🕹️“eBayStop” — GameStop’s craziest idea. Frosted Flakes’ toy comeback. Jane Street’s nerd $$$. +Cheap Guac

Summary

The Best One Yet

Episode: 🕹️“eBayStop” — GameStop’s craziest idea. Frosted Flakes’ toy comeback. Jane Street’s nerd $$$. + Cheap Guac

Date: May 5, 2026
Hosts: Jack Crivici-Kramer & Nick Martell

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Episode Overview

On this “TBOY” (The Best One Yet) episode, Nick and Jack break down three of the hottest stories in business:

1. GameStop's wild attempt to acquire eBay—the latest meme stock madness.
2. The nostalgic, strategic return of toys inside Kellogg's cereal boxes.
3. The mind-blowing financial success of Jane Street, the secretive trading firm that's beating Wall Street at its own game.

The hosts keep it upbeat, conversational, and witty, delivering pop-biz news in a way that “pairs perfectly with your morning oatmeal ritual.”

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1. GameStop Tries to Acquire eBay: The Meme Stock Playbook

(Main Story Starts | 05:30)

The Setup

• GameStop (GME), the OG meme stock, made headlines by attempting to buy eBay, a company valued at nearly four times its own worth.
• GameStop gave eBay an acquisition offer of $56 million, despite eBay being worth $46 billion compared to GameStop's $12 billion.

"This is like a minnow trying to eat a shark." — Nick (05:30)

• GameStop's latest transformation attempt: Led by Ryan Cohen (Chewy founder and meme stock hero), the company wants to combine eBay's platform with GameStop's 1,600 retail locations.

Key Points and Insights

• Ryan Cohen's Vision: eBay has "zombie" vibes but huge untapped potential. Cohen wants to make a play for Amazon's dominance by merging eBay's e-commerce reach with GameStop’s stores and focusing on collectibles and vintage tech. (07:01)
• Meme Stock Power: GameStop’s investors, fueled by loyalty and meme culture, allow Cohen to raise capital almost endlessly by issuing new stock.
  • "Ryan Cohen has an unlimited stack of monopoly money—but these guys on Wall Street Bets will cash for them." — Nick (09:03)
• How Will They Pay?
  • Cohen says he can secure a $20B loan from TD Bank, and he’ll issue as much GME stock as necessary (08:37).
  • The proposal was sent as a single-page DocuSign letter and then tweeted for all to see—signature included.

Real Discussion: Live Commerce is Coming

• Cohen’s big play is to build America’s version of China’s live commerce revolution.
  • "What is live commerce? It’s QVC, but adapted to the digital age." — Jack (09:49)
  • Plan: Turn GameStop stores into broadcasting studios for live auctions of collectibles, streamed via the eBay app.
• In China, 60% of all online shopping is live commerce. Cohen bets that American shoppers will catch on (10:23).

Notable/Memorable Moments

• Jack’s eBay fan confession: "I use it for stuff I can't buy on Amazon... a vintage Yankees jacket, a used baseball glove... and a Bob Marley vinyl of his live album." (07:52)

Takeaway

• "This meme story has a mainstay lesson: Live commerce is the future." — Nick (09:40)

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2. Kellogg Brings Toys Back to Cereal Boxes: A Nostalgia Growth Hack

(Story 2 Starts | 11:02)

The Setup

• For the first time in nearly 20 years, Kellogg will include toys in cereal boxes—launching with Toy Story-themed toys to promote Toy Story 5.

Key Points and Insights

• Breakfast Wars: Trending diets and fast changes in morning routines have battered cereal sales for decades—except during one pandemic year.
  • "For 25 years, cereal sales have shrank in the U.S. With one exception: just one year of the pandemic." — Jack (11:42)
• The Original Growth Hack: The toy-in-the-box started over a century ago as a way to boost sales:
  • 1912: Kellogg puts a book in Raisin Bran; sales explode.
  • 1920s: General Mills responds with baseball cards in Whole Wheat Flakes (aka, the birth of Wheaties).
  • "Corn Flake stuck a toy submarine in a box just to promote the U.S. Navy." — Nick (12:54)
• Why Did Toys Go Away?
  • Costs, packaging tweaks, lawsuits (choking hazards), and "box optimization" (13:17).
• Nostalgia Play:
  • Millennial parents remember the thrill and now buy cereal for their kids.
  • "If Lego sales to adults are at an all-time high, why not Rice Krispies sales to adults?" — Jack (14:05)
• Anti-screen Angle:
  • "If your kids are on the iPad during breakfast, that iPad will get turned off once a toy falls out of the Froot Loops box." — Jack (14:16)
• Blueprint for Growth:
  • The ‘rinse and repeat’ growth hack—don’t change the cereal, just toss in a toy to get kids (and parents) eager to finish the box.
  • "It's all actually the same concept. Don't change the product, just change the presentation." — Jack (15:08)

Takeaway

• "What’s your version of rinse and repeat?" — Jack (14:29)

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3. Jane Street: Wall Street’s Nerd Empire Out-Earns the Sharks

(Story 3 Starts | 17:35)

The Setup

• Jane Street, a little-known quantitative trading firm, just posted $40 billion in trading revenue, besting household names (Goldman Sachs, JPMorgan, Citadel).
• Originated from a modest office on Jane Street in Manhattan’s West Village.

Key Points and Insights

• Nerd Culture:
  • Employees are mostly MIT, Harvard, Oxford, and Cambridge grads, with math-camp and chess-tournament backgrounds (19:15).
  • "They’re not wolves of Wall Street. They’re wolves of the CS lab." — Nick (20:28)
• Interview Process:
  • No finance questions. Instead, notorious brain teasers:
    • "How many M&Ms can fit in a 747 airplane?" — Nick (19:45)
    • "What are the odds the interviewer is related to a current MLB player?" — Jack (19:56)
  • "The world's most successful finance firm right now doesn't ask about finance in their job interview." — Jack (21:34)
• Profit Machine:
  • 3,000 employees, $9B paid in compensation last year—an average of $2.7M a head.
  • Profit Margin: 80% (Apple, by comparison, operates at 25%).
  • "It’s revenge of the nerds. And for their work, they get to buy a third yacht for their second home because they were first in their class at Harvard." — Jack (21:10)

Takeaway

• "To beat the sharks, be an octopus." — Jack (21:22)
  • Jane Street isn’t hiring for roles—they’re hiring mindsets. "The most important variable in hiring is thinking." — Nick (22:14)

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Quick Hits: Today’s Other Headlines

(23:00–24:30)

• Spirit Airlines shuts down: The ultimate budget airline—aka, “the Chinatown bus of the skies”—abruptly closes, stranding 60,000 travelers and leaving a “basic economy” legacy for the industry (23:02).
• Palantir’s Blowout Earnings: 85% YoY sales growth; product so buzzy, now sells merch. “Coats for analysts!” (23:31)
• ChatGPT gets too nerdy… with goblins: OpenAI quietly updates the code after ChatGPT gets “delightfully geeky” with users, referencing goblins, gremlins, and trolls a bit too much (24:02).
  • “It’s like Dwight Schrute took over the brain of chat.” — Jack (24:05)

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The “Best Fact Yet”: Compounding & the Power of Patience

(24:36–25:17)

• If you’d invested $10,000 in Berkshire Hathaway 61 years ago, it would be worth $550 million today.
  • “Half a bill on that bad boy!” — Nick (25:06)
• Lessons: The magic of compound interest and not selling.

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Host Highlights & Quirky Quotes

• On Avocado Prices:

  • “The iconic avocado that has bankrupted our Venmo account is down.” — Jack (01:46)
  • “It’s gone from Hermès prices to mayonnaise prices.” — Nick (02:09)

• On the Cereal Box Toy:

  • “You gotta work for your cereal box toy, Jack. With McDonald’s, you just order it up. And it’s not easy. It’s too easy.” — Nick (13:39)

• On Jane Street’s Interview Style:

  • “They invented those crazy brainteasers. Like, how many M&Ms in a 747?” — Nick (19:45)

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Notable Timestamps

• 01:20: Avocado price drop & “buy the dip” Cinco de Mayo advice.
• 05:30: GameStop’s eBay heist—core segment start.
• 11:02: Cereal toys make a comeback.
• 17:35: Jane Street’s nerd-fueled Wall Street record.
• 23:00: Rapid-fire news mini-segments.
• 24:36: The “Best Fact Yet” - Power of compound investing.

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Tone & Style

• Highly conversational, breezy, often tongue-in-cheek.
• Fast-moving, easy to follow, engaging and well-structured.
• Heavy use of analogies, puns, and real-world relatable references.
• Frequent callbacks (“This isn’t investing advice, it’s Cinco advice!”), plus playful interjections and host banter.

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Final Takeaways

• Business is wild and weird—and sometimes, the memes matter most.
• Growth can come simply by reframing a product, reviving old strategies, or hiring for creative problem-solving over textbook experience.
• In 2026, “the best one yet” often comes from unlikely mashups, nostalgic returns, and the quiet empires run by the world’s nerdiest minds.

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“Celebrate the wins.” — Jack (26:47)

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For summaries of previous and future episodes, “tap to follow.”

Transcript

[Jack]

This is Nick, this is Jack.

[Nick]

It's Tuesday, t boy. Tuesday, May 5, 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]

All right, Jack, you remember the taco trade, right?

[Jack]

Yeah, yeah, Trump always chickens out, but

[Nick]

have you heard about the nacho trade?

[Jack]

I think I did, actually. What's it stand for?

[Nick]

Not a chance. Hormuz Opens. That's the nacho trade.

[Jack]

That's not what I was thinking.

[Nick]

Yeah, These stocks fell as shots were fired in the Strait of Hormuz. Not a good situation.

[Jack]

Yeah, the US's Project Freedom was int to guide ships through the Strait, but instead, the Iranians opened fire yesterday.

[Nick]

So oil rose, stocks fell, and yet today's podcast is the best one we've ever done. Jack, three fantastic stories for today's show. What do we got on the T boy?

[Jack]

For our first story, what happens when the king of meme stocks tries to acquire ebay?

[Nick]

Well, we just found out, and it happened yesterday.

[Jack]

For our second story, Kellogg is bringing toys back to your cereal boxes for the first time in almost 20 years

[Nick]

because even sugary cereal needs a little carrot.

[Jack]

And our third and final story, a firm you've never even heard of just had the. In Wall street history, it's called Jane Street.

[Nick]

Jane Street. It's the nerdiest company ever. And we got their secret job interview questions.

[Jack]

But besties before we hit that wonderful mix of stories.

[Nick]

Jack, how many M and Ms. Do you have to fit in a 747 airplane? We'll get to that in a bit. I guess we'll get to that in a bit.

[Jack]

Yetis today is Cinco de Mayo and Taco Tuesday.

[Nick]

So Jack and I were talking. We thought we'd share one of our favorite financial theories for just such an occasion.

[Jack]

Guac is always extra.

[Nick]

Ah, Guac is always extra.

[Jack]

Translation, Jack, in economics, there's no such thing as a fre lunch.

[Nick]

But here's the wild twist. Yetis, while guac is always extra, right now it's less extra than ever.

[Jack]

We got a trade war, a real war in Iran. Prices of everything have been popping for five years.

[Nick]

And yet the iconic avocado that has bankrupted our Venmo account is down.

[Jack]

And it's according to Fed data, Avocado prices are lower today than they were 10 years ago.

[Nick]

Get this, the average avocado over at kroger, it's under one buck.

[Jack]

Small avocados, they're 45 cents at HEB.

[Nick]

Chipotle is still charging $2.95. But everywhere else it is is cheaper.

[Jack]

The avocado has gone from Ferrari prices to Fords.

[Nick]

Yeah, it's gone from Hermes prices to mayonnaise prices.

[Jack]

And the reason is down in Mexico, we had the best avocado harvest since the Mayans.

[Nick]

Yeah, those Mayans. You see, we had the perfect amount of rain, the perfect amount of sun. 2026, the weather has been avocado idyllic.

[Jack]

And longer term, Mexico has been doubling down on millennials favorite fruit by changing fields from whatever was there before to avocado trees today.

[Nick]

As a result, we imported a record 2 1/2 billion of Mexican avocados last

[Jack]

year at lower prices than last year.

[Nick]

Holy guacamole. Besties. This is not investing advice, but we suggest you buy the dip. That's actually Cinco de Mayo advice, Jack. Happy Cinco.

[Jack]

Let's hit our trace story.

[Producer]

Fifteen years before this song, two boys from the northeast met in the dorm. They had an idea that caused 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 at Liz. If you know, you know. Cause we read to go. We can't wait no more so just

[Nick]

start the show,

[Producer]

start the show.

[Nick]

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

[Jack]

Monarch. All right.

[Nick]

Yetis, you're never gonna be able to guess how many accounts Jack has linked to monarch. 31. Are there even that many, like financial products out there? Yetis, he's got credit cards, checking accounts, brokerage Accounts, Retirement Accounts.

[Jack]

529 College savings accounts for each kid and my nieces and nephews. Nick.

[Nick]

Okay, I'm rounding up. Does that get us to 31? Where are we?

[Jack]

Don't forget my mortgage, my house, the car I own. They're all linked. And all their values. In Monarch, you see?

[Nick]

Besties. Jack actually linked everything to Monarch one year ago during a little bit of spring cleaning.

[Jack]

Until I used Monarch, I had a very messy, very chaotic spreadsheet. But now they're clean, synced and automatic.

[Nick]

Basically, Jack went full Marie Kondo on his finances. And he did it with Monarch, which can do your financial spring cleaning for you.

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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]

That cerulean monologue, oh, that was so silk. Runs through her veins.

[Nick]

Nick. Her blood type is cashmere.

[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]

Meet your match on ZipRecruiter. For our first story, GameStop is trying to acquire ebay, which is like a minnow trying to eat a shark.

[Jack]

Whether or not that ebay meme acquisition happens, this tells us something about the future.

[Nick]

All right, Jack, let me just make sure I'm reading the whiteboard here correctly. We got a company worth 12 billion bucks that just tried to buy a company worth 46 billion bucks by offering them 56 million bucks.

[Jack]

The math makes no sense.

[Nick]

The numbers taste funky on my tongue, Jack.

[Jack]

But math has never stopped GameStop. And it definitely, definitely hasn't stopped GameStop investors.

[Nick]

No, it has not, Jack. And central to this story is our protagonist, Mr. Ryan Cohen.

[Jack]

Ryan Cohen's big life achievement was being the founder of Chewy, the legendary dog food company. But he's famous because of GameStop.

[Nick]

Ah, GameStop. During the pandemic, he bought 13% of this video game store. And then dudes on Reddit. And, yeah, it was mostly dudes noticed what was happening.

[Jack]

So a band of rebel investors with Robinhood accounts And stimulus checks took GameStop stock to the moon. To the moon and took hedge funds to hell.

[Nick]

And Ryan Cohen was the central character in that meme stock revolution of 2021. You remember it, you sat down, you stood up and you sat back down again. But now Mr. Ryan Cohen is chairman and CEO of GameStop. And he has now tried to pivot them from video games to NFTs.

[Jack]

But now he's doing something that sounds like even more of a joke than that.

[Nick]

Oh, but oh, it is so real. Jack, what is going on exactly?

[Jack]

Ryan Cohen is trying to acquire ebay, a company four times bigger than GameStop.

[Nick]

Ryan Cohn dropped the news on Sunday night over the weekend, but then wouldn't explain how he'd get the cash to

[Jack]

pull off this major heist on CNBC with Andrew Ras Orkin. He was asked repeatedly, how on earth are you going to pay for a company four times bigger than you? And he just kept on saying, the details are on our website.

[Nick]

But here's the vision. Here's what Ryan Cohen is picturing. Jack, why don't you bedazzle that vision for us?

[Jack]

He thinks ebay has become a bit of a zombie e commerce company that still has huge potential.

[Nick]

You see, if you can combine ebay's e Commerce with GameStop's 1600 brick and mortar stores and and double down on

[Jack]

the trading cards, collectibles and vintage tech

[Nick]

category, then you can compete with Amazon and create an Amazonian killer.

[Jack]

Side note, I'm a huge ebay super fan right now.

[Nick]

Yeah, we should point that out.

[Jack]

I use it for stuff I can't buy on Amazon. Specifically a vintage Yankees jacket for a New York live show.

[Nick]

That's what we wore on stage.

[Jack]

A used baseball glove. Because I'm not gonna take two years to break in a new glove.

[Nick]

Jack tells me about it every day. It's a true thing.

[Jack]

And a Bob Marley vinyl of his live album. Because you're not going to listen to no Woman, no Cry anyway, but live

[Nick]

and ebay stock, it's actually at an all time high right now given everything Jack just described.

[Jack]

And we're rooting for ebay because it'd be nice if Amazon had some legit e commerce competition.

[Nick]

The reality is there are just certain things you can't buy on Prime.

[Jack]

But again, how is little GameStop going to acquire eBay, a company four times more expensive than GameStop on the stock market?

[Nick]

Jack, this is like Rudy walking into Notre Dame's field and asking to buy the team.

[Jack]

But Nick, Ryan Cohen did say he has basically a pre qualification letter from TD bank for a loan up to $20 billion.

[Nick]

And Jack Ryan said that he will issue and sell as much GameStop stop as necessary in order to pay for the rest.

[Jack]

And that's GameStop's meme superpower. They can issue stock in unlimited quantities like an ATM machine to raise cash.

[Nick]

Only GameStop can do this because the guys on Reddit are loyal to Cohen just like Tesla shareholders are loyal to Elon.

[Jack]

It's like Ryan Cohen has an unlimited stack of monopoly money, but these guys on Wall street bets will cash for them.

[Nick]

So Ryan sent a one page letter to eBay CEO, docusigned it and then tweeted it out for the whole world to see. I'm buying a company four times my size.

[Jack]

He didn't even draw out his own signature. He just used the generic docusign signature of Ryan Cohen.

[Nick]

It's never as good. It's just never as good a signature. So Jack, what's the takeaway for our but it's really hard to sign something online. Jack, what's the takeaway for our buddies over at Gamestop and ebay?

[Jack]

This meme story has a mainstay lesson that live commerce is the future.

[Nick]

Yetis, in his letter to ebay's board, Ryan Cohen lays out this exact win the live commerce category.

[Jack]

What is live commerce? It's qvc, but adapted to the digital age.

[Nick]

You see, Cohen's real vision is that GameStop's 1600 stores will double as broadcasting studios for e commerce influencers.

[Jack]

And while these influencers are live auctioning some vintage tech, it'll be streamed on the ebay app. A never ending feat of things being sold right now to the highest bidder in the next 10 minutes.

[Nick]

I got a baseball mitt. $10 broke it in since my daddy gave it to me.

[Jack]

Now that sounds really fun. That concept of live commerce that Nick and I just described, and it's already

[Nick]

here, it's huge in China.

[Jack]

Get this yetis 60% of all online shopping in China is done like this through live video commerce.

[Nick]

China does almost as much live shopping online as we do all shopping online here in America.

[Jack]

Well, Ryan Cohen is betting that that TikTok style instant commerce happening in China, it's gonna happen here too. And we agree with him.

[Nick]

So besties, this meme story has a mainstay lesson. Live commerce is coming for our second story. For the first time in over a decade, Kellogg is bringing back toys inside the cereal box because the toy at

[Jack]

the bottom of the cereal box was Actually, the first growth hack of business.

[Nick]

Oh, Yetis, hold on to your tater tots because no meal has been more disrupted than breakfast.

[Jack]

Really? Thought you were gonna say more scrambled

[Nick]

yetis on the go.

[Jack]

Millennials.

[Nick]

We prioritize time.

[Jack]

That's the kicker here. Waffles, pancakes, bacon and eggs. That's out. Acai and smoothie and David bars are in.

[Nick]

But now that alcohol is down. Breakfast is up, baby. No to hangover. Yes to hash browns and Gen Z. They eat veggies for breakfast. Can you believe that?

[Jack]

What's going on here?

[Nick]

Yeah.

[Jack]

So Starbucks fastest grow. Yep, it's breakfast.

[Nick]

And amid all of that change, Besties cereal has been the loser.

[Jack]

For 25 years, cereal sales have shrank in the United States. With one exception. Just one year of the pandemic.

[Nick]

Toucan Sam's Tony the Tiger, Trix Bunny. All of them endangered species of Aisle 6.

[Jack]

It's been so bad that three years ago, Kellogg spun off the cereal business into a separate company.

[Nick]

Yeah, the sales, they were good. They were not great, Tony.

[Jack]

Sorry.

[Nick]

They are not great right now, man.

[Jack]

So here's cereals comeback plan. Bring back the toy.

[Nick]

Get this. Just last week, Kellogg cereals added Toy Story toys to the bottom of the box for the first time in nearly

[Jack]

two decades to promote the fifth sequel of Toy Story and save cereal.

[Nick]

But Yetis, Jack and I found this fascinating. We dove in t boy style. And Jack, could you pour on a little bit of context for us, please? With milk.

[Jack]

100 years ago, cereal actually went viral by adding toys to the inside of the box.

[Nick]

Yetis, this is how cereal got its start. Back in 1912, Kellogg Company slides a book into of Raisin Bran and boom, they sold two and a half million boxes.

[Jack]

General Mills got jealous. So in the 1920s, they put baseball cards into boxes of whole wheat flakes.

[Nick]

Oh, and Jack, do you know what cereal whole Wheat Flakes became?

[Jack]

No.

[Nick]

That was the original Wheaties. It began with baseball cards.

[Jack]

By the 1950s, the gimmick had become a ritual.

[Nick]

Corn Flake stuck a toy submarine in a box just to promote the US Navy.

[Jack]

And in 1989, Post's Golden Crisp cereal stuck a whole teddy bear inside that box. He was bear spreading at the bottom

[Nick]

of the box, pushing the limits. But Yetis, as you know, capitalism giveth and capitalism taketh away.

[Jack]

By the 1990s, cereal box toys started to get canceled.

[Nick]

Rising costs, box optimization and angry lawyers. They killed the cereal box. Toy, um, Choking hazard submarine. That was it. That was.

[Jack]

Yeah, yeah.

[Nick]

Mom, I need help now.

[Jack]

The spirit of the cereal box toy did live on in the McDonald's Happy Meal, but the breakfast table's felt a little lonely ever since.

[Nick]

Yeah, and it's not the same. You gotta work for your cereal box toy, Jack. With McDonald's, you just order it up. And it's not easy. It's too easy.

[Jack]

Well, speaking of work, those box tops that you had to clip off and send in the mail, that was a little too much work.

[Nick]

Well, you're supposed to ask an adult for help, Jack.

[Jack]

So Yetis, it's 2026 and nostalgia never dies.

[Nick]

Millennial parents remember that Captain America toy that was in their Cap' n Crunch back in the day?

[Jack]

And it's millennial parents who are buying the kids cereal right now.

[Nick]

So Kellogg is trying to start a box cereal renaissance by tapping into millennial 90s nostalgia.

[Jack]

Less kidalting. If Lego sales to adults are at an all time high, why not Rice Krispies sales to adults?

[Nick]

And Jack, I got one more trend for you. What about the anti screen itch? This sketches it.

[Jack]

If your kids are on the iPad during breakfast, that iPad will get turned off once a toy falls out of the Froot Loops box.

[Nick]

And ironically, that toy is the carrot in the box of sugary cereal. So, Jack, what's the takeaway for our buddies over at Kellogg?

[Jack]

What is your version of rinse and repeat?

[Nick]

Ah, rinse and repeat. Yetis. That's our favorite psychonomics growth hack to make you pay more. Rinse thoroughly, then repeat, adding those two

[Jack]

words to the back of the shampoo bottle instructions, then repeat. Nick, that was a growth hack that nearly doubled sales overnight.

[Nick]

Oh, Jack, I got another one for you. The wide jar. Peanut butter companies widened their jars years ago to make it easier to scoop twice as much, which also probably doubled sales.

[Jack]

But the cereal box toy was the OG version of this. Because by placing the toy at the bottom of the box, the kids had to finish the cereal to start playing.

[Nick]

The result? The kids ate the cereal twice as fast, which doubled the sales of the cereal.

[Jack]

It's all actually the same concept. Don't change the product, just change the presentation of the product. And that can boost sales big time.

[Nick]

Besties. These are the OG physical growth hacks before the digital age brought us streaks and loud ifications and algorithms.

[Jack]

So without changing the product today, simply ask, what is your version of rinse and repeat?

[Nick]

Simply ask, what is your version of rinse and Repeat?

[Producer]

That.

[Nick]

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So besties ready to reach your goals? Visit himss.comtboy to get a personalized affordable plan that gets you that's h I

[Jack]

m s.com tby himss.com tboy Weight loss by HIMSS is not available in all 50 states. WeGovy is the registered trademark of Novo Nordisk as to get started and learn more, including important safety information, WeGovy clinical study information and restrictions, visit HIMSS.com Dell

[Nick]

Yetis Dell PCs with Intel inside are built for the moments that matter.

[Jack]

For the moments you plan and the ones you don't.

[Nick]

Yeah. Built for the busy days that turn into all night. Order food at 2am Study sessions. You know the moment you're working from

[Jack]

a cafe and realize every outlet is taken.

[Nick]

And the times you're deep in your flow and the absolute last thing you need is an auto update thrown off your momentum.

[Jack]

That's why Dell builds tech that adapts to the way that you actually work.

[Nick]

Built with a long lasting battery so you're not scrambling for the closest outlet.

[Jack]

And built in intelligence that makes updates around your schedule, not in the middle of it.

[Nick]

They don't build tech for tech's sake. They build it for you.

[Jack]

Find technology built for the way you [e-mail] DellPCS built for you.

[Nick]

For our third and final story. Who the heck is Jane Street?

[Jack]

Answer It's Axe Capital from Billions, but the staff is all a bunch of goodwill huntings Yetis.

[Nick]

This is the nerdiest company we've ever seen. But they just set the biggest record we've ever seen.

[Jack]

But Nick, let's start with the geography. Because Jane street is a street in The West Village of New York City, named after a man whose property it was built on. And Jane street is historic.

[Nick]

Get this, Alexander Hamilton. He died in a building on Jane street after his duel against Aaron Burke.

[Jack]

And the Jane hotel, founded in 1907, took in survivors of the Titanic right there on Jane Street.

[Nick]

But back in 1999, one guy started a trading firm in an office on Jane street and named name the company after that address.

[Jack]

That company, Jane Street Capital, just added to Jane Street's epic history because besties.

[Nick]

Jane Street Capital just had the biggest year ever on Wall Street. 40 billion bucks in trading revenue.

[Jack]

That is more trading revenue than JPMorgan Chase. Goldman Sachs, it's twice as much as bank of America. It's three times as much as Citadel.

[Nick]

It's more than McDonald's is bringing in and they're slinging burgers across the world.

[Jack]

Add it all up in Jane Street Capital is the is the best firm on Wall street that you have never heard of.

[Nick]

But yetis, how is Jane street beating Goldman Sachs with 1/13 the number of employees?

[Jack]

I don't know, but this is a miracle on price, Matt.

[Nick]

He's the biggest upside in finance since the dollar beat the pound.

[Jack]

So Jane street is the nerdiest company of all time. They're a proprietary trading firm which is like a hedge fund but trading with the owner's money instead of someone else's money.

[Nick]

And they focus on quantitative trading and they need the best quants on earth to pull all that off.

[Jack]

The result is Axe Capital from the show Billions on Showtime, but with the nerd cast of characters ever.

[Nick]

They're recruiting almost exclusively from mit, Harvard, Oxford, Cambridge. That's where they go.

[Jack]

And they foster youth geniuses with chess tournaments and math camps, no joke, which

[Nick]

they host at their office. They don't care about your resume, you see at Jane street, what they care about is your raw problem solving genius.

[Jack]

And you know those comically brain teasing quantitative interview questions somebody once asked you?

[Nick]

You always associate them with Google? Yeah, it's the ones I'm thinking of.

[Jack]

Jane street invented them.

[Nick]

Like Jack, how many M and Ms. Fit inside a 747 airplane?

[Jack]

Where do you begin on that? You better expl your thinking as you try to get to the answer.

[Nick]

I'd start by saying, well, with Skittles, it'd be different than M&Ms.

[Jack]

Here's another one that they're famous for. What are the odds that me, the interviewer, is related to a professional baseball player on an MLB roster right now?

[Nick]

Or then they'll really throw you off. They'll ask you something like, if I ate at Panda Express every meal of the year, what is the implied volatility of ordering overcooked rice that is outside the standard deviation of 6.

[Jack]

Remember, it's not that you get the question right.

[Nick]

Right.

[Jack]

It's that you show them how you think about structuring your answer.

[Nick]

It's a trick question. Panda Express never overcooks their rice, Jack.

[Jack]

So the people they end up hiring, they're not wolves of Wall Street. They're wolves of the CS lab.

[Nick]

And if you are hired, your job is to make money trading on Wall Street.

[Jack]

That's it.

[Nick]

That's the focus.

[Jack]

Your job is to get the owners of the company even richer. And if you do, you will receive a giant bonus at the end of the year.

[Nick]

And we got Jane Street's receipts that prove it. Get this. Of that 40 billion bucks in revenue, 9 billion was paid to employees.

[Jack]

That is $2.7 million of total compensation per employee last year across 3,000 employees.

[Nick]

All right, Jack, could you sprinkle on even more financial context for us, please?

[Producer]

Okay.

[Jack]

40 billion in revenue. They paid out 9 billion in compensation. The rest, 31 billion, is pure profit. And that's an 80% profit margin.

[Nick]

Apple is running at a 25% profit margin. Jane street is doing 80% profit margins.

[Jack]

It's revenge of the nerds. And for their work, they get to buy a third yacht for their second home because they were first in their class at Harvard.

[Nick]

So, Jack, what's the takeaway for our calculated nerdy buddies over at Jane Street?

[Jack]

To beat the sharks. Be an octopus.

[Nick]

Yetis the wildest part of Jane Street's crazy interview questions isn't what they ask. It's what they don't ask. They don't ask about finance.

[Jack]

The world's most successful finance firm right now doesn't ask about finance in their job interview.

[Nick]

In fact, Jack and I went to their interview page and it says, is problem solving required, finance background optional?

[Jack]

Because Jane street isn't hiring for a role, they're hiring for a mindset.

[Nick]

Exactly. They want a mindset of seeing what others do not see.

[Jack]

They want a mindset that can crunch numbers quickly to seize a brief opportunity window before it closes.

[Nick]

Or see what happens without crunching the numbers. Like sharks have MBAs, but Jane street hires the math kids who are too weird for business school.

[Jack]

And with a record setting $40 billion of trading revenue last year, which beat every firm on Wall Street, Jane Street's octopuses are beating the Wall Street Sharks.

[Nick]

Jane Street Besties. It proves that the most important variable in hiring is thinking. Jack, could you whip up the takeaways for us?

[Jack]

For t boy Tuesday, GameStop could acquire eBay, which would create a physical and online shopping giant.

[Nick]

A meme company has a mainstay vision that live commerce is coming to America.

[Jack]

For our second story, Kellogg is adding toys into cereal boxes again, starting with a Toy Story branded plastic spoon.

[Nick]

This is Kellogg's version of rinse. And a growth hack that didn't require changing the actual product.

[Jack]

And our third and final story is Jane Street. They just set a Wall street record for trading revenue last quarter. It's Revenge of the Nerds.

[Nick]

Oh. Because to stand out in an industry of sharks, be an octopus. But, besties, this pod's not over yet.

[Jack]

Here's what else you need to know today.

[Nick]

First, Spirit Airlines abruptly shut down over the weekend. Yetis. This was the Chinatown bus of the skies.

[Jack]

300 canceled flights, 60,000 stranded passengers, and 17,000 workers without a job. Now, I know a lot of people

[Nick]

joke about Spirit Airlines, but you gotta remember, they disrupted the industry. They made airlines cater to budget travelers, really, for the first time at a scale.

[Jack]

So while Spirit is dead, its legacy lives on in something called basic economy, which every airline now offers for, like, 100 or 200 bucks less than all the other tickets.

[Nick]

And second, Palantir announced earnings yesterday. Get this, a shocking 85% jump in sales in Q1 compared to last year.

[Jack]

The military uses Palantir to find the bad guys. The rest of the government uses Palantir

[Nick]

for who knows what. And increasingly, businesses are using Palantir to crunch numbers and find insights.

[Jack]

And Palantir has such a cult following, they're now selling merch.

[Nick]

That's right. This AI defense biz now sells fashionable chore coats. Yeah, we're talking about palantir.

[Jack]

And finally, ChatGPT has another problem. But this time, it's kind of a delightful problem. They're just too nerdy.

[Nick]

Yeah, they keep talking about goblins over at ChatGpt.

[Jack]

Goblins, gremlins, trolls, ogres. It's like Dwight Schrute took over the brain of chat.

[Nick]

The latest chat, for some reason sounded really geeky, so OpenAI changed the code to fix it and basically said, stop talking so much about goblins. Every time people talk to you, they

[Jack]

prompted themselves to stop Talking about goblins.

[Nick]

ChatGPT. It used to suck up to you, and now it sounds like a Dungeons and Dragons fanboy. Now time for the best fact yet. This one is the answer to Yesterday's T boy trivia, Jack, what do we got?

[Jack]

This past weekend was the Berkshire Hathaway annual shareholder meeting. The first, first not hosted by Warren Buffett.

[Nick]

We call it Coachella for capitalism. And our big question was this. If you had invested 10,000 bucks in Berkshire Hathaway back when it started 61 years ago, how much would that 10k be worth today?

[Jack]

$5 million.

[Nick]

There were a lot of guesses. There was 5 million, 10 million. We had hundreds of thousands, tens of millions. But Jack, what is the answer?

[Jack]

$10,000 in Berkshire Hathaway invested 61 years ago would be worth $550 million.

[Nick]

Half of bill on that bad boy.

[Jack]

That's two lessons right there. First is compounding interest and how powerful that is, which Warren Buffett is all about.

[Nick]

Yeah, yeah.

[Jack]

And the other is the power of not selling.

[Nick]

One of the best investing strategies Jack and I have. Yetis, forget your password. Just set it and forget it. Yetis, you looked fantastic today. Jack, you are glowing over there. It must be that discount guac. Is that what's going on?

[Jack]

I am getting tacos tonight.

[Nick]

Remember to tap to follow. That way you get tired every single day. And Jack and I will see you in manana. And before we go, a happy birthday to the legendary Sky Brink. He is going to the moon and he's doing it straight out of Brookline, Massachusetts.

[Jack]

Happy birthday to Grace Murray in Millinocket, Maine, who's also graduating this week.

[Nick]

And Lauren, Katie and Nikki, three besties from Chicago are celebrating their 43rd birthdays on the same day doing logistics.

[Jack]

Happy birthday to Mina who's probably on the subway right now on the way to work in New York.

[Nick]

And Ed Tomczyk. Happy birthday down in Pittsburgh doing the black and yellow for the B day.

[Jack]

Happy birthday to Aramine Josel in Nevada and Sterling, Salzburg.

[Nick]

Enjoy the birthday down the street in San Francisco.

[Jack]

Happy birthday to Leigh Allen in New London, N.C. and Kat Elliott.

[Nick]

We see your birthday over in New York City. Have the best one yet.

[Jack]

Happy birthday to Jesper Mackwing Day, the ultramarathoner in Valencia, California.

[Nick]

And Sarah Cecilia Flores. Enjoy that birthday with some oysters down in Charleston, South Carolina.

[Jack]

And happy birthday to Matt Way Charitana in Seattle, Washington and Chase in Virginia.

[Nick]

Enjoy that one year wedding anniversary celebrating in Florida.

[Jack]

And congratulations to Lindsay Ardiff and Ainsley Faux. They're celebrating the three year anniversary of their surprise wedding in Chicago. And to anyone else celebrating something today, make it a T, boy.

[Nick]

Celebrate the wins.

[Jack]

This is Jack. I own stock of Reddit and Amazon and Nick and I both own stock of Chipotle and Robinhood. The Drop by GNC Yetis the wellness space moves fast.

[Nick]

Every day an influencer is pumping some new product which is ironically named Pump

[Jack]

product and it'll get you huge even if you don't lift it.

[Nick]

There's creatine in the colostrum in the protein.

[Jack]

GNC actually has experts who cut through all of that and hand pick what's

[Nick]

worth your attention the new ingredients, new formulas and new brands and health and nutrition you need to know about.

[Jack]

The Drop is the section of GNC that curates the newest product to share with you what actually works.

[Nick]

We're talking trending ingredients, breakthrough formula stuff that's actually going to move the needle

[Jack]

on your goals, whether that's performance recovery or just getting huge.

[Nick]

So think of it as the VIP section of the supplement world. You're not waiting for something to blow up on TikTok to find out about it. You're already there.

[Jack]

Get a sneak peek at the newest formulas, flavors and brands coming soon to gnc.

[Nick]

New drops launch regularly, so there's always something exciting to discover.

[Jack]

GNC.com TheDrop is the destination to discover something new to try today.

[Nick]

Get the facts you can trust on what's new and trending plan what's next

[Jack]

by browsing in the Coming soon calendar of Drops at gnc.com.

[Nick]

drop the protein in the colostrum.