🌵 “Party on the Playa” — Burning Man’s biz. Reading’s 40% drop. Intel’s Uncle Sam-vestment. + Vacation Update

Summary

The Best One Yet — “Party on the Playa” (August 25, 2025)

Hosts: Jack Crivici-Kramer & Nick Martell
Theme: Burning Man’s Business Hurdles, Intel’s Uncle Sam-vestment, and the Reading Recession

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Episode Overview

In this pre-vacation episode, Nick and Jack dive into three timely pop-business stories:

1. Burning Man's surprising financial troubles and a radical plan to save it,
2. The U.S. government's new stake in Intel and the implications for American tech,
3. The dramatic decline in pleasure reading among Americans and why top business leaders are bucking the trend.

Listeners also get a humorous behind-the-scenes look as Nick anticipates the birth of his second child, and both hosts set off for summer vacation.

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Key Discussion Points & Insights

1. Burning Man: The Billionaire Playground Burning Cash

[06:00–10:19]

• What Is Burning Man:
  • "Burning Man, it's Coachella for capitalist detoxing... It's a desert quest. It is the Woodstock for wifi, baby." (Jack, 06:16)
  • 80,000+ attend the week-long event in Black Rock, Nevada.
• Attendees:
  • Attracts elite tech and business figures (Elon Musk, Sam Altman, Larry Page, Sergey Brin).
  • Sam Altman's quote: “Burning Man is the most beautiful man-made thing ever.” (Jack, 07:09)
• Financial Woes:
  • Ticket price: $575; generates $59 million in revenue—yet lost $20 million last year.
  • Costs: 140 full-time staff, 1,000 seasonal workers, rising bureaucracy.
  • "For all these billionaires, the business of Burning Man is burning right now. Like, burning through cash." (Jack/Nick, 07:21)
• Core Contradiction:
  • Despite its wealthy attendees, Burning Man is a strictly non-commercial, mission-based nonprofit (501c3).
  • "Financially handcuffed by their own philosophy... Burning Man cannot seek a sponsor. It cannot have advertisers. It's even forbidden from selling Burning Man merch." (Jack/Nick, 08:33–08:59)
• Radical Takeaway—Income-Based Ticketing:
  • "What if instead of charging a flat ticket price, Burning Man charged a percentage of your income?" (Jack, 09:50)
  • “If you’re on the Forbes list, you should pay a fortune.” (Nick, 10:16)
  • Would align with anti-capitalist ideals while rescuing the business.

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2. Intel: When Uncle Sam Becomes a Shareholder

[10:35–14:35]

• Context on Chip Manufacturing:
  • Nvidia is the world’s most valuable chip company ($4T) but doesn’t manufacture chips; TSMC (Taiwan) does.
  • Intel is America's biggest chip maker: "Intel produces one and a half billion units of chips per year in the USA." (Jack, 11:41)
• The News:
  • Trump administration announced U.S. government will own 10% of Intel.
  • In return, Intel receives an $8 billion government grant, tied to the Chips and Science Act (2022).
  • "Intel got $8 billion of grants from the US government thanks to the US Chips and Science Act." (Jack, 12:37)
• Rationale:
  • To stimulate domestic chip production and reduce reliance on China and Taiwan.
  • Intel’s performance lagging: “Despite all that money, stock’s down 50% in the last five years.” (Jack, 12:58)
• Precedents:
  • Government ownership is not new—US previously owned major stakes in Citibank and AIG during the financial crisis.
  • "Our government became the biggest shareholder in Citibank with 34%... [and] We actually got a big return in our stakes.” (Nick/Jack, 13:52–14:10)
• Key Concerns:
  • What does it mean for political influence in corporate tech?
  • “If President Trump controls 10% of Intel, will he meddle with the management?” (Nick, 14:14)
  • Will government push other companies to buy from Intel even if their products lag behind? (14:24)
• Takeaway:
  • Never before has the US president run a private company; that may be about to change.

---

3. The Reading Recession: Why CEOs Buck the Trend

[16:23–20:44]

• The Decline:
  • A 40% drop in pleasure reading over the last 20 years— includes print, ebooks, and audiobooks.
  • “Today, just 16% of Americans read for pleasure. That's down from 28% in 2004.” (Jack, 17:11)
  • “After those 20 years, it's a 40% decline in the number of American readers.” (Nick, 17:19)
• Causes:
  • Social media (Facebook, Instagram, Snapchat, TikTok, YouTube).
  • Busyness—“the iPhone made us more productive but also more busy.” (Nick, 18:02)
• Why Read? The CEO Playbook:
  • “Warren Buffett once spoke before his alma mater... and once asked him, what's the best way to prepare for a career in investing?... I read 500 pages every day.” (Nick/Jack, 18:39–18:46)
  • Warren Buffett: 182 books/year, Mark Cuban: 109, Bill Gates: 50, Oprah: 36.
  • “Americans, we're reading less. But the billionaires, they're reading more.” (Nick/Jack, 19:13–19:16)
• Hosts’ Advice:
  • “Have one book you listen to and one book you read.” (Jack, 19:24)
  • Jack is reading Alex Karp’s Technological Republic and a FDR biography by Doris Kearns Goodwin.
  • Nick is reading Paris in Love, War and Impressionist Painting and a James Bond novel.
  • Memorable Quote: “So much of the insights that we share on this pod come not just from the news that we read, but from the books that we read.” (Jack, 20:17)
• Takeaway:
  • Reading offers unique context—the same kind of creative edge CEOs use to win.

---

Notable Quotes & Moments

• On Burning Man:
  • “Eight ounce patty makes you pop out a person.” (Nick, 02:52) (on SF's Spruce burger and labor-inducing rumors)
• On Intel:
  • “Uncle Sam has owned parts of US companies, but we've never seen Uncle Sam actually run them.” (Nick, 21:14)
• On Reading:
  • “Books provide context that make what's happening today make sense.” (Jack, 20:40)
• On CEO reading habits:
  • “Warren Buffett rips through 500 pages of physical books between 8am and 8pm every day. That's where his genius comes from.” (Nick/Jack, 18:53/19:03)

---

Important Timestamps

• Burning Man Business Breakdown: 06:00–10:19
• Intel and Government Ownership: 10:35–14:35
• The Reading Recession: 16:23–20:44
• Hosts’ Vacation Plans & Personal Updates: 00:12–04:00, peppered throughout
• Best Fact Yet (Vacation Usage): 23:19

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Episode Takeaways (Recap at [20:56])

• Burning Man faces a financial crisis not despite, but because of, its anti-commercial roots; income-based ticketing could be the radical solution.
• Uncle Sam’s investment in Intel marks an unprecedented step: government not just bailing out but potentially running a major tech company.
• While the average American is reading less, CEOs and billionaires are reading more—which might just explain their outsized success.

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Language & Tone

Playful, pop-culture savvy, and brimming with puns and energy. Nick and Jack maintain a conversational, friendly, and irreverent style throughout (“Woodstock for wifi,” “orgy tent,” “eight ounce patty makes you pop out a person”).

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This summary captures the heart, humor, and business wisdom from Nick & Jack’s pre-vacation episode. Perfect for anyone eager for the big ideas—and punchlines—even if they missed the pod itself.

Transcript

[Nick]

This is Nick.

[Jack]

This is Jack.

[Nick]

Welcome back. It is Monday, August 25, 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]

Yeti's full disclosure. Our baby is due any day now.

[Jack]

Any day now, Right.

[Nick]

Any now. Oh, wait, I'm checking my phone. Okay, we're good, we're good, we're good.

[Jack]

So Yeti's, our annual two week summer vacation is also a paternity leave this year and it starts tomorrow.

[Nick]

But besties, do not worry. Jack and I got you covered for the next two weeks.

[Jack]

Exciting content planned and ready to publish.

[Nick]

For you every day right here on the T Boy feed. So if you want to see our full schedule of bonus podcasts for the next couple weeks, check out our Instagram T Boypod.

[Jack]

But for our last regular T Boy pod until Nick's second child is born, we whipped up three fantastic stories.

[Nick]

These are so good, no one else is doing them. What do we got on the pod, Jack?

[Jack]

For our first story, Burning man began last night. It's the biggest party in the world for billionaires.

[Nick]

But Burning Man's business is also burning. So Jack and I got a plan to keep it afloat.

[Jack]

For our second story, the most eligible bachelor on the stock market right now, it's intel, the American chip maker, because.

[Nick]

The US government is officially buying 10%.

[Jack]

Congratulations. We taxpayers are now part owners of Intel.

[Nick]

Intel Inside.

[Jack]

And our third and final story. We've been in a reading recession for the last 20 years. Pleasure reading is down 40% in America.

[Nick]

And yet CEOs are reading more than ever. In fact, Warren Buffett Buffett has read a hundred books this year.

[Jack]

Nick and I are gonna share the.

[Nick]

Books we're reading right now. In that story, friend, we'll tell you why you got to too. But yetis, before we hit that wonderful mix of stories, I mean, fantastic mix, Jack. I love this pre vacation mix.

[Jack]

Me too, Nick. But as we mentioned, we're about to take our annual summer vacation, which coincides.

[Nick]

With Molly and I having a baby.

[Jack]

I'm gonna do a staycation in Vermont and go to Kennebunkport, Maine. While Nick has his go bag constantly.

[Nick]

Ready to go, the ibo jacket could come any moment. Like it could even happen during a takeaway today.

[Jack]

Yeah, the baby could come at any moment. But if it doesn't come during this podcast, Nick and Molly have a plan.

[Nick]

Yes, we have a plan to induce labor with a hamburger.

[Jack]

True story. There's a restaurant in San Francisco Called Spruce whose burgers cause babies.

[Nick]

Yeah, I took Jack last time he was here. We ate at the bar. It was fantastic. Michelin. Yeah.

[Jack]

I didn't have a baby, but I did order the delicious $32 Wagyu Beef House ground Cheeseburger. Expensive, but worth it.

[Nick]

But here's the catch. You gotta be careful. If you eat that burger and you're.

[Jack]

Eight months pregnant because it's a Michelin starred pregnancy burger.

[Nick]

Get this yetis. According to Eater, this burger is known to make women go into labor.

[Jack]

Eight ounce patty makes you pop out a person.

[Nick]

There's no data to back it up. We checked. But Spruce claims its hamburger has quote unquote stimulating power.

[Jack]

This is the thing. In fact, that burger is the top takeout order at hospitals in San Francisco. For real?

[Nick]

Jack, did I tell you? Molly's OB told her to eat that burger if we go past the due date. She said get a reservation instead of.

[Jack]

Getting a membrane sweep. Just get a burger now.

[Nick]

When you and Alex were pregnant, what did you use guys, to induce labor over there?

[Jack]

The birdcage, dude. Two out of three times the birdcage induced labor.

[Nick]

Yeah. That movie's so funny. You will have a baby. You are laughing so hard.

[Jack]

So, besties, it's IBO time. Nick's baby could come at any moment.

[Nick]

But if that baby doesn't come, then you'll catch us over at Spruce with a bottle of ketchup and our go Bag check, please.

[Jack]

Let's hit our three stories.

[Narrator]

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 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 atlas. If you know, you know. Cause we read to go. We can't wait. So just start the show. Start the show.

[Nick]

Start the show. First, a quick word from our sponsor.

[Jack]

Airbnb.

[Nick]

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

[Jack]

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

[Nick]

Now that was our side Hustle, a media startup. But there are other side hustles.

[Jack]

Side hustles that are a lot less risky than that and that have 0% chance of getting you fired. Like being a host on Airbnb in this economy.

[Nick]

It's a fun and rewarding Way to make money off the thing. You're already paying for your house or your apartment.

[Jack]

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

[Nick]

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

[Jack]

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

[Nick]

Your home might be worth more than you think. Find out how [e-mail] host and now a word from our sponsor, Netsuite.

[Jack]

Tariff and trade policies are dynamic, supply chains squeezed and cash flow tighter than ever.

[Nick]

You need total visibility from global shipments to tariff impacts to real time cash flow. And that's NetSuite by Oracle, your AI powered business management suite. Trusted by over 42,000 businesses, NetSuite brings.

[Jack]

Accounting, financial management, inventory, HR into one suite to help you know what's stuck, what it's costing you, and how to.

[Nick]

Pivot fast if your revenues are at least in the seven figures. Download the free ebook Navigating Global Trade. Three insights for [e-mail] tboy for our first story, Burning man is an insane, crazy playground for artists, techies and CEOs going on right now. But why is Burning man losing so much money? We'll explain.

[Jack]

And we'll also tell you our radical solution to save the business of Burning Man.

[Nick]

Ah, Eddies. Everyone's got one buddy who went to Burning man but never really came back from Burning Man. We know, Timmy. You're a burner now.

[Jack]

Burning man, it's Coachella for capitalist detoxing.

[Nick]

It's not a music fest. It's a desert quest. It is The Woodstock for wifi, baby.

[Jack]

It's a nine day event, started yesterday. 80,000 semi naked human beings have ventured into the desert. Specifically Black Rock, Nevada.

[Nick]

The pros, they call it the Playa.

[Jack]

It's got a giant wooden Burning man sculpture, some artsy performances. There's drugs, there's parties, there's therapy, and apparently, yeah, there's an orgy tent.

[Nick]

I'm sorry, Jack. Can you direct me to the symposium on mushroom philosophy?

[Jack]

Now, this has become a rite of passage for techie types. A pilgrimage for programmers.

[Nick]

For example, Dustin Moskovitz and Zuck went in 2012 because as they said, it makes you. You grow as a person.

[Jack]

Google founders Larry Page and Sergey Brin picked a fellow burner to be the first Google CEO.

[Nick]

And Elon and Sam Altman agree on one thing and one thing only. And what is it, Jack?

[Jack]

This quote from Sam Altman. Burning man is the most beautiful man made Thing ever.

[Nick]

But besties, here's what we find fascinating about this story. For all these billionaires, the business of Burning man is burning right now.

[Jack]

Like burning through cash.

[Nick]

Yeah, burning through cash.

[Jack]

The first Burning man happened in 1986 on a beach in San Francisco.

[Nick]

They started a tradition that continues to this day. Setting a giant human sculpture on fire.

[Jack]

Well, 41 years later, they moved to the desert and ticket prices are now $575 per person. So they brought in $59 million in revenue last year.

[Nick]

Pause the pod. $59 million in revenue. Burning man should be a profit, puppy.

[Jack]

Not so fast, Nick. Because last year, for the first time since 2011, Burning man did not sell out.

[Nick]

In fact, at the same time that hype for Burning man is waning, costs are rising.

[Jack]

The result was that Burning man lost $20 million last year.

[Nick]

According to Bloomberg, for just a nine day event, Burning man has a 140 person full time team with 1,000 seasonal workers.

[Jack]

Burning Man's become a bit of a bureaucracy.

[Nick]

And herein lies the key contradiction of Burning Man. What is it, Jack?

[Jack]

It's both capitalist, attended by the billionaire titans of our economy, but it's also anti capitalist because of its founding principles.

[Nick]

Get this, the Burning man project is actually a mission based 501. That's right. It's a nonprofit.

[Jack]

And they're financially handcuffed by their own philosophy.

[Nick]

Burning man has these rules like money cannot be exchanged at the Burning man event. Right.

[Jack]

It's a barter economy. You can trade your hat for that dude's hot dog.

[Nick]

Burning man actually forbids itself from commercializing the 1.6 million followers it has on its own Instagram page.

[Jack]

Burning man cannot seek a sponsor. It cannot have advertisers. It's even forbidden hidden itself from selling Burning man merch.

[Nick]

So add it all up, jack, and with 59 million bucks in revenue resulting in a $20 million loss, even nonprofits.

[Jack]

Can'T last long if they're losing that much money.

[Nick]

You know, I've been acting like I've been to Burning Man, Jack and I actually have not been to Burning Man. I know you have it.

[Jack]

I wasn't going to out you, but.

[Nick]

I always see the cars coming back to San Francisco.

[Jack]

They're covered in dust. It's a telltale sign. So, Jack, what's the takeaway for our.

[Nick]

Buddies over in Burning Man? We have a wild solution for for.

[Jack]

Burning man income based ticketing yetis.

[Nick]

Burning man has had a huge influence on art and technology on the titans of our economy.

[Jack]

Google, Tesla, SpaceX meta OpenAI they were all inspired by Burning Man. That is gigantic value creation.

[Nick]

And yet Burning man only asked to be paid 575 bucks for a single ticket to attend.

[Jack]

What if instead of charging a flat ticket price, Burning Burning man charged a percentage of your income?

[Nick]

Yeah, like we bet. Elon, Sam, Altman, Sergey, they would pay more. Given the impact Burning man has had.

[Jack]

On them, I think they'd happily pay more. Think about it. Burning man is all about radical mind bending, never before done ideas.

[Nick]

So for Burning man making the rich pay more, that would be in line with their anti capitalist founding principles.

[Jack]

How's this for radical charger intendees?

[Nick]

A percentage of their paycheck to save Burning Man. If you're on the Forbes list, you should pay a fortune. For our second story, the most valuable chip company in the world, Nvidia, doesn't actually make computer chips. But you know who does? Intel.

[Jack]

And get this. Trump said on Friday that the U.S. government is getting 10% of Intel's stock.

[Nick]

Yetis, let's start by sprinkling on some context. Last week, Nvidia CEO Jensen Huang showered another company with more praise than a father of the bride speech.

[Jack]

Here's what he said. Yeah, I think TSMC is one of the greatest companies in the history of humanity.

[Nick]

Okay. And then he went on, and anybody who wants to buy TSMC stock is a very smart person. The Nvidia CEO said.

[Jack]

Worth a reminder. Nvidia, the legendary chip company worth $4 trillion, doesn't actually make the chips, they just design them.

[Nick]

It's TSMC who makes computer chips. The Taiwan Semiconductor Manufacturing Corpor who Nvidia's CEO was just talking about.

[Jack]

Nvidia's like Apple. Yeah. Designed in California, but made in Asia for the most part.

[Nick]

So, Yetis, let's add it all up. Nvidia is America's biggest chip company, but it's not our biggest chip maker. And who is, Jack?

[Jack]

Intel.

[Nick]

Yeah.

[Jack]

Intel produces one and a half billion units of chips per year in the United States of America.

[Nick]

Which leads to the news. Yetis, President Trump said on Friday that Intel agreed to give the American government 10% equity in the company.

[Jack]

Sweet. Why do US taxpayers though, deserve to own a chunk of Intel?

[Nick]

Well, Jack, that would be because we gave Intel $8 billion.

[Jack]

It sounds like I should sprinkle on some context. In 2022, the Biden administration passed through Congress the U.S. chips and Science Act.

[Nick]

And why'd we do it? Well, we learned during the pandemic that we can't just depend on China for everything, especially critical chips.

[Jack]

Even not critical chips. Like we were waiting two years for a new electric hair dryer.

[Nick]

Yeah.

[Jack]

Because it actually has chips in it and we didn't have any. China was hoarding all of them.

[Nick]

Yeah, my hair is still wet. So Congress placed most of our chips into Intel's basket.

[Jack]

Intel got $8 billion of grants from the US government thanks to the US Chips and Science Act.

[Nick]

And that was the key. That $8 billion handout from the United States to Intel is for factories to make chips in Arizona, New Mexico, Ohio, Oregon.

[Jack]

It was to make us less dependent on China for computer chips.

[Nick]

But since then, besties hasn't really been a happy ending.

[Jack]

Honestly, intel is blowing it. Despite all that money, the stock's down 50% in the last five years.

[Nick]

Despite all of that free money, Intel's business is declining because they just can't make top notch chips that AI companies actually want.

[Jack]

So I guess the government is intervening now.

[Nick]

It's not Uncle Sam, it's CEO Sam. So, Jack, what's the takeaway for our buddies over at Intel?

[Jack]

We've seen Uncle Sam own American companies, but we've never seen him run American companies.

[Nick]

Yetis, last week all the news was about the Trump administration negotiating a shocking deal with Intel.

[Jack]

Here was the only get the rest of your $8 billion grant if the US government gets stock in intel in return.

[Nick]

Okay, but before you get all shocked, Jack and I want to point out there is precedent for this. Right, Jack?

[Jack]

Basically a bailout.

[Nick]

Yeah.

[Jack]

Like during the financial crisis, the US Government bailed out a bunch of big financial institutions.

[Nick]

Our government became the biggest shareholder in Citibank with 34% of Uncle Sam.

[Jack]

And US taxpayers. We actually own 79% of AIG, the insurance giant at one point.

[Nick]

The way we see it makes sense that if the U.S. taxpayer is putting money on the line to save a company, we should take part in the upside.

[Jack]

And we actually got a big return in our stakes in Citibank and AIG.

[Nick]

But here's the big question. If President Trump controls 10% of intel, will he meddle with the management?

[Jack]

Will he push big tech companies to buy chips from intel, the White House owned chip company?

[Nick]

And Jack, will big tech companies do that even if intel makes an inferior computer chip?

[Jack]

Those are huge questions. Yetis, we've seen government bailouts. We've seen governments own pieces of US Companies too.

[Nick]

But we've never seen the US President run a private company. And we just may. Well now a quick word from our sponsor.

[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]

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[Nick]

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[Nick]

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[Jack]

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[Nick]

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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]

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 third and final story, it's the Reading Recession. Reading for pleasure has fallen 40% in the last 20 years, and you can blame TikTok and busyness for that.

[Jack]

But we're gonna make a case for leisure reading. Actually, we'll let the billionaires and CEOs make the case.

[Nick]

Yes, we will but besties to tell this story, let's go back to 2004, when Zuck created Facebook.

[Jack]

Or was it the Winklevile? Nevermind. Every year since then, the percent of Americans who read for pleasure has fallen by 3%.

[Nick]

That is the wild finding from a study published last week by the University College of London and the University of Florida.

[Jack]

Today, just 16% of Americans read for pleasure. That's down from 28% in 2004.

[Nick]

Jack, we're in a reading recession right now.

[Jack]

After those 20 years, it's a 40% decline in the number of American readers.

[Nick]

I'm sorry, we're actually in a Dickensian depression right now.

[Jack]

And all the more surprising is that reading, according to the study, includes books, magazines and newspapers. Crucially in print, electronic and audio.

[Nick]

So Jack, this is the first study to include ebooks and audiobooks as a form of reading.

[Jack]

And even if you include those forms of reading, still reading is down 3% every year for the last 20 years.

[Nick]

So the reasons for the reading recession, what are they, Jack?

[Jack]

First it's Facebook. Second and third, it's Instagram and Snapchat. Fourth and fifth, it's TikTok and YouTube. I think Oscar Wilde is laughing at us right now. Another reason though, is busyness.

[Nick]

Yeah, the tech paradox, the iPhone, it made us more productive, but it also made us more busy. But Jack, can I please quote Ralph Waldo Emerson for a moment here?

[Jack]

Oh, transcendentalist, huh?

[Nick]

Yetis do not go where the path may lead. Instead, go where there is no path and leave a trail.

[Jack]

Very nice. We think, Yetis, that you should buck the trend and pick up a book. Because business leaders do.

[Nick]

Yeah, trust us, we read about it. Warren Buffett once spoke before his alma mater, Columbia Business School, and once asked him, what's the best way to prepare for a career in investing? Jack, what did Warren Buffett say?

[Jack]

I read 500 pages every day. That's how knowledge works. It builds up like compound interest.

[Nick]

Besties, we repeat. Warren Buffett rips through 500 pages of physical books between 8am and 8pm every day.

[Jack]

He went on to say, all of you can do it, but I guarantee not many of you will.

[Nick]

In fact, Warren Buffett reads 182 books a year.

[Jack]

That's where his genius comes from.

[Nick]

That's a book every two days. Jack.

[Jack]

Mark Cuban reads 109 books a year. Bill Gates reads 50 books a year. Oprah Winfrey reads 36.

[Nick]

So besties, add it all up. And Americans, we're reading less.

[Jack]

But the billionaires, they're reading more.

[Nick]

So, Jack, from what I can read here, what's the takeaway for all our ambitious yetis out there?

[Jack]

Have one book you listen to and one book you yetis.

[Nick]

That's how Jack and I do it. And you know what? We're always excited to share with you what we are reading. Cause it influences the show.

[Jack]

I have an audiobook that I listen to in the car when I'm doing chores or multitasking. And I have a physical book for my bedside table for rest and relaxation.

[Nick]

Okay, so which. What are you into right now? What are you reading right now?

[Jack]

The physical book I'm reading is Alex Karp's Technological Republic.

[Nick]

Okay.

[Jack]

I want to understand what's going on at Palantir and the way he sees the world and patriotism and technology.

[Nick]

Okay, that's good to know. Good, good, good.

[Jack]

On the audiobook, I'm going full World War II, Franklin Roosevelt and Roosevelt during the War by Doris Kearns Goodwin.

[Nick]

All right, Jack. I am reading Paris in Love, War and Impressionist Painting. It's audiobook about the. It's about the birth of impressionist painting and how it was influenced by a bunch of different things going on in Paris.

[Jack]

Very cool.

[Nick]

Okay. And then, as usual, every summer, I like to read a James Bond novel.

[Jack]

Yeti. So much of the insights that we share on this pod come not just from the news that we read, but from the books that we read.

[Nick]

In fact, Jack and I come up with creative takeaways, sometimes inspired by the fiction books that we read.

[Jack]

Yeah, fiction inspires our takeaways about business, finance, and economics.

[Nick]

Many of you DM us about how we develop storytelling skills. It's because we read stories.

[Jack]

Books provide context that make what's happening today make sense.

[Nick]

So, Yetis, we're about to go on our annual summer vacation, but Jack and I will be doing plenty of reading because the billionaires do too. Jack, could you whip up the takeaways for us before vacation?

[Jack]

Burning man started yesterday, but they're in some financial trouble, partly because they're a non profit.

[Nick]

So to save Burning man from burning through all its cash, charge tickets as a percentage of income.

[Jack]

For our second story, intel is now part owned by the US Government, which demanded equity in return for government grants.

[Nick]

Uncle Sam has owned parts of US companies, but we've never seen Uncle Sam actually run them.

[Jack]

And our third and final story, Reading for Pleasure, is down 40% in the last 20 years. But CEOs are reading more, not less.

[Nick]

So besties have one book you listen to and one Book you read to, but besties.

[Jack]

This pod's not over yet. Here's what else you need to know today.

[Nick]

First, stocks surged at the end of last week. The s and P500 jumped 2% to an all time high.

[Jack]

The reason? Jerome Powell, the Fed chairman, gave his strongest signal yet that he's going to cut interest rates to boost the economy this September.

[Nick]

Jerry wasn't explicit. But here's what, what our Fed chair said. The balance of risks appears to be shifting.

[Jack]

He's less concerned about inflation, more concerned about the jobs market.

[Nick]

And second, Cracker Barrel lost 100 million bucks in stock market value last week on a rebrand gone wrong.

[Jack]

The Down Home country chain cut the old man from its logo and conservatives weren't happy.

[Nick]

Yeah, they say the store has gone woke. So the Stock fell down 10% on boycott worries.

[Jack]

It's the same but opposite of the Sydney Sweeney American Eagle drama. Yeah, it is capitalist culture.

[Nick]

And finally, big news for Jack. Delta and United just got sued for window seats without windows.

[Jack]

Okay, is this a class action lawsuit? Where can I sign up?

[Nick]

Okay, apparently these airlines showed you were in a window seat, but then there was no window for you to look out of at that window seat.

[Jack]

Yeah, no kidding. I bought the ticket for 17A. I think I had to pay extra for it. Yeah, and then it was just a massive wall. Next.

[Nick]

Jack, you deserve window justice. You should sue for the windowless window seat. I think you should.

[Jack]

I don't like to play the victim, but for five hours from SFO to o', Hare, I was the victim.

[Nick]

You know, Jack, you also could like, you could become an aisle guy. Like come become an aisle guy. We're great. Aisle guys are fun. Yeah. We have space, we have freedom. We have access to the bathroom, Jack. In the aisle. Sometimes I go to the bathroom just cause I can. I don't even have to go. Now time for the best fact yet. This one. Whipped up by Jack and me because this is some T boy trivia.

[Jack]

Trivia. What state? What state is best when it comes to vacation?

[Nick]

Oh, what state is best when it comes to vacation? What do we got, Jack?

[Jack]

What state has workers that take the most pto? It's not New Yorkers. New Yorkers leave so much PTO on the table.

[Nick]

Oh, yeah, it's negative. Like New yorkers are working 25 hours a day on this one.

[Jack]

I mean, is it Hawaii? Like you got so much natural beauty you want to take your vacation days?

[Nick]

Well, the answer actually is for the most vacation usage of any US state, Colorado. It's Colorado.

[Jack]

Good for Colorado. South Park Crocs and Vacation.

[Nick]

Congratulations to Colorado Yetis. You look fantastic today. Jack and I are going to miss you while we're off for the next two weeks for this ibo, but we're not going to leave you hanging, are we, Jack?

[Jack]

No, we got a bunch of episodes. Check out our Instagram if you want to see the schedule or just come back to this feed because we're going to have something new pretty much every day the next two weeks.

[Nick]

In fact, tomorrow we're dropping a special episode of the Best Idea yet right here about Disneyland for you.

[Jack]

Disneyland? How could you say no?

[Nick]

What a vacation theme that is fantastic. In the meantime, we can't wait to see you celebrate the wins. And Jack, check please. And before we go, a Happy birthday to Yeti Nicole Hued over in lovely Bellevue, Washington.

[Jack]

And happy birthday to Byron in West Town, New York. A Yeti since 2018.

[Nick]

And a happy birthday to Fiona Chung over in Brea, California.

[Jack]

Happy birthday to Sabrina Schlack turning 13 years old in El Dorado Hills, California.

[Nick]

And Lorena Yoshida is turning 13 years old with the best birthday yet in Boca Raton, Florida.

[Jack]

Happy anniversary to Christian and Michelle in.

[Nick]

Lichty and Lolo Roli is turning nine years old in lovely Saratoga Springs, Utah. Congrats, Lola.

[Jack]

Happy birthday to Roly in Tustin, California, who's a good boy.

[Nick]

And Gus Castilla in Austin, Texas, is a freshman at Alpha School. Enjoy the AI teachers. Congratulations, Gus. Happy birthday.

[Jack]

Happy birthday to Nam Tran in San Diego, California.

[Nick]

And Andrew Meringer over in Chicago doing some birthday logistics.

[Jack]

And congrats to Brooke Morgan in San Diego who's celebrating their first day at the new job.

[Nick]

And a happy birthday to Joey Hastie celebrating the best birthday yet in Woodland Hills, California.

[Jack]

And a big shout out to Nick and Molly. So excited for you to have your second kid. Dude.

[Nick]

Thank you, Chad.

[Jack]

Big deal. The second pod child from the Martel family.

[Nick]

You led the way.

[Jack]

Very pumped.

[Nick]

Celebrate the wins.

[Jack]

This is Jack. I own stock of intel. Although now we all do. Apparently we all kind of do because of the second story in our pod today. And Nick and I both own stock of Apple and ETFs at 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.

[Nick]

Get to know you packages by Expedia.

[Narrator]

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