🧘 “Unicorn Pants” — Lulu’s leggings turn 10. Chime is the McD’s of Money. Cava’s hummus surge.

Summary

Podcast Summary: The Best One Yet Episode Release Date: May 19, 2025 | Hosts: Jack Crivici-Kramer & Nick Martell

---

1. Celebrating a Decade of Lululemon's Align Leggings

Timestamp: 05:44 - 09:20

Jack and Nick delve into the 10th anniversary of Lululemon's Align Leggings, a pivotal product that pioneered the athleisure movement. Originally launched in 2015, the Align Leggings revolutionized the activewear market by prioritizing "feel over form." This strategic focus led to the creation of Lululemon's innovative fabric, Nuulou, designed to mimic the softness of a rose petal, enhancing the wearer’s comfort both during workouts and in daily activities.

Notable Quotes:

• Nick (06:11): "The Align Leggings is not just a product, it's a franchise."
• Jack (07:12): "A yogi told us ironically, let go of what you can't control."
• Nick (08:43): "It was skinny jeans that unintentionally boosted the Align Leggings' popularity."

The hosts highlight how Lululemon's emphasis on the tactile experience allowed leggings to transition seamlessly from the yoga studio to everyday settings, capitalizing on the existing trend of skinny jeans. This unexpected synergy with denim wearers' existing wardrobes significantly contributed to the product's billion-dollar success. The overarching takeaway emphasizes the importance of focusing on controllable factors while remaining open to unforeseen market dynamics.

---

2. Chime: The McDonald's of Money

Timestamp: 10:05 - 13:00

The conversation shifts to Chime, a prominent fintech company that recently filed for an Initial Public Offering (IPO). Jack and Nick characterize Chime as the "McDonald's of money," asserting that every industry benefits from having a dominant, accessible player similar to McDonald's in the fast-food sector. Chime's approach focuses on offering a comprehensive suite of banking services—checking and savings accounts, loans, and credit cards—underpinned by a strong technological foundation.

Notable Quotes:

• Nick (11:10): "Chime is telling consumers they're a bank, but they're telling investors they're a tech company."
• Jack (12:17): "Chime's $33 million sponsorship of the Dallas Mavericks is symbolic of their substantial marketing investments."
• Nick (13:05): "Every industry needs its McDonald's."

Chime differentiates itself by branding as a technology company to appeal to investors seeking higher growth multiples, while maintaining its identity as a banking service for consumers. Their aggressive marketing strategy, including significant sponsorship deals, has positioned Chime as a scalable and consistent choice in the banking industry. The hosts commend Chime's ability to navigate the fintech landscape by balancing growth with brand consistency, reinforcing the notion that Chime serves as a foundational banking solution akin to McDonald's role in fast food.

---

3. Cava's Hummus Surge Amid Economic Downturn

Timestamp: 15:59 - 20:53

In the third story, Jack and Nick explore Cava's impressive 11% sales growth in the latest quarter, contrasting it with the downturns experienced by competitors like Chipotle and Sweetgreen. Despite a decline in overall consumer sentiment and a shift towards more economical dining options, Cava has managed to thrive by strategically adjusting its pricing and menu offerings.

Notable Quotes:

• Jack (19:15): "Apples to apples, Cava is 50% more valuable than Chipotle."
• Nick (19:43): "Cava's market cap per location stands at $30 million, outpacing Chipotle's $20 million."
• Jack (20:19): "For our first story, Lululemon's aligned leggings turned 10 last week, they invented Athleisure."

The hosts attribute Cava's success to its deliberate pricing strategy, maintaining a modest price premium over rivals while avoiding the significant price hikes that forced competitors to downsizing their offerings. This balance has allowed Cava to sustain customer loyalty and encourage higher spending per visit, even in a challenging economic environment. By evaluating market cap per location, Jack and Nick illustrate Cava’s superior valuation relative to industry giants, underscoring its robust growth trajectory and market potential.

---

Additional Business Highlights

Timestamp: 20:53 - 25:26

Beyond the main stories, Jack and Nick touch upon several other noteworthy business developments:

• Novo Nordisk's Leadership Change: The CEO of Novo Nordisk, famed for the weight loss drug Ozempic, is stepping down amidst declining market share due to competitors offering cheaper alternatives. Nick (20:57) remarks, "The Ozempic inventor needs a turnaround."

• Christopher Nolan's Epic Film Project: Nolan’s latest venture, "The Odyssey," is set to be his most ambitious film to date, uniquely filmed entirely on IMAX film, showcasing collaboration with the IMAX company to develop specialized cameras. Jack (21:24) humorously questions the casting of Matt Damon in the role of Odysseus.

• Harvard University's Accidental Discovery: Harvard Law School uncovers an original Magna Carta, previously believed to be a replica, now valued at $20 million. Nick (21:52) shares the intriguing backstory of the document’s misidentification.

---

Insightful Takeaways

Timestamp: 20:03 - 20:53

As the episode concludes, Jack and Nick summarize their key insights:

1. Lululemon's Align Leggings: Emphasizing feeling over form can create cultural phenomena and drive substantial brand value. Nick (20:24) advises, "Let go of what you can't control."

2. Chime's IPO and Branding Strategy: Positioning as the "McDonald's of banking" through strong, consistent branding and sizable marketing investments is essential for scalable growth.

3. Cava’s Resilient Growth: Strategic pricing and menu optimization can sustain and even enhance a brand's market position during economic downturns, outperforming larger competitors.

---

Conclusion

Jack and Nick wrap up the episode with personal acknowledgments and reminders about participating in surveys and giveaways, ensuring listeners stay engaged and informed about upcoming content. They highlight the importance of feedback in shaping the podcast to better serve their audience, reinforcing their commitment to delivering "the best one yet."

---

End of Summary

Transcript

[Nick]

This is Nick.

[Jack]

This is Jack.

[Nick]

Welcome back. It is Monday, May 19, and today's pod, out of all the pods, is the best one yet. This is a T Boy, the top.

[Jack]

Three pop business news stories you need to know today.

[Nick]

But first, a quick question. Besties, do you want a free Yeti Cooler?

[Jack]

All you gotta do is take our semi annual T boy survey. We drop it only twice a year, and you might win that free Yeti Cooler.

[Nick]

That's right. We want to hear from the besties so we can make this the best show yet for you.

[Jack]

So click the link in the episode Description, take our 3 minute survey, and you could win a Yeti Cooler.

[Nick]

But in the meantime, Jack and I whipped up three fantastic stories. Jack, what's on today's pod?

[Jack]

For our first story? Ten years ago, Lululemon's Align Leggings invented the athleisure category.

[Nick]

So Jack and I will tell you the surprise reason Align Leggings became a billion dollar brand.

[Jack]

For our second story, Chime, the online bank that swears it's not a bank.

[Nick]

Just filed to IPO because Chime is the McDonald of money, and every industry needs its McDonald's.

[Jack]

And our third and final story. Of all the food chains in America right now, one is thriving.

[Nick]

Who is Jack? Kava Kava. Why is Kava beating Sweetgreen and Chipotle? Well, Jack and I are gonna serve up the answer for you, but Yetis.

[Jack]

Before we hit that wonderful mix of.

[Nick]

Stories, I mean, no one's doing this mix. Love this mix.

[Jack]

Jack, the top Google search happening right.

[Nick]

Now, what does it mean?

[Jack]

Is graduation gifts.

[Nick]

Ah, graduation gifts. The tradition of writing a check to your nephew after four years of them partying at Sig Sig diploma. You give gift, you got degree. They give money.

[Jack]

The trending graduation gifts this year, what are they, Nick?

[Nick]

Uh, Jack, it's good. The fifth one's a surprise. But number one is a laptop that.

[Jack]

Pairs well with an entry level job.

[Nick]

Number two is a yeti water bottle.

[Jack]

Gotta hydrate like a bougie adult.

[Nick]

Number three is AirPods.

[Jack]

Gotta listen to podcasts all the time.

[Nick]

Number four is the Kendra Scott necklace.

[Jack]

Welcome to your 20s. You earned this necklace.

[Nick]

But the fifth most popular graduation gift. What is it, Jack?

[Jack]

A book specific.

[Nick]

Oh, the places you'll go.

[Jack]

That's right. Dr. Seuss book is the fifth most popular searched graduation gift.

[Nick]

Yeah, in fact, this was Dr. Seuss very last book, published back in 1990.

[Jack]

He was 86 years old when he wrote this book.

[Nick]

And it turns out. Oh, the places yous'll Go is now the best selling book in May and June nearly every single year according to bookscan.

[Jack]

It sells 200,000 copies every graduation season. And this book is nearly 40 years old.

[Nick]

The wild thing for Jack and I, Dr. Seuss never intended this book to be a graduation tradition in the first place.

[Jack]

Yeah, it was Walmart, Target, and Amazon who started promoting this book as a graduation gift classic.

[Nick]

But now Dr. Seuss Final rhymes are the go to grad gift.

[Jack]

And they make $7 million every spring for the Dr. Seuss estate.

[Nick]

So to all the yetis out there graduating, you have brains in your head. You have feet in your shoes.

[Jack]

Let's hit our three stories of the best business news.

[Nick]

Let's hit' em.

[Unknown]

CH 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.

[Nick]

Best is the norm.

[Unknown]

Jack, Nick, that's it. I don't even think they need to practice. 50%.

[Nick]

That's a fat tip.

[Unknown]

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.

[Nick]

Start the show.

[Unknown]

Start the show, start the show.

[Nick]

First, a quick word from our sponsor.

[Jack]

This podcast is sponsored by Northwestern Mutual.

[Nick]

Yet he's 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 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 anticipated. 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.

[Jack]

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

[Nick]

AI no 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]

Yeah, it is. Your home might be worth more than you think. Find out how [e-mail] for our first story. Lululemon's Align Leggings. They turned 10 years old last week.

[Jack]

Women wear leggings all day. In office, at the brunch, at the gym. And it's all because of these leggings.

[Nick]

Because feel matters more than form.

[Jack]

But first, Yetis, every brand, every great brand has a hero product.

[Nick]

Absolutely. Jack, let me read them off the whiteboard for you. Sony has PlayStation. Ford has the F150 truck glossier. They got their BO.

[Jack]

Lululemon has align Leggings.

[Nick]

Yes, they do.

[Jack]

It's not just a product, it's a franchise.

[Nick]

Bestie's. The reason Lulu is a 40 billion dollar company today, the reason they invented Athleisure, the reason this brand disrupted the downward dog, the Align Leggings. It's the Aligns look.

[Jack]

Lulu popularized yoga pants when they launched back in 1998.

[Nick]

But it was the Align Legging back in 2015 that was the first with a new versatile fabric that worked for barre class and for brunch.

[Jack]

Before the Align Leggings, you'd have to shower after a you couldn't go into the office in yoga pants.

[Nick]

You'd left your leggings back in your Pilates locker.

[Jack]

But after the Aligned leggings post Pilates, you could stroll right to your desk and nobody would turn a head.

[Nick]

And now you can't sip a latte without seeing eight ladies wearing aligned leggings out there.

[Jack]

Well, last week was the 10th anniversary of the launch of the Align Leggings, Lululemon's first billion dollar product.

[Nick]

And here's the wild thing Jack and I noticed about Lululemon's stock.

[Jack]

It only started blowing up in the years after Aligned.

[Nick]

So besties added up. And this isn't a hero product. This is a goddess product. So Jack and I Got curious. How did Lulu create it?

[Jack]

Turns out their R and D lab focused on the science of feel.

[Nick]

And what exactly is that, Jack?

[Jack]

How do you feel as a customer when you first touch the product in the store?

[Nick]

Okay, now here's the important contrast. At this time, Under Armour was living its best life. UA was all the rage. Get in this house.

[Jack]

They focused on on field performance, technical apparel.

[Nick]

On the other hand, Lululemon bet on how you feel being more important than how you perform on the mat.

[Jack]

That drove them to develop this new fabric. It's called Nuulou. And the moonshot goal of Nuulou was to make it feel like a rose petal.

[Nick]

That was the ambitious goal here was like, you know that feeling on the rose petals? Like, soft.

[Jack]

Pretty amazing. There's a reason you buy a huge bag of rose petals to propose to.

[Nick]

Your fiance and then stick your face in it. So, Jack, what was the result of this science of feel strategy?

[Jack]

By focusing on feel instead of form, women wore these pants after their workout outside of the yoga studio. Not for soul cycle class at all. Just as a daily thing to wear.

[Nick]

So it appears that philosophy of feel opened the door to wearing leggings all day becoming a cultural phenomenon.

[Jack]

And that's why we say it was this specific pant that invented the modern athleisure category.

[Nick]

On the other hand, no one's going out for bloody Marys in under armor or wearing sweat wicking gear to the boardroom.

[Jack]

Will you protect this house?

[Nick]

No, we're okay. Thank you, Yetis. Without the align legging, Lulu would probably just be a hoo hoo. But there was one other key to this product's success.

[Jack]

Nick, were you Dr. Seuss, understudy?

[Nick]

I've been training for this moment my entire life, Jax. So what's the takeaway for our buddies with the Loulou align legging?

[Jack]

It's advice. A yogi told us ironically. Let go of what you can't control.

[Nick]

Yetis. There is one surprise factor that also caused Lululemon's align leggings to take off and be worn all day.

[Jack]

It was something Lulu couldn't predict and couldn't control. It was skinny jeans.

[Nick]

Yeah, back in 2015, skinny jeans were the pants in style. Every millennial lady had, like, six pairs of madewell.

[Jack]

And by chance, Lulu's aligned leggings had a similar silhouette as tight fitting jeans did.

[Nick]

Which meant you could wear the same tops with your new Loulou aligned leggings as you could with your existing pair of skinny jeans.

[Jack]

The result? It was so easy to buy these leggings because it was compatible with your existing wardrobe.

[Nick]

Exactly. So, Loulou, they could have never predicted this twist, but own skinny jeans ironically help drive sales of aligned leggings.

[Jack]

It's a reminder that when it comes to launching products, there's going to be stuff that's just outside your control.

[Nick]

Let go of what you can't control. For our second story, Chime, the banking app, just filed to ipo. So we jumped into the paperwork and discovered something wild about an NBA basketball team.

[Jack]

We'd also argue that chime is the McDonald's a bank account. Because every industry needs a McDonald's.

[Nick]

So, Jack, what is the hottest area in tech right now?

[Jack]

Well, if you asked AI, they'd say it's AI.

[Nick]

But we. But we would say it's fintech. Financial technology is booming right now.

[Jack]

Robinhood stock has tripled in the past 12 months. Coinbase is joining the S&P 500 eToro just IPO'd. And the stock is sitting up 20%.

[Nick]

Which leads us to Chime, the online banking app that filed to IPO just a few days ago.

[Jack]

So over the weekend, we jumped into the financial paperwork.

[Nick]

Now, Yetis Chime is a green colored banking app, just like, you know, every fintech app out there these days.

[Jack]

And they offer a long menu of banking products and services like checking account, savings account loans, credit cards.

[Nick]

And here are the key numbers. $1.6 billion in revenue. Not quite profitable yet, but the losses are shrinking fast.

[Jack]

And in 2021, when they last got a fundraise, they were valued at $25 billion.

[Nick]

Funny thing, they mentioned the word bank 931 times in their IPO paperwork.

[Jack]

Hilariously though, the first time they used the word bank was to say this. Chime is a technology company, not a bank. But then they said bank 930 more times.

[Nick]

So Chime, they're telling consumers they're a bank, but they're telling investors they're a tech company.

[Jack]

Yeah, we want a tech multiple, not a banking multiple.

[Nick]

But here's what Jack and I found fascinating. The biggest surprise in the numbers was basketball.

[Jack]

Chime paid the NBA $33 million.

[Nick]

Yes, they did get this yetis right as the company filed to ipo, they also became the jersey sponsor of the Dallas Mavericks.

[Jack]

And that's symbolic of big marketing spend for this little growth company.

[Nick]

In fact, we noticed that chime dropped 500 million bucks on sales and marketing last year. Not too shabby.

[Jack]

That's 31% of revenues though.

[Nick]

Okay, so what we mean by that Is that for every dollar chime made, they spent 31 cents on ads, commercials or sponsorships.

[Jack]

I'm going to sprinkle on some context.

[Nick]

I would love for you to sprinkle on context, jack.

[Jack]

Coinbase spends 10% of their revenue on sales marketing. Robinhood spends less than 10% and JP Morgan spends just 2% of their revenue on marketing.

[Nick]

Meanwhile, our buddies over at chime are dropping 31% of their revenues on these marketing initiatives.

[Jack]

They actually mentioned the Dallas Mavericks 10 times in their IPO. Is Mark Cuban the CEO?

[Nick]

I think Dirk Nowitzki is like a Chime power user, Jack.

[Jack]

No, it's pretty ironic actually because Chime is a fake fintech company. They're trying to teach like financial responsibility and then they go and splurge on self promotion.

[Nick]

Honestly, I respect it. Treat yourself, Chime. You're going public. Splurge, splurge, splurge.

[Jack]

Now Chime would tell you that they're a growth company. They gotta spend money to get their name out there ultimately so they can make money down the road.

[Nick]

But Yetis, there's also another reason why Chime's revenue is surging right now and they're going public in this economy.

[Jack]

And the answer is not Dirk Nowitzki.

[Nick]

No, it's our takeaway. So Jack, what's the takeaway for our buddies over at Chime?

[Jack]

Every industry needs its McDonald's.

[Nick]

Yetis, the CEO of 1,800flours once said that he started his flour business because there was no McDonald's in flours.

[Jack]

He was talking about McDonald's unique value proposition that disrupted fast food. Actually invented fast food 80 years ago.

[Nick]

And here it is. McDonald's was the first low priced, consistent, scalable prepared food concept.

[Jack]

We'd argue the McDonald's a fashion mouth is Old Navy. They're low priced, consistent and scalable.

[Nick]

And the McDonald's of working out is Planet Fitness. They're low priced, consistent and scalable.

[Jack]

And we'd argue the McDonald's of banking is Chime. Yes, they're low priced, consistent and could scale across the whole country.

[Nick]

And now of course Chase, bank of America, Citi, Wells Fargo, they think they're the McDonald's of banking. But Chime Chime is Internet first.

[Jack]

Chime's menu of low priced banking products with an engaging brand that's green. They're the McDonald's of money because there.

[Nick]

Is an opportunity in every industry to become the McDonald's. 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 Yetis.

[Jack]

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 vital proteins proteins.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 Aura 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 hack in your 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, Cava is the only food chain defying the economic vibe Session.

[Jack]

We'll tell you why Apples to apples, Kava is crushing the fast casual competition.

[Nick]

But Jack, in order to tell this story, can you please set the scene for us? June 2023 we covered the Cava IPO.

[Jack]

Ironically, we covered it on the same day we interviewed sweetgreen's co founder Awkward.

[Nick]

But it was fun.

[Jack]

Awkward because Kava and sweetgreen are both competing against Chipotle for your lunch bowl.

[Nick]

Order every single day. Millennials. We sit at our desks and we eat bowls.

[Jack]

That is what we do.

[Nick]

Bread wrap that's empty calories.

[Jack]

My Friend customizable lunch bowls from Chipotle, Cava and Sweetgreen. They hit the three circle Venn diagram sweet spot.

[Nick]

I know what you mean, Jack. It's like health, cost, convenience. Boom. All three brands in the middle of.

[Jack]

That thing in like 12 minutes. You get all the nutrients you need while you're still, like, reading an earnings report.

[Nick]

Well, interestingly, one year ago, all three of those fast casual stocks were actually at all time highs.

[Jack]

Another good thing about bowls, you eat them with forks, which means you're less likely to get messy.

[Nick]

I know you're a sport guy, Jack. Don't sell as short over there. And when those stocks were at all time highs, it looked like there was room in this economy for a Mexican bowl, a Mediterranean bowl, and a Shroomami bowl to exist peacefully.

[Jack]

But in the past 12 months, Sweetgreen and Chipotle have shrank.

[Nick]

Yes.

[Jack]

But kava, they have only accelerated even faster.

[Nick]

Like feta cheese, baby. Kava has got big tahini energy right now. So we jumped into the numbers.

[Jack]

The Vibe session is hitting Chipotle and Sweetgreen really hard.

[Nick]

Yeah, sales at both those chains actually fell last quarter.

[Jack]

And the reason it's gotta be this. Consumer sentiment in the US has fallen for five straight months.

[Nick]

Yeah, in May, we actually had the second lowest consumer sentiment vibe ever.

[Jack]

The only Lower point was June 2022, when inflation and interest rates were crazy high.

[Nick]

And we're seeing this in the brown bag effect that Jack and I told you about.

[Jack]

Office workers are bringing lunch from home into the office instead of eating out.

[Nick]

Ipso facto, sales at your average Chipotle fell 0.5% last quarter, and sales at your average Sweetgreen fell 3%.

[Jack]

But Cava just announced earnings. That made us ask for more hummus, baby.

[Nick]

Extra hummus. Because it's not extra.

[Jack]

The average Kava had 11% sales growth last quarter.

[Nick]

Even wilder Kava customers are upgrading their bowls. They're splurging on pita chips and juice. Right now.

[Jack]

Despite this economy, Kava fans are going full treat yourself. And they're earning extra muammara, even though that costs extra.

[Nick]

Second point check. Muamara is like my favorite word to say ever.

[Jack]

Baba ganoush is mine.

[Nick]

But besties, there is an explanation for this, and it is strategic kava prices.

[Jack]

Although kava bowls cost 15% more than chipotle bowls on average, that delta is narrowing.

[Nick]

In fact, Kava CEO said in their earnings last month, we are a port in the inflation storm.

[Jack]

Cava has purposely kept their pricing slower.

[Nick]

Than inflation on the other hand, Chipotle. They're basically shrinking their burritos down to the size of an hors d' oeuvre.

[Jack]

And they've raised prices seven times since 2021.

[Nick]

I know the guac is extra. So, Jack, what's the takeaway for our buddies over at Cava?

[Jack]

Apples to apples, Cava is 50% more valuable than Chipotle.

[Nick]

So, yetis, how do a couple ex finance guys like Jack and I compare Chipotle to Cava? Well, we don't look at their stock, and we don't look at their market cap either.

[Jack]

We look at their market cap per location.

[Nick]

Exactly.

[Jack]

That's how you can compare two things of different size and different maturity.

[Nick]

So you take the total value of the company and then divide it by the total number of locations. And that lets you compare two companies. Apples to apples.

[Jack]

Sweet Greek is worth $2 million per location. Chipotle is worth $20 million per location. But Cava is worth $30 million per location.

[Nick]

Wall street gives Cava this high valuation on the belief it'll grow faster than your fast casual bowl competition.

[Jack]

After all, Cava only has one tenth as many locations as Chipotle does.

[Nick]

Which is why, based on our analysis, Apples to apples, Cava is 50% more valuable than Chipotle. Jack, could you whip up the takeaways for us to kick off the week?

[Jack]

Lululemon's aligned leggings turned 10 last week, they invented Athleisure.

[Nick]

And their story is a reminder that you should let go of what you can't control.

[Jack]

For our second story, Chime has filed to ipo. The stock should begin trading in about two weeks or so.

[Nick]

And Chime is trying to be the McDonald's in banking, because every industry needs its McDonald's.

[Jack]

And our third and final is Cava. Their sales grew 11% last quarter while competing healthy lunch bowl chains shrank.

[Nick]

And that's why Apples to Apples, cava is worth 50% more than Chipotle.

[Jack]

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

[Nick]

First, the CEO of Ozempic maker Novo Nordisk is stepping down. Apparently, the Ozempic inventor needs a turnaround.

[Jack]

One year ago, Novo Nordisk was the most valuable company in Europe.

[Nick]

But in the years since then, compounded versions of their weight loss drug have eaten away at their market share.

[Jack]

So Novo Nordisk is down 50% as HIMS and hers soared selling a cheaper version.

[Nick]

And second, Christopher Nolan's next big movie, the Odyssey, which is gonna be his hugest Film yet.

[Jack]

This sounds amazing, but here's the surprise. The whole film is filmed on IMAX film.

[Nick]

In fact, the IMAX company, a publicly traded business, by the way, made new cameras specifically for this movie. That's what it needed.

[Jack]

And the role of Odysseus, who is it, Jack? Matt Damon?

[Nick]

Yeah. We didn't get it.

[Jack]

Is Ben Affleck thrilled or pissed about that role?

[Nick]

And finally, Harvard University just made the biggest accidental discovery in their history.

[Jack]

They have an original of the Magna Carta and they didn't even realize it.

[Nick]

Get this. In 1946, Harvard Law bought a copy of the famous British document for 27 bucks. They just thought it was a fake copy.

[Jack]

They thought it was a copy, but.

[Nick]

They just discovered that it's actually one of seven original versions. So it's actually worth 20 million bucks. Now, time for the best fact. Yeah. This one whipped up by Jack and I for Monday Trivia. It's on La Croix.

[Jack]

Here's the question. Who invented sparkling water?

[Nick]

Yeah. Like, who first put bubbles into your H2O? What was the company? What was the business? Who was it, Jack?

[Jack]

Mother Earth did that.

[Nick]

That's a good point.

[Jack]

Carbonated water comes naturally in certain springs.

[Nick]

But Jack, who is the first to discover this and essentially commercialize it?

[Jack]

Hippocrates.

[Nick]

That's bc. The famous philosopher Hippocrates found carbonated water and determined it had healing properties.

[Jack]

Hippocrates, by the way, is where the Hippocratic oath comes from that every doctor must swear to.

[Nick]

And in tomorrow's show, we'll reveal why we're asking questions about sparkling water.

[Jack]

A certain company from Wisconsin, 2000 years later scaled Hippocrates discovery.

[Nick]

Yetis, you look fantastic today. And you'll look extra fantastic when you fill out our survey.

[Jack]

It takes three minutes and you could win a yeti cord. Nick and I are gonna pick it out. Or maybe we'll let you pick it out, actually.

[Nick]

Yeah, maybe we'll do both. Yeah, we don't know, but either way, we should let you know. One of the best things any business can do, actually, is surveys. Jack and I are big believers of them. That's how you understand what everyone's thinking about what you're doing.

[Jack]

We wanna hear your positive feedback, any negative feedback. Let's make this show the best one yet.

[Nick]

You can whip up your takeaways on our takeaways. We got a link in the episode description, and Jack and I will see you tomorrow. And before we go, a shout out to Rich G. For a correction on our podcast, Rich points out that Dreamworks movies will be licensed to Hulu, not Disney, which we'd said on Friday.

[Jack]

Happy birthday to Miranda Anspaugh from Coeur d' Alene, Idaho, who's on the way back to work right now.

[Nick]

And Jesse Delfonso down in Hotland, Atlanta, past the series 65 big time Yeti recruiter. Love you, Jesse. Happy birthday.

[Jack]

Happy birthday to Morgan McQueen in San Francisco who's hiking the Inca Trail down in Peru.

[Nick]

Oh, keep crushing it, Morgan. Oh, and then the creator event that I spoke at yesterday, I met a couple Yetis in the crowd. Jack Ramone, a lifestyle influencer, and Gracie, a designer influencer. Guys, thanks for being yetis. Thanks for attending the talk.

[Jack]

Congratulations to Anne and Charlie Warren for having a baby girl.

[Nick]

Kathryn Beecher and Guillermo, you're gonna be a fantastic big bro.

[Jack]

Congratulations to Gabriella Gibson, who's graduating from the Wharton School and is now traveling abroad.

[Nick]

I love you said that Jack. And Owen Moynihan is graduating from the Catholic university. Congratulations, Owen.

[Jack]

And congratulations to our good buddy Nick Marino, who had a valiant effort in jeopardy on Friday last week.

[Nick]

Okay, we want to point out Nick actually answered the majority of questions. He only lost the very last minute. He basically won the show in our.

[Jack]

This is Jack. I own stock of Disney, Cava and Ford. Nick owns stock of Lululemon, and we both own stock of Chipotle and Robinhood. 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.

[Unknown]

With the Spark Cash plus card from Capital One, you earn unlimited 2% cash back on every purchase. And you get big purchasing power so your business can spend more and earn more. Steven, Brandon and Bruno, the business owners of Sandcloud, reinvested their 2% cash back to help build their retail presence. Now that's serious business. What could the Spark Cash plus card from Capital One do for your business? Capital One One? What's in your wallet? Find out more at capitalone.com sparkcash. + terms apply.