]

The inventor isn't always the profit taker.

[Nick]

Jack, could you whip up the takeaways for us for the new Friday Uggs.

[Jack]

Sales to men are growing 38% year over year, double as fast as the Uggs brand overall.

[Nick]

Muggs the testosterone twist or the feminine flip, potentially doubling the business by pursuing the other gender.

[Jack]

For our second story, the Fed defied President Trump's demands and chose not to cut interest rates, citing tariff uncertainty as.

[Nick]

The reason why inflation and housing they are stuck in a catch 22. I'm sorry, catch 33.

[Jack]

And our third and final story. Novo Nordisk stock is down 65% from its all time high because it blew its lead in GLP1 weight loss drugs.

[Nick]

As Ozempic shows us, the inventor isn't always the winner.

[Jack]

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

[Nick]

First, JP Morgan, apparently you are really enjoying the business of sexy deals these days.

[Jack]

First, JP Morgan is reportedly close to a new partnership to take over the Apple credit card from Goldman Sachs.

[Nick]

And second, JP Morgan just partnered with Coinbase, even though there's no one Jamie Dimon hates more than Bitcoin. Ben.

[Jack]

The goal of the J.P. morgan partnership with Coinbase, by the way, is just to cut out plaid the middleman and connect like crypto wallets with bank accounts directly.

[Nick]

But either way, Jamie and second, Meta earnings were a profit to palooza. They beat Wall Street's expectations by about 20%.

[Jack]

Meta is now a $200 billion a year revenue business, making 80 billion a year in profits.

[Nick]

We're not even gonna calculate lifts because a lot more than Lyft meta it's.

[Jack]

Spending insanely on data centers and AI talent. But revenues are growing even faster.

[Nick]

Zuck's mojo is unfortunately mojo ier than ever. The stock jumped 10% after hours.

[Jack]

And finally, a funny update about toy trucks. Specifically those green ones you probably got on your Christmas tree when you were a kid.

[Nick]

The Hess toy truck well, earlier this month, Hess Oil was sold to Chevron, but a key asset in the deal, the Hess toy trucks.

[Jack]

One of the Hess family members, John Hess, carved out the toy truck business and said, I don't want to sell that to Chevron. I want to keep that in the family.

[Nick]

So get this, the toy truck tradition of Hess will continue on this holiday season despite this epic oil deal. Yeah.

[Jack]

Whether Chevron likes it or not.

[Nick]

Now, time for the best fact yet. This one sent in by Esther Rum from Zug, Switzerland.

[Jack]

It's also celebrating the 10th birthday of Ethereum, the number two crypto.

[Nick]

So we have to ask, how did Ethereum get its name 10 years ago?

[Jack]

Here's how. Vitalik Buterin, the creator of Ethereum, found the name Ethereum while browsing Wikipedia for sci fi words.

[Nick]

That's right. He just liked the name Ethereum because it sounded futuristic and included the word.

[Jack]

Which is a nod to the invisible substance once believed to fill space, or as Yoda would call it, the force.

[Nick]

Yetis, you look fantastic today. And if there was one story you loved most of all, send it to your favorite bestie today.

[Jack]

Send your favorite story to your favorite bestie.

[Nick]

Or in the spirit of Reese's and Oreo, send it to your biggest enemy today.

[Jack]

That would be a bold move.

[Nick]

Yeah. H y H T P O y and they're gonna block you, but it's worth it.

[Jack]

Nick and I will see you tomorrow.

[Nick]

Have you heard the best one yet? If you know, you know. And before we go, a happy 29th birthday to chase hanging out in Cleveland, Ohio. The roam on the lake.

[Jack]

And congratulations to Donovan Baltich, who just monetized their YouTube channel down in Lakeland, Florida.

[Nick]

And a shout out to Yeti's Nina and Golby, who Jack I just ran into today. They love the best idea yet and they happen to be the best psychiatrist and best executive coach in the Bay area.

[Jack]

Are they available? Cause I could use both of those things.

[Nick]

We got some strategy ideas we gotta run by you guys. Thanks so much for being besties.

[Jack]

And to anyone else celebrating something today, make it a T, boy.

[Nick]

Celebrate the wins.

[Jack]

This is Jack. I own stock of Crocs and Birkenstocks. Nick owns stock in Lululemon. We both own stock in Apple and Nick owns some Ethereum Ethereum named Apple. 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.

[Nick]

Get to know you.

[D]

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